UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number:		811-21335

Exact name of registrant as specified in charter:		Optimum Fund Trust

Address of principal executive offices:		2005 Market Street
		Philadelphia, PA 19103

Name and address of agent for service:		David F. Connor, Esq.
		2005 Market Street
		Philadelphia, PA 19103

Registrant’s telephone number, including area code:		(800) 523-1918


Date of fiscal year end:		March 31

Date of reporting period:		March 31, 2019

Item 1. Reports to Stockholders

LOGO

Optimum Fixed Income Fund

Optimum International Fund

Optimum Large Cap Growth Fund

Optimum Large Cap Value Fund

Optimum Small-Mid Cap Growth Fund

Optimum Small-Mid Cap Value Fund

March 31, 2019

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

Table of contents


Portfolio management reviews

Optimum Fixed Income Fund			1

Optimum International Fund			5

Optimum Large Cap Growth Fund			8

Optimum Large Cap Value Fund			11

Optimum Small-Mid Cap Growth Fund			14

Optimum Small-Mid Cap Value Fund			17

Performance summaries

Optimum Fixed Income Fund			20

Optimum International Fund			23

Optimum Large Cap Growth Fund			26

Optimum Large Cap Value Fund			29

Optimum Small-Mid Cap Growth Fund			32

Optimum Small-Mid Cap Value Fund			35

Disclosure of Fund expenses			38

Security type / sector / country allocations and top 10 equity holdings			40

Financial statements

Schedules of investments			45

Statements of assets and liabilities			120

Statements of operations			123

Statements of changes in net assets			125

Financial highlights			128

Notes to financial statements			146

Report of independent registered public accounting firm			173

Other Fund information			174

Board of trustees and officers addendum			178

About the organization			180

Other than Macquarie Bank Limited (MBL), none of the entities noted are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise. The Funds are governed by US laws and regulations.

Unless otherwise noted, views expressed herein are current as of March 31, 2019, and subject to change for events occurring after such a date.

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

Macquarie Investment Management (MIM) is the marketing name for certain companies comprising the asset management division of Macquarie Group. Investment products and advisory services are distributed and offered by and referred through affiliates which include Delaware Distributors, L.P. (DDLP), a registered broker/dealer and member of FINRA; and Macquarie Investment Management Business Trust (MIMBT) and Delaware Capital Management Advisers, Inc., each of which are SEC-registered investment advisors. Investment advisory services are provided by the series of MIMBT. Macquarie Group refers to Macquarie Group Limited and its subsidiaries and affiliates worldwide.

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

Portfolio management reviews

Optimum Fixed Income Fund

April 9, 2019 (Unaudited)


Performance review (for the year ended March 31, 2019)
Optimum Fixed Income Fund (Institutional Class shares)	1-year return	+3.65%
Optimum Fixed Income Fund (Class A shares)	1-year return	+3.37%
Bloomberg Barclays US Aggregate Index (benchmark)	1-year return	+4.48%

Past performance does not guarantee future results.

For complete, annualized performance for Optimum Fixed Income Fund, please see the table on page 20.

Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Institutional Class shares pay no distribution and service fee.

The performance of Class A shares excludes the applicable sales charge. Both Institutional Class shares and Class A shares reflect the reinvestment of all distributions.

Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Advisor

Delaware Management Company (DMC)

Sub-advisor

Pacific Investment Management Company LLC (PIMCO)

Market overview

During the first three months of the Fund’s fiscal year ended March 31, 2019, the US dollar rallied while geopolitical and trade tensions weighed on risk sentiment. Developed market equities ended the second calendar quarter of 2018 higher even as credit spreads widened. Divergent growth momentum and central bank activity between the United States and other developed regions supported the US dollar, leading to weakness in emerging market assets. In June, the US Federal Reserve hiked its policy rate and signaled two more increases in 2018, while softer economic data elsewhere prompted a more cautious approach from central banks including the Bank of England (BOE) and the European Central Bank (ECB).

Risk assets remained resilient as developed market yields shifted higher in the third quarter of 2018. Despite lingering US-China tensions and challenges in emerging market assets, a strong fundamental backdrop persisted and contributed to relatively strong performance from US risk assets: US equities rallied, corporate credit spreads tightened, and the dollar strengthened. Meanwhile, central banks remained on course for diminished monetary support, which pushed developed market yields higher. During the third quarter, the Fed and BOE both raised their key interest rates, the ECB confirmed plans to cease asset purchases by year-end, and the Bank of Japan (BOJ) adjusted its yield curve control.

Risk sentiment waned late in 2018 as developed market yields fell. Most risk assets had challenging performance in the fourth quarter as volatility rose. Concerns about slowing growth amid other sources of uncertainty led to a selloff in global equity markets while credit spreads widened and developed market yields fell. In December, the

Fed hiked its policy rate for the fourth time in 2018, while lowering its expectations for rate increases in 2019.

Markets rebounded to begin 2019 and sustained their recovery from December’s selloff. Global central banks signaled more accommodative stances as economic data indicated slowing growth. Optimism over US-China trade talks helped bolster market sentiment, while other developments were more mixed. In Britain, the threat of a no-deal Brexit seemed to recede. Elsewhere in Europe, the European Commission warned of deteriorating debt dynamics in Italy, Spain, and Greece.

Source: Bloomberg.

Fund performance

For the fiscal year ended March 31, 2019, Optimum Fixed Income Fund underperformed its benchmark index, the Bloomberg Barclays US Aggregate Index, with mixed results from different component parts of the Fund, managed by DMC and PIMCO, covering intermediate-term, floating-rate securities, and low duration bonds. The following remarks describe factors that affected relative performance within the Fund’s respective portions.

DMC

Note: The portfolio-level discussion presented below appears in two sections. The first covers DMC’s multisector, intermediate-term portion of the Fund, while the second covers its short duration, floating-rate strategy.

Intermediate-term component

For the fiscal year ended March 31, 2019, DMC’s fixed-rate intermediate-term portion of Optimum Fixed Income Fund returned +3.64% (before expenses), underperforming the Fund’s benchmark, the Bloomberg Barclays US Aggregate Index, which returned +4.48% for the fiscal year. (All return references below are before expenses.)

Bank loan exposure in DMC’s intermediate-term portion of the Fund averaged 8% during the fiscal year, with below-benchmark


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Portfolio management reviews

Optimum Fixed Income Fund

performance. This was driven in part by a meaningful selloff during the fourth quarter of 2018 and the floating-rate nature of the asset class. Performance rebounded somewhat in early 2019; however, with the Fed tilting to a more dovish stance, the asset class lagged other higher-beta (higher-risk) opportunities.

Emerging markets struggled for most of the fiscal year, resulting in losses. A continuation of Fed hikes for the whole of 2018 supported a strong US dollar. Additionally, the increase in US rates going into the back half of 2018 provided an additional headwind for emerging markets. Within this portion of the Fund, exposure to Argentine, Turkish, and Ukrainian government bonds detracted from performance. Holdings in Digicel Group, a wireless provider, also experienced losses as fundamentals weighed on its outlook. Solid performance within the metals and mining sector including CSN Resources S.A. and First Quantum Minerals Ltd. helped cushion against losses.

The largest detractor from performance in DMC’s intermediate-term portion of the Fund was a significant underweight to mortgage-backed securities (MBS). This was compounded by poor security selection within to-be-announced (TBA) pools and an out-of-benchmark exposure to collateralized mortgage obligations (CMOs). The returns in both agency fixed-rate MBS and CMO structures were quite negative and were a large drag on performance in DMC’s intermediate-term component of the Fund. Total mortgage-backed exposure of roughly 15% during the Fund’s fiscal year generated a negative return and detracted meaningfully from performance.

DMC used a barbell strategy of long sequential CMOs and inverse interest-only (IO) securities for long-maturity exposure, which was offset by investments in straight IO, representing short-maturity exposure. (A barbell strategy is a fixed-income strategy in which the maturities and/or durations of included securities are concentrated at two extremes.) This barbell was a higher yield proxy for straight current coupon mortgage-backed agency pass-through investments. As the market encountered more volatility in the second half of 2018, this barbell succumbed to price declines and yield premium events. DMC reduced MBS exposure in this portion of the Fund during the second half of 2018 and continued to reduce its CMO allocation during the first quarter of 2019.

Another detractor came from a meaningful underweight to high-quality assets, specifically US Treasurys. DMC’s intermediate-term portion of the Fund averaged an 11% allocation during the 12-month period, but good security selection within the asset class wasn’t enough to offset the underweight.

DMC used derivatives in its intermediate portion of the Fund for risk management purposes. These included interest rate futures, option contracts to manage exposure to changes in securities prices caused by interest rates or market conditions, and credit default swaps and interest rate swaps. Of these, futures represented the largest return

component and were material to overall performance in DMC’s intermediate portion of the Fund.

In this portion of the Fund, DMC’s allocation favored higher yielding sectors, including corporate bonds, emerging markets, and high yield. However, important risk management shifts were made during the fiscal year across several sectors. For example, entering the fiscal year, this portion of the Fund carried a nearly 33% allocation to high grade credit. With spreads for the asset class reaching multiyear tight levels in February 2018, DMC began to reduce exposure, to about 25% by the end of June 2018. Solid security selection across all the major subcategories of high grade credit contributed to relative returns in DMC’s intermediate-term component of the Fund. For example, a market weight to industrials returned 5.72% versus 4.96% for the benchmark sector.

Strong performance from investment grade chemicals, including issuers such as Dow DuPont Inc., and Nutrien Ltd. contributed to performance in DMC’s intermediate-term portion of the Fund. Performance within chemicals was tempered somewhat by exposure to RPM International Inc. convertible securities and long-dated debentures issued by Mosaic Co. Several long-dated investments within the media and entertainment subcategory also performed well. Investments in the financial sector proved beneficial; contributors included higher-quality super-regional banks SunTrust Banks Inc. and PNC Bank NA. Additionally, exposure to Credit Suisse Group AG contingent capital notes and Bank of America Corp. preferred securities outperformed the benchmark return. USB Capital IX noncumulative preferred securities and Morgan Stanley long-dated senior unsecured bonds generated negative returns for the Fund’s fiscal year. High grade utilities represented a relatively small share of the risk but still helped drive performance through security selection during the Fund’s fiscal year.

An average allocation of 9% to high yield was somewhat beneficial to DMC’s intermediate-term portion of the Fund during the fiscal year. Investments in the midstream sector performed well, including pipeline operators NuStar Logistics LP and Targa Resources Partners LP. Performance within the independent subsector of energy was mixed. Alta Mesa Holding LP delayed regulatory filings, and subsequently earnings, leading to significant price declines. Exposure to Chesapeake Energy Corp. and Southwestern Energy Co. partially offset this. Solid performance from Calpine Corp. and NRG Energy Inc. helped utilities as well.

Floating-rate component

For the fiscal year, DMC’s floating-rate portion of the Fund returned +3.04% (before expenses), outperforming DMC’s internal benchmark, the ICE BofAML US Dollar 3-Month Deposit Offered Rate Constant Maturity Index, which returned +2.48% for the fiscal year. (All returns are before expenses.)

Investment grade credit exposure of 54% was the largest contributor to performance in DMC’s floating-rate portion of the Fund. With a total return of 3.21%, investment grade credit contributed 176 basis points to performance, net of interest rate swap exposure, outperforming the ICE BofAML US Dollar 3-Month Deposit Offered Rate Constant Maturity Index. (A basis point equals one hundredth of a percentage point.) Investment grade credit continued to be the largest sector allocation in this portion of the Fund. All four of the major investment grade sectors within DMC’s floating-rate portfolio – industrial, financial, utility, and noncorporate – outperformed the ICE BofAML US Dollar 3-Month Deposit Offered Rate Constant Maturity Index.

Industrial exposure of 24% – the largest sector exposure in DMC’s floating-rate portion of the Fund – returned 3.59%. Leading performers were Abbott Laboratories, General Dynamics, and Dollar Tree Inc. Detractors among industrials were CVS Health Corp., General Electric Co.,and Penske Truck Leasing. Financials, at a 20% allocation, returned 3.03%. Banks were significant contributors among financial holdings. Wells Fargo & Co., Citigroup Inc., and Bank of America Corp. were leading contributors. Detractors among financials included US Bancorp, Marsh & McLennan Cos. Inc., and Japan Bank for International Cooperation. The utility exposure (4%) and the noncorporate sector (6%) in DMC’s floating-rate portion of the Fund returned 2.89% and 2.84%, respectively.

Bank loan holdings (24% allocation) contributed to performance, returning 2.79%, outperforming the ICE BofAML US Dollar 3-Month Deposit Offered Rate Constant Maturity Index. Strong contributors among bank loans were Sinclair Broadcast Group Inc., Cushman & Wakefield PLC, and First Data Corp. Detractors included Envision Healthcare Corp., American Tire Distributors,and Univision Communications. The average quality of the bank loans was Ba3, relatively high quality compared with most bank loan indices. High yield and emerging markets each made up about 1% of the DMC’s floating-rate portion of the Fund, returning 2.93% and 3.44%, respectively.

Within structured credit (18% allocation), asset-backed securities (ABS) accounted for roughly a 13% allocation in DMC’s floating-rate component of the Fund, and slightly underperformed the ICE BofAML US Dollar 3-Month Deposit Offered Rate Constant Maturity Index, posting a return of 2.46%. The ABS exposure was primarily invested in nonresidential ABS, including credit cards and autos, a source of high-quality liquidity and income. Collateralized loan obligations (CLOs) (5% allocation) outperformed the ICE BofAML US Dollar

3-Month Deposit Offered Rate Constant Maturity Index, with DMC’s ABS holdings returning 2.64%. Holdings in CLOs continued to be senior in the capital structure and AAA-rated.

DMC uses interest rate swaps to hedge the duration of fixed-rate bonds within the floating-rate portion of the Fund, to maintain an overall portfolio duration of roughly 0.25 years. During the 12-month period, interest rate swaps hedged fixed-rate exposure in 23% of this portion of the Fund. When using an interest rate swap as a portfolio hedge, one pays a fixed rate and receives a floating rate based on the 3-month London interbank offered rate or LIBOR). During the fiscal year, the Treasury yield curve flattened as the Fed continued hiking rates and reducing its balance sheet. The 2-year note was flat while 5- and 10-year notes both declined by 32 basis points. The rate on 30-year Treasurys fell 15 basis points. The interest rate hedges detracted from returns in DMC’s floating-rate component of the Fund as interest rates fell in the fourth quarter of 2018 and the first quarter of 2019.

DMC also initiated a credit hedge during the fiscal year in an attempt to protect the Fund against potential spread volatility. This credit hedge did not have a significant effect on the Fund’s performance and was unwound early in the first quarter of 2019.

PIMCO

Note: The portfolio-level discussion presented below appears in two sections. The first covers PIMCO’s portion of the Fund that focused on an intermediate-term strategy, while the second covers its portion that focused on a low duration strategy.

Intermediate-term component

During the fiscal year, the intermediate-term component of PIMCO’s portion of the Fund returned +5.55% (before expenses) and outperformed its benchmark, the Bloomberg Barclay’s US Aggregate Index, which returned +4.48% for the same period.

Interest rate strategies added to performance for PIMCO’s intermediate-term component of the Fund. US yield curve positioning, including short exposure to front-end rates and an overweight to intermediate rates, added to performance as the yield curve flattened. Non-US interest rate strategies detracted from performance for this portion of the Fund, including short exposure to Japanese and UK interest rates.

Spread sector strategies were positive for returns in PIMCO’s intermediate-term portion of the Fund. An underweight to investment grade corporate spread duration late in the fiscal year added to performance as credit spreads widened. Security selection within investment grade credit also added to performance. A modest allocation to high yield credit contributed as the sector outperformed like-duration Treasurys. An overweight to agency MBS was neutral as the sector performed in line with like-duration Treasurys. Holdings of select non-agency MBS added to performance. Lastly, an allocation to US Treasury inflation-protected securities (TIPS) detracted from performance as inflation expectations declined during the fiscal year.


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Portfolio management reviews

Optimum Fixed Income Fund

Currency strategies contributed to performance for PIMCO’s intermediate-term portion of the Fund, including a long-dollar bias relative to the Japanese yen at the start of the fiscal year and a long-dollar bias relative to a basket of Asian emerging market currencies.

At the end of the Fund’s fiscal year, PIMCO continued to favor US interest rate exposure relative to other developed markets, including the United Kingdom and Japan, as it believed rates in the US are likely to be relatively range-bound, and positioning in Japan may serve as an inexpensive hedge against global rates rising. PIMCO continued to have modest exposure to TIPS given market expectations that remain below long-term fair value. They also provide a hedge against upside surprises in inflation.

Low duration component

The low duration component of PIMCO’s portion of the Fund returned +3.06% (before expenses) and outperformed PIMCO’s internal benchmark, the ICE BofAML 1-3 Year US Treasury Index, which returned +2.70% for the same period.

Spread sector strategies added to returns in PIMCO’s low duration portion of the Fund. Holdings of select non-agency mortgages contributed to performance, as these securities remained well supported by continued strength in the US housing market. Tactical investment grade credit exposure, including a focus on shorter duration corporates, was positive. Lastly, an allocation to US TIPS detracted from performance in PIMCO’s low duration portion of the Fund as inflation expectations declined.

Currency positioning contributed to performance in this portion of the Fund. A long-dollar bias relative to the Japanese yen early in the 12-month period contributed to returns in this portion of the Fund. Additionally, a long-dollar bias versus the euro added to performance as the euro depreciated relative to the US dollar during the fiscal year.

Interest rate strategies detracted from performance in PIMCO’s low duration portion of the Fund. An underweight to US duration and yield curve positioning, including short exposure to intermediate and long-end rates, detracted from performance as intermediate and long-end rates fell during the fiscal year. PIMCO prefers the intermediate portion of the curve, as it believes rates are likely to be range bound in the near term.

PIMCO remained defensive in positioning its low duration portion of the Fund for a steeper yield curve, to minimize overall interest rate risk. At fiscal year end, PIMCO continued to have modest exposure to TIPS as break-even inflation rates remained low and it found TIPS provide a good hedge against upside inflationary surprises.

PIMCO used several types of derivatives to manage risks associated with market volatility and interest rate risk. However, the use of credit default swaps, forwards, interest rate swaps, options, swaptions, and futures did not have a material impact on performance during the fiscal year within either component of PIMCO’s portion of the Fund.

Optimum International Fund

April 9, 2019 (Unaudited)


Performance review (for the year ended March 31, 2019)
Optimum International Fund (Institutional Class shares)*	1-year return	– 5.28%
Optimum International Fund (Class A shares)*	1-year return	– 5.53%
MSCI ACWI ex USA Index (net) (current benchmark)	1-year return	– 4.22%
MSCI ACWI ex USA Index (gross) (current benchmark)	1-year return	– 3.74%
MSCI EAFE Index (net) (former benchmark)	1-year return	– 3.71%
MSCI EAFE Index (gross) (former benchmark)	1-year return	– 3.22%

Past performance does not guarantee future results.

For complete, annualized performance for Optimum International Fund, please see the table on page 23.

The performance of Class A shares excludes the applicable sales charge. Both Institutional Class shares and Class A shares reflect the reinvestment of all distributions.

Effective Jan. 19, 2018, the MSCI ACWI ex USA Index replaced the MSCI EAFE Index in order to reflect the Fund’s ability to invest in emerging market securities.

Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

*Total returns for the report period presented in the table differ from the returns in “Financial highlights.” The total returns presented in the above table are calculated based on the net asset value (NAV) at which shareholder transactions were processed. The total returns presented in “Financial highlights” are calculated in the same manner, but also take into account certain adjustments that are necessary under US generally accepted accounting principles (US GAAP) required in the annual report.

Advisor

Delaware Management Company (DMC)

Sub-advisors

Acadian Asset Management LLC (Acadian)

EARNEST Partners LLC (EARNEST)

Market overview

Global equity markets sharply recovered during the final three months of the Fund’s fiscal year ended March 31, 2019, as easing monetary policy and promising trade developments seemed to allay investors’ earlier concerns. Domestic markets boasted their strongest quarterly returns in a decade as all major US benchmark equity indices were up more than 10% during the first quarter of 2019. For the Fund’s full fiscal year, US large-caps, represented by the Russell 1000^® Index, rose 9.30% and small-caps, represented by the Russell 2000^® Index, gained just 2.05%. Developed international markets lagged, with the MSCI ACWI ex-USA Index (net) declining 4.22%. Emerging markets fared even worse with the MSCI Emerging Markets Index (net) falling 7.4% during the fiscal year.

During the final three months of the Fund’s fiscal year, the US Federal Reserve abruptly changed its near-term outlook for interest rates. In response to a slowing global economy, the Fed signaled in March 2019 that it would pause its recent string of interest rate increases. Fed officials continued to maintain a generally optimistic stance on the US economy but cautioned that growth may slow, noting that it

expects US gross domestic product (GDP) to expand 2.3% this year, and 2.0% next year.

International trade policy continued to be a major focus of equity markets as investors analyzed the effect of both pending and potential tariffs between the United States and its trade partners. US-China trade discussions progressed during the second half of the fiscal year as tensions de-escalated and further (previously planned) tariff increases were postponed.

Nonetheless, Chinese economic growth continued to decelerate as the government lowered its economic growth target to 6.0%-6.5% for the year. The government pointed to uncertainties in its negotiations with the US as the main challenge facing the Chinese economy. Because of these uncertainties, the MSCI China Index fell 6.1% during the Fund’s fiscal year. However, like other equity indices, the index advanced 17.7% during the last three months of the fiscal year as investors received clarity on the challenges that the Chinese markets have faced and seemed encouraged by the progress made on trade negotiations during the first quarter of 2019.

The price of crude oil gained more than 30% during the last quarter of the Fund’s fiscal year. The Organization of the Petroleum Exporting Countries (OPEC) sought to address a supply glut with production cuts, and its output sunk to a four-year low in March, with Saudi Arabia shouldering most of the burden.


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Portfolio management reviews

Optimum International Fund

Within the European Union (EU), fourth-quarter GDP growth increased, totally 1.4% for 2018. The United Kingdom’s Brexit saga continued amid increasing uncertainty about how the nation will negotiate its exit from the EU.

Source: Bloomberg.

Fund performance

For the fiscal year, Optimum International Fund underperformed its current benchmark, the MSCI ACWI ex USA Index, and its former benchmark, the MSCI EAFE Index. Acadian’s portion of the Fund slightly underperformed the benchmark (net of fees). Its strong country allocations more than offset the small negative effect of its stock selection. However, less successful investments included stock selection in France, a combination of stock selection and an underweight position in the UK, and a combination of stock selection and an overweight position in Indonesia. In EARNEST’s portion of the Fund, stock selection was the principal factor behind the underperformance. Most of the underperformance in EARNEST’s portion of the Fund came during the fourth quarter of 2018, when increased trade tensions between the US and China sparked a broad selloff in equities. Investors tend to flock toward more defensive sectors, such as utilities, whenever there is an increased level of uncertainty in the market. EARNEST’s portion of the Fund was underweight these defensive sectors, however, since EARNEST does not view most of these companies as attractive from a fundamental perspective.

Acadian

Throughout the Fund’s fiscal year, Acadian remained focused on its disciplined, value-focused, multi-factor approach and sought to manage its portion of the Fund with consistency, objectivity, and appropriate risk controls.

Stock selection in industrial and material sectors detracted from performance in Acadian’s portion of the Fund, which saw the weakest results from positions in continental European industrial stocks and emerging markets’ materials stocks.

A combination of stock selection and an overweight position in utilities aided performance in Acadian’s portion of the Fund, as did a combination of stock selection and an underweight position in financials. Acadian’s portion of the Fund benefited most from positions in Japanese utilities and Continental European financials.

Overall, stock selection in Japan, an overweight position in Brazil, and a combination of stock selection and an overweight position in Israel contributed to performance in Acadian’s portion of the Fund during the fiscal year.

Two detractors from performance in Acadian’s portion of the Fund were Deutsche Lufthansa AG and Eramet. Lufthansa slumped in October 2018 after the German air carrier posted a decline in third-quarter underlying earnings, dampened by higher fuel prices, delays,

and costs associated with integrating Air Berlin into its Eurowings unit. Meanwhile, shares of Eramet tumbled in July after the French mining company posted weaker-than-expected first-half results. Lufthansa was still held at the end of the Fund’s fiscal year due to contributions from value and quality metrics. Acadian still held Eramet in its portion of the Fund at the end of the fiscal year, owing primarily to favorable scores on technical, growth, and quality signals

During the fiscal year, contributors to Acadian’s portion of the Fund included Tokyo Electric Power Co. Holdings Inc. and Sumitomo Dainippon Pharma Co. Ltd. Shares of Tokyo Electric Power advanced during the second quarter of the Fund’s fiscal year after the Japanese utility company posted an increase in annual recurring profit, owing largely to higher energy prices. Meanwhile, shares of Sumitomo Dainippon Pharma jumped during the last three months of the fiscal year after the Japanese drug maker reached settlements to end patent-infringement lawsuits related to its Latuda schizophrenia treatment in the US.

At the end of the fiscal year, Acadian’s largest country overweights compared to the MSCI ACWI ex USA Index in its portion of the Fund were Israel, Canada, Brazil, China, and the Netherlands. The UK, Switzerland, France, and Japan were the largest underweight positions. At the sector level, Acadian continued its emphasis on healthcare and utilities, while consumer discretionary and consumer staples were significantly underweighted.

EARNEST

As a bottom-up (stock-by-stock), fundamental manager, EARNEST looks beyond the quarter-over-quarter noise of the market and strives to position its portion of the Fund for growth over a full market cycle.

A relative overweight allocation to the materials sector and a relative underweight allocation to utilities detracted from performance in EARNEST’s portion of the Fund during the fiscal year, while strong stock selection in the healthcare and consumer staples sectors contributed to performance.

BYD Co. Ltd., a Chinese manufacturer of automobiles and one of the world’s largest manufacturers of rechargeable batteries, detracted from performance in EARNEST’s portion of the Fund. During the fiscal year, BYD reported revenue growth on strong sales of its alternative fuel vehicles (AFVs). AFVs continue to be a strong source of growth for the company as the Chinese government has put more emphasis on environmental considerations. Despite the generally upbeat report, however, earnings missed consensus expectations, and investors sold the stock.

Shanghai Fosun Pharmaceutical Group Co. Ltd. – a leading healthcare company in China that generates most of its revenue from manufacturing both generic drugs and traditional Chinese medicines – also detracted from performance in EARNEST’s portion of the Fund. Investors benefited from significant stock price appreciation in 2017

as they seemed to pay closer attention to the valuations of individual companies with defensible products. But, in 2018, investors grew concerned with the potential effect of international trade disputes. As a result, Chinese securities suffered and Shanghai Fosun Pharmaceutical trailed its healthcare peers.

At the end of the Fund’s fiscal year, EARNEST continued to hold BYD and Shanghai Fosun Pharmaceutical in its portion of the Fund. EARNEST believes BYD could potentially benefit from environmentally friendly policy shifts imposed by the Chinese government. With respect to Shanghai Fosun Pharmaceutical, EARNEST believes the US-China trade disputes should have little impact going forward since a significant portion of the company’s revenues come from China.

Headquartered in Brazil, JBS Co. Ltd. contributed strongly to EARNEST’s portion of the Fund. JBS is one of the largest meat-processing companies in the world with an extensive product portfolio focusing mainly on beef, poultry, and pork as well as high value-added prepared and processed foods. While based in Sao Paulo, the company generates more than half of its revenue in the US where beef consumption is nearly quadruple the world average. With a forward price-to-earnings (P/E) ratio in the single digits, EARNEST believes JBS continues to represent a compelling opportunity from a valuation standpoint compared to its peers.

Another contributor to performance in EARNEST’s portion of the Fund was Capgemini SE, a world leading provider of technology consulting and software implementation services. The company offers strategic advice ranging from business strategy to technical execution and serves a broad range of clients within the financial services and manufacturing industries. Presently, business spending on outsourced technology services continues to outpace in-house technology investment while companies continue to embrace the cloud at the expense of hardware and infrastructure. EARNEST believes these two trends could benefit Capgemini as an industry leader with economies of scale and an ability to offer a wider array of solutions.

As of the end of the fiscal year, EARNEST’s portion of the Fund held overweights in the consumer discretionary, financials, healthcare, information technology, and materials sectors and underweights in communication services, consumer staples, energy, industrials, real estate, and utilities sectors. These relative overweight and underweight positions compared to the benchmark are an outgrowth of where EARNEST perceives individual opportunities.

Overall, Optimum International Fund used derivatives, including foreign currency exchange contracts, during the fiscal year. However, these had a minimal effect on performance.


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Portfolio management reviews

Optimum Large Cap Growth Fund

April 9, 2019 (Unaudited)


Performance review (for the year ended March 31, 2019)
Optimum Large Cap Growth Fund (Institutional Class shares)	1-year return	+11.86%
Optimum Large Cap Growth Fund (Class A shares)	1-year return	+11.60%
Russell 1000^®Growth Index (benchmark)	1-year return	+12.75%

Past performance does not guarantee future results.

For complete, annualized performance for Optimum Large Cap Growth Fund, please see the table on page 26.

The performance of Class A shares excludes the applicable sales charge. Both Institutional Class shares and Class A shares reflect the reinvestment of all distributions.

Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Advisor

Delaware Management Company (DMC)

Sub-advisors

ClearBridge Investments, LLC (ClearBridge)

T. Rowe Price Associates, Inc. (T. Rowe Price)

Market overview

Robust corporate earnings, spurred by the benefits of the US Tax Cuts and Jobs Act that passed in December 2017, and strong economic growth were catalysts for stocks during the first half of the fiscal year ended March 31, 2019. US equities rose steadily before market volatility took hold in the fourth quarter of 2018, driven by shifting sentiment on a variety of macroeconomic issues.

Quarterly earnings for companies in the S&P 500^® Index increased at a double-digit rate for the first three quarters of the Fund’s fiscal year. Gross domestic product (GDP) growth peaked at 4.2% in the second quarter of 2018 before cooling to 2.2% in the fourth quarter, while the unemployment rate ended February 2019 at 3.8%, near multidecade lows. Crude oil prices gained, finishing the Fund’s fiscal year at slightly more than $60 a barrel. Oil’s 30% gain in the first three months of 2019 was the largest quarterly percentage gain since 2009.

Stocks sold off sharply in the fourth quarter of 2018 amid concerns about slowing global growth, a protracted trade and tariff battle between the United States and China, and the likelihood that the US Federal Reserve would continue to raise interest rates.

However, equities largely rebounded in early 2019 as investors eased their concerns about potential monetary policy missteps and global trade tensions. In particular, stocks received a boost after the Fed signaled in March 2019 that it no longer intended to raise interest rates in 2019. Additionally, the Fed indicated that it would end its program of balance-sheet reductions in September 2019.

Large-cap stocks outperformed their mid- and small-cap peers during the Fund’s fiscal year. Momentum and growth-oriented stocks continued to lead the market. As measured by the various Russell indices, growth stocks outperformed value across all market capitalizations for the 12-month period.

Source: Bloomberg.

Fund performance

Optimum Large Cap Growth Fund underperformed its benchmark, the Russell 1000 Growth Index, for the Fund’s fiscal year. ClearBridge outperformed the benchmark in its portion of the Fund, benefiting from positive stock selection. In particular, stock selection in the information technology (IT), consumer discretionary, materials, and communication services sectors contributed to relative outperformance. Additionally, the ClearBridge portion of the Fund benefited from a relative underweight to industrials. T. Rowe Price’s portion of the Fund achieved a positive return but underperformed the benchmark for the fiscal year, primarily as a result of stock selection. From a sector standpoint, consumer discretionary, financials, and consumer services detracted the most from performance in T. Rowe Price’s portion of the Fund; while IT; industrials and business services; and healthcare were the largest contributors to performance.

ClearBridge

ClearBridge normally invests in equity securities (or other instruments with similar economic characteristics) of US companies with large market capitalizations. ClearBridge’s core holdings are large-capitalization companies that it believes are dominant in their industries due to product, distribution, or service strength. ClearBridge believes it is late in the bull market cycle and therefore critical to separate business models and identify companies that can move higher based on strong fundamentals rather than passive fund flows. ClearBridge believes that owning companies with defensible businesses and self-help characteristics should become more

important as growth slows and liquidity shrinks. Instead of using excess cash to buy back shares – an action responsible for about 40% of S&P 500 Index earnings during the fiscal year – ClearBridge believes companies will likely start paying down debt.

Healthcare detracted from performance in ClearBridge’s portion of the Fund as merger integration issues hurt dental supplier Dentsply Sirona Inc. while negative clinical trials weighed on biotechnology holding Biogen Inc. ClearBridge subsequently exited its position in Dentsply Sirona. ClearBridge continues to evaluate its options for Biogen, which sold off sharply after a surprise announcement that it was ending clinical trials for Alzheimer’s treatment aducanumab. ClearBridge has always recognized the risks in the company’s pipeline and continues to see value in its Spinraza franchise; however, the cancellation of Biogen’s Alzheimer’s program could negatively affect the stock’s long-term risk-reward profile.

Financials holdings also detracted from performance in ClearBridge’s portion of the Fund as the Fed’s decision to pause its tightening cycle weighed on Charles Schwab Corp., which operates a significant money market business. Performance issues in its active-management division hurt BlackRock Inc. BlackRock continues to grow organic assets +3% off a $6 trillion asset base in active, exchange-traded funds (ETFs), and passive strategies for both institutional and retail distribution partners as the company forges deeper relationships with their customers in a consolidating space. BlackRock also continues to manage costs lower while maintaining industry leading operating margins. Charles Schwab continues to grow organic assets and net new accounts at an industry leading 6% off a $3 trillion asset base. Cash sorting, where customers are looking for the highest return for their cash-like assets, has been volatile for Charles Schwab with its asset-sensitive balance sheet; however, Clearbridge believes this part of the business should stabilize soon.

In ClearBridge’s portion of the Fund, the IT and consumer discretionary sectors contributed the most to performance during the fiscal year. Consumer staples also contributed. IT exposure was paced by strong demand for enterprise software makers that support business transition to the cloud, including VMware Inc., Red Hat Inc., and Palo Alto Networks Inc., as well as Adobe Inc.,a significant contributor to the digital transformation of business processes. Consumer staples exposure was aided by solid execution from spices and seasonings maker McCormick & Co. Inc. and warehouse retailer Costco Wholesale Corp.

Among individual companies held in ClearBridge’s portion of the Fund, global brewer Anheuser-Busch InBev SA/NV experienced weakness in its core Latin American and South African markets, due to dollar strength and volume declines in the US. ClearBridge continues to hold the name as it believes Anheuser-Busch has shown a greater ability than its competitors to generate cash and maintain a strong moat around its business.

Significant exposure to non-US oil and natural gas drillers hurt Schlumberger Ltd., an oilfield services provider. A sluggish pickup in activity and depressed capital spending in international markets, as well as a divergence in rising oil prices and the performance of energy stocks, all weighed on the company during the Fund’s fiscal year. That said, Schlumberger has dramatically rebased its cost structure for the new reality and pressed its competitive advantage with its suite of bundled offerings. ClearBridge continues to hold the name.

Amazon.com Inc. continued to dominate and innovate at high levels across its businesses, with particularly strong positions in three key areas related to the Internet: ecommerce, cloud infrastructure with Amazon Web Services (AWS), and advertising.

Microsoft Corp. was another notable performer for ClearBridge’s portion of the Fund, as it continued to see rapid conversion of clients to its cloud and Office 365 software-as-a-service (SaaS) offering. Its Azure hybrid cloud solution saw consecutive quarters of 76% year-over-year growth and continued to be the fastest-growing part of its business. ClearBridge believes the pace of Azure, which saw its gross margins expand from the mid-30% range a year ago to more than 50% in the latest quarter, should be key to determining the pace of Microsoft’s aggregate growth going forward.

ClearBridge believes that the current US economic expansion is showing signs of age. Rather than try to time shifts in the economy, ClearBridge continues to focus on portfolio companies and sourcing new growth ideas through bottom-up (stock by stock) fundamental research. ClearBridge believes that a balanced approach to portfolio construction, characterized by the three buckets of growth companies – cyclical, stable, and select – has the potential to promote consistent long-term results. This perspective allows ClearBridge to be a more-active buyer during periods of price dislocation.

T. Rowe Price

T. Rowe Price normally invests in stocks of large-capitalization companies with one or more of the following characteristics: strong cash flow and an above-average rate of earnings growth; the ability to sustain earnings momentum during economic downturns; and occupation of a lucrative niche in the economy and ability to expand even during times of slow economic growth.

Among sectors, consumer discretionary was the leading relative underperformer in T. Rowe Price’s portion of the Fund due to stock selection. Financials underperformed due to stock choices and an overweight position. Within communication services, an overweight position combined with unfavorable stock selection detracted from relative results. In contrast, IT was the largest relative contributor in T. Rowe Price’s portion of the fund, driven by stock selection, while an underweight position had a negative effect. Industrials and business services contributed to performance due to stock selection and an


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Portfolio management reviews

Optimum Large Cap Growth Fund

underweight position. Stock picks in the healthcare sector also added to relative returns in T. Rowe Price’s portion of the Fund.

Looking at individual consumer discretionary holdings, shares of online travel company Booking Holdings Inc., despite positive margin trends, retreated during the Fund’s fiscal year due to decelerating growth and softness in Europe that was attributable to the macroeconomic backdrop and unusual weather patterns. Another detractor in T. Rowe Price’s portion of the Fund was online retailer Alibaba Group Holding Ltd., as investor sentiment waned due to concerns about trade and regulatory uncertainty in China and the impending departure of its chairman and founder, Jack Ma. Shares came under further pressure as investments in local retail initiatives weighed on Alibaba’s near-term outlook. T. Rowe Price believes both companies remain positioned for future growth and it maintains its positions.

Shares of financial services firm TD Ameritrade Holding Corp. declined during the Fund’s fiscal year due to competitive pricing pressures and a cautious outlook from the Fed that indicated further near-term interest rate hikes were unlikely, as previously noted. Although TD Ameritrade has significant earnings leverage to rising interest rates, T. Rowe Price believes it is more than just a play on rates given its healthy margins and capital-light model, which allows earnings to be returned to shareholders via dividends and buybacks. T. Rowe Price believes the firm’s management is also strong, with a proven track record of success.

Shares of VMware Inc. benefited from a robust IT spending environment as well as better execution and mix with broad-based topline growth across product categories and strong free cash flow generation. Hybrid cloud revenues continued to gain momentum, aided by VMware Cloud on Amazon Web Services.

Despite the two tragic crashes that have been linked to design flaws in The Boeing Co.’s new 737 MAX 8 aircraft, shares of Boeing gained over the Fund’s fiscal year. Operating margins continued to expand thanks to favorable delivery volume and mix within its Commercial Airplanes division and better-than-expected revenue growth from its Defense, Space, and Security group.

Within the healthcare sector, surgical robotics company Intuitive Surgical Inc. helped relative performance in T. Rowe Price’s portion of the Fund, as the company’s recent results showed notable strength in US procedure growth and robot placements. Intuitive Surgical has benefited from the growing adoption of its robotic da Vinci^® surgical system, as well as positive investor reaction to the disclosure of the new da Vinci X^®.

The Fed’s dovish turn and the growing hopes for a trade deal between the US and China have moderated two of the primary sources of uncertainty that derailed US stock markets late in 2018. The economic growth worries that emerged near the end of 2018 remain a more persistent source of concern, but T. Rowe Price generally does not anticipate a recession in the US this year. Earnings growth may be harder to come by, however, as the effects of the December 2017 tax cuts on year-over-year comparisons rolls off and fiscal stimulus wanes. T. Rowe Price believes this should favor an active approach to investing, along with careful fundamental research, to find companies that it believes are able to leverage competitive advantages to prosper in a more challenging environment.

Overall, Optimum Large Cap Growth Fund used derivatives, including foreign currency exchange contracts, during the fiscal year. However, these had a minimal effect on performance.

Optimum Large Cap Value Fund

April 9, 2019 (Unaudited)

Past performance does not guarantee future results.

For complete, annualized performance for Optimum Large Cap Value Fund, please see the table on page 29.

The performance of Class A shares excludes the applicable sales charge. Both Institutional Class shares and Class A shares reflect the reinvestment of all distributions.

Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Advisor

Delaware Management Company (DMC)

Sub-advisors

Massachusetts Financial Services Company (MFS) Rothschild Asset Management Inc. (Rothschild)

Market overview

The global economy decelerated during the Fund’s fiscal year ended March 31, 2019, led by weakness in China and Europe as growing trade disputes undermined business and investor sentiment. Slower growth, along with tighter financial conditions, contributed to an uptick in market volatility late in 2018. Equity valuations fell and credit spreads widened, fueled in part by concerns that the US Federal Reserve was on course to further tighten monetary policy after it lifted rates for a fourth time in 2018.

In response to the market’s negative reaction to these policy signals the Fed signaled in March 2019 that it would not raise rates in 2019. The Fed also indicated that it would maintain a larger balance sheet than it had previously. These dovish shifts helped equity valuations rebound, reduced volatility, and narrowed credit spreads. Central banks globally tilted more dovish as well, with China lowering reserve requirements, the Bank of Canada and Bank of England holding rates steady, and the European Central Bank acknowledging that it may not be able to hike rates in the fall of 2019 as it had earlier projected.

The flattening of the yield curve in the United States also gained attention given its historical accuracy in predicting economic downturns. Against this backdrop, corporate profitability weakened, as consensus expectations for the S&P 500^® Index declined rather sharply (though remaining modestly positive at roughly 3% growth in 2019). Notwithstanding the extreme bouts of market volatility, US large-capitalization stocks (as measured by the Russell 1000 Value Index) returned 5.67% for the Fund’s fiscal year.

Source: Bloomberg.

Fund performance

Optimum Large Cap Value Fund underperformed its benchmark, the Russell 1000 Value Index, for the Fund’s fiscal year ended March 31, 2019. Both the MFS and Rothschild portions of the Fund reported performance that was positive on an absolute basis but short of the benchmark return. In MFS’s portion of the Fund, underweight allocations to both real estate and utilities sectors detracted from performance. Stock selection in the energy sector also held back relative results. MFS’s portion of the Fund benefited from stock selection and, to a lesser extent, an overweight in the healthcare sector. Stock selection in both the materials and industrials sectors also benefited relative returns. Overall, stock selection was the primary detractor from performance in Rothschild’s portion of the Fund, with poor selection in healthcare, consumer discretionary, and industrials outweighing contributions from information technology, consumer staples, and utilities. In Rothschild’s portion of the Fund, sector allocation was slightly positive, benefiting from underweights to materials and consumer discretionary and an overweight to communication services. This was dampened somewhat as underweights to consumer staples and utilities and an overweight to energy hindered returns.

MFS

MFS has maintained a consistent investment approach since its strategy’s inception. For its portion of the Fund, MFS uses a long-term time horizon in making investment decisions. MFS maintains a disciplined investment philosophy and process that is focused on investing in what it views as high-quality companies trading at inexpensive valuations.

Oilfield services provider Schlumberger Ltd. was a leading detractor from performance in MFS’s portion of the Fund. Its significant exposure to non-US oil and natural gas drillers hurt the company. A sluggish pickup in activity and depressed capital


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Optimum Large Cap Value Fund

spending in international markets also weighed on Schlumberger. MFS continued to hold Schlumberger at fiscal year end because of its management’s track record of creating differentiated, value-add services for customers, and what MFS viewed as an attractive valuation.

Overweight positions in several financial services firms likewise detracted from performance for MFS’s portion of the Fund, including custody bank State Street Corp., tobacco company Philip Morris International, and financial services firms Goldman Sachs Group Inc., PNC Financial Services Group Inc., and JPMorgan Chase & Co. MFS continued to hold each of these financial names in its portion of the Fund, supported by what MFS viewed as attractive valuations. MFS trimmed its stake in Philip Morris but believes the company is well positioned in its market.

Defense contractor Northrop Grumman Corp. was another detractor in MFS’s portion of the Fund as the company lost a Missile Defense Agency contract that it had held since 1995. The company is engaged in the provision of security services including cyber security for computers and communications and is also involved in aerospace systems, designing and producing manned aircraft, spacecraft, and high-energy laser systems. MFS continued to hold shares of Northrop Grumman at fiscal year end given the company’s alignment with US national defense strategy and what MFS views as an attractive valuation.

Healthcare-focused instrument and supplies manufacturer Danaher Corp. was a leading contributor to performance for MFS’s portion of the Fund during the fiscal year. Its reputation as a defensive stock played out as it continued to grow sales in China, seemingly immune to China’s economic slowdown and ongoing trade dispute with the US. Freight-hauling railroad Union Pacific Corp. also contributed to performance for MFS’s portion of the Fund.

Stocks in other sectors that aided relative performance for MFS’s portion of the Fund included positions in consulting and technology solutions firm Accenture PLC, insurance broker Aon PLC, global food company Nestle S.A. (Switzerland), premium drinks distributor Diageo PLC (United Kingdom), and provider of financial services technology Fiserv Inc.

Rothschild

Rothschild employs an integrated approach that balances quantitative analysis, fundamental research, and risk management guidelines to identify stocks of companies it believes possess attractive relative valuation and an ability to exceed market expectations. Rothschild’s investment process has been stable through many market cycles, maintaining a consistent approach even as economic and market environments fluctuate. Rothschild believes that volatile market environments such as the one experienced during the Fund’s fiscal year can create opportunities for its bottom-

up (stock by stock) approach to stock selection, as extreme shifts in near-term market sentiment can result in greater price inefficiencies at the individual stock level.

Individual detractors to Rothschild’s portion of the Fund included State Street Corp., whose shares declined sharply during the fiscal year. In addition to interest rate and competitive headwinds, the company announced a dilutive acquisition (Charles River Development) that was not well received by investors. Nonetheless, in Rothschild’s view, the stock has an inexpensive valuation, low market expectations, and is well positioned in a competitive landscape.

CVS Health Corp. was a significant detractor from performance during the fiscal year as its shares declined more than 30%. The company was pressured across the drug-supply chain, which has been adversely affected by growing political uncertainly. CVS’s guidance for 2019 includes a greater amount of investment in the business, which largely offsets the Aetna deal-related synergy for the fiscal year. Rothschild exited its position in CVS for what it viewed as more attractive options.

Consumer discretionary companies BorgWarner Inc. and eBay Inc. also detracted from performance in Rothschild’s portion of the Fund. BorgWarner, a manufacturer of car components, lagged as some of its luxury-car customers, located in both the US and China, slowed purchases. Rothschild reduced its weighting in the stock. The holding in eBay, while a cheap stock, proved to be a moderate value trap, as the expected benefits of changes in strategy did not materialize. Concluding that the company may not improve soon, if ever, Rothschild exited the position during the Fund’s fiscal year.

In the financials sector, the largest sector in the benchmark, Huntington Bancshares Inc. and SunTrust Banks Inc. were significant detractors, as was E*TRADE Financial Corp. The Fed’s decision to hold rates steady in 2019 was largely to blame. Rothschild’s portion of the Fund did benefit by not owning Goldman Sachs Group Inc. or BlackRock Inc., as the two firms detracted significantly from the benchmark.

On a relative basis, Rothschild added significant value in the information technology sector. Rothschild was underweight Intel for much of the fiscal year. In the benchmark, Intel returned more than 5% for the 12-month period yet contributed about 0.13 percentage points of outperformance for Rothschild’s portion of the Fund. Shares of Broadcom Inc. gained more than 30% as it reported strong quarterly earnings and boosted its dividend by 50% in 2018. The company also issued fiscal year 2019 guidance above expectations due to accretion and inclusion of the results of CA Technologies (a software company Broadcom acquired). The stock performed well versus its semiconductor peers due to its cheap valuation, high free cash flow generation, and attractive dividend yield. The stock sidestepped the semiconductor market downturn in the fourth

quarter of 2018 because it has low exposure to cyclical end markets. Another contributor was Cisco, which Rothschild owned for the entire fiscal year. Cisco contributed 0.34 percentage points of performance to Rothschild’s portion of the Fund.

Shares of Microsoft Corp. gained more than 30% during the fiscal year as the company continued to perform well after delivering sound quarterly results. Microsoft beat estimates on revenue, margins, and earnings per share (EPS). The results also seemed to serve as an affirmation that revenues and earnings will likely accelerate in fiscal year 2019, driven by its Azure and Office 365 offerings as they are now large enough to significantly move the needle.

The utility sector was another contributor to absolute and relative performance for Rothschild’s portion of the Fund. Generally, the sector was in favor due to the steady earnings growth and

reasonable dividend yields in what was perceived for most of the Fund’s fiscal year as a period of slowing growth. From a market perspective, utilities were in favor for much of the 12-month period as fears of slowing global growth seemed to sway investors to look at the yield and growth characteristics of the sector. While not growing dramatically, the high single digits earnings growth of some of the stocks in the Fund appealed to Rothschild, as did the lack of exposure to foreign currency translations. Strong performers for Rothschild’s portion of the Fund included Xcel Energy, (up 27% during the fiscal year) which added 0.31 percentage points to performance, and DTE Energy, which contributed 0.17 percentage points to performance in Rothschild’s portion of the Fund.

Overall, Optimum Large Cap Value Fund used derivatives, including foreign currency exchange contracts, during the fiscal year. However, these had a minimal effect on performance.


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Portfolio management reviews

Optimum Small-Mid Cap Growth Fund

April 9, 2019 (Unaudited)

Past performance does not guarantee future results.

For complete, annualized performance for Optimum Small-Mid Cap Growth Fund, please see the table on page 32.

The performance of Class A shares excludes the applicable sales charge. Both Institutional Class shares and Class A shares reflect the reinvestment of all distributions.

Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Advisor

Delaware Management Company (DMC)

Sub-advisors

Columbus Circle Investors (CCI)

Peregrine Capital Management, LLC (PCM)

Market review

While the market was relatively strong for small- and mid-cap growth stocks during the Fund’s fiscal year ended March 31, 2019, volatility picked up markedly during the period. The Federal Reserve raised interest rates by 0.25 percentage points four separate times in 2018, providing a tailwind for growth in contrast to the period of low interest rates that had supported value, low-growth, and dividend-paying stocks. However, investors’ concerns that rising interest rates could lead to a recession drove a broad-based selloff during the last three months of 2018. Subsequently, this erased all previous gains for the Russell 2500 Growth Index, and the Index was almost down more than 10% in December. The continued lack of progress in the trade dispute between the United States and China and the US government shutdown added to worries about an economic slowdown. The Fed’s suspension of interest rate increases in March 2019, however, seemed to reassure investors that it was listening to the market, restoring an increased appetite for secular growth stocks and strong company-specific stories. For the Fund’s full fiscal year, the Russell 2500 Growth Index gained 7.54%, solidly ahead of comparable core and value indices.

Source: Bloomberg.

Fund performance

Optimum Small-Mid Cap Growth Fund outperformed its benchmark, the Russell 2500 Growth Index, for the Fund’s fiscal year. CCI’s portion of the Fund outperformed the benchmark primarily as a result of an overweight position and strong stock selection in technology, but PCM’s portion of the Fund modestly trailed the benchmark due to market conditions at odds with its valuation-sensitive growth style.

CCI

As noted above, stock selection and an overweight in the technology sector drove performance for CCI’s portion of the Fund. Stock selection in the consumer discretionary sector also contributed to performance. An overweight in the energy sector and stock selection in financials detracted from performance in CCI’s portion of the Fund.

CCI uses a growth-oriented investment philosophy of “positive momentum and positive surprise” in which CCI strives to invest in what it views as good companies getting stronger and in companies whose fundamentals are exceeding investor expectations.

During the fiscal year, Zendesk Inc., a leading provider of cloud-based software for customer service and support, contributed the most to outperformance in CCI’s portion of the Fund. The company’s solutions are easier to deploy and use than legacy competitive products and provide a single view across multiple customer support channels. Strong secular adoption by enterprises has resulted in larger deal sizes, reduced client churn, and lower customer acquisition costs, which have all contributed to continued rapid revenue and cash flow growth.

Five9 Inc., a prominent provider of cloud-based infrastructure software for customer contact centers, also contributed to CCI’s portion of the Fund. Five9 has replaced legacy solutions from competitors like Avaya, which continue to struggle both competitively and financially.

Callon Petroleum Co., an independent oil and gas firm engaged in the exploration and development of crude oil in the Permian Basin in Texas, detracted the most from performance in CCI’s portion of the Fund during the fiscal year. Despite better-than-expected well performance from the company’s core Midland and Delaware basins, the plunge in oil prices in late 2018 drove the stock down. CCI continues to hold Callon Petroleum – recent well results suggest the potential for increases in recoverable reserves while oil prices have lately recovered.

Evolent Health Inc., a leading provider of services that enable healthcare systems to transition to value-based delivery, also detracted from performance in CCI’s portion of the Fund. Solvency concerns with one of Evolent Health’s largest customers initially affected shares. The shares subsequently declined further on the back of weak financial guidance for 2019 that was hurt by program losses, as well as slower-than-expected growth at its new Florida Medicaid programs. As a result, CCI exited the remainder of its position in Evolent Health.

While CCI recognizes a more dovish Fed and the potential effects of its policies on the overall market environment, little has changed with respect to the positioning of its portion of the Fund. CCI continues to focus on what it views as good companies with positively surprising stories that it believes have the potential to be increasingly rewarded in a world where growth is becoming scarce. CCI’s portion of the Fund is most overweight with technology stocks tied to trends such as cloud computing and software, the Internet of Things (IoT), cybersecurity, and wireless 5G. Additionally, CCI is overweight consumer discretionary stocks that benefit from strength in employment and consumer confidence, as well as Internet-based business models. CCI continues to remain underweight industrials and materials, due to a lack of compelling secular growth stories and where shares are more exposed to global growth concerns. CCI is also underweight healthcare stocks, primarily biotechnology shares, due to the binary nature of early-stage drug trials.

PCM

PCM’s portion of the Fund modestly underperformed the benchmark during the fiscal year. PCM’s process focuses on the acquisition of rapidly growing companies at what it views as reasonable valuations. During the Fund’s fiscal year, however, larger-cap stocks and the most highly valued stocks – including those with no earnings – were the strongest performers.

Industrials and materials were the weakest-performing sectors in PCM’s portion of the Fund during the fiscal year, as fears of a global trade war and slowing economic growth affected visibility in future earnings potential for many companies. The healthcare and consumer discretionary sectors were the largest contributors to performance for PCM’s portion of the Fund. Strength in the healthcare sector was broad-based with strong stock selection in medical devices,

healthcare technology, biotechnology, and pharmaceutical stocks. Increased content gains for automobile component holdings and an underweight to consumer Internet companies in PCM’s portion of the Fund primarily drove performance in consumer discretionary during the fiscal year.

A primary detractor from performance in PCM’s portion of the Fund was International Game Technology PLC, one of the largest global gaming technology companies offering lottery management services, online and instant lotteries, instant ticket printing, slot machines, and interactive gaming. Despite solid fundamentals and results that consistently exceeded consensus expectations, the stock was weak during the 12-month period due to fears of increasing government regulation in its gaming business in Italy. PCM added to its position on the weakness during the fiscal period as it believed these regulatory fears were exaggerated and that the stock should begin to trade more in line with positive fundamentals.

Another detractor from performance in PCM’s portion of the Fund was 2U Inc., a cloud-based education software company that provides online graduate degree and short course programs to 34 universities including the University of North Carolina, Yale University, New York University, and Georgetown University. The stock was weak during the 12-month period due to inconsistent execution and lowered enrollment growth estimates as a result of leadership changes at two of its largest partner universities. While PCM continues to believe that there is potential for an accelerating shift toward greater online learning from the traditional in-classroom setting, it exited the position during the fiscal year due to concerns about visibility into future growth and the effect of rising competition.

LiveRamp Holdings Inc. was the strongest contributor to returns in PCM’s portion of the Fund during the 12-month period. LiveRamp’s data onboarding platform enables highly targeted marketing across all digital applications and has benefited significantly from the continued shift of marketing spend from traditional media to online avenues. Following the divestiture of a noncore business last year, financial results were ahead of expectations and highlighted the robust growth opportunities of the newly streamlined company. Proceeds from the transaction were also deployed into a sizeable share repurchase, which further aided share gains. Despite these many positive fundamental developments, PCM believes LiveRamp remains inexpensive relative to other companies within the space and, as such, PCM continues to hold LiveRamp in its portion of the Fund.

CyberArk Software Ltd, a leading cybersecurity software company focused on the Privileged Access Management (PAM) market, also contributed to PCM’s portion of the Fund during the fiscal year. Privileged accounts maintain administrator access and have complete control of a company’s information technology infrastructure and, as


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Portfolio management reviews

Optimum Small-Mid Cap Growth Fund

a result, are often targeted by cybercriminals. CyberArk is the leader in the PAM market and has greatly benefited from the competitive disruption caused by the recent acquisitions of the number two and three players in the market, in PCM’s view. Its revenues and earnings have accelerated and have consistently exceeded consensus expectations. PCM continues to hold CyberArk in its portion of the Fund and believes the company is in the early stages of capitalizing on its open-ended growth opportunity and could provide significant value to a potential strategic acquirer.

While recent market dynamics have been volatile, PCM remains disciplined and true to its time-tested strategy, which has the

potential to generate significant market outperformance. PCM’s portion of the Fund is most exposed to the technology, healthcare, and industrials sectors. Technology benefits from the strong secular trends in software and cybersecurity, while in healthcare PCM seeks to benefit from rapid innovation across medical devices, healthcare technology, and drug development. PCM’s portion of the Fund is the least exposed to the slower growing real estate and communication services sectors due to a lack of attractive secular growth ideas.

Optimum Small-Mid Cap Value Fund

April 9, 2019 (Unaudited)

Past performance does not guarantee future results.

For complete, annualized performance for Optimum Small-Mid Cap Value Fund, please see the table on page 35.

The performance of Class A shares excludes the applicable sales charge. Both Institutional Class shares and Class A shares reflect the reinvestment of all distributions.

Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Advisor

Delaware Management Company (DMC)

Sub-advisors

LSV Asset Management (LSV)

Westwood Management Corp. (Westwood)

Market overview

Volatility returned to financial markets for the Fund’s fiscal year ended March 31, 2019. The S&P 500^® Index ended the 12-month period up almost 10%, but it was a bumpy ride: At the end of September 2018, the index was up more than 11% but by the end of December, it was down nearly 4%. Large-cap stocks outperformed small-caps over the fiscal year: The Russell 1000^® Index gained 9% while the Russell 2000^® Index advanced 2%. The Russell 2500^™ Index was up more than 4%.

A host of economic and geopolitical issues added to market insecurity, notably fears of a global economic slowdown, the pace of central bank interest rate hikes, and ongoing trade frictions between the United States and China. Although US economic data continued to be robust, investors started to worry that the US was late in its economic cycle. The benefits of the federal tax cuts that bolstered record corporate earnings in 2018 were expected to fade and earnings forecasts were lowered for 2019.

Federal Reserve Chairman Jerome Powell reacted to market weakness in March 2019 by indicating there would be no additional rate hikes in 2019 and just one in 2020. This dovish tone was a welcome change from Powell’s comments the previous fall, which had contributed to fourth-quarter market jitters. Finally, the fallout from US-China trade restrictions led US material and labor costs to begin rising and caused China’s economic activity to slow. However,

by the end of the Fund’s fiscal year, it appeared that the US and China could be nearing a trade deal.

While expectations that the Fed would hold interest rates at low levels provided a boost to the overall market, the effect was not positive for value stocks and, in particular, deep value stocks. Over the fiscal year, small- and mid-cap value stocks underperformed growth stocks: The Russell 2500 Value Index gained nearly 3% while the Russell 2500^™ Growth Index gained more than 7%. For the 12-month period, the utilities, technology, and real estate sectors outperformed while energy, materials, and financials lagged.

Source: Bloomberg.

Fund performance

Optimum Small-Mid Cap Value Fund underperformed its benchmark, the Russell 2500 Value Index, for the fiscal year. LSV’s portion of the Fund trailed the benchmark as a result of its deep value bias. Poor stock and sector selection also hurt LSV’s performance. Westwood’s portion of the Fund underperformed the benchmark as weak allocation results in the healthcare and consumer discretionary sectors more than offset benefits from its strong stock selection in these sectors.

LSV

The Fed’s dovish stance in March 2019 underscored worries of a continued economic slowdown and muted inflation levels. As a result, investors rewarded expensive growth stocks in the technology and communications services sectors and broadly sought out the perceived safety of less volatile, higher yielding utilities stocks despite their rich valuations and low prospects for growth. Several companies that LSV owned in the Fund (which generated strong cash flows and earnings) were punished by the overall effect of the deep


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Optimum Small-Mid Cap Value Fund

value bias of LSV’s portion of the Fund detracting significantly from relative returns.

Both stock and sector selection detracted from relative performance for LSV’s portion of the Fund over the 12-month period. Trade tensions and fears of an economic slowdown hurt several LSV’s holdings in more cyclical areas of the market while stock selection losses were concentrated in the industrials, technology, and financials sectors. Holdings in commodity chemicals, electronic manufacturing, as well as life and health insurance underperformed in LSV’s portion of the Fund. From a sector perspective, relative losses came from LSV’s underweight positions in the utilities and real estate sectors along with its overweight to consumer discretionary, materials, and financials, which underperformed as the US yield curve inverted in March 2019.

Because LSV’s portion of the Fund is broadly diversified, no individual name had too large of an impact on returns. For the fiscal year, the most significant detractors for LSV’s portion of the Fund included its overweight positions in Cooper-Standard Holdings Inc. and Unum Group. Cooper-Standard, a global supplier of systems and components for the automotive industry, struggled during the 12-month period – down roughly 60% – as the auto parts/equipment industry faced significant headwinds, including tariffs, increased raw materials costs, and growing consumer reluctance to buy cars. LSV continues to maintain a position in Cooper-Standard as it believes company fundamentals remain strong. Additionally, the company ranks highly on earnings and cash flow measures. Unum Group, a life and disability insurance company, also struggled, down 27% for the 12-month period. LSV continues to hold Unum as the stock trades at what it views as attractive fundamental valuations and continues to pay a nice dividend.

Trinseo SA also weighed on performance in LSV’s portion of the Fund. Trinseo, a synthetic rubber manufacturer, primarily of tires, faced headwinds similar to those experienced by Cooper-Standard – most notably a slowdown in the tire market.

Leading contributors for LSV’s portion of the Fund included overweight positions in medical device manufacturer Integer Holdings Corp. and electric power distributor AES Corp. Integer Holdings outperformed over the fiscal period, up more than 30%, on strong revenue growth and cash flow generated from operations. Integer also completed a spin-off of its advanced surgical and orthopedics product lines to Viant during the fiscal year. The sale proceeds were used to pay down debt; LSV sold its position in Integer Holdings during the Fund’s fiscal year. AES also outperformed during the fiscal year, returning 65%, as it benefited from healthy earnings growth and cash flow generation, strong backlog growth, reduced debt, and new long-term renewables contracts. LSV continues to maintain a position in AES.

The fiscal year was difficult for value investors and for LSV’s portion of the Fund. The companies in LSV’s portion of the Fund generated strong cash flow and earnings and in general had little deterioration in their fundamental measures, such as revenue, earnings before interest, tax, depreciation, and amortization (EBITA), and net income. Value stocks are trading at significant discounts to their growth counterparts and LSV considers its portion of the Fund well positioned given current valuations.

At the end of the fiscal year, LSV’s portion of the Fund was overweight the consumer discretionary, financials, and materials sectors while underweight the utilities, real estate, and healthcare sectors. At the industry level, LSV’s portion of the Fund was overweight insurance, specialty retail, and auto components while underweight electric utilities, equity real estate investment trusts (REITs), and banks.

Westwood

Westwood employs a consistent, disciplined approach that seeks to provide attractive risk-adjusted returns while protecting capital during unfavorable market periods. Extensive research to identify companies that it believes are attractively valued regarding future earnings and cash flow prospects, underpinned by limited downside risk due to strong fundamentals, drives Westwood’s stock selection.

Detractors in Westwood’s portion of the Fund were concentrated in energy, where a failed merger and a poor operational update weighed heavily on two stocks, while regional banks within financials were pressured first by the economic concerns and then by the potential for falling, rather than rising, interest rates going forward. Leading contributors came from a broad sector representation as the market rewarded businesses that were positioned to weather volatility with positive earnings and outlooks. Healthcare and consumer discretionary were the strongest relative performers among sectors in Westwood’s portion of the Fund.

For the fiscal year, Centennial Resource Development Inc., Penn Virginia Corp., and Western Alliance Bancorp detracted from performance in Westwood’s portion of the Fund. Centennial, an independent oil producer, posted weak results on lower realized oil prices, higher noncash expenses, and higher interest costs with a challenging outlook given lower commodity prices. Westwood exited its position in Centennial during the fiscal year. Penn Virginia, an independent oil and gas company, terminated its proposed merger with Denbury Resources after shareholder pushback, causing some near-term pressure on its shares. Westwood continued to hold Penn Virginia based on a positive view of its acreage position in the Eagle Ford and future cash generation potential. Shares of Western Alliance fell as solid results were trumped by investor concerns over the economic outlook and potential yield curve inversion weighing on net interest margins. Credit remains strong at Western Alliance;

therefore, Westwood continues to hold shares of the company in its portion of the Fund.

Notable contributors to Westwood’s portion of the Fund were STAG Industrial Inc.,a REIT; OSI Systems Inc., a manufacturer of security and inspection systems; and Cable One Inc., an Internet and cable service provider. STAG’s niche focus on secondary markets for its industrial properties was in strong demand and management increased its forward guidance based on the investment needed to meet that demand. OSI Systems rallied as efforts to turn around its healthcare division boosted margins. It also benefited from strong demand for its security and screening products. Cable One continued to see a shift in its mix toward high-speed data and away from video subscribers, a boost for profit margins and cash flows.

Westwood relies on its well-tested process of fundamental stock picking with a long-term view. Westwood remains attracted to fundamentally-driven, high-conviction opportunities given the uncertainty in the markets, including in areas such as industrial innovators with pricing power to offset potential inflationary pressures, growing consumer-facing brands that can better weather disruption to serve their customers, and low-cost, high-grade energy producers as the entire energy complex appears to be shifting towards a focus on returns over growth. This underpins Westwood’s resulting positioning with overweights in industrials, materials, and energy.


			(continues	)		19

Performance summaries


Optimum Fixed Income Fund		March 31, 2019

(Unaudited)

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Please obtain the performance data for the most recent month end by calling 800 914-0278 or visiting our website at optimummutualfunds.com/performance.

Fund and benchmark performance^1,2

Average annual total returns through March 31, 2019

1 year

5 years

10 years

Class A (Est. Aug. 1, 2003)

Excluding sales charge

+3.37%

+2.14%

+5.41%

Including sales charge

-1.27%

+1.21%

+4.92%

Class C (Est. Aug. 1, 2003)

Excluding sales charge

+2.52%

+1.37%

+4.66%

Including sales charge

+1.52%

+1.37%

+4.66%

Institutional Class (Est. Aug. 1, 2003)

Excluding sales charge

+3.65%

+2.39%

+5.72%

Including sales charge

+3.65%

+2.39%

+5.72%

Bloomberg Barclays US Aggregate Index

+4.48%

+2.74%

+3.77%

¹Returns reflect the reinvestment of all distributions and are presented both with and without the applicable sales charges described below. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares.

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” graph. The current expenses for each class are listed on the “Fund expense ratios” table on the next page. Performance would have been lower had expense limitations not been in effect.

Class A shares are sold with a maximum front-end sales charge of up to 4.50%, and have an annual distribution and service fee of up to 0.25% of average daily net assets. Performance for Class A shares, excluding sales charges, assumes that no front-end sales charge applied.

Class C shares are sold with a contingent deferred sales charge of 1.00% if redeemed during the first 12 months. They are also subject to an annual distribution and service fee of up to 1.00% of average daily net assets.

Performance for Class C shares, excluding sales charges, assumes either that contingent deferred sales charges did not apply or that the investment was not redeemed.

The “Fund and benchmark performance” table and the “Performance of a $10,000 investment” graph do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares.

²The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the “Fund expense ratios” table below. Delaware Management Company has agreed to reimburse certain expenses and/or waive certain fees in order to prevent total fund operating expenses (excluding any 12b-1 fees and certain other expenses) from exceeding 0.85% of the Fund’s average daily net assets from July 27, 2018 through March 31, 2019. From April 1, 2018 through July 26, 2018, the expense waiver was 0.86% of the Fund’s average daily net assets.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements.


Fund expense ratios	Class A	Class C	Institutional Class
Total annual operating expenses (without fee waivers)	1.10%	1.85%	0.85%
Net expenses (including fee waivers, if any)	1.10%	1.85%	0.85%
Type of waiver	Contractual	Contractual	Contractual

*The aggregate contractual waiver period covering this report is from July 29, 2017 to July 29, 2019.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt.

The Fund may also be subject to prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity, at the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.

High yielding, non-investment-grade bonds (junk bonds) involve higher risk than investment grade bonds.

The high yield secondary market is particularly susceptible to liquidity problems when institutional investors, such as mutual funds and certain other financial institutions, temporarily stop buying bonds for regulatory, financial, or other reasons. In addition, a less liquid secondary market makes it more difficult for the Fund to obtain precise valuations of the high yield securities in its portfolio.

Securities in the lowest of the rating categories considered to be investment grade (that is, Baa or BBB) have some speculative characteristics.

This document may mention bond ratings published by nationally recognized statistical rating organizations (NRSROs) Standard & Poor’s, Moody’s Investors Service, and Fitch, Inc. For securities rated by an NRSRO other than S&P, the rating is converted to the equivalent S&P credit rating. Bonds rated AAA are rated as having the highest quality and are generally considered to have the lowest degree of investment risk. Bonds rated AA are considered to be of high quality, but with a slightly higher degree of risk than bonds rated AAA. Bonds rated A are considered to have many favourable investment qualities, though they are somewhat more susceptible to adverse economic conditions. Bonds rated BBB are believed to be of medium-grade quality and generally riskier over the long term.

Bonds rated BB, B, and CCC are regarded as having significant speculative characteristics, with BB indicating the least degree of speculation of the three.

If and when the Fund invests in forward foreign currency contracts or uses other investments to hedge against currency risks, the Fund will be subject to special risks, including counterparty risk.

The Fund may invest in derivatives, which may involve additional expenses and are subject to risk, including the risk that an underlying security or securities index moves in the opposite direction from what the portfolio manager anticipated. A derivatives transaction depends upon the counterparties’ ability to fulfill their contractual obligations.

Portfolio turnover is a measure of how frequently the managers buy and sell assets within a fund over a particular period. It is usually reported for a 12-month time period.

Investments in collateralized loan obligations (CLO) may involve risks. CLOs are securities backed by a pool of debt, often low-rated corporate loans. Investors receive scheduled debt payments from the underlying loans but assume most of the risk in the event that borrowers default.


			(continues	)		21

Performance summaries

Optimum Fixed Income Fund

Performance of a $10,000 Investment¹

Average annual total returns from March 31, 2009 through March 31, 2019

LOGO

¹The “Performance of $10,000 investment” graph assumes $10,000 invested in Class A and Institutional Class shares of the Fund on March 31, 2009, and includes the effect of a 4.50% front-end sales charge (for Class A shares) and the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Current expenses are listed in the “Fund expense ratios” table on page 21. Please note additional details on pages 20 through 22.

The graph also assumes $10,000 invested in the Bloomberg Barclays US Aggregate Index as of March 31, 2009. The Bloomberg Barclays US Aggregate Index is a broad composite that tracks the investment grade domestic bond market.

The ICE BofAML US Dollar 3-Month Deposit Offered Rate Constant Maturity Index, mentioned on page 2, represents the London interbank offered rate (LIBOR) with a constant 3-month average maturity. LIBOR is a composite of the rates of interest at which banks borrow from one another in the London market, and it is a widely used benchmark for short-term interest rates.

The ICE BofAML US Treasury Index, mentioned on page 4, tracks the performance of US dollar-denominated sovereign debt publicly issued by the US government in its domestic market. Qualifying securities must have at least one year remaining term to final maturity, a fixed coupon schedule and a minimum amount outstanding of $1 billion. Qualifying securities must have at least 18 months to final maturity at the time of issuance.

Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index. Past performance is not a guarantee of future results.

Performance of other Fund classes will vary due to different charges and expenses.


Stock symbols and CUSIP numbers
	Nasdaq symbols	CUSIPs
Class A	OAFIX	246118681
Class C	OCFIX	246118665
Institutional Class	OIFIX	246118657


Optimum International Fund		March 31, 2019

(Unaudited)

Fund and benchmark performance^1,2

Average annual total returns through March 31, 2019

1 year

5 years

10 years

Class A (Est. Aug. 1, 2003)

Excluding sales charge

– 5.53%

+2.56%

+8.29%

Including sales charge

– 10.95%

+1.35%

+7.65%

Class C (Est. Aug. 1, 2003)

Excluding sales charge

– 6.27%

+1.78%

+7.53%

Including sales charge

– 7.14%

+1.78%

+7.53%

Institutional Class (Est. Aug. 1, 2003)

Excluding sales charge

– 5.28%

+2.80%

+8.62%

Including sales charge

– 5.28%

+2.80%

+8.62%

MSCI ACWI ex USA Index (net)

– 4.22%

+2.57%

+8.85%

MSCI ACWI ex USA Index (gross)

– 3.74%

+3.05%

+9.35%

MSCI EAFE Index (net)

– 3.71%

+2.33%

+8.96%

MSCI EAFE Index (gross)

– 3.22%

+2.81%

+9.47%

Class A shares are sold with a maximum front-end sales charge of up to 5.75%, and have an annual distribution and service fee of up to 0.25% of average daily net assets. Performance for Class A shares, excluding sales charges, assumes that no front-end sales charge applied.

Performance for Class C shares, excluding sales charges, assumes either that contingent deferred sales charges did not apply or that the investment was not redeemed.

² The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the “Fund expense ratios” table on the next page. Delaware Management Company has agreed to reimburse certain expenses and/or waive certain fees in order to prevent total fund operating expenses (excluding any 12b-1 fees and certain other expenses) from exceeding 1.12% of the Fund’s average daily net assets from July 27, 2018 through March 31, 2019. From April 1, 2018 through July 26, 2018, the expense waiver was 1.13% of the Fund’s average daily net assets.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements.


			(continues	)		23

Performance summaries

Optimum International Fund


Fund expense ratios	Class A	Class C	Institutional Class
Total annual operating expenses (without fee waivers)	1.36%	2.11%	1.11%
Net expenses (including fee waivers, if any)	1.36%	2.11%	1.11%
Type of waiver	Contractual	Contractual	Contractual

*The contractual waiver period is from July 29, 2017 to July 29, 2019.

International investments entail risks not ordinarily associated with US investments including fluctuation in currency values, differences in accounting principles, or economic or political instability in other nations. Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility and lower trading volume.

There is no guarantee that dividend-paying stocks will continue to pay dividends.

Performance of a $10,000 Investment¹

Average annual total returns from March 31, 2009 through March 31, 2019

LOGO

¹The “Performance of $10,000 investment” graph assumes $10,000 invested in Class A and Institutional Class shares of the Fund on March 31, 2009, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Current expenses are listed in the “Fund expense ratios” table on page 24. Please note additional details on pages 23 through 25.

The graph also assumes $10,000 invested in the MSCI EAFE Index and the MSCI ACWI ex USA Index as of March 31, 2009.

The MSCI EAFE (Europe, Australasia, Far East) Index is a free float-adjusted market capitalization weighted index designed to measure equity market performance of developed markets, excluding the United States and Canada. Index “gross” return approximates the maximum possible dividend reinvestment. Index “net” return approximates the minimum possible dividend reinvestment, after deduction of withholding tax at the highest possible rate.

The MSCI ACWI ex USA Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance across developed and emerging markets worldwide, excluding the United States. Index “gross” return approximates the maximum possible dividend reinvestment. Index “net” return approximates the minimum possible dividend reinvestment, after deduction of withholding tax at the highest possible rate.

Effective Jan. 19, 2018, the MSCI ACWI ex USA Index replaced the MSCI EAFE Index in order to reflect the Fund’s ability to invest in emerging market securities.

The MSCI Emerging Markets Index, mentioned on page 5, is a free float-adjusted market capitalization index designed to measure equity market performance across emerging market countries worldwide. Index “net” return approximates the minimum possible dividend reinvestment, after deduction of withholding tax at the highest possible rate.

The MSCI China Index, mentioned on page 5, captures large- and mid-cap representation across China H shares, B shares, Red chips, P chips, and foreign listings (for example, ADRs), covering about 85% of this China equity universe.

The Russell 1000 Index, mentioned on page 5, measures the performance of the large-cap segment of the US equity universe.

The Russell 2000 Index, mentioned on page 5, measures the performance of the small-cap segment of the US equity universe.

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company.

Gross domestic product is a measure of all goods and services produced by a nation in a year.

The price-to-earnings ratio (P/E ratio) is a valuation ratio of a company’s current share price compared to its earnings per share. Generally, a high P/E ratio means that investors are anticipating higher growth in the future.

Performance of other Fund classes will vary due to different charges and expenses.


Stock symbols and CUSIP numbers
	Nasdaq symbols		CUSIPs
Class A		OAIEX		246118731
Class C		OCIEX		246118715
Institutional Class		OOIIX		246118699


			(continues	)		25

Performance summaries


Optimum Large Cap Growth Fund		March 31, 2019
(Unaudited)

Fund and benchmark performance^1,2

Average annual total returns through March 31, 2019

1 year

5 years

10 years

Class A (Est. Aug. 1, 2003)

Excluding sales charge

+11.60%

+12.79%

+16.86%

Including sales charge

+5.18%

+11.46%

+16.16%

Class C (Est. Aug. 1, 2003)

Excluding sales charge

+10.74%

+11.95%

+16.04%

Including sales charge

+9.81%

+11.95%

+16.04%

Institutional Class (Est. Aug. 1, 2003)

Excluding sales charge

+11.86%

+13.08%

+17.21%

Including sales charge

+11.86%

+13.08%

+17.21%

Russell 1000 Growth Index

+12.75%

+13.50%

+17.52%

Performance for Class C shares, excluding sales charges, assumes either that contingent deferred sales charges did not apply or that the investment was not redeemed.

²The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the “Fund expense ratios” table on the next page. Delaware Management Company has agreed to reimburse certain expenses and/or waive certain fees in order to prevent total fund operating expenses (excluding any 12b-1 fees and certain other expenses) from exceeding 1.02% of the Fund’s average daily net assets from July 27, 2018 through March 31, 2019. From April 1, 2018 through July 26, 2018, the expense waiver was 1.02% of the Fund’s average daily net assets.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements.


Fund expense ratios	Class A	Class C	Institutional Class
Total annual operating expenses (without fee waivers)	1.26%	2.01%	1.01%
Net expenses (including fee waivers, if any)	1.26%	2.01%	1.01%
Type of waiver	Contractual	Contractual	Contractual

*The aggregate contractual waiver period covering this report is from July 29, 2017 to July 29, 2019.

Narrowly focused investments may exhibit higher volatility than investments in multiple industry sectors.

REIT investments are subject to many of the risks associated with direct real estate ownership, including changes in economic conditions, credit risk, and interest rate fluctuations.

Performance of a $10,000 Investment¹

Average annual total returns from March 31, 2009 through March 31, 2019

LOGO

¹The “Performance of $10,000 investment” graph assumes $10,000 invested in Class A and Institutional Class shares of the Fund on March 31, 2009, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Current expenses are listed in the “Fund expense ratios” table above. Please note additional details on pages 26 through 28.

The graph also assumes $10,000 invested in the Russell 1000 Growth Index as of March 31, 2009. The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the US equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.

The S&P 500 Index, mentioned on page 8, measures the performance of 500 mostly large-cap stocks weighted by market value, and is often used to represent performance of the US stock market.

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company.


			(continues	)		27

Performance summaries

Optimum Large Cap Growth Fund

Performance of other Fund classes will vary due to different charges and expenses.


Stock symbols and CUSIP numbers
	Nasdaq symbols	CUSIPs
Class A	OALGX		246118707
Class C	OCLGX		246118889
Institutional Class	OILGX		246118871


Optimum Large Cap Value Fund		March 31, 2019
(Unaudited)

Fund and benchmark performance^1,2

Average annual total returns through March 31, 2019

1 year

5 years

10 years

Class A (Est. Aug. 1, 2003)

Excluding sales charge

+3.79%

+5.46%

+12.40%

Including sales charge

-2.19%

+4.21%

+11.74%

Class C (Est. Aug. 1, 2003)

Excluding sales charge

+3.05%

+4.67%

+11.61%

Including sales charge

+2.05%

+4.67%

+11.61%

Institutional Class (Est. Aug. 1, 2003)

Excluding sales charge

+4.08%

+5.72%

+12.73%

Including sales charge

+4.08%

+5.72%

+12.73%

Russell 1000 Value Index

+5.67%

+7.72%

+14.52%

Performance for Class C shares, excluding sales charges, assumes either that contingent deferred sales charges did not apply or that the investment was not redeemed.

²The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the “Fund expense ratios” table on the next page. Delaware Management Company has agreed to reimburse certain expenses and/or waive certain fees in order to prevent total fund operating expenses (excluding any 12b-1 fees and certain other expenses) from exceeding 0.97% of the Fund’s average daily net assets from July 27, 2018 through March 31, 2019. From April 1, 2018 through July 26, 2018, the expense waiver was 0.98% of the Fund’s average daily net assets.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements.


			(continues	)		29

Performance summaries

Optimum Large Cap Value Fund


Fund expense ratios	Class A	Class C	Institutional Class
Total annual operating expenses (without fee waivers)	1.21%	1.96%	0.96%
Net expenses (including fee waivers, if any)	1.21%	1.96%	0.96%
Type of waiver	Contractual	Contractual	Contractual

*The contractual waiver period is from July 29, 2017 to July 29, 2019.

Performance of a $10,000 Investment¹

Average annual total returns from March 31, 2009 through March 31, 2019

LOGO

¹The “Performance of $10,000 investment” graph assumes $10,000 invested in Class A and Institutional Class shares of the Fund on March 31, 2009, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Current expenses are listed in the “Fund expense ratios” table on page 30. Please note additional details on pages 29 through 31.

The graph also assumes $10,000 invested in the Russell 1000 Value Index as of March 31, 2009. The Russell 1000 Value Index measures the performance of the large-cap value segment of the US equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

The S&P 500 Index, mentioned on page 11, measures the performance of 500 mostly large-cap stocks weighted by market value, and is often used to represent performance of the US stock market.

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company.

Performance of other Fund classes will vary due to different charges and expenses.


Stock symbols and CUSIP numbers
	Nasdaq symbols		CUSIPs
Class A		OALVX		246118863
Class C		OCLVX		246118848
Institutional Class		OILVX		246118830


			(continues	)		31

Performance summaries

Optimum Small-Mid Cap Growth Fund

March 31, 2019

(Unaudited)

Fund and benchmark performance^1,2

Average annual total returns through March 31, 2019

1 year

5 years

10 years

Class A (Est. Aug. 1, 2003)

Excluding sales charge

+8.69%

+7.86%

+15.21%

Including sales charge

+2.41%

+6.59%

+14.54%

Class C (Est. Aug. 1, 2003)

Excluding sales charge

+7.81%

+7.04%

+14.39%

Including sales charge

+6.99%

+7.04%

+14.39%

Institutional Class (Est. Aug. 1, 2003)

Excluding sales charge

+8.97%

+8.13%

+15.54%

Including sales charge

+8.97%

+8.13%

+15.54%

Russell 2500 Growth Index

+7.54%

+9.72%

+17.50%

Performance for Class C shares, excluding sales charges, assumes either that contingent deferred sales charges did not apply or that the investment was not redeemed.

²The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the “Fund expense ratios” table on the next page. Delaware Management Company has agreed to reimburse certain expenses and/or waive certain fees in order to prevent total fund operating expenses (excluding any 12b-1 fees and certain other expenses) from exceeding 1.29% of the Fund’s average daily net assets from July 27, 2018 through March 31, 2019. From April 1, 2018 through July 26, 2018, the expense waiver was 1.29% of the Fund’s average daily net assets.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements.


Fund expense ratios	Class A	Class C	Institutional Class
Total annual operating expenses (without fee waivers)	1.63%	2.38%	1.38%
Net expenses (including fee waivers, if any)	1.54%	2.29%	1.29%
Type of waiver	Contractual	Contractual	Contractual

*The contractual waiver period is from July 29, 2017 to July 29, 2019.

Investments in small and/or medium-sized companies typically exhibit greater risk and higher volatility than larger, more established companies.

Performance of a $10,000 Investment¹

Average annual total returns from March 31, 2009 through March 31, 2019

LOGO

¹The “Performance of $10,000 investment” graph assumes $10,000 invested in Class A and Institutional Class shares of the Fund on March 31, 2009, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Current expenses are listed in the “Fund expense ratios” table above. Please note additional details on pages 32 through 34.

The graph also assumes $10,000 invested in the Russell 2500 Growth Index as of March 31, 2009. The Russell 2500 Growth Index measures the performance of the small- to mid-cap growth segment of the US equity universe. It includes those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values.

Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company.

Performance of other Fund classes will vary due to different charges and expenses.


			(continues	)		33

Performance summaries

Optimum Small-Mid Cap Growth Fund


Stock symbols and CUSIP numbers
	Nasdaq symbols	CUSIPs
Class A	OASGX		246118822
Class C	OCSGX		246118798
Institutional Class	OISGX		246118780

Optimum Small-Mid Cap Value Fund

(Unaudited)

March 31, 2019

Fund and benchmark performance^1,2

Average annual total returns through March 31, 2019

1 year

5 years

10 years

Class A (Est. Aug. 1, 2003)

Excluding sales charge

– 3.83%

+1.06%

+12.53%

Including sales charge

– 9.34%

– 0.14%

+11.86%

Class C (Est. Aug. 1, 2003)

Excluding sales charge

– 4.50%

+0.31%

+11.73%

Including sales charge

– 5.38%

+0.31%

+11.73%

Institutional Class (Est. Aug. 1, 2003)

Excluding sales charge

– 3.62%

+1.30%

+12.86%

Including sales charge

– 3.62%

+1.30%

+12.86%

Russell 2500 Value Index

+1.84%

+6.02%

+15.03%

Performance for Class C shares, excluding sales charges, assumes either that contingent deferred sales charges did not apply or that the investment was not redeemed.

²The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the “Fund expense ratios” table on the next page. Delaware Management Company has agreed to reimburse certain expenses and/or waive certain fees in order to prevent total fund operating expenses (excluding any 12b-1 fees and certain other expenses) from exceeding 1.21% of the Fund’s average daily net assets from July 27, 2018 through March 31, 2019. From April 1, 2018 through July 28, 2018, the expense waiver was 1.22% of the Fund’s average daily net assets.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements.


			(continues	)		35

Performance summaries

Optimum Small-Mid Cap Value Fund


Fund expense ratios	Class A	Class C	Institutional Class
Total annual operating expenses (without fee waivers)	1.54%	2.29%	1.29%
Net expenses (including fee waivers, if any)	1.46%	2.21%	1.21%
Type of waiver	Contractual	Contractual	Contractual

*The contractual waiver period is from July 29, 2017 to July 29, 2019.

Investments in small and/or medium-sized companies typically exhibit greater risk and higher volatility than larger, more established companies.

Performance of a $10,000 Investment¹

Average annual total returns from March 31, 2009 through March 31, 2019

LOGO

¹The “Performance of $10,000 investment” graph assumes $10,000 invested in Class A and Institutional Class shares of the Fund on March 31, 2009, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Current expenses are listed in the “Fund expense ratios” table above. Please note additional details on pages 35 through 37.

The graph also assumes $10,000 invested in the Russell 2500 Value Index as of March 31, 2009. The Russell 2500 Value Index measures the performance of the small- to mid-cap value segment of the US equity universe. It includes those Russell 2500 companies with lower price-to-book ratios and lower forecasted growth values.

The S&P 500 Index, mentioned on page 17, measures the performance of 500 mostly large-cap stocks weighted by market value, and is often used to represent performance of the US stock market.

The Russell 1000 Index, mentioned on page 17, measures the performance of the large-cap segment of the US equity universe.

The Russell 2000 Index, mentioned on page 17, measures the performance of the small-cap segment of the US equity universe.

The Russell 2500 Index measures the performance of the small- to mid-cap segment of the US equity universe. The Russell 2500 Index is a subset of the Russell 3000^® Index, representing approximately 2,500 of the smallest securities based on a combination of their market cap and current index membership.

The Russell 2500 Growth Index, mentioned on page 17, measures the performance of the small- to mid-cap growth segment of the US equity universe. It includes those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values.

Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company.

Performance of other Fund classes will vary due to different charges and expenses.


Stock symbols and CUSIP numbers
	Nasdaq symbols		CUSIPs
Class A		OASVX		246118772
Class C		OCSVX		246118756
Institutional Class		OISVX		246118749


			(continues	)		37

Disclosure of Fund expenses

For the six-month period from October 1, 2018 to March 31, 2019 (Unaudited)

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

The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from Oct. 1, 2018 to March 31, 2019.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore,

the second section of each table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. Each Fund’s expenses shown in the tables reflect fee waivers in effect and assume reinvestment of all dividends and distributions.


Optimum Fixed Income Fund
Expense analysis of an investment of $1,000

							Expenses
							Paid
	Beginning		Ending				During
	Account		Account		Annualized		Period
	Value		Value		Expense		10/1/18 to
	10/1/18		3/31/19		Ratio		3/31/19*
Actual Fund return^†
Class A	$	1,000.00	$	1,040.40		1.07%	$5.44
Class C		1,000.00		1,035.20		1.82%	9.23
Institutional Class		1,000.00		1,041.00		0.82%	4.17
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.60		1.07%	$5.39
Class C		1,000.00		1,015.86		1.82%	9.15
Institutional Class		1,000.00		1,020.84		0.82%	4.13

Optimum International Fund
Expense analysis of an investment of $1,000

							Expenses
							Paid
	Beginning		Ending				During
	Account		Account		Annualized		Period
	Value		Value		Expense		10/1/18 to
	10/1/18		3/31/19		Ratio		3/31/19*
Actual Fund return^†
Class A	$	1,000.00	$	962.70		1.39%	$ 6.80
Class C		1,000.00		959.10		2.14%	10.45
Institutional Class		1,000.00		963.70		1.14%	5.58
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,018.00		1.39%	$ 6.99
Class C		1,000.00		1,014.26		2.14%	10.75
Institutional Class		1,000.00		1,019.25		1.14%	5.74

Optimum Large Cap Growth Fund

Expense analysis of an investment of $1,000


				Expenses
					Paid
	Beginning	Ending			During
	Account	Account	Annualized		Period
	Value	Value	Expense		10/1/18 to
	10/1/18	3/31/19	Ratio		3/31/19*
Actual Fund return^†
Class A	$1,000.00	$ 996.20	1.25%		$ 6.22
Class C	1,000.00	992.70	2.00%		9.94
Institutional Class	1,000.00	997.50	1.00%		4.98
Hypothetical 5% return (5% return before expenses)
Class A	$1,000.00	$1,018.70	1.25%		$ 6.29
Class C	1,000.00	1,014.96	2.00%		10.05
Institutional Class	1,000.00	1,019.95	1.00%		5.04

Optimum Large Cap Value Fund Expense analysis of an investment of $1,000
				Expenses
					Paid
	Beginning	Ending			During
	Account	Account	Annualized		Period
	Value	Value	Expense		10/1/18 to
	10/1/18	3/31/19	Ratio		3/31/19*
Actual Fund return^†
Class A	$1,000.00	$ 988.70	1.20%		$5.95
Class C	1,000.00	985.20	1.95%		9.65
Institutional Class	1,000.00	990.40	0.95%		4.71
Hypothetical 5% return (5% return before expenses)
Class A	$1,000.00	$1,018.95	1.20%		$6.04
Class C	1,000.00	1,015.21	1.95%		9.80
Institutional Class	1,000.00	1,020.19	0.95%		4.78

Optimum Small-Mid Cap Growth Fund

Expense analysis of an investment of $1,000


				Expenses
					Paid
	Beginning	Ending			During
	Account	Account	Annualized		Period
	Value	Value	Expense		10/1/18 to
	10/1/18	3/31/19	Ratio		3/31/19*
Actual Fund return^†
Class A	$1,000.00	$ 920.70	1.54%		$ 7.37
Class C	1,000.00	917.00	2.29%		10.94
Institutional Class	1,000.00	922.20	1.29%		6.18
Hypothetical 5% return (5% return before expenses)
Class A	$1,000.00	$1,017.25	1.54%		$ 7.75
Class C	1,000.00	1,013.51	2.29%		11.50
Institutional Class	1,000.00	1,018.50	1.29%		6.49

Optimum Small-Mid Cap Value Fund Expense analysis of an investment of $ 1,000

					Expenses
					Paid
	Beginning	Ending			During
	Account	Account	Annualized		Period
	Value	Value	Expense		10/1/18 to
	10/1/18	3/31/19	Ratio		3/31/19*
Actual Fund return^†
Class A	$1,000.00	$ 919.90	1.46%		$ 6.99
Class C	1,000.00	916.80	2.21%		10.56
Institutional Class	1,000.00	921.10	1.21%		5.80
Hypothetical 5% return (5% return before expenses)
Class A	$1,000.00	$1,017.65	1.46%		$ 7.34
Class C	1,000.00	1,013.91	2.21%		11.10
Institutional Class	1,000.00	1,018.90	1.21%		6.09

* “Expenses Paid During Period” are equal to the relevant Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

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


			(continues	)		39

Security type / sector allocations

Optimum Fixed Income Fund

As of March 31, 2019 (Unaudited)

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


	Percentage
Security type / sector	of net assets
Agency Asset-Backed Securities		0.05%
Agency Collateralized Mortgage Obligations		4.00%
Agency Commercial Mortgage-Backed Securities		0.74%
Agency Mortgage-Backed Securities		19.45%
Agency Obligation		0.10%
Collateralized Debt Obligations		3.73%
Convertible Bonds		1.38%
Corporate Bonds		36.99%
Banking		13.29%
Basic Industry		1.49%
Brokerage		0.32%
Capital Goods		1.27%
Communications		3.66%
Consumer Cyclical		2.35%
Consumer Non-Cyclical		3.12%
Energy		3.21%
Finance Companies		1.33%
Insurance		1.00%
Natural Gas		0.19%
Real Estate Investment Trusts		0.82%
Technology		1.19%
Transportation		0.72%
Utilities		3.03%
Municipal Bonds		0.68%


	Percentage
Security type / sector	of net assets
Non-Agency Asset-Backed Securities		3.30%
Non-Agency Collateralized Mortgage Obligations		1.74%
Non-Agency Commercial Mortgage-Backed Securities		3.51%
Regional Bonds		0.32%
Loan Agreements		3.99%
Sovereign Bonds		3.66%
Supranational Banks		0.62%
US Treasury Obligations		26.28%
Common Stock		0.00%
Convertible Preferred Stock		0.29%
Preferred Stock		0.09%
Options Purchased		0.00%
Short-Term Investments		8.21%
Total Value of Securities Before Options Written		119.13%
Options Written		0.00%
Liabilities Net of Receivables and Other Assets		(19.13%)
Total Net Assets		100.00%

Security type / country and sector allocations

Optimum International Fund

As of March 31, 2019 (Unaudited)


.	Percentage
Security type / country	of net assets
Common Stock by Country		98.22%
Australia		3.80%
Austria		1.90%
Brazil		3.27%
Cambodia		0.07%
Canada		7.44%
Chile		1.09%
China/Hong Kong		10.81%
Colombia		0.83%
Czech Republic		0.36%
Denmark		1.19%
Finland		0.53%
France		4.76%
Germany		3.96%
Greece		0.02%
Hungary		0.31%
India		2.70%
Indonesia		0.49%
Israel		3.89%
Italy		1.30%
Japan		10.44%
Malaysia		0.09%
Mexico		1.30%
Netherlands		4.79%
New Zealand		0.05%
Norway		2.39%
Poland		0.17%
Portugal		0.01%
Republic of Korea		3.57%
Russia		0.06%
Singapore		1.34%
South Africa		0.47%
Spain		2.48%
Sweden		0.53%


.	Percentage
Security type / country	of net assets
Switzerland		4.17%
Taiwan		2.69%
Thailand		1.82%
Turkey		0.56%
United Kingdom		6.53%
United States		6.04%
Preferred Stock		0.34%
Short-Term Investments		0.66%
Securities Lending Collateral		1.49%
Total Value of Securities		100.71%
Obligation to Return Securities Lending Collateral		(1.49%)
Receivables and Other Assets Net of Liabilities		0.78%
Total Net Assets		100.00%

	Percentage
Common stock by sector	of net assets
Communication Services		5.57%
Consumer Discretionary		7.21%
Consumer Staples		5.46%
Energy		8.28%
Financials		23.14%
Healthcare		14.14%
Industrials		7.04%
Information Technology		11.86%
Materials		9.71%
Real Estate		2.01%
Utilities		3.80%
Total		98.22%


			(continues	)		41

Security type / sector allocations and top 10 equity holdings

Optimum Large Cap Growth Fund

As of March 31, 2019 (Unaudited)


	Percentage
Security type / sector	of net assets
Common Stock²		97.11%
Communication Services		15.34%
Consumer Discretionary		17.18%
Consumer Staples		3.45%
Energy		0.84%
Financials		4.59%
Healthcare		13.83%
Industrials		8.88%
Information Technology¹		29.14%
Materials		1.95%
Real Estate		1.11%
Utilities		0.80%
Convertible Preferred Stock		0.57%
Short-Term Investments		2.48%
Total Value of Securities		100.16%
Liabilities Net of Receivables and Other Assets		(0.16%)
Total Net Assets		100.00%

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

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


	Percentage
Top 10 equity holdings	of net assets
Amazon.com		7.41%
Microsoft		4.82%
Facebook Class A		4.77%
Visa Class A		3.70%
Alphabet Class C		3.02%
UnitedHealth Group		2.52%
Alphabet Class A		2.17%
Boeing		1.99%
Alibaba Group Holding ADR		1.98%
Walt Disney		1.70%

Optimum Large Cap Value Fund

As of March 31, 2019 (Unaudited)


	Percentage
Security type / sector	of net assets
Common Stock		98.23%
Communication Services		7.39%
Consumer Discretionary		2.15%
Consumer Staples		7.40%
Energy		7.13%
Financials		24.34%
Healthcare		16.25%
Industrials		13.77%
Information Technology		9.74%
Materials		2.56%
Real Estate		2.71%
Utilities		4.79%
Short-Term Investments		1.49%
Total Value of Securities Before Security Sold Short		99.72%
Security Sold Short		(0.03%)
Receivables and Other Assets Net of Liabilities		0.31%
Total Net Assets		100.00%

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


	Percentage
Top 10 equity holdings	of net assets
JPMorgan Chase & Co.		3.90%
Pfizer		2.67%
Comcast Class A		2.65%
Medtronic (Ireland)		2.31%
Verizon Communications		1.83%
Johnson & Johnson		1.80%
Cisco Systems		1.77%
Chevron		1.77%
Merck & Co.		1.71%
Accenture Class A (Ireland)		1.58%

Optimum Small-Mid Cap Growth Fund

As of March 31, 2019 (Unaudited)


	Percentage
Security type / sector	of net assets
Common Stock²		97.85%
Communication Services		3.22%
Consumer Discretionary		13.59%
Consumer Staples		3.11%
Energy		1.66%
Financials		6.83%
Healthcare		20.55%
Industrials		13.64%
Information Technology²		32.73%
Materials		2.17%
Real Estate		0.35%
Convertible Preferred Stock		0.52%
Short-Term Investments		3.00%
Total Value of Securities		101.37%
Liabilities Net of Receivables and Other Assets		(1.37%)
Total Net Assets		100.00%

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

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


		Percentage
Top 10 equity holdings		of net assets
Zendesk		2.71%
Zebra Technologies Class A		2.19%
DexCom		1.93%
RingCentral Class A		1.69%
Wright Medical Group (Netherlands)		1.65%
Array BioPharma		1.59%
IAC/InterActiveCorp		1.56%
Five9		1.52%
Chegg		1.42%
Tandem Diabetes Care		1.41%

Optimum Small-Mid Cap Value Fund

As of March 31, 2019 (Unaudited)


	Percentage
Security type / sector	of net assets
Common Stock		98.21%
Communication Services		2.02%
Consumer Discretionary		9.93%
Consumer Staples		3.17%
Energy		4.60%
Financials		21.31%
Healthcare		5.55%
Industrials		14.78%
Information Technology		11.59%
Materials		7.87%
Real Estate		13.30%
Utilities		4.09%
Short-Term Investments		2.11%
Total Value of Securities		100.32%
Liabilities Net of Receivables and Other Assets		(0.32%)
Total Net Assets		100.00%

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


		Percentage
Top 10 equity holdings		of net assets
Zions Bancorp		1.84%
Everest Re Group (Bermuda)		1.39%
Huntington Ingalls Industries		1.34%
Alliant Energy		1.26%
WPX Energy		1.26%
IDACORP		1.22%
Physicians Realty Trust		1.21%
STAG Industrial		1.21%
Western Alliance Bancorp		1.11%
Chemical Financial		1.10%


			(continues	)		43

Security type / sector allocations and top 10 equity holdings

¹To monitor compliance with Optimum Large Cap Growth Fund’s concentration guidelines as described in the Fund’s Prospectus and Statement of Additional Information, the Information Technology sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940 (1940 Act)). The Information Technology sector for this Fund consisted of Commercial Services, Computers, Internet, Semiconductors, and Software. As of March 31, 2019, such amounts, as percentage of total net assets, were 7.70%, 2.05%, 1.56%, 2.98%, and 14.85%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentages in the Information Technology sector for financial reporting purposes may exceed 25%.

²To monitor compliance with Optimum Small-Mid Cap Growth Fund’s concentration guidelines as described in the Fund’s Prospectus and Statement of Additional Information, the Information Technology (as disclosed herein for financial reporting purposes) are subdivided into a variety of “industries” (in accordance with the requirements of the 1940 Act). The Information Technology sector consisted of Commercial Services, Computers, Electronics, Internet, Miscellaneous Manufacture, Office Equipment, Semiconductors, Software, and Telecommunications. As of March 31, 2019, such amounts, as percentage of total net assets, were 3.55%, 2.78%, 1.65%, 7.63%, 0.43%, 2.19%, 5.00%, 8.77%, and 0.73%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentages in the Healthcare and Information Technology sector for financial reporting purposes may exceed 25%.

Schedules of investments

Optimum Fixed Income Fund

March 31, 2019


	Principal amount°		Value (US $)

Agency Asset-Backed Securities – 0.05%

SLM Student Loan Trust
Series 2003-11 A6 144A 3.161% (LIBOR03M + 0.55%, Floor 0.29%) 12/15/25 #●		279,315	$	280,339
Series 2008-9 A 4.271% (LIBOR03M + 1.50%) 4/25/23 ●		951,327		962,288

Total Agency Asset-Backed Securities (cost $1,235,792)				1,242,627



Agency Collateralized Mortgage Obligations – 4.00%

Fannie Mae Connecticut Avenue Securities
Series 2016-C03 1M1 4.486% (LIBOR01M + 2.00%) 10/25/28 ●		31,330		31,568
Series 2016-C04 1M1 3.936% (LIBOR01M + 1.45%) 1/25/29 ●		16,533		16,595
Series 2017-C01 1M1 3.786% (LIBOR01M + 1.30%) 7/25/29 ●		15,263		15,323
Series 2017-C04 2M2 5.336% (LIBOR01M + 2.85%) 11/25/29 ●		420,000		435,441
Series 2018-C02 2M2 4.686% (LIBOR01M + 2.20%, Floor 2.20%) 8/25/30 ●		630,000		628,150
Series 2018-C03 1M2 4.636% (LIBOR01M + 2.15%, Floor 2.15%) 10/25/30 ●		555,000		554,241
Series 2018-C05 1M2 4.836% (LIBOR01M + 2.35%, Floor 2.35%) 1/25/31 ●		545,000		547,263
Fannie Mae Grantor Trust
Series 1999-T2 A1 7.50% 1/19/39 ●		6,676		7,208
Series 2002-T4 A3 7.50% 12/25/41		24,341		27,841
Series 2004-T1 1A2 6.50% 1/25/44		8,161		9,219
Fannie Mae Interest Strip
Series 417 C24 3.50% 12/25/42 S		51,158		9,027
Series 418 C12 3.00% 8/25/33 S		2,108,684		253,339


	Principal amount°		Value (US $)

Agency Collateralized Mortgage Obligations (continued)

Fannie Mae Interest Strip
Series 419 C3 3.00% 11/25/43 S		484,661	$	83,147
Fannie Mae REMIC Trust
Series 2004-W4 A5 5.50% 6/25/34		176,805		178,165
Series 2004-W11 1A2 6.50% 5/25/44		43,316		48,822
Series 2004-W15 1A1 6.00% 8/25/44		35,312		38,928
Fannie Mae REMICs
Series 1999-19 PH 6.00% 5/25/29		70,742		76,998
Series 2001-14 Z 6.00% 5/25/31		4,146		4,452
Series 2007-30 OE 1.833% 4/25/37 W		2,196,012		1,868,209
Series 2008-15 SB 4.115% (6.60% minus LIBOR01M, Cap 6.60%) 8/25/36 S●		104,255		17,212
Series 2008-24 ZA 5.00% 4/25/38		9,821,855		10,638,332
Series 2009-2 AS 3.215% (5.70% minus LIBOR01M, Cap 5.70%) 2/25/39 S●		634,476		56,880
Series 2009-68 SA 4.265% (6.75% minus LIBOR01M, Cap 6.75%) 9/25/39 S●		191,436		28,462
Series 2009-94 AC 5.00% 11/25/39		124,548		136,799
Series 2011-118 DC 4.00% 11/25/41		953,771		992,663
Series 2012-98 MI 3.00% 8/25/31 S		1,119,582		112,321
Series 2012-99 AI 3.50% 5/25/39 S		509,295		40,811
Series 2012-115 MI 3.50% 3/25/42 S		211,541		22,225
Series 2012-120 CI 3.50% 12/25/31 S		95,047		7,385
Series 2012-121 ID 3.00% 11/25/27 S		39,691		3,504
Series 2012-128 IC 3.00% 11/25/32 S		1,822,495		229,945
Series 2012-132 AI 3.00% 12/25/27 S		1,209,827		97,855
Series 2012-137 WI 3.50% 12/25/32 S		299,801		43,534


			(continues	)		45

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)

Agency Collateralized Mortgage Obligations (continued)

Fannie Mae REMICs
Series 2012-139 NS 4.215% (6.70% minus LIBOR01M, Cap 6.70%) 12/25/42 S●		2,440,879	$	531,684
Series 2012-146 IO 3.50% 1/25/43 S		1,641,560		315,495
Series 2012-149 IC 3.50% 1/25/28 S		1,124,546		108,551
Series 2013-1 YI 3.00% 2/25/33 S		1,465,999		189,802
Series 2013-7 EI 3.00% 10/25/40 S		624,011		67,579
Series 2013-26 ID 3.00% 4/25/33 S		689,885		93,186
Series 2013-35 IB 3.00% 4/25/33 S		1,053,254		134,857
Series 2013-35 IG 3.00% 4/25/28 S		733,442		61,867
Series 2013-38 AI 3.00% 4/25/33 S		664,681		79,608
Series 2013-41 HI 3.00% 2/25/33 S		1,157,264		121,563
Series 2013-44 DI 3.00% 5/25/33 S		1,987,449		269,035
Series 2013-45 PI 3.00% 5/25/33 S		500,051		67,339
Series 2013-55 AI 3.00% 6/25/33 S		1,511,498		184,558
Series 2013-60 CI 3.00% 6/25/31 S		425,297		31,090
Series 2013-69 IJ 3.00% 7/25/33 S		589,498		78,743
Series 2013-103 SK 3.435% (5.92% minus LIBOR01M, Cap 5.92%) 10/25/43 S●		1,546,994		298,139
Series 2014-63 KI 3.50% 11/25/33 S		5,597		533
Series 2015-43 PZ 3.50% 6/25/45		480,211		495,657
Series 2015-89 AZ 3.50% 12/25/45		164,039		173,602
Series 2016-6 AI 3.50% 4/25/34 S		873,458		100,806
Series 2016-30 CI 3.00% 5/25/36 S		738,464		98,273
Series 2016-33 DI 3.50% 6/25/36 S		1,836,459		261,839


	Principal amount°		Value (US $)

Agency Collateralized Mortgage Obligations (continued)

Fannie Mae REMICs
Series 2016-36 SB 3.515% (6.00% minus LIBOR01M, Cap 6.00%) 3/25/43 S●		595,429	$	70,873
Series 2016-40 IO 3.50% 7/25/36 S		239,852		36,050
Series 2016-50 IB 3.00% 2/25/46 S		119,879		17,028
Series 2016-51 LI 3.00% 8/25/46 S		2,410,807		325,644
Series 2016-62 SA 3.515% (6.00% minus LIBOR01M, Cap 6.00%) 9/25/46 S●		1,896,540		380,728
Series 2016-64 CI 3.50% 7/25/43 S		865,636		101,048
Series 2016-71 PI 3.00% 10/25/46 S		1,195,487		158,022
Series 2016-74 GS 3.515% (6.00% minus LIBOR01M, Cap 6.00%) 10/25/46 S●		1,256,709		245,418
Series 2016-99 DI 3.50% 1/25/46 S		565,232		94,244
Series 2016-105 SA 3.515% (6.00% minus LIBOR01M, Cap 6.00%) 1/25/47 S●		1,186,467		214,173
Series 2017-1 EI 3.50% 9/25/35 S		392,529		56,981
Series 2017-4 AI 3.50% 5/25/41 S		892,917		93,454
Series 2017-4 BI 3.50% 5/25/41 S		534,173		64,630
Series 2017-6 NI 3.50% 3/25/46 S		109,979		18,533
Series 2017-11 EI 3.00% 3/25/42 S		1,655,506		210,838
Series 2017-12 JI 3.50% 5/25/40 S		465,821		46,522
Series 2017-15 NZ 3.50% 3/25/47		134,441		134,773
Series 2017-16 SM 3.565% (6.05% minus LIBOR01M, Cap 6.05%) 3/25/47 S●		2,008,990		358,748
Series 2017-16 WI 3.00% 1/25/45 S		456,369		53,482
Series 2017-25 BL 3.00% 4/25/47		157,000		155,885


	Principal amount°		Value (US $)

Agency Collateralized Mortgage Obligations (continued)

Fannie Mae REMICs
Series 2017-40 GZ 3.50% 5/25/47		353,932	$	353,543
Series 2017-77 HZ 3.50% 10/25/47		502,673		500,612
Series 2017-88 EI 3.00% 11/25/47 S		1,155,801		156,935
Series 2017-88 IE 3.00% 11/25/47 S		851,415		113,816
Series 2017-94 CZ 3.50% 11/25/47		315,227		313,071
Series 2017-95 FA 2.859% (LIBOR01M + 0.35%, Floor 0.35%) 11/25/47 ●		655,983		653,111
Series 2017-99 IE 3.00% 12/25/47 S		867,028		117,443
Freddie Mac REMICs
Series 2165 PE 6.00% 6/15/29		61,300		67,058
Series 3143 BC 5.50% 2/15/36		1,525,479		1,686,258
Series 3289 SA 4.266% (6.75% minus LIBOR01M, Cap 6.75%) 3/15/37 S●		638,084		116,407
Series 4050 EI 4.00% 2/15/39 S		801,843		54,883
Series 4109 AI 3.00% 7/15/31 S		2,083,124		180,560
Series 4120 MI 3.00% 10/15/32 S		318,870		44,416
Series 4135 AI 3.50% 11/15/42 S		1,545,592		279,075
Series 4146 IA 3.50% 12/15/32 S		934,989		140,088
Series 4150 UI 3.50% 8/15/32 S		1,995,865		182,582
Series 4161 IM 3.50% 2/15/43 S		283,854		56,321
Series 4181 DI 2.50% 3/15/33 S		601,196		70,185
Series 4184 GS 3.636% (6.12% minus LIBOR01M, Cap 6.12%) 3/15/43 S●		984,991		213,498
Series 4185 LI 3.00% 3/15/33 S		492,483		67,479
Series 4186 IB 3.00% 3/15/33 S		845,884		106,555
Series 4188 JI 3.00% 4/15/33 S		1,177,094		129,489


	Principal amount°		Value (US $)

Agency Collateralized Mortgage Obligations (continued)

Freddie Mac REMICs
Series 4191 CI 3.00% 4/15/33 S		199,493	$	26,489
Series 4342 CI 3.00% 11/15/33 S		351,873		39,600
Series 4453 DI 3.50% 11/15/33 S		413,581		41,045
Series 4494 SA 3.696% (6.18% minus LIBOR01M, Cap 6.18%) 7/15/45 S●		247,899		47,299
Series 4504 IO 3.50% 5/15/42 S		403,185		37,096
Series 4527 CI 3.50% 2/15/44 S		1,211,008		181,877
Series 4543 HI 3.00% 4/15/44 S		504,765		74,531
Series 4580 MI 3.50% 2/15/43 S		69,545		8,390
Series 4610 IB 3.00% 6/15/41 S		3,831,415		369,723
Series 4618 SA 3.516% (6.00% minus LIBOR01M, Cap 6.00%) 9/15/46 S●		589,754		122,290
Series 4625 BI 3.50% 6/15/46 S		1,787,344		319,020
Series 4627 PI 3.50% 5/15/44 S		1,569,829		183,444
Series 4644 GI 3.50% 5/15/40 S		655,350		71,907
Series 4648 SA 3.516% (6.00% minus LIBOR01M, Cap 6.00%) 1/15/47 S●		1,330,197		252,656
Series 4655 WI 3.50% 8/15/43 S		701,723		86,102
Series 4657 PS 3.516% (6.00% minus LIBOR01M, Cap 6.00%) 2/15/47 S●		1,478,169		276,747
Series 4660 GI 3.00% 8/15/43 S		430,735		58,246
Series 4663 AI 3.00% 3/15/42 S		1,083,630		132,735
Series 4663 HZ 3.50% 3/15/47		164,077		164,279
Series 4665 NI 3.50% 7/15/41 S		2,686,650		271,847
Series 4667 CI 3.50% 7/15/40 S		75,888		6,146


			(continues	)		47

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)

Agency Collateralized Mortgage Obligations (continued)

Freddie Mac REMICs
Series 4667 LI 3.50% 10/15/43 S		353,182	$	45,141
Series 4669 QI 3.50% 6/15/41 S		204,540		22,403
Series 4673 WI 3.50% 9/15/43 S		786,169		93,951
Series 4674 GI 3.50% 10/15/40 S		69,940		5,773
Series 4676 KZ 2.50% 7/15/45		351,425		316,341
Series 4690 WI 3.50% 12/15/43 S		1,012,484		140,120
Series 4691 LI 3.50% 1/15/41 S		682,044		62,150
Series 4693 EI 3.50% 8/15/42 S		489,991		59,383
Series 4703 CI 3.50% 7/15/42 S		1,456,349		158,289
Freddie Mac Strips
Series 304 C38 3.50% 12/15/27 S		606,992		50,524
Series 319 S2 3.516% (6.00% minus LIBOR01M, Cap 6.00%) 11/15/43 S●		586,963		113,002
Freddie Mac Structured Agency Credit Risk Debt Notes
Series 2017-DNA1 M2 5.736% (LIBOR01M + 3.25%, Floor 3.25%) 7/25/29 ●		750,000		804,824
Series 2017-DNA3 M2 4.986% (LIBOR01M + 2.50%) 3/25/30 ●		315,000		322,577
Series 2017-HQA3 M2 4.836% (LIBOR01M + 2.35%) 4/25/30 ●		790,000		801,352
Series 2018-HQA1 M2 4.786% (LIBOR01M + 2.30%) 9/25/30 ●		955,000		955,897
Freddie Mac Structured Pass Through Certificates
Series T-54 2A 6.50% 2/25/43 ◆		13,292		15,416
Series T-58 2A 6.50% 9/25/43 ◆		6,324		7,273


	Principal amount°		Value (US $)

Agency Collateralized Mortgage Obligations (continued)

GNMA
Series 2008-65 SB 3.512% (6.00% minus LIBOR01M, Cap 6.00%) 8/20/38 S●		593,818	$	66,155
Series 2009-2 SE 3.332% (5.82% minus LIBOR01M, Cap 5.82%) 1/20/39 S●		1,817,186		226,340
Series 2011-157 SG 4.112% (6.60% minus LIBOR01M, Cap 6.60%) 12/20/41 S●		870,033		176,666
Series 2011-H21 FT 3.29% (H15T1Y + 0.70%, Cap 15.25%, Floor 0.70%) 10/20/61 ●		7,756,132		7,825,929
Series 2011-H23 FA 3.209% (LIBOR01M + 0.70%, Cap 11.00%, Floor 0.70%) 10/20/61 ●		5,182,646		5,207,322
Series 2012-61 PI 3.00% 4/20/39 S		48,487		2,313
Series 2012-108 KI 4.00% 8/16/42 S		1,773,144		327,137
Series 2012-H08 FB 3.109% (LIBOR01M + 0.60%, Cap 11.00%, Floor 0.60%) 3/20/62 ●		910,249		912,276
Series 2012-H18 NA 3.029% (LIBOR01M + 0.52%, Cap 10.50%, Floor 0.52%) 8/20/62 ●		517,445		517,669
Series 2012-H29 SA 3.024% (LIBOR01M + 0.515%, Cap 12.00%, Floor 0.52%) 10/20/62 ●		4,352,791		4,355,763
Series 2013-113 LY 3.00% 5/20/43		173,000		169,199
Series 2015-44 AI 3.00% 8/20/41 S		59,382		5,587
Series 2015-74 CI 3.00% 10/16/39 S		963,345		105,898
Series 2015-111 IH 3.50% 8/20/45 S		1,366,866		142,311
Series 2015-142 AI 4.00% 2/20/44 S		265,912		25,911
Series 2015-H10 FA 3.109% (LIBOR01M + 0.60%, Cap 7.50%) 4/20/65 ●		13,365,097		13,352,454


48


	Principal amount°		Value (US $)

Agency Collateralized Mortgage Obligations (continued)

GNMA
Series 2015-H11 FC 3.059% (LIBOR01M + 0.55%, Cap 7.50%, Floor 0.55%) 5/20/65 ●		1,663,725	$	1,658,981
Series 2015-H12 FB 3.109% (LIBOR01M + 0.60%, Cap 7.50%, Floor 0.60%) 5/20/65 ●		6,960,158		6,953,901
Series 2015-H20 FB 3.109% (LIBOR01M + 0.60%, Cap 7.50%, Floor 0.60%) 8/20/65 ●		1,814,074		1,812,324
Series 2015-H30 FD 3.109% (LIBOR01M + 0.60%, Cap 11.00%, Floor 0.60%) 10/20/65 ●		136,863		137,229
Series 2016-75 JI 3.00% 9/20/43 S		3,451,269		353,861
Series 2016-89 QS 3.562% (6.05% minus LIBOR01M, Cap 6.05%) 7/20/46 S●		959,384		206,884
Series 2016-108 SK 3.562% (6.05% minus LIBOR01M, Cap 6.05%) 8/20/46 S●		1,523,585		320,386
Series 2016-118 ES 3.612% (6.10% minus LIBOR01M, Cap 6.10%) 9/20/46 S●		980,367		188,466
Series 2016-120 IA 3.00% 2/20/46 S		132,923		16,119
Series 2016-126 NS 3.612% (6.10% minus LIBOR01M, Cap 6.10%) 9/20/46 S●		1,056,533		202,364
Series 2016-156 PB 2.00% 11/20/46		362,000		304,282
Series 2016-159 MI 3.00% 3/20/46 S		96,933		12,683
Series 2016-160 GS 3.612% (6.10% minus LIBOR01M, Cap 6.10%) 11/20/46 S●		2,896,095		626,264
Series 2016-163 XI 3.00% 10/20/46 S		1,392,121		164,046
Series 2016-171 IO 3.00% 7/20/44 S		2,146,537		214,078
Series 2016-H06 FD 3.429% (LIBOR01M + 0.92%, Cap 7.50%, Floor 0.92%) 7/20/65 ●		1,821,127		1,841,196


	Principal amount°		Value (US $)

Agency Collateralized Mortgage Obligations (continued)

GNMA
Series 2017-11 IM 3.00% 5/20/42 S		2,811,835	$	230,426
Series 2017-18 QI 4.00% 3/16/41 S		984,577		121,449
Series 2017-18 QS 3.618% (6.10% minus LIBOR01M, Cap 6.10%) 2/16/47 S●		1,218,745		217,998
Series 2017-34 DY 3.50% 3/20/47		230,000		235,176
Series 2017-56 JZ 3.00% 4/20/47		301,846		280,528
Series 2017-101 AI 4.00% 7/20/47 S		774,446		112,939
Series 2017-101 TI 4.00% 3/20/44 S		1,153,791		126,898
Series 2017-107 QZ 3.00% 8/20/45		228,112		211,880
Series 2017-113 LB 3.00% 7/20/47		595,000		565,637
Series 2017-121 IL 3.00% 2/20/42 S		87,963		7,986
Series 2017-130 YJ 2.50% 8/20/47		270,000		255,220
Series 2017-134 ES 3.712% (6.20% minus LIBOR01M, Cap 6.20%) 9/20/47 S●		774,443		139,297
Series 2017-134 KI 4.00% 5/20/44 S		982,935		132,986
Series 2017-134 SD 3.712% (6.20% minus LIBOR01M, Cap 6.20%) 9/20/47 S●		4,554,465		871,582
Series 2017-141 JS 3.712% (6.20% minus LIBOR01M, Cap 6.20%) 9/20/47 S●		1,201,071		239,740
Series 2017-144 EI 3.00% 12/20/44 S		1,674,267		168,488
Series 2017-163 ZK 3.50% 11/20/47		3,460,132		3,449,920
Series 2017-174 HI 3.00% 7/20/45 S		1,543,495		149,369
Series 2018-1 ST 3.712% (6.20% minus LIBOR01M, Cap 6.20%) 1/20/48 S●		2,578,954		500,920
Series 2018-8 VZ 3.00% 3/20/47		455,653		421,093


			(continues	)		49

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)

Agency Collateralized Mortgage Obligations (continued)

GNMA
Series 2018-11 AI 3.00% 1/20/46 S		1,012,513	$	107,200
Series 2018-13 PZ 3.00% 1/20/48		227,826		214,240
Series 2018-14 ZE 3.50% 1/20/48		124,994		122,414
Series 2018-24 HZ 3.00% 2/20/48		115,695		106,842
Series 2018-34 TY 3.50% 3/20/48		196,000		200,154
Series 2018-37 SA 3.712% (6.20% minus LIBOR01M, Cap 6.20%) 3/20/48 S●		867,848		174,374
Series 2018-46 AS 3.712% (6.20% minus LIBOR01M, Cap 6.20%) 3/20/48 S●		3,097,662		663,338

Total Agency Collateralized Mortgage Obligations (cost $95,879,871)				94,672,102



Agency Commercial Mortgage-Backed Securities – 0.74%

Freddie Mac Multifamily
Structured Pass Through Certificates Series K058 A2 2.653% 8/25/26 ◆		685,000		677,926
Series X3FX A2FX 3.00% 6/25/27 ◆		1,070,000		1,063,365
FREMF Mortgage Trust
Series 2011-K10 B 144A 4.623% 11/25/49 #●		550,000		561,658
Series 2011-K15 B 144A 4.949% 8/25/44 #●		75,000		78,143
Series 2012-K18 B 144A 4.256% 1/25/45 #●		1,000,000		1,033,442
Series 2012-K22 B 144A 3.687% 8/25/45 #●		665,000		679,295
Series 2012-K23 B 144A 3.656% 10/25/45 #●		1,500,000		1,535,485
Series 2013-K24 B 144A 3.502% 11/25/45 #●		3,675,000		3,727,522
Series 2013-K25 C 144A 3.623% 11/25/45 #●		500,000		502,789
Series 2013-K33 B 144A 3.50% 8/25/46 #●		505,000		510,636
Series 2013-K712 B 144A 3.359% 5/25/45 #●		470,000		469,694


	Principal amount°		Value (US $)

Agency Commercial Mortgage-Backed Securities (continued)

FREMF Mortgage Trust
Series 2013-K713 B 144A 3.155% 4/25/46 #●		285,000	$	285,155
Series 2013-K713 C 144A 3.155% 4/25/46 #●		945,000		942,956
Series 2014-K716 B 144A 3.949% 8/25/47 #●		500,000		510,052
Series 2014-K717 B 144A 3.63% 11/25/47 #●		1,225,000		1,237,951
Series 2014-K717 C 144A 3.63% 11/25/47 #●		1,290,000		1,297,271
Series 2015-K49 B 144A 3.721% 10/25/48 #●		840,000		844,062
Series 2015-K721 C 144A 3.565% 11/25/47 #●		475,000		466,328
Series 2016-K53 B 144A 4.019% 3/25/49 #●		280,000		285,775
Series 2016-K722 B 144A 3.841% 7/25/49 #●		425,000		426,986
Series 2017-K71 B 144A 3.753% 11/25/50 #●		470,000		469,408

Total Agency Commercial Mortgage-Backed Securities (cost $17,475,357)				17,605,899




Agency Mortgage-Backed Securities – 19.45%


Fannie Mae
5.50% 3/1/37		6,666		6,956
5.50% 7/1/37		17,369		18,121
Fannie Mae ARM
4.563% (LIBOR12M + 1.83%, Cap 10.16%) 8/1/35 ●		9,021		9,470
Fannie Mae S.F. 15 yr
4.50% 7/1/20		1,938		1,972
Fannie Mae S.F. 30 yr
3.00% 4/1/43		1,163,990		1,164,958
3.00% 11/1/46		9,153,383		9,124,231
3.50% 2/1/48		4,432,283		4,517,027
4.00% 10/1/40		20,865		21,642
4.00% 11/1/40		112,498		116,691
4.00% 3/1/46		99,007		102,372
4.00% 9/1/48		18,615,038		19,177,803
4.50% 5/1/35		68,296		72,220
4.50% 8/1/35		126,036		133,088
4.50% 9/1/35		117,459		124,060
4.50% 5/1/39		465,063		491,360
4.50% 8/1/39		837,930		889,155
4.50% 11/1/39		363,636		387,423
4.50% 6/1/40		405,208		429,924


	Principal amount°		Value (US $)

Agency Mortgage-Backed Securities (continued)

Fannie Mae S.F. 30 yr
4.50% 7/1/40		392,023	$	418,813
4.50% 8/1/40		96,089		101,510
4.50% 4/1/41		69,199		73,164
4.50% 10/1/43		497,297		528,782
4.50% 10/1/44		274,124		289,573
4.50% 3/1/46		594,970		627,995
4.50% 5/1/46		1,347,780		1,421,607
4.50% 7/1/46		506,204		533,597
5.00% 3/1/34		1,975		2,129
5.00% 4/1/34		12,094		13,011
5.00% 8/1/34		18,802		20,230
5.00% 4/1/35		4,933		5,304
5.00% 12/1/37		1,612		1,730
5.00% 3/1/38		128,077		137,412
5.00% 6/1/38		5,673		6,057
5.00% 2/1/39		4,055		4,284
5.00% 5/1/40		93,569		100,937
5.00% 6/1/44		878,279		954,538
5.00% 7/1/47		642,513		693,544
5.50% 12/1/33		11,795		12,653
5.50% 2/1/35		277,824		307,841
5.50% 5/1/44		11,357,351		12,495,191
5.50% 8/1/48		822,742		893,109
6.00% 9/1/36		15,405		16,713
6.00% 8/1/38		31,902		34,388
6.00% 12/1/38		6,695		7,393
6.00% 6/1/41		2,142,457		2,373,838
6.00% 7/1/41		7,112,714		7,889,435
6.00% 1/1/42		1,872,185		2,065,784
6.50% 11/1/33		2,896		3,198
6.50% 2/1/36		38,109		42,790
6.50% 3/1/36		56,859		62,797
6.50% 6/1/36		97,099		109,905
6.50% 2/1/38		19,619		21,694
6.50% 11/1/38		5,903		6,700
Fannie Mae S.F. 30 yr TBA
3.00% 5/1/49		55,200,000		54,908,908
3.50% 5/1/49		183,700,000		186,111,063
4.00% 4/1/49		37,700,000		38,780,931
4.00% 5/1/49		40,000,000		41,112,500
4.50% 5/1/49		6,100,000		6,350,809
Freddie Mac ARM
4.555% (LIBOR12M + 2.18%, Cap 10.583%) 5/1/37 ●		152,328		162,204
4.75% (LIBOR12M + 1.625%, Cap 10.50%) 2/1/38 ●		14,990		15,698


	Principal amount°		Value (US $)

Agency Mortgage-Backed Securities (continued)

Freddie Mac S.F. 20 yr
5.50% 10/1/23		17,349	$	18,578
5.50% 8/1/24		7,714		8,261
Freddie Mac S.F. 30 yr
3.00% 12/1/48		20,735,448		20,655,629
3.50% 8/1/48		165,927		168,632
3.50% 9/1/48		5,777,294		5,871,053
3.50% 11/1/48		11,163,201		11,403,944
4.50% 4/1/39		55,752		59,216
4.50% 7/1/42		515,369		545,725
4.50% 12/1/43		113,964		121,068
4.50% 8/1/44		643,522		680,455
4.50% 8/1/48		3,786,452		3,999,750
5.00% 12/1/44		1,296,559		1,398,921
5.50% 6/1/41		2,040,263		2,261,011
5.50% 9/1/41		3,257,940		3,621,263
6.00% 7/1/40		5,067,650		5,581,503
6.50% 11/1/33		21,330		23,726
6.50% 1/1/35		73,500		85,580
7.00% 1/1/38		18,250		20,703
GNMA I S.F. 30 yr
5.50% 2/15/41		206,289		225,940
GNMA II S.F. 30 yr
5.50% 5/20/37		117,934		125,786
6.00% 4/20/34		3,704		3,907
6.00% 2/20/39		127,617		136,008
6.00% 10/20/39		227,276		251,692
6.00% 2/20/40		534,980		573,782
6.00% 4/20/46		172,117		188,816
GNMA II S.F. 30 yr TBA
4.00% 5/20/49		6,000,000		6,191,719

Total Agency Mortgage-Backed Securities (cost $456,735,478)				460,730,900



Agency Obligation – 0.10%

Federal Home Loan Mortgage 2.25% 11/24/20		2,300,000		2,297,088

Total Agency Obligation (cost $2,300,000)				2,297,088



Collateralized Debt Obligations – 3.73%

Allegro CLO VI
Series 2017-2A A 144A 3.903% (LIBOR03M + 1.13%, Floor 1.13%) 1/17/31 #●		400,000		396,541
AMMC CLO 16
Series 2015-16A AR 144A 4.057% (LIBOR03M + 1.26%) 4/14/29 #●		145,000		144,633


			(continues	)		51

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)

Collateralized Debt Obligations (continued)

AMMC CLO 21
Series 2017-21A A 144A 3.988% (LIBOR03M + 1.25%) 11/2/30 #●		2,400,000	$	2,393,203
AMMC CLO 22
Series 2018-22A A 144A 3.801% (LIBOR03M + 1.03%, Floor 1.03%) 4/25/31 #●		1,300,000		1,282,091
AMMC CLO XII
Series 2013-12A AR 144A 3.897% (LIBOR03M + 1.20%, Floor 1.20%) 11/10/30 #●		2,000,000		1,989,654
Apex Credit CLO
Series 2017-1A A1 144A 4.249% (LIBOR03M + 1.47%, Floor 1.47%) 4/24/29 #●		1,275,000		1,274,615
Series 2018-1A A2 144A 3.801% (LIBOR03M + 1.03%) 4/25/31 #●		2,400,000		2,367,043
Arbor Realty CLO
Series 2017-FL3 A 144A 3.474% (LIBOR01M + 0.99%) 12/15/27 #●		250,000		249,219
Atlas Senior Loan Fund X
Series 2018-10A A 144A 3.877% (LIBOR03M + 1.09%) 1/15/31 #●		1,500,000		1,480,705
Atrium XII
Series 12A AR 144A 3.591% (LIBOR03M + 0.83%) 4/22/27 #●		2,500,000		2,483,100
Atrium XIII
Series 13A A1 144A 3.941% (LIBOR03M + 1.18%) 11/21/30 #●		250,000		249,529
Battalion CLO XII
Series 2018-12A A1 144A 3.753% (LIBOR03M + 1.07%, Floor 1.07%) 5/17/31 #●		1,000,000		981,011
BlueMountain CLO
Series 2015-1A A1R 144A 4.127% (LIBOR03M + 1.33%) 4/13/27 #●		400,000		399,872
Catamaran CLO
Series 2013-1A AR 144A 3.615% (LIBOR03M + 0.85%) 1/27/28 #●		3,500,000		3,472,511


	Principal amount°		Value (US $)

Collateralized Debt Obligations (continued)

CFIP CLO
Series 2017-1A A 144A 4.00% (LIBOR03M + 1.22%) 1/18/30 #●		2,300,000	$	2,291,501
CIFC Funding
Series 2015-2A AR 144A 3.567% (LIBOR03M + 0.78%, Floor 0.78%) 4/15/27 #●		2,050,000		2,036,308
Crown Point CLO 5
Series 2018-5A A 144A 3.713% (LIBOR03M + 0.94%) 7/17/28 #●		400,000		396,064
CVP CLO 2017-2
Series 2017-2A A 144A 3.951% (LIBOR03M + 1.19%, Floor 1.19%) 1/20/31 #●		400,000		397,723
ECP CLO
Series 2015-7A A1R 144A 3.901% (LIBOR03M + 1.14%) 4/22/30 #●		3,000,000		2,955,192
Emerson Park CLO
Series 2013-1A A1AR 144A 3.767% (LIBOR03M + 0.98%) 7/15/25 #●		22,124		22,112
Galaxy XXI CLO
Series 2015-21A AR 144A 3.781% (LIBOR03M + 1.02%) 4/20/31 #●		1,650,000		1,626,153
GoldenTree Loan
Management US CLO 1 Series 2017-1A A 144A 3.981% (LIBOR03M + 1.22%) 4/20/29 #●		250,000		249,957
Jamestown CLO IV
Series 2014-4A A1CR 144A 3.477% (LIBOR03M + 0.69%) 7/15/26 #●		807,132		803,634
Jamestown CLO VII
Series 2015-7A A1R 144A 3.601% (LIBOR03M + 0.83%, Floor 0.83%) 7/25/27 #●		700,000		695,694
Jamestown CLO VIII
Series 2015-8A A1AR 144A 3.657% (LIBOR03M + 0.87%, Floor 0.87%) 1/15/28 #●		1,500,000		1,487,485
KKR CLO 20
Series 20 A 144A 3.909% (LIBOR03M + 1.13%, Floor 1.13%) 10/16/30 #●		300,000		296,153


	Principal amount°		Value (US $)

Collateralized Debt Obligations (continued)

Marathon CLO V
Series 2013-5A A1R 144A 3.511% (LIBOR03M + 0.87%) 11/21/27 #●		1,100,000	$	1,089,063
Mariner CLO 5
Series 2018-5A A 144A 3.881% (LIBOR03M + 1.11%, Floor 1.11%) 4/25/31 #●		1,800,000		1,774,622
Midocean Credit CLO VIII
Series 2018-8A A1 144A 3.794% (LIBOR03M + 1.15%) 2/20/31 #●		1,750,000		1,724,807
Midocean Credit CLO IX
Series 2018-9A A1 144A 3.911% (LIBOR03M + 1.15%, Floor 1.15%) 7/20/31 #●		1,250,000		1,233,370
Monarch Grove CLO
Series 2018-1A A1 144A 3.651% (LIBOR03M + 0.88%) 1/25/28 #●		5,100,000		5,061,327
Mountain View CLO X
Series 2015-10A AR 144A 3.617% (LIBOR03M + 0.82%, Floor 0.82%) 10/13/27 #●		2,000,000		1,985,006
Neuberger Berman Loan
Advisers CLO 29
Series 2018-29A A1 144A 3.716% (LIBOR03M + 1.13%, Floor 1.13%) 10/19/31 #●		2,800,000		2,773,674
Northwoods Capital XV
Series 2017-15A A 144A 3.933% (LIBOR03M + 1.30%) 6/20/29 #●		250,000		248,978
Northwoods Capital XVII
Series 2018-17A A 144A 3.821% (LIBOR03M + 1.06%, Floor 1.06%) 4/22/31 #●		1,700,000		1,670,638
Oaktree CLO
Series 2014-1A A1R 144A 3.978% (LIBOR03M + 1.29%) 5/13/29 #●		250,000		249,782
OCP CLO
Series 2015-9A A1R 144A 3.587% (LIBOR03M + 0.80%) 7/15/27 #●		2,100,000		2,087,007


	Principal amount°		Value (US $)

Collateralized Debt Obligations (continued)

OCP CLO
Series 2015-10A A1R 144A 3.585% (LIBOR03M + 0.82%) 10/26/27 #●		3,200,000	$	3,178,758
Series 2017-13A A1A 144A 4.047% (LIBOR03M + 1.26%) 7/15/30 #●		1,000,000		995,594
Octagon Investment Partners XIX
Series 2014-1A AR 144A 3.887% (LIBOR03M + 1.10%) 4/15/26 #●		509,198		508,883
OFSI Fund VI
Series 2014-6A A1R 144A 3.437% (LIBOR03M + 0.65%) 3/20/25 #●		553,995		552,625
OFSI Fund VII
Series 2014-7A AR 144A 3.68% (LIBOR03M + 0.90%) 10/18/26 #●		1,557,202		1,552,916
OZLM XVIII
Series 2018-18A A 144A 3.807% (LIBOR03M + 1.02%, Floor 1.02%) 4/15/31 #●		1,350,000		1,327,424
Saranac CLO VII
Series 2014-2A A1AR 144A 3.874% (LIBOR03M + 1.23%) 11/20/29 #●		250,000		247,697
Shackleton III CLO
Series 2013-3A AR 144A 3.907% (LIBOR03M + 1.12%, Floor 1.12%) 7/15/30 #●		1,750,000		1,735,340
Sound Point CLO VIII
Series 2015-1A AR 144A 3.647% (LIBOR03M + 0.86%) 4/15/27 #●		3,200,000		3,198,400
Sounds Point CLO IV-R
Series 2013-3RA A 144A 3.93% (LIBOR03M + 1.15%, Floor 1.15%) 4/18/31 #●		1,000,000		990,406
Staniford Street CLO
Series 2014-1A AR 144A 3.791% (LIBOR03M + 1.18%) 6/15/25 #●		625,444		625,122
Steele Creek CLO
Series 2017-1A A 144A 4.037% (LIBOR03M + 1.25%) 1/15/30 #●		250,000		248,595


			(continues	)		53

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)

Collateralized Debt Obligations (continued)

TIAA CLO II
Series 2017-1A A 144A 4.041% (LIBOR03M + 1.28%) 4/20/29 #●		250,000	$	249,700
TICP CLO I
Series 2015-1A AR 144A 3.561% (LIBOR03M + 0.80%) 7/20/27 #●		1,200,000		1,192,139
TICP CLO IX
Series 2017-9A A 144A 3.901% (LIBOR03M + 1.14%) 1/20/31 #●		400,000		395,621
Venture 31 CLO
Series 2018-31A A1 144A 3.791% (LIBOR03M + 1.03%, Floor 1.03%) 4/20/31 #●		1,500,000		1,475,447
Venture 33 CLO
Series 2018-33A A1L 144A 3.927% (LIBOR03M + 1.14%, Floor 1.14%) 7/15/31 #●		1,250,000		1,238,563
Venture 34 CLO
Series 2018-34A A 144A 3.72% (LIBOR03M + 1.23%, Floor 1.23%) 10/15/31 #●		2,500,000		2,486,697
Venture XVI CLO
Series 2014-16A ARR 144A 3.637% (LIBOR03M + 0.85%, Floor 0.85%) 1/15/28 #●		1,200,000		1,190,452
Venture XVII CLO
Series 2014-17A ARR 144A 3.667% (LIBOR03M + 0.88%) 4/15/27 #●		400,000		396,626
Venture XX CLO
Series 2015-20A AR 144A 3.607% (LIBOR03M + 0.82%) 4/15/27 #●		2,000,000		1,990,276
Venture XXII CLO
Series 2015-22A AR 144A 3.867% (LIBOR03M + 1.08%) 1/15/31 #●		1,750,000		1,730,733
Venture XXIV CLO
Series 2016-24A A1D 144A 4.181% (LIBOR03M + 1.42%) 10/20/28 #●		110,000		109,975
Venture XXVIII CLO
Series 2017-28A A2 144A 3.871% (LIBOR03M + 1.11%) 7/20/30 #●		2,100,000		2,081,173


	Principal amount°		Value (US $)

Collateralized Debt Obligations (continued)

Venture CDO
Series 2016-25A A1 144A 4.251% (LIBOR03M + 1.49%) 4/20/29 #●		490,000	$	490,891
Voya CLO
Series 2014-3A A1R 144A 3.491% (LIBOR03M + 0.72%) 7/25/26 #●		821,139		817,607
Series 2018-3A A1A 144A 3.61% (LIBOR03M + 1.15%, Floor 1.15%) 10/15/31 #●		2,115,000		2,102,883
WhiteHorse IX
Series 2014-9A AR 144A 3.933% (LIBOR03M + 1.16%) 7/17/26 #●		318,457		318,020
Z Capital Credit Partners CLO
Series 2015-1A A1R 144A 3.729% (LIBOR03M + 0.95%, Floor 0.95%) 7/16/27 #●		2,600,000		2,577,593

Total Collateralized Debt Obligations
(cost $89,029,174)				88,326,133



Convertible Bonds – 1.38%

Aerojet Rocketdyne Holdings 2.25% exercise price $26.00, maturity date 12/15/23		230,000		342,009
BioMarin Pharmaceutical 1.50% exercise price $94.15, maturity date 10/15/20		502,000		571,807
Blackstone Mortgage Trust 4.75% exercise price $36.23, maturity date 3/15/23		383,000		387,864
Boingo Wireless 144A 1.00% exercise price $42.32, maturity date 10/1/23 #		913,000		822,681
Booking Holdings 0.35% exercise price $1,315.10, maturity date 6/15/20		534,000		723,473
Cemex 3.72% exercise price $11.01, maturity date 3/15/20		1,329,000		1,324,523
Chart Industries 144A 1.00% exercise price $58.73, maturity date 11/15/24 #		316,000		515,646


	Principal amount°		Value (US $)

Convertible Bonds (continued)

Cheniere Energy 4.25% exercise price $138.38, maturity date 3/15/45		1,262,000	$	993,036
Cree 144A 0.875% exercise price $59.97, maturity date 9/1/23 #		940,000		1,079,462
CSG Systems International 4.25% exercise price $56.99, maturity date 3/15/36		627,000		661,109
DISH Network 2.375% exercise price $82.22, maturity date 3/15/24		392,000		324,819
3.375% exercise price $65.18, maturity date 8/15/26		894,000		761,688
Dycom Industries 0.75% exercise price $96.89, maturity date 9/15/21		551,000		509,729
Empire State Realty OP 144A 2.625% exercise price $19.20, maturity date 8/15/19 #		547,000		545,009
FTI Consulting 144A 2.00% exercise price $101.38, maturity date 8/15/23 #		611,000		625,511
GAIN Capital Holdings 5.00% exercise price $8.20, maturity date 8/15/22		849,000		850,104
GCI Liberty 144A 1.75% exercise price $370.52, maturity date 9/30/46 #		758,000		831,643
Helix Energy Solutions Group 4.25% exercise price $13.89, maturity date 5/1/22		863,000		855,684
Huron Consulting Group 1.25% exercise price $79.89, maturity date 10/1/19		826,000		815,458
Insulet 1.25% exercise price $58.37, maturity date 9/15/21		259,000		427,723
144A 1.375% exercise price $93.18, maturity date 11/15/24 #		454,000		547,921
Jazz Investments I 1.875% exercise price $199.77, maturity date 8/15/21		472,000		479,598


	Principal amount°		Value (US $)

Convertible Bonds (continued)

Knowles 3.25% exercise price $18.43, maturity date 11/1/21		546,000	$	639,703
Liberty Media 2.25% exercise price $34.50, maturity date 9/30/46		1,563,000		805,883
Ligand Pharmaceuticals 144A 0.75% exercise price $248.48, maturity date 5/15/23 #		538,000		462,777
Medicines 2.75% exercise price $48.97, maturity date 7/15/23		1,012,000		856,420
144A 3.50% exercise price $25.19, maturity date 1/15/24 #		146,000		188,959
Meritor 3.25% exercise price $39.92, maturity date 10/15/37		336,000		324,173
Microchip Technology 1.625% exercise price $97.16, maturity date 2/15/27		806,000		886,842
Neurocrine Biosciences 2.25% exercise price $75.92, maturity date 5/15/24		537,000		727,025
New Mountain Finance 5.00% exercise price $15.80, maturity date 6/15/19		500,000		501,276
Novellus Systems 2.625% exercise price $32.53, maturity date 5/15/41		136,000		752,100
NRG Energy 144A 2.75% exercise price $47.74, maturity date 6/1/48 #		732,000		834,281
NXP Semiconductors 1.00% exercise price $101.97, maturity date 12/1/19		372,000		381,872
ON Semiconductor 1.00% exercise price $18.50, maturity date 12/1/20		382,000		473,061
Palo Alto Networks 144A 0.75% exercise price $266.35, maturity date 7/1/23 #		577,000		641,762
Paratek Pharmaceuticals 144A 4.75% exercise price $15.90, maturity date 5/1/24 #		1,174,000		898,538


			(continues	)		55

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)

Convertible Bonds (continued)

PDC Energy 1.125% exercise price $85.39, maturity date 9/15/21		754,000	$	705,910
PROS Holdings 2.00% exercise price $48.63, maturity date 6/1/47		712,000		760,954
Quotient Technology 1.75% exercise price $17.36, maturity date 12/1/22		619,000		582,908
Retrophin 2.50% exercise price $38.80, maturity date 9/15/25		588,000		549,636
Royal Gold 2.875% exercise price $102.29, maturity date 6/15/19		1,053,000		1,056,410
Synaptics 0.50% exercise price $73.02, maturity date 6/15/22		874,000		808,682
Synchronoss Technologies 0.75% exercise price $53.17, maturity date 8/15/19		300,000		297,292
Team 5.00% exercise price $21.70, maturity date 8/1/23		551,000		597,483
Tesla Energy Operations 1.625% exercise price $759.35, maturity date 11/1/19		1,040,000		1,006,750
Vector Group 1.75% exercise price $21.28, maturity date 4/15/20 ●		755,000		768,213
Verint Systems 1.50% exercise price $64.46, maturity date 6/1/21		752,000		832,277
Vishay Intertechnology 144A 2.25% exercise price $31.49, maturity date 6/15/25 #		409,000		381,568

Total Convertible Bonds (cost $32,147,322)				32,719,252



Corporate Bonds – 36.99%

Banking – 13.29%
Akbank T.A.S. 144A 7.20% 3/16/27 #µ		840,000		724,648
Ally Financial 3.75% 11/18/19		100,000		100,500
4.125% 3/30/20		1,000,000		1,009,090
8.00% 3/15/20		100,000		104,750


		Principal amount°		Value (US $)

Corporate Bonds (continued)

Banking (continued)
ANZ New Zealand
International 144A 2.60% 9/23/19 #			200,000	$	199,885
Banco Bilbao Vizcaya Argentaria
5.875%µy	EUR		400,000		436,902
6.75%µy	EUR		400,000		460,635
Banco de Credito e Inversiones 144A 3.50% 10/12/27 #			570,000		557,104
Banco Nacional de Desenvol-vimento Economico e Social 6.50% 6/10/19			2,500,000		2,517,325
Banco Santander
3.848% 4/12/23			1,200,000		1,211,442
6.25%µy	EUR		1,300,000		1,498,071
Banco Santander Mexico
144A 4.125% 11/9/22 #			745,000		754,685
Bank of America
2.625% 4/19/21			1,000,000		997,289
3.004% 12/20/23 µ			2,001,000		1,996,696
3.252% (LIBOR03M + 0.65%) 6/25/22 ●			1,800,000		1,800,955
3.30% 8/5/21	AUD		240,000		173,974
3.30% 1/11/23			716,000		725,802
3.421% (LIBOR03M + 0.66%) 7/21/21 ●			900,000		902,339
3.458% 3/15/25 µ			2,775,000		2,806,016
3.503% (LIBOR03M + 0.77%) 2/5/26 ●			1,550,000		1,515,723
3.55% 3/5/24 µ			2,100,000		2,133,906
3.864% 7/23/24 µ			2,200,000		2,261,896
4.125% 1/22/24			200,000		209,706
4.33% 3/15/50 µ			930,000		961,501
5.875%µy			900,000		914,513
Bank of China 144A 5.00% 11/13/24 #			795,000		840,754
Bank of Georgia 144A 6.00% 7/26/23 #			690,000		692,634
Bank of Ireland 7.375%µy	EUR		300,000		354,606
Bank of Montreal 3.30% 2/5/24			630,000		637,243
Bank of New York Mellon 3.801% (LIBOR03M + 1.05%) 10/30/23 ●			1,420,000		1,437,327
Bank of Nova Scotia 1.875% 4/26/21			4,500,000		4,435,955
Barclays
4.063% (LIBOR03M + 1.38%) 5/16/24 ●			1,800,000		1,748,092


		Principal amount°		Value (US $)

Corporate Bonds (continued)

Banking (continued)
Barclays
4.61% 2/15/23 µ			1,200,000	$	1,226,880
4.972% 5/16/29 µ			3,000,000		3,106,549
6.50%µy	EUR		1,000,000		1,134,349
8.00%µy			1,705,000		1,745,494
Barclays Bank 7.625% 11/21/22			1,800,000		1,958,553
BB&T
2.956% (LIBOR03M + 0.22%) 2/1/21 ●			980,000		977,057
3.75% 12/6/23			1,780,000		1,848,935
3.875% 3/19/29			295,000		298,896
BBVA Bancomer 144A 7.25% 4/22/20 #			100,000		103,626
BNG Bank 3.50% 7/19/27	AUD		292,000		224,548
BNP Paribas
144A 4.705% 1/10/25 #µ			1,600,000		1,664,886
144A 7.375%#µy			700,000		743,537
7.375%µy			500,000		531,097
Branch Banking & Trust 2.85% 4/1/21			670,000		671,353
CIT Group 4.125% 3/9/21			400,000		406,000
Citibank
3.40% 7/23/21			540,000		547,335
3.65% 1/23/24			2,305,000		2,380,713
Citigroup
2.65% 10/26/20			3,200,000		3,193,600
3.20% 10/21/26			1,000,000		981,185
3.268% (BBSW3M + 1.25%) 8/7/19 ●	AUD		454,000		323,246
3.537% (LIBOR03M + 0.93%) 6/7/19 ●			2,300,000		2,303,725
3.75% 10/27/23	AUD		498,000		368,569
3.783% (LIBOR03M + 1.10%) 5/17/24 ●			1,560,000		1,567,449
4.044% 6/1/24 µ			1,800,000		1,861,387
4.05% 7/30/22			150,000		154,598
4.075% 4/23/29 µ			3,400,000		3,491,989
Citizens Bank 2.55% 5/13/21			2,605,000		2,587,951
Citizens Financial Group
2.375% 7/28/21			115,000		113,508
4.30% 12/3/25			965,000		989,820
Compass Bank
2.875% 6/29/22			1,220,000		1,208,211
3.875% 4/10/25			1,145,000		1,135,447
Cooperatieve Rabobank 2.50% 9/4/20	NOK		1,740,000		204,737


		Principal amount°		Value (US $)

Corporate Bonds (continued)

Banking (continued)
Cooperatieve Rabobank
3.195% (LIBOR03M + 0.43%) 4/26/21 ●			500,000	$	501,588
3.375% 4/24/23	NZD		541,000		383,745
3.75% 7/21/26			1,350,000		1,333,660
4.375% 8/4/25			2,000,000		2,064,842
6.875% 3/19/20	EUR		2,400,000		2,868,033
Credit Suisse Group 144A 4.207% 6/12/24 #µ			1,435,000		1,471,356
144A 6.25%#µy			2,035,000		2,034,396
144A 7.50%#µy			1,685,000		1,734,429
Credit Suisse Group Funding Guernsey 2.75% 3/26/20			2,199,000		2,196,680
3.125% 12/10/20			250,000		250,922
3.80% 9/15/22			3,350,000		3,415,773
3.80% 6/9/23			2,300,000		2,338,233
DBS Group Holdings 144A 4.52% 12/11/28 #µ			940,000		976,060
Deutsche Bank 2.70% 7/13/20			500,000		494,725
2.85% 5/10/19			3,100,000		3,098,594
3.767% (LIBOR03M + 0.97%) 7/13/20 ●			100,000		99,676
4.25% 10/14/21			2,000,000		2,010,971
5.00% 2/14/22			3,100,000		3,171,075
Fifth Third Bancorp 3.65% 1/25/24			790,000		809,903
3.95% 3/14/28			1,865,000		1,929,881
Fifth Third Bank 3.85% 3/15/26			200,000		203,880
Goldman Sachs Group 2.876% 10/31/22 µ			300,000		297,660
2.908% 6/5/23 µ			600,000		593,531
3.20% 2/23/23			2,200,000		2,205,366
3.209% (BBSW3M + 1.30%) 8/21/19 ●	AUD		140,000		99,691
3.55% 2/12/21	CAD		100,000		76,379
3.649% (LIBOR03M + 1.05%) 6/5/23 ●			780,000		781,280
3.811% (LIBOR03M + 1.20%) 9/15/20 ●			1,700,000		1,718,093
3.854% (LIBOR03M + 1.17%) 11/15/21 ●			1,700,000		1,716,267
3.854% (LIBOR03M + 1.17%) 5/15/26 ●			525,000		515,500
4.131% (LIBOR03M + 1.36%) 4/23/21 ●			1,300,000		1,319,541
4.223% 5/1/29 µ			4,700,000		4,813,955


			(continues	)		57

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Banking (continued)
Goldman Sachs Group
5.20% 12/17/19	NZD	206,000	$	142,838
6.00% 6/15/20		2,440,000		2,531,284
HSBC Bank 144A 4.125% 8/12/20 #		500,000		509,234
HSBC Holdings
2.65% 1/5/22		200,000		198,353
3.40% 3/8/21		400,000		403,745
3.683% (LIBOR03M + 1.00%) 5/18/24 ●		1,000,000		992,337
4.292% 9/12/26 µ		750,000		774,566
4.295% (LIBOR03M + 1.50%) 1/5/22 ●		5,200,000		5,315,795
4.30% 3/8/26		200,000		207,871
4.311% (LIBOR03M + 1.66%) 5/25/21 ●		1,200,000		1,223,923
6.00%µy	EUR	900,000		1,127,232
Huntington Bancshares 2.30% 1/14/22		670,000		660,261
Huntington National Bank 2.50% 8/7/22		1,245,000		1,233,692
ING Groep 6.875%µy		1,115,000		1,152,332
JPMorgan Chase & Co.
2.25% 1/23/20		10,800,000		10,761,960
3.22% 3/1/25 µ		500,000		501,191
3.662% (LIBOR03M + 0.89%) 7/23/24 ●		1,495,000		1,492,177
3.671% (LIBOR03M + 0.90%) 4/25/23 ●		1,000,000		1,005,275
3.707% (LIBOR03M + 1.10%) 6/7/21 ●		2,900,000		2,939,446
3.797% 7/23/24 µ		1,770,000		1,819,129
3.96% 1/29/27 µ		775,000		802,265
4.005% 4/23/29 µ		900,000		926,047
4.023% 12/5/24 µ		1,825,000		1,895,520
4.40% 7/22/20		400,000		409,098
6.75%µy		865,000		948,831
JPMorgan Chase Bank 3.053% (LIBOR03M + 0.37%) 2/19/21 ●		355,000		355,483
3.105% (LIBOR03M + 0.34%) 4/26/21 ●		3,000,000		2,999,490
KeyBank
2.30% 9/14/22		730,000		720,319
3.18% 5/22/22		250,000		250,948
3.40% 5/20/26		1,995,000		1,980,537
6.95% 2/1/28		1,220,000		1,492,942


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Banking (continued)
Kreditanstalt fuer Wiederaufbau
1.00% 7/15/19		750,000	$	746,919
Landwirtschaftliche Rentenbank
5.375% 4/23/24	NZD	648,000		508,340
Lloyds Bank
2.40% 3/17/20		400,000		398,609
2.70% 8/17/20		1,500,000		1,498,344
144A 12.00%#µy		1,700,000		2,045,265
Lloyds Banking Group
3.413% (LIBOR03M + 0.80%) 6/21/21 ●		600,000		600,246
7.00%µy	GBP	400,000		522,154
7.625%µy	GBP	2,500,000		3,449,366
7.875%µy	GBP	1,300,000		1,865,975
Manufacturers & Traders Trust 2.05% 8/17/20		485,000		481,173
Mitsubishi UFJ Financial Group
2.19% 9/13/21		2,350,000		2,310,179
3.218% 3/7/22		500,000		504,052
3.535% 7/26/21		2,500,000		2,536,840
3.668% (LIBOR03M + 1.06%) 9/13/21 ●		1,600,000		1,617,904
Mitsubishi UFJ Trust & Banking 144A
2.65% 10/19/20 #		500,000		498,802
Mizuho Bank 144A 2.40% 3/26/20 #		1,100,000		1,096,753
Mizuho Financial Group
3.748% (LIBOR03M + 1.14%) 9/13/21 ●		1,900,000		1,922,321
Morgan Stanley
2.50% 4/21/21		3,500,000		3,480,717
3.125% 8/5/21	CAD	387,000		294,431
3.125% 1/23/23		400,000		401,618
3.247% (LIBOR03M + 0.55%) 2/10/21 ●		3,000,000		3,003,409
3.737% 4/24/24 µ		2,000,000		2,042,188
3.941% (LIBOR03M + 1.18%) 1/20/22 ●		200,000		202,060
3.958% (LIBOR03M + 1.22%) 5/8/24 ●		2,780,000		2,801,957
4.431% 1/23/30 µ		1,040,000		1,098,635
5.00% 9/30/21	AUD	359,000		270,893
5.00% 11/24/25		1,010,000		1,084,263
5.50% 1/26/20		480,000		490,454
7.30% 5/13/19		2,200,000		2,211,394


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Banking (continued)
Nationwide Building Society
144A 3.766% 3/8/24 #µ		800,000	$	797,290
144A 4.302% 3/8/29 #µ		5,200,000		5,284,650
10.25%y●	GBP	625,000		1,335,345
PNC Bank
2.45% 11/5/20		250,000		249,121
2.70% 11/1/22		760,000		757,033
3.265% (LIBOR03M + 0.50%) 7/27/22 ●		1,000,000		996,177
4.05% 7/26/28		1,350,000		1,415,212
PNC Financial Services Group
3.50% 1/23/24		690,000		709,289
Popular 6.125% 9/14/23		440,000		459,800
Regions Financial
2.75% 8/14/22		430,000		427,044
3.80% 8/14/23		1,100,000		1,131,864
Royal Bank of Canada
2.30% 3/22/21		2,300,000		2,288,504
2.75% 2/1/22		185,000		185,660
Royal Bank of Scotland Group
3.498% 5/15/23 µ		500,000		496,845
4.152% (LIBOR03M + 1.55%) 6/25/24 ●		455,000		449,325
4.154% (LIBOR03M + 1.47%) 5/15/23 ●		390,000		388,667
4.269% 3/22/25 µ		200,000		202,201
4.519% 6/25/24 µ		540,000		552,708
4.80% 4/5/26		5,000,000		5,202,526
7.50%µy		700,000		714,875
8.625%µy		5,170,000		5,518,975
Santander UK
3.246% (LIBOR03M + 0.62%) 6/1/21 ●		1,300,000		1,299,601
3.40% 6/1/21		500,000		504,092
3.75% 11/15/21		200,000		203,669
144A 5.00% 11/7/23 #		1,985,000		2,037,160
Santander UK Group Holdings
3.823% 11/3/28 µ		3,200,000		3,104,228
7.375%µy	GBP	2,200,000		2,957,260
Societe Generale
144A 4.25% 4/14/25 #		3,600,000		3,631,212
144A 7.375%#µy		500,000		516,875
Standard Chartered 144A
3.813% (LIBOR03M + 1.13%) 8/19/19 #●		6,200,000		6,220,466
State Bank of India 3.745% (LIBOR03M + 0.95%) 4/6/20 ●		900,000		901,164


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Banking (continued)
State Street
2.653% 5/15/23 µ		45,000	$	44,775
3.10% 5/15/23		525,000		532,976
3.30% 12/16/24		100,000		102,647
4.141% 12/3/29 µ		275,000		295,660
Sumitomo Mitsui Financial Group 4.281% (LIBOR03M + 1.68%) 3/9/21 ●		2,300,000		2,349,786
SunTrust Bank
2.45% 8/1/22		1,160,000		1,145,779
3.00% 2/2/23		585,000		586,432
3.30% 5/15/26		540,000		536,129
SunTrust Banks
2.70% 1/27/22		1,105,000		1,102,287
4.00% 5/1/25		250,000		261,962
SVB Financial Group 3.50% 1/29/25		1,060,000		1,048,675
Turkiye Garanti Bankasi
144A 5.25% 9/13/22 #		355,000		330,934
144A 6.25% 4/20/21 #		590,000		576,152
UBS
144A 3.175% (LIBOR03M + 0.58%) 6/8/20 #●		2,000,000		2,008,302
5.125% 5/15/24		200,000		204,552
7.625% 8/17/22		500,000		550,257
UBS Group Funding Switzerland
144A 3.00% 4/15/21 #		2,905,000		2,905,391
144A 4.125% 9/24/25 #		870,000		899,629
144A 4.577% (LIBOR03M + 1.78%) 4/14/21 #●		400,000		410,002
6.875%µy		3,000,000		3,067,503
7.125%µy		540,000		562,013
UniCredit
144A 6.687% (LIBOR03M + 3.90%) 1/14/22 #●		2,200,000		2,271,862
144A 7.83% 12/4/23 #		2,900,000		3,232,079
US Bancorp
3.375% 2/5/24		3,205,000		3,280,998
3.60% 9/11/24		1,275,000		1,316,396
3.95% 11/17/25		3,070,000		3,241,871
US Bank 3.40% 7/24/23		565,000		579,419
USB Capital IX 3.807% (LIBOR03M + 1.02%)y●		1,820,000		1,431,385
Wells Fargo & Co.
2.55% 12/7/20		2,800,000		2,793,613
3.00% 7/27/21	AUD	979,000		705,432
3.50% 9/12/29	GBP	196,000		284,164


			(continues	)		59

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Banking (continued)
Wells Fargo & Co.
3.584% 5/22/28 µ		5,300,000	$	5,331,598
3.627% (LIBOR03M + 0.93%) 2/11/22 ●		1,300,000		1,309,288
3.974% (LIBOR03M + 1.23%) 10/31/23 ●		1,440,000		1,463,676
Wells Fargo Bank 3.325% 7/23/21 µ		2,250,000		2,265,488
Woori Bank 144A 4.75% 4/30/24 #		800,000		841,850
Zions Bancorporation
3.35% 3/4/22		720,000		726,728
4.50% 6/13/23		690,000		717,863

				314,716,652

Basic Industry – 1.49%
Anglo American Capital
144A 4.00% 9/11/27 #		1,745,000		1,699,448
144A 4.75% 4/10/27 #		975,000		995,308
BHP Billiton Finance USA 144A 6.25% 10/19/75 #µ		2,595,000		2,707,947
Braskem Netherlands Finance
144A 3.50% 1/10/23 #		320,000		314,483
144A 4.50% 1/10/28 #		905,000		883,280
4.50% 1/10/28		800,000		780,800
CK Hutchison International 17 144A 2.875% 4/5/22 #		655,000		651,771
Cleveland-Cliffs 5.75% 3/1/25		525,000		504,000
Cydsa 144A 6.25% 10/4/27 #		785,000		754,589
Dow Chemical
144A 4.80% 11/30/28 #		755,000		813,227
144A 5.55% 11/30/48 #		660,000		743,250
DowDuPont 3.794% (LIBOR03M + 1.11%) 11/15/23 ●		685,000		687,529
4.725% 11/15/28		1,195,000		1,291,729
5.419% 11/15/48		1,985,000		2,257,067
Equate Petrochemical 144A 3.00% 3/3/22 #		625,000		617,621
First Quantum Minerals 144A 7.25% 4/1/23 #		830,000		813,400
Freeport-McMoRan 5.45% 3/15/43		280,000		246,403
Georgia-Pacific
144A 2.539% 11/15/19 #		500,000		499,176
8.00% 1/15/24		2,242,000		2,743,621
Hudbay Minerals 144A 7.625% 1/15/25 #		170,000		175,100


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Basic Industry (continued)
Huntsman International 5.125% 11/15/22		1,000,000	$	1,047,500
Israel Chemicals 144A 6.375% 5/31/38 #		975,000		1,048,700
Joseph T Ryerson & Son 144A 11.00% 5/15/22 #		160,000		169,200
Mexichem 144A 5.50% 1/15/48 #		915,000		865,288
NOVA Chemicals 144A
5.00% 5/1/25 #		226,000		222,327
144A 5.25% 6/1/27 #		115,000		113,275
Novelis 144A 6.25% 8/15/24 #		202,000		207,050
Novolipetsk Steel Via Steel Funding DAC 144A 4.00% 9/21/24 #		715,000		689,567
Nutrien
4.20% 4/1/29		210,000		216,372
5.00% 4/1/49		365,000		380,809
OCP
144A 4.50% 10/22/25 #		755,000		749,291
144A 6.875% 4/25/44 #		210,000		229,302
Petkim Petrokimya Holding 144A 5.875% 1/26/23 #		675,000		617,292
Phosagro OAO via Phosagro Bond Funding DAC 144A 3.95% 11/3/21 #		685,000		681,452
RPM International 4.55% 3/1/29		1,175,000		1,195,540
SASOL Financing USA
5.875% 3/27/24		695,000		737,835
6.50% 9/27/28		250,000		273,290
Starfruit Finco 144A 8.00% 10/1/26 #		195,000		197,437
Steel Dynamics 5.50% 10/1/24		510,000		527,850
Suzano Austria 144A 7.00% 3/16/47 #		805,000		899,587
Syngenta Finance
144A 3.933% 4/23/21 #		825,000		829,280
144A 4.441% 4/24/23 #		845,000		862,912
144A 5.182% 4/24/28 #		1,235,000		1,257,401
Tronox Finance 144A 5.75% 10/1/25 #		525,000		488,906
Vedanta Resources 144A 7.125% 5/31/23 #		510,000		500,693

				35,187,905


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Brokerage – 0.32%
Charles Schwab
2.961% (LIBOR03M + 0.32%) 5/21/21 ●		1,055,000	$	1,054,963
3.25% 5/21/21		465,000		471,078
3.85% 5/21/25		490,000		515,747
E*TRADE Financial
3.80% 8/24/27		655,000		637,129
5.875%µy		815,000		826,206
Jefferies Group
4.15% 1/23/30		780,000		715,624
6.45% 6/8/27		331,000		361,977
6.50% 1/20/43		270,000		282,780
Lazard Group
3.75% 2/13/25		2,100,000		2,119,012
4.375% 3/11/29		675,000		682,175

				7,666,691

Capital Goods – 1.27% 3M 2.75% 3/1/22		295,000		297,634
Advanced Disposal Services 144A 5.625% 11/15/24 #		285,000		292,125
Aeropuertos Argentina 2000 144A 6.875% 2/1/27 #		610,000		577,213
Ardagh Packaging Finance 144A 6.00% 2/15/25 #		205,000		205,513
BMC East 144A 5.50% 10/1/24 #		250,000		246,563
Boise Cascade 144A 5.625% 9/1/24 #		312,000		308,880
Bombardier 144A 6.00% 10/15/22 #		310,000		314,263
BWAY Holding 144A 5.50% 4/15/24 #		460,000		458,413
CCL Industries 144A 3.25% 10/1/26 #		655,000		627,904
Covanta Holding 5.875% 7/1/25		230,000		234,887
EnPro Industries 144A 5.75% 10/15/26 #		205,000		207,050
General Dynamics
3.00% 5/11/21		50,000		50,440
3.375% 5/15/23		985,000		1,013,200
General Electric
3.113% (LIBOR03M + 0.38%) 5/5/26 ●		920,000		818,542
4.65% 10/17/21		89,000		92,296
5.55% 5/4/20		470,000		482,438
6.00% 8/7/19		1,025,000		1,034,847


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Capital Goods (continued)
Grupo Cementos de
Chihuahua 144A 5.25% 6/23/24 #		730,000	$	736,395
Harris 3.231% (LIBOR03M + 0.48%) 4/30/20 ●		3,100,000		3,098,262
Heathrow Funding 144A 4.875% 7/15/21 #		200,000		206,825
Ingersoll-Rand Luxembourg Finance
3.50% 3/21/26		385,000		389,046
3.80% 3/21/29		695,000		706,969
International Airport Finance 144A 12.00% 3/15/33 #		630,000		674,730
Klabin Austria 144A 7.00% 4/3/49 #		725,000		723,550
L3 Technologies
3.85% 6/15/23		1,005,000		1,036,773
4.40% 6/15/28		1,630,000		1,713,465
Martin Marietta Materials 4.25% 12/15/47		680,000		599,460
Masco 5.95% 3/15/22		304,000		325,386
Northrop Grumman
2.55% 10/15/22		1,380,000		1,367,897
3.25% 8/1/23		490,000		496,400
nVent Finance
3.95% 4/15/23		475,000		474,142
4.55% 4/15/28		2,210,000		2,224,714
Parker-Hannifin 3.30% 11/21/24		65,000		66,197
Rockwell Collins 3.50% 3/15/27		490,000		485,672
Standard Industries
144A 5.00% 2/15/27 #		520,000		504,556
144A 6.00% 10/15/25 #		145,000		152,553
Textron 3.247% (LIBOR03M + 0.55%) 11/10/20 ●		2,900,000		2,888,381
TransDigm 6.375% 6/15/26		215,000		213,624
United Technologies
2.30% 5/4/22		810,000		798,366
3.65% 8/16/23		225,000		231,133
4.125% 11/16/28		2,505,000		2,613,046

				29,989,750

Communications – 3.66%
Altice France 144A 6.25% 5/15/24 #		385,000		389,331
Altice Luxembourg 144A 7.75% 5/15/22 #		380,000		380,950
Amazon.com 3.15% 8/22/27		1,700,000		1,715,717


			(continues	)		61

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Communications (continued)
AT&T
3.20% 3/1/22		100,000	$	100,940
3.376% (LIBOR03M +
0.75%) 6/1/21 ●		2,200,000		2,209,917
3.737% (LIBOR03M +
0.95%) 7/15/21 ●		500,000		506,065
3.777% (LIBOR03M +
1.18%) 6/12/24 ●		6,100,000		6,054,235
3.80% 3/1/24		100,000		102,548
4.10% 2/15/28		2,276,000		2,302,384
4.35% 3/1/29		2,940,000		3,007,191
4.85% 3/1/39		30,000		30,212
Baidu 4.375% 3/29/28		805,000		830,709
British Telecommunications 4.50% 12/4/23		705,000		738,041
C&W Senior Financing 144A 7.50% 10/15/26 #		615,000		634,987
CCO Holdings
144A 5.00% 2/1/28 #		900,000		892,125
144A 5.875% 5/1/27 #		400,000		416,120
Charter Communications Operating
3.579% 7/23/20		500,000		503,775
4.464% 7/23/22		2,100,000		2,174,300
4.50% 2/1/24		800,000		833,824
5.05% 3/30/29		2,420,000		2,552,932
Comcast
3.417% (LIBOR03M +
0.63%) 4/15/24 ●		640,000		640,933
3.70% 4/15/24		2,970,000		3,070,477
Comunicaciones Celulares Via Comcel Trust 144A 6.875% 2/6/24 #		795,000		828,291
Crown Castle Towers
144A 3.663% 5/15/25 #		110,000		111,219
144A 4.241% 7/15/28 #		440,000		451,609
CSC Holdings
6.75% 11/15/21		400,000		428,500
144A 7.75% 7/15/25 #		420,000		451,500
Deutsche Telekom
International Finance
1.25% 10/6/23	GBP	318,000		407,879
144A 1.95% 9/19/21 #		1,155,000		1,129,166
144A 4.375% 6/21/28 #		1,055,000		1,098,896
6.50% 4/8/22	GBP	36,000		53,678
Digicel Group One 144A 8.25% 12/30/22 #		234,000		144,495
Digicel Group Two 144A 8.25% 9/30/22 #		221,000		75,693


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Communications (continued)
Digicel Group Two 144A PIK 9.125% 4/1/24 #		890,000	$	244,750
Discovery Communications 5.20% 9/20/47		1,240,000		1,209,353
DISH DBS 5.125% 5/1/20		200,000		201,750
Fox
144A 3.666% 1/25/22 #		900,000		918,399
144A 5.576% 1/25/49 #		2,515,000		2,850,232
Gray Television 144A 5.875% 7/15/26 #		380,000		387,676
GTP Acquisition Partners I 144A 2.35% 6/15/20 #		530,000		524,150
Level 3 Financing 5.375% 5/1/25		786,000		797,633
Millicom International Cellular 144A 6.25% 3/25/29 #		630,000		642,480
Myriad International Holdings 144A 4.85% 7/6/27 #		570,000		586,756
NBCUniversal Media 5.15% 4/30/20		900,000		922,839
SBA Tower Trust 144A 2.898% 10/15/19 #		600,000		599,306
Sirius XM Radio 144A 5.375% 4/15/25 #		287,000		295,610
Sprint
7.125% 6/15/24		185,000		188,237
7.625% 3/1/26		200,000		203,500
7.875% 9/15/23		916,000		964,090
Sprint Capital 6.90% 5/1/19		2,600,000		2,613,000
Sprint Communications
144A 7.00% 3/1/20 #		400,000		411,500
7.00% 8/15/20		260,000		269,100
Sprint Spectrum 144A 4.738% 3/20/25 #		1,465,000		1,485,144
Telefonica Emisiones 5.52% 3/1/49		2,500,000		2,629,893
TELUS 4.60% 11/16/48		70,000		74,214
Tencent Holdings 144A 2.985% 1/19/23 #		530,000		528,192
Time Warner Cable 7.30% 7/1/38		2,120,000		2,476,280
Time Warner Entertainment 8.375% 3/15/23		1,415,000		1,657,026
T-Mobile USA 6.50% 1/15/26		540,000		577,800
Turk Telekomunikasyon 144A 6.875% 2/28/25 #		700,000		672,295
Unitymedia 144A 6.125% 1/15/25 #		215,000		224,223


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Communications (continued)
UPCB Finance IV 144A 5.375% 1/15/25 #		488,000	$	496,540
Verizon Communications
3.25% 2/17/26	EUR	323,000		422,206
3.376% 2/15/25		357,000		362,291
3.784% (LIBOR03M +
1.10%) 5/15/25 ●		4,375,000		4,379,138
144A 4.016% 12/3/29 #		3,203,000		3,317,164
4.125% 3/16/27		1,500,000		1,571,821
4.329% 9/21/28		3,427,000		3,636,644
4.50% 8/17/27	AUD	900,000		692,431
4.50% 8/10/33		2,545,000		2,698,743
4.522% 9/15/48		315,000		324,210
Viacom 4.375% 3/15/43		1,875,000		1,685,902
Virgin Media Secured Finance 144A 5.25% 1/15/26 #		730,000		737,300
Vodafone Group
3.769% (LIBOR03M +
0.99%) 1/16/24 •		1,535,000		1,525,516
7.00% 4/4/79 µ		1,730,000		1,761,489
VTR Finance 144A 6.875% 1/15/24 #		631,000		649,141
Warner Media
3.875% 1/15/26		535,000		537,701
4.85% 7/15/45		905,000		913,828
Zayo Group
144A 5.75% 1/15/27 #		405,000		405,121
6.375% 5/15/25		94,000		94,823

				86,636,076

Consumer Cyclical – 2.35%
AMC Entertainment Holdings 6.125% 5/15/27		405,000		368,044
Best Buy 4.45% 10/1/28		1,820,000		1,846,726
BMW US Capital
144A 1.50% 4/11/19 #		500,000		499,861
144A 3.188% (LIBOR03M + 0.50%) 8/13/21 #●		500,000		499,133
Boyd Gaming 6.375% 4/1/26		410,000		425,887
Daimler Finance North
America
144A 2.00% 7/6/21 #		400,000		391,496
144A 3.35% 2/22/23 #		775,000		784,264
144A 3.578% (LIBOR03M + 0.84%) 5/4/23 #●		1,200,000		1,198,175
Dollar Tree 3.70% 5/15/23		2,735,000		2,776,348
DR Horton 4.00% 2/15/20		400,000		403,434
Ford Motor Credit 1.897% 8/12/19		1,000,000		995,889


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Consumer Cyclical (continued)
Ford Motor Credit
3.20% 1/15/21		4,200,000	$	4,141,924
3.532% (LIBOR03M + 0.93%) 9/24/20 ●		1,900,000		1,892,486
3.867% (LIBOR03M + 1.27%) 3/28/22 ●		400,000		386,676
4.14% 2/15/23		2,420,000		2,371,978
5.345% (LIBOR03M + 2.55%) 1/7/21 ●		2,200,000		2,221,613
5.75% 2/1/21		700,000		721,254
5.935% (LIBOR03M + 3.14%) 1/7/22 ●		2,175,000		2,221,030
General Motors 6.75% 4/1/46		245,000		255,825
General Motors Financial
3.647% (LIBOR03M + 0.85%) 4/9/21 ●		500,000		496,343
4.35% 4/9/25		1,530,000		1,525,779
4.375% 9/25/21		1,000,000		1,021,884
5.10% 1/17/24		1,235,000		1,282,820
5.25% 3/1/26		1,765,000		1,824,428
GLP Capital 5.30% 1/15/29		485,000		511,156
Hilton Domestic Operating 144A 5.125% 5/1/26 #		1,000,000		1,017,500
Home Depot 4.50% 12/6/48		585,000		650,541
JD.com 3.125% 4/29/21		930,000		919,811
Live Nation Entertainment 144A 5.625% 3/15/26 #		465,000		481,275
Lowe’s
3.021% (LIBOR03M + 0.42%) 9/10/19 ●		520,000		520,547
4.05% 5/3/47		170,000		159,843
Marriott International
4.15% 12/1/23		450,000		468,401
4.50% 10/1/34		160,000		163,881
McDonald’s 3.195% (LIBOR03M + 0.43%) 10/28/21 ●		2,600,000		2,601,345
MGM Resorts International 5.25% 3/31/20		200,000		204,250
5.75% 6/15/25		620,000		645,575
6.625% 12/15/21		300,000		321,375
6.75% 10/1/20		700,000		735,875
Nissan Motor Acceptance 144A 2.15% 9/28/20 #		500,000		491,612
Penn National Gaming 144A 5.625% 1/15/27 #		505,000		492,375
Penske Automotive Group 5.50% 5/15/26		178,000		175,997


			(continues	)		63

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Consumer Cyclical (continued)
Royal Caribbean Cruises 3.70% 3/15/28		1,440,000	$	1,390,458
Sands China
4.60% 8/8/23		300,000		309,977
5.125% 8/8/25		470,000		490,744
5.40% 8/8/28		1,800,000		1,891,858
Schaeffler Finance 3.25% 5/15/25	EUR	2,600,000		3,036,391
144A 4.75% 5/15/23 #		200,000		202,700
Scientific Games International
144A 8.25% 3/15/26 #		430,000		439,675
10.00% 12/1/22		735,000		776,344
Target 3.375% 4/15/29		985,000		999,744
Toyota Motor 3.419% 7/20/23		375,000		385,801
Toyota Motor Credit 3.083% (LIBOR03M + 0.40%) 5/17/22 ●		4,000,000		3,996,645
Wolverine World Wide 144A 5.00% 9/1/26 #		400,000		390,000
ZF North America Capital 144A 4.00% 4/29/20 #		250,000		250,200

				55,675,193

Consumer Non-Cyclical – 3.12%
Abbott Laboratories 2.90% 11/30/21		1,045,000		1,050,043
AbbVie
2.85% 5/14/23		900,000		890,869
3.20% 5/14/26		500,000		486,995
3.75% 11/14/23		1,200,000		1,233,134
4.25% 11/14/28		1,345,000		1,376,313
Adani Abbot Point Terminal 144A 4.45% 12/15/22 #		1,500,000		1,340,719
Allergan Finance 3.25% 10/1/22		300,000		300,345
Allergan Funding
3.00% 3/12/20		1,400,000		1,399,570
3.45% 3/15/22		1,000,000		1,009,183
Altria Group 4.80% 2/14/29		1,275,000		1,316,867
Anheuser-Busch InBev Worldwide
144A 3.65% 2/1/26 #		1,365,000		1,371,289
4.75% 1/23/29		640,000		682,092
AstraZeneca
3.50% 8/17/23		955,000		975,108
4.00% 1/17/29		965,000		1,015,156
Atento Luxco 1 144A 6.125% 8/10/22 #		740,000		737,044


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Consumer Non-Cyclical (continued)
BAT Capital
2.297% 8/14/20		830,000	$	822,029
2.764% 8/15/22		615,000		605,436
3.222% 8/15/24		3,425,000		3,352,797
BAT International Finance 144A 2.75% 6/15/20 #		700,000		697,516
Bausch Health 144A 5.50% 11/1/25 #		395,000		404,875
Becton Dickinson 3.363% 6/6/24		2,000,000		2,003,596
Boston Scientific 3.375% 5/15/22		800,000		811,369
Bunge Finance 4.35% 3/15/24		2,260,000		2,291,130
Campbell Soup 3.65% 3/15/23		1,055,000		1,070,849
Cardinal Health 1.948% 6/14/19		1,200,000		1,197,909
Central Nippon Expressway 2.079% 11/5/19		1,200,000		1,195,206
Charles River Laboratories International 144A 5.50% 4/1/26 #		360,000		374,400
Cigna 144A 3.677% (LIBOR03M + 0.89%) 7/15/23 #●		1,475,000		1,468,672
144A 4.125% 11/15/25 #		3,540,000		3,668,373
Conagra Brands
4.60% 11/1/25		2,455,000		2,585,555
5.30% 11/1/38		570,000		580,205
Cott Holdings 144A 5.50% 4/1/25 #		260,000		263,250
CVS Health
2.125% 6/1/21		450,000		442,272
3.231% (LIBOR03M + 0.63%) 3/9/20 ●		1,400,000		1,403,588
3.35% 3/9/21		500,000		504,262
4.30% 3/25/28		3,480,000		3,532,596
5.05% 3/25/48		25,000		25,236
CVS Pass Through Trust 144A 5.773% 1/10/33 #◆		76,334		83,036
Eli Lilly & Co.
3.375% 3/15/29		565,000		580,849
3.95% 3/15/49		395,000		405,674
Encompass Health
5.75% 11/1/24		513,000		521,336
5.75% 9/15/25		370,000		377,863
Equifax 3.554% (LIBOR03M + 0.87%) 8/15/21 ●		700,000		695,892


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Consumer Non-Cyclical (continued)
General Mills 3.70% 10/17/23		1,100,000	$	1,128,646
HCA
5.375% 2/1/25		500,000		531,250
5.875% 2/15/26		595,000		644,087
7.58% 9/15/25		30,000		34,050
Imperial Brands Finance
144A 2.95% 7/21/20 #		700,000		698,072
144A 3.75% 7/21/22 #		470,000		476,607
JBS Investments 144A 7.25% 4/3/24 #		465,000		478,369
JBS USA
144A 5.75% 6/15/25 #		225,000		231,469
144A 5.875% 7/15/24 #		320,000		330,000
KAR Auction Services 144A 5.125% 6/1/25 #		290,000		288,187
Kernel Holding 144A 8.75% 1/31/22 #		890,000		912,993
Kraft Heinz Foods 3.517% (LIBOR03M + 0.82%) 8/10/22 ●		300,000		299,681
Marfrig Holdings Europe 144A 8.00% 6/8/23 #		935,000		967,725
Mars
144A 3.875% 4/1/39 #		335,000		338,296
144A 3.95% 4/1/49 #		460,000		468,541
Merck & Co. 3.40% 3/7/29		935,000		961,380
MHP
144A 6.95% 4/3/26 #		455,000		429,593
144A 7.75% 5/10/24 #		520,000		526,209
MPH Acquisition Holdings 144A 7.125% 6/1/24 #		190,000		190,000
Nestle Holdings 144A 4.00% 9/24/48 #		150,000		157,746
New York and Presbyterian Hospital 4.063% 8/1/56		690,000		713,191
Pernod Ricard 144A 4.45% 1/15/22 #		1,410,000		1,465,695
Pilgrim’s Pride 144A 5.75% 3/15/25 #		365,000		370,475
Post Holdings 144A 5.75% 3/1/27 #		325,000		327,844
Prime Security Services Borrower
144A 5.75% 4/15/26 #		90,000		90,225
144A 9.25% 5/15/23 #		389,000		409,423
Rede D’or Finance 144A 4.95% 1/17/28 #		945,000		893,034
Reynolds American 4.00% 6/12/22		900,000		919,913


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Consumer Non-Cyclical (continued)
Shire Acquisitions Investments Ireland 2.875% 9/23/23		300,000	$	296,621
Takeda Pharmaceutical 144A 4.40% 11/26/23 #		2,235,000		2,351,073
Tenet Healthcare 5.125% 5/1/25		705,000		710,323
Teva Pharmaceutical Finance Netherlands II 1.125% 10/15/24	EUR	300,000		294,857
Teva Pharmaceutical Finance Netherlands III
6.00% 4/15/24		2,250,000		2,259,910
6.75% 3/1/28		720,000		727,062
Tyson Foods 2.65% 8/15/19		1,500,000		1,498,837
UnitedHealth Group
3.50% 2/15/24		425,000		438,068
3.70% 12/15/25		390,000		405,223
Universal Health Services 144A 5.00% 6/1/26 #		210,000		214,463
WellCare Health Plans 144A 5.375% 8/15/26 #		745,000		781,319
Zimmer Biomet Holdings
3.15% 4/1/22		300,000		301,046
4.625% 11/30/19		1,270,000		1,283,783

				73,995,784

Energy – 3.21%
Abu Dhabi Crude Oil Pipeline 144A 4.60% 11/2/47 #		780,000		806,702
Antero Midstream Partners 144A 5.75% 3/1/27 #		1,400,000		1,424,500
Cheniere Energy Partners 5.25% 10/1/25		620,000		636,275
Chesapeake Energy 8.00% 1/15/25		275,000		281,875
Chevron 3.145% (LIBOR03M + 0.53%) 3/3/22 ●		575,000		579,041
ConocoPhillips 3.584% (LIBOR03M + 0.90%) 5/15/22 ●		575,000		581,570
Continental Resources 4.375% 1/15/28		1,100,000		1,133,197
Crestwood Midstream Partners 5.75% 4/1/25		405,000		417,150
Diamond Offshore Drilling 7.875% 8/15/25		290,000		281,300
Ecopetrol 5.875% 9/18/23		30,000		32,843
Enable Midstream Partners 4.95% 5/15/28		700,000		712,606


			(continues	)		65

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Energy (continued)
Enbridge
3.183% (LIBOR03M + 0.40%) 1/10/20 ●		3,750,000	$	3,748,710
3.311% (LIBOR03M + 0.70%) 6/15/20 ●		2,050,000		2,052,128
6.00% 1/15/77 µ		555,000		551,656
6.25% 3/1/78 µ		420,000		417,679
Enbridge Energy Partners
4.375% 10/15/20		230,000		235,113
5.20% 3/15/20		655,000		669,369
5.50% 9/15/40		380,000		427,642
Energy Transfer Operating
4.50% 4/15/24		165,000		172,487
5.25% 4/15/29		505,000		542,866
6.25% 4/15/49		565,000		634,152
6.625%µy		1,235,000		1,175,874
Energy Transfer Partners
5.00% 10/1/22		1,500,000		1,582,753
5.75% 9/1/20		400,000		412,699
Ensco 7.75% 2/1/26		186,000		157,867
Exxon Mobil 2.978% (LIBOR03M + 0.37%) 3/6/22 ●		1,125,000		1,134,206
Florida Gas Transmission 144A 7.90% 5/15/19 #		320,000		321,843
Gazprom OAO Via Gaz Capital 144A 4.95% 3/23/27 #		1,065,000		1,068,191
Genesis Energy 6.75% 8/1/22		285,000		292,837
Geopark 144A 6.50% 9/21/24 #		655,000		659,913
Husky Energy 4.40% 4/15/29		650,000		659,888
KazMunayGas National 144A 6.375% 10/24/48 #		730,000		800,137
Kinder Morgan Energy Partners
5.00% 10/1/21		620,000		647,292
6.85% 2/15/20		2,000,000		2,065,101
Laredo Petroleum 6.25% 3/15/23		285,000		255,787
Marathon Oil
2.80% 11/1/22		115,000		113,674
4.40% 7/15/27		2,190,000		2,258,151
MPLX
4.80% 2/15/29		805,000		848,608
4.875% 12/1/24		2,620,000		2,798,786
5.50% 2/15/49		835,000		893,530
Murphy Oil 6.875% 8/15/24		885,000		937,529


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Energy (continued)
Murphy Oil USA 5.625% 5/1/27		190,000	$	197,600
Noble Energy
3.85% 1/15/28		1,100,000		1,085,588
3.90% 11/15/24		160,000		161,681
4.95% 8/15/47		865,000		857,200
5.05% 11/15/44		250,000		249,218
NuStar Logistics 5.625% 4/28/27		285,000		285,713
Oasis Petroleum 144A 6.25% 5/1/26 #		515,000		491,825
ONEOK
4.35% 3/15/29		1,500,000		1,529,803
7.50% 9/1/23		2,035,000		2,357,432
Pertamina Persero 144A 4.875% 5/3/22 #		525,000		547,172
Petrobras Global Finance
5.999% 1/27/28		5,191,000		5,266,269
6.125% 1/17/22		170,000		179,860
6.85% 6/5/15		1,700,000		1,650,615
6.90% 3/19/49		590,000		584,926
7.25% 3/17/44		600,000		627,975
7.375% 1/17/27		385,000		425,714
Petroleos Mexicanos
6.251% (LIBOR03M + 3.65%) 3/11/22 ●		110,000		114,125
6.50% 3/13/27		390,000		392,617
6.75% 9/21/47		115,000		106,092
Precision Drilling 144A 7.125% 1/15/26 #		165,000		164,433
Rio Oil Finance Trust Series 2014-1 9.25% 7/6/24		158,715		173,398
Sabine Pass Liquefaction
5.625% 3/1/25		1,455,000		1,601,289
5.75% 5/15/24		7,515,000		8,290,173
5.875% 6/30/26		940,000		1,047,075
6.25% 3/15/22		400,000		432,167
Schlumberger Holdings
144A 3.75% 5/1/24 #		1,245,000		1,273,614
144A 4.30% 5/1/29 #		1,760,000		1,809,063
Shell International Finance 3.147% (LIBOR03M + 0.45%) 5/11/20 ●		595,000		597,858
Sinopec Group Overseas Development 2015 2.50% 4/28/20		1,200,000		1,194,524
Southwestern Energy 7.75% 10/1/27		195,000		200,119


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Energy (continued)
Spectra Energy Partners 3.299% (LIBOR03M + 0.70%) 6/5/20 ●		500,000	$	500,160
Summit Midstream Holdings 5.75% 4/15/25		210,000		199,237
Targa Resources Partners 5.375% 2/1/27		340,000		349,350
Tecpetrol 144A 4.875% 12/12/22 #		685,000		635,344
Transcanada Trust 5.875% 8/15/76 µ		560,000		568,974
Transocean 144A 9.00% 7/15/23 #		70,000		74,900
Transocean Proteus 144A 6.25% 12/1/24 #		260,000		268,125
Transportadora de Gas del Sur 144A 6.75% 5/2/25 #		520,000		491,920
Tullow Oil 144A 7.00% 3/1/25 #		960,000		969,072
Valero Energy 4.00% 4/1/29		1,090,000		1,099,399
Whiting Petroleum 6.625% 1/15/26		140,000		137,900
Woodside Finance
144A 3.70% 9/15/26 #		400,000		393,230
144A 4.60% 5/10/21 #		600,000		613,423
YPF 144A 51.729% (BADLARPP + 4.00%) 7/7/20 #●		1,205,000		489,724

			76,109,423

Finance Companies – 1.33%
AerCap Global Aviation Trust 144A 6.50% 6/15/45 #µ		810,000		823,163
AerCap Ireland Capital
3.65% 7/21/27		1,505,000		1,408,512
4.45% 10/1/25		1,200,000		1,210,965
4.45% 4/3/26		150,000		150,544
4.625% 10/30/20		1,000,000		1,024,113
4.625% 7/1/22		1,100,000		1,135,805
Air Lease
3.00% 9/15/23		1,135,000		1,110,974
4.25% 2/1/24		2,200,000		2,256,848
Aviation Capital Group
144A 4.375% 1/30/24 #		1,730,000		1,764,725
144A 4.875% 10/1/25 #		1,090,000		1,123,734
144A 6.75% 4/6/21 #		500,000		533,151
BOC Aviation
144A 2.375% 9/15/21 #		910,000		888,963
2.375% 9/15/21		600,000		586,129
3.00% 5/23/22		300,000		295,695


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Finance Companies (continued)
Citicorp Lease Pass Through Trust Series 1999-1 144A 8.04% 12/15/19 #◆		148,870	$	154,132
CPPIB Capital 144A 3.125% 9/25/23 #		775,000		796,839
DAE Funding
144A 5.25% 11/15/21 #		875,000		894,687
144A 5.75% 11/15/23 #		275,000		283,250
GATX 3.453% (LIBOR03M + 0.72%) 11/5/21 ●		2,100,000		2,090,084
GE Capital International Funding Unlimited
2.342% 11/15/20		251,000		247,956
4.418% 11/15/35		1,700,000		1,577,838
Goodman HK Finance 4.375% 6/19/24		550,000		565,413
Intercontinental Exchange 3.45% 9/21/23		1,225,000		1,256,041
3.75% 9/21/28		225,000		233,918
International Lease Finance
6.25% 5/15/19		200,000		200,737
8.625% 1/15/22		1,455,000		1,653,680
Navient
4.875% 6/17/19		276,000		276,517
8.00% 3/25/20		200,000		208,500
NFP 144A 6.875% 7/15/25 #		639,000		613,440
ORIX 3.20% 1/19/22		500,000		503,387
SMBC Aviation Capital Finance 144A 3.00% 7/15/22 #		400,000		395,467
Springleaf Finance
6.00% 6/1/20		100,000		103,250
6.125% 3/15/24		1,500,000		1,537,470
8.25% 12/15/20		2,600,000		2,798,250
Temasek Financial I 144A 2.375% 1/23/23 #		560,000		554,504
Waha Aerospace 3.925% 7/28/20		315,000		316,019

				31,574,700

Insurance – 1.00%
Acrisure 144A 7.00% 11/15/25 #		380,000		343,900
AIA Group 144A 3.90% 4/6/28 #		1,000,000		1,034,222
Ambac Assurance 144A 5.10% 6/7/20 #		40,315		56,844
Ambac LSNI 144A 7.592% (LIBOR03M + 5.00%) 2/12/23 #●		128,780		130,068


			(continues	)		67

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Insurance (continued)
AssuredPartners 144A 7.00% 8/15/25 #		553,000	$	514,290
Athene Global Funding 144A 3.826% (LIBOR03M + 1.23%) 7/1/22 #●		700,000		703,518
AXA Equitable Holdings
4.35% 4/20/28		365,000		371,226
5.00% 4/20/48		2,030,000		1,987,354
Brighthouse Financial
3.70% 6/22/27		615,000		555,293
4.70% 6/22/47		1,020,000		813,778
Harborwalk Funding Trust 144A 5.077% 2/15/69 #µ		660,000		696,881
HUB International 144A 7.00% 5/1/26 #		90,000		89,325
Liberty Mutual Group 144A 4.569% 2/1/29 #		320,000		333,427
Marsh & McLennan 4.375% 3/15/29		2,960,000		3,138,764
MetLife 144A 9.25% 4/8/38 #		1,100,000		1,490,703
MetLife Capital Trust IV 144A 7.875% 12/15/37 #		300,000		366,431
Nationstar Mortgage Holdings 144A 8.125% 7/15/23 #		2,000,000		2,065,000
Nuveen Finance 144A 4.125% 11/1/24 #		770,000		810,209
Progressive 4.00% 3/1/29		985,000		1,053,816
Prudential Financial
4.35% 2/25/50		1,250,000		1,296,060
5.375% 5/15/45 µ		765,000		774,796
Swiss Re Finance Luxembourg 144A 5.00% 4/2/49 #µ		400,000		405,798
USI 144A 6.875% 5/1/25 #		1,338,000		1,302,877
Voya Financial 4.70% 1/23/48 µ		795,000		686,267
Willis North America
3.60% 5/15/24		370,000		372,767
4.50% 9/15/28		870,000		906,161
XLIT
5.245% (LIBOR03M + 2.458%)y●		510,000		491,194
5.50% 3/31/45		725,000		803,521

				23,594,490

Natural Gas – 0.19%
AmeriGas Partners 5.875% 8/20/26		465,000		466,163
Brooklyn Union Gas 144A 3.865% 3/4/29 #		2,605,000		2,689,520


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Natural Gas (continued)
KazTransGas 144A 4.375% 9/26/27 #		630,000	$	612,449
NiSource 5.65%µy		875,000		855,313

				4,623,445

Real Estate Investment Trusts – 0.82%
American Tower
3.00% 6/15/23		600,000		598,583
3.375% 5/15/24		500,000		503,159
5.05% 9/1/20		500,000		515,374
American Tower Trust I 144A 3.07% 3/15/23 #		1,285,000		1,283,049
Corporate Office Properties 3.60% 5/15/23		690,000		683,294
5.25% 2/15/24		670,000		706,346
Crown Castle International
3.80% 2/15/28		2,115,000		2,106,250
4.30% 2/15/29		545,000		562,669
5.25% 1/15/23		1,325,000		1,424,105
CubeSmart 3.125% 9/1/26		670,000		637,794
Digital Realty Trust 3.40% 10/1/20		2,100,000		2,115,873
Equinix 5.375% 5/15/27		350,000		367,500
ESH Hospitality 144A 5.25% 5/1/25 #		585,000		582,806
Growthpoint Properties International 144A 5.872% 5/2/23 #		610,000		625,335
Hospitality Properties Trust 4.50% 3/15/25		870,000		865,357
Host Hotels & Resorts
3.75% 10/15/23		1,110,000		1,115,354
3.875% 4/1/24		250,000		251,139
4.50% 2/1/26		45,000		45,908
Iron Mountain US Holdings 144A 5.375% 6/1/26 #		380,000		376,200
Kilroy Realty 3.45% 12/15/24		720,000		714,062
LifeStorage 3.50% 7/1/26		695,000		670,318
MGM Growth Properties Operating Partnership 144A 5.75% 2/1/27 #		145,000		150,256
WEA Finance 144A 3.25% 10/5/20 #		1,800,000		1,811,653
WP Carey 4.60% 4/1/24		695,000		723,275

				19,435,659

Technology – 1.19%
Analog Devices 2.95% 1/12/21		575,000		576,937


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Technology (continued)
Apple
3.047% (LIBOR03M + 0.35%) 5/11/22 ●		1,040,000	$	1,046,992
3.197% (LIBOR03M + 0.50%) 2/9/22 ●		180,000		181,739
Broadcom
2.20% 1/15/21		1,300,000		1,280,290
3.00% 1/15/22		1,400,000		1,395,047
144A 3.125% 10/15/22 #		1,000,000		995,430
3.50% 1/15/28		895,000		825,268
144A 4.25% 4/15/26 #		1,005,000		997,573
CDK Global
5.00% 10/15/24		840,000		864,528
5.875% 6/15/26		364,000		382,200
CommScope Technologies 144A 5.00% 3/15/27 #		355,000		315,659
Dell International
4.42% 6/15/21		1,600,000		1,642,115
144A 4.42% 6/15/21 #		300,000		307,944
144A 5.45% 6/15/23 #		600,000		639,753
EMC 2.65% 6/1/20		1,900,000		1,886,204
First Data 144A 5.75% 1/15/24 #		610,000		629,520
Fiserv 3.80% 10/1/23		510,000		523,292
Infor US 6.50% 5/15/22		70,000		71,225
International Business Machines 1.625% 5/15/20		440,000		434,949
KLA-Tencor
4.10% 3/15/29		670,000		686,286
5.00% 3/15/49		255,000		270,640
Marvell Technology Group 4.875% 6/22/28		1,340,000		1,387,733
Microchip Technology
144A 3.922% 6/1/21 #		380,000		383,547
144A 4.333% 6/1/23 #		2,700,000		2,761,233
MSCI 144A 5.375% 5/15/27 #		245,000		259,700
NXP
144A 4.625% 6/15/22 #		300,000		311,130
144A 4.625% 6/1/23 #		1,000,000		1,041,000
144A 4.875% 3/1/24 #		1,700,000		1,795,999
Oracle
2.50% 5/15/22		1,200,000		1,194,517
3.314% (LIBOR03M + 0.51%) 10/8/19 ●		940,000		942,475


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Technology (continued)
Pluralsight 144A 0.375% 3/1/24 #		113,000	$	121,163
Symantec 4.20% 9/15/20		2,000,000		2,031,018

				28,183,106

Transportation – 0.72%
American Airlines 2011-1 Class A Pass Through Trust 5.25% 1/31/21 ◆		237,797		244,242
American Airlines 2016-3 Class AA Pass Through Trust 3.00% 10/15/28 ◆		1,198,825		1,163,211
Ashtead Capital 144A 5.25% 8/1/26 #		400,000		411,000
Avis Budget Car Rental 144A 6.375% 4/1/24 #		69,000		70,380
Continental Airlines 2009-2 Class A Pass Through Trust 7.25% 11/10/19 ◆		529,694		541,082
Delta Air Lines 3.625% 3/15/22		500,000		503,774
Delta Air Lines 2007-1 Class A Pass Through Trust 6.821% 8/10/22 ◆		213,841		234,124
Doric Nimrod Air Finance Alpha 2012-1 Class A Pass Through Trust 144A 5.125% 11/30/22 #◆		1,000,209		1,015,495
ERAC USA Finance 144A 4.50% 8/16/21 #		200,000		206,238
FedEx 4.05% 2/15/48		1,760,000		1,575,583
Kansas City Southern 3.00% 5/15/23		500,000		501,157
Latam Airlines 2015-1 Pass Through Trust Class A 4.20% 11/15/27 ◆		413,613		409,229
Latam Finance 144A 7.00% 3/1/26 #		605,000		616,193
Norfolk Southern 3.80% 8/1/28		1,205,000		1,245,959
Penske Truck Leasing
144A 3.30% 4/1/21 #		435,000		436,852
144A 3.95% 3/10/25 #		1,000,000		1,006,232
144A 4.20% 4/1/27 #		590,000		587,869
144A 4.45% 1/29/26 #		2,100,000		2,149,025
United Airlines 2014-1 Class A Pass Through Trust 4.00% 4/11/26 ◆		281,944		287,767
United Airlines 2014-2 Class A Pass Through Trust 3.75% 9/3/26 ◆		520,937		525,600


			(continues	)		69

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Transportation (continued)
United Airlines 2019-1 Class AA Pass-Through Trust 4.15% 8/25/31 ◆		150,000	$	155,404
United Parcel Service 5.125% 4/1/19		2,210,000		2,210,000
United Rentals North America 5.50% 5/15/27		560,000		567,000
US Airways 2012-2 Class A Pass Through Trust 4.625% 6/3/25 ◆		457,351		478,162

				17,141,578

Utilities – 3.03%
Aegea Finance 144A 5.75% 10/10/24 #		785,000		775,980
AEP Texas 2.40% 10/1/22		745,000		735,155
AES Andres 144A 7.95% 5/11/26 #		840,000		895,650
AES Gener
144A 5.25% 8/15/21 #		20,000		20,744
144A 7.125% 3/26/79 #µ		605,000		619,369
American Electric Power 2.15% 11/13/20		300,000		297,338
American Transmission Systems 144A 5.25% 1/15/22 #		1,455,000		1,541,228
Atlantic City Electric 4.00% 10/15/28		590,000		624,563
Ausgrid Finance
144A 3.85% 5/1/23 #		1,550,000		1,585,521
144A 4.35% 8/1/28 #		735,000		758,923
Avangrid 3.15% 12/1/24		305,000		301,829
Berkshire Hathaway Energy 3.75% 11/15/23		1,145,000		1,191,501
Calpine
5.75% 1/15/25		92,000		91,770
144A 5.875% 1/15/24 #		145,000		148,987
CenterPoint Energy
3.85% 2/1/24		1,635,000		1,669,146
4.25% 11/1/28		1,015,000		1,053,206
6.125%µy		935,000		950,741
Cleveland Electric Illuminating 5.50% 8/15/24		515,000		565,004
ComEd Financing III 6.35% 3/15/33		680,000		695,426
Consolidated Edison of New York 3.002% (LIBOR03M + 0.40%) 6/25/21 ·		500,000		499,429
Consumers Energy 3.80% 11/15/28		2,410,000		2,543,982


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Utilities (continued)
Consumers Energy 4.35% 4/15/49		400,000	$	446,149
Dominion Energy
2.00% 8/15/21		280,000		273,476
4.60% 3/15/49		495,000		516,216
DTE Electric 3.95% 3/1/49		1,215,000		1,253,934
DTE Energy 3.30% 6/15/22		715,000		721,507
Duke Energy
1.80% 9/1/21		770,000		751,903
144A 3.193% (LIBOR03M + 0.50%) 5/14/21 #·		3,300,000		3,299,359
Duke Energy Carolinas 3.95% 11/15/28		800,000		853,410
Duke Energy Ohio 3.65% 2/1/29		605,000		629,253
Emera 6.75% 6/15/76 µ		1,365,000		1,459,151
Enel 144A 8.75% 9/24/73 #µ		1,205,000		1,326,946
Enel Finance International 144A 2.875% 5/25/22 #		1,100,000		1,082,119
Engie Energia Chile 144A 4.50% 1/29/25 #		200,000		207,821
Entergy Arkansas 3.75% 2/15/21		200,000		203,146
4.20% 4/1/49		935,000		969,798
Entergy Louisiana
4.00% 3/15/33		95,000		99,981
4.05% 9/1/23		240,000		250,716
4.95% 1/15/45		235,000		245,515
Evergy 4.85% 6/1/21		545,000		561,800
Exelon
2.45% 4/15/21		200,000		197,788
3.497% 6/1/22		1,075,000		1,086,767
3.95% 6/15/25		670,000		694,578
FirstEnergy 2.85% 7/15/22		200,000		198,756
Fortis 2.10% 10/4/21		325,000		318,115
Interstate Power & Light 4.10% 9/26/28		2,140,000		2,240,903
Israel Electric 144A 5.00% 11/12/24 #		425,000		449,437
ITC Holdings 2.70% 11/15/22		330,000		324,357
Kallpa Generacion 144A 4.125% 8/16/27 #		870,000		863,475
Kansas City Power & Light 3.65% 8/15/25		1,350,000		1,393,238
LG&E & KU Energy 4.375% 10/1/21		1,555,000		1,598,193
MidAmerican Energy 4.25% 7/15/49		2,785,000		2,969,767


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Utilities (continued)
Mississippi Power 3.95% 3/30/28		795,000	$	805,866
National Rural Utilities Cooperative Finance
4.75% 4/30/43 µ		1,195,000		1,152,906
5.25% 4/20/46 µ		865,000		868,822
Nevada Power 2.75% 4/15/20		970,000		971,256
New York State Electric & Gas 144A 3.25% 12/1/26 #		1,015,000		1,014,665
Newfoundland & Labrador Hydro 3.60% 12/1/45	CAD	100,000		81,063
NextEra Energy Capital Holdings
2.70% 9/15/19		450,000		449,824
3.15% 4/1/24		850,000		855,204
3.20% 2/25/22		400,000		403,826
NV Energy 6.25% 11/15/20		825,000		869,923
Oglethorpe Power 144A 5.05% 10/1/48 #		2,220,000		2,445,324
Pedernales Electric Cooperative 144A 6.202% 11/15/32 #		620,000		757,228
Pennsylvania Electric 5.20% 4/1/20		280,000		285,683
Perusahaan Listrik Negara
144A 4.125% 5/15/27 #		300,000		296,332
144A 5.25% 5/15/47 #		410,000		407,861
PSEG Power 3.85% 6/1/23		430,000		440,981
Public Service Co. of Oklahoma 5.15% 12/1/19		645,000		655,725
Puget Energy 6.50% 12/15/20		3,800,000		4,010,802
Sempra Energy
3.061% (LIBOR03M + 0.45%) 3/15/21 ●		2,050,000		2,031,720
3.287% (LIBOR03M + 0.50%) 1/15/21 ●		451,000		447,369
Southern California Edison
4.20% 3/1/29		335,000		340,557
4.875% 3/1/49		795,000		844,761
Southern Power 144A
3.183% (LIBOR03M + 0.55%) 12/20/20 #●		1,700,000		1,693,115
Southwestern Electric Power
4.10% 9/15/28		2,415,000		2,515,560
State Grid Overseas
Investment 2016 144A 2.25% 5/4/20 #		645,000		639,847


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Utilities (continued)
Trans-Allegheny Interstate Line 144A 3.85% 6/1/25 #		525,000	$	537,425
Vistra Operations
144A 5.50% 9/1/26 #		715,000		745,387
144A 5.625% 2/15/27 #		145,000		151,163

				71,773,261

Total Corporate Bonds (cost $862,629,087)				876,303,713



Municipal Bonds – 0.68%


American Municipal Power, Ohio (Combined Hydroelectric Projects)
Series B 8.084% 2/15/50		1,500,000		2,493,105
Buckeye, Ohio Tobacco Settlement Financing Authority (Asset-Backed Senior Turbo)
Series A-2 5.875% 6/1/47		145,000		141,767
California State Various Purposes (Build America Bonds)
7.55% 4/1/39		395,000		600,625
(High-Speed Passenger Train Bonds)
(Series C 3.274% 4/1/47 ●		1,250,000		1,255,300
Chicago, Illinois Transit Authority (Pension Funding)
Series A 6.899% 12/1/40		1,800,000		2,366,064
(Retiree Health Care Funding)
Series B 6.899% 12/1/40		1,800,000		2,366,064
Municipal Electric Authority of Georgia (Build America Bond Plant Vogtle Units 3 & 4 Project)
6.655% 4/1/57		1,797,000		2,162,797
New Jersey Transportation Trust Fund Authority (Build America Bond)
Series C 5.754% 12/15/28		1,590,000		1,780,275


			(continues	)		71

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)

Municipal Bonds (continued)

New York City, New York Transitional Finance Authority Future Tax Secured Revenue (Build America Bond) Subordinate
Series A-1 5.508% 8/1/37		700,000	$	850,745
New York State Urban Development (Build America Bond)
Series E 5.77% 3/15/39		800,000		953,712
Oregon State Taxable Pension
5.892% 6/1/27		30,000		35,603
Pennsylvania Higher Education Assistance Agency Revenue (Guaranteed Student Loans)
Series 2006-2 A3 2.901% (LIBOR03M + 0.13%) 10/25/36 ●		540,240		534,098
South Carolina Public Service Authority (Santee Cooper)
Series D 4.77% 12/1/45		145,000		161,617
Texas Water Development Board (State Water Implementation)
Series A 5.00% 10/15/45		130,000		148,586
Series B 5.00% 10/15/46		305,000		354,325

Total Municipal Bonds (cost $15,658,928)				16,204,683



Non-Agency Asset-Backed Securities – 3.30%

ABFC Trust
Series 2006-HE1 A2D 2.706% (LIBOR01M + 0.22%, Floor 0.22%) 1/25/37 ●		365,002		237,934
American Express Credit Account Master Trust
Series 2017-2 A 2.934%
(LIBOR01M + 0.45%) 9/16/24 ●		135,000		135,589
Series 2017-5 A 2.864%
(LIBOR01M + 0.38%) 2/18/25 ●		205,000		205,589
Series 2017-8 A 2.604%
(LIBOR01M + 0.12%, Floor 0.12%) 5/16/22 ●		760,000		760,299
Series 2018-5 A 2.824%
(LIBOR01M + 0.34%) 12/15/25 ●		1,030,000		1,026,295


	Principal amount°		Value (US $)

Non-Agency Asset-Backed Securities (continued)

American Express Credit Account Master Trust
Series 2018-7 A 2.844% (LIBOR01M + 0.36%) 2/17/26 ●		1,000,000	$	995,105
Series 2018-9 A 2.864% (LIBOR01M + 0.38%) 4/15/26 ●		1,200,000		1,196,424
Argent Securities Asset-Backed Pass Through Certificates
Series 2003-W9 M1 3.521% (LIBOR01M + 1.035%, Floor 0.69%) 1/25/34 ●		222,108		221,262
Argent Securities Trust
Series 2006-M1 A2C 2.636% (LIBOR01M + 0.15%, Floor 0.15%) 7/25/36 ●		1,271,298		462,045
Series 2006-W4 A2C 2.646% (LIBOR01M + 0.16%, Floor 0.16%) 5/25/36 ●		665,560		241,139
Barclays Dryrock Issuance Trust
Series 2017-1 A 2.814% (LIBOR01M + 0.33%, Floor 0.33%) 3/15/23 ●		2,220,000		2,223,177
Bear Stearns Asset-Backed Securities I Trust
Series 2005-FR1 M2 3.491% (LIBOR01M + 1.005%, Floor 0.67%) 6/25/35 ●		1,944,989		1,935,737
Series 2007-HE2 1A2 2.656% (LIBOR01M + 0.17%, Floor 0.17%) 3/25/37 ●		212,198		296,223
Bear Stearns Asset-Backed Securities Trust
Series 2007-SD1 22A1 3.86% 10/25/36 ●		176,784		123,383
Bear Stearns Second Lien Trust
Series 2007-SV1A M2 144A 3.836% (LIBOR01M + 1.35%, Cap 11.00%, Floor 0.90%) 1/25/36 #●		800,000		782,070


	Principal		Value
	amount°		(US $)

Non-Agency Asset-Backed Securities (continued)

BMW Floorplan Master Owner Trust
Series 2018-1 A2 144A 2.804% (LIBOR01M + 0.32%) 5/15/23 #●		1,500,000	$	1,499,651
Business Jet Securities
Series 2018-2 A 144A 4.447% 6/15/33 #		867,294		878,020
CARDS II Trust
Series 2017-1A A 144A 2.854% (LIBOR01M + 0.37%) 4/18/22 #●		1,045,000		1,045,000
Centex Home Equity Loan Trust
Series 2002-A AF6 5.54% 1/25/32		731		736
Chase Issuance Trust
Series 2016-A3 3.034% (LIBOR01M + 0.55%) 6/15/23 ●		500,000		503,565
Series 2017-A1 A 2.784% (LIBOR01M + 0.30%) 1/15/22 ●		1,370,000		1,371,861
Series 2018-A1 A1 2.684% (LIBOR01M + 0.20%) 4/17/23 ●		185,000		184,889
Citibank Credit Card Issuance Trust
Series 2016-A3 A3 2.971% (LIBOR01M + 0.49%) 12/7/23 ●		500,000		503,416
Series 2017-A5 A5 3.111% (LIBOR01M + 0.62%, Floor 0.62%) 4/22/26 ●		1,045,000		1,049,905
Series 2017-A7 A7 2.862% (LIBOR01M + 0.37%) 8/8/24 ●		500,000		500,499
Series 2018-A2 A2 2.818% (LIBOR01M + 0.33%) 1/20/25 ●		515,000		514,280
Citicorp Residential Mortgage Trust
Series 2006-3 A5 5.236% 11/25/36 ●		900,000		919,087
CNH Equipment Trust
Series 2019-A A2 2.96% 5/16/22		1,600,000		1,602,817
Countrywide Asset-Backed Certificates
Series 2004-3 2A 2.886% (LIBOR01M + 0.40%, Floor 0.20%) 8/25/34 ●		54,618		53,947


	Principal		Value
	amount°		(US $)

Non-Agency Asset-Backed Securities (continued)

Countrywide Asset-Backed Certificates
Series 2006-1 AF6 4.756% 7/25/36 ●		227,599	$	230,110
Series 2006-26 2A4 2.706% (LIBOR01M + 0.22%, Floor 0.22%) 6/25/37 ●		2,000,000		1,927,031
Series 2007-6 2A4 2.796% (LIBOR01M + 0.31%, Floor 0.31%) 9/25/37 ●		962,792		670,605
CSMC
Series 2017-1A-A 4.50% 3/1/21		125,901		126,339
CWABS Asset-Backed Certificates Trust
Series 2005-3 MV7 4.436% (LIBOR01M + 1.95%, Floor 1.30%) 8/25/35 ●		4,200,000		4,156,149
Series 2005-7 MV3 3.066% (LIBOR01M + 0.58%, Floor 0.58%) 11/25/35 ●		145,114		144,999
Series 2006-11 1AF6 6.15% 9/25/46 ●		172,767		172,839
Series 2006-17 2A2 2.636% (LIBOR01M + 0.15%, Floor 0.15%) 3/25/47 ●		1,700,058		1,661,053
Discover Card Execution Note Trust
Series 2017-A1 A1 2.974% (LIBOR01M + 0.49%) 7/15/24 ●		1,205,000		1,212,229
Series 2017-A5 A5 3.084% (LIBOR01M + 0.60%) 12/15/26 ●		500,000		500,700
Series 2017-A7 A7 2.844% (LIBOR01M + 0.36%) 4/15/25 ●		2,625,000		2,622,383
Series 2018-A2 A2 2.814% (LIBOR01M + 0.33%) 8/15/25 ●		500,000		498,701
Series 2018-A3 A3 2.714% (LIBOR01M + 0.23%, Floor 0.23%) 12/15/23 ●		560,000		559,665
Series 2019-A1 A1 3.04% 7/15/24		400,000		405,454


			(continues	)		73

Schedules of investments

Optimum Fixed Income Fund


	Principal		Value
	amount°		(US $)

Non-Agency Asset-Backed Securities (continued)

EquiFirst Mortgage Loan Trust
Series 2004-2 M7 5.486% (LIBOR01M + 3.00%, Floor 2.00%) 10/25/34 ●		662,361	$	667,226
First Franklin Mortgage Loan Trust
Series 2006-FF5 2A3 2.646% (LIBOR01M + 0.16%, Floor 0.16%) 4/25/36 ●		1,047,782		1,014,327
Ford Credit Auto Lease Trust
Series 2017-B A2B 2.644% (LIBOR01M + 0.16%) 6/15/20 ●		241,724		241,699
Ford Credit Auto Owner Trust
Series 2018-1 A 144A 3.19% 7/15/31 #		840,000		840,883
GSAMP Trust
Series 2006-FM3 A2D 2.716% (LIBOR01M + 0.23%, Floor 0.23%) 11/25/36 ●		1,023,986		616,865
Series 2007-SEA1 A 144A 2.786% (LIBOR01M + 0.30%, Floor 0.30%) 12/25/36 #●		896,368		862,554
Hardee’s Funding
Series 2018-1A A2I 144A 4.25% 6/20/48 #		646,750		654,239
Series 2018-1A A2II 144A 4.959% 6/20/48 #		497,500		522,609
Hertz Vehicle Financing
Series 2018-2A A 144A 3.65% 6/27/22 #		100,000		100,927
HOA Funding
Series 2014-1A A2 144A 4.846% 8/20/44 #		1,278,550		1,272,055
Home Equity Mortgage Loan Asset-Backed Trust
Series 2007-A 2A3 2.726% (LIBOR01M + 0.24%, Floor 0.24%) 4/25/37 ●		1,485,099		1,096,912
HSI Asset Securitization Trust
Series 2006-HE1 2A1 2.536% (LIBOR01M + 0.05%, Floor 0.05%) 10/25/36 ●		30,657		16,244


	Principal		Value
	amount°		(US $)

Non-Agency Asset-Backed Securities (continued)

JPMorgan Mortgage Acquisition Trust
Series 2006-CW2 AV5 2.726% (LIBOR01M + 0.24%, Floor 0.24%) 8/25/36 ●		500,000	$	483,964
Long Beach Mortgage Loan Trust
Series 2006-1 2A4 2.79% (LIBOR01M + 0.30%, Floor 0.30%) 2/25/36 ●		3,232,839		2,665,850
Series 2006-7 1A 2.641% (LIBOR01M + 0.155%, Floor 0.16%) 8/25/36 ●		3,067,475		1,871,260
Mercedes-Benz Master Owner Trust
Series 2018-BA A 144A 2.824% (LIBOR01M + 0.34%) 5/15/23 #●		600,000		600,126
Merrill Lynch Mortgage Investors Trust
Series 2006-FF1 M2 2.776% (LIBOR01M + 0.29%, Floor 0.29%) 8/25/36 ●		35,646		35,646
Morgan Stanley ABS Capital I Trust
Series 2007-HE1 A2C 2.636% (LIBOR01M + 0.15%, Floor 0.15%) 11/25/36 ●		5,155,147		3,488,134
Series 2007-HE5 A2D 2.826% (LIBOR01M + 0.34%, Floor 0.34%) 3/25/37 ●		3,500,130		1,831,890
Navistar Financial Dealer Note Master Owner Trust II
Series 2018-1 A 144A 3.116% (LIBOR01M + 0.63%, Floor 0.63%) 9/25/23 #●		450,000		450,670
New Century Home Equity Loan Trust
Series 2005-1 M2 3.206% (LIBOR01M + 0.72%, Cap 12.50%, Floor 0.48%) 3/25/35 ●		233,599		227,089
New Residential Mortgage Loan Trust
Series 2018-RPL1 A1 144A 3.50% 12/25/57 #●		382,057		384,118


	Principal		Value
	amount°		(US $)

Non-Agency Asset-Backed Securities (continued)

Option One Mortgage Loan Trust
Series 2005-1 M1 3.266% (LIBOR01M + 0.78%, Floor 0.52%) 2/25/35 ●		2,155,252	$	2,089,423
Series 2007-4 2A4 2.796% (LIBOR01M + 0.31%, Floor 0.31%) 4/25/37 ●		6,562,623		4,316,384
Penarth Master Issuer
Series 2018-2A A1 144A 2.932% (LIBOR01M + 0.45%) 9/18/22 #●		1,625,000		1,617,223
PFS Financing
Series 2018-E A 144A 2.934% (LIBOR01M + 0.45%) 10/15/22 #●		2,315,000		2,315,236
RAAC Trust
Series 2005-SP2 2A 2.786% (LIBOR01M + 0.30%, Cap 14.00%, Floor 0.30%) 6/25/44 ●		422,562		376,419
RAMP Trust
Series 2007-RZ1 A2 2.646% (LIBOR01M + 0.16%, Cap 14.00%, Floor 0.16%) 2/25/37 ●		264,870		263,255
Sofi Consumer Loan Program
Series 2017-3 A 144A 2.77% 5/25/26 #		882,211		879,331
Series 2018-1 A1 144A 2.55% 2/25/27 #		426,063		424,938
Sofi Professional Loan Program
Series 2016-F A2 144A 3.02% 2/25/40 #		384,023		384,330
Soundview Home Loan Trust
Series 2006-OPT1 2A4 2.756% (LIBOR01M + 0.27%, Floor 0.27%) 3/25/36 ●		300,000		292,770
Series 2006-WF2 A1 2.616% (LIBOR01M + 0.13%, Floor 0.13%) 12/25/36 ●		120,861		120,699
SpringCastle America Funding
Series 2016-AA A 144A 3.05% 4/25/29 #		1,946,060		1,943,603


	Principal		Value
	amount°		(US $)

Non-Agency Asset-Backed Securities (continued)

Structured Asset Investment Loan Trust
Series 2003-BC2 M1 3.866% (LIBOR01M + 1.38%, Floor 0.92%) 4/25/33 ●		15,778	$	15,670
Structured Asset Securities Mortgage Loan Trust
Series 2006-BC1 A6 2.756% (LIBOR01M + 0.27%, Floor 0.27%) 3/25/36 ●		1,755,667		1,582,285
Tesla Auto Lease Trust
Series 2018-B A 144A 3.71% 8/20/21 #		950,793		961,645
Towd Point Mortgage Trust
Series 2017-1 A1 144A 2.75% 10/25/56 #●		1,171,653		1,158,748
Series 2017-2 A1 144A 2.75% 4/25/57 #●		144,956		143,481
Series 2017-4 M1 144A 3.25% 6/25/57 #●		615,000		582,958
Series 2018-1 A1 144A 3.00% 1/25/58 #●		252,336		249,740
Trafigura Securitisation Finance
Series 2018-1A A1 144A 3.214% (LIBOR01M + 0.73%) 3/15/22 #●		650,000		650,154
Volvo Financial Equipment Master Owner Trust
Series 2017-A A 144A 2.984% (LIBOR01M + 0.50%) 11/15/22 #●		1,075,000		1,077,569
Wendys Funding
Series 2018-1A A2I 144A 3.573% 3/15/48 #		474,000		467,298

Total Non-Agency Asset-Backed Securities (cost $76,356,353)				78,216,647



Non-Agency Collateralized Mortgage Obligations – 1.74%

Alternative Loan Trust Resecuritization
Series 2008-2R 3A1 6.00% 8/25/37 ●		1,198,131		909,845
ARM Mortgage Trust
Series 2004-5 3A1 4.542% 4/25/35 ●		322,884		325,365
Series 2005-10 3A31 3.907% 1/25/36 ●		182,899		172,330


			(continues	)		75

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)

Non-Agency Collateralized Mortgage Obligations (continued)

ARM Mortgage Trust
Series 2006-2 1A4 4.581% 5/25/36 ●		707,653	$	692,786
Banc of America Alternative Loan Trust
Series 2005-6 7A1 5.50% 7/25/20		15,257		13,859
Banc of America Funding Trust
Series 2005-E 7A1 2.555% (COF 11 + 1.43%, Floor 1.43%) 6/20/35 ●		137,246		117,092
Series 2006-I 1A1 4.468% 12/20/36 ●		224,666		230,638
Banc of America Mortgage Trust
Series 2003-D 2A1 4.476% 5/25/33 ●		198,570		202,399
Bear Stearns ARM Trust
Series 2003-5 2A1 4.354% 8/25/33 ●		33,127		33,286
Chase Mortgage Finance Trust
Series 2005-A1 3A1 4.186% 12/25/35 ●		93,536		89,701
CHL Mortgage Pass Through Trust
Series 2007-4 1A1 6.00% 5/25/37 ◆		1,069,978		816,935
Civic Mortgage
Series 2018-1 A1 144A 3.892% 6/25/22 #f		557,987		556,843
COLT Mortgage Loan Trust
Series 2017-2 A1A 144A 2.415% 10/25/47 #●		1,366,748		1,362,437
Connecticut Avenue Securities Trust
Series 2018-R07 1M2 144A 4.886% (LIBOR01M + 2.40%) 4/25/31 #●		780,000		787,299
Series 2019-R01 2M2 144A 4.936% (LIBOR01M + 2.45%) 7/25/31 #●		500,000		500,625
Series 2019-R02 1M2 144A 4.786% (LIBOR01M + 2.30%, Floor 2.30%) 8/25/31 #●		1,500,000		1,509,806
CSMC Mortgage-Backed Trust
Series 2005-1R 2A5 144A 5.75% 12/26/35 #		1,197,209		1,155,082
Series 2007-1 5A14 6.00% 2/25/37		235,907		204,315


	Principal amount°		Value (US $)

Non-Agency Collateralized Mortgage Obligations (continued)

CSMC Mortgage-Backed Trust
Series 2007-3 4A6 2.736% (LIBOR01M + 0.25%, Cap 7.00%, Floor 0.25%) 4/25/37 ●		212,234	$	180,333
Series 2007-3 4A12 4.265% (6.75% minus LIBOR01M, Cap 6.75%) 4/25/37 S●		212,351		26,665
Series 2007-3 4A15 5.50% 4/25/37		94,239		92,851
Flagstar Mortgage Trust
Series 2018-1 A5 144A 3.50% 3/25/48 #●		558,968		558,780
Series 2018-5 A7 144A 4.00% 9/25/48 #●		469,629		474,980
Galton Funding Mortgage Trust
Series 2018-1 A43 144A 3.50% 11/25/57 #●		373,146		373,739
GMACM Mortgage Loan Trust
Series 2006-J1 A1 5.75% 4/25/36		39,815		39,393
GSR Mortgage Loan Trust
Series 2007-AR1 2A1 4.153% 3/25/47 ●		715,115		638,086
Holmes Master Issuer
Series 2018-2A A2 144A 3.207% (LIBOR03M + 0.42%) 10/15/54 #●		1,745,000		1,743,381
JPMorgan Mortgage Trust
Series 2006-A6 2A4L 4.374% 10/25/36 ●		428,543		394,252
Series 2006-A7 2A2 4.211% 1/25/37 ●		84,146		80,113
Series 2007-A1 6A1 4.43% 7/25/35 ●		132,647		133,574
Series 2014-2 B1 144A 3.417% 6/25/29 #●		62,827		63,083
Series 2014-2 B2 144A 3.417% 6/25/29 #●		62,827		62,710
Series 2015-4 B1 144A 3.624% 6/25/45 #●		780,116		786,324
Series 2015-4 B2 144A 3.624% 6/25/45 #●		333,422		332,043
Series 2015-5 B2 144A 3.27% 5/25/45 #●		615,127		609,305
Series 2015-6 B1 144A 3.612% 10/25/45 #●		334,911		337,771
Series 2015-6 B2 144A 3.612% 10/25/45 #●		325,860		326,402


	Principal amount°		Value (US $)

Non-Agency Collateralized Mortgage Obligations (continued)

JPMorgan Mortgage Trust
Series 2016-4 B1 144A 3.898% 10/25/46 #●		234,685	$	239,234
Series 2016-4 B2 144A 3.898% 10/25/46 #●		398,965		404,471
Series 2017-1 B2 144A 3.549% 1/25/47 #●		701,485		697,247
Series 2017-2 A3 144A 3.50% 5/25/47 #●		307,893		307,008
Series 2018-3 A5 144A 3.50% 9/25/48 #●		1,312,879		1,313,751
Series 2018-4 A15 144A 3.50% 10/25/48 #●		677,897		679,145
Series 2018-6 1A4 144A 3.50% 12/25/48 #●		437,534		438,822
Series 2018-7FRB A2 144A 3.24% (LIBOR01M + 0.75%) 4/25/46 #●		485,672		484,863
Series 2019-2 A4 144A 4.00% 8/25/49 #=●		2,000,000		2,027,400
Series 2019-LTV1 A3 144A 4.00% 6/25/49 #●		1,030,000		1,041,427
Lanark Master Issuer
Series 2019-1A 1A1 144A 3.467% (LIBOR03M + 0.77%) 12/22/69 #●		800,000		802,046
Lehman Mortgage Trust
Series 2007-10 2A2 6.50% 1/25/38		1,582,939		1,031,386
Ludgate Funding
Series 2006-1X A2A 1.042% (BP0003M + 0.19%) 12/1/60 ●	GBP	1,492,138		1,841,266
Series 2008-W1X A1 1.448% (BP0003M + 0.60%) 1/1/61 ●	GBP	646,444		815,928
Mansard Mortgages
Series 2007-1X A2 1.108% (BP0003M + 0.18%) 4/15/47 ●	GBP	715,353		883,382
MASTR Alternative Loan Trust
Series 2004-3 8A1 7.00% 4/25/34		1,853		2,010
Series 2004-5 6A1 7.00% 6/25/34		30,988		32,332
MASTR ARM Trust
Series 2004-4 4A1 4.191% 5/25/34 ●		64,342		63,914
Merrill Lynch Mortgage Investors Trust
Series 2004-A1 2A2 4.538% 2/25/34 ●		4,997		5,007


	Principal amount°		Value (US $)

Non-Agency Collateralized Mortgage Obligations (continued)

Opteum Mortgage Acceptance Trust
Series 2006-1 2A1 5.75% 4/25/36 ●		184,049	$	184,853
RALI Series Trust
Series 2007-QA5 2A1 5.99% 9/25/37 ●		3,814,199		3,202,408
Reperforming Loan REMIC Trust
Series 2006-R1 AF1 144A 2.826% (LIBOR01M + 0.34%, Cap 9.50%, Floor 0.34%) 1/25/36 #●		1,109,094		1,083,512
RFMSI Trust
Series 2004-S9 2A1 4.75% 12/25/19		6,878		6,846
Sequoia Mortgage Trust
Series 2004-5 A3 3.436% (LIBOR06M + 0.56%, Cap 11.50%, Floor 0.28%) 6/20/34 ●		171,151		164,930
Series 2007-1 4A1 3.805% 9/20/46 ●		511,465		414,803
Series 2015-1 B2 144A 3.876% 1/25/45 #●		355,028		359,534
Series 2017-4 A1 144A 3.50% 7/25/47 #●		326,268		326,044
Series 2018-5 A4 144A 3.50% 5/25/48 #●		578,452		580,481
Series 2018-8 A4 144A 4.00% 11/25/48 #●		1,018,035		1,033,377
Series 2019-CH1 A1 144A 4.00% 3/25/49 #●		1,023,171		1,046,999
Structured ARM Loan Trust
Series 2006-1 7A4 4.201% 2/25/36 ●		377,101		355,219
Structured Asset Mortgage Investments II Trust
Series 2005-AR5 A2 2.732% (LIBOR01M + 0.25%, Cap 11.00%, Floor 0.25%) 7/19/35 ●		328,545		325,653
WaMu Mortgage Pass Through Certificates Trust
Series 2005-AR16 1A3 4.256% 12/25/35 ◆ ●		384,860		384,320
Series 2007-HY1 3A3 3.874% 2/25/37 ◆ ●		231,269		220,791
Series 2007-HY7 4A1 3.943% 7/25/37 ◆ ●		461,476		424,696


			(continues	)		77

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)

Non-Agency Collateralized Mortgage Obligations (continued)

Washington Mutual Mortgage Pass Through Certificates Trust
Series 2005-1 5A2 6.00% 3/25/35 ◆		7,124	$	881
Wells Fargo Mortgage-Backed Securities Trust
Series 2005-AR16 2A1 5.017% 2/25/34 ·		81,567		83,733
Series 2006-2 3A1 5.75% 3/25/36		39,506		38,719
Series 2006-3 A11 5.50% 3/25/36		68,549		68,945
Series 2006-6 1A3 5.75% 5/25/36		29,577		28,690
Series 2006-AR5 2A1 5.081% 4/25/36 ·		30,330		30,150
Series 2006-AR11 A6 4.53% 8/25/36 ·		346,227		334,525
Series 2006-AR17 A1 4.75% 10/25/36 ·		188,739		188,246
Series 2007-10 1A36 6.00% 7/25/37		171,971		169,994

Total Non-Agency Collateralized Mortgage Obligations (cost $41,965,412)				41,103,416



Non-Agency Commercial Mortgage-Backed Securities – 3.51%

BANK
Series 2017-BNK5 A5 3.39% 6/15/60		1,430,000		1,448,849
Series 2017-BNK5 B 3.896% 6/15/60 ·		605,000		611,956
Series 2017-BNK7 A5 3.435% 9/15/60		715,000		730,378
Series 2017-BNK8 A4 3.488% 11/15/50		515,000		526,211
Series 2018-BN14 A4 4.231% 9/15/60		800,000		862,463
BBCMS Mortgage Trust
Series 2018-C2 A5 4.314% 12/15/51		1,080,000		1,171,042
BBCMS Trust
Series 2015-STP A 144A 3.323% 9/10/28 #		3,357,252		3,373,325
BENCHMARK Mortgage Trust
Series 2018-B1 A5 3.666% 1/15/51 ·		2,310,000		2,392,953
Series 2018-B6 A4 4.261% 10/10/51		1,450,000		1,568,807


	Principal amount°		Value (US $)

Non-Agency Commercial Mortgage-Backed Securities (continued)

BENCHMARK Mortgage Trust
Series 2019-B9 A5 4.016% 3/15/52		695,000	$	738,085
BX Trust
Series 2017-APPL A 144A 3.364% (LIBOR01M + 0.88%, Floor 0.88%) 7/15/34 #·		509,424		508,301
Caesars Palace Las Vegas Trust
Series 2017-VICI A 144A 3.531% 10/15/34 #		650,000		663,360
CD Mortgage Trust
Series 2017-CD6 B 3.911% 11/13/50 ·		440,000		447,783
CFCRE Commercial Mortgage Trust
Series 2016-C7 A3 3.839% 12/10/54		3,100,000		3,228,145
Citigroup Commercial Mortgage Trust
Series 2014-GC25 A4 3.635% 10/10/47		785,000		810,597
Series 2015-GC27 A5 3.137% 2/10/48		1,400,000		1,407,405
Series 2016-P3 A4 3.329% 4/15/49		1,305,000		1,322,976
Series 2017-C4 A4 3.471% 10/12/50		635,000		648,656
Series 2018-C5 A4 4.228% 6/10/51		3,200,000		3,439,283
CLNS Trust
Series 2017-IKPR A 144A 3.293% (LIBOR01M + 0.80%, Floor 0.80%) 6/11/32 #·		1,000,000		997,480
COMM Mortgage Trust
Series 2013-WWP A2 144A 3.424% 3/10/31 #		1,100,000		1,129,097
Series 2014-CR20 AM 3.938% 11/10/47		2,225,000		2,288,327
Series 2015-3BP A 144A 3.178% 2/10/35 #		605,000		611,489
Series 2015-CR23 A4 3.497% 5/10/48		780,000		799,920
Commercial Mortgage Pass Through Certificates
Series 2016-CR28 A4 3.762% 2/10/49 ◆		2,330,000		2,418,994


	Principal amount°		Value (US $)

Non-Agency Commercial Mortgage-Backed Securities (continued)

DBJPM Mortgage Trust
Series 2016-C1 A4 3.276% 5/10/49		900,000	$	909,890
Series 2016-C3 A5 2.89% 8/10/49		945,000		931,067
DBUBS Mortgage Trust Series 2011-LC1A C 144A 5.699% 11/10/46 #●		600,000		625,312
GRACE Mortgage Trust Series 2014-GRCE B 144A 3.52% 6/10/28 #		3,705,000		3,732,789
GS Mortgage Securities II Series 2018-GS10 C 4.413% 7/10/51 ●		465,000		480,341
GS Mortgage Securities Trust
Series 2010-C1 C 144A 5.635% 8/10/43 #●		375,000		383,373
Series 2015-GC32 A4 3.764% 7/10/48		1,000,000		1,041,319
Series 2016-RENT A 144A 3.203% 2/10/29 #		2,300,000		2,309,993
Series 2017-GS5 A4 3.674% 3/10/50		1,280,000		1,326,115
Series 2017-GS6 A3 3.433% 5/10/50		1,935,000		1,961,923
Series 2017-GS6 XA 1.047% 5/10/50 ●		21,903,804		1,547,272
Series 2018-GS9 A4 3.992% 3/10/51 ●		570,000		602,896
Series 2019-GC38 A4 3.968% 2/10/52		870,000		921,008
JPMBB Commercial Mortgage Securities Trust
Series 2015-C31 A3 3.801% 8/15/48		8,177,272		8,512,363
Series 2015-C33 A4 3.77% 12/15/48		570,000		592,670
JPMDB Commercial Mortgage Securities Trust
Series 2016-C2 A4 3.144% 6/15/49		1,640,000		1,642,864
Series 2016-C4 A3 3.141% 12/15/49		1,065,000		1,066,524
Series 2017-C7 A5 3.409% 10/15/50		1,395,000		1,418,266
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2005-CB11 E 5.568% 8/12/37 ●		230,000		234,295
Series 2013-LC11 B 3.499% 4/15/46		355,000		354,635


	Principal amount°		Value (US $)

Non-Agency Commercial Mortgage-Backed Securities (continued)

JPMorgan Chase Commercial Mortgage Securities Trust
Series 2016-JP2 AS 3.056% 8/15/49		1,250,000	$	1,222,169
Series 2016-WIKI A 144A 2.798% 10/5/31 #		705,000		701,819
Series 2016-WIKI B 144A 3.201% 10/5/31 #		690,000		688,653
LB-UBS Commercial Mortgage Trust Series 2006-C6 AJ 5.452% 9/15/39 ●		455,185		314,225
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2015-C26 A5 3.531% 10/15/48		960,000		987,012
Series 2015-C27 ASB 3.557% 12/15/47		2,200,000		2,262,302
Series 2016-C29 A4 3.325% 5/15/49		795,000		806,254
Morgan Stanley Capital I Trust
Series 2014-CPT AM 144A 3.402% 7/13/29 #●		2,200,000		2,218,557
Series 2016-BNK2 A4 3.049% 11/15/49		2,066,000		2,053,378
Series 2018-L1 A4 4.407% 10/15/51		1,560,000		1,701,706
UBS Commercial Mortgage Trust Series 2018-C9 A4 4.117% 3/15/51 ●		970,000		1,032,162
UBS-Barclays Commercial Mortgage Trust Series 2013-C5 B 144A 3.649% 3/10/46 #●		480,000		485,699
Wells Fargo Commercial Mortgage Trust
Series 2014-LC18 A5 3.405% 12/15/47		275,000		280,027
Series 2015-C30 XA 0.917% 9/15/58 ●		6,259,317		287,248
Series 2015-NXS3 A4 3.617% 9/15/57		510,000		523,898
Series 2016-BNK1 A3 2.652% 8/15/49		1,220,000		1,184,304
Series 2017-C38 A5 3.453% 7/15/50		905,000		917,747


			(continues	)		79

Schedules of investments

Optimum Fixed Income Fund


	Principal		Value
	amount°		(US $)

Non-Agency Commercial Mortgage-Backed Securities (continued)

Wells Fargo Commercial Mortgage Trust Series 2017-RB1 XA 1.278% 3/15/50 ●		8,474,068	$	684,713

Total Non-Agency Commercial Mortgage-Backed Securities (cost $83,171,270)				83,092,670



Regional Bonds – 0.32%D

Argentina – 0.02%
Provincia de Cordoba 144A 7.125% 8/1/27 #		675,000		479,932

				479,932

Australia – 0.04%
New South Wales Treasury 4.00% 5/20/26	AUD	404,900		326,285
Queensland Treasury
144A 2.75% 8/20/27 #	AUD	446,000		330,416
144A 3.25% 7/21/28 #	AUD	495,000		380,385

				1,037,086

Canada – 0.05%
Province of Ontario
2.60% 6/2/27	CAD	203,000		155,007
3.45% 6/2/45	CAD	551,000		462,859
Province of Quebec
1.65% 3/3/22	CAD	419,000		312,644
6.00% 10/1/29	CAD	155,000		154,165

				1,084,675

Finland – 0.06%
Municipality Finance
144A 1.75% 5/21/19 #		1,000,000		998,962
144A 2.909% (LIBOR03M + 0.17%) 2/7/20 #●		485,000		485,744

				1,484,706

Spain – 0.15%
Autonomous Community of Catalonia 4.90% 9/15/21	EUR	1,800,000		2,191,989
4.95% 2/11/20	EUR	1,100,000		1,277,544

				3,469,533

Total Regional Bonds (cost $7,902,469)				7,555,932


	Principal		Value
	amount°		(US $)

Loan Agreements – 3.99%

Acrisure Tranche B 1st Lien 6.879% (LIBOR03M + 4.25%) 11/22/23 ●		893,659	$	888,347
Alpha 3 Tranche B1 1st Lien 5.601% (LIBOR03M + 3.00%) 1/31/24 ●		317,833		311,675
Altice France Tranche B11 1st Lien 5.249% (LIBOR01M + 2.75%) 7/31/25 ●		1,146,478		1,071,599
Altice France Tranche B12 1st Lien 6.171% (LIBOR01M + 3.688%) 1/31/26 ●		307,295		290,701
Altice France Tranche B13 1st Lien 6.484% (LIBOR01M + 4.00%) 8/14/26 ●		134,663		129,164
AMC Entertainment Holdings Tranche B 1st Lien 0.00% 3/20/26 ● X		1,485,000		1,476,879
American Airlines Tranche B 1st Lien 4.484% (LIBOR01M + 2.00%) 12/14/23 ●		2,156,083		2,124,584
Applied Systems 2nd Lien 9.499% (LIBOR01M + 7.00%) 9/19/25 ●		965,000		976,761
Applied Systems Tranche B 1st Lien 5.499% (LIBOR01M + 3.00%) 9/19/24 ●		1,240,554		1,226,856
Aramark Services Tranche B3 1st Lien 4.249% (LIBOR01M + 1.75%) 3/11/25 ●		1,013,575		1,007,234
AssuredPartners Tranche B 1st Lien 5.749% (LIBOR01M + 3.25%) 10/22/24 ●		1,433,167		1,390,172
Avis Budget Car Rental Tranche B 1st Lien 4.50% (LIBOR01M + 2.00%) 2/13/25 =●		314,209		307,827
Ball Metalpack Finco Tranche B 1st Lien 6.999% (LIBOR01M + 4.50%) 7/31/25 ●		356,402		353,302
Ball Metalpack Finco Tranche B 2nd Lien 11.249% (LIBOR01M + 8.75%) 7/31/26 =●		118,000		116,065
Bausch Health Americas Tranche B 1st Lien 5.481% (LIBOR01M + 3.00%) 6/1/25 ●		343,396		341,312


	Principal		Value
	amount°		(US $)

Loan Agreements (continued)

Blue Ribbon 1st Lien 6.49% (LIBOR01M + 4.00%) 11/13/21 ●		977,577	$	879,819
Bombardier Recreational Products Tranche B 1st Lien 4.50% (LIBOR01M + 2.00%) 5/23/25 ●		557,200		546,474
Boxer Parent Tranche B 1st Lien 6.851% (LIBOR03M + 4.25%) 10/2/25 ●		758,100		743,980
Builders FirstSource 1st Lien 5.601% (LIBOR03M + 3.00%) 2/29/24 ●		559,285		542,972
BWAY Holding Tranche B 1st Lien 6.033% (LIBOR03M + 3.25%) 4/3/24 ●		398,659		389,888
Calpine Construction Finance 1st Lien 4.999% (LIBOR01M + 2.50%) 1/15/25 ●		250,816		248,112
Calpine Tranche B9 1st Lien 0.00% 4/1/26 ● X		360,000		356,887
Change Healthcare Holdings Tranche B 1st Lien 5.249% (LIBOR01M + 2.75%) 3/1/24 ●		355,868		351,420
Charter Communications Operating Tranche B 1st Lien 4.50% (LIBOR01M + 2.00%) 4/30/25 ●		576,680		573,540
Chemours Tranche B2 1st Lien 4.25% (LIBOR01M + 1.75%) 4/3/25 ●		1,301,411		1,286,755
CityCenter Holdings Tranche B 1st Lien 4.749% (LIBOR01M + 2.25%) 4/18/24 ●		1,020,000		1,001,300
Core & Main Tranche B 1st Lien 5.626% (LIBOR03M + 3.00%) 8/1/24 ●		897,673		892,040
CROWN Americas Tranche B 1st Lien 4.484% (LIBOR01M + 2.00%) 4/3/25 ●		254,001		254,993
CSC Holdings 1st Lien 4.734% (LIBOR01M + 2.25%) 7/17/25 ●		422,475		411,491
CSC Holdings Tranche B 1st Lien 4.984% (LIBOR01M + 2.50%) 1/25/26 ●		292,788		286,886
Datto 1st Lien 0.00% 3/29/26 =● X		500,000		497,500


	Principal		Value
	amount°		(US $)

Loan Agreements (continued)

DaVita Tranche B 1st Lien 5.243% (LIBOR03M + 2.75%) 6/24/21 ●		121,916	$	122,049
Deerfield Dakota Holding Tranche B 1st Lien 5.749% (LIBOR01M + 3.25%) 2/13/25 ●		126,720		124,146
Delek US Holdings Tranche B 1st Lien 4.749% (LIBOR01M + 2.25%) 3/30/25 ●		808,041		801,981
Digicel International Finance Tranche B 1st Lien 5.88% (LIBOR03M + 3.25%) 5/27/24 ●		477,631		425,888
DTZ US Borrower Tranche B 1st Lien 5.749% (LIBOR01M + 3.25%) 8/21/25 ●		1,293,500		1,285,617
Dun & Bradstreet Tranche B 1st Lien 7.49% (LIBOR01M + 5.00%) 2/6/26 ●		205,000		203,548
Dynatrace 1st Lien 5.743% (LIBOR04M + 3.25%) 8/23/25 ●		1,022,438		1,020,041
Edgewater Generation Tranche B 1st Lien 6.249% (LIBOR01M + 3.75%) 12/13/25 ●		309,225		309,080
Envision Healthcare Tranche B 1st Lien 6.249% (LIBOR01M + 3.75%) 10/11/25 ●		301,245		282,355
Equitrans Midstream Tranche B 1st Lien 7.00% (LIBOR01M + 4.50%) 1/31/24 ●		423,938		426,057
ESH Hospitality Tranche B 1st Lien 4.499% (LIBOR01M + 2.00%) 8/30/23 ●		1,860,260		1,847,305
ExamWorks Group Tranche B1 1st Lien 5.749% (LIBOR01M + 3.25%) 7/27/23 ●		1,025,680		1,020,551
First Data 1st Lien Loan 4.486% (LIBOR01M + 2.00%) 7/10/22 ●		425,347		424,749
Loan 4.486% (LIBOR01M + 2.00%) 4/26/24 ●		1,969,227		1,965,535
Flex Acquisition 1st Lien 5.626% (LIBOR01M + 3.00%) 12/29/23 ●		197,557		191,939


			(continues	)		81

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)

Loan Agreements (continued)

Flying Fortress Holdings Tranche B 1st Lien 4.351% (LIBOR03M + 1.75%) 10/30/22 ●		496,000	$	495,432
Gardner Denver Tranche B1 1st Lien 5.249% (LIBOR01M + 2.75%) 7/30/24 ●		366,450		366,507
Gates Global Tranche B2 1st Lien 5.249% (LIBOR01M + 2.75%) 3/31/24 ●		709,808		703,407
Gentiva Health Services 1st Lien 6.25% (LIBOR01M + 3.75%) 7/2/25 =●		257,710		257,545
GIP III Stetson I Tranche B 1st Lien 6.732% (LIBOR01M + 4.25%) 7/18/25 ●		328,934		326,673
Gray Television Tranche B2 1st Lien 4.732% (LIBOR01M + 2.25%) 2/7/24 ●		1,498,322		1,482,804
Greenhill & Co. Tranche B 1st Lien 6.285% (LIBOR02M + 3.75%) 10/12/22 ●		304,013		306,673
Grizzly Finco Tranche B 1st Lien 6.047% (LIBOR03M + 3.25%) 10/1/25 ●		373,125		372,659
GVC Holdings Tranche B2 1st Lien 4.999% (LIBOR01M + 2.50%) 3/16/24 ●		824,670		822,093
HCA Tranche B10 1st Lien 4.499% (LIBOR01M + 2.00%) 3/13/25 ●		1,559,250		1,559,250
HCA Tranche B11 1st Lien 4.249% (LIBOR01M + 1.75%) 3/18/23 ●		220,642		220,608
Heartland Dental 1st Lien 6.249% (LIBOR01M + 3.75%) 4/30/25 ●		703,290		684,829
H-Food Holdings 1st Lien 6.186% (LIBOR01M + 3.688%) 5/31/25 ●		185,967		181,317
Hilton Worldwide Finance Tranche B2 1st Lien 4.236% (LIBOR01M + 1.75%) 10/25/23 ●		1,275,249		1,272,629
Hoya Midco Tranche B 1st Lien 5.993% (LIBOR01M + 3.50%) 6/30/24 ●		697,575		676,648
HUB International Tranche B 1st Lien 5.515% (LIBOR03M + 2.75%) 4/25/25 ●		1,042,125		1,009,450


	Principal amount°		Value (US $)

Loan Agreements (continued)

Hyperion Insurance Group Tranche B 1st Lien 6.00% (LIBOR01M + 3.50%) 12/20/24 ●		743,547	$	741,457
INEOS US Finance Tranche B 1st Lien 4.499% (LIBOR01M + 2.00%) 3/31/24 ●		948,000		931,781
IQVIA Tranche B3 1st Lien 4.249% (LIBOR01M + 1.75%) 6/11/25 ●		1,022,275		1,007,260
Iron Mountain Tranche B 1st Lien 4.249% (LIBOR01M + 1.75%) 1/2/26 ●		728,371		708,796
JBS USA LUX Tranche B 1st Lien 4.983% (LIBOR01M + 2.50%) 10/30/22 ●		415,847		413,352
Kronos Tranche B 1st Lien 5.736% (LIBOR03M + 3.00%) 11/1/23 ●		525,421		520,372
Lamar Media Tranche B 1st Lien 4.25% (LIBOR01M + 1.75%) 3/16/25 ●		395,503		395,005
Las Vegas Sands Tranche B 1st Lien 4.249% (LIBOR01M + 1.75%) 3/27/25 ●		194,020		190,867
Lucid Energy Group II Borrower 1st Lien 5.486% (LIBOR01M + 3.00%) 2/18/25 ●		725,159		689,127
LUX HOLDCO III 1st Lien 5.579% (LIBOR02M + 3.00%) 3/28/25 ●		221,760		220,374
MGM Growth Properties Operating Partnership Tranche B 1st Lien 4.499% (LIBOR01M + 2.00%) 3/25/25 ●		795,289		784,685
Microchip Technology 1st Lien 4.50% (LIBOR01M + 2.00%) 5/29/25 ●		1,013,785		1,003,483
MPH Acquisition Holdings Tranche B 1st Lien 5.351% (LIBOR03M + 2.75%) 6/7/23 ●		1,039,166		1,007,081
NCI Building Systems Tranche B 1st Lien 6.547% (LIBOR03M + 3.75%) 4/12/25 ●		372,188		355,439
Neiman Marcus Group 1st Lien 5.733% (LIBOR01M + 3.25%) 10/25/20 ●		260,898		243,015


	Principal amount°		Value (US $)

Loan Agreements (continued)

NFP Tranche B 1st Lien 5.499% (LIBOR01M + 3.00%) 1/8/24 ●		894,323	$	863,357
ON Semiconductor Tranche B3 1st Lien 4.249% (LIBOR01M + 1.75%) 3/31/23 ●		1,810,462		1,794,620
Panda Stonewall Tranche B1 1st Lien 8.101% (LIBOR03M + 5.50%) 11/13/21 ●		288,120		285,959
Panther BF Aggregator 2 Tranche B 1st Lien 0.00% 3/18/26 ● X		80,000		79,198
Penn National Gaming Tranche B1 1st Lien 4.749% (LIBOR01M + 2.25%) 10/15/25 ●		1,745,625		1,727,987
Plaskolite PPC Intermediate II 1st Lien 6.734% (LIBOR01M + 4.25%) 12/14/25 ●		417,953		418,214
PQ Tranche B 1st Lien 5.244% (LIBOR03M + 2.50%) 2/8/25 ●		1,412,739		1,398,612
Prestige Brands Tranche B5 1st Lien 4.499% (LIBOR01M + 2.00%) 1/26/24 ●		699,145		693,246
Radiate Holdco Tranche B 1st Lien 5.499% (LIBOR01M + 3.00%) 2/1/24 ●		650,449		636,559
Refinitiv US Holdings Tranche B 1st Lien 6.249% (LIBOR01M + 3.75%) 10/1/25 ●		368,078		357,687
RPI Finance Trust Tranche B6 1st Lien 4.499% (LIBOR01M + 2.00%) 4/17/23 ●		98,428		97,946
Russell Investments US Institutional Holdco Tranche B 1st Lien 5.851% (LIBOR03M + 3.25%) 6/1/23 ●		2,094,758		2,065,302
Sable International Finance Tranche B4 1st Lien 5.749% (LIBOR01M + 3.25%) 1/31/26 ●		285,000		284,389
SBA Senior Finance II Tranche B 1st Lien 4.50% (LIBOR01M + 2.00%) 4/11/25 ●		957,763		938,906


	Principal amount°		Value (US $)

Loan Agreements (continued)

Scientific Games International Tranche B5 1st Lien 5.314% (LIBOR02M + 2.75%) 8/14/24 ●		1,697,402	$	1,653,451
Sinclair Television Group Tranche B2 1st Lien 4.75% (LIBOR01M + 2.25%) 1/3/24 ●		2,580,600		2,564,069
Solenis International 1st Lien 6.629% (LIBOR03M + 4.00%) 6/26/25 ●		277,900		274,166
Sprint Communications Tranche B 1st Lien Loan 5.00% (LIBOR01M + 2.50%) 2/3/24 ●		1,547,928		1,504,393
Loan 5.50% (LIBOR01M + 3.00%) 2/3/24 =●		453,863		441,098
SS&C European Holdings Tranche B4 1st Lien 4.749% (LIBOR01M + 2.25%) 4/16/25 ●		345,027		342,619
SS&C Technologies Tranche B3 1st Lien 4.749% (LIBOR01M + 2.25%) 4/16/25 ●		479,872		476,523
StandardAero Aviation Holdings 1st Lien 6.24% (LIBOR01M + 3.75%) 7/7/22 ●		491,141		491,448
Staples 1st Lien 6.489% (LIBOR01M + 4.00%) 9/12/24 ●		421,999		419,851
Stars Group Holdings Tranche B 1st Lien 6.101% (LIBOR03M + 3.50%) 7/10/25 ●		851,903		851,570
Summit Materials Tranche B 1st Lien 4.499% (LIBOR01M + 2.00%) 11/21/24 ●		725,813		712,657
Summit Midstream Partners Holdings Tranche B 1st Lien 8.499% (LIBOR01M + 6.00%) 5/21/22 ●		289,960		288,148
Surgery Center Holdings 1st Lien 5.75% (LIBOR01M + 3.25%) 8/31/24 ●		1,080,883		1,064,333
Syneos Health Tranche B 1st Lien 4.499% (LIBOR01M + 2.00%) 8/1/24 ●		436,380		433,808


			(continues	)		83

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)

Loan Agreements (continued)

Tecta America 1st Lien 6.999% (LIBOR01M + 4.50%) 11/21/25 =●		518,700	$	512,216
Telenet Financing USD Tranche AN-DD 1st Lien 4.734% (LIBOR01M + 2.25%) 8/15/26 ●		1,045,000		1,025,406
Thor Industries Tranche B 1st Lien 6.25% (LIBOR01M + 3.75%) 2/1/26 ●		851,771		816,093
Titan Acquisition Tranche B 1st Lien 5.499% (LIBOR01M + 3.00%) 3/28/25 ●		1,170,449		1,089,981
TMS International Tranche B2 1st Lien 5.40% (LIBOR03M + 2.75%) 8/14/24 =●		207,635		204,520
TransDigm Tranche F 1st Lien 4.999% (LIBOR01M + 2.50%) 6/9/23 ●		1,015,799		993,420
Trident TPI Holdings 1st Lien 5.749% (LIBOR01M + 3.25%) 10/5/24 ●		272,118		263,274
Tronox Blocked Borrower Tranche B 1st Lien 5.499% (LIBOR01M + 3.00%) 9/22/24 ●		227,420		226,832
Tronox Finance Tranche B 1st Lien 5.499% (LIBOR01M + 3.00%) 9/22/24 ●		491,157		489,886
United Rentals North America Tranche B 1st Lien 4.249% (LIBOR01M + 1.75%) 10/31/25 ●		69,650		69,476
Unitymedia Finance Tranche D 1st Lien 4.734% (LIBOR01M + 2.25%) 1/15/26 ●		295,000		292,480
Unitymedia Finance Tranche E 1st Lien 4.484% (LIBOR01M + 2.00%) 6/1/23 ●		1,020,000		1,007,568
UPC Financing Partnership Tranche AR 1st Lien 4.984% (LIBOR01M + 2.50%) 1/15/26 ●		88,544		88,328
Upfield USA Tranche B2 1st Lien 5.603% (LIBOR03M + 3.00%) 7/2/25 ●		683,833		666,452
USI Tranche B 1st Lien 5.601% (LIBOR03M + 3.00%) 5/16/24 ●		2,169,920		2,099,398


	Principal amount°		Value (US $)

Loan Agreements (continued)

USIC Holdings 1st Lien 5.749% (LIBOR01M + 3.25%) 12/9/23 ●		657,928	$	642,851
Utz Quality Foods 1st Lien 5.999% (LIBOR01M + 3.50%) 11/21/24 ●		168,715		168,715
Vantage Specialty Chemicals 2nd Lien 10.851% (LIBOR03M + 8.25%) 10/26/25 ●		40,000		38,800
Vantage Specialty Chemicals Tranche B 1st Lien 6.058% (LIBOR03M + 3.50%) 10/28/24 ●		166,126		163,218
Virgin Media Bristol Tranche K 1st Lien 4.984% (LIBOR01M + 2.50%) 1/15/26 ●		515,000		509,896
Vistra Operations Tranche B3 1st Lien 4.486% (LIBOR01M + 2.00%) 12/1/25 ●		779,113		769,276
Visual Comfort Group 1st Lien 5.499% (LIBOR01M + 3.00%) 2/28/24 =●		769,348		769,386
VVC Holding Tranche B 1st Lien 7.197% (LIBOR03M + 4.50%) 2/11/26 ●		1,360,000		1,341,867
Wand NewCo 3 Tranche B 1st Lien 5.982% (LIBOR01M + 3.50%) 2/5/26 ●		425,000		425,996
Western Digital Tranche B4 1st Lien 4.249% (LIBOR01M + 1.75%) 4/29/23 ●		121,182		118,152
WR Grace & Co-Conn Tranche B1 1st Lien 4.351% (LIBOR03M + 1.75%) 4/3/25 ●		73,316		72,308
WR Grace & Co-Conn Tranche B2 1st Lien 4.351% (LIBOR03M + 1.75%) 4/3/25 ●		125,684		123,956
Wyndham Hotels & Resorts Tranche B 1st Lien 4.249% (LIBOR01M + 1.75%) 5/30/25 ●		1,119,375		1,106,957
Wynn Resorts Tranche B 1st Lien 4.75% (LIBOR01M + 2.25%) 10/30/24 ●		775,000		759,823
XPO Logistics Tranche B 1st Lien 4.499% (LIBOR01M + 2.00%) 2/24/25 ●		1,032,000		1,014,988


	Principal amount°		Value (US $)

Loan Agreements (continued)

Zayo Group Tranche B2 1st Lien 4.749% (LIBOR01M + 2.25%) 1/19/24 ●		933,567	$	929,483
Zekelman Industries 1st Lien 4.74% (LIBOR01M + 2.25%) 6/14/21 ●		969,940		961,755

Total Loan Agreements (cost $95,564,766)				94,600,867



Sovereign Bonds – 3.66%D

Argentina – 0.03%
Argentine Republic Government International Bond 5.625% 1/26/22		930,000		803,985

				803,985

Bermuda – 0.03%
Bermuda Government International Bond 144A 3.717% 1/25/27 #		800,000		793,000

				793,000

Brazil – 0.09%
Brazil Notas do Tesouro Nacional Series F 10.00% 1/1/27	BRL	7,619,000		2,071,141

				2,071,141

Canada – 0.04%
Canadian Government Bond 2.75% 12/1/48	CAD	171,000		152,222
Export Development Canada 2.625% 2/21/24		685,000		693,676

				845,898

Colombia – 0.10%
Colombian TES 7.00% 6/30/32	COP	7,187,000,000		2,300,596

				2,300,596

Cyprus – 0.06%
Cyprus Government International Bond 3.875% 5/6/22	EUR	1,200,000		1,501,507

				1,501,507

Egypt – 0.06%
Egypt Government International Bonds 144A 5.577% 2/21/23 #		280,000		278,550


	Principal amount°		Value (US $)

Sovereign BondsD (continued)

Egypt (continued)
Egypt Government International Bonds
144A 7.60% 3/1/29 #		505,000	$	519,628
144A 8.70% 3/1/49 #		605,000		630,733

				1,428,911

France – 0.02%
French Republic Government Bond O.A.T. 144A 2.00% 5/25/48 #	EUR	390,000		512,749

				512,749

Ghana – 0.04%
Ghana Government International Bond 144A 7.875% 3/26/27 #		915,000		925,551

				925,551

Hungary – 0.03%
Hungary Government Bond 3.00% 10/27/27	HUF	204,200,000		744,925

				744,925

Italy – 0.01%
Italy Buoni Poliennali Del Tesoro 144A 3.45% 3/1/48 #	EUR	235,000		264,120

				264,120

Ivory Coast – 0.05%
Ivory Coast Government International Bond 144A 6.125% 6/15/33 #		1,150,000		1,062,010

				1,062,010

Japan – 1.95%
Japan Bank for International Cooperation
2.125% 6/1/20		700,000		696,810
3.221% (LIBOR03M + 0.57%) 2/24/20 ●		1,018,000		1,022,566
3.375% 10/31/23		386,000		398,724
Japan Treasury Discount Bill 0.00% 4/22/19 ≠	JPY	4,890,000,000		44,125,731

				46,243,831

Jordan – 0.02%
Jordan Government International Bond 144A 5.75% 1/31/27 #		400,000		392,864

				392,864


			(continues	)		85

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)

Sovereign BondsD (continued)

Kuwait – 0.14%
Kuwait International Government Bond 144A 2.75% 3/20/22 #		3,400,000	$	3,402,659

				3,402,659

Mexico – 0.08%
Mexican Bonos 7.75% 5/29/31	MXN	27,900,000		1,390,354
Mexico Government International Bond 4.35% 1/15/47		600,000		563,250

				1,953,604

Nigeria – 0.03%
Nigeria Government International Bond 144A 7.875% 2/16/32 #		620,000		645,917

				645,917

Poland – 0.02%
Republic of Poland Government Bonds
2.50% 1/25/23	PLN	634,000		168,423
3.25% 7/25/25	PLN	1,087,000		297,627

				466,050

Qatar – 0.12%
Qatar Government International Bonds
144A 4.00% 3/14/29 #		490,000		505,769
144A 5.103% 4/23/48 #		2,200,000		2,414,500

				2,920,269

Republic of Korea – 0.01%
Export-Import Bank of Korea 4.00% 6/7/27	AUD	210,000		159,219

				159,219

Russia – 0.03%
Russian Foreign Bond - Eurobond 144A 4.25% 6/23/27 #		600,000		598,997

				598,997

Saudi Arabia – 0.39%
Saudi Government International Bonds
2.375% 10/26/21		200,000		196,854
144A 2.875% 3/4/23 #		2,200,000		2,182,565
3.25% 10/26/26		1,000,000		975,342
144A 4.375% 4/16/29 #		720,000		751,591
144A 4.50% 10/26/46 #		800,000		783,302


	Principal amount°		Value (US $)

Sovereign BondsD (continued)

Saudi Arabia (continued)
Saudi Government International Bonds 144A 5.00% 4/17/49 #		4,200,000	$	4,358,554

				9,248,208

Senegal – 0.04%
Senegal Government International Bond 144A 6.75% 3/13/48 #		960,000		888,480

				888,480

South Africa – 0.09%
Republic of South Africa Government Bonds
8.00% 1/31/30	ZAR	22,918,000		1,465,168
8.75% 1/31/44	ZAR	11,636,000		730,623

				2,195,791

Spain – 0.01%
Spain Government Bond 144A 2.70% 10/31/48 #	EUR	230,000		283,639

				283,639

Turkey – 0.04%
Turkey Government International Bonds
5.75% 5/11/47		680,000		541,875
7.625% 4/26/29		500,000		496,373

				1,038,248

Ukraine – 0.06%
Ukraine Government International Bonds
144A 7.75% 9/1/26 #		900,000		848,093
144A 9.75% 11/1/28 #		515,000		532,124

				1,380,217

United Kingdom – 0.02%
United Kingdom Gilt
1.75% 9/7/22	GBP	100,000		135,050
3.50% 1/22/45	GBP	138,800		254,656

				389,706

Uruguay – 0.02%
Uruguay Government International Bond 4.375% 1/23/31		515,000		540,879

				540,879


	Principal amount°		Value (US $)

Sovereign BondsD (continued)

Uzbekistan – 0.03%
Republic of Uzbekistan Bond 144A 5.375% 2/20/29 #		690,000	$	686,453


				686,453

Total Sovereign Bonds (cost $86,716,412)				86,689,424



Supranational Banks – 0.62%

Arab Petroleum Investments
144A 4.125% 9/18/23 #		750,000		774,742
Asian Development Bank 3.50% 5/30/24	NZD	864,000		626,795
Banque Ouest Africaine de Developpement 144A 5.00% 7/27/27 #		1,000,000		1,000,500
Council of Europe Development Bank 1.50% 5/17/19		1,365,000		1,363,046
European Bank for Reconstruction & Development 2.602% (LIBOR03M + 0.00%) 3/23/20 ●		505,000		505,038
European Investment Bank
1.00% 9/21/26	GBP	318,000		407,193
1.25% 5/15/19		2,710,000		2,705,983
2.625% 3/15/24		610,000		618,183
6.00% 12/7/28	GBP	771,000		1,419,269
FMS Wertmanagement 2.75% 1/30/24		340,000		346,074
Inter-American Development Bank 3.007% (LIBOR03M + 0.22%) 10/15/20 ●		890,000		893,156
International Bank for Reconstruction & Development
1.25% 4/26/19		500,000		499,539
1.95% 11/9/20		800,000		793,694
2.50% 11/25/24		440,000		443,101
2.552% (LIBOR01M + 0.07%) 4/17/19 ●		440,000		440,016
3.00% 2/2/23	NZD	705,000		497,727
3.375% 1/25/22	NZD	300,000		212,512
4.625% 10/6/21	NZD	380,000		276,288
International Finance
2.375% 7/19/23	CAD	693,000		529,648
3.625% 5/20/20	NZD	163,000		113,286
3.75% 8/9/27	NZD	305,000		225,944

Total Supranational Banks (cost $14,580,394)				14,691,734


	Principal amount°		Value (US $)

US Treasury Obligations – 26.28%

US Treasury Bonds
2.50% 2/15/45		37,100,000	$	35,092,107
2.75% 8/15/42		900,000		898,365
2.75% 11/15/42		1,400,000		1,396,473
2.875% 5/15/43		2,200,000		2,239,187
2.875% 8/15/45		16,700,000		16,965,831
3.00% 5/15/47		900,000		935,051
3.00% 8/15/48		3,770,000		3,912,480
3.00% 2/15/49		870,000		903,373
3.125% 5/15/48		1,490,000		1,583,998
4.375% 5/15/40		100,000		127,504
US Treasury Floating Rate Note 2.51% (USBMMY3M + 0.115%) 1/31/21 ●		3,270,000		3,267,377
US Treasury Inflation Indexed Notes
0.125% 4/15/22		3,312,064		3,279,081
0.125% 7/15/26		21,002		20,558
0.25% 1/15/25		9,352,024		9,259,236
0.375% 7/15/27		6,997,200		6,950,081
0.625% 4/15/23 ¥		2,979,308		3,001,617
0.625% 1/15/26		8,580,654		8,683,896
0.75% 7/15/28		2,506,925		2,565,165
0.875% 1/15/29		1,196,244		1,235,882
1.75% 1/15/28		14,562,301		16,098,250
2.375% 1/15/25		9,080,516		10,090,448
2.375% 1/15/27		1,622,621		1,856,418
2.50% 1/15/29		35,172		41,723
US Treasury Notes
0.875% 7/31/19		2,470,000		2,457,071
1.125% 8/31/21 ¥		13,800,000		13,438,290
1.25% 4/30/19		2,180,000		2,178,801
1.25% 6/30/19		3,365,000		3,354,682
1.50% 10/31/19		83,500,000		83,046,636
1.875% 7/31/22		39,700,000		39,256,476
2.00% 10/31/21 ¥		1,600,000		1,590,563
2.00% 11/30/22 ¥		7,700,000		7,641,047
2.00% 5/31/24		25,200,000		24,900,259
2.00% 6/30/24		7,700,000		7,604,803
2.125% 11/30/24		9,400,000		9,327,481
2.25% 3/31/26		13,100,000		13,050,875
2.25% 2/15/27		3,400,000		3,377,023
2.50% 1/31/21		21,250,000		21,330,518
2.50% 1/31/24		10,000,000		10,122,461
2.50% 2/28/26		11,300,000		11,435,954
2.625% 7/31/20		12,000,000		12,041,016
2.625% 12/31/23		61,130,000		62,209,330
2.625% 3/31/25		12,700,000		12,941,846
2.625% 2/15/29		33,590,000		34,248,021


			(continues	)		87

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)

US Treasury Obligations (continued)

US Treasury Notes
2.75% 7/31/23		46,200,000	$	47,193,480
2.75% 2/15/24 ¥		4,000,000		4,094,453
2.875% 7/31/25		15,500,000		16,025,850
2.875% 11/30/25		8,100,000		8,383,500
3.125% 11/15/28 ¥		38,500,000		40,887,450

Total US Treasury Obligations (cost $616,055,366)				622,541,987


	Number of shares

Common Stock – 0.00%

Adelphia Recovery Trust =†		1		—
Century Communications =†		1,975,000		—

Total Common Stock (cost $59,791)				—



Convertible Preferred Stock – 0.29%

A Schulman 6.00% exercise price $52.33 y		1,141		1,178,083
AMG Capital Trust II 5.15% exercise price $198.02, maturity date 10/15/37		12,029		613,476
Assurant 6.50% exercise price $106.91, maturity date 3/15/21		7,416		768,891
Bank of America 7.25% exercise price $50.00 y		417		542,880
Becton Dickinson 6.125% exercise price $211.80, maturity date 5/1/20		10,485		648,078
DTE Energy 6.50% exercise price $116.31, maturity date 10/1/19		15,559		861,191
El Paso Energy Capital Trust I 4.75% exercise price $34.49, maturity date 3/31/28		16,971		919,319
QTS Realty Trust 6.50% exercise price $47.03 y		7,404		804,222
Wells Fargo & Co. 7.50% exercise price $156.71 y		325		420,014


Total Convertible Preferred Stock (cost $6,484,007)				6,756,154



Preferred Stock – 0.09%

Bank of America 6.50%µy		1,150,000		1,248,469
General Electric 5.00%µy		300,000		280,057
Morgan Stanley 5.55%µy		240,000		244,273


	Number of shares		Value (US $)

Preferred Stock (continued)

USB Realty 144A 3.93% (LIBOR03M + 1.147%)#y●		500,000	$	430,737

Total Preferred Stock (cost $2,229,700)				2,203,536


	Number of contracts

Options Purchased – 0.00%

Futures Call Option – 0.00%
US Treasury 10 yr Note strike price $143, expiration date 5/24/19, notional amount $1,816,100,000		127		—
US Ultra Bond strike price $210, expiration date 5/24/19, notional amount $294,000,000		14		—

				—

Futures Put Option – 0.00%
US Treasury 2 yr Note strike price $105, expiration date 5/24/19, notional amount $1,785,000,000		85		—

				—

Total Options Purchased (premium paid $1,865)				—


	Principal amount°		Value (US $)

Short-Term Investments – 8.21%

Discount Notes – 1.12%≠
Bank of Montreal Bankers Acceptance
1.851% 4/15/19	CAD	6,600,000		4,934,677
1.856% 4/12/19	CAD	3,000,000		2,243,372
Canadian Imperial Bank Bankers Acceptance
1.816% 4/25/19	CAD	11,800,000		8,818,190
Royal Bank of Canada Bankers Acceptance
1.80% 4/22/19	CAD	14,000,000		10,463,935

				26,460,174


	Number of shares
Money Market Mutual Funds – 2.13%
BlackRock FedFund - Institutional Shares (seven-day effective yield 2.36%)		10,097,700		10,097,700
Fidelity Investments Money Market Government Portfolio - Class I (seven-day effective yield 2.31%)		10,097,700		10,097,700
GS Financial Square Government Fund - Institutional Shares (seven-day effective yield 2.32%)		10,097,700		10,097,700
Morgan Stanley Government Portfolio - Institutional Share Class (seven-day effective yield 2.33%)		10,097,700		10,097,700
State Street Institutional US Government Money Market Fund - Investor Class (seven-day effective yield 2.31%)		10,097,700		10,097,700

				50,488,500


	Principal amount°			Value (US $)

Short-Term Investments (continued)

Repurchase Agreements – 4.96%
US Treasury repurchase agreement with Barclays Capital 3.45%, dated 3/28/19, to be repurchased 4/1/19, repurchase price $32,209,258 (collateralized by US government obligation; 2.75% 4/30/23; market value $32,798,702)		32,200,000		$	32,200,000
US Treasury repurchase agreement with J.P. Morgan Securities 2.51%, dated 3/29/19, to be repurchased 4/2/19, repurchase price $52,414,614 (collateralized by US government obligation; 1.625%-3.00% 5/15/26-11/15/45; market value $52,731,511)		52,400,000			52,400,000
US Treasury repurchase agreement with J.P. Morgan Securities 3.50%, dated 3/28/19, to be repurchased 4/1/19, repurchase price $32,809,567 (collateralized by US government obligation; 3.00% 11/15/45; market value $33,415,284)		32,800,000			32,800,000

					117,400,000

Total Short-Term Investments (cost $194,317,688)					194,348,674


Total Value of Securities Before Options Written – 119.13% (cost $2,798,496,502)					2,821,903,438


	Number of contracts

Options Written – 0.00%

Put Swaptions – 0.00%
CDX.OP.IG 31 5 yr V1 I strike price $1, expiration date 4/17/19, notional amount ($500,000) (BNP)		(500,000	)		(5	)


			(continues	)		89

Schedules of investments

Optimum Fixed Income Fund


	Number of contracts			Value (US $)

Options Written (continued)

CDX.OP.IG 31 5 yr V1 I strike price $1, expiration date 4/17/19, notional amount ($600,000) (CITI)		(600,000	)	$	(5	)
CDX.OP.IG 31 5 yr V1 I strike price $1, expiration date 5/15/19, notional amount ($700,000) (CITI)		(700,000	)		(92	)
CDX.OP.IG 31 5 yr V1 I strike price $1.05, expiration date 4/17/19, notional amount ($630,000) (CITI)		(600,000	)		(2	)
CDX.OP.IG 31 5 yr V1 I strike price $1.15, expiration date 4/17/19, notional amount ($2,875,000) (BA)		(2,500,000	)		(3	)
CDX.OP.IG 31 5 yr V1 I strike price $1.15, expiration date 4/17/19, notional amount ($690,000) (CITI)		(600,000	)		(1	)
CDX.OP.IG 31 5 yr V1 I strike price $1.20, expiration date 4/17/19, notional amount ($720,000) (CITI)		(600,000	)		—
CDX.OP.IG 31 5yr V1 I strike price $1.20, expiration date 5/15/19, notional amount ($600,000) (BA)		(600,000	)		(16	)

					(124	)

Total Options Written (premium received $6,738)					(124	)

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2019, the aggregate value of Rule 144A securities was $418,572,446, which represents 17.67% of the Fund’s net assets. See Note 10 in “Notes to financial statements.”

◆	Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to

the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes.

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

=	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 3 in “Notes to financial statements.”

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

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

D	Securities have been classified by country of origin.

µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at March 31, 2019. Rate will reset at a future date.

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

y	No contractual maturity date.

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

†	Non-income producing security.

●

Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at March 31, 2019. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their description above. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. 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, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their description above.

X	This loan will settle after March 31, 2019, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.

f	Step coupon bond. Stated rate in effect at March 31, 2019 through maturity date.

¥	Fully or partially pledged as collateral for futures and swap contracts.

The following foreign currency exchange contracts, futures contracts, and swap contracts were outstanding at March 31, 2019:¹

Foreign Currency Exchange Contracts


Counterparty	Contracts to Receive (Deliver)		In Exchange For			Settlement Date		Unrealized Appreciation		Unrealized Depreciation
BA	AUD	(3,195,133)	USD	2,279,852			4/26/19	$	9,892	$	—
BA	CAD	(8,543,000)	USD	6,367,415			4/2/19		—		(26,027	)
BA	CAD	(3,000,000)	USD	2,251,816			4/12/19		6,093		—
BA	CAD	(6,600,000)	USD	4,954,337			4/15/19		13,370		—
BA	CAD	430,720	USD	(326,929	)		4/26/19		—		(4,389	)
BA	CAD	8,543,000	USD	(6,372,305	)		5/3/19		26,170		—
BA	EUR	19,622,000	USD	(22,083,873	)		4/2/19		—		(65,385	)
BA	EUR	938,738	USD	(1,066,737	)		4/26/19		—		(11,210	)
BA	EUR	(27,623,000)	USD	31,169,488			5/3/19		90,883		—
BA	GBP	(37,000)	USD	48,416			4/2/19		216		—
BA	JPY	(108,073,375)	USD	980,871			4/26/19		3,283		—
BA	NZD	129,589	USD	(88,524	)		4/26/19		—		(229	)
BA	SGD	(9,478,080)	USD	7,008,734			6/19/19		4,189		—
BA	TRY	(3,024,000)	USD	534,842			4/1/19		—		(4,045	)
BNP	AUD	(1,474,280)	USD	1,051,455			4/26/19		4,063		—
BNP	EUR	977,000	USD	(1,097,728	)		4/1/19		—		—
BNP	EUR	(1,710,000)	USD	1,928,583			4/2/19		9,736		—
BNP	GBP	10,307,000	USD	(13,562,318	)		4/2/19		—		(135,199	)
BNP	GBP	(10,307,000)	USD	13,583,084			5/3/19		134,944		—
BNP	INR	23,338,266	USD	(323,334	)		6/19/19		9,205		—
BNP	JPY	(4,890,000,000)	USD	45,063,725			4/22/19		847,422		—
BNP	MXN	3,079,632	USD	(159,000	)		4/26/19		—		(1,054	)
BNP	NOK	(3,327,664)	USD	387,378			4/26/19		1,135		—
BNP	TWD	(186,760,561)	USD	6,076,280			6/19/19		4,840		—
BNYM	AUD	(8,975)	USD	6,357			4/1/19		—		(16	)
BNYM	CAD	(4,650)	USD	3,477			4/1/19		—		(3	)
CITI	CAD	8,702,000	USD	(6,615,185	)		4/2/19		—		(102,751	)
CITI	CAD	(8,400,000)	USD	6,359,243			5/15/19		65,966		—
CITI	COP	7,581,360,440	USD	(2,429,681	)		4/26/19		—		(55,705	)
CITI	EUR	(1,000,000)	USD	1,123,185			4/1/19		—		—
CITI	EUR	(1,110,000)	USD	1,247,057			4/2/19		1,490		—
CITI	EUR	1,000,000	USD	(1,126,200	)		5/3/19		—		(1,101	)
CITI	GBP	(10,307,000)	USD	13,578,388			4/2/19		151,269		—
CITI	JPY	(114,136,812)	USD	1,029,300			4/1/19		—		—
CITI	JPY	127,200,000	USD	(1,149,472	)		4/26/19		1,128		—
CITI	JPY	(414,700,000)	USD	3,770,000			5/8/19		15,526		—
CITI	KRW	(128,438,975)	USD	114,965			6/19/19		1,806		—
CITI	MXN	754,000	USD	(38,982	)		4/24/19		—		(299	)
HSBC	EUR	1,310,528	USD	(1,493,045	)		4/26/19		—		(19,474	)
HSBC	GBP	(1,332,923)	USD	1,739,792			4/26/19		1,274		—
JPMCB	CAD	(14,000,000)	USD	10,445,604			4/22/19		—		(37,098	)
JPMCB	CAD	(11,800,000)	USD	8,804,749			4/25/19		—		(31,344	)
JPMCB	EUR	(17,811,000)	USD	20,328,015			4/2/19		341,710		—
JPMCB	JPY	114,159,345	USD	(1,031,029	)		4/1/19		—		—
JPMCB	PLN	(1,265,105)	USD	331,209			4/26/19		1,412		—
TDB	JPY	456,933,221	USD	(4,147,765	)		4/26/19		—		(14,532	)


Total Foreign Currency Exchange Contracts								$	1,747,022	$	(509,861	)


			(continues	)		91

Schedules of investments

Optimum Fixed Income Fund

Futures Contracts


Contracts to Buy (Sell)		Notional Amount			Notional Cost			Expiration Date		Value/ Unrealized Appreciation		Value/ Unrealized Depreciation			Variation Margin Due from (Due to) Brokers

122	3 Month Euro Euribor	$	34,285,223		$	34,231,461			12/14/20	$	53,762	$	—			$ (1,730	)
(1,193)	90 Day Euro		(290,659,538	)		(289,615,543	)		6/18/19		—		(1,043,995	)		44,738
193	90 Day Euro		47,022,037			46,990,968			6/18/19		31,069		—			(6,562	)
108	90 Day Euro		26,335,800			26,277,487			9/17/19		58,313		—			(6,750	)
(12)	90 Day Euro		(2,933,250	)		(2,920,733	)		6/16/20		—		(12,517	)		2,550
(30)	90 Day Euro		(7,338,000	)		(7,304,818	)		9/15/20		—		(33,182	)		6,000
(272)	90 Day Euro		(66,541,400	)		(66,329,221	)		12/14/20		—		(212,179	)		48,000
176	90 Day Sterling		28,413,207			28,406,218			6/19/19		6,989		—			2,855
(176)	90 Day Sterling		(28,337,274	)		(28,235,924	)		6/15/22		—		(101,350	)		3,120
9	Bankers’ Acceptance		1,650,943			1,642,693			12/17/19		8,250		—			(1,459	)
15	Bankers’ Acceptance		2,753,255			2,736,979			3/17/20		16,276		—			(2,557	)
62	Bankers’ Acceptance		11,383,601			11,315,742			6/15/20		67,859		—			(10,567	)
41	Bankers’ Acceptance		7,528,632			7,491,276			9/14/20		37,356		—			(7,031	)
61	Bankers’ Acceptance		11,202,277			11,210,700			12/14/20		—		(8,423	)		(6,933	)
(174)	Euro-B.T.P		(25,270,537	)		(24,636,457	)		6/6/19		—		(634,080	)		25,609
(45)	Euro-Bund		(8,396,635	)		(8,212,844	)		6/6/19		—		(183,791	)		2,590
(31)	Long 10 yr Gilt		(5,223,437	)		(5,137,208	)		6/26/19		—		(86,229	)		(3,434	)
85	US Treasury 2 yr Notes		18,112,969			18,051,960			6/28/19		61,009		—			(18,594	)
2,508	US Treasury 5 yr Notes		290,496,937			287,786,573			6/28/19		2,710,364		—			(568,219	)
1,012	US Treasury 5 yr Notes		117,218,063			116,303,393			6/28/19		914,670		—			(229,281	)
(31)	US Treasury 5 yr Notes		(3,590,672	)		(3,561,228	)		6/28/19		—		(29,444	)		7,023
602	US Treasury 10 yr Notes		74,779,688			73,684,235			6/19/19		1,095,453		—			(169,313	)
442	US Treasury 10 yr Notes		54,904,687			54,180,717			6/19/19		723,970		—			(124,098	)
(143)	US Treasury 10 yr Notes		(17,763,281	)		(17,512,691	)		6/19/19		—		(250,590	)		40,219
248	US Treasury Long Bonds		37,114,750			36,080,472			6/19/19		1,034,278		—			(93,000	)
74	US Treasury Long Bonds		11,074,562			10,766,755			6/19/19		307,807		—			(27,750	)
(13)	US Treasury Ultra Bonds		(2,184,000	)		(2,104,310	)		6/19/19		—		(79,690	)		5,250


Total Futures Contracts					$	311,586,652				$	7,127,425	$	(2,675,470	)		$(1,089,324	)

Swap Contracts

CDS Contracts²


Counterparty/ Reference Obligation/ Termination Date/ Payment Frequency	Notional Amount³	Annual Protection Payments		Value			Upfront Payments Paid (Received)			Unrealized Appreciation⁴		Unrealized Depreciation⁴			Variation Margin Due from (Due to) Brokers
Centrally Cleared:
Protection Purchased/Moody’s Ratings:
CDX.NA.HY.31⁵12/20/23-Quarterly	980,000		5.000%	$	(65,257	)	$	(51,299	)		$ —	$	(13,958	)	$	(3,653	)
CDX.NA.IG.31⁶12/20/23-Quarterly	1,700,000		1.000%		(32,966	)		(30,483	)		—		(2,483	)		(2,125	)
Protection Sold Moody’s Ratings:
Citigroup CDS 6.125% 12/20/20 Baa1 12/20/20-Quarterly	700,000		1.000%		8,234			6,316			1,918		—			64
Daimler CDS 6.125% 12/20/20 Baa1 12/20/20-Quarterly	EUR800,000		1.000%		11,421			8,335			3,086		—			171


					(78,568	)		(67,131	)		5,004		(16,441	)		(5,543	)

Over-The-Counter:
Protection Sold Moody’s Ratings:
BAML Republic of Colombia 10.375% 1/28/33 Baa2 6/20/21-Quarterly	100,000		1.000%		1,124			(1,454	)		2,578		—			—
BAML Republic of Colombia 10.375% 1/28/33 Baa2 6/20/22-Quarterly	250,000		1.000%		2,758			(2,452	)		5,210		—			—
BNP Republic of Colombia 10.375% 1/28/33 Baa2 6/20/21-Quarterly	200,000		1.000%		2,249			(2,944	)		5,193		—			—
CITI Republic of Colombia 10.375% 6/20/24 Baa2 6/20/24- Quarterly	200,000		1.000%		(803	)		(2,016	)		1,213		—			—
CITI Republic of Brazil 4.25% 1/7/25 /Ba2 6/20/22-Quarterly	100,000		1.000%		(678	)		(4,077	)		3,399		—			—
DB CMBX.NA.AAA⁷10/17/57-Quarterly	14,200,000		0.500%		141,011			(887,204	)		1,028,215		—			—
DB Republic of Colombia 10.375% 1/28/33 Baa2 6/20/21- Quarterly	200,000		1.000%		2,248			(2,908	)		5,156		—			—


			(continues	)		93

Schedules of investments

Optimum Fixed Income Fund


Counterparty/ Reference Obligation/ Termination Date/ Payment Frequency	Notional Amount³	Annual Protection Payments	Value			Upfront Payments Paid (Received)			Unrealized Appreciation⁴		Unrealized Depreciation⁴			Variation Margin Due from (Due to) Brokers
Protection Sold Moody’s Ratings (continued):
GSC Republic of Brazil 4.25% 1/7/25 /Ba2 6/20/22-Quarterly	500,000	1.000%	$	(3,392	)	$	(20,928	)	$	17,536	$	—		$	—
GSC Republic of Colombia 10.375% 1/28/33 Baa2 6/20/21-Quarterly	3,100,000	1.000%		34,858			(46,260	)		81,118		—			—
JPMCB South Africa 5.50% 3/9/20 Baa3 12/20/23-Quarterly	700,000	1.000%		(26,134	)		(31,943	)		5,809		—			—
JPMCB Mexico 5 yr CDS 5.950% 3/19/19 WR 12/20/19-Quarterly	7,100,000	1.000%		34,232			9,754			24,478		—			—
JPMCB Republic of Colombia 10.375% 1/28/33 Baa2 6/20/21-Quarterly	100,000	1.000%		1,124			(1,472	)		2,596		—			—
MSCS CMBX.NA.BBB-.6⁷5/11/63-Quarterly	1,200,000	3.000%		(152,367	)		(160,452	)		8,085		—			—
MSCS CMBX.NA.BBB-.6⁷5/11/63-Quarterly	1,200,000	3.000%		(152,367	)		(125,172	)		—		(27,195	)		—
MSCS CMBX.NA.BBB-.6⁷5/11/63-Quarterly	1,200,000	3.000%		(152,367	)		(136,880	)		—		(15,487	)		—
MSCS CMBX.NA.BBB-.6⁷5/11/63-Quarterly	605,000	3.000%		(76,818	)		(74,682	)		—		(2,136	)		—
MSCS CMBX.NA.BBB-.6⁷5/11/63-Quarterly	600,000	3.000%		(76,184	)		(65,521	)		—		(10,663	)		—
MSCS CMBX.NA.BBB-.6⁷5/11/63-Quarterly	600,000	3.000%		(76,184	)		(61,636	)		—		(14,548	)		—


				(497,690	)		(1,618,247	)		1,190,586		(70,029	)		—

Total CDS Contracts			$	(576,258	)	$	(1,685,378	)	$	1,195,590	$	(86,470	)	$	(5,543	)

IRS Contracts⁸


Reference Obligation/ Termination Date/ Payment Frequency (Fixed Rate/Floating Rate)	Notional Amount³	Fixed/Floating Interest Rate Paid (Received)		Value		Upfront Payments Paid (Received)			Unrealized Appreciation⁴		Unrealized Depreciation⁴		Variation Margin Due from (Due to Brokers)
Centrally Cleared:
2 yr IRS⁹12/20/19- (Semiannually/ Quarterly)	1,100,000		2.00%/(2.633%)	$	4,718	$	(2,498	)	$	7,216	$	—	$	111
2 yr IRS⁹6/28/21- (Semiannually/ Quarterly)	30,100,000		1.45%/(2.61%)		508,866		—			508,866		—		33,792


Reference Obligation/ Termination Date/ Payment Frequency (Fixed Rate/Floating Rate)	Notional Amount³		Fixed/Floating Interest Rate Paid (Received)		Value			Upfront Payments Paid (Received)			Unrealized Appreciation⁴		Unrealized Depreciation⁴			Variation Margin Due from (Due to Brokers)
Centrally Cleared (continued):
3 yr IRS⁹6/21/20- (Semiannually/ Quarterly)		32,700,000		1.25%/(2.613%)	$	499,849		$	272,289		$	227,560	$	—		$	13,658
3 yr IRS⁹6/20/21- (Semiannually/ Quarterly)		17,800,000		1.75%/(2.633%)		237,925			343,128			—		(105,203	)		21,240
4 yr IRS⁹12/16/19- (Semiannually/ Quarterly)		1,600,000		2.00%/(2.615%)		6,713			(1,168	)		7,881		—			158
5 yr OIS FEDL01¹⁰3/01/20-(Annually/ Annually)		85,700,000		(2.50%)/2.41%		152,976			40,809			112,167		—			(18,685	)
5 yr OIS FEDL01¹⁰3/18/20-(Annually/ Annually)		29,200,000		(2.336%)/2.41%		14,076			(309	)		14,385		—			(3,331	)
5 yr IRS⁹5/10/21- (Quarterly/ Quarterly)		15,400,000		2.631%/(2.697%)		(9,355	)		—			—		(9,355	)		403
5 yr IRS⁹5/11/21- (Quarterly/ Quarterly)		7,700,000		2.688%/(2.697%)		(4,152	)		—			—		(4,152	)		190
5 yr IRS⁹5/14/21- (Quarterly/ Quarterly)		9,600,000		2.627%/(2.693%)		(5,778	)		—			—		(5,778	)		230
5 yr IRS⁹8/09/21- (Semiannually/ Quarterly)		6,220,000		1.191%/(2.697%)		166,132			—			166,132		—			7,524
5 yr OIS FEDL01¹⁰3/01/22-(Annually/ Annually)		27,700,000		2.30%/(2.41%)		(191,290	)		19,529			—		(210,819	)		39,550
5 yr IRS⁹4/27/22- (Semiannually/ Quarterly)		2,005,000		1.976%/(2.765%)		19,843			—			19,843		—			3,380
5 yr IRS⁹6/15/22- (Semiannually/ Quarterly)		1,400,000		2.027%/(2.613%)		11,912			—			11,912		—			2,431
5 yr IRS⁹8/10/22- (Semiannually/ Quarterly)		2,560,000		2.954%/(2.698%)		(53,937	)		—			—		(53,937	)		4,688
5 yr IRS⁹8/30/22- (Semiannually/ Quarterly)		3,035,000		1.798%/(2.629%)		49,502			—			49,502		—			5,514
5 yr IRS⁹7/27/23- (Semiannually/ Quarterly)		4,820,000		2.952%/(2.765%)		(131,693	)		—			—		(131,693	)		10,519
5 yr IRS⁹8/10/23- (Semiannually/ Quarterly)		8,300,000		2.964%/(2.698%)		(232,782	)		—			—		(232,782	)		18,232


			(continues	)		95

Schedules of investments

Optimum Fixed Income Fund


Reference Obligation/ Termination Date/ Payment Frequency (Fixed Rate/Floating Rate)	Notional Amount³			Fixed/Floating Interest Rate Paid (Received)		Value			Upfront Payments Paid (Received)			Unrealized Appreciation⁴		Unrealized Depreciation⁴			Variation Margin Due from (Due to Brokers)
Centrally Cleared (continued):
5 yr IRS¹¹9/18/24- (Semiannually/ Semiannually)		GBP	47,400,000		1.25%/(0.952%)	$	(498,358	)	$	127,298		$	—	$	(625,656	)	$	(7,154	)
7 yr IRS⁹12/16/22- (Semiannually/ Quarterly)			41,600,000		2.25%/(2.615%)		61,800			592,355			—		(530,555	)		80,054
7 yr IRS⁹4/06/23- (Semiannually/ Quarterly)			750,000		1.416%/(2.795%)		25,300			—			25,300		—			1,522
10 yr IRS⁹4/05/26- (Semiannually/ Quarterly)			750,000		1.687%/(2.795%)		31,845			—			31,845		—			1,885
10 yr IRS⁹1/30/28- (Semiannually/ Quarterly)			1,780,000		2.68%/(2.744%)		(42,691	)		—			—		(42,691	)		5,756
10 yr IRS¹²3/20/28- (Semiannually/ Semiannually)		JPY	5,490,000,000		0.30%/(0.005%)		(1,071,922	)		279,398			—		(1,351,320	)		8,241
10 yr IRS⁹5/09/28- (Quarterly/ Semiannually)			14,000,000		(2.96%)/2.697%		637,911			—			637,911		—			(38,498	)
10 yr IRS⁹12/19/28- (Semiannually/ Quarterly)			600,000		3.00%/(2.625%)		(30,026	)		9,613			—		(39,639	)		1,650
10 yr IRS⁹2/13/29- (Semiannually/ Quarterly)			2,000,000		3.03%/(2.688%)		(105,669	)		—			—		(105,669	)		5,538
30 yr IRS⁹6/15/46- (Semiannually/ Quarterly)			16,600,000		2.50%/(2.611%)		290,160			(1,030,743	)		1,320,903		—			73,192
30 yr IRS⁹6/15/46- (Semiannually/ Quarterly)			500,000		2.50%/(2.611%)		12,327			(19,298	)		31,625		—			1,903
30 yr IRS⁹12/21/46- (Semiannually/ Quarterly)			900,000		2.25%/(2.613%)		68,518			(66,789	)		135,307		—			3,369
30 yr IRS⁹6/20/48- (Semiannually/ Quarterly)			5,300,000		2.50%/(2.633%)		135,971			590,234			—		(454,263	)		21,271
30 yr IRS⁹8/22/48- (Semiannually/ Quarterly)			4,400,000		2.905%/(2.663%)		(266,559	)		—			—		(266,559	)		18,673
30 yr IRS⁹12/19/48- (Semiannually/ Quarterly)			17,800,000		3.00%/(2.625%)		(1,453,006	)		706,184			—		(2,159,190	)		76,830


Total IRS Contracts						$	(1,160,874	)	$	1,860,032		$	3,308,355	$	(6,329,261	)	$	393,836

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.

Unfunded Loan Commitments¹³

The Fund may invest in floating rate loans. In connection with these investments, the Fund may also enter into unfunded corporate loan commitments (commitments). Commitments may obligate the Fund to furnish temporary financing to a borrower until permanent financing can be arranged. In connection with these commitments, the Fund earns a commitment fee, typically set as a percentage of the commitment amount. The following unfunded loan commitments were outstanding at March 31, 2019:


Borrower	Principal Amount		Cost	Value		Unrealized Appreciation (Depreciation)
Heartland Dental Tranche DD 1st Lien 3.75% (LIBOR1M+3.75%) 4/30/25	$	15,739	$15,739	$	15,326	$	(413)

¹See Note 7 in “Notes to financial statements.”

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

³Notional amount shown is stated in USD unless noted that the swap is denominated in another currency.

⁴Unrealized appreciation (depreciation) does not include periodic interest payments (receipt) on swap contracts accrued daily in the amount of ($651,331).

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

⁶Markit’s North America Investment Grade Index, or the CDX.NA.IG Index, is composed of 125 liquid North American entities with investment grade credit ratings that trade in the CDS market.

⁷Markit’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.

⁸An 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.

⁹Rate resets based on LIBOR03M.

¹⁰Rate resets based on FEDL01.

¹¹Rate resets based on BP0006M.

¹²Rate resets based on JPY0006M.

¹³See Note 10 in “Notes to financial statements.”

Summary of abbreviations:

ABS – Asset-Backed Security

ARM – Adjustable Rate Mortgage

AUD – Australian Dollar

BA – Bank of America, N.A.

BADLARPP – Argentina Term Deposit Rate

BAML – Bank of America Merrill Lynch

BBSW3M – Australian Bank Bill Swap Rate 3 Months

BNP – BNP Paribas

BNYM – The Bank of New York Mellon

BP0003M – 3 Month Sterling LIBOR Interest Rate

BP0006M – 6 Month Sterling LIBOR Interest Rate

BRL – Brazilian Real

B.T.P. – Buoni del Tesoro Poliennali

CAD – Canadian Dollar

CDO – Collateralized Debt Obligation

CDS – Credit Default Swap

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

CITI – Citibank, N.A.

CLO – Collateralized Loan Obligation

CMBX.NA – Commercial Mortgage-Backed Index North America

COF 11 – Cost of Funds for the 11th District of San Francisco

COP – Colombian Peso

DB – Deutsche Bank AG


			(continues	)		97

Schedules of investments

Optimum Fixed Income Fund

Summary of abbreviations: (continued)

EUR – European Monetary Unit

EUR003M – The Euro Interbank Offered Rate

3 Month

EURIBOR – The Euro Interbank Offered Rate

EUSA5 – Euro 5 year interest swap rate

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

GS – Goldman Sachs

GSC – Goldman Sachs Bank USA

H15T1Y – US Treasury Yield Curve Rate T

Note Constant Maturity 1 Year

HSBC – HSBC Bank USA, National Association

HUF – Hungarian Forint

ICE – Intercontinental Exchange

INR – Indian Rupee

IRS – Interest Rate Swap

JPMBB – JPMorgan Barclays Bank

JPMCB – JPMorgan Chase Bank, National

Association

JPMDB – JPMorgan Deutsche Bank

JPY – Japanese Yen

JPY0006M – Japanese Yen 6 Month LIBOR

Interest Rate

KRW – South Korean Won

LB – Lehman Brothers

LIBOR – London Interbank Offered Rate

LIBOR01M – ICE LIBOR USD 1 Month

LIBOR02M – ICE LIBOR USD 2 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.

MSCS – Morgan Stanley Capital Services LLC

MXN – Mexican Peso

NOK – Norwegian Krone

NZD – New Zealand Dollar

O.A.T. – Obligations Assimilables du Tresor

(French Treasury Obligation)

PIK – Pay-in-Kind

PLN – Polish Zloty

REMIC – Real Estate Mortgage Investment

Conduit

S.F. – Single Family

SGD – Singapore Dollar

TBA – To be announced

TDB – The Toronto–Dominion Bank

TRY – Turkish Lira

TWD – Taiwan Dollar

USBMMY3M – US Treasury 3 Months Bill

Money Market Yield

USD – US Dollar

yr – Year

ZAR – South African Rand

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

Optimum International Fund

March 31, 2019


	Number of shares		Value (US $)

Common Stock – 98.22%D

Australia – 3.80%
Aristocrat Leisure		43,747	$	762,978
BHP Billiton ADR *		53,154		2,905,929
BHP Group		28,223		771,429
BlueScope Steel		132,052		1,310,682
Cochlear		16,290		2,008,596
Fortescue Metals Group		646,254		3,270,785
Qantas Airways		1,272,989		5,122,430
South32		1,526,765		4,054,768
St Barbara		61,981		148,313
Wesfarmers		28,527		702,476

				21,058,386

Austria – 1.90%
Erste Group Bank		115,556		4,247,105
Raiffeisen Bank International		37,374		839,505
Schoeller-Bleckmann Oilfield Equipment *		36,090		2,997,380
voestalpine		80,930		2,460,135

				10,544,125

Brazil – 3.27%
AES Tiete Energia		89,700		254,299
Banco Bradesco ADR		375,558		4,097,338
Cia de Saneamento do Parana		63,200		1,208,844
Cosan		16,300		176,432
Direcional Engenharia		95,800		212,625
Eneva †		21,600		102,060
FII BTG Pactual Corporate Office Fund		4,005		98,607
IRB Brasil Resseguros		56,600		1,315,489
Mahle-Metal Leve		17,400		108,479
Porto Seguro		78,100		1,072,557
Sul America		380,200		2,869,452
TOTVS		109,200		1,099,991
Transmissora Alianca de Energia Eletrica		320,400		2,031,064
Vale		264,200		3,450,825

				18,098,062

Cambodia – 0.07%
NagaCorp		270,000		378,125

				378,125

Canada – 7.44%
Aecon Group		3,100		40,456
Bank of Montreal		75,951		5,682,898
Bank of Nova Scotia		73,100		3,891,446
Canadian Imperial Bank of Commerce		63,700		5,033,651
CGI †		4,800		329,985


	Number of shares		Value (US $)

Common StockD (continued)

Canada (continued)
Constellation Software		3,900	$	3,305,085
Empire		23,800		515,235
iA Financial		2,500		92,191
Magna International Class A		74,382		3,621,833
Power Corp of Canada		48,000		1,119,228
Power Financial		61,300		1,432,099
Quebecor Class B		2,800		68,641
Rogers Communications Class B (US Shares) *		47,126		2,536,321
Rogers Communications Class B		14,700		790,578
Royal Bank of Canada		86,234		6,505,864
Toronto-Dominion Bank		115,600		6,273,291

				41,238,802

Chile – 1.09%
Cia Cervecerias Unidas ADR		2,966		87,378
Enel Americas ADR		377,034		3,366,914
Sociedad Quimica y Minera de Chile ADR *		67,039		2,576,979

				6,031,271

China/Hong Kong – 10.81% 21Vianet Group ADR †		10,154		80,623
Angang Steel Class H		2,652,000		1,943,050
Anhui Conch Cement Class H		1,365,000		8,352,306
ANTA Sports Products		484,000		3,299,425
Anton Oilfield Services Group †		1,018,000		160,973
Asia Cement China Holdings		393,862		388,999
Baidu ADR †		13,885		2,288,942
Build King Holdings		210,000		39,925
BYD Class H *		469,000		2,835,686
Changyou.com ADR		22,945		392,359
Chiho Environmental Group †		202,000		35,545
China BlueChemical Class H		330,000		107,352
China Coal Energy Class H		287,000		118,918
China Life Insurance Class H		1,414,000		3,812,332
China Oriental Group		528,000		332,411
China Overseas Grand Oceans Group		98,000		53,418
China Petroleum & Chemical Series H		1,718,000		1,363,518
China Railway Group Class H		1,892,000		1,727,425
China SCE Group Holdings		495,000		258,399
China Shenhua Energy Class H		497,500		1,135,390
China Shineway Pharmaceutical Group		43,000		43,084


			(continues	)		99

Schedules of investments

Optimum International Fund


	Number of shares		Value (US $)

Common StockD (continued)

China/Hong Kong (continued)
China Telecom ADR		3,292	$	184,385
CK Asset Holdings		210,500		1,874,670
CLP Holdings		65,500		759,708
CNOOC		2,315,000		4,312,105
Dongfang Electric Corp Class H †		735,800		597,448
Gemdale Properties & Investment		284,000		36,235
Guangzhou R&F Properties Class H		278,400		603,867
Hilong Holding		176,000		23,724
Hisense Home Appliances Group Class H		516,000		726,485
Industrial & Commercial Bank of China Class H		7,518,000		5,521,103
Kunlun Energy		646,000		676,221
Lenovo Group		418,000		377,139
Logan Property Holdings		610,000		1,011,832
Maanshan Iron & Steel Class H		3,012,000		1,476,353
PetroChina Class H		5,854,000		3,832,107
Shanghai Fosun Pharmaceutical Group Class H		635,500		2,300,170
Shimao Property Holdings		683,500		2,141,987
Sinopec Shanghai Petrochemical Class H		200,883		95,779
Sinopharm Group Class H		537,600		2,241,458
Sinotruk Hong Kong		545,375		1,163,991
Times China Holdings		90,000		186,971
Weichai Power Class H		602,000		966,213

				59,880,031

Colombia – 0.83%
Almacenes Exito		9,000		40,991
Bancolombia ADR		71,732		3,662,636
Ecopetrol ADR		43,057		923,142

				4,626,769

Czech Republic – 0.36%
Komercni banka		49,318		2,015,912

				2,015,912

Denmark – 1.19%
H. Lundbeck		82,944		3,596,872
Novo Nordisk Class B		57,171		2,988,064

				6,584,936


	Number of shares		Value (US $)

Common StockD (continued)

Finland – 0.53%
Finnair		10,192	$	91,800
Neste		26,633		2,839,097

				2,930,897

France – 4.76%
Capgemini		30,643		3,718,278
Eramet		18,471		1,028,191
Ipsen		37,933		5,201,792
IPSOS		23,199		580,975
Peugeot		140,688		3,433,018
Safran		48,194		6,605,506
Sartorius Stedim Biotech		1,216		154,079
Societe Generale		60,255		1,740,977
Sodexo		35,279		3,884,901

				26,347,717

Germany – 3.96%
Continental		21,185		3,195,946
Dermapharm Holding †		1,717		54,324
Deutsche Lufthansa		199,641		4,388,314
Deutsche Telekom		261,267		4,340,477
Elmos Semiconductor		386		8,460
Merck		37,405		4,270,565
Siltronic		18,741		1,653,226
TUI		58,371		560,617
TUI (London Shares)		52,381		502,403
Vonovia		57,356		2,976,522

				21,950,854

Greece – 0.02%
Motor Oil Hellas Corinth Refineries		3,926		91,163

				91,163

Hungary – 0.31%
MOL Hungarian Oil & Gas		57,125		655,086
OTP Bank		24,671		1,087,642

				1,742,728

India – 2.70%
HDFC Bank ADR		38,814		4,498,931
Hexaware Technologies		58,768		292,918
ICICI Bank ADR		389,722		4,466,214
Oil & Natural Gas		1,217,568		2,808,007
Reliance Capital		641,988		1,896,822
WNS Holdings ADR †		18,807		1,001,849

				14,964,741

100


	Number of shares		Value (US $)

Common StockD (continued)

Indonesia – 0.49%
Delta Dunia Makmur †		31,366,400	$	1,258,006
Indofood Sukses Makmur		3,235,800		1,449,585

				2,707,591

Israel – 3.89%
Bank Hapoalim		991,921		6,591,996
Bank Leumi Le-Israel		1,046,680		6,857,363
Check Point Software Technologies †		44,753		5,660,807
CyberArk Software †		12,850		1,529,793
Nice ADR †		2,271		278,220
Wix.com †		5,033		608,137

				21,526,316

Italy – 1.30%
Enel		529,587		3,393,492
La Doria		36,227		327,133
Prysmian		147,519		2,795,859
Recordati		17,097		666,197

				7,182,681

Japan – 10.44%
Akatsuki		2,900		167,150
Astellas Pharma		293,500		4,410,068
Daiichi Sankyo		24,900		1,149,824
Denso		103,100		4,028,039
Fujitsu		82,400		5,959,135
Hitachi		96,600		3,138,595
Hosokawa Micron		1,000		44,800
Internet Initiative Japan		1,600		32,453
Juki		8,200		81,850
Konami Holdings		10,300		448,150
Medipal Holdings		29,600		704,298
Mitsubishi UFJ Financial Group		39,800		196,843
Mixi		88,600		2,050,041
NET One Systems		13,700		346,447
Nichiha		13,800		381,058
Nihon Unisys		2,900		76,992
Noritake		600		28,821
Oracle Japan		4,500		302,619
Rohto Pharmaceutical		85,800		2,211,211
Secom		60,300		5,171,263
Shizuoka Bank		18,900		143,979
Showa		5,000		63,947
SoftBank Group		84,800		8,266,025
Sumitomo Dainippon Pharma		115,500		2,866,604
Sumitomo Mitsui Financial Group		23,500		822,940


	Number of shares		Value (US $)

Common StockD (continued)

Japan (continued)
Suzuken		88,500	$	5,133,420
Systena		3,800		41,436
T&D Holdings		34,400		362,259
T-Gaia		78,900		1,310,268
Tokyo Electric Power Co. Holdings †		765,400		4,842,003
Tokyo Sangyo		4,700		21,542
Toray Industries		474,600		3,028,604

				57,832,684

Malaysia – 0.09%
AMMB Holdings		218,200		243,995
Genting		111,500		181,587
Malaysia Airports Holdings		31,637		56,197

				481,779

Mexico – 1.30%
Alfa Class A		149,450		158,457
Alpek		961,590		1,286,562
Credito Real		28,325		31,958
Grupo Aeroportuario del Centro Norte		19,792		111,582
Grupo Financiero Banorte Class O		656,842		3,568,423
Grupo Financiero Inbursa Class O		170,518		235,964
Industrias CH Class B †		20,227		89,765
Mexichem		711,981		1,701,983

				7,184,694

Netherlands – 4.79%
ASR Nederland		30,021		1,250,866
EXOR		48,394		3,142,888
Heineken		46,638		4,929,358
Koninklijke Ahold Delhaize		231,972		6,175,968
Koninklijke KPN		529,765		1,681,671
Koninklijke Philips		121,375		4,959,088
Royal Dutch Shell Class A		141,022		4,424,409

				26,564,248

New Zealand – 0.05%
Fisher & Paykel Healthcare		26,112		279,533

				279,533

Norway – 2.39%
DNB		297,842		5,486,190
Equinor		31,652		693,814
Equinor ADR		210,941		4,634,374
Norsk Hydro		572,289		2,327,386
Petroleum Geo-Services †		50,407		116,646

				13,258,410


			(continues	)		101

Schedules of investments

Optimum International Fund


	Number of shares		Value (US $)

Common StockD (continued)

Poland – 0.17%
Asseco Poland		24,238	$	327,863
Ciech		12,124		169,321
Jastrzebska Spolka Weglowa †		12,737		202,527
LiveChat Software		8,172		58,518
Lubelski Wegiel Bogdanka †		2,240		27,724
Polskie Gornictwo Naftowe i Gazownictwo		69,968		114,105
Warsaw Stock Exchange		2,401		24,411

				924,469

Portugal – 0.01%
NOS SGPS		8,504		54,398

				54,398

Republic of Korea – 3.57%
AK Holdings		1,597		71,722
BNK Financial Group		30,687		180,696
Daelim Industrial		9,638		818,611
DB HiTek		10,623		117,252
DGB Financial Group		55,979		403,246
Hana Financial Group		3,806		122,203
Hancom		9,822		116,642
Handsome		2,323		91,172
Huneed Technologies †		3,303		25,851
Industrial Bank of Korea		61,223		758,052
JB Financial Group		37,570		184,678
Kia Motors		21,272		662,946
KoMiCo		1,475		32,762
KT ADR		213,894		2,660,841
LG Electronics		48,487		3,215,036
LS Industrial Systems		2,066		86,647
Mcnex		9,985		179,458
MegaStudyEdu		2,005		69,462
Samsung Electronics		107,128		4,225,442
SK Hynix		81,743		5,359,589
Top Engineering		7,295		57,983
WiSoL		22,621		316,395
Zeus		2,096		26,625

				19,783,311

Russia – 0.06%
Globaltrans Investment GDR		3,093		32,910
Tatneft ADR		4,613		319,573

				352,483

Singapore – 1.34%
DBS Group Holdings		230,200		4,297,116
IGG		79,000		109,711
Jardine Cycle & Carriage		35,300		847,911


	Number of shares		Value (US $)

Common StockD (continued)

Singapore (continued)
United Industrial		872,100	$	1,867,752
United Overseas Bank		14,900		277,995

				7,400,485

South Africa – 0.47%
AECI		26,475		175,708
African Rainbow Minerals		7,628		89,639
Anglo American Platinum		18,174		927,827
Investec		71,097		410,656
MMI Holdings		99,223		114,085
Reunert		64,228		316,049
Telkom		109,756		557,423

				2,591,387

Spain – 2.48%
Amadeus IT Group		96,312		7,719,303
Atlantica Yield		243,639		4,741,215
Cia de Distribucion Integral Logista Holdings		6,671		157,189
Repsol		65,286		1,116,931

				13,734,638

Sweden – 0.53%
Betsson		7,275		55,206
Getinge Class B		10,223		119,216
Swedish Match		35,715		1,822,281
Swedish Orphan Biovitrum †		39,650		930,126

				2,926,829

Switzerland – 4.17%
Credit Suisse Group ADR		250,817		2,922,018
Ferrexpo		1,036,110		3,344,195
Novartis ADR		68,371		6,573,188
Roche Holding		31,524		8,686,592
Sonova Holding		6,111		1,211,016
Zehnder Group		11,237		380,530

				23,117,539

Taiwan – 2.69%
APCB		67,000		62,091
ASE Technology Holding		1,489,671		3,267,770
AU Optronics ADR		6,850		24,934
Chia Chang		155,000		203,408
China Petrochemical Development †		114,000		44,853
Elan Microelectronics		143,500		413,323
E-LIFE MALL		8,363		17,643
Hon Hai Precision Industry		1,109,200		2,650,893
Lumax International		22,000		50,820
Radiant Opto-Electronics		518,000		1,660,527
Simplo Technology		27,000		238,706

102


	Number of shares		Value (US $)

Common StockD (continued)

Taiwan (continued)
Taiwan Business Bank		1,457,040	$	567,874
Taiwan FamilyMart		17,000		123,064
Taiwan Semiconductor Manufacturing		694,000		5,558,287

				14,884,193

Thailand – 1.82%
IRPC NVDR		3,935,400		712,776
Krung Thai Bank NVDR		2,935,400		1,777,732
PTT Exploration & Production		224,800		889,000
PTT Exploration & Production NVDR		911,700		3,604,953
PTT NVDR		1,162,039		1,757,768
Siamgas & Petrochemicals		444,700		128,988
Thai Oil NVDR		276,600		605,910
Thanachart Capital NVDR		365,600		628,061

				10,105,188

Turkey – 0.56%
Celebi Hava Servisi		716		8,789
Tupras Turkiye Petrol Rafinerileri		13,850		310,628
Turk Hava Yollari †		748,258		1,740,911
Turkiye Halk Bankasi		400,884		460,785
Turkiye Sise ve Cam
Fabrikalari		574,083		601,108

				3,122,221

United Kingdom – 6.53%
3i Group		35,040		449,332
Barclays		1,713,753		3,451,962
Barratt Developments		14,586		113,936
BT Group		117,424		341,154
Burberry Group		8,786		223,926
Diageo		167,131		6,839,345
Dialog Semiconductor †		21,808		665,087
Drax Group		60,523		298,427
Elektron Technology †		43,955		20,323
Evraz		138,163		1,117,813
HSBC Holdings		488,970		3,973,301
Hudson Class A †		24,568		337,810
Indivior †		377,052		472,006
International Consolidated Airlines Group		201,763		1,342,526
ITV		1,324,355		2,194,382
London Stock Exchange Group		12,717		786,623
Nomad Foods †		90,386		1,848,394
Redrow		21,557		168,916
RELX		172,200		3,680,707


	Number of shares		Value (US $)

Common StockD (continued)

United Kingdom (continued)
Rio Tinto ADR		76,716	$	4,514,737
Softcat		38,345		415,110
Unilever CVA		31,089		1,812,533
Vodafone Group		610,588		1,112,644

				36,180,994

United States – 6.04%
Atlantic Power †		11,200		28,076
Atlassian Class A †		21,089		2,370,193
Carnival		85,451		4,334,075
Core Laboratories		43,707		3,012,724
Everest Re Group		19,810		4,278,168
ICON †		95,849		13,091,056
JBS		935,600		3,856,765
Project Star =p†		1,420		333,894
Project Star Series G =p†		470		110,514
QIAGEN †		44,412		1,802,778
QIAGEN †		5,390		219,265

				33,437,508


Total Common Stock (cost $502,942,643)				544,118,098



Preferred Stock – 0.34%D

Brazil – 0.32%
Randon Implementos E Participacoes 1.04%		71,400		177,435
Telefonica Brasil 9.57%		133,800		1,623,227

				1,800,662

Colombia – 0.02%
Banco Davivienda 2.13%		9,006		105,653

				105,653


Total Preferred Stock (cost $1,816,495)				1,906,315



Short-Term Investments – 0.66%

Money Market Mutual Fund – 0.66%
BlackRock FedFund - Institutional Shares (seven-day effective yield 2.36%)		726,027		726,027
Fidelity Investments Money Market Government Portfolio - Class I (seven-day effective yield 2.31%)		726,027		726,027


			(continues	)		103

Schedules of investments

Optimum International Fund


	Number of shares		Value (US $)

Short-Term Investments (continued)

Money Market Mutual Fund (continued)
GS Financial Square Government Fund - Institutional Shares (seven-day effective yield 2.32%)		726,027	$	726,027
Morgan Stanley Government Portfolio - Institutional Share Class (seven-day effective yield 2.33%)		726,027		726,027
State Street Institutional US Government Money Market Fund - Investor Class (seven-day effective yield 2.31%)		726,027		726,027

			3,630,135


Total Short-Term Investments (cost $3,630,135)				3,630,135


Total Value of Securities Before Securities Lending Collateral – 99.22% (cost $508,389,273)				549,654,548


	Principal amount°

Securities Lending Collateral – 1.49%

Certificate of Deposit – 0.01%≠
Royal Bank of Canada (Toronto) 2.50% 4/1/19		60,000		60,000

			60,000

Repurchase Agreements – 1.42%
Bank of Montreal 2.58%, dated 03/29/19, to be repurchased on 4/1/19, repurchase price $1,923,168 (collateralized by US government obligations 0.00%–3.625% 4/15/19– 9/9/49; market value $1,961,213)		1,922,755		1,922,755


	Principal amount°		Value (U.S. $)

Securities Lending Collateral (continued)

Repurchase Agreements (continued)
Bank of Nova Scotia 2.65%, dated 03/29/19, to be repurchased on 4/1/19, repurchase price $197,805 (collateralized by US government obligations 0.125%–2.125% 2/29/20–3/31/23; market value $201,761)		197,761	$	197,761
Credit Agricole 2.60%, dated 03/29/19, to be repurchased on 4/1/19, repurchase price $1,923,172 (collateralized by US government obligations 0.00%–0.125% 4/25/19–4/15/20; market value $1,961,213)		1,922,755		1,922,755
JP Morgan Securities 2.60%, dated 03/29/19, to be repurchased on 4/1/19, repurchase price $1,923,172 (collateralized by US government obligations 0.875%–3.625% 5/15/19–1/31/24; market value $1,961,210)		1,922,755		1,922,755
Merrill Lynch, Pierce, Fenner & Smith 2.58%, dated 03/29/19, to be repurchased on 4/1/19, repurchase price $1,923,168 (collateralized by US government obligations 1.375%–2.75% 4/30/21–1/31/23; market value $1,961,213)		1,922,755		1,922,755

				7,888,781

Short-Term Floating Rate Note – 0.06%≠
Royal Bank of Canada (New York) 2.93% (LIBOR03M + 0.17%) 4/18/19		310,000		310,026

				310,026


Total Securities Lending Collateral (cost $8,258,781)				8,258,807

104


Total Value of Securities – 100.71% (cost $516,648,054)	$	557,913,355⬛

*	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 3 in “Notes to financial statements.”

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

⬛	Includes $9,242,284 of securities loaned.

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

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

†	Non-income producing security.

Restricted Securities


Investment	Date of Acquisition		Cost		Value
Project Star		5/7/14	$	999,482	$	333,894
Project Star Series G		10/29/14		396,443		110,514

Total			$	1,395,925	$	444,408

The following foreign currency exchange contracts were outstanding at March 31, 2019:¹

Foreign Currency Exchange Contracts


Counterparty	Contracts to Receive (Deliver)		In Exchange For			Settlement Date		Unrealized Appreciation		Unrealized Depreciation
BBH	BRL	(9,956,380)		USD	2,506,004		4/1/19	$	—	$	(36,321	)
BBH	BRL	(350,112)		USD	90,315		4/2/19		922		—
BBH	HKD	(3,523,753)		USD	448,896		4/2/19		—		(44	)
BBH	JPY	34,703,510		USD	(314,387)		4/1/19		—		(1,191	)
BNYM	CAD	(853,955)		USD	635,477		4/2/19		—		(3,609	)


Total Foreign Currency Exchange Contracts								$	922	$	(41,165	)

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

¹See Note 7 in “Notes to financial statements.”

Summary of abbreviations:

ADR – American Depositary Receipt

BBH – Brown Brothers Harriman & Co.

BNYM – Bank of New York Mellon

BRL – Brazilian Real

CAD – Canadian Dollar

CVA – Dutch Certificate

GDR – Global Depositary Receipt

HKD – Hong Kong Dollar

ICE – Intercontinental Exchange

JPY – Japanese Yen

LIBOR – London Interbank Offered Rate

LIBOR03M – ICE LIBOR USD 3 Month

NVDR – Non-Voting Depositary Receipt

USD – US Dollar

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


			(continues	)		105

Schedules of investments

Optimum Large Cap Growth Fund

March 31, 2019


	Number of shares		Value (US $)

Common Stock – 97.11%²

Communication Services – 15.34%
Alphabet Class A †		30,892	$	36,356,486
Alphabet Class C †		43,120		50,593,127
Comcast Class A		401,430		16,049,171
Electronic Arts †		72,323		7,350,186
Facebook Class A †		479,744		79,968,527
IAC/InterActiveCorp †		25,161		5,286,578
Netflix †		39,769		14,180,035
Tencent Holdings (China) (Hong Kong Exchange)		410,900		18,896,386
Walt Disney		256,743		28,506,175

				257,186,671

Consumer Discretionary – 17.18%
Advance Auto Parts		31,380		5,351,231
Alibaba Group Holding ADR †		181,762		33,162,477
Amazon.com †		69,720		124,153,890
Aptiv		106,481		8,464,175
Booking Holdings †		6,259		10,921,392
Chipotle Mexican Grill †		17,030		12,096,579
Dollar General		25,500		3,042,150
Dollar Tree †		68,290		7,173,182
Dollarama		170,377		4,545,172
Ferrari (Italy)		53,103		7,105,181
GrubHub †		117,320		8,150,220
Home Depot		78,190		15,003,879
Las Vegas Sands		100,800		6,144,768
McDonald’s		30,000		5,697,000
MercadoLibre †		4,413		2,240,612
MGM Resorts International		160,800		4,126,128
NIKE Class B		114,264		9,622,171
NVR †		1,210		3,348,070
Wynn Resorts		64,091		7,647,338
Yum China Holdings		220,525		9,903,778

				287,899,393

Consumer Staples – 3.45%
Anheuser-Busch InBev ADR		181,650		15,253,151
Coca-Cola		212,020		9,935,257
Costco Wholesale		57,448		13,910,459
McCormick & Co.		54,123		8,152,548
Philip Morris International		120,054		10,611,573

				57,862,988

Energy – 0.84%
Pioneer Natural Resources		42,864		6,527,330
Schlumberger		173,280		7,549,810

				14,077,140


	Number of shares		Value (US $)

Common Stock² (continued)

Financials – 4.59%
American Express		118,870	$	12,992,491
BlackRock		27,960		11,949,265
Charles Schwab		579,473		24,778,265
Chubb (Switzerland)		43,000		6,023,440
Intercontinental Exchange		71,222		5,422,843
Morgan Stanley		109,900		4,637,780
S&P Global		6,600		1,389,630
TD Ameritrade Holding		194,523		9,724,205
WeWork Companies =p†		881		45,195

				76,963,114

Healthcare – 13.83%
Alexion Pharmaceuticals †		133,558		18,054,370
Anthem		40,700		11,680,086
Becton Dickinson and Co.		64,413		16,085,859
Biogen †		47,480		11,223,322
BioMarin Pharmaceutical †		91,550		8,132,387
Centene †		111,546		5,923,093
Cigna		57,576		9,259,372
Elanco Animal Health †		11,289		362,038
Eli Lilly & Co.		15,898		2,062,924
HCA Healthcare		31,677		4,130,047
Humana		9,900		2,633,400
Intuitive Surgical †		24,623		14,049,391
Johnson & Johnson		76,870		10,745,657
Regeneron Pharmaceuticals †		4,970		2,040,781
Stryker		88,077		17,396,969
Thermo Fisher Scientific		66,880		18,306,394
UnitedHealth Group		171,146		42,317,560
Vertex Pharmaceuticals †		72,794		13,390,456
WellCare Health Plans †		20,984		5,660,434
Zoetis		181,560		18,277,645

				231,732,185

Industrials – 8.88%
Boeing		87,378		33,327,717
Caterpillar		71,310		9,661,792
Equifax		34,173		4,049,501
Fortive		104,613		8,775,985
Honeywell International		139,910		22,234,497
IHS Markit (United Kingdom) †		220,696		12,001,448
Northrop Grumman		26,000		7,009,600
Roper Technologies		31,515		10,777,185
TransUnion		117,131		7,829,036
United Parcel Service Class B		105,240		11,759,518
Wabtec		68,405		5,042,817

106


	Number of shares		Value (US $)

Common Stock² (continued)

Industrials (continued)
WW Grainger		54,220	$	16,316,425

				148,785,521

Information Technology – 29.14%
Adobe †		83,620		22,283,894
Akamai Technologies †		213,890		15,338,052
Apple		133,771		25,409,801
ASML Holding (Netherlands)		37,000		6,957,850
Fidelity National Information Services		60,300		6,819,930
Fiserv †		85,688		7,564,537
Intuit		50,505		13,202,512
Mastercard Class A		109,597		25,804,614
Microsoft		685,307		80,825,108
Nutanix Class A †		238,210		8,990,045
NVIDIA		98,790		17,738,732
Oracle		324,520		17,429,969
Palo Alto Networks †		61,400		14,912,832
PayPal Holdings †		259,402		26,936,304
QUALCOMM		217,500		12,404,025
Red Hat †		115,107		21,030,049
salesforce.com †		70,700		11,196,759
ServiceNow †		21,374		5,268,477
Splunk †		161,370		20,106,702
Symantec		491,526		11,300,183
Texas Instruments		120,640		12,796,285
Visa Class A		397,207		62,039,761
VMware Class A		105,529		19,049,040
Workday Class A †		45,568		8,787,789
Worldpay Class A †		126,194		14,323,019

				488,516,269

Materials – 1.95%
DowDuPont		98,800		5,267,028
Ecolab		83,670		14,771,102
Linde		71,760		12,624,737

				32,662,867

Real Estate – 1.11%
Crown Castle International		31,840		4,075,520
Equinix		31,980		14,492,057

				18,567,577

Utilities – 0.80%
NextEra Energy		30,207		5,839,617
Sempra Energy		59,969		7,547,698

				13,387,315


Total Common Stock (cost $1,219,370,940)				1,627,641,040


	Number of shares		Value (US $)

Convertible Preferred Stock – 0.57%

Airbnb Private Placement
Series D =p†		23,130	$	2,684,005
Series E =p†		13,611		1,579,420
Magic Leap =p†		43,435		1,114,108
Uber Technologies Series G =p†		34,197		1,584,471
WeWork Companies Series E =p†		22,244		1,141,117
Xiaoju Kuaizhi (China) =p†		32,416		1,477,862


Total Convertible Preferred Stock (cost $6,497,746)				9,580,983



Short-Term Investments – 2.48%

Money Market Mutual Funds – 2.48%
BlackRock FedFund - Institutional Shares (seven-day effective yield 2.36%)		8,312,187		8,312,187
Fidelity Investments Money Market Government Portfolio - Class I (seven-day effective yield 2.31%)		8,312,187		8,312,187
GS Financial Square Government Fund - Institutional Shares (seven-day effective yield 2.32%)		8,312,187		8,312,187
Morgan Stanley Government Portfolio - Institutional Share Class (seven-day effective yield 2.33%)		8,312,186		8,312,186
State Street Institutional US Government Money Market Fund - Investor Class (seven-day effective yield 2.31%)		8,312,186		8,312,186


Total Short-Term Investments (cost $41,560,933)				41,560,933


Total Value of Securities – 100.16% (cost $1,267,429,619)			$	1,678,782,956

²	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 3 in “Notes to financial statements.”


			(continues	)		107

Schedules of investments

Optimum Large Cap Growth Fund

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 March 31, 2019, the aggregate value of restricted securities was $9,626,178, which represented 0.57% of the Fund’s net assets. See Note 10 in “Notes to financial statements” and the following table, 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	$	941,693	$	2,684,005
Airbnb Private Placement Series E		7/14/15		1,267,108		1,579,420
Magic Leap		1/20/16		1,000,438		1,114,108
Uber Technologies Series G		12/3/15		1,667,863		1,584,471
WeWork Companies		6/23/15		28,976		45,195
WeWork Companies Series E		6/23/15		731,596		1,141,117
Xiaoju Kuaizhi (China)		10/19/15		889,048		1,477,862

Total			$	6,526,722	$	9,626,178

Summary of abbreviations:

ADR – American Depositary Receipt

USD – US Dollar

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

108

Optimum Large Cap Value Fund

March 31, 2019


	Number of shares		Value (US $)

Common Stock – 98.23%

Communication Services – 7.39%
Alphabet Class A †		8,305	$	9,774,071
AT&T		518,479		16,259,501
Comcast Class A		1,039,265		41,549,815
Omnicom Group		125,631		9,169,807
Verizon Communications		486,023		28,738,540
Walt Disney		92,671		10,289,261

				115,780,995

Consumer Discretionary – 2.15%
Aptiv		82,072		6,523,903
BorgWarner		95,431		3,665,505
Hanesbrands		87,124		1,557,777
Harley-Davidson		24,571		876,202
Lear		11,331		1,537,730
PVH		67,290		8,206,015
Royal Caribbean Cruises		99,479		11,402,283

				33,769,415

Consumer Staples – 7.40%
Altria Group		81,130		4,659,296
Archer-Daniels-Midland		96,157		4,147,251
Colgate-Palmolive		23,617		1,618,709
Danone (France)		46,234		3,560,062
Diageo (United Kingdom)		255,354		10,449,612
General Mills		145,172		7,512,651
JM Smucker		27,648		3,220,992
Kimberly-Clark		21,348		2,645,017
Nestle (Switzerland)		136,028		12,970,326
PepsiCo		133,943		16,414,715
Philip Morris International		155,032		13,703,278
Procter & Gamble		190,201		19,790,414
Reckitt Benckiser Group (United Kingdom)		45,943		3,823,498
Tyson Foods Class A		165,906		11,518,854

				116,034,675

Energy – 7.13%
Chevron		224,873		27,699,856
ConocoPhillips		180,864		12,070,863
Diamondback Energy		82,506		8,376,834
EOG Resources		163,584		15,569,925
Exxon Mobil		74,413		6,012,570
Helmerich & Payne		114,587		6,366,454
Marathon Petroleum		200,286		11,987,117
Occidental Petroleum		59,214		3,919,967
Phillips 66		90,215		8,585,762
Pioneer Natural Resources		11,781		1,794,011
Schlumberger		216,252		9,422,100

				111,805,459


	Number of shares		Value (US $)

Common Stock (continued)

Financials – 24.34%
Allstate		80,176	$	7,550,976
American Express		147,536		16,125,685
Aon (United Kingdom)		99,068		16,910,908
Bank of America		892,270		24,617,729
Bank of New York Mellon		151,274		7,628,748
BB&T		186,627		8,683,754
Berkshire Hathaway Class B †		46,840		9,409,688
BlackRock		16,853		7,202,467
Charles Schwab		93,285		3,988,867
Chubb (Switzerland)		109,459		15,333,017
Citigroup		247,125		15,376,117
Discover Financial Services		154,662		11,005,748
E*TRADE Financial		178,271		8,277,123
Goldman Sachs Group		63,909		12,269,889
Hartford Financial Services Group		185,613		9,228,678
Intercontinental Exchange		124,574		9,485,064
JPMorgan Chase & Co.		603,842		61,126,926
MetLife		135,847		5,783,007
Moody’s		32,360		5,860,072
Morgan Stanley		155,229		6,550,664
Nasdaq		96,368		8,431,236
PNC Financial Services Group		80,747		9,904,427
Prudential Financial		102,950		9,459,046
State Street		231,121		15,210,073
SunTrust Banks		162,676		9,638,553
T Rowe Price Group		35,301		3,534,336
Travelers		167,563		22,982,941
US Bancorp		323,006		15,565,659
Wells Fargo & Co.		506,659		24,481,763

				381,623,161

Healthcare – 16.25%
Abbott Laboratories		131,323		10,497,961
Allergan		41,169		6,027,553
Biogen †		26,649		6,299,291
Cigna		111,793		17,978,550
Danaher		160,070		21,132,441
Eli Lilly & Co.		66,391		8,614,896
Gilead Sciences		121,192		7,878,692
Hill-Rom Holdings		53,519		5,665,521
Johnson & Johnson		201,893		28,222,622
McKesson		42,245		4,945,200
Medtronic (Ireland)		397,914		36,242,007
Merck & Co.		322,213		26,798,455
Novartis (Switzerland)		21,073		2,025,527
Pfizer		984,545		41,813,626
Roche Holding (Switzerland)		12,366		3,407,512


			(continues	)		109

Schedules of investments

Optimum Large Cap Value Fund


	Number of shares		Value (US $)

Common Stock (continued)

Healthcare (continued)
Thermo Fisher Scientific		76,440	$	20,923,157
UnitedHealth Group		25,555		6,318,729

				254,791,740

Industrials – 13.77%
3M		42,416		8,813,196
Boeing		20,948		7,989,986
Canadian National Railway (Canada)		53,011		4,743,424
Caterpillar		54,848		7,431,356
Delta Air Lines		208,000		10,743,200
Eaton		111,606		8,990,979
Equifax		52,812		6,258,222
HD Supply Holdings †		37,787		1,638,066
Honeywell International		149,291		23,725,326
Illinois Tool Works		76,990		11,050,375
Ingersoll-Rand		182,115		19,659,314
Johnson Controls International		370,781		13,696,650
Lockheed Martin		22,017		6,608,623
Northrop Grumman		47,363		12,769,065
Owens Corning		105,340		4,963,621
Parker-Hannifin		52,525		9,014,341
Raytheon		61,944		11,278,764
Stanley Black & Decker		60,773		8,275,459
Union Pacific		58,791		9,829,855
United Parcel Service Class B		39,064		4,365,011
United Technologies		70,976		9,148,097
Waste Management		144,118		14,975,301

				215,968,231

Information Technology – 9.74%
Accenture Class A (Ireland)		140,875		24,796,817
Amdocs		28,475		1,540,782
Analog Devices		56,515		5,949,334
Broadcom		46,623		14,020,002
Cisco Systems		514,125		27,757,609
Cognizant Technology Solutions Class A		54,351		3,937,730
DXC Technology		48,033		3,089,002
Fidelity National Information Services		83,574		9,452,219
Fiserv †		114,451		10,103,734
Intel		139,684		7,501,031
Microsoft		138,344		16,316,291
Oracle		251,644		13,515,799
Texas Instruments		139,347		14,780,536

				152,760,886


	Number of shares		Value (US $)

Common Stock (continued)

Materials – 2.56%
Air Products & Chemicals		59,701	$	11,400,503
DowDuPont		44,581		2,376,613
Nucor		77,190		4,504,037
PPG Industries		130,216		14,697,480
Sherwin-Williams		16,621		7,158,831

				40,137,464

Real Estate – 2.71%
Alexandria Real Estate Equities		60,593		8,638,138
AvalonBay Communities		28,927		5,806,517
Equity LifeStyle Properties		65,702		7,509,739
Highwoods Properties		99,647		4,661,487
Prologis		177,807		12,793,214
Public Storage		13,753		2,995,128

				42,404,223

Utilities – 4.79%
American Electric Power		148,493		12,436,289
DTE Energy		90,245		11,257,161
Duke Energy		156,564		14,090,760
Firstenergy		141,928		5,905,624
Southern		215,959		11,160,761
Xcel Energy		358,807		20,168,541

				75,019,136

Total Common Stock (cost $1,265,390,790)				1,540,095,385



Short-Term Investments – 1.49%

Money Market Mutual Fund – 1.49%≠
BlackRock FedFund - Institutional Shares (seven-day effective yield 2.36%)		4,671,206		4,671,206
Fidelity Investments Money Market Government Portfolio - Class I (seven-day effective yield 2.31%)		4,671,206		4,671,206
GS Financial Square Government Fund - Institutional Shares (seven-day effective yield 2.32%)		4,671,206		4,671,206
Morgan Stanley Government Portfolio - Institutional Share Class (seven-day effective yield 2.33%)		4,671,206		4,671,206

110


	Number of shares			Value (US $)

Short-Term Investments (continued)

Money Market Mutual Fund≠ (continued)
State Street Institutional US Government Money Market Fund - Investor Class (seven-day effective yield 2.31%)		4,671,206		$	4,671,206

					23,356,030


Total Short-Term Investments (cost $23,356,030)					23,356,030

Total Value of Securities Before Security Sold Short – 99.72% (cost $1,288,746,820)					1,563,451,415


	Principal amount°

Security Sold Short – (0.03%)

Dow †		(8,032	)		(414,692	)

Total Security Sold Short (proceeds $397,035)					(414,692	)

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

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

†	Non-income producing security.

USD – US Dollar

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


			(continues	)		111

Schedules of investments

Optimum Small-Mid Cap Growth Fund

March 31, 2019


	Number of		Value
	shares		(US $)

Common Stock – 97.85%²

Communication Services – 3.22%
Glu Mobile †		364,331	$	3,985,781
IAC/InterActiveCorp †		37,985		7,981,028
Lions Gate Entertainment Class B		80,650		1,217,815
Madison Square Garden Class A †		4,715		1,382,108
Zynga Class A †		367,549		1,959,036

				16,525,768

Consumer Discretionary – 13.59%
Advance Auto Parts		24,888		4,244,151
At Home Group †		71,975		1,285,473
Boot Barn Holdings †		87,900		2,587,776
Burlington Stores †		13,091		2,051,098
Callaway Golf		66,990		1,067,151
Chegg †		190,933		7,278,366
Children’s Place		15,446		1,502,587
Dave & Buster’s Entertainment		38,194		1,904,735
Eldorado Resorts †		60,119		2,806,956
Extended Stay America		170,386		3,058,429
Five Below †		36,131		4,489,277
Fox Factory Holding †		31,959		2,233,614
G-III Apparel Group †		153,107		6,118,156
Houghton Mifflin Harcourt †		140,791		1,023,550
International Game Technology †		157,798		2,049,796
iRobot †		43,640		5,135,992
LKQ †		96,438		2,736,910
Lululemon Athletica (Canada) †		18,389		3,013,405
Media General CVR =†		49,291		0
Monro		22,633		1,958,207
Strategic Education		47,245		6,203,741
Ulta Beauty †		19,903		6,940,773

				69,690,143

Consumer Staples – 3.11%
Central Garden & Pet Class A †		68,091		1,583,116
Church & Dwight		26,500		1,887,595
Energizer Holdings		31,728		1,425,539
Freshpet †		34,057		1,440,270
Inter Parfums		49,003		3,717,858
MGP Ingredients		18,242		1,407,370
Performance Food Group †		77,930		3,089,145
TreeHouse Foods †		21,265		1,372,656

				15,923,549


	Number of		Value
	shares		(US $)

Common Stock² (continued)

Energy – 1.66%
Berry Petroleum		62,605	$	722,462
Callon Petroleum †		274,538		2,072,762
Diamondback Energy		24,741		2,511,954
GasLog (Monaco)		87,710		1,531,417
Parsley Energy Class A †		87,532		1,689,368

				8,527,963

Financials – 6.83%
Argo Group International Holdings (Bermuda)		44,653		3,155,181
Essent Group †		68,290		2,967,201
Evercore Class A		32,864		2,990,624
FirstCash		19,906		1,721,869
Focus Financial Partners Class A †		17,608		627,549
Green Dot Class A †		47,094		2,856,251
MSCI Class A		9,688		1,926,362
ServisFirst Bancshares		50,576		1,707,446
Signature Bank		39,870		5,106,151
Stifel Financial		46,258		2,440,572
SVB Financial Group †		24,833		5,521,866
Triumph Bancorp †		39,697		1,166,695
Virtu Financial Class A		57,523		1,366,171
Virtus Investment Partners		15,032		1,466,372

				35,020,310

Healthcare – 20.55%
ABIOMED †		3,965		1,132,364
ACADIA Pharmaceuticals †		49,660		1,333,371
Allscripts Healthcare Solutions †		123,119		1,174,555
Alnylam Pharmaceuticals †		17,073		1,595,472
Amedisys †		19,735		2,432,536
AMN Healthcare Services †		35,419		1,667,881
Array BioPharma †		334,943		8,165,910
AtriCure †		72,843		1,951,464
Axogen †		43,487		915,836
CareDx †		45,144		1,422,939
Cerus †		177,169		1,103,763
DexCom †		83,306		9,921,745
Emergent Bio Solutions †		27,286		1,378,489
Evolent Health Class A †		105,229		1,323,781
Exact Sciences †		35,397		3,066,088
Flexion Therapeutics †		69,379		865,850
Galapagos ADR †		7,870		926,929
Glaukos †		18,659		1,462,306
HealthEquity †		21,307		1,576,292
Horizon Pharma †		96,636		2,554,089
ICON (Ireland) †		22,501		3,073,186

112


	Number of shares		Value (US $)

Common Stock² (continued)

Healthcare (continued)
Inogen †		19,062	$	1,817,943
Inspire Medical Systems †		47,830		2,715,787
Intercept Pharmaceuticals †		10,285		1,150,480
Intra-Cellular Therapies †		74,816		911,259
Invitae †		59,045		1,382,834
Ionis Pharmaceuticals †		17,526		1,422,585
Iovance Biotherapeutics †		77,210		734,267
Madrigal Pharmaceuticals †		12,100		1,515,646
Medidata Solutions †		23,247		1,702,610
Merit Medical Systems †		36,488		2,256,053
Molina Healthcare †		30,852		4,379,750
Novocure †		20,627		993,603
Nuvectra †		59,899		659,488
Pacira Pharmaceuticals †		22,112		841,583
PetIQ †		54,909		1,724,692
Portola Pharmaceuticals †		39,356		1,365,653
Sage Therapeutics †		18,572		2,953,877
Sarepta Therapeutics †		18,280		2,178,793
Syneos Health †		58,917		3,049,544
Tabula Rasa HealthCare †		25,426		1,434,535
Tactile Systems Technology †		38,776		2,044,271
Tandem Diabetes Care †		114,081		7,244,143
Teladoc Health †		30,922		1,719,263
Viking Therapeutics †		72,206		717,728
Vocera Communications †		30,343		959,749
Wright Medical Group (Netherlands) †		268,471		8,443,413

				105,364,395

Industrials – 13.64%
AAR		36,267		1,179,040
AGCO		26,630		1,852,117
AO Smith		46,252		2,466,157
ASGN †		47,340		3,005,617
Chart Industries †		51,863		4,694,639
CIRCOR International †		47,497		1,548,402
Clean Harbors †		78,963		5,648,223
Copart †		60,198		3,647,397
CoStar Group †		11,367		5,301,796
Dycom Industries †		15,822		726,863
Gardner Denver Holdings †		92,227		2,564,833
Gates Industrial †		107,054		1,535,154
Genesee & Wyoming Class A †		33,361		2,907,077
GrafTech International		128,845		1,647,927
Granite Construction		53,947		2,327,813
Harsco †		47,838		964,414
Hub Group Class A †		32,766		1,338,491


	Number of shares		Value (US $)

Common Stock² (continued)

Industrials (continued)
ICF International		20,966	$	1,595,093
KAR Auction Services		39,713		2,037,674
Knight-Swift Transportation Holdings		47,370		1,548,052
Kratos Defense & Security Solutions †		121,153		1,893,621
Masonite International †		22,840		1,139,488
Middleby †		42,320		5,502,870
PGT Innovations †		83,860		1,161,461
Schneider National Class B		91,560		1,927,338
Spirit Airlines †		85,006		4,493,417
SPX †		68,881		2,396,370
Wabash National		90,428		1,225,299
Woodward		17,733		1,682,684

				69,959,327

Information Technology – 32.73%
Advanced Micro Devices †		157,254		4,013,122
Ambarella †		51,069		2,206,181
Benefitfocus †		34,615		1,714,135
Box Class A †		116,985		2,258,980
Cabot Microelectronics		14,309		1,602,036
Cadence Design Systems †		40,225		2,554,690
Carbon Black †		97,712		1,363,082
Ciena †		100,276		3,744,306
Cloudera †		150,324		1,644,544
Cornerstone OnDemand †		47,556		2,605,118
Cree †		101,445		5,804,683
CyberArk Software (Israel) †		22,233		2,646,839
Cypress Semiconductor		200,784		2,995,697
Etsy †		107,573		7,231,057
Euronet Worldwide †		37,460		5,341,421
Five9 †		147,700		7,802,991
ForeScout Technologies †		36,143		1,514,753
FormFactor †		91,601		1,473,860
Keysight Technologies †		76,835		6,700,012
LiveRamp Holdings †		122,190		6,667,908
Logitech International †		36,687		1,443,266
Lumentum Holdings †		50,705		2,866,861
Mimecast †		37,217		1,762,225
Nanometrics †		31,651		977,383
New Relic †		34,197		3,375,244
Nuance Communications †		120,301		2,036,696
Okta †		24,832		2,054,351
ON Semiconductor †		87,281		1,795,370
PTC †		36,569		3,370,930
Q2 Holdings †		80,060		5,544,956
Rapid7 †		86,942		4,400,135


			(continues	)		113

Schedules of investments

Optimum Small-Mid Cap Growth Fund


	Number of		Value
	shares		(US $)

Common Stock² (continued)

Information Technology (continued)
RealPage †		61,834	$	3,752,705
RingCentral Class A †		80,181		8,643,512
Semtech †		72,626		3,697,390
Silicon Motion Technology ADR		33,169		1,314,819
SS&C Technologies Holdings		58,604		3,732,489
Talend ADR †		20,420		1,032,639
Tech Data †		17,424		1,784,392
Teradyne		49,114		1,956,702
Twilio Class A †		38,437		4,965,292
Ultimate Software Group †		7,282		2,404,007
WEX †		32,284		6,198,205
Zebra Technologies Class A †		53,619		11,234,789
Zendesk †		163,265		13,877,524
Zuora Class A †		86,024		1,723,061

				167,830,358

Materials – 2.17%
Boise Cascade		59,028		1,579,589
Element Solutions †		175,337		1,770,904
Ingevity †		27,604		2,915,258
Orion Engineered Carbons (Luxembourg)		90,744		1,723,228
Steel Dynamics		47,470		1,674,267
US Concrete †		34,657		1,435,493

				11,098,739

Real Estate – 0.35%
QTS Realty Trust Class A		39,683		1,785,338

				1,785,338

Total Common Stock (cost $405,820,080)				501,725,890



Convertible Preferred Stock – 0.52%

DocuSign
Series B p†		1,166		60,445
Series B-1 p†		349		18,092
Series C p†		4,474		231,932
Series D p†		838		43,442
Series E p†		21,664		1,123,062
Draftkings
Series D = p†		83,549		172,111
Series D-1 =p†		100,507		207,044
Honest=p†		15,249		193,190
MarkLogic=p†		83,588		637,191

Total Convertible Preferred Stock (cost $2,763,119)				2,686,509


	Number of		Value
	shares		(US $)

Short-Term Investments – 3.00%

Money Market Mutual Fund – 3.00%
BlackRock FedFund - Institutional Shares (seven-day effective yield 2.36%)		3,073,838	$	3,073,838
Fidelity Investments Money Market Government Portfolio - Class I (seven-day effective yield 2.31%)		3,073,838		3,073,838
GS Financial Square Government Fund - Institutional Shares (seven-day effective yield 2.32%)		3,073,838		3,073,838
Morgan Stanley Government Portfolio - Institutional Share Class (seven-day effective yield 2.33%)		3,073,838		3,073,838
State Street Institutional US Government Money Market Fund - Investor Class (seven-day effective yield 2.31%)		3,073,838		3,073,838


Total Short-Term Investments (cost $15,369,190)				15,369,190


Total Value of Securities – 101.37% (cost $423,952,389)			$	519,781,589

²	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 3 in “Notes to financial statements.”

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 March 31, 2019, the aggregate value of restricted securities was $2,686,509, which represented 0.52% of the Fund’s net assets. The Fund has various registration rights (exercisable under a variety of circumstances) with respect to these securities. See Note 10 in “Notes to financial statements” and the following table for additional details on restricted securities.

†	Non-income producing security.

114

Restricted Securities


Investment	Date of Acquisition		Cost		Value
DocuSign Series B		2/28/14	$	15,312	$	60,445
DocuSign Series B-1		2/28/14		4,583		18,092
DocuSign Series C		4/30/15		85,423		231,932
DocuSign Series D		2/28/14		11,005		43,442
DocuSign Series E		2/28/14		284,500		1,123,062
Draftkings Series D		8/11/15		305,094		172,111
Draftkings Series D-1		8/18/15		388,676		207,044
Honest		8/3/15		697,718		193,190
MarkLogic		4/27/15		970,808		637,191

Total			$	2,763,119	$	2,686,509

Summary of abbreviations:

ADR – American Depositary Receipt

CVR – Contingent Voting Rights

USD – US Dollar

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


			(continues	)		115

Schedules of investments

Optimum Small-Mid Cap Value Fund

March 31, 2019


	Number of		Value
	shares		(US $)

Common Stock – 98.21%

Communication Services – 2.02%
AMC Networks Class A †		30,800	$	1,748,208
Cable One		2,832		2,779,268
Entercom Communications Class A		206,300		1,083,075
Zayo Group Holdings †		171,760		4,881,419

				10,491,970

Consumer Discretionary – 9.93%
American Axle & Manufacturing Holdings †		114,200		1,634,202
American Eagle Outfitters		62,200		1,378,974
Bed Bath & Beyond		38,700		657,513
Bloomin’ Brands		161,815		3,309,117
BorgWarner		41,200		1,582,492
Brinker International		33,200		1,473,416
Capri Holdings †		15,000		686,250
Carter’s		38,460		3,876,383
Children’s Place		31,750		3,088,640
Cooper-Standard Holdings †		17,300		812,408
Dick’s Sporting Goods		47,100		1,733,751
Foot Locker		41,900		2,539,140
Goodyear Tire & Rubber		70,000		1,270,500
Harley-Davidson		28,800		1,027,008
Haverty Furniture		43,900		960,532
Installed Building Products †		61,155		2,966,018
Kohl’s		36,100		2,482,597
Lear		11,700		1,587,807
MDC Holdings		61,236		1,779,518
Nautilus †		61,000		339,160
Nordstrom		28,400		1,260,392
Office Depot		174,900		634,887
Oxford Industries		35,254		2,653,216
Penske Automotive Group		19,700		879,605
PulteGroup		53,000		1,481,880
Shoe Carnival		31,500		1,071,945
Signet Jewelers		12,800		347,648
Sonic Automotive Class A		76,300		1,130,003
Tenneco Class A		26,400		585,024
Toll Brothers		49,500		1,791,900
Whirlpool		10,600		1,408,634
Williams-Sonoma		47,020		2,645,815
Wyndham Destinations		12,500		506,125

				51,582,500

Consumer Staples – 3.17%
BJ’s Wholesale Club Holdings †		149,830		4,105,342
Ingles Markets Class A		35,400		977,748
Ingredion		14,500		1,373,005


	Number of		Value
	shares		(US $)

Common Stock (continued)

Consumer Staples (continued)
J&J Snack Foods		16,704	$	2,653,263
Nomad Foods (United Kingdom) †		176,205		3,603,392
Pilgrim’s Pride †		59,400		1,324,026
Universal		25,300		1,458,039
Weis Markets		23,400		954,954

				16,449,769

Energy – 4.60%
Arch Coal Class A		7,600		693,652
Callon Petroleum †		328,665		2,481,421
Carrizo Oil & Gas †		64,400		803,068
Centennial Resource Development Class A †		71,101		624,978
Encana		6,199		44,881
Gulfport Energy †		150,700		1,208,614
HollyFrontier		28,800		1,418,976
Laredo Petroleum †		107,200		331,248
McDermott International †		70,728		526,216
PBF Energy Class A		50,100		1,560,114
Penn Virginia †		90,570		3,994,137
Southwestern Energy †		230,000		1,078,700
SRC Energy †		128,400		657,408
US Silica Holdings		39,900		692,664
W&T Offshore †		179,300		1,237,170
WPX Energy †		499,040		6,542,414

				23,895,661

Financials – 21.31%
Ally Financial		69,800		1,918,802
American Financial Group		18,100		1,741,401
Annaly Capital Management		139,300		1,391,607
Apollo Commercial Real Estate Finance		77,600		1,412,320
Ares Capital		56,000		959,840
Assurant		39,270		3,727,116
Assured Guaranty (Bermuda)		34,400		1,528,392
Axis Capital Holdings		25,900		1,418,802
Banco Latinoamericano de Comercio Exterior (Panama)		23,105		460,252
BankUnited		34,200		1,142,280
Berkshire Hills Bancorp		44,099		1,201,257
Blackstone Mortgage Trust Class A		41,500		1,434,240
Cathay General Bancorp		33,600		1,139,376
Central Pacific Financial		34,200		986,328
Chemical Financial		138,736		5,710,374

116


	Number of shares		Value (US $)

Common Stock (continued)

Financials (continued)
CIT Group		61,800	$	2,964,546
CNA Financial		60,200		2,609,670
CNO Financial Group		127,400		2,061,332
Customers Bancorp †		37,700		690,287
Everest Re Group (Bermuda)		33,410		7,215,224
First American Financial		30,200		1,555,300
First Busey		45,200		1,102,880
First Hawaiian		194,210		5,059,171
First Horizon National		133,695		1,869,056
Hancock Whitney		31,300		1,264,520
Hanmi Financial		56,800		1,208,136
HCI Group		17,300		739,229
Heritage Insurance Holdings		32,300		471,580
Hope Bancorp		122,400		1,600,992
Houlihan Lokey		118,945		5,453,628
Ladder Capital		79,394		1,351,286
Lazard Class A		39,600		1,431,144
Legg Mason		40,000		1,094,800
Mercury General		101,445		5,079,351
MGIC Investment †		107,200		1,413,968
New Mountain Finance		71,900		975,683
Oaktree Specialty Lending		4,294		22,243
OFG Bancorp		60,700		1,201,253
Preferred Bank		19,200		863,424
Prospect Capital		160,841		1,048,683
Radian Group		69,500		1,441,430
Reinsurance Group of America		21,200		3,009,976
Renasant		67,825		2,295,876
Santander Consumer USA Holdings		88,500		1,870,005
Starwood Property Trust		81,600		1,823,760
TCF Financial		163,600		3,384,884
Universal Insurance Holdings		41,300		1,280,300
Unum Group		75,700		2,560,931
Washington Federal		43,100		1,245,159
Western Alliance Bancorp †		140,450		5,764,068
Zions Bancorp		210,273		9,548,497

				110,744,659

Healthcare – 5.55%
Cooper		13,035		3,860,576
Jazz Pharmaceuticals †		13,300		1,901,235
Lannett †		44,200		347,854
Lantheus Holdings †		56,200		1,375,776
Mallinckrodt †		41,000		891,340
Owens & Minor		54,900		225,090
PerkinElmer		54,625		5,263,665


	Number of shares		Value (US $)

Common Stock (continued)

Healthcare (continued)
Premier Class A †		68,675	$	2,368,601
Quest Diagnostics		11,600		1,043,072
Steris		34,360		4,399,111
Teleflex		17,540		5,299,886
United Therapeutics †		16,000		1,877,920

				28,854,126

Industrials – 14.78%
ACCO Brands		146,000		1,249,760
Acuity Brands		13,900		1,668,139
Aircastle		55,700		1,127,368
Alaska Air Group		60,050		3,370,006
Albany International Class A		35,357		2,531,208
Allison Transmission Holdings		55,500		2,493,060
Apogee Enterprises		36,200		1,357,138
Atlas Air Worldwide Holdings †		24,100		1,218,496
Briggs & Stratton		39,700		469,651
Curtiss-Wright		33,725		3,822,392
Deluxe		29,800		1,302,856
Ennis		45,800		950,808
Hawaiian Holdings		45,300		1,189,125
Herman Miller		46,400		1,632,352
Hubbell		40,120		4,733,358
Huntington Ingalls Industries		33,670		6,976,424
Interface		86,845		1,330,465
JetBlue Airways †		109,300		1,788,148
KAR Auction Services		94,585		4,853,156
NCI Building Systems †		102,100		628,936
nVent Electric		197,030		5,315,869
Oshkosh		24,800		1,863,224
Owens Corning		22,400		1,055,488
Pentair (United Kingdom)		60,140		2,676,831
Pitney Bowes		45,300		311,211
Quanta Services		41,400		1,562,436
Regal Beloit		21,400		1,752,018
Ryder System		31,700		1,965,083
Spirit AeroSystems Holdings Class A		51,200		4,686,336
Terex		34,700		1,114,911
Timken		37,000		1,613,940
Triton International		35,300		1,097,830
UniFirst		18,165		2,788,328
Wabash National		130,500		1,768,275
Woodward		26,531		2,517,527

				76,782,153

Information Technology – 11.59%
Advanced Energy Industries †		25,700		1,276,776


			(continues	)		117

Schedules of investments

Optimum Small-Mid Cap Value Fund


	Number of shares		Value (US $)

Common Stock (continued)

Information Technology (continued)
Amdocs		40,600	$	2,196,866
Arrow Electronics †		18,700		1,441,022
Avnet		44,000		1,908,280
Booz Allen Hamilton Holding		67,834		3,943,869
Ciena †		47,800		1,784,852
Cirrus Logic †		27,400		1,152,718
Coherent †		20,220		2,865,578
CSG Systems International		18,200		769,860
Diodes †		43,900		1,523,330
Flex †		104,000		1,040,000
FLIR Systems		52,452		2,495,666
Genpact		81,025		2,850,460
Jabil		74,000		1,967,660
Juniper Networks		98,000		2,594,060
Littelfuse		27,110		4,947,033
Methode Electronics		33,100		952,618
MKS Instruments		41,930		3,901,587
Monolithic Power Systems		28,675		3,885,176
NCR †		67,500		1,842,075
ON Semiconductor †		139,500		2,869,515
OSI Systems †		28,401		2,487,928
Sanmina †		59,300		1,710,805
SYNNEX		3,965		378,221
Tech Data †		23,100		2,365,671
Teradyne		28,900		1,151,376
TTM Technologies †		84,100		986,493
Western Union		51,400		949,358
Xerox		61,300		1,960,374

				60,199,227

Materials – 7.87%
Albemarle		51,682		4,236,890
Cabot		26,400		1,099,032
Celanese Class A		19,000		1,873,590
Chemours		49,500		1,839,420
Clearwater Paper †		25,400		494,792
Domtar		45,500		2,259,075
Eagle Materials		61,534		5,187,316
Eastman Chemical		15,700		1,191,316
Huntsman		70,700		1,590,043
Kronos Worldwide		88,300		1,237,966
Owens-Illinois		59,800		1,135,004
Packaging Corp. of America		14,200		1,411,196
PolyOne		130,389		3,821,702
Rayonier Advanced Materials		65,400		886,824
Reliance Steel & Aluminum		21,500		1,940,590


	Number of shares		Value (US $)

Common Stock (continued)

Materials (continued)
RPM International		43,120	$	2,502,685
Schweitzer-Mauduit International		32,700		1,266,144
Summit Materials Class A †		186,421		2,958,501
Trinseo		31,700		1,436,010
US Steel		34,000		662,660
Westrock		48,000		1,840,800

				40,871,556

Real Estate – 13.30%
American Homes 4 Rent Class A		247,435		5,621,723
Americold Realty Trust		84,601		2,581,176
Apple Hospitality REIT		68,979		1,124,358
Brandywine Realty Trust		301,750		4,785,755
Brixmor Property Group		121,300		2,228,281
CBL & Associates Properties		63,700		98,735
City Office REIT (Canada)		93,700		1,059,747
CoreCivic		56,200		1,093,090
Franklin Street Properties		93,612		673,070
Gaming And Leisure Properties		56,700		2,186,919
Hospitality Properties Trust		104,300		2,744,133
Hudson Pacific Properties		153,805		5,293,968
Industrial Logistics Properties Trust		44,622		900,026
Kite Realty Group Trust		75,900		1,213,641
Lexington Realty Trust		201,200		1,822,872
Mack-Cali Realty		43,400		963,480
Medical Properties Trust		157,100		2,907,921
Office Properties Income Trust		45,688		1,262,816
Omega Healthcare Investors		39,200		1,495,480
One Liberty Properties		51,900		1,505,100
Physicians Realty Trust		334,020		6,282,916
Piedmont Office Realty Trust Class A		78,300		1,632,555
Preferred Apartment Communities Class A		72,100		1,068,522
Retail Properties of America Class A		286,620		3,493,898
Retail Value		5,200		162,084
RPT Realty		104,000		1,249,040
Senior Housing Properties Trust		123,300		1,452,474
SITE Centers		50,650		689,853
Spirit Realty Capital		37,360		1,484,313
STAG Industrial		211,630		6,274,830
Summit Hotel Properties		63,000		718,830

118


	Number of shares		Value (US $)

Common Stock (continued)

Real Estate (continued)
VEREIT		205,200	$	1,717,524
Xenia Hotels & Resorts		60,500		1,325,555

				69,114,685

Utilities – 4.09%
AES		68,300		1,234,864
Alliant Energy		139,042		6,553,049
CenterPoint Energy		49,000		1,504,300
IDACORP		63,580		6,328,753
National Fuel Gas		49,200		2,999,232
South Jersey Industries		82,880		2,657,962

				21,278,160

Total Common Stock (cost $492,126,734)				510,264,466



Short-Term Investments – 2.11%

Money Market Mutual Fund – 2.11%
BlackRock FedFund - Institutional Shares (seven-day effective yield 2.36%)		2,197,013		2,197,013
Fidelity Investments Money Market Government Portfolio - Class I (seven-day effective yield 2.31%)		2,197,013		2,197,013
GS Financial Square Government Fund - Institutional Shares (seven-day effective yield 2.32%)		2,197,013		2,197,013


	Number of shares		Value (US $)

Short-Term Investments (continued)

Money Market Mutual Fund (continued)
Morgan Stanley Government Portfolio - Institutional Share Class (seven-day effective yield 2.33%)		2,197,013	$	2,197,013
State Street Institutional US Government Money Market Fund - Investor Class (seven-day effective yield 2.31%)		2,197,013		2,197,013

				10,985,065

Total Short-Term Investments (cost $10,985,065)				10,985,065


Total Value of Securities – 100.32% (cost $503,111,799)			$	521,249,531

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

†	Non-income producing security.

Summary of abbreviations:

REIT – Real Estate Investment Trust

USD – US Dollar

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


						119

Statements of assets and liabilities

Optimum Fund Trust

March 31, 2019


	Optimum Fixed Income Fund		Optimum International Fund		Optimum Large Cap Growth Fund		Optimum Large Cap Value Fund		Optimum Small-Mid Cap Growth Fund		Optimum Small-Mid Cap Value Fund
Assets:
Investments, at value^1,2		$2,821,903,438		$549,654,548		$1,678,782,956		$1,563,451,415		$519,781,589		$521,249,531
Short-term investments held as collateral for loaned securities, at value⁴		—		8,258,807		—		—		—		—
Foreign currencies, at value⁵		3,959,754		2,464,550		—		—		—		—
Cash		3,206,915		—		—		—		—		—
Cash collateral due from brokers		2,090,327		—		—		—		—		—
Receivable for securities sold		304,545,686		4,046,233		2,645,045		13,356,954		1,961,806		777,331
Dividends and interest receivable		15,692,214		2,306,723		559,516		2,068,720		160,030		850,100
Unrealized appreciation of foreign currency exchange contracts		1,747,022		922		—		—		—		—
Receivable for fund shares sold		4,438,471		847,041		1,877,973		2,068,982		728,073		837,594
Variation margin due from brokers on centrally cleared interest rate swap contracts		461,504		—		—		—		—		—
Upfront payments paid on interest rate swap contracts		2,980,837		—		—		—		—		—
Unrealized appreciation of credit default swap contracts		1,195,590		—		—		—		—		—
Swap payments receivable		823,485		—		—		—		—		—
Upfront payments paid on credit default swap contracts		24,405		—		—		—		—		—
Variation margin due from brokers on centrally cleared credit default swap contracts		235		—		—		—		—		—
Securities lending income receivable		—		33,040		—		—		—		—
Foreign tax reclaims receivable		—		1,309,394		3,892		488,256		—		—
Other assets⁶		415,736		—		—		—		—		—

Total assets		3,163,485,619		568,921,258		1,683,869,382		1,581,434,327		522,631,498		523,714,556

120


	Optimum Fixed Income Fund				Optimum International Fund			Optimum Large Cap Growth Fund			Optimum Large Cap Value Fund			Optimum Small-Mid Cap Growth Fund			Optimum Small-Mid Cap Value Fund
Liabilities:
Options written, at value⁷		$	124			$	—		$	—		$	—		$	—		$	—
Securities sold short, at value³			—				—			—			414,692			—			—
Cash due to custodian			—				126,484			979,689			257,414			284,457			144,911
Payable for securities purchased			776,033,906				5,616,425			4,120,822			10,698,580			8,707,473			3,211,638
Cash collateral due to brokers			8,140,000				—			—			—			—			—
Swap payments payable			1,390,301				—			—			—			—			—
Payable for fund shares redeemed			1,177,319				237,635			1,002,208			742,688			291,997			220,493
Variation margin due to brokers on futures contracts			1,089,324				—			—			—			—			—
Dividend disbursing and transfer agent fees payable to affiliates			358,455				84,276			253,660			238,183			78,692			79,248
Variation margin due to brokers on centrally cleared interest rate swap contracts			67,668				—			—			—			—			—
Obligation to return securities lending collateral			—				8,242,395			—			—			—			—
Variation margin due to brokers on centrally cleared credit default swap contracts			5,778				—			—			—			—			—
Interest payable for reverse repurchase agreements			10,710				—			—			—			—			—
Investment management fees payable to affiliates			1,016,216				351,645			976,313			856,411			358,389			341,767
Other accrued expenses			360,875				190,621			209,629			203,495			97,129			93,524
Administration expenses payable to affiliates			104,549				24,580			73,984			69,470			22,952			23,114
Distribution fees payable to affiliates			83,571				20,018			76,221			63,827			12,589			8,806
Accounting fees payable to affiliates			13,640				3,467			9,751			9,177			3,259			3,280
Trustees’ fees and expenses payable to affiliates			360				85			252			237			79			81
Upfront payments received on credit default swap contracts			1,709,783				—			—			—			—			—
Upfront payments received on interest rate swap contracts			1,120,805				—			—			—			—			—
Unrealized depreciation of foreign currency exchange contracts			509,861				41,165			—			—			—			—
Unrealized depreciation of credit default swap contracts			86,470				—			—			—			—			—
Contingent liabilities⁶			1,385,788				—			—			—			—			—
Other liabilities			—				19,871			—			—			—			—

Total liabilities			794,665,503				14,958,667			7,702,529			13,554,174			9,857,016			4,126,862

Total Net Assets		$	2,368,820,116			$	553,962,591		$	1,676,166,853		$	1,567,880,153		$	512,774,482		$	519,587,694


Net Assets Consist of:
Paid-in capital		$	2,373,496,570			$	511,156,124		$	1,253,653,531		$	1,289,752,688		$	406,469,630		$	490,909,719
Total distributable earnings (loss)			(4,676,454	)			42,806,467			422,513,322			278,127,465			106,304,852			28,677,975

Total Net Assets		$	2,368,820,116			$	553,962,591		$	1,676,166,853		$	1,567,880,153		$	512,774,482		$	519,587,694


			(continues	)		121

Statements of assets and liabilities

Optimum Fund Trust


	Optimum Fixed Income Fund				Optimum International Fund				Optimum Large Cap Growth Fund				Optimum Large Cap Value Fund				Optimum Small-Mid Cap Growth Fund				Optimum Small-Mid Cap Value Fund
Net Asset Value
Class A:
Net assets		$	26,612,983			$	7,274,977			$	29,604,930			$	23,742,293			$	4,787,893			$	3,265,914
Shares of beneficial interest outstanding, unlimited authorization, no par			2,813,782				577,968				1,772,918				1,499,768				356,496				268,919
Net asset value per share		$	9.46			$	12.59			$	16.70			$	15.83			$	13.43			$	12.14
Sales charge			4.50	%			5.75	%			5.75	%			5.75	%			5.75	%			5.75	%
Offering price per share, equal to net asset value per share / (1 – sales charge)		$	9.91			$	13.36			$	17.72			$	16.80			$	14.25			$	12.88

Class C:
Net assets		$	92,294,840			$	21,762,848			$	83,010,363			$	69,414,902			$	13,510,763			$	9,507,590
Shares of beneficial interest outstanding, unlimited authorization, no par			9,761,668				1,773,578				6,067,521				4,436,360				1,234,707				902,132
Net asset value per share		$	9.45			$	12.27			$	13.68			$	15.65			$	10.94			$	10.54

Institutional Class:
Net assets		$	2,249,912,293			$	524,924,766			$	1,563,551,560			$	1,474,722,958			$	494,475,826			$	506,814,190
Shares of beneficial interest outstanding, unlimited authorization, no par			238,091,578				41,405,755				86,241,082				92,943,021				33,668,658				39,274,553
Net asset value per share		$	9.45			$	12.68			$	18.13			$	15.87			$	14.69			$	12.90

______________
¹Investments, at cost		$	2,798,496,502			$	508,389,273			$	1,267,429,619			$	1,288,746,820			$	423,952,389			$	503,111,799
²Including securities on loan			—				9,242,284				—				—				—				—
³Securities sold short, proceeds			—				—				—				(397,035	)			—				—
⁴Short-term investments held as collateral for loaned securities, at cost			—				8,258,781				—				—				—				—
⁵Foreign currencies, at cost			4,014,881				2,464,515				—				—				—				—
⁶See Note 12 in “Notes to financial statements.”
⁷Premium received			(6,738	)			—				—				—				—				—

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

122

Statements of operations

Optimum Fund Trust

Year ended March 31, 2019


	Optimum Fixed Income Fund				Optimum International Fund				Optimum Large Cap Growth Fund				Optimum Large Cap Value Fund				Optimum Small-Mid Cap Growth Fund				Optimum Small-Mid Cap Value Fund
Investment Income:
Interest		$	77,171,846			$	112,780			$	438,787			$	512,911			$	261,042			$	185,980
Dividends			479,147				17,087,590				17,470,342				36,509,513				1,961,630				11,502,485
Securities lending income			—				315,023				—				—				—				—
Foreign tax withheld			(46,135	)			(1,799,460	)			(94,984	)			(81,706	)			(10,163	)			(2,813	)

			77,604,858				15,715,933				17,814,145				36,940,718				2,212,509				11,685,652

Expenses:
Management fees			11,403,261				4,383,663				11,655,429				9,863,918				5,421,724				4,755,512
Distribution expenses — Class A			69,192				19,380				76,690				61,702				12,922				8,894
Distribution expenses — Class C			961,281				238,849				884,920				739,705				147,123				106,385
Dividend disbursing and transfer agent fees and expenses			4,026,208				1,081,927				3,072,856				2,773,681				959,317				926,875
Administration expenses			1,161,579				309,028				884,576				798,112				272,993				263,641
Accounting fees			514,345				164,181				400,406				364,987				149,364				145,556
Trustees’ fees and expenses			277,109				71,220				207,662				188,212				64,105				62,167
Reports and statements to shareholders expenses			275,947				134,702				332,514				260,756				229,524				171,549
Custodian fees			253,794				206,819				45,171				40,630				21,013				11,927
Pricing fees			240,452				74,634				4,307				5,210				40,034				1,892
Professional fees			191,296				82,946				138,560				116,167				68,646				55,927
Registration fees			95,166				62,775				52,973				70,434				63,989				69,177
Insurance fees			39,311				11,229				30,732				27,711				9,560				9,650
Investment interest expense			11,089				—				—				—				—				—
Tax services			2,544				21,343				1,182				342				881				970
Other			13,184				7,138				11,439				10,879				6,251				9,443

			19,535,758				6,869,834				17,799,417				15,322,446				7,467,446				6,599,565
Less expenses waived			—				—				—				—				(594,291	)			(391,114	)
Less expenses paid indirectly			(94,264	)			(1,593	)			(2,490	)			(6,192	)			(2,485	)			(2,059	)

Total operating expenses			19,441,494				6,868,241				17,796,927				15,316,254				6,870,670				6,206,392

Net Investment Income (Loss)			58,163,364				8,847,692				17,218				21,624,464				(4,658,161	)			5,479,260


			(continues	)		123

Statements of operations

Optimum Fund Trust


	Optimum Fixed Income Fund				Optimum International Fund				Optimum Large Cap Growth Fund				Optimum Large Cap Value Fund				Optimum Small-Mid Cap Growth Fund				Optimum Small-Mid Cap Value Fund
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		$	(6,234,536	)		$	16,298,216			$	146,317,187			$	23,082,738			$	61,283,820			$	26,854,009
Securities sold short			(13	)			—				—				—				—				—
Foreign currencies			(11,356,087	)			618,978				6,555				(4,577	)			—				—
Foreign currency exchange contracts			9,003,111				(804,500	)			(5,911	)			4,185				—				—
Futures contracts			17,775,733				—				—				—				—				—
Options purchased			(1,128,560	)			—				—				—				—				—
Options written			1,319,321				—				—				—				—				—
Swap contracts			(1,063,558	)			—				—				—				—				—

Net realized gain			8,315,411				16,112,694				146,317,831				23,082,346				61,283,820				26,854,009

Net change in unrealized appreciation (depreciation) of:
Investments¹			26,207,144				(56,292,131	)			52,505,402				14,962,843				(9,645,134	)			(53,926,698	)
Foreign currencies			(156,087	)			(90,027	)			982				(12,472	)			—				—
Foreign currency exchange contracts			1,176,091				(40,401	)			—				—				—				—
Futures contracts			(4,401,816	)			—				—				—				—				—
Options purchased			823,533				—				—				—				—				—
Options written			(771,823	)			—				—				—				—				—
Swap contracts			(7,285,391	)			—				—				—				—				—

Net change in unrealized appreciation (depreciation)			15,591,651				(56,422,559	)			52,506,384				14,950,371				(9,645,134	)			(53,926,698	)

Net Realized and Unrealized Gain (Loss)			23,907,062				(40,309,865	)			198,824,215				38,032,717				51,638,686				(27,072,689	)

Net Increase (Decrease) in Net Assets Resulting from Operations		$	82,070,426			$	(31,462,173	)		$	198,841,433			$	59,657,181			$	46,980,525			$	(21,593,429	)

¹Includes decrease of $37,691 capital gain taxes accrued for Optimum International Fund.

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

124

Statements of changes in net assets

Optimum Fund Trust


	Optimum Fixed Income Fund						Optimum International Fund
	Year ended						Year ended
	3/31/19			3/31/18			3/31/19			3/31/18
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	58,163,364		$	48,178,820		$	8,847,692		$	6,920,399
Net realized gain (loss)		8,315,411			(15,530,877	)		16,112,694			43,717,618
Net change in unrealized appreciation (depreciation)		15,591,651			3,394,011			(56,422,559	)		59,971,997


Net increase (decrease) in net assets resulting from operations		82,070,426			36,041,954			(31,462,173	)		110,610,014


Dividends and Distributions to Shareholders from:
Distributable earnings^*:
Class A		(561,554	)		(700,572	)		(546,784	)		(167,474	)
Class C		(1,203,061	)		(1,651,789	)		(1,499,301	)		(368,063	)
Institutional Class		(51,991,595	)		(44,780,382	)		(39,365,210	)		(12,425,087	)


		(53,756,210	)		(47,132,743	)		(41,411,295	)		(12,960,624	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		1,751,281			2,691,823			330,547			425,861
Class C		5,847,263			5,853,573			729,533			788,640
Institutional Class		648,954,727			410,586,301			103,927,530			118,448,217
Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		560,310			697,909			543,866			166,852
Class C		1,198,602			1,650,329			1,496,898			367,589
Institutional Class		51,943,066			44,744,263			39,321,117			12,414,824


		710,255,249			466,224,198			146,349,491			132,611,983

Cost of shares redeemed:
Class A		(6,131,707	)		(6,985,182	)		(1,312,596	)		(2,050,607	)
Class C		(20,944,368	)		(26,057,224	)		(5,447,612	)		(7,599,191	)
Institutional Class		(360,410,926	)		(287,504,444	)		(179,436,993	)		(117,583,144	)


		(387,487,001	)		(320,546,850	)		(186,197,201	)		(127,232,942	)


Increase (decrease) in net assets derived from capital share transactions		322,768,248			145,677,348			(39,847,710	)		5,379,041

Net Increase (Decrease) in Net Assets		351,082,464			134,586,559			(112,721,178	)		103,028,431
Net Assets:
Beginning of year		2,017,737,652			1,883,151,093			666,683,769			563,655,338


End of year¹	$	2,368,820,116		$	2,017,737,652		$	553,962,591		$	666,683,769

Net Assets – End of year includes undistributed net investment income of $10,301,910 and $2,168,493 in 2018 for Optimum Fixed Income Fund and Optimum International Fund. The Securities and Exchange Commission eliminated the requirement to disclose undistributed (distributions in excess of) net investment income in 2018.

^*	For the year ended March 31, 2019, the Funds have adopted amendments to Regulation S-X (see Note 13 in “Notes to financial statements”). For the year ended March 31, 2018, the dividends and distributions to shareholders were as follows:


	Optimum Fixed Income Fund
			Institutional
	Class A	Class C	Class
Dividends from net investment income	$(700,572)	$(1,651,789)	$(44,780,382)
	Optimum International Fund
			Institutional
	Class A	Class C	Class
Dividends from net investment income	$ (71,145)	$ (38,744)	$(6,067,099)
Distributions from net realized gain	(96,329)	329,319	(6,357,988)

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


			(continues	)		125

Statements of changes in net assets

Optimum Fund Trust


	Optimum Large Cap Growth Fund						Optimum Large Cap Value Fund
	Year ended						Year ended
	3/31/19			3/31/18			3/31/19			3/31/18
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	17,218		$	(2,134,237	)	$	21,624,464		$	17,479,787
Net realized gain		146,317,831			275,470,600			23,082,346			40,246,291
Net change in unrealized appreciation (depreciation)		52,506,384			52,227,833			14,950,371			60,004,220


Net increase in net assets resulting from operations		198,841,433			325,564,196			59,657,181			117,730,298


Dividends and Distributions to Shareholders from:
Distributable earnings^*:
Class A		(3,720,629	)		(5,495,119	)		(928,291	)		(1,493,327	)
Class C		(12,410,195	)		(19,625,204	)		(2,178,499	)		(4,227,847	)
Institutional Class		(176,632,153	)		(240,785,863	)		(59,491,242	)		(74,148,325	)


		(192,762,977	)		(265,906,186	)		(62,598,032	)		(79,869,499	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		663,486			1,294,218			761,830			1,327,875
Class C		985,223			1,816,781			1,550,682			2,091,578
Institutional Class		256,614,320			259,275,981			265,479,114			257,769,560
Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		3,717,465			5,479,590			927,982			1,489,597
Class C		12,385,912			19,589,493			2,168,977			4,218,812
Institutional Class		176,362,602			240,538,379			59,415,403			74,082,666


		450,729,008			527,994,442			330,303,988			340,980,088

Cost of shares redeemed:
Class A		(6,759,803	)		(7,970,218	)		(4,397,534	)		(6,031,113	)
Class C		(24,946,229	)		(29,888,435	)		(16,899,124	)		(22,154,334	)
Institutional Class		(489,190,001	)		(295,254,850	)		(219,748,830	)		(211,048,849	)


		(520,896,033	)		(333,113,503	)		(241,045,488	)		(239,234,296	)


Increase (decrease) in net assets derived from capital share transactions		(70,167,025	)		194,880,939			89,258,500			101,745,792

Net Increase (Decrease) in Net Assets		(64,088,569	)		254,538,949			86,317,649			139,606,591
Net Assets:
Beginning of year		1,740,255,422			1,485,716,473			1,481,562,504			1,341,955,913


End of year¹	$	1,676,166,853		$	1,740,255,422		$	1,567,880,153		$	1,481,562,504

Net Assets - There were no undistributed net investment income for Optimum Large Cap Growth Fund and $4,123,503 in 2018 for Optimum Large Cap Value Fund. The Securities Exchange Commission eliminated the requirement to disclose undistributed (distributions in excess of) net investment income in 2018.

^*	For the year ended March 31, 2019, the Funds have adopted amendments to Regulation S-X (see Note 13 in “Notes to financial statements”). For the year ended March 31, 2018, the dividends and distributions to shareholders were as follows:


	Optimum Large Cap Growth Fund
			Institutional
	Class A	Class C	Class
Distributions from net realized gain	$(5,495,119)	$(19,625,204)	$(240,785,863)
	Optimum Large Cap Value Fund
			Institutional
	Class A	Class C	Class
Dividends from net investment income	$ (273,497)	$ (256,730)	$ (16,122,671)
Distributions from net realized gain	(1,219,830)	(3,971,117)	(58,025,654)

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

126


	Optimum Small-Mid Cap Growth Fund									Optimum Small-Mid Cap Value Fund
		Year ended									Year ended
	3/31/19					3/31/18				3/31/19					3/31/18
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)			$	(4,658,161	)		$	(4,125,174	)			$	5,479,260			$	2,703,854
Net realized gain				61,283,820				69,241,196					26,854,009				26,596,406
Net change in unrealized appreciation (depreciation)				(9,645,134	)			31,070,292					(53,926,698	)			(8,877,449	)

Net increase (decrease) in net assets resulting from operations				46,980,525				96,186,314					(21,593,429	)			20,422,811


Dividends and Distributions to Shareholders from:
Distributable earnings^*:
Class A				(928,456	)			(236,782	)				(242,207	)			(215,457	)
Class C				(3,041,672	)			(835,216	)				(753,203	)			(702,964	)
Institutional Class				(85,738,436	)			(19,412,135	)				(35,271,695	)			(22,502,002	)

				(89,708,564	)			(20,484,133	)				(36,267,105	)			(23,420,423	)

Capital Share Transactions:
Proceeds from shares sold:
Class A				160,509				270,437					121,099				223,637
Class C				213,105				348,498					210,799				363,232
Institutional Class				84,994,195				80,505,865					168,820,113				84,337,853
Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A				926,148				235,651					241,981				214,986
Class C				3,037,941				834,362					752,225				702,150
Institutional Class				85,636,988				19,396,388					35,239,137				22,481,400

				174,968,886				101,591,201					205,385,354				108,323,258

Cost of shares redeemed:
Class A				(1,252,045	)			(1,216,862	)				(585,193	)			(841,912	)
Class C				(3,872,832	)			(4,252,643	)				(2,290,436	)			(3,124,350	)
Institutional Class				(130,574,910	)			(97,830,534	)				(83,755,221	)			(67,540,018	)

				(135,699,787	)			(103,300,039	)				(86,630,850	)			(71,506,280	)

Increase (decrease) in net assets derived from capital share transactions				39,269,099				(1,708,838	)				118,754,504				36,816,978

Net Increase (Decrease) in Net Assets				(3,458,940	)			73,993,343					60,893,970				33,819,366
Net Assets:
Beginning of year				516,233,422				442,240,079					458,693,724				424,874,358

End of year¹			$	512,774,482			$	516,233,422				$	519,587,694			$	458,693,724

Net Assets – There were no undistributed net investment income for Optimum Small-Mid Cap Growth Fund and $1,372,317 in 2018 for Optimum Small-Mid Cap Value Fund. The Securities and Exchange Commission eliminated the requirement to disclose undistributed (distributions in excess of) net investment income in 2018.

*	For the year ended March 31, 2019, the Fund has adopted amendments to Regulation S-X (see Note 12 in “Notes to financial statements”). For the year ended March 31, 2018, the dividends and distributions to shareholders were as follows:


	Optimum Small-Mid Cap Growth Fund
							Institutional
	Class A			Class C			Class
Distributions from net realized gains	$	(236,782	)	$	(835,216	)	$	(19,412,135	)
	Optimum Small-Mid Cap Value Fund
							Institutional
	Class A			Class C			Class
Dividends from net investment income	$	(20,465	)	$	—		$	(3,036,210	)
Distributions from net realized gains		(194,992	)		(702,964	)		(19,465,792	)

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


			(continues	)		127

Financial highlights

Optimum Fixed Income Fund Class A

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


	Year ended

	3/31/19				3/31/18				3/31/17				3/31/16				3/31/15
Net asset value, beginning of period		$	9.35			$	9.39			$	9.37			$	9.72			$	9.54

Income (loss) from investment operations:
Net investment income¹			0.23				0.22				0.20				0.20				0.20
Net realized and unrealized gain (loss)			0.08				(0.05	)			—	²			(0.28	)			0.20

Total from investment operations			0.31				0.17				0.20				(0.08	)			0.40


Less dividends and distributions from:
Net investment income			(0.20	)			(0.21	)			(0.18	)			(0.25	)			(0.22	)
Net realized gain			—				—				—				(0.02	)			—

Total dividends and distributions			(0.20	)			(0.21	)			(0.18	)			(0.27	)			(0.22	)


Net asset value, end of period		$	9.46				9.35				9.39				9.37				9.72


Total return³			3.37%				1.81%				2.03%				(0.63%	)			4.21%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	26,613			$	30,150			$	33,838			$	39,545			$	43,144
Ratio of expenses to average net assets			1.08%				1.10%				1.17%				1.23%				1.17%
Ratio of expenses to average net assets prior to fees waived			1.08%				1.10%				1.18%				1.23%				1.17%
Ratio of net investment income to average net assets			2.43%				2.29%				2.12%				2.13%				2.11%
Ratio of net investment income to average net assets prior to fees waived			2.43%				2.29%				2.11%				2.13%				2.11%
Portfolio turnover			453%				403%				419%				536%				482%⁴

¹	The average shares outstanding method has been applied for per share information.

²	The amount is less than $0.005 per share.

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

⁴

As a result of the addition of Delaware Management Company’s diversified floating rate investment strategy and Pacific Investment Management Company, LLC’s low-duration investment strategy on Feb. 1, 2014, to the Fund’s principal investment strategy, the Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2015.

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

128

Optimum Fixed Income Fund Class C

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


	Year ended

	3/31/19			3/31/18			3/31/17			3/31/16			3/31/15
Net asset value, beginning of period	$	9.34		$	9.38		$	9.37		$	9.71		$	9.53

Income (loss) from investment operations:
Net investment income¹		0.16			0.15			0.13			0.13			0.13
Net realized and unrealized gain (loss)		0.07			(0.05	)		(0.01	)		(0.27	)		0.20

Total from investment operations		0.23			0.10			0.12			(0.14	)		0.33


Less dividends and distributions from:
Net investment income		(0.12	)		(0.14	)		(0.11	)		(0.18	)		(0.15	)
Net realized gain		—			—			—			(0.02	)		—

Total dividends and distributions		(0.12	)		(0.14	)		(0.11	)		(0.20	)		(0.15	)


Net asset value, end of period	$	9.45		$	9.34		$	9.38		$	9.37		$	9.71


Total return²		2.52%			1.06%			1.27%			(1.39%	)		3.44%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	92,295		$	105,194		$	124,024		$	153,266		$	166,154
Ratio of expenses to average net assets		1.83%			1.85%			1.92%			1.98%			1.92%
Ratio of expenses to average net assets prior to fees waived		1.83%			1.85%			1.93%			1.98%			1.92%
Ratio of net investment income to average net assets		1.68%			1.54%			1.37%			1.38%			1.36%
Ratio of net investment income to average net assets prior to fees waived		1.68%			1.54%			1.36%			1.38%			1.36%
Portfolio turnover		453%			403%			419%			536%			482%³

¹	The average shares outstanding method has been applied for per share information.

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


			(continues	)		129

Financial highlights

Optimum Fixed Income Fund Institutional Class

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


	Year ended

	3/31/19				3/31/18				3/31/17				3/31/16				3/31/15
Net asset value, beginning of period		$	9.34			$	9.39			$	9.37			$	9.72			$	9.54

Income (loss) from investment operations:
Net investment income¹			0.25				0.24				0.23				0.23				0.23
Net realized and unrealized gain (loss)			0.08				(0.05	)			(0.01	)			(0.28	)			0.19

Total from investment operations			0.33				0.19				0.22				(0.05	)			0.42


Less dividends and distributions from:
Net investment income			(0.22	)			(0.24	)			(0.20	)			(0.28	)			(0.24	)
Net realized gain			—				—				—				(0.02	)			—

Total dividends and distributions			(0.22	)			(0.24	)			(0.20	)			(0.30	)			(0.24	)


Net asset value, end of period		$	9.45			$	9.34			$	9.39			$	9.37			$	9.72


Total return²			3.65%				1.96%				2.40%				(0.48%)				4.47%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	2,249,912			$	1,882,394			$	1,725,289			$	1,892,775			$	1,826,156
Ratio of expenses to average net assets			0.83%				0.85%				0.92%				0.98%				0.92%
Ratio of expenses to average net assets prior to fees waived			0.83%				0.85%				0.93%				0.98%				0.92%
Ratio of net investment income to average net assets			2.68%				2.54%				2.37%				2.38%				2.36%
Ratio of net investment income to average net assets prior to fees waived			2.68%				2.54%				2.36%				2.38%				2.36%
Portfolio turnover			453%				403%				419%				536%				482%³

¹	The average shares outstanding method has been applied for per share information.

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

As a result of the addition of Delaware Management Company’s diversified floating rate investment strategy and Pacific Investment Management Company, LLC ’s low-duration investment strategy on Feb. 1, 2014, to the Fund’s principal investment strategy, the Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2015.

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

130

Optimum International Fund Class A

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


	Year ended

	3/31/19				3/31/18				3/31/17				3/31/16				3/31/15
Net asset value, beginning of period		$	14.42			$	12.27			$	10.95			$	11.66			$	12.57

Income (loss) from investment operations:
Net investment income¹			0.17				0.12				0.11				0.08				0.06
Net realized and unrealized gain (loss)			(1.00	)			2.29				1.31				(0.73	)			(0.84	)

Total from investment operations			(0.83	)			2.41				1.42				(0.65	)			(0.78	)


Less dividends and distributions from:
Net investment income			(0.18	)			(0.11	)			(0.10	)			(0.06	)			(0.13	)
Net realized gain			(0.82	)			(0.15	)			—				—				—

Total dividends and distributions			(1.00	)			(0.26	)			(0.10	)			(0.06	)			(0.13	)


Net asset value, end of period		$	12.59			$	14.42			$	12.27			$	10.95			$	11.66


Total return²			(5.33%	)			19.74%				13.08%				(5.58%	)			(6.25%	)

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	7,275			$	8,704			$	8,680			$	9,117			$	10,291
Ratio of expenses to average net assets			1.37%				1.36%				1.48%				1.56%				1.47%
Ratio of net investment income to average net assets			1.30%				0.90%				0.93%				0.74%				0.51%
Portfolio turnover			63%				52%				68%				47%				117%

¹	The average shares outstanding method has been applied for per share information.

²	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.

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


			(continues	)		131

Financial highlights

Optimum International Fund Class C

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


	Year ended

	3/31/19				3/31/18				3/31/17				3/31/16				3/31/15
Net asset value, beginning of period		$	14.06			$	11.98			$	10.69			$	11.41			$	12.29

Income (loss) from investment operations:
Net investment income (loss)¹			0.07				0.02				0.02				—	²			(0.03	)
Net realized and unrealized gain (loss)			(0.98	)			2.23				1.30				(0.72	)			(0.83	)

Total from investment operations			(0.91	)			2.25				1.32				(0.72	)			(0.86	)


Less dividends and distributions from:
Net investment income			(0.06	)			(0.02	)			(0.03	)			—				(0.02	)
Net realized gain			(0.82	)			(0.15	)			—				—				—

Total dividends and distributions			(0.88	)			(0.17	)			(0.03	)			—				(0.02	)


Net asset value, end of period		$	12.27			$	14.06			$	11.98			$	10.69			$	11.41


Total return³			(6.07%	)			18.82%				12.32%				(6.31%	)			(7.00%	)

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	21,763			$	28,046			$	29,544			$	31,777			$	35,996
Ratio of expenses to average net assets			2.12%				2.11%				2.23%				2.31%				2.22%
Ratio of net investment income (loss) to average net assets			0.55%				0.15%				0.18%				(0.01%	)			(0.24%	)
Portfolio turnover			63%				52%				68%				47%				117%

¹	The average shares outstanding method has been applied for per share information.

²	Amount is less than $(0.005) per share.

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

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

132

Optimum International Fund Institutional Class

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


	Year ended

	3/31/19			3/31/18			3/31/17			3/31/16			3/31/15
Net asset value, beginning of period	$	14.52		$	12.35		$	11.02		$	11.74		$	12.66

Income (loss) from investment operations:
Net investment income¹		0.21			0.16			0.14			0.11			0.09
Net realized and unrealized gain (loss)		(1.02	)		2.31			1.32			(0.74	)		(0.85	)

Total from investment operations		(0.81	)		2.47			1.46			(0.63	)		(0.76	)


Less dividends and distributions from:
Net investment income		(0.21	)		(0.15	)		(0.13	)		(0.09	)		(0.16	)
Net realized gain		(0.82	)		(0.15	)		—			—			—

Total dividends and distributions		(1.03	)		(0.30	)		(0.13	)		(0.09	)		(0.16	)


Net asset value, end of period	$	12.68		$	14.52		$	12.35		$	11.02		$	11.74


Total return²		(5.09%	)		20.05%			13.36%			(5.38%	)		(6.04%	)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	524,925		$	629,934		$	525,431		$	542,055		$	477,884
Ratio of expenses to average net assets		1.12%			1.11%			1.23%			1.31%			1.22%
Ratio of net investment income to average net assets		1.55%			1.15%			1.18%			0.99%			0.76%
Portfolio turnover		63%			52%			68%			47%			117%

¹	The average shares outstanding method has been applied for per share information.

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

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


			(continues	)		133

Financial highlights

Optimum Large Cap Growth Fund Class A

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


	Year ended

	3/31/19			3/31/18			3/31/17			3/31/16			3/31/15
Net asset value, beginning of period	$	17.22		$	16.84		$	14.97		$	17.00		$	16.39

Income (loss) from investment operations:
Net investment loss¹		(0.03	)		(0.06	)		(0.06	)		(0.10	)		(0.08	)
Net realized and unrealized gain (loss)		1.82			3.70			2.52			(0.20	)		2.71

Total from investment operations		1.79			3.64			2.46			(0.30	)		2.63


Less dividends and distributions from:
Net realized gain		(2.31	)		(3.26	)		(0.59	)		(1.73	)		(2.02	)

Total dividends and distributions		(2.31	)		(3.26	)		(0.59	)		(1.73	)		(2.02	)


Net asset value, end of period	$	16.70		$	17.22		$	16.84		$	14.97		$	17.00


Total return²		11.60%			22.17%			16.83%			(2.27%	)		17.27%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	29,605		$	32,254		$	32,215		$	33,787		$	40,790
Ratio of expenses to average net assets		1.25%			1.26%			1.35%			1.42%			1.37%
Ratio of expenses to average net assets prior to fees waived		1.25%			1.26%			1.38%			1.44%			1.37%
Ratio of net investment loss to average net assets		(0.19%	)		(0.31%	)		(0.35%	)		(0.62%	)		(0.50%	)
Ratio of net investment loss to average net assets prior to fees waived		(0.19%	)		(0.31%	)		(0.38%	)		(0.64%	)		(0.50%	)
Portfolio turnover		25%			77%³			52%			88%			86%

¹	The average shares outstanding method has been applied for per share information.

³	As a result of ClearBridge Investments LLC replacing Fred Alger Management Inc. as one of the sub-advisors to Optimum Large Cap Growth Fund during the Fund’s fiscal year ending March 31, 2018, the Fund’s portfolio turnover rate increased during the year ended March 31, 2018.

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

134

Optimum Large Cap Growth Fund Class C

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


	Year ended

	3/31/19			3/31/18			3/31/17			3/31/16			3/31/15
Net asset value, beginning of period	$	14.62		$	14.81		$	13.34		$	15.44		$	15.16

Income (loss) from investment operations:
Net investment loss¹		(0.14	)		(0.17	)		(0.15	)		(0.20	)		(0.19	)
Net realized and unrealized gain (loss)		1.51			3.24			2.21			(0.17	)		2.49

Total from investment operations		1.37			3.07			2.06			(0.37	)		2.30


Less dividends and distributions from:
Net realized gain		(2.31	)		(3.26	)		(0.59	)		(1.73	)		(2.02	)

Total dividends and distributions		(2.31	)		(3.26	)		(0.59	)		(1.73	)		(2.02	)


Net asset value, end of period	$	13.68		$	14.62		$	14.81		$	13.34		$	15.44


Total return²		10.74%			21.30%			15.88%			(2.98%	)		16.44%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	83,010		$	97,658		$	105,082		$	114,907		$	137,892
Ratio of expenses to average net assets		2.00%			2.01%			2.10%			2.17%			2.12%
Ratio of expenses to average net assets prior to fees waived		2.00%			2.01%			2.13%			2.19%			2.12%
Ratio of net investment loss to average net assets		(0.94%	)		(1.06%	)		(1.10%	)		(1.37%	)		(1.25%	)
Ratio of net investment loss to average net assets prior to fees waived		(0.94%	)		(1.06%	)		(1.13%	)		(1.39%	)		(1.25%	)
Portfolio turnover		25%			77%³			52%			88%			86%

¹	The average shares outstanding method has been applied for per share information.

³	As a result of ClearBridge Investments LLC replacing Fred Alger Management Inc. as one of the sub-advisors to Optimum Large Cap Growth Fund during the Fund’s fiscal year ending March 31, 2018, the Fund’s portfolio turnover rate increased during the year ended March 31, 2018.

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


			(continues	)		135

Financial highlights

Optimum Large Cap Growth Fund Institutional Class

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


	Year ended
	3/31/19				3/31/18				3/31/17				3/31/16				3/31/15
Net asset value, beginning of period		$	18.46			$	17.81			$	15.76			$	17.76			$	17.00

Income (loss) from investment operations:
Net investment income (loss)¹			0.01				(0.01	)			(0.02	)			(0.06	)			(0.04	)
Net realized and unrealized gain (loss)			1.97				3.92				2.66				(0.21	)			2.82

Total from investment operations			1.98				3.91				2.64				(0.27	)			2.78


Less dividends and distributions from:
Net realized gain			(2.31	)			(3.26	)			(0.59	)			(1.73	)			(2.02	)

Total dividends and distributions			(2.31	)			(3.26	)			(0.59	)			(1.73	)			(2.02	)


Net asset value, end of period		$	18.13			$	18.46			$	17.81			$	15.76			$	17.76


Total return²			11.86%				22.50%				17.14%				(2.00%	)			17.55%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	1,563,552			$	1,610,343			$	1,348,419			$	1,356,335			$	1,413,059
Ratio of expenses to average net assets			1.00%				1.01%				1.10%				1.17%				1.12%
Ratio of expenses to average net assets prior to fees waived			1.00%				1.01%				1.13%				1.19%				1.12%
Ratio of net investment income (loss) to average net assets			0.06%				(0.06%	)			(0.10%	)			(0.37%	)			(0.25%	)
Ratio of net investment income (loss) to average net assets prior to fees waived			0.06%				(0.06%	)			(0.13%	)			(0.39%	)			(0.25%	)
Portfolio turnover			25%				77%³				52%				88%				86%

¹	The average shares outstanding method has been applied for per share information.

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

³	As a result of ClearBridge Investments LLC replacing Fred Alger Management Inc. as one of the sub-advisors to Optimum Large Cap Growth Fund during the Fund’s fiscal year ending March 31, 2018, the Fund’s portfolio turnover rate increased during the year ended March 31, 2018.

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

136

Optimum Large Cap Value Fund Class A

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


	Year ended
	3/31/19				3/31/18				3/31/17				3/31/16				3/31/15
Net asset value, beginning of period		$	15.89			$	15.42			$	15.13			$	16.01			$	15.36

Income (loss) from investment operations:
Net investment income¹			0.19				0.17				0.17				0.17				0.12
Net realized and unrealized gain (loss)			0.38				1.19				2.04				(0.89	)			0.70

Total from investment operations			0.57				1.36				2.21				(0.72	)			0.82


Less dividends and distributions from:
Net investment income			(0.18	)			(0.16	)			(0.18	)			(0.16	)			(0.17	)
Net realized gain			(0.45	)			(0.73	)			(1.74	)			—				—

Total dividends and distributions			(0.63	)			(0.89	)			(1.92	)			(0.16	)			(0.17	)


Net asset value, end of period		$	15.83			$	15.89			$	15.42			$	15.13			$	16.01


Total return²			3.79%				8.68%				14.99%				(4.54%	)			5.34%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	23,742			$	26,448			$	28,739			$	30,502			$	35,952
Ratio of expenses to average net assets			1.20%				1.21%				1.33%				1.40%				1.33%
Ratio of expenses to average net assets prior to fees waived			1.20%				1.21%				1.34%				1.41%				1.33%
Ratio of net investment income to average net assets			1.23%				1.05%				1.06%				1.07%				0.79%
Ratio of net investment income to average net assets prior to fees waived			1.23%				1.05%				1.05%				1.06%				0.79%
Portfolio turnover			22%				25%				82%³				39%				35%

¹	The average shares outstanding method has been applied for per share information.

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

³	As a result of Rothschild Asset Management Inc. replacing Herndon Capital Management, LLC as one of the sub-advisors to Optimum Large Cap Value Fund during the Fund’s fiscal year ending March 31, 2017, the Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2017.

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


			(continues	)		137

Financial highlights

Optimum Large Cap Value Fund Class C

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


	Year ended
	3/31/19				3/31/18				3/31/17				3/31/16				3/31/15
Net asset value, beginning of period		$	15.69			$	15.25			$	14.99			$	15.85			$	15.22

Income (loss) from investment operations:
Net investment income¹			0.07				0.05				0.05				0.05				0.01
Net realized and unrealized gain (loss)			0.38				1.17				2.01				(0.87	)			0.67

Total from investment operations			0.45				1.22				2.06				(0.82	)			0.68


Less dividends and distributions from:
Net investment income			(0.04	)			(0.05	)			(0.06	)			(0.04	)			(0.05	)
Net realized gain			(0.45	)			(0.73	)			(1.74	)			—				—

Total dividends and distributions			(0.49	)			(0.78	)			(1.80	)			(0.04	)			(0.05	)


Net asset value, end of period		$	15.65			$	15.69			$	15.25			$	14.99			$	15.85


Total return²			3.05%				7.82%				14.13%				(5.19%	)			4.48%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	69,415			$	82,610			$	95,495			$	103,693			$	122,772
Ratio of expenses to average net assets			1.95%				1.96%				2.08%				2.15%				2.08%
Ratio of expenses to average net assets prior to fees waived			1.95%				1.96%				2.09%				2.16%				2.08%
Ratio of net investment income to average net assets			0.48%				0.30%				0.31%				0.32%				0.04%
Ratio of net investment income to average net assets prior to fees waived			0.48%				0.30%				0.30%				0.31%				0.04%
Portfolio turnover			22%				25%				82%³				39%				35%

¹	The average shares outstanding method has been applied for per share information.

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

³	As a result of Rothschild Asset Management Inc. replacing Herndon Capital Management, LLC as one of the sub-advisors to Optimum Large Cap Value Fund during the Fund’s fiscal year ending March 31, 2017, the Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2017.

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

138

Optimum Large Cap Value Fund Institutional Class

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


	Year ended

	3/31/19			3/31/18			3/31/17			3/31/16			3/31/15

Net asset value, beginning of period	$	15.93		$	15.46		$	15.16		$	16.04		$	15.39

Income (loss) from investment operations:
Net investment income¹		0.23			0.21			0.20			0.20			0.17
Net realized and unrealized gain (loss)		0.38			1.19			2.06			(0.89	)		0.69

Total from investment operations		0.61			1.40			2.26			(0.69	)		0.86


Less dividends and distributions from:
Net investment income		(0.22	)		(0.20	)		(0.22	)		(0.19	)		(0.21	)
Net realized gain		(0.45	)		(0.73	)		(1.74	)		—			—

Total dividends and distributions		(0.67	)		(0.93	)		(1.96	)		(0.19	)		(0.21	)


Net asset value, end of period	$	15.87		$	15.93		$	15.46		$	15.16		$	16.04


Total return²		4.08%			8.90%			15.30%			(4.29%	)		5.60%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,474,723		$	1,372,505		$	1,217,722		$	1,129,606		$	1,146,123
Ratio of expenses to average net assets		0.95%			0.96%			1.08%			1.15%			1.08%
Ratio of expenses to average net assets prior to fees waived		0.95%			0.96%			1.09%			1.16%			1.08%
Ratio of net investment income to average net assets		1.48%			1.30%			1.31%			1.32%			1.04%
Ratio of net investment income to average net assets prior to fees waived		1.48%			1.30%			1.30%			1.31%			1.04%
Portfolio turnover		22%			25%			82%³			39%			35%

¹	The average shares outstanding method has been applied for per share information.

³	As a result of Rothschild Asset Management Inc. replacing Herndon Capital Management, LLC as one of the sub-advisors to Optimum Large Cap Value Fund during the Fund’s fiscal year ending March 31, 2017, the Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2017.

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


			(continues	)		139

Financial highlights

Optimum Small-Mid Cap Growth Fund Class A

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


	Year ended

	3/31/19			3/31/18			3/31/17			3/31/16			3/31/15

Net asset value, beginning of period	$	15.51		$	13.31		$	10.95		$	15.37		$	15.57

Income (loss) from investment operations:
Net investment loss¹		(0.17	)		(0.16	)		(0.14	)		(0.15	)		(0.16	)
Net realized and unrealized gain (loss)		1.20			3.03			2.50			(2.26	)		1.44

Total from investment operations		1.03			2.87			2.36			(2.41	)		1.28


Less dividends and distributions from:
Return of capital		—			—			—			—	²		—
Net realized gain		(3.11	)		(0.67	)		—			(2.01	)		(1.48	)

Total dividends and distributions		(3.11	)		(0.67	)		—			(2.01	)		(1.48	)


Net asset value, end of period	$	13.43		$	15.51		$	13.31		$	10.95		$	15.37


Total return³		8.69%			21.88%			21.55%			(16.77%	)		8.93%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	4,788		$	5,414		$	5,293		$	5,040		$	7,050
Ratio of expenses to average net assets		1.54%			1.55%			1.58%			1.66%			1.63%
Ratio of expenses to average net assets prior to fees waived		1.65%			1.63%			1.79%			1.85%			1.77%
Ratio of net investment loss to average net assets		(1.11%	)		(1.07%	)		(1.16%	)		(1.09%	)		(1.09%	)
Ratio of net investment loss to average net assets prior to fees waived		(1.22%	)		(1.15%	)		(1.37%	)		(1.28%	)		(1.23%	)
Portfolio turnover		82%			89%			180%	⁴		104%			72%

¹	The average shares outstanding method has been applied for per share information.

²	For the year ended March 31, 2016, return of capital distribution of $108 for Class A calculated to a de minimis amount of $0.00 per share.

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

⁴

As a result of Peregrine Capital Management, LLC and Columbus Circle Investors replacing Columbia Wanger Asset Management and Wellington Management as the sub-advisors to Optimum Small-Mid Cap Growth Fund during the Fund’s fiscal year ending March 31, 2017, the Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2017.

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

140

Optimum Small-Mid Cap Growth Fund Class C

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


	Year ended

	3/31/19			3/31/18			3/31/17			3/31/16			3/31/15

Net asset value, beginning of period	$	13.32		$	11.59		$	9.61		$	13.86		$	14.29

Income (loss) from investment operations:
Net investment loss¹		(0.24	)		(0.23	)		(0.20	)		(0.22	)		(0.25	)
Net realized and unrealized gain (loss)		0.97			2.63			2.18			(2.02	)		1.30


Total from investment operations		0.73			2.40			1.98			(2.24	)		1.05


Less dividends and distributions from:
Return of capital		—			—			—			—	²		—
Net realized gain		(3.11	)		(0.67	)		—			(2.01	)		(1.48	)


Total dividends and distributions		(3.11	)		(0.67	)		—			(2.01	)		(1.48	)


Net asset value, end of period	$	10.94		$	13.32		$	11.59		$	9.61		$	13.86


Total return³		7.81%			21.06%			20.60%			(17.39%	)		8.08%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	13,510		$	15,925		$	16,668		$	16,972		$	23,206
Ratio of expenses to average net assets		2.29%			2.30%			2.33%			2.41%			2.38%
Ratio of expenses to average net assets prior to fees waived		2.40%			2.38%			2.54%			2.60%			2.52%
Ratio of net investment loss to average net assets		(1.86%	)		(1.82%	)		(1.91%	)		(1.84%	)		(1.84%	)
Ratio of net investment loss to average net assets prior to fees waived		(1.97%	)		(1.90%	)		(2.12%	)		(2.03%	)		(1.98%	)
Portfolio turnover		82%			89%			180%⁴			104%			72%

¹	The average shares outstanding method has been applied for per share information.

²	For the year ended March 31, 2016, return of capital distribution of $416 for Class C calculated to a de minimis amount of $0.00 per share.

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

⁴

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


			(continues	)		141

Financial highlights

Optimum Small-Mid Cap Growth Fund Institutional Class

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


	Year ended
	3/31/19			3/31/18			3/31/17			3/31/16			3/31/15
Net asset value, beginning of period	$	16.63		$	14.19		$	11.65		$	16.17		$	16.27

Income (loss) from investment operations:
Net investment loss¹		(0.14	)		(0.13	)		(0.12	)		(0.12	)		(0.13	)
Net realized and unrealized gain (loss)		1.31			3.24			2.66			(2.39	)		1.51

Total from investment operations		1.17			3.11			2.54			(2.51	)		1.38


Less dividends and distributions from:
Return of capital		—			—			—			—	²		—
Net realized gain		(3.11	)		(0.67	)		—			(2.01	)		(1.48	)

Total dividends and distributions		(3.11	)		(0.67	)		—			(2.01	)		(1.48	)


Net asset value, end of period	$	14.69		$	16.63		$	14.19		$	11.65		$	16.17


Total return³		8.97%			22.22%			21.80%			(16.54%	)		9.18%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	494,476		$	494,894		$	420,279		$	440,683		$	527,647
Ratio of expenses to average net assets		1.29%			1.30%			1.33%			1.41%			1.38%
Ratio of expenses to average net assets prior to fees waived		1.40%			1.38%			1.54%			1.60%			1.52%
Ratio of net investment loss to average net assets		(0.86%	)		(0.82%	)		(0.91%	)		(0.84%	)		(0.84%	)
Ratio of net investment loss to average net assets prior to fees waived		(0.97%	)		(0.90%	)		(1.12%	)		(1.03%	)		(0.98%	)
Portfolio turnover		82%			89%			180%⁴			104%			72%

¹	The average shares outstanding method has been applied for per share information.

²	For the year ended March 31, 2016, return of capital distribution of $8,916 for Institutional Class calculated to a de minimis amount of $0.00 per share.

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

⁴

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

142

Optimum Small-Mid Cap Value Fund Class A

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


	Year ended
	3/31/19			3/31/18			3/31/17			3/31/16			3/31/15
Net asset value, beginning of period	$	13.66		$	13.77		$	11.53		$	13.64		$	14.88

Income (loss) from investment operations:
Net investment income (loss)¹		0.11			0.06			0.08			(0.04	)		(0.09	)
Net realized and unrealized gain (loss)		(0.69	)		0.59			2.21			(1.58	)		(0.03	)

Total from investment operations		(0.58	)		0.65			2.29			(1.62	)		(0.12	)


Less dividends and distributions from:
Net investment income		(0.06	)		(0.07	)		(0.05	)		—			—
Return of capital		—			—			—			—	²		—
Net realized gain		(0.88	)		(0.69	)		—			(0.49	)		(1.12	)

Total dividends and distributions		(0.94	)		(0.76	)		(0.05	)		(0.49	)		(1.12	)


Net asset value, end of period	$	12.14		$	13.66		$	13.77		$	11.53		$	13.64


Total return³		(3.83%	)		4.59%			19.84%			(11.96%	)		(0.69%	)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	3,266		$	3,856		$	4,279		$	4,302		$	5,440
Ratio of expenses to average net assets		1.46%			1.48%			1.51%			1.61%			1.62%
Ratio of expenses to average net assets prior to fees waived		1.54%			1.54%			1.71%			1.75%			1.68%
Ratio of net investment income (loss) to average net assets		0.87%			0.40%			0.64%			(0.35%	)		(0.65%	)
Ratio of net investment income (loss) to average net assets prior to fees waived		0.79%			0.34%			0.44%			(0.49%	)		(0.71%	)
Portfolio turnover		32%			31%			30%			90%⁴			31%

¹	The average shares outstanding method has been applied for per share information.

²	For the year ended March 31, 2016, return of capital distribution of $325 for Class A calculated to a de minimis amount of $0.001 per share

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

⁴

As a result of LSV Asset Management replacing The Delafield Group, a division of Tocqueville Asset Management L.P., and The Killen Group, Inc. as one of the sub-advisors to Optimum Small-Mid Cap Value Fund during the Fund’s fiscal year ending March 31, 2016, the Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2016.

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


			(continues	)		143

Financial highlights

Optimum Small-Mid Cap Value Fund Class C

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


	Year ended
	3/31/19			3/31/18			3/31/17			3/31/16			3/31/15
Net asset value, beginning of period	$	12.01		$	12.21		$	10.27		$	12.30		$	13.63

Income (loss) from investment operations:
Net investment income (loss)¹		0.01			(0.04	)		(0.01	)		(0.12	)		(0.18	)
Net realized and unrealized gain (loss)		(0.60	)		0.53			1.95			(1.42	)		(0.03	)

Total from investment operations		(0.59	)		0.49			1.94			(1.54	)		(0.21	)


Less dividends and distributions from:
Return of capital		—			—			—			—	²		—
Net realized gain		(0.88	)		(0.69	)		—			(0.49	)		(1.12	)

Total dividends and distributions		(0.88	)		(0.69	)		—			(0.49	)		(1.12	)


Net asset value, end of period	$	10.54		$	12.01		$	12.21		$	10.27		$	12.30


Total return³		(4.50%	)		3.85%			18.89%			(12.62%	)		(1.45%	)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	9,508		$	12,030		$	14,268		$	15,136		$	19,245
Ratio of expenses to average net assets		2.21%			2.23%			2.26%			2.36%			2.37%
Ratio of expenses to average net assets prior to fees waived		2.29%			2.29%			2.46%			2.50%			2.43%
Ratio of net investment income (loss) to average net assets		0.12%			(0.35%	)		(0.11%	)		(1.10%	)		(1.40%	)
Ratio of net investment income (loss) to average net assets prior to fees waived		0.04%			(0.41%	)		(0.31%	)		(1.24%	)		(1.46%	)
Portfolio turnover		32%			31%			30%			90%⁴			31%

¹	The average shares outstanding method has been applied for per share information.

²	For the year ended March 31, 2016, return of capital distribution of $1,284 for Class C calculated to a de minimis amount of $0.001 per share.

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

⁴

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

144

Optimum Small-Mid Cap Value Fund Institutional Class

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


	Year ended
	3/31/19			3/31/18			3/31/17			3/31/16			3/31/15
Net asset value, beginning of period	$	14.45		$	14.52		$	12.16		$	14.31		$	15.53

Income (loss) from investment operations:
Net investment income (loss)¹		0.16			0.10			0.12			(0.01	)		(0.06	)
Net realized and unrealized gain (loss)		(0.73	)		0.63			2.32			(1.65	)		(0.04	)

Total from investment operations		(0.57	)		0.73			2.44			(1.66	)		(0.10	)


Less dividends and distributions from:
Net investment income		(0.10	)		(0.11	)		(0.08	)		—			—
Return of capital		—			—			—			—	²		—
Net realized gain		(0.88	)		(0.69	)		—			(0.49	)		(1.12	)

Total dividends and distributions		(0.98	)		(0.80	)		(0.08	)		(0.49	)		(1.12	)


Net asset value, end of period	$	12.90		$	14.45		$	14.52		$	12.16		$	14.31


Total return³		(3.55%	)		4.87%			20.05%			(11.67%	)		(0.53%	)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	506,814		$	442,808		$	406,327		$	441,150		$	499,578
Ratio of expenses to average net assets		1.21%			1.23%			1.26%			1.36%			1.37%
Ratio of expenses to average net assets prior to fees waived		1.29%			1.29%			1.46%			1.50%			1.43%
Ratio of net investment income (loss) to average net assets		1.12%			0.65%			0.89%			(0.10%	)		(0.40%	)
Ratio of net investment income (loss) to average net assets prior to fees waived		1.04%			0.59%			0.69%			(0.24%	)		(0.46%	)
Portfolio turnover		32%			31%			30%			90%	⁴		31%

¹	The average shares outstanding method has been applied for per share information.

²	For the year ended March 31, 2016, return of capital distribution of $31,607 for Institutional Class calculated to a de minimis amount of $0.001 per share.

⁴

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


			(continues	)		145

Notes to financial statements

Optimum Fund Trust

March 31, 2019

Optimum Fund Trust (Trust) is organized as a Delaware statutory trust and offers six series: Optimum Fixed Income Fund, Optimum International Fund, Optimum Large Cap Growth Fund, Optimum Large Cap Value Fund, Optimum Small-Mid Cap Growth Fund, and Optimum Small-Mid Cap Value Fund, (each, a Fund, or collectively, the Funds). Each Fund is an open-end investment company. The Funds are considered diversified under the Investment Company Act of 1940, as amended (1940 Act), and offer Class A, Class C, and Institutional Class shares. Class A shares are sold with a maximum front-end sales charge of 4.50% for Optimum Fixed Income Fund and 5.75% for Optimum International Fund, Optimum Large Cap Growth Fund, Optimum Large Cap Value Fund, Optimum Small-Mid Cap Growth Fund, and Optimum Small-Mid Cap Value Fund. Class A share purchases of $1,000,000 or more will incur a contingent deferred sales charge (CDSC) instead of front-end sales charge of 1.00%, if redeemed during the first year and 0.50% during the second year, provided that Delaware Distributors, L.P. (DDLP) paid a financial advisor a commission on the purchase of those shares. Class C shares are sold with a CDSC of 1.00%, which will be incurred if redeemed during the first 12 months. Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors.

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

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

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

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

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

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

1. Significant Accounting Policies

Each Fund follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Funds.

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. Other debt securities, credit default swap (CDS) contracts, interest rate swap contracts, CDS and interest rate swap options contracts (swaptions) 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. Investments in repurchase agreements are generally valued at par, which approximates fair value, each business day. 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. Each Fund may use fair value pricing more frequently for securities traded primarily in non-US markets because, among other things,

146

most foreign markets close well before each 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, each Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing). Restricted securities are valued at fair value using methods approved by the Board.

Federal and Foreign Income Taxes — No provision for federal income taxes has been made as each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Funds evaluate tax positions taken or expected to be taken in the course of preparing each Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed each Fund’s tax positions taken or expected to be taken on each Fund’s federal income tax returns through the year ended March 31, 2019 and for all open tax years (years ended March 31, 2016–March 31, 2018), and has concluded that no provision for federal income tax is required in each Fund’s financial statements. In regard to foreign taxes only, each Fund has open tax years in certain foreign countries in which it invests that may date back to the inception of each Fund. If applicable, the Funds recognize interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the “Statements of operations.” During the year ended March 31, 2019, the Funds did not incur any interest or tax penalties.

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

Repurchase Agreements — Each Fund may purchase certain US government securities subject to the counterparty’s agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system with each Fund’s custodian or a third-party sub-custodian. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. All open repurchase agreements as of the date of this report were entered into on March 29, 2019, and matured on the next business day.

Reverse Repurchase Agreements — Optimum Fixed Income Fund may enter into reverse repurchase agreements. In a reverse repurchase agreement, the Fund sells securities to a bank or broker/dealer and agrees to repurchase the securities at an agreed upon date and price. The Fund will maintain in a segregated account, cash, cash equivalents, or US government securities in an amount sufficient to cover its obligations under reverse repurchase agreements with broker/dealers (but no collateral is required on reverse repurchase agreements with banks). The Fund will subject its investments in reverse repurchase agreements to the borrowing provisions set forth in the 1940 Act. The use of reverse repurchase agreements by the Fund creates leverage, which increases the Fund’s investment risk. If the income and gains on securities purchased with the proceeds of reverse repurchase agreements exceed the costs of the agreements, the Fund’s earnings or NAV will increase faster than otherwise would be the case; conversely, if the income and gains fail to exceed the costs, earnings or NAV would decline faster than otherwise would be the case. For the year ended March 31, 2019, the Fund had average reverse repurchase agreements of $7,966 for which it paid interest at an average rate of 2.28%. At March 31, 2019, there were no open reverse repurchase agreements in the Fund.

Short Sales — Optimum Large Cap Value Fund may make short sales in an attempt to protect against declines in an individual security or the overall market, to manage duration, or for such other purposes consistent with the Fund’s investment objective and strategies. Typically, short sales are transactions in which the Fund sells a security it does not own and, at the time a short sale is effected, the Fund incurs an obligation to replace the security borrowed at whatever its price may be at the time the Fund purchases it for delivery to the lender. The price at such time may be more or less than the price at which the security was sold by the Fund. When a short sale transaction is closed out by delivery of the security, any gain or loss on the transaction generally is taxable as short-term capital gain or loss. Until the security is replaced, the Fund is required to pay the lender amounts equal to any dividends or interest that accrue during the period of the loan. To borrow the security, the Fund also may be required to pay a premium, which would increase the cost of the security sold. The proceeds of the short sale, and potentially additional margin, will be retained by the broker from whom the security is borrowed, to the extent necessary to meet margin requirements, until the short position is closed out.

To Be Announced Trades (TBA) — Optimum Fixed Income Fund may contract to purchase or sell securities for a fixed price at a transaction date beyond the customary settlement period (examples: when issued, delayed delivery, forward commitment, or TBA transactions) consistent


			(continues	)		147

Notes to financial statements

Optimum Fund Trust

1. Significant Accounting Policies (continued)

with the Fund’s ability to manage its investment portfolio and meet redemption requests. These transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield with payment and delivery taking place more than three days in the future, or after a period longer than the customary settlement period for that type of security. No interest will be earned by the Fund on such purchases until the securities are delivered or the transaction is completed; however, the market value may change prior to delivery. At March 31, 2019, the Fund received $6,770,000 cash collateral for TBA trades, which is included in “Cash collateral due to brokers” on the “Statements of assets and liabilities.”

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

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

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

Each Fund receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the “Statements of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the year ended March 31, 2019, each Fund earned the following amounts under this arrangement:


Optimum	Optimum	Optimum	Optimum	Optimum	Optimum
Fixed Income	International	Large Cap	Large Cap	Small-Mid Cap	Small-Mid Cap
Fund	Fund	Growth Fund	Value Fund	Growth Fund	Value Fund
$93,384	$776	$1,538	$5,250	$1,558	$1,127

148

Each Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the year ended March 31, 2019, each Fund earned the following amounts under this arrangement:


Optimum	Optimum	Optimum	Optimum	Optimum	Optimum
Fixed Income	International	Large Cap	Large Cap	Small-Mid Cap	Small-Mid Cap
Fund	Fund	Growth Fund	Value Fund	Growth Fund	Value Fund
$880	$817	$952	$942	$927	$932

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

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

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


Optimum Fixed Income Fund		0.6000% of net assets up to $500 million
		0.5500% of net assets from $500 million to $1 billion
		0.5000% of net assets from $1 billion to $1.5 billion
		0.4500% of net assets from $1.5 billion to $2 billion
		0.4250% of net assets from $2 billion to $2.5 billion
		0.4000% of net assets from $2.5 billion to $5 billion
		0.3750% of net assets over $5 billion

Optimum International Fund		0.7500% of net assets up to $500 million
		0.7150% of net assets from $500 million to $1 billion
		0.7000% of net assets from $1 billion to $1.5 billion
		0.6750% of net assets from $1.5 billion to $2 billion
		0.6500% of net assets from $2 billion to $2.5 billion
		0.6000% of net assets over $2.5 billion

Optimum Large Cap Growth Fund		0.7500% of net assets up to $500 million
		0.7000% of net assets from $500 million to $1 billion
		0.6500% of net assets from $1 billion to $1.5 billion
		0.6250% of net assets from $1.5 billion to $2 billion
		0.6000% of net assets from $2 billion to $2.5 billion
		0.5750% of net assets from $2.5 billion to $5 billion
		0.5500% of net assets over $5 billion

Optimum Large Cap Value Fund		0.7000% of net assets up to $500 million
		0.6500% of net assets from $500 million to $1 billion
		0.6000% of net assets from $1 billion to $1.5 billion
		0.5750% of net assets from $1.5 billion to $2 billion
		0.5500% of net assets from $2 billion to $2.5 billion
		0.5250% of net assets from 2.5 billion to $5 billion
		0.5000% of net assets over $5 billion


			(continues	)		149

Notes to financial statements

Optimum Fund Trust

2. Investment Management, Administration Agreements,

and Other Transactions with Affiliates (continued)


Optimum Small-Mid Cap Growth Fund		1.1000% of net assets up to $250 million
		1.0000% of net assets from $250 million to $500 million
		0.9000% of net assets from $500 million to $750 million
		0.8000% of net assets from $750 million to $1 billion
		0.7500% of net assets from $1 billion to $1.5 billion
		0.7000% of net assets over $1.5 billion

Optimum Small-Mid Cap Value Fund		1.0000% of net assets up to $250 million
		0.9000% of net assets from $250 million to $500 million
		0.8000% of net assets from $500 million to $750 million
		0.7500% of net assets from $750 million to $1 billion
		0.7000% of net assets from $1 billion to $1.5 billion
		0.6500% of net assets over $1.5 billion

DMC has entered into sub-advisory agreements for the Trust as follows: Optimum Fixed Income Fund – Pacific Investment Management Company, LLC (PIMCO); Optimum International Fund – Acadian Asset Management LLC (Acadian), and EARNEST Partners, LLC (EARNEST); Optimum Large Cap Growth Fund – T. Rowe Price Associates, Inc. (T. Rowe Price) and ClearBridge Investments LLC (ClearBridge); Optimum Large Cap Value Fund – Massachusetts Financial Services Company (MFS) and Rothschild Asset Management Inc. (Rothschild); Optimum Small-Mid Cap Growth Fund – Columbus Circle Investors (CCI) and Peregrine Capital Management LLC (Peregrine); Optimum Small-Mid Cap Value Fund – LSV Asset Management (LSV) and Westwood Management Corp. (Westwood).

For the year ended March 31, 2019, DMC paid the following sub-advisory fees:


Optimum Fixed Income Fund	Optimum International Fund	Optimum Large Cap Growth Fund	Optimum Large Cap Value Fund	Optimum Small-Mid Cap Growth Fund	Optimum Small-Mid Cap Value Fund
$2,665,256	$2,330,570	$5,685,564	$4,564,564	$2,517,164	$2,594,911

DMC has contractually agreed to waive all or a portion, if any, of its management fee and/or pay/reimburse each Fund to the extent necessary to ensure that total annual operating expenses (excluding any distribution and service (12b-1) fees, acquired fund fees and expenses, taxes, interest, short sale and dividend interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) do not exceed the following percentages of each Fund’s average daily net assets. For purposes of these waivers and reimbursements, nonroutine expenses may also include such additional costs and expenses as may be agreed upon from time to time by the Board and DMC. These expense waivers and reimbursements apply only to expenses paid directly by each Fund and may only be terminated by agreement of DMC and each Fund. These waivers and reimbursements are accrued daily and received monthly.

Optimum

Fixed Income

International

Large Cap

Small-Mid Cap

Fund

Growth Fund

Value Fund

Growth Fund

Value Fund

Operating expense limitation as a percentage of average daily net assets (per annum) for the period

July 27, 2018 –

July 29, 2019

0.85%

1.12%

1.02%

0.97%

1.29%

1.21%

Operating expense limitation as a percentage of average daily net assets (per annum) for the period

July 29, 2017 –

July 26, 2018

0.86%

1.13%

1.02%

0.98%

1.29%

1.22%

150

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to the Trust. These services include overseeing the Funds’ pricing process, the calculation and payment of Fund expenses, and financial reporting in shareholder reports, registration statements and other regulatory filings. DIFSC also manages the process for the payment of dividends and distribution and dissemination of Funds’ NAV and performance data. For these services the Funds pay DIFSC an asset-based fee, plus certain out-of-pocket expenses and transactional charges. DIFSC’s fees are calculated daily and paid monthly based on the aggregate daily net assets of the Trust at the following annual rates: 0.0075% of the first $3.5 billion; 0.0070% of the next $2 billion; 0.0060% of the next $2 billion; and 0.0050% of aggregate average daily net assets in excess of $7.5 billion. The fees payable to DIFSC under the service agreement described above are allocated among all funds in the Trust on a relative NAV basis. These amounts are included on the “Statements of operations” under “Accounting fees.” For the year ended March 31, 2019, each Fund was charged for these services as follows:


Optimum Fixed Income Fund	Optimum International Fund	Optimum Large Cap Growth Fund	Optimum Large Cap Value Fund	Optimum Small-Mid Cap Growth Fund	Optimum Small-Mid Cap Value Fund

$152,032	$43,378	$116,715	$105,703	$38,784	$37,595

DIFSC provides the Trust with administrative services including: preparation, filing and maintaining governing documents; preparation of materials and reports for the Board; and preparation and filing of registration statements and other regulatory filings. For these administrative services, the Trust pays DIFSC the following fee as a percentage of the Trust’s average daily net assets (plus out-of-pocket expenses): 0.0525% of assets up to $7.5 billion; 0.0475% of assets from $7.5 billion to $10 billion; 0.0425% of assets from $10 billion to $12 billion; 0.0375% of assets from $12 billion to $14 billion and 0.0325% of assets over $14 billion.

DIFSC is also the shareholder servicing, dividend disbursing, and transfer agent for each Fund. For these services, the Trust pays DIFSC a fee at an annual rate of 0.18% of the Trust’s total average daily net assets, subject to a minimum fee of $2,000 per class per fund each month, plus out-of-pocket expenses. The fee is calculated daily and paid monthly. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Funds. Sub-transfer agency fees are paid by the Funds and are also included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.”

DDLP, an affiliate of DMC, serves as the national distributor of each Fund’s shares pursuant to a Distribution Agreement. Pursuant to the Distribution Agreement and Rule 12b-1 plan, each Fund pays DDLP an annual 12b-1 fee of 0.25% of the average daily net assets of the Class A shares and 1.00% of the average daily net assets of the Class C shares. The fees are calculated daily and paid monthly. Institutional Class shares do not pay 12b-1 fees.

For the year ended March 31, 2019, DDLP earned commissions on sales of Class A shares for each Fund as follows:


Optimum Fixed Income Fund	Optimum International Fund	Optimum Large Cap Growth Fund	Optimum Large Cap Value Fund	Optimum Small-Mid Cap Growth Fund	Optimum Small-Mid Cap Value Fund

$23,674	$515	$1,310	$1,741	$210	$242

For the year ended March 31, 2019, DDLP received gross CDSC commissions on redemptions of each Fund’s Class C shares, and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares. The amounts received were as follows:


Optimum Fixed Income Fund	Optimum International Fund	Optimum Large Cap Growth Fund	Optimum Large Cap Value Fund	Optimum Small-Mid Cap Growth Fund	Optimum Small-Mid Cap Value Fund

$3,594	$646	$1,488	$2,062	$220	$224

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


			(continues	)		151

Notes to financial statements

Optimum Fund Trust

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

Cross trades for the year ended March 31, 2019, were executed by the Funds pursuant to procedures adopted by the Board designed to ensure compliance with Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds of investment companies, or between a fund of an investment company and another entity, that are or could be considered affiliates by virtue of having a common investment advisor (or affiliated investment advisors), common directors/trustees and/or common officers. At its regularly scheduled meetings, the Board reviews such transactions for compliance with the procedures adopted by the Board. Optimum Fixed Income Fund, Optimum International Fund, Optimum Large Cap Value Fund, and Optimum Small Cap Value Fund did not engage in Rule 17a-7 securities purchases and/or securities sales for the year ended March 31, 2019. Pursuant to these procedures, for the year ended March 31, 2019, the following Funds engaged in Rule 17a-7 securities purchases and sales, which resulted in net realized losses as follows:


	Optimum Large Cap Growth Fund		Optimum Small-Mid Cap Growth Fund		Optimum Small-Mid Cap Value Fund

Purchases		$ 176,883		$2,062,152		$ 268,080
Sales		1,140,934		1,202,748		970,162
Net realized gain (loss)		322,069		165,828		85,115

3. Investments

For the year ended March 31, 2019, each Fund made purchases and sales of investments securities other than short-term investments as follows:


	Optimum Fixed Income Fund		Optimum International Fund		Optimum Large Cap Growth Fund		Optimum Large Cap Value Fund		Optimum Small-Mid Cap Growth Fund		Optimum Small-Mid Cap Value Fund
Purchases other than US government securities	$	911,875,896	$	369,574,560	$	421,598,828	$	381,632,330		$417,892,528		$249,816,664
Purchases of US government securities		10,202,786,966		—		—		—		—		—
Sales other than US government securities		852,812,098		429,112,429		718,548,334		335,432,044		472,339,036		158,884,857
Sales of US government securities		9,900,754,350		—		—		—		—		—

152

The tax cost of investments includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be final tax cost basis adjustments, but approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At March 31, 2019, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purpose for each Fund were as follows:


	Optimum Fixed Income Fund			Optimum International Fund			Optimum Large Cap Growth Fund			Optimum Large Cap Value Fund			Optimum Small-Mid Cap Growth Fund			Optimum Small-Mid Cap Value Fund
Cost of investments and derivatives	$	2,815,171,951		$	519,691,650		$	1,270,569,050		$	1,292,596,937		$	425,760,400		$	503,741,762

Aggregate unrealized appreciation of investments and derivatives	$	43,181,087		$	83,643,314		$	452,451,665		$	312,618,231		$	118,004,743		$	60,187,309
Aggregate unrealized depreciation of investments and derivatives		(33,706,672	)		(45,461,852	)		(44,237,759	)		(42,178,445	)		(23,983,554	)		(42,679,540	)

Net unrealized appreciation (depreciation) of investments and derivatives	$	9,474,415		$	38,181,462		$	408,213,906		$	270,439,786		$	94,021,189		$	17,507,769

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


Level 1	–	Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, exchange-traded options contracts)

Level 2	–	Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, fair valued securities)

Level 3	–	Significant unobservable inputs, including each Fund’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities, fair valued securities)

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


			(continues	)		153

Notes to financial statements

Optimum Fund Trust

3. Investments (continued)

The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of March 31, 2019:


				Optimum Fixed Income Fund

	Level 1			Level 2			Level 3		Total
Securities
Assets:
Agency, Asset- & Mortgage-Backed Securities¹	$	—		$	865,260,082		$	2,027,400	$	867,287,482
Corporate Debt		—			909,022,965			—		909,022,965
Foreign Debt		—			108,937,090			—		108,937,090
Municipal Bonds		—			16,204,683			—		16,204,683
Loan Agreements¹		—			91,494,710			3,106,157		94,600,867
Common Stock		—			—			—		—
Convertible Preferred Stock¹		4,964,595			1,791,559			—		6,756,154
Preferred Stock		—			2,203,536			—		2,203,536
US Treasury Obligations		—			622,541,987			—		622,541,987
Short-Term Investments¹		50,488,500			143,860,174			—		194,348,674
Options Purchased		—			—			—		—

Total Value of Securities Before Options Written	$	55,453,095		$	2,761,316,786		$	5,133,557	$	2,821,903,438


Liabilities:

Options Written	$	—		$	(124	)	$	—	$	(124	)

Derivatives²

Assets:
Foreign Currency Exchange Contracts	$	—		$	1,747,022		$	—	$	1,747,022
Futures Contracts		7,127,425			—			—		7,127,425
Swap Contracts		—			4,503,945			—		4,503,945
Liabilities:
Foreign Currency Exchange Contracts		—			(509,861	)		—		(509,861	)
Futures Contracts		(2,675,470	)		—			—		(2,675,470	)
Swap Contracts		—			(6,415,731	)		—		(6,415,731	)

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


	Level 1			Level 2		Level 3		Total

Agency, Asset & Mortgage-Backed Securities		—			99.77%		0.23%		100.00	%
Loan Agreements		—			96.72%		3.28%		100.00	%
Convertible Preferred Stock		73.48	%		26.52%		—		100.00	%
Short-Term Investments		25.98	%		74.02%		—		100.00	%

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

154


			Optimum International Fund

Securities	Level 1		Level 2			Level 3		Total

Assets:
Common Stock
Australia	$	2,905,929	$	18,152,457		$	—	$	21,058,386
Austria		—		10,544,125			—		10,544,125
Brazil		18,098,062		—			—		18,098,062
Cambodia		—		378,125			—		378,125
Canada		41,238,802		—			—		41,238,802
Chile		6,031,271		—			—		6,031,271
China/Hong Kong		2,946,309		56,933,722			—		59,880,031
Colombia		4,626,769		—			—		4,626,769
Czech Republic		—		2,015,912			—		2,015,912
Denmark		—		6,584,936			—		6,584,936
Finland		—		2,930,897			—		2,930,897
France		—		26,347,717			—		26,347,717
Germany		1,653,226		20,297,628			—		21,950,854
Greece		91,163		—			—		91,163
Hungary		—		1,742,728			—		1,742,728
India		9,966,994		4,997,747			—		14,964,741
Indonesia		—		2,707,591			—		2,707,591
Israel		8,076,957		13,449,359			—		21,526,316
Italy		327,133		6,855,548			—		7,182,681
Japan		—		57,832,684			—		57,832,684
Malaysia		—		481,779			—		481,779
Mexico		7,184,694		—			—		7,184,694
Netherlands		—		26,564,248			—		26,564,248
New Zealand		—		279,533			—		279,533
Norway		4,634,374		8,624,036			—		13,258,410
Poland		—		924,469			—		924,469
Portugal		—		54,398			—		54,398
Republic of Korea		2,752,013		17,031,298			—		19,783,311
Russia		32,910		319,573			—		352,483
Singapore		—		7,400,485			—		7,400,485
South Africa		605,842		1,985,545			—		2,591,387
Spain		4,741,215		8,993,423			—		13,734,638
Sweden		930,126		1,996,703			—		2,926,829
Switzerland		9,495,206		13,622,333			—		23,117,539
Taiwan		24,934		14,859,259			—		14,884,193
Thailand		889,000		9,216,188			—		10,105,188
Turkey		—		3,122,221			—		3,122,221
United Kingdom		6,721,264		29,459,730			—		36,180,994
United States		31,190,322		1,802,778			444,408		33,437,508
Preferred Stock		1,906,315		—			—		1,906,315
Short-Term Investments		3,630,135		—			—		3,630,135
Securities Lending Collateral		—		8,258,807			—		8,258,807

Total Value of Securities	$	170,700,965	$	386,767,982		$	444,408	$	557,913,355

Derivatives¹
Foreign Currency Exchange Contracts	$	—	$	922		$	—	$	922
Liabilities:
Foreign Currency Exchange Contracts		—		(41,165	)		—		(41,165	)

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


			(continues	)		155

Notes to financial statements

Optimum Fund Trust

3. Investments (continued)


					Optimum Large Cap Growth Fund
	Level 1				Level 2			Level 3				Total
Securities
Assets:
Common Stock
Communication Services		$	238,290,285			$	18,896,386		$	—			$	257,186,671
Consumer Discretionary			287,899,393				—			—				287,899,393
Consumer Staples			57,862,988				—			—				57,862,988
Energy			14,077,140				—			—				14,077,140
Financials			76,917,919				—			45,195				76,963,114
Healthcare			231,732,185				—			—				231,732,185
Industrials			148,785,521				—			—				148,785,521
Information Technology			488,516,269				—			—				488,516,269
Materials			32,662,867				—			—				32,662,867
Real Estate			18,567,577				—			—				18,567,577
Utilities			13,387,315				—			—				13,387,315
Convertible Preferred Stock			—				—			9,580,983				9,580,983
Short-Term Investments			41,560,933				—			—				41,560,933

Total Value of Securities		$	1,650,260,392			$	18,896,386		$	9,626,178			$	1,678,782,956


					Optimum Large Cap Value Fund

	Level 1				Level 2			Total
Securities
Assets:
Common Stock
Communication Services		$	115,780,995			$	—		$	115,780,995
Consumer Discretionary			33,769,415				—			33,769,415
Consumer Staples			85,231,177				30,803,498			116,034,675
Energy			111,805,459				—			111,805,459
Financials			381,623,161				—			381,623,161
Healthcare			249,358,701				5,433,039			254,791,740
Industrials			215,968,231				—			215,968,231
Information Technology			152,760,886				—			152,760,886
Materials			40,137,464				—			40,137,464
Real Estate			42,404,223				—			42,404,223
Utilities			75,019,136				—			75,019,136
Short-Term Investments			23,356,030				—			23,356,030

Total Value of Securities		$	1,527,214,878			$	36,236,537		$	1,563,451,415


Liabilities:
Security Sold Short		$	(414,692	)		$	—		$	(414,692	)


156



				Optimum Small-Mid Cap Growth Fund

	Level 1			Level 3		Total
Securities
Assets:
Common Stock		$	501,725,890		$ —		$501,725,890
Convertible Preferred Stock¹			1,476,973		1,209,536		2,686,509
Short-Term Investments			15,369,190		—		15,369,190

Total Value of Securities		$	518,572,053		$1,209,536		$519,781,589

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 investments and Level 3 investments represent the following percentages of the total market value of this security type:


	Level 1			Level 3			Total
Convertible Preferred Stock		54.98	%		45.02	%	100.00%

Optimum Small-Mid Cap Value Fund


Securities		Level 1
Assets:
Common Stock	$	510,264,466
Short-Term Investments		10,985,065

Total Value of Securities	$	521,249,531

Securities valued at zero on the “Schedules of investments” are considered to be Level 3 investments in these tables.

As a result of utilizing international fair value pricing at March 31, 2019, a portion of Optimum International Fund’s common stock investments were categorized as Level 2.

During the year ended March 31, 2019, there were no transfers between Level 1 investments, Level 2 investments, or Level 3 investments that had a significant impact to the Funds. This does not include transfers between Level 1 investments and Level 2 investments due to the Funds 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 each Fund occurs when market volatility exceeds an established rolling threshold. If the threshold is exceeded on a given date, then prices of international securities (those that traded on exchanges that close at a different time than the time that the Funds’ 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 Funds’ 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. Each 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 each Fund has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to each Fund’s net assets. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments were not considered significant to each Fund’s net assets at the end of the year. There were no Level 3 investments during the year ended March 31, 2019 for Optimum Large Cap Value Fund and Optimum Small-Mid Cap Value Fund.


			(continues	)		157

Notes to financial statements

Optimum Fund Trust

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net gains on foreign currency transactions and net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended March 31, 2019 and 2018 were as follows:

Year ended March 31, 2019


	Optimum Fixed Income Fund			Optimum International Fund			Optimum Large Cap Growth Fund			Optimum Large Cap Value Fund			Optimum Small-Mid Cap Growth Fund			Optimum Small-Mid Cap Value Fund
Ordinary income		$	53,756,210		$	11,516,874		$	14,693,064		$	22,094,176		$	9,660,035		$	5,391,640
Long-term capital gains			—			29,894,421			178,069,913			40,503,856			80,048,529			30,875,465

Total		$	53,756,210		$	41,411,295		$	192,762,977		$	62,598,032		$	89,708,564		$	36,267,105


Year ended March 31, 2018
	Optimum Fixed Income Fund			Optimum International Fund			Optimum Large Cap Growth Fund			Optimum Large Cap Value Fund			Optimum Small-Mid Cap Growth Fund			Optimum Small-Mid Cap Value Fund
Ordinary income		$	47,132,743		$	6,176,988		$	33,279,056		$	16,652,898		$	—		$	3,056,675
Long-term capital gains			—			6,783,636			232,627,130			63,216,601			20,484,133			20,363,748

Total		$	47,132,743		$	12,960,624		$	265,906,186		$	79,869,499		$	20,484,133		$	23,420,423


5. Components of Net Assets on a Tax Basis

As of March 31, 2019, the components of net assets on a tax basis were as follows:


	Optimum Fixed Income Fund			Optimum International Fund			Optimum Large Cap Growth Fund
Shares of beneficial interest	$	2,373,496,570			$511,156,124			$1,253,653,531
Undistributed ordinary income		15,711,682			3,177,737			1,269,941
Undistributed long-term capital gains		—			1,447,268			13,029,475
Capital loss carryforwards		(28,892,499	)		—			—
Troubled debt litigation*		(970,052	)		—			—
Unrealized appreciation of investments, foreign currencies, and derivatives		9,474,415			38,181,462			408,213,906

Net assets	$	2,368,820,116			$553,962,591			$1,676,166,853


	Optimum Large Cap Value Fund			Optimum Small-Mid Cap Growth Fund			Optimum Small-Mid Cap Value Fund
Share of beneficial interest	$	1,289,752,688			$406,469,630			$490,909,719
Undistributed ordinary income		5,367,822			—			1,568,753
Undistributed long-term capital gains		2,319,857			22,801,295			9,601,453
Qualified late year loss deferral		—			(10,517,632	)		—
Unrealized appreciation of investments and foreign currencies		270,439,786			94,021,189			17,507,769

Net assets	$	1,567,880,153			$512,774,482			$519,587,694

*See Note 12.

The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales, tax deferral of losses on straddles, mark-to-market of foreign currency exchange contracts, mark-to-market of futures contracts, tax recognition of

158

unrealized gain on passive foreign investment companies, tax treatment of swap contracts, contingent payment debt instruments, amortization of premium on convertible securities, trust preferred securities, troubled debt, partnership interest and deemed dividend income.

Qualified late year ordinary and capital losses (including currency and specified gain/loss items) represent losses realized from Jan. 1, 2019 through March 31, 2019 and Nov. 1, 2018 through March 31, 2019, respectively, that, in accordance with federal income tax regulations, the Funds have elected to defer and treat as having arisen in the following fiscal year.

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to tax treatment of net operating losses, redesignation of dividends and distributions, gain (loss) on foreign currency transactions, tax treatment of partnerships, amortization of premium on convertible securities, treasury inflation protected securities, swap contracts, foreign capital gain tax, deemed dividend income, contingent payment on debt instruments, sale of passive foreign investment companies, and paydown gains (losses) of asset- and mortgage-backed securities. Results of operations and net assets were not affected by these reclassifications. For the year ended March 31, 2019, the Funds recorded the following reclassifications:


	Optimum Fixed Income Fund		Optimum International Fund		Optimum Large Cap Growth Fund		Optimum Large Cap Value Fund		Optimum Small-Mid Cap Growth Fund		Optimum Small-Mid Cap Value Fund
Distributable earnings		$—		$—		$(10,828)		$—		$—		$—
Paid-in capital		—		—		10,828		—		—		—

For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At March 31, 2019, Optimum Fixed Income Fund utilized $5,524,034 of capital loss carryforwards.

At March 31, 2019, there were no capital loss carryforwards for Optimum International Fund, Optimum Large Cap Growth Fund, Optimum Large Cap Value Fund, Optimum Small-Mid Cap Growth Fund, and Optimum Small-Mid Cap Value Fund. Capital loss carryforwards available to offset future realized capital gains for Optimum Fixed Income Fund at March 31, 2019 were as follows:


			(continues	)		159

Notes to financial statements

Optimum Fund Trust

6. Capital Shares

Transactions in capital shares were as follows:


	Optimum						Optimum						Optimum
	Fixed Income						International						Large Cap
	Fund						Fund						Growth Fund

	Year ended						Year ended						Year ended
	3/31/19			3/31/18			3/31/19			3/31/18			3/31/19			3/31/18
Shares sold:
Class A		188,268			282,639			25,079			32,258			38,939			72,689
Class C		630,924			617,287			55,253			59,224			68,870			115,858
Institutional Class		69,792,050			43,178,438			7,608,435			8,390,457			13,680,802			13,467,891
Shares issued upon reinvestment of dividends and distributions:
Class A		61,708			73,931			46,090			11,816			242,655			327,335
Class C		131,714			174,638			129,826			26,637			984,572			1,374,702
Institutional Class		5,726,909			4,744,885			3,309,858			873,668			10,611,468			13,415,414

		76,531,573			49,071,818			11,174,541			9,394,060			25,627,306			28,773,889

Shares redeemed:
Class A		(660,778	)		(734,034	)		(96,717	)		(147,929	)		(381,417	)		(440,681	)
Class C		(2,264,676	)		(2,744,699	)		(406,128	)		(557,855	)		(1,664,422	)		(1,905,871	)
Institutional Class		(38,873,248	)		(30,237,929	)		(12,886,082	)		(8,424,316	)		(25,281,543	)		(15,378,250	)

		(41,798,702	)		(33,716,662	)		(13,388,927	)		(9,130,100	)		(27,327,382	)		(17,724,802	)

Net increase (decrease)		34,732,871			15,355,156			(2,214,386	)		263,960			(1,700,076	)		11,049,087


	Optimum						Optimum						Optimum
	Large Cap						Small-Mid Cap						Small-Mid Cap
	Value Fund						Growth Fund						Value Fund

	Year ended						Year ended						Year ended
	3/31/19			3/31/18			3/31/19			3/31/18			3/31/19			3/31/18
Shares sold:
Class A		48,020			84,253			10,569			19,248			9,354			16,085
Class C		99,438			133,200			17,897			28,529			18,484			29,509
Institutional Class		16,680,986			15,925,346			5,140,284			5,180,608			11,721,860			5,713,301
Shares issued upon reinvestment of dividends and distributions:
Class A		62,073			91,386			75,976			16,151			21,042			15,411
Class C		146,453			261,551			305,320			66,430			75,223			57,132
Institutional Class		3,968,965			4,536,599			6,429,203			1,240,971			2,886,088			1,524,163

		21,005,935			21,032,335			11,979,249			6,551,937			14,732,051			7,355,601

Shares redeemed:
Class A		(274,476	)		(374,848	)		(79,117	)		(84,133	)		(43,747	)		(60,100	)
Class C		(1,073,369	)		(1,393,295	)		(284,506	)		(337,176	)		(193,155	)		(253,384	)
Institutional Class		(13,848,116	)		(13,097,979	)		(7,663,370	)		(6,285,264	)		(5,969,407	)		(4,580,915	)

		(15,195,961	)		(14,866,122	)		(8,026,993	)		(6,706,573	)		(6,206,309	)		(4,894,399	)

Net increase (decrease)		5,809,974			6,166,213			3,952,256			(154,636	)		8,525,742			2,461,202

160

Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included as subscriptions and redemptions in the tables above and on the previous page and the ”Statements of changes in net assets.“ For the years ended March 31, 2019 and 2018 each Fund had the following exchange transactions.


					Year ended
					3/31/19
	Exchange Redemptions						Exchange Subscriptions
	Class A Shares		Class C Shares		Institutional Class Shares		Class A Shares		Institutional Class Shares		Value
Optimum Fixed Income Fund		17,544		717		6,129		6,130		18,239	$	225,363
Optimum International Fund		3,044		1,339		4,807		5,856		3,307		124,940
Optimum Large Cap Growth Fund		12,356		3,979		10,350		11,112		14,625		486,113
Optimum Large Cap Value Fund		10,550		3,831		9,927		9,965		14,271		395,302
Optimum Small-Mid Cap Growth Fund		1,640		888		2,596		3,146		1,901		86,651
Optimum Small-Mid Cap Value Fund		1,203		60		2,649		2,807		1,185		54,733

					Year ended
					3/31/18

	Exchange Redemptions Class A Shares				Exchange Subscriptions Institutional Class Shares				Value
Optimum Fixed Income Fund		12,118				12,116				$115,129
Optimum International Fund		2,210				2,193				29,216
Optimum Large Cap Growth Fund		6,256				5,915				111,692
Optimum Large Cap Value Fund		6,186				6,170				96,292
Optimum Small-Mid Cap Growth Fund		1,258				1,179				17,354
Optimum Small-Mid Cap Value Fund		845				800				11,661

7. Derivatives

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

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

The use of foreign currency exchange contracts and foreign cross currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities, but does establish a rate of exchange that can be achieved in the future. Although foreign currency exchange contracts and foreign cross currency exchange contracts limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, each Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts. Each Fund’s maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. The risk is generally mitigated by having a netting arrangement between the Funds and the counterparty and by the posting of collateral by the counterparty to the Funds to cover the Funds’ exposure to the counterparty. During the year ended March 31, 2019, Optimum Small-Mid Cap Growth Fund and Optimum Small-Mid Cap Value Fund did not use foreign currency exchange contracts.

During the year ended March 31, 2019, Optimum Fixed Income Fund used foreign currency exchange contracts to hedge the US dollar value of securities it already owns that are denominated in foreign currencies.


			(continues	)		161

Notes to financial statements

Optimum Fund Trust

7. Derivatives (continued)

During the year ended March 31, 2019, Optimum International Fund, Optimum Large Cap Growth Fund, and Optimum Large Cap Value Fund each used foreign currency exchange contracts to facilitate or expedite the settlement of portfolio transactions. Optimum International Fund also used foreign currency exchange contracts to fix the US dollar value of a security between trade date and settlement date.

Futures Contracts — A futures contract is an agreement in which the writer (or seller) of the contract agrees to deliver to the buyer an amount of cash or securities equal to a specific dollar amount times the difference between the value of a specific security or index at the close of the last trading day of the contract and the price at which the agreement is made. Optimum Fixed Income Fund may use futures in the normal course of pursuing its investment objective. Optimum Fixed Income Fund may invest in futures contracts to hedge its existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions. Upon entering into a futures contract, the Fund deposits cash or pledges US government securities to a broker, equal to the minimum “initial margin” requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded daily by the Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities and the possibility of an illiquid secondary market for these instruments. When investing in futures, there is reduced counterparty credit risk to the Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. The Fund posted securities collateral valued at $5,211,332 and $13,000 cash collateral as margin for open futures contracts. Securities collateral are presented on the ”Schedules of investments“.

During the year ended March 31, 2019, Optimum Fixed Income Fund used futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions and to facilitate investments in portfolio securities.

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

During the year ended March 31, 2019, Optimum Fixed Income Fund used options contracts to manage the Fund’s exposure to changes in securities prices caused by interest rates or market conditions, to adjust the Fund’s overall exposure to certain markets, and to receive premiums for writing options.

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

162

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

During the year ended March 31, 2019, Optimum Fixed Income Fund used interest rate swap contracts to manage the Fund’s sensitivity to interest rates or to hedge against changes in interest rates.

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

During the year ended March 31, 2019, Optimum Fixed Income Fund entered into CDS contracts as a purchaser and seller of protection, as a hedge against credit events. Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the agreement. Initial margin and variation margin are posted to central counterparties for centrally cleared CDS basket trades, as determined by the applicable central counterparty.

As disclosed in the footnotes to the “Schedules of investments,” at March 31, 2019, the notional value of the protection sold was EUR800,000 and USD32,855,000, which reflects the maximum potential amount Optimum Fixed Income Fund would have been required to make as a seller of credit protection if a credit event had occurred. In addition to serving as the source of the current value of the securities, the quoted market prices and resulting market values for credit default swap agreements on securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative if the swap agreement has been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. At March 31, 2019, there were no recourse provisions with third parties to recover any amounts paid under the credit derivative agreement (including any purchased credit protection) nor was any collateral held by the Fund and other third parties which the Fund can obtain in the occurrence of a credit event. At March 31, 2019, net unrealized appreciation of the protection sold was $1,125,561.

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

During the year ended March 31, 2019, Optimum Fixed Income Fund used CDS contracts to hedge against credit events, and to gain exposure to certain securities or markets.

Swaps Generally. For centrally cleared swaps, payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded by


			(continues	)		163

Notes to financial statements

Optimum Fund Trust

7. Derivatives (continued)

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

At March 31, 2019, for bilateral derivative contracts, Optimum Fixed Income Fund posted $740,000 in cash collateral for certain open derivatives, and $1,337,327 cash collateral for certain centrally cleared derivatives, which is included in “Cash collateral due from brokers” on the “Statements of assets and liabilities.” The Fund also posted $4,599,310 in securities collateral comprised of US treasury obligations for certain open centrally cleared derivative contracts and $122,274 in securities collateral comprised of US treasury obligations for bilateral derivative contracts. At March 31, 2019, for bilateral derivative contracts, the Fund received $1,370,000 in cash collateral, which is included in “Cash collateral due to brokers” on the “Statements of assets and liabilities.” Cash collateral is included on the “Statements of assets and liabilities” and securities collateral is presented on the “Schedules of investments.”

Fair values of derivative instruments for Optimum Fixed Income Fund as of March 31, 2019 were as follows:


					Asset Derivatives Fair Value
Statements of Assets and Liabilities Location					Currency Contracts				Interest rate Contracts				Credit Contracts				Total
Unrealized appreciation of foreign currency exchange contracts							$ 1,747,048				$ —				$ —			$ 1,747,048
Variation margin due from broker on futures contracts*							190,492				6,936,933				—			7,127,425
Variation margin due from brokers on centrally cleared credit default swap contracts**							—				—				5,004			5,004
Variation margin due from brokers on centrally cleared interest rate swap contracts**							—				3,308,355				—			3,308,355
Unrealized appreciation of credit default swap contracts							—				—				1,195,590			1,195,590

Total							$ 1,937,540				$10,245,288				$1,200,594			$13,383,422


			Liability Derivatives Fair Value
Statements of Assets and Liabilities Location	Currency Contracts				Interest Contracts				Credit Contracts				Total
Unrealized depreciation of foreign currency exchange contracts		$	(509,861	)		$	—			$	—			$	(509,861	)
Variation margin due from broker on futures contracts*			(1,013,873	)			(1,661,597	)			—				(2,675,470	)
Options written, at value			—				—				(124	)			(124	)
Variation margin due to brokers on centrally cleared credit default swap contracts**			—				—				(16,441	)			(16,441	)
Variation margin due to brokers on centrally cleared interest rate swap contracts**			—				(6,329,261	)			—				(6,329,261	)
Unrealized depreciation of credit default swap contracts			—				—				(86,470	)			(86,470	)

Total		$	(1,523,734	)			$(7,990,858	)			$(103,035)				$(9,617,627	)

*Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through March 31, 2019. Only current day variation margin is reported on Optimum Fixed Income Fund’s “Statements of assets and liabilities.”

**Includes cumulative appreciation (depreciation) of centrally cleared swap contracts from the date the contracts were opened through March 31, 2019. Only current day variation margin is reported on Optimum Fixed Income Fund’s “Statements of assets and liabilities.”

164

The effect of derivative instruments on Optimum Fixed Income Fund’s “Statements of operations” for the year ended March 31, 2019 was as follows:


	Net Realized Gain (Loss) on:
	Foreign Currency Exchange Contracts			Futures Contracts			Options Purchased			Options Written			Swap Contracts			Total
Currency contracts		$	9,003,085		$ 6,856,526			$ —			$ 4,708			$ —			$15,864,319
Equity contracts			—		(1,027,491	)		(43,992	)		—			—			(1,071,483	)
Interest rate contracts			—		11,946,698			(1,084,568	)		1,269,294			(1,034,815	)		11,096,609
Credit contracts			—		—			—			45,319			(28,743	)		16,576

Total		$	9,003,085		$17,775,733			$(1,128,560	)		$1,319,321			$(1,063,558	)		$25,906,021


			Net Change in Unrealized Appreciation (Depreciation) of:
	Foreign Currency Exchange Contracts			Futures Contracts			Options Purchased			Options Written			Swap Contracts			Total
Currency contracts		$	1,176,117		$ 209,541			$ —			$ (1,268)			$ —			$ 1,384,390
Equity contracts			—		(144,115	)		—			—			—			(144,115	)
Interest rate contracts			—		(4,467,242	)		824,117			(776,885	)		(6,902,811	)		(11,322,821	)
Credit contracts			—		—			—			5,746			(382,580	)		(376,834	)

Total		$	1,176,117		$(4,401,816)			$824,117			$(772,407	)		$(7,285,391	)		$(10,459,380	)

During the year ended March 31, 2019, Optimum International Fund, Optimum Large Cap Growth Fund, and Optimum Large Cap Value Fund experienced net realized and unrealized gains or losses attributable to foreign currency holdings, which are disclosed on the “Statements of assets and liabilities” and/or “Statements of operations.”

Derivatives Generally. The tables below summarize the average balance of derivative holdings by the Funds during the year ended March 31, 2019:


				Long Derivative Volume
	Optimum Fixed Income Fund		Optimum International Fund			Optimum Large Cap Growth Fund			Optimum Large Cap Value Fund
Foreign currency exchange contracts (average cost)	USD	40,967,301		USD	1,076,438		USD	52,701		USD	10,434
Futures contracts (average notional value)		775,415,210			—			—			—
Options contracts (average notional value)		110,189			—			—			—
CDS contracts (average notional value)*	EUR	204,722			—			—			—
	USD	12,351,012			—			—			—
Interest rate swap contracts (average notional value)**	MXN	4,498,413			—			—			—
	USD	135,044,841			—			—			—


			(continues	)		165

Notes to financial statements

Optimum Fund Trust

7. Derivatives (continued)


			Short Derivative Volume
	Optimum Fixed Income Fund		Optimum International Fund			Optimum Large Cap Growth Fund			Optimum Large Cap Value Fund
Foreign currency exchange contracts (average cost)	USD	181,068,701		USD	1,239,269		USD	12,090		USD	3,589
Futures contracts (average notional value)		603,792,693			—			—			—
Options contracts (average notional value)		119,807			—			—			—
CDS contracts (average notional value)*	EUR	796,825			—			—			—
	USD	33,716,469			—			—			—
Interest rate swap contracts (average notional value)**	GBP	28,072,619			—			—			—
	JPY	5,254,722,222			—			—			—
	USD	278,971,448			—			—			—

*Long represents buying protection and short represents selling protection.

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

8. Offsetting

Each Fund entered into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or a similar agreement with certain of its derivative contract counterparties in order to better define its contractual rights and to secure rights that will help each Fund mitigate its counterparty risk. An ISDA Master Agreement is a bilateral agreement between each Fund and a counterparty that governs certain over-the-counter (OTC) derivatives and foreign exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, each Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out), including the bankruptcy or insolvency of the counterparty. However, bankruptcy, or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

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

166

At March 31, 2019, the Funds had the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities


	Optimum Fixed Income Fund

	Gross Value of			Gross Value of
Counterparty	Derivative Asset			Derivative Liability				Net Position
Bank of America Merrill Lynch		$	165,028		$	(111,285	)		$	53,743
BNP Paribas			1,017,059			(136,253	)			880,806
Citigroup Global Markets			244,746			(159,856	)			84,890
Deutsche Bank			1,033,371			—				1,033,371
Goldman Sachs			98,654			—				98,654
Hong Kong Shanghai Bank			1,274			(19,474	)			(18,200	)
JPMorgan Chase Bank			376,005			(68,442	)			307,563
Morgan Stanley Capital			8,085			(70,029	)			(61,944	)
The Bank of New York Mellon			—			(19	)			(19	)
Toronto Dominion Bank			—			(14,532	)			(14,532	)

Total		$	2,944,222		$	(579,890	)		$	2,364,332


Counterparty	Net Position				Fair Value of Non-Cash Collateral Received			Cash Collateral Received^(a)				Fair Value of Non-Cash Collateral Pledged			Cash Collateral Pledged			Net Exposure^(b)
Bank of America Merrill Lynch		$	53,743			$	—		$	(53,743	)		$	—		$	—		$	—
BNP Paribas			880,806				—			(720,000	)			—			—			160,806
Citigroup Global Markets			84,890				—			—				—			—			84,890
Deutsche Bank			1,033,371				—			(190,000	)			—			—			843,371
Goldman Sachs			98,654				—			—				—			—			98,654
Hong Kong Shanghai Bank			(18,200	)			—			—				—			—			(18,200	)
JPMorgan Chase Bank			307,563				—			(307,563	)			—			—			—
Morgan Stanley Capital			(61,944	)			—			—				—			61,944			—
The Bank of New York Mellon			(19	)			—			—				—			—			(19	)
Toronto Dominion Bank			(14,532	)			—			—				—			14,532			—

Total		$	2,364,332				$—		$	(1,271,306	)			$—		$	76,476		$	1,169,502


			(continues	)		167

Notes to financial statements

Optimum Fund Trust

8. Offsetting (continued)


	Optimum International Fund
	Gross Value of			Gross Value of
Counterparty	Derivative Asset			Derivative Liability				Net Position
Bank of New York Mellon		$	—		$	(3,609	)		$	(3,609	)
Brown Brothers Harriman			922			(37,556	)			(36,634	)

Total		$	922		$	(41,165	)		$	(40,243	)


Counterparty	Net Position				Fair Value of Non-Cash Collateral Received			Cash Collateral Received^(a)			Fair Value of Non-Cash Collateral Pledged			Cash Collateral Pledged			Net Exposure^(b)
Bank of New York Mellon		$	(3,609	)		$	—		$	—		$	—		$	—		$	(3,609	)
Brown Brothers Harriman			(36,634	)			—			—			—			—			(36,634	)

Total		$	(40,243	)		$	—		$	—		$	—		$	—		$	(40,243	)

Master Repurchase Agreements

Repurchase agreements are entered into by each Fund under master repurchase agreements (each, an MRA). The MRA permits each Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables with collateral held by and/or posted to the counterparty. As a result, one single net payment is created. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Based on the terms of the MRA, each Fund receives securities as collateral with a market value in excess of the repurchase price at maturity. Upon a bankruptcy or insolvency of the MRA counterparty, each Fund would recognize a liability with respect to such excess collateral. The liability reflects each Fund’s obligation under bankruptcy law to return the excess to the counterparty. As of March 31, 2019, the following table is a summary of each Fund’s repurchase agreements by counterparty which are subject to offset under an MRA:


				Optimum Fixed Income Fund

Counterparty	Repurchase Agreements			Fair Value of Non-Cash Collateral Received^(a)				Cash Collateral Received			Net Collateral Received				Net Exposure^(b)

Barclays		$	32,200,000		$	(32,200,000	)		$	—		$	(32,200,000	)		$	—
JPMorgan Chase Bank			85,200,000			(85,200,000	)			—			(85,200,000	)			—

Total		$	117,400,000		$	(117,400,000	)		$	—		$	(117,400,000	)		$	—

Master Securities Forward Transaction Agreements

Master Securities Forward Transaction Agreements (MFA) govern certain forward settling transactions, such as TBA securities, delayed-delivery or sale-buyback transactions by and between the Fund and select counterparties. The MFA maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral. As of March 31, 2019, the following table is a summary of the Fund’s TBA securities by counterparty which are subject to offsetting under MFA:


	Optimum Fixed Income Fund
Counterparty	TBA at Value			Cash Collateral Received				Cash Collateral Pledged			Net Exposure^(b)

Morgan Stanley & Co. LLC		$	333,455,930		$	(6,770,000	)		$	—		$	326,685,930

168

Securities Lending

Securities lending transactions are entered into by Optimum International Fund under master securities lending agreements (each, an MSLA) which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, the borrower can resell or re-pledge the loaned securities, and the Fund can reinvest cash collateral, or, upon an event of default, resell, or re-pledge the collateral (See also Note 9).

As of March 31, 2019, the following table is a summary of Optimum International Fund’s securities lending agreements by counterparty which are subject to offset under an MSLA:


Counterparty	Securities Loaned at Value			Cash Collateral Received^(a)				Fair value of Non-Cash Collateral Received				Net Exposure^(b)

The Bank of New York Mellon		$	9,242,284		$	(8,017,475	)		$	(1,224,809	)		$	—

^(a)The value of the related collateral exceeded the value of the derivatives, repurchase agreements and securities lending transactions as of March 31, 2019.

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

9. Securities Lending

Each Fund may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY Mellon). At the time a security is loaned, the borrower must post collateral equal to the required percentage of the market value of the loaned security, including any accrued interest. The required percentage is: (1) 102% with respect to US securities and foreign securities that are denominated and payable in US dollars; and (2) 105% with respect to foreign securities. With respect to each loan, if on any business day the aggregate market value of securities collateral plus cash collateral held is less than the aggregate market value of the securities which are the subject of such loan, the borrower will be notified to provide additional collateral by the end of the following business day, which, together with the collateral already held, will be not less than the applicable initial collateral requirements for such security loan. If the aggregate market value of securities collateral and cash collateral held with respect to a security loan exceeds the applicable initial collateral requirement, upon the request of the borrower, BNY Mellon must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.

Cash collateral received by each fund of the Trust is generally invested in a series of individual separate accounts, each corresponding to a fund. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; and asset-backed securities as disclosed on the “Schedules of investments.” Securities purchased with cash collateral are valued at the market value. A fund can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.

In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Funds or, at the discretion of the lending agent, replace the loaned securities. The Funds continue to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. The Funds have


			(continues	)		169

Notes to financial statements

Optimum Fund Trust

9. Securities Lending (continued)

the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, the Funds receive loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among the Funds, the security lending agent, and the borrower. The Funds record security lending income net of allocations to the security lending agent and the borrower.

Each Fund may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of a Fund’s cash collateral account may be less than the amount a Fund would be required to return to the borrowers of the securities and that Fund would be required to make up for this shortfall.

During the year ended March 31, 2019, Optimum Fixed Income Fund, Optimum Large Cap Growth Fund, Optimum Large Cap Value Fund, Optimum Small-Mid Cap Growth Fund, and Optimum Small-Mid Cap Value Fund had no securities on loan.

The following table reflects a breakdown of transactions in securities lending collateral accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of March 31, 2019 for Optimum International Fund:


Securities Lending Transactions	Overnight and Continuous			Under 30 days			Between 30 & 90 days			Over 90 days			Total

Certificates of Deposit, Repurchase Agreements, and Short-Term Floating Rate Notes		$	8,258,807		$	—		$	—		$	—		$	8,258,807

At March 31, 2019, the value of securities on loan for Optimum International Fund was $9,242,284, for which the Fund received cash collateral of $8,242,395 and non-cash collateral with a fair value of $1,224,809. At March 31, 2019, the value of invested collateral was $8,258,807. Investments purchased with cash collateral are presented on the “Schedules of investments” under the caption “Securities Lending Collateral.”

10. Credit and Market Risk

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

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

When interest rates rise, fixed income securities (i.e. debt obligations) generally will decline in value. These declines in value are greater for fixed income securities with longer maturities or durations.

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

Optimum Fixed Income Fund invests in bank loans and other securities that may subject it to direct indebtedness risk, the risk that the Fund will not receive payment of principal, interest and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower. Loans that are fully secured offer the Fund more protection than unsecured loans in the event of nonpayment of scheduled interest or principal, although there is no assurance that the liquidation of collateral from a secured loan would satisfy the corporate borrower’s obligation, or that the collateral can be liquidated. Some loans or claims may be in default at the time of purchase. Certain of the loans and the other direct indebtedness acquired by the Fund may involve revolving credit facilities or other standby financing commitments that obligate the Fund to pay additional cash on a certain date or on demand. These commitments may require the Fund to increase its investment in a company at a time when the Fund might not otherwise decide to do so (including at a time when the company’s financial condition makes it unlikely that such amounts will be repaid). To the extent that the Fund is committed to advance

170

additional funds, it will at all times hold and maintain cash or other high grade debt obligations in an amount sufficient to meet such commitments. When a loan agreement is purchased, the Fund may pay an assignment fee. On an ongoing basis, the Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan agreement. Prepayment penalty fees are received upon the prepayment of a loan agreement by the borrower. Prepayment penalty, facility, commitment, consent, and amendment fees are recorded to income as earned or paid. As the Fund may be required to rely upon another lending institution to collect and pass on to the Fund amounts payable with respect to the loan and to enforce the Fund’s rights under the loan and other direct indebtedness, an insolvency, bankruptcy, or reorganization of the lending institution may delay or prevent the Fund from receiving such amounts. The highly leveraged nature of many loans may make them especially vulnerable to adverse changes in economic or market conditions. Investments in such loans and other direct indebtedness may involve additional risk to the Fund.

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

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

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

Optimum Large Cap Growth Fund, Optimum Large Cap Value Fund, Optimum Small-Mid Cap Growth Fund, and Optimum Small-Mid Cap Value Fund may invest in REITs and are subject to the risks associated with that industry. If a Fund holds real estate directly as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company may be jeopardized. There were no direct real estate holdings during the year ended March 31, 2019. The Funds’ REIT holdings are also affected by interest rate changes, particularly if the REITs they hold use floating rate debt to finance their ongoing operations. The Funds also invests in real estate acquired as a result of ownership of securities or other instruments, including issuers that invest, deal, or otherwise engage in transactions in real estate or interests therein. These instruments may include interests in private equity limited partnerships or limited liability companies that hold real estate investments (Real Estate Limited Partnerships). The Funds will limit their investments in Real Estate Limited Partnerships to 5% of their total assets at the time of purchase.

Optimum Large Cap Growth Fund, Optimum Large Cap Value Fund, and Optimum Small-Mid Cap Growth Fund invested in growth stocks (such as those in the technology sector), which reflect projections of future earnings and revenue. These prices may rise or fall dramatically depending on whether those projections are met. These companies’ stock prices may be more volatile, particularly over the short-term.

Each Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended (1933 Act), and other securities which may not be readily marketable. The Funds may also invest in securities exempt from registration under Section 4(a)(2) of the 1933 Act, which exempts from registration transactions by an issuer not involving any public offering. The relative illiquidity of these securities may impair the Funds from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Trust’s Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of the Funds’ limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are


			(continues	)		171

Notes to financial statements

Optimum Fund Trust

10. Credit and Market Risk (continued)

not subject to the Funds’ 15% limit on investments in illiquid securities. Rule 144A, 4(a)(2) and restricted securities have been identified on the “Schedules of investments.” Restricted securities are valued pursuant to the security valuation procedures described in Note 1.

11. Contractual Obligations

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

12. General Motors Term Loan Litigation

Optimum Fixed Income Fund received notice of a litigation proceeding related to a General Motors Corporation (G.M.) term loan participation previously held by the Fund in 2009. Because it was believed that the Fund was a secured creditor, the Fund received the full principal on the loans in 2009 after the G.M. bankruptcy. However, based upon a US Court of Appeals ruling, the Motors Liquidation Company Avoidance Action Trust is seeking to recover such amounts arguing that the Fund is an unsecured creditor and, as an unsecured creditor, the Fund should not have received payment in full. Based upon available information related to the litigation and the Fund’s potential exposure, the Fund recorded a contingent liability of $1,385,788 and an asset of $415,736 based on the potential recoveries by the estate that resulted in a net decrease in the Fund’s NAV to reflect this potential recovery.

13. Recent Accounting Pronouncements

In March 2017, the FASB issued an Accounting Standards Update (ASU), ASU 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities which amends the amortization period for certain callable debt securities purchased at a premium, shortening such period to the earliest call date. The ASU 2017-08 does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. The ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2018. At this time, management is evaluating the implications of these changes on the financial statements.

In August 2018, the FASB issued an ASU 2018-13, which changes certain fair value measurement disclosure requirements. ASU 2018-13, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2019. At this time, management is evaluating the implications of these changes on the financial statements.

In August 2018, the Securities and Exchange Commission (SEC) adopted amendments to Regulation S-X to update and simplify the disclosure requirements for registered investment companies by eliminating requirements that are redundant or duplicative of US GAAP requirements or other SEC disclosure requirements. The new amendments require the presentation of the total, rather than the components, of distributable earnings on the “Statements of assets and liabilities” and the total, rather than the components, of dividends from net investment income and distributions from net realized gains on the “Statements of changes in net assets.” The amendments also removed the requirement for the parenthetical disclosure of undistributed net investment income on the “Statements of changes in net assets” and certain tax adjustments that were reflected in the “Notes to financial statements.” All of these have been reflected in the Funds’ financial statements.

14. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to March 31, 2019, that would require recognition or disclosure in the Funds’ financial statements.

172

Report of independent

registered public accounting firm

To the Board of Trustees of Optimum Fund Trust and Shareholders of Optimum Fixed Income Fund, Optimum International Fund, Optimum Large Cap Growth Fund, Optimum Large Cap Value Fund, Optimum Small-Mid Cap Growth Fund and Optimum Small-Mid Cap Value Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Optimum Fixed Income Fund, Optimum International Fund, Optimum Large Cap Growth Fund, Optimum Large Cap Value Fund, Optimum Small-Mid Cap Growth Fund and Optimum Small-Mid Cap Value Fund (constituting Optimum Fund Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2019, the related statements of operations for the year ended March 31, 2019, the statements of changes in net assets for each of the two years in the period ended March 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2019 and each of the financial highlights for each of the five years in the period ended March 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2019 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 21, 2019

We have served as the auditor of one or more investment companies in Optimum Fund Trust since 2010.

173

Other Fund information

(Unaudited)

Optimum Fund Trust

Tax Information

The information set forth below is for each Fund’s fiscal year as required by federal income tax laws. Shareholders, however, must report distributions on a calendar year basis for income tax purposes, which may include distributions for portions of two fiscal years of the Funds. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in January of each year. Please consult your tax advisor for proper treatment of this information.

All disclosures are based on financial information available as of the date of this annual report and, accordingly are subject to change. For any and all items requiring reporting, it is the intention of the Funds to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

For the fiscal year ended March 31, 2019, each Fund reports distributions paid during the year as follows:


	(A)		(B)
	Long-Term		Ordinary
	Capital Gains		Income		Total		(C)
	Distributions		Distributions*		Distributions		Qualifying
	(Tax Basis)		(Tax Basis)		(Tax Basis)		Dividends¹
Optimum Fixed Income Fund		—		100.00%		100.00%		—
Optimum International Fund		72.19%		27.81%		100.00%		—
Optimum Large Cap Growth Fund		92.38%		7.62%		100.00%		28.80%
Optimum Large Cap Value Fund		64.70%		35.30%		100.00%		100.00%
Optimum Small-Mid Cap Growth Fund		89.23%		10.77%		100.00%		—
Optimum Small-Mid Cap Value Fund		85.13%		14.87%		100.00%		100.00%

(A) and (B) are based on a percentage of each Fund’s total distributions.

¹Qualifying dividends represent dividends which qualify for the corporate dividends received deduction.

*For the fiscal year ended March 31, 2019, certain dividends paid by the Funds may be subject to a maximum tax rate of 20%. The percentage of dividends paid by the Funds from ordinary income reported as qualified income are as reported in the following table. Complete information will be computed and reported in conjunction with your 2019 Form 1099-DIV.

Optimum

Fixed Income

International

Large Cap

Small-Mid Cap

Fund

Growth Fund

Value Fund

Growth Fund

Value Fund

—

100.00%

31.32%

100.00%

—

100.00%

For the fiscal year ended March 31, 2019, certain interest income paid by the Funds, determined to be Qualified Interest Income or Qualified Short-Term Capital Gains may be subject to relief from US tax withholding for foreign shareholders, as provided by the American Jobs Creation Act of 2004; the Tax Relief Unemployment Insurance Reauthorization, and Job Creations Act of 2010; and as extended by the American Taxpayer Relief Act of 2012. For the fiscal year ended March 31, 2019, the Funds have reported maximum distributions of Qualified Interest Income and Qualified Short-Term Capital Gains as follows:

Optimum International Fund intends to pass through foreign tax credits in the maximum amount of $1,013,857. The gross foreign source income earned during the fiscal year 2019 by the Fund was $17,087,590.


174

Board Consideration of Optimum Fixed Income Fund Sub-Advisory Agreement at a Meeting Held December 13-14, 2018

At a meeting held on Dec. 13-14, 2018, the Board of Trustees of Optimum Fund Trust, including a majority of non-interested or independent Trustees (the “Independent Trustees”), approved a new Sub-Advisory Agreement between Delaware Management Company (“DMC” or “Management”) and Macquarie Investment Management Austria Kapitalanlage (“MIMAK” or “Sub-Advisor”) for Optimum Fixed Income Fund (the “Fund” or “Fixed Income Fund”). MIMAK is an affiliate of DMC.

In reaching the decision to approve the Sub-Advisory Agreement, the Board considered and reviewed information about MIMAK, including its personnel, operations and financial condition, which had been provided by MIMAK. The Board also reviewed material furnished by DMC, including: a memorandum from DMC reviewing the Sub-Advisory Agreement and the various services proposed to be rendered by MIMAK; information concerning MIMAK’s organizational structure and the experience of their key investment management personnel; copies of MIMAK’s Form ADV, financial statements, compliance policies and procedures, and Code of Ethics; relevant performance information provided with respect to MIMAK; and a copy of the Sub-Advisory Agreement.

In considering such information and materials, the Independent Trustees received assistance and advice from and met separately with independent counsel. The materials prepared by Management in connection with the approval of the Sub-Advisory Agreement were sent to the Independent Trustees in advance of the meeting. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board’s decision. This discussion of the information and factors considered by the Board (as well as the discussion above) is not intended to be exhaustive, but rather summarizes certain factors considered by the Board. In view of the wide variety of factors considered, the Board did not, unless otherwise noted, find it practicable to quantify or otherwise assign relative weights to the following factors. In addition, individual Trustees may have assigned different weights to various factors.

Nature, extent, and quality of services. In considering the nature, extent and quality of the services to be provided by the Sub-Advisor, the Board reviewed the services to be provided by the Sub-Advisor pursuant to the Sub-Advisory Agreement and as described at the meeting. The Board reviewed materials provided by the Sub-Advisor regarding the experience and qualifications of the personnel who will be responsible for providing services to a portion of the Fixed Income Fund. The Board also considered relevant performance information provided with respect to the Sub-Advisor. In discussing the nature of the services proposed to be provided by the Sub-Advisor, it was observed that, unlike traditional sub-advisors who make the investment related decisions with respect to a sub-advised portfolio, the relationship between DMC (the Fund’s investment manager) and the Sub-Advisor as currently contemplated is more of a collaborative effort between DMC and the Sub-Advisor and a cross-pollination of investment ideas. Moreover, the Board noted the stated intention that DMC retain the final decision-making authority with respect to purchases and sales of securities in the Fixed Income Fund. Based upon these considerations, the Board was satisfied with the nature and quality of the overall services to be provided by the Sub-Advisor to the Fund and its shareholders and was confident in the abilities of the Sub-Advisor to provide quality services to the Fund and its shareholders.

Investment performance. In regards to the appointment of the Sub-Advisor for the Fixed Income Fund, the Board reviewed information on prior performance for the Sub-Advisor. In evaluating performance, the Board considered that the Sub-Advisor would provide investment advice and recommendations, including with respect to specific securities, for consideration and evaluation by DMC’s portfolio managers, but that DMC’s portfolio managers for the Fund would retain final portfolio management discretion.

Sub-advisory fees. The Board considered that DMC would not pay the Sub-Advisor any fees in conjunction with the services that would be rendered to the Fixed Income Fund. The Board concluded that, in light of the quality and extent of the services to be provided and the business relationships between DMC and the Sub-Advisor, the proposed fee arrangement was understandable and appropriate.

Profitability, economies of scale and fall out benefits. Information about the Sub-Advisor’s profitability from its relationship with the Fixed Income Fund was not available because it had not begun to provide services to the Fund. It was also noted that the Sub-Advisor would be receiving no fees in connection with its services under the Sub-Advisory Agreement. With regard to potential fall-out benefits derived or to be derived by the Sub-Advisor and its affiliates in connection with their relationship to the Fund, the Board considered the potential benefit to DMC and the Sub-Advisor of marketing a global approach on the portfolio management of their fixed income investment strategies. The Trustees also noted that economies of scale are shared with the Fixed Income Fund and its shareholders through investment management fee breakpoints in DMC’s fee schedule for the Fixed Income Fund so that as the Fund grows in size, its effective investment management fee rate declines.


			(continues	)		175

Other Fund information

(Unaudited)

Optimum Fund Trust

Board Consideration of Optimum Fixed Income Fund Sub-Advisory Agreements at a Meeting Held March 27-28, 2019

At a meeting held on March 27-28, 2019, the Board of Trustees of Optimum Fund Trust, including a majority of non-interested or independent Trustees (the “Independent Trustees”), approved a new Sub Advisory Agreement between Delaware Management Company (“DMC” or “Management”) and each of Macquarie Investment Management Europe Limited (“MIMEL”), Macquarie Investment Management Austria Kapitalanlage (“MIMAK”), and Macquarie Investment Management Global Limited (“MIMGL”) for Optimum Fixed Income Fund (the “Fund” or “Fixed Income Fund”). MIMEL, MIMAK and MIMGL may also be referenced as a “Sub-Advisor” or “Sub-Advisor(s)” below. Each Sub-Advisor is an affiliate of DMC.

In reaching the decision to approve the Sub-Advisory Agreements, the Board considered and reviewed information about each of MIMEL, MIMAK and MIMGL, including its personnel, operations and financial condition, which had been provided by MIMEL, MIMAK and MIMGL, respectively. The Board also reviewed material furnished by DMC in advance of the meeting, including: a memorandum from DMC reviewing the Sub-Advisory Agreements and the various services proposed to be rendered by MIMEL, MIMAK and MIMGL; information concerning MIMEL’s, MIMAK’s and MIMGL’s organizational structure and the experience of their key investment management personnel; copies of MIMEL’s, MIMAK’s and MIMGL’s Form ADV, financial statements, compliance policies and procedures, and Codes of Ethics; relevant performance information provided with respect to MIMEL, MIMAK and MIMGL; and a copy of the Sub-Advisory Agreements.

In considering such information and materials, the Independent Trustees received assistance and advice from and met separately with their independent counsel. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board’s decision to approve the Sub-Advisory Agreements. This discussion of the information and factors considered by the Board (as well as the discussion above) is not intended to be exhaustive, but rather summarizes certain factors considered by the Board. In view of the wide variety of factors considered, the Board did not, unless otherwise noted, find it practicable to quantify or otherwise assign relative weights to the following factors. In addition, individual Trustees may have assigned different weights to various factors.

Nature, extent, and quality of services. In considering the nature, extent and quality of the services to be provided by the Sub-Advisors, the Board reviewed the services to be provided by each Sub-Advisor pursuant to each Sub-Advisory Agreement and as described at the meeting. The Board reviewed materials provided by the Sub-Advisors regarding the experience and qualifications of the personnel who will be responsible for providing services to a portion of the Fixed Income Fund. The Board also considered relevant performance information provided with respect to each Sub-Advisor. In discussing the nature of the services proposed to be provided by the Sub-Advisors, it was observed that, unlike traditional sub-advisors who make all of the investment related decisions with respect to a sub-advised portfolio, the relationship between DMC (the Fund’s investment manager) and the Sub-Advisors as currently contemplated is primarily more of a collaborative effort between DMC and the Sub-Advisors and a cross pollination of investment ideas. The Board further noted the stated intention under the new Sub-Advisory Agreements that DMC would have the sole discretion to delegate portions of the implementation of the Fund’s strategy with respect to the portion of the portfolio managed by DMC to the Sub-Advisors who would be permitted to execute Fund trades and exercise investment discretion pursuant to that delegation and subject to DMC oversight. However, DMC and the Fund’s named portfolio managers will continue to retain principal responsibility for the Fund’s strategy and investment process and be primarily responsible for the day-to-day management of DMC’s portion of the Fund’s portfolio. Based upon these considerations, the Board was satisfied with the nature and quality of the overall services to be provided by the Sub-Advisors to the Fund and its shareholders and was confident in the abilities of the Sub-Advisors to provide quality services to the Fund and its shareholders.

Investment performance. In regards to the appointment of the Sub-Advisors for the Fixed Income Fund, the Board reviewed information on prior performance for the Sub-Advisors. In evaluating performance, the Board considered that the Sub-Advisors would provide investment advice and recommendations, including with respect to specific securities, but that DMC’s portfolio managers for the Fund would retain principal responsibility for the Fund’s strategy as described above. In addition, the Board considered that the Sub-Advisors would also execute Fund security trades on behalf of DMC and be permitted by DMC to exercise investment discretion for securities in certain markets where DMC wanted to utilize a Sub-Advisor’s specialized market knowledge.

Sub-advisory fees. The Board considered that DMC would pay the Sub-Advisors a sub-advisory fee based on the extent to which a Sub-Advisor provides services to the Fund as described in the Sub-Advisory Agreements. In considering the appropriateness of the sub-advisory fees, the Board also reviewed and considered the fees in light of the nature, extent and quality of the sub-advisory services to be provided by each Sub-Advisor, as more fully discussed above. The Board noted that the sub-advisory fees are paid by DMC to each Sub-Advisor and are not additional fees borne by the Fund, and that the management fee paid by the Fund to DMC would stay the same at current asset levels. The Board was provided with information showing an estimate of the sub-advisory fees to be paid to each Sub-Advisor based on a projection of


176

Sub-Advisor allocations given certain historical investment trends, as well as information regarding the expected impact the sub-advisory arrangements would have on the profitability of DMC. The Board also noted that, given the collaborative nature of the services to be provided by the Sub-Advisors to the Fund, there were no comparable accounts and corresponding fees to which the Sub-Advisors were able to compare this arrangement. The Board concluded that, in light of the quality and extent of the services to be provided and the business relationships between DMC and the Sub-Advisors, the proposed fee arrangement was understandable and reasonable.

Profitability, economies of scale and fall out benefits. Information about each Sub-Advisor’s profitability from its relationship with the Fixed Income Fund was not available because it had not begun to provide services to the Fund. With regard to potential fall-out benefits derived or to be derived by the Sub-Advisors and their affiliates in connection with their relationship to the Fund, the Board considered the potential benefit to DMC and the Sub-Advisors of marketing a global approach on the portfolio management of their fixed income investment strategies. The Trustees also noted that economies of scale are shared with the Fixed Income Fund and its shareholders through investment management fee breakpoints in DMC’s fee schedule for the Fixed Income Fund so that as the Fund grows in size, its effective investment management fee rate declines.


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Board of trustees and officers addendum

Optimum Fund Trust

A mutual fund is governed by a Board of Trustees, which has oversight responsibility for the management of a fund’s business affairs. Trustees establish procedures and oversee and review the performance of the investment manager, the distributor and others that perform services for the fund. The independent fund trustees, in particular, are advocates for shareholder interests. The following is a list of the Trustees and Officers of the Trust with certain background and related information.


Name, Address, and Birth Date	Position(s) Held with Fund(s)	Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex¹Overseen by Trustee or Officer	Other Directorships Held by Trustee or Officer
INTERESTED TRUSTEES
Brett W. Wright² 2005 Market Street Philadelphia, PA 19103 February 1970	Trustee, President, and Chief Executive Officer	Since March 29, 2019	Co-Head of Client Group — Macquarie Investment Management³ (2016-Present) Head of Third-Party Distribution — Macquarie Investment Management³ (2014-2016) Western Division Sales Manager — Delaware Investments (2011-2014)	6	None
Matt Audette² 2005 Market Street Philadelphia, PA 19103 May 1974	Trustee	Since Dec.16, 2016	Chief Financial Officer and Managing Director — LPL Financial LLC (2015-Present) Chief Financial Officer — E*TRADE Financial Corporation (2011-2015)	6	None
INDEPENDENT TRUSTEES
Robert J. Christian 2005 Market Street Philadelphia, PA 19103 February 1949	Chairman and Trustee	Chairman since March 19, 2009 Trustee since Nov. 1, 2007	Private Investor (2006-Present)	6	Trustee — FundVantage Trust (34 mutual funds) (2007-Present)
Durant Adams Hunter 2005 Market Street Philadelphia, PA 19103 November 1948	Trustee	Since July 17, 2003	Managing Partner — Ridgeway Partners (Executive recruiting) (2004-Present)	6	None
Pamela J. Moret 2005 Market Street Philadelphia, PA 19103 February 1956	Trustee	Since Oct. 1, 2013	Private Investor (2015–Present) Chief Executive Officer — brightpeak financial (2011-2015) Senior Vice President — Thrivent Financial for Lutherans (2002-2015)	6	Director — Blue Cross Blue Shield of Minnesota (2014-Present)
Stephen P. Mullin 2005 Market Street Philadelphia, PA 19103 February 1956	Trustee	Since July 17, 2003	President — Econsult Solutions, Inc. (2013-Present) Senior Vice President — Econsult Corp. (Economic consulting) (2000-2012)	6	None

178


Name, Address, and Birth Date	Position(s) Held with Fund(s)	Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex¹Overseen by Trustee or Officer	Other Directorships Held by Trustee or Officer
INDEPENDENT TRUSTEES (continued)
Robert A. Rudell 2005 Market Street Philadelphia, PA 19103 September 1948	Trustee	Since July 17, 2003	Private Investor (2002-Present)	6	Director and Independent Chairman — Heartland Funds (4 mutual funds) (2005-Present)

Jon Socolofsky 2005 Market Street Philadelphia, PA 19103 March 1946	Trustee	Since July 17, 2003	President — H&S Enterprises of Minocqua, LLC (Commercial real estate developer) (2005-Present) Private Investor (2002-Present)	6	None

Susan M. Stalnecker 2005 Market Street Philadelphia, PA 19103 January 1953	Trustee	Since Dec. 14, 2016	Senior Advisor — Boston Consulting Group (2016-Present) Vice President — Productivity & Shared Services — E.I. du Pont de Nemours and Company (2012-2016) Vice President and Treasurer — E.I. du Pont de Nemours and Company (2006-2012)	6	Trustee —Duke University Health System, Audit Committee member (2010-Present) Director — Leidos (2016-Present) Director — Bioventus (2018-present)
OFFICERS

David F. Connor 2005 Market Street Philadelphia, PA 19103 December 1963	Senior Vice President, General Counsel, and Secretary	Senior Vice President since May 2013; General Counsel since May 2015; Secretary since October 2005	David F. Connor has served in various capacities at different times at Macquarie Investment Management³.	6	None⁴

Daniel V. Geatens 2005 Market Street Philadelphia, PA 19103 October 1972	Vice President and Treasurer	Since Sept. 20, 2007	Daniel V. Geatens has served in various capacities at different times at Macquarie Investment Management³.	6	None⁴

Richard Salus 2005 Market Street Philadelphia, PA 19103 October 1963	Senior Vice President and Chief Financial Officer	Since Jan. 1, 2006	Richard Salus has served in various capacities at different times at Macquarie Investment Management³.	6	None⁴

¹	The term “Fund Complex” refers to the Funds in the Optimum Fund Trust.

²	“Interested persons” of the Funds by virtue of their executive and management positions or relationships with the Fund’s service providers or sub-service providers.

Macquarie Investment Management is the marketing name for Macquarie Management Holdings, Inc. and its subsidiaries, including the Fund’s(s’) investment advisor, principal underwriter, and its transfer agent. Mr. Geatens also serves as the Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc., which has an affiliated investment manager.

⁴	Messr. Connor, Geatens, and Salus also serve in similar capacities for the Delaware Funds^® by Macquarie, a fund complex that has the same manager, principal underwriter, and transfer agent as the Trust.

The Statement of Additional Information for the Funds includes additional information about the Trustees and Officers and is available, without charge, upon request by calling your financial advisor or 800 914-0278.


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About the organization

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

Board of trustees

Matt Audette

Chief Financial Officer and Managing

Director —

LPL Financial LLC

Brett Wright

Co-Head of Client Group —

Macquarie Investment Management

Robert J. Christian

Private Investor

Durant Adams Hunter

Managing Partner — Ridgeway Partners

Pamela J. Moret

Private Investor

Stephen P. Mullin

President — Econsult Solutions, Inc.

Robert A. Rudell

Private Investor

Jon Socolofsky

Private Investor

Susan M. Stalnecker

Senior Advisor — Boston Consulting

Group

Affiliated officers

David F. Connor

Senior Vice President,

General Counsel, and Secretary

Optimum Fund Trust

Philadelphia, PA

Daniel V. Geatens

Vice President and Treasurer

Optimum Fund Trust

Philadelphia, PA

Richard Salus

Senior Vice President and

Chief Financial Officer

Optimum Fund Trust

Philadelphia, PA

Contact information

Investment manager

Delaware Management Company, a series of Macquarie Investment Management

Business Trust, Philadelphia, PA

National distributor

Delaware Distributors, L.P.

Philadelphia, PA

Shareholder servicing, dividend

disbursing, and transfer agent

Delaware Investments Fund

Services Company

2005 Market Street

Philadelphia, PA 19103-7094

For shareholders, securities dealers

and financial institutions

representatives only

800 914-0278

Website

optimummutualfunds.com

Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q or Form N-PORT (available for filings after March 31, 2019). Each Fund’s Forms N-Q or Forms N-PORT, as well as a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities, are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Funds’ most recent Form N-Q or Form N-PORT are available without charge on the Funds’ website at optimummutualfunds.com/literature. Each Fund’s Forms N-Q and Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.

Information (if any) regarding how the Funds voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Funds’ website at optimummutualfunds.com/proxy; and (ii) on the SEC’s website at sec.gov.

180

Item 2. Code of Ethics

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. A copy of the registrant’s Code of Business Ethics has been posted on the Optimum Mutual Funds’ Internet Web site at www.optimummutualfunds.com. Any amendments to the Code of Business Ethics, and information on any waiver from its provisions granted by the registrant, will also be posted on this Web site within five business days of such amendment or waiver and will remain on the Web site for at least 12 months.

Item 3. Audit Committee Financial Expert

The registrant’s Board of Trustees/Directors has determined that certain members of the registrant’s Audit Committee are audit committee financial experts, as defined below. For purposes of this item, an “audit committee financial expert” is a person who has the following attributes:

a. An understanding of generally accepted accounting principles and financial statements;

b. The ability to assess the general application of such principles in connection with the accounting for estimates, accruals, and reserves;

c. Experience preparing, auditing, analyzing, or evaluating financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the registrant’s financial statements, or experience actively supervising one or more persons engaged in such activities;

d. An understanding of internal controls and procedures for financial reporting; and

e. An understanding of audit committee functions.

An “audit committee financial expert” shall have acquired such attributes through:

a. Education and experience as a principal financial officer, principal accounting officer, controller, public accountant, or auditor or experience in one or more positions that involve the performance of similar functions;

b. Experience actively supervising a principal financial officer, principal accounting officer, controller, public accountant, auditor, or person performing similar functions;

c. Experience overseeing or assessing the performance of companies or public accountants with respect to the preparation, auditing, or evaluation of financial statements; or

d. Other relevant experience.

The registrant’s Board of Trustees/Directors has also determined that each member of the registrant’s Audit Committee is independent. In order to be “independent” for purposes of this item, the Audit Committee member may not: (i) other than in his or her capacity as a member of the Board of Trustees/Directors or any committee thereof, accept directly or indirectly any consulting, advisory or other compensatory fee from the issuer; or (ii) be an “interested person” of the registrant as defined in Section 2(a)(19) of the Investment Company Act of 1940.

The names of the audit committee financial experts on the registrant’s Audit Committee are set forth below:

	Robert J. Christian
	Robert A. Rudell
	Jon E. Socolofsky
	Susan M. Stalnecker

Item 4. Principal Accountant Fees and Services

(a) Audit fees.

The aggregate fees billed for services provided to the registrant by its independent auditors for the audit of the registrant’s annual financial statements and for services normally provided by the independent auditors in connection with statutory and regulatory filings or engagements were $156,050 for the fiscal year ended March 31, 2019.

(b) Audit-related fees.

The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the registrant’s financial statements and not reported under paragraph (a) of this Item were $0 for the fiscal year ended March 31, 2019.

The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the financial statements of the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $640,000 for the registrant’s fiscal year ended March 31, 2018. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These audit-related services were as follows: year-end audit procedures; group reporting and subsidiary statutory audits.

The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the financial statements of the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $640,000 for the registrant’s fiscal year ended March 31, 2017. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These audit-related services were as follows: year end audit procedures; group reporting and subsidiary statutory audits.

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant were $29,175 for the fiscal year ended March 31, 2019. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These tax-related services were as follows: review of income tax returns and review of annual excise distribution calculations.

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended March 31, 2019.

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant were $29,175 for the fiscal year ended March 31, 2018. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These tax-related services were as follows: review of income tax returns and review of annual excise distribution calculations.

(d) All other fees.

The aggregate fees billed for all services provided by the independent auditors to the registrant other than those set forth in paragraphs (a), (b) and (c) of this Item were $0 for the fiscal year ended March 31, 2019.

The aggregate fees billed for all services other than those set forth in paragraphs (b) and (c) of this Item provided by the registrant’s independent auditors to the registrant’s adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended March 31, 2018. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.

The aggregate fees billed for all services other than those set forth in paragraphs (b) and (c) of this Item provided by the registrant’s independent auditors to the registrant’s adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended March 31, 2017. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.

(e) The registrant’s Audit Committee has established pre-approval policies and procedures as permitted by Rule 2-01(c)(7)(i)(B) of Regulation S-X (the “Pre-Approval Policy”) with respect to services provided by the registrant’s independent auditors. Pursuant to the Pre-Approval Policy, the Audit Committee has pre-approved the services set forth in the table below with respect to the registrant up to the specified fee limits. Certain fee limits are based on aggregate fees to the registrant and other registrants within the Optimum Fund Trust.

Service	Range of Fees
Audit Services
Statutory audits or financial audits for new Funds	up to $25,000 per Fund
Services associated with SEC registration statements (e.g., Form N-1A, Form N-14, etc.), periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings (e.g., comfort letters for closed-end Fund offerings, consents), and assistance in responding to SEC comment letters	up to $10,000 per Fund
Consultations by Fund management as to the accounting or disclosure treatment of transactions or events and/or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies (Note: Under SEC rules, some consultations may be considered “audit-related services” rather than “audit services”)	up to $25,000 in the aggregate
Audit-Related Services
Consultations by Fund management as to the accounting or disclosure treatment of transactions or events and /or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies (Note: Under SEC rules, some consultations may be considered “audit services” rather than “audit-related services”)	up to $25,000 in the aggregate
Tax Services
U.S. federal, state and local and international tax planning and advice (e.g., consulting on statutory, regulatory or administrative developments, evaluation of Funds’ tax compliance function, etc.)	up to $25,000 in the aggregate
U.S. federal, state and local tax compliance (e.g., excise distribution reviews, etc.)	up to $5,000 per Fund
Review of federal, state, local and international income, franchise and other tax returns	up to $5,000 per Fund

Under the Pre-Approval Policy, the Audit Committee has also pre-approved the services set forth in the table below with respect to the registrant’s investment adviser and other entities controlling, controlled by or under common control with the investment adviser that provide ongoing services to the registrant (the “Control Affiliates”) up to the specified fee limit. This fee limit is based on aggregate fees to the investment adviser and its Control Affiliates.

Service	Range of Fees
Non-Audit Services
Services associated with periodic reports and other documents filed with the SEC and assistance in responding to SEC comment letters	up to $10,000 in the aggregate

The Pre-Approval Policy requires the registrant’s independent auditors to report to the Audit Committee at each of its regular meetings regarding all services initiated since the last such report was rendered, including those services authorized by the Pre-Approval Policy.

(f) Not applicable.

(g) The aggregate non-audit fees billed by the registrant’s independent auditors for services rendered to the registrant and to its investment adviser and other service providers under common control with the adviser were $11,748,000 and $11,748,000 for the registrant’s fiscal years ended March 31, 2019 and March 31, 2018, respectively.

(h) In connection with its selection of the independent auditors, the registrant’s Audit Committee has considered the independent auditors’ provision of non-audit services to the registrant’s investment adviser and other service providers under common control with the adviser that were not required to be pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X. The Audit Committee has determined that the independent auditors’ provision of these services is compatible with maintaining the auditors’ independence.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 11. Controls and Procedures

The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 180 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 semiannual period covered by the report to stockholders included herein that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable

Item 13. Exhibits

(a) (1) Code of Ethics

Not applicable.

(2) Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2 under the Investment Company Act of 1940 are attached hereto as Exhibit 99.CERT.

(3) Written solicitations to purchase securities pursuant to Rule 23c-1 under the Securities Exchange Act of 1934.

Not applicable.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are furnished herewith as Exhibit 99.906CERT.

SIGNATURES

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

OPTIMUM FUND TRUST

BRETT W. WRIGHT
By:	Brett W. Wright
Title:	President and Chief Executive Officer
Date:	June 5, 2019

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

BRETT W. WRIGHT
By:	Brett W. Wright
Title:	President and Chief Executive Officer
Date:	June 5, 2019

RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	June 5, 2019

Performance review (for the year ended March 31, 2019)

Optimum Large Cap Value Fund (Institutional Class shares)

1-year return

Optimum Large Cap Value Fund (Class A shares)

1-year return

Russell 1000^®Value Index (benchmark)

1-year return