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, 2015

Item 1. Reports to Stockholders

Optimum Fixed Income Fund

Optimum International Fund

Optimum Large Cap Growth Fund

Optimum Large Cap Value Fund

Optimum Small-Mid Cap Growth Fund

Optimum Small-Mid Cap Value Fund

Annual report

March 31, 2015

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

Table of contents

Portfolio management reviews
Optimum Fixed Income Fund	1
Optimum International Fund	4
Optimum Large Cap Growth Fund	7
Optimum Large Cap Value Fund	9
Optimum Small-Mid Cap Growth Fund	11
Optimum Small-Mid Cap Value Fund	13
Performance summaries
Optimum Fixed Income Fund	16
Optimum International Fund	19
Optimum Large Cap Growth Fund	22
Optimum Large Cap Value Fund	25
Optimum Small-Mid Cap Growth Fund	28
Optimum Small-Mid Cap Value Fund	31
Disclosure of Fund expenses	34
Security type / sector / country allocations and top 10 equity holdings	36
Financial statements
Schedules of investments	41
Statements of assets and liabilities	97
Statements of operations	99
Statements of changes in net assets	101
Financial highlights	104
Notes to financial statements	122
Report of independent registered public accounting firm	148
Other Fund information	149
Board of trustees and officers addendum	152
About the organization	154

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

Unless otherwise noted, views expressed herein are current as of March 31, 2015, and subject to change for events occurring after such a date. Holdings are as of the date indicated and subject to change.

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

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

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

© 2015 Delaware Management Holdings, Inc.

Portfolio management reviews

Optimum Fixed Income Fund

April 7, 2015

Performance review (for the year ended March 31, 2015)
Optimum Fixed Income Fund (Class A shares)	1-year return	+4.21%
Optimum Fixed Income Fund (Institutional Class shares)	1-year return	+4.47%
Barclays U.S. Aggregate Index (benchmark)	1-year return	+5.72%

Past performance does not guarantee future results.

For complete, annualized performance for Optimum Fixed Income Fund, please see the table on page 16.

The performance of Class A shares excludes the applicable sales charge and reflects the reinvestment of all distributions. Institutional Class shares are available without sales or asset-based distribution charges only to certain eligible institutional accounts. 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

Risk appetite returned through much of the Fund’s fiscal year. Generally, global equity markets posted gains and bonds rallied as central banks remained accommodative.

The U.S. job gains stabilized, economic growth was robust, and consumer confidence rose. With inflation low, the U.S. Federal Reserve continued its dovish bias, reaffirming that the fed funds rate would remain near zero for a “considerable time” after the end of its quantitative easing (QE) program. As QE came to an end in October 2014, the U.S. dollar quickly strengthened and oil prices fell sharply, causing speculation that Fed rate hikes would be delayed further. By the first quarter of 2015, however, improving economic conditions signaled that the Fed seemed to remain on track to raise rates in the summer or fall of 2015.

The European Central Bank (ECB) rolled out a series of easing measures, including a negative rate on deposits, a policy rate cut, and targeted long-term refinancing to spur business lending. Euro-zone growth weakened, German business confidence fell, and geopolitical tensions created uncertainty. Inflationary expectations fell, feeding expectations for a full-scale QE. In January 2015, 14 central banks eased policies, but the ECB took center stage as it unveiled its plan to deploy quantitative easing. While markets largely expected the move, the program exceeded expectations in terms of its size, pace, and open-ended design.

Emerging markets experienced episodes of heightened volatility and weakness. Geopolitical headlines and country-specific events drove markets. Sanctions against Russia and a sharp decline in oil prices caused the ruble to tumble, forcing the Russian central bank to raise rates to 17% as of December 2014.

Source: Bloomberg

Fund performance

For the fiscal year, Optimum Fixed Income Fund underperformed its benchmark index, the Barclays U.S. Aggregate Index. In particular, DMC’s diversified floating-rate component and PIMCO’s low duration component both detracted from the Fund’s overall performance versus the Fund’s benchmark index. The following remarks describe factors that affected performance within the Fund’s respective portions.

DMC

Note: The portfolio-level discussion presented below appears in two sections. The first section covers DMC’s portion of the Fund that focused on a multisector strategy, while the second section covers its portion of the Fund that focused on a short duration strategy.

Intermediate-term component

For the year ended March 31, 2015, DMC’s fixed-rate, intermediate-term portion of Optimum Fixed Income Fund underperformed the Fund’s benchmark, the Barclays U.S. Aggregate Index.

The U.S. Treasury sector had strong gains, and longer-maturity instruments performed better than short maturities as the yield curve flattened. The Fed’s tapering of bond purchases tightened monetary conditions, and inflation remained benign. DMC’s portion of the Fund had low allocations to this sector in an attempt to capture extra income in the credit sectors. The fixed-rate portfolio had an average exposure of 8% to U.S. Treasury investments in the first quarter of 2015. The portfolio’s significant underweight to Treasurys detracted from relative performance for the year. This was offset partially by the use of U.S. Treasury futures to balance yield curve exposure and add some duration.

DMC’s most successful strategies were in its investment grade corporate bond exposure, which returned 8.15%, outpacing the 6.74% return of corporate bonds in the Barclays benchmark index. High-quality corporate bonds represented DMC’s largest exposure within this component of the Fund, at 35%. The financial services sector contained some of the leading performers, as bank credits outperformed index returns.

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Portfolio management reviews

Optimum Fixed Income Fund

DMC’s mortgage position (19% of this component of the Fund) produced mixed results. Although its security selection outperformed the index, its underweight allocation (10 percentage points less than the index) slightly detracted from performance. DMC’s investments in commercial mortgage-backed securities (CMBS), although only a 3% exposure, added to relative returns.

High yield bond investments were a drag on results, as this segment had a return of 0.52% for the period — below that of the benchmark sector’s 1.98% return.

Energy sector bonds also detracted 43 basis points from the Fund’s relative performance for the period as oil prices declined significantly in the second half of 2014. (One basis point is a hundredth of a percentage point.) DMC held several shale-drilling names and water-drilling service names that were adversely affected.

Emerging market investments accounted for 8% of DMC’s intermediate-term portion of the Fund and returned 2.35%. Significant moves in both currencies and commodities prices challenged emerging markets. DMC’s U.S. dollar–denominated (USD) sovereign investments did well, but results in USD corporate investments, and in local currency exposures disappointed. Additionally, investments in developed-market international bonds took 3 basis points away from index returns, as surprisingly good payroll numbers continued to boost the U.S. dollar versus many developed-market currencies.

DMC employed derivatives in the intermediate-term strategy. In addition to the U.S. Treasury futures mentioned earlier, it hedged currency losses with strict stop-loss mitigation tactics. Total currency hedging in the intermediate-term portfolio clawed back 17 basis points from the index deficit.

Diversified floating-rate component

In managing its diversified floating-rate portion of the Fund’s assets, DMC principally invests in a diversified group of floating-rate securities. During the fiscal year, those assets made up about 5% of the total DMC-managed assets within the Fund.

The diversified floating-rate component of DMC’s portion of the Fund outperformed the London interbank offered rate (Libor) — DMC’s internal benchmark for this component — and returned 0.80%. During the 12-month period, DMC’s primary objective was to maintain a duration of about three months within its diversified floating-rate segment.

Investment grade credit represented the largest segment (averaging more than half) of this portion of the Fund. An 18% exposure to financials returned 0.86%, contributing 26 basis points to performance. Industrials were the largest sector exposure within high-grade credit but underperformed the benchmark. Utilities and noncorporate positions contributed little to overall performance.

Emerging markets, with a 3% weighting within this component, detracted from performance, due largely to security selection.

Performance was mixed for assets rated below investment grade. The Fund benefited from having 30% exposure to bank loans, which returned 1.41%. However, exposure to the energy sector broadly detracted from results.

On average, DMC maintained a 5% exposure to AAA-rated asset-backed securities within this component, which help provide liquidity and risk management flexibility. This holding outperformed Libor with a 0.41% total return.

DMC used interest rate swaps in the diversified floating-rate strategy to hedge its allocation to fixed-rate bonds. These positions declined in value as rates fell.

Overall, the use of derivatives in DMC’s portion of the Fund had a slight negative effect on overall performance but was not material. It is worth noting that the use of derivatives in the diversified floating-rate component was used to hedge fixed-rate bonds.

PIMCO

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

Intermediate-term component

The intermediate-term component of PIMCO’s portion of the Fund returned 6.28% (before fees), outperforming its benchmark, the Barclays U.S. Aggregate Index by 56 basis points for the Fund’s fiscal year. An underweight to U.S. duration detracted from performance, as yields on U.S. Treasurys generally fell. Additionally, yield curve positioning with an underweight to longer-dated Treasurys hurt performance, as intermediate and long rates fell the most.

Overall spread sector strategies added to returns during the 12-month period. An average underweight to agency mortgage-backed securities (MBS) modestly detracted from returns. However, positive security selection within agency collateralized mortgage obligations (CMOs) more than offset this. An allocation to nonagency MBS was positive for returns, as the sector benefited from strong demand and limited supply. An underweight to investment grade credit and security selection within high yield financials and industrials was positive for performance. Holdings of Treasury inflation-protected securities (TIPS) detracted from performance, as break-even levels tightened. Lastly, a long U.S. dollar bias versus the euro and Japanese yen helped performance, as these currencies depreciated relative to the U.S. dollar.

2

Low duration component

The low duration component of PIMCO’s portion of the Fund returned 2.08% (before fees), outperforming PIMCO’s internal benchmark, the BofA Merrill Lynch
1–3 Year U.S. Treasury Index by 1.08% for the Fund’s fiscal year. An underweight to U.S. duration detracted from performance, as yields on U.S. Treasurys generally fell. However, yield curve positioning more than offset the underweight position. In this portion of the Fund, PIMCO concentrated its underweight on the short end of the yield curve, where rates rose, and had an allocation to intermediate rates, where yields fell. Short exposure to core European rates detracted from returns, as yields fell in this region.

Overall spread sector strategies contributed to returns during the fiscal year. An allocation to nonagency MBS helped, as the sector benefited from strong demand and limited supply. Exposure to investment grade credit was negative, as the sector underperformed, but this was more than offset by positive security selection within financials and industrials. Exposure to U.S. dollar–denominated Brazilian debt within the energy sector detracted from performance since declining oil prices hurt this sector. Lastly, a long dollar bias versus the euro and yen boosted performance, as these currencies depreciated relative to the dollar.

Currency forwards held within PIMCO’s intermediate-term and low duration portions of the Fund had a positive material effect on performance. PIMCO used currency forwards to short the euro and yen, which depreciated against the U.S. dollar during the fiscal year. Its use of money market and government futures, interest rate swaps, and credit default swaps did not have a material impact on performance, nor did the use of options and interest rate swaps.

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Portfolio management reviews

Optimum International Fund

April 7, 2015

Performance review (for the year ended March 31, 2015)
Optimum International Fund (Class A shares)	1-year return	– 6.25%
Optimum International Fund (Institutional Class shares)	1-year return	– 6.04%
MSCI EAFE Index (gross) (benchmark)	1-year return	– 0.48%
MSCI EAFE Index (net) (benchmark)	1-year return	– 0.92%

Past performance does not guarantee future results.

For complete, annualized performance for Optimum International Fund, please see the table on page 19.

The performance of Class A shares excludes the applicable sales charge and reflects the reinvestment of all distributions. Institutional Class shares are available without sales or asset-based distribution charges only to certain eligible institutional accounts. 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

Acadian Asset Management LLC (Acadian)

EARNEST Partners LLC (EARNEST)

The Board of Trustees of the Fund approved the appointment of Acadian Asset Management LLC (“Acadian”) as a sub-advisor to the Fund during the fiscal year. Acadian replaced BlackRock Advisors, LLC (“BlackRock”) as a sub-advisor to Optimum International Fund. Please see the supplement to the Fund’s prospectus, dated Dec. 22, 2014, for more information.

Market overview

The fiscal year ended March 31, 2015, was a tough one for international markets and investors. Economies worldwide were buffeted by cross currents that were difficult to navigate. The fiscal year began with a profound rotation from growth into value and also featured a major strengthening of the U.S. dollar, a historic drop in oil prices, increased geopolitical tensions in Ukraine and the Middle East, and the continued focus on the divergent central bank policies in different markets as a key driver of results.

Through the end of 2014, weak European economic data, more dovish commentary from the European Central Bank and the Bank of Japan, and continued expectations for monetary tightening by the U.S. Federal Reserve drove the U.S. dollar higher. At the same time, the drop in oil prices exacerbated the already-tenuous deflationary environments in both Europe and Japan.

However, by the beginning of 2015, a nascent recovery emerged in Europe, particularly in Germany, as the effects of lower oil prices, the euro’s drop, and quantitative easing combined to provide an inflection point.

A similar phenomenon occurred in Japan where the yen weakened 15% over the fiscal year relative to the dollar. Exports ranging from semiconductors to pick-up trucks increased. Strong corporate earnings from the nation’s exporters and fourth-quarter gross domestic product recovery (following two quarters of contraction) benefited Japanese equities.

Emerging markets remained mixed. Chinese equities continued to rise even as signs of slowing mounted. There were signs of trouble in Brazil, Russia, India, China, and South Africa (BRICS) and, in general, emerging markets underperformed their developed — market counterparts.

Source: Bloomberg

Fund performance

Optimum International Fund declined in a tough year for international equities, and trailed its benchmark, the MSCI EAFE (Europe, Australia, Far East) Index, which also declined. In Acadian’s case, an underweight in financial services was a detractor. EARNEST underperformed in the energy sector; its underweight to Japan was also a detractor. For BlackRock, stock selection in industrials and financials detracted from performance within its portion of the Fund.

Acadian

Acadian managed its portion of the Fund from Jan. 26, 2015 to March 31, 2015. During this period, Acadian outperformed the MSCI EAFE Index.

On a sector level, Acadian added value via its overweight position in information technology. During the fiscal period, many technology companies reported earnings that exceeded consensus estimates and returned money to investors in the form of dividends and share repurchases. Acadian’s underweight position in energy was also a contributor, as slumping oil prices and a stronger U.S. dollar hurt the sector.

4

Financial services was the only notable performance detractor from Acadian’s portion of the Fund during the fiscal period. Acadian maintained an underweight position in this sector and, subsequently, underperformed when several financial institutions received approval from the Fed in March 2015 to initiate stock buy-back programs and raise dividends — developments that seemed to provide a boost to overall sector performance.

In security selection, two holdings that contributed to Acadian’s portion of the Fund were Delhaize Group and Alps Electric. Shares of Delhaize Group advanced after the Belgian supermarket operator reported solid fourth-quarter results, including double-digit sales growth at its Hannaford and Food Lion chains. Meanwhile, shares of Alps Electric rallied after Morgan Stanley upgraded its rating for the Japanese electronics manufacturer to “overweight” from “equal weight.”

In contrast, two holdings that detracted from performance within Acadian’s portion of the Fund were Deutsche Lufthansa and Hindustan Unilever. Shares of Deutsche Lufthansa dropped after the German air carrier suspended its 2014 dividend. The company cited several factors, including poor full-year earnings brought on by the sale of the company’s information technology unit, an increase in pension liabilities, and fuel-hedging provisions. In India, shares of Hindustan Unilever retreated after this leading provider of consumer goods reported a fiscal third quarter net loss.

BlackRock

During the period that BlackRock was a sub-advisor to the Fund, its portion of the Fund posted a negative return and underperformed the benchmark. Stock selection in the financials and industrials sectors was the main detractor. An overweight allocation and good stock selection in the healthcare sector helped dampen losses. Holdings in the information technology sector also outperformed.

Within the financials sector, BlackRock’s holdings in the real estate services sub-industry led detractors due to its position in U. K.-based Foxtons Group. A steep decline in prices and volumes in the London property market negatively affected this residential real estate company.

BlackRock’s security selection in the industrials sector also detracted from relative returns, led by a position in Osram Licht. Based in Germany, Osram is one of the world’s two leading lighting product manufacturers. The stock sold off over the fiscal period, ignited by poor operational execution, decreased capital expenditures, and excessive cost cutting.

On the plus side, BlackRock’s overweight allocation and stock selection in the healthcare sector contributed to its portion of the Fund. BlackRock consistently focuses on companies that have positioned themselves to benefit from innovation, mergers-and-acquisitions activity, and healthcare reform. More specifically,

positioning in the pharmaceuticals subindustry led to gains for the sector, driven by a holding in Novartis. Based in Basel, Switzerland, Novartis is one of the elite innovators in the pharmaceutical industry, and BlackRock’s portion of the Fund benefited from Novartis’ strong pipeline of drugs for the treatment of psoriasis, heart failure, and respiratory-related illnesses. BlackRock’s security selection in information technology also contributed to gains, led by holdings in the internet software and services subindustry. Baidu, a Chinese developer of search engines and related products, was a strong performer. Baidu traded significantly higher after reporting exponential growth above expectations, resulting from widening profit margins and continued demand for internet search engines in China.

The use of derivatives in BlackRock’s portion of the Fund was small during the period, but deliberate in risk management decisions. Derivatives were used in the form of forward currency transactions to hedge currency exposure of its holdings back to the exposure of the benchmark but they had little effect on performance.

EARNEST

During the period, EARNEST’s portion of the Fund posted a negative return, trailing the MSCI EAFE Index.

EARNEST’s underperformance stemmed largely from its overweight to the energy sector. The spot price of oil fell more than 50% over the last nine months of the period (from approximately $100 to $50 a barrel). EARNEST’s allocation was a headwind as its portion of the Fund had twice the weighting to energy than the benchmark (13% versus 6.5%). Additionally, EARNEST’s Japanese holdings trailed, and its underweight to Japan also detracted as the Nikkei Index was up more than 10% for the period.

The industrials and healthcare sectors were the largest contributors to EARNEST’s portion of the Fund during the fiscal year, primarily due to stock selection. That said, one of EARNEST’s strongest performers was a financial services company. ICICI Bank is India’s largest private-sector bank by assets. The company reported strong net profits, driven by strength in its retail franchise, which saw loan growth of 25% at the end of 2014. ICICI has also been able to maintain its asset quality. This was an area of concern for the market in 2013 as investors had expected loan quality to deteriorate in light of India’s macroeconomic problems. ICICI’s notable customer service, however, fostered continued growth, and shares were up more than 20% for the period.

ICON is a global contract research organization, with headquarters in Ireland. The company provides outsourced phase I-IV clinical trial management and laboratory services for pharmaceutical and biotech companies. Outsourcing is a growing trend, and pharmaceutical companies are consolidating their relationships with fewer strategic partners. As such, ICON has seen steady earnings growth in excess of expectations. Shares rose close to 50% during the fiscal year.

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Portfolio management reviews

Optimum International Fund

As noted earlier, investments in Japan and in the energy sector were the largest detractors during the fiscal year. Hitachi is the well-known Japanese conglomerate with a diversified revenue stream ranging from thermal power systems, water recycling systems, and electronic materials, to automotive components, telecom services, and home appliances. During the most recent quarter, management reported revenues in excess of expectations; however, operating profits disappointed, despite being above management’s guidance. The stock was down more than 5% for the fiscal year. Statoil is one of the world’s largest oil and gas companies and is the largest oil producer in its home country of Norway. The stock fell more than 30% during the fiscal year, driven by an approximately 50% decline in Brent oil prices. However, Statoil withstood the fall in oil price due to investor appreciation of Statoil’s focus on generating free cash flow and improving its return on invested capital.

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

6

Optimum Large Cap Growth Fund

April 7, 2015

Performance review (for the year ended March 31, 2015)
Optimum Large Cap Growth Fund (Class A shares)	1-year return	+17.27%
Optimum Large Cap Growth Fund (Institutional Class shares)	1-year return	+17.55%
Russell 1000® Growth Index (benchmark)	1-year return	+16.09%

Past performance does not guarantee future results.

For complete, annualized performance for Optimum Large Cap Growth Fund, please see the table on page 22.

The performance of Class A shares excludes the applicable sales charge and reflects the reinvestment of all distributions. Institutional Class shares are available without sales or asset-based distribution charges only to certain eligible institutional accounts. 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

Fred Alger Management, Inc. (Alger)

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

Market overview

U.S. stock market indices posted strong gains during the fiscal year ended March 31, 2015, as the global economy continued to gradually improve. Major market indices climbed to record highs during the period with large- and mid-cap stocks outperforming small-caps. As measured by Russell indices, growth stocks outperformed value across all market capitalizations. In the United States, an accommodative U.S. Federal Reserve kept interest rates at historically low levels even as continued employment gains, lower energy prices, and steady economic growth raised investor expectations for an interest rate increase.

Europe continued to show signs of stabilization, and as the fiscal year progressed, increasing economic strength in Germany and the United Kingdom spread to other European countries. Lower interest rates, a weakening euro that helped European export markets, and the European Central Bank’s aggressive quantitative-easing program supported this stabilization. Japan, China, and many Southeast Asian emerging markets continued to experience reasonably positive gross domestic product growth due in part to lower energy prices, Japan’s own quantitative-easing program, and China’s steady bank effort to restore liquidity. Amid this slow-but-steady progression of global economic growth, corporate profits generally continued to strengthen.

The strong market environment was also supported by an increase in global merger and acquisition activity, shareholder activism, attractive equity valuations, and a strengthening U.S. dollar that helped drive down commodity costs and shore up consumer income.

Source: Bloomberg

Fund performance

Optimum Large Cap Growth Fund delivered positive double-digit returns for the fiscal year, outperforming its benchmark. Sector allocation was the primary contributor to performance within the portions of the Fund managed by Alger and T. Rowe Price. Stock selection was a secondary but still significant factor during the fiscal year. The healthcare sector was the most significant contributor in both Alger’s and T. Rowe Price’s portions of the Fund. Also within Alger’s portion of the Fund, the information technology sector was a leading contributor while industrials and financials detracted. T. Rowe Price’s portion of the Fund saw a significant contribution from industrials; its detractors included information technology and consumer discretionary sectors.

Alger

With its strategy of investing in companies undergoing “positive dynamic change, “ Alger seeks what it views as high-quality, domestic growth stocks that can potentially generate strong earnings growth and free cash flow.

An overweight in the healthcare sector was a strong contributor to performance in Alger’s portion of the Fund, as its holdings in the sector outperformed the healthcare companies in the benchmark index. Many of Alger’s favored companies in this sector posted strong earnings increases, raised dividends to shareholders, generated strong levels of free cash flow, and authorized substantial share repurchase programs. Additionally, several of the healthcare companies in Alger’s portion of the Fund achieved advancements in drug trials and regulatory approvals. Another significant contributor to performance was Alger’s overweight in information technology, as these companies within its portion of the Fund on average gained more than 25% for the fiscal year.

In the industrials sector, Alger’s underweight allocation was largely responsible for its underperformance in the sector. In financials, an overweight versus the benchmark, combined with weak stock selection, detracted from performance in Alger’s portion of the Fund.

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Portfolio management reviews

Optimum Large Cap Growth Fund

At the individual security level, Actavis was a leading contributor to overall results in Alger’s portion of the Fund. Actavis manufactures and distributes generic pharmaceuticals and branded pharmaceutical products focused on urology, nephrology, and women’s health globally. The shares gained more than 45% during the Fund’s fiscal year. The company is a leading global generic pharmaceutical company with one of the industry’s most profitable and sustainable generic pipelines that includes many first-to-file and difficult-to-manufacture drugs. Actavis also is aggressive with patent challenges, has what Alger believes is a leading management team, and appears positioned to cut costs across the company, allowing for greater merger-and-acquisition and pipeline investment.

NXP Semiconductors was another notable contributor to Alger’s portion of the Fund, which gained more than 65% during the fiscal year. NXP Semiconductors is one of the leading suppliers of motion co-processors and the near field communication (NFC) controller chip used in mobile payment systems. The company has benefited from the growth in mobile adoption and usage. A key driver has been its proprietary hardware and customized software capabilities, in addition to its product innovation.

The largest relative detractor in Alger’s portion of the Fund was industrials company Precision Castparts. The company manufactures and sells metal components and products used for aircraft engines, industrial gas turbine engines, medical implants, aerial vehicles, and other industrial applications. Although the company did not execute effectively over the last 12 months, Alger remains positive given the company’s growth prospects and management team. Alger’s average allocation to the stock was overweight the benchmark index, which seemed to magnify the effect of the company’s underperformance.

Within the financials sector, Carlyle Group detracted from performance in Alger’s portion of the Fund as the shares declined sharply in the fourth quarter of 2014. Slowed earnings growth and consequently, significant outflows in assets under management, were to blame. Overall, Alger remains positive on the company and the sector and believes that relative valuations are attractive.

T. Rowe Price

T. Rowe Price’s portion of the Fund contributed to Fund performance relative to the benchmark. Overall, sector allocations were the principal reason for this relative performance, though stock selection was also notably positive.

Healthcare, driven mainly by stock selection, was by far the leading relative outperformer in T. Rowe Price’s portion of the Fund. A significant overweight allocation to this strongest-performing sector also helped. Shares of Pharmacyclics surged after the biotechnology company announced better-than-expected revenue forecasts for its leukemia drug Imbruvica, which the U.S. Food and Drug Administration also approved for the additional treatment of a rare type of lymphoma. Shares surged later after AbbVie agreed to acquire the company in a $21 billion deal.

Industrials and business services outperformed on stock selection. Shares of American Airlines Group experienced a difficult third quarter in 2014 but rebounded sharply, helped by solid fundamental results, progress on its merger integration with US Airways, and falling crude oil prices. The company does not hedge fuel, which allowed it to take full advantage of the decline in oil prices.

Furthermore, American Airlines has more transatlantic traffic than its peers, allowing the airline to benefit from its competitive position.

Consumer discretionary was the largest relative detractor in T. Rowe Price’s portion of the Fund, largely due to stock selection. Wynn Resorts detracted from relative performance as its Macau revenues continued to decline. Though its VIP and high-end mass-gaming business in Macau continued to slide, the casino operator’s share of the mass-business market experienced an increase relative to last year.

Stock selection in information technology, including a limited allocation to Apple, hurt relative performance in T. Rowe Price’s portion of the Fund. Apple’s shares were up during the fiscal year as investors anticipated the iPhone 6 upgrade cycle, and the company subsequently reported strong quarterly results driven by iPhone sales that exceeded expectations. However, the company is slowly losing share in the tablet market, and T. Rowe Price believes that the law of large numbers and a decelerating product cycle could eventually hamper iPhone growth. The tech firm is generating solid gross margins, remains financially sound, and has become more committed to returning value to shareholders via buybacks. T. Rowe Price is also encouraged by the potential market effect to two new products, Apple Watch and Apple Pay, a mobile payment option for iPhone and Watch users.

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.

8

Optimum Large Cap Value Fund

April 7, 2015

Performance review (for the year ended March 31, 2015)
Optimum Large Cap Value Fund (Class A shares)	1-year return	+5.34%
Optimum Large Cap Value Fund (Institutional Class shares)	1-year return	+5.60%
Russell 1000® Value Index (benchmark)	1-year return	+9.33%

Past performance does not guarantee future results.

For complete, annualized performance for Optimum Large Cap Value Fund, please see the table on page 25.

The performance of Class A shares excludes the applicable sales charge and reflects the reinvestment of all distributions. Institutional Class shares are available without sales or asset-based distribution charges only to certain eligible institutional accounts. 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

Herndon Capital Management, LLC (Herndon)

Massachusetts Financial Services Company (MFS)

Market overview

A generally risk-friendly environment persisted from early in the Fund’s fiscal year until mid-2014. While geopolitical tensions flared in the Middle East and Ukraine, any market setbacks were short-lived. Improving economic growth within the United States and the potential for a looser monetary policy in regions with slowing growth such as Japan, Europe, and China, supported price-sensitive investments, or risk assets. The European Central Bank (ECB), for example, cut policy interest rates below zero. Expectations were subsequently high for additional rate cuts and additional nonconventional easing measures. Similarly, toward the middle of the fiscal year, and on the heels of lackluster growth trends, the Bank of Japan surprised markets with fresh stimulus measures. The related decline in government bond yields and credit spreads within developed markets also supported equity markets during this period.

A dominant trend during the second half of the Fund’s fiscal year was the ongoing rise in U.S. equities alongside a decline in U.S. bond yields. The uptrend in U.S. corporate margins and profits continued throughout the second half of 2014, but a rising dollar and a sharp decline in commodity prices, particularly crude oil prices, negatively affected credit markets. This was particularly true among U.S. high yield and emerging market debt. The higher weightings of oil and gas credits in these asset classes resulted in widening spreads and increased volatility. Toward the end of this period, declining inflation and inflation expectations caused a mini-wave of global quantitative easing (QE). In particular, the ECB initiated a potentially open-ended phase of QE, a move that appeared to support both risk assets and government bond prices. Meanwhile, the U.S. dollar continued to

benefit from the perception that the U.S. Federal Reserve could tighten its monetary policy in mid to late 2015.

Source: Bloomberg

Fund performance

Optimum Large Cap Value Fund generated solid absolute gains but underperformed its benchmark, the Russell 1000 Value Index, for the fiscal year. A dramatic decline in oil prices, combined with weak-performing stocks within financials, were significant detractors for Herndon’s portion of the Fund. Holdings in healthcare and an underweight position in technology detracted from performance within MFS’s portion of the Fund.

Herndon

Herndon’s approach to managing its portion of the Fund remained consistent throughout the fiscal year. The management team seeks value-creating opportunities at the individual stock level and subsequently aggregates individual stock information to determine sector weightings. Each market sector presents both risks and opportunities; the team seeks adequate compensation for risks taken. The team seeks stocks that it believes offer value-creating opportunities, which it defines as those exhibiting both attractive fundamental and valuation characteristics.

From a sector perspective, the strongest performance relative to the benchmark came from the materials and telecommunications sectors. Telecommunications companies in general suffered during the Fund’s fiscal year, and Herndon’s portion of the Fund held just one stock from the sector, global broadband and cell phone leader Verizon Communications, which had positive returns. Positive stock selection within the materials sector also helped bolster returns, particularly from NewMarket Corporation, parent company for several petroleum additives businesses, and CF Industries, agricultural fertilizer producer and distributor.

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Portfolio management reviews

Optimum Large Cap Value Fund

The primary performance detractors within Herndon’s portion of the Fund came from the energy and financial sectors. Unexpected dramatic declines in oil prices, particularly during the fourth quarter of 2014, substantially affected returns, and blindsided many investors. Within the financial sector, increased investor pessimism dragged down performance of residential mortgage provider Nationstar Mortgage Holdings and asset manager and financial planning firm Waddell & Reed. Despite negative performance during the fiscal year, Herndon believes both holdings maintain solid long-term fundamentals and therefore it continues to hold each.

From an individual stock perspective, consumer electronics leader Apple advanced by more than 65% during the Fund’s fiscal year, due primarily to its consumer-needs driven focus. The company has surprised the market by maintaining a culture of innovation, even several years after it transitioned leadership from its late founder Steve Jobs to former COO and current CEO Tim Cook. Another key contributor to Herndon’s portion of the Fund was off-price department store chain Ross Stores. The company reclaimed investor attention as it continued to deliver quality goods at fair value, particularly as consumers remained cost conscious. Herndon views each of these as a value creating opportunity and therefore continues to hold them in the Fund.

In terms of laggards, U.S. shale producer Oasis Petroleum suffered a 70% loss during the Fund’s fiscal year. More than 50% of that drop was attributable to factors outside the dramatic decrease in oil prices. Herndon eliminated its position in this stock in early 2015 as part of an overarching adjustment to sector weightings. Another performance detractor, Waddell & Reed, was plagued by negative investor sentiment during the fiscal year amid turnover within its portfolio management. Even so, Herndon believes the market’s reaction was overstated and therefore it continues to hold the stock in its portion of the Fund.

MFS

MFS’s investment philosophy and approach for its portion of the Fund remain consistent during all market environments. The management team seeks to identify high-quality, undervalued stocks that offer the best potential for healthy long-term, risk-adjusted returns.

From a sector perspective, performance for MFS’s portion of the Fund relative to the benchmark was enhanced by an underweight allocation to energy stocks, which suffered dramatic losses during the fiscal year. Most notably, MFS held an underweight position in integrated oil and gas company ExxonMobil, a strategy that benefited performance relative to the benchmark. Stock selection within the industrial goods and services and basic materials sectors also contributed to performance.

An underweight position in the technology industry, which posted strong results during the fiscal year, detracted from performance within MFS’s portion of the Fund, as did weak stock selection within the sector. MFS’s portion of the Fund did not hold several strong benchmark performers, including network equipment company Cisco Systems and computer and personal electronics maker Apple. Further, MFS’s position in diversified technology products and services company IBM, which is not held within the benchmark, also detracted from performance.

At the individual stock level, a position in defense contractor Lockheed Martin (which was not represented within the benchmark) contributed to relative performance within MFS’s portion of the Fund. Conversely, MFS did not hold positions in industrial conglomerate General Electric or financial services firm Bank of America — lack of exposure to these names enhanced performance relative to the benchmark. Overweight positions in diversified technology company 3M, retail giant Target, insurance company St. Paul Travelers, and drugstore retailer CVS Health also contributed to relative performance. Other stock holdings that aided performance within MFS’s portion of the Fund included management consulting firm Accenture and semiconductor company Texas Instruments, neither of which was represented within the benchmark index.

At the individual stock level, an overweight position in tobacco company Philip Morris International detracted from performance. Other performance detractors included positions in Diageo, an international manufacturer and distributer of premium drinks, and media giant Viacom. Overweight positions in insurance provider MetLife, investment management firm Franklin Resources, oil and gas exploration and production company Occidental Petroleum, also hurt performance relative to the benchmark.

MFS’s portion of the Fund also benefited from its currency exposure during the fiscal year, which resulted primarily from differences between the Fund’s and benchmark’s exposures to holdings of securities dominated in foreign currencies. All of MFS’s investment decisions are driven by the fundamentals of each individual opportunity and, as such, it is common for the mutual funds that MFS advises to have different currency exposure than that of the benchmark.

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.

10

Optimum Small-Mid Cap Growth Fund

April 7, 2015

Performance review (for the year ended March 31, 2015)
Optimum Small-Mid Cap Growth Fund (Class A shares)	1-year return	+8.93%
Optimum Small-Mid Cap Growth Fund (Institutional Class shares)	1-year return	+9.18%
Russell 2500™ Growth Index (benchmark)	1-year return	+13.83%

Past performance does not guarantee future results.

For complete, annualized performance for Optimum Small-Mid Cap Growth Fund, please see the table on page 28.

The performance of Class A shares excludes the applicable sales charge and reflects the reinvestment of all distributions. Institutional Class shares are available without sales or asset-based distribution charges only to certain eligible institutional accounts. 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

Columbia Wanger Asset Management, LLC (Columbia WAM)

Wellington Management Company, LLP (Wellington)

Market overview

During the Fund’s fiscal year ended March 31, 2015, domestic equity markets continued to gain, although at a slower pace than the previous year. Larger company stocks generally outperformed those of small companies, with growth stocks outperforming core and value stocks.

Though the overall market trend throughout the year was upward, with the S&P 500^® Index passing through the 2,000 level for the first time and the NASDAQ making a brief return to 5,000, the pattern of volatility that began in 2013 continued. However, it was the specter of rising interest rates rather than the end of quantitative easing that repeatedly roiled the markets during the fiscal year. International concerns also arose throughout year, including heightened tension in Ukraine and the Middle East, the plunging price of oil, continued economic weakness in Europe and Japan, and a rapid strengthening of the U.S. dollar. On the positive side, the economy in the United States continued to grow as new-job creation picked up, unemployment declined, and interest rates remained low.

Interest rate sensitive areas such as utilities and real estate investment trusts (REITs) beat the overall market as investors clamored for the yield these stocks offered. In addition, biotech stocks performed well during the 12-month period. Energy stocks declined the most as oil prices were down nearly 50% in the last six months of 2014. Industrial company stocks also lagged the market. Because smaller-cap industrial companies tend to have a higher amount of revenues outside the U.S., the stronger U.S. dollar and

lower growth in emerging markets negatively affected many of these stocks.

Source: Bloomberg

Fund performance

Optimum Small-Mid Cap Growth Fund underperformed its benchmark index for the Fund’s fiscal year due, in part, to poor stock selection in the healthcare sector by both sub-advisors. Additionally, within one sub-advised portion of the Fund, an overweight and weak relative performance of companies in the industrials sector was a notable detractor.

Wellington

Wellington’s portion of the Fund generated strong gains on an absolute basis but underperformed the benchmark for the fiscal year. Generally, weak security selection within information technology weighed on relative performance, as did selection within healthcare. Stronger selection within energy, consumer discretionary, and materials helped to partially offset this weakness.

Among the strongest contributors to Wellington’s portion of the Fund were companies in energy, pharmaceuticals, and information technology (the problem with otherwise poor stock selection in that last sector notwithstanding). Shares of Mobileye — the leading designer of driver-assistance systems that seek to increase driver safety and comfort — were purchased prior to the company’s initial public offering and subsequently climbed. Later in the fiscal year, Wellington exited the position. Shares of Athlon, an exploration and production company focused on the Permian Basin, gained after it was acquired by natural gas producer Encana. Wellington also exited that position during the fiscal year. Shares of Anacor Pharmaceuticals, a biopharmaceutical company focused on discovering, developing, and commercializing novel small-molecule therapeutics, rose as the market responded favorably when the company highlighted its two lead compounds in development during a presentation to analysts. Wellington initiated its position during the 12-month period and continued to hold it as of the end of the Fund’s fiscal year. Wellington’s investment in several privately held companies also contributed to relative performance in aggregate.

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Portfolio management reviews

Optimum Small-Mid Cap Growth Fund

Web.com Group, an internet service provider focused primarily on small- and medium-sized businesses, was one of the largest detractors from Wellington’s portion of the Fund. Its shares declined following weak results brought about by increased competition in the company’s “do-it-for-me” web design and service business. Wellington exited the position during the fiscal year. Shares of zulily, an e-commerce company focused on children’s and women’s apparel, and other product categories, also declined. The company faced significant challenges related to marketing promotions, specifically flash sales driving customer traffic. The lack of a position in healthcare company Intermune, a strong-performing constituent of the Russell 2500 Growth Index, also detracted from relative results in Wellington’s portion of the Fund.

As of the end of the fiscal year, Wellington’s portion of the Fund had significant exposure to the information technology, industrials, and healthcare sectors, and no exposure to utilities and telecommunication services.

Columbia WAM

Columbia WAM’s portion of the Fund gained on an absolute basis, but underperformed the benchmark, reflecting the stronger performance of growth-oriented investments during the fiscal year. Columbia WAM employs a low-turnover, bottom-up (stock-by-stock), fundamental investment strategy and made no significant adjustments to its portion of the Fund during the 12-month period. The company seeks to identify reasonably priced growth companies that it believes are positioned to grow over the next three to five years. During much of the fiscal year, more reasonably priced companies underperformed both high-priced momentum stocks and value stocks, resulting in significant relative underperformance for Columbia WAM’s portion of the Fund.

The consumer discretionary and telecommunication sectors were the two most significant contributors to Columbia WAM’s portion of the Fund. During the fiscal year, it maintained an underweight in consumer discretionary and an overweight in telecommunications. These weighting decisions had little effect on performance. Instead, positive results were largely attributable to strong stock selection in both sectors.

Consumer discretionary stocks generally outperformed the overall benchmark index return while Columbia WAM’s selections in this sector outperformed the benchmark index by nearly 5% during the period. Columbia WAM’s allocation to telecommunications, roughly 2% as of the end of the Fund’s fiscal year, was greater than that of the benchmark. While telecommunications overall was a laggard for

the Fund’s fiscal year, Columbia’s telecommunications stocks gained more than 50% during the fiscal year versus just more than 5% for the benchmark.

The two sectors that detracted most from performance in Columbia WAM’s portion of the Fund were healthcare and industrials. Industrials accounted for the largest absolute and relative weight. With industrials lagging for the fiscal year, the weighting decision resulted in below-benchmark performance. Additionally, several of these industrial stocks derive a fair amount of revenue from outside the U.S. With the U.S. dollar strengthening throughout the 12-month period, prices rose for industrial goods outside the U.S. while demand from end users slowed.

Columbia WAM’s portion of the Fund was underweight the healthcare sector on average during the fiscal year. At the same time, healthcare stocks (in particular pharmaceuticals and biotechnology) were among the strongest performers within the benchmark. The combination of the underweight and Columbia WAM’s stock selection — which failed to keep pace with the torrid 36% return of the benchmark healthcare stocks during the period — was the culprit in Columbia WAM’s underperformance in this sector.

At the individual stock level, Akorn and Infinera were the two strongest contributors to performance in Columbia WAM’s portion of the Fund. Both stocks more than doubled during the Fund’s fiscal year.

Akorn is a developer of specialty generic drugs and has experienced strong revenue growth from new products. Infinera is an optical networking equipment company. Internet service providers deploy its networks as users increase data transmission. Infinera’s Cloud Xpress product appears to have strong potential.

During the fiscal year, the two largest detractors were Rosetta Resources and Chicago Bridge & Iron. Rosetta Resources, an energy exploration company, fell more than 64% during the fiscal year, reflecting the hefty decline in oil prices and the anticipated lower level of production that lower prices will induce.

Chicago Bridge & Iron is a multinational engineering and construction company that specializes in natural gas and petrochemical projects. Falling energy prices were partly responsible for the stock’s decline, as well as potential cost overruns at two nuclear power plant projects. For these reasons, Columbia WAM exited that position during the fiscal year.

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

12

Optimum Small-Mid Cap Value Fund

April 7, 2015

Performance review (for the year ended March 31, 2015)
Optimum Small-Mid Cap Value Fund (Class A shares)	1-year return	– 0.69%
Optimum Small-Mid Cap Value Fund (Institutional Class shares)	1-year return	– 0.53%
Russell 2500™ Value Index (benchmark)	1-year return	+6.59%

Past performance does not guarantee future results.

For complete, annualized performance for Optimum Small-Mid Cap Value Fund please see the table on page 31. The performance of Class A shares excludes the applicable sales charge and reflects the reinvestment of all distributions.

Institutional Class shares are available without sales or asset-based distribution charges only to certain eligible institutional accounts. 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

The Delafield Group, a division of Tocqueville Asset

Management L.P. (Tocqueville)

The Killen Group, Inc. (Killen)

Westwood Management Corp. (Westwood)

Market overview

The Fund’s fiscal year ended March 31, 2015 was marked by rising volatility, with investors keenly sensitive to the actions of global central banks. A significant decline in crude oil prices, which began in the third quarter of 2014, also contributed to the volatile environment. The fiscal year began with many investors pulling back from equities on the release of weaker-than-expected first-quarter 2014 domestic economic data that was due, in part, to severe weather. Improved consumer confidence, job numbers, and housing reports then seemed to be the tonic for a jittery market, despite renewed geopolitical flare-ups in the Middle East and Ukraine.

Challenges remained, however, as investors anticipated a near-term rise in interest rates. Despite the U.S. Federal Reserve’s October 2014 decision to complete its quantitative easing (QE) program, investors seemed encouraged by continued signs of strength in the U.S. economy and solid earnings reports.

In early 2015, the markets experienced persistent volatility as oil prices continued to drop, the U.S. dollar surged, and worries about international economic activity, particularly in China, resurfaced. In late January, the European Central Bank embarked on its own version of QE, which resulted in an equity rally, particularly for European stocks. For the balance of the Fund’s fiscal year, investors’ optimism won out, with fundamental economic and corporate data supporting indices just shy of record highs.

Source: Bloomberg

Fund performance

Optimum Small-Mid Cap Value Fund underperformed the Fund’s benchmark for the fiscal year. In Killen’s case, weak-performing stocks in the consumer discretionary sector were a significant factor. For Tocqueville, the two weakest detractors were holdings in the industrials and materials sectors. The third sub-advisor, Westwood, underperformed in the energy and producer durables sectors, while its holdings in materials & processing and increased exposure to healthcare stocks helped performance.

Tocqueville

Tocqueville’s investment approach remained consistent throughout the fiscal year, which resulted in performance that was out of step with the market. During this period, the Russell 2500 Value Index favored larger-tier companies, and financials and healthcare over basic industry. Tocqueville’s bottom-up (stock-by-stock), value-driven investment approach did not uncover attractive opportunities in the financial and healthcare sectors. While these two sectors comprised nearly 44% of the benchmark’s holdings — and contributed more than six percentage points of total return to the index during the fiscal year — Tocqueville’s portion of the Fund had virtually no exposure to these stocks during the fiscal year.

Tocqueville’s holdings in the industrials sector, followed by materials, were the most detrimental to its performance. In industrials, its portion of the Fund underperformed the benchmark’s sector holdings, while Tocqueville’s large weighting compounded the weak performance. In materials, Tocqueville’s absolute returns were essentially in-line with those of the benchmark, but an overweight there hurt relative performance. Within the industrials segment, two of the poorest performers were Aegion and Civeo. Both declined on weaker outlooks, largely due to the rapid decline in energy prices. Tocqueville ultimately sold Civeo after the company decided against the real estate investment trust (REIT) conversion that Tocqueville had anticipated. A number of Tocqueville’s holdings in the industrials and materials sectors experienced tangential energy price-related

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Portfolio management reviews

Optimum Small-Mid Cap Value Fund

declines. Some, like Dover and Wesco International were the result of end-market exposure; others, like Eastman Chemical, were a function of energy-related input cost variations.

In contrast, Tocqueville’s overweight in the information technology (IT) sector was a bright spot. Its stock selection outperformed the benchmark’s IT holdings for the fiscal year. Tocqueville’s electronic manufacturing service stocks contributed favorably on the strength of solid earnings reports and improved outlooks.

Flextronics International was the strongest contributor to the performance of Tocqueville’s portion of the Fund. The company reported solid earnings throughout the fiscal year, exhibited robust free-cash-flow generation, and strategically created shareholder value through substantial share repurchase activity. Staples was Tocqueville’s second-strongest contributor to performance. The stock showed modest improvement midway through the fiscal year on stabilized earnings trends, and then jumped following confirmed reports that the company was in advanced merger talks with Office Depot.

Energy XXI was the largest individual detractor from performance. Tocqueville invested in the company believing that its anticipated acquisition of EPL Oil & Gas would consolidate its position in the Gulf Coast shelf and lead to efficiencies of operation and substantial free cash flow. However, due to unexpected operating inefficiencies, the sharp decline in the price of oil, and tax-loss selling late in 2014, shares declined radically. Tocqueville sold the stock during the fiscal year. Carpenter Technology was Tocqueville’s next-biggest detractor from performance. Shares declined on missed earnings, a lowered outlook on a slower-than-expected ramp-up of its Athens, Ga., facility, and lower specialty steel prices.

Killen

The Killen Group’s value style strategy seeks to invest in what it views as overlooked and undervalued businesses. During the Fund’s fiscal year, Killen found contrarian investment opportunities in a number of sectors, including consumer discretionary, materials, and industrials. Killen’s allocations to specific sectors result from its bottom-up stock selection process rather than from a sector-weighting strategy.

The fiscal year was particularly challenging for the Fund’s asset class, as small-cap stocks underperformed the S&P 500 Index. In addition, the strong dollar darkened the outlook for many manufacturing companies, and the severe drop in oil and other commodity prices affected the near-term earnings potential of a number of holdings in Killen’s portion of the Fund. Despite these challenges, Killen’s portion of the Fund experienced strong performance within information technology, financials, and telecommunications. Double-digit returns from these sectors were primarily the result of large gains in one or more stocks.

For the 12-month period, Killen’s portion of the Fund posted negative returns within the energy, consumer discretionary, and industrials sectors. In aggregate, Killen underperformed the Fund’s benchmark, the Russell 2500 Value Index, for the same period.

KMG Chemicals, a manufacturer of specialty chemicals, and Methode Electronics, a manufacturer of electronic components used in automobiles and other industrial equipment, were strong performers within Killen’s portion of the Fund. KMG benefited from cost-savings initiatives and its divestment of a noncore business. In Methode’s case, improved manufacturing efficiencies and continued strong automotive segment sales for its center consoles played a large role in the stock’s strong showing.

Two of Killen’s holdings fell more than 50% for the Fund’s fiscal year. Vaalco Energy, an oil and gas exploration and development company, was hit by both rapidly declining oil prices and an unsuccessful exploration-drilling program. Even with a new CEO who Killen believes is focused on the correct strategy, the company faces structural issues that are likely to persist; therefore, Killen is in the process of exiting this position. LeapFrog Enterprises, a manufacturer of children’s electronic toys, has been tested by sales and operating margin pressure as its educational products have fallen out of favor with the marketplace. Killen believes that although LeapFrog is attractively priced and carries a strong balance sheet, the competitive pressures are too great for the company’s management team to overcome. Therefore, Killen plans to exit this position over the coming fiscal year.

Westwood

Westwood employs a consistent and disciplined approach throughout all market environments that seeks to protect capital in unfavorable market periods and provide attractive risk-adjusted returns over the long term. Stock selection priority is driven by extensive research to attempt to identify companies that have limited downside risk from strong fundamental underpinnings but that are also attractively valued.

Westwood’s security selection in the materials & processing and healthcare sectors aided both absolute and relative performance in Westwood’s portion of the Fund during the Fund’s fiscal year. Westwood’s materials & processing holdings benefited from improvements in the demand for housing-related materials and from moves to unlock value by several companies. Over the past two years, Westwood has increased exposure in the healthcare sector through the acquisition of companies with good earnings visibility that Westwood believes are unlikely to be affected by legislation-associated healthcare pricing pressures. This approach proved favorable for performance in its portion of the Fund during the fiscal year.

14

Security selection in the energy and producer durables sectors hurt performance in Westwood’s portion of the Fund. Holdings in both sectors were hampered by the unexpected and dramatic decline in crude oil prices in the second half of 2014. Energy producers and industrial companies connected to energy production performed poorly in this environment. During the fiscal year, a number of companies held in Westwood’s portion of the Fund underwent corporate actions — including mergers and breakups — that unlocked a great deal of value and contributed strong returns. Westwood views this trend as a confirmation of the unrealized value it seeks to identify through its fundamental research process. Healthcare firms Hospira, acquired by Pfizer, and CareFusion, acquired by Becton, Dickinson & Co., both benefited from such corporate actions.

Energy exploration and production holdings were the worst performers in Westwood’s portion of the Fund during the 12-month period. Investors were forced to price the impact of a 50% decline in West Texas Intermediate crude during the last six months of 2014 into their valuations of these companies, and the result was a material drop in the stock prices of many companies. Two such holdings affected by this repricing were Rex Energy and Oasis Petroleum. Westwood exited both positions during the fiscal year.

Overall, Optimum Small-Mid 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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Performance summaries

Optimum Fixed Income Fund

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

Fund and benchmark performance1,2
Average annual total returns through March 31, 2015	1 year		5 years		10 years
Class A (Est. Aug. 1, 2003)
Excluding sales charge		+4.21%		+4.35%		+5.17%
Including sales charge		– 0.49%		+3.39%		+4.68%
Class C (Est. Aug. 1, 2003)
Excluding sales charge		+3.44%		+3.66%		+4.47%
Including sales charge		+2.44%		+3.66%		+4.47%
Institutional Class (Est. Aug. 1, 2003)
Excluding sales charge		+4.47%		+4.70%		+5.52%
Including sales charge		+4.47%		+4.70%		+5.52%
Barclays U.S. Aggregate Index		+5.72%		+4.41%		+4.93%

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 4.50%, and have an annual distribution and service fee of 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 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.

Institutional Class shares are available without sales or asset-based distribution charges only to certain eligible institutional accounts.

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.

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 0.95% of the Fund’s average daily net assets from July 29, 2014, through July 29, 2015.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements.

16

Fund expense ratios	Class A	Class C	Institutional Class
Total annual operating expenses	1.27%	2.02%	1.02%
(without fee waivers)
Net expenses (including fee	1.20%	1.95%	0.95%
waivers, if any)
Type of waiver	Contractual	Contractual	Contractual

* The contractual waiver period is from July 29, 2014 to July 29, 2015. Prior to July 29, 2014, the contractual waiver was 1.00%.

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 fixed income security that is held by the Fund may be prepaid prior to maturity, potentially forcing the Fund to reinvest that money at a lower interest rate.

High yielding, noninvestment 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.

If and when we invest in forward foreign currency contracts or use 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 derivative transaction depends upon the counterparties’ ability to fulfill their contractual obligations.

The Fund may experience portfolio turnover in excess of 100%, which could result in higher transaction costs and tax liability.

Performance of a $10,000 Investment¹

Average annual total returns from March 31, 2005 through March 31, 2015

Starting value (March 31, 2005) Ending value (March 31, 2015)
Optimum Fixed Income Fund — Institutional Class shares	$10,000	$17,107
Barclays U.S. Aggregate Index	$10,000	$16,174
Optimum Fixed Income Fund — Class A shares	$9,550	$15,801

¹The “Performance of $10,000 investment” graph assumes $10,000 invested in Class A and Institutional Class shares of the Fund on March 31, 2005, 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

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Performance summaries

Optimum Fixed Income Fund

Performance of a $10,000 Investment¹ (continued)

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 17. Please note additional details on pages 16 through 18.

The graph also assumes $10,000 invested in the Barclays U.S. Aggregate Index as of March 31, 2005. The Barclays U.S. Aggregate Index measures the performance of publicly issued investment grade (Baa3/BBB- or better) corporate, U.S. government, mortgage- and asset-backed securities with at least one year to maturity and at least $250 million par amount outstanding.

The BofA Merrill Lynch 1–3 Year U.S. Treasury Index, mentioned on page 3, generally tracks the market for U.S. Treasury securities with maturities of one to three years.

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

18

Optimum International Fund

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

Fund and benchmark performance1,2
Average annual total returns through March 31, 2015	1 year		5 years		10 years
Class A (Est. Aug. 1, 2003)
Excluding sales charge		–6.25%		+4.05%		+3.47%
Including sales charge		–11.66%		+2.82%		+2.86%
Class C (Est. Aug. 1, 2003)
Excluding sales charge		–7.00%		+3.35%		+2.78%
Including sales charge		–7.92%		+3.35%		+2.78%
Institutional Class (Est. Aug. 1, 2003)
Excluding sales charge		–6.04%		+4.39%		+3.82%
Including sales charge		–6.04%		+4.39%		+3.82%
MSCI EAFE Index (gross)		–0.48%		+6.64%		+5.43%
MSCI EAFE Index (net)		–0.92%		+6.16%		+4.95%

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 5.75%, and have an annual distribution and service fee of 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 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.

Institutional Class shares are available without sales or asset-based distribution charges only to certain eligible institutional accounts.

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.

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 1.25% of the Fund’s average daily net assets from July 29, 2014, through July 29, 2015.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements.

(continues )  19

Performance summaries

Optimum International Fund

Fund expense ratios	Class A	Class C	Institutional Class
Total annual operating expenses
(without fee waivers)	1.61%	2.36%	1.36%
Net expenses
(including fee waivers, if any)	1.50%	2.25%	1.25%
Type of waiver	Contractual	Contractual	Contractual

* The contractual waiver period is from July 29, 2014 to July 29, 2015. Prior to July 29, 2014, the contractual waiver was 1.40%.

International investments entail risks not ordinarily associated with U.S. 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.

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 derivative transaction depends upon the counterparties’ ability to fulfill their contractual obligations.

Performance of a $10,000 Investment¹

Average annual total returns from March 31, 2005 through March 31, 2015

Starting value (March 31, 2005)   Ending value (March 31, 2015)
MSCI EAFE Index (gross)	$10,000	$16,971
MSCI EAFE Index (net)	$10,000	$16,206
Optimum International Fund — Institutional Class shares	$10,000	$14,548
Optimum International Fund — Class A shares	$9,425	$13,263

¹The “Performance of $10,000 investment” graph assumes $10,000 invested in Class A and Institutional Class shares of the Fund on March 31, 2005, 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 19 through 21.

The chart also assumes $10,000 invested in the MSCI EAFE Index as of March 31, 2005. The MSCI EAFE Index measures equity market performance across developed market countries in Europe, Australasia, and the Far East. 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.

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.

20

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	OIIEX	246118699

(continues )  21

Performance summaries

Optimum Large Cap Growth Fund

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

Fund and benchmark performance1, 2
Average annual total returns through March 31, 2015	1 year		5 years		10 years
Class A (Est. Aug. 1, 2003)
Excluding sales charge		+17.27%		+14.92%		+8.33%
Including sales charge		+10.53%		+13.56%		+7.69%
Class C (Est. Aug. 1, 2003)
Excluding sales charge		+16.44%		+14.14%		+7.62%
Including sales charge		+15.44%		+14.14%		+7.62%
Institutional Class (Est. Aug. 1, 2003)
Excluding sales charge		+17.55%		+15.28%		+8.69%
Including sales charge		+17.55%		+15.28%		+8.69%
Russell 1000 Growth Index		+16.09%		+15.63%		+9.36%

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 5.75%, and have an annual distribution and service fee of 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 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.

Institutional Class shares are available without sales or asset-based distribution charges only to certain eligible institutional accounts.

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.

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 29, 2014, through July 29, 2015.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements.

22

Fund expense ratios	Class A	Class C	Institutional Class
Total annual operating expenses
(without fee waivers)	1.48%	2.23%	1.23%
Net expenses
(including fee waivers, if any)	1.37%	2.12%	1.12%
Type of waiver	Contractual	Contractual	Contractual

* The contractual waiver period is from July 29, 2014 to July 29, 2015. Prior to July 29, 2014, the contractual waiver was 1.25%.

Performance of a $10,000 Investment¹

Average annual total returns from March 31, 2005 through March 31, 2015

Starting value (March 31, 2005) Ending value (March 31, 2015)
Russell 1000 Growth Index	$10,000	$24,462
Optimum Large Cap Growth Fund — Institutional Class shares	$10,000	$23,006
Optimum Large Cap Growth Fund — Class A shares	$9,425	$20,974

¹The “Performance of $10,000 investment” graph assumes $10,000 invested in Class A and Institutional Class shares of the Fund on March 31, 2005, 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 22 through 24.

The chart also assumes $10,000 invested in the Russell 1000 Growth Index as of March 31, 2005. The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.

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

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.

(continues )  23

Performance summaries

Optimum Large Cap Growth Fund

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

24

Optimum Large Cap Value Fund

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

Fund and benchmark performance1,2
Average annual total returns through March 31, 2015	1 year		5 years		10 years
Class A (Est. Aug. 1, 2003)
Excluding sales charge		+5.34%		+11.64%		+6.50%
Including sales charge		–0.73%		+10.32%		+5.88%
Class C (Est. Aug. 1, 2003)
Excluding sales charge		+4.48%		+10.89%		+5.80%
Including sales charge		+3.48%		+10.89%		+5.80%
Institutional Class (Est. Aug. 1, 2003)
Excluding sales charge		+5.60%		+11.99%		+6.87%
Including sales charge		+5.60%		+11.99%		+6.87%
Russell 1000 Value Index		+9.33%		+13.75%		+7.21%

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 5.75%, and have an annual distribution and service fee of 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 1.00% of average daily net assets.

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

Institutional Class shares are available without sales or asset-based distribution charges only to certain eligible institutional accounts.

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.

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 1.08% of the Fund’s average daily net assets from July 29, 2014, through July 29, 2015.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements.

(continues )  25

Performance summaries

Optimum Large Cap Value Fund

Fund expense ratios	Class A	Class C	Institutional Class
Total annual operating expenses
(without fee waivers)	1.44%	2.19%	1.19%
Net expenses
(including fee waivers, if any)	1.33%	2.08%	1.08%
Type of waiver	Contractual	Contractual	Contractual

*The contractual waiver period is from July 29, 2014 to July 29, 2015. Prior to July 29, 2014, the contractual waiver was 1.20%.

Performance of a $10,000 Investment¹

Average annual total returns from March 31, 2005 through March 31, 2015

Starting value (March 31, 2005) Ending value (March 31, 2015)
Russell 1000 Value Index	$10,000	$20,066
Optimum Large Cap Value Fund — Institutional Class shares	$10,000	$19,428
Optimum Large Cap Value Fund — Class A shares	$9,425	$17,702

¹The “Performance of $10,000 investment” graph assumes $10,000 invested in Class A and Institutional Class shares of the Fund on March 31, 2005, 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 25 through 27.

The graph also assumes $10,000 invested in the Russell 1000 Value Index as of March 31, 2005. The Russell 1000 Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

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

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.

26

Stock symbols and CUSIP numbers
	Nasdaq symbols	CUSIPs
Class A	OALVX		2461118863
Class C	OCLVX		2461118848
Institutional Class	OILVX		2461118830

(continues )  27

Performance summaries

Optimum Small-Mid Cap Growth Fund

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

Fund and benchmark performance1,2
Average annual total returns through March 31, 2015	1 year		5 years		10 years
Class A (Est. Aug. 1, 2003)
Excluding sales charge		+8.93%		+13.27%		+6.61%
Including sales charge		+2.67%		+11.93%		+5.98%
Class C (Est. Aug. 1, 2003)
Excluding sales charge		+8.08%		+12.50%		+5.89%
Including sales charge		+7.11%		+12.50%		+5.89%
Institutional Class (Est. Aug. 1, 2003)
Excluding sales charge		+9.18%		+13.63%		+6.96%
Including sales charge		+9.18%		+13.63%		+6.96%
Russell 2500 Growth Index		+13.83%		+16.97%		+10.64%

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 5.75%, and have an annual distribution and service fee of 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 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.

Institutional Class shares are available without sales or asset-based distribution charges only to certain eligible institutional accounts.

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.

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 1.36% of the Fund’s average daily net assets from July 29, 2014, through July 29, 2015.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements.

28

Fund expense ratios	Class A	Class C	Institutional Class
Total annual operating expenses
(without fee waivers)	1.90%	2.65%	1.65%
Net expenses
(including fee waivers, if any)	1.61%	2.36%	1.36%
Type of waiver	Contractual	Contractual	Contractual

* The contractual waiver period is from July 29, 2014 to July 29, 2015. Prior to July 29, 2014, the contractual waiver was 1.43%.

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, 2005 through March 31, 2015

Starting value (March 31, 2005)   Ending value (March 31, 2015)
Russell 2500 Growth Index	$10,000	$27,489
Optimum Small-Mid Cap Growth Fund — Institutional Class shares	$10,000	$19,593
Optimum Small-Mid Cap Growth Fund — Class A shares	$9,425	$17,876

¹The “Performance of $10,000 investment” graph assumes $10,000 invested in Class A and Institutional Class shares of the Fund on March 31, 2005, 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 28 through 30.

The graph also assumes $10,000 invested in the Russell 2500 Growth Index as of March 31, 2005. The Russell 2500 Growth Index measures the performance of the small- to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values.

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell^® Investment Group.

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 U.S. stock market.

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.

(continues )  29

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

30

Optimum Small-Mid Cap Value Fund

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

Fund and benchmark performance1,2
Average annual total returns through March 31, 2015	1 year		5 years		10 years
Class A (Est. Aug. 1, 2003)
Excluding sales charge		– 0.69%		+11.63%		+5.75%
Including sales charge		– 6.42%		+10.32%		+5.12%
Class C (Est. Aug. 1, 2003)
Excluding sales charge		– 1.45%		+10.88%		+5.04%
Including sales charge		– 2.36%		+10.88%		+5.04%
Institutional Class (Est. Aug. 1, 2003)
Excluding sales charge		– 0.53%		+11.97%		+6.11%
Including sales charge		– 0.53%		+11.97%		+6.11%
Russell 2500 Value Index		+6.59%		+14.06%		+8.46%

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 5.75%, and have an annual distribution and service fee of 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 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.

Institutional Class shares are available without sales or asset-based distribution charges only to certain eligible institutional accounts.

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.

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 1.35% of the Fund’s average daily net assets from July 29, 2014, through July 29, 2015.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements.

(continues )  31

Performance summaries

Optimum Small-Mid Cap Value Fund

Fund expense ratios	Class A	Class C	Institutional Class
Total annual operating expenses
(without fee waivers)	1.81%	2.56%	1.56%
Net expenses
(including fee waivers, if any)	1.60%	2.35%	1.35%
Type of waiver	Contractual	Contractual	Contractual

* The contractual waiver period is from July 29, 2014 to July 29, 2015. Prior to July 29, 2014, the contractual waiver was 1.40%.

Investing involves risk, including the possible loss of principal.

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, 2005 through March 31, 2015

Starting value (March 31, 2005) Ending value (March 31, 2015)
Russell 2500 Value Index	$10,000	$22,533
Optimum Small-Mid Cap Value Fund — Institutional Class shares	$10,000	$18,092
Optimum Small-Mid Cap Value Fund — Class A shares	$9,425	$16,478

¹The “Performance of $10,000 investment” graph assumes $10,000 invested in Class A and Institutional Class shares of the Fund on March 31, 2005, 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 31 through 33.

The chart also assumes $10,000 invested in the Russell 2500 Value Index as of March 31, 2005. The Russell 2500 Value Index measures the performance of the small- to mid-cap value segment of the U.S. 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 14, measures the performance of 500 mostly large-cap stocks weighted by market value, and is often used to represent performance of the U.S. stock market.

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell Index. Russell^® is a trademark of Russell Investment Group.

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.

32

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

(continues )  33

Disclosure of Fund expenses

For the six-month period from October 1, 2014 to March 31, 2015 (Unaudited)

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

The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from Oct. 1, 2014 to March 31, 2015.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Optimum Fixed Income Fund
Expense analysis of an investment of $1,000
						Expenses
						Paid
	Beginning		Ending			During
	Account		Account		Annualized	Period
	Value		Value		Expense	10/1/14 to
	10/1/14		3/31/15		Ratio	3/31/15*
Actual Fund return†
Class A		$1,000.00		$1,025.30	1.17%		$5.91
Class C		1,000.00		1,021.60	1.92%		9.68
Institutional Class		1,000.00		1,027.30	0.92%		4.65
Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,019.10	1.17%		$5.89
Class C		1,000.00		1,015.36	1.92%		9.65
Institutional Class		1,000.00		1,020.34	0.92%		4.63
Optimum International Fund
Expense analysis of an investment of $1,000
						Expenses
						Paid
	Beginning		Ending			During
	Account		Account		Annualized	Period
	Value		Value		Expense	10/1/14 to
	10/1/14		3/31/15		Ratio	3/31/15*
Actual Fund return†
Class A		$1,000.00		$975.00	1.49%		$  7.34
Class C		1,000.00		971.10	2.24%		11.01
Institutional Class		1,000.00		976.30	1.24%		6.11
Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,017.50	1.49%		$  7.49
Class C		1,000.00		1,013.76	2.24%		11.25
Institutional Class		1,000.00		1,018.75	1.24%		6.24

34

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		10/1/14 to
	10/1/14	3/31/15	Ratio		3/31/15*
Actual Fund return†
Class A	$1,000.00	$1,099.70	1.36%		$  7.12
Class C	1,000.00	1,095.30	2.11%		11.02
Institutional Class	1,000.00	1,100.50	1.11%		5.81
Hypothetical 5% return (5% return before expenses)
Class A	$1,000.00	$1,018.15	1.36%		$  6.84
Class C	1,000.00	1,014.41	2.11%		10.60
Institutional Class	1,000.00	1,019.40	1.11%		5.59
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		10/1/14 to
	10/1/14	3/31/15	Ratio		3/31/15*
Actual Fund return†
Class A	$1,000.00	$1,027.40	1.33%		$  6.72
Class C	1,000.00	1,023.20	2.08%		10.49
Institutional Class	1,000.00	1,028.60	1.08%		5.46
Hypothetical 5% return (5% return before expenses)
Class A	$1,000.00	$1,018.30	1.33%		$  6.69
Class C	1,000.00	1,014.56	2.08%		10.45
Institutional Class	1,000.00	1,019.55	1.08%		5.44

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		10/1/14 to
	10/1/14	3/31/15	Ratio		3/31/15*
Actual Fund return†
Class A	$1,000.00	$1,108.60	1.61%		$  8.46
Class C	1,000.00	1,105.00	2.36%		12.39
Institutional Class	1,000.00	1,110.20	1.36%		7.16
Hypothetical 5% return (5% return before expenses)
Class A	$1,000.00	$1,016.90	1.61%		$  8.10
Class C	1,000.00	1,013.16	2.36%		11.85
Institutional Class	1,000.00	1,018.15	1.36%		6.84
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		10/1/14 to
	10/1/14	3/31/15	Ratio		3/31/15*
Actual Fund return†
Class A	$1,000.00	$1,041.30	1.61%		$  8.19
Class C	1,000.00	1,037.30	2.36%		11.99
Institutional Class	1,000.00	1,042.30	1.36%		6.92
Hypothetical 5% return (5% return before expenses)
Class A	$1,000.00	$1,016.90	1.61%		$  8.10
Class C	1,000.00	1,013.16	2.36%		11.85
Institutional Class	1,000.00	1,018.15	1.36%		6.84

*“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 )  35

Security type / sector allocations

Optimum Fixed Income Fund

As of March 31, 2015 (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 Collateralized Mortgage Obligations		4.41%
Agency Mortgage-Backed Securities		11.17%
Collateralized Debt Obligations		0.69%
Commercial Mortgage-Backed Securities		2.78%
Convertible Bonds		0.77%
Corporate Bonds		40.32%
Banking		9.61%
Basic Industry		1.78%
Brokerage		0.40%
Capital Goods		0.64%
Communications		5.47%
Consumer Cyclical		3.22%
Consumer Non-Cyclical		4.10%
Energy		3.58%
Finance Companies		1.74%
Insurance		1.28%
Natural Gas		1.53%
Real Estate		1.46%
Technology		1.28%
Transportation		0.89%
Utilities		3.34%
Municipal Bonds		2.26%

	Percentage
Security type / sector	of net assets
Non-Agency Asset-Backed Securities		3.51%
Non-Agency Collateralized Mortgage Obligations		2.56%
Regional Bonds		0.13%
Senior Secured Loans		7.35%
Sovereign Bonds		3.40%
Supranational Banks		0.31%
U.S. Treasury Obligations		19.11%
Common Stock		0.00%
Convertible Preferred Stock		0.24%
Preferred Stock		0.47%
Securities Sold Short		(0.11%)
Short-Term Investments		4.84%
Total Value of Securities		104.21%
Options Written		(0.01%)
Liabilities Net of Receivables and Other Assets		(4.20%)
Total Net Assets		100.00%

36

Security type / country and sector allocations

Optimum International Fund

As of March 31, 2015 (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 / country	of net assets
Common Stock by Country		97.75%
Australia		4.91%
Austria		2.49%
Belgium		1.30%
Bermuda		1.44%
Brazil		1.66%
Canada		1.94%
China/Hong Kong		7.86%
Colombia		0.46%
Czech Republic		0.52%
Denmark		0.27%
Finland		0.91%
France		3.67%
Germany		2.12%
India		3.02%
Indonesia		0.45%
Ireland		4.64%
Israel		1.92%
Italy		0.13%
Japan		17.70%
Malaysia		0.28%
Netherlands		1.99%
New Zealand		0.58%
Norway		3.14%
Republic of Korea		4.38%
Singapore		2.69%
Spain		1.45%
Sweden		1.03%

	Percentage
Security type / country	of net assets
Switzerland		5.67%
Taiwan		3.43%
Turkey		1.20%
United Kingdom		11.62%
United States		2.88%
Short-Term Investments		1.46%
Total Value of Securities		99.21%
Receivables and Other Assets Net of Liabilities		0.79%
Total Net Assets		100.00%
	Percentage
Common stock by sector	of net assets
Consumer Discretionary		15.08%
Consumer Staples		4.79%
Energy		8.61%
Financials		21.93%
Healthcare		15.64%
Industrials		11.52%
Information Technology		7.66%
Materials		8.41%
Telecommunication Services		2.10%
Utilities		2.01%
Total		97.75%

(continues )  37

Security type /sector allocations and top 10 equity holdings

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

Optimum Large Cap Growth Fund

As of March 31, 2015 (Unaudited)

	Percentage
Security type / sector	of net assets
Common Stock²		95.71%
Consumer Discretionary		20.99%
Consumer Staples		4.01%
Energy		3.63%
Financials		5.32%
Healthcare		19.88%
Industrials		11.89%
Information Technology1		28.05%
Materials		1.53%
Telecommunication Services		0.26%
Utilities		0.15%
Convertible Preferred Stock		0.06%
U.S. Master Limited Partnerships		1.22%
Short-Term Investments		3.21%
Total Value of Securities		100.20%
Liabilities Net of Receivables and Other Assets		(0.20%)
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
Apple	4.63%
Actavis	3.56%
Facebook Class A	3.46%
Google Class C	2.68%
Amazon.com	2.60%
Visa Class A	2.56%
Gilead Sciences	1.92%
Biogen	1.91%
Priceline Group	1.73%
Danaher	1.49%

Optimum Large Cap Value Fund

As of March 31, 2015 (Unaudited)

	Percentage
Security type / sector	of net assets
Common Stock		97.26	%
Consumer Discretionary		10.18	%
Consumer Staples		11.86	%
Energy		12.35	%
Financials		23.70	%
Healthcare		10.27	%
Industrials		12.19	%
Information Technology		9.60	%
Materials		4.49	%
Telecommunication Services		2.28	%
Utilities		0.34	%
Convertible Preferred Stock		0.04	%
Short-Term Investments		2.62	%
Total Value of Securities		99.92	%
Receivables and Other Assets Net of Liabilities		0.08	%
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
Lockheed Martin	2.82%
Philip Morris International	2.77%
Exxon Mobil	2.24%
JPMorgan Chase	2.18%
Apple	2.05%
Verizon Communications	1.88%
Johnson & Johnson	1.74%
Wells Fargo	1.69%
Altria Group	1.65%
TJX	1.63%

38

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

Optimum Small-Mid Cap Growth Fund

As of March 31, 2015 (Unaudited)

	Percentage
Security type / sector	of net assets
Common Stock		95.54	%
Consumer Discretionary		12.76	%
Consumer Staples		1.68	%
Energy		3.08	%
Financials		12.02	%
Healthcare		16.05	%
Industrials		22.87	%
Information Technology		21.15	%
Materials		4.01	%
Telecommunication Services		1.92	%
Convertible Preferred Stock		0.58	%
Exchange-Traded Fund		0.50	%
Preferred Stock		0.54	%
Short-Term Investments		2.45	%
Total Value of Securities		99.61	%
Receivables and Other Assets Net of Liabilities		0.39	%
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
AMETEK	1.31%
WNS Holdings ADR	1.31%
Donaldson	1.30%
Generac Holdings	1.29%
LKQ	1.27%
Acuity Brands	1.25%
Virtusa	1.18%
Nordson	1.12%
Synageva BioPharma	1.06%
Diamond Resorts International	1.01%

Optimum Small-Mid Cap Value Fund

As of March 31, 2015 (Unaudited)

	Percentage
Security type / sector	of net assets
Common Stock		88.36	%
Consumer Discretionary		9.56	%
Consumer Staples		1.20	%
Energy		4.84	%
Financials		7.77	%
Healthcare		4.57	%
Industrials		24.93	%
Information Technology		19.68	%
Materials		13.49	%
Telecommunication Services		1.67	%
Utilities		0.65	%
U.S. Master Limited Partnership		0.31	%
Short-Term Investments		11.54	%
Total Value of Securities		100.21	%
Liabilities Net of Receivables and Other Assets		(0.21	%)
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
Flextronics International	1.36%
KMG Chemicals	1.13%
Fairchild Semiconductor International	1.13%
FreightCar America	1.00%
Avery Dennison	0.98%
Dover	0.97%
Stanley Black & Decker	0.95%
AMC Networks Class A	0.95%
TrueBlue	0.95%
Cardtronics	0.93%

(continues )  39

Security type/sector allocations and top 10 equity holdings

¹To monitor compliance with the Optimum Large Cap Growth Fund’s concentration guidelines as described in the Fund’s Prospectus and Statement of Additional Information, the Information Technology sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the 1940 Act). The “Information Technology sector” consisted of diversified financial services, commercial services, computers, internet and communications, semiconductors and software. As of March 31, 2015, such amounts, as percentage of total net assets, were 2.56%, 1.77%, 5.34%, 12.01%, 1.89% and 4.48%, 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%.

40

Schedules of investments

Optimum Fixed Income Fund

March 31, 2015

	Principal amount°		Value (U.S. $)
Agency Collateralized Mortgage Obligations – 4.41%
Fannie Mae Grantor Trust
Series 1999-T2 A1 7.50% 1/19/39 •		13,448	$	14,879
Series 2002-T4 A3 7.50% 12/25/41		47,151		53,612
Series 2004-T1 1A2 6.50% 1/25/44		13,954		16,122
Fannie Mae REMIC Trust
Series 2004-W4 A5 5.50% 6/25/34		2,025,340		2,142,538
Series 2004-W11 1A2 6.50% 5/25/44		68,418		81,379
Fannie Mae REMICs
Series 1996-46 ZA 7.50% 11/25/26		9,948		11,360
Series 1999-19 PH 6.00% 5/25/29		185,857		211,885
Series 2001-14 Z 6.00% 5/25/31		11,233		12,874
Series 2002-90 A1 6.50% 6/25/42		11,968		13,717
Series 2002-90 A2 6.50% 11/25/42		40,554		46,078
Series 2003-26 AT 5.00% 11/25/32		138,891		143,340
Series 2005-22 HE 5.00% 10/25/33		82,305		83,128
Series 2005-29 QD 5.00% 8/25/33		23,969		23,975
Series 2005-110 MB 5.50% 9/25/35		137,941		148,828
Series 2007-30 OE 2.579% 4/25/37 @W^		4,575,266		4,313,110
Series 2007-114 A6 0.374% 10/27/37 •		7,557,417		7,461,045
Series 2008-24 ZA 5.00% 4/25/38		21,270,541		23,423,715
Series 2009-2 AS 5.526% 2/25/39 @•S		2,479,113		297,424
Series 2009-68 SA 6.576% 9/25/39 @•S		542,522		88,007
Series 2009-94 AC 5.00% 11/25/39		326,851		364,854
Series 2010-41 PN 4.50% 4/25/40		475,000		520,253
Series 2010-96 DC 4.00% 9/25/25		880,210		930,915
Series 2010-123 FE 0.654% 11/25/40 •		3,864,014		3,898,411
Series 2012-122 SD 5.926% 11/25/42 •S		841,204		204,418

	Principal amount°		Value (U.S. $)
Agency Collateralized Mortgage Obligations (continued)
Fannie Mae REMICs
Series 2013-38 AI 3.00% 4/25/33 S		2,249,788	$	328,688
Series 2013-44 DI 3.00% 5/25/33 S		3,422,050		506,044
Series 2014-36 ZE 3.00% 6/25/44		622,347		575,653
Fannie Mae Trust
Series 2004-W15 1A1 6.00% 8/25/44		79,567		88,802
Freddie Mac REMICs
Series 1730 Z 7.00% 5/15/24		52,244		59,609
Series 2165 PE 6.00% 6/15/29		146,197		167,089
Series 2326 ZQ 6.50% 6/15/31		89,400		103,098
Series 2557 WE 5.00% 1/15/18		206,800		215,606
Series 2802 NE 5.00% 2/15/33		59,843		60,076
Series 2827 TE 5.00% 4/15/33		229,829		233,384
Series 2869 BG 5.00% 7/15/33		56,276		56,507
Series 2915 KD 5.00% 9/15/33		33,937		34,268
Series 2938 ND 5.00% 10/15/33		5,598		5,599
Series 2987 KG 5.00% 12/15/34		157,713		159,976
Series 3143 BC 5.50% 2/15/36		3,904,114		4,367,119
Series 3289 SA 6.576% 3/15/37 @•S		1,777,340		297,353
Series 3626 MA 5.00% 2/15/30		34,390		34,396
Series 3656 PM 5.00% 4/15/40		682,093		756,493
Series 4065 DE 3.00% 6/15/32		120,000		123,316
Series 4185 LI 3.00% 3/15/33 S		844,215		129,856
Series 4191 CI 3.00% 4/15/33 S		348,039		47,360
Freddie Mac Structured
Agency Credit Risk Debt Notes Series 2014-DN2 M1 1.024% 4/25/24 •		245,381		245,134

(continues )  41

Schedules of investments

Optimum Fixed Income Fund

	Principal amount°		Value (U.S. $)
Agency Collateralized Mortgage Obligations (continued)
Freddie Mac Structured
Agency Credit Risk Debt Notes
Series 2014-DN2 M2 1.824% 4/25/24 •		524,600	$	521,396
Series 2015-DN1 M1 1.424% 1/25/25 •		558,104		559,241
Freddie Mac Structured Pass Through Securities
Series T-54 2A 6.50% 2/25/43 ¿		19,463		23,250
Series T-58 2A 6.50% 9/25/43 ¿		10,099		11,702
GNMA
Series 2007-64 AI 6.374% 10/20/37 @•S		6,300,907		1,091,793
Series 2008-65 SB 5.824% 8/20/38 @•S		1,662,085		228,707
Series 2009-2 SE 5.644% 1/20/39 @•S		4,699,290		645,777
Series 2010-113 KE 4.50% 9/20/40		1,170,000		1,308,902
Series 2011-H21 FT 0.87% 10/20/61 •		14,090,254		14,157,521
Series 2011-H23 FA 0.871% 10/20/61 •		9,350,496		9,409,217
Series 2012-H08 FB 0.771% 3/20/62 •		1,343,144		1,350,910
Series 2012-H18 NA 0.691% 8/20/62 •		809,471		812,684
Series 2012-H29 SA 0.686% 10/20/62 •		6,581,659		6,588,004
Total Agency Collateralized Mortgage Obligations (cost $89,404,344)				89,810,397
Agency Mortgage-Backed Securities – 11.17%
Fannie Mae
5.50% 3/1/37		32,707		35,785
5.50% 7/1/37		236,274		258,413
6.50% 8/1/17		8,315		8,592
Fannie Mae ARM
1.861% 7/1/37 •		74,842		78,901
2.277% 10/1/33 •		21,175		22,089
2.315% 11/1/35 •		58,470		62,603
2.42% 5/1/43 •		474,103		484,788
2.546% 6/1/43 •		168,370		172,829
3.196% 4/1/44 •		699,621		729,952
3.266% 3/1/44 •		668,800		700,078
3.31% 9/1/43 •		496,078		520,315

	Principal amount°		Value (U.S. $)
Agency Mortgage-Backed Securities (continued)
Fannie Mae ARM
5.141% 8/1/35 •		18,025	$	19,221
5.646% 8/1/37 •		70,836		74,432
Fannie Mae Relocation 30 yr
5.00% 11/1/33		1,615		1,778
5.00% 1/1/34		3,398		3,741
5.00% 11/1/34		10,254		11,289
5.00% 4/1/35		12,461		13,714
5.00% 10/1/35		11,162		12,293
5.00% 1/1/36		30,452		33,512
Fannie Mae S.F. 15 yr
2.50% 2/1/28		1,189,695		1,225,066
2.50% 5/1/28		170,548		175,556
3.00% 5/1/28		112,901		118,489
3.50% 7/1/26		350,524		373,924
3.50% 12/1/28		140,403		150,459
4.00% 5/1/24		42,567		45,095
4.00% 7/1/24		11,822		12,528
4.00% 5/1/25		238,234		253,314
4.00% 6/1/25		805,692		856,589
4.00% 9/1/25		28,479		30,174
4.00% 11/1/25		1,151,167		1,241,914
4.00% 1/1/26		33,738		36,310
4.00% 12/1/26		394,905		418,474
4.00% 1/1/27		29,129		31,048
4.00% 5/1/27		848,612		904,524
4.00% 8/1/27		507,951		539,847
4.50% 8/1/18		72,449		75,968
4.50% 7/1/20		229,212		240,873
5.00% 12/1/20		47,346		51,221
5.00% 5/1/21		29,359		31,222
5.00% 6/1/23		84,061		91,237
Fannie Mae S.F. 15 yr TBA
2.50% 5/1/30		5,081,000		5,207,826
Fannie Mae S.F. 20 yr
3.00% 2/1/33		60,706		62,931
3.00% 8/1/33		217,317		225,278
3.50% 4/1/33		62,568		66,178
3.50% 9/1/33		313,553		334,937
4.00% 1/1/31		113,917		122,692
4.00% 2/1/31		316,028		340,341
5.00% 11/1/23		25,227		28,019
5.50% 11/1/25		38,852		43,719
5.50% 8/1/28		403,455		453,997
5.50% 12/1/29		33,494		37,690
6.00% 9/1/29		255,299		290,756
Fannie Mae S.F. 30 yr
3.00% 7/1/42		418,034		428,419
3.00% 10/1/42		6,696,707		6,863,985

42

	Principal amount°		Value (U.S. $)
Agency Mortgage-Backed Securities (continued)
Fannie Mae S.F. 30 yr
3.00% 12/1/42		1,070,055	$	1,096,774
3.00% 1/1/43		2,464,461		2,525,438
3.00% 2/1/43		259,839		266,305
3.00% 4/1/43		42,495,793		43,536,996
3.00% 5/1/43		379,041		388,110
4.00% 10/1/40		44,290		47,470
4.00% 11/1/40		257,868		276,428
4.00% 7/1/41		856,016		923,125
4.00% 8/1/43		191,133		206,130
4.00% 7/1/44		776,789		840,469
4.50% 5/1/35		168,933		185,791
4.50% 8/1/35		343,300		376,034
4.50% 9/1/35		308,645		337,984
4.50% 7/1/36		131,341		143,785
4.50% 5/1/39		1,155,213		1,264,944
4.50% 11/1/40		361,058		395,419
4.50% 3/1/41		709,820		777,983
4.50% 4/1/41		1,131,789		1,240,746
4.50% 10/1/41		404,098		442,966
4.50% 1/1/42		11,336,856		12,407,097
4.50% 12/1/43		60,106		65,522
4.50% 5/1/44		288,622		315,362
5.00% 3/1/34		4,817		5,380
5.00% 4/1/34		27,753		31,012
5.00% 8/1/34		46,907		52,422
5.00% 4/1/35		8,672		9,706
5.00% 7/1/35		169,072		188,104
5.00% 10/1/35		418,489		465,615
5.00% 11/1/35		125,938		140,147
5.00% 2/1/36		176,951		196,886
5.00% 2/1/37		370,278		413,700
5.00% 4/1/37		107,189		119,319
5.00% 8/1/37		313,588		349,226
5.00% 12/1/37		5,683		6,312
5.00% 2/1/38		111,613		124,166
5.00% 3/1/38		270,492		300,424
5.00% 6/1/38		17,045		18,931
5.00% 2/1/39		6,656		7,392
5.00% 5/1/40		142,923		159,973
5.50% 12/1/32		23,655		26,801
5.50% 2/1/33		75,368		85,389
5.50% 12/1/33		41,326		47,322
5.50% 11/1/34		121,419		137,518
5.50% 2/1/35		1,712,893		1,947,667
5.50% 3/1/35		56,610		63,702
5.50% 6/1/35		89,670		100,947
5.50% 1/1/36		197,889		225,257
5.50% 4/1/36		1,739,813		1,958,253

	Principal amount°		Value (U.S. $)
Agency Mortgage-Backed Securities (continued)
Fannie Mae S.F. 30 yr
5.50% 7/1/36		35,538	$	40,189
5.50% 1/1/37		518,399		583,847
5.50% 2/1/37		628,470		707,457
5.50% 8/1/37		29,580		33,452
5.50% 1/1/38		524,526		590,234
5.50% 2/1/38		216,064		244,201
5.50% 3/1/38		257,710		292,777
5.50% 4/1/38		1,287,519		1,448,808
5.50% 6/1/38		22,312		25,107
5.50% 11/1/38		1,864,135		2,097,658
5.50% 2/1/39		8,784,631		9,927,106
5.50% 10/1/39		1,056,036		1,188,327
5.50% 7/1/40		319,045		359,151
5.50% 9/1/41		133,563		150,356
6.00% 4/1/35		362,014		415,844
6.00% 5/1/36		87,949		100,519
6.00% 6/1/36		41,806		47,802
6.00% 9/1/36		43,149		49,575
6.00% 12/1/36		49,797		57,242
6.00% 2/1/37		133,354		152,319
6.00% 5/1/37		388,224		442,991
6.00% 6/1/37		25,557		29,455
6.00% 7/1/37		316,048		360,716
6.00% 8/1/37		268,504		306,994
6.00% 9/1/37		1,008,818		1,149,174
6.00% 11/1/37		60,999		70,173
6.00% 5/1/38		1,252,995		1,429,702
6.00% 7/1/38		17,213		19,637
6.00% 8/1/38		245,671		279,791
6.00% 9/1/38		1,079,428		1,235,236
6.00% 10/1/38		506,750		578,977
6.00% 11/1/38		112,160		128,310
6.00% 12/1/38		347,423		398,911
6.00% 1/1/39		213,585		244,190
6.00% 2/1/39		363,877		416,071
6.00% 9/1/39		653,064		745,066
6.00% 10/1/39		120,058		137,121
6.00% 3/1/40		186,562		212,897
6.00% 7/1/40		792,892		904,606
6.00% 9/1/40		165,191		188,567
6.00% 11/1/40		72,606		83,673
6.00% 5/1/41		1,125,894		1,285,917
6.50% 11/1/33		5,993		6,881
6.50% 2/1/36		121,944		147,108
6.50% 3/1/36		114,855		131,864
6.50% 6/1/36		266,575		326,068
6.50% 2/1/38		50,120		57,543
6.50% 11/1/38		15,020		17,244

(continues )  43

Schedules of investments

Optimum Fixed Income Fund

	Principal amount°		Value (U.S. $)
Agency Mortgage-Backed Securities (continued)
Fannie Mae S.F. 30 yr
6.50% 3/1/40		2,443,682	$	2,845,736
7.50% 3/1/32		681		800
7.50% 4/1/32		1,935		2,294
7.50% 6/1/32		1,553		1,704
Fannie Mae S.F. 30 yr TBA
3.00% 5/1/45		40,588,000		41,395,795
3.50% 5/1/45		15,476,000		16,215,341
4.50% 5/1/45		23,046,000		25,078,738
Freddie Mac ARM
2.249% 7/1/36 •		51,615		55,037
2.307% 4/1/34 •		2,579		2,741
2.342% 12/1/33 •		58,781		62,875
2.532% 1/1/44 •		1,348,460		1,390,993
2.68% 5/1/37 •		405,671		439,495
5.387% 2/1/38 •		166,745		179,059
Freddie Mac Relocation 30 yr
5.00% 9/1/33		300		330
Freddie Mac S.F. 15 yr
2.50% 3/1/28		256,115		263,362
3.50% 10/1/26		119,682		128,241
4.00% 4/1/25		54,806		58,376
4.00% 5/1/25		74,182		78,999
4.00% 8/1/25		244,778		260,749
4.00% 11/1/26		318,675		339,073
4.50% 5/1/20		148,714		156,993
4.50% 7/1/25		75,873		81,809
4.50% 6/1/26		177,764		191,741
4.50% 9/1/26		341,720		369,019
5.00% 6/1/18		38,088		40,021
Freddie Mac S.F. 20 yr
3.50% 1/1/34		566,295		597,352
4.00% 11/1/32		158,149		170,616
5.50% 10/1/23		83,975		94,071
5.50% 8/1/24		23,021		25,908
Freddie Mac S.F. 30 yr
3.00% 10/1/42		484,957		495,998
3.00% 11/1/42		404,950		415,285
4.50% 10/1/39		194,666		212,396
5.50% 3/1/34		50,827		57,358
5.50% 12/1/34		47,979		54,244
5.50% 6/1/36		29,994		33,747
5.50% 11/1/36		68,136		76,279
5.50% 12/1/36		14,945		16,779
5.50% 4/1/38		287,971		323,209
5.50% 6/1/38		40,517		45,483
5.50% 6/1/39		314,787		353,106
5.50% 3/1/40		166,067		186,414
5.50% 8/1/40		666,269		747,356

	Principal amount°		Value (U.S. $)
Agency Mortgage-Backed Securities (continued)
Freddie Mac S.F. 30 yr
5.50% 1/1/41		187,460	$	210,037
5.50% 6/1/41		788,094		883,760
6.00% 2/1/36		385,954		443,534
6.00% 3/1/36		172,279		197,412
6.00% 1/1/38		66,681		75,684
6.00% 6/1/38		188,159		214,034
6.00% 8/1/38		287,925		328,687
6.00% 5/1/40		78,133		88,857
6.00% 7/1/40		528,197		603,528
6.50% 11/1/33		29,022		33,247
6.50% 1/1/35		146,395		175,908
6.50% 8/1/38		50,492		57,842
6.50% 4/1/39		288,312		330,285
7.00% 1/1/38		46,784		53,069
GNMA I S.F. 30 yr
5.00% 6/15/40		96,090		107,167
7.00% 12/15/34		238,888		289,181
GNMA II S.F. 30 yr
6.00% 4/20/34		8,548		9,615
Total Agency Mortgage-Backed Securities (cost $221,890,721)				227,390,997
Collateralized Debt Obligations – 0.69%
ACAS CLO
Series 2007-1A A1S 144A 0.467% 4/20/21 #•		605,877		601,454
ALM VII
Series 2012-7A A1 144A 1.677% 10/19/24 #•		250,000		249,405
Cavalry CLO V
Series 2014-5A A 144A 1.528% 1/16/24 #•		400,000		397,480
Cordatus CLO I
Series 2006-1X A1 0.37% 1/30/24 •		EUR  6,787,718		7,235,612
Elm CLO
Series 2014-1A A 144A 1.676% 1/17/23 #•		600,000		599,700
Euro-Galaxy CLO
Series 2006-1X A2 0.295% 10/23/21 •		EUR  1,029,669		1,100,603
Franklin CLO V
Series 5A A2 144A 0.531% 6/15/18 #•		1,125,370		1,120,868
Lockwood Grove CLO
Series 2014-1A A1 144A 1.622% 1/25/24 #•		400,000		398,520

44

	Principal amount°		Value (U.S. $)
Collateralized Debt Obligations (continued)
Queen Street CLO II
Series 2007-1X A1 0.328% 8/15/24 •	EUR	534,391	$	572,124
Stoney Lane Funding I
Series 2007-1A A1 144A 0.497% 4/18/22 #•		843,647		835,042
Symphony CLO VII
Series 2011-7A A 144A 1.506% 7/28/21 #•		835,279		834,610
Voya CLO
Series 2012-2AR AR 144A 1.57% 10/15/22 #•		200,000		199,900
Total Collateralized Debt Obligations (cost $14,548,306)				14,145,318
Commercial Mortgage-Backed Securities – 2.78%
BAMLL Commercial Mortgage Securities Trust
Series 2015-ASHF A 144A 1.394% 1/15/28 #•		900,000		900,000
Banc of America Commercial Mortgage Trust
Series 2006-1 AM 5.421% 9/10/45 •		210,000		215,757
Series 2007-4 AM 5.821% 2/10/51 •		505,000		548,691
Bank of America Re-REMIC
Series 2009-UBER2 144A 5.678% 2/24/51 #•		2,102,986		2,197,515
CD Commercial Mortgage Trust
Series 2005-CD1 AM 5.225% 7/15/44 •		665,000		675,250
Series 2005-CD1 C 5.225% 7/15/44 •		250,000		253,577
Citigroup Commercial Mortgage Trust
Series 2014-GC25 A4 3.635% 10/10/47		1,100,000		1,173,359
COMM Mortgage Trust
Series 2014-CR19 A5 3.796% 8/10/47		470,000		507,867
Series 2014-CR20 A4 3.59% 11/10/47		910,000		968,083
Series 2014-CR20 AM 3.938% 11/10/47		575,000		614,103
Commercial Mortgage Trust
Series 2005-GG5 A5 5.224% 4/10/37 •		983,693		990,952

	Principal amount°		Value (U.S. $)
Commercial Mortgage-Backed Securities (continued)
Commercial Mortgage Trust
Series 2006-GG7 A4 5.816% 7/10/38 •		1,092,788	$	1,132,610
CSMC
Series 2010-UD1 A 144A 5.771% 12/16/49 #•		1,753,052		1,851,731
DBUBS Mortgage Trust
Series 2011-LC1A A3 144A 5.002% 11/10/46 #		2,050,000		2,340,610
Series 2011-LC1A C 144A 5.558% 11/10/46 #•		815,000		924,849
FREMF Mortgage Trust
Series 2011-K10 B 144A 4.618% 11/25/49 #•		485,000		532,100
Series 2011-K15 B 144A 4.932% 8/25/44 #•		75,000		83,406
Series 2011-K702 B 144A 4.771% 4/25/44 #•		210,000		225,586
Series 2011-K703 B 144A 4.884% 7/25/44 #•		660,000		712,786
Series 2012-K19 B 144A 4.037% 5/25/45 #•		145,000		154,919
Series 2012-K22 B 144A 3.687% 8/25/45 #•		665,000		690,782
Series 2012-K708 B 144A 3.761% 2/25/45 #•		1,705,000		1,779,783
Series 2012-K708 C 144A 3.761% 2/25/45 #•		230,000		235,556
Series 2012-K711 B 144A 3.562% 8/25/45 #•		820,000		855,574
Series 2013-K33 B 144A 3.504% 8/25/46 #•		505,000		516,883
Series 2013-K712 B 144A 3.369% 5/25/45 #•		2,215,000		2,279,062
Series 2013-K713 B 144A 3.165% 4/25/46 #•		1,215,000		1,238,476
GRACE Mortgage Trust
Series 2014-GRCE A 144A 3.369% 6/10/28 #		2,200,000		2,324,760
GS Mortgage Securities Trust
Series 2006-GG6 A4 5.553% 4/10/38 •		595,000		604,643
Series 2010-C1 A2 144A 4.592% 8/10/43 #		915,000		1,021,744
Series 2010-C1 C 144A 5.635% 8/10/43 #•		375,000		420,279
Hilton USA Trust
Series 2013-HLT AFX 144A 2.662% 11/5/30 #		3,540,000		3,548,050
Series 2013-HLT BFX 144A 3.367% 11/5/30 #		1,620,000		1,640,589

(continues )  45

Schedules of investments

Optimum Fixed Income Fund

	Principal amount°		Value (U.S. $)
Commercial Mortgage-Backed Securities (continued)
Hyatt Hotel Portfolio Trust
Series 2015-HYT A 144A 1.425% 11/15/29 #•		900,000	$	901,109
JPMBB Commercial Mortgage Securities Trust
Series 2014-C18 A1 1.254% 2/15/47		975,459		974,932
Series 2014-C22 B 4.562% 9/15/47 •		470,000		513,454
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2005-CB11 E 5.724% 8/12/37 •		230,000		249,797
Series 2005-LDP5 D 5.382% 12/15/44 •		420,000		428,873
Series 2006-LDP8 AM 5.44% 5/15/45		1,558,000		1,636,375
Series 2007-LDPX A3 5.42% 1/15/49		1,068,218		1,132,554
Series 2011-C5 C 144A 5.323% 8/15/46 #•		410,000		460,138
LB-UBS Commercial Mortgage Trust
Series 2004-C1 A4 4.568% 1/15/31		38,660		39,330
Series 2006-C6 AJ 5.452% 9/15/39 •		920,000		964,822
Series 2006-C6 AM 5.413% 9/15/39		2,445,000		2,580,245
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2014-C18 A4 3.923% 10/15/47		625,000		681,601
Morgan Stanley Capital I Trust
Series 2005-HQ7 AJ 5.204% 11/14/42 •		615,000		622,817
Series 2005-HQ7 C 5.204% 11/14/42 •		870,000		875,463
Series 2006-T21 AM 5.204% 10/12/52 •		600,000		615,239
Series 2015-XLF1 A 144A 1.30% 8/13/16 #•		1,900,000		1,899,392
Morgan Stanley Re-REMIC Trust
Series 2009-GG10 A4A 144A 5.796% 8/12/45 #•		4,033,966		4,318,647
Silenus European Loan
Conduit No. 25X A 0.198% 5/15/19 •	EUR	824,766		886,107

	Principal amount°		Value (U.S. $)
Commercial Mortgage-Backed Securities (continued)
TimberStar Trust I
Series 2006-1A A 144A 5.668% 10/15/36 #		415,000	$	439,210
Wachovia Bank Commercial Mortgage Trust
Series 2006-C28 A4FL 144A 0.327% 10/15/48 #•		873,356		866,164
Series 2007-C32 A4FL 144A 0.352% 6/15/49 #•		700,000		686,403
WFRBS Commercial Mortgage Trust
Series 2014-C23 A5 3.917% 10/15/57		545,000		595,624
Total Commercial Mortgage-Backed Securities (cost $56,022,225)				56,528,228
Convertible Bonds – 0.77%
Abengoa 144A 5.125% exercise price $38.74, expiration date 2/23/17 #		400,000		402,500
Alaska Communications Systems Group 6.25% exercise price $10.28, expiration date 4/27/18		608,000		599,260
Ares Capital 5.75% exercise price $19.13, expiration date 2/1/16		206,000		213,339
BGC Partners 4.50% exercise price $9.84, expiration date 7/13/16		421,000		458,890
BioMarin Pharmaceutical 1.50% exercise price $94.15, expiration date 10/13/20		291,000		442,138
Blackstone Mortgage Trust 5.25% exercise price $28.66, expiration date 12/1/18		576,000		600,840
Blucora 4.25% exercise price $21.66, expiration date 3/29/19		275,000		256,953
Campus Crest Communities Operating Partnership 144A 4.75% exercise price $12.56, expiration date 10/11/18 #		604,000		584,747
Cardtronics 1.00% exercise price $52.35, expiration date 11/27/20		536,000		532,985

46

	Principal amount°		Value (U.S. $)
Convertible Bonds (continued)
Cemex 3.25% exercise price $9.65, expiration date 3/9/16		367,000	$	412,646
Chart Industries 2.00% exercise price $69.03, expiration date 7/30/18		177,000		171,137
Chesapeake Energy 2.25%exercise price $80.28, expiration date 12/14/38		200,000		182,500
Ciena 144A 3.75% exercise price $20.17, expiration date 10/15/18 #		283,000		348,267
Gain Capital Holdings 4.125% exercise price $12.00, expiration date 11/30/18		158,000		170,344
General Cable 4.50% exercise price $34.47, expiration date 11/15/29 f		580,000		462,187
Gilead Sciences 1.625% exercise price $22.71, expiration date 4/29/16		131,000		564,611
Hologic 2.00% exercise price $31.17, expiration date 2/27/42 f		259,000		321,322
Illumina 0.25% exercise price $83.55, expiration date 3/11/16		113,000		250,084
Intel 3.25% exercise price $21.47, expiration date 8/1/39		200,000		316,126
j2 Global 3.25% exercise price $69.37, expiration date 6/14/29		483,000		558,469
Jefferies Group 3.875% exercise price $44.94, expiration date 10/31/29		355,000		360,103
Lexington Realty Trust 144A 6.00% exercise price $6.60, expiration date 1/11/30 #		147,000		213,426
Liberty Interactive
0.75% exercise price $1,000.00, expiration date 3/30/43		462,000		647,089
144A 1.00% exercise price $64.31, expiration date 9/28/43 #		369,000		362,543
Meritor 4.00% exercise price $26.73, expiration date 2/12/27 f		598,000		621,546

	Principal amount°		Value (U.S. $)
Convertible Bonds (continued)
Microchip Technology 144A 1.625% exercise price $68.17, expiration date 2/13/25 #		66,000	$	68,846
Mylan 3.75% exercise price $13.32, expiration date 9/10/15		130,000		578,581
Novellus Systems 2.625% exercise price $34.78, expiration date 5/14/41		268,000		548,563
Nuance Communications 2.75% exercise price $32.30, expiration date 11/1/31		35,000		34,913
NuVasive 2.75% exercise price $42.13,expiration date 6/30/17		576,000		722,160
NXP Semiconductors 144A 1.00% exercise price $102.84, expiration date 11/27/19 #		262,000		313,417
Oclaro 144A 6.00% exercise price $1.95, expiration date 2/14/20 #		101,000		123,536
Peabody Energy 4.75% exercise price $57.15, expiration date 12/15/41		668,000		239,227
PROS Holdings 144A 2.00% exercise price $33.79, expiration date 11/27/19 #		262,000		270,515
SanDisk 1.50% exercise price $51.16, expiration date 8/11/17		262,000		358,121
Spectrum Pharmaceuticals 2.75% exercise price $10.53, expiration date 12/13/18		176,000		161,810
Spirit Realty Capital 3.75% exercise price $13.10, expiration date 5/13/21		348,000		348,437
Titan Machinery 3.75% exercise price $43.17, expiration date 4/30/19		219,000		152,205
TPG Specialty Lending 144A 4.50% exercise price $25.83, expiration date 12/15/19 #		372,000		371,535
Vantage Drilling 144A 5.50% exercise price $2.39, expiration date 7/15/43 #		487,000		297,070

(continues )  47

Schedules of investments

Optimum Fixed Income Fund

	Principal amount°		Value (U.S. $)
Convertible Bonds (continued)
Vector Group
1.75% exercise price $25.87, expiration date 4/15/20		424,000	$	456,330
2.50% exercise price $16.78, expiration date 1/14/19 •		147,000		207,958
VeriSign 4.136% exercise price $34.37, expiration date 8/15/37		175,000		347,922
Total Convertible Bonds (cost $14,460,238)				15,655,198
Corporate Bonds – 40.32%
Banking – 9.61%
Abbey National Treasury Services 0.78% 3/13/17 •		225,000		225,176
Akbank 144A
4.00% 1/24/20 #		1,135,000		1,110,030
Ally Financial
2.75% 1/30/17		200,000		199,762
3.125% 1/15/16		100,000		100,500
3.50% 7/18/16		400,000		406,000
4.125% 2/13/22		135,000		131,963
4.625% 6/26/15		1,200,000		1,207,500
4.75% 9/10/18		200,000		206,250
5.50% 2/15/17		1,800,000		1,876,500
ANZ New Zealand International 144A 2.60% 9/23/19 #		200,000		204,448
Australia & New Zealand Banking Group 2.625% 12/10/18	CAD	151,000		124,612
Banco do Brasil 144A 6.00% 1/22/20 #		3,200,000		3,424,000
Banco Mercantil del Norte 144A 4.375% 7/19/15 #		400,000		403,040
Banco Santander Chile 144A 3.75% 9/22/15 #		2,200,000		2,225,771
Banco Votorantim 144A 5.25% 2/11/16 #@		2,300,000		2,323,000
Bank of America
0.571% 6/15/17 •		3,800,000		3,769,938
1.293% 1/15/19 •		1,130,000		1,146,525
2.60% 1/15/19		1,200,000		1,222,008
3.30% 1/11/23		716,000		726,078
4.25% 10/22/26		2,125,000		2,196,727
5.65% 5/1/18		900,000		999,051
5.75% 12/1/17		700,000		770,724

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Banking (continued)
Bank of America
6.00% 9/1/17		1,700,000	$	1,871,185
6.875% 4/25/18		3,825,000		4,378,317
7.625% 6/1/19		800,000		966,470
Bank of Montreal
0.773% 7/15/16 •		565,000		567,620
Bank of New York Mellon
0.747% 9/11/19 •		830,000		826,509
2.15% 2/24/20		1,960,000		1,977,346
Bank of Nova Scotia
0.773% 7/15/16 •		835,000		839,085
Barclays Bank
7.625% 11/21/22		2,025,000		2,374,313
BB&T
0.915% 2/1/19 •		750,000		752,938
1.131% 6/15/18 •		65,000		65,664
2.45% 1/15/20		1,435,000		1,460,730
5.25% 11/1/19		1,241,000		1,404,706
BBVA Banco Continental
144A 2.25% 7/29/16 #		900,000		907,200
144A 5.00% 8/26/22 #		540,000		576,720
BBVA Bancomer
144A 6.50% 3/10/21 #		1,365,000		1,517,716
144A 7.25% 4/22/20 #		100,000		111,000
Branch Banking & Trust
3.80% 10/30/26		1,270,000		1,339,079
BRFkredit 2.00% 4/1/15	DKK	15,000,000		2,158,677
CIT Group 5.25% 3/15/18		2,500,000		2,593,750
Citigroup
0.805% 3/10/17 •		900,000		899,688
4.05% 7/30/22		150,000		157,611
6.125% 5/15/18		2,300,000		2,590,511
8.50% 5/22/19		1,400,000		1,745,099
City National 5.25% 9/15/20		770,000		884,926
Cooperatieve Centrale
Raiffeisen-Boerenleenbank
2.50% 9/4/20	NOK	1,740,000		225,553
4.25% 1/13/22	AUD	353,000		283,640
4.625% 12/1/23		1,665,000		1,803,183
6.875% 3/19/20	EUR	2,400,000		3,162,783
Credit Suisse 144A
6.50% 8/8/23 #		1,215,000		1,390,309
Credit Suisse Group
144A 6.25% 12/29/49 #•		270,000		266,085
144A 7.50% 12/29/49 #•		200,000		215,250
Credit Suisse Group Funding Guernsey 144A 3.75% 3/26/25 #		1,155,000		1,170,926

48

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Banking (continued)
Depfa ACS Bank 4.875% 5/21/19	EUR	2,500,000	$	3,207,785
DNB Bank 144A 3.20% 4/3/17 #		3,300,000		3,420,826
Eksportfinans
2.00% 9/15/15		1,300,000		1,303,783
2.375% 5/25/16		500,000		503,035
5.50% 5/25/16		800,000		832,320
5.50% 6/26/17		300,000		320,250
Export-Import Bank of China 144A 2.50% 7/31/19 #		1,025,000		1,039,836
Export-Import Bank of Korea
1.121% 9/17/16 •		900,000		904,017
1.25% 11/20/15		400,000		401,298
4.375% 9/15/21		700,000		781,797
5.00% 4/11/22		2,000,000		2,321,340
5.125% 6/29/20		1,500,000		1,719,111
Goldman Sachs Group
0.398% 5/18/15 •	EUR	100,000		107,588
0.657% 7/22/15 •		200,000		200,062
0.715% 3/22/16 •		300,000		299,992
1.357% 11/15/18 •		420,000		424,961
1.417% 4/23/20 •		1,800,000		1,825,099
2.60% 4/23/20		1,940,000		1,962,913
3.55% 2/12/21	CAD	200,000		169,156
3.617% 8/21/19 •	AUD	140,000		107,716
3.70% 8/1/15		1,900,000		1,918,793
5.20% 12/17/19	NZD	932,000		713,988
5.35% 1/15/16		1,400,000		1,448,247
5.95% 1/18/18		700,000		779,937
6.25% 9/1/17		1,100,000		1,220,516
Hana Bank 1.375% 2/5/16		1,800,000		1,803,953
HBOS 0.964% 9/6/17 •		500,000		500,250
HSBC Bank 144A 0.897% 5/15/18 #•		620,000		623,328
HSBC Holdings 6.375% 3/29/49 •		3,290,000		3,372,250
HSBC New Zealand 4.54% 12/10/18 •	NZD	500,000		377,131
ICICI Bank 4.75% 11/25/16		2,600,000		2,718,823
JPMorgan Chase
0.886% 1/28/19 •		574,000		575,601
1.50% 1/27/25	EUR	903,000		1,003,223
2.25% 1/23/20		5,775,000		5,791,234
3.15% 7/5/16		100,000		102,614
4.125% 12/15/26		2,670,000		2,774,408
4.25% 11/2/18	NZD	570,000		428,234
4.40% 7/22/20		400,000		439,608

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Banking (continued)
JPMorgan Chase
6.30% 4/23/19		300,000	$	348,681
6.75% 1/29/49 •		590,000		643,100
JPMorgan Chase Bank
0.60% 6/13/16 •		500,000		498,797
0.748% 5/31/17 •	EUR	2,400,000		2,583,403
4.375% 11/30/21 •	EUR	2,600,000		2,957,391
6.00% 10/1/17		600,000		664,495
KBC Bank 8.00% 1/25/23 •		2,200,000		2,477,750
KeyBank 6.95% 2/1/28		1,220,000		1,627,933
Korea Development Bank 1.50% 1/22/18		900,000		896,862
Lloyds Banking Group
4.50% 11/4/24		1,150,000		1,196,812
7.50% 4/30/49 •		1,205,000		1,283,325
Morgan Stanley
1.106% 1/24/19 •		369,000		370,573
1.396% 1/27/20 •		845,000		858,633
3.125% 8/5/21	CAD	387,000		319,774
3.45% 11/2/15		1,000,000		1,015,596
4.35% 9/8/26		1,135,000		1,191,389
5.00% 9/30/21	AUD	359,000		293,112
5.45% 1/9/17		700,000		749,129
MUFG Americas Holdings
2.25% 2/10/20		685,000		687,100
3.00% 2/10/25		1,595,000		1,580,285
National City Bank 0.634% 6/7/17 •		325,000		323,584
Nordea Kredit Realkreditak-tieselskab 2.00% 10/1/15	DKK	14,000,000		2,040,439
Northern Trust 3.95% 10/30/25		550,000		591,624
Novo Banco
5.00% 4/4/19	EUR	50,000		55,655
5.00% 5/21/19	EUR	50,000		55,613
5.875% 11/9/15	EUR	200,000		217,080
NRW Bank 0.451% 7/8/16 •		3,800,000		3,808,345
Nykredit Realkredit 2.00% 10/1/15	DKK	15,000,000		2,186,185
Oversea-Chinese Banking 144A 4.00% 10/15/24 #•		220,000		229,572
PNC Bank
3.30% 10/30/24		995,000		1,034,985
6.875% 4/1/18		1,415,000		1,623,806
PNC Funding 5.625% 2/1/17		225,000		241,982
PNC Preferred Funding Trust II 144A 1.493% 3/29/49 #•		2,000,000		1,840,000

(continues )  49

Schedules of investments

Optimum Fixed Income Fund

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Banking (continued)
Realkredit Danmark 2.00% 1/1/16	DKK	43,300,000	$	6,337,689
Royal Bank of Canada 0.587% 1/23/17 •		530,000		531,271
Royal Bank of Scotland Group
144A 6.99% 10/29/49 #•		200,000		237,000
9.50% 3/16/22 •		1,400,000		1,581,903
Santander Bank 1.182% 1/12/18 •		1,400,000		1,401,326
Santander Holdings USA 3.45% 8/27/18		1,335,000		1,390,317
Santander UK 144A 5.00% 11/7/23 #		2,760,000		2,977,369
State Bank of India 144A 4.50% 7/27/15 #		200,000		202,097
State Street 3.10% 5/15/23		525,000		531,989
Sumitomo Mitsui Banking 0.574% 7/11/17 •		1,000,000		996,965
SunTrust Bank 0.553% 8/24/15 •		505,000		504,855
SunTrust Banks 2.35% 11/1/18		535,000		543,778
SVB Financial Group 3.50% 1/29/25		2,205,000		2,195,089
Toronto-Dominion Bank 0.805% 4/30/18 •		835,000		839,182
Turkiye Garanti Bankasi 144A 4.75% 10/17/19 #		1,083,000		1,096,018
U.S. Bancorp 3.60% 9/11/24		1,275,000		1,331,740
UBS
4.75% 5/22/23 •		400,000		414,658
5.875% 12/20/17		1,163,000		1,291,823
7.625% 8/17/22		500,000		607,321
US Bank
0.485% 1/30/17 •		850,000		850,635
2.80% 1/27/25		1,285,000		1,285,604
USB Capital IX 3.50% 10/29/49 •		1,820,000		1,515,150
USB Realty 144A 1.40% 12/29/49 #•		500,000		457,500
Wells Fargo
0.935% 1/30/20 •		1,180,000		1,187,495
1.25% 7/20/16		10,300,000		10,360,133
3.50% 9/12/29	GBP	196,000		311,787
4.75% 8/27/24	AUD	260,000		214,916
5.875% 12/29/49 •		425,000		450,585
Woori Bank
144A 2.875% 10/2/18 #		565,000		581,139
144A 4.75% 4/30/24 #		1,000,000		1,070,868

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Banking (continued)
Zions Bancorp 4.50% 6/13/23		830,000	$	879,243
				195,599,670
Basic Industry – 1.78%
AECOM
144A 5.75% 10/15/22 #		190,000		197,125
144A 5.875% 10/15/24 #		785,000		826,213
AK Steel 7.625% 5/15/20		280,000		242,200
ArcelorMittal
6.125% 6/1/18		322,000		346,794
10.60% 6/1/19		830,000		1,018,306
Axalta Coating Systems U.S. Holdings 144A 7.375% 5/1/21 #		. 400,000		. 432,000
BHP Billiton Finance 3.25% 9/25/24	GBP	223,000		350,436
BHP Billiton Finance USA 0.523% 9/30/16 •		500,000		500,231
Braskem Finance 6.45% 2/3/24		285,000		275,737
Builders FirstSource 144A 7.625% 6/1/21 #		175,000		176,750
CF Industries
6.875% 5/1/18		1,690,000		1,927,991
7.125% 5/1/20		300,000		361,877
Consolidated Energy Finance 144A 6.75% 10/15/19 #		690,000		698,625
Domtar 9.50% 8/1/16		800,000		875,410
Dow Chemical
3.50% 10/1/24		395,000		401,910
8.55% 5/15/19		2,322,000		2,909,789
Fibria Overseas Finance 5.25% 5/12/24		525,000		522,375
FMG Resources August 2006
144A 6.875% 4/1/22 #		1,362,000		1,011,285
144A 8.25% 11/1/19 #		285,000		246,169
Georgia-Pacific
144A 2.539% 11/15/19 #		1,050,000		1,065,664
144A 3.60% 3/1/25 #		635,000		652,271
8.00% 1/15/24		1,927,000		2,560,943
Gerdau Holdings 144A 7.00% 1/20/20 #		710,000		761,475
Gerdau Trade 144A 5.75% 1/30/21 #		255,000		255,956
Grace (W.R.) 144A 5.125% 10/1/21 #		635,000		660,400
HD Supply 7.50% 7/15/20		211,000		226,825

50

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Basic Industry (continued)
HD Supply 11.50% 7/15/20		530,000	$	615,463
Inversiones 144A 6.125% 11/5/19 #		490,000		545,370
LSB Industries 7.75% 8/1/19		100,000		104,750
Lundin Mining 144A 7.50% 11/1/20 #		460,000		478,400
LYB International Finance 4.875% 3/15/44		70,000		75,491
LyondellBasell Industries
4.625% 2/26/55		1,650,000		1,650,457
5.00% 4/15/19		500,000		551,861
Methanex 4.25% 12/1/24		1,270,000		1,289,257
MMC Norilsk Nickel 144A 5.55% 10/28/20 #		258,000		248,359
Nortek 8.50% 4/15/21		545,000		585,875
NOVA Chemicals 144A 5.00% 5/1/25 #		1,242,000		1,300,995
Novelis 8.75% 12/15/20		490,000		527,363
OCP
144A 5.625% 4/25/24 #		1,185,000		1,293,131
144A 6.875% 4/25/44 #		535,000		599,869
Phosagro 144A 4.204% 2/13/18 #		628,000		594,716
PolyOne 5.25% 3/15/23		290,000		302,325
Potash of Saskatchewan 3.00% 4/1/25		745,000		747,563
PPG Industries 2.30% 11/15/19		685,000		693,499
Rio Tinto Finance USA 1.111% 6/17/16 •		420,000		421,071
Rockwood Specialties Group 4.625% 10/15/20		690,000		720,187
Ryerson
9.00% 10/15/17		320,000		324,000
11.25% 10/15/18		89,000		90,780
TPC Group 144A 8.75% 12/15/20 #		305,000		280,600
USG 6.30% 11/15/16		800,000		842,000
Weyerhaeuser 4.625% 9/15/23		1,140,000		1,255,403
Yamana Gold 4.95% 7/15/24		625,000		615,637
				36,259,179
Brokerage – 0.40%
Affiliated Managers Group 3.50% 8/1/25		930,000		930,843
Bear Stearns 6.40% 10/2/17		700,000		781,405

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Brokerage (continued)
Bear Stearns 7.25% 2/1/18		2,000,000	$	2,304,020
E*TRADE Financial 4.625% 9/15/23		601,000		613,020
Jefferies Group
5.125% 1/20/23		585,000		608,205
6.45% 6/8/27		331,000		359,135
6.50% 1/20/43		220,000		219,598
Lazard Group
3.75% 2/13/25		2,100,000		2,075,317
6.85% 6/15/17		215,000		238,980
				8,130,523
Capital Goods – 0.64%
Accudyne Industries 144A 7.75% 12/15/20 #		315,000		282,713
Algeco Scotsman Global Finance
144A 8.50% 10/15/18 #		700,000		697,375
144A 10.75% 10/15/19 #		170,000		140,250
Berry Plastics 5.50% 5/15/22		240,000		246,900
BWAY Holding 144A 9.125% 8/15/21 #		730,000		762,850
Cemex
144A 4.375% 3/5/23 #	EUR	605,000		653,087
144A 5.003% 10/15/18 #•		200,000		209,400
144A 7.25% 1/15/21 #		305,000		326,350
Cemex Finance 144A 9.375% 10/12/22 #		870,000		991,800
Consolidated Container 144A 10.125% 7/15/20 #		285,000		249,375
Crane
2.75% 12/15/18		225,000		230,866
4.45% 12/15/23		1,180,000		1,265,004
Gates Global 144A 6.00% 7/15/22 #		425,000		403,219
Ingersoll-Rand Global Holding 4.25% 6/15/23		1,410,000		1,508,099
Lockheed Martin 3.80% 3/1/45		380,000		379,420
Masco 4.45% 4/1/25		610,000		631,350
Milacron 144A 7.75% 2/15/21 #		345,000		358,800
Parker-Hannifin 3.30% 11/21/24		65,000		68,324
Plastipak Holdings 144A 6.50% 10/1/21 #		370,000		378,325
Reynolds Group Issuer 8.25% 2/15/21		370,000		397,750

(continues )  51

Schedules of investments

Optimum Fixed Income Fund

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Capital Goods (continued)
TransDigm
6.00% 7/15/22		240,000	$	241,200
6.50% 7/15/24		65,000		65,650
7.50% 7/15/21		345,000		372,600
Trinity Industries 4.55% 10/1/24		1,010,000		1,017,295
Tyco Electronics Group 0.453% 1/29/16 •		515,000		515,060
Votorantim Cimentos 144A 7.25% 4/5/41 #		540,000		531,924
				12,924,986
Communications – 5.47%
Alibaba Group Holding
144A 0.782% 11/28/17 #•		345,000		344,122
144A 2.50% 11/28/19 #		7,500,000		7,510,763
144A 3.125% 11/28/21 #		1,685,000		1,699,412
Altice
144A 7.625% 2/15/25 #		200,000		201,375
144A 7.75% 5/15/22 #		480,000		489,300
Altice Financing 144A 6.625% 2/15/23 #		1,835,000		1,899,225
America Movil
5.00% 3/30/20		720,000		819,518
6.00% 6/9/19	MXN	31,600,000		2,082,223
American Tower Trust I
144A 1.551% 3/15/43 #		425,000		424,477
144A 3.07% 3/15/23 #		970,000		977,472
AT&T
0.693% 3/30/17 •		1,000,000		998,722
1.171% 11/27/18 •		830,000		841,705
4.35% 6/15/45		690,000		662,684
5.35% 9/1/40		1,155,000		1,264,995
Bell Canada 3.35% 3/22/23	CAD	219,000		182,150
Bharti Airtel International
Netherlands 144A 5.35% 5/20/24 #		1,245,000		1,377,281
CC Holdings GS V 3.849% 4/15/23		450,000		456,359
CCO Holdings 5.25% 9/30/22		380,000		389,975
CCOH Safari 5.75% 12/1/24		2,740,000		2,829,050
CenturyLink
5.80% 3/15/22		2,155,000		2,254,669
6.75% 12/1/23		340,000		375,700
Cequel Communications Holdings I 144A 6.375% 9/15/20 #		435,000		460,556

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Communications (continued)
Columbus International 144A 7.375% 3/30/21 #		1,300,000	$	1,371,500
Comcast
3.375% 2/15/25		2,810,000		2,942,303
5.70% 5/15/18		1,000,000		1,129,227
Cox Communications 144A 3.85% 2/1/25 #		1,485,000		1,532,443
Crown Castle Towers 144A 4.883% 8/15/20 #		2,090,000		2,301,193
CSC Holdings 144A 5.25% 6/1/24 #		2,145,000		2,193,263
Deutsche Telekom International Finance 6.50% 4/8/22	GBP	36,000		67,949
Digicel Group 144A 8.25% 9/30/20 #		1,580,000		1,590,270
DISH DBS 5.00% 3/15/23		640,000		623,872
Gray Television 7.50% 10/1/20		695,000		734,963
Grupo Televisa 5.00% 5/13/45		645,000		674,574
Hughes Satellite Systems 7.625% 6/15/21		280,000		309,050
Intelsat Luxembourg
7.75% 6/1/21		315,000		291,769
8.125% 6/1/23		4,290,000		3,968,250
Interpublic Group 2.25% 11/15/17		15,000		15,130
KT 144A 1.75% 4/22/17 #		900,000		902,041
Lamar Media 5.00% 5/1/23		795,000		816,863
Level 3 Financing 5.375% 8/15/22		465,000		480,839
MDC Partners 144A 6.75% 4/1/20 #		270,000		285,525
Millicom International Cellular
144A 6.00% 3/15/25 #		645,000		645,806
144A 6.625% 10/15/21 #		685,000		726,956
Motorola Solutions 4.00% 9/1/24		1,290,000		1,335,589
MTN Mauritius Investments 144A 4.755% 11/11/24 #		500,000		504,750
MTS International Funding 144A 8.625% 6/22/20 #		670,000		705,229
NBCUniversal Enterprise 144A 0.938% 4/15/18 #•		840,000		846,802
Netflix 144A 5.875% 2/15/25 #		2,755,000		2,841,094
Nielsen Finance 144A 5.00% 4/15/22 #		685,000		691,850

52

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Communications (continued)
Numericable-SFR 144A 6.00% 5/15/22 #		900,000	$	912,375
Oi 144A 5.75% 2/10/22 #		520,000		429,260
Orange
2.75% 9/14/16		100,000		102,290
5.50% 2/6/44		870,000		1,036,935
Priceline Group 3.65% 3/15/25		1,880,000		1,917,111
SBA Tower Trust
144A 2.24% 4/16/18 #		735,000		735,560
144A 2.898% 10/15/19 #		600,000		607,292
SES 144A 3.60% 4/4/23 #		1,555,000		1,631,745
SES GLOBAL Americas Holdings 144A 5.30% 3/25/44 #		1,495,000		1,684,034
Sinclair Television Group 5.375% 4/1/21		1,405,000		1,447,150
Sirius XM Radio
144A 5.375% 4/15/25 #		465,000		468,487
144A 6.00% 7/15/24 #		1,310,000		1,378,775
Sky 144A 3.75% 9/16/24 #		1,905,000		1,973,386
Sprint
7.125% 6/15/24		2,890,000		2,832,200
7.25% 9/15/21		620,000		625,425
7.625% 2/15/25		65,000		65,000
7.875% 9/15/23		1,160,000		1,189,000
Sprint Communications 9.125% 3/1/17		100,000		109,500
Telefonica Emisiones
4.57% 4/27/23		1,010,000		1,113,301
6.421% 6/20/16		1,750,000		1,859,995
Telemar Norte Leste 144A 5.50% 10/23/20 #		878,000		775,713
Time Warner Cable
6.75% 7/1/18		1,500,000		1,724,742
8.25% 4/1/19		2,195,000		2,687,137
T-Mobile USA
6.125% 1/15/22		970,000		1,003,950
6.836% 4/28/23		690,000		728,813
Unitymedia KabelBW 144A 6.125% 1/15/25 #		515,000		545,900
Univision Communications 144A 5.125% 5/15/23 #		210,000		214,200
UPCB Finance IV 144A 5.375% 1/15/25 #		745,000		745,000
Verizon Communications
1.801% 9/15/16 •		1,900,000		1,931,308
2.021% 9/14/18 •		2,895,000		3,022,079
2.50% 9/15/16		138,000		140,987

		Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Communications (continued)
Verizon Communications
3.00% 11/1/21			5,000	$	5,107
3.25% 2/17/26	EUR		323,000		415,660
3.65% 9/14/18			2,200,000		2,340,507
4.40% 11/1/34			1,380,000		1,410,357
4.50% 9/15/20			2,000,000		2,210,156
4.862% 8/21/46			1,985,000		2,083,275
5.15% 9/15/23			750,000		860,461
Viacom 4.85% 12/15/34			2,280,000		2,362,816
Vimpel Communications 144A 7.748% 2/2/21 #			620,000		616,094
Virgin Media Finance 144A 6.375% 4/15/23 #			450,000		481,500
Virgin Media Secured Finance 144A 5.25% 1/15/26 #			200,000		204,500
VTR Finance 144A 6.875% 1/15/24 #			1,485,000		1,544,400
Wind Acquisition Finance 144A 7.375% 4/23/21 #			395,000		410,800
Windstream
7.50% 4/1/23			110,000		105,600
7.75% 10/1/21			205,000		205,513
WPP Finance 2010 5.625% 11/15/43			1,085,000		1,283,521
					111,249,750
Consumer Cyclical – 3.22%
American Axle & Manufacturing 6.25% 3/15/21			415,000		438,863
American Honda Finance 144A 0.636% 5/26/16 # •			435,000		436,728
AutoZone 6.95% 6/15/16			300,000		320,402
Bed Bath & Beyond 4.915% 8/1/34			935,000		1,004,438
BorgWarner 3.375% 3/15/25			285,000		293,953
Caesars Growth Properties Holdings 144A 9.375% 5/1/22 #			305,000		235,613
Chinos Intermediate Holdings
A 144A PIK 7.75%
5/1/19 #T			340,000		299,200
CVS Pass Through Trust 144A 5.773% 1/10/33 #¿			89,366		105,313
Daimler 2.75% 12/10/18	NOK		1,870,000		244,144
Daimler Finance North America
144A 0.595% 8/1/17 #•			540,000		539,300
144A 0.615% 3/10/17 #•			650,000		650,883
144A 1.25% 1/11/16 #			1,300,000		1,305,058

(continues )  53

Schedules of investments

Optimum Fixed Income Fund

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
Daimler Finance North America 144A 3.00% 3/28/16 #		280,000	$	285,998
Dana Holding 5.50% 12/15/24		240,000		248,400
Delphi
4.15% 3/15/24		795,000		846,689
5.00% 2/15/23		195,000		209,625
Ford Motor 7.45% 7/16/31		745,000		1,031,245
Ford Motor Credit
0.784% 9/8/17 •		500,000		497,422
2.75% 5/15/15		500,000		501,118
4.207% 4/15/16		1,300,000		1,337,496
5.875% 8/2/21		1,000,000		1,178,788
7.00% 4/15/15		1,100,000		1,102,034
General Motors
3.50% 10/2/18		1,690,000		1,739,956
5.00% 4/1/35		710,000		760,034
General Motors Financial
3.00% 9/25/17		900,000		918,000
3.15% 1/15/20		295,000		298,834
4.00% 1/15/25		345,000		352,565
4.375% 9/25/21		695,000		739,021
Historic TW 6.875% 6/15/18		2,200,000		2,560,461
Host Hotels & Resorts
3.75% 10/15/23		2,100,000		2,132,315
4.75% 3/1/23		910,000		982,359
5.875% 6/15/19		325,000		337,299
Hyundai Capital America
144A 2.125% 10/2/17 #		615,000		621,448
144A 2.55% 2/6/19 #		715,000		727,822
Hyundai Capital Services
144A 1.07% 3/18/17 #•		205,000		205,358
International Game Technology 5.35% 10/15/23		1,460,000		1,483,541
INVISTA Finance 144A 4.25% 10/15/19 #		1,060,000		1,058,675
Kia Motors 3.625% 6/14/16		900,000		924,071
Landry’s 144A 9.375% 5/1/20 #		515,000		554,913
Lear 5.25% 1/15/25		1,710,000		1,752,750
Lowe’s 0.685% 9/10/19 •		520,000		522,571
Magna International 3.625% 6/15/24		1,740,000		1,776,126
Marriott International 3.375% 10/15/20		650,000		681,548
Meritor 6.75% 6/15/21		210,000		218,400

		Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
MGM Resorts International
6.00% 3/15/23			1,710,000	$	1,765,575
7.50% 6/1/16			100,000		105,320
10.00% 11/1/16			300,000		333,750
PACCAR Financial 0.864% 12/6/18 •			835,000		840,238
PF Chang’s China Bistro 144A 10.25% 6/30/20 #			140,000		145,600
Pinnacle Entertainment 7.50% 4/15/21			425,000		450,500
QVC
4.375% 3/15/23			1,515,000		1,546,136
5.45% 8/15/34			1,080,000		1,074,384
RCI Banque 144A 4.60% 4/12/16 #			900,000		930,742
Sally Holdings 5.75% 6/1/22			340,000		363,375
Schaeffler Finance
144A 4.75% 5/15/23 #			200,000		202,500
7.75% 2/15/17	EUR		1,400,000		1,712,654
Schaeffler Holding Finance PIK 6.875% 8/15/18 T	EUR		1,300,000		1,468,420
Signet UK Finance 4.70% 6/15/24			1,290,000		1,326,578
Starwood Hotels & Resorts Worldwide
3.75% 3/15/25			2,280,000		2,344,647
4.50% 10/1/34			230,000		240,091
Target 2.30% 6/26/19			390,000		399,863
Tenedora Nemak 144A 5.50% 2/28/23 #			1,105,000		1,148,647
Toyota Finance Australia
2.25% 8/31/16	NOK		110,000		13,813
3.04% 12/20/16	NZD		760,000		560,975
TRW Automotive
144A 4.45% 12/1/23 #			1,585,000		1,600,850
144A 4.50% 3/1/21 #			405,000		409,050
Tupy Overseas 144A 6.625% 7/17/24 #			700,000		675,500
Volkswagen International Finance 144A 0.696% 11/18/16 # •			620,000		621,420
Volvo Treasury 1.227% 3/1/17 •	SEK		1,100,000		129,629
Wyndham Worldwide
3.90% 3/1/23			435,000		444,125
4.25% 3/1/22			725,000		757,721
5.625% 3/1/21			495,000		559,652
Wynn Las Vegas 5.375% 3/15/22			125,000		130,000

54

		Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
Wynn Las Vegas 144A 5.50% 3/1/25 #			8,695,000	$	8,847,163
					65,609,695
Consumer Non-Cyclical – 4.10%
Actavis Funding
1.30% 6/15/17			900,000		892,781
1.348% 3/12/18 •			300,000		302,111
2.35% 3/12/18			500,000		507,121
3.00% 3/12/20			1,300,000		1,331,507
3.45% 3/15/22			1,925,000		1,974,702
3.80% 3/15/25			1,305,000		1,349,525
4.55% 3/15/35			130,000		135,942
Air Medical Group Holdings 9.25% 11/1/18			301,000		317,555
AmerisourceBergen 3.25% 3/1/25			2,675,000		2,716,235
Amgen
0.862% 5/22/19 •			1,000,000		1,001,768
2.30% 6/15/16			125,000		126,913
3.875% 11/15/21			470,000		506,436
4.00% 9/13/29	GBP		216,000		351,577
Anheuser-Busch InBev Finance 0.655% 2/1/19 •			840,000		840,774
Anheuser-Busch InBev Worldwide 5.375% 1/15/20			1,000,000		1,153,100
Bayer U.S. Finance 144A 0.551% 10/6/17 #•			495,000		495,552
Becton Dickinson
0.721% 6/15/16 •			1,000,000		1,001,517
3.734% 12/15/24			890,000		933,330
Boston Scientific
2.65% 10/1/18			205,000		207,428
6.00% 1/15/20			1,665,000		1,918,453
BRF
144A 3.95% 5/22/23 #			465,000		432,892
144A 4.75% 5/22/24 #			600,000		585,000
Campbell Soup 3.30% 3/19/25			1,275,000		1,299,010
CareFusion 6.375% 8/1/19			1,330,000		1,556,442
CDK Global 144A 4.50% 10/15/24 #			700,000		722,850
Celgene
3.25% 8/15/22			925,000		947,267
3.95% 10/15/20			925,000		999,428
Cencosud 144A 5.15% 2/12/25 #			1,420,000		1,405,409

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
Community Health Systems 6.875% 2/1/22		2,590,000	$	2,781,013
ConAgra Foods 0.626% 7/21/16 •		260,000		259,077
DaVita HealthCare Partners 5.125% 7/15/24		705,000		720,422
EMD Finance
144A 2.95% 3/19/22 #		570,000		577,567
144A 3.25% 3/19/25 #		1,240,000		1,257,140
ENA Norte Trust 144A 4.95% 4/25/23 #		533,783		551,131
Express Scripts Holding
2.25% 6/15/19		765,000		769,211
3.50% 6/15/24		1,045,000		1,077,914
Fresenius Medical Care U.S. Finance II 144A 5.875% 1/31/22 #		355,000		. 392,275
Gilead Sciences 3.50% 2/1/25		920,000		971,356
HCA
3.75% 3/15/19		1,200,000		1,219,128
5.375% 2/1/25		1,330,000		1,401,487
HealthSouth
5.125% 3/15/23		235,000		240,287
5.75% 11/1/24		165,000		172,425
Heinz (H.J.) 144A 4.875% 2/15/25 #		300,000		325,875
HPHT Finance 15 144A 2.875% 3/17/20 #		835,000		844,491
Immucor 11.125% 8/15/19		470,000		507,013
JBS Investments 144A 7.75% 10/28/20 #		1,540,000		1,636,250
Kimberly-Clark 0.377% 5/15/16 •		900,000		900,941
Kinetic Concepts 10.50% 11/1/18		290,000		314,650
Kroger 0.787% 10/17/16 •		420,000		420,960
Lilly (Eli) 2.75% 6/1/25		680,000		683,886
Medtronic
0.351% 2/27/17 •		1,430,000		1,426,278
144A 3.15% 3/15/22 #		1,360,000		1,413,494
144A 3.50% 3/15/25 #		1,210,000		1,266,518
Merck
0.616% 5/18/18 •		835,000		838,221
0.631% 2/10/20 •		900,000		904,706
2.35% 2/10/22		840,000		841,535
2.75% 2/10/25		1,985,000		1,985,945
Minerva Luxembourg 144A 7.75% 1/31/23 #		260,000		256,750

(continues )  55

Schedules of investments

Optimum Fixed Income Fund

		Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
Mondelez International 4.125% 2/9/16			750,000	$	770,376
Omnicare 5.00% 12/1/24			235,000		246,750
Par Pharmaceutical 7.375% 10/15/20			510,000		540,600
Pernod-Ricard 144A 5.75% 4/7/21 #			1,850,000		2,149,643
Perrigo
4.00% 11/15/23			1,125,000		1,177,577
5.30% 11/15/43			320,000		363,896
Perrigo Finance 3.50% 12/15/21			1,975,000		2,045,509
Pfizer 0.571% 6/15/18 •			754,000		754,841
Prestige Brands 144A 5.375% 12/15/21 #			475,000		483,313
Red de Carreteras de Occidente 144A 9.00% 6/10/28 #	MXN		8,440,000		535,077
Service International 5.375% 5/15/24			275,000		288,750
Smithfield Foods 6.625% 8/15/22			225,000		241,594
Smucker (J.M.)
144A 3.00% 3/15/22 #			325,000		330,395
144A 3.50% 3/15/25 #			1,475,000		1,519,496
144A 4.25% 3/15/35 #			395,000		410,503
Spectrum Brands
6.375% 11/15/20			405,000		431,325
6.625% 11/15/22			860,000		924,500
Tenet Healthcare 6.00% 10/1/20			728,000		773,500
Thermo Fisher Scientific
2.40% 2/1/19			1,430,000		1,451,403
3.30% 2/15/22			640,000		657,240
United Rentals North America
4.625% 7/15/23			700,000		709,625
5.50% 7/15/25			560,000		571,900
5.75% 11/15/24			535,000		555,063
VRX Escrow
144A 4.50% 5/15/23 #	EUR		4,200,000		4,551,896
144A 5.375% 3/15/20 #			400,000		404,500
144A 5.875% 5/15/23 #			880,000		904,200
Zimmer Holdings
3.15% 4/1/22			365,000		369,756
3.375% 11/30/21			1,290,000		1,327,567
3.55% 4/1/25			1,275,000		1,303,049
4.625% 11/30/19			1,270,000		1,400,080

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
Zoetis 3.25% 2/1/23		2,335,000	$	2,331,056
				83,495,551
Energy – 3.58%
Anadarko Petroleum 4.50% 7/15/44		1,825,000		1,874,640
BP Capital Markets 4.75% 3/10/19		160,000		177,247
Bristow Group 6.25% 10/15/22		420,000		401,100
California Resources
144A 5.00% 1/15/20 #		535,000		485,513
144A 5.50% 9/15/21 #		240,000		214,128
144A 6.00% 11/15/24 #		750,000		661,875
Canadian Natural Resources 0.648% 3/30/16 •		680,000		679,201
Chaparral Energy 7.625% 11/15/22		580,000		394,400
Chesapeake Energy
3.503% 4/15/19 •		300,000		289,500
5.75% 3/15/23		1,885,000		1,847,300
Chevron
0.792% 3/3/22 •		1,575,000		1,580,791
1.961% 3/3/20		1,005,000		1,012,131
2.411% 3/3/22		570,000		571,601
Cimarex Energy 4.375% 6/1/24		565,000		563,587
CNOOC Finance 2012 144A 3.875% 5/2/22 #		8,955,000		9,341,668
ConocoPhillips 4.30% 11/15/44		435,000		462,877
Continental Resources 4.50% 4/15/23		2,190,000		2,128,993
Devon Energy 0.811% 12/15/16 •		500,000		494,421
EOG Resources 3.15% 4/1/25		870,000		888,403
Exterran Partners 6.00% 4/1/21		130,000		120,250
Exxon Mobil
0.634% 3/6/22 •		1,125,000		1,129,164
2.397% 3/6/22		605,000		610,325
2.709% 3/6/25		2,325,000		2,351,679
Freeport-McMoRan Oil & Gas 6.50% 11/15/20		514,000		546,767
Harvest Operations 2.125% 5/14/18		500,000		503,589
KazMunayGas National 144A 6.375% 4/9/21 #		405,000		405,810

56

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Energy (continued)
Laredo Petroleum 7.375% 5/1/22		405,000	$	419,681
Lukoil International Finance 144A 3.416% 4/24/18 #		515,000		475,474
MarkWest Energy Partners 4.875% 12/1/24		790,000		811,646
Murphy Oil USA 6.00% 8/15/23		550,000		592,625
Newfield Exploration
5.375% 1/1/26		1,110,000		1,123,320
5.625% 7/1/24		855,000		893,475
Noble Energy
3.90% 11/15/24		360,000		366,959
5.05% 11/15/44		705,000		742,641
Noble Holding International 4.00% 3/16/18		250,000		251,557
Northern Oil & Gas 8.00% 6/1/20		175,000		156,187
Oasis Petroleum 6.875% 3/15/22		520,000		509,600
ONGC Videsh 3.25% 7/15/19		400,000		407,138
PDC Energy 7.75% 10/15/22		125,000		131,875
Petrobras Global Finance
1.881% 5/20/16 •		2,300,000		2,179,480
2.00% 5/20/16		200,000		191,800
2.393% 1/15/19 •		500,000		434,375
2.631% 3/17/17 •		600,000		553,440
3.00% 1/15/19		786,000		680,534
3.151% 3/17/20 •		425,000		367,625
3.50% 2/6/17		600,000		563,010
4.875% 3/17/20		1,028,000		925,714
5.375% 1/27/21		600,000		547,290
5.875% 3/1/18		1,130,000		1,084,800
6.125% 10/6/16		100,000		99,974
7.875% 3/15/19		700,000		716,072
Petroleos Mexicanos 144A 4.25% 1/15/25 #		400,000		406,420
6.50% 6/2/41		390,000		443,625
Petronas Capital 144A 4.50% 3/18/45 #		215,000		216,824
Petronas Global Sukuk 144A 2.707% 3/18/20 #		1,240,000		1,247,601
Pride International 6.875% 8/15/20		2,785,000		3,175,229
PTT Exploration & Production 144A 4.875% 12/29/49 #•		900,000		904,500

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Energy (continued)
Regency Energy Partners
5.50% 4/15/23		220,000	$	228,250
5.875% 3/1/22		140,000		152,600
Reliance Industries 144A 4.875% 2/10/45 #		415,000		397,101
Shell International Finance 0.467% 11/15/16 •		340,000		340,778
Sinopec Group Overseas Development 2012 144A 3.90% 5/17/22 #		3,200,000		3,366,570
Sinopec Group Overseas Development 2014 4.375% 4/10/24		4,600,000		5,009,225
Southwestern Energy
4.05% 1/23/20		200,000		206,896
7.50% 2/1/18		2,500,000		2,825,805
Statoil 0.716% 11/8/18 •		835,000		835,714
Talisman Energy 5.50% 5/15/42		1,325,000		1,316,910
Total Capital International 0.826% 8/10/18 •		840,000		845,132
Valero Energy
3.65% 3/15/25		880,000		901,835
4.90% 3/15/45		460,000		477,457
Williams 4.55% 6/24/24		685,000		664,663
Woodside Finance
144A 3.65% 3/5/25 #		1,025,000		1,017,877
144A 8.75% 3/1/19 #		1,125,000		1,383,103
YPF
7.758% 8/15/18 •		411,765		420,000
144A 8.75% 4/4/24 #		510,000		523,056
144A 8.875% 12/19/18 #		510,000		525,785
				72,796,208
Finance Companies – 1.74%
American Express 7.00% 3/19/18		6,600,000		7,630,293
American Express Credit 0.82% 3/18/19 •		1,500,000		1,500,741
BM&FBovespa 5.50% 7/16/20		1,000,000		1,075,000
BOC Aviation 144A 3.00% 3/30/20 #		500,000		499,667
Citicorp Lease Pass Through Trust Series 1999-1 144A 8.04% 12/15/19 # ¿		200,000		246,006
CME Group 3.00% 3/15/25		865,000		874,881
Corp Financiera de Desarrollo 144A 5.25% 7/15/29 # •		315,000		328,340

(continues )  57

Schedules of investments

Optimum Fixed Income Fund

		Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Finance Companies (continued)
General Electric Capital
0.635% 5/5/26 •			920,000	$	865,272
2.20% 1/9/20			875,000		885,243
144A 3.80% 6/18/19 #			345,000		369,603
4.208% 12/6/21	SEK		1,000,000		138,026
4.25% 1/17/18	NZD		140,000		105,484
4.65% 10/17/21			310,000		351,351
5.55% 5/4/20			470,000		547,842
6.00% 8/7/19			1,025,000		1,198,549
7.125% 12/29/49 •			2,100,000		2,472,750
GMAC International Finance 7.50% 4/21/15	EUR		100,000		107,946
HSBC Finance 0.692% 6/1/16 •			1,500,000		1,498,224
Hutchison Whampoa
International 14 144A 3.625% 10/31/24 #			765,000		785,291
International Lease Finance
4.875% 4/1/15			200,000		200,000
5.75% 5/15/16			900,000		936,675
144A 6.75% 9/1/16 #			1,640,000		1,746,600
144A 7.125% 9/1/18 #			100,000		112,500
8.625% 9/15/15			1,200,000		1,236,000
Murray Street Investment
Trust I 4.647% 3/9/17			4,700,000		4,982,935
Navient
6.25% 1/25/16			665,000		685,781
7.25% 1/25/22			550,000		581,625
Springleaf Finance 5.40% 12/1/15			700,000		713,195
SUAM Finance 144A 4.875% 4/17/24 #			985,000		1,021,937
Synchrony Financial 1.485% 2/3/20 •			500,000		502,903
Waha Aerospace 3.925% 7/28/20			1,155,000		1,214,194
					35,414,854
Insurance – 1.28%
American International Group
3.875% 1/15/35			3,405,000		3,433,820
8.175% 5/15/58 •			795,000		1,131,325
Berkshire Hathaway Finance
0.402% 1/10/17 •			120,000		120,073
2.90% 10/15/20			885,000		935,894
Chubb 6.375% 3/29/67 •			820,000		873,300
Five Corners Funding Trust
144A 4.419% 11/15/23 #			3,265,000		3,509,069

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Insurance (continued)
Highmark
144A 4.75% 5/15/21 #		445,000	$	468,673
144A 6.125% 5/15/41 #		160,000		171,825
HUB International 144A 7.875% 10/1/21 #		380,000		390,450
Jackson National Life Global Funding 144A 1.25% 2/21/17 #		200,000		200,561
Liberty Mutual Group
144A 4.25% 6/15/23 #		925,000		986,957
144A 4.95% 5/1/22 #		320,000		354,016
MetLife 3.60% 4/10/24		950,000		1,005,167
MetLife Capital Trust IV 144A 7.875% 12/15/37 #		300,000		399,000
MetLife Capital Trust X 144A 9.25% 4/8/38 #		1,100,000		1,643,125
Metropolitan Life Global Funding I 144A 0.783% 7/15/16 # •		835,000		839,404
Peachtree Corners Funding Trust 144A 3.976% 2/15/25 #		705,000		716,627
Prudential Financial
4.50% 11/15/20		275,000		306,400
5.625% 6/15/43 •		440,000		468,600
5.875% 9/15/42 •		555,000		605,644
Stone Street Trust 144A 5.902% 12/15/15 #@		2,300,000		2,371,114
TIAA Asset Management Finance
144A 2.95% 11/1/19 #		1,420,000		1,456,897
144A 4.125% 11/1/24 #		1,460,000		1,544,078
USI 144A 7.75% 1/15/21 #		65,000		66,950
Voya Financial
5.65% 5/15/53 •		920,000		966,000
XLIT
4.45% 3/31/25		490,000		494,159
6.50% 10/29/49 •		655,000		581,313
				26,040,441
Natural Gas – 1.53%
AmeriGas Finance 7.00% 5/20/22		435,000		468,713
Enbridge Energy Partners 8.05% 10/1/37 •		1,210,000		1,303,775
Energy Transfer Partners
4.05% 3/15/25		1,435,000		1,450,024
4.90% 3/15/35		440,000		438,411
5.15% 3/15/45		570,000		575,746
9.70% 3/15/19		694,000		873,087

58

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Natural Gas (continued)
EnLink Midstream Partners 5.05% 4/1/45		870,000	$	888,408
Enterprise Products Operating 7.034% 1/15/68 ·		1,645,000		1,779,574
Florida Gas Transmission 144A 7.90% 5/15/19 #		320,000		382,682
Kinder Morgan
144A 5.00% 2/15/21 #		550,000		588,581
7.00% 6/15/17		800,000		882,885
Kinder Morgan Energy Partners
5.95% 2/15/18		1,000,000		1,106,272
6.85% 2/15/20		700,000		817,886
9.00% 2/1/19		1,280,000		1,560,454
Kinder Morgan Energy Partners 5.00% 10/1/21		620,000		665,957
ONEOK Partners 3.80% 3/15/20		515,000		525,688
Plains All American Pipeline
6.50% 5/1/18		800,000		908,469
8.75% 5/1/19		1,160,000		1,447,128
Ras Laffan Liquefied Natural Gas II 5.298% 9/30/20 @		1,718,100		1,855,118
Rockies Express Pipeline 144A 6.85% 7/15/18 #		500,000		542,500
Sabine Pass Liquefaction 5.75% 5/15/24		5,500,000		5,555,000
Suburban Propane Partners 7.375% 8/1/21		115,000		124,200
Sunoco Logistics Partners Operations 3.45% 1/15/23		1,235,000		1,217,194
Texas Eastern Transmission 144A 6.00% 9/15/17 #		800,000		883,567
TransCanada PipeLines 6.35% 5/15/67 ·		1,790,000		1,740,775
Williams Partners
4.00% 9/15/25		1,465,000		1,439,858
7.25% 2/1/17		1,010,000		1,110,057
				31,132,009
Real Estate – 1.46%
Alexandria Real Estate Equities
4.50% 7/30/29		450,000		476,296
4.60% 4/1/22		1,080,000		1,142,902
AvalonBay Communities
3.50% 11/15/24		625,000		643,421
Carey (W.P.) 4.60% 4/1/24		695,000		720,108

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Real Estate (continued)
CBL & Associates
4.60% 10/15/24		1,105,000	$	1,125,575
5.25% 12/1/23		185,000		198,372
Corporate Office Properties
3.60% 5/15/23		690,000		670,830
5.25% 2/15/24		800,000		871,962
Corrections of America 4.625% 5/1/23		388,000		389,940
DDR
3.625% 2/1/25		350,000		350,006
7.50% 4/1/17		940,000		1,045,518
7.875% 9/1/20		731,000		912,085
Education Realty Operating Partnership 4.60% 12/1/24		950,000		989,435
Excel Trust 4.625% 5/15/24		460,000		483,574
GEO Group
5.125% 4/1/23		285,000		292,125
5.875% 10/15/24		285,000		297,825
Goodman Funding 144A 6.375% 11/12/20 #		5,300,000		6,211,224
HCP 5.375% 2/1/21		2,300,000		2,592,484
Hospitality Properties Trust 4.50% 3/15/25		870,000		891,910
Omega Healthcare Investors 144A 4.50% 4/1/27 #		955,000		942,871
Prologis 4.00% 1/15/18		300,000		317,222
Qatari Diar Finance
3.50% 7/21/15		2,100,000		2,119,383
5.00% 7/21/20		500,000		563,630
Regency Centers 5.875% 6/15/17		285,000		311,722
Trust F/1401 144A 5.25% 12/15/24 #		1,150,000		1,239,125
WEA Finance 144A 3.75% 9/17/24 #		3,855,000		3,995,044
				29,794,589
Technology – 1.28%
Activision Blizzard 144A 6.125% 9/15/23 #		470,000		513,475
Apple
0.555% 5/6/19 •		840,000		844,556
3.45% 2/9/45		2,235,000		2,127,353
Baidu 2.75% 6/9/19		1,116,000		1,129,768
CDW 5.00% 9/1/23		190,000		193,325
Cisco Systems 0.762% 3/1/19 •		650,000		655,628
eBay 0.735% 8/1/19 •		765,000		752,263

(continues )  59

Schedules of investments

Optimum Fixed Income Fund

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Technology (continued)
Equinix
4.875% 4/1/20		255,000	$	264,563
5.375% 4/1/23		493,000		514,199
First Data
11.25% 1/15/21		907,000		1,033,980
11.75% 8/15/21		281,000		326,311
Hewlett-Packard
1.193% 1/14/19 ·		420,000		416,227
2.65% 6/1/16		130,000		132,468
International Business Machines
0.835% 11/6/21 ·		690,000		695,069
1.625% 5/15/20		440,000		434,625
Jabil Circuit 7.75% 7/15/16		92,000		99,130
Micron Technology 144A 5.25% 8/1/23 #		1,730,000		1,764,600
Microsoft
2.70% 2/12/25		540,000		542,767
3.50% 2/12/35		500,000		499,747
3.75% 2/12/45		1,045,000		1,051,776
National Semiconductor 6.60% 6/15/17		1,530,000		1,712,688
NetApp 3.25% 12/15/22		745,000		738,021
NXP 144A 5.75% 3/15/23 #		270,000		287,550
Oracle
0.784% 10/8/19 ·		940,000		945,209
4.30% 7/8/34		370,000		402,262
Samsung Electronics America 144A 1.75% 4/10/17 #		745,000		751,596
Seagate HDD Cayman
144A 4.75% 1/1/25 #		945,000		980,445
144A 5.75% 12/1/34 #		1,050,000		1,125,613
Symantec 4.20% 9/15/20		2,000,000		2,110,332
Tencent Holdings
144A 2.875% 2/11/20 #		710,000		715,969
144A 3.375% 5/2/19 #		555,000		575,598
144A 3.80% 2/11/25 #		305,000		312,320
Xerox 6.35% 5/15/18		1,220,000		1,378,788
				26,028,221
Transportation – 0.89%
Air Canada 2015-1 Class A Pass Through Trust 144A 3.60% 3/15/27 #¿		580,000		580,000
American Airlines 2011-1 Class A Pass Through Trust 5.25% 1/31/21 ¿		433,673		470,535

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Transportation (continued)
American Airlines 2014-1 Class A Pass Through Trust 3.70% 10/1/26 ¿		470,000	$	486,450
American Airlines 2015-1 Class A Pass Through Trust 3.375% 5/1/27 ¿		375,000		377,813
AP Moeller – Maersk 144A 2.55% 9/22/19 #		500,000		508,745
Aviation Capital Group 144A 6.75% 4/6/21 #		790,000		900,177
Brambles USA
144A 3.95% 4/1/15 #		395,000		395,000
144A 5.35% 4/1/20 #		320,000		359,713
Burlington Northern Santa Fe 3.40% 9/1/24		495,000		517,645
Continental Airlines 2009-2 Class A Pass Through Trust 7.25% 11/10/19 ¿		697,186		806,993
Delta Air Lines Class A Pass Through Trust 6.821% 8/10/22 ¿		302,562		355,147
Doric Nimrod Air Finance Alpha 2012-1 Class A Pass Through Trust 144A 5.125% 11/30/22 #¿		1,660,762		1,765,059
ERAC USA Finance
144A 4.50% 2/15/45 #		165,000		167,606
144A 5.25% 10/1/20 #		1,470,000		1,679,293
Kansas City Southern de Mexico 0.956% 10/28/16 •		900,000		898,378
Norfolk Southern 3.85% 1/15/24		1,085,000		1,173,067
Penske Truck Leasing
144A 2.50% 3/15/16 #		1,400,000		1,420,604
144A 3.75% 5/11/17 #		200,000		208,701
UAL 2009-1 Pass Through Trust 10.40% 11/1/16 ¿		159,514		174,078
UAL 2009-2A Pass Through Trust 9.75% 1/15/17 ¿		617,341		685,248
United Airlines 2014-1 Class A Pass Through Trust 4.00% 4/11/26 ¿		350,000		369,250
United Airlines 2014-2 Class A Pass Through Trust 3.75% 9/3/26 ¿		650,000		677,625
United Parcel Service 5.125% 4/1/19		2,210,000		2,515,287

60

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Transportation (continued)
US Airways 2012-2 Class A Pass Through Trust 4.625% 6/3/25 ¿		633,978	$	678,357
				18,170,771
Utilities – 3.34%
AES
5.50% 3/15/24		515,000		516,287
5.50% 4/15/25		440,000		435,600
7.375% 7/1/21		419,000		467,185
AES Gener
144A 5.25% 8/15/21 # 144A		420,000		452,820
8.375% 12/18/73 #·		676,000		743,668
Ameren Illinois
3.25% 3/1/25		810,000		845,938
9.75% 11/15/18		2,110,000		2,681,082
American Transmission Systems 144A 5.25% 1/15/22 #		3,135,000		3,607,037
Appalachian Power 7.95% 1/15/20		1,000,000		1,246,961
Berkshire Hathaway Energy
3.75% 11/15/23		1,235,000		1,318,881
4.50% 2/1/45		555,000		606,756
Calpine 5.375% 1/15/23		415,000		417,075
CenterPoint Energy 5.95% 2/1/17		35,000		37,979
Cleveland Electric Illuminating 5.50% 8/15/24		515,000		621,259
CMS Energy 6.25% 2/1/20		635,000		751,040
ComEd Financing III 6.35% 3/15/33		680,000		702,343
Comision Federal de Electricidad 144A 4.875% 1/15/24 #		575,000		613,813
Dominion Gas Holdings 3.60% 12/15/24		1,210,000		1,271,224
DTE Energy 2.40% 12/1/19		1,505,000		1,531,145
Duke Energy 1.625% 8/15/17		1,000,000		1,011,388
Duke Energy Indiana 0.602% 7/11/16 ·		835,000		836,103
Duquesne Light Holdings 5.50% 8/15/15		756,000		768,654
Dynegy 5.875% 6/1/23		515,000		503,413
Dynegy Finance I/II
144A 6.75% 11/1/19 #		110,000		113,987
144A 7.375% 11/1/22 #		165,000		174,075
144A 7.625% 11/1/24 #		1,695,000		1,781,869

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Utilities (continued)
E.CL 144A 5.625% 1/15/21 #		260,000	$	289,053
Electricite de France
144A 0.717% 1/20/17 #·		840,000		841,719
144A 4.60% 1/27/20 #		525,000		586,004
144A 5.25% 1/29/49 #·		1,785,000		1,867,110
Enel 144A
8.75% 9/24/73 #·		1,405,000		1,697,906
Entergy 3.625% 9/15/15		215,000		217,516
Entergy Arkansas
3.70% 6/1/24		115,000		123,358
3.75% 2/15/21		200,000		215,160
Entergy Louisiana
4.05% 9/1/23		1,555,000		1,710,097
Eskom Holdings 144A
7.125% 2/11/25 #		470,000		474,465
FirstEnergy 2.75% 3/15/18		1,000,000		1,024,813
Great Plains Energy 4.85% 6/1/21		910,000		1,019,094
Integrys Energy Group 6.11% 12/1/66 ·		1,200,000		1,176,454
IPALCO Enterprises 5.00% 5/1/18		405,000		431,325
ITC Holdings 3.65% 6/15/24		4,300,000		4,465,331
Jersey Central Power & Light 7.35% 2/1/19		1,000,000		1,182,877
Laclede Group 1.007% 8/15/17 ·		700,000		699,555
LG&E & KU Energy
3.75% 11/15/20		1,175,000		1,245,039
4.375% 10/1/21		1,555,000		1,718,732
Majapahit Holding 7.75% 1/20/20		400,000		473,600
Metropolitan Edison 144A 4.00% 4/15/25 #		600,000		628,056
National Rural Utilities Cooperative Finance
2.85% 1/27/25		715,000		721,449
4.75% 4/30/43 ·		1,640,000		1,649,020
NextEra Energy Capital Holdings
2.40% 9/15/19		1,455,000		1,473,611
2.70% 9/15/19		450,000		461,570
3.625% 6/15/23		490,000		513,744
NV Energy 6.25% 11/15/20		1,135,000		1,348,681
Pedernales Electric Cooperative 144A
6.202% 11/15/32 #		620,000		759,120
Pennsylvania Electric 5.20% 4/1/20		1,180,000		1,307,757

(continues )  61

Schedules of investments

Optimum Fixed Income Fund

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Utilities (continued)
Perusahaan Listrik Negara 144A 5.50% 11/22/21 #		900,000	$	986,625
Public Service of New Hampshire 3.50% 11/1/23		635,000		676,919
Public Service of Oklahoma 5.15% 12/1/19		1,300,000		1,469,335
Puget Energy
6.00% 9/1/21		340,000		401,999
6.50% 12/15/20		3,800,000		4,573,733
Saudi Electricity Global Sukuk 3 144A 5.50% 4/8/44 #		252,000		274,630
SCANA 4.125% 2/1/22		810,000		852,836
Southwestern Electric Power 6.45% 1/15/19		690,000		805,120
State Grid Overseas Investment 2014
144A 2.75% 5/7/19 #		490,000		499,756
144A 4.125% 5/7/24 #		315,000		341,840
Trans-Allegheny Interstate Line 144A 3.85% 6/1/25 #		960,000		1,004,854
Transelec 144A 4.25% 1/14/25 #		700,000		716,872
Wisconsin Energy 6.25% 5/15/67 ·		1,015,000		1,017,506
				68,001,823
Total Corporate Bonds (cost $805,097,422)				820,648,270
Municipal Bonds – 2.26%
American Municipal Power, Ohio (Combined Hydroelectric Projects) Series 2010 8.084% 2/15/50		1,500,000		2,432,520
Atlanta,Georgia Water & Wastewater Revenue 5.00% 11/1/40		510,000		588,096
Bay Area,California Toll Authority (Build America Bonds) Series S1
6.918% 4/1/40		800,000		1,127,848
7.043% 4/1/50		3,000,000		4,506,930

	Principal amount°		Value (U.S. $)
Municipal Bonds (continued)
California State (Taxable Build America Bonds)
7.35% 11/1/39		2,000,000	$	3,002,640
7.60% 11/1/40		1,900,000		3,057,252
California State Various Purpose 5.00% 3/1/45		885,000		1,025,954
(Taxable Build America Bonds)
7.30% 10/1/39		200,000		298,808
7.55% 4/1/39		1,900,000		2,974,488
Chicago, Illinois Transit Authority (Pension Funding) Series A 6.899% 12/1/40		1,800,000		2,325,294
(Retiree Health Care Funding) Series B 6.899% 12/1/40		1,800,000		2,325,294
Clark County, Nevada Airport Revenue (Build America Bonds) Series C 6.82% 7/1/45		1,500,000		2,212,050
Golden State, California Tobacco Securitization Corporation Settlement Revenue (Asset-Backed Senior Notes)
Series A-1 5.125% 6/1/47		370,000		287,464
Series A-1 5.75% 6/1/47		405,000		343,250
Golden State, California Tobacco Securitization Enhanced Asset-Backed Series A
5.00% 6/1/40		1,530,000		1,747,352
5.00% 6/1/45		485,000		551,207
Los Angeles,California Community College District Revenue (Build America Bond) 6.60% 8/1/42		800,000		1,160,256
Maryland State Local Facilities 2nd Loan Series A 5.00% 8/1/21		405,000		490,629
Mississippi State Series C 5.00% 10/1/25		385,000		485,269
Missouri State Highway & Transportation Commission Revenue (First Lien) Series A 5.00% 5/1/26		215,000		275,796

62

	Principal amount°		Value (U.S. $)
Municipal Bonds (continued)
Municipal Electric Authority of Georgia (Plant Vogtle Units 3 & 4 Project) 6.655% 4/1/57		1,800,000	$	2,358,828
New Jersey Transportation Trust Fund (Transportation Program) Series AA 5.00% 6/15/44		450,000		478,273
New York City,New York Series I 5.00% 8/1/22		295,000		353,097
New York City,New York Transitional Finance Authority Future Tax Secured Revenue (Build America Bond) 5.508% 8/1/37		700,000		887,306
New York City,New York     Water & Sewer System     Series EE 5.00% 6/15/45		755,000		866,800
New York State Thruway     Authority Revenue     Series A 5.00% 5/1/19		415,000		475,071
New York State Urban     Development (Build     America Bonds)     5.77% 3/15/39		800,000		997,376
Oregon State Taxable Pension     5.892% 6/1/27		65,000		80,859
Pennsylvania Turnpike     Commission     Series B-1 1.00%     12/1/21 ·		750,000		757,365
Port Authority of New York &     New Jersey Consolidated     Bonds (One Hundred     Sixty-Fifth Series)     5.647% 11/1/40		3,300,000		4,234,626
Texas Private Activity     Bond Surface     Transportation Revenue     (Senior Lien Note Mobility)     6.75% 6/30/43 (AMT)		310,000		380,606
Texas State Transportation     Commission     (Senior Lien Mobility Fund)     Series A 5.00% 10/1/44		1,285,000		1,501,869
University of California
Series AO 5.00% 5/15/25		175,000		221,183
Series Y-1 0.679% 7/1/41 ·		500,000		500,010

	Principal amount°		Value (U.S. $)
Municipal Bonds (continued)
Utah Transit Authority     Series A 5.00% 6/15/25		200,000	$	253,216
Washington State Motor     Vehicle Fuel     Series C 5.00% 2/1/25		430,000		536,894
Total Municipal Bonds (cost $43,182,258)				46,101,776
Non-Agency Asset-Backed Securities – 3.51%
ABFC Trust     Series 2006-HE1 A2D     0.394% 1/25/37 ·		495,456		307,717
Accredited Mortgage     Loan Trust
Series 2006-2 A4 0.434% 9/25/36 ·		3,500,000		2,920,333
Series 2007-1 A3     0.304% 2/25/37 ·		2,918,806		2,772,778
AEP Texas Central Transition     Funding II     Series 2006-A A4     5.17% 1/1/18		485,000		515,425
Ally Master Owner Trust     Series 2013-2 A     0.625% 4/15/18 ·		855,000		855,631
American Express Credit     Account Master Trust     Series 2013-2 A     0.595% 5/17/21 ·		530,000		531,763
AmeriCredit Automobile     Receivables Trust     Series 2013-5 A2B     0.555% 3/8/17 ·		318,584		318,584
Ameriquest Mortgage     Securities Asset-Backed     Pass Through Certificates
Series 2005-R5 M2 0.634% 7/25/35 ¿·		1,400,000		1,334,882
Series 2005-R7 M2     0.674% 9/25/35 ¿·		2,000,000		1,775,130
Argent Securities     Asset-Backed Pass Through     Certificates     Series 2003-W9 M1     1.206% 1/25/34 ¿·		385,681		370,862
Argent Securities Trust
Series 2006-M1 A2C 0.324% 7/25/36 ·		1,479,621		668,548
Series 2006-M1 A2D 0.414% 7/25/36 ·		1,479,621		678,545

(continues )  63

Schedules of investments

Optimum Fixed Income Fund

	Principal amount°		Value (U.S. $)
Non-Agency Asset-Backed Securities (continued)
Argent Securities Trust Series 2006-W4 A2C 0.334% 5/25/36 ·		755,676	$	279,686
Avis Budget Rental Car Funding AESOP
Series 2011-3A A 144A 3.41% 11/20/17 #		565,000		583,161
Series 2013-1A A 144A 1.92% 9/20/19 #		700,000		699,927
Series 2014-1A A 144A 2.46% 7/20/20 #		665,000		673,195
BA Credit Card Trust Series 2015-A1 A 0.505% 6/15/20 ·		2,000,000		2,000,474
Bank of America Credit Card Trust
Series 2014-A2 A 0.445% 9/16/19 ·		3,300,000		3,300,683
Series 2014-A3 A 0.462% 1/15/20 ·		670,000		669,717
Bear Stearns Asset-Backed Securities Trust Series 2007-SD1 22A1 2.545% 10/25/36 ·		248,499		185,133
Bear Stearns Asset-Backed Securities I Trust
Series 2005-FR1 M2 0.841% 6/25/35 ·		2,000,000		1,764,482
Series 2007-HE2 1A2 0.344% 3/25/37 ·		625,832		593,310
California Republic Auto Receivables Trust Series 2013-1 A2 144A 1.41% 9/17/18 #		202,028		202,871
Centex Home Equity Loan Trust Series 2002-A AF6 5.54% 1/25/32		5,594		5,585
Chase Issuance Trust
Series 2007-A2 A2 0.225% 4/15/19 ·		550,000		547,334
Series 2013-A9 A 0.595% 11/16/20 ·		1,000,000		1,002,595
Series 2014-A4 A4 0.383% 4/16/18 ·		1,500,000		1,499,231
Series 2014-A8 A 0.425% 11/15/18 ·		770,000		770,193
Citibank Credit Card Issuance Trust
Series 2006-A8 A8 0.293% 12/17/18 ·		500,000		498,711

	Principal amount°		Value (U.S. $)
Non-Agency Asset-Backed Securities (continued)
Citibank Credit Card Issuance Trust
Series 2013-A2 A2 0.454% 5/26/20 ·		1,450,000	$	1,447,428
Series 2014-A7 A7 0.374% 8/24/18 ·		1,800,000		1,800,000
Citicorp Residential Mortgage Trust Series 2006-3 A5 5.948% 11/25/36 f		900,000		897,605
Countrywide Asset-Backed Certificates
Series 2004-3 2A 0.574% 8/25/34 ·		59,986		55,448
Series 2005-7 MV3 0.754% 11/25/35 ·		400,000		356,052
Series 2005-AB2 2A3 0.559% 11/25/35 ·		905,142		860,553
Series 2006-1 AF6 5.099% 7/25/36 ·		1,521,915		1,524,623
Series 2006-11 1AF6 4.915% 9/25/46 ·		659,256		851,445
Series 2006-26 2A4 0.394% 6/25/37 ·		2,000,000		1,151,494
Series 2007-6 2A4 0.484% 9/25/37 ·		1,000,000		487,569
Discover Card Execution Note Trust Series 2013-A6 A6 0.625% 4/15/21 ·		2,000,000		2,005,522
Ford Credit Floorplan Master Owner Trust A Series 2014-1 A2 0.575% 2/15/19 ·		750,000		750,299
GE Dealer Floorplan Master Note Trust Series 2014-2 A 0.626% 10/20/19 ·		1,000,000		999,511
Golden Credit Card Trust
Series 2012-5A A 144A 0.79% 9/15/17 #		360,000		360,274
Series 2014-2A A 144A 0.625% 3/15/21 #·		420,000		420,143
GreatAmerica Leasing Receivables
Series 2013-1 B 144A 1.44% 5/15/18 #		100,000		99,650
GSAMP Trust
Series 2006-FM3 A2D 0.404% 11/25/36 ·		1,341,845		782,184

64

	Principal amount°		Value (U.S. $)
Non-Agency Asset-Backed Securities (continued)
GSAMP Trust Series 2006-HE6 A3 0.324% 8/25/36 ·		1,663,767	$	1,263,400
HOA Funding Series 2014-1A A2 144A 4.846% 8/20/44 #		1,069,200		1,071,873
Home Equity Mortgage Loan Asset-Backed Trust Series 2007-A 2A3 0.414% 4/25/47 ·		2,000,000		1,213,548
HSI Asset Securitization Trust Series 2006-HE1 2A1 0.224% 10/25/36 ·		41,605		24,472
JPMorgan Mortgage Acquisition Trust Series 2006-CW2 AV5 0.414% 8/25/36 ·		500,000		404,685
MASTR Specialized Loan Trust Series 2005-2 A2 144A 5.006% 7/25/35 #·		5,175		5,160
Merrill Lynch Mortgage Investors Trust Series 2006-FF1 M2 0.464% 8/25/36 ·		2,000,000		1,887,236
MMAF Equipment Finance .Series 2014-AA A4 144A 1.59% 2/8/22 #		810,000		806,768
Morgan Stanley ABS Capital I Trust
Series 2007-HE1 A2C 0.324% 11/25/36 ·		6,830,315		4,331,424
Series 2007-HE5 A2D 0.514% 3/25/37 ·		4,423,768		2,513,908
New Century Home Equity Loan Trust Series 2005-1 M2 0.894% 3/25/35 ·		868,466		754,724
RAAC Trust Series 2005-SP2 2A 0.474% 6/25/44 ·		806,968		693,588
RAMP Trust
Series 2006-RZ5 A2 0.354% 8/25/46 ·		667,391		643,665
Series 2007-RZ1 A2 0.334% 2/25/37 ·		1,063,897		963,877
RASC Trust Series 2007-KS3 AI2 0.354% 4/25/37 ·		748,547		745,331
Rise Series 2014-1 A 4.75% 2/15/39 ·		2,804,432		2,825,465

	Principal amount°		Value (U.S. $)
Non-Agency Asset-Backed Securities (continued)
Santander Drive Auto Receivables Trust Series 2014-5 A2B 0.575% 4/16/18 ·		900,000	$	899,597
SLM Student Loan Trust
Series 2005-4 A2 0.336% 4/26/21 ·		48,535		48,527
Series 2008-9 A 1.756% 4/25/23 ·		3,100,119		3,178,806
Series 2012-5 A2 0.474% 6/25/19 ·		946,433		946,326
Soundview Home Loan Trust Series 2006-WF2 A1 0.304% 12/25/36 ·		1,064,207		1,019,836
Structured Asset Investment Loan Trust Series 2003-BC2 M1 1.554% 4/25/33 ·		131,172		114,048
Synchrony Credit Card Master Note Trust Series 2014-1 A 1.61% 11/15/20		820,000		822,384
Trade MAPS 1 Series 2013-1A A 144A 0.875% 12/10/18 #·		500,000		499,717
Trafigura Securitisation Finance Series 2012-1A A 144A 2.575% 10/15/15 #·		500,000		500,180
Total Non-Agency Asset-Backed Securities (cost $68,921,614)				71,354,831
Non-Agency Collateralized Mortgage Obligations – 2.56%
Alternative Loan Trust
Series 2004-J1 1A1 6.00% 2/25/34		2,589		2,634
Series 2004-J2 7A1 6.00% 12/25/33		3,821		3,885
Alternative Loan Trust Resecuritization
Series 2008-2R 3A1 6.00% 8/25/37		1,983,116		1,564,841
ARM Trust
Series 2004-5 3A1 2.47% 4/25/35 ·		1,461,438		1,456,320
Series 2005-10 3A31 4.858% 1/25/36 ·		602,804		532,686
Series 2006-2 1A4 2.793% 5/25/36 ·		1,389,754		1,218,220

(continues )  65

Schedules of investments

Optimum Fixed Income Fund

	Principal amount°		Value (U.S. $)
Non-Agency Collateralized Mortgage Obligations (continued)
Bank of America Alternative Loan Trust
Series 2005-3 2A1 5.50% 4/25/20		27,654	$	28,492
Series 2005-6 7A1 5.50% 7/25/20		98,316		98,927
Bank of America Funding Trust Series 2006-I 1A1 2.307% 12/20/36 ·		675,387		679,085
Bank of America Mortgage Trust Series 2003-D 2A1 2.735% 5/25/33 ·		670,933		670,467
Bear Stearns ARM Trust
Series 2003-5 2A1 2.449% 8/25/33 ·		106,906		106,597
Series 2005-2 A2 2.515% 3/25/35 ·		201,820		202,200
Series 2005-5 A1 2.16% 8/25/35 ·		2,113,342		2,132,239
Chase Mortgage Finance Trust Series 2005-A1 3A1 2.454% 12/25/35 ·		249,526		226,279
ChaseFlex Trust Series 2006-1 A4 4.925% 6/25/36 ·		420,000		363,616
CHL Mortgage Pass Through Trust
Series 2003-21 A1 2.63% 5/25/33 ¿·		2,261		2,271
Series 2007-4 1A1 6.00% 5/25/37 ¿		2,173,371		1,951,313
Claris ABS Series 2011-1 A 0.538% 10/31/60 ·	EUR	5,413,166		5,790,921
CSMC Mortgage-Backed Trust
Series 2005-1R 2A5 144A 5.75% 12/26/35 #		2,865,891		2,463,208
Series 2007-1 5A14 6.00% 2/25/37		485,303		433,508
Series 2007-3 4A6 0.424% 4/25/37 ·		599,763		497,145
Series 2007-3 4A12 6.576% 4/25/37 @·S		599,763		98,390
Series 2007-3 4A15 5.50% 4/25/37		266,314		252,414
Deutsche Mortgage Securities Re-REMIC Trust Certificates
Series 2005-WF1 1A3 144A 5.329% 6/26/35 #·		449,429		448,218

	Principal amount°		Value (U.S. $)
Non-Agency Collateralized Mortgage Obligations (continued)
Eurosail-UK Series 2007-4X A2A 0.862% 6/13/45 ·	GBP	194,345	$	287,343
Fannie Mae Connecticut Avenue Securities
Series 2014-C01 M1 1.774% 1/25/24 ·		177,568		178,564
Series 2015-C01 1M1 1.674% 2/25/25 ·		246,478		248,167
First Horizon Mortgage Pass Through Trust Series 2005-AR2 2A1 2.602% 6/25/35 ¿·		231,209		212,946
GMACM Mortgage Loan Trust Series 2006-J1 A1 5.75% 4/25/36		99,201		93,418
GSMPS Mortgage Loan Trust Series 1998-3 A 144A 7.75% 9/19/27 #·		7,610		7,966
GSR Mortgage Loan Trust Series 2006-AR1 3A1 2.78% 1/25/36 ·		136,998		123,686
JPMorgan Mortgage Trust
Series 2006-A6 2A4L 2.56% 10/25/36 ·		1,031,055		938,598
Series 2006-A7 2A2 2.539% 1/25/37 ·		197,062		179,054
Series 2007-A1 6A1 2.504% 7/25/35 ·		424,542		419,773
Lehman Mortgage Trust Series 2007-10 2A2 6.50% 1/25/38		2,946,658		2,543,556
MASTR Alternative Loan Trust
Series 2004-3 8A1 7.00% 4/25/34		4,546		4,687
Series 2004-5 6A1 7.00% 6/25/34		68,869		73,577
MASTR ARM Trust
Series 2003-6 1A2 2.45% 12/25/33 ·		3,989		3,970
Series 2004-4 4A1 2.421% 5/25/34 ·		158,577		154,436
MASTR Asset Securitization Trust
Series 2003-9 2A7 5.50% 10/25/33		66,963		66,979
Merrill Lynch Mortgage Investors Trust
Series 2004-A1 2A2 2.379% 2/25/34 ·		9,994		10,037

66

	Principal		Value
	amount°		(U.S. $)
Non-Agency Collateralized Mortgage Obligations (continued)
Merrill Lynch Mortgage Investors Trust Series 2005-A5 A2 2.471% 6/25/35 •		81,124	$	80,516
Opteum Mortgage Acceptance Trust Series 2006-1 2A1 5.75% 4/25/36 •		1,895,609		1,951,579
RALI Trust Series 2004-QS2 CB 5.75% 2/25/34		47,412		49,576
RFMSI Trust
Series 2004-S9 1A23 5.50% 12/25/34		4,292,362		4,292,044
Series 2004-S9 2A1 4.75% 12/25/19		173,039		175,250
Sequoia Mortgage Trust
Series 2004-5 A3 0.886% 6/20/34 •		376,643		371,898
Series 2007-1 4A1 2.743% 9/20/46 •		1,086,483		850,375
Series 2013-11 B1 144A 3.705% 9/25/43 #•		410,873		400,125
Structured ARM Loan Trust
Series 2005-22 1A4 2.462% 12/25/35 •		1,845,754		1,416,483
Series 2006-1 7A4 4.962% 2/25/36 •		1,165,375		958,387
Structured Asset Mortgage
Investments II Trust Series 2005-AR5 A2 0.428% 7/19/35 •		944,740		911,686
Structured Asset Securities Trust
Series 2005-6 4A1 5.00% 5/25/35		61,294		62,167
Thrones Series 2013-1 A 2.063% 7/20/44 •	GBP	2,262,300		3,392,831
WaMu Mortgage Pass Through Certificates Trust Series 2005-AR13 A1A1 0.464% 10/25/45 w •		5,232,760		4,797,588
Series 2005-AR16 1A3 2.34% 12/25/35 w •		923,203		875,297
Series 2007-HY1 3A3 4.396% 2/25/37 w •		499,634		464,472
Series 2007-HY7 4A1 4.529% 7/25/37 w •		998,146		924,152

	Principal		Value
	amount°		(U.S. $)
Non-Agency Collateralized Mortgage Obligations (continued)
Washington Mutual
Alternative Mortgage Pass Through Certificates
Series 2005-1 5A2
6.00% 3/25/35 w		53,355	$	26,455
Wells Fargo Mortgage-Backed Securities Trust
Series 2005-AR16 2A1 2.594% 2/25/34 •		243,932		247,116
Series 2006-2 3A1 5.75% 3/25/36		156,047		160,262
Series 2006-3 A11 5.50% 3/25/36		171,644		177,701
Series 2006-6 1A3 5.75% 5/25/36		95,345		93,313
Series 2006-AR5 2A1 2.691% 4/25/36 •		91,936		86,281
Series 2006-AR11 A6 2.616% 8/25/36 •		1,290,019		1,225,459
Series 2006-AR17 A1 2.611% 10/25/36 •		754,010		692,313
Series 2007-10 1A36 6.00% 7/25/37		569,339		559,862
Total Non-Agency Collateralized Mortgage Obligations (cost $53,712,512)				52,013,821
Regional Bonds – 0.13%D
Australia – 0.04%
New South Wales Treasury 4.00% 5/20/26	AUD	716,900		612,320
Queensland Treasury 144A 4.75% 7/21/25 #	AUD	207,000		184,092
				796,412
Canada – 0.03%
Province of Ontario Canada 3.45% 6/2/45	CAD	281,000		250,481
Province of Quebec Canada 6.00% 10/1/29	CAD	302,000		339,895
				590,376
Spain – 0.06%
Autonomous Community of Catalonia 4.95% 2/11/20	EUR	1,100,000		1,358,465
				1,358,465
Total Regional Bonds (cost $2,990,584)				2,745,253

(continues )  67

Schedules of investments

Optimum Fixed Income Fund

	Principal		Value
	amount°		(U.S. $)
Senior Secured Loans – 7.35%«
Accudyne Industries
(Hamilton Sundstrand
Industrial) 1st Lien
4.00% 12/13/19		685,000	$	651,606
Air Medical Group Holdings Tranche B1 5.00% 6/30/18		1,752,147		1,755,433
Albertson’s Holdings Tranche B4 1st Lien 5.50% 8/25/21		1,740,000		1,756,433
Albertsons Tranche B 1st Lien
5.375% 3/21/19		215,824		217,409
Altice Financing Tranche B 1st
Lien 5.25% 1/29/22		1,180,000		1,193,570
Amaya Gaming 1st Lien
5.00% 8/1/21		1,084,550		1,075,964
Amaya Gaming 2nd Lien
8.00% 8/1/22		295,000		295,369
American Tire Distributors 1st Lien
5.25% 9/30/21		635,000		638,572
5.75% 6/1/18		635,000		636,587
Applied Systems 1st Lien 4.25% 1/23/21		296,250		296,731
Applied Systems 2nd Lien 7.50% 1/23/22		1,241,000		1,240,690
Ashland Water 1st Lien 4.25% 7/31/21		402,975		402,597
Ashland Water 2nd Lien 7.75% 7/31/22		325,000		316,063
Atkore International 2nd Lien 7.75% 10/9/21		460,000		446,200
Avast Software 1st Lien 4.75% 3/20/20		489,250		492,206
Avaya Tranche B-3 4.676% 10/26/17		1,533,084		1,512,676
Axalta Coating Systems U.S. . Holdings 1st Lien 3.75% 2/1/20		704,266		701,065
Azure Midstream Tranche B 7.50% 11/15/18		123,796		117,761
BJ’s Wholesale Club 2nd Lien 8.50% 3/31/20		1,475,000		1,476,844
BJ’s Wholesale Club Tranche B 1st Lien 4.50% 9/26/19		2,085,762		2,089,835
Borgata Tranche B 1st Lien 6.50% 8/15/18		788,557		794,274
Burlington Coat Factory Warehouse Tranche B3 1st Lien 4.25% 8/13/21		615,000		620,574

	Principal		Value
	amount°		(U.S. $)
Senior Secured Loans« (continued)
BWAY Holding Tranche B 1st Lien 5.50% 8/14/20		724,525	$	731,317
Cable & Wireless Communications 5.50% 12/31/16		821,630		823,675
Cable & Wireless Communications (Unsecured) 6.50% 12/31/16		415,000		416,037
Caesars Growth Partners Tranche B 1st Lien 6.25% 5/8/21		2,227,566		1,981,977
Calpine Construction Finance Tranche B 3.00% 5/3/20		327,872		324,030
Charter Communications Tranche B 1st Lien 4.25% 9/12/21		3,185,000		3,214,611
Chemstralia (Orica Chemicals) Tranche B 1st Lien 7.25% 2/26/22		620,000		613,800
Citgo Holding Tranche B 1st Lien 9.50% 5/9/18		209,475		208,515
Citycenter Holdings Tranche B 1st Lien 4.25% 10/28/20		574,950		577,945
Clear Channel Communications Tranche E 1st Lien 7.678% 7/30/19		184,983		178,833
Community Health Systems Tranche D 4.25% 1/27/21		2,828,080		2,845,167
Community Health Systems Tranche F 1st Lien 3.428% 12/31/18		422,704		423,270
Crown Castles Operating Tranche B2 3.00% 1/31/21		341,306		340,965
DaVita Healthcare Partners Tranche B 3.50% 6/24/21		749,338		752,081
Dell Tranche C 3.75% 10/29/18		6,400,000		6,423,002
Dollar Tree Tranche B 1st Lien 4.25% 3/9/22		1,065,000		1,077,481
Drillships Financing Holding Tranche B1 6.00% 3/31/21		3,714,625		2,845,403
Dynegy Tranche B2 4.00% 4/23/20		528,258		529,814
Emdeon 1st Lien 3.75% 11/2/18		762,191		764,573
Energy Transfer Equity 1st Lien
3.25% 12/2/19		539,750		533,453
4.00% 12/2/19		445,000		444,166
FCA US Tranche B 1st Lien 3.25% 12/31/18		2,529,450		2,528,924

68

	Principal		Value
	amount°		(U.S. $)
Senior Secured Loans« (continued)
FCA US Tranche B 1st Lien 3.50% 5/24/17		1,285,419	$	1,286,220
First Data Tranche B 1st Lien
3.674% 3/24/17		1,470,000		1,471,072
4.174% 3/24/21		1,106,681		1,113,104
First Data Tranche C1 1st Lien 3.674% 3/24/18		1,185,000		1,185,864
Flint Group 1st Lien 4.75% 9/7/21		448,271		448,551
Flint Group 2nd Lien 8.25% 9/7/22		235,000		229,713
Flint Group Tranche C 1st Lien 4.75% 9/7/21		74,104		74,151
Flying Fortress 1st Lien 3.50% 6/30/17		1,151,000		1,153,638
Fortescue Resources 1st Lien 3.75% 6/30/19		2,170,881		1,968,525
Gardner Denver 1st Lien 4.25% 7/30/20		1,505,510		1,431,835
Gates Global 1st Lien 4.25% 7/3/21		472,625		471,407
Global Cash Access Tranche B 6.25% 12/19/20		1,795,975		1,787,744
Goodpack 1st Lien     4.75% 9/15/21		720,000		721,462
Hanson Building Tranche B 1st Lien 6.50% 3/13/22		1,070,000		1,070,000
HCA 2.928% 3/31/17		5,386,329		5,394,748
HCA Tranche B4 3.025% 5/1/18		197,985		198,325
HD Supply Tranche B 4.00% 6/28/18		1,997,570		2,003,563
Headwaters Tranche B 1st Lien 4.50% 3/12/22		210,000		211,181
Heinz (H.J.) Tranche B2 1st Lien 3.25% 6/5/20		1,249,195		1,251,612
Hilton Worldwide Finance Tranche B2 3.50% 10/25/20		3,436,423		3,444,708
Hostess Brands 1st Lien 6.75% 3/20/20		1,803,560		1,841,885
Houghton International 1st Lien 4.00% 12/20/19		112,413		112,319
Houghton International 2nd Lien 9.50% 12/21/20		205,000		204,744
Huntsman International Tranche B 1st Lien 3.75% 10/1/21		967,575		974,227
Hyperion Insurance Group Tranche B 1st Lien 5.50% 3/26/22		845,000		850,281

	Principal		Value
	amount°		(U.S. $)
Senior Secured Loans« (continued)
IASIS Healthcare Tranche B 1st Lien 4.50% 5/3/18		653,581	$	655,787
iHeartCommunications Tranche D 6.928% 1/30/19		2,615,000		2,493,403
Immucor Tranche B2 5.00% 8/19/18		1,864,648		1,874,555
Ineos U.S. Finance Tranche B 3.75% 5/4/18		1,954,257		1,946,405
Ineos U.S. Finance Tranche B 1st Lien 4.25% 3/31/22		265,000		265,497
Infor U.S. Tranche B5 1st Lien 3.75% 6/3/20		519,449		515,599
Intelsat Jackson Holdings Tranche B2 3.75% 6/30/19		2,246,616		2,240,718
J. Crew Group Tranche B 1st Lien 4.00% 3/5/21		1,397,324		1,300,210
JLL/Delta Dutch Newco 1st Lien 4.25% 3/11/21		1,796,425		1,790,811
KIK Custom Products 1st Lien 5.50% 4/29/19		781,352		781,840
KIK Custom Products 2nd Lien 9.50% 10/29/19		200,000		200,563
Kinetic Concepts Tranche E1 4.50% 5/4/18		674,785		677,421
Landry’s Tranche B 4.00% 4/24/18		543,394		545,092
Level 3 Financing Tranche B 4.00% 1/15/20		985,000		988,489
Lightower Fiber Networks 1st Lien 4.00% 4/13/20		113,012		112,776
LTS Buyer 2nd Lien 8.00% 4/1/21		627,238		626,192
Mauser Holdings 2nd Lien 8.25% 7/31/22		530,000		519,400
MGM Resorts International 3.50% 12/20/19		1,624,445		1,621,568
Michael Stores Tranche B 1st Lien 3.75% 1/28/20		260,363		260,595
Moxie Patriot (Panda Power Fund) Tranche B1 6.75% 12/19/20		720,000		723,600
MPH Acquisition Tranche B 3.75% 3/31/21		1,535,166		1,532,972
Neiman Marcus Tranche 1st Lien 4.25% 10/25/20		280,000		279,380
NEP Broadcasting 2nd Lien 9.50% 7/22/20		628,571		617,571
NEP/NCP Tranche B 1st Lien 4.25% 1/22/20		861,316		840,860

(continues )  69

Schedules of investments

Optimum Fixed Income Fund

	Principal		Value
	amount°		(U.S. $)
Senior Secured Loans« (continued)
New Albertsons 1st Lien 4.75% 6/27/21		383,075	$	384,512
NRG Energy Tranche B 2.75% 7/1/18		972,625		969,450
Numericable 4.50% 5/21/20		1,264,834		1,272,936
Numericable U.S. Tranche B2 1st Lien 4.50% 5/21/20		1,094,254		1,098,904
Ocean Rig (Drillship) Tranche B 1st Lien 5.50% 7/25/21		881,872		734,599
OSI Restaurants Tranche B 1st Lien 3.50% 10/26/19		78,475		78,344
Pabst Blue Ribbon 1st Lien 5.75% 11/13/21		763,228		767,998
Pabst Blue Ribbon 2nd Lien 9.25% 11/13/22		290,000		292,900
Pacific Drilling Tranche B 4.50% 6/3/18		600,742		500,568
Panda Liberty Tranche B 7.50% 8/21/20		1,507,000		1,518,303
Panda Stonewall Tranche B 6.50% 11/13/21		890,000		903,350
Par Pharmaceutical Tranche B3 1st Lien 4.25% 9/28/19		428,925		430,802
PetSmart Tranche B 1st Lien 5.00% 3/10/22		1,662,000		1,676,165
Polymer Group Tranche B 5.25% 12/19/19		1,711,460		1,719,303
PVH Tranche B 1st Lien 3.25% 2/13/20		370,379		372,719
Quickrete 2nd Lien 7.00% 3/30/21		322,737		324,956
Republic of Angola (Unsecured) 6.594% 12/16/23		1,850,000		1,831,500
Reynolds Group 1st Lien 4.00% 12/1/18		1,508,883		1,516,562
Rite Aid 2nd Lien
4.875% 6/21/21		445,000		446,738
5.75% 8/21/20		1,535,000		1,549,710
Royalty Pharma (RPI Finance Trust) Tranche B4 1st Lien 3.50% 12/18/20		309,225		311,544
Salix Pharmaceuticals Tranche B 5.50% 1/2/20		1,480,263		1,481,837
Santander Asset Management Tranche B 4.25% 12/17/20		731,987		734,732
Scientific Games International 6.00% 10/18/20		1,599,750		1,605,749

	Principal		Value
	amount°		(U.S. $)
Senior Secured Loans« (continued)
Scientific Games International Tranche B2 1st Lien 6.00% 10/1/21		1,745,625	$	1,751,928
Sensus 4.50% 5/9/17		886,356		887,464
Sensus 2nd Lien 8.50% 5/9/18		295,000		290,575
SIG Combibloc Group 1st Lien 5.25% 3/13/22		1,100,000		1,112,203
Signode Industrial Group Tranche B 1st Lien 3.75% 5/1/21		818,519		813,914
Smart & Final Tranche B 1st Lien 4.75% 11/15/19		1,023,824		1,029,796
Sprouts Farmers 4.00% 4/23/20		1,449,138		1,455,177
Stena 1st Lien 4.00% 3/3/21		183,150		165,751
Styrolution Group Tranche B 1st Lien 6.50% 9/30/19		384,067		385,987
Supervalu 1st Lien 4.50% 3/21/19		470,189		472,246
Surgical Care Affiliates Tranche B 1st Lien 4.25% 3/17/22		760,000		760,475
Targa Resources 1st Lien 5.75% 2/27/22		256,070		257,350
TLFC Delos Finance Tranche B 3.50% 3/6/21		400,000		401,100
TransDigm Tranche C 3.75% 2/28/20		604,629		604,582
United Continental Tranche B 3.50% 4/1/19		249,900		249,275
Univision Communications 1st Lien 4.00% 3/1/20		926,577		925,902
Univision Communications Tranche C4 4.00% 3/1/20		2,860,575		2,859,233
US Airways Tranche B1 3.50% 5/23/19		257,150		256,875
US Airways Tranche B2 3.00% 11/23/16		88,110		88,037
USI Insurance Services Tranche B 1st Lien 4.25% 12/27/19		557,239		554,453
Valeant Pharmaceuticals International Tranche BE 3.50% 8/5/20		780,273		781,005
Valeant Pharmaceuticals International Tranche B-F1 1st Lien 4.00% 3/13/22		1,715,000		1,724,914
Vantage Drilling Tranche B 1st Lien 5.00% 10/25/17		880,220		557,997

70

	Principal amount°		Value (U.S. $)
Senior Secured Loans« (continued)
Vantage Drilling Tranche B 1st Lien 5.75% 3/28/19		680,594	$	389,640
Varsity Brands Tranche B 1st Lien 6.00% 12/15/21		728,175		735,457
Weight Watchers International 3.18% 4/2/16		270,000		236,925
Wide Open West Finance 4.75% 4/1/19		2,038,499		2,044,323
Zayo Group Tranche B 1st Lien 4.00% 7/2/19		1,150,144		1,153,288
Ziggo Tranche B 2nd Lien 3.50% 1/15/22		616,000		612,728
Ziggo Tranche B 3rd Lien 3.50% 1/15/22		1,013,100		1,007,718
Ziggo Tranche B1 1st Lien 3.50% 1/15/22		955,900		950,822
Total Senior Secured Loans (cost $151,039,785)				149,661,002
Sovereign Bonds – 3.40%D
Armenia – 0.03%
Republic of Armenia 144A 7.15% 3/26/25 #		600,000		588,000
				588,000
Australia – 0.01%
Australia Government Bond 3.75% 4/21/37	AUD	352,000		309,518
				309,518
Brazil – 0.32%
Banco Nacional de Desenvolvimento Economico e Social 144A
6.369% 6/16/18 #		1,500,000		1,593,300
144A 6.50% 6/10/19 #		2,500,000		2,687,500
Brazil Letras do Tesouro Nacional
1.135% 1/1/18 ^	BRL	900,000		200,379
1.528% 1/1/16 ^	BRL	6,000,000		1,708,872
Brazil Notas do Tesouro Nacional Series F 10.00% 1/1/17	BRL	1,211,000		360,643
				6,550,694
Canada – 0.02%
Canadian Government Bonds
2.75% 12/1/48	CAD	171,000		160,609

	Principal amount°		Value (U.S. $)
Sovereign BondsD (continued)
Canada (continued)
Canadian Government Bonds 3.50% 12/1/45	CAD	270,000	$	287,895
				448,504
Chile – 0.05%
Chile Government International Bond 5.50% 8/5/20	CLP	637,000,000		1,089,418
				1,089,418
Colombia – 0.13%
Colombia Government International Bonds
4.375% 3/21/23	COP	1,816,000,000		638,785
5.00% 6/15/45		1,650,000		1,703,625
9.85% 6/28/27	COP	719,000,000		359,158
				2,701,568
Costa Rica – 0.04%
Costa Rica Government International Bond
5.625% 4/30/43		841,000		739,029
				739,029
Dominican Republic – 0.08%
Dominican Republic International Bonds
144A 5.50% 1/27/25 # 800,000				830,000
144A 6.85% 1/27/45 # 800,000				844,000
				1,674,000
France – 0.08%
France Government Bond O.A.T.
0.50% 5/25/25	EUR	1,100,000		1,186,065
3.25% 5/25/45	EUR	300,000		500,426
				1,686,491
Germany – 0.54%
Bundesrepublik Deutschland
2.50% 7/4/44	EUR	500,000		814,901
4.25% 7/4/39	EUR	4,700,000		9,291,241
4.75% 7/4/40	EUR	400,000		854,075
				10,960,217
Indonesia – 0.13%
Indonesia Government International Bond 144A 4.625% 4/15/43 #		1,110,000		1,089,187

(continues )  71

Schedules of investments

Optimum Fixed Income Fund

	Principal		Value
	amount°		(U.S. $)
Sovereign BondsD (continued)
Indonesia (continued)
Indonesia Treasury Bond 8.375% 3/15/24	IDR	18,939,000,000	$	1,543,003
				2,632,190
Italy – 0.43%
Italy Buoni Poliennali Del Tesoro
1.35% 4/15/22	EUR	1,945,000		2,151,637
2.50% 12/1/24	EUR	4,495,000		5,388,199
144A 3.25% 9/1/46 #	EUR	903,000		1,231,699
				8,771,535
Ivory Coast – 0.05%
Ivory Coast Government International Bond 144A 6.375% 3/3/28 #		966,000		970,830
				970,830
Kazakhstan – 0.06%
Kazakhstan Government International Bond 144A 3.875% 10/14/24 #		1,311,000		1,217,788
				1,217,788
Mexico – 0.10%
Mexican Bonos 7.50% 6/3/27	MXN	25,246,000		1,841,301
Mexican Government International Bond 3.60% 1/30/25		200,000		206,250
				2,047,551
Norway – 0.02%
Kommunalbanken 5.00% 3/28/19	NZD	72,000		56,071
Norway Government Bonds
2.00% 5/24/23	NOK	126,000		16,421
3.00% 3/14/24	NOK	1,956,000		275,580
				348,072
Pakistan – 0.07%
Pakistan Government International Bond 144A 7.25% 4/15/19 #		1,286,000		1,328,303
				1,328,303
Peru – 0.06%
Peruvian     Government     International Bond     144A 6.95%     8/12/31 #	PEN	3,500,000		1,164,687
				1,164,687

	Principal		Value
	amount°		(U.S. $)
Sovereign BondsD (continued)
Poland – 0.01%
Poland Government Bond 3.25% 7/25/25	PLN	632,000	$	181,364
				181,364
Portugal – 0.01%
Portugal Government International Bond 144A 5.125% 10/15/24 #		131,000		145,054
				145,054
Republic of Korea – 0.09%
Inflation Linked Korea Treasury Bond 1.125% 6/10/23	KRW	1,080,165,360		940,622
Republic of Korea 7.125% 4/16/19		700,000		846,370
				1,786,992
Senegal – 0.02%
Senegal Government International Bond 144A 6.25% 7/30/24 #		500,000		489,733
				489,733
Singapore – 0.03%
Temasek Financial I 144A 2.375% 1/23/23 #		560,000		558,636
				558,636
Slovenia – 0.81%
Slovenia Government Bond 4.625% 9/9/24	EUR	8,000,000		11,300,828
Slovenia Government International Bonds
4.125% 2/18/19		200,000		211,948
5.50% 10/26/22		4,300,000		4,972,047
				16,484,823
South Africa – 0.12%
South Africa Government Bond 8.00% 1/31/30	ZAR	24,572,000		2,000,169
South Africa Government International Bond 5.375% 7/24/44		444,000		478,232
				2,478,401
United Kingdom – 0.06%
United Kingdom Gilt
1.75% 9/7/22	GBP	100,000		151,858
3.25% 1/22/44	GBP	200,000		355,061
3.50% 1/22/45	GBP	138,800		257,940

72

	Principal		Value
	amount°		(U.S. $)
Sovereign BondsD (continued)
United Kingdom (continued)
United Kingdom Gilt Inflation Linked 0.125% 3/22/24	GBP	274,977	$	452,897
				1,217,756
Uruguay – 0.03%
Uruguay Government International Bond 5.10% 6/18/50		524,000		546,270
				546,270
Total Sovereign Bonds (cost $69,900,578)				69,117,424
Supranational Banks – 0.31%
Corp Andina de Fomento 0.803% 1/29/18 •		1,800,000		1,809,754
European Bank for Reconstruction & Development
6.00% 3/3/16	INR	45,500,000		726,829
7.375% 4/15/19	IDR	6,240,000,000		474,741
Inter-American Development Bank
6.00% 9/5/17	INR	67,600,000		1,080,294
7.25% 7/17/17	IDR	7,830,000,000		589,720
International Bank for Reconstruction & Development
0.247% 4/17/19 •		440,000		440,480
2.465% 9/24/18 •	AUD	149,000		113,593
2.50% 11/25/24		440,000		456,121
4.625% 10/6/21	NZD	862,000		673,977
Total Supranational Banks (cost $6,533,350)				6,365,509
U.S. Treasury Obligations – 19.11%
U.S. Treasury Bonds
2.50% 2/15/45		53,905,000		53,416,513
2.75% 11/15/42		600,000		623,672
3.00% 11/15/44		1,400,000		1,534,203
3.125% 8/15/44		11,000,000		12,326,017
6.25% 5/15/30 ¥		600,000		912,187
U.S. Treasury Inflation Indexed Bonds
0.125% 4/15/19 ¥		7,580,164		7,729,994
0.125% 7/15/22		2,032,560		2,056,060
0.125% 7/15/24		35,039,300		35,080,366

	Principal		Value
	amount°		(U.S. $)
U.S. Treasury Obligations (continued)
U.S. Treasury Inflation Indexed Bonds
0.75% 2/15/45		8,535,156	$	8,699,193
1.75% 1/15/28		29,250,245		34,279,913
2.00% 1/15/26		1,648,500		1,956,178
2.375% 1/15/25		1,710,993		2,076,451
2.375% 1/15/27		4,253,126		5,253,938
2.50% 1/15/29		4,277,923		5,474,407
3.875% 4/15/29		270,110		397,336
U.S. Treasury Notes
0.50% 2/28/17		600,000		599,672
0.50% 3/31/17		11,500,000		11,487,419
1.375% 2/29/20		1,190,000		1,190,371
1.375% 3/31/20		580,000		580,136
2.00% 10/31/21		1,600,000		1,633,125
2.00% 2/15/25 ¥		32,730,000		32,939,668
2.125% 9/30/21 ¥		33,000,000		33,951,324
2.25% 11/15/24		955,000		981,859
2.375% 8/15/24		57,800,000		60,089,400
2.50% 5/15/24		14,800,000		15,548,096
2.75% 2/15/24		54,300,000		58,198,577
Total U.S. Treasury Obligations (cost $387,072,303)				389,016,075
	Number of
	shares
Common Stock – 0.00%
Century Communications =†		1,975,000		0
Total Common Stock (cost $59,791)				0
Convertible Preferred Stock – 0.24%
Alcoa 5.375% exercise price $19.39, expiration date 10/1/17		5,800		254,272
ArcelorMittal 6.00% exercise price $20.36, expiration date 12/21/15		9,300		141,970
Bank of America 7.25% exercise price $50.00, expiration date 12/31/49		203		232,866
Chesapeake Energy 144A 5.75% exercise price $26.14, expiration date 12/31/49 #		292		252,945

(continues )  73

Schedules of investments

Optimum Fixed Income Fund

	Number of		Value
	shares		(U.S. $)
Convertible Preferred Stock (continued)
Crown Castle International 4.50% exercise price $90.25, expiration date 11/1/16		300	$	31,449
Dominion Resources 6.125% exercise price $65.06, expiration date 4/1/16		5,082		285,405
Dynegy 5.375% exercise price $38.75, expiration date 11/1/17 @		2,990		326,359
Exelon 6.50% exercise price $43.75, expiration date 6/1/17		6,250		304,063
Halcon Resources 5.75% exercise price $6.16, expiration date 12/31/49		337		99,499
HealthSouth 6.50% exercise price $29.70, expiration date 12/31/49		439		653,945
Huntington Bancshares 8.50% exercise price $11.95, expiration date 12/31/49		305		406,565
Intelsat 5.75% exercise price $22.05, expiration date 5/1/16		13,632		474,394
Maiden Holdings 7.25% exercise price $15.35, expiration date 9/15/16		10,743		562,289
SandRidge Energy 8.50% exercise price $8.01, expiration date 12/31/49		4,195		159,934
T-Mobile US 5.50% exercise price $31.02, expiration date 12/15/17		3,927		230,358
Wells Fargo 7.50% exercise price $156.71, expiration date 12/31/49		321		392,583
Total Convertible Preferred Stock (cost $5,536,911)				4,808,896
Preferred Stock – 0.47%
Alabama Power 5.625%		21,075		541,627
Ally Financial 144A 7.00% #		5,600		5,747,875
Bank of America 6.10% •		635,000		645,716
Integrys Energy Group 6.00% •		35,650		1,002,121
Morgan Stanley 5.55% •		350,000		354,375
National Retail Properties 5.70%		9,340		233,033
Public Storage 5.20%		18,720		453,398

	Number of			Value
	shares			(U.S. $)
Preferred Stock (continued)
Standard Chartered 144A 6.50% #•		595,000		$	600,856
Total Preferred Stock (cost $9,064,599)					9,579,001
	Principal
	amount°
Security Sold Short – (0.11%)
Fannie Mae S.F. 30 yr TBA 4.50% 4/1/45		(2,000,000	)		(2,181,875	)
Total Security Sold Short (proceeds $2,168,750)					(2,181,875	)
Short-Term Investments – 4.84%
Commercial Paper – 0.05%≠
Entergy 0.932% 4/21/15 >		1,000,000			999,761
					999,761
Discount Notes – 2.79%≠
Federal Home Loan Bank
0.057% 4/8/15		11,977,079			11,977,019
0.065% 4/20/15		7,516,451			7,516,346
0.07% 4/6/15		25,897,096			25,896,992
0.075% 6/4/15		2,890,080			2,889,817
0.075% 6/29/15		2,890,080			2,889,716
0.095% 7/14/15		5,491,152			5,490,202
					56,660,092
Repurchase Agreements – 1.99%
Bank of America Merrill Lynch 0.05%, dated 3/31/15, to be repurchased on 4/1/15, repurchase price $16,622,306 (collateralized by U.S. government obligations 2.125%–3.125% 6/30/21–2/15/43; market value $16,954,731)		16,622,282			16,622,282
Bank of Montreal 0.10%, dated 3/31/15, to be repurchased on 4/1/15, repurchase price $13,851,941 (collateralized by U.S. government obligations 0.00%–9.125% 10/15/16–2/15/23; market value $14,128,941)		13,851,902			13,851,902

74

	Principal amount°			Value (U.S. $)
Short-Term Investments (continued)
Repurchase Agreements (continued)
BNP Paribas 0.10%, dated 3/31/15, to be repurchased on 4/1/15, repurchase price $10,076,843 (collateralized by U.S. government obligations 0.00%–2.250% 1/31/19–2/15/26; market value $10,278,357)		10,076,816			10,076,816
					40,551,000
U.S. Treasury Obligation – 0.01%≠
U.S. Treasury Bill
0.011% 5/7/15		250,000			249,995
					249,995
Total Short-Term Investments (cost $98,459,399)					98,460,848
Total Value of Securities – 104.21% (cost $2,095,728,190)					2,121,220,969
	Number of contracts
Options Written – (0.01%)
Currency Call Options – 0.00%
USD vs INR strike price $65, expiration date 6/8/15 (JPMC)		(1,100,000	)		(3,816	)
USD vs INR strike price $65, expiration date 7/16/15 (JPMC)		(1,100,000	)		(8,885	)
					(12,701	)
Currency Put Options – 0.00%
USD vs INR strike price $61.50, expiration date 7/15/15 (JPMC)		(1,100,000	)		(4,478	)
USD vs INR strike price $62, expiration date 6/8/15 (JPMC)		(1,100,000	)		(5,328	)
					(9,806	)
Futures Call Options – (0.01%)
IMM Eurodollar Future exercise price $99.13, expiration date 12/14/15 (BAML)		(94	)		(67,562	)

	Number of contracts			Value (U.S. $)
Options Written (continued)
Futures Call Options (continued)
IMM Eurodollar Future exercise price $99.25, expiration date 6/14/16 (HSBC)		(65	)	$	(23,969	)
					(91,531	)
Futures Put Options – 0.00%
IMM Eurodollar Future exercise price $99.13, expiration date 12/14/15 (BAML)		(94	)		(15,863	)
IMM Eurodollar Future exercise price $99.25, expiration date 6/14/16 (HSBC)		(65	)		(69,062	)
					(84,925	)
Put Swaptions – 0.00%
2 yr IRS pay a fixed rate 1.25% and receive a floating rate based on 3-month USD-ICE LIBOR expiration date 5/26/15 (MSC)		(24,000,000	)		(6,024	)
CDX.O IG23 V1 5 yr strike price $1.00, expiration date 4/15/15 (JPMC)		(15,500,000	)		(481	)
					(6,505	)
Total Options Written (premium received $273,531)					$  (205,468	)

# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2015, the aggregate value of Rule 144A securities was $306,334,950, which represents 15.05% of the Fund’s net assets. See Note 10 in “Notes to financial statements.”

@ Illiquid security. At March 31, 2015, the aggregate value of illiquid securities was $13,936,152, which represents 0.68% 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 counter party pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes.

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

= Security is being fair valued in accordance with the Fund’s fair valuation policy. At March 31, 2015, the aggregate value of fair valued securities was $0, which represents 0.00% of the Fund’s net assets. See Note 1 in “Notes to financial statements.”

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

(continues )  75

Schedules of investments

Optimum Fixed Income Fund

> Commercial paper exempt from registration under Section 4(2) and/or Rule 144A of the Securities Act of 1933, as amended, and may be resold in transactions exempt from registration only to dealers in that program or other “accredited investors”. At March 31, 2015, the aggregate value of these securities was $999,761, which represented 0.05% of the Fund’s net assets. See Note 10 in “Notes to financial statements.”

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

† Non-income-producing security.

• Variable rate security. The rate shown is the rate as of March 31, 2015. Interest rates reset periodically.

¥ Fully or partially pledged as collateral for futures contracts and reverse repurchase agreements.

D Securities have been classified by country of origin.

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

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

^ Zero coupon security. The rate shown is the yield at the time of purchase.

« Senior secured loans generally pay interest at rates which are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates are generally: (i) the prime rate offered by one or more U.S. banks, (ii) the lending rate offered by one or more European banks such as the London Interbank Offered Rate (LIBOR), and (iii) the certificate of deposit rate. Senior secured loans may be subject to restrictions on resale. Stated rate in effect at March 31, 2015.

f Step coupon bond. Coupon increases or decreases periodically based on a predetermined schedule. Stated rate in effect at March 31, 2015.

The following foreign currency exchange contracts, futures contracts, reverse repurchase agreements, and swap contracts were outstanding at March 31, 2015:¹

Foreign Currency Exchange Contracts

Counterparty	Contracts to Receive (Deliver)			In Exchange For			Settlement Date		Unrealized Appreciation (Depreciation)
BAML	AUD	(1,518,626	)	USD	1,188,741			4/30/15	$	34,272
BAML	CAD	(1,723,446	)	USD	1,376,257			4/30/15		16,118
BAML	EUR	8,657		USD	(14,471	)		4/30/15		(5,158	)
BAML	JPY	156,341,254		USD	(1,304,000	)		4/1/15		(647	)
BAML	JPY	(79,216,047	)	USD	660,875			4/30/15		177
BAML	NZD	(2,494,403	)	USD	1,899,188			4/30/15		39,897
BNP	AUD	(1,563,562	)	USD	1,224,374			4/30/15		35,745
BNP	NOK	(6,415,880	)	USD	811,573			4/30/15		15,754
CITI	CNY	(55,270,000	)	USD	8,633,240			9/8/15		(139,010	)
CITI	DKK	(15,303,800	)	USD	2,343,422			4/1/15		140,948
CITI	DKK	(15,305,000	)	USD	2,325,903			10/1/15		110,084
CITI	DKK	(44,344,000	)	USD	6,836,778			1/4/16		393,750
CITI	EUR	906,000		USD	(974,131	)		4/1/15		240
CITI	EUR	(109,445,000	)	USD	122,930,244			5/19/15		5,149,430
CITI	GBP	(232,000	)	USD	342,222			4/2/15		(1,910	)
CITI	ILS	(4,846,225	)	USD	1,218,988			6/11/15		1,453
CITI	INR	36,930,000		USD	(585,030	)		6/26/15		(3,114	)
CITI	JPY	(217,100,000	)	USD	1,811,431			4/1/15		1,557
CITI	JPY	(71,700,000	)	USD	605,590			4/2/15		7,847
CITI	JPY	(4,508,300,000	)	USD	37,794,795			5/8/15		190,188
CITI	KRW	284,542,200		USD	(260,474	)		5/18/15		(4,294	)
CITI	MXN	(23,937,415	)	USD	1,578,389			5/5/15		12,524
CSFB	EUR	2,388,000		USD	(2,566,501	)		4/2/15		1,744
CSFB	JPY	60,833,916		USD	(507,000	)		4/1/15		148
DB	EUR	(906,000	)	USD	980,212			4/1/15		5,841
HSBC	GBP	(470,553	)	USD	700,066			4/30/15		2,218
JPMC	BRL	10,309		USD	(3,591	)		4/2/15		(363	)
JPMC	BRL	(10,309	)	USD	3,213			4/2/15		(14	)
JPMC	BRL	14,778,265		USD	(4,558,379	)		5/5/15		27,536
JPMC	BRL	(15,910,280	)	USD	5,853,672			7/2/15		1,007,582
JPMC	BRL	(6,000,000	)	USD	2,085,143			1/5/16		252,498
JPMC	COP	(2,340,144,329	)	USD	905,541			4/30/15		8,908
JPMC	DKK	(14,000,000	)	USD	2,192,811			10/1/15		165,926
JPMC	EUR	(2,937,000	)	USD	3,090,208			5/19/15		(70,488	)
JPMC	GBP	(2,945,000	)	USD	4,533,585			4/2/15		165,181
JPMC	INR	92,361,420		USD	(1,457,035	)		6/26/15		(1,671	)
JPMC	JPY	71,700,000		USD	(592,065	)		4/2/15		5,678
JPMC	KRW	(1,037,881,750	)	USD	937,309			4/30/15		2,347
JPMC	MXN	(29,156,000	)	USD	1,981,238			4/22/15		72,271
JPMC	MXN	(7,814,000	)	USD	522,920			5/5/15		11,768
JPMC	PLN	(864,314	)	USD	229,990			4/30/15		2,206
MSC	CNY	55,270,000		USD	(8,600,000	)		9/8/15		172,250
TD	EUR	(4,529,115	)	USD	4,913,585			4/30/15		40,743
TD	JPY	59,735,463		USD	(499,384	)		4/30/15		(1,162	)
									$	7,866,998

76

Futures Contracts

Contracts to Buy (Sell)		Notional Cost (Proceeds)			Notional Value			Expiration Date		Unrealized Appreciation (Depreciation)
(3)	90 Day Euro	$	(740,429	)	$	(740,812	)		9/20/16	$	(383	)
(6)	90 Day Euro		(1,483,880	)		(1,484,550	)		6/14/16		(670	)
(410)	90 Day Euro		(102,149,606	)		(102,161,750	)		6/16/15		(12,144	)
(164)	90 Day Euro		(40,604,469	)		(40,655,600	)		3/15/16		(51,131	)
(624)	90 Day Euro		(155,187,433	)		(155,251,200	)		9/15/15		(63,767	)
(692)	90 Day Euro		(171,761,947	)		(171,866,850	)		12/15/15		(104,903	)
(353)	90 Day Euro		(86,788,640	)		(87,010,088	)		12/20/16		(221,448	)
(114)	90 Day Sterling		(20,894,259	)		(20,951,725	)		6/16/16		(57,466	)
(149)	90 Day Sterling		(27,140,636	)		(27,215,745	)		12/21/17		(75,109	)
(711)	90 Day Sterling		(130,498,760	)		(130,830,799	)		3/17/16		(332,039	)
100	Euro-Bund		16,889,493			17,073,843			6/9/15		184,350
78	U.S. Treasury 2 yr Notes		17,035,777			17,094,188			7/1/15		58,411
527	U.S. Treasury 5 yr Notes		63,284,466			63,351,164			7/1/15		66,698
	U.S. Treasury 10 yr
(422)	Notes		(54,106,333	)		(54,398,437	)		6/22/15		(292,104	)
65	U.S. Treasury Ultra Bond		10,905,724			11,041,875			6/22/15		136,151
		$	(683,240,932	)						$	(765,554	)

Swap Contracts

CDS Contracts²

Counterparty	Swap Referenced Obligation	Notional Value3		Annual Protection Payments (Receipts)			Termination Date		Unrealized Appreciation (Depreciation)
	Protection Sold (Moody’s Rating):
	Finmeccanica Finance (Ba)
CITI	5 yr CDS		EUR  300,000		5.00	%		3/20/19	$	13,485
	Mexico LA SP (A)
JPMC	5 yr CDS		14,300,000		1.00	%		12/20/19		(238,988	)
	Republic of Brazil (Baa)
JPMC	5 yr CDS		2,000,000		1.00	%		9/20/19		(102,372	)
Total									$	(327,875	)

Interest Rate Swap Contracts⁴

Counter- party	Swap Referenced Obligations	Notional Value3		Fixed Interest Rate Recei- ved (Paid)			Vari- able Interest Rate Recei- ved (Paid)			Termi- nation Date		Unreali- zed Appreci- ation (Depreci- ation)
	CME - 1 yr
	USD-BBA-     LIBOR
CSFB	3M		6,800,000		0.75	%		0.266	%		6/17/16	$	(4,180	)
	CME - 2 yr
	TIEE-Banxico
CSFB	28D	MXN	139,300,000		4.04	%		3.287	%		2/3/17		(5,570	)

Counter-  party	Swap Referenced Obligations	Notional Value3		Fixed Interest Rate Recei- ved (Paid)			Vari- able Interest Rate Recei- ved (Paid)			Termi- nation Date		Unreali- zed Appreci- ation (Depreci- ation)
	CME - 5 yr
	TIEE-Banxico
CSFB	28D	MXN	209,200,000		5.27	%		3.307	%		2/5/20	$	4,704
	CME - 5 yr
	USD-BBA-LIBOR
CSFB	3M		65,300,000		2.25	%		0.270	%		12/17/19		(1,053,821	)
	CME - 7 yr
	USD-BBA
CSFB	LIBOR 3M		17,300,000		2.50	%		0.270	%		12/17/21		(647,356	)
	CME - 10 yr
	TIEE-Banxico
CSFB	28D	MXN	13,700,000		5.98	%		3.303	%		8/26/24		15,714
	CME - 15 yr
	TIEE-Banxico
CSFB	28D	MXN	84,300,000		6.71	%		3.307	%		9/20/29		123,675
	CME - 15 yr
	TIEE-Banxico
CSFB	28D	MXN	312,900,000		5.99	%		3.305	%		1/8/30		(104,079	)
	CME - 2 yr
	GBP-BBA-LIBOR
CSFB	6M	GBP	3,200,000		1.50	%		0.684	%		12/16/17		(27,152	)
	CME - 5 yr
	USD-BBA-LIBOR
JPMC	3M		6,900,000		1.65	%		0.261	%		2/26/19		(84,342	)
	CME - 5 yr
	USD-BBA-LIBOR
JPMC	3M		2,300,000		1.67	%		0.258	%		2/17/20		(16,952	)
	CME - 7 yr
	USD-BBA-LIBOR
JPMC	3M		2,240,000		2.27	%		0.261	%		2/26/21		(76,640	)
	CME - 10 yr
	USD-BBA-LIBOR
JPMC	3M		8,680,000		2.84	%		0.261	%		2/26/24		(635,233	)
	CME - 3 yr
	USD-BBA-LIBOR
JPMC	3M		3,700,000		1.28	%		0.270	%		9/16/17		(28,471	)
	CME - 7 yr
	USD-BBA
JPMC	LIBOR 3M		2,800,000		2.22	%		0.258	%		5/12/21		(86,232	)
	CME - 7 yr
	USD-BBA-LIBOR
JPMC	3M		1,750,000		2.24	%		0.256	%		7/28/21		(55,984	)
	CME - 1 yr
	USD-BBA-LIBOR
MSC	3M		22,000,000		0.75	%		0.266	%		6/17/16		(13,123	)
	CME - 7 yr
	USD-BBA-LIBOR
MSC	3M		6,500,000		2.00	%		0.268	%		6/15/22		(15,270	)
	CME - 10 yr
	USD-BBA-LIBOR
MSC	3M		1,000,000		2.42	%		0.261	%		12/3/24		(36,729	)
	CME - 30 yr
	USD-BBA-LIBOR
MSC	3M		39,300,000		2.50	%		0.266	%		6/15/45		637,670
												$	(2,109,371	)

(continues )  77

Schedules of investments

Optimum Fixed Income Fund

Reverse Repurchase Agreements⁵

Counterparty	Interest Rate			Trade Date		Maturity Date		Face Value			Repurchase Price
BCLY - U.S. Treasury
Inflation Protected Bond		0.33	%		3/18/15		4/9/15	$	(1,804,500	)	$	(1,804,864	)
TD - U.S. Treasury Bond		0.30	%		3/30/15		4/6/15		(926,250	)		(926,304	)
								$	(2,730,750	)	$	(2,731,168	)

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

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

⁴An interest rate swap agreement is an exchange of interest rates between counterparties. Periodic payments (receipt) on such contracts are accrued daily and recorded as unrealized appreciation (depreciation) on swap contracts. Upon periodic payment (receipt) or termination of the contract, such amounts are recorded as realized gains (losses) on swap contracts.

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

Summary of abbreviations:

AMT – Subject to Alternative Minimum Tax

ARM – Adjustable Rate Mortgage

AUD – Australian Dollar

BAML – Bank of America Merrill Lynch

BBA – LIBOR – British Bankers Association Rate

BCLY – Barclays Bank

BNP – BNP Paribas

BRL – Brazilian Real

CAD – Canadian Dollar

CDS – Credit Default Swap

CITI – Citigroup Global Markets

CLO – Collateralized Loan Obligation

CLP – Chilean Peso

CME – Chicago Mercantile Exchange Inc.

CNY – China Renminbi

COP – Colombian Peso

CSFB – Credit Suisse First Boston

DB – Deutsche Bank

DKK – Danish Krone

EUR – European Monetary Unit

GBP – British Pound Sterling

GNMA – Government National Mortgage Association

GSMPS – Goldman Sachs Reperforming Mortgage

                  Securities

HSBC – Hong Kong Shanghai Bank

ICE LIBOR – IntercontinentalExchange London Interbank

                        Offered Rate

IDR – Indonesian Rupiah

IG – Investment Grade

ILS – Israeli Shekel

IMM – International Monetary Market

INR – Indian Rupee

IRS – Interest Rate Swaptions

JPMC – JPMorgan Chase Bank

JPY – Japanese Yen

KRW – South Korean Won

LB – Lehman Brothers

M – Month

MASTR – Mortgage Asset Securitization Transactions, Inc.

MSC – Morgan Stanley Capital

MXN – Mexican Peso

NOK – Norwegian Krone

NZD – New Zealand Dollar

O.A.T. – Obligations Assimilables du Tresor

PEN – Peruvian Nuevo Sol

PIK – Payment-in-kind

PLN – Polish Zloty

REMIC – Real Estate Mortgage Investment Conduit

SEK – Swedish Krona

S.F. – Single Family

TBA – To be announced

TD – Toronto Dominion Bank

TIEE – Banxico – Interbank Equilibrium Interest Rate

        Banco de Mexico

UBS – Union Bank of Switzerland

USD – U.S. Dollar

yr – Year

ZAR – South African Rand

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

78

Optimum International Fund

March 31, 2015

	Number of shares		Value (U.S. $)
Common Stock – 97.75%D
Australia – 4.91%
Amcor		610,218	$	6,501,419
Australia & New Zealand Banking Group		278,631		7,751,058
BHP Billiton ADR		68,110		3,165,072
Commonwealth Bank of Australia		23,418		1,660,945
Orora		1,005,896		1,733,313
Qantas Airways †		1,098,540		2,605,461
Telstra		379,811		1,823,147
Transfield Services †		461,311		478,411
				25,718,826
Austria – 2.49%
Conwert Immobilien Invest †		193,095		2,419,969
Erste Group Bank		130,301		3,203,948
Schoeller-Bleckmann Oilfield Equipment		53,912		3,450,019
voestalpine		108,323		3,963,199
				13,037,135
Belgium – 1.30%
Ageas VVPR Strip «=†		2,424		0
Delhaize Group		75,872		6,817,615
				6,817,615
Bermuda – 1.44%
Everest Re Group		43,534		7,574,916
				7,574,916
Brazil – 1.66%
Banco Bradesco ADR		252,332		2,341,645
Banco do Brasil		301,900		2,176,290
JBS		281,000		1,249,182
Qualicorp †		407,267		2,932,016
				8,699,133
Canada – 1.94%
Dominion Diamond †		143,800		2,456,742
Interfor †		38,300		579,043
Magna International Class A		92,600		4,950,024
Rogers Communications Class B		60,386		2,021,723
Tourmaline Oil †		6,200		187,618
				10,195,150
China/Hong Kong – 7.86%
Anhui Conch Cement		1,120,000		4,229,397
Cathay Pacific Airways		223,000		516,033
China Mobile		75,000		977,430
China Oilfield Services		2,444,000		4,069,595
China Shipping Container Lines †		3,968,000		1,259,785

	Number of shares		Value (U.S. $)
Common StockD (continued)
China/Hong Kong (continued)
CLP Holdings		631,000	$	5,515,018
Industrial & Commercial Bank of China		4,353,000		3,219,837
Mindray Medical International ADR		133,187		3,642,664
New China Life Insurance Class H		184,900		1,029,470
New World Development		460,000		533,297
Orient Overseas International		878,500		5,362,519
Power Assets Holdings		119,000		1,214,733
Swire Pacific Class A		209,000		2,845,007
Weichai Power		1,112,000		4,287,341
Yangzijiang Shipbuilding Holdings		1,431,000		1,315,594
Yue Yuen Industrial Holdings		341,000		1,206,608
				41,224,328
Colombia – 0.46%
Bancolombia ADR		61,088		2,402,591
				2,402,591
Czech Republic – 0.52%
Komercni banka		12,639		2,726,203
				2,726,203
Denmark – 0.27%
H. Lundbeck †		24,666		519,590
Pandora		9,641		877,759
				1,397,349
Finland – 0.91%
Neste Oil		181,169		4,754,749
				4,754,749
France – 3.67%
Derichebourg †		184,871		566,625
Etablissements Maurel et Prom †		59,064		431,485
Faurecia		54,538		2,378,632
GDF Suez VVPR Strip =†		8,820		0
IPSOS		31,419		879,388
Metropole Television		27,031		542,193
Peugeot †		79,144		1,323,186
Sanofi		10,204		1,007,925
Societe Generale		77,210		3,728,550
Sodexo		37,004		3,609,794
Thales		27,031		1,500,024
Vivendi		131,972		3,277,183
				19,244,985
Germany – 2.12%
Aurubis		45,957		2,596,057

(continues )  79

Schedules of investments

Optimum International Fund

	Number of shares		Value (U.S. $)
Common StockD (continued)
Germany (continued)
Deutsche Lufthansa		344,743	$	4,828,223
Hella KGaA Hueck †		19,988		963,929
K+S		21,098		687,544
Krones		5,273		547,515
TUI		84,474		1,479,824
				11,103,092
India – 3.02%
Britannia Industries		23,968		830,660
Hindustan Unilever		232,962		3,269,761
ICICI Bank ADR		561,212		5,814,156
Yes Bank		449,470		5,895,225
				15,809,802
Indonesia – 0.45%
Indofood Sukses Makmur		4,146,300		2,361,163
				2,361,163
Ireland – 4.64%
ICON †		192,511		13,577,801
Shire		134,879		10,752,612
				24,330,413
Israel – 1.92%
Plus500		91,064		921,920
Taro Pharmaceutical Industries †		6,562		925,439
Teva Pharmaceutical Industries ADR		131,786		8,210,268
				10,057,627
Italy – 0.13%
La Doria		45,778		689,415
				689,415
Japan – 17.70%
Aderans		55,100		570,040
Alpine Electronics		48,700		809,787
Alps Electric		200,000		4,815,062
Asahi Kasei		405,000		3,866,954
Bic Camera		131,600		1,366,798
CyberAgent		26,400		1,511,868
Daiwa Securities Group		324,000		2,550,067
Denso		172,700		7,871,273
Fuji Heavy Industries		22,100		733,514
Fujitsu		271,000		1,847,814
Hazama Ando		77,600		443,264
Heiwado		25,900		592,803
Hitachi		618,000		4,220,146
Japan Airlines		45,800		1,424,475
JVC Kenwood †		166,600		512,317

	Number of shares		Value (U.S. $)
Common StockD (continued)
Japan (continued)
Kaken Pharmaceutical		56,000	$	1,618,672
Kawasaki Heavy Industries		105,000		529,639
Kissei Pharmaceutical		21,300		664,939
Konica Minolta		56,600		573,508
Kose		9,800		540,397
KYORIN Holdings		27,400		654,928
MEIJI Holdings		13,900		1,692,874
Minebea		33,000		518,952
Mizuho Financial Group		1,244,500		2,186,816
MS&AD Insurance Group Holdings		51,100		1,430,359
Nexon		62,100		661,197
NH Foods		58,000		1,336,308
Nichi-iko Pharmaceutical		52,200		1,201,885
Nichirei		113,000		632,951
Nippon Paper Industries		52,400		787,295
Nippon Steel & Sumitomo Metal		1,383,000		3,476,843
Nissha Printing		79,700		1,452,715
Oracle Japan		11,800		507,713
Otsuka		14,800		630,599
Otsuka Holdings		179,200		5,605,098
Panasonic		90,000		1,181,687
Resona Holdings		211,000		1,046,969
Round One		126,000		714,351
SBI Holdings		102,500		1,240,594
Secom		96,200		6,415,502
Shionogi		55,800		1,857,302
Sumitomo Dainippon Pharma		94,400		1,117,908
Sumitomo Heavy Industries		594,000		3,886,668
Sumitomo Mitsui Financial Group		165,500		6,338,352
T-Gaia		70,900		937,681
Tokyo Electric Power †		202,700		767,081
Toridoll.corporation		33,600		466,203
Towa Pharmaceutical		21,100		1,206,039
Toyota Motor		49,000		3,419,812
Ulvac †		46,600		715,971
Yamazaki Baking		90,000		1,621,380
				92,773,370
Malaysia – 0.28%
British American Tobacco Malaysia		25,400		470,833
Tenaga Nasional		253,300		980,708
				1,451,541
Netherlands – 1.99%
Boskalis Westminster		27,435		1,352,485

80

	Number of shares		Value (U.S. $)
Common StockD (continued)
Netherlands (continued)
Core Laboratories		60,913	$	6,364,799
Royal Dutch Shell Class A		91,036		2,716,899
				10,434,183
New Zealand – 0.58%
Meridian Energy		406,214		614,172
Spark New Zealand		233,915		520,286
Xero Private Placement †		104,850		1,889,351
				3,023,809
Norway – 3.14%
DNB		423,405		6,796,373
Norsk Hydro		733,327		3,855,090
Statoil ADR		194,156		3,415,204
Subsea 7		276,814		2,377,355
				16,444,022
Republic of Korea – 4.38%
Hyundai Mobis		17,709		3,924,482
Korea Electric Power		34,449		1,420,299
LG Display ADR †		36,618		524,004
POSCO		12,941		2,829,815
Samsung Electronics		7,657		9,933,897
SK Hynix		106,030		4,332,999
				22,965,496
Singapore – 2.69%
DBS Group Holdings		461,000		6,835,393
Singapore Airlines		461,000		4,013,570
United Industrial		1,117,000		2,790,831
Wilmar International		207,000		491,396
				14,131,190
Spain – 1.45%
Amadeus IT Holding		177,865		7,624,192
				7,624,192
Sweden – 1.03%
Getinge Class B		218,373		5,395,766
				5,395,766
Switzerland – 5.67%
Credit Suisse Group ADR		126,025		3,393,853
Galenica		5,823		5,076,005
Lonza Group †		51,962		6,469,167
Novartis ADR		73,334		7,231,466
Roche Holding		25,573		7,027,258
Zehnder Group		11,237		523,807
				29,721,556
Taiwan – 3.43%
Advanced Semiconductor Engineering		4,425,000		5,999,135

	Number of shares		Value (U.S. $)
Common StockD (continued)
Taiwan (continued)
AU Optronics		6,392,000	$	3,211,074
Taiwan Semiconductor
Manufacturing		1,881,000		8,752,413
				17,962,622
Turkey – 1.20%
Akbank		1,111,349		3,260,736
Turkiye Garanti Bankasi		934,609		3,048,369
				6,309,105
United Kingdom – 11.62%
Abcam		102,032		732,865
ARM Holdings ADR		230,928		11,384,750
Debenhams		1,781,156		1,982,105
Diageo		214,160		5,917,970
DS Smith		203,956		1,041,378
Great Portland Estates		244,650		2,939,349
Hikma Pharmaceuticals		32,673		1,028,308
HSBC Holdings		301,889		2,572,437
Inchcape		208,795		2,454,532
International Consolidated
Airlines Group †		742,686		6,619,497
Investec		415,991		3,449,921
Land Securities Group		74,437		1,381,897
Legal & General Group		1,012,155		4,168,265
Man Group		1,013,210		3,056,097
Mondi		136,622		2,625,378
Persimmon †		164,019		4,041,857
Project White =†		83,072		1,443,949
Rio Tinto ADR		98,303		4,069,744
				60,910,299
United States – 2.88%
Carnival		140,552		6,724,008
Carnival – London Stock Exchange		141,653		6,926,670
Project Star =†		142		1,063,796
Project Star Series G =†		47		373,872
				15,088,346
Total Common Stock (cost $509,508,814)				512,379,989

(continues )  81

Schedules of investments

Optimum International Fund

	Principal amount°		Value (U.S. $)
Short-Term Investments – 1.46%
Discount Notes – 0.67%≠
Federal Home Loan Bank
0.07% 4/6/15		2,585,582	$	2,585,572
0.075% 6/4/15		235,155		235,134
0.075% 6/29/15		235,155		235,126
0.095% 7/14/15		446,795		446,718
				3,502,550
Repurchase Agreements – 0.79%
Bank of America Merrill Lynch 0.05%, dated 3/31/15, to be repurchased on 4/1/15, repurchase price $1,697,852 (collateralized by U.S. government obligations 2.125%–3.125% 6/30/21–2/15/43; market value $1,731,807)		1,697,849		1,697,849
Bank of Montreal 0.10%, dated 3/31/15, to be repurchased on 4/1/15, repurchase price $1,414,878 (collateralized by U.S. government obligations 0.00%–9.125% 10/15/16–2/15/23; market value $1,443,172)		1,414,875		1,414,875
BNP Paribas 0.10%, dated 3/31/15, to be repurchased on 4/1/15, repurchase price $1,029,279 (collateralized by U. S. government obligations 0.00%–2.250% 1/31/19–2/15/26; market value $1,049,862)		1,029,276		1,029,276
				4,142,000
Total Short-Term Investments (cost $7,644,474)				7,644,550

Total Value of Securities – 99.21%
(cost $517,153,288) $ 520,024,539

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

= Security is being fair valued in accordance with the Fund’s fair valuation policy. At March 31, 2015, the aggregate value of fair valued securities was $2,881,617, which represents 0.55% of the Fund’s net assets. See Note 1 in “Notes to financial statements.”

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

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

† Non-income-producing security.

D Securities have been classified by country of origin. Aggregate classification by business sectors has been presented on page 37 in “Security type / country and sector allocations.”

The following foreign currency exchange contract were outstanding at March 31, 2015:¹

Foreign Currency Exchange Contract

Counterparty	Contract to Receive (Deliver)		In Exchange For		Settlement Date	Unrealized Appreciation (Depreciation)
BBH	HKD	(1,321,180)	USD	170,391	4/2/15	$	(24	)

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

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

Summary of abbreviations:

ADR – American Depositary Receipt

BBH – Brown Brothers Harriman

HKD – Hong Kong Dollar

USD – U. S. Dollar

VVPR Strip – Dividend Coupon

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

82

Optimum Large Cap Growth Fund

March 31, 2015

	Number of shares		Value (U.S. $)
Common Stock – 95.71%²
Consumer Discretionary – 20.99%
Amazon.com †		111,300	$	41,414,730
AutoZone †		13,600		9,277,376
BorgWarner		55,700		3,368,736
CarMax †		102,100		7,045,921
Chipotle Mexican Grill †		3,650		2,374,471
Comcast Class A		169,950		9,597,077
Darden Restaurants		34,700		2,406,098
Delphi Automotive (United Kingdom)		155,400		12,391,596
DISH Network Class A †		15,000		1,050,900
Disney (Walt)		216,900		22,750,641
Dollar General		54,150		4,081,827
Dollar Tree †		104,650		8,491,824
Flipkart Limited @=†		1,530		165,368
Flipkart Limited Series A @=†		522		56,420
Flipkart Limited Series C @=†		921		99,545
Flipkart Limited Series E @=†		1,712		185,039
Flipkart Limited Series G @=†		7,188		817,793
Hanesbrands		232,900		7,804,479
Hilton Worldwide Holdings †		340,200		10,076,724
Home Depot		106,523		12,102,078
Las Vegas Sands		72,600		3,995,904
Lear		23,650		2,620,893
Lowe’s		253,400		18,850,426
McDonald’s		54,000		5,261,760
MGM Resorts International †		357,770		7,523,903
Netflix †		14,600		6,083,674
NIKE Class B		128,550		12,897,421
Pandora Media †		72,300		1,171,983
Priceline Group †		23,600		27,473,940
PVH		7,650		815,184
Ralph Lauren		4,450		585,175
Ross Stores		42,700		4,498,872
Royal Caribbean Cruises		80,550		6,593,018
Signet Jewelers (Bermuda)		37,800		5,246,262
Starbucks		139,650		13,224,855
Tesla Motors †		40,800		7,701,816
Time Warner Cable		13,200		1,978,416
Toll Brothers †		94,450		3,715,663
Tractor Supply		93,700		7,970,122
TripAdvisor †		34,350		2,856,890
Twitter †		112,500		5,634,000
Under Armour Class A †		92,550		7,473,413
Walgreens Boots Alliance		174,100		14,742,788
Wynn Macau (Macau)		1,355,600		2,929,618
Wynn Resorts		53,130		6,688,004
				334,092,643

	Number of shares		Value (U.S. $)
Common Stock² (continued)
Consumer Staples – 4.01%
Altria Group		112,100	$	5,607,242
Anheuser-Busch InBev ADR (Belgium)		17,850		2,176,093
Costco Wholesale		25,300		3,832,823
CVS Health		210,750		21,751,507
Estee Lauder		38,300		3,185,028
Jarden †		56,800		3,004,720
Kroger		57,750		4,427,115
Mead Johnson Nutrition		46,500		4,674,645
Molson Coors Brewing Class B		49,300		3,670,385
PepsiCo		88,750		8,486,275
Whole Foods Market		59,200		3,083,136
				63,898,969
Energy – 3.63%
Anadarko Petroleum		92,500		7,659,925
Baker Hughes		93,600		5,951,088
Cheniere Energy †		50,150		3,881,610
Concho Resources †		9,500		1,101,240
Continental Resources †		56,000		2,445,520
Devon Energy		112,050		6,757,735
EOG Resources		15,000		1,375,350
EQT		57,100		4,731,877
Pioneer Natural Resources		30,300		4,954,353
Range Resources		69,231		3,602,781
Schlumberger		22,250		1,856,540
SunEdison †		336,500		8,076,000
TerraForm Power Class A †		87,750		3,203,753
Weatherford International (Switzerland) †		181,900		2,237,370
				57,835,142
Financials – 5.32%
American Express		24,650		1,925,658
American International Group		46,700		2,558,693
American Tower		123,000		11,580,450
Bank of America		369,900		5,692,761
BlackRock		10,100		3,694,984
Charles Schwab		140,850		4,287,474
Citigroup		158,300		8,155,616
Crown Castle International		110,300		9,104,162
Discover Financial Services		50,800		2,862,580
Hartford Financial Services Group		209,300		8,752,926
Intercontinental Exchange		24,400		5,691,788
Morgan Stanley		300,550		10,726,629
State Street		71,800		5,279,454

(continues )  83

Schedules of investments

Optimum Large Cap Growth Fund

	Number of shares		Value (U.S. $)
Common Stock² (continued)
Financials (continued)
TD Ameritrade Holding		118,100	$	4,400,406
				84,713,581
Healthcare – 19.88%
Actavis †		190,218		56,612,779
Alexion Pharmaceuticals †		70,000		12,131,000
Amgen		13,100		2,094,035
Anthem		28,400		4,385,244
Becton, Dickinson		57,500		8,256,425
Biogen †		72,050		30,422,392
BioMarin Pharmaceutical †		61,000		7,601,820
Bristol-Myers Squibb		92,900		5,992,050
Celgene †		151,800		17,499,504
Cigna		10,745		1,390,833
Gilead Sciences †		310,700		30,488,991
HCA Holdings †		113,259		8,520,475
Humana		91,300		16,253,226
Incyte †		88,050		8,070,663
Intercept Pharmaceuticals †		15,250		4,300,805
Intuitive Surgical †		22,000		11,110,660
McKesson		78,200		17,688,840
Pharmacyclics †		38,200		9,777,290
Puma Biotechnology †		4,250		1,003,467
Regeneron Pharmaceuticals †		13,700		6,185,276
Shire ADR (Ireland)		32,950		7,884,605
St.Jude Medical		24,500		1,602,300
Teva Pharmaceutical Industries ADR (Israel)		20,200		1,258,460
Thermo Fisher Scientific		72,600		9,753,084
United Therapeutics †		19,450		3,353,861
UnitedHealth Group		76,400		9,037,356
Valeant Pharmaceuticals International (Canada) †		86,700		17,220,354
Vertex Pharmaceuticals †		55,450		6,541,437
				316,437,232
Industrials – 11.89%
American Airlines Group		285,900		15,089,802
Boeing		123,250		18,497,360
Danaher		279,100		23,695,590
FedEx		34,900		5,774,205
Flowserve		76,700		4,332,783
HD Supply Holdings †		280,200		8,729,631
Honeywell International		141,650		14,775,511
Hunt (J.B.) Transport Services		39,000		3,330,405
Ingersoll-Rand (Ireland)		89,100		6,065,928
Lockheed Martin		17,150		3,480,764
Martin Marietta Materials		29,400		4,110,120
McGraw Hill Financial		43,250		4,472,050

	Number of shares		Value (U.S. $)
Common Stock² (continued)
Industrials (continued)
Mobileye (Israel) †		72,300	$	3,038,769
Precision Castparts		69,250		14,542,500
Roper Industries		50,900		8,754,800
Tyco International (Switzerland)		190,850		8,218,001
Union Pacific		64,900		7,029,319
United Continental Holdings †		186,750		12,558,938
United Parcel Service Class B		63,650		6,170,231
United Technologies		35,900		4,207,480
Vulcan Materials		47,300		3,987,390
WABCO Holdings †		16,700		2,052,096
Wabtec		66,400		6,308,664
				189,222,337
Information Technology – 28.05%
Activision Blizzard		165,800		3,767,805
Adobe Systems †		111,400		8,236,916
Alibaba Group Holding ADR †		139,405		11,604,072
Alliance Data Systems †		25,185		7,461,056
Apple		592,050		73,668,781
Arista Networks †		63,250		4,461,023
ASML Holding (Netherlands)		30,800		3,111,724
Avago Technologies		54,750		6,952,155
Baidu ADR †		61,300		12,774,920
Broadcom Class A		87,450		3,786,148
Cognizant Technology
Solutions Class A †		85,800		5,353,062
Ctrip.com International ADR †		35,550		2,083,941
Dropbox Class A @=†		61,727		1,180,946
Facebook Class A †		669,479		55,041,216
Fiserv †		113,950		9,047,630
Google Class A †		42,100		23,352,870
Google Class C †		77,750		42,607,000
GrubHub †		62,200		2,823,258
LinkedIn Class A †		40,900		10,219,274
MasterCard Class A		195,000		16,846,050
Micron Technology †		212,385		5,762,005
Microsoft		216,750		8,811,971
NAVER (South Korea)		3,042		1,836,109
NetSuite †		39,000		3,617,640
NXP Semiconductor (Netherlands) †		76,450		7,672,522
Palo Alto Networks †		14,400		2,103,552
QUALCOMM		39,950		2,770,133
Red Hat †		71,900		5,446,425
salesforce.com †		330,700		22,094,067
SanDisk		69,750		4,437,495
SAP ADR (Germany)		21,000		1,515,570

84

	Number of shares		Value (U.S. $)
Common Stock² (continued)
Information Technology (continued)
SBA Communications Class A †		33,100	$	3,876,010
ServiceNow †		52,800		4,159,584
Tencent Holdings (China) (Hong Kong Exchange)		340,300		6,462,269
Vipshop Holdings ADR †		293,900		8,652,416
Visa Class A		623,250		40,766,783
Western Digital		16,150		1,469,812
Workday Class A †		40,100		3,384,841
Yahoo †		162,300		7,211,801
				446,430,852
Materials – 1.53%
Air Products & Chemicals		30,100		4,553,528
Ashland		29,700		3,781,107
duPont (E. I.) deNemours		61,800		4,416,846
PPG Industries		20,100		4,533,354
Sherwin-Williams		24,700		7,027,150
				24,311,985
Telecommunication Services – 0.26%
Level 3 Communications †		78,000		4,199,520
				4,199,520
Utilities – 0.15%
Sempra Energy		22,100		2,409,342
				2,409,342
Total Common Stock (cost $1,227,837,955)				1,523,551,603
Convertible Preferred Stock – 0.06%
Airbnb Private Placement @=†		23,130		894,608
LivingSocial Private Placement Series F @=†		14,824		3,854
Total Convertible Preferred Stock (cost $1,055,689)				898,462
U. S. Master Limited Partnerships – 1.22%
Blackstone Group		425,600		16,551,584
Carlyle Group		103,650		2,808,915
Total U. S. Master Limited Partnerships (cost $16,564,530)				19,360,499

	Principal amount°		Value (U.S. $)
Short-Term Investments – 3.21%
Discount Notes – 0.59%≠
Federal Home Loan Bank
0.075% 6/4/15		2,431,783	$	2,431,562
0.075% 6/29/15		2,431,783		2,431,477
0.095% 7/14/15		4,620,388		4,619,588
				9,482,627
Repurchase Agreements – 2.62%
Bank of America Merrill Lynch 0.05%, dated 3/31/15, to be repurchased on 4/1/15, repurchase price $17,067,059 (collateralized by U.S. government obligations 2.125%–3.125% 6/30/21–2/15/43; market value $17,408,379)		17,067,035		17,067,035
Bank of Montreal 0.10%, dated 3/31/15, to be repurchased on 4/1/15, repurchase price $14,222,569 (collateralized by U.S. government obligations 0.00%–9.125% 10/15/16–2/15/23; market value $14,506,981)		14,222,530		14,222,530
BNP Paribas 0.10%, dated 3/31/15, to be repurchased on 4/1/15, repurchase price $10,346,464 (collateralized by U.S. government obligations 0.00%–2.250% 1/31/19–2/15/26; market value $10,553,369)		10,346,435		10,346,435
				41,636,000
Total Short-Term Investments (cost $51,117,911)				51,118,627
Total Value of Securities – 100.20% (cost $1,296,576,085)			$	1,594,929,191

@ Illiquid security. At March 31, 2015, the aggregate value of illiquid securities was $3,403,573,which represents 0.21% of the Fund’s net assets. See Note 10 in “Notes to financial statements.”

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

(continues )  85

Schedules of investments

Optimum Large Cap Growth Fund

= Security is being fair valued in accordance with the Fund’s fair valuation policy. At March 31, 2015, the aggregate value of fair valued securities was $3,403,573, which represents 0.21% of the Fund’s net assets. See Note 1 in “Notes to financial statements.”

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

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

† Non-income-producing security.

ADR – American Depositary Receipt

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

86

Optimum Large Cap Value Fund

March 31, 2015

	Number of shares		Value (U.S. $)
Common Stock – 97.26%
Consumer Discretionary – 10.18%
Advance Auto Parts		22,280	$	3,335,093
Bed Bath & Beyond †		23,638		1,814,807
Comcast Class A		136,323		7,642,949
Copa Holdings Class A (Panama)		33,236		3,355,839
Delphi Automotive (United Kingdom)		66,153		5,275,040
Disney (Walt)		45,717		4,795,256
Hasbro		50,907		3,219,359
Johnson Controls		132,879		6,702,417
Kohl’s		23,879		1,868,532
Mattel		25,426		580,984
McDonald’s		54,936		5,352,964
Newell Rubbermaid		29,927		1,169,248
Omnicom Group		101,079		7,882,140
Ross Stores		159,728		16,828,942
Target		145,407		11,933,552
Time		7,084		158,965
Time Warner		67,818		5,726,552
TJX		303,337		21,248,757
Verisk Analytics Class A †		198,113		14,145,268
Viacom Class B		56,439		3,854,784
Yum Brands		74,654		5,876,763
				132,768,211
Consumer Staples – 11.86%
Altria Group		430,629		21,540,063
Archer-Daniels-Midland		9,471		448,925
Campbell Soup		385,269		17,934,272
Colgate-Palmolive		230,067		15,952,846
CVS Health		127,954		13,206,132
Danone (France)		70,452		4,749,900
Diageo (United Kingdom)		311,524		8,608,469
Dr Pepper Snapple Group		16,596		1,302,454
General Mills		185,329		10,489,621
Imperial Tobacco Group (United Kingdom)		30,879		1,354,501
Kellogg		26,229		1,729,803
Lorillard		109,718		7,170,071
Nestle (Switzerland)		143,025		10,770,132
Philip Morris International		480,400		36,188,532
Procter & Gamble		40,360		3,307,098
				154,752,819
Energy — 12.35%
Apache		219,219		13,225,482
Atwood Oceanics		262,025		7,365,523
Baker Hughes		20,737		1,318,458

	Number of shares		Value (U.S. $)
Common Stock (continued)
Energy (continued)
Chevron		87,667	$	9,203,282
ConocoPhillips		263,538		16,407,876
Continental Resources †		212,443		9,277,386
EOG Resources		41,826		3,835,026
Exxon Mobil		344,013		29,241,105
Marathon Petroleum		197,828		20,255,609
Occidental Petroleum		89,453		6,530,069
Oil States International †		330,123		13,128,992
Schlumberger		50,593		4,221,480
SM Energy		196,147		10,136,877
Valero Energy		266,727		16,969,172
				161,116,337
Financials – 23.70%
ACE (Switzerland)		65,910		7,348,306
Aflac		165,592		10,599,544
American Express		47,980		3,748,198
Aon (United Kingdom)		82,392		7,919,519
Apartment Investment & Management		411,776		16,207,503
Bank of New York Mellon		206,190		8,297,086
BlackRock		18,442		6,746,821
CBOE Holdings		328,248		18,843,076
Chubb		50,235		5,078,760
Citigroup		44,488		2,292,022
Discover Financial Services		272,563		15,358,925
Eaton Vance		297,475		12,386,859
Franklin Resources		152,441		7,823,272
Goldman Sachs Group		67,274		12,645,494
JPMorgan Chase		469,319		28,431,345
McGraw Hill Financial		197,111		20,381,277
MetLife		226,487		11,448,918
Moody’s		145,074		15,058,681
NASDAQ OMX Group		104,262		5,311,106
Nationstar Mortgage Holdings †		628,338		15,563,932
PNC Financial Services Group		59,638		5,560,647
Prudential Financial		72,590		5,829,703
State Street		82,256		6,048,284
Travelers		118,619		12,826,272
U. S. Bancorp		291,352		12,723,342
Waddell & Reed Financial Class A		257,909		12,776,812
Wells Fargo		405,321		22,049,462
				309,305,166
Healthcare – 10.27%
Abbott Laboratories		181,666		8,416,586

(continues )  87

Schedules of investments

Optimum Large Cap Value Fund

	Number of shares		Value (U.S. $)
Common Stock (continued)
Healthcare (continued)
Baxter International		86,724	$	5,940,594
Express Scripts Holding †		84,416		7,324,776
Gilead Sciences †		121,197		11,893,062
Johnson & Johnson		225,089		22,643,953
Medtronic (Ireland)		172,286		13,436,585
Merck		157,197		9,035,684
Mylan †		319,456		18,959,714
Novartis (Switzerland)		23,061		2,276,132
Pfizer		571,961		19,898,523
Roche Holding (Switzerland)		6,561		1,802,911
St. Jude Medical		70,737		4,626,200
Thermo Fisher Scientific		57,691		7,750,209
				134,004,929
Industrials – 12.19%
3M		84,652		13,963,347
Canadian National Railway (Canada)		59,584		3,984,382
Danaher		101,267		8,597,568
Eaton (Ireland)		83,909		5,700,777
Equifax		16,819		1,564,167
Honeywell International		143,258		14,943,242
Illinois Tool Works		49,077		4,767,340
Lockheed Martin		181,585		36,854,492
Northrop Grumman		36,525		5,879,064
Pentair (United Kingdom)		39,409		2,478,432
Rockwell Collins		148,005		14,289,883
Stanley Black & Decker		32,111		3,062,105
Tyco International		193,472		8,330,904
United Parcel Service Class B		211,461		20,499,029
United Technologies		120,343		14,104,200
				159,018,932
Information Technology – 9.60%
Accenture Class A (Ireland)		180,229		16,885,655
Apple		215,413		26,803,840
Fidelity National Information Services		53,681		3,653,529
Fiserv †		65,452		5,196,889
International Business Machines		57,468		9,223,614
Microsoft		361,953		14,715,199
Oracle		155,576		6,713,104
Texas Instruments		148,048		8,466,125
Western Digital		189,036		17,204,166
Western Union		786,918		16,375,764
				125,237,885
Materials – 4.49%
CF Industries Holdings		48,358		13,718,197

	Number of shares		Value (U.S. $)
Common Stock (continued)
Materials (continued)
Crown Holdings †		66,423	$	3,588,170
duPont (E. I.) deNemours		22,308		1,594,353
LyondellBasell Industries Class A		150,456		13,210,037
NewMarket		35,169		16,803,748
PPG Industries		43,111		9,723,255
				58,637,760
Telecommunication Services – 2.28%
AT&T		54,596		1,782,559
Verizon Communications		503,142		24,467,795
Vodafone Group (United Kingdom)		1,079,332		3,531,806
				29,782,160
Utilities – 0.34%
Duke Energy		58,175		4,466,678
				4,466,678
Total Common Stock (cost $950,008,642)				1,269,090,877
Convertible Preferred Stock – 0.04%
United Technologies 7.50% exercise price $98.52, expiration date 8/1/15		7,480		460,319
Total Convertible Preferred Stock (cost $376,064)				460,319
	Principal amount°
Short-Term Investments – 2.62%
Discount Notes – 0.27%≠
Federal Home Loan Bank
0.054% 4/6/15		1,505,699		1,505,693
0.057% 4/8/15		578,664		578,662
0.065% 4/20/15		362,330		362,325
0.075% 6/4/15		265,879		265,855
0.075% 6/29/15		265,879		265,845
0.095% 7/14/15		505,170		505,082
				3,483,462

88

	Principal amount°		Value (U.S. $)
Short-Term Investments (continued)
Repurchase Agreements – 2.35%
Bank of America Merrill Lynch 0.05%, dated 3/31/15, to be repurchased on 4/1/15, repurchase price $12,599,848 (collateralized by U.S. government obligations 2.125%–3.125% 6/30/21–2/15/43; market value $12,851,829)		12,599,830	$	12,599,830
Bank of Montreal 0.10%, dated 3/31/15, to be repurchased on 4/1/15, repurchase price $10,499,888 (collateralized by U.S. government obligations 0.00%–9.125% 10/15/16–2/15/23; market value $10,709,857)		10,499,859		10,499,859
BNP Paribas 0.10%, dated 3/31/15, to be repurchased on 4/1/15, repurchase price $7,638,332 (collateralized by U.S. government obligations 0.00%–2.250% 1/31/19–2/15/26; market value $7,791,081)		7,638,311		7,638,311
				30,738,000
Total Short-Term Investments (cost $34,221,367)				34,221,462
Total Value of Securities –99.92% (cost $984,606,073)			$	1,303,772,658

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

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

† Non-income-producing security.

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

.

89

Schedules of investments

Optimum Small-Mid Cap Growth Fund

March 31, 2015

	Number of shares		Value (U.S. $)
Common Stock – 95.54%
Consumer Discretionary – 12.76%
Buffalo Wild Wings †		5,536	$	1,003,345
Casey’s General Stores		24,000		2,162,400
Choice Hotels International		40,000		2,562,800
CST Brands		56,176		2,462,194
Diamond Resorts International †		168,193		5,622,692
Domino’s Pizza		20,000		2,011,000
Dorman Products †		80,000		3,980,000
Fiesta Restaurant Group †		40,000		2,440,000
Fossil Group †		26,000		2,143,700
Gentex		123,623		2,262,301
Gentherm †		24,644		1,244,768
GoPro Class A †		71,526		3,104,944
IMAX (Canada) †		128,506		4,331,937
Jack in the Box		11,679		1,120,250
Kate Spade †		91,425		3,052,681
LKQ †		277,000		7,080,120
Michaels †		30,410		822,895
Panera Bread Class A †		13,703		2,192,411
Papa John’s International		45,000		2,781,450
Performance Sports Group †		48,952		954,564
Pool		45,000		3,139,200
Red Robin Gourmet Burgers †		8,366		727,842
Samsonite International		516,730		1,798,066
Select Comfort †		48,984		1,688,478
Skechers U.S.A. Class A †		25,857		1,859,377
Tuesday Morning †		101,043		1,626,792
Vail Resorts		36,520		3,776,898
Vince Holding †		45,379		841,780
Williams-Sonoma		30,000		2,391,300
				71,186,185
Consumer Staples – 1.68%
Fresh Market †		115,223		4,682,663
SunOpta (Canada) †		142,560		1,513,987
United Natural Foods †		41,000		3,158,640
				9,355,290
Energy – 3.08%
Carrizo Oil & Gas †		32,000		1,588,800
Clayton Williams Energy †		17,000		860,710
Diamondback Energy †		42,363		3,255,173
Energen		12,000		792,000
Gulfport Energy †		37,000		1,698,670
Hornbeck Offshore Services †		27,000		507,870
PDC Energy †		13,000		702,520
Rosetta Resources †		30,000		510,600
RSP Permian †		98,062		2,470,182

	Number of shares		Value (U.S. $)
Common Stock (continued)
Energy (continued)
SM Energy		27,000	$	1,395,360
SunEdison †		141,291		3,390,984
				17,172,869
Financials – 12.02%
Allied World Assurance Holdings (Switzerland)		30,000		1,212,000
Associated Banc-Corp		245,000		4,557,000
Assured Guaranty (Bermuda)		87,677		2,313,796
Blackhawk Network Holdings †		79,000		2,808,450
Eaton Vance		104,000		4,330,560
Education Realty Trust		93,000		3,290,340
Extra Space Storage		43,000		2,905,510
Financial Engines		25,289		1,057,839
First Busey		177,800		1,189,482
First Commonwealth Financial		83,000		747,000
HFF Class A		94,516		3,548,131
Kennedy-Wilson Holdings		118,511		3,097,878
Lakeland Financial		80,000		3,246,400
MB Financial		53,000		1,659,430
PacWest Bancorp		76,534		3,588,679
Paramount Group		183,966		3,550,544
Patriot National †		101,764		1,292,403
Pebblebrook Hotel Trust		58,653		2,731,470
Post Properties		35,000		1,992,550
Sandy Spring Bancorp		85,000		2,229,550
SEI Investments		79,000		3,483,110
SVB Financial Group †		20,000		2,540,800
TriNet Group †		118,323		4,168,519
TrustCo Bank New York		400,000		2,752,000
WisdomTree Investments		85,222		1,828,864
WL Ross Holding †		4,100		43,091
World Acceptance †		12,437		906,906
				67,072,302
Healthcare – 16.05%
Abaxis		11,000		705,210
Acadia Healthcare †		64,387		4,610,109
Achillion Pharmaceuticals †		83,379		822,117
Aerie Pharmaceuticals †		40,733		1,276,572
Agios Pharmaceuticals †		22,095		2,083,559
Akorn †		55,000		2,613,050
Align Technology †		14,000		752,990
Allscripts Healthcare Solutions †		95,300		1,139,788
Alnylam Pharmaceuticals †		19,871		2,074,930

90

	Number of shares		Value (U.S. $)
Common Stock (continued)
Healthcare (continued)
Anacor Pharmaceuticals †		42,157	$	2,438,782
BioCryst Pharmaceuticals †		110,392		996,840
Bio-Techne		27,500		2,757,975
Cardiovascular Systems †		22,585		881,718
Celldex Therapeutics †		44,700		1,245,789
Cepheid †		88,933		5,060,288
DexCom †		62,691		3,908,157
Endologix †		95,961		1,638,054
Envision Healthcare Holdings †		117,946		4,523,229
ExamWorks Group †		5,485		228,286
HealthSouth		31,000		1,375,160
HeartWare International †		39,202		3,440,760
Insulet †		124,091		4,138,435
Intercept Pharmaceuticals †		4,000		1,128,080
Intersect ENT †		35,036		904,980
Ironwood Pharmaceuticals †		60,499		967,984
Isis Pharmaceuticals †		26,673		1,698,270
LDR Holding †		42,308		1,550,165
Mettler-Toledo International †		17,000		5,587,050
Novavax †		154,555		1,278,170
Otonomy †		30,495		1,078,303
Portola Pharmaceuticals †		67,776		2,572,777
PTC Therapeutics †		36,376		2,213,480
Puma Biotechnology †		4,664		1,101,217
Regulus Therapeutics †		58,689		994,192
Relypsa †		35,053		1,264,362
Sarepta Therapeutics †		48,000		637,440
Seattle Genetics †		32,000		1,131,200
Sirona Dental Systems †		21,000		1,889,790
Synageva BioPharma †		60,556		5,906,027
TESARO †		51,100		2,933,140
Tetraphase Pharmaceuticals †		32,034		1,173,726
Ultragenyx Pharmaceutical †		29,000		1,800,610
VWR †		70,000		1,819,300
Wright Medical Group †		47,000		1,212,600
				89,554,661
Industrials – 22.87%
Acuity Brands		41,611		6,997,306
Advanced Drainage Systems		39,655		1,187,271
AECOM †		69,853		2,152,869
Altra Industrial Motion @		83,621		2,311,284
AMETEK		139,000		7,303,060
Applied Industrial Technologies		47,664		2,161,086
Astronics †		29,633		2,183,952

	Number of shares		Value (U.S. $)
Common Stock (continued)
Industrials (continued)
Avis Budget Group †		70,000	$	4,131,050
Belden		21,000		1,964,760
CAI International †		53,000		1,302,210
Cognex †		39,092		1,938,572
DigitalGlobe †		96,057		3,272,662
Donaldson		192,000		7,240,320
ESCO Technologies		47,000		1,832,060
Forward Air		24,000		1,303,200
Generac Holdings †		147,965		7,204,416
Graphic Packaging Holding		330,213		4,801,297
HD Supply Holdings †		106,376		3,314,144
Heartland Express		86,000		2,043,360
HEICO Class A		75,000		3,715,500
Kennametal		41,000		1,381,290
Kirby †		12,000		900,600
Knoll @		65,000		1,522,950
Landstar System		64,663		4,287,157
Masonite International †		64,374		4,329,795
Middleby †		26,000		2,668,900
Moog Class A †		57,312		4,301,266
Nordson		80,000		6,267,200
Old Dominion Freight Line †		43,761		3,382,725
Oshkosh		55,000		2,683,450
Owens Corning		66,798		2,899,033
PGT †		85,000		949,875
RPX †		34,000		489,260
Rush Enterprises Class A †		57,000		1,559,520
Spirit Airlines †		28,547		2,208,396
SunPower †		67,429		2,111,202
Swift Transportation †		141,445		3,680,399
Teledyne Technologies †		15,629		1,668,083
Thermon Group Holdings @†		86,904		2,091,779
Toro		35,000		2,454,200
WageWorks †		37,389		1,993,955
Watts Water Technologies
Class A		38,020		2,092,241
WESCO International †		27,000		1,887,030
XPO Logistics †		31,369		1,426,348
				127,597,033
Information Technology – 21.15%
Ambarella †		27,166		2,056,738
Amber Road †		158,533		1,466,430
Amphenol Class A		56,800		3,347,224
ANSYS †		45,000		3,968,550
Atmel		173,000		1,423,790
Bankrate †		200,000		2,268,000
Castlight Health Class B †		6,780		52,613

(continues )  91

Schedules of investments

Optimum Small-Mid Cap Growth Fund

	Number of shares		Value (U.S. $)
Common Stock (continued)
Information Technology (continued)
Cogent Communications Holdings		20,000	$	706,600
Constant Contact †		73,559		2,810,689
CoStar Group †		24,597		4,866,025
Demandware †		54,551		3,322,156
Envestnet †		34,108		1,912,777
ExlService Holdings †		80,000		2,976,000
F5 Networks †		21,000		2,413,740
Fleetmatics Group (Ireland) †		91,019		4,082,202
FLIR Systems		75,000		2,346,000
Heartland Payment Systems @		32,952		1,543,801
HubSpot †		62,811		2,506,159
Infinera †		152,000		2,989,840
Informatica †		35,000		1,534,925
IPG Photonics †		41,000		3,800,700
Marketo †		82,297		2,108,449
Markit (United Kingdom) †		71,086		1,912,213
MAXIMUS		38,045		2,539,884
Medidata Solutions †		25,000		1,226,000
Mellanox Technologies (Israel) †		54,005		2,448,587
Nimble Storage †		48,588		1,083,998
Power Integrations		41,430		2,157,674
Rogers †		25,000		2,055,250
Shutterstock †		45,003		3,090,356
Solera Holdings		93,000		4,804,380
SPS Commerce †		48,455		3,251,331
Stratasys †		10,000		527,800
SunEdison Semiconductor †		21,876		564,838
Telogis @=†		185,242		133,374
Textura †		30,233		821,733
TrueCar †		108,785		1,941,812
Tyler Technologies †		35,373		4,263,508
Ultimate Software Group †		12,000		2,039,460
Veeva Systems Class A †		139,540		3,562,456
Verint Systems †		80,083		4,959,540
Virtusa †		159,552		6,602,262
Wayfair Class A †		5,100		163,812
WEX †		20,344		2,184,132
WNS Holdings ADR †		300,087		7,298,116
Zendesk †		18,600		422,034
Zillow Group †		34,194		3,429,658
				117,987,616
Materials – 4.01%
Airgas		36,000		3,819,960

	Number of shares		Value (U.S. $)
Common Stock (continued)
Materials (continued)
Caesarstone Sdot-Yam (Israel)		36,443	$	2,212,455
Drew Industries		67,000		4,123,180
Headwaters †		272,285		4,993,707
KapStone Paper & Packaging		74,864		2,458,534
Platform Specialty Products †		186,491		4,785,359
				22,393,195
Telecommunication Services – 1.92%
Arista Networks †		36,071		2,544,088
Boingo Wireless †		135,000		1,017,900
CalAmp †		49,000		793,310
Gogo †		104,030		1,982,812
SBA Communications Class A †		14,000		1,639,400
Vonage Holdings †		555,000		2,725,050
				10,702,560
Total Common Stock (cost $418,089,481)				533,021,711
Convertible Preferred Stock – 0.58%
Cloudera@=		30,243		998,019
DocuSign
Series B @=		1,166		22,492
Series B-1 @=		349		6,732
Series D @=		838		16,165
Series E @=		21,664		417,899
Telogis@=†		252,269		1,074,666
Zuora=		209,844		717,534
Total Convertible Preferred Stock (cost $2,108,293)				3,253,507
Exchange -Traded Fund – 0.50%
iShares Russell 2000 Growth		18,330		2,777,912
Total Exchange-Traded Fund (cost $2,613,664)				2,777,912
Preferred Stock – 0.54%
Apigee Series H =		256,001		893,443
Nutanix @=		40,185		695,602
Pure Storage =		36,123		578,329
Veracode Series 8 @=		30,584		840,754
Total Preferred Stock (cost $2,416,129)				3,008,128

92

	Principal amount°		Value (U.S. $)
Short-Term Investments – 2.45%
Discount Notes – 1.25%≠
Federal Home Loan Bank
0.047% 4/6/15		5,190,677	$	5,190,656
0.058% 4/8/15		580,051		580,048
0.065% 4/20/15		589,749		589,740
0.075% 6/4/15		160,923		160,909
0.075% 6/29/15		160,923		160,903
0.095% 7/14/15		305,755		305,702
				6,987,958
Repurchase Agreements – 1.20%
Bank of America Merrill Lynch 0.05%, dated 3/31/15, to be repurchased on 4/1/15, repurchase price $2,728,778 (collateralized by U.S. government obligations 2.125%–3.125% 6/30/21–2/15/43; market value $2,783,350)		2,728,774		2,728,774
Bank of Montreal 0.10%, dated 3/31/15, to be repurchased on 4/1/15, repurchase price $2,273,985 (collateralized by U.S. government obligations 0.00%–9.125% 10/15/16–2/15/23; market value $2,319,458)		2,273,979		2,273,979
BNP Paribas 0.10%, dated 3/31/15, to be repurchased on 4/1/15, repurchase price $1,654,251 (collateralized by U.S. government obligations 0.00%–2.250% 1/31/19–2/15/26; market value $1,687,333)		1,654,247		1,654,247
				6,657,000
Total Short-Term Investments (cost $13,644,882)				13,644,958

Total Value of Securities – 99.61%
(cost $438,872,449) $ 555,706,216

@ Illiquid security. At March 31, 2015, the aggregate value of illiquid securities was $11,675,517, which represents 2.09% of the Fund’s net assets. See Note 10 in “Notes to financial statements.”

= Security is being fair valued in accordance with the Fund’s fair valuation policy. At March 31, 2015, the aggregate value of fair valued securities was $6,395,009, which represents 1.15% of the Fund’s net assets. See Note 1 in “Notes to financial statements.”

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

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

† Non-income-producing security.

The following foreign currency exchange contract was outstanding at March 31, 2015:¹

Foreign Currency Exchange Contract

Counterparty	Contract to Receive (Deliver)		In Exchange For		Settlement Date		Unrealized Appreciation (Depreciation)
JPMC	HKD	(567,475)	USD	73,192		4/2/15	$	(5)

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

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

Summary of abbreviations:

ADR – American Depositary Receipt

HKD – Hong Kong Dollar

JPMC – JPMorgan Chase Bank

USD – U.S. Dollar

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

(continues )  93

Schedules of investments

Optimum Small-Mid Cap Value Fund

March 31, 2015

	Number of shares		Value (U.S. $)
Common Stock – 88.36%
Consumer Discretionary – 9.56%
AMC Networks Class A †		65,200	$	4,996,928
Ascena Retail Group †		244,000		3,540,440
bebe stores		917,855		3,331,814
Callaway Golf		446,910		4,259,052
China Automotive Systems (China) †		48,278		351,464
Christopher & Banks †		427,291		2,375,738
Crocs †		269,800		3,186,338
Dick’s Sporting Goods		54,500		3,105,955
Express †		163,400		2,701,002
Finish Line Class A		59,000		1,446,680
Hooker Furniture		143,694		2,737,371
LeapFrog Enterprises †		474,500		1,034,410
Life Time Fitness †		27,900		1,979,784
Meredith		45,300		2,526,381
Pier 1 Imports		228,000		3,187,440
Rent-A-Center		132,500		3,635,800
Spartan Motors		510,538		2,476,109
Staples		106,000		1,726,210
Winnebago Industries		71,143		1,512,500
				50,111,416
Consumer Staples – 1.20%
Darling Ingredients †		115,100		1,612,551
Dean Foods		283,600		4,687,908
				6,300,459
Energy – 4.84%
Bonanza Creek Energy †		57,600		1,420,416
CONSOL Energy		109,500		3,053,955
Frank’s International (Netherlands)		113,000		2,113,100
Gulf Island Fabrication		110,875		1,647,603
Hallador Energy		270,626		3,163,618
McDermott International †		60,500		232,320
Memorial Resource Development †		95,300		1,690,622
Newpark Resources †		293,403		2,672,901
Oil States International †		47,000		1,869,190
PDC Energy †		35,900		1,940,036
RSP Permian †		89,600		2,257,024
VAALCO Energy †		403,356		988,222
Warren Resources †		403,457		359,077
Weatherford International (Switzerland) †		158,000		1,943,400
				25,351,484
Financials – 7.77%
Alexandria Real Estate Equities		43,192		4,234,544

	Number of shares		Value (U.S. $)
Common Stock (continued)
Financials (continued)
BankUnited		108,200	$	3,542,468
Cedar Realty Trust		546,776		4,095,352
Comerica		30,100		1,358,413
Dime Community Bancshares		239,303		3,852,778
East West Bancorp		42,900		1,735,734
First Financial Bancorp @		125,100		2,228,031
Hallmark Financial Services †		342,326		3,628,656
Inland Real Estate		143,200		1,530,808
Potlatch		48,903		1,958,076
PrivateBancorp		105,700		3,717,469
SVB Financial Group †		30,500		3,874,720
Wintrust Financial		64,900		3,094,432
XL Group (Ireland)		51,000		1,876,800
				40,728,281
Healthcare – 4.57%
CONMED		61,600		3,110,184
Haemonetics †		93,600		4,204,512
Integra Lifesciences Holdings †		35,200		2,170,080
MEDNAX †		50,800		3,683,508
Myriad Genetics †		115,400		4,085,160
Premier Class A †		80,800		3,036,464
Teleflex		30,600		3,697,398
				23,987,306
Industrials – 24.93%
ACCO Brands †		343,825		2,857,186
Advanced Energy Industries †		186,925		4,796,495
Aegion †		101,900		1,839,295
AMETEK		52,875		2,778,053
Apogee Enterprises		57,800		2,496,960
Avery Dennison		97,000		5,132,270
B/E Aerospace		33,400		2,124,908
Beacon Roofing Supply †		115,079		3,601,973
Boise Cascade †		93,700		3,510,002
Brady Class A		89,500		2,531,955
Carlisle		30,800		2,853,004
Colfax †		10,000		477,300
Crane		42,800		2,671,148
Diana Shipping (Greece) †		501,100		3,066,732
Dover		73,700		5,094,144
Encore Wire		82,497		3,124,986
Energizer Holdings		26,800		3,699,740
Ennis		179,949		2,540,880
FreightCar America		167,172		5,254,216
Graham		130,142		3,119,504
Granite Construction		127,171		4,468,789

94

	Number of shares		Value (U.S. $)
Common Stock (continued)
Industrials (continued)
Harsco		136,000	$	2,347,360
Herman Miller		87,100		2,417,896
Hubbell Class B		10,900		1,194,858
IDEX		20,200		1,531,766
Joy Global		78,600		3,079,548
Kennametal		99,000		3,335,310
KLX †		72,500		2,794,150
Knoll @		205,824		4,822,456
Landstar System		22,400		1,485,120
ManpowerGroup		25,600		2,205,440
McGrath RentCorp		103,549		3,407,798
MRC Global †		110,000		1,303,500
PerkinElmer		55,500		2,838,270
Rush Enterprises Class A †		70,600		1,931,616
STAG Industrial		69,700		1,639,344
Stanley Black & Decker		52,500		5,006,400
Timken		52,000		2,191,280
Trex †		36,200		1,973,986
TrueBlue †		204,100		4,969,835
Tyco International		15,400		663,124
Watts Water Technologies Class A		67,901		3,736,592
WESCO International †		59,800		4,179,422
Woodward		70,500		3,596,205
				130,690,816
Information Technology – 19.68%
Amdocs		86,000		4,678,400
AVG Technologies (Netherlands) †		209,200		4,529,180
Broadridge Financial Solutions		60,700		3,339,107
Brooks Automation		145,500		1,692,165
Cardtronics †		130,000		4,888,000
Checkpoint Systems		106,600		1,153,412
Diebold		23,500		833,310
Equifax		45,297		4,212,621
Fairchild Semiconductor International †		324,500		5,899,410
Flextronics International †		562,000		7,123,350
IAC/InterActiveCorp		63,500		4,284,345
Infineon Technologies (Germany)		100,000		1,189,914
Ingram Micro Class A †		184,500		4,634,640
j2 Global @		61,200		4,019,616
Jabil Circuit		191,000		4,465,580
KEMET †		270,000		1,117,800
Mercury Systems †		224,629		3,492,981

	Number of shares		Value (U.S. $)
Common Stock (continued)
Information Technology (continued)
Methode Electronics		78,279	$	3,682,244
Micrel		262,111		3,952,634
ON Semiconductor †		388,600		4,705,946
Pitney Bowes		156,000		3,637,920
Plexus †		118,302		4,823,173
Rudolph Technologies †		276,342		3,045,289
ScanSource †		99,836		4,058,333
Synaptics †		35,975		2,924,947
Teradyne		192,100		3,621,085
Trimble Navigation †		133,000		3,351,600
Unisys †		138,287		3,209,641
Xcerra †		70,300		624,967
				103,191,610
Materials – 13.49%
Albemarle		45,462		2,402,212
Allegheny Technologies		115,000		3,451,150
Ashland		20,100		2,558,931
Cabot		44,000		1,980,000
Carpenter Technology		72,000		2,799,360
Celanese Class A		14,500		809,970
Chemtura †		98,000		2,674,420
Deltic Timber		56,516		3,744,185
Eastman Chemical		61,600		4,266,416
Fuller (H. B.)		59,000		2,529,330
Intrepid Potash †		258,400		2,984,520
KMG Chemicals		220,801		5,902,011
Landec †		318,757		4,446,660
MeadWestvaco		41,000		2,044,670
Minerals Technologies		65,800		4,809,980
Olympic Steel		159,667		2,149,118
Owens-Illinois †		97,000		2,262,040
PolyOne		119,000		4,444,650
Rock-Tenn Class A		27,200		1,754,400
Ryerson Holding @†		117,000		745,290
Sealed Air		79,000		3,599,240
Sonoco Products		77,600		3,527,696
Stillwater Mining †		278,056		3,592,484
Xerium Technologies †		77,500		1,257,050
				70,735,783
Telecommunication Services – 1.67%
ARRIS Group †		137,500		3,973,063
Vonage Holdings †		972,600		4,775,466
				8,748,529

(continues )  95

Schedules of investments

Optimum Small-Mid Cap Value Fund

	Number of shares		Value (U.S. $)
Common Stock (continued)
Utilities – 0.65%
Questar		142,900	$	3,409,594
				3,409,594
Total Common Stock (cost $375,755,678)				463,255,278
U.S. Master Limited Partnership – 0.31%
Boardwalk Pipeline Partners		100,000		1,610,000
Total U.S. Master Limited Partnership (cost $1,297,624)				1,610,000
	Principal amount°
Short-Term Investments – 11.54%
Discount Notes – 5.25%≠
Federal Home Loan Bank
0.053% 4/6/15		14,991,503		14,991,443
0.056% 4/8/15		4,475,385		4,475,363
0.065% 4/20/15		2,492,136		2,492,101
0.075% 6/4/15		1,429,195		1,429,065
0.075% 6/29/15		1,429,195		1,429,015
0.095% 7/14/15		2,715,471		2,715,001
				27,531,988
Repurchase Agreements – 6.29%
Bank of America Merrill Lynch 0.05%, dated 3/31/15, to be repurchased on 4/1/15, repurchase price $13,513,130 (collateralized by U.S. government obligations 2.125%–3.125% 6/30/21–2/15/43; market value $13,783,376)		13,513,111		13,513,111
Bank of Montreal 0.10%, dated 3/31/15, to be repurchased on 4/1/15, repurchase price $11,260,957 (collateralized by U.S. government obligations 0.00%–9.125% 10/15/16–2/15/23; market value $11,486,145)		11,260,926		11,260,926

	Principal amount°		Value (U.S. $)
Short-Term Investments (continued)
Repurchase Agreements (continued)
BNP Paribas 0.10%, dated 3/31/15, to be repurchased on 4/1/15, repurchase price $8,191,986 (collateralized by U.S. government obligations 0.00%–2.250% 1/31/19–2/15/26; market value $8,355,806)		8,191,963	$	8,191,963
				32,966,000
Total Short-Term Investments (cost $60,497,442)				60,497,988
Total Value of Securities – 100.21% (cost $437,550,744)			$	525,363,266

@ Illiquid security. At March 31, 2015, the aggregate value of illiquid securities was $11,815,393, which represents 2.25% of the Fund’s net assets. See Note 10 in “Notes to financial statements.”

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

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

† Non-income-producing security.

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

96

Statements of assets and liabilities

Optimum Fund Trust

March 31, 2015

	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 value1	$	2,024,941,996	$	512,379,989	$	1,543,810,564	$	1,269,551,196	$	542,061,258	$	464,865,278
Short-term investments, at value2		98,460,848		7,644,550		51,118,627		34,221,462		13,644,958		60,497,988
Cash		12,908,945		—		—		254,544		80,601		72,186
Cash collateral due from brokers		3,920,348		—		—		—		—		—
Foreign currencies, at value3		3,237,332		1,652,161		—		—		—		45,169
Receivable for securities sold		130,430,943		954,026		9,229,779		868,305		4,878,580		468,678
Dividends and interest receivable		13,684,512		2,482,359		481,601		1,889,406		312,138		340,317
Receivable for fund shares sold		4,083,103		785,899		1,937,160		1,842,842		761,774		808,598
Swap interest receivable		126,436		—		—		—		—		—
Securities lending income receivable		—		7,630		—		—		—		—
Unrealized appreciation on foreign currency exchange contracts		8,094,829		—		—		—		—		—
Unrealized appreciation on interest rate swap contracts		781,763		—		—		—		—		—
Unrealized appreciation on credit default swap contracts		13,485		—		—		—		—		—
Upfront payments on credit default swap contracts		166,799		—		—		—		—		—
Upfront payments on interest rate swap contracts		119,202		—		—		—		—		—
Other assets		772		—		—		—		—		—
Total assets		2,300,971,313		525,906,614		1,606,577,731		1,308,627,755		561,739,309		527,098,214
Liabilities:
Reverse repurchase agreement payable		2,730,750		—		—		—		—		—
Securities sold short, at value4		2,181,875		—		—		—		—		—
Options written, at value5		205,468		—		—		—		—		—
Cash overdraft		—		508,151		89,280		—		—		—
Payable for securities purchased		244,978,219		—		11,607,796		1,214,288		2,640,732		1,735,642
Cash collateral due to brokers		4,290,000		—		—		—		—		—
Payable for fund shares redeemed		1,360,571		411,214		1,352,195		1,124,175		467,783		406,276
Swap interest payable		703,182		—		—		—		—		—
Variation margin due to broker on futures contracts		80,249		—		—		—		—		—
Interest payable for reverse repurchase agreements and securities sold short		3,497		—		—		—		—		—
Investment management fees payable		925,753		367,883		999,978		780,607		440,529		427,977
Other affiliates payable		663,077		178,762		535,417		452,630		174,284		161,501
Other accrued expenses		326,744		159,958		221,181		183,774		102,706		94,096
Trustees’ fees and expenses payable		38,876		10,137		30,413		24,855		10,496		9,974
Upfront receipts on interest rate swap contracts		3,528,254		—		—		—		—		—
Unrealized depreciation on interest rate swap contracts		2,891,134		—		—		—		—		—
Unrealized depreciation on credit default swap contracts		341,360		—		—		—		—		—
Unrealized depreciation on foreign currency exchange contracts		227,831		24		—		—		5		—
Upfront receipts on credit default swap contracts		30,938		—		—		—		—		—
Accrued capital gain taxes payable		9,146		99,000		—		—		—		—
Total liabilities		265,516,924		1,735,129		14,836,260		3,780,329		3,836,535		2,835,466
Total Net Assets	$	2,035,454,389	$	524,171,485	$	1,591,741,471	$	1,304,847,426	$	557,902,774	$	524,262,748

(continues )  97

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 Assets Consist of:
Paid-in capital	$	1,990,244,943		$	538,003,071		$	1,232,523,224		$	1,022,996,840		$	416,173,939		$	429,975,636
Undistributed (accumulated) net investment income (loss)		16,614,976			735,684			—			2,591,084			(1,040,171	)		(742,120	)
Accumulated net realized gain (loss)		(349,909	)		(17,262,914	)		60,866,852			(39,888,922	)		25,935,244			7,224,160
Net unrealized appreciation of investments, foreign currencies, and derivatives		28,944,379			2,695,644			298,351,395			319,148,424			116,833,762			87,805,072
Total Net Assets	$	2,035,454,389		$	524,171,485		$	1,591,741,471		$	1,304,847,426		$	557,902,774		$	524,262,748
Net Asset Value
Class A:
Net assets	$	43,144,268		$	10,290,841		$	40,789,895		$	35,951,739		$	7,050,172		$	5,440,190
Shares of beneficial interest outstanding, unlimited authorization, no par		4,439,014			882,615			2,399,753			2,246,169			458,589			398,920
Net asset value per share	$	9.72		$	11.66		$	17.00		$	16.01		$	15.37		$	13.64
Sales charge		4.50	%		5.75	%		5.75	%		5.75	%		5.75	%		5.75	%
Offering price per share, equal to net asset value per share / (1 – sales charge)	$	10.18		$	12.37		$	18.04		$	16.99		$	16.31		$	14.47
Class C:
Net assets	$	166,154,365		$	35,996,632		$	137,891,897		$	122,772,726		$	23,205,691		$	19,245,161
Shares of beneficial interest outstanding, unlimited authorization, no par		17,115,342			3,154,169			8,932,697			7,744,964			1,674,155			1,564,966
Net asset value per share	$	9.71		$	11.41		$	15.44		$	15.85		$	13.86		$	12.30
Institutional Class:
Net assets	$	1,826,155,756		$	477,884,012		$	1,413,059,679		$	1,146,122,961		$	527,646,911		$	499,577,397
Shares of beneficial interest outstanding, unlimited authorization, no par		187,954,780			40,715,826			79,544,540			71,471,654			32,630,553			34,902,562
Net asset value per share	$	9.72		$	11.74		$	17.76		$	16.04		$	16.17		$	14.31
1 Investments, at cost	$	1,999,437,541		$	509,508,814		$	1,245,458,174		$	950,384,706		$	425,227,567		$	377,053,302
2 Short-term investments, at cost		98,459,399			7,644,474			51,117,911			34,221,367			13,644,882			60,497,442
3 Foreign currencies, at cost		3,260,130			1,675,131			—			—			—			52,619
4 Securities sold short, proceeds		(2,168,750	)		—			—			—			—			—
5 Premium received		(273,531	)		—			—			—			—			—

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

98

Statements of operations

Optimum Fund Trust

Year ended March 31, 2015

	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	$	61,374,924		$	6,499		$	17,772		$	16,361		$	7,762		$	28,933
Dividends		786,134			13,258,993			11,790,768			26,861,563			2,746,328			4,726,700
Distributions from U.S. master limited partnerships		—			—			819,724			—			—			(40,000	)
Less return of capital distributions1		—			—			(819,724	)		—			—			40,000
Securities lending income		—			654,232			—			—			—			—
Foreign tax withheld		(1,290	)		(1,175,841	)		(36,060	)		(96,468	)		(4,694	)		(6,098	)
		62,159,768			12,743,883			11,772,480			26,781,456			2,749,396			4,749,535
Expenses:
Management fees		10,308,427			4,911,540			10,067,722			8,859,590			5,559,678			4,977,672
Distribution expenses — Class A		108,907			26,854			99,722			92,505			17,165			14,177
Distribution expenses — Class B		2,504			915			3,264			3,049			564			514
Distribution expenses — Class C		1,653,040			367,935			1,317,490			1,237,476			222,738			197,423
Dividend disbursing and transfer agent fees and expenses		3,830,160			1,297,579			2,749,871			2,549,843			1,029,332			1,003,943
Administration expenses		1,704,430			732,615			1,326,440			1,256,905			602,746			589,808
Accounting fees		692,773			233,226			495,747			457,880			184,359			179,527
Reports and statements to shareholders		192,764			142,261			148,826			113,500			46,666			45,914
Custodian fees		180,087			247,428			80,313			68,559			43,256			22,542
Professional fees		175,540			69,456			107,397			103,639			55,974			54,820
Trustees’ fees and expenses		170,530			56,263			123,036			112,686			45,726			44,180
Registration fees		124,414			73,002			117,240			88,881			77,712			79,086
Pricing fees		82,124			7,302			1,248			1,010			1,114			935
Insurance		38,597			15,668			26,732			25,331			10,117			9,791
Interest expense		2,130			—			—			—			—			—
Tax services		1,689			30,453			1,528			187			1,025			448
Other		16,663			8,932			12,061			12,444			7,621			7,939
		19,284,779			8,221,429			16,678,637			14,983,485			7,905,793			7,228,719
Less expenses waived		—			—			(18,021	)		(15,128	)		(689,292	)		(298,419	)
Less waived distribution expenses — Class B		(1,878	)		(686	)		(2,448	)		(2,286	)		(423	)		(385	)
Less expense paid indirectly		(343	)		(339	)		(363	)		(363	)		(359	)		(362	)
Total operating expenses		19,282,558			8,220,404			16,657,805			14,965,708			7,215,719			6,929,553
Net Investment Income (Loss)		42,877,210			4,523,479			(4,885,325	)		11,815,748			(4,466,323	)		(2,180,018	)

(continues )  99

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:
Investments2	$	33,761,368		$	(1,152,740	)	$	157,437,843		$	29,433,784		$	60,176,510		$	28,637,953
Foreign currencies		(19,515,870	)		733,578			(15,795	)		231			2,645			—
Foreign currency exchange contracts		25,392,414			661,006			16,451			(31,863	)		(2,750	)		—
Futures contracts		(5,466,644	)		—			—			—			—			—
Options written		26,472			—			—			—			—			—
Swap contracts		(8,786,751	)		—			—			—			—			—
Net realized gain		25,410,989			241,844			157,438,499			29,402,152			60,176,405			28,637,953
Net change in unrealized appreciation (depreciation) of:
Investments3		(562,522	)		(50,956,110	)		70,632,977			24,731,035			(8,698,393	)		(28,251,138	)
Foreign currencies		(590,708	)		(34,805	)		(2,227	)		(22,574	)		—			(8,431	)
Foreign currency exchange contracts		10,926,479			954,041			283			—			(5	)		—
Futures contracts		249,640			—			—			—			—			—
Options written		(318,721	)		—			—			—			—			—
Swap contracts		2,337,215			—			—			—			—			—
Net change in unrealized appreciation (depreciation)		12,041,383			(50,036,874	)		70,631,033			24,708,461			(8,698,398	)		(28,259,569	)
Net Realized and Unrealized Gain (Loss)		37,452,372			(49,795,030	)		228,069,532			54,110,613			51,478,007			378,384
Net Increase (Decrease) in Net Assets Resulting from Operations	$	80,329,582		$	(45,271,551	)	$	223,184,207		$	65,926,361		$	47,011,684		$	(1,801,634	)

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

²Includes $6,987 and $43,590 capital gain taxes paid for Optimum Fixed Income Fund and Optimum International Fund, respectively.

³Includes $9,146 and $99,000 capital gain taxes accrued for Optimum Fixed Income Fund and Optimum International Fund, respectively.

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

100

Statements of changes in net assets

Optimum Fund Trust

	Optimum Fixed Income Fund						Optimum International Fund
	Year ended						Year ended
	3/31/15			3/31/14			3/31/15			3/31/14
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	42,877,210		$	38,401,260		$	4,523,479		$	8,022,731
Net realized gain (loss)		25,410,989			(23,489,916	)		241,844			42,282,307
Net change in unrealized appreciation (depreciation)		12,041,383			(30,870,111	)		(50,036,874	)		28,055,700
Net increase (decrease) in net assets resulting from operations		80,329,582			(15,958,767	)		(45,271,551	)		78,360,738
Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(972,785	)		(607,560	)		(112,096	)		(71,136	)
Class B		(3,454	)		(10,243	)		(616	)		(2,198	)
Class C		(2,477,203	)		(1,279,141	)		(62,325	)		(128,217	)
Institutional Class		(42,437,451	)		(25,186,612	)		(8,097,595	)		(5,108,799	)
Net realized gain:
Class A		—			(117,055	)		—			—
Class B		—			(3,398	)		—			—
Class C		—			(446,725	)		—			—
Institutional Class		—			(3,834,085	)		—			—
		(45,890,893	)		(31,484,819	)		(8,272,632	)		(5,310,350	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		6,766,684			9,525,104			1,745,456			1,958,772
Class B		20,913			113,873			7,604			19,764
Class C		23,437,353			34,709,090			5,301,094			6,035,603
Institutional Class		556,695,575			500,376,862			179,026,388			166,107,011
Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		971,831			703,966			111,087			70,139
Class B		3,454			12,872			616			2,114
Class C		2,477,203			1,701,326			62,286			125,977
Institutional Class		42,420,198			28,740,751			8,094,257			5,073,768
		632,793,211			575,883,844			194,348,788			179,393,148
Cost of shares redeemed:
Class A		(8,655,227	)		(6,935,320	)		(2,032,127	)		(1,707,398	)
Class B		(539,075	)		(779,341	)		(202,237	)		(283,253	)
Class C		(24,148,962	)		(25,916,378	)		(4,538,818	)		(4,922,840	)
Institutional Class		(312,691,990	)		(275,846,637	)		(248,326,505	)		(75,350,955	)
		(346,035,254	)		(309,477,676	)		(255,099,687	)		(82,264,446	)
Increase (decrease) in net assets derived from capital share transactions		286,757,957			266,406,168			(60,750,899	)		97,128,702
Net Increase (Decrease) in Net Assets		321,196,646			218,962,582			(114,295,082	)		170,179,090
Net Assets:
Beginning of year		1,714,257,743			1,495,295,161			638,466,567			468,287,477
End of year	$	2,035,454,389		$	1,714,257,743		$	524,171,485		$	638,466,567
Undistributed net investment income	$	16,614,976		$	15,403,925		$	735,684		$	2,497,578

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

(continues )  101

Statements of changes in net assets

Optimum Fund Trust

	Optimum Large Cap Growth Fund						Optimum Large Cap Value Fund
	Year ended						Year ended
	3/31/15			3/31/14			3/31/15			3/31/14
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	(4,885,325	)	$	(4,499,020	)	$	11,815,748		$	13,154,681
Net realized gain		157,438,499			163,571,786			29,402,152			67,075,662
Net change in unrealized appreciation (depreciation)		70,631,033			71,142,639			24,708,461			105,214,396
Net increase in net assets resulting from operations		223,184,207			230,215,405			65,926,361			185,444,739
Dividends and Distributions to Shareholders from:
Net investment income:
Class A		—			—			(389,161	)		(236,189	)
Class B		—			—			(2,891	)		(1,805	)
Class C		—			—			(410,056	)		(82,417	)
Institutional Class		—			(149,730	)		(14,234,137	)		(8,692,742	)
Net realized gain:
Class A		(4,725,705	)		(3,780,983	)		—			—
Class B		(39,437	)		(124,078	)		—			—
Class C		(17,001,096	)		(13,379,555	)		—			—
Institutional Class		(132,344,945	)		(88,348,179	)		—			—
		(154,111,183	)		(105,782,525	)		(15,036,245	)		(9,013,153	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		3,915,387			4,278,699			3,834,210			4,044,375
Class B		—			—			—			1,935
Class C		11,171,034			12,295,792			11,105,595			12,080,730
Institutional Class		428,853,799			260,083,733			304,551,900			257,308,753
Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		4,683,628			3,742,628			385,440			233,521
Class B		39,437			122,957			2,891			1,804
Class C		16,990,698			13,354,876			409,674			82,351
Institutional Class		132,270,741			88,289,266			14,226,052			8,665,410
		597,924,724			382,167,951			334,515,762			282,418,879
Cost of shares redeemed:
Class A		(8,493,939	)		(7,683,829	)		(7,080,917	)		(6,111,227	)
Class B		(736,843	)		(1,035,685	)		(674,306	)		(977,280	)
Class C		(20,959,718	)		(26,676,702	)		(17,325,453	)		(20,860,221	)
Institutional Class		(238,712,891	)		(156,532,584	)		(219,519,999	)		(143,870,889	)
		(268,903,391	)		(191,928,800	)		(244,600,675	)		(171,819,617	)
Increase in net assets derived from capital share transactions		329,021,333			190,239,151			89,915,087			110,599,262
Net Increase in Net Assets		398,094,357			314,672,031			140,805,203			287,030,848
Net Assets:
Beginning of year		1,193,647,114			878,975,083			1,164,042,223			877,011,375
End of year	$	1,591,741,471		$	1,193,647,114		$	1,304,847,426		$	1,164,042,223
Undistributed net investment income	$	—		$	136,365		$	2,591,084		$	5,843,213

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

102

	Optimum Small-Mid Cap Growth Fund						Optimum Small-Mid Cap Value Fund
	Year ended						Year ended
	3/31/15			3/31/14			3/31/15			3/31/14
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(4,466,323	)	$	(4,227,467	)	$	(2,180,018	)	$	(1,594,905	)
Net realized gain		60,176,405			41,798,567			28,637,953			36,556,718
Net change in unrealized appreciation (depreciation)		(8,698,398	)		41,735,963			(28,259,569	)		45,343,172
Net increase (decrease) in net assets resulting from operations		47,011,684			79,307,063			(1,801,634	)		80,304,985
Dividends and Distributions to Shareholders from:
Net investment income:
Institutional Class		—			—			—			(92,035	)
Net realized gain:
Class A		(654,511	)		(705,607	)		(441,863	)		(661,267	)
Class B		(4,518	)		(25,053	)		(3,938	)		(24,770	)
Class C		(2,336,871	)		(2,430,254	)		(1,690,812	)		(2,497,276	)
Institutional Class		(43,752,716	)		(36,720,711	)		(34,758,367	)		(39,680,287	)
		(46,748,616	)		(39,881,625	)		(36,894,980	)		(42,955,635	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		740,727			863,138			571,508			566,977
Class C		1,992,629			2,312,977			1,621,958			1,599,572
Institutional Class		136,228,092			114,271,501			139,212,657			113,886,038
Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		647,712			698,439			439,827			651,876
Class B		4,518			24,611			3,938			23,763
Class C		2,335,600			2,419,840			1,689,461			2,480,011
Institutional Class		43,731,065			36,468,070			34,741,502			39,475,438
		185,680,343			157,058,576			178,280,851			158,683,675
Cost of shares redeemed:
Class A		(1,418,846	)		(1,464,584	)		(1,130,853	)		(1,379,142	)
Class B		(125,696	)		(181,096	)		(108,596	)		(162,113	)
Class C		(3,128,298	)		(4,796,730	)		(2,902,357	)		(4,715,105	)
Institutional Class		(90,053,069	)		(72,394,143	)		(77,610,272	)		(68,108,979	)
		(94,725,909	)		(78,836,553	)		(81,752,078	)		(74,365,339	)
Increase in net assets derived from capital share transactions		90,954,434			78,222,023			96,528,773			84,318,336
Net Increase in Net Assets		91,217,502			117,647,461			57,832,159			121,667,686
Net Assets:
Beginning of year		466,685,272			349,037,811			466,430,589			344,762,903
End of year	$	557,902,774		$	466,685,272		$	524,262,748		$	466,430,589
Accumulated net investment loss	$	(1,040,171	)	$	—		$	(742,120	)	$	—

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

(continues )  103

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
	3/31/15			3/31/14			3/31/13			3/31/12			3/31/11
Net asset value, beginning of period	$	9.540		$	9.850		$	9.710		$	9.550		$	9.290
Income (loss) from investment operations:
Net investment income1		0.203			0.213			0.225			0.293			0.391
Net realized and unrealized gain (loss)		0.194			(0.353	)		0.302			0.338			0.247
Total from investment operations		0.397			(0.140	)		0.527			0.631			0.638
Less dividends and distributions from:
Net investment income		(0.217	)		(0.142	)		(0.172	)		(0.342	)		(0.378	)
Net realized gain		—			(0.028	)		(0.215	)		(0.129	)		—
Total dividends and distributions		(0.217	)		(0.170	)		(0.387	)		(0.471	)		(0.378	)
Net asset value, end of period	$	9.720		$	9.540		$	9.850		$	9.710		$	9.550
Total return2		4.21%			(1.40%	)		5.47%			6.71%			7.01%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	43,144		$	43,241		$	41,210		$	40,620		$	39,758
Ratio of expenses to average net assets		1.17%			1.31%			1.35%			1.35%			1.35%
Ratio of expenses to average net assets prior to fees waived		1.17%			1.34%			1.40%			1.44%			1.46%
Ratio of net investment income to average net assets		2.11%			2.24%			2.27%			3.01%			4.10%
Ratio of net investment income to average net assets prior to fees waived		2.11%			2.21%			2.22%			2.92%			3.99%
Portfolio turnover3		482%			323%			208%			211%			273%

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

² Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during some of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

³ 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 years ended March 31, 2015 and 2014.

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

104

Optimum Fixed Income Fund Class C

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

	Year ended
	3/31/15			3/31/14			3/31/13			3/31/12			3/31/11
Net asset value, beginning of period	$	9.530		$	9.840		$	9.710		$	9.540		$	9.280
Income (loss) from investment operations:
Net investment income1		0.131			0.148			0.161			0.229			0.329
Net realized and unrealized gain (loss)		0.194			(0.351	)		0.292			0.350			0.247
Total from investment operations		0.325			(0.203	)		0.453			0.579			0.576
Less dividends and distributions from:
Net investment income		(0.145	)		(0.079	)		(0.108	)		(0.280	)		(0.316	)
Net realized gain		—			(0.028	)		(0.215	)		(0.129	)		—
Total dividends and distributions		(0.145	)		(0.107	)		(0.323	)		(0.409	)		(0.316	)
Net asset value, end of period	$	9.710		$	9.530		$	9.840		$	9.710		$	9.540
Total return2		3.44%			(2.06%	)		4.69%			6.15%			6.32%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	166,154		$	161,353		$	155,728		$	154,778		$	159,759
Ratio of expenses to average net assets		1.92%			1.99%			2.00%			2.00%			2.00%
Ratio of expenses to average net assets prior to fees waived		1.92%			2.02%			2.05%			2.09%			2.11%
Ratio of net investment income to average net assets		1.36%			1.56%			1.62%			2.36%			3.45%
Ratio of net investment income to average net assets prior to fees waived		1.36%			1.53%			1.57%			2.27%			3.34%
Portfolio turnover3		482%			323%			208%			211%			273%

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

² Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during some of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

³ 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 years ended March 31, 2015 and 2014.

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

(continues )  105

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
	3/31/15			3/31/14			3/31/13			3/31/12			3/31/11
Net asset value, beginning of period	$	9.540		$	9.850		$	9.710		$	9.550		$	9.290
Income (loss) from investment operations:
Net investment income1		0.227			0.244			0.260			0.327			0.424
Net realized and unrealized gain (loss)		0.194			(0.350	)		0.301			0.338			0.247
Total from investment operations		0.421			(0.106	)		0.561			0.665			0.671
Less dividends and distributions from:
Net investment income		(0.241	)		(0.176	)		(0.206	)		(0.376	)		(0.411	)
Net realized gain		—			(0.028	)		(0.215	)		(0.129	)		—
Total dividends and distributions		(0.241	)		(0.204	)		(0.421	)		(0.505	)		(0.411	)
Net asset value, end of period	$	9.720		$	9.540		$	9.850		$	9.710		$	9.550
Total return2		4.47%			(1.05%	)		5.72%			7.20%			7.39%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,826,156		$	1,509,156		$	1,297,154		$	1,014,595		$	791,984
Ratio of expenses to average net assets		0.92%			0.99%			1.00%			1.00%			1.00%
Ratio of expenses to average net assets prior to fees waived		0.92%			1.02%			1.05%			1.09%			1.11%
Ratio of net investment income to average net assets		2.36%			2.56%			2.62%			3.36%			4.45%
Ratio of net investment income to average net assets prior to fees waived		2.36%			2.53%			2.57%			3.27%			4.34%
Portfolio turnover3		482%			323%			208%			211%			273%

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

² Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return during some of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

³ 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 years ended March 31, 2015 and 2014.

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

106

Optimum International Fund Class A

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

	Year ended
	3/31/15			3/31/14			3/31/13			3/31/12			3/31/11
Net asset value, beginning of period	$	12.570		$	10.970		$	10.420		$	11.200		$	10.340
Income (loss) from investment operations:
Net investment income1		0.062			0.142			0.185			0.192			0.129
Net realized and unrealized gain (loss)		(0.846	)		1.540			0.620			(0.790	)		0.887
Total from investment operations		(0.784	)		1.682			0.805			(0.598	)		1.016
Less dividends and distributions from:
Net investment income		(0.126	)		(0.082	)		(0.255	)		(0.182	)		(0.156	)
Total dividends and distributions		(0.126	)		(0.082	)		(0.255	)		(0.182	)		(0.156	)
Net asset value, end of period	$	11.660		$	12.570		$	10.970		$	10.420		$	11.200
Total return2		(6.25%	)		15.31%			8.10%			(5.30%	)		10.19%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	10,291		$	11,277		$	9,553		$	9,318		$	11,189
Ratio of expenses to average net assets		1.47%			1.68%			1.75%			1.75%			1.75%
Ratio of expenses to average net assets prior to fees waived		1.47%			1.68%			1.84%			1.84%			1.88%
Ratio of net investment income to average net assets		0.51%			1.20%			1.81%			1.84%			1.26%
Ratio of net investment income to average net assets prior to fees waived		0.51%			1.20%			1.72%			1.75%			1.13%
Portfolio turnover		117%			126%			70%			50%			95%

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

² Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during some of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

(continues )  107

Financial highlights

Optimum International Fund Class C

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

	Year ended
	3/31/15			3/31/14			3/31/13			3/31/12			3/31/11
Net asset value, beginning of period	$	12.290		$	10.760		$	10.230		$	10.950		$	10.100
Income (loss) from investment operations:
Net investment income (loss)1		(0.028	)		0.061			0.116			0.122			0.061
Net realized and unrealized gain (loss)		(0.832	)		1.512			0.606			(0.773	)		0.885
Total from investment operations		(0.860	)		1.573			0.722			(0.651	)		0.946
Less dividends and distributions from:
Net investment income		(0.020	)		(0.043	)		(0.192	)		(0.069	)		(0.096	)
Total dividends and distributions		(0.020	)		(0.043	)		(0.192	)		(0.069	)		(0.096	)
Net asset value, end of period	$	11.410		$	12.290		$	10.760		$	10.230		$	10.950
Total return2		(7.00%	)		14.56%			7.37%			(5.94%	)		9.59%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	35,996		$	37,893		$	32,064		$	32,995		$	39,762
Ratio of expenses to average net assets		2.22%			2.36%			2.40%			2.40%			2.40%
Ratio of expenses to average net assets prior to fees waived		2.22%			2.36%			2.49%			2.49%			2.53%
Ratio of net investment income (loss) to average net assets		(0.24%	)		0.52%			1.16%			1.19%			0.61%
Ratio of net investment income (loss) to average net assets prior to fees waived		(0.24%	)		0.52%			1.07%			1.10%			0.48%
Portfolio turnover		117%			126%			70%			50%			95%

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

² Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during some of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

108

Optimum International Fund Institutional Class

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

	Year ended
	3/31/15			3/31/14			3/31/13			3/31/12			3/31/11
Net asset value, beginning of period	$	12.660		$	11.050		$	10.490		$	11.300		$	10.430
Income (loss) from investment operations:
Net investment income1		0.093			0.182			0.223			0.229			0.168
Net realized and unrealized gain (loss)		(0.856	)		1.551			0.627			(0.793	)		0.887
Total from investment operations		(0.763	)		1.733			0.850			(0.564	)		1.055
Less dividends and distributions from:
Net investment income		(0.157	)		(0.123	)		(0.290	)		(0.246	)		(0.185	)
Total dividends and distributions		(0.157	)		(0.123	)		(0.290	)		(0.246	)		(0.185	)
Net asset value, end of period	$	11.740		$	12.660		$	11.050		$	10.490		$	11.300
Total return2		(6.04%	)		15.79%			8.41%			(4.93%	)		10.55%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	477,884		$	589,098		$	426,258		$	252,539		$	226,512
Ratio of expenses to average net assets		1.22%			1.36%			1.40%			1.40%			1.40%
Ratio of expenses to average net assets prior to fees waived		1.22%			1.36%			1.49%			1.49%			1.53%
Ratio of net investment income to average net assets		0.76%			1.52%			2.16%			2.19%			1.61%
Ratio of net investment income to average net assets prior to fees waived		0.76%			1.52%			2.07%			2.10%			1.48%
Portfolio turnover		117%			126%			70%			50%			95%

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

² Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return during some of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

(continues )  109

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
	3/31/15			3/31/14			3/31/13			3/31/12			3/31/11
Net asset value, beginning of period	$	16.390		$	14.530		$	13.480		$	12.430		$	10.640
Income (loss) from investment operations:
Net investment income (loss)1		(0.083	)		(0.099	)		0.014			(0.040	)		(0.062	)
Net realized and unrealized gain		2.711			3.631			1.042			1.090			1.852
Total from investment operations		2.628			3.532			1.056			1.050			1.790
Less dividends and distributions from:
Net investment income		—			—			(0.006	)		—			—
Net realized gain		(2.018	)		(1.672	)		—			—			—
Total dividends and distributions		(2.018	)		(1.672	)		(0.006	)		—			—
Net asset value, end of period	$	17.000		$	16.390		$	14.530		$	13.480		$	12.430
Total return2		17.27%			25.17%			7.76%			8.45%			16.82%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	40,790		$	39,044		$	34,182		$	34,170		$	35,359
Ratio of expenses to average net assets		1.37%			1.54%			1.60%			1.61%			1.61%
Ratio of expenses to average net assets prior to fees waived		1.37%			1.55%			1.63%			1.64%			1.64%
Ratio of net investment income (loss) to average net assets		(0.50%	)		(0.62%	)		0.10%			(0.34%	)		(0.57%	)
Ratio of net investment income (loss) to average net assets prior to fees waived		(0.50%	)		(0.63%	)		0.07%			(0.37%	)		(0.60%	)
Portfolio turnover		86%			98%			102%			89%			117%

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

² Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

110

Optimum Large Cap Growth Fund Class C

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

	Year ended
	3/31/15			3/31/14			3/31/13			3/31/12			3/31/11
Net asset value, beginning of period	$	15.160		$	13.630		$	12.720		$	11.820		$	10.180
Income (loss) from investment operations:
Net investment loss1		(0.189	)		(0.192	)		(0.069	)		(0.112	)		(0.127	)
Net realized and unrealized gain		2.487			3.394			0.979			1.012			1.767
Total from investment operations		2.298			3.202			0.910			0.900			1.640
Less dividends and distributions from:
Net realized gain		(2.018	)		(1.672	)		—			—			—
Total dividends and distributions		(2.018	)		(1.672	)		—			—			—
Net asset value, end of period	$	15.440		$	15.160		$	13.630		$	12.720		$	11.820
Total return2		16.44%			24.27%			7.15%			7.61%			16.11%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	137,892		$	127,540		$	115,242		$	120,183		$	128,256
Ratio of expenses to average net assets		2.12%			2.22%			2.25%			2.26%			2.26%
Ratio of expenses to average net assets prior to fees waived		2.12%			2.23%			2.28%			2.29%			2.29%
Ratio of net investment loss to average net assets		(1.25%	)		(1.30%	)		(0.55%	)		(0.99%	)		(1.22%	)
Ratio of net investment loss to average net assets prior to fees waived		(1.25%	)		(1.31%	)		(0.58%	)		(1.02%	)		(1.25%	)
Portfolio turnover		86%			98%			102%			89%			117%

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

² Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

(continues )  111

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
	3/31/15			3/31/14			3/31/13			3/31/12			3/31/11
Net asset value, beginning of period	$	17.000		$	14.970		$	13.880		$	12.760		$	10.880
Income (loss) from investment operations:
Net investment income (loss)1		(0.044	)		(0.049	)		0.062			0.002			(0.025	)
Net realized and unrealized gain		2.822			3.754			1.068			1.118			1.905
Total from investment operations		2.778			3.705			1.130			1.120			1.880
Less dividends and distributions from:
Net investment income		—			(0.003	)		(0.040	)		—			—
Net realized gain		(2.018	)		(1.672	)		—			—			—
Total dividends and distributions		(2.018	)		(1.675	)		(0.040	)		—			—
Net asset value, end of period	$	17.760		$	17.000		$	14.970		$	13.880		$	12.760
Total return2		17.55%			25.51%			8.25%			8.78%			17.28%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,413,059		$	1,026,377		$	728,104		$	650,869		$	587,141
Ratio of expenses to average net assets		1.12%			1.22%			1.25%			1.26%			1.26%
Ratio of expenses to average net assets prior to fees waived		1.12%			1.23%			1.28%			1.29%			1.29%
Ratio of net investment income (loss) to average net assets		(0.25%	)		(0.30%	)		0.45%			0.01%			(0.22%	)
Ratio of net investment income (loss) to average net assets prior to fees waived		(0.25%	)		(0.31%	)		0.42%			(0.02%	)		(0.25%	)
Portfolio turnover		86%			98%			102%			89%			117%

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

² Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

112

Optimum Large Cap Value Fund Class A

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

	Year ended
	3/31/15			3/31/14			3/31/13			3/31/12			3/31/11
Net asset value, beginning of period	$	15.360		$	12.900		$	11.750		$	11.060		$	9.830
Income from investment operations:
Net investment income1		0.124			0.157			0.173			0.133			0.075
Net realized and unrealized gain		0.692			2.399			1.259			0.635			1.274
Total from investment operations		0.816			2.556			1.432			0.768			1.349
Less dividends and distributions from:
Net investment income		(0.166	)		(0.096	)		(0.282	)		(0.078	)		(0.119	)
Total dividends and distributions		(0.166	)		(0.096	)		(0.282	)		(0.078	)		(0.119	)
Net asset value, end of period	$	16.010		$	15.360		$	12.900		$	11.750		$	11.060
Total return2		5.34%			19.96%			12.48%			7.01%			14.00%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	35,952		$	37,299		$	32,995		$	31,478		$	33,892
Ratio of expenses to average net assets		1.33%			1.50%			1.57%			1.57%			1.59%
Ratio of expenses to average net assets prior to fees waived		1.33%			1.51%			1.59%			1.60%			1.61%
Ratio of net investment income to average net assets		0.79%			1.12%			1.48%			1.25%			0.77%
Ratio of net investment income to average net assets prior to fees waived		0.79%			1.11%			1.46%			1.22%			0.75%
Portfolio turnover		35%			37%			49%			57%			82%

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

² Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

(continues )  113

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
	3/31/15			3/31/14			3/31/13			3/31/12			3/31/11
Net asset value, beginning of period	$	15.220		$	12.780		$	11.590		$	10.930		$	9.710
Income from investment operations:
Net investment income1		0.007			0.061			0.096			0.063			0.012
Net realized and unrealized gain		0.674			2.389			1.254			0.612			1.272
Total from investment operations		0.681			2.450			1.350			0.675			1.284
Less dividends and distributions from:
Net investment income		(0.051	)		(0.010	)		(0.160	)		(0.015	)		(0.064	)
Total dividends and distributions		(0.051	)		(0.010	)		(0.160	)		(0.015	)		(0.064	)
Net asset value, end of period	$	15.850		$	15.220		$	12.780		$	11.590		$	10.930
Total return2		4.48%			19.17%			11.85%			6.19%			13.37%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	122,772		$	123,541		$	111,806		$	111,557		$	119,899
Ratio of expenses to average net assets		2.08%			2.18%			2.22%			2.22%			2.24%
Ratio of expenses to average net assets prior to fees waived		2.08%			2.19%			2.24%			2.25%			2.26%
Ratio of net investment income to average net assets		0.04%			0.44%			0.83%			0.60%			0.12%
Ratio of net investment income to average net assets prior to fees waived		0.04%			0.43%			0.81%			0.57%			0.10%
Portfolio turnover		35%			37%			49%			57%			82%

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

² Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

114

Optimum Large Cap Value Fund Institutional Class

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

	Year ended
	3/31/15			3/31/14			3/31/13			3/31/12			3/31/11
Net asset value, beginning of period	$	15.390		$	12.920		$	11.800		$	11.110		$	9.870
Income from investment operations:
Net investment income1		0.165			0.203			0.214			0.171			0.110
Net realized and unrealized gain		0.690			2.410			1.255			0.631			1.279
Total from investment operations		0.855			2.613			1.469			0.802			1.389
Less dividends and distributions from:
Net investment income		(0.205	)		(0.143	)		(0.349	)		(0.112	)		(0.149	)
Total dividends and distributions		(0.205	)		(0.143	)		(0.349	)		(0.112	)		(0.149	)
Net asset value, end of period	$	16.040		$	15.390		$	12.920		$	11.800		$	11.110
Total return2		5.60%			20.31%			12.92%			7.32%			14.42%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,146,123		$	1,002,553		$	730,785		$	617,485		$	550,313
Ratio of expenses to average net assets		1.08%			1.18%			1.22%			1.22%			1.24%
Ratio of expenses to average net assets prior to fees waived		1.08%			1.19%			1.24%			1.25%			1.26%
Ratio of net investment income to average net assets		1.04%			1.44%			1.83%			1.60%			1.12%
Ratio of net investment income to average net assets prior to fees waived		1.04%			1.43%			1.81%			1.57%			1.10%
Portfolio turnover		35%			37%			49%			57%			82%

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

² Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

(continues )  115

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
	3/31/15			3/31/14			3/31/13			3/31/12			3/31/11
Net asset value, beginning of period	$	15.570		$	14.260		$	13.000		$	13.900		$	11.150
Income (loss) from investment operations:
Net investment loss1		(0.164	)		(0.193	)		(0.079	)		(0.169	)		(0.149	)
Net realized and unrealized gain		1.442			3.073			1.653			0.064			2.899
Total from investment operations		1.278			2.880			1.574			(0.105	)		2.750
Less dividends and distributions from:
Net realized gain		(1.478	)		(1.570	)		(0.314	)		(0.795	)		—
Total dividends and distributions		(1.478	)		(1.570	)		(0.314	)		(0.795	)		—
Net asset value, end of period	$	15.370		$	15.570		$	14.260		$	13.000		$	13.900
Total return2		8.93%			21.63%			12.50%			0.33%			24.66%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	7,050		$	7,158		$	6,415		$	5,989		$	6,866
Ratio of expenses to average net assets		1.63%			1.76%			1.86%			1.90%			1.90%
Ratio of expenses to average net assets prior to fees waived		1.77%			1.96%			2.05%			2.06%			2.07%
Ratio of net investment loss to average net assets		(1.09%	)		(1.28%	)		(0.62%	)		(1.34%	)		(1.29%	)
Ratio of net investment loss to average net assets prior to fees waived		(1.23%	)		(1.48%	)		(0.81%	)		(1.50%	)		(1.46%	)
Portfolio turnover		72%			58%			78%			82%			86%

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

² Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

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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
	3/31/15			3/31/14			3/31/13			3/31/12			3/31/11
Net asset value, beginning of period	$	14.290		$	13.280		$	12.220		$	13.200		$	10.660
Income (loss) from investment operations:
Net investment loss1		(0.252	)		(0.274	)		(0.151	)		(0.237	)		(0.213	)
Net realized and unrealized gain		1.300			2.854			1.525			0.052			2.753
Total from investment operations		1.048			2.580			1.374			(0.185	)		2.540
Less dividends and distributions from:
Net realized gain		(1.478	)		(1.570	)		(0.314	)		(0.795	)		—
Total dividends and distributions		(1.478	)		(1.570	)		(0.314	)		(0.795	)		—
Net asset value, end of period	$	13.860		$	14.290		$	13.280		$	12.220		$	13.200
Total return2		8.08%			20.82%			11.73%			(0.27%	)		23.83%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	23,206		$	22,581		$	20,921		$	20,992		$	24,337
Ratio of expenses to average net assets		2.38%			2.45%			2.51%			2.55%			2.55%
Ratio of expenses to average net assets prior to fees waived		2.52%			2.65%			2.70%			2.71%			2.72%
Ratio of net investment loss to average net assets		(1.84%	)		(1.97%	)		(1.27%	)		(1.99%	)		(1.94%	)
Ratio of net investment loss to average net assets prior to fees waived		(1.98%	)		(2.17%	)		(1.46%	)		(2.15%	)		(2.11%	)
Portfolio turnover		72%			58%			78%			82%			86%

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

² Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

(continues )  117

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
	3/31/15			3/31/14			3/31/13			3/31/12			3/31/11
Net asset value, beginning of period	$	16.270		$	14.780		$	13.420		$	14.270		$	11.410
Income (loss) from investment operations:
Net investment loss1		(0.132	)		(0.152	)		(0.036	)		(0.128	)		(0.112	)
Net realized and unrealized gain		1.510			3.212			1.710			0.073			2.972
Total from investment operations		1.378			3.060			1.674			(0.055	)		2.860
Less dividends and distributions from:
Net realized gain		(1.478	)		(1.570	)		(0.314	)		(0.795	)		—
Total dividends and distributions		(1.478	)		(1.570	)		(0.314	)		(0.795	)		—
Net asset value, end of period	$	16.170		$	16.270		$	14.780		$	13.420		$	14.270
Total return2		9.18%			22.03%			12.94%			0.68%			25.07%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	527,647		$	436,823		$	321,441		$	321,641		$	304,406
Ratio of expenses to average net assets		1.38%			1.45%			1.51%			1.55%			1.55%
Ratio of expenses to average net assets prior to fees waived		1.52%			1.65%			1.70%			1.71%			1.72%
Ratio of net investment loss to average net assets		(0.84%	)		(0.97%	)		(0.27%	)		(0.99%	)		(0.94%	)
Ratio of net investment loss to average net assets prior to fees waived		(0.98%	)		(1.17%	)		(0.46%	)		(1.15%	)		(1.11%	)
Portfolio turnover		72%			58%			78%			82%			86%

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

² Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

118

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
	3/31/15			3/31/14			3/31/13			3/31/12			3/31/11
Net asset value, beginning of period	$	14.880		$	13.740		$	12.590		$	12.610		$	10.070
Income (loss) from investment operations:
Net investment loss1		(0.092	)		(0.092	)		(0.027	)		(0.044	)		(0.062	)
Net realized and unrealized gain (loss)		(0.032	)		2.873			1.609			0.148			2.602
Total from investment operations		(0.124	)		2.781			1.582			0.104			2.540
Less dividends and distributions from:
Net realized gain		(1.116	)		(1.641	)		(0.432	)		(0.124	)		—
Total dividends and distributions		(1.116	)		(1.641	)		(0.432	)		(0.124	)		—
Net asset value, end of period	$	13.640		$	14.880		$	13.740		$	12.590		$	12.610
Total return2		(0.69%	)		21.85%			13.23%			1.01%			25.22%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	5,440		$	6,058		$	5,711		$	5,372		$	6,102
Ratio of expenses to average net assets		1.62%			1.70%			1.76%			1.79%			1.81%
Ratio of expenses to average net assets prior to fees waived		1.68%			1.86%			1.98%			1.98%			2.00%
Ratio of net investment loss to average net assets		(0.65%	)		(0.64%	)		(0.22%	)		(0.38%	)		(0.59%	)
Ratio of net investment loss to average net assets prior to fees waived		(0.71%	)		(0.80%	)		(0.44%	)		(0.57%	)		(0.78%	)
Portfolio turnover		31%			33%			36%			30%			43%

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

² Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

(continues )  119

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
	3/31/15			3/31/14			3/31/13			3/31/12			3/31/11
Net asset value, beginning of period	$	13.630		$	12.800		$	11.830		$	11.930		$	9.590
Income (loss) from investment operations:
Net investment loss1		(0.179	)		(0.175	)		(0.100	)		(0.113	)		(0.124	)
Net realized and unrealized gain (loss)		(0.035	)		2.646			1.502			0.137			2.464
Total from investment operations		(0.214	)		2.471			1.402			0.024			2.340
Less dividends and distributions from:
Net realized gain		(1.116	)		(1.641	)		(0.432	)		(0.124	)		—
Total dividends and distributions		(1.116	)		(1.641	)		(0.432	)		(0.124	)		—
Net asset value, end of period	$	12.300		$	13.630		$	12.800		$	11.830		$	11.930
Total return2		(1.45%	)		21.08%			12.45%			0.39%			24.40%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	19,245		$	20,846		$	20,058		$	19,986		$	22,797
Ratio of expenses to average net assets		2.37%			2.40%			2.41%			2.44%			2.46%
Ratio of expenses to average net assets prior to fees waived		2.43%			2.56%			2.63%			2.63%			2.65%
Ratio of net investment loss to average net assets		(1.40%	)		(1.34%	)		(0.87%	)		(1.03%	)		(1.24%	)
Ratio of net investment loss to average net assets prior to fees waived		(1.46%	)		(1.50%	)		(1.09%	)		(1.22%	)		(1.43%	)
Portfolio turnover		31%			33%			36%			30%			43%

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

² Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

120

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
	3/31/15			3/31/14			3/31/13			3/31/12			3/31/11
Net asset value, beginning of period	$	15.530		$	14.230		$	12.990		$	12.960		$	10.310
Income (loss) from investment operations:
Net investment income (loss)1		(0.059	)		(0.050	)		0.016			(0.004	)		(0.026	)
Net realized and unrealized gain (loss)		(0.045	)		2.995			1.661			0.158			2.676
Total from investment operations		(0.104	)		2.945			1.677			0.154			2.650
Less dividends and distributions from:
Net investment income		—			(0.004	)		(0.005	)		—			—
Net realized gain		(1.116	)		(1.641	)		(0.432	)		(0.124	)		—
Total dividends and distributions		(1.116	)		(1.645	)		(0.437	)		(0.124	)		—
Net asset value, end of period	$	14.310		$	15.530		$	14.230		$	12.990		$	12.960
Total return2		(0.53%	)		22.29%			13.56%			1.37%			25.70%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	499,578		$	439,417		$	318,758		$	310,737		$	274,495
Ratio of expenses to average net assets		1.37%			1.40%			1.41%			1.44%			1.46%
Ratio of expenses to average net assets prior to fees waived		1.43%			1.56%			1.63%			1.63%			1.65%
Ratio of net investment income (loss) to average net assets		(0.40%	)		(0.34%	)		0.13%			(0.03%	)		(0.24%	)
Ratio of net investment loss to average net assets prior to fees waived		(0.46%	)		(0.50%	)		(0.09%	)		(0.22%	)		(0.43%	)
Portfolio turnover		31%			33%			36%			30%			43%

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

² Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

(continues )  121

Notes to financial statements

Optimum Fund Trust

March 31, 2015

Optimum Fund Trust (Trust) is organized as a Delaware statutory trust and offers six series: Optimum Fixed Income Fund, Optimum International Fund, Optimum Large Cap Growth Fund, Optimum Large Cap Value Fund, Optimum Small-Mid Cap Growth Fund, and Optimum Small-Mid Cap Value Fund, (each, a Fund, or collectively, the Funds). The Trust is an open-end investment company. The Funds are considered diversified under the Investment Company Act of 1940, as amended, and offer Class A, Class C, and Institutional Class shares. Class A shares are sold with a maximum front-end sales charge of 4.50% for Optimum Fixed Income Fund and 5.75% for Optimum International Fund, Optimum Large Cap Growth Fund, Optimum Large Cap Value Fund, Optimum Small-Mid Cap Growth Fund, and Optimum Small-Mid Cap Value Fund. Class A share purchases of $1,000,000 or more will incur a contingent deferred sales charge (CDSC) of 1.00% if redeemed during the first year and 0.50% during the second year, provided that Delaware Distributors, L.P. (DDLP) paid a financial advisor a commission on the purchase of those shares. Effective Nov. 4, 2014, all remaining shares of Class B were converted to Class A shares. Between June 1, 2007 and Nov. 4, 2014, Class B shares could be purchased only through dividend reinvestment and certain permitted exchanges. Class B shares automatically converted to Class A shares on a quarterly basis approximately eight years after purchase. Class C shares are sold with a CDSC of 1.00%, if redeemed during the first 12 months. Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors.

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

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

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

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

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

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

1. Significant Accounting Policies

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

Security Valuation — Equity securities and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market, Inc. (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security or ETF does not trade, the mean between the bid and ask prices will be used, which approximates fair value. Securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. Open-end investment company securities are valued at net asset value per share, as reported by the underlying investment company. U.S. government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Other debt securities, credit default swap (CDS) contracts, interest rate swap options contracts (swaptions) and interest rate swap contracts are valued based upon valuations provided by an independent pricing service or broker/counterparty and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. For asset-backed securities, collateralized mortgage obligations, commercial mortgage securities, and U.S. government agency mortgage securities, pricing vendors utilize matrix pricing which considers prepayment speed, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity, and type as well as broker/dealer-supplied prices. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades, and values of the underlying reference instruments. Foreign currency exchange contracts and foreign cross currency exchange contracts are valued at the mean between the bid and the ask prices, which approximates fair value. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts and options on futures contracts are valued at the daily quoted settlement prices. Exchange-traded options are valued at the last reported sale price or, if no sales are reported, at the mean between the last reported bid and ask prices, which approximates fair value. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Funds’ Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Each Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before each Fund values its securities, generally as of 4:00 p.m. Eastern time. The earlier close of

122

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).

Federal and Foreign Income Taxes — No provision for federal income taxes has been made as each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Funds evaluate tax positions taken or expected to be taken in the course of preparing each Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed each Fund’s tax positions taken for all open federal income tax years (March 31, 2012–March 31, 2015) and has concluded that no provision for federal income tax is required in any 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.

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

Repurchase Agreements — Each Fund may purchase certain U.S. government securities subject to the counterparty’s agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system with each Fund’s custodian or a third-party sub-custodian. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. All open repurchase agreements as of the date of this report were entered into on March 31, 2015.

Reverse Repurchase Agreements — Optimum Fixed Income Fund may enter into reverse repurchase agreements. In a reverse repurchase agreement, the Fund sells securities to a bank or broker/dealer and agrees to repurchase the securities at an agreed upon date and price. The Fund will maintain in a segregated account, cash, cash equivalents, or U.S. government securities in an amount sufficient to cover its obligations under reverse repurchase agreements with broker/dealers (but no collateral is required on reverse repurchase agreements with banks). The Fund will subject its investments in reverse repurchase agreements to the borrowing provisions set forth in the 1940 Act. The use of reverse repurchase agreements by the Fund creates leverage, which increases the Fund’s investment risk. If the income and gains on securities purchased with the proceeds of reverse repurchase agreements exceed the costs of the agreements, the Fund’s earnings or NAV will increase faster than otherwise would be the case; conversely, if the income and gains fail to exceed the costs, earnings or NAV would decline faster than otherwise would be the case. For the year ended March 31, 2015, the Fund had average reverse repurchase agreements of $352,768, for which it paid interest at an average rate of 0.60%. At March 31, 2015, the Fund posted $2,747,766 in securities as collateral for reverse repurchase agreements.

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

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

(continues )  123

Notes to financial statements

Optimum Fund Trust

1. Significant Accounting Policies (continued)

Use of Estimates — Each Fund is an investment company in conformity with U.S. GAAP. Therefore, each Fund follows the accounting and reporting guidelines for investment companies. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other — Expenses directly attributable to a Fund are charged directly to that Fund. Other expenses common to various funds within the Trust are generally allocated among such funds on the basis of average net assets. Management fees and some other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on debt securities are 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. 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.

Optimum Large Cap Growth Fund and Optimum Small-Mid Cap Value Fund invest in master limited partnerships (MLPs) which make distributions that are primarily attributable to return of capital. The Funds record investment income and return of capital on the “Statements of operations” using management’s estimate of the percentage of income included in the distributions received from each MLP based on historical information from the MLPs and other industry sources. These estimates may be adjusted based on information received from the MLPs after the tax and fiscal year ends.

The return of capital portion of the MLP distributions is a reduction to investment income and a reduction in the cost basis of each investment which increases net realized gain (loss) and net change in unrealized appreciation (depreciation). If the return of capital distributions exceed its cost basis, the distributions are treated as realized gains. The actual amounts of income and return of capital are only determined by each MLP after its fiscal year-end and may differ from the estimated amounts. For the fiscal year ended March 31, 2015, the Funds estimated that 100% of the MLP distributions received would be treated as a return of capital.

Each Fund may receive earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. There were no such earnings credits for the year ended March 31, 2015.

Each Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than one dollar, the expense paid under this arrangement is included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expense offset shown under “Less expense paid indirectly.” For the year ended March 31, 2015, each Fund earned the following amounts under this agreement:

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
$343	$339	$363	$363	$359	$362

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

Delaware Management Company (DMC), a series of Delaware Management Business Trust, furnishes investment management services to each Fund and has full discretion and responsibility, subject to the overall supervision of the Trust’s Board, to select and contract with one or more investment sub-advisors to manage the investment operations and composition of each Fund, and to render investment advice for each Fund, including the purchase, retention, and dispositions of investments, securities, and cash contained in each Fund. The investment management

124

agreement obligates DMC to implement decisions with respect to the allocation or reallocation of each Fund’s assets among one or more current or additional sub-advisors, and to monitor the sub-advisors’ compliance with the relevant Fund’s investment objective, policies and restrictions. DMC pays the sub-advisors out of its fees.

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

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

DMC has entered into sub-advisory agreements for the Trust as follows: Optimum Fixed Income Fund – Pacific Investment Management Company, LLC (PIMCO); Optimum International Fund – Acadian Asset Management LLC (Acadian), and EARNEST Partners, LLC (EARNEST); Optimum Large Cap Growth Fund – T. Rowe Price Associates, Inc. (T. Rowe Price), and Fred Alger Management, Inc. (Alger); Optimum Large Cap Value Fund – Massachusetts Financial Services Company (MFS) and Herndon Capital Management, LLC (Herndon); Optimum Small-Mid Cap Growth Fund – Columbia Wanger Asset Management, LLC (CWAM) and Wellington Management Company, LLP (Wellington Management); Optimum Small-Mid Cap Value Fund – The Killen Group, Inc. (Killen), Westwood Management Corp. (Westwood) and The Delafield Group, a division of Tocqueville Asset Management L.P. (Tocqueville). Prior to Jan. 13, 2015, BlackRock Advisors, LLC (BlackRock) was a sub-advisor for the Optimum International Fund.

(continues )  125

Notes to financial statements

Optimum Fund Trust

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

For the year ended March 31, 2015, 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
$2,295,037	$2,460,419	$4,906,790	$3,674,423	$3,668,153	$2,832,484

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

	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
Operating expense limitation as a percentage of average daily net assets (per annum) for the period
July 29, 2014 -
July 29, 2015	0.95%	1.25%	1.12%	1.08%	1.36%	1.35%
Operating expense limitation as a percentage of average daily net assets (per annum) for the period
July 29, 2013 -
July 28, 2014	1.00%	1.40%	1.25%	1.20%	1.43%	1.40%

Effective Nov. 1, 2014, Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to the Trust. Prior to this time, Delaware Service Company, Inc. (DSC), an affiliate of DMC, provided fund accounting and financial administration oversight services to the Trust. Those 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 distributions and the dissemination of Fund NAVs and performance data. For these services, the Funds pay DIFSC an asset-based fee, plus certain out-of-pocket expenses and transactional charges. DIFSC fees are calculated based on the aggregate daily net assets of the Trust at the following annual rate: 0.0075% of the first $3 billion; 0.0070% of the next $2 billion; 0.0065% of the next $2.5 billion; 0.0055% of the next $2.5 billion; and 0.0050% of aggregate average daily net assets in excess of $10 billion. The fees payable to DIFSC under the service agreement described above are allocated among all funds in the Trust on a relative net asset value basis. These amounts are included on the “Statements of operations” under “Accounting fees.” For the year ended March 31, 2015, 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
$135,787	$45,744	$97,166	$90,081	$36,135	$35,189

Effective Nov. 1, 2014, 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. Prior to Nov. 1, 2014, DSC provided the Trust with these administrative services. For these administrative services, each Fund pays DIFSC a fee at an annual rate (plus out-of-pocket expenses) of 0.120% of assets up to $500 million of the Funds’ average daily net assets; 0.095% of assets from $500 million to $1 billion; and 0.070% of assets over $1 billion.

126

Effective Nov. 1, 2014, DIFSC, is the shareholder servicing, dividend disbursing, and transfer agent for each Fund. Prior to Nov. 1, 2014, DSC was 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 0.200% of the Trust’s total average daily net assets, subject to certain minimums, plus out-of-pocket expenses. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Funds. Sub-transfer agency fees are passed on to and paid by the Funds.

DDLP, an affiliate of DMC, serves as the national distributor of each Fund’s shares pursuant to a Distribution Agreement. Pursuant to the Distribution Agreement and Rule 12b-1 plan, each Fund pays DDLP an annual distribution and service fee of 0.25% of the average daily net assets of the Class A shares and 1.00% of the average daily net assets of the Class C shares. Each Fund’s Class B shares were subject to a 12b-1 fee of 1.00% of the average daily net assets , which was contractually waived to 0.25% of average daily net assets from April 1, 2014 through Nov. 4, 2014.

For the year ended March 31, 2015, 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
$33,035	$5,779	$19,463	$19,200	$3,754	$2,762

For the year ended March 31, 2015, 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	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
Class C	$141	$114	$99	$100	$17	$14

DMC, DIFSC and DDLP are indirect, wholly owned subsidiaries of Delaware 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.

3. Investments

For the year ended March 31, 2015, each Fund made purchases and sales of investments securities other than short-term investments as follows:

	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
Purchases other than U.S. government securities	$	2,745,805,288	$	722,245,255	$	1,303,218,082	$	522,489,183	$	391,323,220	$	175,443,590
Purchases of U.S. government securities		6,556,908,176		—		—		—		—		—
Sales other than U.S. government securities		2,510,138,993		789,651,319		1,149,916,993		428,971,902		354,016,096		136,672,143
Sales of U.S. government securities		6,460,918,033		—		—		—		—		—

(continues )  127

Notes to financial statements

Optimum Fund Trust

3. Investments (continued)

At March 31, 2015, the cost of investments and unrealized appreciation (depreciation) for federal income tax purposes for each Fund were as follows:

	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
Cost of investments	$	2,099,944,429		$	518,629,302		$	1,304,619,645		$	995,391,518		$	440,095,403		$	437,914,220
Aggregate unrealized appreciation	$	151,730,770		$	52,786,789		$	318,817,882		$	353,962,672		$	128,083,554		$	110,880,537
Aggregate unrealized depreciation		(130,454,230	)		(51,391,552	)		(28,508,336	)		(45,581,532	)		(12,472,741	)		(23,431,491	)
Net unrealized appreciation	$	21,276,540		$	1,395,237		$	290,309,546		$	308,381,140		$	115,610,813		$	87,449,046

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

128

The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of March 31, 2015:

				Optimum Fixed Income Fund
	Level 1			Level 2			Level 3		Total
Assets:
Agency, Asset- & Mortgage-Backed Securities1	$	—		$	494,272,809		$	2,825,465	$	497,098,274
Corporate Debt		—			850,448,786			—		850,448,786
Foreign Debt		—			78,228,186			—		78,228,186
Municipal Bonds		—			46,101,776			—		46,101,776
Senior Secured Loans1		—			144,973,799			4,687,203		149,661,002
Convertible Preferred Stock1		3,267,737			1,541,159			—		4,808,896
Preferred Stock1		2,230,179			7,348,822			—		9,579,001
U.S. Treasury Obligations		—			389,016,075			—		389,016,075
Short-Term Investments		—			98,460,848			—		98,460,848
Liabilities:
Security Sold Short		—			(2,181,875	)		—		(2,181,875	)
Total	$	5,497,916		$	2,108,210,385		$	7,512,668	$	2,121,220,969
Foreign Currency Exchange Contracts	$	—		$	7,866,998		$	—	$	7,866,998
Futures Contracts		(765,554	)		—			—		(765,554	)
Swap Contracts		—			(2,437,246	)		—		(2,437,246	)
Reverse Repurchase Agreements		—			(2,730,750	)		—		(2,730,750	)
Options Written		(176,456	)		(29,012	)		—		(205,468	)

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		—			99.43	%		0.57	%		100.00	%
Senior Secured Loans		—			96.87	%		3.13	%		100.00	%
Convertible Preferred Stock		67.95	%		32.05	%		—			100.00	%
Preferred Stock		23.28	%		76.72	%		—			100.00	%

(continues )  129

Notes to financial statements

Optimum Fund Trust

3. Investments (continued)

			Optimum International Fund
	Level 1		Level 2			Level 3		Total
Common Stock
Australia	$	3,165,072	$	22,553,754		$	—	$	25,718,826
Austria		—		13,037,135			—		13,037,135
Belgium		—		6,817,615			—		6,817,615
Bermuda		7,574,916		—			—		7,574,916
Brazil		8,699,133		—			—		8,699,133
Canada		10,195,150		—			—		10,195,150
China/Hong Kong		4,158,697		37,065,631			—		41,224,328
Colombia		2,402,591		—			—		2,402,591
Czech Republic		—		2,726,203			—		2,726,203
Denmark		—		1,397,349			—		1,397,349
Finland		—		4,754,749			—		4,754,749
France		—		19,244,985			—		19,244,985
Germany		—		11,103,092			—		11,103,092
India		5,814,156		9,995,646			—		15,809,802
Indonesia		—		2,361,163			—		2,361,163
Ireland		13,577,801		10,752,612			—		24,330,413
Israel		10,057,627		—			—		10,057,627
Italy		—		689,415			—		689,415
Japan		—		92,773,370			—		92,773,370
Malaysia		—		1,451,541			—		1,451,541
Netherlands		6,364,799		4,069,384			—		10,434,183
New Zealand		1,889,351		1,134,458			—		3,023,809
Norway		3,415,204		13,028,818			—		16,444,022
Republic of Korea		524,004		22,441,492			—		22,965,496
Singapore		—		14,131,190			—		14,131,190
Spain		—		7,624,192			—		7,624,192
Sweden		—		5,395,766			—		5,395,766
Switzerland		11,149,126		18,572,430			—		29,721,556
Taiwan		—		17,962,622			—		17,962,622
Turkey		—		6,309,105			—		6,309,105
United Kingdom		15,454,494		44,011,856			1,443,949		60,910,299
United States		6,724,008		6,926,670			1,437,668		15,088,346
Short-Term Investments		—		7,644,550			—		7,644,550
Total	$	111,166,129	$	405,976,793		$	2,881,617	$	520,024,539
Foreign Currency Exchange Contracts	$	—	$	(24	)	$	—	$	(24	)

130

				Optimum Large Cap Growth Fund
	Level 1			Level 2			Level 3			Total
Common Stock
Consumer Discretionary		$	329,838,860		$	2,929,618		$	1,324,165		$	334,092,643
Consumer Staples			63,898,969			—			—			63,898,969
Energy			57,835,142			—			—			57,835,142
Financials			84,713,581			—			—			84,713,581
Healthcare			316,437,232			—			—			316,437,232
Industrials			189,222,337			—			—			189,222,337
Information Technology			436,951,528			8,298,378			1,180,946			446,430,852
Materials			24,311,985			—			—			24,311,985
Telecommunication Services			4,199,520			—			—			4,199,520
Utilities			2,409,342			—			—			2,409,342
Convertible Preferred Stock			—			—			898,462			898,462
U.S. Master Limited Partnerships			19,360,499			—			—			19,360,499
Short-Term Investments			—			51,118,627			—			51,118,627
Total		$	1,529,178,995		$	62,346,623		$	3,403,573		$	1,594,929,191
				Optimum Large Cap Value Fund
	Level 1			Level 2			Total
Common Stock
Consumer Discretionary		$	132,768,211		$	—		$	132,768,211
Consumer Staples			129,269,817			25,483,002			154,752,819
Energy			161,116,337			—			161,116,337
Financials			309,305,166			—			309,305,166
Healthcare			129,925,886			4,079,043			134,004,929
Industrials			159,018,932			—			159,018,932
Information Technology			125,237,885			—			125,237,885
Materials			58,637,760			—			58,637,760
Telecommunication Services			26,250,354			3,531,806			29,782,160
Utilities			4,466,678			—			4,466,678
Convertible Preferred Stock			460,319			—			460,319
Short-Term Investments			—			34,221,462			34,221,462
Total		$	1,236,457,345		$	67,315,313		$	1,303,772,658

(continues )  131

Notes to financial statements

Optimum Fund Trust

3. Investments (continued)

				Optimum Small-Mid Cap Growth Fund
	Level 1			Level 2				Level 3			Total
Common Stock
Consumer Discretionary		$	69,388,119		$	1,798,066			$	—		$	71,186,185
Consumer Staples			9,355,290			—				—			9,355,290
Energy			17,172,869			—				—			17,172,869
Financials			67,072,302			—				—			67,072,302
Healthcare			89,554,661			—				—			89,554,661
Industrials			127,597,033			—				—			127,597,033
Information Technology			117,854,242			—				133,374			117,987,616
Materials			22,393,195			—				—			22,393,195
Telecommunication Services			10,702,560			—				—			10,702,560
Convertible Preferred Stock			—			—				3,253,507			3,253,507
Exchange-Traded Funds			2,777,912			—				—			2,777,912
Preferred Stock			—			—				3,008,128			3,008,128
Short-Term Investments			—			13,644,958				—			13,644,958
Total		$	533,868,183		$	15,443,024			$	6,395,009		$	555,706,216
Foreign Currency Exchange Contracts		$	—		$	(5	)		$	—		$	(5	)
				Optimum Small-Mid Cap Value Fund
	Level 1			Level 2				Total
Common Stock
Consumer Discretionary		$	50,111,416		$	—			$	50,111,416
Consumer Staples			6,300,459			—				6,300,459
Energy			25,351,484			—				25,351,484
Financials			40,728,281			—				40,728,281
Healthcare			23,987,306			—				23,987,306
Industrials			130,690,816			—				130,690,816
Information Technology			102,001,696			1,189,914				103,191,610
Materials			70,735,783			—				70,735,783
Telecommunication Services			8,748,529			—				8,748,529
Utilities			3,409,594			—				3,409,594
U.S. Master Limited Partnership			1,610,000			—				1,610,000
Short-Term Investments			—			60,497,988				60,497,988
Total		$	463,675,364		$	61,687,902			$	525,363,266

The securities deemed worthless 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, 2015, the majority of Optimum International Fund and a portion of Optimum Large Cap Growth Fund, Optimum Large Cap Value Fund, Optimum Small-Mid Cap Growth Fund, and Optimum Small-Mid Cap Value Fund’s common stock investments were categorized as Level 2.

During the year ended March 31, 2015, 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’ net asset value is determined) are established using a separate pricing feed from a third-party vendor designed to establish a price for each

132

such security as of the time that the Fund’s net asset value is determined. Further, international fair value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded, causing a change in classification between levels. Each Fund’s policy is to recognize transfers between levels at the beginning of the period.

A reconciliation of Level 3 investments is presented when each Fund has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to each Fund’s (except Optimum Small-Mid Cap Growth Fund) net assets. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments are not considered significant to each Fund’s net assets at the end of the year.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value for Optimum Small-Mid Cap Growth Fund:

					Convertible
	Common				Preferred				Preferred
	Stock				Stock				Stock			Total
Beginning balance March 31, 2014		$	194,504			$	2,926,996			$	—		$	3,121,500
Purchases			—				797,260				2,416,128			3,213,388
Sales			—				(904,922	)			—			(904,922	)
Net change in unrealized appreciation (depreciation)			(61,130	)			434,173				592,000			965,043
Ending balance March 31, 2015		$	133,374			$	3,253,507			$	3,008,128		$	6,395,009
Net change in unrealized appreciation (depreciation) from investments still held at the end of the year		$	(61,130	)		$	590,525			$	592,000		$	1,121,395

Sensitivity Analysis for Optimum Small-Mid Cap Growth Fund

Valuation: U.S. GAAP defines fair value as the price that each Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund fair values its financial instruments at fair value using independent pricing sources under the policies approved by the Board. The Pricing Committee is the committee formed by the advisor to develop pricing policies and procedures and to provide oversight of the pricing function for the Funds.

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

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

Quantitative information about Level 3 fair value measurements for Optimum Small-Mid Cap Growth Fund:

Fair Value at March 31, 2015	Valuation Techniques	Unobservable Input	Range (Weighted Average)
Common stock $133,374	Broker quote	Market pricing of securities	N/A
Convertible Preferred stock $3,253,507	Broker quote	Market pricing of securities	N/A
Preferred stock $3,008,129	Broker quote	Unlisted	N/A

(continues )  133

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 U.S. 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, 2015 and 2014 were as follows:

Year ended March 31, 2015

	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
Ordinary income		$	45,890,893		$	8,272,632		$	46,602,612		$	15,036,245		$	5,821,786		$	128,414
Long-term capital gains			—			—			107,508,571			—			40,926,830			36,766,566
Total		$	45,890,893		$	8,272,632		$	154,111,183		$	15,036,245		$	46,748,616		$	36,894,980
Year ended March 31, 2014
	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
Ordinary income		$	27,496,235		$	5,310,350		$	35,275,226		$	9,013,153		$	5,318,544		$	2,621,910
Long-term capital gains			3,988,584			—			70,507,299			—			34,563,081			40,333,725
Total		$	31,484,819		$	5,310,350		$	105,782,525		$	9,013,153		$	39,881,625		$	42,955,635

5. Components of Net Assets on a Tax Basis

As of March 31, 2015, the components of net assets on a tax basis were as follows:

	Optimum			Optimum			Optimum
	Fixed Income			International			Large Cap
	Fund			Fund			Growth Fund
Shares of beneficial interest	$	1,990,244,943		$	538,003,071		$	1,232,523,224
Undistributed ordinary income		27,530,045			824,130			15,880,220
Undistributed long-term capital gains		1,046,441			—			53,030,192
Capital loss carryforwards		—			(4,316,656	)		—
Qualified late year losses deferred		—			(11,558,690	)		—
Straddle losses deferred		(2,038,604	)		—			—
Unrealized appreciation		18,671,564			1,219,630			290,307,835
Net assets	$	2,035,454,389		$	524,171,485		$	1,591,741,471
	Optimum			Optimum			Optimum
	Large Cap			Small-Mid Cap			Small-Mid Cap
	Value Fund			Growth Fund			Value Fund
Share of beneficial interest	$	1,022,996,840		$	416,173,939		$	429,975,636
Undistributed ordinary income		2,597,001			—			—
Undistributed long-term capital gains		—			29,061,662			7,587,636
Capital loss carryforwards		(19,145,969	)		—			—
Qualified late year losses deferred		(9,963,425	)		(2,943,635	)		(742,120	)
Unrealized appreciation		308,362,979			115,610,808			87,441,596
Net assets	$	1,304,847,426		$	557,902,774		$	524,262,748

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 unrealized gain on passive foreign investment companies, tax treatment of contingent payment on debt instruments, amortization of premium on convertible securities, treasury inflation protected securities, partnership interest and swap contracts.

134

Qualified late year ordinary and capital losses (including currency and specified gain/loss items) represent losses realized from Jan. 1, 2015 through March 31, 2015 and Nov. 1, 2014 through March 31, 2015, 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, gain (loss) on foreign currency transactions, tax treatment of partnerships, amortization of premium on convertible securities, CDS contracts, foreign capital gain tax, 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, 2015, the Funds recorded the following reclassifications:

	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
Undistributed (accumulated) net investment income (loss)	$	4,224,734		$	1,987,259		$	4,748,960		$	(31,632	)	$	3,426,152		$	1,437,898
Accumulated net realized gain (loss)		(4,224,734	)		(1,987,259	)		(4,748,931	)		31,632			(3,426,152	)		318
Paid-in capital		—			—			(29	)		—			—			(1,438,216	)

For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At March 31, 2015, the Funds utilized capital loss carryforwards as follows:

Optimum	Optimum	Optimum
Fixed Income	International	Large Cap
Fund	Fund	Value Fund
$20,553,369	$10,388,185	$38,738,692

At March 31, 2015, Optimum Fixed Income Fund, Optimum Large Cap Growth, Optimum Small-Mid Cap Growth Fund, and Optimum Small-Mid Cap Value Fund did not have any capital loss carryforwards outstanding. Capital loss carryforwards remaining at March 31, 2015 will expire as follows:

	Optimum	Optimum
Year of	International	Large Cap
Expiration	Fund	Value Fund
3/31/18	$4,316,656	$19,145,969

On Dec. 22, 2010, the Regulated Investment Company Modernization Act of 2010 (Act) was enacted, which changed various technical rules governing the tax treatment of regulated investment companies. The changes were generally effective for taxable years beginning after the date of enactment. Under the Act, each Fund is permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under previous regulation. At March 31, 2015, no capital loss carryforward was carried forward under the Act.

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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
	3/31/15			3/31/14			3/31/15			3/31/14			3/31/15			3/31/14
Shares sold:
Class A		701,373			1,000,079			144,856			164,094			238,790			270,733
Class B		2,158			11,996			625			1,696			—			—
Class C		2,431,086			3,653,069			449,982			516,592			739,198			830,030
Institutional Class		57,659,471			52,479,284			14,726,160			13,817,101			25,086,102			15,787,976
Shares issued upon reinvestment of dividends and distributions:
Class A		101,608			74,238			9,420			6,158			293,955			240,221
Class B		359			1,354			49			189			2,683			8,509
Class C		258,942			178,787			5,556			11,515			1,166,611			922,805
Institutional Class		4,439,558			3,035,957			683,957			436,578			7,964,010			5,465,216
		65,594,555			60,434,764			16,020,605			14,953,923			35,491,349			23,525,490
Shares redeemed:
Class A		(896,505	)		(725,990	)		(168,763	)		(143,645	)		(515,858	)		(481,398	)
Class B		(55,793	)		(82,361	)		(16,823	)		(24,065	)		(47,783	)		(69,546	)
Class C		(2,506,285	)		(2,727,197	)		(385,205	)		(422,881	)		(1,385,681	)		(1,793,236	)
Institutional Class		(32,380,914	)		(28,975,875	)		(21,241,770	)		(6,280,513	)		(13,882,557	)		(9,508,944	)
		(35,839,497	)		(32,511,423	)		(21,812,561	)		(6,871,104	)		(15,831,879	)		(11,853,124	)
Net increase (decrease)		29,755,058			27,923,341			(5,791,956	)		8,082,819			19,659,470			11,672,366
	Optimum						Optimum						Optimum
	Large Cap						Small-Mid Cap						Small-Mid Cap
	Value Fund						Growth Fund						Value Fund
	Year ended						Year ended						Year ended
	3/31/15			3/31/14			3/31/15			3/31/14			3/31/15			3/31/14
Shares sold:
Class A		245,216			288,149			48,945			57,896			40,325			40,164
Class B		—			131			—			—			—			—
Class C		713,968			864,017			145,303			166,070			126,685			122,226
Institutional Class		19,341,523			18,155,553			8,637,127			7,266,342			9,504,226			7,698,944
Shares issued upon reinvestment of dividends and distributions:
Class A		24,712			16,351			44,321			48,996			32,193			48,311
Class B		186			125			323			1,872			295			1,912
Class C		26,420			5,715			176,249			183,909			136,318			199,457
Institutional Class		911,060			605,862			2,854,903			2,451,119			2,434,118			2,808,274
		21,263,085			19,935,903			11,907,171			10,176,204			12,274,160			10,919,288
Shares redeemed:
Class A		(451,499	)		(435,193	)		(94,337	)		(97,157	)		(80,560	)		(97,135	)
Class B		(42,763	)		(69,058	)		(8,898	)		(12,926	)		(8,274	)		(12,348	)
Class C		(1,113,280	)		(1,497,758	)		(228,076	)		(344,301	)		(227,298	)		(359,849	)
Institutional Class		(13,915,081	)		(10,186,922	)		(5,717,697	)		(4,606,449	)		(5,333,870	)		(4,603,643	)
		(15,522,623	)		(12,188,931	)		(6,049,008	)		(5,060,833	)		(5,650,002	)		(5,072,975	)
Net increase		5,740,462			7,746,972			5,858,163			5,115,371			6,624,158			5,846,313

136

For the years ended March 31, 2015, and 2014, the following shares and values were converted from Class B to Class A. The amounts are included in Class B redemptions and Class A subscriptions in the tables above and the “Statements of changes in net assets.”

	Year ended						Year ended
	3/31/15						3/31/14
	Class B		Class A				Class B		Class A
	Shares		Shares		Value		Shares		Shares		Value
Optimum Fixed Income Fund		24,014		24,039	$	232,918		39,925		39,876	$	377,824
Optimum International Fund		6,634		6,516		76,569		10,379		10,185		119,447
Optimum Large Cap Growth Fund		19,395		17,924		302,553		25,481		23,838		372,877
Optimum Large Cap Value Fund		17,595		17,473		276,645		29,211		28,937		400,667
Optimum Small-Mid Cap Growth Fund		3,651		3,368		51,725		5,102		4,739		70,060
Optimum Small-Mid Cap Value Fund		3,776		3,481		48,518		5,391		5,001		69,457

Certain shareholders may exchange shares of one class for another class in the same Fund. For the year ended March 31, 2015, each Fund had the following exchange transactions. These exchange transactions are included as subscriptions and redemptions in the table above and the “Statements of changes in net assets.”

	Exchange Redemptions				Exchange Subscriptions
					Institutional
	Class C				Class
	Shares		Value		Shares		Value
Optimum Fixed Income Fund		978		$9,437		973		$9,437
Optimum International Fund		133		1,532		129		1,532
Optimum Large Cap Growth Fund		381		5,988		336		5,988
Optimum Large Cap Value Fund		362		5,700		357		5,700
Optimum Small-Mid Cap Growth Fund		68		962		59		962
Optimum Small-Mid Cap Value Fund		60		764		52		764

7. Derivatives

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

Foreign Currency Exchange Contracts — Each Fund may enter into foreign currency exchange contracts and foreign cross currency exchange contracts as a way of managing foreign exchange rate risk. Each Fund may also enter into these contracts to fix the U.S. dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is delivered and paid for. Each Fund may enter into these contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies. 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, 2015, Optimum Fixed Income Fund, Optimum International Fund, Optimum Large Cap Growth Fund, Optimum Large Cap Value Fund, and Optimum Small-Mid Cap Growth Fund, used foreign currency exchange contracts to fix the U.S. dollar value of a security between trade date and settlement date, hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies, and/or to facilitate or expedite the settlement of portfolio transactions.

Optimum Small-Mid Cap Value Fund did not hold any foreign currency exchange during the year ended March 31, 2015.

(continues )  137

Notes to financial statements

Optimum Fund Trust

7. Derivatives (continued)

Futures Contracts — A futures contract is an agreement in which the writer (or seller) of the contract agrees to deliver to the buyer an amount of cash or securities equal to a specific dollar amount times the difference between the value of a specific security or index at the close of the last trading day of the contract and the price at which the agreement is made. Optimum Fixed Income Fund may use futures in the normal course of pursuing its investment objective. Optimum Fixed Income Fund may invest in futures contracts to hedge its existing portfolio securities against fluctuations in fair value caused by changes in interest rates or market conditions. Upon entering into a futures contract, the Fund deposits cash or pledges U.S. government securities to a broker, equal to the minimum “initial margin” requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded daily by the Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities and the possibility of an illiquid secondary market for these instruments. When investing in futures, there is reduced counterparty credit risk to the Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. The Fund posted $366,000 cash and $2,080,000 in securities collateral as margin for open futures contracts, which is presented on the “Statements of assets and liabilities” as “Cash collateral due from brokers”, and “Schedules of investments.”

During the year ended March 31, 2015, 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.

Transactions in options written during the year ended March 31, 2015 for Optimum Fixed Income Fund were as follows:

	Number of
Call options	contracts			Premiums
Options outstanding March 31, 2014		50,100,037		$	265,906
Options written		84,762,159			372,847
Options expired		(68,800,000	)		(129,050	)
Options terminated in closing purchase transactions		(63,862,037	)		(395,770	)
Options outstanding March 31, 2015		2,200,159		$	113,933
	Number of
Put options	contracts			Premiums
Options outstanding March 31, 2014		55,800,071		$	385,414
Options written		100,289,159			439,612
Options expired		(107,485,000	)		(605,372	)
Options terminated in closing purchase transactions		(6,904,071	)		(60,056	)
Options outstanding March 31, 2015		41,700,159		$	159,598

138

During the year ended March 31, 2015, Optimum Fixed Income Fund used options contracts to manage the Fund’s exposure to changes in securities prices caused by interest rates or market conditions, to adjust the Fund’s overall exposure to certain markets, to receive premiums for writing options, to facilitate investments in portfolio securities, and to protect the value of portfolio securities.

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

Currency Swaps. A currency swap is an agreement to exchange cash flows on a notional amount of two or more currencies based on the relative value differential among them.

During the year ended March 31, 2015, Optimum Fixed Income Fund used currency swaps to protect against currency fluctuations.

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, 2015, Optimum Fixed Income Fund entered into interest rate swap contracts to manage the Fund’s sensitivity to interest rates or to hedge against changes in interest rates.

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, 2015, Optimum Fixed Income Fund entered into CDS contracts as a purchaser and seller of protection, as a hedge against credit events. Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the agreement. Initial margin and variation margin are posted to central counterparties for central cleared CDS basket trades, as determined by the applicable central counterparty.

As disclosed in the footnotes to the “Schedules of investments,” at March 31, 2015, the notional value of the protection sold was EUR 300,000 and USD 16,300,000, 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

(continues )  139

Notes to financial statements

Optimum Fund Trust

7. Derivatives (continued)

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, 2015, net unrealized depreciation of the protection sold was $327,875.

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, 2015, Optimum Fixed Income Fund used CDS contracts to hedge against credit events, and to gain exposure to certain securities or markets.

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

At March 31, 2015, for bilateral swap contracts, Optimum Fixed Income Fund posted $10,000 in cash collateral for certain open derivatives, which is presented as “Cash collateral due from brokers” on the “Statements of assets and liabilities.” Optimum Fixed Income Fund posted $3,544,348 in cash collateral for centrally cleared swap contracts, which is presented as “Cash collateral due from brokers” on the “Statements of assets and liabilities. ” At March 31, 2015, the Fund received $4,290,000 in cash and $389,885 securities collateral for certain open derivatives. Cash collateral received is presented as “Cash collateral due to brokers” on the “Statements of assets and liabilities.”

Fair values of derivative instruments for Optimum Fixed Income Fund as of March 31, 2015 were as follows:

	Asset Derivatives
	Fair Value
	Currency		Interest rate		Credit
Statements of Assets and Liabilities Location	Contracts		Contracts		Contracts		Total
Unrealized appreciation on foreign currency exchange contracts	$	8,094,829	$	—	$	—	$	8,094,829
Variation margin due from broker on futures contracts*		—		445,610		—		445,610
Unrealized appreciation on swap contracts		—		781,763		13,485		795,248
Total	$	8,094,829	$	1,227,373	$	13,485	$	9,335,687
	Liability Derivatives
	Fair Value
	Currency		Interest		Credit
Statements of Assets and Liabilities Location	Contracts		Contracts		Contracts		Total
Unrealized depreciation on foreign currency exchange contracts	$	227,831	$	—	$	—	$	227,831
Variation margin due to broker on futures contracts*		919,060		292,104		—		1,211,164
Options written, at value		198,963		6,024		481		205,468
Unrealized depreciation on swap contracts		—		2,891,134		341,360		3,232,494
Total	$	1,345,854	$	3,189,262	$	341,841	$	4,876,957

*Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts are opened through March 31, 2015. Only current day variation margin is reported on Optimum Fixed Income Fund’s “Statements of assets and liabilities.”

140

The effect of derivative instruments on the Optimum Fixed Income Fund’s “Statements of operations” for the year ended March 31, 2015 was as follows:

	Net Realized Gain (Loss) on:
	Foreign
	Currency
	Exchange		Futures			Options			Swap
	Contracts		Contracts			Written			Contracts			Total
Currency contracts	$	25,392,414	$	113,807		$	(625,609	)	$	—		$	24,880,612
Interest rate contracts		—		(5,580,451	)		619,936			(6,607,895	)		(11,568,410	)
Credit contracts		—		—			32,145			(2,178,856	)		(2,146,711	)
Total	$	25,392,414	$	(5,466,644	)	$	26,472		$	(8,786,751	)	$	11,165,491
	Net Change in Unrealized Appreciation (Depreciation) of:
	Foreign
	Currency
	Exchange		Futures			Options			Swap
	Contracts		Contracts			Written			Contracts			Total
Currency contracts	$	10,926,479	$	(919,060	)	$	23,186		$	—		$	10,030,605
Interest rate contracts		—		1,168,700			(352,340	)		643,651			1,460,011
Credit contracts		—		—			10,433			1,693,564			1,703,997
Total	$	10,926,479	$	249,640		$	(318,721	)	$	2,337,215		$	13,194,613

Derivatives generally. The tables below summarize the average balance of derivative holdings by the Funds during the year ended March 31, 2015. During the year ended March 31, 2015, Optimum Small-Mid Cap Value Fund did not enter into any derivative contracts.

	Long Derivative Volume
									Optimum
	Optimum		Optimum		Optimum		Optimum		Small-Mid
	Fixed Income		International		Large Cap		Large Cap		Cap
	Fund		Fund		Growth Fund		Value Fund		Growth Fund
Foreign currency exchange contracts (average cost)	USD	34,087,027	USD	33,835,494	USD	26,745	USD	24,052	USD	3,934
Futures contracts (average notional value)		129,541,737		—		—		—		—
Options contracts (average notional value)		1,223		—		—		—		—
CDS contracts (average notional value)*	EUR	3,146,798		—		—		—		—
	USD	1,563,373		—		—		—		—
Interest rate swap contracts (average notional value)**	AUD	313,329,249		—		—		—		—
	BRL	6,063,241		—		—		—		—
	EUR	17,230,435		—		—		—		—
	GBP	240,316
	JPY	1,333,952,569		—		—		—		—
	MXN	87,794,071
	USD	87,846,403		—		—		—		—

(continues )  141

Notes to financial statements

Optimum Fund Trust

7. Derivatives (continued)

	Short Derivative Volume
									Optimum
	Optimum		Optimum		Optimum		Optimum		Small-Mid
	Fixed Income		International		Large Cap		Large Cap		Cap
	Fund		Fund		Growth Fund		Value Fund		Growth Fund
Foreign currency exchange contracts (average cost)	USD	207,404,803	USD	51,324,964	USD	76,751	USD	1,662	USD	3,500
Futures contracts (average notional value)		175,245,573		—		—		—		—
Options contracts (average notional value)		198,052		—		—		—		—
CDS contracts (average notional value)*	EUR	1,340,316		—		—		—		—
	USD	14,152,316		—		—		—		—

*Long represents buying protection and short represents selling protection.

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

8. Offsetting

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

In order to better define its contractual rights and to secure rights that will help the Funds mitigate its counterparty risk, the Funds entered into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or a similar agreement with each of their derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Funds and a counterparty that governs 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, the Funds 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.”

At March 31, 2015, each Fund had the following assets and liabilities subject to offsetting provisions:

142

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		$	90,464		$	(5,805	)		$	84,659
Barclays Bank			—			(1,804,500	)			(1,804,500	)
BNP Paribas			51,499			—				51,499
Citigroup Global Markets			6,021,506			(148,328	)			5,873,178
Credit Suisse First Boston			145,985			(1,842,158	)			(1,696,173	)
Deutsche Bank			5,841			—				5,841
Hong Kong Shanghai Bank			2,218			—				2,218
JPMorgan Chase Bank			1,746,535			(1,397,750	)			348,785
Morgan Stanley Capital			836,171			(65,122	)			771,049
Toronto Dominion Bank			40,743			(927,412	)			(886,669	)
Total		$	8,940,962		$	(6,191,075	)		$	2,749,887

				Optimum Fixed Income Fund
Counterparty	Net Position			Fair Value of Non-Cash Collateral Received			Cash Collateral Received			Fair Value of Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Amount(a)
Bank of America Merrill Lynch	$	84,659		$	—		$	—		$	—	$	—	$	84,659
Barclays Bank		(1,804,500	)		—			—			1,804,500		—		—
BNP Paribas		51,499			—			—			—		—		51,499
Citigroup Global Markets		5,873,178			—			(4,280,000	)		—		—		1,593,178
Credit Suisse First Boston		(1,696,173	)		—			—			—		1,696,173		—
Deutsche Bank		5,841			—			—			—		—		5,841
Hong Kong Shanghai Bank		2,218			—			(2,218	)		—		—		—
JPMorgan Chase Bank		348,785			(242,816	)		—			—		—		105,969
Morgan Stanley Capital		771,049			(147,069	)		—			—		—		623,980
Toronto Dominion Bank		(886,669	)		—			—			886,669		—		—
Total	$	2,749,887		$	(389,885	)	$	(4,282,218	)	$	2,691,169	$	1,696,173	$	2,465,126

	Optimum Fixed Income Fund
				Fair Value of
				Non-Cash				Cash
Master Repurchase Agreements	Repurchase			Collateral				Collateral
Counterparty	Agreements			Received				Received			Net Amount(a)
Bank of America Merrill Lynch		$	16,622,282		$	(16,622,282	)		$	—		$	—
Bank of Montreal			13,851,902			(13,851,902	)			—			—
BNP Paribas			10,076,816			(10,076,816	)			—			—
Total		$	40,551,000		$	(40,551,000	)		$	—		$	—

(continues )  143

Notes to financial statements

Optimum Fund Trust

8. Offsetting (continued)

	Optimum International Fund
				Fair Value of
				Non-Cash				Cash
Master Repurchase Agreements(b)	Repurchase			Collateral				Collateral
Counterparty	Agreements			Received				Received			Net Amount(a)
Bank of America Merrill Lynch		$	1,697,849		$	(1,697,849	)		$	—		$	—
Bank of Montreal			1,414,875			(1,414,875	)			—			—
BNP Paribas			1,029,276			(1,029,276	)			—			—
Total		$	4,142,000		$	(4,142,000	)		$	—		$	—
	Optimum Large Cap Growth Fund
				Fair Value of
				Non-Cash				Cash
Master Repurchase Agreements	Repurchase			Collateral				Collateral
Counterparty	Agreements			Received				Received			Net Amount(a)
Bank of America Merrill Lynch		$	17,067,035		$	(17,067,035	)		$	—		$	—
Bank of Montreal			14,222,530			(14,222,530	)			—			—
BNP Paribas			10,346,435			(10,346,435	)			—			—
Total		$	41,636,000		$	(41,636,000	)		$	—		$	—
	Optimum Large Cap Value Fund
				Fair Value of
				Non-Cash				Cash
Master Repurchase Agreements	Repurchase			Collateral				Collateral
Counterparty	Agreements			Received				Received			Net Amount(a)
Bank of America Merrill Lynch		$	12,599,830		$	(12,599,830	)		$	—		$	—
Bank of Montreal			10,499,859			(10,499,859	)			—			—
BNP Paribas			7,638,311			(7,638,311	)			—			—
Total		$	30,738,000		$	(30,738,000	)		$	—		$	—
	Optimum Small-Mid Cap Growth Fund
				Fair Value of
				Non-Cash				Cash
Master Repurchase Agreements(b)	Repurchase			Collateral				Collateral
Counterparty	Agreements			Received				Received			Net Amount(a)
Bank of America Merrill Lynch		$	2,728,774		$	(2,728,774	)		$	—		$	—
Bank of Montreal			2,273,979			(2,273,979	)			—			—
BNP Paribas			1,654,247			(1,654,247	)			—			—
Total		$	6,657,000		$	(6,657,000	)		$	—		$	—

144

	Optimum Small-Mid Cap Value Fund
				Fair Value of
				Non-Cash				Cash
Master Repurchase Agreements	Repurchase			Collateral				Collateral
Counterparty	Agreements			Received				Received			Net Amount(a)
Bank of America Merrill Lynch		$	13,513,111		$	(13,513,111	)		$	—		$	—
Bank of Montreal			11,260,926			(11,260,926	)			—			—
BNP Paribas			8,191,963			(8,191,963	)			—			—
Total		$	32,966,000		$	(32,966,000	)		$	—		$	—

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

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

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 U.S. securities and foreign securities that are denominated and payable in U.S. dollars; and (2) 105% with respect to foreign securities. With respect to each loan, if on any business day the aggregate market value of securities collateral plus cash collateral held is less than the aggregate market value of the securities which are the subject of such loan, the borrower will be notified to provide additional collateral by the end of the following business day which, together with the collateral already held, will be not less than the applicable initial collateral requirements for such security loan. If the aggregate market value of securities collateral and cash collateral held with respect to a security loan exceeds the applicable initial collateral requirement, upon the request of the borrower, BNY Mellon must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day may be more or less than the value of the security on loan.

Cash collateral received is generally invested in the Delaware Investments^® Collateral Fund No. 1 (Collective Trust) established by BNY Mellon for the purpose of investment on behalf of funds managed by DMC that participate in BNY Mellon’s securities lending program. The Collective Trust may invest in U.S. government securities and high-quality corporate debt, asset-backed and other money market securities, and in repurchase agreements collateralized by such securities, provided that the Collective Trust will generally have a dollar-weighted average portfolio maturity of 60 days or less. The Funds can also accept U.S. government securities and letters of credit (non-cash collateral) in connection with securities loans. In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return the loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Funds or, at the discretion of the lending agent, replace the loaned securities. The Funds continue to record dividends or interest, as applicable, on the securities loaned and are subject to changes in value of the securities loaned that may occur during the term of the loan. The Funds have the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, the Funds receive loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among the Funds, the security lending agent, and the borrower. The Funds record security lending income net of allocations to the security lending agent, and the borrower.

The Collective Trust used for the investment of cash collateral received from borrowers of securities seeks to maintain a net asset value per unit of $1.00, but there can be no assurance that it will always be able to do so. The Funds may incur investment losses as a result of investing securities lending collateral in the Collective Trust. This could occur if an investment in the Collective Trust defaulted or if it were necessary to liquidate assets in the Collective Trust to meet returns on outstanding security loans at a time when the Collective Trust’s net asset value per unit was less than $1.00. Under those circumstances, the Funds may not receive an amount from the Collective Trust that is equal in amount to the collateral the Funds would be required to return to the borrower of the securities and the Funds would be required to make up for this shortfall.

(continues )  145

Notes to financial statements

Optimum Fund Trust

9. Securities Lending (continued)

At the year ended March 31, 2015, the Funds had no securities on loan.

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.

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

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

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

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

146

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, 2015. The Funds’ REIT holdings are also affected by interest rate changes, particularly if the REITs they hold use floating rate debt to finance their ongoing operations.

Each Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933 (the Act), as amended, 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 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 Funds’ 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 not subject to the Funds’ 15% limit on investments in illiquid securities. Rule 144A, Section 4(a)(2), and illiquid securities have been identified on the “ Schedules of investments.”

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. Recent Accounting Pronouncements

In June 2014, the FASB issued guidance to improve the financial reporting of reverse repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into reverse repurchase agreements and similar transactions accounted for as secured borrowings. The guidance is effective for financial statements with fiscal years beginning on or after Dec. 15, 2014 and interim periods within those fiscal years. Management has determined that this pronouncement has no impact to each Fund’s financial statements.

13. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to March 31, 2015 that would require recognition or disclosure in the Funds’ financial statements.

(continues )  147

Report of independent

registered public accounting firm

To the Board of Trustees of Optimum Fund Trust, as defined, and the Shareholders:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the 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 referred to as the “Funds”) at March 31, 2015, 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 then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at March 31, 2015 by correspondence with the custodian and brokers, and the application of alternative auditing procedures where confirmations of security purchases had not been received, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 19, 2015

148

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, 2015, each Fund reports distributions paid during the year as follows:

	(A)
	Long-Term		(B)
	Capital Gains		Ordinary 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		—		100.00%		100.00%		1.01%
Optimum Large Cap Growth Fund		69.76%		30.24%		100.00%		19.98%
Optimum Large Cap Value Fund		—		100.00%		100.00%		100.00%
Optimum Small-Mid Cap Growth Fund		87.55%		12.45%		100.00%		48.04%
Optimum Small-Mid Cap Value Fund		99.65%		0.35%		100.00%		100.00%

(A) and (B) are based on a percentage of each Fund’s total distributions.

(C) is based on a percentage of each Fund’s ordinary income distributions.

¹Qualifying dividends represent dividends which qualify for the corporate dividends received deduction.

^*For the fiscal year ended March 31, 2015, 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 2015 Form 1099-DIV.

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
—	100.00%	21.48%	100.00%	49.71%	100.00%

Optimum International Fund intends to pass through foreign tax credits in the maximum amount of $566,048. The gross foreign source income earned during the fiscal year 2015 by the Fund was $13,258,993.

Board Consideration of Sub-Advisory Agreement with Acadian Asset Management LLC at Meeting Held Dec. 10, 2014

At a meeting held Dec. 10, 2014, the Board of Trustees, including a majority of non-interested or independent Trustees, approved a new Sub-Advisory Agreement (the “Sub-Advisory Agreement”) between Delaware Management Company (“DMC” or “Management”) and Acadian Asset Management LLC (“Acadian”) for the Optimum International Fund (the “Fund”). Acadian replaced BlackRock Advisors, LLC (“BlackRock”) as a sub-advisor to the Fund as of Jan. 26, 2015.

In reaching the decision to approve the Sub-Advisory Agreement, the Board considered and reviewed information about Acadian, including its personnel, operations and financial condition, which had been provided by Acadian. The Board also reviewed material furnished by DMC (with the assistance of its consultant, LPL Financial LLC (“LPL”)), including: a memorandum from DMC reviewing the Sub-Advisory Agreement and the various services proposed to be rendered by Acadian; research and analysis concerning DMC’s proposal of Acadian; a description of Acadian’s proposed sub-advisory fees under the Sub-Advisory Agreement, along with fees that Acadian charges similar institutional accounts; information concerning Acadian’s organizational structure and the experience of its investment management personnel; a “due diligence” report describing various material items in relation to Acadian’s personnel, organization and policies; copies of Acadian’s Form ADV, compliance policies and procedures and its Code of Ethics; and a copy of the Sub-Advisory Agreement.

(continues )  149

Other Fund information

(Unaudited)

Optimum Fund Trust

Board Consideration of Sub-Advisory Agreement with Acadian Asset Management LLC at Meeting Held Dec. 10, 2014 (continued)

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 specifically 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 Acadian, the Board specifically considered that the Sub-Advisory Agreement contains substantially similar provisions to those in the prior BlackRock sub-advisory agreement, except for the provisions relating to the fees. The Board reviewed materials provided by Acadian regarding the experience and qualifications of personnel who will be responsible for managing Acadian’s portion of the Optimum International Fund. The Board also placed weight on the projected performance of a representative Acadian portfolio that utilized the investment process and parameters that would be employed by Acadian on behalf of its portion of the Optimum International Fund (the “Acadian Account”). The Board also considered that Acadian would co-manage the Fund with another adviser, EARNEST Partners, LLC (“EARNEST”). The Board considered the compatibility of the two advisers’ investment philosophies and methodologies. Based upon these considerations, the Board was satisfied with the nature and quality of the overall services to be provided by Acadian to the Optimum International Fund and its shareholders and was confident in the abilities of Acadian to provide quality services to the Optimum International Fund and its shareholders.

Investment Performance. The Board reviewed information on the projected performance of the Acadian Account over various time periods. The Board also reviewed a combination analysis showing various performance metrics that would have resulted from combining the performance of the Acadian Account with the performance of EARNEST in managing its portion of the Fund over various time periods measured in several different ways. In respect to such analysis, the Board noted that Acadian’s investment style seemed a good complement to that followed by EARNEST, and Acadian’s investment strategy seemed to provide a better balance to EARNEST’s investment philosophy. The Board believed such information and analysis evidenced the benefits to the Fund and high quality of portfolio management services expected to be provided by Acadian under the Sub-Advisory Agreement.

Comparative Expenses. In In considering the appropriateness of the sub-advisory fees to be charged by Acadian, the Board reviewed and considered the sub-advisory fees in light of the nature, extent and quality of the sub-advisory services to be provided by Acadian, as more fully described above. The Board noted that Acadian’s sub-advisory fees are paid by DMC and are not additional fees borne by the Fund. The Board also noted that the sub-advisory fees to be paid by DMC to Acadian were the product of arms-length negotiations between DMC and Acadian, and the Board considered the allocation of the investment management fees charged to the Fund between DMC and Acadian in light of the nature, extent and quality of the investment management services provided, and to be provided by, DMC and Acadian. In particular, the Board was provided with a description of fees to be charged by Acadian under the Sub-Advisory Agreement for the Optimum International Fund, which showed them to be slightly higher than the sub-advisory fees charged by BlackRock under its sub-advisory agreement at the Fund’s current amount of assets under management. The Board discussed the impact that the differences in fees would have on DMC’s profitability. The Board also was provided with information showing that Acadian’s fees were competitive with those charged by Acadian to other comparable investment companies or accounts, and was informed by Management that Acadian’s fees were competitive with fees of other investment managers being considered as possible sub-advisors to the Fund. The Board also noted that the management fee paid by the Fund to DMC would stay the same at current asset levels. Based upon such facts, the Board believed that the fees to be charged by Acadian under the Sub-Advisory Agreement were acceptable in relation to the services being provided.

150

Profitability and Economies of Scale. The Board was informed that Acadian may receive certain fall-out benefits in connection with their relationship with the Fund, such as soft-dollar arrangements. Information about Acadian’s profitability from its relationship with the Fund was not available because it had not begun to provide services to the Fund. The Trustees also noted that economies of scale are shared with the Fund and its shareholders through investment management fee breakpoints so that as the Fund grows in size, its effective investment management fee rate declines. The Board considered that the asset size of the Optimum International Fund, as of Sep. 30, 2014, exceeded the last fee breakpoint under its respective investment management agreement. The Trustees noted, however, that the actual investment management fee charged to the Fund was also limited as a result of management expense caps, and while intending to monitor the need for additional breakpoints, believed it unlikely that meaningful economies of scale currently existed in the management of such Fund.

(continues )  151

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 Age	Position(s) Held with Fund(s)	Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex1 Overseen by Trustee or Officer	Other Directorships Held by Trustee or Officer
INTERESTED TRUSTEES
Dan H. Arnold2 2005 Market Street Philadelphia, PA 19103 Age 50	Trustee	September 19, 2012 to present	President — LPL Financial LLC (2015-Present) Chief Financial Officer LPL Financial LLC (2012-2015) Managing Director, Head of Strategy — LPL Financial LLC (2011-2012) Divisional President of Institutional Services — LPL Financial LLC (2007-2011)	6	None
J. Scott Coleman2, 5 2005 Market Street Philadelphia, PA 19103 Age 54	Trustee, President and Chief Executive Officer	June 16, 2011 to present	Executive Vice President Head of Distribution and Marketing — Delaware Investments (2008-Present)	6	None
INDEPENDENT TRUSTEES
Robert J. Christian 2005 Market Street Philadelphia, PA 19103 Age 66	Trustee and Chairman	November 1, 2007 to present	Private Investor (2006-Present) Chief Investment Officer Wilmington Trust Corporation (Trust Bank) (1996-2006)	6	Trustee — FundVantage Trust (34 mutual funds) (2007-present)
Durant Adams Hunter 2005 Market Street Philadelphia, PA 19103 Age 66	Trustee	July 17, 2003 to present	Managing Partner — Ridgeway Partners (Executive Recruiting) (2004-Present)	6	None
Pamela J. Moret 2005 Market Street Philadelphia, PA 19103 Age 59	Trustee	October 1, 2013 to present	Chief Executive Officer — brightpeak financial (2011-Present) Senior Vice President — Thrivent Financial for Lutherans (2002-Present)	6	Director — Brotherhood Mutual Insurance Company (2011-present) Director — Blue Cross Blue Shield of Minnesota (2014-present)
Stephen Paul Mullin 2005 Market Street Philadelphia, PA 19103 Age 59	Trustee	July 17, 2003 to present	President — Econsult Solutions, Inc. (Economic Consulting) (2013-Present) Senior Vice President — Econsult Corporation (Economic Consulting) (2000-2013)	6	None

152

Name, Address, and Age	Position(s) Held with Fund(s)	Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex1 Overseen by Trustee or Officer	Other Directorships Held by Trustee or Officer
INDEPENDENT TRUSTEES (continued)
Robert A. Rudell 2005 Market Street Philadelphia, PA 19103 Age 66	Trustee	July 17, 2003 to present	Private Investor (2002–Present)	6	Director and Independent Chairman — Heartland Funds (3 mutual funds) (2005-present)
Jon Edward Socolofsky 2005 Market Street Philadelphia, PA 19103 Age 69	Trustee	July 17, 2003 to present	Private Investor (2002–Present) President — H&S Enterprises of Minocqua, LLC (Commercial real estate developer) (2005-Present)	6	None
OFFICERS
David F. Connor 2005 Market Street Philadelphia, PA 19103 51	Senior Vice President, Deputy General Counsel, and Secretary	Senior Vice President, Deputy General Counsel since May 2013; Vice President, Deputy General Counsel September 2000- May 2013; Secretary since October 2005	Mr. Connor has served as Deputy General Counsel of Delaware Investments3 since 2000.	6	None4
David P. O’Connor5 2005 Market Street Philadelphia, PA 19103 48	Executive Vice President, General Counsel, and Chief Legal Officer	Executive Vice President since February 2012; Senior Vice President October 2005– February 2012; General Counsel and Chief Legal Officer since October 2005	Mr. O’Connor has served in various executive and legal capacities at different times at Delaware Investments.	6	None4
Daniel V. Geatens 2005 Market Street Philadelphia, PA 19103 42	Vice President and Treasurer	September 20, 2007 to present	Mr. Geatens has served in various capacities at Delaware Investments.	6	None4
Richard Salus 2005 Market Street Philadelphia, PA 19103 51	Senior Vice President and Chief Financial Officer	January 1, 2006 to present	Mr. Salus has served in various executive capacities at different times at Delaware Investments.	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.

³ Delaware Investments is the marketing name for Delaware Management Holdings, Inc. and its subsidiaries, including the Trust’s manager, principal underwriter and service agent.

⁴ Messrs. Connor, O’Connor, Geatens and Salus also serve in similar capacities for the Delaware Investments^® Family of Funds, a fund complex also managed and distributed by Delaware Investments with 70 funds.

⁵ Messrs. Coleman and O’Connor have retired from their positions with the Funds effective as of the close of business on May 23, 2015.

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.

(continues )  153

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 Dan H. Arnold President LPL Financial LLC J. Scott Coleman Executive Vice President Delaware Investments Robert J. Christian Private Investor Durant Adams Hunter Managing Partner — Ridgeway Partners Pamela J. Moret Chief Executive Officer — brightpeak financial Stephen Paul Mullin President — Econsult Solutions, Inc. Robert A. Rudell Private Investor Jon Edward Socolofsky Private Investor	Affiliated officers David F. Connor Senior Vice President, Deputy General Counsel and Secretary Optimum Fund Trust Philadelphia, PA Daniel V. Geatens Vice President and Treasurer Optimum Fund Trust Philadelphia, PA David P. O’Connor Executive Vice President, General Counsel and Chief Legal Officer 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 Delaware Management Business Trust Philadelphia, PA National distributor Delaware Distributors, L. P. Philadelphia, PA Shareholder servicing, dividend disbursing, and transfer agent Delaware Service Company, Inc. 2005 Market Street Philadelphia, PA 19103-7094 For shareholders 800 914-0278 For securities dealers and financial institutions representatives only 800 362-7500 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 Forms N-Q. Each Fund’s Forms N-Q, 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 and the Schedules of Investments included in the Funds’ most recent Forms N-Q are available without charge (i) upon request, by calling 800 914-0278; (ii) on the Funds’ website at optimummutualfunds.com; and (iii) on the SEC’s website at sec.gov. Each Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330. Information (if any) regarding how 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; and (ii) on the SEC’s website at sec. gov.

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(14463)
AR-901 20435 [5/15]	Printed in the USA

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 Delaware Investments Internet Web site at www.delawareinvestments.com/optimum-funds. 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

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 $144,200 for the fiscal year ended March 31, 2015.

       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 $140,000 for the fiscal year ended March 31, 2014.

       (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, 2015.

       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 $612,000 for the registrant’s fiscal year ended March 31, 2015. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the deminimis 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; reporting up 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 registrant’s financial statements and not reported under paragraph (a) of this Item were $0 for the fiscal year ended March 31, 2014.

       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 $618,000 for the registrant’s fiscal year ended March 31, 2014. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the deminimis 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.

       (c) Tax fees.

       The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant were $28,325 for the fiscal year ended March 31, 2015. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the deminimis 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, 2015.

       The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant were $27,500 for the fiscal year ended March 31, 2014. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the deminimis 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, 2014.

       (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, 2015.

       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, 2015. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the deminimis 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 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, 2014.

       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, 2014. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the deminimis 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 Delaware Investments Family of Funds.

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 $7,530,526 and $8,090,937 for the registrant’s fiscal years ended March 31, 2015 and March 31, 2014, 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 90 days of the filing of this report and have concluded that they are effective in providing reasonable assurance that the information required to be disclosed by the registrant in its reports or statements filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.

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

Item 12. Exhibits

(a)(1) Code of Ethics

             Not applicable.

(2) Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2 under the Investment Company Act of 1940 are attached hereto as Exhibit 99.CERT.

(3) Written solicitations to purchase securities pursuant to Rule 23c-1 under the Securities Exchange Act of 1934.

             Not applicable.

(b)Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are furnished herewith as Exhibit 99.906CERT.

SIGNATURES

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

OPTIMUM FUND TRUST

/s/ ROGER A. EARLY
By:	Roger A. Early
Title:	Chief Executive Officer
Date:	June 5, 2015

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

/s/ ROGER A. EARLY
By:	Roger A. Early
Title:	Chief Executive Officer
Date:	June 5, 2015

/s/ RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	June 5, 2015