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:	610 Market Street
	Philadelphia, PA 19106
Name and address of agent for service:	David F. Connor, Esq.
	610 Market Street
	Philadelphia, PA 19106
Registrant’s telephone number, including area code:	(800) 523-1918
Date of fiscal year end:	March 31
Date of reporting period:	March 31, 2021

Item 1. Reports to Stockholders

Annual report

Optimum Fixed Income Fund

Optimum International Fund

Optimum Large Cap Growth Fund

Optimum Large Cap Value Fund

Optimum Small-Mid Cap Growth Fund

Optimum Small-Mid Cap Value Fund

March 31, 2021

Beginning on or about June 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your Fund’s shareholder reports will no longer be sent to you by mail, unless you specifically request them from the Fund or from your financial intermediary, such as a broker/dealer, bank, or insurance company. Instead, you will be notified by mail each time a report is posted on the website and provided with a link to access the report.

If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you do not need to take any action.

You may elect to receive paper copies of all future shareholder reports free of charge. You can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by contacting us at 800 914-0278. If you own these shares through a financial intermediary, you may contact your financial intermediary to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the Optimum Funds or your financial intermediary.

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 their summary prospectuses, which may be obtained by visiting optimummutualfunds.com/literature or calling 800 914-0278. Investors should read the prospectus and, if available, the summary prospectus carefully before investing.

Table of contents

Portfolio management reviews
Optimum Fixed Income Fund	1
Optimum International Fund	4
Optimum Large Cap Growth Fund	7
Optimum Large Cap Value Fund	9
Optimum Small-Mid Cap Growth Fund	12
Optimum Small-Mid Cap Value Fund	15
Performance summaries
Optimum Fixed Income Fund	18
Optimum International Fund	21
Optimum Large Cap Growth Fund	24
Optimum Large Cap Value Fund	27
Optimum Small-Mid Cap Growth Fund	30
Optimum Small-Mid Cap Value Fund	33
Disclosure of Fund expenses	36
Security type / sector / country allocations and top 10 equity holdings	38
Financial statements
Schedules of investments	44
Statements of assets and liabilities	116
Statements of operations	119
Statements of changes in net assets	121
Financial highlights	124
Notes to financial statements	142
Report of independent registered public accounting firm	169
Other Fund information	170
Board of trustees and officers addendum	173
About the organization	175

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

The Funds are governed by US laws and regulations.

Unless otherwise noted, views expressed herein are current as of March 31, 2021, and subject to change for events occurring after such date.

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

Macquarie Investment Management (MIM) is the marketing name for certain companies comprising the asset management division of Macquarie Group. Investment products and advisory services are distributed and offered by and referred through affiliates which include Delaware Distributors, L.P., a registered broker/dealer and member of the Financial Industry Regulatory Authority (FINRA) and Macquarie Investment Management Business Trust (MIMBT), a Securities and Exchange Commission (SEC)-registered investment advisor. Investment advisory services are provided by a series of MIMBT. Macquarie Group refers to Macquarie Group Limited and its subsidiaries and affiliates worldwide.

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

© 2021 Macquarie Management Holdings, Inc.

Portfolio management reviews
Optimum Fixed Income Fund

April 6, 2021 (Unaudited)

Performance review (for the year ended March 31, 2021)
Optimum Fixed Income Fund (Institutional Class shares)	1-year return	+5.37%
Optimum Fixed Income Fund (Class A shares)	1-year return	+5.21%
Bloomberg Barclays US Aggregate Index (benchmark)	1-year return	+0.71%

Past performance does not guarantee future results.

For complete, annualized performance for Optimum Fixed Income Fund, please see the table on page 18.
Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Institutional Class shares pay no distribution and service fee.
The performance of Class A shares excludes the applicable sales charge. Both Institutional Class shares and Class A shares reflect the reinvestment of all distributions.
Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Fund objective

The Fund seeks a high level of income and may also seek growth of capital.

Advisor

Delaware Management Company (DMC)

Sub-advisor

Pacific Investment Management Company LLC (PIMCO)

Market review

Shortly into the Fund’s fiscal year, in the second calendar quarter of 2020, risk appetites began to improve considerably following positive developments that included the easing of COVID-19-related lockdown measures, improving economic data, and continued fiscal and monetary policy support. Global equities rallied, credit spreads tightened considerably, and the US dollar weakened. International government bond yield moves were broadly mixed, with yield curves steepening in some regions, as longer-term rates rose while central bank activity generally anchored short-term rates at low levels. Economic data pointed to recovery under way: Global Purchasing Managers’ Indices (PMIs) improved following sharp declines, unemployment fell from record peaks, and global central banks and policymakers reaffirmed commitments to supportive policy and quantitative easing (QE) measures. Geopolitical tensions also garnered headlines, as social unrest spread across the United States.

Despite an uptick in volatility toward the end of the third calendar quarter of 2020, risk assets broadly gained amid a rebound in economic data, heightened optimism around a potential COVID-19 vaccine, and ongoing global policy support. Risk appetites were generally robust, though concerns regarding the pandemic and the likelihood of US fiscal stimulus contributed to some reversal late in September. Still, global equities rose, credit spreads tightened, and the US dollar weakened relative to other developed market currencies. Although global economic data continued to improve, there were some signs of weakness that underscored the fragile nature of the global economic recovery. US labor market data indicated gradual improvement and core inflation rose, while consumer sentiment lagged and small businesses largely struggled to reopen. Concerns persisted as the global COVID-19 case count surpassed 33 million and deaths surpassed one million during the quarter. US-China tensions re-escalated. Brexit headlines and ongoing US election news added to the political uncertainty.

In the fourth calendar quarter of 2020, vaccine approvals, more policy stimulus, and clarity on US election results bolstered market optimism. Improving US labor market data outpaced expectations, even though total job gains had not yet recovered all the jobs lost in March and April of 2020. US equity markets largely ignored renewed lockdowns and the economic recovery’s decelerating pace. Credit spreads tightened, and the US dollar weakened. Most types of broad credit spreads finished 2020 only modestly wider. Demand concerns continued to plague sectors such as energy. Various other geopolitical topics also made headlines. Joe Biden was affirmed as president, and two runoff elections in Georgia gave Democrats control of the Senate. Also of note, the Trump administration hardened its rhetoric and policy against China, fueling further tensions, and a trade deal between the United Kingdom and the European Union alleviated some lingering Brexit concerns.

The new calendar year started off on uneven footing as market sentiment oscillated between optimism for recovery and uncertainty over the pace of vaccinations and new lockdown restrictions. Adding to volatility, erratic retail trading activity dominated headlines, while some corporate earnings disappointed. Sovereign bond yields climbed and global equities generally rose as markets digested expectations for both higher growth and inflation. Repricing in market expectations for the US Federal Reserve’s rate policy and the Biden administration’s large fiscal support proposal contributed to higher yields. Vaccination programs progressed globally, and winter lockdowns showed signs of slowing COVID-19 infection rates that had surged from holiday gatherings. That said, while the pace of the rollout picked up in the US, the UK, and Israel, supply-related delays and new COVID variants remained sources of concern.

The Fund’s fiscal year contained both one of the most distressed periods in modern economic history and an equally swift market

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Portfolio management reviews
Optimum Fixed Income Fund

recovery. The period brought about the greatest pandemic of modern times, featuring market disruptions and economic distress on a scale comparable only to the start of the Great Depression, against the backdrop of immense human suffering and sociopolitical distress. Yet the fiscal year also saw rapid and effective global monetary and fiscal intervention, including support of securities ranging from US Treasurys and agency mortgage-backed securities (MBS) to corporate bonds, exchange-traded funds (ETFs), and trillions of dollars’ worth of global fiscal stimulus implemented mere weeks after the pandemic’s onset.

While the loss of human life was immense, modern technology delivered vaccines with generally high efficacy rates by the end of 2020. More so, despite the significant sociopolitical headwinds, including racial inequities brought to the fore in the US, concern over an orderly handover of power in the White House, and a violent attack on the US Capitol, the political shift in the US delivered an additional $1.9 trillion of American stimulus likely to help lift the global economy. As a result, by March 31, 2021, yield spreads ended near all-time tight levels and interest rates moved significantly above the record lows of the summer of 2020.

Source: Bloomberg, unless noted otherwise.

Fund performance

For the fiscal year ended March 31, 2021, Optimum Fixed Income Fund outperformed its benchmark index, the Bloomberg Barclays US Aggregate Index, with positive results from each of the Fund’s component parts, managed by DMC and PIMCO. The following remarks describe factors that affected relative performance within these respective portions.

DMC

For the fiscal year, DMC’s portion of Optimum Fixed Income Fund outperformed the Fund’s benchmark, the Bloomberg Barclays US Aggregate Index.

DMC believes its portfolio management strategy was well suited for managing a highly volatile environment. By design, during periods of tight spreads and high liquidity, such as before the pandemic, DMC builds a liquid capital reserve of Treasurys, agency MBS, and cash by reducing risks in areas such as high yield, investment grade corporates, and emerging markets debt. Conversely, as COVID-19 struck in March 2020, DMC shifted gears by seeking to capture opportunities in dislocated markets across the entire investable universe.

In its portion of the Fund, DMC initially increased the allocation to investment grade corporate bonds by roughly 10 percentage points, focusing on individual issuers’ liquidity and the ability of their business models to survive the fallout from the pandemic. With further government support and greater clarity around health mitigation strategies, DMC also increased allocations to US dollar-denominated emerging market issuers and high yield issuers. Early in 2021, to help mitigate near-term potential inflationary pressures, DMC increased its Treasury inflation-protected securities (TIPS) exposure by roughly 5.5 percentage points and shifted its duration focus from modest long duration at the pandemic’s peak to modest short duration after interest rates reached historic lows. These strategies collectively benefited from the eventual recovery in spread sectors, increase in inflationary expectations, and rise in interest rates.

As a result, all three major levers of excess return contributed to performance in DMC’s portion of the Fund: sector allocation, yield curve management, and security selection.

Specifically, DMC’s risk management approach to yield curve positioning benefited from the yield curve steepening late in the fiscal year and its shift to a modest short duration from a modest long duration initially benefited from the decline in interest rates and, eventually, the increase in the 10-year US Treasury yield, from 0.5% to 1.7% by fiscal year end.

DMC’s shift to overweight investment grade corporates starting in March 2020, and the subsequent increase in its allocation to high yield and emerging markets debt, were the key contributors to sector returns in DMC’s portion of the Fund. DMC monetized returns in investment grade corporates by the end of 2020 and into 2021 by reducing the allocation by roughly 10 percentage points once spreads returned to near all-time tights, shifting more to agency MBS to increase portfolio liquidity and reduce credit risk. Simultaneously, DMC chose to maintain the higher allocation to high yield and emerging markets debt in its portion of the Fund as it believed these should continue to benefit from the strong reflationary tailwinds early in 2021.

At the security level, key contributors included issuers DMC had identified as well-positioned survivors within COVID-19-affected sectors, such as Delta Air Lines Inc. in the airlines sector. Selection within energy, including Marathon Oil Corp., benefited from the eventual recovery in oil prices combined with issuer resilience and liquidity. DMC continues to hold these securities in its portion of the Fund.

By contrast, certain decisions detracted from performance in DMC’s portion of the Fund. An underweight to agency MBS, as a source of funding for the higher yielding sectors, modestly detracted because the sector produced strong returns while DMC lightened the exposure in its portion of the Fund.

In addition, DMC’s underweight to more defensive segments such as government-related issuers, including agencies and taxable municipal

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bonds, detracted from returns because these securities outperformed duration-equivalent Treasurys.

Because of the fiscal year’s timing relative to the pandemic, most issuers outperformed government benchmarks. Thus, the individual detractors in DMC’s portion of the Fund largely were more defensive securities that didn’t experience as full a recovery, such as certain utility securities within corporates. In addition, while DMC takes a diversified approach to security selection within emerging markets, limited exposures to issuers that struggled during the pandemic, such as Republic of Argentina bonds and Aerovias de Mexico SA de CV, modestly detracted from performance in DMC’s portion of the Fund.

During the fiscal year, DMC used a variety of derivatives, including Treasury futures used primarily as a tool to manage yield curve risk. It also used credit default swaps and currency hedges. The use of derivatives added slightly more than 0.50 percentage points to performance for DMC’s portion of the Fund for the fiscal year.

PIMCO

For the fiscal year, PIMCO’s portion of the Fund outperformed its benchmark, the Bloomberg Barclays US Aggregate Index.

Interest rate strategies contributed to performance for PIMCO’s portion of the Fund. US yield curve positioning was beneficial, including an underweight to long-term rates, as intermediate and long-end US Treasury yields rose over the fiscal year. An underweight to front-end rates partially offset this, as short rates fell. Non-US interest rate strategies contributed to performance in PIMCO’s portion of the Fund, including an overweight to Italian duration and short exposure to UK interest rates. An allocation to Canadian duration modestly detracted from performance as Canadian yields rose.

Spread sector strategies added to returns in PIMCO’s portion of the Fund during the fiscal year. Holdings of nonagency mortgages contributed to performance amid broader market stabilization and continued strong fundamentals, while security selection within commercial mortgage-backed securities (CMBS) detracted from performance in PIMCO’s portion of the Fund. Relative value positioning within agency MBS also contributed to performance for PIMCO. An allocation to US TIPS contributed to performance as inflation expectations rose, and holdings of energy-related emerging market quasi-sovereign external debt also aided performance. Credit strategies detracted overall as the negative effect of an underweight to investment grade corporate credit more than offset contributions from an allocation to high yield corporate credit.

Currency strategies were neutral overall for performance in PIMCO’s portion of the Fund. A long-dollar bias relative to a basket of Latin American emerging market currencies detracted from performance, while exposure to the British pound contributed to returns.

At fiscal year end, PIMCO continued to favor US interest rate exposure relative to other developed markets, including the UK. While rates may still drift higher, PIMCO’s management believes much of the move is likely behind us and that the extent of steepening could make the middle of the curve (medium-term bonds) attractive. PIMCO maintained a broad underweight to corporate credit and continued to have a bias toward liquid and high-quality names, while de-emphasizing generic corporate credit exposure. PIMCO continued to favor diversified spread exposure and agency MBS, given their appealing valuations, in PIMCO’s view. It also continued to favor senior positions in mortgage credit given the asset’s inherent fundamental strength and the deleveraging nature. PIMCO is focused on maintaining a high level of liquidity in its portion of the Fund.

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

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Portfolio management reviews
Optimum International Fund

April 6, 2021 (Unaudited)

Performance review (for the year ended March 31, 2021)
Optimum International Fund (Institutional Class shares)*	1-year return	+58.48%
Optimum International Fund (Class A shares)*	1-year return	+58.04%
MSCI ACWI ex USA Index (net) (benchmark)	1-year return	+49.41%
MSCI ACWI ex USA Index (gross) (benchmark)	1-year return	+50.03%

Past performance does not guarantee future results.

For complete, annualized performance for Optimum International Fund, please see the table on page 21.
Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Institutional Class shares pay no distribution and service fee.
The performance of Class A shares excludes the applicable sales charge. Both Institutional Class shares and Class A shares reflect the reinvestment of all distributions. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.
*Total returns for the report period presented in the table differs from the return in “Financial highlights.” The total returns presented in the above table are calculated based on the net asset value (NAV) at which shareholder transactions were processed. The total returns presented in “Financial highlights” are calculated in the same manner, but also takes into account certain adjustments that are necessary under US generally accepted accounting principles (US GAAP) required in the annual report.

Investment objective

The Fund seeks long-term growth of capital and may also seek income.

Advisor

Delaware Management Company (DMC)

Sub-advisors

Acadian Asset Management LLC (Acadian)
EARNEST Partners LLC (EARNEST)

Market review

The Fund’s fiscal year ended March 31, 2021, began following markets’ most challenging quarter since the depths of the 2008 global financial crisis. In the first quarter of 2020, prior to the start of the Fund’s fiscal year, financial markets had plunged precipitously as investors reacted to the worldwide economic shutdowns imposed to curtail the rapidly spreading COVID-19 pandemic. Worldwide, governments and central banks responded just as rapidly with unprecedented levels of fiscal and monetary stimulus.

Given the sizable fiscal stimulus, economies began to recover during the Fund’s fiscal year, albeit slowly. Broad uncertainty about the speed and scope of recovery persisted throughout the period. Equity investors displayed no hesitancy, however, and markets responded enthusiastically to the monetary support provided by central banks, underscoring an apparent disconnect with economic reality and the true prospects of recovery. Such support, while swift and substantial, may have obscured several downside risks and set expectations that governments will continue to flood economies with aid.

Nonetheless, the arrival of a COVID-19 vaccine in December spurred investor optimism further and encouraged a risk rally into sectors that had been beaten down earlier in the year. Equities were further buoyed by central banks’ commitments to remain accommodative for the foreseeable future, the 11th-hour Brexit deal, and the US election results. Still, global trade dynamics remained in flux, further disrupted by China’s efforts to disentangle itself from global supply chains.

Global equity markets continued to ascend in the first calendar quarter of 2021 as investors gained confidence in the global economy’s ability to adapt to the ongoing coronavirus pandemic. International equity markets, as represented by the MSCI ACWI (All Country World Index) ex USA Index (net), rose 3.5% for the quarter and finished the 12-month period up 49.4%.

As the fiscal year ended, investors were looking beyond the near-term effects of the pandemic, incorporating the global vaccination rollout, continued government stimulus measures, and the adaptability of global businesses into projections of future earnings growth. The decrease in new case numbers, relaxation of business restrictions, and a continued low interest rate environment buoyed retail sales. In the United States, progress on the rollout of vaccinations continued. By the end of the fiscal year, more than 15% of the US population had received a COVID-19 vaccine. Many areas of the economy experienced expanded activity as the government’s stimulus measures supported new purchases of durable goods and home prices reached record highs.

Source: Bloomberg, unless noted otherwise.

Fund performance

For the fiscal year ended March 31, 2021, Optimum International Fund outperformed its benchmark, the MSCI ACWI ex USA Index. Both Acadian’s and EARNEST’s portions of the Fund outperformed the benchmark, generally on the strength of positive stock selection. Acadian’s portion of the Fund benefited from stock selection and an overweight position in South Korea, along with favorable stock selection in the United Kingdom. At the sector level, Acadian’s portion of the Fund benefited from stock selection in the consumer discretionary sector and stock selection and an overweight in the

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information technology (IT) sector. Stock selection in Switzerland and the Netherlands detracted from performance in Acadian’s portion of the Fund, as did stock selection and an overweight to the healthcare sector. EARNEST’s portion of the Fund benefited from its allocations to both emerging and developed market countries. On a sector basis, EARNEST’s portion of the Fund benefited from its investments in consumer discretionary, communication services, and materials. Consumer staples and healthcare detracted from performance for EARNEST’s portion of the Fund.

Acadian

Acadian focuses on its disciplined, value-focused, multifactor approach and manages its portion of the Fund with what it views as consistency, objectivity, and appropriate risk controls. Acadian believes that the coronavirus pandemic has created a new set of challenges for global equities and that the current situation is fluid and evolving. In these circumstances, Acadian’s approach is to maintain a calm and measured perspective, removing human emotion. Acadian believes it would be counterproductive to overreact to exceptional conditions by making wholesale changes to its portion of the Fund.

South Korean consumer electronics company LG Electronics Inc. was a leading contributor to performance in Acadian’s portion of the Fund. Shares jumped in December 2020 after the company announced a joint venture with Canadian auto parts maker Magna International Inc. to develop key components for electric cars.

A holding in Australian miner Fortescue Metals Group Ltd. also contributed significantly to performance for Acadian’s portion of the Fund, as the company benefited from rising iron-ore prices.

A position in Swiss pharmaceutical company Roche Holding AG was a significant detractor from performance in Acadian’s portion of the Fund for the fiscal year. Roche is a leading global healthcare company engaged in the development, manufacturing, and marketing of drugs, advanced biologics, and medical devices. Roche generates most of its revenue from the sale of pharmaceuticals. Its diagnostics division is smaller but has been faster growing. While the company’s COVID-19 antibody tests filled a necessary market need, third-quarter drug sales fell short of expectations. Nonetheless, at period end, Acadian maintained a positive view of Roche.

A lack of exposure to Taiwanese chipmaker Taiwan Semiconductor Manufacturing Co. Ltd. proved costly to Acadian’s portion of the Fund. The company benefited over the past year from higher demand for semiconductor chips. At period end, Acadian maintained a positive view of Taiwan Semiconductor, though considered the shares to be overvalued.

EARNEST

As a bottom-up (stock-by-stock), fundamental manager, EARNEST looks beyond the quarter-over-quarter noise of the market and strives to position its portion of the Fund for growth over a full market cycle. As a function of its bottom-up investment process the portfolio continues to express a relative overweight to developed countries.

Barclays PLC, a multinational investment bank and financial services company headquartered in the UK, was a leading contributor to performance in EARNEST’s portion of Fund. Despite year-over-year revenue contraction, recent results indicate Barclays’ performance fared considerably more favorably than consensus estimates. Barclays continued to generate attractive returns in its UK business, and EARNEST believes the company is well positioned to execute its long-term growth strategy.

Eurofins Scientific SE was another leading contributor in EARNEST’s portion of the Fund for the fiscal year. Eurofins Scientific is a healthcare company that offers testing and laboratory services to support clinical trials for discovery pharmaceuticals. During the pandemic, Eurofins Scientific benefited both from increased drug trials as companies raced to find a viable cure and from increased demand for widespread testing.

Banco Bradesco S.A., the second-largest private sector bank in Brazil in terms of total assets, was a significant detractor from performance in EARNEST’s portion of the Fund. The bank offers a variety of traditional services from lending to credit cards to insurance. Headquartered in Brazil, the company has more than 5,000 bank branches worldwide. COVID-19 impaired borrowers’ ability to make loan payments and many investors reacted negatively to bank stocks on the notion that nonperforming loans would increase and ultimately reduce profitability. Banco Bradesco was not immune to this dynamic. Its shares finished the Fund’s fiscal year with an absolute gain but trailed the benchmark’s strong return.

TravelSky Technology Ltd. also detracted from performance in EARNEST’s portion of the Fund. The company is a leading provider of IT and commercial services in China’s air travel and tourism industry. Its clients include airlines, airports, travel agencies, and individual and corporate travel consumers. During the onset of the pandemic, air travel in China fell from 85 million passengers a day to less than 10 million passengers a day. The valuation of the shares contracted to levels that suggested bookings would remain significantly depressed. EARNEST initially purchased the stock at what it viewed as an attractive valuation and, while it appreciated on an absolute basis during the fiscal year, the gain fell short of the benchmark’s return.

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Portfolio management reviews
Optimum International Fund

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

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Portfolio management reviews
Optimum Large Cap Growth Fund

April 6, 2021 (Unaudited)

Performance review (for the year ended March 31, 2021)
Optimum Large Cap Growth Fund (Institutional Class shares)	1-year return	+58.11%
Optimum Large Cap Growth Fund (Class A shares)	1-year return	+57.75%
Russell 1000® Growth Index (benchmark)	1-year return	+62.74%

Past performance does not guarantee future results.

For complete, annualized performance for Optimum Large Cap Growth Fund, please see the table on page 24.
Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Institutional Class shares pay no distribution and service fee.
The performance of Class A shares excludes the applicable sales charge. Both Institutional Class shares and Class A shares reflect the reinvestment of all distributions.
Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Fund objective

The Fund seeks long-term growth of capital.

Advisor

Delaware Management Company (DMC)

Sub-advisors

ClearBridge Investments, LLC (ClearBridge)
T. Rowe Price Associates, Inc. (T. Rowe Price)

Market review

Following the pandemic-induced, severe selloff in March 2020, US equities staged a remarkable recovery during the Fund’s fiscal year ended March 31, 2021. Equities had sold off suddenly and steeply when investor concern over the spread of COVID-19 was quickly followed by stringent worldwide economic shutdowns. Just as quickly, both governments and central banks around the world responded with unprecedented levels of fiscal and monetary stimulus that had investors flocking back to the markets.

Worldwide, economies were slower to respond. Restrictions on travel, dining, entertainment, and other group gatherings and activities led to severe economic losses. Many governments provided relief to prevent a severe depression from taking hold. In the United States, the initial round of fiscal stimulus – including direct payments to individuals, enhanced unemployment benefits, and a payroll protection program for small businesses – was followed by two additional rounds of relief in December 2020 and March 2021. The availability of a COVID-19 vaccine in November buoyed investors but did little to stimulate the economy given the relatively slow initial rollout. Gradually, however, signs of economic recovery became apparent as restrictions on economic activity were reduced and employment gains were notched.

During the Fund’s fiscal year, the large-cap S&P 500^® Index advanced 56.35%, in large part because of the monetary support the US Federal Reserve provided. Growth outperformed value stocks by historically wide margins for the first half of the period, but a cyclical comeback driven by vaccine development and hopes for an economic reopening caused value to rally in the second half of the period. For the fiscal year, the Russell 1000 Growth Index gained 62.74% while the Russell 1000^® Value Index rose 56.09%.

Source: Bloomberg, unless noted otherwise.

Fund performance

Optimum Large Cap Growth Fund underperformed its benchmark, the Russell 1000 Growth Index, for the Fund’s fiscal year ended March 31, 2021. Although ClearBridge and T. Rowe Price both generated positive absolute returns in their respective portions of the Fund, each underperformed relative to the benchmark, citing adverse stock selection and, in ClearBridge’s portion of the Fund, adverse sector allocation decisions as well. Stock selection in the information technology (IT) and consumer discretionary sectors and an underweight to IT also detracted from relative performance in Clearbridge’s portion of the Fund. Overall sector selection helped performance for T. Rowe Price’s portion of the Fund, with IT, consumer discretionary, and utilities detracting while communication services, consumer staples, and real estate contributed.

ClearBridge

ClearBridge normally invests in equity securities (or other instruments with similar economic characteristics) of US companies with large market capitalizations. ClearBridge’s core holdings are large-cap companies that it believes to be dominant in their industries owing to product, distribution, or service strength.

IT was the leading sector detractor from performance in ClearBridge’s portion of the Fund for the fiscal year, with two companies in particular responsible. salesforce.com Inc. is a leading software-as-a-service (SaaS) provider of customer relationship management solutions. Negative reaction to the company’s proposed acquisition of messaging platform Slack Technologies Inc. weighed on shares, especially in the fourth quarter of 2020 when investors perceived that salesforce overpaid for this acquisition. Early indications, however, suggest the deal will allow Slack to accelerate its penetration in the enterprise market.

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Portfolio management reviews
Optimum Large Cap Growth Fund

Splunk Inc. is a maker of data monitoring, analysis, and security software applications for enterprises. A broad giveback in growth stocks, continued confusion around the company’s shift to a subscription model, which affects revenue recognition, and poor communication about disappointing results late in 2020 hurt the stock. Nevertheless, Splunk remains one of the fastest-growing SaaS businesses with its transition to the cloud well ahead of plan.

An underweight to Apple Inc. also hurt relative performance in the first three quarters of the period. Apple’s size in the benchmark had grown so large that holding a benchmark weight or taking an active position would have invalidated the effort to maintain a diversified portfolio, in ClearBridge’s view.

Partially offsetting those results in the IT sector was NVIDIA Corp., a significant contributor to ClearBridge’s portion of the Fund. NVIDIA is a developer of graphics processing units for use in gaming, visual design, and artificial intelligence. The company delivered strong quarterly results throughout the year and raised earnings guidance primarily because of stronger gaming trends and resilience in data center growth.

The industrials sector was the primary contributor to results, led by strong operating results from United Parcel Service Inc. Under a new CEO, UPS has thrived through the pandemic and become a more efficient business.

The healthcare sector also helped performance for ClearBridge’s portion of the Fund. Thermo Fisher Scientific Inc., which played a key role in virus testing and supplies during the COVID-19 lockdowns, also contributed significantly. Not owning several of the largest biopharmaceutical stocks that underperformed for the year also helped ClearBridge’s portion of the Fund.

T. Rowe Price

T. Rowe Price normally invests in stocks of large-cap companies with one or more of the following characteristics: strong cash flow and an above-average rate of earnings growth, the ability to sustain earnings momentum during economic downturns, and occupation of a lucrative niche in the economy and ability to expand even during times of slow economic growth. As the country and the world work to return to normal, T. Rowe Price continues to monitor several key market themes.

First, T. Rowe Price believes there will be periods of volatility especially because much of the recovery has been priced into markets. Second, politics and the Biden administration’s emerging priorities will likely remain in the spotlight. Third, disruption caused by new technologies will continue, which in turn should create style dispersions among equity classes. Finally, T. Rowe Price is keeping a vigilant eye out for signs of inflation. While it appears almost certain there will be no disinflation in the near term, markets will also no longer have the tailwind of falling rates longer term, although they could remain at historically low levels if the inflation impulse fades.

IT was the leading relative underperformer in T. Rowe Price’s portion of the Fund, due primarily to weak stock choices including Fidelity National Information Services Inc. Despite less exposure to the costs of acquiring new merchants and more exposure to ecommerce relative to its peers, shares of the company underperformed as social distancing measures weighed on merchant-payment volumes.

Consumer discretionary also underperformed owing to weak stock picks such as Alibaba Group Holding Ltd. An overweight position only partially offset this, however. Despite impressive growth and market share gains for its core ecommerce business, shares of Alibaba traded lower due to persistent regulatory pressure on the company that included an antitrust investigation and the cancellation of the Ant Group initial public offering, a company in which Alibaba owns a 33% stake.

An overweight allocation to the utilities sector detracted from relative results. In contrast, communication services contributed as a result of stock selection, including positions in Snap Inc. and Sea Ltd., and an overweight exposure. Shares of Snap gained over the past 12 months due to increased user growth and engagement in response to social distancing measures, as well as higher advertiser demand and a mix shift toward higher-priced advertising solutions. Shares of Sea also traded higher over the past 12 months as both its gaming and ecommerce businesses experienced accelerating growth, aided by coronavirus-related tailwinds reinforcing a shift toward digitalization.

T. Rowe Price’s lack of exposure to the consumer staples sector also aided relative performance, as the defensive sector lagged the market in a risk-on environment. A significant underweight to real estate also contributed to relative returns.

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

Portfolio management reviews
Optimum Large Cap Value Fund

April 6, 2021 (Unaudited)

Performance review (for the year ended March 31, 2021)
Optimum Large Cap Value Fund (Institutional Class shares)	1-year return	+51.11%
Optimum Large Cap Value Fund (Class A shares)	1-year return	+50.73%
Russell 1000® Value Index (benchmark)	1-year return	+56.09%

Past performance does not guarantee future results.

For complete, annualized performance for Optimum Large Cap Value Fund, please see the table on page 27.
Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Institutional Class shares pay no distribution and service fee.
The performance of Class A shares excludes the applicable sales charge. Both Institutional Class shares and Class A shares reflect the reinvestment of all distributions.
Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Investment objective

The Fund seeks long-term growth of capital and may also seek income.

Advisor

Delaware Management Company (DMC)

Sub-advisors

Massachusetts Financial Services Company (MFS)
Rothschild & Co

Market review

Financial markets experienced an extraordinarily sharp selloff early in the Fund’s fiscal year as pandemic-related concerns gripped investors. Governments and central banks responded quickly, however, with unprecedented levels of fiscal and monetary stimulus, promoting an unusually rapid recovery. As the fiscal year ended, it appeared that the global economy experienced the shortest – albeit the deepest and steepest – recession in the postwar period. For the fiscal year ended March 31, 2021, the Fund’s benchmark, the Russell 1000 Value Index gained 56.09%.

Nonetheless, as of fiscal year end, the recovery remains subject to an unusually large degree of uncertainty because of questions about the evolution of new coronavirus variants, what their impacts will be, and how quickly effective vaccines can be manufactured and distributed. It remains to be seen whether enough people will get vaccinated to create so-called herd immunity.

The economic stimulus programs proved largely successful in helping to restore market function, ease volatility, and promote a sustained rebound. In the middle of the fiscal year, the US Federal Reserve adopted a new, flexible, average-inflation-targeting framework, which is expected to keep the federal funds rate low for longer than under its previous model. Due to relatively manageable external liabilities and persistently low inflation, even emerging market countries were able to implement countercyclical policies –a departure from the usual market-dictated response to “risk off” crises.

Oil prices rose late in the Fund’s fiscal year as Saudi Arabia cut production and optimism grew that global growth would increase as vaccines become more widely available. The rally helped support the bonds of shale-oil producers, as their ability to service debt improved. Prices of many raw materials also rebounded strongly as the global manufacturing sector proved quite resilient during the pandemic.

Investors’ focus turned to the threat of inflation resulting from the monumental levels of economic stimulus and the unleashing of pandemic-induced, pent-up demand. In response to these concerns, global government bond yields have risen materially in recent months, and market leadership has shifted from a handful of mega-cap technology companies to a broader array of small-cap and value stocks. At the same time, signs of excess investor enthusiasm have been seen in pockets of the market, such as stocks that are popular with users of online message boards and equities issued by special purpose acquisition companies (SPACs).

Source: Bloomberg, unless noted otherwise.

Fund performance

Optimum Large Cap Value Fund underperformed its benchmark, the Russell 1000 Value Index, for the fiscal year ended March 31, 2021. While Rothschild & Co’s portion of the Fund slightly outperformed the benchmark return, MFS’s portion of the Fund significantly underperformed. Stock selection in the industrials and utilities sectors and an underweight position relative to the benchmark in the consumer discretionary sector detracted from performance in MFS’s portion of the Fund. MFS’s cash position during the period also detracted from performance. Stock selection in information technology and an underweight allocation to both the real estate and communication services sectors benefited MFS’s portion of the Fund. In Rothschild & Co’s portion of the Fund, stock selection was favorable and the primary driver of positive relative performance in the information technology (IT), consumer discretionary, and industrials sectors. Stock selection in the real estate, healthcare, and

9

Portfolio management reviews
Optimum Large Cap Value Fund

materials sectors detracted from performance in Rothschild & Co’s portion of the Fund, as did a modest cash position.

MFS

MFS has maintained a consistent investment approach since the inception of the strategy it uses to manage its portion of the Fund. For its portion of the Fund, MFS uses a long-term time horizon in making investment decisions. MFS maintains a disciplined investment philosophy and process that is always focused on investing in high-quality companies trading at what it views as inexpensive valuations. MFS continued to assess the impact of significant changes to the global economic outlook and equity markets because of the ongoing pandemic and hopeful signs of recovery.

MFS held an overweight position in global security company Northrop Grumman Corp. that detracted from performance for the fiscal year. The company is engaged in the provision of security services including cybersecurity for computers and communications. Northrop Grumman is also involved in aerospace systems, designing, and producing manned aircraft, spacecraft, and high-energy laser systems., MFS’s position in defense contractor Lockheed Martin Corp., also in the industrials sector, detracted from performance in its portion of the Fund.

In the utilities sector, overweight positions in power provider FirstEnergy Corp., power and natural gas distributor Duke Energy Corp., and retail electric services provider The Southern Co. weighed on relative returns in MFS’s portion of the Fund. The sector suffered significant declines as power consumption flagged during the pandemic while utility companies generally carried relatively high levels of debt. MFS exited its position in First Energy during the fiscal year.

Overweight positions in pharmaceutical company Merck & Co. Inc. and diversified medical products maker Johnson & Johnson also hindered performance in MFS’s portion of the Fund. MFS’s holding in global food company Nestlé S.A. and its lack of a position in The Walt Disney Co. likewise detracted from performance.

In the IT sector, MFS’s portion of the Fund benefited from the timing of its ownership of semiconductor company Texas Instruments Inc. and of semiconductor solutions provider NXP Semiconductors NV, based in the Netherlands.

Within the communications sector, the lack of a position in telecommunications provider AT&T Inc. and an underweight position in telecommunications services provider Verizon Communications Inc. benefited MFS’s portion of the Fund.

Overweight positions in financial services firm Goldman Sachs Group Inc. and global diversified technology and multi-industrial company Johnson Controls International PLC also contributed to performance in MFS’s portion of the Fund. The lack of positions in investment firm Berkshire Hathaway Inc., biotech firm Gilead Sciences Inc., retailer Walmart Inc., and household products maker Procter & Gamble Co. also added to relative performance in MFS’s portion of the Fund.

Rothschild & Co

Rothschild & Co employs an integrated approach that balances quantitative analysis, fundamental research, and risk management guidelines to identify stocks of companies it believes possess attractive relative valuation and an ability to exceed market expectations. Rothschild & Co’s investment process has been stable through many market cycles, maintaining a consistent approach even as economic and market environments fluctuate. That said, the market environment experienced during the most recent fiscal year was largely unprecedented, reflecting the pandemic and the resulting government and central bank fiscal and monetary support. Rothschild & Co believes such environments characterized by volatility can unearth opportunities as pricing inefficiencies develop at the stock level.

In Rothschild & Co’s portion of the Fund, the leading contributors to performance during the fiscal year included infrastructure construction company Quanta Services Inc. The company provides specialized services to electric utilities, cable operators, and telecommunication companies. As such, Rothschild & Co believes the company remains well positioned as the Biden administration pushes for the largest infrastructure bill in decades.

ON Semiconductor Corp. was another leading contributor during the period. With large exposure to cyclical end-markets such as auto, industrials, 5G infrastructure, and cloud computing, ON Semiconductor appears well positioned to benefit from the broad macroeconomic recovery, in Rothschild & Co’s view. The company appointed Hassane El-Khoury as CEO in December 2020. Given his prior success as CEO of Cypress Semiconductor Corp., investors viewed El-Khoury’s appointment favorably. Rothschild & Co believes he will focus his efforts on accelerating revenue growth, rationalizing the manufacturing footprint, and driving margin expansion.

Merck & Co. Inc. was a significant detractor from performance in Rothschild & Co’s portion of the Fund during the fiscal year. Although earnings expectations continued to rise, Merck’s shares suffered from multiple compression. Keytruda, the company’s key oncology asset, has had success in treating lung and other forms of cancer. Unfortunately, this success contributed to product concentration risk, as Keytruda now accounts for nearly 40% of Merck’s revenue. In addition, given the relatively high valuations of acquisition targets, the company has been hesitant to put its strong balance sheet to work to help meaningfully diversify its portfolio. We believe the new

10

CEO will focus on diversification and help improve the visibility of the company’s inhouse pipeline potential.

Xcel Energy Inc., a regulated utility that has significant operating leverage to renewables investment in the United States, was another significant detractor from performance in Rothschild & Co’s portion of the Fund. As a defensive, yield-oriented stock, Xcel Energy trailed during a risk-on market that favored stocks leveraged to a cyclical recovery. Rothschild & Co continues to hold Xcel Energy in its portion of the Fund, given its view that Xcel has above-average growth prospects relative to peer regulated utilities.

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.

11

Portfolio management reviews
Optimum Small-Mid Cap Growth Fund

April 6, 2021 (Unaudited)

Performance review (for the year ended March 31, 2021)
Optimum Small-Mid Cap Growth Fund (Institutional Class shares)	1-year return	+110.06%
Optimum Small-Mid Cap Growth Fund (Class A shares)	1-year return	+109.54%
Russell 2500TM Growth Index (benchmark)	1-year return	+87.50%

Past performance does not guarantee future results.

For complete, annualized performance for Optimum Small-Mid Cap Growth Fund, please see the table on page 30.
Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Institutional Class shares pay no distribution and service fee.
The performance of Class A shares excludes the applicable sales charge. Both Institutional Class shares and Class A shares reflect the reinvestment of all distributions.
Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Investment objective

The Fund seeks long-term growth of capital.

Advisor

Delaware Management Company (DMC)

Sub-advisors

Columbus Circle Investors (CCI)
Peregrine Capital Management, LLC (PCM)

Market review

The 12-month period covering the Fund’s fiscal year ended March 31, 2021, was unlike anything investors have seen in modern times. Aggressive fiscal and monetary support in the United States and globally provided a tailwind as financial markets recovered from extreme volatility just before the Fund’s performance period began and the world responded initially to the coronavirus pandemic with widespread shutdowns.

Despite extremely high unemployment rates last spring and unprecedented highs and lows on economic measures such as gross domestic product (GDP), investor optimism grew as the world acclimated to a period full of uncertainty and large swaths of economic disruption.

By the fall and early winter, news of successful vaccine tests and a resolution to the US presidential election were followed by a more proactive approach to dealing with the COVID-19 crisis in the US. This included Congressional passage of additional measures to address economic hardships and advance distribution of the vaccines.

In terms of investment styles, growth stocks, dominated by large technology stocks that benefited from work-from-home trends, performed well early in the 12-month period. However, value and cyclical stocks took leadership as prospects grew for a reopening of the US economy. Overall, small-caps easily outpaced large-caps, as the Russell 2000^® Index returned an eye-popping 94.85% versus the Russell 1000^® Index’s 60.59% gain for the 12 months ended March 31, 2021.

Source: Bloomberg, unless noted otherwise.

Fund performance

Optimum Small-Mid Cap Growth Fund outperformed its benchmark, the Russell 2500 Growth Index, for the fiscal year. CCI’s portion of the Fund outperformed the benchmark, led by stock selection in the healthcare and consumer discretionary sectors. PCM’s portion of the Fund also outpaced the benchmark, led by stock selection in the industrials and financials sectors.

CCI

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

CCI’s portion of the Fund had an excellent year as optimism that increased availability and distribution of COVID-19 vaccines would soon drive a return to normal life combined with the Federal Reserve’s continued accommodative monetary policy to drive strong gains. While CCI was encouraged by the strong start to 2021, the fiscal year was really a tale of two halves. The first half was marked by strong outperformance of secularly driven, positively surprising growth stories, typical of CCI’s investment discipline, that were broadly rewarded for strong fundamentals during the onset of the COVID-19 pandemic, a period of uncertainty where growth was scarce.

The second half of the fiscal year, however, was aided by the addition of several growth stories to CCI’s portfolio that benefited from a broader reopening and improvement of the US economy. CCI was particularly encouraged by the outperformance during this period given the unfavorable backdrop, as expectations for a cyclical rebound drove value to outperform growth across the market capitalization spectrum.

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Horizon Therapeutics PLC, a pharmaceutical company focused on treatments for rare and rheumatic diseases, was CCI’s largest contributor for the fiscal year. Tepezza, the first US Food and Drug Administration (FDA)-approved therapy for thyroid eye disease, a debilitating condition with no previous existing treatments, has been an unequivocal success, while Krystexxa, a treatment for uncontrolled gout, continues to show robust demand. In addition, recent share performance was bolstered by a pause in the Phase 2 trial of a competitor’s drug candidate on safety concerns, while the company’s synergistic acquisition of Viela Bio, a biotechnology company with a portfolio of rare autoimmune disease candidates, including commercial drug Uplizna, was received favorably.

SVB Financial Group, a regional bank providing a wide range of financial services targeted primarily to businesses in technology and life sciences was the second largest contributor. The company is reaping the benefits of its differentiated business model as investments in technology firms reach record highs across a variety of industries. It is also one of the most asset-sensitive banks in the country, which CCI thinks positions it well for future interest rate increases.

Avalara Inc., a leading provider of cloud-based tax compliance software, detracted the most from performance for CCI’s portion of the Fund as shares declined despite continued robust fundamentals that supported CCI’s investment thesis. CCI attributes the decline in shares to profit taking in the software group and other highly valued growth stocks, as the market rotated towards cyclical and value shares more likely to benefit from an improvement in the economy during the March quarter. CCI exited its position to fund more attractive ideas.

Amicus Therapeutics Inc., a biotechnology company focused on rare metabolic diseases, also detracted from performance. Shares declined to CCI’s point of sale after Phase 3 data from the PROPEL trial of AT-GAA in Pompe Disease, a condition characterized by severe muscle weakness, missed its primary end point of six-minutes’ walk distance by two meters. Although the study exceeded its secondary end point of forced vital capacity, a measure of respiratory function, which may suggest the drug candidate is still viable, CCI chose to exit its position.

CCI’s portion of the Fund remains most overweight the consumer discretionary sector, including stocks tied to leisure trends that are seen as likely to benefit from consumers looking for experiences outside of their homes after the COVID-19 pandemic. CCI’s portion of the Fund also holds several consumer growth stories tied to economic recovery in the housing and retail markets. Additionally, it continues to be overweight financials, including holdings tied to secular trends within technology and those that will benefit from the recent rise in interest rates. Conversely, CCI remains most underweight healthcare and information technology (IT) stocks, largely because of previously reducing names with, in CCI’s assessment, less favorable risk-reward in favor of more compelling stories in other sectors.

PCM

The industrials and financials sectors were the largest contributors to performance for PCM’s portion of the Fund during the fiscal year. Strength in industrials was broad-based across many of PCM’s holdings in the sector. These stocks sharply recovered from the COVID-19-related market lows of March 2020 due to improved economic visibility and increased likelihood of a large government stimulus and infrastructure bill. In the financial sector, improving economic visibility also drove strong performance of PCM’s bank, capital markets, and insurance holdings in the period.

Technology and consumer discretionary were the largest detractors from performance for PCM’s portion of the Fund. Weakness in technology was driven by PCM’s semiconductor and software holdings, which trailed the larger and more richly valued benchmark names where PCM is underweight due to its valuation discipline. PCM’s underweight to the consumer discretionary sector was also a headwind to performance in the period.

The leading contributor to PCM’s portion of the Fund for the fiscal year was Immunomedics Inc., a biotechnology company focused on the development of antibody-based treatments for various cancers. Following the FDA approval of its product, Trodelvy, the company announced a very strong start to commercialization, which attracted the attention of strategic acquirers looking to bolster their oncology platforms. Gilead Sciences acquired the company for a significant premium in September.

Another contributor to PCM’s portion of the Fund was ASGN Inc., which provides IT staffing services as well as government IT services. After being undeservedly punished during the onset of the COVID-19 pandemic, the stock sharply rebounded during the fiscal year as demand in the company’s core IT staffing and government services businesses proved much more resilient than investors originally thought. The company’s large Fortune 500 clients in the IT staffing business were reluctant to pull back IT-related spending during the pandemic, while the government business provided essential services that saw no negative impact from the pandemic.

The leading detractor from performance in PCM’s portion of the Fund was Strategic Education Inc., a leading provider of online education, targeting masters and post-secondary degrees across a wide variety of specialties. The company had demonstrated a strong track record of topline growth and margin improvement following its formation through the merger of Capella and Strayer Education. However, enrollment growth slowed during the fiscal year as new

13

Portfolio management reviews
Optimum Small-Mid Cap Growth Fund

students were more reluctant to start a degree program amid the COVID-19-related turmoil. This news, along with a larger acquisition that required equity financing, led the shares to underperform for the period. PCM eliminated the position during the fiscal year.

Another detractor from performance in PCM’s portion of the Fund was Theravance Biopharma Inc., a biopharmaceutical company focused on the development of novel therapeutics in the respiratory and gastrointestinal space. The company’s strong development capabilities have yielded many marketed drugs including Trelegy, a multibillion-dollar chronic obstructive pulmonary disease (COPD) drug marketed by GlaxoSmithKline PLC, where the company receives a royalty which is then used to advance its owned pipeline. However, pipeline delays resulting from the COVID-19 pandemic temporarily pushed back the timing of clinical trial readouts expected in 2020 into the second half of 2021, which caused the stock to underperform for the fiscal year.

PCM’s process focuses on rapidly growing small-cap companies trading at valuations that do not yet reflect that strong growth. PCM is currently most overweight companies in the industrials and financial services sector that it expects to benefit from the anticipated improvement in economic growth and company fundamentals. Conversely, PCM’s portion of the Fund is most underweight the technology and consumer discretionary sectors, where it believes valuations are less attractive.

14

Portfolio management reviews
Optimum Small-Mid Cap Value Fund

April 6, 2021 (Unaudited)

Performance review (for the year ended March 31, 2021)
Optimum Small-Mid Cap Value Fund (Institutional Class shares)	1-year return	+86.63	%
Optimum Small-Mid Cap Value Fund (Class A shares)	1-year return	+86.21	%
Russell 2500™ Value Index (benchmark)	1-year return	+87.47	%

Past performance does not guarantee future results.

For complete, annualized performance for Optimum Small-Mid Cap Value Fund, please see the table on page 33.
Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Institutional Class shares pay no distribution and service fee.
The performance of Class A shares excludes the applicable sales charge. Both Institutional Class shares and Class A shares reflect the reinvestment of all distributions.
Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Fund objective

The Fund seeks long-term growth of capital.

Advisor

Delaware Management Company (DMC)

Sub-advisors

LSV Asset Management (LSV)
Cardinal Capital Management LLC (Cardinal)

The Board of the Trustees of the Fund approved the appointment of Cardinal as a sub-advisor to the Fund during the fiscal year. Cardinal replaced Westwood Management Corp. (Westwood) as a sub-advisor to Optimum Small-Mid Cap Value Fund. Please see the supplement to the Fund’s prospectus, dated October 5, 2020, for more information.

Market review

The stock market transitioned from one extreme to another as spring turned to summer in 2020. The sharp sell-off in March just before the start of the Fund’s fiscal year, driven by the spread of COVID-19, quickly reversed with a strong rally in stocks as monetary and fiscal stimulus were announced and began to find their way to those who desperately needed relief. The unprecedented nature of the pandemic triggered an equally unprecedented response.

In aggregate, the US fiscal and monetary stimulus announced through the fall of 2020 amounted to $9.5 trillion, more than 40% of the country’s annual gross domestic product (GDP). As these programs were announced and implemented, investors began to rotate into the riskiest areas of the market, driven by the belief that there would be additional stimulus should things take a turn for the worse. Macroeconomic data and fundamental results continued to be materially affected by the pandemic while the market climbed higher.

Unemployment peaked at 15% at the end of April. However, the efforts to reopen businesses saw that figure nearly cut in half by October. Similarly, corporate profits began to recover as the summer progressed and companies adapted to the new environment.

Together, these helped push equities swiftly higher as investors projected better times ahead even as the current situation remained highly challenged.

The stock market’s months-long rally accelerated significantly in the fourth quarter of 2020 and into 2021 as the hope for an effective COVID-19 vaccine became a reality. Investors reacted to the vaccine news and the passage of a second stimulus package by investing in a significant amount of small-cap value exchange-traded funds (ETFs), which caused stocks with the smallest market capitalizations, return on equity (ROE), and earnings to outperform. In addition, companies that had been hurt by economic lockdowns saw their stocks rebound sharply, while those that had benefited from people staying at home saw their stock prices lag.

Source: Bloomberg, unless noted otherwise.

Fund performance

Optimum Small-Mid Cap Value Fund slightly underperformed its benchmark, the Russell 2500 Value Index, for the fiscal year ended March 31, 2021. LSV’s portion of the Fund outperformed the benchmark for the fiscal year, benefiting from its deeper value and smaller-size biases. Westwood’s portion of the Fund trailed the benchmark because of poor sector positioning. Favorable stock selection partially offset this, however. Cardinal, which took over from Westwood in mid-October, also underperformed the benchmark because of its relative underexposure to high-flying commodity-sensitive and highly cyclical stocks, which rallied late in the fiscal year.

LSV

The positive impact of LSV’s portion of the Fund relative to the benchmark was evident in both sector and stock selection. LSV’s portfolio was underweight utilities and real estate, the weakest-performing sectors, and overweight consumer discretionary, the strongest-performing sector. Many of LSV’s retail stocks bounced back strongly after big declines in March 2020.

The two biggest contributors to relative performance were Sonic Automotive Inc., the fifth largest auto retailer in the United States,

15

Portfolio management reviews
Optimum Small-Mid Cap Value Fund

and sporting goods retailer Dick’s Sporting Goods Inc. Both stocks benefited from an improved economic outlook along with positive news on vaccines. LSV’s portion of the Fund continues to own both stocks as LSV believes that valuations remain reasonably compelling. Restaurant company Brinker International Inc. was also a large contributor to relative performance. LSV eventually sold the stock when its valuation profile became less compelling.

The two largest detractors were Piedmont Office Realty Trust Inc., an office real estate investment trust (REIT) that did not keep up with the market, and Huntington Ingalls Industries Inc., America’s largest military ship-building company. Both stocks remain attractively valued by LSV’s model and LSV believes they are well positioned to benefit from the improving economic outlook.

While it is too early to know if an inflection point has been reached where value stocks can have a sustainable rally, prior periods, such as March 2000 and March 2009, indicate that mean reversion can happen swiftly. LSV has advocated for some time now about what it views as the attractive valuations of the quality companies it owns. LSV’s portion of the Fund continues to trade at valuations close to historical lows and the valuation gap between value and growth based on multiple metrics is at its widest level in many years. LSV believes the growth expectations of the deep value companies it owns have been far too pessimistic. These companies are generating cash, paying dividends, buying back stock, have insider buying activity, and no observable deterioration in quality relative to growth stocks.

As the COVID-19 vaccination rollout continues and economic activity picks up, LSV looks for the stocks in its portion of the Fund to continue to benefit, as they have in recent quarters. At the end of the fiscal period, the Fund was overweight information technology, financials, and consumer staples stocks and underweight industrials, real estate, and energy.

Westwood

During the period of time that Westwood was a sub-advisor to the Fund, the relative underperformance of Westwood’s portion of the Fund came from allocation headwinds that favorable selections only partially offset. Sector positioning, including a modest cash position and an underweight in consumer discretionary, detracted given the sharp recovery seen from recent market lows.

Westwood employs a consistent and disciplined approach that seeks to provide attractive long-term, risk-adjusted returns while protecting capital during unfavorable market periods. Westwood’s stock selection is driven by extensive research to identify companies that Westwood believes lie at the intersection of quality and value and possess both attractive valuations and strong prospects for future cash generation and earnings while maintaining strong balance sheets.

Security selection was strongly positive in some of the hardest hit areas of the market earlier in the year, including energy, materials, and consumer discretionary. However, an underweight to consumer discretionary along with a modest cash position more than offset the positives given the sharp rally that unfolded. Energy, which faced both reduced demand from the pandemic as well as oversupply issues, saw increased cooperation from the Organization of the Petroleum Exporting Countries Plus (OPEC+) in balancing the global market and rallied in tandem with crude oil prices. Materials also moved higher on the prospects for a strong recovery in economic activity from the stimulus efforts both in the US and abroad. In contrast, less favorable selections in financials and industrials served as an offset. Several industries and securities that had fared well initially in the pandemic were pressured as investors rotated into those with greater economic sensitivity, and in many cases, the riskiest and most leveraged within those sectors. Given Westwood’s focus on the intersection of quality and value, this created a challenging period for performance overall.

During the period, three standout performers for Westwood’s portion of the Fund were WPX Energy, IAA Inc., and Williams-Sonoma Inc. WPX Energy benefited from the recovery in crude oil prices, with strong management execution, leading to an eventual value-creating merger with another peer energy producer. IAA gained as the firm adapted its business model of auctioning and selling used and salvaged cars to an online format. As driving resumed, this helped bolster demand for its services and saw results far exceed consensus forecasts. Williams-Sonoma shares moved higher as home-bound consumers transitioned their purchasing to its ecommerce platforms at an increasing rate, sending sales markedly higher and boosting its cash generation.

Three detractors from performance for Westwood’s portion of the Fund were Avista Corp., Hudson Pacific Properties Inc., and Washington Federal Inc. Avista saw an increase in bad debt expense, as consumers affected by the pandemic struggled to pay their utility bills, pressuring shares. Additionally, investors rotated away from more defensive areas of the market. Hudson Pacific Properties fell on concerns over reduced long-term demand for its office properties, largely located in San Francisco and the west coast, as more employees work from home. Washington Federal declined as the repricing of its assets was choppier than expected, amid the broader rotation into more asset-sensitive banks within the sector.

16

Cardinal

Cardinal’s portion of the Fund lagged the benchmark. Cardinal’s focus on owning high-quality businesses and its lower exposure to commodity-sensitive and highly cyclical stocks drove its relative underperformance.

In managing its portion of the Fund’s assets, Cardinal employs a cash-flow-oriented investment process. Cardinal believes that a company’s stock price is ultimately determined by its ability to generate excess cash flow and redeploy that cash to enhance shareholder value. The investment process is based on detailed five-year projections that include an analysis of the company’s financials and interviews with the company’s management. Cardinal looks for companies with significant free cash flow, stable and predictable business models, and competent management.

Stock selection in the materials and industrials sectors was the primary detractor from relative performance. In the materials sector, the share price of consumer goods packaging company Silgan Holdings Inc. lagged the sector’s greater-than-40% increase. Silgan’s business is largely insensitive to raw material prices and has benefited from consumers staying at home.

The share price of agricultural chemical supplier FMC Corp. lagged as its business grew nicely despite pandemic-related headwinds but is unlikely to benefit meaningfully from an acceleration in economic activity, in Cardinal’s view. The company also reported weaker-than-expected quarterly results due to a drought in Brazil, logistics issues related to COVID-19, and customs issues. FMC’s guidance for the first quarter of 2021 was lackluster though it did not materially change expectations for the entire year.

In the industrials sector, the share price of KAR Auction Services Inc., which provides auction and other services to the wholesale used car market, lagged after KAR announced disappointing fourth-quarter results and guidance for 2021. Sharply elevated used car prices caused auto dealers to sell trade-ins and vehicles coming off lease themselves, which reduced KAR’s auction volumes. In addition, an extended pandemic-related moratorium on auto repossessions further reduced volumes. Despite their near-term impact, Cardinal expects both supply constraints will prove transitory.

Stock selection in the healthcare sector and both stock selection and a higher weighting in financials contributed to relative performance. In healthcare, shares of the biopharmaceutical firm Ligand Pharmaceuticals Inc. rose sharply along with other heavily shorted stocks as hedge funds with large short positions in more speculative names were forced to reduce their exposures to other names after experiencing heavy losses. The portfolio managers sold 60% of the position in January and the balance in February as the stock more than doubled and reached Cardinal’s price target. The stock price of healthcare technology solutions provider Change Healthcare Inc. rose after UnitedHealth Group announced an agreement to acquire the company at a 40% premium. The Change position represented more than 3% of the portfolio at the end of 2020. Cardinal began trimming the position at the end of January as it believed a topping bid was unlikely and, although there are provisions in the merger agreement to address antitrust concerns, they exist.

In the financials sector, Cardinal had notably strong relative performance in the diversified financials industry group. The stock prices of the portfolio’s bank holdings outpaced peers and increased more than 70% due to a more optimistic credit outlook and depressed valuations. A notable contributor in financials was the West Coast commercial bank PacWest Bancorp, whose shares rose significantly and outperformed peers after its earnings beat expectations on a lower-than-expected loan loss provision and after it announced a niche lending acquisition. As a result, its recent significant valuation discount started to dissipate.

17

Performance summaries
Optimum Fixed Income Fund

March 31, 2021 (Unaudited)

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

Fund and benchmark performance1,2	Average annual total returns through March 31, 2021
		1 year	5 year	10 year
Class A (Est. August 1, 2003)
Excluding sales charge		+5.21%	+3.52%	+3.17%
Including sales charge		+0.43%	+2.57%	+2.69%
Class C (Est. August 1, 2003)
Excluding sales charge		+4.30%	+2.73%	+2.42%
Including sales charge		+3.30%	+2.73%	+2.42%
Institutional Class (Est. August 1, 2003)
Excluding sales charge		+5.37%	+3.77%	+3.44%
Including sales charge		+5.37%	+3.77%	+3.44%
Bloomberg Barclays US Aggregate Index		+0.71%	+3.10%	+3.44%

¹ Returns 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.

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

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

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

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

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

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 0.85% of the Fund’s average daily net assets from April 1, 2020 through March 31, 2021.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements.

18

Fund expense ratios	Class A	Class C	Institutional Class
Total annual operating expenses (without fee waivers)	1.07%	1.82%	0.82%
Net expenses (including fee waivers, if any)	1.07%	1.82%	0.82%
Type of waiver	Contractual	Contractual	Contractual

* The aggregate contractual waiver period covering this report is from July 29, 2019 to July 29, 2021.

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

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

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

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

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

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

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

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

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

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

The disruptions caused by natural disasters, pandemics, or similar events could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective and the value of the Fund’s investments.

(continues)                    19

Performance summaries
Optimum Fixed Income Fund

Performance of a $10,000 investment¹
Average annual total returns from March 31, 2011 through March 31, 2021

For period beginning March 31, 2011 through March 31, 2021		Starting value			Ending value
	Optimum Fixed Income Fund — Institutional Class shares		$	10,000		$	14,028
	Bloomberg Barclays US Aggregate Index		$	10,000		$	14,025
	Optimum Fixed Income Fund — Class A shares		$	9,550		$	13,045

¹ The “Performance of $10,000 investment” graph assumes $10,000 invested in Class A and Institutional Class shares of the Fund on March 31, 2011, and includes the effect of a 4.50% front-end sales charge (for Class A shares) and the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Current expenses are listed in the “Fund expense ratios” table on page 19. Please note additional details on pages 18 through 20.

The graph also assumes $10,000 invested in the Bloomberg Barclays US Aggregate Index as of March 31, 2011. The Bloomberg Barclays US Aggregate Index is a broad composite that tracks the investment grade domestic bond market.

The Purchasing Managers’ Indices (PMIs), mentioned on page 1, are indicators of the economic health of a country’s manufacturing sector. A PMI reading above 50% indicates that the manufacturing economy is generally expanding; below 50% indicates that it is generally contracting.

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

20

Performance summaries
Optimum International Fund

March 31, 2021 (Unaudited)

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

Fund and benchmark performance1,2	Average annual total returns through March 31, 2021
	1 year	5 year	10 year
Class A (Est. August 1, 2003)
Excluding sales charge	+58.04%*	+10.26%	+5.47%
Including sales charge	+48.91%	+8.96%	+4.85%
Class C (Est. August 1, 2003)
Excluding sales charge	+56.92%	+9.45%	+4.70%
Including sales charge	+55.92%	+9.45%	+4.70%
Institutional Class (Est. August 1, 2003)
Excluding sales charge	+58.48%*	+10.54%	+5.76%
Including sales charge	+58.48%	+10.54%	+5.76%
MSCI ACWI ex USA Index (net)	+49.41%	+9.76%	+4.93%
MSCI ACWI ex USA Index (gross)	+50.03%	+10.28%	+5.41%

*

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

1

Returns 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.

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

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

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

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

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

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 1.17% of the Fund’s average daily net assets from July 29, 2020 through March 31, 2021. From April 1, 2020 through July 28, 2020, the expense waiver was 1.12% of the Fund’s average daily net assets.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements.

(continues)                    21

Performance summaries
Optimum International Fund

Fund expense ratios	Class A	Class C	Institutional Class
Total annual operating expenses (without fee waivers)	1.39%	2.14%	1.14%
Net expenses (including fee waivers, if any)	1.39%	2.14%	1.14%
Type of waiver	Contractual	Contractual	Contractual

* The aggregate contractual waiver period covering this report is from July 29, 2019 to July 29, 2021.

International investments entail risks including fluctuation in currency values, differences in accounting principles, or economic or political instability. Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility, lower trading volume, and higher risk of market closures. In many emerging markets, there is substantially less publicly available information and the available information may be incomplete or misleading. Legal claims are generally more difficult to pursue.

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

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

The disruptions caused by natural disasters, pandemics, or similar events could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective and the value of the Fund’s investments.

Performance of a $10,000 investment¹
Average annual total returns from March 31, 2011 through March 31, 2021

For period beginning March 31, 2011 through March 31, 2021		Starting value			Ending value
	Optimum International Fund — Institutional Class shares		$	10,000		$	17,514
	MSCI ACWI ex USA Index (gross)		$	10,000		$	16,942
	Optimum International Fund — Class A shares		$	9,425		$	16,056
	MSCI ACWI ex USA Index (net)		$	10,000		$	15,974

¹ The “Performance of $10,000 investment” graph assumes $10,000 invested in Class A and Institutional Class shares of the Fund on March 31, 2011, 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 21 through 23.

22

The graph also assumes $10,000 invested in the MSCI ACWI ex USA Index as of March 31, 2011. The MSCI ACWI ex USA Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance across developed and emerging markets worldwide, excluding the United States. Index “gross” return approximates the maximum possible dividend reinvestment. Index “net” return approximates the minimum possible dividend reinvestment, after deduction of withholding tax at the highest possible rate.

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	OAIEX	246118731
Class C	OCIEX	246118715
Institutional Class	OOIIX	246118699

(continues)                    23

Performance summaries
Optimum Large Cap Growth Fund

March 31, 2021 (Unaudited)

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

Fund and benchmark performance1,2	Average annual total returns through March 31, 2021
	1 year	5 year	10 year
Class A (Est. August 1, 2003)
Excluding sales charge	+57.75%	+19.25%	+14.99%
Including sales charge	+48.64%	+17.85%	+14.31%
Class C (Est. August 1, 2003)
Excluding sales charge	+56.56%	+18.35%	+14.16%
Including sales charge	+55.56%	+18.35%	+14.16%
Institutional Class (Est. August 1, 2003)
Excluding sales charge	+58.11%	+19.55%	+15.31%
Including sales charge	+58.11%	+19.55%	+15.31%
Russell 1000 Growth Index	+62.74%	+21.05%	+16.63%

¹ Returns 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.

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

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

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

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

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

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 1.02% of the Fund’s average daily net assets from April 1, 2020 through March 31, 2021.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements.

24

Fund expense ratios	Class A	Class C	Institutional Class
Total annual operating expenses (without fee waivers)	1.24%	1.99%	0.99%
Net expenses (including fee waivers, if any)	1.24%	1.99%	0.99%
Type of waiver	Contractual	Contractual	Contractual

* The aggregate contractual waiver period covering this report is from July 29, 2019 to July 29, 2021.

REIT investments are subject to many of the risks associated with direct real estate ownership, including change in economic conditions, credit risk, and interest rate fluctuations. A REIT fund’s tax status as a regulated investment company could be jeopardized if it holds real estate directly, as a result of defaults or receive rental income from real estate holdings.

The disruptions caused by natural disasters, pandemics, or similar events could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective and the value of the Fund’s investments.

Performance of a $10,000 investment¹
Average annual total returns from March 31, 2011 through March 31, 2021

For period beginning March 31, 2011 through March 31, 2021		Starting value	Ending value
	Russell 1000 Growth Index	$10,000	$28,622
	Optimum Large Cap Growth Fund — Institutional Class shares	$10,000	$26,275
	Optimum Large Cap Growth Fund — Class A shares	$ 9,425	$24,149

¹ The “Performance of $10,000 investment” graph assumes $10,000 invested in Class A and Institutional Class shares of the Fund on March 31, 2011, 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 24 through 26.

The graph also assumes $10,000 invested in the Russell 1000 Growth Index as of March 31, 2011. The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the US equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.

The Russell 1000 Value Index, mentioned on page 7, measures the performance of the large-cap value segment of the US equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

The S&P 500 Index, mentioned on page 7, measures the performance of 500 mostly large-cap stocks weighted by market value, and is often used to represent performance of the US stock market.

(continues)                    25

Performance summaries
Optimum Large Cap Growth Fund

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

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	OALGX	246118707
Class C	OCLGX	246118889
Institutional Class	OILGX	246118871

26

Performance summaries
Optimum Large Cap Value Fund

March 31, 2021 (Unaudited)

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

Fund and benchmark performance1,2	Average annual total returns through March 31, 2021
	1 year	5 year	10 year
Class A (Est. August 1, 2003)
Excluding sales charge	+50.73%	+10.85%	+9.29%
Including sales charge	+42.02%	+9.55%	+8.65%
Class C (Est. August 1, 2003)
Excluding sales charge	+49.61%	+10.02%	+8.50%
Including sales charge	+48.61%	+10.02%	+8.50%
Institutional Class (Est. August 1, 2003)
Excluding sales charge	+51.11%	+11.13%	+9.58%
Including sales charge	+51.11%	+11.13%	+9.58%
Russell 1000 Value Index	+56.09%	+11.74%	+10.99%

¹ Returns 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.

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

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

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

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

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

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 0.97% of the Fund’s average daily net assets from April 1, 2020 through March 31, 2021.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements.

(continues)               27

Performance summaries
Optimum Large Cap Value Fund

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

* The aggregate contractual waiver period covering this report is from July 29, 2019 to July 29, 2021.

The disruptions caused by natural disasters, pandemics, or similar events could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective and the value of the Fund’s investments.

Performance of a $10,000 investment¹
Average annual total returns from March 31, 2011 through March 31, 2021

For period beginning March 31, 2011 through March 31, 2021		Starting value	Ending value
	Russell 1000 Value Index	$10,000	$28,372
	Optimum Large Cap Value Fund — Institutional Class shares	$10,000	$24,973
	Optimum Large Cap Value Fund — Class A shares	$ 9,425	$22,917

¹ The “Performance of $10,000 investment” graph assumes $10,000 invested in Class A and Institutional Class shares of the Fund on March 31, 2011, 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 27 through 29.

The graph also assumes $10,000 invested in the Russell 1000 Value Index as of March 31, 2011. The Russell 1000 Value Index measures the performance of the large-cap value segment of the US equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

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

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.

28

Stock symbols and CUSIP numbers

	Nasdaq
	symbols	CUSIPs
Class A	OALVX	246118863
Class C	OCLVX	246118848
Institutional Class	OILVX	246118830

(continues)                    29

Performance summaries
Optimum Small-Mid Cap Growth Fund

March 31, 2021 (Unaudited)

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

Fund and benchmark performance1,2	Average annual total returns through March 31, 2021
	1 year	5 year	10 year
Class A (Est. August 1, 2003)
Excluding sales charge	+109.54%	+23.07%	+13.39%
Including sales charge	+97.50%	+21.62%	+12.72%
Class C (Est. August 1, 2003)
Excluding sales charge	+108.02%	+22.15%	+12.58%
Including sales charge	+107.02%	+22.15%	+12.58%
Institutional Class (Est. August 1, 2003)
Excluding sales charge	+110.06%	+23.37%	+13.71%
Including sales charge	+110.06%	+23.37%	+13.71%
Russell 2500 Growth Index	+87.50%	+19.91%	+14.20%

¹ Returns 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.

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

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

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

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

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

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 1.32% of the Fund’s average daily net assets from July 29, 2020 through March 31, 2021. From April 1, 2020 through July 28, 2020, the expense waiver was 1.29% of the Fund’s average daily net assets.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements.

30

Fund expense ratios	Class A	Class C	Institutional Class
Total annual operating expenses (without fee waivers)	1.63%	2.38%	1.38%
Net expenses (including fee waivers, if any)	1.57%	2.32%	1.32%
Type of waiver	Contractual	Contractual	Contractual

* The aggregate contractual waiver period covering this report is from July 29, 2019 to July 29, 2021.

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

The disruptions caused by natural disasters, pandemics, or similar events could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective and the value of the Fund’s investments.

Performance of a $10,000 investment¹
Average annual total returns from March 31, 2011 through March 31, 2021

For period beginning March 31, 2011 through March 31, 2021		Starting value			Ending value
	Russell 2500 Growth Index		$	10,000		$	37,743
	Optimum Small-Mid Cap Growth Fund — Institutional Class shares		$	10,000		$	36,125
	Optimum Small-Mid Cap Growth Fund — Class A shares		$	9,425		$	33,119

¹ The “Performance of $10,000 investment” graph assumes $10,000 invested in Class A and Institutional Class shares of the Fund on March 31, 2011, 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 30 through 32.

The graph also assumes $10,000 invested in the Russell 2500 Growth Index as of March 31, 2011. The Russell 2500 Growth Index measures the performance of the small- to mid-cap growth segment of the US equity universe. It includes those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values.

The Russell 2000 Index, mentioned on page 12, measures the performance of the small-cap segment of the US equity universe.

The Russell 1000 Index, mentioned on page 12, measures the performance of the large-cap segment of the US equity universe.

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

(continues)                    31

Performance summaries
Optimum Small-Mid Cap Growth Fund

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	OASGX	246118822
Class C	OCSGX	246118798
Institutional Class	OISGX	246118780

32

Performance summaries
Optimum Small-Mid Cap Value Fund

March 31, 2021 (Unaudited)

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

Fund and benchmark performance1,2	Average annual total returns through March 31, 2021
	1 year	5 year	10 year
Class A (Est. August 1, 2003)
Excluding sales charge	+86.21%	+9.74%	+6.85%
Including sales charge	+75.50%	+8.45%	+6.21%
Class C (Est. August 1, 2003)
Excluding sales charge	+84.75%	+8.91%	+6.08%
Including sales charge	+83.75%	+8.91%	+6.08%
Institutional Class (Est. August 1, 2003)
Excluding sales charge	+86.63%	+10.00%	+7.14%
Including sales charge	+86.63%	+10.00%	+7.14%
Russell 2500 Value Index	+87.47%	+12.15%	+10.23%

¹ Returns 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.

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

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

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

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

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

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, 2020 through March 31, 2021. From April 1, 2020 through July 28, 2020, the expense waiver was 1.22% of the Fund’s average daily net assets.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements.

(continues)                    33

Performance summaries
Optimum Small-Mid Cap Value Fund

Fund expense ratios	Class A	Class C	Institutional Class
Total annual operating expenses (without fee waivers)	1.52%	2.27%	1.27%
Net expenses (including fee waivers, if any)	1.50%	2.25%	1.25%
Type of waiver	Contractual	Contractual	Contractual

^* The aggregate contractual waiver period covering this report is from July 29, 2019 to July 29, 2021.

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

The disruptions caused by natural disasters, pandemics, or similar events could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective and the value of the Fund’s investments.

Performance of a $10,000 investment¹
Average annual total returns from March 31, 2011 through March 31, 2021

For period beginning March 31, 2011 through March 31, 2021		Starting value		Ending value
	Russell 2500 Value Index		$10,000		$26,476
	Optimum Small-Mid Cap Value Fund — Institutional Class shares		$10,000		$19,923
	Optimum Small-Mid Cap Value Fund — Class A shares		$9,425		$18,274

¹ The “Performance of $10,000 investment” graph assumes $10,000 invested in Class A and Institutional Class shares of the Fund on March 31, 2011, 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 33 through 35.

The graph also assumes $10,000 invested in the Russell 2500 Value Index as of March 31, 2011. The Russell 2500 Value Index measures the performance of the small- to mid-cap value segment of the US equity universe. It includes those Russell 2500 companies with lower price-to-book ratios and lower forecasted growth values.

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

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.

34

Stock symbols and CUSIP numbers

	Nasdaq
	symbols	CUSIPs
Class A	OASVX	246118772
Class C	OCSVX	246118756
Institutional Class	OISVX	246118749

(continues)                    35

Disclosure of Fund expenses
For the six-month period from October 1, 2020 to March 31, 2021 (Unaudited)

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other Fund expenses. The 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 October 1, 2020 to March 31, 2021.

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 each 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. The Funds’ expenses shown in the tables reflect fee waivers in effect and assume reinvestment of all dividends and distributions.

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

								Expenses
								Paid
	Beginning		Ending					During
	Account		Account		Annualized			Period
	Value		Value		Expense			10/1/20 to
	10/1/20		3/31/21		Ratio			3/31/21*
Actual Fund return†
Class A	$	1,000.00	$	984.80		1.06	%	$	5.25
Class C		1,000.00		980.20		1.81	%		8.94
Institutional Class		1,000.00		985.30		0.81	%		4.01
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.65		1.06	%	$	5.34
Class C		1,000.00		1,015.91		1.81	%		9.10
Institutional Class		1,000.00		1,020.89		0.81	%		4.08

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

								Expenses
								Paid
	Beginning		Ending					During
	Account		Account		Annualized			Period
	Value		Value		Expense			10/1/20 to
	10/1/20		3/31/21		Ratio			3/31/21*
Actual Fund return†
Class A	$	1,000.00	$	1,301.50		1.34	%		$	7.69
Class C		1,000.00		1,296.10		2.09	%			11.96
Institutional Class		1,000.00		1,303.50		1.09	%			6.26
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,018.25		1.34	%		$	6.74
Class C		1,000.00		1,014.51		2.09	%			10.50
Institutional Class		1,000.00		1,019.50		1.09	%			5.49

36

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			10/1/20 to
	10/1/20		3/31/21		Ratio			3/31/21*
Actual Fund return†
Class A	$	1,000.00	$	1,106.60		1.23	%		$	6.46
Class C		1,000.00		1,102.40		1.98	%			10.38
Institutional Class		1,000.00		1,107.90		0.98	%			5.15
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,018.80		1.23	%		$	6.19
Class C		1,000.00		1,015.06		1.98	%			9.95
Institutional Class		1,000.00		1,020.04		0.98	%			4.94

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			10/1/20 to
	10/1/20		3/31/21		Ratio			3/31/21*
Actual Fund return†
Class A	$	1,000.00	$	1,253.20		1.18	%		$	6.63
Class C		1,000.00		1,248.50		1.93	%			10.82
Institutional Class		1,000.00		1,254.50		0.93	%			5.23
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.05		1.18	%		$	5.94
Class C		1,000.00		1,015.31		1.93	%			9.70
Institutional Class		1,000.00		1,020.29		0.93	%			4.68

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			10/1/20 to
	10/1/20		3/31/21		Ratio			3/31/21*
Actual Fund return†
Class A	$	1,000.00	$	1,360.80		1.57	%		$	9.24
Class C		1,000.00		1,355.20		2.32	%			13.62
Institutional Class		1,000.00		1,362.10		1.32	%			7.77
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,017.10		1.57	%		$	7.90
Class C		1,000.00		1,013.36		2.32	%			11.65
Institutional Class		1,000.00		1,018.35		1.32	%			6.64

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			10/1/20 to
	10/1/20		3/31/21		Ratio			3/31/21*
Actual Fund return†
Class A	$	1,000.00	$	1,493.90		1.51	%		$	9.39
Class C		1,000.00		1,487.10		2.26	%			14.01
Institutional Class		1,000.00		1,495.00		1.26	%			7.84
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,017.40		1.51	%		$	7.59
Class C		1,000.00		1,013.66		2.26	%			11.35
Institutional Class		1,000.00		1,018.65		1.26	%			6.34

*	“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.

In addition to the Funds’ expenses reflected above, each Fund also indirectly bears its portion of the fees and expenses of the investment companies (Underlying Funds) in which it invests. The tables above do not reflect the expenses of the Underlying Funds.

(continues)                    37

Security type / sector allocations
Optimum Fixed Income Fund

As of March 31, 2021 (Unaudited)

Sector designations may be different from 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 from another fund’s sector designations.

	Percentage
Security type / sector	of net assets
Agency Asset-Backed Securities		0.03	%
Agency Collateralized Mortgage Obligations		3.00	%
Agency Commercial Mortgage-Backed
Securities		0.41	%
Agency Mortgage-Backed Securities		23.03	%
Collateralized Debt Obligations		4.00	%
Corporate Bonds		34.24	%
Banking		10.07	%
Basic Industry		1.91	%
Brokerage		0.33	%
Capital Goods		1.02	%
Communications		4.41	%
Consumer Cyclical		2.14	%
Consumer Non-Cyclical		3.52	%
Energy		3.76	%
Finance Companies		1.51	%
Insurance		0.42	%
Real Estate Investment Trusts		0.69	%
Technology		0.87	%
Transportation		1.16	%
Utilities		2.43	%
Municipal Bonds		0.60	%
Non-Agency Asset-Backed Securities		2.29	%
Non-Agency Collateralized Mortgage
Obligations		1.96	%
Non-Agency Commercial Mortgage-Backed
Securities		4.36	%
Loan Agreements		3.15	%
Regional Bond		0.08	%
Sovereign Bonds		3.42	%
Supranational Banks		0.04	%
US Treasury Obligations		27.32	%
Common Stock		0.00	%
Preferred Stock		0.02	%
Options Purchased		0.02	%
Short-Term Investments		9.81	%
Options Written		(0.01	%)
Total Value of Securities		117.77	%
Liabilities Net of Receivables and Other
Assets		(17.77	%)
Total Net Assets		100.00	%

38

Security type / sector and country allocations
Optimum International Fund

As of March 31, 2021 (Unaudited)

Sector designations may be different from 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 from another fund’s sector designations.

	Percentage
Security type / country	of net assets
Common Stock by Country	96.34	%
Australia	3.17	%
Austria	1.88	%
Belgium	0.49	%
Brazil	3.47	%
Canada	3.85	%
Chile	0.56	%
China/Hong Kong	10.04	%
Colombia	1.00	%
Denmark	1.79	%
Egypt	0.00	%
Finland	0.69	%
France	3.03	%
Germany	7.96	%
Greece	0.01	%
Hungary	0.25	%
India	2.16	%
Indonesia	0.02	%
Ireland	1.18	%
Israel	0.57	%
Italy	1.48	%
Japan	7.63	%
Luxembourg	1.07	%
Malaysia	0.12	%
Malta	0.16	%
Mexico	0.70	%
Netherlands	5.14	%
New Zealand	0.39	%
Norway	2.59	%
Philippines	0.02	%
Poland	0.75	%
Republic of Korea	6.15	%
Russia	0.02	%
Singapore	0.76	%
South Africa	0.59	%
Spain	1.02	%
Sweden	3.16	%
Switzerland	6.21	%
Taiwan	7.12	%
Thailand	0.31	%
Turkey	0.31	%
Ukraine	0.43	%
United Kingdom	5.34	%
United States	2.75	%
Preferred Stock	1.47	%
Rights	0.01	%
Short-Term Investments	1.50	%
Securities Lending Collateral	1.79	%
Total Value of Securities	101.11	%
Obligation to Return
Securities Lending
Collateral	(1.79	%)
Receivables and Other Assets Net of
Liabilities	0.68	%
Total Net Assets	100.00	%
	Percentage
Common stock and preferred stock by sector	of net assets
Communication Services	5.22	%
Consumer Discretionary	14.44	%
Consumer Staples	3.46	%
Energy	4.71	%
Financials	14.87	%
Healthcare	12.70	%
Industrials	11.12	%
Information Technology	18.96	%
Materials	11.36	%
Real Estate	0.52	%
Utilities	0.45	%
Total	97.81	%

(continues)                    39

Security type / sector allocations and top 10 equity holdings
Optimum Large Cap Growth Fund

As of March 31, 2021 (Unaudited)

Sector designations may be different from 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 from another fund’s sector designations.

	Percentage
Security type / sector	of net assets
Common Stock ◆	98.94	%
Communication Services	15.99	%
Consumer Discretionary	22.67	%
Consumer Staples	1.13	%
Financials	0.77	%
Healthcare	11.74	%
Industrials	7.61	%
Information Technology*	37.47	%
Materials	0.84	%
Real Estate	0.72	%
Convertible Preferred Stock	0.09	%
Short-Term Investments	1.10	%
Total Value of Securities	100.13	%
Liabilities Net of Receivables and Other
Assets	(0.13	%)
Total Net Assets	100.00	%

◆

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

*

To monitor compliance with Optimum Large Cap Growth Fund’s concentration guidelines as described in the Fund’s Prospectus and Statement of Additional Information, the Information Technology sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Information Technology sector consisted of Commercial Services, Computers, Diversified Financial Services, Internet, Office/Business Equipment, Semiconductors, and Software. As of March 31, 2021, such amounts, as percentage of total net assets, were 1.44%, 4.73%, 5.30%, 1.18%, 0.13%, 6.12%, and 18.57%, 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%.

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

	Percentage
Top 10 equity holdings	of net assets
Amazon.com	9.33	%
Microsoft	6.82	%
Facebook Class A	5.83	%
Apple	4.73	%
Visa Class A	3.65	%
UnitedHealth Group	2.61	%
salesforce.com	2.04	%
Alphabet Class A	1.88	%
Alibaba Group Holding ADR	1.77	%
Alphabet Class C	1.59	%

40

Security type / sector allocations and top 10 equity holdings
Optimum Large Cap Value Fund

As of March 31, 2021 (Unaudited)

Sector designations may be different from 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 from another fund’s sector designations.

	Percentage
Security type / sector	of net assets
Common Stock	98.16	%
Communication Services	5.74	%
Consumer Discretionary	4.68	%
Consumer Staples	5.32	%
Energy	3.65	%
Financials	24.34	%
Healthcare	16.85	%
Industrials	16.18	%
Information Technology	9.58	%
Materials	4.04	%
Real Estate	2.04	%
Utilities	5.74	%
Short-Term Investments	1.78	%
Total Value of Securities	99.94	%
Receivables and Other Assets Net of
Liabilities	0.06	%
Total Net Assets	100.00	%

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

	Percentage
Top 10 equity holdings	of net assets
JPMorgan Chase & Co.	4.13	%
Johnson & Johnson	2.96	%
Comcast Class A	2.66	%
Medtronic	2.33	%
Honeywell International	2.05	%
Duke Energy	1.80	%
Bank of America	1.71	%
Thermo Fisher Scientific	1.71	%
Cigna	1.69	%
BlackRock	1.52	%

(continues)                    41

Security type / sector allocations and top 10 equity holdings
Optimum Small-Mid Cap Growth Fund

As of March 31, 2021 (Unaudited)

Sector designations may be different from 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 from another fund’s sector designations.

	Percentage
Security type / sector	of net assets
Common Stock ◆	97.17	%
Communication Services	1.57	%
Consumer Discretionary	14.70	%
Consumer Staples	4.20	%
Financials	9.56	%
Healthcare*	25.17	%
Industrials	16.55	%
Information Technology	23.02	%
Materials	1.80	%
Real Estate	0.60	%
Convertible Preferred Stock	0.16	%
Warrant	0.00	%
Short-Term Investments	2.78	%
Total Value of Securities	100.11	%
Liabilities Net of Receivables and Other
Assets	(0.11	%)
Total Net Assets	100.00	%

◆

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

*

To monitor compliance with Optimum Small-Mid Cap Growth Fund’s concentration guidelines as described in the Fund’s Prospectus and Statement of Additional Information, the Healthcare sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Healthcare sector consisted of Biotechnology, Commercial Services, Healthcare-Products, Healthcare-Services, Pharmaceuticals, Retail, and Software. As of March 31, 2021, such amounts, as percentage of total net assets, were 6.08%, 0.70%, 10.64%, 2.74%, 3.66%, 0.25%, and 1.10%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentages in the Healthcare sector for financial reporting purposes may exceed 25%.

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

	Percentage
Top 10 equity holdings	of net assets
Zendesk	1.85	%
SVB Financial Group	1.84	%
Horizon Therapeutics	1.80	%
Nuance Communications	1.65	%
Axonics Modulation Technologies	1.60	%
ASGN	1.43	%
Chart Industries	1.41	%
elf Beauty	1.28	%
Floor & Decor Holdings Class A	1.24	%
Natera	1.22	%

42

Security type / sector allocations and top 10 equity holdings
Optimum Small-Mid Cap Value Fund

As of March 31, 2021 (Unaudited)

Sector designations may be different from 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 from another fund’s sector designations.

	Percentage
Security type / sector	of net assets
Common Stock	97.85	%
Communication Services	4.08	%
Consumer Discretionary	9.07	%
Consumer Staples	4.76	%
Energy	2.01	%
Financials	20.37	%
Healthcare	4.76	%
Industrials	15.77	%
Information Technology	14.39	%
Materials	11.31	%
Real Estate	9.68	%
Utilities	1.65	%
Limited Partnerships	0.38	%
Short-Term Investments	1.71	%
Total Value of Securities	99.94	%
Receivables and Other Assets Net of
Liabilities	0.06	%
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
J2 Global	2.66	%
PacWest Bancorp	2.47	%
Silgan Holdings	2.32	%
Nexstar Media Group Class A	2.13	%
FMC	2.03	%
Silicon Motion Technology ADR	1.90	%
Medical Properties Trust	1.88	%
Starwood Property Trust	1.75	%
Lithia Motors Class A	1.74	%
Gaming and Leisure Properties	1.73	%

(continues)                    43

Schedules of investments
Optimum Fixed Income Fund
March 31, 2021

			Principal amount°		Value (US $)
Agency Asset-Backed Securities – 0.03%
	SLM Student Loan Trust
		Series 2003-11 A6
		144A 0.734%
		(LIBOR03M + 0.55%)
		12/15/25 #, ●	135,145	$	135,127
		Series 2008-9 A
		1.718% (LIBOR03M
		+ 1.50%) 4/25/23 ●	669,276		674,549
Total Agency Asset-Backed Securities
	(cost $805,473)				809,676
Agency Collateralized Mortgage Obligations – 3.00%
	Fannie Mae Connecticut
		Avenue Securities
		Series 2017-C03 1M2
		3.109% (LIBOR01M
		+ 3.00%) 10/25/29 ●	6,303,869		6,444,265
		Series 2017-C04 2M2
		2.959% (LIBOR01M
		+ 2.85%) 11/25/29 ●	359,425		363,748
		Series 2018-C01 1M2
		2.359% (LIBOR01M
		+ 2.25%, Floor
		2.25%) 7/25/30 ●	1,083,987		1,084,666
		Series 2018-C02 2M2
		2.309% (LIBOR01M
		+ 2.20%, Floor
		2.20%) 8/25/30 ●	408,079		407,560
		Series 2018-C03 1M2
		2.259% (LIBOR01M
		+ 2.15%, Floor
		2.15%) 10/25/30 ●	542,516		540,223
		Series 2018-C05 1M2
		2.459% (LIBOR01M
		+ 2.35%, Floor
		2.35%) 1/25/31 ●	425,703		425,703
	Fannie Mae Grantor
		Trust
		Series 1999-T2 A1
		7.50% 1/19/39 ●	4,601		5,000
		Series 2004-T1 1A2
		6.50% 1/25/44	4,389		5,137
	Fannie Mae REMIC Trust
		Series 2004-W11 1A2
		6.50% 5/25/44	30,064		35,312
		Series 2004-W15 1A1
		6.00% 8/25/44	23,338		26,835
	Fannie Mae REMICs
		Series 1999-19 PH
		6.00% 5/25/29	42,482		48,004
		Series 2001-14 Z
		6.00% 5/25/31	2,592		2,894
		Series 2007-30 OE
		1.784%
		4/25/37 Ω, ^	1,647,206		1,370,494
		Series 2008-24 ZA
		5.00% 4/25/38	6,398,069		7,271,480
		Series 2009-2 AS
		5.591% (5.70%
		minus LIBOR01M,
		Cap 5.70%)
		2/25/39 Σ, ●	350,121		55,754
		Series 2009-68 SA
		6.641% (6.75%
		minus LIBOR01M,
		Cap 6.75%)
		9/25/39 Σ, ●	140,981		24,066
		Series 2011-118 DC
		4.00% 11/25/41	466,051		498,925
		Series 2017-40 GZ
		3.50% 5/25/47	379,556		406,621
		Series 2017-77 HZ
		3.50% 10/25/47	539,066		565,675
		Series 2017-95 FA
		0.465% (LIBOR01M
		+ 0.35%, Floor
		0.35%) 11/25/47 ●	342,823		342,095
	Freddie Mac REMICs
		Series 2165 PE
		6.00% 6/15/29	37,420		42,466
		Series 3143 BC
		5.50% 2/15/36	1,010,245		1,173,748
		Series 3289 SA
		6.644% (6.75%
		minus LIBOR01M,
		Cap 6.75%)
		3/15/37 Σ, ●	434,037		89,308
		Series 4676 KZ
		2.50% 7/15/45	369,424		376,305
	Freddie Mac Structured
		Agency Credit Risk
		Debt Notes
		Series 2017-DNA1 M2
		3.359% (LIBOR01M
		+ 3.25%, Floor
		3.25%) 7/25/29 ●	713,860		733,553
		Series 2017-DNA3 M2
		2.609% (LIBOR01M
		+ 2.50%) 3/25/30 ●	315,000		320,980
		Series 2018-HQA1 M2
		2.409% (LIBOR01M
		+ 2.30%) 9/25/30 ●	747,796		747,796

44

			Principal amount°		Value (US $)
Agency Collateralized Mortgage Obligations (continued)
	Freddie Mac Structured
		Agency Credit Risk
		REMIC Trust
		Series 2019-DNA4 M2
		144A 2.059%
		(LIBOR01M + 1.95%)
		10/25/49 #, ●	1,045,615	$	1,044,634
		Series 2019-HQA4 M2
		144A 2.159%
		(LIBOR01M + 2.05%)
		11/25/49 #, ●	992,433		992,433
		Series 2020-DNA2 M1
		144A 0.859%
		(LIBOR01M + 0.75%,
		Floor 0.75%)
		2/25/50 #, ●	913,218		912,968
		Series 2020-DNA2 M2
		144A 1.959%
		(LIBOR01M + 1.85%,
		Floor 1.85%)
		2/25/50 #, ●	500,000		498,062
		Series 2020-DNA6 M2
		144A 2.017% (SOFR
		+ 2.00%)
		12/25/50 #, ●	3,600,000		3,584,474
		Series 2020-HQA2 M1
		144A 1.209%
		(LIBOR01M + 1.10%)
		3/25/50 #, ●	1,208,942		1,209,512
		Series 2021-DNA1 M2
		144A 1.817% (SOFR
		+ 1.80%)
		1/25/51 #, ●	7,000,000		6,903,616
		Series 2021-HQA1 M2
		144A 2.267% (SOFR
		+ 2.25%)
		8/25/33 #, ●	7,000,000		6,921,234
	Freddie Mac Structured
		Agency Credit Risk
		Trust
		Series 2018-HQA2 M1
		144A 0.859%
		(LIBOR01M + 0.75%)
		10/25/48 #, ●	249,693		249,692
	Freddie Mac Structured
		Pass Through
		Certificates
		Series T-54 2A 6.50%
		2/25/43 ♦	11,254		13,206
		Series T-58 2A 6.50%
		9/25/43 ♦	4,674		5,393
	GNMA
		Series 2008-65 SB
		5.889% (6.00%
		minus LIBOR01M,
		Cap 6.00%)
		8/20/38 Σ, ●	380,801		57,302
		Series 2009-2 SE
		5.709% (5.82%
		minus LIBOR01M,
		Cap 5.82%)
		1/20/39 Σ, ●	1,236,463		191,675
		Series 2011-H21 FT
		0.79% (H15T1Y +
		0.70%, Cap 15.25%,
		Floor 0.70%)
		10/20/61 ●	5,293,301		5,274,936
		Series 2011-H23 FA
		0.82% (LIBOR01M +
		0.70%, Cap 11.00%,
		Floor 0.70%)
		10/20/61 ●	3,470,017		3,499,858
		Series 2012-H08 FB
		0.72% (LIBOR01M +
		0.60%, Cap 11.00%,
		Floor 0.60%)
		3/20/62 ●	543,824		546,670
		Series 2012-H18 NA
		0.64% (LIBOR01M +
		0.52%, Cap 10.50%,
		Floor 0.52%)
		8/20/62 ●	314,064		315,554
		Series 2012-H29 SA
		0.635% (LIBOR01M
		+ 0.515%, Cap
		12.00%, Floor
		0.515%) 10/20/62 ●	3,443,181		3,463,072
		Series 2013-113 LY
		3.00% 5/20/43	173,000		183,058
		Series 2015-H10 FA
		0.72% (LIBOR01M +
		0.60%, Cap 7.50%)
		4/20/65 ●	11,034,654		11,134,852
		Series 2015-H11 FC
		0.67% (LIBOR01M +
		0.55%, Cap 7.50%,
		Floor 0.55%)
		5/20/65 ●	1,355,263		1,362,202
		Series 2015-H12 FB
		0.72% (LIBOR01M +
		0.60%, Cap 7.50%,
		Floor 0.60%)
		5/20/65 ●	5,594,996		5,644,125

45

Schedules of investments
Optimum Fixed Income Fund

			Principal amount°		Value (US $)
Agency Collateralized Mortgage Obligations (continued)
	GNMA
		Series 2015-H20 FB
		0.72% (LIBOR01M +
		0.60%, Cap 7.50%,
		Floor 0.60%)
		8/20/65 ●	1,543,904	$	1,558,565
		Series 2015-H30 FD
		0.72% (LIBOR01M +
		0.60%, Cap 11.00%,
		Floor 0.60%)
		10/20/65 ●	92,781		93,396
		Series 2016-H06 FD
		1.04% (LIBOR01M +
		0.92%, Cap 7.50%,
		Floor 0.92%)
		7/20/65 ●	1,553,579		1,582,699
		Series 2017-34 DY
		3.50% 3/20/47	230,000		251,046
		Series 2017-130 YJ
		2.50% 8/20/47	270,000		279,564
		Series 2017-163 ZK
		3.50% 11/20/47	3,710,642		3,959,331
Total Agency Collateralized Mortgage Obligations
	(cost $83,351,625)				85,141,742
Agency Commercial Mortgage-Backed Securities – 0.41%
	Freddie Mac Multifamily
		Structured Pass
		Through Certificates
		Series X3FX A2FX
		3.00% 6/25/27 ♦	1,070,000		1,150,181
	FREMF Mortgage Trust
		Series 2011-K15 B
		144A 4.986%
		8/25/44 #, ●	75,000		75,744
		Series 2012-K18 B
		144A 4.184%
		1/25/45 #, ●	1,000,000		1,025,763
		Series 2012-K22 B
		144A 3.686%
		8/25/45 #, ●	665,000		690,882
		Series 2013-K24 B
		144A 3.507%
		11/25/45 #, ●	3,675,000		3,821,384
		Series 2013-K25 C
		144A 3.62%
		11/25/45 #, ●	500,000		518,394
		Series 2014-K716 B
		144A 3.903%
		8/25/47 #, ●	500,000		502,424
		Series 2014-K717 B
		144A 3.625%
		11/25/47 #, ●	1,225,000		1,237,883
		Series 2014-K717 C
		144A 3.625%
		11/25/47 #, ●	1,290,000		1,300,225
		Series 2016-K53 B
		144A 4.021%
		3/25/49 #, ●	280,000		308,067
		Series 2016-K722 B
		144A 3.847%
		7/25/49 #, ●	425,000		448,075
		Series 2017-K71 B
		144A 3.753%
		11/25/50 #, ●	470,000		505,776
Total Agency Commercial Mortgage-Backed Securities
	(cost $11,211,677)				11,584,798
Agency Mortgage-Backed Securities – 23.03%
	Fannie Mae
		5.50% 3/1/37	6,136		6,747
		5.50% 7/1/37	2,736		2,850
	Fannie Mae S.F. 15 yr
		2.00% 3/1/36	7,826,330		8,055,680
		2.00% 3/1/36	4,000,000		4,127,727
	Fannie Mae S.F. 20 yr
		2.00% 3/1/41	3,575,369		3,624,149
		2.00% 4/1/41	1,607,000		1,628,924
	Fannie Mae S.F. 30 yr
		2.00% 12/1/50	12,534,013		12,529,828
		2.00% 1/1/51	6,817,311		6,810,461
		2.00% 2/1/51	4,503,365		4,501,028
		2.00% 3/1/51	7,374,227		7,365,434
		2.50% 10/1/50	1,175,673		1,207,563
		2.50% 1/1/51	4,010,877		4,119,671
		2.50% 2/1/51	4,527,879		4,650,697
		2.50% 4/1/51	4,739,000		4,867,545
		3.00% 10/1/42	1,727,997		1,855,372
		3.00% 4/1/43	709,989		754,855
		3.00% 11/1/46	7,827,557		8,233,115
		3.00% 1/1/47	2,611,677		2,763,386
		3.00% 11/1/48	2,227,419		2,329,886
		3.00% 10/1/49	2,339,080		2,442,269
		3.00% 12/1/49	5,448,702		5,750,212
		3.00% 3/1/50	7,966,451		8,384,810
		3.00% 6/1/50	3,525,826		3,673,163
		3.00% 7/1/50	15,945,290		16,713,317
		3.00% 8/1/50	6,006,449		6,297,605
		3.00% 9/1/50	2,380,720		2,484,806
		3.50% 7/1/47	3,002,710		3,252,245
		3.50% 12/1/47	747,964		793,547
		3.50% 1/1/48	1,653,613		1,753,863

46

			Principal amount°		Value (US $)
Agency Mortgage-Backed Securities (continued)
	Fannie Mae S.F. 30 yr
		3.50% 2/1/48	2,631,031	$	2,825,247
		3.50% 7/1/48	2,376,277		2,515,684
		3.50% 11/1/48	1,972,729		2,086,542
		3.50% 1/1/50	4,132,249		4,365,420
		3.50% 3/1/50	1,626,970		1,722,122
		4.00% 10/1/40	12,493		13,767
		4.00% 11/1/40	61,798		68,047
		4.00% 3/1/46	75,437		82,371
		4.00% 4/1/47	816,342		896,732
		4.00% 6/1/48	3,924,501		4,289,577
		4.00% 9/1/48	6,188,786		6,651,522
		4.00% 10/1/48	3,820,306		4,206,697
		4.00% 1/1/49	105,870		113,559
		4.00% 3/1/49	307,763		330,054
		4.00% 6/1/49	1,012,098		1,102,082
		4.50% 5/1/35	42,032		46,527
		4.50% 8/1/35	73,165		81,376
		4.50% 9/1/35	91,852		102,370
		4.50% 5/1/39	271,774		305,861
		4.50% 6/1/40	191,312		212,525
		4.50% 7/1/40	235,937		255,376
		4.50% 2/1/41	893,361		1,001,922
		4.50% 4/1/41	38,985		43,413
		4.50% 1/1/42	2,846,514		3,190,511
		4.50% 10/1/45	814,108		904,928
		4.50% 5/1/46	470,804		528,069
		4.50% 4/1/48	1,049,619		1,181,873
		4.50% 7/1/48	335,411		365,398
		4.50% 8/1/48	243,246		264,402
		4.50% 9/1/48	402,813		444,843
		4.50% 12/1/48	540,158		588,501
		4.50% 1/1/49	5,455,468		6,038,425
		4.50% 1/1/50	1,527,934		1,676,757
		5.00% 3/1/34	1,291		1,491
		5.00% 4/1/34	5,819		6,767
		5.00% 8/1/34	12,136		14,086
		5.00% 4/1/35	3,020		3,397
		5.00% 12/1/37	1,474		1,706
		5.00% 3/1/38	78,118		90,495
		5.00% 6/1/38	2,687		2,982
		5.00% 2/1/39	3,818		4,222
		5.00% 5/1/40	70,119		81,033
		5.00% 7/1/47	536,557		623,587
		5.50% 12/1/33	8,616		9,656
		5.50% 2/1/35	194,604		228,679
		5.50% 5/1/44	9,627,007		11,264,388
		6.00% 9/1/36	10,824		12,267
		6.00% 8/1/38	30,023		33,896
		6.00% 12/1/38	4,538		5,415
		6.00% 6/1/41	1,440,520		1,720,767
		6.00% 7/1/41	4,893,291		5,848,209
		6.00% 1/1/42	1,227,812		1,466,879
		6.50% 11/1/33	1,727		1,957
		6.50% 2/1/36	29,276		34,350
		6.50% 3/1/36	51,667		59,025
		6.50% 6/1/36	50,121		58,712
		6.50% 2/1/38	17,434		20,195
		6.50% 11/1/38	3,663		4,342
	Fannie Mae S.F. 30 yr
		TBA
		2.00% 4/1/51	33,388,000		33,325,398
		2.00% 6/1/51	15,600,000		15,510,422
		2.50% 4/1/51	12,636,000		12,966,708
		2.50% 5/1/51	16,600,000		16,998,788
		2.50% 6/1/51	55,000,000		56,200,975
		3.00% 5/1/51	220,800,000		230,028,756
		4.50% 4/1/51	6,100,000		6,640,422
	Freddie Mac ARM
		2.00% (LIBOR12M +
		1.625%, Cap
		10.50%, Floor
		1.625%) 2/1/38 ●	13,893		13,899
		3.93% (LIBOR12M +
		2.18%, Cap
		10.539%, Floor
		2.18%) 5/1/37 ●	90,192		96,934
	Freddie Mac S.F. 15 yr
		1.50% 3/1/36	5,687,949		5,727,770
		2.00% 12/1/35	5,932,824		6,121,420
	Freddie Mac S.F. 20 yr
		2.00% 3/1/41	4,096,248		4,152,133
		2.00% 4/1/41	3,668,000		3,718,044
		5.50% 10/1/23	6,249		6,964
		5.50% 8/1/24	3,560		3,970
	Freddie Mac S.F. 30 yr
		2.50% 10/1/50	3,246,653		3,348,632
		2.50% 2/1/51	1,786,031		1,849,140
		3.00% 11/1/49	4,138,974		4,317,548
		3.00% 12/1/49	957,745		1,000,259
		3.00% 1/1/50	1,036,373		1,089,439
		3.00% 12/1/50	247,676		263,306
		3.50% 8/1/48	44,733		47,287
		3.50% 9/1/48	3,219,230		3,431,106
		3.50% 11/1/48	7,112,138		7,673,956
		4.00% 12/1/45	702,156		778,415
		4.00% 7/1/47	304,337		328,632
		4.00% 10/1/47	2,814,441		3,036,521
		4.50% 8/1/48	1,667,847		1,831,036
		4.50% 1/1/49	1,120,685		1,252,161
		4.50% 3/1/49	402,324		439,677
		4.50% 4/1/49	1,432,446		1,584,916

47

Schedules of investments
Optimum Fixed Income Fund

				Principal amount°		Value (US $)
Agency Mortgage-Backed Securities (continued)
	Freddie Mac S.F. 30 yr
		4.50% 8/1/49		2,824,952	$	3,134,961
		5.50% 9/1/41		2,095,662		2,459,583
		6.50% 11/1/33		17,461		20,090
		6.50% 1/1/35		48,763		58,014
		7.00% 1/1/38		7,198		7,911
	GNMA I S.F. 30 yr
		3.00% 3/15/50		1,069,433		1,120,046
	GNMA II S.F. 30 yr
		5.50% 5/20/37		64,914		74,050
		6.00% 4/20/34		2,894		3,203
	GNMA S.F. 30 yr TBA
		3.00% 4/20/51		14,111,000		14,700,244
		4.00% 4/20/51		6,000,000		6,405,000
Total Agency Mortgage-Backed Securities
	(cost $652,062,742)					652,849,494
Collateralized Debt Obligations – 4.00%
	Adagio V CLO DAC
		Series V-A ARR 144A
		0.72% (EUR003M +
		0.72%, Floor 0.72%)
		10/15/31 #, ●	EUR	1,100,000		1,289,648
	AMMC CLO 16
		Series 2015-16A AR2
		144A 1.167%
		(LIBOR03M + 0.98%,
		Floor 0.98%)
		4/14/29 #, ●		1,400,000		1,399,649
	AMMC CLO 21
		Series 2017-21A A
		144A 1.452%
		(LIBOR03M + 1.25%)
		11/2/30 #, ●		2,400,000		2,406,607
	Apex Credit CLO
		Series 2018-1A A2
		144A 1.248%
		(LIBOR03M + 1.03%)
		4/25/31 #, ●		2,400,000		2,344,690
	Aqueduct European CLO
		DAC
		Series 2017-1A AR
		144A 0.64%
		(EUR003M + 0.64%,
		Floor 0.64%)
		7/20/30 #, ●	EUR	1,900,000		2,249,357
	Ares European CLO
		Series 7A A1RR 144A
		0.66% (EUR003M +
		0.66%, Floor 0.66%)
		10/15/30 #, ≠, ●	EUR	1,300,000		1,524,510
	Ares European CLO XIV
		DAC
		Series 14A A 144A
		1.12% (EUR003M +
		1.12%, Floor 1.12%)
		10/21/33 #, ●	EUR	3,750,000		4,440,502
	Atlas Senior Loan Fund
		X
		Series 2018-10A A
		144A 1.331%
		(LIBOR03M + 1.09%)
		1/15/31 #, ●		1,473,303		1,474,823
	Atrium XII
		Series 12A AR 144A
		1.052% (LIBOR03M
		+ 0.83%)
		4/22/27 #, ●		2,373,617		2,373,021
	Bain Capital Euro DAC
		Series 2018-2A AR
		144A 0.74%
		(EUR003M + 0.74%,
		Floor 0.74%)
		1/20/32 #, ≠, ●	EUR	1,300,000		1,524,510
	Blackrock European CLO
		VII DAC
		Series 7A AR 144A
		0.62% (EUR003M +
		0.62%, Floor 0.62%)
		10/15/31 #, ●	EUR	2,200,000		2,605,094
	Cairn CLO IV
		Series 2014-4A ARRR
		144A 0.60%
		(EUR003M + 0.60%,
		Floor 0.60%)
		4/30/31 #, ●	EUR	1,600,000		1,875,851
	Catamaran CLO
		Series 2013-1A AR
		144A 1.063%
		(LIBOR03M + 0.85%)
		1/27/28 #, ●		2,464,322		2,463,957
	CFIP CLO
		Series 2017-1A A
		144A 1.443%
		(LIBOR03M + 1.22%)
		1/18/30 #, ●		2,300,000		2,303,912
	Crown Point CLO 5
		Series 2018-5A A
		144A 1.163%
		(LIBOR03M + 0.94%)
		7/17/28 #, ●		314,167		313,694

48

			Principal
			amount°	Value (US $)
Collateralized Debt Obligations (continued)
	CVC Cordatus Loan
	Fund VII DAC
	Series 7A ARR 144A
	0.63% (EUR003M +
	0.63%, Floor 0.63%)
	9/15/31 #, ●	EUR	1,200,000	$	1,420,961
	Dryden 36 Senior Loan
	Fund
	Series 2014-36A AR3
	144A 1.261%
	(LIBOR03M + 1.02%,
	Floor 1.02%)
	4/15/29 #, ●		3,600,000		3,601,674
	Dryden XXVII-R Euro
	CLO
	Series 2017-27A AR
	144A 0.66%
	(EUR003M + 0.66%,
	Floor 0.66%)
	4/15/33 #, ●	EUR	2,200,000		2,579,295
	Euro-Galaxy III CLO DAC
	Series 2013-3A ARRR
	144A 0.62%
	(EUR003M + 0.62%,
	Floor 0.62%)
	4/24/34 #, ●	EUR	4,000,000		4,689,627
	Galaxy XXI CLO
	Series 2015-21A AR
	144A 1.244%
	(LIBOR03M + 1.02%)
	4/20/31 #, ●		1,650,000		1,651,303
	Harvest CLO XVI DAC
	Series 16A ARR 144A
	0.64% (EUR003M +
	0.64%, Floor 0.64%)
	10/15/31 #, ● EUR		2,000,000		2,368,268
	Harvest CLO XXI DAC
	Series 21A A2R 144A
	1.04% 7/15/31 # EUR		250,000		293,175
	Invesco Euro CLO I DAC
	Series 1A A1R 144A
	0.65% (EUR003M +
	0.65%, Floor 0.65%)
	7/15/31 #, ●	EUR	250,000		292,986
	Jamestown CLO VII
	Series 2015-7A A1R
	144A 1.048%
	(LIBOR03M + 0.83%,
	Floor 0.83%)
	7/25/27 #, ●		275,706		275,637
	Jubilee CLO
	Series 2014-11A ARR
	144A 0.61%
	(EUR003M + 0.61%,
	Floor 0.61%)
	4/15/30 #, ≠, ●	EUR	1,700,000		1,993,092
	Series 2014-12A ARRR
	144A 0.60%
	(EUR003M + 0.60%,
	Floor 0.60%)
	4/15/30 #, ●	EUR	600,000		703,444
	Series 2016-17A A1RR
	144A 0.65%
	(EUR003M + 0.65%,
	Floor 0.65%)
	4/15/31 #, ≠		1,400,000		1,641,370
	Series 2016-17A A2RR
	144A 0.65%
	(EUR003M + 0.65%,
	Floor 0.65%)
	4/15/31 #, ●	EUR	500,000		586,203
	Laurelin DAC
	Series 2016-1A ARR
	144A 0.72%
	(EUR003M + 0.72%,
	Floor 0.72%)
	10/20/31 #, ≠, ●	EUR	2,100,000		2,462,670
	LCM XV
	Series 15A AR2 144A
	1.00% (LIBOR03M +
	1.00%, Floor 1.00%)
	7/20/30 #, ≠, ●		3,300,000		3,299,175
	Man GLG Euro CLO
	Series 6A A 144A
	0.90% (EUR003M +
	0.90%, Floor 0.90%)
	10/15/32 #, ●	EUR	250,000		292,955
	Man GLG Euro CLO III
	DAC
	Series 3A AR 144A
	0.68% (EUR003M +
	0.68%, Floor 0.68%)
	10/15/30 #, ●	EUR	1,100,000		1,289,648
	Man GLG Euro CLO V
	DAC
	Series 5A A1R 144A
	0.69% (EUR003M +
	0.69%, Floor 0.69%)
	12/15/31 #, ●	EUR	1,900,000		2,249,854
	Man GLG US CLO
	Series 2018-1A A1R
	144A 1.364%
	(LIBOR03M + 1.14%)
	4/22/30 #, ●		3,000,000		3,003,441

49

Schedules of investments
Optimum Fixed Income Fund

			Principal
			amount°	Value (US $)
Collateralized Debt Obligations (continued)
	Marathon CLO
	Series 2021-16A A1A
	144A 1.399%
	(LIBOR03M + 1.20%,
	Floor 1.20%)
	4/15/34 #, ●		1,250,000	$	1,249,688
	Marathon CLO V
	Series 2013-5A A1R
	144A 1.052%
	(LIBOR03M + 0.87%)
	11/21/27 #, ●		641,010		638,681
	Midocean Credit CLO
	VIII
	Series 2018-8A A1
	144A 1.332%
	(LIBOR03M + 1.15%)
	2/20/31 #, ●		1,750,000		1,749,562
	Midocean Credit CLO IX
	Series 2018-9A A1
	144A 1.374%
	(LIBOR03M + 1.15%,
	Floor 1.15%)
	7/20/31 #, ●		1,250,000		1,254,204
	Monarch Grove CLO
	Series 2018-1A A1
	144A 1.098%
	(LIBOR03M + 0.88%)
	1/25/28 #, ●		3,320,858		3,309,703
	Mountain View CLO X
	Series 2015-10A AR
	144A 1.045%
	(LIBOR03M + 0.82%,
	Floor 0.82%)
	10/13/27 #, ●		1,483,879		1,484,485
	Oak Hill European Credit
	Partners IV DAC
	Series 2015-4A A1RE
	144A 0.73%
	(EUR003M + 0.73%,
	Floor 0.73%)
	1/20/32 #, ●	EUR	300,000		351,041
	OCP CLO
	Series 2015-9A A1R
	144A 1.041%
	(LIBOR03M + 0.80%)
	7/15/27 #, ●		601,176		601,273
	Series 2015-10A A1R
	144A 1.035%
	(LIBOR03M + 0.82%)
	10/26/27 #, ●		1,351,177		1,349,383
	Series 2017-13A A1A
	144A 1.501%
	(LIBOR03M + 1.26%)
	7/15/30 #, ●		1,000,000		1,001,142
	OZLM XVI
	Series 2017-16A A1R
	144A 1.227%
	(LIBOR03M + 1.03%,
	Floor 1.03%)
	5/16/30 #, ●		2,600,000		2,599,350
	Palmer Square European
	Loan Funding DAC
	Series 2020-2A A
	144A 0.87%
	(EUR003M + 0.87%,
	Floor 0.87%)
	2/15/30 #, ●	EUR	2,000,000		2,366,328
	Signal Peak CLO 5
	Series 2018-5A A
	144A 1.328%
	(LIBOR03M + 1.11%,
	Floor 1.11%)
	4/25/31 #, ●		1,800,000		1,803,146
	Sound Point CLO XIV
	Series 2016-3A AR2
	144A 1.161%
	(LIBOR03M + 0.99%,
	Floor 0.99%)
	1/23/29 #, ●		6,600,000		6,601,525
	Sound Point CLO XVI
	Series 2017-2A AR
	144A 0.98%
	(LIBOR03M + 0.98%)
	7/25/30 #, ≠, ●		4,400,000		4,398,900
	Sounds Point CLO IV-R
	Series 2013-3RA A
	144A 1.373%
	(LIBOR03M + 1.15%,
	Floor 1.15%)
	4/18/31 #, ●		1,000,000		997,860
	TICP CLO I
	Series 2015-1A AR
	144A 1.024%
	(LIBOR03M + 0.80%)
	7/20/27 #, ●		766,834		765,311
	Venture 34 CLO
	Series 2018-34A A
	144A 1.471%
	(LIBOR03M + 1.23%,
	Floor 1.23%)
	10/15/31 #, ●		2,500,000		2,504,267
	Venture 42 CLO
	Series 2021-42A A1A
	144A 1.13%
	(LIBOR03M + 1.13%,
	Floor 1.13%)
	4/15/34 #, ≠, ●		1,300,000		1,299,675

50

				Principal
				amount°	Value (US $)
Collateralized Debt Obligations (continued)
	Venture XVI CLO
		Series 2014-16A ARR
		144A 1.091%
		(LIBOR03M + 0.85%,
		Floor 0.85%)
		1/15/28 #, ●		849,299	$	847,154
	Venture XVII CLO
		Series 2014-17A ARR
		144A 1.121%
		(LIBOR03M + 0.88%)
		4/15/27 #, ●		349,041		348,088
	Venture XX CLO
		Series 2015-20A AR
		144A 1.061%
		(LIBOR03M + 0.82%)
		4/15/27 #, ●		980,931		979,817
	Venture XXIV CLO
		Series 2016-24A ARR
		144A 1.124%
		(LIBOR03M + 0.90%,
		Floor 0.90%)
		10/20/28 #, ●		500,000		499,875
	Venture XXVI CLO
		Series 2017-26A AR
		144A 1.324%
		(LIBOR03M + 1.10%,
		Floor 1.10%)
		1/20/29 #, ●		3,400,000		3,399,143
	Vibrant CLO VII
		Series 2017-7A A1R
		144A 1.04%
		(LIBOR03M + 1.04%,
		Floor 1.04%)
		9/15/30 #, ≠, ●		4,500,000		4,500,000
	Voya CLO
		Series 2014-3A A1R
		144A 0.938%
		(LIBOR03M + 0.72%)
		7/25/26 #, ●		121,356		121,285
	WhiteHorse IX
		Series 2014-9A AR
		144A 1.383%
		(LIBOR03M + 1.16%)
		7/17/26 #, ●		6,660		6,658
	Z Capital Credit Partners
		CLO
		Series 2015-1A A1R
		144A 1.173%
		(LIBOR03M + 0.95%,
		Floor 0.95%)
		7/16/27 #, ●		1,146,388		1,144,316
Total Collateralized Debt Obligations
	(cost $114,330,496)					113,456,463
Corporate Bonds – 34.24%
Banking – 10.07%
	Akbank TAS 144A
		6.80% 2/6/26 #		610,000		610,262
	Banco Bilbao Vizcaya
		Argentaria
		5.875% 9/24/23 µ, ψ	EUR	400,000		500,637
		8.875% 4/14/21 µ, ψ	EUR	1,200,000		1,411,224
	Banco Continental 144A
		2.75% 12/10/25 #		915,000		902,254
	Banco de Bogota 144A
		6.25% 5/12/26 #		405,000		455,119
	Banco Industrial 144A
		4.875% 1/29/31 #, µ		695,000		717,063
	Banco Mercantil del
		Norte 144A 8.375%
		10/14/30 #, µ, ψ		475,000		554,532
	Banco Nacional de
		Panama 144A 2.50%
		8/11/30 #		200,000		185,960
	Banco Santander
		2.958% 3/25/31		1,000,000		995,084
		6.25% 9/11/21 µ, ψ	EUR	1,300,000		1,557,859
	Banco Santander Mexico
		144A 5.95%
		10/1/28 #, µ		280,000		302,568
	Bangkok Bank 144A
		5.00%
		9/23/25 #, µ, ψ		480,000		506,246
	Bank Leumi Le-Israel
		144A 3.275%
		1/29/31 #, µ		1,370,000		1,397,221
	Bank of America
		1.658% 3/11/27 µ		1,900,000		1,907,087
		1.898% 7/23/31 µ		3,095,000		2,909,707
		2.625% 4/19/21		1,000,000		1,000,932
		2.676% 6/19/41 µ		5,120,000		4,803,870
		2.831% 10/24/51 µ		380,000		349,549
		3.55% 3/5/24 µ		2,100,000		2,216,276
		3.864% 7/23/24 µ		2,200,000		2,357,145
		3.974% 2/7/30 µ		3,400,000		3,777,459
		4.125% 1/22/24		200,000		218,716
		4.30% 1/28/25 µ, ψ		900,000		904,500
	Bank of China 144A
		5.00% 11/13/24 #		710,000		798,250
	Bank of Georgia 144A
		6.00% 7/26/23 #		890,000		949,662
	Bank of New York
		Mellon 4.70%
		9/20/25 µ, ψ		2,560,000		2,780,032
	Bank of Nova Scotia
		1.875% 4/26/21		4,500,000		4,504,428

51

Schedules of investments
Optimum Fixed Income Fund

				Principal
				amount°	Value (US $)
Corporate Bonds (continued)
Banking (continued)
	Barclays
		1.574% (LIBOR03M
		+ 1.38%) 5/16/24 ●		1,800,000	$	1,826,285
		2.667% 3/10/32 µ		1,025,000		1,001,842
		3.375% 4/2/25 µ	EUR	500,000		640,672
		4.61% 2/15/23 µ		700,000		723,353
		4.972% 5/16/29 µ		3,000,000		3,452,671
		5.20% 5/12/26		2,979,000		3,375,028
		6.375%
		12/15/25 µ, ψ	GBP	500,000		758,154
		7.125% 6/15/25 µ, ψ	GBP	1,800,000		2,800,400
	Barclays Bank 7.625%
		11/21/22		439,000		481,920
	BBVA Bancomer 144A
		5.125% 1/18/33 #, µ		410,000		422,831
	BBVA USA 3.875%
		4/10/25		1,145,000		1,251,710
	BDO Unibank 2.125%
		1/13/26		795,000		808,736
	BNP Paribas
		144A 3.052%
		1/13/31 #, µ		2,600,000		2,667,269
		144A 4.705%
		1/10/25 #, µ		1,600,000		1,760,471
		144A 7.375%
		8/19/25 #, µ, ψ		700,000		812,486
		7.375% 8/19/25 µ, ψ		500,000		580,347
	Citigroup
		3.20% 10/21/26		1,000,000		1,075,366
		4.00% 12/10/25 µ, ψ		1,400,000		1,417,150
		4.044% 6/1/24 µ		1,800,000		1,929,910
		4.05% 7/30/22		150,000		156,802
		4.075% 4/23/29 µ		3,400,000		3,784,840
	Citizens Bank 2.55%
		5/13/21		950,000		950,449
	Cooperatieve Rabobank
		0.645% (LIBOR03M
		+ 0.43%) 4/26/21 ●		500,000		500,156
		3.75% 7/21/26		1,350,000		1,473,741
		4.375% 8/4/25		2,000,000		2,216,231
	Credit Suisse Group
		144A 2.593%
		9/11/25 #, µ		1,105,000		1,146,425
		3.80% 6/9/23		2,300,000		2,441,769
		144A 3.869%
		1/12/29 #, µ		1,065,000		1,143,333
		144A 4.194%
		4/1/31 #, µ		4,045,000		4,405,224
		144A 4.207%
		6/12/24 #, µ		410,000		438,065
		144A 4.50%
		9/3/30 #, µ, ψ		820,000		770,800
		144A 5.25%
		2/11/27 #, µ, ψ		885,000		896,062
		144A 6.25%
		12/18/24 #, µ, ψ		2,000,000		2,134,222
		144A 6.375%
		8/21/26 #, µ, ψ		1,900,000		2,025,086
	Credit Suisse Group
		Funding Guernsey
		3.80% 9/15/22		3,350,000		3,490,132
	DBS Group Holdings
		144A 4.52%
		12/11/28 #, µ		530,000		575,007
	Deutsche Bank
		2.129% 11/24/26 µ		700,000		702,224
		3.547% 9/18/31 µ		4,135,000		4,274,883
		3.729% 1/14/32 µ		3,115,000		3,024,074
		3.961% 11/26/25 µ		5,700,000		6,177,121
		4.25% 10/14/21		2,000,000		2,037,411
		5.00% 2/14/22		3,100,000		3,209,951
	Development Bank of
		Mongolia 144A
		7.25% 10/23/23 #		710,000		771,074
	Emirates NBD Bank
		2.625% 2/18/25		495,000		519,243
	Fifth Third Bancorp
		2.55% 5/5/27		1,201,000		1,250,826
		3.65% 1/25/24		790,000		851,601
		3.95% 3/14/28		1,119,000		1,265,971
	Fifth Third Bank 3.85%
		3/15/26		835,000		920,420
	Goldman Sachs Group
		0.523% 3/8/23		700,000		700,208
		0.673% 3/8/24 µ		700,000		699,718
		1.431% 3/9/27 µ		2,000,000		1,983,031
		1.992% 1/27/32 µ		3,240,000		3,077,620
		3.20% 2/23/23		2,200,000		2,302,773
		3.50% 4/1/25		1,220,000		1,322,249
		4.223% 5/1/29 µ		4,700,000		5,275,793

52

				Principal
				amount°	Value (US $)
Corporate Bonds (continued)
Banking (continued)
	HSBC Holdings
		1.189% (LIBOR03M
		+ 1.00%) 5/18/24 ●		1,000,000	$	1,010,677
		1.589% 5/24/27 µ		2,200,000		2,166,657
		2.848% 6/4/31 µ		2,700,000		2,703,506
		4.00% 3/9/26 µ, ψ		400,000		399,000
		4.30% 3/8/26		200,000		224,033
		4.70% 3/9/31 µ, ψ		500,000		493,750
	ICICI Bank 144A 4.00%
		3/18/26 #		535,000		577,666
	Intesa Sanpaolo
		144A 4.00%
		9/23/29 #		1,300,000		1,393,643
		7.75% 1/11/27 µ, ψ	EUR	200,000		287,932
	JPMorgan Chase & Co.
		1.04% 2/4/27 µ		700,000		683,055
		1.118% (LIBOR03M
		+ 0.90%) 4/25/23 ●		1,000,000		1,007,821
		1.953% 2/4/32 µ		725,000		687,736
		2.522% 4/22/31 µ		1,605,000		1,602,909
		3.109% 4/22/41 µ		670,000		667,640
		3.22% 3/1/25 µ		500,000		533,663
		4.005% 4/23/29 µ		900,000		1,004,596
		4.023% 12/5/24 µ		4,730,000		5,133,644
		4.60% 2/1/25 µ, ψ		1,185,000		1,199,812
		5.00% 8/1/24 µ, ψ		1,650,000		1,706,988
	Lloyds Banking Group
		2.438% 2/5/26 µ		300,000		310,862
		2.858% 3/17/23 µ		2,900,000		2,961,829
		3.50% 4/1/26 µ	EUR	200,000		265,037
	Mitsubishi UFJ Financial
		Group
		1.244% (LIBOR03M
		+ 1.06%) 9/13/21 ●		1,354,000		1,359,822
		2.193% 2/25/25		1,700,000		1,754,529
		2.559% 2/25/30		1,800,000		1,800,848
		3.218% 3/7/22		500,000		513,277
	Mizrahi Tefahot Bank
		144A 3.077%
		4/7/31 #, µ		555,000		555,208
	Mizuho Financial Group
		1.324% (LIBOR03M
		+ 1.14%) 9/13/21 ●		1,900,000		1,909,114
		2.226% 5/25/26 µ		1,600,000		1,647,065
		2.591% 5/25/31 µ		2,000,000		1,997,689
	Morgan Stanley
		1.413% (LIBOR03M
		+ 1.22%) 5/8/24 ●		2,010,000		2,042,033
		1.794% 2/13/32 µ		90,000		84,077
		2.188% 4/28/26 µ		3,705,000		3,830,359
		2.50% 4/21/21		3,500,000		3,503,445
		3.625% 1/20/27		4,000,000		4,392,467
		5.00% 11/24/25		3,125,000		3,595,278
	Nationwide Building
		Society
		144A 3.766%
		3/8/24 #, µ		800,000		845,529
		144A 4.302%
		3/8/29 #, µ		5,200,000		5,761,014
	Natwest Group
		1.664% (LIBOR03M
		+ 1.47%) 5/15/23 ●		1,000,000		1,011,737
		3.498% 5/15/23 µ		500,000		515,479
		4.80% 4/5/26		5,000,000		5,675,725
		5.125% 5/12/27 µ, ψ	GBP	500,000		725,909
		8.625% 8/15/21 µ, ψ		5,900,000		6,053,223
	PNC Bank
		2.70% 11/1/22		250,000		258,785
		4.05% 7/26/28		2,400,000		2,684,661
	PNC Financial Services
		Group 2.60%
		7/23/26		2,845,000		3,007,574
	QNB Finance
		2.625% 5/12/25		760,000		788,659
		3.50% 3/28/24		625,000		665,941
	Santander UK
		3.40% 6/1/21		500,000		502,388
		3.75% 11/15/21		200,000		204,207
	Santander UK Group
		Holdings
		3.823% 11/3/28 µ		3,200,000		3,496,896
		7.375% 6/24/22 µ, ψ	GBP	2,200,000		3,183,823
	Shinhan Financial Group
		144A 3.34%
		2/5/30 #, µ		410,000		428,433
	Societe Generale 144A
		4.25% 4/14/25 #		3,600,000		3,901,070
	Sumitomo Mitsui
		Financial Group
		1.474% 7/8/25		2,600,000		2,603,818
	SVB Financial Group
		1.80% 2/2/31		775,000		716,153
		4.10% 2/15/31 µ, ψ		2,390,000		2,397,469

53

Schedules of investments
Optimum Fixed Income Fund

				Principal
				amount°	Value (US $)
Corporate Bonds (continued)
Banking (continued)
	Truist Bank
		2.25% 3/11/30		2,095,000	$	2,046,664
		2.636% 9/17/29 µ		5,182,000		5,434,778
	Truist Financial 4.95%
		9/1/25 µ, ψ		1,465,000		1,591,356
	UBS
		5.125% 5/15/24		200,000		220,651
		7.625% 8/17/22		500,000		545,176
	UBS Group
		144A 1.364%
		1/30/27 #, µ		400,000		394,452
		144A 2.014%
		(LIBOR03M + 1.78%)
		4/14/21 #, ●		400,000		400,179
		144A 3.00%
		4/15/21 #		2,400,000		2,401,865
		144A 3.126%
		8/13/30 #, µ		2,000,000		2,097,519
		144A 4.125%
		9/24/25 #		2,940,000		3,265,952
		7.125% 8/10/21 µ, ψ		540,000		550,936
	UniCredit
		144A 4.134%
		(LIBOR03M + 3.90%)
		1/14/22 #, ●		2,200,000		2,254,487
		7.50% 6/3/26 µ, ψ	EUR	600,000		834,357
		144A 7.83%
		12/4/23 #		2,900,000		3,381,899
		9.25% 6/3/22 µ, ψ	EUR	200,000		255,774
	US Bancorp
		1.45% 5/12/25		1,565,000		1,587,338
		3.375% 2/5/24		2,915,000		3,143,186
		3.60% 9/11/24		1,275,000		1,392,970
		3.95% 11/17/25		2,820,000		3,155,526
	US Bank 3.40%
		7/24/23		815,000		870,730
	USB Capital IX 3.50%
		(LIBOR03M + 1.02%)
		6/1/21 ψ, ●		415,000		399,437
	Virgin Money UK
		3.375% 4/24/26 µ	GBP	100,000		145,779
		4.00% 9/25/26 µ	GBP	800,000		1,200,399
		4.00% 9/3/27 µ	GBP	100,000		151,579
	Wells Fargo & Co.
		3.196% 6/17/27 µ		900,000		965,333
		3.584% 5/22/28 µ		5,300,000		5,783,206
		3.90% 3/15/26 µ, ψ		3,380,000		3,415,574
						285,598,040
Basic Industry — 1.91%
	AngloGold Ashanti
		Holdings 3.75%
		10/1/30		595,000		604,545
	Avient 144A 5.75%
		5/15/25 #		60,000		63,825
	Braskem Netherlands
		Finance 4.50%
		1/10/28		800,000		823,288
	Corp Nacional del Cobre
		de Chile
		144A 3.15%
		1/14/30 #		2,770,000		2,877,473
		144A 4.25%
		7/17/42 #		200,000		217,115
	CSN Inova Ventures
		144A 6.75%
		1/28/28 #		1,695,000		1,798,268
	CSN Islands XII 144A
		7.00% 6/23/21 #, ψ		290,000		291,299
	Equate Petrochemical
		144A 4.25%
		11/3/26 #		445,000		485,148
	First Quantum Minerals
		144A 6.875%
		10/15/27 #		360,000		386,550
		144A 7.50%
		4/1/25 #		2,740,000		2,832,475
	Freeport-McMoRan
		5.45% 3/15/43		1,670,000		2,012,116
	Fresnillo 144A 4.25%
		10/2/50 #		380,000		374,053
	GC Treasury Center
		144A 4.30%
		3/18/51 #		635,000		649,911
	Georgia-Pacific
		144A 1.75%
		9/30/25 #		925,000		941,716
		144A 2.10%
		4/30/27 #		735,000		747,908
		144A 2.30%
		4/30/30 #		1,660,000		1,655,670
		8.00% 1/15/24		2,242,000		2,688,259
	Gold Fields Orogen
		Holdings BVI 144A
		6.125% 5/15/29 #		715,000		840,125
	GUSAP III 144A 4.25%
		1/21/30 #		745,000		785,431
	Huntsman International
		5.125% 11/15/22		1,000,000		1,055,185
	ICL Group 144A 6.375%
		5/31/38 #		1,245,000		1,587,375

54

				Principal
				amount°	Value (US $)
Corporate Bonds (continued)
Basic Industry (continued)
	INEOS Styrolution Group
		144A 2.25%
		1/16/27 #	EUR	500,000	$	572,400
	Inversiones CMPC 144A
		4.75% 9/15/24 #		560,000		615,098
	LyondellBasell Industries
		4.625% 2/26/55		2,615,000		2,917,944
	Methanex 5.25%
		12/15/29		2,515,000		2,598,775
	Metinvest 144A 7.65%
		10/1/27 #		616,000		665,148
	Minera Mexico 144A
		4.50% 1/26/50 #		770,000		794,263
	Newmont
		2.25% 10/1/30		2,615,000		2,549,528
		2.80% 10/1/29		3,850,000		3,964,012
	Nutrition & Biosciences
		144A 3.268%
		11/15/40 #		3,330,000		3,288,420
	OCP
		144A 4.50%
		10/22/25 #		704,000		747,687
		144A 6.875%
		4/25/44 #		210,000		245,228
	Olin
		5.00% 2/1/30		1,840,000		1,931,632
		5.625% 8/1/29		705,000		761,280
	Phosagro OAO via
		Phosagro Bond
		Funding DAC 144A
		3.949% 4/24/23 #		380,000		393,332
	Sasol Financing USA
		4.375% 9/18/26		580,000		593,137
		5.875% 3/27/24		2,450,000		2,604,595
	Sociedad Quimica y
		Minera de Chile 144A
		3.625% 4/3/23 #		495,000		518,461
	Vale Overseas 3.75%
		7/8/30		1,690,000		1,767,140
	Vedanta Resources
		Finance II 144A
		8.95% 3/11/25 #		2,485,000		2,377,872
	Volcan Cia Minera 144A
		4.375% 2/11/26 #		615,000		631,122
						54,254,809
Brokerage — 0.33%
	Banco BTG Pactual
		144A 2.75%
		1/11/26 #		215,000		203,928
		144A 4.50%
		1/10/25 #		525,000		537,330
	Charles Schwab
		4.00% 6/1/26 µ, ψ		950,000		966,435
		4.00% 12/1/30 µ, ψ		820,000		807,085
		5.375% 6/1/25 µ, ψ		2,495,000		2,762,389
	Jefferies Group
		4.15% 1/23/30		2,205,000		2,425,491
		6.45% 6/8/27		331,000		413,126
		6.50% 1/20/43		880,000		1,127,410
						9,243,194
Capital Goods — 1.02%
	Abertis Infraestructuras
		Finance 3.248%
		11/24/25 µ, ψ	EUR	1,500,000		1,806,043
	Aeropuertos Argentina
		2000 PIK 144A
		9.375% 2/1/27 #, *		726,249		584,630
	ARD Finance PIK 144A
		6.50% 6/30/27 #, >		1,170,000		1,229,963
	Bioceanico Sovereign
		Certificate 144A
		2.884% 6/5/34 #, ^		580,605		436,568
	Boeing 1.95% 2/1/24			2,000,000		2,050,286
	Bombardier 144A
		6.00% 10/15/22 #		310,000		310,581
	Caterpillar 2.60%
		4/9/30		25,000		25,620
	Cemex
		144A 3.875%
		7/11/31 #		600,000		586,830
		144A 7.375%
		6/5/27 #		545,000		617,894
	Covanta Holding 5.00%
		9/1/30		590,000		596,638
	Heathrow Funding 144A
		4.875% 7/15/23 #		200,000		201,975
	HTA Group 144A 7.00%
		12/18/25 #		755,000		804,792
	Hutama Karya Persero
		144A 3.75%
		5/11/30 #		454,000		477,312
	IHS Netherlands Holdco
		144A 7.125%
		3/18/25 #		565,000		593,956
	Klabin Austria 144A
		7.00% 4/3/49 #		460,000		550,896
	Mauser Packaging
		Solutions Holding
		144A 5.50%
		4/15/24 #		2,960,000		3,004,400

55

Schedules of investments
Optimum Fixed Income Fund

				Principal
				amount°	Value (US $)
Corporate Bonds (continued)
Capital Goods (continued)
	Otis Worldwide
		3.112% 2/15/40		1,173,000	$	1,158,041
		3.362% 2/15/50		202,000		197,871
	PowerTeam Services
		144A 9.033%
		12/4/25 #		1,680,000		1,856,400
	Reynolds Group Issuer
		144A 4.00%
		10/15/27 #		2,730,000		2,678,813
	Rolls-Royce 144A
		5.75% 10/15/27 #		1,000,000		1,065,300
	Rutas 2 and 7 Finance
		144A 3.295%
		9/30/36 #, ^		410,000		293,150
	Standard Industries
		144A 3.375%
		1/15/31 #		1,083,000		1,027,496
		144A 5.00%
		2/15/27 #		309,000		322,712
	Teledyne Technologies
		2.25% 4/1/28		1,980,000		1,971,724
		2.75% 4/1/31		1,730,000		1,725,949
	TransDigm
		5.50% 11/15/27		1,175,000		1,218,040
		144A 6.25%
		3/15/26 #		748,000		793,968
	UltraTech Cement 144A
		2.80% 2/16/31 #		660,000		621,196
						28,809,044
Communications — 4.41%
	Alibaba Group Holding
		2.70% 2/9/41		750,000		682,367
	Altice Financing 144A
		5.00% 1/15/28 #		2,040,000		2,017,050
	Altice France 144A
		2.125% 2/15/25 #	EUR	1,900,000		2,155,716
	Altice France Holding
		144A 6.00%
		2/15/28 #		1,550,000		1,530,075
	Amazon.com
		1.20% 6/3/27		620,000		607,080
		1.50% 6/3/30		1,000,000		954,095
		3.15% 8/22/27		1,700,000		1,861,658
	AT&T
		144A 2.55%
		12/1/33 #		2,673,000		2,540,433
		3.10% 2/1/43		1,264,000		1,182,136
		3.50% 6/1/41		1,680,000		1,660,785
		144A 3.50%
		9/15/53 #		1,590,000		1,472,131
	B2W Digital 144A
		4.375% 12/20/30 #		740,000		724,186
	British
		Telecommunications
		144A 3.25%
		11/8/29 #		1,700,000		1,781,204
	C&W Senior Financing
		144A 7.50%
		10/15/26 #		1,125,000		1,194,362
	CCO Holdings
		144A 4.50%
		8/15/30 #		500,000		510,228
		144A 5.00%
		2/1/28 #		900,000		952,785
	Charter Communications
		Operating
		3.70% 4/1/51		2,675,000		2,506,342
		4.464% 7/23/22		4,330,000		4,516,999
		4.80% 3/1/50		835,000		897,856
		4.908% 7/23/25		430,000		487,740
		5.05% 3/30/29		7,005,000		8,059,539
	Clear Channel Outdoor
		Holdings 144A
		7.75% 4/15/28 #		420,000		416,168
	Clear Channel
		Worldwide Holdings
		9.25% 2/15/24		477,000		497,117
	Comcast
		3.20% 7/15/36		1,830,000		1,912,945
		3.70% 4/15/24		2,970,000		3,244,534
		3.75% 4/1/40		445,000		488,918
	Connect Finco 144A
		6.75% 10/1/26 #		1,740,000		1,855,345
	CSC Holdings
		144A 3.375%
		2/15/31 #		975,000		920,156
		144A 4.625%
		12/1/30 #		890,000		876,650
	Digicel Group 0.5 PIK
		10.00% 4/1/24 *		339,979		331,437
	Discovery
		Communications
		144A 4.00%
		9/15/55 #		1,525,000		1,503,858
		4.125% 5/15/29		5,735,000		6,342,867
		5.20% 9/20/47		2,655,000		3,152,462
	Fox 3.666% 1/25/22			900,000		923,872
	JD.com 3.875%
		4/29/26		525,000		570,658
	Level 3 Financing 144A
		3.625% 1/15/29 #		1,165,000		1,130,778

56

				Principal
				amount°	Value (US $)
Corporate Bonds (continued)
Communications (continued)
	Meituan 144A 3.05%
		10/28/30 #		785,000	$	764,449
	MercadoLibre 2.375%
		1/14/26		470,000		467,359
	Millicom International
		Cellular 144A 4.50%
		4/27/31 #		410,000		427,140
	Ooredoo International
		Finance 144A 5.00%
		10/19/25 #		270,000		310,729
	Prosus 144A 3.832%
		2/8/51 #		620,000		545,906
	Sable International
		Finance 144A 5.75%
		9/7/27 #		245,000		258,934
	Sprint
		7.25% 9/15/21		300,000		307,905
		7.625% 3/1/26		200,000		245,243
	Sprint Spectrum 144A
		4.738% 3/20/25 #		1,465,000		1,573,154
	Telefonica Celular del
		Paraguay 144A
		5.875% 4/15/27 #		395,000		418,698
	Tencent Holdings
		144A 1.135%
		(LIBOR03M + 0.91%)
		4/11/24 #, ●		200,000		200,230
		144A 3.28%
		4/11/24 #		645,000		687,750
	Terrier Media Buyer
		144A 8.875%
		12/15/27 #		2,285,000		2,463,059
	Time Warner Cable
		7.30% 7/1/38		2,120,000		2,951,157
	Time Warner
		Entertainment
		8.375% 3/15/23		1,415,000		1,623,012
	T-Mobile USA
		144A 1.50%
		2/15/26 #		2,915,000		2,892,015
		144A 2.55%
		2/15/31 #		550,000		539,517
		144A 3.00%
		2/15/41 #		1,400,000		1,302,035
		144A 3.30%
		2/15/51 #		1,500,000		1,403,730
		144A 3.50%
		4/15/25 #		895,000		966,493
		144A 3.75%
		4/15/27 #		1,255,000		1,373,171
		144A 3.875%
		4/15/30 #		4,540,000		4,933,209
	Turk Telekomunikasyon
		144A 6.875%
		2/28/25 #		700,000		744,836
	Turkcell Iletisim
		Hizmetleri 144A
		5.80% 4/11/28 #		585,000		592,704
	VEON Holdings 144A
		3.375% 11/25/27 #		760,000		752,765
	Verizon Communications
		1.298% (LIBOR03M
		+ 1.10%) 5/15/25 ●		3,200,000		3,273,257
		2.10% 3/22/28		1,630,000		1,637,863
		2.55% 3/21/31		1,840,000		1,839,939
		3.40% 3/22/41		930,000		945,465
		3.55% 3/22/51		915,000		915,394
		4.125% 3/16/27		1,500,000		1,700,301
		4.50% 8/10/33		6,325,000		7,353,747
	ViacomCBS
		4.375% 3/15/43		2,945,000		3,182,414
		4.95% 1/15/31		1,955,000		2,308,364
	Vmed O2 UK Financing I
		144A 4.25%
		1/31/31 #		1,885,000		1,837,121
	Vodafone Group
		4.25% 9/17/50		1,070,000		1,180,840
		4.875% 6/19/49		4,385,000		5,218,730
	VTR Comunicaciones
		144A 4.375%
		4/15/29 #		685,000		689,795
	Zayo Group Holdings
		144A 6.125%
		3/1/28 #		725,000		745,278
	Ziggo Bond
		144A 3.375%
		2/28/30 #	EUR	500,000		579,402
		144A 5.125%
		2/28/30 #		300,000		307,125
						124,922,767
Consumer Cyclical — 2.14%
	Allison Transmission
		144A 5.875%
		6/1/29 #		1,295,000		1,417,624
	BMW US Capital 144A
		3.40% 8/13/21 #		300,000		303,399
	Boyd Gaming 4.75%
		12/1/27		2,086,000		2,130,025
	Caesars Entertainment
		144A 6.25%
		7/1/25 #		1,420,000		1,515,523
	Carnival 144A 7.625%
		3/1/26 #		1,748,000		1,880,061

57

Schedules of investments
Optimum Fixed Income Fund

				Principal
				amount°	Value (US $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
	Daimler Finance North
		America
		144A 1.094%
		(LIBOR03M + 0.90%)
		2/15/22 #, ●		1,100,000	$	1,107,512
		144A 2.00%
		7/6/21 #		400,000		401,693
		144A 2.20%
		10/30/21 #		200,000		202,130
		144A 3.40%
		2/22/22 #		500,000		513,166
		144A 3.75%
		11/5/21 #		300,000		305,961
	Ford Motor Credit
		1.463% (LIBOR03M
		+ 1.27%) 3/28/22 ●		400,000		397,457
		1.744% 7/19/24	EUR	100,000		118,073
		2.33% 11/25/25	EUR	100,000		120,586
		2.386% 2/17/26	EUR	500,000		603,856
		2.748% 6/14/24	GBP	100,000		139,215
		2.90% 2/16/28		765,000		735,930
		3.25% 9/15/25	EUR	1,000,000		1,249,249
		3.55% 10/7/22		1,500,000		1,538,430
		4.535% 3/6/25	GBP	1,100,000		1,620,705
		4.542% 8/1/26		5,205,000		5,514,437
		5.125% 6/16/25		600,000		648,750
	Future Retail 144A
		5.60% 1/22/25 #		565,000		464,340
	General Motors
		5.00% 10/1/28		939,000		1,076,765
		5.40% 10/2/23		685,000		744,225
		6.125% 10/1/25		685,000		806,290
		6.60% 4/1/36		982,000		1,276,487
	General Motors Financial
		1.075% (LIBOR03M
		+ 0.85%) 4/9/21 ●		500,000		500,041
		2.35% 1/8/31		540,000		516,351
		5.20% 3/20/23		231,000		250,612
		5.25% 3/1/26		2,570,000		2,945,988
		5.70% 9/30/30 µ, ψ		1,780,000		1,926,850
	Hilton Domestic
		Operating
		144A 3.625%
		2/15/32 #		700,000		680,295
		144A 4.00%
		5/1/31 #		2,300,000		2,304,313
	Hyundai Capital America
		144A 3.50%
		11/2/26 #		515,000		553,353
	Marriott International
		3.50% 10/15/32		900,000		935,230
	McDonald’s 0.649%
		(LIBOR03M + 0.43%)
		10/28/21 ●		2,300,000		2,305,311
	MGM China Holdings
		144A 4.75%
		2/1/27 #		525,000		533,531
	MGM Resorts
		International 4.75%
		10/15/28		1,215,000		1,257,215
	Nissan Motor
		144A 3.043%
		9/15/23 #		1,800,000		1,884,294
		144A 4.345%
		9/17/27 #		600,000		653,054
		144A 4.81%
		9/17/30 #		200,000		219,604
	Nissan Motor
		Acceptance
		144A 2.80%
		1/13/22 #		200,000		203,074
		144A 3.65%
		9/21/21 #		300,000		303,986
		144A 3.875%
		9/21/23 #		3,000,000		3,200,727
	Royal Caribbean Cruises
		144A 5.50%
		4/1/28 #		1,270,000		1,277,938
	Sands China
		3.80% 1/8/26		400,000		426,868
		4.375% 6/18/30		490,000		519,542
		5.40% 8/8/28		1,800,000		2,060,892
	Scientific Games
		International 144A
		8.25% 3/15/26 #		1,890,000		2,030,247
	Six Flags Entertainment
		144A 4.875%
		7/31/24 #		1,225,000		1,238,781
	Toyota Industries 144A
		3.11% 3/12/22 #		1,600,000		1,638,307
	Turkiye Sise ve Cam
		Fabrikalari 144A
		6.95% 3/14/26 #		570,000		611,005
	Volkswagen Group of
		America Finance
		144A 1.051%
		(LIBOR03M + 0.86%)
		9/24/21 #, ●		1,500,000		1,505,512
		144A 4.00%
		11/12/21 #		500,000		510,987
	Wolverine World Wide
		144A 5.00%
		9/1/26 #		400,000		406,750

58

				Principal
				amount°	Value (US $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
	Wynn Macau 144A
		5.625% 8/26/28 #		440,000	$	460,757
						60,693,304
Consumer Non-Cyclical – 3.52%
	AbbVie
		2.85% 5/14/23		900,000		939,039
		2.95% 11/21/26		2,650,000		2,823,544
		3.20% 5/14/26		500,000		540,524
		3.25% 10/1/22		300,000		310,393
		3.45% 3/15/22		1,000,000		1,023,203
		3.75% 11/14/23		1,200,000		1,293,111
		4.05% 11/21/39		3,193,000		3,579,599
	Adani Ports & Special
		Economic Zone 144A
		3.10% 2/2/31 #		1,185,000		1,125,846
	Amgen 2.20% 2/21/27			3,300,000		3,387,095
	Anheuser-Busch InBev
		Worldwide
		4.15% 1/23/25		1,945,000		2,162,616
		4.50% 6/1/50		2,240,000		2,545,828
	Auna 144A 6.50%
		11/20/25 #		690,000		736,806
	Bacardi 144A 4.45%
		5/15/25 #		500,000		556,337
	BAT Capital 2.259%
		3/25/28		1,500,000		1,478,247
	BAT International
		Finance 1.668%
		3/25/26		1,065,000		1,054,864
	Bausch Health 144A
		6.25% 2/15/29 #		3,257,000		3,466,753
	Bellis Acquisition 144A
		3.25% 2/16/26 #	GBP	3,300,000		4,575,084
	Biogen 3.15% 5/1/50			3,195,000		2,939,576
	Boston Scientific
		3.375% 5/15/22		400,000		413,010
		4.00% 3/1/29		3,300,000		3,673,187
	Centene
		3.375% 2/15/30		1,000,000		1,010,935
		144A 5.375%
		8/15/26 #		745,000		787,763
	CVS Health
		1.875% 2/28/31		320,000		300,839
		3.75% 4/1/30		780,000		851,832
		4.30% 3/25/28		6,944,000		7,890,139
		4.78% 3/25/38		1,030,000		1,217,750
		5.05% 3/25/48		5,000		6,148
	CVS Pass Through Trust
		144A 5.773%
		1/10/33 #, ◆		68,684		79,947
	Danone 144A 2.589%
		11/2/23 #		1,500,000		1,566,331
	Equifax 1.064%
		(LIBOR03M + 0.87%)
		8/15/21 ●		700,000		701,653
	Gilead Sciences 4.15%
		3/1/47		3,305,000		3,680,652
	Global Payments
		2.65% 2/15/25		1,839,000		1,933,244
		2.90% 5/15/30		593,000		605,828
		3.20% 8/15/29		3,380,000		3,563,674
	HCA
		4.125% 6/15/29		3,400,000		3,771,693
		7.58% 9/15/25		30,000		35,850
	IHS Markit 3.625%
		5/1/24		600,000		644,634
	Imperial Brands Finance
		144A 3.75%
		7/21/22 #		470,000		485,706
	JBS Investments II 144A
		5.75% 1/15/28 #		385,000		406,718
	Kernel Holding 144A
		6.50% 10/17/24 #		375,000		399,165
	MHP 144A 7.75%
		5/10/24 #		520,000		558,446
	Minerva Luxembourg
		144A 4.375%
		3/18/31 #		800,000		783,100
	New York and
		Presbyterian Hospital
		4.063% 8/1/56		690,000		801,857
	Pernod Ricard 144A
		4.25% 7/15/22 #		150,000		156,921
	Pilgrim’s Pride 144A
		5.875% 9/30/27 #		1,458,000		1,564,361
	Prestige Brands 144A
		3.75% 4/1/31 #		965,000		922,781
	Prime Security Services
		Borrower 144A
		6.25% 1/15/28 #		3,020,000		3,148,048
	Rede D’or Finance 144A
		4.50% 1/22/30 #		710,000		698,044
	Regeneron
		Pharmaceuticals
		1.75% 9/15/30		825,000		763,963
	Royalty Pharma 144A
		1.75% 9/2/27 #		7,625,000		7,411,250
	Takeda Pharmaceutical
		2.05% 3/31/30		1,315,000		1,268,413
		3.025% 7/9/40		985,000		954,720
		3.175% 7/9/50		985,000		943,412

59

Schedules of investments
Optimum Fixed Income Fund

				Principal
				amount°	Value (US $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
	Tenet Healthcare
		5.125% 5/1/25		2,395,000	$	2,431,644
		144A 6.125%
		10/1/28 #		1,815,000		1,896,675
	Teva Pharmaceutical
		Finance Netherlands II
		1.125% 10/15/24	EUR	300,000		334,427
	Teva Pharmaceutical
		Finance Netherlands
		III 6.75% 3/1/28		1,066,000		1,199,596
	Ulker Biskuvi Sanayi
		144A 6.95%
		10/30/25 #		1,055,000		1,109,290
	United Rentals North
		America 3.875%
		2/15/31		869,000		874,974
	Universal Health Services
		144A 5.00%
		6/1/26 #		210,000		215,998
	Viatris
		144A 1.65%
		6/22/25 #		320,000		321,450
		144A 2.30%
		6/22/27 #		265,000		267,597
		144A 2.70%
		6/22/30 #		1,940,000		1,918,045
		144A 4.00%
		6/22/50 #		450,000		459,752
	Zimmer Biomet Holdings
		3.15% 4/1/22		300,000		306,498
						99,876,425
Energy – 3.76%
	Abu Dhabi Crude Oil
		Pipeline 144A 4.60%
		11/2/47 #		330,000		373,539
	BP Capital Markets
		4.875% 3/22/30 µ, Ψ		2,465,000		2,646,794
	Chevron USA 3.90%
		11/15/24		565,000		622,406
	CNX Resources 144A
		6.00% 1/15/29 #		2,785,000		2,899,338
	Crestwood Midstream
		Partners 144A 6.00%
		2/1/29 #		1,737,000		1,714,202
	Ecopetrol
		5.375% 6/26/26		360,000		404,330
		6.875% 4/29/30		635,000		774,325
	Enable Midstream
		Partners 4.95%
		5/15/28		700,000		772,333
	Energean Israel Finance
		144A 4.875%
		3/30/26 #		660,000		665,362
	Energy Transfer
		5.25% 4/15/29		1,100,000		1,252,927
		5.50% 6/1/27		3,200,000		3,695,051
		6.25% 4/15/49		4,420,000		5,199,256
	Energy Transfer Partners
		5.00% 10/1/22		1,500,000		1,576,088
	EnfraGen Energia Sur
		144A 5.375%
		12/30/30 #		845,000		833,588
	Enterprise Products
		Operating 3.20%
		2/15/52		4,365,000		3,993,036
	EQT 7.625% 2/1/25			1,100,000		1,267,508
	Equinor 1.75% 1/22/26			655,000		670,652
	Galaxy Pipeline Assets
		Bidco
		144A 1.75%
		9/30/27 #		1,385,000		1,386,502
		144A 2.625%
		3/31/36 #		1,475,000		1,414,237
		144A 2.94%
		9/30/40 #		745,000		720,664
	Gazprom via Gaz
		Finance 144A 3.25%
		2/25/30 #		535,000		512,765
	Geopark
		144A 5.50%
		1/17/27 #		645,000		655,610
		144A 6.50%
		9/21/24 #		200,000		207,369
	Greenko Solar Mauritius
		144A 5.95%
		7/29/26 #		540,000		578,745
	Indika Energy Capital IV
		144A 8.25%
		10/22/25 #		395,000		417,416
	KazMunayGas National
		JSC 144A 6.375%
		10/24/48 #		121,000		155,021
	KazTransGas JSC 144A
		4.375% 9/26/27 #		2,256,000		2,520,760
	Kinder Morgan 3.60%
		2/15/51		1,205,000		1,124,758
	Kinder Morgan Energy
		Partners 5.00%
		10/1/21		620,000		626,696

60

			Principal
			amount°	Value (US $)
Corporate Bonds (continued)
Energy (continued)
	Lukoil Securities 144A
		3.875% 5/6/30 #	2,230,000	$	2,302,586
	Marathon Oil 4.40%
		7/15/27	7,615,000		8,389,442
	MPLX
		1.75% 3/1/26	685,000		686,520
		4.125% 3/1/27	2,000,000		2,221,941
	Murphy Oil 5.875%
		12/1/27	2,587,000		2,537,692
	NuStar Logistics
		5.625% 4/28/27	205,000		214,834
		6.375% 10/1/30	2,337,000		2,531,263
	Oil and Gas Holding
		144A 7.625%
		11/7/24 #	200,000		223,280
	ONEOK
		4.35% 3/15/29	1,500,000		1,637,271
		7.50% 9/1/23	2,840,000		3,239,941
	PDC Energy 5.75%
		5/15/26	1,205,000		1,251,392
	Pertamina Persero 144A
		3.65% 7/30/29 #	197,000		206,850
	Petrobras Global Finance
		5.999% 1/27/28	3,500,000		3,850,000
		6.75% 6/3/50	640,000		684,336
		6.85% 6/5/15	1,700,000		1,750,150
		7.25% 3/17/44	600,000		688,080
	Petroleos Mexicanos
		5.95% 1/28/31	600,000		577,137
		6.49% 1/23/27	1,213,000		1,269,502
		6.50% 1/23/29	934,000		945,147
		6.75% 9/21/47	230,000		196,020
	Petronas Capital
		144A 3.50%
		4/21/30 #	440,000		471,557
		144A 4.55%
		4/21/50 #	700,000		831,797
		144A 4.80%
		4/21/60 #	1,100,000		1,392,665
	PTTEP Treasury Center
		144A 2.587%
		6/10/27 #	695,000		715,718
	Rio Oil Finance Trust
		Series 2014-1 9.25%
		7/6/24	116,133		129,199
	Sabine Pass Liquefaction
		5.625% 3/1/25	1,455,000		1,664,513
		5.75% 5/15/24	8,496,000		9,591,563
		6.25% 3/15/22	400,000		415,508
	Saudi Arabian Oil
		144A 3.50%
		11/24/70 #	505,000		449,200
		144A 4.25%
		4/16/39 #	530,000		572,848
	SEPLAT Petroleum
		Development 144A
		7.75% 4/1/26 #	560,000		562,100
	Southwestern Energy
		7.75% 10/1/27	2,050,000		2,194,781
	Targa Resources Partners
		5.375% 2/1/27	1,530,000		1,590,251
	Tengizchevroil Finance
		Co International
		144A 2.625%
		8/15/25 #	484,000		489,899
	Tennessee Gas Pipeline
		144A 2.90%
		3/1/30 #	8,165,000		8,139,473
	Transportadora de Gas
		del Sur 144A 6.75%
		5/2/25 #	370,000		320,328
	Tullow Oil 144A 7.00%
		3/1/25 #	365,000		310,250
	UEP Penonome II 144A
		6.50% 10/1/38 #	555,000		561,599
	Woodside Finance 144A
		3.70% 9/15/26 #	400,000		427,104
	YPF 144A 8.50%
		6/27/29 #	985,000		631,996
					106,547,011
Finance Companies – 1.51%
	AerCap Ireland Capital
		DAC
		1.75% 1/30/26	590,000		573,440
		3.50% 1/15/25	300,000		314,805
		3.65% 7/21/27	2,700,000		2,835,486
		4.45% 10/1/25	1,200,000		1,304,699
		4.45% 4/3/26	150,000		162,469
		4.50% 9/15/23	460,000		495,004
		4.625% 7/1/22	1,100,000		1,150,827
		4.625% 10/15/27	745,000		818,136
		6.50% 7/15/25	1,350,000		1,574,389
	Air Lease
		2.875% 1/15/26	2,050,000		2,128,519
		3.00% 2/1/30	2,850,000		2,793,605
		3.375% 7/1/25	670,000		708,397
		4.25% 2/1/24	900,000		977,129
	Aircastle 4.125%
		5/1/24	2,500,000		2,643,206

61

Schedules of investments
Optimum Fixed Income Fund

				Principal
				amount°	Value (US $)
Corporate Bonds (continued)
Finance Companies (continued)
	ASG Finance Designated
		Activity 144A 7.875%
		12/3/24 #		545,000	$	519,113
	Aviation Capital Group
		144A 3.875%
		5/1/23 #		1,000,000		1,044,381
	BOC Aviation
		2.375% 9/15/21		600,000		602,475
		144A 2.625%
		9/17/30 #		580,000		559,208
		3.00% 5/23/22		300,000		304,995
	DAE Funding
		144A 1.625%
		2/15/24 #		1,500,000		1,483,125
		144A 3.375%
		3/20/28 #		2,330,000		2,319,930
		3.375% 3/20/28		2,700,000		2,688,331
	DAE Sukuk DIFC 144A
		3.75% 2/15/26 #		527,000		543,798
	GATX 0.915%
		(LIBOR03M + 0.72%)
		11/5/21 ●		2,100,000		2,107,263
	GE Capital UK Funding
		Unlimited 5.875%
		1/18/33	GBP	300,000		560,845
	Goodman HK Finance
		4.375% 6/19/24		1,095,000		1,192,526
	Kaisa Group Holdings
		9.375% 6/30/24		630,000		606,334
	Logicor Financing 3.25%
		11/13/28	EUR	3,400,000		4,641,244
	OneMain Finance
		6.125% 3/15/24		1,500,000		1,621,875
	ORIX 3.20% 1/19/22			500,000		510,420
	Park Aerospace Holdings
		144A 5.25%
		8/15/22 #		135,000		141,770
	Samhallsbyggnadsbolaget
		i Norden 1.125%
		9/4/26	EUR	900,000		1,078,376
	Shimao Group Holdings
		5.60% 7/15/26		790,000		852,732
	SMBC Aviation Capital
		Finance DAC 144A
		3.00% 7/15/22 #		400,000		409,896
	Yuzhou Group Holdings
		7.70% 2/20/25		510,000		444,944
						42,713,692
Insurance – 0.42%
	AIA Group
		144A 3.375%
		4/7/30 #		375,000		400,977
		144A 3.90%
		4/6/28 #		1,000,000		1,093,691
	Ambac Assurance 144A
		5.10% #, **		29,743		40,896
	Ambac LSNI 144A
		6.00% (LIBOR03M +
		5.00%) 2/12/23 #, ●		108,935		109,344
	AssuredPartners 144A
		7.00% 8/15/25 #		978,000		1,013,907
	Athene Global Funding
		144A 1.424%
		(LIBOR03M + 1.23%)
		7/1/22 #, ●		700,000		707,631
	Athora Netherlands
		2.375% 5/17/24	EUR	2,100,000		2,551,688
	Brighthouse Financial
		5.625% 5/15/30		850,000		997,374
	Fairfax Financial
		Holdings 4.625%
		4/29/30		1,000,000		1,093,386
	GTCR AP Finance 144A
		8.00% 5/15/27 #		417,000		448,796
	MetLife 3.85%
		9/15/25 µ, Ψ		1,520,000		1,573,200
	Prudential Financial
		3.70% 3/13/51		1,660,000		1,760,509
						11,791,399
Real Estate Investment Trusts – 0.69%
	American Tower
		3.00% 6/15/23		600,000		631,568
		3.375% 5/15/24		500,000		536,369
	American Tower Trust
		#1 144A 3.07%
		3/15/48 #		1,285,000		1,301,588
	Crown Castle
		International
		3.80% 2/15/28		2,115,000		2,306,755
		4.30% 2/15/29		2,745,000		3,079,932
	CubeSmart 3.00%
		2/15/30		1,153,000		1,172,785
	CyrusOne 1.45%
		1/22/27	EUR	1,400,000		1,656,896
	EPR Properties 4.50%
		6/1/27		1,700,000		1,745,670
	Equinix 5.375%
		5/15/27		350,000		376,462
	GLP Capital 4.00%
		1/15/30		2,600,000		2,709,525

62

				Principal
				amount°	Value (US $)
Corporate Bonds (continued)
Real Estate Investment Trusts (continued)
	Iron Mountain 144A
		5.25% 7/15/30 #		1,085,000	$	1,120,859
	MGM Growth Properties
		Operating Partnership
		5.75% 2/1/27		145,000		160,080
	MPT Operating
		Partnership 3.692%
		6/5/28	GBP	1,600,000		2,303,118
	Trust Fibra UNO 144A
		5.25% 1/30/26 #		560,000		620,623
						19,722,230
Technology – 0.87%
	Black Knight InfoServ
		144A 3.625%
		9/1/28 #		1,145,000		1,126,520
	Broadcom
		3.459% 9/15/26		2,353,000		2,526,549
		4.11% 9/15/28		1,052,000		1,151,902
	CommScope
		Technologies 144A
		5.00% 3/15/27 #		1,798,000		1,784,524
	Dell International
		144A 5.45%
		6/15/23 #		600,000		655,969
		144A 6.02%
		6/15/26 #		400,000		473,952
	Fiserv 3.50% 7/1/29			3,500,000		3,780,385
	NXP
		144A 2.70%
		5/1/25 #		180,000		188,921
		144A 3.40%
		5/1/30 #		350,000		370,148
		144A 3.875%
		6/18/26 #		3,250,000		3,582,165
		144A 4.30%
		6/18/29 #		142,000		159,087
		144A 4.625%
		6/1/23 #		1,000,000		1,083,769
		144A 4.875%
		3/1/24 #		3,280,000		3,647,035
	Oracle
		2.875% 3/25/31		1,360,000		1,385,560
		3.65% 3/25/41		740,000		749,871
		3.95% 3/25/51		740,000		764,178
	SK Hynix 144A 2.375%
		1/19/31 #		1,275,000		1,208,238
						24,638,773
Transportation – 1.16%
	Aerovias de Mexico
		144A 7.00%
		2/5/25 #, ‡		855,000		468,113
	American Airlines
		2015-1 Class A Pass
		Through Trust
		3.375% 11/1/28 ◆		1,017,716		991,335
	American Airlines
		2016-3 Class AA Pass
		Through Trust 3.00%
		4/15/30 ◆		1,068,413		1,080,174
	American Airlines
		2019-1 Class AA Pass
		Through Trust 3.15%
		8/15/33 ◆		94,586		94,139
	Ashtead Capital 144A
		5.25% 8/1/26 #		400,000		420,640
	Azul Investments 144A
		5.875% 10/26/24 #		830,000		732,952
	British Airways 2018-1
		Class AA Pass
		Through Trust 144A
		3.80% 3/20/33 #, ◆		1,275,259		1,328,874
	Delta Air Lines
		3.625% 3/15/22		500,000		505,663
		144A 7.00%
		5/1/25 #		5,800,000		6,686,162
		7.375% 1/15/26		1,734,000		2,029,607
	Delta Air Lines 2007-1
		Class A Pass Through
		Trust 6.821%
		2/10/24 ◆		168,481		176,136
	Doric Nimrod Air Finance
		Alpha 2012-1 Class A
		Pass Through Trust
		144A 5.125%
		11/30/24 #, ◆		533,320		531,664
	ERAC USA Finance
		144A 2.70%
		11/1/23 #		300,000		315,063
		144A 4.50%
		8/16/21 #		200,000		203,014
	Kansas City Southern
		3.00% 5/15/23		500,000		521,618
	Lima Metro Line
		2 Finance 144A
		4.35% 4/5/36 #		695,000		737,054
	Mileage Plus Holdings
		144A 6.50%
		6/20/27 #		3,375,000		3,704,063
	Movida Europe 144A
		5.25% 2/8/31 #		490,000		470,750

63

Schedules of investments
Optimum Fixed Income Fund

				Principal
				amount°	Value (US $)
Corporate Bonds (continued)
Transportation (continued)
	Penske Truck Leasing
		144A 3.95%
		3/10/25 #		1,000,000	$	1,092,452
		144A 4.45%
		1/29/26 #		2,100,000		2,354,317
		144A 4.875%
		7/11/22 #		300,000		316,382
	Southwest Airlines
		5.125% 6/15/27		2,425,000		2,790,149
		5.25% 5/4/25		2,380,000		2,709,986
	Union Pacific 3.25%
		2/5/50		765,000		754,729
	United Airlines 2020-1
		Class A Pass Through
		Trust 5.875%
		4/15/29 ◆		1,463,738		1,626,034
	US Airways 2012-2 Class
		A Pass Through Trust
		4.625% 12/3/26 ◆		368,368		348,279
						32,989,349
Utilities – 2.43%
	Adani Electricity Mumbai
		144A 3.949%
		2/12/30 #		475,000		480,011
	AEP Texas 2.40%
		10/1/22		200,000		205,479
	AES Gener 144A
		7.125% 3/26/79 #, µ		605,000		650,898
	American Transmission
		Systems 144A 5.25%
		1/15/22 #		1,955,000		2,016,622
	Calpine
		144A 4.50%
		2/15/28 #		453,000		457,485
		144A 5.00%
		2/1/31 #		1,535,000		1,500,463
		144A 5.125%
		3/15/28 #		454,000		456,754
	Centrais Eletricas
		Brasileiras
		144A 3.625%
		2/4/25 #		200,000		201,756
		144A 4.625%
		2/4/30 #		565,000		565,904
	Cikarang Listrindo 144A
		4.95% 9/14/26 #		540,000		553,527
	Clean Renewable Power
		Mauritius 144A
		4.25% 3/25/27 #		815,000		823,150
	CLP Power Hong Kong
		Financing 2.875%
		4/26/23		240,000		249,653
	Duke Energy 4.875%
		9/16/24 µ, ψ		2,330,000		2,467,470
	Duke Energy Indiana
		3.25% 10/1/49		1,265,000		1,250,690
	Electricite de France
		2.875%
		12/15/26 µ, ψ	EUR	1,400,000		1,712,424
	Enel Finance
		International 144A
		2.875% 5/25/22 #		1,100,000		1,128,394
	Engie Energia Chile
		144A 4.50%
		1/29/25 #		515,000		561,505
	ENN Energy Holdings
		144A 2.625%
		9/17/30 #		605,000		582,339
	Entergy 4.00% 7/15/22			300,000		311,644
	Entergy Arkansas 4.20%
		4/1/49		870,000		976,235
	Entergy Louisiana
		4.95% 1/15/45		235,000		254,999
	Entergy Mississippi
		3.85% 6/1/49		1,465,000		1,541,625
	Entergy Texas 3.55%
		9/30/49		700,000		698,510
	Essential Utilities
		2.704% 4/15/30		695,000		701,896
		3.351% 4/15/50		675,000		654,966
	Evergy 4.85% 6/1/21			225,000		225,000
	Evergy Kansas Central
		3.45% 4/15/50		1,185,000		1,204,027
	Exelon 2.45% 4/15/21			200,000		200,113
	FirstEnergy 3.35%
		7/15/22		200,000		203,077
	FirstEnergy Transmission
		144A 4.55%
		4/1/49 #		875,000		924,205
	Infraestructura
		Energetica Nova
		144A 3.75%
		1/14/28 #		225,000		239,906
		144A 4.875%
		1/14/48 #		595,000		594,042
	Israel Electric 144A
		5.00% 11/12/24 #		532,000		598,726
	Kallpa Generacion 144A
		4.125% 8/16/27 #		870,000		928,064

64

			Principal
			amount°	Value (US $)
Corporate Bonds (continued)
Utilities (continued)
	Louisville Gas and
		Electric 4.25%
		4/1/49	2,685,000	$	3,064,396
	Mong Duong Finance
		Holdings 144A
		5.125% 5/7/29 #	995,000		1,002,627
	NextEra Energy Capital
		Holdings
		0.55% (SOFR +
		0.54%) 3/1/23 ●	100,000		100,279
		0.65% 3/1/23	2,800,000		2,809,484
		2.403% 9/1/21	1,700,000		1,714,717
	NiSource 5.65%
		6/15/23 µ, ψ	875,000		904,531
	Oryx Funding 144A
		5.80% 2/3/31 #	660,000		684,338
	Pacific Gas and Electric
		1.573% (LIBOR03M
		+ 1.375%)
		11/15/21 ●	2,200,000		2,204,408
		2.10% 8/1/27	9,195,000		9,015,829
		2.50% 2/1/31	735,000		694,070
		3.25% 6/1/31	420,000		419,041
		3.30% 3/15/27	700,000		730,693
		3.30% 8/1/40	1,796,000		1,631,242
		3.50% 6/15/25	400,000		424,450
		3.50% 8/1/50	1,100,000		957,858
		4.50% 7/1/40	1,100,000		1,118,103
	Pedernales Electric
		Cooperative 144A
		6.202% 11/15/32 #	620,000		736,007
	Perusahaan Listrik
		Negara
		144A 3.875%
		7/17/29 #	605,000		635,934
		144A 4.125%
		5/15/27 #	300,000		322,925
		144A 5.25%
		5/15/47 #	540,000		594,675
	PG&E 5.25% 7/1/30		2,970,000		3,151,913
	Saudi Electricity Global
		Sukuk Co. 4 4.222%
		1/27/24	715,000		774,023
	Sempra Energy 4.875%
		10/15/25 µ, ψ	1,055,000		1,131,488
	Southern California
		Edison
		3.65% 2/1/50	1,525,000		1,511,248
		4.00% 4/1/47	880,000		907,956
		4.875% 3/1/49	2,330,000		2,711,223
	Systems Energy
		Resources 2.14%
		12/9/25	800,000		781,760
	Trans-Allegheny
		Interstate Line 144A
		3.85% 6/1/25 #	165,000		177,210
	Vistra Operations 144A
		5.50% 9/1/26 #	1,784,000		1,850,900
					68,884,887
Total Corporate Bonds
	(cost $934,509,441)				970,684,924
Municipal Bonds – 0.60%
	American Municipal
		Power, Ohio
	(Combined Hydroelectric
		Projects - Build
		America Bonds)
		Series B 8.084%
		2/15/50	1,500,000		2,583,180
	Chicago, Illinois Transit
		Authority Sales Tax
		Receipts Revenue
	(Pension Funding)
		Series A 6.899%
		12/1/40	1,800,000		2,517,318
	(Retiree Health Care
		Funding) Series B
		6.899% 12/1/40	1,800,000		2,517,318
	New Jersey
		Transportation Trust
		Fund Authority
	(Build America Bonds)
		Series C 5.754% 12/15/28	1,590,000		1,896,441
	New York State Urban
		Development
	(Build America Bonds)
		Series E 5.77%
		3/15/39	800,000		976,240
	Municipal Electric
		Authority of Georgia
	(Build America Bonds
		Plant Vogtle Units 3 &
		4 Project) 6.655%
		4/1/57	1,767,000		2,550,417
	New York City, New York
		Transitional Finance
		Authority Future Tax
		Secured Revenue
	(Build America Bonds)
		Subordinate Series A-1
		5.508% 8/1/37	700,000		915,348

65

Schedules of investments
Optimum Fixed Income Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
	Oregon State Taxable
		Pension
		5.892% 6/1/27	30,000	$	36,631
	South Carolina Public
		Service Authority
	(Santee Cooper) Series D
		4.77% 12/1/45	145,000		174,271
	California State Various
		Purposes
	(High-Speed Passenger
		Train Bonds) Series C
		0.891% (LIBOR01M
		+ 0.78%) 4/1/47 ●	1,250,000		1,251,187
	Pennsylvania Higher
		Education Assistance
		Agency Revenue
	(Student Loans)
		Series 2006-2 A-3
		0.348% (LIBOR03M
		+ 0.13%) 10/25/36 ●	373,695		367,074
	West Virginia Tobacco
		Settlement Finance
		Authority
		(Class 1 Senior
		Current Interest
		Bonds)
		Series A
		1.82% 6/1/26	250,000		251,760
		Series A
		2.351% 6/1/28	300,000		303,480
		Series A
		2.551% 6/1/29	300,000		304,758
		Series A
		2.951% 6/1/31	500,000		503,465
Total Municipal Bonds
	(cost $15,465,312)				17,148,888
Non-Agency Asset-Backed Securities – 2.29%
	ABFC Trust
		Series 2006-HE1 A2D
		0.329% (LIBOR01M
		+ 0.22%, Floor
		0.22%) 1/25/37 ●	308,626		218,820
	Argent Securities Trust
		Series 2006-M1 A2C
		0.259% (LIBOR01M
		+ 0.15%, Floor
		0.15%) 7/25/36 ●	1,194,578		514,532
		Series 2006-W4 A2C
		0.429% (LIBOR01M
		+ 0.32%, Floor
		0.32%) 5/25/36 ●	626,476		233,181
	Bear Stearns Asset-
		Backed Securities I
		Trust
		Series 2005-FR1 M2
		1.114% (LIBOR01M
		+ 1.005%, Floor
		1.005%) 6/25/35 ●	1,502,634		1,490,920
	Bear Stearns Asset-
		Backed Securities
		Trust
		Series 2007-SD1 22A1
		2.829% 10/25/36 ●	111,445		76,957
	Bear Stearns Second
		Lien Trust
		Series 2007-SV1A M2
		144A 1.459%
		(LIBOR01M + 1.35%,
		Cap 11.00%, Floor
		1.35%) 1/25/36 #, ●	115,737		115,536
	Centex Home Equity
		Loan Trust
		Series 2002-A AF6
		5.54% 1/25/32	378		390
	CIT Mortgage Loan Trust
		Series 2007-1 1M1
		144A 1.609%
		(LIBOR01M + 1.50%,
		Floor 1.50%)
		10/25/37 #, ●	3,600,000		3,666,062
	Citicorp Residential
		Mortgage Trust
		Series 2006-3 A5
		5.076% 11/25/36 ●	588,250		605,490
	Countrywide Asset-
		Backed Certificates
		Series 2004-3 2A
		0.509% (LIBOR01M
		+ 0.40%, Floor
		0.40%) 8/25/34 ●	39,030		37,686
		Series 2006-1 AF6
		4.551% 7/25/36 ●	89,912		91,520
		Series 2006-26 2A4
		0.329% (LIBOR01M
		+ 0.22%, Floor
		0.22%) 6/25/37 ●	1,707,721		1,654,167
		Series 2007-6 2A4
		0.419% (LIBOR01M
		+ 0.31%, Floor
		0.31%) 9/25/37 ●	924,317		777,932
	CWABS Asset-Backed
		Certificates Trust
		Series 2005-3 MV7
		2.059% (LIBOR01M
		+ 1.95%, Floor
		1.95%) 8/25/35 ●	4,200,000		4,303,872

66

			Principal
			amount°	Value (US $)
Non-Agency Asset-Backed Securities (continued)
	CWABS Asset-Backed
		Certificates Trust
		Series 2006-11 1AF6
		6.15% 9/25/46 ●	77,430	$	79,842
		Series 2006-17 2A2
		0.259% (LIBOR01M
		+ 0.15%, Floor
		0.15%) 3/25/47 ●	1,061,139		1,044,020
	DataBank Issuer
		Series 2021-1A A2
		144A 2.06%
		2/27/51 #	1,600,000		1,586,107
	Discover Card Execution
		Note Trust
		Series 2019-A1 A1
		3.04% 7/15/24	400,000		408,803
	EquiFirst Mortgage Loan
		Trust
		Series 2004-2 M7
		3.109% (LIBOR01M
		+ 3.00%, Floor
		3.00%) 10/25/34 ●	662,361		691,136
	First Franklin Mortgage
		Loan Trust
		Series 2006-FF5 2A3
		0.429% (LIBOR01M
		+ 0.32%, Floor
		0.32%) 4/25/36 ●	687,074		666,944
	Ford Credit Auto Lease
		Trust
		Series 2021-A B
		0.47% 5/15/24	1,300,000		1,295,182
	Fremont Home Loan
		Trust
		Series 2004-B M1
		0.979% (LIBOR01M
		+ 0.87%, Floor
		0.87%) 5/25/34 ●	2,355,931		2,309,726
	GE-WMC Mortgage
		Securities Trust
		Series 2006-1 A2B
		0.409% (LIBOR01M
		+ 0.30%, Floor
		0.30%) 8/25/36 ●	1,919,836		1,172,335
	GSAMP Trust
		Series 2006-FM3 A2D
		0.339% (LIBOR01M
		+ 0.23%, Floor
		0.23%) 11/25/36 ●	908,018		561,077
		Series 2007-SEA1 A
		144A 0.409%
		(LIBOR01M + 0.30%,
		Floor 0.30%)
		12/25/36 #, ●	690,775		670,667
	Hardee’s Funding
		Series 2018-1A A2II
		144A 4.959%
		6/20/48 #	487,500		512,411
	Harley-Davidson
		Motorcycle Trust
		Series 2020-A A2A
		1.83% 1/17/23	234,950		235,519
	HOA Funding
		Series 2014-1A A2
		144A 4.846%
		8/20/44 #	1,222,350		1,208,574
	Home Equity Mortgage
		Loan Asset-Backed
		Trust
		Series 2007-A 2A3
		0.349% (LIBOR01M
		+ 0.24%, Floor
		0.24%) 4/25/37 ●	1,278,574		974,429
	HSI Asset Securitization
		Trust
		Series 2006-HE1 2A1
		0.159% (LIBOR01M
		+ 0.05%, Floor
		0.05%) 10/25/36 ●	24,932		12,987
	Hyundai Auto
		Receivables Trust
		Series 2020-C A2
		0.26% 9/15/23	300,000		300,056
	JPMorgan Mortgage
		Acquisition Trust
		Series 2006-CW2 AV5
		0.349% (LIBOR01M
		+ 0.24%, Floor
		0.24%) 8/25/36 ●	469,284		463,874
	Long Beach Mortgage
		Loan Trust
		Series 2006-1 2A4
		0.709% (LIBOR01M
		+ 0.60%, Floor
		0.60%) 2/25/36 ●	2,784,725		2,529,336
		Series 2006-7 1A
		0.264% (LIBOR01M
		+ 0.155%, Floor
		0.155%) 8/25/36 ●	2,709,393		1,727,224
	Mercedes-Benz Auto
		Lease Trust
		Series 2019-B A2
		2.01% 12/15/21	32,603		32,624

67

Schedules of investments
Optimum Fixed Income Fund

			Principal
			amount°	Value (US $)
Non-Agency Asset-Backed Securities (continued)
	Mercedes-Benz Auto
		Lease Trust
		Series 2020-A A2
		1.82% 3/15/22	159,007 $	$	159,336
	Mercedes-Benz Master
		Owner Trust
		Series 2019-BA A
		144A 2.61%
		5/15/24 #	500,000		512,781
	Morgan Stanley ABS
		Capital I Trust
		Series 2007-HE1 A2C
		0.259% (LIBOR01M
		+ 0.15%, Floor
		0.15%) 11/25/36 ●	4,400,022		3,224,146
		Series 2007-HE5 A2D
		0.449% (LIBOR01M
		+ 0.34%, Floor
		0.34%) 3/25/37 ●	3,197,314		1,788,236
	New Century Home
		Equity Loan Trust
		Series 2005-1 M2
		0.829% (LIBOR01M
		+ 0.72%, Cap
		12.50%, Floor
		0.72%) 3/25/35 ●	233,600		231,579
	Nissan Auto Lease Trust
		Series 2020-A A2A
		1.80% 5/16/22	485,658		486,532
	Option One Mortgage
		Loan Trust
		Series 2005-1 M1
		0.889% (LIBOR01M
		+ 0.78%, Floor
		0.78%) 2/25/35 ●	1,617,422		1,610,775
		Series 2007-4 2A4
		0.419% (LIBOR01M
		+ 0.31%, Floor
		0.31%) 4/25/37 ●	5,781,522		4,059,904
	PFS Financing
		Series 2020-G A
		144A 0.97%
		2/15/26 #	2,000,000		2,007,957
		Series 2021-A A 144A
		0.71% 4/15/26 #	1,800,000		1,790,814
	RAAC Trust
		Series 2005-SP2 2A
		0.709% (LIBOR01M
		+ 0.30%, Cap
		14.00%, Floor
		0.60%) 6/25/44 ●	277,543		250,926
	RAMP Trust
		Series 2007-RZ1 A2
		0.269% (LIBOR01M
		+ 0.16%, Cap
		14.00%, Floor
		0.16%) 2/25/37 ●	15,611		15,602
	Sofi Professional Loan
		Program
		Series 2016-F A2
		144A 3.02%
		2/25/40 #	181,644		187,449
	Soundview Home Loan
		Trust
		Series 2006-OPT1 2A4
		0.379% (LIBOR01M
		+ 0.27%, Floor
		0.27%) 3/25/36 ●	231,893		227,123
	Structured Asset
		Investment Loan Trust
		Series 2003-BC2 M1
		1.489% (LIBOR01M
		+ 1.38%, Floor
		1.38%) 4/25/33 ●	15,778		15,814
	Structured Asset
		Securities Mortgage
		Loan Trust
		Series 2006-BC1 A6
		0.379% (LIBOR01M
		+ 0.27%, Floor
		0.27%) 3/25/36 ●	1,303,722		1,234,354
		Series 2006-BC2 A1
		0.264% (LIBOR01M
		+ 0.155%, Floor
		0.155%) 9/25/36 ●	3,753,438		2,937,086
	Tesla Auto Lease Trust
		Series 2021-A A2
		144A 0.36%
		3/20/25 #	310,000		309,966
	Towd Point Mortgage
		Trust
		Series 2017-1 A1
		144A 2.75%
		10/25/56 #, ●	571,179		580,929
		Series 2017-2 A1
		144A 2.75%
		4/25/57 #, ●	71,719		72,792
		Series 2017-4 M1
		144A 3.25%
		6/25/57 #, ●	615,000		643,717
		Series 2018-1 A1
		144A 3.00%
		1/25/58 #, ●	354,551		365,142

68

			Principal
			amount°	Value (US $)
Non-Agency Asset-Backed Securities (continued)
	Towd Point Mortgage
		Trust
		Series 2019-4 A1
		144A 2.90%
		10/25/59 #, ●	9,097,932	$	9,504,734
	Wendy’s Funding
		Series 2018-1A A2I
		144A 3.573%
		3/15/48 #	464,400		477,361
Total Non-Agency Asset-Backed Securities
	(cost $63,493,633)				64,964,993
Non-Agency Collateralized Mortgage Obligations –
1.96%
	Alternative Loan Trust
		Resecuritization
		Series 2008-2R 3A1
		6.00% 8/25/37 ●	949,963		716,654
	ARM Mortgage Trust
		Series 2004-5 3A1
		2.458% 4/25/35 ●	3,708		3,703
		Series 2005-10 3A31
		2.723% 1/25/36 ●	97,463		95,442
		Series 2006-2 1A4
		3.338% 5/25/36 ●	454,953		444,536
	Banc of America Funding
		Trust
		Series 2005-E 7A1
		1.887% (COF 11 +
		1.43%, Floor 1.43%)
		6/20/35 ●	88,135		77,447
		Series 2006-I 1A1
		2.455% 12/20/36 ●	137,870		142,820
	Banc of America
		Mortgage Trust
		Series 2003-D 2A1
		4.403% 5/25/33 ●	77,790		80,556
	Bear Stearns ARM Trust
		Series 2003-5 2A1
		2.945% 8/25/33 ●	23,114		23,329
	Chase Mortgage Finance
		Trust
		Series 2005-A1 3A1
		2.97% 12/25/35 ●	53,691		52,815
	CHL Mortgage Pass
		Through Trust
		Series 2007-4 1A1
		6.00% 5/25/37 ◆	804,570		551,040
	Connecticut Avenue
		Securities Trust
		Series 2018-R07 1M2
		144A 2.509%
		(LIBOR01M + 2.40%)
		4/25/31 #, ●	473,319		474,060
	Connecticut Avenue
		Securities Trust
		Series 2019-R01 2M2
		144A 2.559%
		(LIBOR01M + 2.45%)
		7/25/31 #, ●	299,038		299,599
		Series 2019-R02 1M2
		144A 2.409%
		(LIBOR01M + 2.30%,
		Floor 2.30%)
		8/25/31 #, ●	1,521,210		1,523,658
		Series 2019-R07 1M2
		144A 2.209%
		(LIBOR01M + 2.10%)
		10/25/39 #, ●	2,036,980		2,038,444
		Series 2020-R01 1M2
		144A 2.159%
		(LIBOR01M + 2.05%,
		Floor 2.05%)
		1/25/40 #, ●	2,500,000		2,496,374
	CSMC Mortgage-Backed
		Trust
		Series 2005-1R 2A5
		144A 5.75%
		12/26/35 #	794,292		705,115
		Series 2007-1 5A14
		6.00% 2/25/37	185,215		164,480
		Series 2007-3 4A6
		0.359% (LIBOR01M
		+ 0.25%, Cap
		7.00%, Floor 0.25%)
		4/25/37 ●	144,288		123,257
		Series 2007-3 4A12
		6.641% (6.75%
		minus LIBOR01M,
		Cap 6.75%)
		4/25/37 Σ, ●	144,288		33,294
		Series 2007-3 4A15
		5.50% 4/25/37	64,068		60,568
	GMACM Mortgage Loan
		Trust
		Series 2006-J1 A1
		5.75% 4/25/36	23,144		23,014
	GSR Mortgage Loan
		Trust
		Series 2007-AR1 2A1
		2.908% 3/25/47 ●	475,804		384,091
	JPMorgan Alternative
		Loan Trust
		Series 2007-A2 11A1
		0.289% (LIBOR01M
		+ 0.18%, Cap
		11.50%, Floor
		0.18%) 6/25/37 ●	3,780,675		2,683,111

69

Schedules of investments
Optimum Fixed Income Fund

				Principal
				amount°	Value (US $)
Non-Agency Collateralized Mortgage
Obligations (continued)
	JPMorgan Mortgage
		Trust
		Series 2006-A6 2A4L
		3.13% 10/25/36 ●		246,476	$	223,360
		Series 2006-A7 2A2
		3.057% 1/25/37 ●		52,681		49,418
		Series 2007-A1 6A1
		3.155% 7/25/35 ●		61,940		63,067
		Series 2014-2 B1
		144A 3.411%
		6/25/29 #, ●		38,714		39,789
		Series 2014-2 B2
		144A 3.411%
		6/25/29 #, ●		38,714		39,633
		Series 2015-4 B1
		144A 3.601%
		6/25/45 #, ●		648,252		672,882
		Series 2015-4 B2
		144A 3.601%
		6/25/45 #, ●		277,063		285,985
		Series 2015-5 B2
		144A 2.482%
		5/25/45 #, ●		550,093		564,653
		Series 2015-6 B1
		144A 3.55%
		10/25/45 #, ●		279,541		289,629
		Series 2015-6 B2
		144A 3.55%
		10/25/45 #, ●		271,986		280,440
		Series 2016-4 B1
		144A 3.847%
		10/25/46 #, ●		210,275		219,848
		Series 2016-4 B2
		144A 3.847%
		10/25/46 #, ●		383,150		397,568
		Series 2017-1 B3
		144A 3.509%
		1/25/47 #, ●		905,831		920,663
		Series 2017-2 A3
		144A 3.50%
		5/25/47 #, ●		118,512		120,258
		Series 2020-2 A3
		144A 3.50%
		7/25/50 #, ●		472,136		481,376
		Series 2020-5 A3
		144A 3.00%
		12/25/50 #, ●		2,575,257		2,604,731
		Series 2020-7 A3
		144A 3.00%
		1/25/51 #, ●		1,113,778		1,126,827
		Series 2021-1 A3
		144A 2.50%
		6/25/51 #, ●		1,077,599		1,090,648
	Lanark Master Issuer
		Series 2019-1A 1A1
		144A 0.952%
		(LIBOR03M + 0.77%)
		12/22/69 #, ●		453,333		453,985
	Lehman Mortgage Trust
		Series 2007-10 2A2
		6.50% 1/25/38		1,310,869		677,846
	Ludgate Funding
		Series 2006-1X A2A
		0.26% (BP0003M +
		0.19%) 12/1/60 ●	GBP	1,289,215		1,716,997
		Series 2008-W1X A1
		0.69% (BP0003M +
		0.60%) 1/1/61 ●	GBP	536,149		725,927
	Mansard Mortgages
		Series 2007-1X A2
		0.208% (BP0003M +
		0.18%) 4/15/47 ●	GBP	598,558		793,296
	MASTR Alternative Loan
		Trust
		Series 2004-3 8A1
		7.00% 4/25/34		1,337		1,364
		Series 2004-5 6A1
		7.00% 6/25/34		20,312		21,094
	MASTR ARM Trust
		Series 2004-4 4A1
		2.851% 5/25/34 ●		46,222		47,302
	Merrill Lynch Mortgage
		Investors Trust
		Series 2004-A1 2A2
		2.432% 2/25/34 ●		2,647		2,723
	Morgan Stanley
		Residential Mortgage
		Loan Trust
		Series 2020-1 A2A
		144A 2.50%
		12/25/50 #, ●		972,525		986,733
		Series 2021-1 A2
		144A 2.50%
		3/25/51 #, ●		850,000		862,750
	New Residential
		Mortgage Loan Trust
		Series 2018-RPL1 A1
		144A 3.50%
		12/25/57 #, ●		243,899		255,055
		Series 2019-RPL3 A1
		144A 2.75%
		7/25/59 #, ●		4,902,380		5,109,737
	RALI Series Trust
		Series 2007-QA5 2A1
		5.726% 9/25/37 ●		2,657,762		2,288,541

70

				Principal
				amount°	Value (US $)
Non-Agency Collateralized Mortgage
Obligations (continued)
	RALI Series Trust
		Series 2007-QH8 A
		1.272% 10/25/37 ●		1,588,607	$	1,524,657
	RCKT Mortgage Trust
		Series 2021-1 A1
		144A 2.50%
		3/25/51 #, ●		900,000		919,980
	Reperforming Loan
		REMIC Trust
		Series 2006-R1 AF1
		144A 0.458%
		(LIBOR01M + 0.34%,
		Cap 9.50%, Floor
		0.34%) 1/25/36 #, ●		767,054		744,889
	RFMSI Series Trust
		Series 2004-S9 2A1
		4.75% 12/25/19		28		29
	Sequoia Mortgage Trust
		Series 2004-5 A3
		0.82% (LIBOR06M +
		0.56%, Cap 11.50%,
		Floor 0.56%)
		6/20/34 ●		112,173		111,101
		Series 2007-1 4A1
		3.112% 9/20/46 ●		318,067		247,550
		Series 2015-1 B2
		144A 3.893%
		1/25/45 #, ●		227,257		233,468
		Series 2017-5 B2
		144A 3.828%
		8/25/47 #, ●		3,032,018		3,180,681
		Series 2019-CH1 A1
		144A 4.50%
		3/25/49 #, ●		150,478		152,346
		Series 2020-4 A2
		144A 2.50%
		11/25/50 #, ●		886,955		897,695
	Structured ARM Loan
		Trust
		Series 2006-1 7A4
		3.123% 2/25/36 ●		169,370		163,166
	Structured Asset
		Mortgage
		Investments II Trust
		Series 2005-AR5 A2
		0.61% (LIBOR01M +
		0.50%, Cap 11.00%,
		Floor 0.50%)
		7/19/35 ●		203,253		196,544
	Trinity Square
		Series 2021-1A A
		144A 0.897%
		(SONIA3M + 0.85%)
		7/15/59 #, ●	GBP	4,200,000		5,790,693
	WaMu Mortgage Pass
		Through Certificates
		Trust
		Series 2005-AR16 1A3
		2.742%
		12/25/35 ◆, ●		238,640		240,818
		Series 2007-HY1 3A3
		3.18% 2/25/37 ◆, ●		163,992		161,588
		Series 2007-HY7 4A1
		3.325%
		7/25/37 ◆, ●		325,899		326,065
	Wells Fargo Mortgage-
		Backed Securities
		Trust
		Series 2006-AR5 2A1
		2.803% 4/25/36 ●		16,605		16,440
		Series 2006-AR11 A6
		3.132% 8/25/36 ●		162,599		160,167
		Series 2020-1 A1
		144A 3.00%
		12/25/49 #, ●		330,159		335,351
		Series 2020-3 A1
		144A 3.00%
		6/25/50 #, ●		2,693,851		2,739,090
		Series 2020-4 A1
		144A 3.00%
		7/25/50 #, ●		724,466		736,988
Total Non-Agency Collateralized Mortgage
	Obligations
	(cost $56,488,959)					55,490,838
Non-Agency Commercial Mortgage-Backed Securities –
4.36%
	BANK
		Series 2017-BNK5 A5
		3.39% 6/15/60		1,430,000		1,554,874
		Series 2017-BNK5 B
		3.896% 6/15/60 ●		605,000		656,671
		Series 2017-BNK7 A5
		3.435% 9/15/60		1,110,000		1,210,707
		Series 2019-BN20 A3
		3.011% 9/15/62		8,000,000		8,409,604
		Series 2019-BN21 A5
		2.851% 10/17/52		2,100,000		2,181,597
	Benchmark Mortgage
		Trust
		Series 2018-B1 A5
		3.666% 1/15/51 ●		2,310,000		2,546,318
		Series 2020-B17 A5
		2.289% 3/15/53		3,460,000		3,438,951
		Series 2020-B20 A5
		2.034% 10/15/53		10,650,000		10,328,195

71

Schedules of investments
Optimum Fixed Income Fund

			Principal
			amount°	Value (US $)
Non-Agency Commercial Mortgage-Backed
Securities (continued)
	Benchmark Mortgage
		Trust
		Series 2020-B21 A5
		1.978% 12/17/53	650,000	$	626,628
		Series 2020-B22 A5
		1.973% 1/15/54	650,000		624,656
		Series 2021-B24 A5
		2.584% 3/15/54	5,990,000		6,064,048
	Cantor Commercial Real
		Estate Lending
		Series 2019-CF1 A5
		3.786% 5/15/52	2,340,000		2,579,406
		Series 2019-CF2 A5
		2.874% 11/15/52	4,000,000		4,175,101
		Series 2019-CF3 A4
		3.006% 1/15/53	800,000		845,635
	CD Mortgage Trust
		Series 2017-CD6 B
		3.911% 11/13/50 ●	440,000		466,902
		Series 2019-CD8 A4
		2.912% 8/15/57	8,775,000		9,106,449
	CFCRE Commercial
		Mortgage Trust
		Series 2016-C7 A3
		3.839% 12/10/54	3,100,000		3,415,024
	Citigroup Commercial
		Mortgage Trust
		Series 2014-GC25 A4
		3.635% 10/10/47	785,000		849,493
		Series 2015-GC27 A5
		3.137% 2/10/48	1,400,000		1,494,363
		Series 2016-P3 A4
		3.329% 4/15/49	1,305,000		1,405,705
		Series 2017-C4 A4
		3.471% 10/12/50	635,000		692,239
		Series 2019-C7 A4
		3.102% 12/15/72	6,450,000		6,824,928
	COMM Mortgage Trust
		Series 2013-WWP A2
		144A 3.424%
		3/10/31 #	1,100,000		1,155,432
		Series 2014-CR20 AM
		3.938% 11/10/47	2,225,000		2,397,329
		Series 2015-3BP A
		144A 3.178%
		2/10/35 #	605,000		642,213
		Series 2015-CR23 A4
		3.497% 5/10/48	780,000		847,439
		Series 2016-CR28 A4
		3.762% 2/10/49	2,330,000		2,566,124
	DB-JPM Mortgage Trust
		Series 2016-C1 A4
		3.276% 5/10/49	900,000		967,691
	GS Mortgage Securities
		Trust
		Series 2015-GC32 A4
		3.764% 7/10/48	1,000,000		1,096,491
		Series 2017-GS5 A4
		3.674% 3/10/50	1,280,000		1,410,476
		Series 2017-GS6 A3
		3.433% 5/10/50	1,935,000		2,101,834
		Series 2018-GS9 A4
		3.992% 3/10/51 ●	570,000		637,968
		Series 2019-GC39 A4
		3.567% 5/10/52	1,250,000		1,365,384
		Series 2019-GC42 A4
		3.001% 9/1/52	5,000,000		5,265,816
		Series 2020-GC47 A5
		2.377% 5/12/53	716,000		717,459
	JPM-BB Commercial
		Mortgage Securities
		Trust
		Series 2015-C31 A3
		3.801% 8/15/48	8,967,272		9,794,641
		Series 2015-C33 A4
		3.77% 12/15/48	570,000		627,438
	JPM-DB Commercial
		Mortgage Securities
		Trust
		Series 2016-C2 A4
		3.144% 6/15/49	1,640,000		1,749,638
		Series 2016-C4 A3
		3.141% 12/15/49	1,065,000		1,144,836
		Series 2017-C7 A5
		3.409% 10/15/50	2,395,000		2,604,036
	JPMorgan Chase
		Commercial Mortgage
		Securities Trust
		Series 2013-LC11 B
		3.499% 4/15/46	355,000		354,039
		Series 2016-JP2 AS
		3.056% 8/15/49	1,250,000		1,305,670
		Series 2016-WIKI A
		144A 2.798%
		10/5/31 #	705,000		706,960
		Series 2016-WIKI B
		144A 3.201%
		10/5/31 #	690,000		691,903
	LB-UBS Commercial
		Mortgage Trust
		Series 2006-C6 AJ
		5.452% 9/15/39 ●	420,352		243,603

72

			Principal
			amount°	Value (US $)
Non-Agency Commercial Mortgage-Backed
Securities (continued)
	Morgan Stanley Bank of
		America Merrill Lynch
		Trust
		Series 2015-C26 A5
		3.531% 10/15/48	960,000	$	1,050,935
		Series 2015-C27 ASB
		3.557% 12/15/47	2,043,858		2,161,830
		Series 2016-C29 A4
		3.325% 5/15/49	1,445,000		1,559,154
	Morgan Stanley Capital I
		Trust
		Series 2014-CPT AM
		144A 3.402%
		7/13/29 #, ●	2,200,000		2,199,749
		Series 2019-L3 A4
		3.127% 11/15/52	1,000,000		1,054,702
	UBS-Barclays
		Commercial Mortgage
		Trust
		Series 2013-C5 B
		144A 3.649%
		3/10/46 #, ●	480,000		487,326
	Wells Fargo Commercial
		Mortgage Trust
		Series 2014-LC18 A5
		3.405% 12/15/47	275,000		297,079
		Series 2015-NXS3 A4
		3.617% 9/15/57	510,000		558,290
		Series 2016-BNK1 A3
		2.652% 8/15/49	1,220,000		1,281,658
		Series 2017-C38 A5
		3.453% 7/15/50	905,000		985,324
		Series 2020-C58 A4
		2.092% 7/15/53	2,300,000		2,233,263
Total Non-Agency Commercial Mortgage-
	Backed Securities
	(cost $121,304,585)				123,761,224
Loan Agreements – 3.15%
	Acrisure Tranche B
		3.703% (LIBOR03M
		+ 3.50%) 2/15/27 ●	411,379		407,162
	Advantage Sales &
		Marketing 1st Lien
		6.00% (LIBOR03M +
		5.25%) 10/28/27 ●	1,381,538		1,381,661
	American Airlines
		Tranche B 2.106%
		(LIBOR01M + 2.00%)
		12/14/23 ●	519,013		495,807
	Applied Systems 1st Lien
		3.50% (LIBOR03M +
		3.00%) 9/19/24 ●	847,433		853,788
	Applied Systems 2nd
		Lien 6.25%
		(LIBOR03M + 5.50%)
		9/19/25 ●	2,110,000		2,125,825
	Aramark Services
		Tranche B-3 1.859%
		(LIBOR01M + 1.75%)
		3/11/25 ●	359,075		355,869
	Array Technologies
		3.75% (LIBOR01M +
		3.25%) 10/14/27 ●	811,391		811,898
	Aruba Investments
		Holdings 1st Lien
		4.75% (LIBOR03M +
		4.00%) 11/24/27 ●	355,000		356,331
	Aruba Investments
		Holdings 2nd Lien
		8.50% (LIBOR03M +
		7.75%) 11/24/28 ●	355,000		358,550
	AssuredPartners 3.609%
		(LIBOR01M + 3.50%)
		2/12/27 ●	945,470		936,162
	Avantor Tranche B-4
		3.25% (LIBOR01M +
		2.25%) 11/8/27 ●	832,913		834,266
	Ball Metalpack Finco
		2nd Lien 9.75%
		(LIBOR03M + 8.75%)
		7/31/26 ●	79,000		75,050
	Bausch Health 3.109%
		(LIBOR01M + 3.00%)
		6/2/25 ●	268,192		267,599
	Berry Global Tranche Z
		1.898% (LIBOR03M
		+ 1.75%) 7/1/26 ●	689,741		684,299
	Blue Ribbon 1st Lien
		5.137% (LIBOR03M
		+ 3.00%) 11/15/21 ●	370,723		363,656
	Boxer Parent 3.859%
		(LIBOR01M + 3.75%)
		10/2/25 ●	339,490		338,429
	Buckeye Partners Tranche
		B 1st Lien 2.359%
		(LIBOR03M + 2.25%)
		11/1/26 ●	304,206		302,959
	BW Gas &
		Convenience Holdings
		Tranche B TBD
		3/17/28 X	1,055,000		1,056,319
	BWay Holding 3.443%
		(LIBOR03M + 3.25%)
		4/3/24 ●	154,783		151,577

73

Schedules of investments
Optimum Fixed Income Fund

			Principal
			amount°	Value (US $)
Loan Agreements (continued)
	Caesars Resort
		Collection Tranche B
		TBD 12/23/24 X	1,600,000	$	1,577,000
	Caesars Resort
		Collection Tranche
		B-1 4.609%
		(LIBOR01M + 4.50%)
		7/21/25 ●	2,192,025		2,199,011
	Calpine
		2.11% (LIBOR01M +
		2.00%) 4/5/26 ●	245,625		243,322
		2.61% (LIBOR01M +
		2.50%) 12/2/27 ●	258,178		257,026
	Camelot US Acquisition l
		4.00% (LIBOR01M +
		3.00%) 10/30/26 ●	648,375		648,375
	Carnival 8.50%
		(LIBOR01M + 7.50%)
		6/30/25 ●	496,250		513,619
	CenturyLink Tranche B
		2.359% (LIBOR01M
		+ 2.25%) 3/15/27 ●	994,962		984,780
	Change Healthcare
		Holdings 3.50%
		(LIBOR01M + 2.50%)
		3/1/24 ●	180,312		180,290
	Charter Communications
		Operating Tranche
		B2 1.87%
		(LIBOR01M + 1.75%)
		2/1/27 ●	483,625		481,721
	Chemours Tranche B-2
		1.86% (LIBOR01M +
		1.75%) 4/3/25 ●	889,719		872,370
	CityCenter Holdings
		3.00% (LIBOR01M +
		2.25%) 4/18/24 ●	902,987		892,890
	Connect US Finco
		4.50% (LIBOR01M +
		3.50%) 12/11/26 ●	642,510		640,904
	Core & Main 3.75%
		(LIBOR03M + 2.75%)
		8/1/24 ●	538,308		537,467
	Coty Tranche A TBD
		4/5/23 X	1,700,000		1,942,090
	CSC Holdings
		2.356% (LIBOR01M
		+ 2.25%) 7/17/25 ●	312,813		308,981
		2.606% (LIBOR01M
		+ 2.50%) 4/15/27 ●	288,399		285,593
	DaVita Tranche B-1
		1.859% (LIBOR01M
		+ 1.75%) 8/12/26 ●	796,890		793,293
	EFS Cogen Holdings I
		Tranche B 4.50%
		(LIBOR03M + 3.50%)
		10/1/27 ●	648,398		647,066
	Ensemble RCM 3.962%
		(LIBOR03M + 3.75%)
		8/3/26 ●	362,480		362,405
	Epicor Software
		Tranche C 4.00%
		(LIBOR01M + 3.25%)
		7/30/27 ●	1,328,325		1,326,526
	Epicor Software 2nd Lien
		8.75% (LIBOR01M +
		7.75%) 7/31/28 ●	735,000		761,950
	ESH Hospitality 2.109%
		(LIBOR01M + 2.00%)
		9/18/26 ●	459,597		457,171
	ExamWorks Group
		Tranche B-1 4.25%
		(LIBOR03M + 3.25%)
		7/27/23 ●	718,153		718,859
	Frontier Communications
		5.75% (LIBOR01M +
		4.75%) 10/8/21 ●	1,370,000		1,374,281
	Garda World Security
		Tranche B-2 4.25%
		(LIBOR01M + 4.25%)
		10/30/26 ●	191,971		192,291
	Gardner Denver
		Tranche B-1 1.859%
		(LIBOR03M + 1.75%)
		3/1/27 ●	672,523		665,798
	Global Medical
		Response 5.75%
		(LIBOR03M + 4.75%)
		10/2/25 ●	2,019,937		2,016,465
	Granite US Holdings
		Tranche B 4.203%
		(LIBOR03M + 4.00%)
		9/30/26 ●	136,150		135,980
	Gray Television
		Tranche B-2 2.365%
		(LIBOR01M + 2.25%)
		2/7/24 ●	1,018,322		1,013,469
	Grupo Aeromexico
		9.00% (LIBOR03M +
		8.00%) 12/31/21 =,
		●	1,300,000		1,300,000
		13.50% (LIBOR03M
		+ 12.50%)
		8/19/22 =, ●	1,057,614		1,057,614

74

			Principal
			amount°	Value (US $)
Loan Agreements (continued)
	Hamilton Projects
		Acquiror 5.75%
		(LIBOR03M + 4.75%)
		6/17/27 ●	1,870,863	$	1,879,281
	HCA Tranche B-12
		1.859% (LIBOR01M
		+ 1.75%) 3/13/25 ●	1,285,548		1,286,955
	Heartland Dental
		3.609% (LIBOR01M
		+ 3.50%) 4/30/25 ●	830,732		818,848
	Hilton Worldwide
		Finance Tranche B-2
		1.868% (LIBOR01M
		+ 1.75%) 6/22/26 ●	1,172,387		1,163,154
	HUB International
		2.965% (LIBOR03M
		+ 2.75%) 4/25/25 ●	729,375		719,965
	Informatica 3.359%
		(LIBOR01M + 3.25%)
		2/25/27 ●	1,304,134		1,295,576
	Informatica 2nd Lien
		7.125% 2/25/25	1,018,000		1,043,026
	Invictus 1st Lien 3.109%
		(LIBOR01M + 3.00%)
		3/28/25 ●	217,281		215,380
	IQVIA Tranche B-3
		1.953% (LIBOR03M
		+ 1.75%) 6/11/25 ●	539,738		537,444
	IRB Holding 4.25%
		(LIBOR03M + 3.25%)
		12/15/27 ●	2,493,750		2,491,301
	Iron Mountain
		Information
		Management
		Tranche B 1.859%
		(LIBOR01M + 1.75%)
		1/2/26 ●	617,388		610,056
	JBS USA LUX 2.109%
		(LIBOR01M + 2.00%)
		5/1/26 ●	161,700		160,750
	Kenan Advantage Group
		Tranche B TBD
		3/12/26 X	463,838		462,533
	LS Group OpCo
		Acquisition 4.25%
		(LIBOR03M + 3.50%)
		11/2/27 ●	837,900		840,693
	Milano Acquisition
		Tranche B 4.75%
		(LIBOR03M + 4.00%)
		10/1/27 ●	1,206,975		1,203,958
	Mileage Plus Holdings
		6.25% (LIBOR03M +
		5.25%) 6/21/27 ●	1,000,000		1,064,514
	Numericable US Tranche
		B-11 2.859%
		(LIBOR01M + 2.75%)
		7/31/25 ●	348,229		341,845
	Numericable US Tranche
		B-13 4.198%
		(LIBOR03M + 4.00%)
		8/14/26 ●	131,963		131,715
	ON Semiconductor
		Tranche B-4 2.109%
		(LIBOR01M + 2.00%)
		9/19/26 ●	1,274,770		1,273,895
	Penn National Gaming
		Tranche B-1 3.00%
		(LIBOR01M + 2.25%)
		10/15/25 ●	875,617		872,772
	Peraton Tranche B 1st
		Lien 4.50%
		(LIBOR03M + 3.75%)
		2/1/28 ●	382,259		382,419
	PG&E Tranche B 3.50%
		(LIBOR03M + 3.00%)
		6/23/25 ●	1,960,188		1,961,413
	PQ 4.00% (LIBOR03M +
		3.00%) 2/7/27 ●	410,862		411,632
	PQ Tranche B 2.462%
		(LIBOR03M + 2.25%)
		2/8/27 ●	534,032		531,028
	Prestige Brands Tranche
		B-4 2.115%
		(LIBOR01M + 2.00%)
		1/26/24 ●	271,615		271,785
	Pretium PKG Holdings
		1st Lien 4.75%
		(LIBOR06M + 4.00%)
		11/5/27 ●	598,500		598,750
	Prime Security Services
		Borrower Tranche B-1
		3.50% (LIBOR01M +
		2.75%) 9/23/26 ●	409,460		407,998
	RealPage TBD 2/18/28 X		1,000,000		996,458
	Reynolds Group
		Holdings Tranche
		B-2 3.359%
		(LIBOR01M + 3.25%)
		2/5/26 ●	473,813		469,222
	RP Crown Parent
		Tranche B-1 4.00%
		(LIBOR01M + 3.00%)
		2/2/26 ●	972,650		974,474
	Russell Investments US
		Institutional Holdco
		4.00% (LIBOR06M +
		3.00%) 5/30/25 ●	425,673		424,183

75

Schedules of investments
Optimum Fixed Income Fund

				Principal
				amount°	Value (US $)
Loan Agreements (continued)
	Ryan Specialty Group
		Tranche B-1 3.75%
		(LIBOR01M + 3.00%)
		9/1/27 ●		592,025	$	593,505
	Scientific Games
		International Tranche
		B-5 2.859%
		(LIBOR01M + 2.75%)
		8/14/24 ●		1,789,937		1,757,718
	Sinclair Television Group
		Tranche B 2.36%
		(LIBOR01M + 2.25%)
		1/3/24 ●		1,306,423		1,300,544
	Solenis International 1st
		Lien 4.19%
		(LIBOR03M + 4.00%)
		6/26/25 ●		579,019		578,114
	Spirit Aerosystems
		6.00% (LIBOR01M +
		5.25%) 1/15/25 ●		783,038		789,889
	SS&C Technologies
		Tranche B-3 1.859%
		(LIBOR01M + 1.75%)
		4/16/25 ●		221,136		219,201
	SS&C Technologies
		Tranche B-4 1.859%
		(LIBOR01M + 1.75%)
		4/16/25 ●		165,112		163,677
	Stars Group Holdings
		3.703% (LIBOR03M
		+ 3.50%) 7/10/25 ●		128,954		129,357
	Syncsort Tranche B 1st
		Lien TBD 3/20/28 X		1,355,000		1,352,459
	Tecta America 4.609%
		(LIBOR01M + 4.50%)
		11/20/25 ●		202,517		201,504
	Telenet Financing
		Tranche AR 2.106%
		(LIBOR01M + 2.00%)
		4/30/28 ●		545,000		538,911
	Terrier Media Buyer
		Tranche B 3.609%
		(LIBOR01M + 3.50%)
		12/17/26 ●		516,476		512,562
	Titan
		Acquisition 3.267%
		(LIBOR03M + 3.00%)
		3/28/25 ●		56,744		55,715
	Transdigm Tranche F
		2.359% (LIBOR01M
		+ 2.25%) 12/9/25 ●		591,701		580,136
	TricorBraun
		3.75% (LIBOR06M +
		3.25%) 3/3/28 ●		395,941		392,941
	TricorBraun
		3.75% (LIBOR06M +
		3.25%) 3/3/28 ●		2,969		2,948
	UKG 4.00% (LIBOR03M
		+ 3.25%) 5/4/26 ●		3,457,647		3,460,077
	Ultimate Software Group
		1st Lien 3.859%
		(LIBOR01M + 3.75%)
		5/4/26 ●		1,956,609		1,956,474
	United Rentals (North
		America) 1.859%
		(LIBOR01M + 1.75%)
		10/31/25 ●		48,750		48,963
	US Foods 1.859%
		(LIBOR01M + 1.75%)
		6/27/23 ●		3,290,508		3,251,907
	USI 3.453% (LIBOR03M
		+ 3.25%) 12/2/26 ●		165,604		164,185
	USI Tranche B 3.203%
		(LIBOR03M + 3.00%)
		5/16/24 ●		1,407,251		1,392,802
	USIC Holdings Tranche B
		4.00% (LIBOR01M +
		3.00%) 12/8/23 ●		473,861		472,578
	Vertical Midco Tranche B
		4.478% (LIBOR03M
		+ 4.25%) 7/30/27 ●		1,181,436		1,185,374
	Vistra Operations 1.86%
		(LIBOR01M + 1.75%)
		12/31/25 ●		518,690		515,648
	Whole Earth Brands
		5.50% (LIBOR03M +
		4.50%) 2/2/28 ●		680,000		676,600
	Zayo Group Holdings
		TBD 3/9/27 X		3,300,000		3,277,755
	Zekelman Industries
		2.11% (LIBOR01M +
		2.00%) 1/24/27 ●		271,817		268,816
Total Loan Agreements
	(cost $88,613,861)					89,229,197
Regional Bond — 0.08%Δ
Spain — 0.08%
	Autonomous Community
		of Catalonia
		4.90% 9/15/21	EUR	1,800,000		2,160,993
						2,160,993
Total Regional Bond
	(cost $2,011,841)					2,160,993

76

				Principal
				amount°	Value (US $)
Sovereign Bonds – 3.42%Δ
Albania – 0.01%
	Albania Government
		International Bond
		144A 3.50%
		6/16/27 #	EUR	150,000	$	187,710
						187,710
Angola – 0.01%
	Angolan Government
		International Bonds
		144A 8.25% 5/9/28
		#		200,000		192,470
		8.25% 5/9/28		200,000		192,470
						384,940
Argentina – 0.01%
	Argentine Republic
		Government
		International Bonds
		0.125% 7/9/30 ~		645,050		217,092
		0.125% 7/9/35 ~		674,580		202,718
		1.00% 7/9/29		57,007		20,551
						440,361
Armenia – 0.01%
	Republic of Armenia
		International Bond
		144A 3.60%
		2/2/31 #		200,000		183,928
						183,928
Azerbaijan – 0.01%
	Republic of Azerbaijan
		International Bond
		144A 3.50%
		9/1/32 #		319,000		316,125
						316,125
Bahrain – 0.01%
	Bahrain Government
		International Bond
		144A 7.375%
		5/14/30 #		300,000		334,140
						334,140
Bermuda – 0.01%
	Bermuda Government
		International Bond
		144A 2.375%
		8/20/30 #		200,000		196,500
						196,500
Brazil – 0.81%
	Brazil Letras do Tesouro
		Nacional
		3.666% 10/1/21 ^	BRL	47,200,000		8,219,555
		4.071% 1/1/22 ^	BRL	82,700,000		14,203,345
	Brazilian Government
		International Bonds
		3.875% 6/12/30		223,000		216,725
		4.75% 1/14/50		233,000		212,163
						22,851,788
Chile – 0.02%
	Chile Government
		International Bonds
		2.55% 1/27/32		258,000		260,632
		3.50% 1/25/50		200,000		204,140
						464,772
Colombia – 0.02%
	Colombia Government
		International Bonds
		3.00% 1/30/30		272,000		266,899
		4.00% 2/26/24		202,000		215,034
		5.00% 6/15/45		200,000		213,832
						695,765
Cyprus – 0.05%
	Cyprus Government
		International Bond
		3.875% 5/6/22	EUR	1,200,000		1,472,976
						1,472,976
Dominican Republic – 0.05%
	Dominican Republic
		International Bonds
		144A 4.50% 1/30/30
		#		367,000		371,587
		144A 4.875%
		9/23/32 #		450,000		460,125
		144A 6.00% 7/19/28
		#		435,000		491,115
						1,322,827
Ecuador – 0.01%
	Ecuador Government
		International Bonds
		144A 0.50% 7/31/30
		#, ~		125,307		73,619
		144A 0.50% 7/31/35
		#, ~		328,384		151,057
		144A 0.50% 7/31/40
		#, ~		278,501		121,148
		144A 6.61% 7/31/30
		#, ^		35,470		14,366
						360,190

77

Schedules of investments
Optimum Fixed Income Fund

				Principal
				amount°		Value (US $)
Sovereign Bonds Δ(continued)
Egypt – 0.14%
	Egypt Government
		International Bonds
		144A 5.577%
		2/21/23 #		2,620,000	$	2,733,197
		144A 5.75% 5/29/24
		#		591,000		621,443
		7.903% 2/21/48		400,000		377,786
		144A 8.70% 3/1/49
		#		359,000		360,893
						4,093,319
El Salvador – 0.01%
	El Salvador Government
		International Bond
		144A 7.125%
		1/20/50 #		275,000		246,813
						246,813
Gabon – 0.01%
	Gabon Government
		International Bond
		144A 6.625%
		2/6/31 #		200,000		193,761
						193,761
Ghana – 0.01%
	Ghana Government
		International Bond
		144A 7.75%
		4/7/29 #		230,000		228,275
						228,275
Guatemala – 0.02%
	Guatemala Government
		Bond
		144A 4.875%
		2/13/28 #		400,000		442,000
						442,000
Honduras – 0.01%
	Honduras Government
		International Bond
		144A 5.625%
		6/24/30 #		300,000		315,000
						315,000
Indonesia – 0.10%
	Indonesia Government
		International Bond
		144A 4.625%
		4/15/43 #		200,000		222,462
	Indonesia Treasury Bond
		6.125% 5/15/28	IDR	40,390,000,000		2,700,110
						2,922,572
Israel – 0.54%
	Israel Government Bonds
		0.05% 11/30/21 ●	ILS	8,900,000		2,662,333
		5.50% 1/31/22	ILS	10,300,000		3,222,263
	Israel Government
		International Bonds
		2.75% 7/3/30		1,200,000		1,258,554
		3.875% 7/3/50		200,000		220,404
	Israel Treasury Bill
		0.00% 11/30/21 ^	ILS	5,300,000		1,585,830
	Makam Treasury Bills
		0.00% 6/2/21 ^	ILS	1,300,000		388,919
		0.00% 3/2/22 ^	ILS	13,700,000		4,118,073
	State of Israel
		3.375% 1/15/50		200,000		202,500
		3.80% 5/13/60		1,600,000		1,719,000
						15,377,876
Ivory Coast – 0.02%
	Ivory Coast Government
		International Bond
		144A 6.125%
		6/15/33 #		590,000		604,779
						604,779
Jordan – 0.01%
	Jordan Government
		International Bond
		144A 4.95%
		7/7/25 #		200,000		206,114
						206,114
Kazakhstan – 0.01%
	Kazakhstan Government
		International Bond
		144A 6.50%
		7/21/45 #		207,000		294,267
						294,267
Kenya – 0.01%
	Kenya Government
		International Bond
		144A 8.00%
		5/22/32 #		200,000		212,909
						212,909
Kuwait – 0.12%
	Kuwait International
		Government Bond
		2.75% 3/20/22		3,400,000		3,477,248
						3,477,248

78

				Principal
				amount°	Value (US $)
Sovereign Bonds Δ(continued)
Lebanon – 0.00%
	Lebanon Government
		International Bond
		6.25% 5/27/22 ‡		582,000	$	71,514
						71,514
Malaysia – 0.10%
	Malaysia Government
		Bond
		3.955% 9/15/25	MYR	10,859,000		2,759,807
						2,759,807
Mexico – 0.02%
	Mexico Government
		International Bond
		4.60% 2/10/48		458,000		470,803
						470,803
Mongolia – 0.01%
	Mongolia Government
		International Bond
		144A 5.625%
		5/1/23 #		306,000		320,865
						320,865
Morocco – 0.02%
	Morocco Government
		International Bonds
		144A 1.375%
		3/30/26 #	EUR	150,000		177,212
		144A 2.375%
		12/15/27 #		300,000		290,957
						468,169
Nigeria – 0.02%
	Nigeria Government
		International Bond
		144A 7.875%
		2/16/32 #		537,000		554,589
						554,589
North Macedonia – 0.01%
	North Macedonia
		Government
		International Bond
		144A 3.675%
		6/3/26 #	EUR	150,000		193,270
						193,270
Oman – 0.01%
	Oman Government
		International Bond
		144A 6.75%
		1/17/48 #		343,000		328,395
						328,395
Panama – 0.04%
	Panama Government
		International Bonds
		3.16% 1/23/30		452,000		471,054
		144A 3.75% 4/17/26
		#		580,000		623,712
						1,094,766
Paraguay – 0.16%
	Paraguay Government
		International Bonds
		144A 4.95% 4/28/31
		#		3,600,000		4,086,036
		144A 5.40% 3/30/50
		#		403,000		455,999
						4,542,035
Peru – 0.02%
	Peruvian Government
		International Bonds
		2.844% 6/20/30		512,000		521,098
		5.625% 11/18/50		35,000		46,452
						567,550
Philippines – 0.01%
	Philippine Government
		International Bond
		2.457% 5/5/30		300,000		303,975
						303,975
Qatar – 0.15%
	Qatar Government
		International Bonds
		144A 3.40% 4/16/25
		#		200,000		217,625
		144A 4.00% 3/14/29
		#		725,000		824,811
		144A 4.40% 4/16/50
		#		400,000		465,230
		5.103% 4/23/48		2,200,000		2,787,919
						4,295,585
Republic of Vietnam – 0.01%
	Vietnam Government
		International Bond
		144A 4.80%
		11/19/24 #		200,000		224,479
						224,479
Romania – 0.10%
	Romanian Government
		International Bonds
		144A 2.625%
		12/2/40 #	EUR	123,000		143,424
		144A 3.00% 2/14/31
		#		2,410,000		2,415,410

79

Schedules of investments
Optimum Fixed Income Fund

				Principal
				amount°	Value (US $)
Sovereign Bonds Δ(continued)
Romania (continued)
	Romanian Government
		International Bonds
		144A 3.375%
		1/28/50 #	EUR	223,000	$	274,617
						2,833,451
Russia – 0.04%
	Russian Foreign Bond -
		Eurobonds
		144A 4.25% 6/23/27
		#		600,000		657,827
		144A 4.375%
		3/21/29 #		200,000		219,102
		144A 5.25% 6/23/47
		#		200,000		237,825
						1,114,754
Saudi Arabia – 0.36%
	Saudi Government
		International Bonds
		2.375% 10/26/21		1,000,000		1,011,100
		144A 2.875% 3/4/23
		#		2,200,000		2,289,672
		144A 2.90%
		10/22/25 #		200,000		212,360
		144A 3.625% 3/4/28
		#		741,000		806,723
		4.50% 10/26/46		800,000		882,468
		144A 4.50%
		10/26/46 #		800,000		882,468
		144A 5.00% 4/17/49
		#		3,500,000		4,153,069
						10,237,860
Senegal – 0.01%
	Senegal Government
		International Bond
		144A 6.75%
		3/13/48 #		210,000		200,327
						200,327
Serbia – 0.01%
	Serbia International
		Bonds
		144A 2.125%
		12/1/30 #		200,000		184,920
		144A 3.125%
		5/15/27 #	EUR	100,000		130,117
						315,037
South Africa – 0.12%
	Republic of South Africa
		Government
		International Bonds
		4.85% 9/30/29		3,000,000		3,026,040
		5.75% 9/30/49		200,000		184,661
		5.875% 6/22/30		268,000		287,521
						3,498,222
Sri Lanka – 0.01%
	Sri Lanka Government
		International Bond
		144A 6.20%
		5/11/27 #		453,000		279,542
						279,542
Trinidad and Tobago – 0.01%
	Trinidad & Tobago
		Government
		International Bond
		144A 4.50%
		6/26/30 #		200,000		202,752
						202,752
Turkey – 0.02%
	Turkey Government
		International Bonds
		5.75% 5/11/47		200,000		163,015
		7.625% 4/26/29		500,000		515,440
						678,455
Ukraine – 0.05%
	Ukraine Government
		International Bonds
		144A 7.75% 9/1/26
		#		804,000		874,030
		144A 9.75% 11/1/28
		#		515,000		601,285
						1,475,315
United Kingdom – 0.00%
	United Kingdom Gilt
		1.75% 9/7/22	GBP	100,000		141,263
						141,263
Uruguay – 0.05%
	Uruguay Government
		International Bonds
		4.375% 1/23/31		1,131,000		1,314,963
		4.50% 8/14/24		57,000		61,846
						1,376,809

80

				Principal
				amount°	Value (US $)
Sovereign Bonds Δ(continued)
Uzbekistan – 0.02%
	Republic of Uzbekistan
		Bond
		144A 5.375%
		2/20/29 #		448,000	$	491,133
						491,133
Total Sovereign Bonds
	(cost $95,553,670)					96,867,677
Supranational Banks – 0.04%
	Banco Latinoamericano
		de Comercio Exterior
		144A 2.375%
		9/14/25 #		200,000		204,578
	Banque Ouest Africaine
		de Developpement
		144A 2.75%
		1/22/33 #	EUR	200,000		242,337
		144A 4.70%
		10/22/31 #		301,000		321,639
		144A 5.00%
		7/27/27 #		406,000		450,047
Total Supranational Banks
	(cost $1,139,214)					1,218,601
US Treasury Obligations – 27.32%
	US Treasury Bonds
		1.25% 5/15/50		1,800,000		1,358,930
		1.375% 11/15/40		14,345,000		12,206,698
		1.375% 8/15/50		1,300,000		1,014,812
		1.625% 11/15/50		21,825,000		18,193,185
		1.875% 2/15/41		9,900,000		9,220,922
		1.875% 2/15/51		20,105,000		17,846,330
		2.00% 2/15/50		16,000,000		14,637,813
		2.50% 2/15/45		37,100,000		37,889,826
		2.75% 8/15/42		900,000		965,830
		2.75% 11/15/42		1,400,000		1,500,953
		2.875% 5/15/43		2,200,000		2,407,625
		2.875% 8/15/45		16,700,000		18,241,488
		3.00% 5/15/47		900,000		1,007,754
		3.00% 8/15/48		3,770,000		4,232,119
		3.125% 5/15/48		1,490,000		1,709,309
	US Treasury Inflation
		Indexed Notes
		0.125% 7/15/30		24,700,253		26,832,709
		0.875% 1/15/29		9,634,428		11,055,633
		1.75% 1/15/28		12,885,758		15,506,223
		2.375% 1/15/25		9,436,564		11,057,953
		2.375% 1/15/27		1,686,243		2,065,603
		2.50% 1/15/29		36,551		46,796
	US Treasury Notes
		0.50% 2/28/26		19,200,000		18,826,500
		0.50% 4/30/27		10,900,000		10,441,860
		0.50% 6/30/27		12,900,000		12,313,705
		0.50% 10/31/27		13,200,000		12,504,422
		0.625% 5/15/30		10,300,000		9,375,414
		0.625% 8/15/30		13,800,000		12,508,407
		0.75% 3/31/26		41,665,000		41,305,314
		0.75% 1/31/28		1,155,000		1,107,537
		0.875% 11/15/30		16,600,000		15,355,000
		1.125% 8/31/21 ∞		13,800,000		13,863,105
		1.125% 2/28/27		16,900,000		16,856,760
		1.125% 2/15/31		89,960,000		85,005,174
		1.25% 8/31/24		25,600,000		26,270,500
		1.50% 1/31/27		1,700,000		1,733,967
		1.50% 2/15/30		24,700,000		24,401,864
		1.625% 9/30/26		8,300,000		8,551,432
		1.625% 10/31/26		12,900,000		13,277,174
		1.75% 12/31/26		10,900,000		11,282,990
		1.875% 7/31/22		39,700,000		40,636,674
		1.875% 8/31/24 ∞		2,170,000		2,273,372
		2.00% 10/31/21 ∞		1,600,000		1,618,219
		2.00% 11/30/22 ∞		7,700,000		7,938,820
		2.00% 6/30/24		7,700,000		8,091,768
		2.125% 3/31/24 ∞		2,010,000		2,116,271
		2.125% 11/30/24		11,130,000		11,767,584
		2.25% 11/15/24		11,030,000		11,708,388
		2.25% 3/31/26		24,500,000		26,088,193
		2.375% 2/29/24		4,000,000		4,237,266
		2.375% 8/15/24 ∞		1,820,000		1,937,482
		2.375% 4/30/26		10,900,000		11,674,709
		2.50% 1/31/24		2,790,000		2,962,141
		2.50% 2/28/26		3,700,000		3,984,799
		2.625% 3/31/25		12,700,000		13,694,420
		2.75% 7/31/23		46,200,000		48,931,395
		2.875% 11/30/23 ∞		2,500,000		2,672,803
		2.875% 7/31/25		15,500,000		16,910,440
		2.875% 11/30/25		8,100,000		8,858,584
	US Treasury Strip
		Principal
		2.26% 5/15/44 ^		4,290,000		2,443,166
Total US Treasury Obligations
	(cost $782,607,543)					774,526,130
				Number of
				shares
Common Stock – 0.00%
	Century Communications =, †			1,975,000		0
Total Common Stock
	(cost $59,790)					0

81

Schedules of investments
Optimum Fixed Income Fund

			Number of
			shares	Value (US $)
Preferred Stock – 0.02%
	General Electric 3.514%
		(LIBOR03M + 3.33%)
		**, ●	300,000	$	283,875
	USB Realty 144A
		1.388%
		LIBOR03M + 1.147%
		#, **, ●	500,000		388,750
Total Preferred Stock
	(cost $748,688)				672,625
			Number of
			contracts
Options Purchased – 0.02%
Put Swaptions – 0.02%
	10 yr IRS pay a fixed rate
		1.80% and receive a
		floating rate based on
		3-month USD-ICE
		LIBOR expiration date
		9/29/21, notional
		amount
		53,460,000 (MSCI)	29,700,000		761,116
Options Purchased
	(premium paid $653,400)				761,116
			Number of
			shares
Short-Term Investments – 9.81%
Money Market Mutual Funds – 4.29%
	BlackRock FedFund –
		Institutional Shares
		(seven-day effective
		yield 0.01%)	30,404,060		30,404,060
	Fidelity Investments
		Money Market
		Government Portfolio
		– Class I (seven-day
		effective yield 0.01%)	30,404,060		30,404,060
	GS Financial Square
		Government Fund –
		Institutional Shares
		(seven-day effective
		yield 0.03%)	30,404,060		30,404,060
	Morgan Stanley
		Government Portfolio
		– Institutional Share
		Class (seven-day
		effective yield 0.00%)	30,404,060	$	30,404,060
					121,616,240
			Principal
			amount°
Repurchase Agreements – 3.89%
	US Treasury repurchase
		agreement with J.P.
		Morgan Securities
		0.01%, dated
		3/31/21, to be
		repurchased 4/5/21,
		repurchase price
		$55,700,062 (collateralized
		by US government
		obligation; 0.125%
		10/15/25; market
		value $56,780,922)	55,700,000		55,700,000
	US Treasury repurchase
		agreement with J.P.
		Morgan Securities
		0.02%, dated
		3/30/21, to be
		repurchased 4/1/21,
		repurchase price
		$54,600,030 (collateralized
		by US government
		obligation; 3.33%
		11/15/44; market
		value $55,594,721)	54,600,000		54,600,000
					110,300,000
US Treasury Obligation – 1.63%≠
	US Treasury Bill 0.04%
		9/23/21	46,200,000		46,194,669
					46,194,669
Total Short-Term Investments
	(cost $278,107,257)				278,110,909
Total Value of Securities Before Options
	Written–117.78%
	(cost $3,302,519,207)				3,339,440,288

82

			Number of
			contracts	Value (US $)
Options Written – (0.01%)
Equity Put Options – (0.00%)
	Fannie Mae strike price
		$98.45, expiration
		date 5/6/21, notional
		amount
		($689,171,875)	(7,000,000)	$	(27,974	)
					(27,974	)
Futures Call Options – (0.00%)
	Euribor 3 yr Bonds strike
		price $99, expiration
		date 4/16/21,
		notional amount
		($2,178,000,000)
		(Exchange-Traded)	(22)		(138	)
					(138	)
Futures Put Options – (0.00%)
	Euribor 3 yr Bonds strike
		price $98.50,
		expiration date
		4/16/21, notional
		amount
		($2,167,000,000)
		(Exchange-Traded)	(22)		(7,013	)
					(7,013	)
Put Swaptions – (0.01%)
	10 yr IRS pay a fixed rate
		2.30% and receive a
		floating rate based on
		3-month USD-ICE
		LIBOR expiration date
		9/29/21, notional
		amount
		(68,310,000) (MSCI)	(29,700,000)		(259,209	)
	CDX.ITRX.EUR 34 5 yr
		strike price $0.75,
		expiration date
		5/19/21, notional
		amount
		(13,425,000) (BNP)	(17,900,000)		(4,295	)
	CDX.ITRX.EUR 34 5 yr
		strike price $0.80,
		expiration date
		5/19/21, notional
		amount
		(3,200,000) (BNP)	(4,000,000)		(829	)
	CDX.NA.HY 35 5 yr
		strike price $103,
		expiration date
		5/19/21, notional
		amount
		(545,900,000) (CITI)	(5,300,000)		(9,396	)
	CDX.NA.IG 35 5 yr strike
		price $0.80,
		expiration date
		5/19/21, notional
		amount (21,280,000)
		(JPMCB)	(26,600,000)		(4,647	)
					(278,376	)
Total Options Written
	(premium received $363,005)			$	(313,501	)

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
~	Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Stated rate in effect at March 31, 2021.
Δ	Securities have been classified by country of origin.
=	The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.”
X	This loan will settle after March 31, 2021, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.
‡	Non-income producing security. Security is currently in default.
**	Perpetual security with no stated maturity date.
>	PIK. 100% of the income received was in the form of cash.
*	PIK. 100% of the income received was in the form of principal.
ψ	Perpetual security. Maturity date represents next call date.
µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at March 31, 2021. Rate will reset at a future date.
≠	The rate shown is the effective yield at the time of purchase.
◆	Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes.
Σ	Interest only security. An interest only security is the interest only portion of a fixed income security, which is separated and sold individually from the principal portion of the security.

83

Schedules of investments
Optimum Fixed Income Fund

∧	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
Ω	Principal only security. A principal only security is the principal only portion of a fixed income security which is separated and sold individually from the interest portion of the security.
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at March 31, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2021, the aggregate value of Rule 144A securities was $566,394,447, which represents 19.98% of the Fund’s net assets. See Note 10 in “Notes to financial statements.”
∞	Fully or partially pledged as collateral for futures and swap contracts.
†	Non-income producing security.

Unfunded Loan Commitments

The Fund may invest in floating rate loans. In connection with these investments, the Fund may also enter into unfunded corporate loan commitments (commitments). Commitments may obligate the Fund to furnish temporary financing to a borrower until permanent financing can be arranged. In connection with these commitments, the Fund earns a commitment fee, typically set as a percentage of the commitment amount. The following unfunded loan commitments were outstanding at March 31, 2021:

Borrower	Principal Amount	Commitment	Value	Unrealized Appreciation (Depreciation)
Peraton TBD 2/24/28	$672,741	$669,377	$673,021		$3,644
TricorBraun 3.75% (LIBOR06M + 3.25%) 3/3/28	86,090	86,090	85,436		(654	)

The following foreign currency exchange contracts, futures contracts, and swap contracts were outstanding at March 31, 2021:¹

Foreign Currency Exchange Contracts

Counterparty	Currency to Receive (Deliver)			In Exchange For			Settlement Date		Unrealized Appreciation		Unrealized Depreciation
BAML	BRL	18,169,801		USD	(3,280,309	)	5/4/21	$	—	$	(58,962	)
BAML	EUR	3,457,000		USD	(4,060,433	)	4/7/21		—		(5,822	)
BAML	EUR	(19,665,000	)	USD	23,110,660		5/4/21		33,089		—
BAML	GBP	3,561,000		USD	(4,890,383	)	4/7/21		18,918		—
BAML	GBP	(10,312,000	)	USD	14,163,114		5/5/21		—		(54,642	)
BAML	INR	23,338,266		USD	(316,328	)	6/16/21		—		(1,309	)
BAML	JPY	106,100,000		USD	(959,161	)	5/7/21		—		(567	)
BAML	MXN	(129,443,000	)	USD	6,277,114		4/14/21		—		(46,175	)
BAML	ZAR	18,642,714		USD	(1,225,100	)	6/15/21		25,086		—
BNP	BRL	(77,000,000	)	USD	13,560,396		1/4/22		277,332		—
BNP	EUR	(3,457,000	)	USD	4,109,202		4/7/21		54,591		—
BNP	EUR	(36,417,000	)	USD	42,825,412		5/4/21		88,778		—
BNP	GBP	(3,561,000	)	USD	4,887,710		4/7/21		—		(21,591	)
BNP	ILS	(5,301,590	)	USD	1,632,262		11/30/21		39,161		—
BNP	KRW	(128,438,975	)	USD	114,243		6/16/21		344		—
BNP	MXN	131,589,000		USD	(6,482,951	)	6/2/21		—		(90,469	)
CITI	ILS	(1,300,000	)	USD	394,746		6/2/21		5,570		—
CITI	ILS	(8,901,825	)	USD	2,748,896		11/30/21		73,942		—
CITI	ILS	(10,869,075	)	USD	3,329,438		1/31/22		59,192		—

84

Foreign Currency Exchange Contracts

Counterparty	Currency to Receive (Deliver)			In Exchange For			Settlement Date		Unrealized Appreciation		Unrealized Depreciation
CITI	ILS	(13,700,190	)	USD	4,182,700			3/2/22	$	58,071	$	—
CITI	TRY	(18,350,000	)	USD	2,191,699			4/1/21		—		(28,928	)
JPMCB	BRL	(47,200,000	)	USD	8,349,389			10/4/21		108,433		—
JPMCB	BRL	(5,700,000	)	USD	997,113			1/4/22		13,822		—
JPMCB	EUR	(1,190,000	)	USD	1,420,180			4/28/21		23,857		—
JPMCB	MXN	(2,772,000	)	USD	134,470			4/14/21		—		(942	)
JPMCB	ZAR	83,311,967		USD	(5,468,995	)		6/15/21		117,930		—
Total Foreign Currency Exchange Contracts									$	998,116	$	(309,407	)

Futures Contracts
Exchange-Traded

Contracts to Buy (Sell)		Notional Amount			Notional Cost (Proceeds)			Expiration Date		Value/ Unrealized Appreciation		Value/ Unrealized Depreciation			Variation Margin Due from (Due to) Brokers
143	Euro-BTP	$	25,038,705		$	25,035,921			6/8/21	$	2,784	$	—		$	46,929
(76)	Euro-Bund		(15,265,364	)		(15,281,321	)		6/8/21		15,957		—			(24,931	)
(35)	Long 10 yr Gilt		(6,156,345	)		(6,226,270	)		6/28/21		69,925		—			(171	)
(645)	US Treasury 5 yr Notes		(79,591,992	)		(80,609,019	)		6/30/21		1,017,027		—			105,819
287	US Treasury 10 yr Notes		37,579,062			38,530,149			6/21/21		—		(951,087	)		(71,750	)
(189)	US Treasury 10 yr Notes		(24,747,188	)		(25,189,361	)		6/21/21		442,173		—			47,250
(11)	US Treasury 10 yr Ultra Notes		(1,580,563	)		(1,636,137	)		6/21/21		55,574		—			3,781
337	US Treasury Long Bonds		52,098,094			54,199,563			6/21/21		—		(2,101,469	)		(147,437	)
10	US Treasury Ultra Bonds		1,812,188			1,903,687			6/21/21		—		(91,499	)		(11,563	)
Total Futures Contracts					$	(9,272,788	)			$	1,603,440	$	(3,144,055	)	$	(52,073	)

Swap Contracts
CDS Contracts¹

Counterparty/ Reference Obligation/ Termination Date/ Payment Frequency		Notional Amount2	Annual Protection Payments			Value		Upfront Payments Paid (Received)			Unrealized Appreciation3		Unrealized Depreciation3		Variation Margin Due from (Due to) Brokers
Centrally Cleared: Protection Sold Moody’s Ratings:
AT&T 2.45%
	5/15/18 Baa2 6/20/24-
	Quarterly	1,800,000		1.000	%	$	31,456	$	(3,163	)	$	34,619	$	—	$	(9,116	)
British Telecom 5.75%
	12/7/28 Baa2
	12/20/24-Quarterly	EUR 2,800,000		1.000	%		62,003		6,094			55,909		—		(19,640	)
CDX.ITRX.EUR.344
	12/20/25-Quarterly	EUR 17,500,000		1.000	%		543,391		442,150			101,241		—		(2,040	)
CDX.NA.HY.355
	12/20/25-Quarterly	2,200,000		5.000	%		199,622		174,202			25,420		—		(111,303	)
CDX.NA.HY.365
	6/22/26-Quarterly	1,800,000		5.000	%		160,636		155,526			5,110		—		117,506

85

Schedules of investments
Optimum Fixed Income Fund

Counterparty/ Reference Obligation/ Termination Date/ Payment Frequency		Notional Amount2	Annual Protection Payments			Value		Upfront Payments Paid (Received)			Unrealized Appreciation3		Unrealized Depreciation3			Variation Margin Due from (Due to) Brokers
Protection Sold Moody’s Ratings (continued):
CDX.NA.IG.356 12/20/25-
	Quarterly	21,000,000		1.000	%	$	502,016	$	472,937		$	29,079	$	—		$	(129,864	)
CDX.NA.IG.366
	6/20/26-Quarterly	15,700,000		1.000	%		367,097		344,963			22,134		—			143,681
							1,866,221		1,592,709			273,512		—			(10,776	)
Over-The-Counter: Protection Purchased/ Moody’s Ratings:
JPMCB Mexico 10.375%
	9/20/22 Baa2 6/22/26-
	Quarterly	2,085,000		1.000	%		14,636		16,294			—		(1,658	)		—
JPMCB Republic of
	Colombia 10.375%
	12/31/24 Baa2
	6/22/26-Quarterly	2,090,000		1.000	%		36,902		36,902			—		—			—
Protection Sold Moody’s Ratings:
BAML Republic of
	Colombia 10.375%
	1/28/33 Baa2 6/20/21-
	Quarterly	100,000		1.000	%		156		(143	)		299		—			—
BAML Republic of
	Colombia 10.375%
	1/28/33 Baa2 6/20/22-
	Quarterly	250,000		1.000	%		1,637		(928	)		2,565		—			—
BNP Republic of Colombia
	10.375%
	1/28/33 Baa2 6/20/21-
	Quarterly	200,000		1.000	%		312		(290	)		602		—			—
CITI Barclays Bank 1.75%
	1/8/25 AAA
	12/20/21-Quarterly	EUR 1,400,000		1.000	%		9,406		6,844			2,562		—			—
CITI Republic of Brazil
	4.25% 1/7/25 Ba2
	6/20/22-Quarterly	100,000		1.000	%		99		(1,543	)		1,642		—			—
CITI Republic of Colombia
	10.375% 1/28/33
	Baa2 12/20/24-
	Quarterly	200,000		1.000	%		117		553			—		(436	)		—
DB CMBX.NA.AAA7
	10/17/57-Monthly	14,200,000		0.500	%		126,250		(841,140	)		967,390		—			—
GSC Republic of Brazil
	4.25% 1/7/25 Ba2
	6/20/22-Quarterly	500,000		1.000	%		494		(7,919	)		8,413		—			—

86

Counterparty/ Reference Obligation/ Termination Date/ Payment Frequency		Notional Amount2	Annual Protection Payments			Value			Upfront Payments Paid (Received)			Unrealized Appreciation3		Unrealized Depreciation3			Variation Margin Due from (Due to) Brokers
Protection Sold Moody’s Ratings (continued):
GSC Republic of Colombia
	10.375%
	1/28/33 Baa2 6/20/21-
	Quarterly	3,300,000		1.000	%	$	5,141		$	(4,311	)	$	9,452	$	—		$	—
JPMCB HOCHTIEF 1.75%
	3/7/2025 BBB
	12/20/25-Quarterly	EUR 2,200,000		5.000	%		485,716			493,275			—		(7,559	)		—
JPMCB Republic of
	Colombia 10.375%
	1/28/33 Baa2 6/20/21-
	Quarterly	100,000		1.000	%		156			(145	)		301		—			—
JPMCB Republic of South
	Africa 5.50%
	3/9/20 Baa3
	12/20/23-Quarterly	700,000		1.000	%		(8,711	)		(18,399	)		9,688		—			—
							672,311			(320,950	)		1,002,914		(9,653	)		—
Total CDS Contracts						$	2,538,532		$	1,271,759		$	1,276,426	$	(9,653	)	$	(10,776	)

IRS Contracts8 Reference Obligation/ Termination Date/ Payment Frequency (Fixed Rate/ Floating Rate)		Notional Amount2	Fixed/ Floating Interest Rate Paid (Received)			Value			Upfront Payments Paid (Received)		Unrealized Appreciation3		Unrealized Depreciation3			Variation Margin Due from (Due to Brokers)
Centrally Cleared:
1 yr IRS9 3/24/23-
	(28 Days/			(5.66	)%/
	28 Days)	MXN 1,450,000,000		4.797	%	$	60,729		$	9,767	$	50,962	$	—		$	52,962
2 yr IRS10 6/28/21-
	(Semiannually/			1.45	%/
	Quarterly)	30,100,000		(0.193	)%		(91,104	)		—		—		(91,104	)		111,214
2 yr IRS11 1/3/22-
	(At Maturity/ At			3.36	%/
	Maturity)	BRL 612,400,000		(2.57	)%		(287,955	)		12,756		—		(300,711	)		(71,424	)
2 yr IRS11 1/3/22-
	(At Maturity/ At			3.364	%/
	Maturity)	BRL 306,100,000		(2.54	)%		(206,685	)		—		—		(206,685	)		(41,571	)
2 yr IRS11 1/3/22-
	(At Maturity/ At			2.886	%/
	Maturity)	BRL 9,000,000		(2.15	)%		16,482			—		16,482		—			1,861
2 yr IRS11 1/3/22-
	(At Maturity/ At			2.883	%/
	Maturity)	BRL 11,300,000		(2.15	)%		20,770			—		20,770		—			7,845
2 yr IRS11 1/3/22-
	(At Maturity/ At			2.859	%/
	Maturity)	BRL 69,100,000		(2.15	)%		127,470			—		127,470		—			9,145

87

Schedules of investments
Optimum Fixed Income Fund

IRS Contracts8 Reference Obligation/ Termination Date/ Payment Frequency (Fixed Rate/ Floating Rate)		Notional Amount2	Fixed/ Floating Interest Rate Paid (Received)			Value			Upfront Payments Paid (Received)			Unrealized Appreciation3		Unrealized Depreciation3			Variation Margin Due from (Due to Brokers)
Centrally Cleared (continued):
2 yr IRS11 1/3/22-
	(At Maturity/ At			2.871	%/
	Maturity)	BRL 29,900,000		(2.14	)%	$	56,181		$	—		$	56,181	$	—		$	5,160
2 yr IRS11 1/3/22-
	(At Maturity/ At			2.87	%/
	Maturity)	BRL 42,200,000		(2.15	)%		79,604			25			79,579		—			7,286
2 yr IRS11 1/3/22-
	(At Maturity/ At			2.85	%/
	Maturity)	BRL 175,200,000		(2.18	)%		337,710			789			336,921		—			30,464
2 yr IRS11 1/3/22-
	(At Maturity/ At			2.86	%/
	Maturity)	BRL 28,300,000		(2.13	)%		54,425			1,007			53,418		—			4,908
2 yr IRS11 1/3/22-
	(At Maturity/ At			2.86	%/
	Maturity)	BRL 23,200,000		(2.12	)%		44,767			19			44,748		—			4,026
2 yr IRS11 1/3/22-
	(At Maturity/ At			2.88	%/
	Maturity)	BRL 11,500,000		(2.12	)%		21,797			—			21,797		—			1,983
2 yr IRS11 1/3/22-
	(At Maturity/ At			3.55	%/
	Maturity)	BRL 147,400,000		(2.045	)%		(197,210	)		10,770			—		(207,980	)		(40,501	)
2 yr IRS11 1/3/22-
	(At Maturity/ At			3.70	%/
	Maturity)	BRL 198,000,000		(2.00	)%		(190,174	)		(40,943	)		—		(149,231	)		(29,303	)
2 yr IRS12 3/3/22-
	(Semiannually/			(1.27	)%/
	Quarterly)	CAD 8,800,000		0.438	%		51,891			—			51,891		—			(24,931	)
2 yr IRS12 3/3/22-
	(Semiannually/			(1.273	)%/
	Quarterly)	CAD 2,400,000		0.438	%		14,196			—			14,196		—			(6,852	)
2 yr IRS12 6/17/22-
	(Semiannually/			(1.50	)%/
	Quarterly)	CAD 4,000,000		0.438	%		39,323			9,284			30,039		—			(37,026	)
2yr IRS10 3/30/23-
	(Semiannually/			0.25	%/
	Quarterly)	7,600,000		(0.199	)%		4,943			(51	)		4,994		—			(1,306	)
3 yr IRS10 6/20/21-
	(Semiannually/			1.75	%/
	Quarterly)	17,800,000		(0.187	)%		(61,649	)		33,847			—		(95,496	)		85,698
5 yr IRS10 3/3/25-
	(Semiannually/			(0.64	)%/
	Quarterly)	42,100,000		0.189	%		(794,947	)		—			—		(794,947	)		(43,877	)
5 yr IRS12 3/3/25-
	(Semiannually/			(1.29	)%/
	Quarterly)	CAD 800,000		0.438	%		2,387			—			2,387		—			(1,775	)

88

IRS Contracts8
Reference		Fixed/
Obligation/		Floating
Termination Date/		Interest					Upfront
Payment Frequency		Rate					Payments								Variation Margin
(Fixed Rate/		Paid					Paid			Unrealized		Unrealized			Due from
Floating Rate)	Notional Amount2	(Received)		Value			(Received)			Appreciation3		Depreciation3			(Due to Brokers)
Centrally Cleared (continued):
5 yr IRS12 3/3/25-
(Semiannually/		(1.275	)%/
Quarterly)	CAD 2,600,000	0.438	%	$	6,553		$	—		$	6,553	$	—		$	(4,599	)
5 yr IRS12 3/3/25-
(Semiannually/		(1.276	)%/
Quarterly)	CAD 1,600,000	0.438	%		4,082			—			4,082		—			(2,854	)
5 yr IRS12 3/3/25-
(Semiannually/		(1.22	)%/
Quarterly)	CAD 2,900,000	0.438	%		2,380			—			2,380		—			(2,803	)
5 yr IRS12 3/4/25-
(Semiannually/		(1.235	)%/
Quarterly)	CAD 20,500,000	0.438	%		26,325			7,538			18,787		—			(33,094	)
5 yr IRS13 9/16/25-
(Semiannually/		0.50	%/
Semiannually)	GBP 15,800,000	(0.048	)%		(91,566	)		(2,612	)		—		(88,954	)		(93,917	)
5 yr IRS14 6/16/26-
(Annually/		0	%/
Annually)	GBP 28,400,000	(0.048	)%		967,383			(14,596	)		981,979		—			(77,675	)
7 yr IRS10
12/16/22-
(Semiannually/		2.25	%/
Quarterly)	41,600,000	(2.41	)%		(1,422,451	)		272,789			—		(1,695,240	)		669,108
10 yr IRS10 3/3/25-
(Semiannually/		(1.80	)%/
Quarterly)	8,600,000	0.202	%		(103,338	)		—			—		(103,338	)		(20,134	)
30 yr IRS10
3/30/51-
(Semiannually/		1.15	%/
Quarterly)	600,000	(0.199	)%		145,162			12,963			132,199		—			5,749
Total IRS Contracts				$	(1,362,519	)	$	313,352		$	2,057,815	$	(3,733,686	)	$	463,767

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

89

Schedules of investments
Optimum Fixed Income Fund

1	A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the CDS agreement.
2	Notional amount shown is stated in USD unless noted that the swap is denominated in another currency.
3	Unrealized appreciation (depreciation) does not include periodic interest payments (receipt) on swap contracts accrued daily in the amount of $(523,337).
4	Markit’s iTraxx Europe Subordinated Financials Index, or the ITRX EUR SUB FIN, is comprised of 25 Financial entities from the Markit iTraxx® Europe Index referencing subordinated debt.
5	Markit’s North America High Yield CDX Index, or the CDX.NA.HY Index, is composed of 100 liquid North American entities with high yield credit ratings that trade is in the CDS market.
6	Markit’s North America Investment Grade Index, or the CDX.NA.IG Index, is composed of 125 liquid North American entities with investment grade credit ratings that trade in the CDS market.
7	Markit’s CMBX Index, or the CMBX.NA Index, is a synthetic tradable index referencing a basket of 25 commercial mortgage-backed securities in North America. Credit-quality rating are measured on a scale that generally ranges from AAA (highest) to BB (lowest). US Agency and US Agency mortgage-backed securities appear under US Government.
8	An IRS agreement is an exchange of interest rates between counterparties. Periodic payments (receipt) on such contracts are accrued daily and recorded as unrealized appreciation (depreciation) on swap contracts. Upon periodic payment (receipt) or termination of the contract, such amounts are recorded as realized gains (losses) on swap contracts.
9	Rate resets based on MXIBTIIE.
10	Rate resets based on LIBOR03M.
11	Rate paid based on Brazil CETIP Interbank Deposit.
12	Rate resets based on CAD0003M.
13	Rate resets based on BP0006M.
14	Rate resets based on BP0012M.

Summary of abbreviations:

ABS – Asset-Backed Security

ARM – Adjustable Rate Mortgage

BAML – Bank of America Merrill Lynch

BB – Barclays Bank

BNP – BNP Paribas

BP0003M – 3 Month Sterling LIBOR Interest Rate

BP0012M – 12 Month Sterling LIBOR Interest Rate

BTP – Buoni del Tesoro Poliennali

CDS – Credit Default Swap

CDX.ITRX.EUR – Credit Default Swap Index iTraxx Europe

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

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

CITI – Citigroup

CLO – Collateralized Loan Obligation

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

DAC – Designated Activity Company

DB – Deutsche Bank

DIFC – Dubai International Financial Centre

EUR003M – EURIBOR EUR 3 Month

EURIBOR – Euro interbank offered rate

FREMF – Freddie Mac Multifamily

GNMA – Government National Mortgage Association

GS – Goldman Sachs

GSC – Goldman Sachs Bank USA

H15T1Y – US Treasury Yield Curve Rate T Note Constant Maturity 1 Year

ICE – Intercontinental Exchange, Inc.

IRS – Interest Rate Swap

JPM – JPMorgan

JPMCB – JPMorgan Chase Bank

JSC – Joint Stock Company

LIBOR – London interbank offered rate

LIBOR01M – ICE LIBOR USD 1 Month

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

LIBOR12M – ICE LIBOR USD 12 Month

MASTR – Mortgage Asset Securitization Transactions, Inc.

MSCI – Morgan Stanley Capital International

MXIBTIIE – Mexico 28 days interbank rate

PIK – Payment-in-kind

90

Summary of abbreviations: (continued)

REMIC – Real Estate Mortgage Investment Conduit

S.F. – Single Family

SOFR – Secured Overnight Financing Rate

SONIA3M – 3 Month Sterling Overnight Indexed Average

TBA – To be announced

TBD – To be determined

yr – Year

Summary of currencies:

BRL – Brazilian Real

CAD – Canadian Dollar

EUR – European Monetary Unit

GBP – British Pound Sterling

IDR – Indonesia Rupiah

ILS – Israel Shekel

INR – Indian Rupee

JPY – Japanese Yen

KRW – South Korean Won

MXN – Mexican Peso

MYR – Malaysia Ringgit

TRY – Turkish Lira

USD – US Dollar

ZAR – South Africa Rand

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

91

Schedules of investments
Optimum International Fund

March 31, 2021

		Number of
		shares	Value (US $)
Common Stock – 96.34%Δ
Australia – 3.17%
	BlueScope Steel	31,075	$	456,718
	Fortescue Metals Group	308,701		4,687,132
	Mineral Resources	32,509		938,798
	Rio Tinto	65,334		5,495,907
	Rio Tinto (London Stock
	Exchange)	45,343		3,469,297
	Rio Tinto ADR *	119,936		9,313,030
	South32	2,417,891		5,160,591
				29,521,473
Austria – 1.88%
	ANDRITZ	22,143		995,578
	Erste Group Bank †	173,751		5,892,676
	Lenzing †	1,953		250,557
	OMV	101,992		5,174,156
	voestalpine	123,294		5,108,254
	Zumtobel Group †	4,993		45,906
				17,467,127
Belgium – 0.49%
	bpost †	12,776		122,107
	Galapagos †	46,061		3,571,520
	UCB	9,511		904,776
				4,598,403
Brazil – 3.47%
	AES Brasil Energia	28,100		86,866
	Ambev	2,088,600		5,684,730
	Banco Bradesco ADR	1,307,423		6,144,888
	Cia Siderurgica Nacional	198,800		1,332,597
	Energisa	254,300		2,043,472
	Eternit †	110,600		368,624
	Klabin	858,200		4,195,973
	Marfrig Global Foods †	327,900		1,021,802
	Petroleo Brasileiro ADR	627,395		5,320,310
	Porto Seguro	23,300		194,682
	SLC Agricola	204,300		1,622,451
	Sul America	371,797		2,264,346
	Transmissora Alianca de
	Energia Eletrica	292,500		2,031,882
				32,312,623
Canada – 3.85%
	Canfor †	12,800		265,126
	Cascades	47,304		592,100
	Cervus Equipment	2,551		32,093
	Constellation Software	3,700		5,167,222
	Finning International	8,100		205,997
	Intertape Polymer Group	4,366		97,277
	Linamar	4,800		282,989
	Magna International	150,755		13,277,284
	Quebecor Class B	1,626		43,655
	Restaurant Brands
	International *	103,623		6,735,495
	Royal Bank of Canada	91,800		8,464,125
	Stella-Jones	2,100		85,190
	Transcontinental Class A	23,000		404,838
	West Fraser Timber	3,300		237,410
	Western Forest Products	11,580		16,678
				35,907,479
Chile – 0.56%
	Sociedad Quimica y
	Minera de Chile ADR	99,099		5,259,184
				5,259,184
China/Hong Kong – 10.04%
	360 DigiTech ADR †	12,862		334,541
	Agricultural Bank of
	China Class H	2,992,000		1,196,939
	Alibaba Group Holding
	ADR †	1,952		442,577
	Angang Steel Class H	180,000		89,837
	Anhui Conch Cement
	Class H	613,000		3,985,947
	Asia Cement China
	Holdings	393,862		403,787
	Baidu ADR †	29,380		6,391,619
	Baoshan Iron & Steel
	Class A	2,277,900		2,807,846
	Beijing Yanjing Brewery
	Class A	1,148,044		1,285,529
	Build King Holdings	162,736		22,817
	BYD Class H *	138,500		2,937,787
	China Construction Bank
	Class H	10,038,000		8,444,517
	China Everbright Bank
	Class H	744,000		324,431
	China Life Insurance
	Class H	1,759,000		3,633,802
	China Merchants Bank
	Class H	102,500		782,518
	China Minsheng
	Banking Class H	1,035,000		600,436
	China Petroleum &
	Chemical Class H	6,530,000		3,477,470
	China South Publishing
	& Media Group
	Class A	594,845		951,933

92

		Number of
		shares	Value (US $)
Common StockΔ (continued)
China/Hong Kong (continued)
	Chinese Universe
	Publishing and Media
	Group Class A	78,000	$	125,776
	CITIC	1,480,703		1,401,831
	Fangda Special Steel
	Technology Class A	332,500		453,478
	Fufeng Group †	160,000		57,627
	Guangxi Liugong
	Machinery Class A	343,600		517,890
	HBIS Resources Class A	152,840		541,410
	Huaibei Mining Holdings
	Class A	254,800		439,243
	Huayu Automotive
	Systems Class A	564,200		2,372,997
	Industrial & Commercial
	Bank of China Class H	4,029,705		2,892,393
	JNBY Design	77,000		137,675
	Kingboard Laminates
	Holdings	326,000		705,332
	Lee & Man Paper
	Manufacturing	465,000		427,670
	Lenovo Group	2,858,000		4,065,999
	Li Ning	340,000		2,208,616
	Liuzhou Iron & Steel
	Class A	204,700		201,733
	Nanjing Iron & Steel
	Class A	2,612,700		1,542,509
	Offshore Oil Engineering
	Class A	1,526,600		1,054,996
	Opple Lighting Class A	123,800		537,883
	PAX Global Technology	113,000		121,371
	Perfect World Class A	1,068,500		3,224,246
	SAIC Motor Corp Class A	789,500		2,369,102
	Sanquan Food Class A	104,500		360,609
	SGIS Songshan Class A	1,550,800		1,152,158
	Shandong Nanshan
	Aluminum Class A	4,151,000		2,184,737
	Shandong Publishing &
	Media Class A	188,800		171,375
	Shanghai Construction
	Group Class A	1,556,800		719,619
	Shanghai Fengyuzhu
	Culture and
	Technology Class A †	69,000		205,158
	Shanghai Fosun
	Pharmaceutical Group
	Class H *	1,109,000		4,728,953
	Shanghai Zijiang
	Enterprise Group
	Class A	585,965		427,294
	Sinopec Engineering
	Group Class H	34,001		18,763
	Sinopharm Group
	Class H	1,094,800		2,650,356
	Sinotruk Hong Kong	488,052		1,462,756
	Tangshan Sanyou
	Chemical Industries
	Class A	520,900		860,617
	Techtronic Industries	42,000		718,540
	Tencent Holdings	10,000		784,657
	TravelSky Technology
	Class H	1,737,000		4,062,034
	Weibo ADR †	90,846		4,584,089
	Xinyangfeng Agricultural
	Technology Class A	554,500		1,504,890
	Xinyu Iron & Steel
	Class A	1,486,800		1,301,942
	Yonggao Class A	364,100		391,595
	Zhejiang Runtu Class A	328,450		491,548
	Zhejiang Semir Garment
	Class A	616,978		953,469
	Zhejiang Weixing New
	Building Materials
	Class A	78,700		303,274
				93,552,543
Colombia – 1.00%
	Bancolombia ADR	145,226		4,645,780
	Ecopetrol	7,258,724		4,690,210
				9,335,990
Denmark – 1.79%
	AP Moller - Maersk
	Class B	2,025		4,703,957
	D/S Norden	1,513		35,063
	Demant †	18,826		797,469
	GN Store Nord	2,806		220,915
	H. Lundbeck	48,234		1,647,784
	Novo Nordisk Class B	136,276		9,232,587
				16,637,775
Egypt – 0.00%
	ElSewedy Electric	76,312		43,794
				43,794
Finland – 0.69%
	Kone Class B	71,959		5,878,351
	Orion Class A	3,147		135,256

93

Schedules of investments
Optimum International Fund

		Number of
		shares	Value (US $)
Common StockΔ (continued)
Finland (continued)
	Orion Class B	5,885	$	235,819
	Revenio Group	1,620		96,129
	Suominen	4,922		33,131
	Vincit	3,740		42,105
				6,420,791
France – 3.03%
	BioMerieux	9,582		1,219,194
	Capgemini	40,808		6,943,839
	Faurecia †	1,591		84,733
	Ipsen	7,085		607,773
	IPSOS	23,199		876,016
	Publicis Groupe	37,173		2,268,568
	Safran †	48,397		6,586,437
	Sartorius Stedim Biotech	6,566		2,704,222
	Sodexo †	70,136		6,726,281
	Valneva †	12,555		156,066
	Virbac †	331		85,202
				28,258,331
Germany – 7.96%
	BASF	59,199		4,917,902
	Bayerische Motoren
	Werke	69,218		7,181,282
	Carl Zeiss Meditec	10,210		1,538,565
	Cliq Digital	790		31,128
	Continental †	51,068		6,749,315
	Covestro	89,695		6,031,327
	Daimler	85,768		7,645,096
	Dermapharm Holding	3,040		217,501
	Deutsche Bank †	339,822		4,060,012
	Deutsche Post	141,938		7,776,576
	Gerresheimer	4,419		438,929
	Hella & Co. †	2,265		127,018
	HelloFresh †	2,587		192,948
	Hornbach Baumarkt	1,211		50,912
	Hornbach Holding AG &
	Co.	1,099		107,228
	Merck	44,473		7,603,978
	MTU Aero Engines	21,163		4,980,943
	Siemens	59,001		9,686,666
	Stabilus	526		37,010
	Vonovia	69,559		4,543,552
	Wacker Chemie	1,511		215,026
				74,132,914
Greece – 0.01%
	Thrace Plastics Holding
	and Co.	17,069		89,075
				89,075
Hungary – 0.25%
	MOL Hungarian Oil
	& Gas †	43,528		315,166
	OTP Bank †	44,217		1,889,999
	Richter Gedeon	4,364		128,666
				2,333,831
India – 2.16%
	Bharat Electronics	265,651		454,537
	HCL Technologies	65,486		880,133
	HDFC Bank ADR †	87,848		6,824,911
	ICICI Bank ADR †	446,484		7,157,138
	Infosys	50,356		942,224
	Karnataka Bank †	100,431		83,929
	Oracle Financial Services
	Software	1,076		47,078
	Repco Home Finance	10,286		47,418
	Wipro	654,784		3,708,999
				20,146,367
Indonesia – 0.02%
	Japfa Comfeed
	Indonesia	1,057,800		139,826
				139,826
Ireland – 1.18%
	ICON †	55,762		10,949,984
				10,949,984
Israel – 0.57%
	Albaad Massuot Yitzhak	2,063		45,381
	Check Point Software
	Technologies †	47,205		5,285,544
	Isracard	7		24
				5,330,949
Italy – 1.48%
	Banca Mediolanum †	33,210		313,510
	De’ Longhi	5,910		238,692
	DiaSorin	2,160		346,519
	Leonardo *	679,490		5,501,369
	Mediaset †	218,942		630,072
	Prysmian	207,290		6,735,996
				13,766,158
Japan – 7.63%
	A&A Material	1,800		18,045
	Aica Kogyo	1,800		64,863
	Aichi Bank	1,500		40,912
	Akatsuki	900		36,374
	ASKUL	6,400		244,498
	BML	2,200		75,999
	Canon	10,000		226,010
	Capcom	74,400		2,415,606

94

		Number of
		shares	Value (US $)
Common StockΔ (continued)
Japan (continued)
	Chukyo Bank	2,200	$	34,930
	Daiken	2,200		43,791
	Daikin Industries	13,400		2,701,179
	Daito Trust Construction	2,900		336,031
	Denso	137,200		9,103,711
	Disco	2,600		815,986
	Doshisha	6,100		103,076
	France Bed Holdings	4,700		41,132
	Fujikura †	71,500		350,639
	Fujitsu	30,300		4,378,415
	GLOBERIDE	1,900		73,357
	Glory	2,400		51,587
	GS Yuasa	2,800		75,864
	GungHo Online
	Entertainment	3,700		73,048
	Hitachi	141,600		6,399,335
	Honda Motor	26,100		782,352
	Hyakujushi Bank	2,700		41,210
	Iida Group Holdings	9,700		234,429
	Internet Initiative Japan	9,400		220,557
	Japan Post Holdings †	56,200		500,813
	Kajima	9,100		129,114
	Kanamoto	1,800		46,835
	Kanematsu	3,100		41,604
	KDDI	140,300		4,301,815
	Kokuyo	6,300		97,523
	K’s Holdings	14,000		192,314
	Mazda Motor †	95,500		777,972
	Mitsubishi Electric	125,400		1,910,021
	Mixi	73,700		1,843,748
	Nihon Kohden	5,400		157,525
	Nikon	73,900		690,779
	Nintendo	12,500		6,977,873
	Nippon Telegraph &
	Telephone	181,700		4,663,729
	Nissan Motor †	403,900		2,246,665
	Nitori Holdings	6,200		1,199,684
	Nojima	2,200		55,872
	Nomura Holdings	140,300		736,694
	Panasonic	84,200		1,082,490
	Paramount Bed Holdings	2,200		46,752
	Pilot	1,700		54,197
	Sakai Chemical Industry †	2,200		41,785
	Secom	57,300		4,819,462
	Studio Alice	1,500		28,368
	Sumitomo Forestry	11,100		239,193
	Sumitomo Rubber
	Industries	32,500		383,044
	Suzuken	2,300		89,840
	Suzuki Motor	6,600		299,526
	T&D Holdings	11,600		149,393
	Takamatsu Construction
	Group	2,200		42,838
	T-Gaia	30,550		528,917
	TOKAI Holdings	10,700		92,384
	Tokio Marine Holdings	6,600		313,832
	Tokyo Electron	4,300		1,817,087
	Toshiba	12,900		435,728
	Toyota Motor	48,600		3,781,780
	TS Tech	3,800		56,592
	Tsurumi Manufacturing	1,500		24,588
	TV Asahi Holdings	3,000		56,383
	Vital KSK Holdings	4,600		32,778
	Yokohama Rubber	4,100		73,317
	Yondoshi Holdings	3,400		59,110
	ZOZO	34,000		1,004,109
				71,107,009
Luxembourg – 1.07%
	Eurofins Scientific †	98,522		9,417,401
	RTL Group †	9,587		561,684
				9,979,085
Malaysia – 0.12%
	AMMB Holdings	524,200		370,410
	Hong Leong Financial
	Group	60,700		255,009
	Magni-Tech Industries	48,000		26,972
	Public Bank Bhd	218,000		220,813
	Sime Darby	258,000		149,331
	Unisem M	57,100		105,758
				1,128,293
Malta – 0.16%
	Kindred Group SDR †	86,361		1,519,867
				1,519,867
Mexico – 0.70%
	Alpek	329,744		308,457
	Credito Real †	75,575		35,755
	Grupo Financiero
	Banorte Class O †	968,500		5,460,976
	Grupo Financiero
	Inbursa Class O †	485,392		439,571
	Ternium ADR †	7,359		285,823
				6,530,582
Netherlands – 5.14%
	ASML Holding (New
	York Shares)	28,917		17,531,969

95

Schedules of investments
Optimum International Fund

		Number of
		shares	Value (US $)
Common StockΔ (continued)
Netherlands (continued)
	BE Semiconductor
	Industries	17,860	$	1,496,270
	Brunel International †	4,916		63,646
	Heineken	57,864		5,945,640
	Koninklijke Ahold
	Delhaize	32,941		917,460
	Koninklijke Philips †	155,398		8,870,300
	Randstad †	7,003		492,581
	Royal Dutch Shell
	Class A	352,296		6,940,710
	Wolters Kluwer	64,780		5,630,712
				47,889,288
New Zealand – 0.39%
	Fisher & Paykel
	Healthcare	139,202		3,120,720
	Fisher & Paykel
	Healthcare (Australian
	Securities Exchange)	15,629		348,889
	Fletcher Building	18,647		92,203
	Skellerup Holdings	13,497		40,156
				3,601,968
Norway – 2.59%
	DNB †	394,826		8,401,388
	Equinor ADR *	407,863		7,937,014
	Norsk Hydro	1,215,637		7,782,897
				24,121,299
Philippines – 0.02%
	BDO Unibank	49,800		104,653
	Ginebra San Miguel	33,690		35,365
	LT Group	174,300		48,479
				188,497
Poland – 0.75%
	Alior Bank †	31,648		184,191
	Asseco Poland †	20,652		353,267
	Bank Handlowy w
	Warszawie †	6,409		63,573
	Bank Millennium †	161,514		154,652
	Bank Polska Kasa Opieki †	49,578		885,953
	Budimex	525		40,651
	Grupa Azoty †	13,065		99,676
	Jastrzebska Spolka
	Weglowa †	47,702		357,050
	LiveChat Software	2,654		84,484
	mBank †	12,310		667,847
	Neuca	226		39,917
	Powszechna Kasa
	Oszczednosci Bank
	Polski †	366,302		3,033,747
	Powszechny Zaklad
	Ubezpieczen †	91,817		792,267
	TEN Square Games	2,060		270,017
				7,027,292
Republic of Korea – 6.15%
	AfreecaTV	2,975		206,351
	BNK Financial Group	55,107		330,618
	Coway	5,419		313,624
	DGB Financial Group	8,243		61,472
	DL Holdings	3,439		265,882
	F&F	2,881		324,566
	Gravity ADR †	176		20,240
	Hana Financial Group	9,782		369,931
	Handsome	3,352		120,248
	Hankook Tire &
	Technology	4,929		213,623
	Hyosung	4,412		346,567
	Hyosung TNC	1,024		518,447
	Hyundai Engineering &
	Construction	5,660		220,299
	Hyundai Mobis	3,960		1,021,710
	iMarketKorea	4,641		37,194
	JB Financial Group	37,570		217,436
	KB Financial Group	31,468		1,562,626
	Kia	64,729		4,741,360
	KIWOOM Securities	2,947		328,095
	Kolon Industries	3,419		180,655
	Korea Petrochemical Ind	394		113,317
	KT	147,921		3,692,307
	KT ADR †	210,130		2,614,017
	LG Display †	135,766		2,729,116
	LG Electronics	37,556		4,977,601
	LG Innotek	1,944		352,986
	NH Investment &
	Securities	60,594		623,742
	NPC	13,519		49,871
	POSCO	13,355		3,776,099
	Samsung Card	13,434		408,925
	Samsung Electronics	269,893		19,411,787
	Samsung Securities	25,793		899,080
	Shinhan Financial Group	188,967		6,252,984
				57,302,776
Russia – 0.02%
	Evraz	20,349		162,147
				162,147

96

		Number of
		shares	Value (US $)
Common StockΔ (continued)
Singapore – 0.76%
	DBS Group Holdings	306,500	$	6,559,720
	IGG	192,000		247,468
	Jardine Cycle & Carriage	13,751		230,103
				7,037,291
South Africa – 0.59%
	AECI	18,805		131,839
	African Rainbow
	Minerals	5,071		95,548
	Anglo American	78,755		3,086,149
	Kumba Iron Ore	18,634		768,211
	Motus Holdings	19,058		111,159
	Ninety One	16,741		54,442
	Omnia Holdings †	7,530		24,998
	Sappi †	50,166		156,242
	Shoprite Holdings	12,704		135,234
	Sibanye Stillwater	193,946		854,098
	Telkom	21,065		60,455
				5,478,375
Spain – 1.02%
	Amadeus IT Group †	128,259		9,081,715
	Laboratorios
	Farmaceuticos Rovi	4,805		259,202
	Pharma Mar	1,570		182,181
				9,523,098
Sweden – 3.16%
	Betsson †	47,340		439,335
	Bilia Class A †	4,415		65,415
	Electrolux Class B	118,661		3,290,761
	Epiroc Class A	30,577		692,525
	Getinge Class B	50,752		1,409,221
	Husqvarna Class B	219,559		3,162,613
	Kinnevik Class B †	40,539		1,970,912
	Paradox Interactive	4		90
	Ratos Class B	3,051		16,573
	Swedish Match	12,180		950,864
	Telefonaktiebolaget LM
	Ericsson Class B	514,455		6,806,620
	Telefonaktiebolaget LM
	Ericsson ADR	497,534		6,562,473
	Volvo Class B	160,455		4,058,477
				29,425,879
Switzerland – 6.21%
	Adecco Group	22,556		1,518,768
	Credit Suisse Group †	191,085		2,001,930
	Credit Suisse Group ADR	144,183		1,528,340
	Kuehne + Nagel
	International	9,764		2,786,172
	Logitech International	52,187		5,474,072
	Novartis	136,858		11,695,520
	Novartis ADR	68,826		5,883,246
	Roche Holding	57,269		18,507,979
	Schindler Holding	304		89,288
	Sonova Holding †	614		162,668
	Swatch Group	3,500		1,006,877
	Tecan Group †	421		186,814
	UBS Group	393,395		6,091,452
	Zehnder Group	11,237		895,251
				57,828,377
Taiwan – 7.12%
	Acer	2,665,000		2,937,450
	ASE Technology Holding	2,247,671		8,468,252
	Asia Polymer	181,000		156,051
	Asustek Computer	137,000		1,788,543
	C Sun Manufacturing	113,000		192,472
	Chicony Electronics	79,000		281,025
	ChipMOS Technologies	1,427,000		2,213,043
	Elan Microelectronics	47,500		325,456
	Evergreen Marine Corp.
	Taiwan †	374,000		596,397
	Formosa Chemicals &
	Fibre	354,000		1,086,826
	General Interface
	Solution Holding	140,000		615,778
	Gigabyte Technology	8,000		27,982
	Himax Technologies ADR †	57,372		783,128
	Hon Hai
	Precision Industry	1,195,000		5,193,285
	Lite-On Technology	594,000		1,307,370
	MediaTek	174,000		5,909,158
	Micro-Star International	415,000		2,530,754
	Nantex Industry	332,000		1,279,921
	Novatek
	Microelectronics	205,000		4,131,181
	Phison Electronics	38,000		650,580
	Pou Chen	712,000		823,468
	Qualipoly Chemical	114,000		136,842
	Quanta Computer	1,012,000		3,475,835
	Radiant Opto-Electronics	536,000		2,385,729
	Realtek Semiconductor	149,000		2,579,680
	Sanyang Motor	157,000		170,574
	Silicon Motion
	Technology ADR	27,362		1,625,029
	Sitronix Technology	5,000		41,881
	Synnex Technology
	International	144,000		275,050

97

Schedules of investments
Optimum International Fund

		Number of
		shares	Value (US $)
Common StockΔ (continued)
Taiwan (continued)
	Taiwan Semiconductor
	Manufacturing	456,000	$	9,381,138
	United Microelectronics	216,000		380,023
	Winbond Electronics	702,000		725,791
	Wistron	1,592,000		1,869,134
	Yuanta Financial Holding	2,494,080		1,966,733
				66,311,559
Thailand – 0.31%
	AAPICO Hitech NVDR	112,700		77,538
	Krung Thai Bank NVDR	1,077,430		420,629
	Siam Commercial Bank
	NVDR	519,300		1,852,862
	Somboon Advance
	Technology NVDR	107,200		63,462
	Thai Union Group NVDR	829,100		390,009
	Workpoint
	Entertainment NVDR	142,600		88,982
				2,893,482
Turkey – 0.31%
	Akbank TAS	94,566		53,712
	Arcelik	361,106		1,463,273
	Ford Otomotiv Sanayi	33,017		772,919
	Haci Omer Sabanci
	Holding	328,815		342,464
	Petkim Petrokimya
	Holding †	36,766		25,602
	Tofas Turk Otomobil
	Fabrikasi	65,503		262,575
				2,920,545
Ukraine – 0.43%
	Ferrexpo	781,368		4,035,168
				4,035,168
United Kingdom – 5.34%
	BAE Systems	849,767		5,916,018
	Barclays	4,039,953		10,354,776
	Bloomsbury Publishing	7,978		31,456
	BP ADR	52,987		1,290,233
	CNH Industrial †	204,468		3,163,892
	Craneware	1,127		33,404
	Diageo	158,887		6,548,249
	Dignity †	11,611		105,646
	Dixons Carphone †	24,758		48,774
	Entain †	416,813		8,722,707
	GAN †	9,278		168,860
	Indivior †	339,509		594,420
	Just Group †	116,103		161,820
	Kingfisher †	93,630		410,856
	Mission Group	18,617		20,789
	Ninety One	13,874		45,675
	RELX	233,503		5,865,417
	Unilever	112,194		6,273,441
				49,756,433
United States – 2.75%
	Atlassian Class A †	5,085		1,071,715
	Carnival †	330,135		8,761,783
	Core Laboratories *	174,357		5,019,738
	Everest Re Group	20,287		5,027,321
	Inmode †	24,240		1,754,249
	James Hardie Industries
	CDI	23,324		705,795
	Jasper Infotech =, †, π	1,420		203,917
	Jasper Infotech Series G
	=, †, π	470		67,494
	Tenaris	233,437		2,631,300
	Viemed Healthcare †	39,000		396,610
				25,639,922
Total Common Stock
	(cost $764,253,470)			897,612,849
Preferred Stock – 1.47%Δ
Brazil – 0.25%
	Braskem Class A †, **	294,300		2,089,352
	Cia Ferro Ligas da Bahia
	2.74% **	10,200		61,831
	Taurus Armas †, **	40,700		161,248
				2,312,431
Germany – 1.22%
	Sartorius 0.17% **	9,714		4,843,711
	Schaeffler 5.75% **	50,164		445,911
	Volkswagen 2.03% **	21,717		6,076,552
				11,366,174
Total Preferred Stock
	(cost $13,698,023)			13,678,605
Rights – 0.01%Δ
Brazil – 0.00%
	Eternit, expiration date
	5/3/2021 †	21,623		28,390
				28,390

98

			Number of shares		Value (US $)
RightsΔ (continued)
Chile – 0.01%
	Sociedad Quimica y
		Minera de Chile,
		expiration date 4/26/
		21 †	16,644	$	51,596
					51,596
Total Rights
	(cost $0)				79,986
Short-Term Investments – 1.50%
Money Market Mutual Funds – 1.50%
	BlackRock FedFund –
		Institutional Shares
		(seven-day effective
		yield 0.01%)	3,497,580		3,497,580
	Fidelity Investments
		Money Market
		Government Portfolio
		– Class I (seven-day
		effective yield 0.01%)	3,497,578		3,497,578
	GS Financial Square
		Government Fund –
		Institutional Shares
		(seven-day effective
		yield 0.03%)	3,497,578		3,497,578
	Morgan Stanley
		Government Portfolio
		– Institutional Share
		Class (seven-day
		effective yield 0.00%)	3,497,579		3,497,579
Total Short-Term Investments
	(cost $13,990,315)				13,990,315
Total Value of Securities Before Securities Lending Collateral–99.32%
	(cost $791,941,808)				925,361,755
			Principal amount°
Securities Lending Collateral*** – 1.79%
Certificates of Deposit – 0.16%
	National Australia Bank
		(London)
		0.07% 4/1/2021	750,000		750,000
	Royal Bank of Canada
		(Toronto)
		0.02% 4/1/2021	750,000		750,000
					1,500,000
Repurchase Agreements - 1.63%
	Bank of Montreal
		0.00%, dated
		3/31/21, to be
		repurchased on
		4/1/21, repurchase
		price $3,876,828
		(collateralized by US
		government
		obligations
		0.125%-2.625%
		10/31/21-10/15/25;
		market value
		$3,954,368)	3,876,828		3,876,828
	Bank of Nova Scotia
		0.01%, dated
		3/31/21, to be
		repurchased on
		4/1/21, repurchase
		price $3,876,829
		(collateralized by US
		government
		obligations
		0.00%-8.00%
		4/1/21-10/31/25;
		market value
		$3,954,370)	3,876,828		3,876,828
	BofA Securities
		0.00%, dated
		3/31/21, to be
		repurchased on
		4/1/21, repurchase
		price $3,876,828
		(collateralized by US
		government
		obligations 2.00%
		11/30/22; market
		value $3,954,368)	3,876,828		3,876,828

99

Schedules of investments
Optimum International Fund

			Principal amount°		Value (US $)
Securities Lending Collateral*** (continued)
Repurchase Agreements (continued)
	JP Morgan Securities
		0.01%, dated
		3/31/21, to be
		repurchased on
		4/1/21, repurchase
		price $3,526,124
		(collateralized by US
		government
		obligations
		0.125%-2.50%
		1/15/22-2/15/26;
		market value
		$3,596,645)	3,526,123	$	3,526,123
					15,156,607
Total Securities Lending Collateral
	(cost $16,656,607)				16,656,607
Total Value of Securities-101.11%
	(cost $808,598,415)			$	942,018,362◼

Δ	Securities have been classified by country of origin. Aggregate classification by business sector has been presented on page 39 in “Security type / country and sector allocations.”
*	Fully or partially on loan.
†	Non-income producing security.
=	The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.”
π	Restricted security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At March 31, 2021, the aggregate value of restricted securities was $271,411, which represented 0.03% of the Fund’s net assets. See Note 10 in “Notes to financial statements” and the table below, for additional details on restricted securities.
**	Perpetual security with no stated maturity date.
○	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
***	See Note 8 in “Notes to financial statements” for additional information on securities lending collateral and non-cash collateral.
◼	Includes $29,141,339 of securities loaned for which the counterparty pledged additional non-cash collateral valued at $13,355,239.

Restricted Securities

Investments	Date of Acquisition		Cost		Value
Jasper Infotech		5/7/14	$	999,482	$	203,917
Jasper Infotech Series G		10/29/14		396,443		67,494
Total			$	1,395,925	$	271,411

The following foreign currency exchange contracts were outstanding at March 31, 2021:¹

Foreign Currency Exchange Contracts

Counterparty	Currency to Receive (Deliver)			In Exchange For			Settlement Date	Unrealized Appreciation		Unrealized Depreciation
BBH	EUR	(770,037	)	USD	902,068		4/1/21	$	—	$	(974	)
BBH	EUR	48,893		USD	(57,430	)	4/6/21		—		(86	)
BBH	EUR	404,699		USD	(474,263	)	4/1/21		338		—
BBH	GBP	248,341		USD	(340,808	)	4/1/21		1,556		—
BBH	GBP	358,589		USD	(494,467	)	4/6/21		—		(107	)
Total Foreign Currency Exchange Contracts								$	1,894	$	(1,167	)

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

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

Summary of abbreviations:
ADR – American Depositary Receipt
AG – Aktiengesellschaft
BBH – Brown Brothers Harriman & Co.

100

Summary of abbreviations: (continued)
CDI – CHESS Depositary Interest
GS – Goldman Sachs
NVDR – Non-Voting Depositary Receipt
SDR – Special Drawing Right

Summary of currencies:
EUR – European Monetary Unit
GBP – British Pound Sterling
USD – US Dollar

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

101

Schedules of investments
Optimum Large Cap Growth Fund
March 31, 2021

			Number of shares		Value (US $)
Common Stock – 98.94% ♦
Communication Services – 15.99%
	Activision Blizzard		37,750	$	3,510,750
	Alphabet Class A †		17,600		36,300,352
	Alphabet Class C †		14,810		30,636,410
	Comcast Class A		222,450		12,036,769
	Facebook Class A †		382,735		112,726,939
	IAC †		7,116		1,539,262
	Kuaishou Technology
		144A #, †	12,500		434,134
	Match Group †		50,063		6,877,655
	Netflix †		39,995		20,863,792
	Pinterest Class A †		50,787		3,759,762
	Playtika Holding †		54,466		1,482,020
	ROBLOX Class A †		13,045		845,707
	Sea ADR †		122,159		27,269,554
	Snap Class A †		346,579		18,122,616
	Spotify Technology †		20,067		5,376,953
	Tencent Holdings		113,400		8,898,007
	Walt Disney †		99,010		18,269,325
					308,950,007
Consumer Discretionary – 22.67%
	Advance Auto Parts		77,730		14,262,678
	Airbnb Class B =, †, π		73,482		13,547,890
	Alibaba Group Holding
		ADR †	151,055		34,248,700
	Amazon.com †		58,230		180,168,278
	Aptiv		126,282		17,414,288
	Booking Holdings †		8,544		19,906,153
	Carvana †		14,581		3,826,054
	Chipotle Mexican Grill †		4,114		5,845,254
	Coupang †		51,198		2,526,621
	DoorDash Class A †		30,822		4,041,689
	DraftKings Class A †		65,261		4,002,457
	Farfetch Class A †		87,763		4,653,194
	Ferrari		39,731		8,314,904
	Home Depot		79,550		24,282,638
	JD Health International
		144A #, †	9,250		132,668
	Las Vegas Sands †		90,142		5,477,028
	Lululemon Athletica †		23,272		7,137,755
	NIKE Class B		64,216		8,533,664
	Ross Stores		116,967		14,025,513
	Tesla †		39,573		26,431,994
	Tractor Supply		73,110		12,946,319
	Ulta Beauty †		55,415		17,132,656
	Wynn Resorts †		71,982		9,024,383
					437,882,778
Consumer Staples – 1.13%
	Anheuser-Busch
		InBev ADR	126,790		7,968,752
	Monster Beverage †		152,880		13,925,839
					21,894,591
Financials – 0.77%
	Chubb		6,847		1,081,620
	MSCI Class A		4,853		2,034,766
	S&P Global		17,002		5,999,496
	Tradeweb Markets
		Class A	27,138		2,008,212
	XP Class A †		98,669		3,716,861
					14,840,955
Healthcare – 11.74%
	Alcon (New York Stock
		Exchange) †	168,080		11,795,854
	Align Technology †		3,200		1,732,896
	Amgen		83,750		20,837,838
	Anthem		21,253		7,628,764
	Argenx ADR †		7,080		1,949,761
	AstraZeneca ADR		108,800		5,409,536
	Avantor †		105,805		3,060,939
	BioMarin
		Pharmaceutical †	94,190		7,112,287
	Cigna		52,161		12,609,400
	Eli Lilly and Co.		58,560		10,940,179
	HCA Healthcare		43,450		8,183,373
	Humana		9,516		3,989,583
	Incyte †		38,961		3,166,361
	Intuitive Surgical †		17,124		12,653,609
	Stryker		50,895		12,397,004
	Thermo Fisher Scientific		50,530		23,060,881
	UnitedHealth Group		135,514		50,420,694
	Vertex
		Pharmaceuticals †	38,267		8,223,196
	Zoetis		137,230		21,610,980
					226,783,135
Industrials – 7.61%
	Airbus †		32,414		3,669,669
	Cintas		19,309		6,590,355
	Clarivate †		55,676		1,469,290
	Cummins		17,615		4,564,223
	Equifax		5,497		995,672
	FedEx		33,675		9,565,047
	Generac Holdings †		8,100		2,652,345
	IHS Markit		171,806		16,627,385
	Norfolk Southern		10,008		2,687,348
	Parker-Hannifin		964		304,074
	Raytheon Technologies		178,690		13,807,376
	Roper Technologies		29,830		12,031,632
	Southwest Airlines †		56,084		3,424,489

102

		Number of shares		Value (US $)
Common Stock ♦ (continued)
Industrials (continued)
	Teledyne Technologies †	21,110	$	8,732,151
	TransUnion	46,991		4,229,190
	Uber Technologies †	353,645		19,277,189
	United Parcel Service
	Class B	121,780		20,701,382
	WW Grainger	39,170		15,704,428
				147,033,245
Information Technology – 37.47%
	Adobe †	58,940		28,018,308
	Advanced Micro
	Devices †	97,650		7,665,525
	Affirm Holdings †	4,704		332,667
	Afterpay †	59,441		4,582,564
	Akamai Technologies †	120,295		12,258,060
	Apple	748,482		91,427,076
	ASML Holding	41,485		25,611,180
	Atlassian Class A †	53,600		11,296,736
	Avalara †	23,515		3,137,606
	Black Knight †	60,735		4,493,783
	Coupa Software †	4,268		1,086,121
	Datadog Class A †	29,055		2,421,444
	Fidelity National
	Information Services	174,996		24,606,188
	Fiserv †	102,564		12,209,219
	Global Payments	52,423		10,567,428
	Intuit	45,710		17,509,673
	Mastercard Class A	76,418		27,208,629
	Microsoft	559,045		131,806,040
	Nutanix Class A †	205,330		5,453,565
	NVIDIA	55,057		29,396,584
	NXP Semiconductors	66,900		13,469,646
	Palo Alto Networks †	55,070		17,735,844
	Paycom Software †	6,297		2,330,268
	PayPal Holdings †	47,869		11,624,508
	QUALCOMM	169,480		22,471,353
	salesforce.com †	186,038		39,415,871
	ServiceNow †	22,313		11,158,954
	Shopify Class A †	3,568		3,947,992
	Snowflake Class A †	3,058		701,138
	Splunk †	160,892		21,797,648
	StoneCo Class A †	36,566		2,238,570
	Taiwan Semiconductor
	Manufacturing ADR	65,747		7,776,555
	Texas Instruments	62,260		11,766,517
	Visa Class A	333,132		70,534,038
	VMware Class A †	81,170		12,212,026
	Wix.com †	4,294		1,198,971
	Workday Class A †	60,025		14,912,011
	Zebra Technologies
	Class A †	5,165		2,505,955
	Zoom Video
	Communications
	Class A †	15,785		5,071,563
				723,957,824
Materials – 0.84%
	Ecolab	58,280		12,476,000
	Linde	13,260		3,714,656
				16,190,656
Real Estate – 0.72%
	Equinix	20,500		13,931,595
				13,931,595
Total Common Stock
	(cost $1,131,414,883)			1,911,464,786
Convertible Preferred Stock – 0.09%
	Magic Leap Series C =,
	†, π	43,435		100,044
	WeWork Companies
	Series E =, †, π	20,913		235,058
	Xiaoju Kuaizhi =, †, π	32,416		1,357,452
Total Convertible Preferred Stock
	(cost $2,577,306)			1,692,554
Short-Term Investments – 1.10%
Money Market Mutual Funds – 1.10%
	BlackRock FedFund –
	Institutional Shares
	(seven-day effective
	yield 0.01%)	5,301,614		5,301,614
	Fidelity Investments
	Money Market
	Government Portfolio
	– Class I (seven-day
	effective yield 0.01%)	5,301,617		5,301,617
	GS Financial Square
	Government Fund –
	Institutional Shares
	(seven-day effective
	yield 0.03%)	5,301,617		5,301,617

103

Schedules of investments
Optimum Large Cap Growth Fund

			Number of
			shares	Value (US $)
Short-Term Investments (continued)
Money Market Mutual Funds (continued)
	Morgan Stanley
		Government Portfolio
		– Institutional Share
		Class (seven-day
		effective yield 0.00%)	5,301,616	$	5,301,616
Total Short-Term Investments
	(cost $21,206,464)				21,206,464
Total Value of
	Securities–100.13%
	(cost $1,155,198,653)			$	1,934,363,804

◆	Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.
†	Non-income producing security.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2021, the aggregate value of Rule 144A securities was $566,802, which represents 0.03% of the Fund’s net assets. See Note 10 in “Notes to financial statements.”
=	The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.”
π	Restricted security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At March 31, 2021, the aggregate value of restricted securities was $15,240,444, which represented 0.79% of the Fund’s net assets. See Note 10 in “Notes to financial statements” and the following table, for additional details on restricted securities.

Restricted Securities

Investments	Date of Acquisition	Cost		Value
Airbnb Class B	12/10/20	$	2,208,800	$	13,547,890
Magic Leap	1/20/16		1,000,438		100,044
WeWork Companies Series E	6/23/15		687,820		235,058
Xiaoju Kuaizhi	10/19/15		889,048		1,357,452
Total		$	4,786,106	$	15,240,444

The following foreign currency exchange contracts were outstanding at March 31, 2021:¹

Foreign Currency Exchange Contracts

	Currency to				Settlement	Unrealized
Counterparty	Receive (Deliver)		In Exchange For		Date	Depreciation
BNYM	HKD	(841,425)	USD	108,231	4/7/21	$	(4)

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
BNYM – Bank of New York Mellon
GS – Goldman Sachs
MSCI – Morgan Stanley Capital International
S&P – Standard & Poor’s Financial Services LLC

Summary of currencies:
HKD – Hong Kong Dollar
USD – US Dollar

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

104

Optimum Large Cap Value Fund

March 31, 2021

			Number of
			shares	Value (US $)
Common Stock – 98.16%
Communication Services – 5.74%
	Alphabet Class A †		10,882	$	22,444,343
	Comcast Class A		894,202		48,385,270
	Verizon
		Communications	346,511		20,149,615
	Walt Disney †		72,549		13,386,741
					104,365,969
Consumer Discretionary – 4.68%
	AutoZone †		7,527		10,570,166
	Darden Restaurants		66,301		9,414,742
	General Motors †		247,751		14,235,772
	Lowe’s		130,316		24,783,497
	Marriott International
		Class A †	23,863		3,534,349
	PulteGroup		120,359		6,311,626
	Target		81,679		16,178,160
					85,028,312
Consumer Staples – 5.32%
	Archer-Daniels-Midland		83,744		4,773,408
	Colgate-Palmolive		70,917		5,590,387
	Diageo		301,717		12,434,737
	J M Smucker		19,204		2,429,882
	Kimberly-Clark		50,763		7,058,595
	Mondelez International
		Class A	157,212		9,201,618
	Nestle		123,532		13,768,038
	PepsiCo		116,885		16,533,383
	Philip Morris
		International	47,824		4,243,902
	Procter & Gamble		53,488		7,243,880
	Reckitt Benckiser Group		64,887		5,812,670
	Tyson Foods Class A		101,589		7,548,063
					96,638,563
Energy – 3.65%
	Chevron		191,937		20,113,078
	ConocoPhillips		377,481		19,995,169
	EOG Resources		209,379		15,186,259
	Phillips 66		79,905		6,515,454
	Pioneer Natural
		Resources	28,754		4,566,710
					66,376,670
Financials – 24.34%
	Allstate		82,359		9,463,049
	American Express		143,358		20,276,555
	Aon Class A		89,967		20,702,306
	Bank of America		804,752		31,135,855
	Berkshire Hathaway
		Class B †	40,256		10,284,200
	BlackRock		36,640		27,625,094
	Charles Schwab		211,365		13,776,771
	Chubb		112,561		17,781,261
	Citigroup		274,257		19,952,197
	Goldman Sachs Group		35,084		11,472,468
	Hartford Financial
		Services Group	153,083		10,224,414
	Intercontinental
		Exchange	101,038		11,283,924
	JPMorgan Chase & Co.		493,592		75,139,510
	Marsh & McLennan		133,101		16,211,702
	Moody’s		15,962		4,766,413
	Morgan Stanley		130,209		10,112,031
	Nasdaq		88,266		13,015,704
	PNC Financial Services
		Group	65,122		11,423,050
	Progressive		82,558		7,893,370
	Prudential Financial		140,703		12,818,043
	State Street		178,786		15,019,812
	T Rowe Price Group		18,018		3,091,889
	Travelers		134,705		20,259,632
	Truist Financial		366,287		21,361,858
	US Bancorp		236,383		13,074,344
	Wells Fargo & Co.		367,313		14,350,919
					442,516,371
Healthcare – 16.85%
	Abbott Laboratories		119,259		14,291,999
	AbbVie		100,383		10,863,448
	AmerisourceBergen		88,612		10,462,419
	Boston Scientific †		219,673		8,490,361
	Bristol-Myers Squibb		223,315		14,097,876
	Cigna		127,209		30,751,504
	Danaher		62,427		14,051,069
	Eli Lilly and Co.		46,443		8,676,481
	Hill-Rom Holdings		79,442		8,776,752
	Johnson & Johnson		327,553		53,833,335
	McKesson		43,915		8,565,182
	Medtronic		358,360		42,333,067
	Merck & Co.		285,353		21,997,863
	Pfizer		364,184		13,194,386
	Roche Holding		11,229		3,628,946
	Thermo Fisher Scientific		67,954		31,012,846
	UnitedHealth Group		30,485		11,342,554
					306,370,088
Industrials – 16.18%
	Canadian National
		Railway	48,141		5,583,393
	Caterpillar		61,847		14,340,464
	Eaton		101,354		14,015,231
	Emerson Electric		110,632		9,981,219

105

Schedules of investments
Optimum Large Cap Value Fund

			Number of
			shares	Value (US $)
Common Stock (continued)
Industrials (continued)
	Equifax		47,926	$	8,680,836
	Honeywell International		171,846		37,302,611
	Illinois Tool Works		71,384		15,812,984
	Johnson Controls
		International	202,387		12,076,432
	Kansas City Southern		54,007		14,253,528
	Lockheed Martin		42,403		15,667,909
	Masco		120,130		7,195,787
	Northrop Grumman		84,020		27,192,233
	Otis Worldwide		38,704		2,649,289
	Owens Corning		93,412		8,602,311
	Parker-Hannifin		53,245		16,795,070
	Quanta Services		151,103		13,294,042
	Raytheon Technologies		77,407		5,981,239
	Southwest Airlines †		180,732		11,035,496
	Stanley Black & Decker		55,189		11,019,588
	Textron		167,230		9,378,258
	Trane Technologies		119,836		19,840,048
	Union Pacific		61,601		13,577,476
					294,275,444
Information Technology – 9.58%
	Accenture Class A		83,190		22,981,238
	Analog Devices		43,003		6,668,905
	Apple		40,342		4,927,775
	Broadcom		19,147		8,877,698
	Cisco Systems		198,485		10,263,659
	Fidelity National
		Information Services	75,897		10,671,877
	Fiserv †		109,760		13,065,831
	Global Payments		64,676		13,037,388
	Intel		254,706		16,301,184
	Micron Technology †		146,381		12,912,268
	Microsoft		36,786		8,673,035
	NXP Semiconductors		40,778		8,210,243
	ON Semiconductor †		319,790		13,306,462
	Texas Instruments		128,773		24,336,809
					174,234,372
Materials – 4.04%
	Air Products and
		Chemicals	43,221		12,159,796
	DuPont de Nemours		76,931		5,945,228
	Huntsman		302,974		8,734,740
	International Flavors &
		Fragrances	14,693		2,051,290
	Martin Marietta
		Materials	35,734		12,000,192
	PPG Industries		102,947		15,468,816
	Sherwin-Williams		13,658		10,079,741
	Westrock		135,958		7,076,614
					73,516,417
Real Estate – 2.04%
	American Tower		31,517		7,534,454
	Boston Properties		76,561		7,752,567
	Equity LifeStyle
		Properties	90,962		5,788,822
	Prologis		122,483		12,983,198
	Public Storage		12,490		3,082,032
					37,141,073
Utilities – 5.74%
	American Electric Power		79,532		6,736,360
	Dominion Energy		173,149		13,152,398
	DTE Energy		95,777		12,751,750
	Duke Energy		338,452		32,670,772
	NextEra Energy		92,888		7,023,262
	Southern		245,302		15,247,972
	Xcel Energy		252,955		16,824,037
					104,406,551
Total Common Stock
	(cost $1,213,733,622)				1,784,869,830
Short-Term Investments – 1.78%
Money Market Mutual Funds – 1.78%
	BlackRock FedFund –
		Institutional Shares
		(seven-day effective
		yield 0.01%)	8,120,363		8,120,363
	Fidelity Investments
		Money Market
		Government Portfolio
		– Class I (seven-day
		effective yield 0.01%)	8,120,363		8,120,363
	GS Financial Square
		Government Fund –
		Institutional Shares
		(seven-day effective
		yield 0.03%)	8,120,363		8,120,363
	Morgan Stanley
		Government Portfolio
		– Institutional Share
		Class (seven-day
		effective yield 0.00%)	8,120,363		8,120,363
Total Short-Term Investments
	(cost $32,481,452)				32,481,452
Total Value of
	Securities–99.94%
	(cost $1,246,215,074)			$	1,817,351,282

† Non-income producing security.

106

Summary of abbreviations:
GS – Goldman Sachs

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

107

Schedules of investments
Optimum Small-Mid Cap Growth Fund

March 31, 2021

			Number of
			shares	Value (US $)
Common Stock – 97.17% ◆
Communication Services – 1.57%
	Cardlytics †		32,137	$	3,525,429
	Lions Gate
		Entertainment
		Class B †	105,210		1,357,209
	Zillow Group Class A †		29,317		3,851,667
	Zynga Class A †		305,184		3,115,929
					11,850,234
Consumer Discretionary – 14.70%
	American Eagle
		Outfitters	94,217		2,754,905
	Burlington Stores †		9,039		2,700,853
	Caesars Entertainment †		93,047		8,136,960
	Callaway Golf		80,709		2,158,966
	Cheesecake Factory †		109,574		6,411,175
	Deckers Outdoor †		24,843		8,208,624
	Extended Stay America		153,948		3,040,473
	Five Below †		32,366		6,175,109
	Floor & Decor Holdings
		Class A †	98,503		9,405,066
	Fox Factory Holding †		19,377		2,462,042
	International Game
		Technology †	154,284		2,476,258
	Media General CVR =, †		49,291		0
	Melco Resorts &
		Entertainment ADR †	142,538		2,837,932
	Monro		26,545		1,746,661
	Newell Brands		168,120		4,502,254
	Norwegian Cruise Line
		Holdings †	236,957		6,537,644
	Ollie’s Bargain Outlet
		Holdings †	30,867		2,685,429
	Papa John’s
		International	24,411		2,163,791
	Penn National Gaming †		42,971		4,505,080
	Revolve Group †		72,366		3,251,404
	Shake Shack Class A †		65,076		7,338,620
	Skyline Champion †		61,860		2,799,784
	Sleep Number †		27,122		3,891,736
	Sonos †		154,724		5,797,508
	Tapestry †		126,555		5,215,331
	Ulta Beauty †		12,928		3,996,950
					111,200,555
Consumer Staples – 4.20%
	Coty Class A †		531,486		4,788,689
	elf Beauty †		359,417		9,643,158
	Hain Celestial Group †		196,757		8,578,605
	Performance Food
		Group †	151,801		8,745,256
					31,755,708
Financials – 9.56%
	Ally Financial		164,884		7,454,406
	Argo Group
		International
		Holdings	42,281		2,127,580
	BRP Group Class A †		96,792		2,637,582
	Essent Group		70,393		3,342,964
	Evercore Class A		22,843		3,009,337
	Focus Financial Partners
		Class A †	69,677		2,899,957
	Goosehead Insurance
		Class A	33,191		3,557,411
	OneMain Holdings		136,735		7,345,404
	Open Lending Class A †		44,388		1,572,223
	Palomar Holdings †		46,360		3,107,974
	Pinnacle Financial
		Partners	65,508		5,807,939
	Stifel Financial		56,055		3,590,883
	SVB Financial Group †		28,233		13,937,503
	Tradeweb Markets
		Class A	86,843		6,426,382
	Triumph Bancorp †		41,992		3,249,761
	Virtu Financial Class A		72,213		2,242,214
					72,309,520
Healthcare – 25.17%
	Achilles Therapeutics
		ADR †	55,247		914,338
	Adaptive
		Biotechnologies †	46,446		1,869,916
	Aerie Pharmaceuticals †		187,569		3,351,858
	Allscripts Healthcare
		Solutions †	160,614		2,411,619
	Alphatec Holdings †		356,446		5,628,282
	Amicus Therapeutics †		113,357		1,119,967
	AMN Healthcare
		Services †	36,994		2,726,458
	Arena Pharmaceuticals †		24,098		1,672,160
	Arrowhead
		Pharmaceuticals †	44,080		2,922,945
	AtriCure †		54,559		3,574,706
	Avantor †		142,491		4,122,265
	Axonics Modulation
		Technologies †	202,202		12,109,878
	Axsome Therapeutics †		20,805		1,177,979

108

		Number of
		shares	Value (US $)
Common Stock◆ (continued)
Healthcare (continued)
	Biohaven
	Pharmaceutical
	Holding †	59,226	$	4,048,097
	Black Diamond
	Therapeutics †	30,208		732,846
	Blueprint Medicines †	41,383		4,023,669
	Cardiovascular
	Systems †	61,011		2,339,162
	Cerus †	241,084		1,448,915
	ChemoCentryx †	29,642		1,518,856
	CONMED	26,904		3,513,393
	Constellation
	Pharmaceuticals †	45,681		1,068,479
	Cytokinetics †	73,261		1,704,051
	Denali Therapeutics †	40,499		2,312,493
	Emergent BioSolutions †	23,138		2,149,752
	Evolent Health Class A †	124,483		2,514,557
	Exact Sciences †	46,002		6,062,143
	Fate Therapeutics †	61,678		5,085,351
	Haemonetics †	33,407		3,708,511
	HealthEquity †	37,501		2,550,068
	Horizon Therapeutics †	147,913		13,613,912
	ICON †	17,178		3,373,244
	Immunovant †	50,351		807,630
	Inspire Medical
	Systems †	36,601		7,576,041
	Insulet †	33,335		8,697,768
	Ionis Pharmaceuticals †	28,374		1,275,695
	Iovance
	Biotherapeutics †	39,188		1,240,692
	Mirati Therapeutics †	20,719		3,549,165
	NanoString
	Technologies †	26,916		1,768,650
	Natera †	91,040		9,244,202
	Novocure †	11,979		1,583,384
	Oak Street Health †	52,366		2,841,903
	Omnicell †	31,310		4,066,230
	OptimizeRx †	38,774		1,890,232
	Pacira BioSciences †	31,915		2,236,922
	PetIQ †	79,600		2,806,696
	Phreesia †	40,357		2,102,600
	PRA Health Sciences †	19,797		3,035,474
	Repligen †	18,678		3,631,190
	SI-BONE †	229,290		7,293,715
	Silk Road Medical †	61,141		3,096,792
	Syneos Health †	68,483		5,194,435
	Tabula Rasa
	HealthCare †	27,847		1,282,354
	Tactile Systems
	Technology †	45,875		2,499,729
	Theravance Biopharma †	80,381		1,640,576
	Turning Point
	Therapeutics †	15,875		1,501,616
	Ultragenyx
	Pharmaceutical †	18,649		2,123,375
	US Physical Therapy	19,428		2,022,455
				190,379,391
Industrials – 16.55%
	A O Smith	18,676		1,262,684
	Advanced Drainage
	Systems	27,974		2,892,232
	Allegiant Travel †	28,355		6,920,321
	Altra Industrial Motion	94,970		5,253,740
	ASGN †	112,979		10,782,716
	Atkore †	35,733		2,569,203
	AZEK †	72,986		3,069,061
	Boise Cascade	61,603		3,685,708
	Chart Industries †	74,844		10,654,043
	Clarivate †	111,663		2,946,787
	CNH Industrial †	149,350		2,335,834
	Dycom Industries †	22,599		2,098,317
	FTI Consulting †	17,617		2,468,318
	Generac Holdings †	9,993		3,272,208
	Hayward Holdings †	130,189		2,197,590
	IAA †	36,215		1,996,895
	ICF International	39,174		3,423,808
	Ingersoll Rand †	76,088		3,744,291
	JetBlue Airways †	339,313		6,901,626
	KAR Auction Services †	87,723		1,315,845
	KBR	87,365		3,353,942
	Knight-Swift
	Transportation
	Holdings	49,323		2,371,943
	Kratos Defense &
	Security Solutions †	89,257		2,434,931
	Masonite International †	29,833		3,437,955
	Mercury Systems †	34,874		2,463,848
	Middleby †	20,174		3,343,841
	Oshkosh	36,449		4,325,038
	PGT Innovations †	88,435		2,232,984
	Schneider National
	Class B	91,408		2,282,458
	Spirit AeroSystems
	Holdings Class A	41,372		2,012,748
	SPX †	73,389		4,276,377
	Sun Country Airlines
	Holdings †	66,472		2,278,660

109

Schedules of investments
Optimum Small-Mid Cap Growth Fund

		Number of
		shares	Value (US $)
Common Stock◆ (continued)
Industrials (continued)
	Trex †	68,937	$	6,310,493
	Wabash National	117,970		2,217,836
	Woodward	17,218		2,077,007
				125,211,288
Information Technology – 23.02%
	Ambarella †	80,393		8,070,653
	Anaplan †	149,153		8,031,889
	Arista Networks †	21,407		6,462,559
	Black Knight †	48,744		3,606,569
	Box Class A †	161,674		3,712,035
	Ciena †	85,494		4,678,232
	Cloudera †	162,519		1,977,856
	CMC Materials	14,385		2,543,124
	CommScope Holding †	183,607		2,820,204
	Cornerstone
	OnDemand †	55,090		2,400,822
	Cree †	53,102		5,741,919
	CyberArk Software †	22,725		2,939,252
	Enphase Energy †	29,478		4,780,152
	Evo Payments Class A †	85,573		2,354,969
	First Solar †	36,948		3,225,560
	Five9 †	19,869		3,106,121
	FormFactor †	51,117		2,305,888
	Littelfuse	34,538		9,133,229
	LiveRamp Holdings †	62,208		3,227,351
	Lumentum Holdings †	34,990		3,196,337
	MACOM Technology
	Solutions Holdings †	112,285		6,514,776
	MaxLinear †	92,790		3,162,283
	Mimecast †	57,042		2,293,659
	MongoDB †	12,926		3,456,800
	Nuance
	Communications †	285,552		12,461,489
	Onto Innovation †	47,358		3,111,894
	PagerDuty †	98,892		3,978,425
	PAR Technology †	37,268		2,437,700
	PTC †	44,096		6,069,814
	RingCentral Class A †	17,287		5,149,452
	Silicon Motion
	Technology ADR	42,642		2,532,508
	Sprout Social Class A †	42,577		2,459,248
	SS&C Technologies
	Holdings	69,976		4,889,223
	Talend ADR †	26,252		1,670,677
	Teradyne	58,202		7,082,019
	Verra Mobility †	98,915		1,338,815
	WEX †	10,791		2,257,693
	Zendesk †	105,563		13,999,765
	Zscaler †	14,862		2,551,360
	Zuora Class A †	164,983		2,441,748
				174,174,069
Materials – 1.80%
	Element Solutions	428,175		7,831,321
	Orion Engineered
	Carbons †	135,165		2,665,454
	Steel Dynamics	61,927		3,143,414
				13,640,189
Real Estate – 0.60%
	QTS Realty Trust Class A	32,693		2,028,274
	Ryman Hospitality
	Properties †	32,803		2,542,560
				4,570,834
Total Common Stock
	(cost $546,137,235)			735,091,788
Convertible Preferred Stock – 0.16%
	Honest Series D =, †, π	15,249		457,470
	MarkLogic Series F =, †, π	83,588		777,368
Total Convertible Preferred Stock
	(cost $1,668,525)			1,234,838
Warrant – 0.00%
	DraftKings strike price
	$25, expiration date
	4/23/25 †, π	399		11,555
Total Warrant
	(cost $0)			11,555
Short-Term Investments – 2.78%
Money Market Mutual Funds – 2.78%
	BlackRock FedFund –
	Institutional Shares
	(seven-day effective
	yield 0.01%)	5,247,612		5,247,612
	Fidelity Investments
	Money Market
	Government Portfolio
	– Class I (seven-day
	effective yield 0.01%)	5,247,613		5,247,613
	GS Financial Square
	Government Fund –
	Institutional Shares
	(seven-day effective
	yield 0.03%)	5,247,613		5,247,613

110

		Number of
		shares	Value (US $)
Short-Term Investments (continued)
Money Market Mutual Funds (continued)
	Morgan Stanley
	Government Portfolio
	– Institutional Share
	Class (seven-day
	effective yield 0.00%)	5,247,612	$	5,247,612
Total Short-Term Investments
	(cost $20,990,450)			20,990,450
Total Value of
	Securities–100.11%
	(cost $568,796,210)		$	757,328,631

◆	Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.
†	Non-income producing security.
=	The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.”
π	Restricted security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At March 31, 2021, the aggregate value of restricted securities was $1,246,393, which represented 0.16% of the Fund’s net assets. The Fund has various registration rights (exercisable under a variety of circumstances) with respect to these securities. See Note 10 in “Notes to financial statements” and the following table for additional details on restricted securities.

Summary of abbreviations:
USD – US Dollar

Restricted Securities

Investments	Date of Acquisition	Cost		Value
DraftKings strike price $25, expiration date
4/23/25	5/18/20	$	—	$	11,555
Honest Series D	8/3/15		697,718		457,470
MarkLogic Series F	4/27/15		970,807		777,368
Total		$	1,668,525	$	1,246,393

Summary of abbreviations:
ADR – American Depositary Receipt
CVR – Contingent Voting Rights
GS – Goldman Sachs

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

111

Schedules of investments
Optimum Small-Mid Cap Value Fund

March 31, 2021

		Number of
		shares	Value (US $)
Common Stock – 97.85%
Communication Services – 4.08%
	AMC Networks
	Class A †	30,800	$	1,637,328
	Cars.com †	56,200		728,352
	Entercom
	Communications
	Class A †	206,300		1,083,075
	Gray Television †	65,200		1,199,680
	John Wiley & Sons
	Class A	118,577		6,426,873
	Lumen Technologies	93,300		1,245,555
	Nexstar Media Group
	Class A	108,620		15,253,507
	ViacomCBS Class B	37,200		1,677,720
				29,252,090
Consumer Discretionary – 9.07%
	American Axle &
	Manufacturing
	Holdings †	114,200		1,103,172
	BorgWarner	41,200		1,910,032
	Brunswick	21,300		2,031,381
	Capri Holdings †	15,000		765,000
	Dick’s Sporting Goods	47,100		3,586,665
	Foot Locker	41,900		2,356,875
	Goodyear Tire &
	Rubber †	70,000		1,229,900
	H&R Block	40,400		880,720
	Harley-Davidson	43,800		1,756,380
	Haverty Furniture	43,900		1,632,641
	Helen of Troy †	15,675		3,302,096
	Kohl’s	25,100		1,496,211
	Lear	11,700		2,120,625
	Lithia Motors Class A	31,950		12,463,375
	Malibu Boats Class A †	22,900		1,824,672
	MDC Holdings	54,648		3,246,091
	Modine Manufacturing †	76,800		1,134,336
	Nordstrom †	28,400		1,075,508
	ODP †	29,100		1,259,739
	Penske Automotive
	Group	28,619		2,296,389
	PulteGroup	53,000		2,779,320
	PVH †	8,800		930,160
	Sally Beauty Holdings †	65,000		1,308,450
	Shoe Carnival	200		12,376
	Sleep Number †	14,600		2,094,954
	Sonic Automotive
	Class A	53,300		2,642,081
	Tenneco Class A †	26,400		283,008
	Toll Brothers	49,500		2,808,135
	Travel + Leisure	12,500		764,500
	Whirlpool	17,600		3,878,160
				64,972,952
Consumer Staples – 4.76%
	Energizer Holdings	32,000		1,518,720
	Hostess Brands †	613,671		8,800,042
	Ingles Markets Class A	35,400		2,182,410
	Ingredion	30,700		2,760,544
	J M Smucker	25,500		3,226,515
	Molson Coors Beverage
	Class B †	46,900		2,398,935
	Nu Skin Enterprises
	Class A	16,800		888,552
	Pilgrim’s Pride †	76,400		1,817,556
	Spectrum Brands
	Holdings	64,862		5,513,270
	Sprouts Farmers
	Market †	92,100		2,451,702
	Universal	25,300		1,492,447
	Weis Markets	18,500		1,045,620
				34,096,313
Energy – 2.01%
	Arch Resources †	10,300		428,480
	HollyFrontier	49,600		1,774,688
	Laredo Petroleum †	5,360		161,122
	National Energy Services
	Reunited †	118,000		1,459,660
	PBF Energy Class A †	50,100		708,915
	Pioneer Natural
	Resources	31,675		5,030,623
	Southwestern Energy †	230,000		1,069,500
	Viper Energy Partners	164,800		2,399,488
	World Fuel Services	39,900		1,404,480
				14,436,956
Financials – 20.37%
	Ally Financial	91,200		4,123,152
	American Financial
	Group	27,780		3,169,698
	Annaly Capital
	Management	209,800		1,804,280
	Apollo Commercial Real
	Estate Finance	77,600		1,084,072
	Ares Capital	85,300		1,595,963
	Associated Banc-Corp	121,500		2,592,810
	Assured Guaranty	34,400		1,454,432
	Banco Latinoamericano
	de Comercio Exterior
	Class E	59,900		906,287
	BankUnited	34,200		1,503,090

112

		Number of
		shares	Value (US $)
Common Stock (continued)
Financials (continued)
	Berkshire Hills Bancorp	44,099	$	984,290
	BGC Partners Class A	1,397,800		6,751,374
	Brightsphere Investment
	Group	84,400		1,720,072
	Cathay General Bancorp	33,600		1,370,208
	CIT Group	43,900		2,261,289
	Citizens Financial Group	63,200		2,790,280
	CNA Financial	85,600		3,820,328
	CNO Financial Group	144,200		3,502,618
	Columbia Banking
	System	236,906		10,208,280
	Customers Bancorp †	58,809		1,871,302
	eHealth †	11,000		800,030
	Essent Group	26,800		1,272,732
	Everest Re Group	6,300		1,561,203
	First American Financial	38,200		2,164,030
	First Busey	70,400		1,805,760
	First Horizon	200,800		3,395,528
	First Merchants	136,069		6,327,208
	FS KKR Capital	57,750		1,145,182
	Hancock Whitney	31,300		1,314,913
	Hanmi Financial	56,800		1,120,664
	Heritage Insurance
	Holdings	27,300		302,484
	HomeStreet	39,900		1,758,393
	Hope Bancorp	122,400		1,843,344
	Lincoln National	33,300		2,073,591
	MGIC Investment	107,200		1,484,720
	New Mountain Finance	95,300		1,181,720
	New Residential
	Investment	109,700		1,234,125
	Oaktree Specialty
	Lending	4,294		26,623
	OFG Bancorp	60,700		1,373,034
	Pacific Premier Bancorp	151,645		6,587,459
	PacWest Bancorp	464,534		17,721,972
	Preferred Bank	20,500		1,305,440
	Prospect Capital	160,841		1,233,650
	Radian Group	69,500		1,615,875
	Reinsurance Group of
	America	17,800		2,243,690
	Santander Consumer
	USA Holdings	88,500		2,394,810
	Starwood Property Trust	506,686		12,535,412
	Synovus Financial	55,900		2,557,425
	TCF Financial	26,000		1,207,960
	Universal Insurance
	Holdings	41,300		592,242
	Unum Group	75,700		2,106,731
	Veritex Holdings	44,700		1,462,584
	Victory Capital Holdings
	Class A	39,300		1,004,508
	Voya Financial	25,200		1,603,728
	Zions Bancorp	74,400		4,089,024
				145,961,619
Healthcare – 4.76%
	Catalyst
	Pharmaceuticals †	119,100		549,051
	Change Healthcare †	112,460		2,485,366
	DaVita †	22,800		2,457,156
	Hill-Rom Holdings	21,700		2,397,416
	Innoviva †	86,900		1,038,455
	Jazz Pharmaceuticals †	24,720		4,063,226
	Lannett †	44,200		233,376
	MEDNAX †	32,100		817,587
	Owens & Minor	49,800		1,871,982
	Quest Diagnostics	11,600		1,488,744
	Select Medical
	Holdings †	74,600		2,543,860
	Syneos Health †	131,392		9,966,083
	United Therapeutics †	10,700		1,789,789
	Universal Health Services
	Class B	17,920		2,390,349
				34,092,440
Industrials – 15.77%
	ABM Industries	22,900		1,168,129
	ACCO Brands	146,000		1,232,240
	Acuity Brands	13,900		2,293,500
	Alaska Air Group †	24,800		1,716,408
	Allison Transmission
	Holdings	55,500		2,266,065
	Apogee Enterprises	36,200		1,479,856
	ArcBest	27,300		1,921,101
	Atkore †	107,948		7,761,461
	Atlas Air Worldwide
	Holdings †	24,100		1,456,604
	BWX Technologies	152,051		10,026,243
	Colfax †	280,762		12,300,183
	CoreCivic †	56,200		508,610
	Covenant Logistics
	Group †	49,201		1,013,049
	Crane	20,600		1,934,546
	Deluxe	29,800		1,250,408
	Ennis	45,800		977,830
	Hawaiian Holdings †	45,300		1,208,151
	Herman Miller	46,400		1,909,360
	Hillenbrand	31,174		1,487,312

113

Schedules of investments
Optimum Small-Mid Cap Value Fund

		Number of
		shares	Value (US $)
Common Stock (continued)
Industrials (continued)
	Huntington Ingalls
	Industries	12,300	$	2,531,955
	JetBlue Airways †	109,300		2,223,162
	Kaman	104,600		5,364,934
	KAR Auction Services †	482,682		7,240,230
	ManpowerGroup	26,300		2,601,070
	MasTec †	18,400		1,724,080
	Moog Class A	24,000		1,995,600
	Oshkosh	24,800		2,942,768
	Owens Corning	22,400		2,062,816
	Primoris Services	66,384		2,199,302
	Snap-on	9,300		2,145,882
	Teledyne Technologies †	15,200		6,287,480
	Textron	33,800		1,895,504
	Timken	37,000		3,003,290
	Trinity Industries	175,216		4,991,904
	Triton International	43,700		2,403,063
	XPO Logistics †	61,024		7,524,259
				113,048,355
Information Technology – 14.39%
	ACI Worldwide †	273,678		10,413,448
	Amdocs	31,400		2,202,710
	Amkor Technology	102,600		2,432,646
	Arrow Electronics †	18,700		2,072,334
	Avaya Holdings †	47,400		1,328,622
	BM Technologies =, †	9,050		98,369
	Ciena †	26,900		1,471,968
	Cirrus Logic †	10,400		881,816
	Cognyte Software †	150,418		4,183,125
	Concentrix †	8,900		1,332,508
	CSG Systems
	International	18,200		816,998
	Diodes †	10,500		838,320
	Ebix	33,273		1,065,734
	Euronet Worldwide †	42,676		5,902,091
	J2 Global †	158,961		19,053,065
	Jabil	74,000		3,859,840
	Juniper Networks	67,300		1,704,709
	Methode Electronics	33,100		1,389,538
	NCR †	67,500		2,561,625
	NetApp	32,700		2,376,309
	NETGEAR †	23,600		969,960
	OSI Systems †	3,400		326,740
	Sanmina †	59,300		2,453,834
	Seagate Technology	17,100		1,312,425
	Silicon Motion
	Technology ADR	229,101		13,606,308
	Sykes Enterprises †	45,700		2,014,456
	SYNNEX	20,400		2,342,736
	TTM Technologies †	84,100		1,219,450
	Ultra Clean Holdings †	38,400		2,228,736
	Verint Systems †	174,714		7,947,740
	Western Union	51,400		1,267,524
	Xerox Holdings	61,300		1,487,751
				103,163,435
Materials – 11.31%
	Arconic †	9,000		228,510
	Ashland Global
	Holdings	104,697		9,293,953
	Axalta Coating
	Systems †	358,496		10,604,312
	Berry Global Group †	42,300		2,597,220
	Cabot	33,903		1,777,873
	Celanese	14,200		2,127,302
	Chemours	49,500		1,381,545
	Domtar	32,500		1,200,875
	Eastman Chemical	19,400		2,136,328
	FMC	131,800		14,578,398
	Greif Class A	34,400		1,960,800
	Huntsman	70,700		2,038,281
	Kronos Worldwide	4,500		68,850
	O-I Glass †	59,800		881,452
	Reliance Steel &
	Aluminum	21,500		3,274,235
	Schweitzer-Mauduit
	International	32,700		1,601,319
	Silgan Holdings	396,464		16,663,382
	Steel Dynamics	57,300		2,908,548
	Trinseo	22,200		1,413,474
	Valvoline	71,400		1,861,398
	Westrock	48,000		2,498,400
				81,096,455
Real Estate – 9.68%
	American Assets Trust	37,200		1,206,768
	Apple Hospitality REIT	68,979		1,005,024
	Brixmor Property Group	108,900		2,203,047
	CareTrust REIT	57,900		1,348,201
	City Office REIT	93,700		995,094
	Diversified Healthcare
	Trust	123,300		589,374
	Franklin Street
	Properties	93,612		510,185
	Gaming and Leisure
	Properties	292,644		12,416,885
	Howard Hughes †	84,200		8,009,946
	Industrial Logistics
	Properties Trust	63,789		1,475,439

114

		Number of
		shares	Value (US $)
Common Stock (continued)
Real Estate (continued)
	Invitation Homes	73,815	$	2,361,342
	Kite Realty Group Trust	80,900		1,560,561
	Medical Properties Trust	632,300		13,455,344
	National Health
	Investors	20,100		1,452,828
	Newmark Group
	Class A	495,528		4,957,758
	Office Properties Income
	Trust	45,688		1,257,334
	Omega Healthcare
	Investors	39,200		1,435,896
	Piedmont Office Realty
	Trust Class A	78,300		1,360,071
	Preferred Apartment
	Communities Class A	72,100		710,185
	Retail Properties of
	America Class A	73,900		774,472
	Retail Value	5,741		107,414
	RPT Realty	104,000		1,186,640
	Sabra Health Care REIT	112,200		1,947,792
	Service Properties Trust	104,300		1,236,998
	SITE Centers	50,650		686,814
	Summit Hotel
	Properties †	63,000		640,080
	Tanger Factory Outlet
	Centers	61,400		928,982
	VEREIT	61,580		2,378,220
	Xenia Hotels & Resorts †	60,500		1,179,750
				69,378,444
Utilities – 1.65%
	MDU Resources Group	75,400		2,383,394
	National Fuel Gas	55,200		2,759,448
	NRG Energy	64,400		2,429,812
	UGI	45,200		1,853,652
	Vistra	136,200		2,408,016
				11,834,322
Total Common Stock
	(cost $560,247,491)			701,333,381
Limited Partnerships – 0.38%
	Rattler Midstream	253,600		2,695,768
Total Limited Partnerships
	(cost $1,679,739)			2,695,768
Short-Term Investments – 1.71%
Money Market Mutual Funds – 1.71%
	BlackRock FedFund –
	Institutional Shares
	(seven-day effective
	yield 0.01%)	3,069,475		3,069,475
	Fidelity Investments
	Money Market
	Government Portfolio
	– Class I (seven-day
	effective yield 0.01%)	3,069,475		3,069,475
	GS Financial Square
	Government Fund –
	Institutional Shares
	(seven-day effective
	yield 0.03%)	3,069,475		3,069,475
	Morgan Stanley
	Government Portfolio
	– Institutional Share
	Class (seven-day
	effective yield 0.00%)	3,069,474		3,069,474
Total Short-Term Investments
	(cost $12,277,899)			12,277,899
Total Value of
	Securities–99.94%
	(cost $574,205,129)		$	716,307,048

†	Non-income producing security.
=	The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.”

Summary of abbreviations:
ADR – American Depositary Receipt
GS – Goldman Sachs
REIT – Real Estate Investment Trust

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

115

Statements of assets and liabilities
Optimum Fund Trust

March 31, 2021

		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
Assets:
	Investments, at value*,†	$	3,339,440,288	$	925,361,755	$	1,934,363,804	$	1,817,351,282	$	757,328,631	$	716,307,048
	Short-term investments held
	as collateral for loaned
	securities, at value=		—		16,656,607		—		—		—		—
	Cash		7,540,516		3,908,006		—		—		—		—
	Cash collateral due from
	brokers		3,243,571		—		—		—		—		—
	Foreign currencies, at valueΔ		4,330,244		305,536		189		—		—		—
	Receivable for securities sold		398,691,525		3,922,461		2,920,549		498,167		1,059,748		617,627
	Dividends and interest
	receivable		13,711,485		2,663,649		233,500		1,921,243		60,122		1,013,064
	Receivable for fund shares
	sold		5,287,578		1,686,547		3,403,876		3,188,421		1,454,100		1,277,721
	Unrealized appreciation on
	over the counter credit
	default swap contracts		1,002,914		—		—		—		—		—
	Unrealized appreciation on
	foreign currency exchange
	contracts		998,116		1,894		—		—		—		—
	Variation margin due from
	brokers on centrally cleared
	interest rate swap contracts		463,767		—		—		—		—		—
	Swap payments receivable		175,223		—		—		—		—		—
	Variation margin due from
	HSBC on futures contracts		51,031		—		—		—		—		—
	Foreign tax reclaims
	receivable		—		1,807,780		37,176		334,128		—		—
	Securities lending income
	receivable		—		6,959		—		—		—		—
	Total Assets		3,774,936,258		956,321,194		1,940,959,094		1,823,293,241		759,902,601		719,215,460

116

		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
Liabilities:
	Options written, at valueΣ		313,501		—		—		—		—		—
	Due to custodian		—		—		295,471		247,962		127,510		107,353
	Payable for securities
	purchased		927,043,655		6,050,026		4,530,300		617,687		1,435,527		548,428
	Cash collateral due to brokers		4,901,000		—		—		—		—		—
	Payable for fund shares
	redeemed		3,637,644		1,101,228		2,369,513		2,386,411		959,865		1,020,861
	Investment management fees
	payable to affiliates		1,158,953		474,137		1,178,479		1,013,735		654,941		589,476
	Swap payments payable		573,326		—		—		—		—		—
	Other accrued expenses		457,213		183,141		197,063		148,047		27,502		57,711
	Dividend disbursing and
	transfer agent fees and
	expenses payable to
	affiliates		421,204		115,621		312,139		287,433		112,893		110,806
	Upfront payments received on
	over the counter credit
	default swap contracts		320,950		—		—		—		—		—
	Unrealized depreciation on
	foreign currency exchange
	contracts		309,407		1,167		4		—		—		—
	Interest payable		146,451		—		—		—		—		—
	Administration expenses
	payable to affiliates		121,014		33,219		89,680		82,581		32,435		31,835
	Variation margin due to
	Credit Suisse on futures
	contracts		103,104		—		—		—		—		—
	Distribution fees payable to
	affiliates		78,481		20,694		72,969		63,238		13,693		10,623
	Trustees’ fees and expenses
	payable to affiliates		70,566		23,138		47,802		45,527		18,259		17,711
	Accounting fees payable to
	affiliates		15,288		4,443		11,417		10,541		4,346		4,272
	Variation margin due to
	brokers on centrally cleared
	credit default swap
	contracts		10,776		—		—		—		—		—
	Unrealized depreciation on
	over the counter credit
	default swap contracts		9,653		—		—		—		—		—
	Obligation to return securities
	lending collateral		—		16,655,539		—		—		—		—
	Other liabilities		—		1,073		—		—		—		—
	Total Liabilities		939,692,186		24,663,426		9,104,837		4,903,162		3,386,971		2,499,076
Total Net Assets		$	2,835,244,072	$	931,657,768	$	1,931,854,257	$	1,818,390,079	$	756,515,630	$	716,716,384

117

Statements of assets and liabilities
Optimum Fund Trust

	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
Net Assets Consist of:
Paid-in capital	$	2,788,780,786		$	771,416,997		$	940,647,117		$	1,164,786,947		$	435,360,138		$	544,933,481
Total distributable earnings
(loss)		46,463,286			160,240,771			991,207,140			653,603,132			321,155,492			171,782,903
Total Net Assets	$	2,835,244,072		$	931,657,768		$	1,931,854,257		$	1,818,390,079		$	756,515,630		$	716,716,384
Net Asset Value
Class A:
Net assets	$	24,141,552		$	7,493,736		$	27,906,423		$	23,729,563		$	5,016,294		$	3,765,094
Shares of beneficial interest
outstanding, unlimited
authorization, no par		2,490,005			486,611			1,240,877			1,203,269			277,960			252,153
Net asset value per share	$	9.70		$	15.40		$	22.49		$	19.72		$	18.05		$	14.93
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)	$	10.16		$	16.34		$	23.86		$	20.92		$	19.15		$	15.84
Class C:
Net assets	$	85,821,328		$	22,366,939		$	79,209,064		$	69,778,417		$	14,371,570		$	11,353,895
Shares of beneficial interest
outstanding, unlimited
authorization, no par		8,852,894			1,492,876			4,493,899			3,589,208			1,070,171			888,223
Net asset value per share	$	9.69		$	14.98		$	17.63		$	19.44		$	13.43		$	12.78
Institutional Class:
Net assets	$	2,725,281,192		$	901,797,093		$	1,824,738,770		$	1,724,882,099		$	737,127,766		$	701,597,395
Shares of beneficial interest
outstanding, unlimited
authorization, no par		281,419,128			58,107,856			73,606,147			87,240,446			36,188,609			44,004,481
Net asset value per share	$	9.68		$	15.52		$	24.79		$	19.77		$	20.37		$	15.94
____________________
*Investments, at cost	$	3,302,519,207		$	791,941,808		$	1,155,198,653		$	1,246,215,074		$	568,796,210		$	574,205,129
†Including securities on loan		—			29,141,339			—			—			—			—
=Short-term investments held as
collateral for loaned securities, at
cost		—			16,656,607			—			—			—			—
ΔForeign currencies, at cost		4,338,440			304,806			196			—			—			—
ΣPremium received		(363,005	)		—			—			—			—			—

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

118

Statements of operations
Optimum Fund Trust

Year ended March 31, 2021

	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
Investment Income:
Interest	$	68,761,906		$	—		$	28		$	159		$	—		$	13
Dividends		19,203			15,975,873			11,449,990			35,946,185			2,432,677			16,911,647
Securities lending income		—			142,774			—			—			—			—
Foreign tax withheld		—			(1,742,704	)		(80,005	)		(125,776	)		—			(7,790	)
		68,781,109			14,375,943			11,370,013			35,820,568			2,432,677			16,903,870
Expenses:
Management fees		13,283,425			4,205,043			13,340,894			10,371,924			6,449,430			5,036,325
Distribution expenses — Class A		63,498			16,231			69,392			51,606			11,651			7,305
Distribution expenses — Class C		884,365			191,963			782,746			603,256			135,023			88,836
Dividend disbursing and transfer agent fees
and expenses		4,839,448			1,031,659			3,558,245			2,928,180			1,161,540			987,331
Administration expenses		1,389,787			293,976			1,020,029			838,907			330,476			280,601
Accounting fees		583,570			152,667			436,359			365,476			166,864			147,342
Reports and statements to shareholders
expenses		356,771			7,508			245,874			170,062			76,538			80,949
Trustees’ fees and expenses		308,941			62,039			221,056			170,707			69,452			56,651
Professional fees		214,489			67,314			164,849			124,661			75,348			60,855
Pricing fees		187,330			45,884			3,407			2,209			21,608			3,085
Custodian fees		122,581			235,657			52,423			33,779			22,455			7,176
Interest expense		113,994			—			—			—			—			—
Registration fees		89,703			53,873			68,846			69,616			51,544			55,581
Insurance fees		53,635			10,839			37,299			32,620			12,182			10,609
Tax services		5,867			19,570			1,128			344			726			694
Other		38,356			15,110			27,261			24,708			15,447			17,178
		22,535,760			6,409,333			20,029,808			15,788,055			8,600,284			6,840,518
Less expenses waived		—			(51,694	)		—			—			(144,088	)		(67,001	)
Less expenses paid indirectly		(740	)		(675	)		(838	)		(828	)		(807	)		(809	)
Total operating expenses		22,535,020			6,356,964			20,028,970			15,787,227			8,455,389			6,772,708
Net Investment Income (Loss)		46,246,089			8,018,979			(8,658,957	)		20,033,341			(6,022,712	)		10,131,162

119

Statements of operations
Optimum Fund Trust

	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
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments	$	67,812,744		$	24,046,145		$	307,821,800		$	72,806,107		$	217,906,476	$	46,112,806
Foreign currencies		739,133			1,810,369			2,699			(20,300	)		—		—
Foreign currency exchange contracts		(3,752,048	)		(822,221	)		16,732			(501	)		—		—
Futures contracts		(1,501,096	)		—			—			—			—		—
Options written		134,077			—			—			—			—		—
Options purchased		(2,432	)		—			—			—			—		—
Swap contracts		(1,295,590	)		—			—			—			—		—
Net realized gain		62,134,788			25,034,293			307,841,231			72,785,306			217,906,476		46,112,806
Net change in unrealized appreciation
(depreciation) of:
Investments		18,262,177			213,224,208			528,955,918			562,229,440			224,979,499		279,835,046
Foreign currencies		139,515			83,349			(4,742	)		3,325			—		—
Foreign currency exchange contracts		2,389,763			791			3,550			—			—		—
Futures contracts		(3,742,026	)		—			—			—			—		—
Options purchased		130,317			—			—			—			—		—
Options written		29,699			—			—			—			—		—
Swap contracts		4,795,961			—			—			—			—		—
Net change in unrealized appreciation
(depreciation)		22,005,406			213,308,348			528,954,726			562,232,765			224,979,499		279,835,046
Net Realized and Unrealized Gain		84,140,194			238,342,641			836,795,957			635,018,071			442,885,975		325,947,852
Net Increase in Net Assets Resulting
from Operations	$	130,386,283		$	246,361,620		$	828,137,000		$	655,051,412		$	436,863,263	$	336,079,014

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

120

Statements of changes in net assets
Optimum Fund Trust

	Optimum						Optimum
	Fixed Income						International
	Fund						Fund
	Year ended						Year ended
	3/31/21			3/31/20			3/31/21			3/31/20
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	46,246,089		$	57,371,981		$	8,018,979		$	9,945,342
Net realized gain		62,134,788			85,601,229			25,034,293			6,990,042
Net change in unrealized appreciation (depreciation)		22,005,406			(13,190,042	)		213,308,348			(121,070,513	)
Net increase (decrease) in net assets resulting from operations		130,386,283			129,783,168			246,361,620			(104,135,129	)
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(1,182,087	)		(729,200	)		(139,401	)		(129,231	)
Class C		(3,495,380	)		(1,874,420	)		(288,872	)		(242,141	)
Institutional Class		(127,667,475	)		(74,081,149	)		(12,652,253	)		(11,340,289	)
		(132,344,942	)		(76,684,769	)		(13,080,526	)		(11,711,661	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		2,166,663			964,454			521,008			365,421
Class C		6,494,263			4,145,725			1,512,024			950,756
Institutional Class		596,611,343			400,165,847			344,491,714			78,228,473
Net asset value of shares issued upon reinvestment of dividends and
distributions:
Class A		1,181,575			728,902			139,195			128,801
Class C		3,488,865			1,872,172			288,146			241,693
Institutional Class		127,196,433			73,976,714			12,637,812			11,327,444
		737,139,142			481,853,814			359,589,899			91,242,588
Capital Share Transactions:
Cost of shares redeemed:
Class A		(4,154,651	)		(4,124,455	)		(1,059,088	)		(1,277,785	)
Class C		(10,267,325	)		(14,614,057	)		(2,734,121	)		(3,722,127	)
Institutional Class		(375,098,517	)		(395,449,735	)		(84,611,754	)		(97,166,739	)
		(389,520,493	)		(414,188,247	)		(88,404,963	)		(102,166,651	)
Increase (decrease) in net assets derived from capital share
transactions		347,618,649			67,665,567			271,184,936			(10,924,063	)
Net Increase (Decrease) in Net Assets		345,659,990			120,763,966			504,466,030			(126,770,853	)
Net Assets:
Beginning of year		2,489,584,082			2,368,820,116			427,191,738			553,962,591
End of year	$	2,835,244,072		$	2,489,584,082		$	931,657,768		$	427,191,738

121

Statements of changes in net assets
Optimum Fund Trust

	Optimum						Optimum
	Large Cap						Large Cap
	Growth Fund						Value Fund
	Year ended						Year ended
	3/31/21			3/31/20			3/31/21			3/31/20
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	(8,658,957	)	$	(3,099,534	)	$	20,033,341		$	22,771,277
Net realized gain		307,841,231			112,006,615			72,785,306			30,650,070
Net change in unrealized appreciation (depreciation)		528,954,726			(161,142,853	)		562,232,765			(265,765,729	)
Net increase (decrease) in net assets resulting from operations		828,137,000			(52,235,772	)		655,051,412			(212,344,382	)
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(2,330,191	)		(894,659	)		(227,116	)		(580,399	)
Class C		(8,141,363	)		(3,088,118	)		(325,729	)		(1,222,359	)
Institutional Class		(145,275,414	)		(49,312,858	)		(20,704,214	)		(44,171,546	)
		(155,746,968	)		(53,295,635	)		(21,257,059	)		(45,974,304	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		529,522			484,165			1,374,919			553,769
Class C		913,806			696,294			3,507,516			1,257,878
Institutional Class		237,257,735			205,139,697			285,934,921			217,968,202
Net asset value of shares issued upon reinvestment of dividends
and distributions:
Class A		2,329,081			894,314			227,019			580,160
Class C		8,119,104			3,081,679			324,729			1,219,320
Institutional Class		144,795,123			49,223,354			20,646,682			44,100,170
		393,944,371			259,519,503			312,015,786			265,679,499
Capital Share Transactions:
Cost of shares redeemed:
Class A		(7,068,584	)		(7,135,138	)		(3,159,329	)		(4,477,827	)
Class C		(18,345,652	)		(18,250,705	)		(7,822,979	)		(12,256,335	)
Institutional Class		(587,462,462	)		(326,372,554	)		(401,061,413	)		(273,883,143	)
		(612,876,698	)		(351,758,397	)		(412,043,721	)		(290,617,305	)
Decrease in net assets derived from capital share transactions		(218,932,327	)		(92,238,894	)		(100,027,935	)		(24,937,806	)
Net Increase (Decrease) in Net Assets		453,457,705			(197,770,301	)		533,766,418			(283,256,492	)
Net Assets:
Beginning of year		1,478,396,552			1,676,166,853			1,284,623,661			1,567,880,153
End of year	$	1,931,854,257		$	1,478,396,552		$	1,818,390,079		$	1,284,623,661

122

	Optimum						Optimum
	Small-Mid Cap						Small-Mid Cap
	Growth Fund						Value Fund
	Year ended						Year ended
	3/31/21			3/31/20			3/31/21			3/31/20
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	(6,022,712	)	$	(4,581,761	)	$	10,131,162		$	5,438,299
Net realized gain (loss)		217,906,476			55,801,297			46,112,806			(1,337,248	)
Net change in unrealized appreciation (depreciation)		224,979,499			(132,276,278	)		279,835,046			(155,870,859	)
Net increase (decrease) in net assets resulting from operations		436,863,263			(81,056,742	)		336,079,014			(151,769,808	)
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(794,941	)		(409,951	)		(134,611	)		(88,053	)
Class C		(2,933,106	)		(1,452,655	)		(421,984	)		(243,686	)
Institutional Class		(95,066,679	)		(44,812,148	)		(23,951,424	)		(16,364,520	)
		(98,794,726	)		(46,674,754	)		(24,508,019	)		(16,696,259	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		92,640			108,914			520,361			152,875
Class C		157,088			136,873			1,367,421			520,687
Institutional Class		156,669,492			76,485,837			128,890,149			92,797,943
Net asset value of shares issued upon reinvestment of dividends and
distributions:
Class A		793,823			409,440			134,484			87,962
Class C		2,929,999			1,451,859			420,931			243,369
Institutional Class		94,747,412			44,772,511			23,930,685			16,347,235
		255,390,454			123,365,434			155,264,031			110,150,071
Capital Share Transactions:
Cost of shares redeemed:
Class A		(1,566,133	)		(1,029,204	)		(540,067	)		(669,099	)
Class C		(4,487,246	)		(2,393,796	)		(1,519,315	)		(1,527,614	)
Institutional Class		(249,624,233	)		(86,251,169	)		(122,727,590	)		(84,406,655	)
		(255,677,612	)		(89,674,169	)		(124,786,972	)		(86,603,368	)
Increase (decrease) in net assets derived from capital share
transactions		(287,158	)		33,691,265			30,477,059			23,546,703
Net Increase (Decrease) in Net Assets		337,781,379			(94,040,231	)		342,048,054			(144,919,364	)
Net Assets:
Beginning of year		418,734,251			512,774,482			374,668,330			519,587,694
End of year	$	756,515,630		$	418,734,251		$	716,716,384		$	374,668,330

123

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
	3/31/21			3/31/20			3/31/19			3/31/18			3/31/17
Net asset value, beginning of period	$	9.67		$	9.46		$	9.35		$	9.39		$	9.37
Income (loss) from investment operations:
Net investment income1		0.15			0.21			0.23			0.22			0.20
Net realized and unrealized gain (loss)		0.37			0.29			0.08			(0.05	)		—	2
Total from investment operations		0.52			0.50			0.31			0.17			0.20
Less dividends and distributions from:
Net investment income		(0.15	)		(0.23	)		(0.20	)		(0.21	)		(0.18	)
Net realized gain		(0.34	)		(0.06	)		—			—			—
Total dividends and distributions		(0.49	)		(0.29	)		(0.20	)		(0.21	)		(0.18	)
Net asset value, end of period	$	9.70		$	9.67		$	9.46		$	9.35		$	9.39
Total return3		5.21%			5.24%	4		3.37%			1.81%			2.03%	5
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	24,142		$	24,827		$	26,613		$	30,150		$	33,838
Ratio of expenses to average net assets6		1.06%			1.07%			1.08%			1.10%			1.17%
Ratio of expenses to average net assets prior to fees waived6		1.06%			1.07%			1.08%			1.10%			1.18%
Ratio of net investment income to average net assets		1.52%			2.11%			2.43%			2.29%			2.12%
Ratio of net investment income to average net assets prior to
fees waived		1.52%			2.11%			2.43%			2.29%			2.11%
Portfolio turnover		217%	7		361%	7		453%			403%			419%

1	The average shares outstanding have been applied for per share information.
2	Amount is less than $0.005 per share.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
4	General Motors term loan litigation was included in total return. If excluded, the impact on the total return would be 0.04% lower. See Note 12 in “Notes to financial statements.”
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
7	The Fund accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

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

124

Optimum Fixed Income Fund Class C

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

	Year ended
	3/31/21			3/31/20			3/31/19			3/31/18			3/31/17
Net asset value, beginning of period	$	9.67		$	9.45		$	9.34		$	9.38		$	9.37
Income (loss) from investment operations:
Net investment income1		0.08			0.13			0.16			0.15			0.13
Net realized and unrealized gain (loss)		0.35			0.30			0.07			(0.05	)		(0.01	)
Total from investment operations		0.43			0.43			0.23			0.10			0.12
Less dividends and distributions from:
Net investment income		(0.07	)		(0.15	)		(0.12	)		(0.14	)		(0.11	)
Net realized gain		(0.34	)		(0.06	)		—			—			—
Total dividends and distributions		(0.41	)		(0.21	)		(0.12	)		(0.14	)		(0.11	)
Net asset value, end of period	$	9.69		$	9.67		$	9.45		$	9.34		$	9.38
Total return2		4.30%			4.55%	3		2.52%			1.06%			1.27%	4
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	85,821		$	85,853		$	92,295		$	105,194		$	124,024
Ratio of expenses to average net assets5		1.81%			1.82%			1.83%			1.85%			1.92%
Ratio of expenses to average net assets prior to fees waived5		1.81%			1.82%			1.83%			1.85%			1.93%
Ratio of net investment income to average net assets		0.77%			1.36%			1.68%			1.54%			1.37%
Ratio of net investment income to average net assets
prior to fees waived		0.77%			1.36%			1.68%			1.54%			1.36%
Portfolio turnover		217%	6		361%	6		453%			403%			419%

1	The average shares outstanding have been applied for per share information.
2	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
3	General Motors term loan litigation was included in total return. If excluded, the impact on the total return would be 0.04% lower. See Note 12 in “Notes to financial statements.”
4	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
6	The Fund accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

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

125

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
	3/31/21			3/31/20			3/31/19			3/31/18			3/31/17
Net asset value, beginning of period	$	9.66		$	9.45		$	9.34		$	9.39		$	9.37
Income (loss) from investment operations:
Net investment income1		0.18			0.23			0.25			0.24			0.23
Net realized and unrealized gain (loss)		0.36			0.29			0.08			(0.05	)		(0.01	)
Total from investment operations		0.54			0.52			0.33			0.19			0.22
Less dividends and distributions from:
Net investment income		(0.18	)		(0.25	)		(0.22	)		(0.24	)		(0.20	)
Net realized gain		(0.34	)		(0.06	)		—			—			—
Total dividends and distributions		(0.52	)		(0.31	)		(0.22	)		(0.24	)		(0.20	)
Net asset value, end of period	$	9.68		$	9.66		$	9.45		$	9.34		$	9.39
Total return2		5.37%			5.52%	3		3.65%			1.96%			2.40%	4
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	2,725,281		$	2,378,904		$	2,249,912		$	1,882,394		$	1,725,289
Ratio of expenses to average net assets5		0.81%			0.82%			0.83%			0.85%			0.92%
Ratio of expenses to average net assets prior to fees waived5		0.81%			0.82%			0.83%			0.85%			0.93%
Ratio of net investment income to average net assets		1.77%			2.36%			2.68%			2.54%			2.37%
Ratio of net investment income to average net assets prior to
fees waived		1.77%			2.36%			2.68%			2.54%			2.36%
Portfolio turnover		217%	6		361%	6		453%			403%			419%

1	The average shares outstanding have been applied for per share information.
2	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
3	General Motors term loan litigation was included in total return. If excluded, the impact on the total return would be 0.04% lower. See Note 12 in “Notes to financial statements.”
4	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
6	The Fund accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

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

126

Optimum International Fund Class A

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

	Year ended
	3/31/21			3/31/20			3/31/19			3/31/18			3/31/17
Net asset value, beginning of period	$	9.93		$	12.59		$	14.42		$	12.27		$	10.95
Income (loss) from investment operations:
Net investment income1		0.16			0.20			0.17			0.12			0.11
Net realized and unrealized gain (loss)		5.59			(2.61	)		(1.00	)		2.29			1.31
Total from investment operations		5.75			(2.41	)		(0.83	)		2.41			1.42
Less dividends and distributions from:
Net investment income		(0.12	)		(0.21	)		(0.18	)		(0.11	)		(0.10	)
Net realized gain		(0.16	)		(0.04	)		(0.82	)		(0.15	)		—
Total dividends and distributions		(0.28	)		(0.25	)		(1.00	)		(0.26	)		(0.10	)
Net asset value, end of period	$	15.40		$	9.93		$	12.59		$	14.42		$	12.27
Total return2		58.20%	3		(19.62%	)3		(5.33%	)		19.74%	3		13.08%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	7,494		$	5,121		$	7,275		$	8,704		$	8,680
Ratio of expenses to average net assets4		1.34%			1.37%			1.37%			1.36%			1.48%
Ratio of expenses to average net assets prior to fees waived4		1.35%			1.39%			1.37%			1.36%			1.48%
Ratio of net investment income to average net assets		1.21%			1.62%			1.30%			0.90%			0.93%
Ratio of net investment income to average net assets prior to
fees waived		1.20%			1.60%			1.30%			0.90%			0.93%
Portfolio turnover		71%			51%			63%			52%			68%

1	The average shares outstanding have been applied for per share information.
2	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
3	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
4	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

127

Financial highlights
Optimum International Fund Class C

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

	Year ended
	3/31/21			3/31/20			3/31/19			3/31/18			3/31/17
Net asset value, beginning of period	$	9.68		$	12.27		$	14.06		$	11.98		$	10.69
Income (loss) from investment operations:
Net investment income1		0.06			0.11			0.07			0.02			0.02
Net realized and unrealized gain (loss)		5.43			(2.54	)		(0.98	)		2.23			1.30
Total from investment operations		5.49			(2.43	)		(0.91	)		2.25			1.32
Less dividends and distributions from:
Net investment income		(0.03	)		(0.12	)		(0.06	)		(0.02	)		(0.03	)
Net realized gain		(0.16	)		(0.04	)		(0.82	)		(0.15	)		—
Total dividends and distributions		(0.19	)		(0.16	)		(0.88	)		(0.17	)		(0.03	)
Net asset value, end of period	$	14.98		$	9.68		$	12.27		$	14.06		$	11.98
Total return2		56.92%	3		(20.16%	)3		(6.07%	)		18.82%	3		12.32%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	22,367		$	15,138		$	21,763		$	28,046		$	29,544
Ratio of expenses to average net assets4		2.09%			2.12%			2.12%			2.11%			2.23%
Ratio of expenses to average net assets prior to fees waived4		2.10%			2.14%			2.12%			2.11%			2.23%
Ratio of net investment income to average net assets		0.46%			0.87%			0.55%			0.15%			0.18%
Ratio of net investment income to average net assets
prior to fees waived		0.45%			0.85%			0.55%			0.15%			0.18%
Portfolio turnover		71%			51%			63%			52%			68%

1	The average shares outstanding have been applied for per share information.
2	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
3	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
4	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

128

Optimum International Fund Institutional Class

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

	Year ended
	3/31/21			3/31/20			3/31/19			3/31/18			3/31/17
Net asset value, beginning of period	$	10.00		$	12.68		$	14.52		$	12.35		$	11.02
Income (loss) from investment operations:
Net investment income1		0.19			0.24			0.21			0.16			0.14
Net realized and unrealized gain (loss)		5.64			(2.63	)		(1.02	)		2.31			1.32
Total from investment operations		5.83			(2.39	)		(0.81	)		2.47			1.46
Less dividends and distributions from:
Net investment income		(0.15	)		(0.25	)		(0.21	)		(0.15	)		(0.13	)
Net realized gain		(0.16	)		(0.04	)		(0.82	)		(0.15	)		—
Total dividends and distributions		(0.31	)		(0.29	)		(1.03	)		(0.30	)		(0.13	)
Net asset value, end of period	$	15.52		$	10.00		$	12.68		$	14.52		$	12.35
Total return2		58.64%	3		(19.44%	)3		(5.09%	)		20.05%	3		13.36%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	901,797		$	406,933		$	524,925		$	629,934		$	525,431
Ratio of expenses to average net assets4		1.09%			1.12%			1.12%			1.11%			1.23%
Ratio of expenses to average net assets prior to fees waived4		1.10%			1.14%			1.12%			1.11%			1.23%
Ratio of net investment income to average net assets		1.46%			1.87%			1.55%			1.15%			1.18%
Ratio of net investment income to average net assets prior to
fees waived		1.45%			1.85%			1.55%			1.15%			1.18%
Portfolio turnover		71%			51%			63%			52%			68%

1	The average shares outstanding have been applied for per share information.
2	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
3	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
4	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

129

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
	3/31/21			3/31/20			3/31/19			3/31/18			3/31/17
Net asset value, beginning of period	$	15.51		$	16.70		$	17.22		$	16.84		$	14.97
Income (loss) from investment operations:
Net investment loss1		(0.14	)		(0.07	)		(0.03	)		(0.06	)		(0.06	)
Net realized and unrealized gain (loss)		9.03			(0.53	)		1.82			3.70			2.52
Total from investment operations		8.89			(0.60	)		1.79			3.64			2.46
Less dividends and distributions from:
Net realized gain		(1.91	)		(0.59	)		(2.31	)		(3.26	)		(0.59	)
Total dividends and distributions		(1.91	)		(0.59	)		(2.31	)		(3.26	)		(0.59	)
Net asset value, end of period	$	22.49		$	15.51		$	16.70		$	17.22		$	16.84
Total return2		57.75%			(4.03%	)		11.60%			22.17%	3		16.83%	3
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	27,906		$	22,363		$	29,605		$	32,254		$	32,215
Ratio of expenses to average net assets4		1.23%			1.24%			1.25%			1.26%			1.35%
Ratio of expenses to average net assets prior to fees waived4		1.23%			1.24%			1.25%			1.26%			1.38%
Ratio of net investment loss to average net assets		(0.65%	)		(0.38%	)		(0.19%	)		(0.31%	)		(0.35%	)
Ratio of net investment loss to average net assets prior to fees
waived		(0.65%	)		(0.38%	)		(0.19%	)		(0.31%	)		(0.38%	)
Portfolio turnover		27%			29%			25%			77%	5		52%

1	The average shares outstanding have been applied for per share information.
2	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
3	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
4	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
5	As a result of ClearBridge Investments, LLC replacing Fred Alger Management Inc. as one of the sub-advisors to Optimum Large Cap Growth Fund during the Fund’s fiscal year ending March 31, 2018, the Fund’s portfolio turnover rate increased during the year ended March 31, 2018.

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

130

Optimum Large Cap Growth Fund Class C

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

	Year ended
	3/31/21			3/31/20			3/31/19			3/31/18			3/31/17
Net asset value, beginning of period	$	12.52		$	13.68		$	14.62		$	14.81		$	13.34
Income (loss) from investment operations:
Net investment loss1		(0.24	)		(0.16	)		(0.14	)		(0.17	)		(0.15	)
Net realized and unrealized gain (loss)		7.26			(0.41	)		1.51			3.24			2.21
Total from investment operations		7.02			(0.57	)		1.37			3.07			2.06
Less dividends and distributions from:
Net realized gain		(1.91	)		(0.59	)		(2.31	)		(3.26	)		(0.59	)
Total dividends and distributions		(1.91	)		(0.59	)		(2.31	)		(3.26	)		(0.59	)
Net asset value, end of period	$	17.63		$	12.52		$	13.68		$	14.62		$	14.81
Total return2		56.56%			(4.71%	)		10.74%			21.30%	3		15.88%	3
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	79,209		$	63,237		$	83,010		$	97,658		$	105,082
Ratio of expenses to average net assets4		1.98%			1.99%			2.00%			2.01%			2.10%
Ratio of expenses to average net assets prior to fees waived4		1.98%			1.99%			2.00%			2.01%			2.13%
Ratio of net investment loss to average net assets		(1.40%	)		(1.13%	)		(0.94%	)		(1.06%	)		(1.10%	)
Ratio of net investment loss to average net assets prior to fees
waived		(1.40%	)		(1.13%	)		(0.94%	)		(1.06%	)		(1.13%	)
Portfolio turnover		27%			29%			25%			77%	5		52%

1	The average shares outstanding have been applied for per share information.
2	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
3	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
4	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
5	As a result of ClearBridge Investments, LLC replacing Fred Alger Management Inc. as one of the sub-advisors to Optimum Large Cap Growth Fund during the Fund’s fiscal year ending March 31, 2018, the Fund’s portfolio turnover rate increased during the year ended March 31, 2018.

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

131

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
	3/31/21			3/31/20			3/31/19			3/31/18			3/31/17
Net asset value, beginning of period	$	16.93		$	18.13		$	18.46		$	17.81		$	15.76
Income (loss) from investment operations:
Net investment income (loss)1		(0.09	)		(0.02	)		0.01			(0.01	)		(0.02	)
Net realized and unrealized gain (loss)		9.86			(0.59	)		1.97			3.92			2.66
Total from investment operations		9.77			(0.61	)		1.98			3.91			2.64
Less dividends and distributions from:
Net realized gain		(1.91	)		(0.59	)		(2.31	)		(3.26	)		(0.59	)
Total dividends and distributions		(1.91	)		(0.59	)		(2.31	)		(3.26	)		(0.59	)
Net asset value, end of period	$	24.79		$	16.93		$	18.13		$	18.46		$	17.81
Total return2		58.11%			(3.77%	)		11.86%			22.50%	3		17.14%	3
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,824,739		$	1,392,797		$	1,563,552		$	1,610,343		$	1,348,419
Ratio of expenses to average net assets4		0.98%			0.99%			1.00%			1.01%			1.10%
Ratio of expenses to average net assets prior to fees waived4		0.98%			0.99%			1.00%			1.01%			1.13%
Ratio of net investment income (loss) to average net assets		(0.40%	)		(0.13%	)		0.06%			(0.06%	)		(0.10%	)
Ratio of net investment income (loss) to average net assets prior
to fees waived		(0.40%	)		(0.13%	)		0.06%			(0.06%	)		(0.13%	)
Portfolio turnover		27%			29%			25%			77%	5		52%

1	The average shares outstanding have been applied for per share information.
2	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
3	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
4	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
5	As a result of ClearBridge Investments, LLC replacing Fred Alger Management Inc. as one of the sub-advisors to Optimum Large Cap Growth Fund during the Fund’s fiscal year ending March 31, 2018, the Fund’s portfolio turnover rate increased during the year ended March 31, 2018.

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

132

Optimum Large Cap Value Fund Class A

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

	Year ended
	3/31/21			3/31/20			3/31/19			3/31/18			3/31/17
Net asset value, beginning of period	$	13.22		$	15.83		$	15.89		$	15.42		$	15.13
Income (loss) from investment operations:
Net investment income1		0.17			0.20			0.19			0.17			0.17
Net realized and unrealized gain (loss)		6.52			(2.37	)		0.38			1.19			2.04
Total from investment operations		6.69			(2.17	)		0.57			1.36			2.21
Less dividends and distributions from:
Net investment income		(0.10	)		(0.20	)		(0.18	)		(0.16	)		(0.18	)
Net realized gain		(0.09	)		(0.24	)		(0.45	)		(0.73	)		(1.74	)
Total dividends and distributions		(0.19	)		(0.44	)		(0.63	)		(0.89	)		(1.92	)
Net asset value, end of period	$	19.72		$	13.22		$	15.83		$	15.89		$	15.42
Total return2		50.73%			(14.37%	)		3.79%			8.68%			14.99%	3
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	23,730		$	17,123		$	23,742		$	26,448		$	28,739
Ratio of expenses to average net assets4		1.19%			1.20%			1.20%			1.21%			1.33%
Ratio of expenses to average net assets prior to fees waived4		1.19%			1.20%			1.20%			1.21%			1.34%
Ratio of net investment income to average net assets		1.04%			1.19%			1.23%			1.05%			1.06%
Ratio of net investment income to average net assets prior to
fees waived		1.04%			1.19%			1.23%			1.05%			1.05%
Portfolio turnover		20%			23%			22%			25%			82%	5

1	The average shares outstanding have been applied for per share information.
2	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
3	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
4	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
5	As a result of Rothschild & Co replacing Herndon Capital Management, LLC as one of the sub-advisors to Optimum Large Cap Value Fund during the Fund’s fiscal year ending March 31, 2017, the Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2017.

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

133

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
	3/31/21			3/31/20			3/31/19			3/31/18			3/31/17
Net asset value, beginning of period	$	13.06		$	15.65		$	15.69		$	15.25		$	14.99
Income (loss) from investment operations:
Net investment income1		0.05			0.07			0.07			0.05			0.05
Net realized and unrealized gain (loss)		6.42			(2.35	)		0.38			1.17			2.01
Total from investment operations		6.47			(2.28	)		0.45			1.22			2.06
Less dividends and distributions from:
Net investment income		—			(0.07	)		(0.04	)		(0.05	)		(0.06	)
Net realized gain		(0.09	)		(0.24	)		(0.45	)		(0.73	)		(1.74	)
Total dividends and distributions		(0.09	)		(0.31	)		(0.49	)		(0.78	)		(1.80	)
Net asset value, end of period	$	19.44		$	13.06		$	15.65		$	15.69		$	15.25
Total return2		49.61%			(15.04%	)		3.05%			7.82%			14.13%	3
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	69,778		$	50,036		$	69,415		$	82,610		$	95,495
Ratio of expenses to average net assets4		1.94%			1.95%			1.95%			1.96%			2.08%
Ratio of expenses to average net assets prior to fees waived4		1.94%			1.95%			1.95%			1.96%			2.09%
Ratio of net investment income to average net assets		0.29%			0.44%			0.48%			0.30%			0.31%
Ratio of net investment income to average net assets
prior to fees waived		0.29%			0.44%			0.48%			0.30%			0.30%
Portfolio turnover		20%			23%			22%			25%			82%	5

1	The average shares outstanding have been applied for per share information.
2	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
3	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
4	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
5	As a result of Rothschild & Co replacing Herndon Capital Management, LLC as one of the sub-advisors to Optimum Large Cap Value Fund during the Fund’s fiscal year ending March 31, 2017, the Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2017.

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

134

Optimum Large Cap Value Fund Institutional Class

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

	Year ended
	3/31/21			3/31/20			3/31/19			3/31/18			3/31/17
Net asset value, beginning of period	$	13.25		$	15.87		$	15.93		$	15.46		$	15.16
Income (loss) from investment operations:
Net investment income1		0.21			0.24			0.23			0.21			0.20
Net realized and unrealized gain (loss)		6.54			(2.38	)		0.38			1.19			2.06
Total from investment operations		6.75			(2.14	)		0.61			1.40			2.26
Less dividends and distributions from:
Net investment income		(0.14	)		(0.24	)		(0.22	)		(0.20	)		(0.22	)
Net realized gain		(0.09	)		(0.24	)		(0.45	)		(0.73	)		(1.74	)
Total dividends and distributions		(0.23	)		(0.48	)		(0.67	)		(0.93	)		(1.96	)
Net asset value, end of period	$	19.77		$	13.25		$	15.87		$	15.93		$	15.46
Total return2		51.11%			(14.19%	)		4.08%			8.90%			15.30%	3
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,724,882		$	1,217,465		$	1,474,723		$	1,372,505		$	1,217,722
Ratio of expenses to average net assets4		0.94%			0.95%			0.95%			0.96%			1.08%
Ratio of expenses to average net assets prior to fees waived4		0.94%			0.95%			0.95%			0.96%			1.09%
Ratio of net investment income to average net assets		1.29%			1.44%			1.48%			1.30%			1.31%
Ratio of net investment income to average net assets prior to
fees waived		1.29%			1.44%			1.48%			1.30%			1.30%
Portfolio turnover		20%			23%			22%			25%			82%	5

1	The average shares outstanding have been applied for per share information.
2	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
3	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
4	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
5	As a result of Rothschild & Co replacing Herndon Capital Management, LLC as one of the sub-advisors to Optimum Large Cap Value Fund during the Fund’s fiscal year ending March 31, 2017, the Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2017.

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

135

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
	3/31/21			3/31/20			3/31/19			3/31/18			3/31/17
Net asset value, beginning of period	$	10.17		$	13.43		$	15.51		$	13.31		$	10.95
Income (loss) from investment operations:
Net investment loss1		(0.18	)		(0.15	)		(0.17	)		(0.16	)		(0.14	)
Net realized and unrealized gain (loss)		10.98			(1.77	)		1.20			3.03			2.50
Total from investment operations		10.80			(1.92	)		1.03			2.87			2.36
Less dividends and distributions from:
Net realized gain		(2.92	)		(1.34	)		(3.11	)		(0.67	)		—
Total dividends and distributions		(2.92	)		(1.34	)		(3.11	)		(0.67	)		—
Net asset value, end of period	$	18.05		$	10.17		$	13.43		$	15.51		$	13.31
Total return2		109.54%			(16.32%	)		8.69%			21.88%			21.55%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	5,016		$	3,241		$	4,788		$	5,414		$	5,293
Ratio of expenses to average net assets3		1.56%			1.54%			1.54%			1.55%			1.58%
Ratio of expenses to average net assets prior to fees waived3		1.58%			1.63%			1.65%			1.63%			1.79%
Ratio of net investment loss to average net assets		(1.18%	)		(1.11%	)		(1.11%	)		(1.07%	)		(1.16%	)
Ratio of net investment loss to average net assets prior to fees
waived		(1.20%	)		(1.20%	)		(1.22%	)		(1.15%	)		(1.37%	)
Portfolio turnover		111%			93%			82%			89%			180%	4

1	The average shares outstanding have been applied for per share information.
2	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
3	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
4	As a result of Peregrine Capital Management, LLC and Columbus Circle Investors replacing Columbia Wanger Asset Management and Wellington Management as the sub-advisors to Optimum Small-Mid Cap Growth Fund during the Fund’s fiscal year ending March 31, 2017, the Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2017.

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

136

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
	3/31/21			3/31/20			3/31/19			3/31/18			3/31/17
Net asset value, beginning of period	$	8.02		$	10.94		$	13.32		$	11.59		$	9.61
Income (loss) from investment operations:
Net investment loss1		(0.23	)		(0.20	)		(0.24	)		(0.23	)		(0.20	)
Net realized and unrealized gain (loss)		8.56			(1.38	)		0.97			2.63			2.18
Total from investment operations		8.33			(1.58	)		0.73			2.40			1.98
Less dividends and distributions from:
Net realized gain		(2.92	)		(1.34	)		(3.11	)		(0.67	)		—
Total dividends and distributions		(2.92	)		(1.34	)		(3.11	)		(0.67	)		—
Net asset value, end of period	$	13.43		$	8.02		$	10.94		$	13.32		$	11.59
Total return2		108.02%			(16.95%	)		7.81%			21.06%			20.60%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	14,372		$	9,353		$	13,510		$	15,925		$	16,668
Ratio of expenses to average net assets3		2.31%			2.29%			2.29%			2.30%			2.33%
Ratio of expenses to average net assets prior to fees waived3		2.33%			2.38%			2.40%			2.38%			2.54%
Ratio of net investment loss to average net assets		(1.93%	)		(1.86%	)		(1.86%	)		(1.82%	)		(1.91%	)
Ratio of net investment loss to average net assets prior to fees
waived		(1.95%	)		(1.95%	)		(1.97%	)		(1.90%	)		(2.12%	)
Portfolio turnover		111%			93%			82%			89%			180%	4

1	The average shares outstanding have been applied for per share information.
2	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
3	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
4	As a result of Peregrine Capital Management, LLC and Columbus Circle Investors replacing Columbia Wanger Asset Management and Wellington Management as the sub-advisors to Optimum Small-Mid Cap Growth Fund during the Fund’s fiscal year ending March 31, 2017, the Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2017.

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

137

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
	3/31/21			3/31/20			3/31/19			3/31/18			3/31/17
Net asset value, beginning of period	$	11.25		$	14.69		$	16.63		$	14.19		$	11.65
Income (loss) from investment operations:
Net investment loss1		(0.16	)		(0.12	)		(0.14	)		(0.13	)		(0.12	)
Net realized and unrealized gain (loss)		12.20			(1.98	)		1.31			3.24			2.66
Total from investment operations		12.04			(2.10	)		1.17			3.11			2.54
Less dividends and distributions from:
Net realized gain		(2.92	)		(1.34	)		(3.11	)		(0.67	)		—
Total dividends and distributions		(2.92	)		(1.34	)		(3.11	)		(0.67	)		—
Net asset value, end of period	$	20.37		$	11.25		$	14.69		$	16.63		$	14.19
Total return2		110.06%			(16.14%	)		8.97%			22.22%			21.80%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	737,128		$	406,140		$	494,476		$	494,894		$	420,279
Ratio of expenses to average net assets3		1.31%			1.29%			1.29%			1.30%			1.33%
Ratio of expenses to average net assets prior to fees waived3		1.33%			1.38%			1.40%			1.38%			1.54%
Ratio of net investment loss to average net assets		(0.93%	)		(0.86%	)		(0.86%	)		(0.82%	)		(0.91%	)
Ratio of net investment loss to average net assets prior to fees
waived		(0.95%	)		(0.95%	)		(0.97%	)		(0.90%	)		(1.12%	)
Portfolio turnover		111%			93%			82%			89%			180%	4

1	The average shares outstanding have been applied for per share information.
2	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
3	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
4	As a result of Peregrine Capital Management, LLC and Columbus Circle Investors replacing Columbia Wanger Asset Management and Wellington Management as the sub-advisors to Optimum Small-Mid Cap Growth Fund during the Fund’s fiscal year ending March 31, 2017, the Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2017.

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

138

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
	3/31/21			3/31/20			3/31/19			3/31/18			3/31/17
Net asset value, beginning of period	$	8.36		$	12.14		$	13.66		$	13.77		$	11.53
Income (loss) from investment operations:
Net investment income1		0.19			0.10			0.11			0.06			0.08
Net realized and unrealized gain (loss)		6.92			(3.50	)		(0.69	)		0.59			2.21
Total from investment operations		7.11			(3.40	)		(0.58	)		0.65			2.29
Less dividends and distributions from:
Net investment income		(0.09	)		(0.11	)		(0.06	)		(0.07	)		(0.05	)
Net realized gain		(0.45	)		(0.27	)		(0.88	)		(0.69	)		—
Total dividends and distributions		(0.54	)		(0.38	)		(0.94	)		(0.76	)		(0.05	)
Net asset value, end of period	$	14.93		$	8.36		$	12.14		$	13.66		$	13.77
Total return2		86.21%			(29.10%	)		(3.83%	)		4.59%			19.84%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	3,765		$	1,970		$	3,266		$	3,856		$	4,279
Ratio of expenses to average net assets3		1.49%			1.47%			1.46%			1.48%			1.51%
Ratio of expenses to average net assets prior to fees waived3		1.50%			1.52%			1.54%			1.54%			1.71%
Ratio of net investment income to average net assets		1.65%			0.79%			0.87%			0.40%			0.64%
Ratio of net investment income to average net assets prior to
fees waived		1.64%			0.74%			0.79%			0.34%			0.44%
Portfolio turnover		85%	4		33%			32%			31%			30%

1	The average shares outstanding have been applied for per share information.
2	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
3	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
4	As a result of Cardinal Capital Management LLC replacing Westwood Management Corp. as one of the sub-advisors to Optimum Small-Mid Cap Value Fund during the Fund’s fiscal year ending March 31, 2021, the Fund’s portfolio turnover rate increased during the year ended March 31, 2021.

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

139

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
	3/31/21			3/31/20			3/31/19			3/31/18			3/31/17
Net asset value, beginning of period	$	7.22		$	10.54		$	12.01		$	12.21		$	10.27
Income (loss) from investment operations:
Net investment income (loss)1		0.09			—	2		0.01			(0.04	)		(0.01	)
Net realized and unrealized gain (loss)		5.94			(3.02	)		(0.60	)		0.53			1.95
Total from investment operations		6.03			(3.02	)		(0.59	)		0.49			1.94
Less dividends and distributions from:
Net investment income		(0.02	)		(0.03	)		—			—			—
Net realized gain		(0.45	)		(0.27	)		(0.88	)		(0.69	)		—
Total dividends and distributions		(0.47	)		(0.30	)		(0.88	)		(0.69	)		—
Net asset value, end of period	$	12.78		$	7.22		$	10.54		$	12.01		$	12.21
Total return3		84.75%			(29.65%	)		(4.50%	)		3.85%			18.89%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	11,354		$	6,042		$	9,508		$	12,030		$	14,268
Ratio of expenses to average net assets4		2.24%			2.22%			2.21%			2.23%			2.26%
Ratio of expenses to average net assets prior to fees waived4		2.25%			2.27%			2.29%			2.29%			2.46%
Ratio of net investment income (loss) to average net assets		0.90%			0.04%			0.12%			(0.35%	)		(0.11%	)
Ratio of net investment income (loss) to average net assets prior
to fees waived		0.89%			(0.01%	)		0.04%			(0.41%	)		(0.31%	)
Portfolio turnover		85%	5		33%			32%			31%			30%

1	The average shares outstanding have been applied for per share information.
2	Amount is less than $0.005 per share.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
4	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
5	As a result of Cardinal Capital Management LLC replacing Westwood Management Corp. as one of the sub-advisors to Optimum Small-Mid Cap Value Fund during the Fund’s fiscal year ending March 31, 2021, the Fund’s portfolio turnover rate increased during the year ended March 31, 2021.

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

140

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
	3/31/21			3/31/20			3/31/19			3/31/18			3/31/17
Net asset value, beginning of period	$	8.90		$	12.90		$	14.45		$	14.52		$	12.16
Income (loss) from investment operations:
Net investment income1		0.23			0.14			0.16			0.10			0.12
Net realized and unrealized gain (loss)		7.37			(3.73	)		(0.73	)		0.63			2.32
Total from investment operations		7.60			(3.59	)		(0.57	)		0.73			2.44
Less dividends and distributions from:
Net investment income		(0.11	)		(0.14	)		(0.10	)		(0.11	)		(0.08	)
Net realized gain		(0.45	)		(0.27	)		(0.88	)		(0.69	)		—
Total dividends and distributions		(0.56	)		(0.41	)		(0.98	)		(0.80	)		(0.08	)
Net asset value, end of period	$	15.94		$	8.90		$	12.90		$	14.45		$	14.52
Total return2		86.63%			(28.92%	)		(3.55%	)		4.87%			20.05%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	701,597		$	366,656		$	506,814		$	442,808		$	406,327
Ratio of expenses to average net assets3		1.24%			1.22%			1.21%			1.23%			1.26%
Ratio of expenses to average net assets prior to fees waived3		1.25%			1.27%			1.29%			1.29%			1.46%
Ratio of net investment income to average net assets		1.90%			1.04%			1.12%			0.65%			0.89%
Ratio of net investment income to average net assets prior to
fees waived		1.89%			0.99%			1.04%			0.59%			0.69%
Portfolio turnover		85%	4		33%			32%			31%			30%

1	The average shares outstanding have been applied for per share information.
2	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
3	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
4	As a result of Cardinal Capital Management LLC replacing Westwood Management Corp. as one of the sub-advisors to Optimum Small-Mid Cap Value Fund during the Fund’s fiscal year ending March 31, 2021, the Fund’s portfolio turnover rate increased during the year ended March 31, 2021.

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

141

Notes to financial statements
Optimum Fund Trust

March 31, 2021

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 together, the Funds). The Trust is an open-end investment company. Each Fund is considered diversified under the Investment Company Act of 1940, as amended (1940 Act), and offers 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 C shares are sold with a contingent deferred sales charge (CDSC) of 1.00%, which will be incurred if redeemed during the first 12 months. Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors.

1. Significant Accounting Policies

Each Fund follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Funds.

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

Federal and Foreign Income Taxes — No provision for federal income taxes has been made as each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. Each Fund evaluates tax positions taken or expected to be taken in the course of preparing each Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed each Fund’s tax positions taken or expected to be taken on each Fund’s federal income tax returns through the

142

year ended March 31, 2021 and for all open tax years (years ended March 31, 2018–March 31, 2020), and has concluded that no provision for federal income tax is required in each Fund’s financial statements. In regard to foreign taxes only, each Fund has open tax years in certain foreign countries in which it invests that may date back to the inception of each Fund. If applicable, each Fund recognize interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statements of operations.” During the year ended March 31, 2021, the Funds did not incur any interest or tax penalties.

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

Repurchase Agreements — Each Fund may purchase certain US government securities subject to the counterparty’s agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system with each Fund’s custodian or a third-party sub-custodian. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. All open repurchase agreements as of the date of this report were entered into on March 31, 2021, and matured by April 5, 2021.

Reverse Repurchase Agreements — Optimum Fixed Income Fund may enter into reverse repurchase agreements. In a reverse repurchase agreement, the Fund sells securities to a bank or broker/dealer and agrees to repurchase the securities at an agreed upon date and price. The Fund will maintain in a segregated account, cash, cash equivalents, or US government securities in an amount sufficient to cover its obligations under reverse repurchase agreements with broker/dealers (but no collateral is required on reverse repurchase agreements with banks). The Fund will subject its investments in reverse repurchase agreements to the borrowing provisions set forth in the 1940 Act. The use of reverse repurchase agreements by the Fund creates leverage, which increases the Fund’s investment risk. If the income and gains on securities purchased with the proceeds of reverse repurchase agreements exceed the costs of the agreements, the Fund’s earnings or NAV will increase faster than otherwise would be the case; conversely, if the income and gains fail to exceed the costs, earnings or NAV would decline faster than otherwise would be the case. During the year ended March 31, 2021, the Fund did not enter into any reverse repurchase agreements.

Short Sales — Optimum Large Cap Value Fund may make short sales in an attempt to protect against declines in an individual security or the overall market, to manage duration, or for such other purposes consistent with the Fund’s investment objective and strategies. Typically, short sales are transactions in which the Fund sells a security it does not own and, at the time a short sale is effected, the Fund incurs an obligation to replace the security borrowed at whatever its price may be at the time the Fund purchases it for delivery to the lender. The price at such time may be more or less than the price at which the security was sold by the Fund. When a short sale transaction is closed out by delivery of the security, any gain or loss on the transaction generally is taxable as short-term capital gain or loss. Until the security is replaced, the Fund is required to pay the lender amounts equal to any dividends or interest that accrue during the period of the loan. To borrow the security, the Fund also may be required to pay a premium, which would increase the cost of the security sold. The proceeds of the short sale, and potentially additional margin, will be retained by the broker from whom the security is borrowed, to the extent necessary to meet margin requirements, until the short position is closed out. At March 31, 2021, there were no open short sales in the Fund.

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. At March 31, 2021, the Fund received $1,145,000 cash collateral for TBA trades, which is included in “Cash collateral due to brokers” on the “Statements of assets and liabilities.”

Mortgage Dollar Rolls — Roll-timing strategies can be used where the Fund seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statements of assets and liabilitiesas an asset or liability, respectively.

(continues)                    143

Notes to financial statements
Optimum Fund Trust

1. Significant Accounting Policies (continued)

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

Use of Estimates — The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other — Expenses directly attributable to a Fund are charged directly to that Fund. Other expenses common to various funds within the Trust are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date 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, which are estimated. Distributions received from investments in master limited partnerships are recorded as return of capital on investments on the ex-dividend date. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Funds are aware of such dividends, net of all tax withholdings, a portion of which may be reclaimable. Withholding taxes and reclaims on foreign dividends and interest have been recorded in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. Each Fund may pay foreign capital gains taxes on certain foreign securities held, which are reported as components of realized losses for financial reporting purposes, whereas such components are treated as ordinary loss for federal income tax purposes. Each Fund declares and pays distributions from net investment income and net realized gain on investments, if any, at least annually. The Funds may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

Each Fund receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the “Statements of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” There were no such earnings credits for the year ended March 31, 2021.

Each Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the year ended March 31, 2021, each Fund earned the following amounts under this arrangement:

Fund	Earnings Credits
Optimum Fixed Income Fund	$	740
Optimum International Fund		675
Optimum Large Cap Growth Fund		838
Optimum Large Cap Value Fund		828
Optimum Small-Mid Cap Growth Fund		807
Optimum Small-Mid Cap Value Fund		809

144

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

Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust, furnishes investment management services to each Fund and has full discretion and responsibility, subject to the overall supervision of the Board, to select and contract with one or more investment sub-advisors to manage the investment operations and composition of each Fund, and to render investment advice for each Fund, including the purchase, retention, and dispositions of investments, securities, and cash contained in each Fund. The investment management agreement obligates DMC to implement decisions with respect to the allocation or reallocation of each Fund’s assets among one or more current or additional sub-advisors, and to monitor the sub-advisors’ compliance with the relevant Fund’s investment objective, policies and restrictions. DMC pays the sub-advisors out of its fees, which are calculated daily and paid monthly.

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

Optimum Fixed Income Fund	0.6000% of net assets up to $500 million
	0.5500% of net assets from $500 million to $1 billion
	0.5000% of net assets from $1 billion to $1.5 billion
	0.4500% of net assets from $1.5 billion to $2 billion
	0.4250% of net assets from $2 billion to $2.5 billion
	0.4000% of net assets from $2.5 billion to $5 billion
	0.3750% of net assets over $5 billion
Optimum International Fund	0.7500% of net assets up to $500 million
	0.7150% of net assets from $500 million to $1 billion
	0.7000% of net assets from $1 billion to $1.5 billion
	0.6750% of net assets from $1.5 billion to $2 billion
	0.6500% of net assets from $2 billion to $2.5 billion
	0.6000% of net assets over $2.5 billion
Optimum Large Cap Growth Fund	0.7500% of net assets up to $500 million
	0.7000% of net assets from $500 million to $1 billion
	0.6500% of net assets from $1 billion to $1.5 billion
	0.6250% of net assets from $1.5 billion to $2 billion
	0.6000% of net assets from $2 billion to $2.5 billion
	0.5750% of net assets from $2.5 billion to $5 billion
	0.5500% of net assets over $5 billion
Optimum Large Cap Value Fund	0.7000% of net assets up to $500 million
	0.6500% of net assets from $500 million to $1 billion
	0.6000% of net assets from $1 billion to $1.5 billion
	0.5750% of net assets from $1.5 billion to $2 billion
	0.5500% of net assets from $2 billion to $2.5 billion
	0.5250% of net assets from 2.5 billion to $5 billion
	0.5000% of net assets over $5 billion
Optimum Small-Mid Cap Growth Fund	1.1000% of net assets up to $250 million
	1.0000% of net assets from $250 million to $500 million
	0.9000% of net assets from $500 million to $750 million
	0.8000% of net assets from $750 million to $1 billion
	0.7500% of net assets from $1 billion to $1.5 billion
	0.7000% of net assets over $1.5 billion

(continues)                    145

Notes to financial statements
Optimum Fund Trust

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

Optimum Small-Mid Cap Value Fund	1.0000% of net assets up to $250 million
	0.9000% of net assets from $250 million to $500 million
	0.8000% of net assets from $500 million to $750 million
	0.7500% of net assets from $750 million to $1 billion
	0.7000% of net assets from $1 billion to $1.5 billion
	0.6500% of net assets over $1.5 billion

DMC has entered into sub-advisory agreements for the Trust as follows: Optimum Fixed Income Fund – Pacific Investment Management Company, LLC (PIMCO); Optimum International Fund – Acadian Asset Management LLC (Acadian), and EARNEST Partners, LLC (EARNEST); Optimum Large Cap Growth Fund – T. Rowe Price Associates, Inc. (T. Rowe Price) and ClearBridge Investments LLC (ClearBridge); Optimum Large Cap Value Fund – Massachusetts Financial Services Company (MFS) and Rothschild & Co (Rothschild); Optimum Small-Mid Cap Growth Fund – Columbus Circle Investors (CCI) and Peregrine Capital Management, LLC (PCM); Optimum Small-Mid Cap Value Fund – LSV Asset Management (LSV) and effective October 22, 2020 Cardinal Capital Management LLC (Cardinal). Prior to October 22, 2020, Westwood Management Corp. was also a sub-advisor for Optimum Small-Mid Cap Value Fund.

DMC has contractually agreed to waive all or a portion, if any, of its management fee and/or pay/reimburse expenses (excluding any distribution and service (12b-1) fees, acquired fund fees and expenses, taxes, interest, short sale dividend and 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), in order to prevent total annual fund operating expenses from exceeding the following percentage of each Fund’s average daily net assets. These expense waivers and reimbursements may be terminated only by agreement of DMC and each Fund. These waivers and reimbursements are accrued daily and received monthly.

	Operating expense	Operating expense
	limitation as	limitation as
	a percentage	a percentage
	of average	of average
	daily net assets	daily net assets
	(per annum)	(per annum)
	for the period	for the period
Fund	July 29, 2020 – July 29, 2021	July 29, 2019 – July 28, 2020
Optimum Fixed Income Fund	0.85%	0.85%
Optimum International Fund	1.17%	1.12%
Optimum Large Cap Growth Fund	1.02%	1.02%
Optimum Large Cap Value Fund	0.97%	0.97%
Optimum Small-Mid Cap Growth Fund	1.32%	1.29%
Optimum Small-Mid Cap Value Fund	1.25%	1.22%

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to the Trust. These services include overseeing the Funds’ pricing process, the calculation and payment of Fund expenses, and financial reporting in shareholder reports, registration statements and other regulatory filings. DIFSC also manages the process for the payment of dividends and distribution and dissemination of Funds’ NAV and performance data. For these services the Funds pay DIFSC an asset-based fee, plus certain out-of-pocket expenses and transactional charges. DIFSC’s fees are calculated daily and paid monthly based on the aggregate daily net assets of the Trust at the following annual rates: 0.0075% of the first $3.5 billion; 0.0070% of the next $2 billion; 0.0060% of the next $2 billion; and 0.0050% of aggregate average daily net assets in excess of $7.5 billion. The fees payable to DIFSC under the service agreement

146

described above are allocated among all funds in the Trust on a relative NAV basis. These amounts are included on the “Statements of operations” under “Accounting fees.” For the year ended March 31, 2021, each Fund was charged for these services as follows:

Fund	Fees
Optimum Fixed Income Fund	$	178,352
Optimum International Fund		40,829
Optimum Large Cap Growth Fund		131,887
Optimum Large Cap Value Fund		109,157
Optimum Small-Mid Cap Growth Fund		45,400
Optimum Small-Mid Cap Value Fund		39,141

DIFSC provides the Trust with administrative services including: preparation, filing and maintaining governing documents; preparation of materials and reports for the Board; and preparation and filing of registration statements and other regulatory filings. For these administrative services, the Trust pays DIFSC the following fee as a percentage of the Trust’s average daily net assets (plus out-of-pocket expenses): 0.0525% of assets up to $7.5 billion; 0.0475% of assets from $7.5 billion to $10 billion; 0.0425% of assets from $10 billion to $12 billion; 0.0375% of assets from $12 billion to $14 billion and 0.0325% of assets over $14 billion.

DIFSC is also the shareholder servicing, dividend disbursing, and transfer agent for each Fund. For these services, the Trust pays DIFSC a fee at an annual rate of 0.18% of the Trust’s total average daily net assets, subject to a minimum fee of $2,000 per class per fund each month, plus out-of-pocket expenses. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Funds. Sub-transfer agency fees are paid by the Funds and are also included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” The fees that are calculated daily and paid as invoices are received on a monthly or quarterly basis.

Delaware Distributors, L.P. (DDLP), an affiliate of DMC, serves as the national distributor of each Fund’s shares pursuant to a Distribution Agreement. Pursuant to the Distribution Agreement and Rule 12b-1 plan, each Fund pays DDLP an annual 12b-1 fee of 0.25% of the average daily net assets of the Class A shares and 1.00% of the average daily net assets of the Class C shares. The fees are calculated daily and paid monthly. Institutional Class shares do not pay 12b-1 fees.

For the year ended March 31, 2021, DDLP earned commissions on sales of Class A shares for each Fund as follows:

Fund	Commissions
Optimum Fixed Income Fund	$	13,145
Optimum International Fund		451
Optimum Large Cap Growth Fund		2,086
Optimum Large Cap Value Fund		1,750
Optimum Small-Mid Cap Growth Fund		181
Optimum Small-Mid Cap Value Fund		395

For the year ended March 31, 2021, 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:

Fund	Class C
Optimum Fixed Income Fund	$	1,055
Optimum International Fund		236
Optimum Large Cap Growth Fund		425
Optimum Large Cap Value Fund		751
Optimum Small-Mid Cap Growth Fund		52
Optimum Small-Mid Cap Value Fund		83

DMC, DIFSC and DDLP are indirect, wholly owned subsidiaries of Macquarie Management Holdings, Inc. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Funds.

(continues)                    147

Notes to financial statements
Optimum Fund Trust

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

In addition to the management fees and other expenses of a Fund, a Fund indirectly bears the investment management fees and other expenses of the investment companies (Underlying Funds) in which it invests. The amount of these fees and expenses incurred indirectly by a Fund will vary based upon the expense and fee levels of the Underlying Funds and the number of shares that are owned of the Underlying Funds at different times.

3. Investments

For the year ended March 31, 2021, each Fund made purchases and sales of investments securities other than short-term investments as follows:

	Purchases				Sales
	other than		Purchases of		other than		Sales of
	US government		US government		US government		US government
Fund	securities		securities		securities		securities
Optimum Fixed Income Fund	$	861,832,318	$	5,415,537,271	$	843,078,577	$	5,672,882,000
Optimum International Fund		652,999,411		—		397,132,790		—
Optimum Large Cap Growth Fund		506,843,911		—		874,870,575		—
Optimum Large Cap Value Fund		313,224,977		—		428,661,362		—
Optimum Small-Mid Cap Growth Fund		681,120,881		—		796,420,535		—
Optimum Small-Mid Cap Value Fund		458,077,497		—		443,577,040		—

The tax cost of investments and derivatives includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments, but approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At March 31, 2021, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes for each Fund were as follows:

			Aggregate		Aggregate
			unrealized		unrealized			Net unrealized
	Cost of		appreciation		depreciation			appreciation
	investments		of investments		of investments			of investments
Fund	and derivatives		and derivatives		and derivatives			and derivatives
Optimum Fixed Income Fund	$	3,306,323,626	$	83,678,206	$	(52,136,049	)	$	31,542,157
Optimum International Fund		811,108,792		157,509,215		(26,598,918	)		130,910,297
Optimum Large Cap Growth Fund		1,160,688,522		798,617,233		(24,941,955	)		773,675,278
Optimum Large Cap Value Fund		1,247,754,520		579,856,213		(10,259,451	)		569,596,762
Optimum Small-Mid Cap Growth Fund		571,205,646		197,605,220		(11,482,235	)		186,122,985
Optimum Small-Mid Cap Value Fund		575,297,789		164,788,916		(23,779,657	)		141,009,259

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

Level 1 –	Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and 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

148

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, and 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 and 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.

	Optimum Fixed Income Fund
	Level 1			Level 2			Level 3		Total
Securities
Assets:
Agency Asset-Backed Securities	$	—		$	809,676		$	—	$	809,676
Agency Collateralized Mortgage
Obligations		—			85,141,742			—		85,141,742
Agency Commercial Mortgage-
Backed Securities		—			11,584,798			—		11,584,798
Agency Mortgage-Backed
Securities		—			652,849,494			—		652,849,494
Collateralized Debt Obligations		—			113,456,463			—		113,456,463
Common Stock		—			—			—		—
Corporate Bonds		—			970,684,924			—		970,684,924
Loan Agreements1		—			86,871,583			2,357,614		89,229,197
Municipal Bonds		—			17,148,888			—		17,148,888
Non-Agency Asset-Backed
Securities		—			64,964,993			—		64,964,993
Non-Agency Collateralized
Mortgage Obligations		—			55,490,838			—		55,490,838
Non-Agency Commercial
Mortgage-Backed Securities		—			123,761,224			—		123,761,224
Preferred Stock		—			672,625			—		672,625
Regional Bond		—			2,160,993			—		2,160,993
Sovereign Bonds		—			96,867,677			—		96,867,677
Supranational Banks		—			1,218,601			—		1,218,601
US Treasury Obligations		—			774,526,130			—		774,526,130
Options Purchased		—			761,116			—		761,116
Short-Term Investments1		121,616,240			156,494,669			—		278,110,909
Total Value of Securities Before
Options Written	$	121,616,240		$	3,215,466,434		$	2,357,614	$	3,339,440,288
Liabilities:
Options Written		(7,151	)		(306,350	)		—		(313,501	)

(continues)                    149

Notes to financial statements
Optimum Fund Trust

3. Investments (continued)

	Optimum Fixed Income Fund
	Level 1			Level 2			Level 3			Total
Derivatives2
Assets:
Centrally Cleared Credit Default
Swaps	$	—		$	273,512			$	—	$	273,512
Centrally Cleared Interest Rate
Swaps		—			2,057,815				—		2,057,815
Futures Contracts		1,603,440			—				—		1,603,440
OTC Credit Default Swaps		—			1,002,914				—		1,002,914
Foreign Currency Exchange
Contracts		—			998,116				—		998,116
Liabilities:
Centrally Cleared Interest Rate
Swaps	$	—		$	(3,733,686	)		$	—	$	(3,733,686	)
Foreign Currency Exchange
Contracts		—			(309,407	)			—		(309,407	)
Futures Contracts		(3,144,055	)		—				—		(3,144,055	)
OTC Credit Default Swaps		—			(9,653	)			—		(9,653	)

¹ Security 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
Loan Agreements	—		97.36%	2.64	%	100.00%
Short-Term Investments	43.73	%	56.27%	—		100.00%

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

150

	Optimum International Fund
	Level 1		Level 2			Level 3		Total
Securities
Assets:
Common Stock
Communication Services	$	48,660,153	$	—		$	—	$	48,660,153
Consumer Discretionary		128,040,499		—			—		128,040,499
Consumer Staples		31,927,604		—			271,411		32,199,015
Energy		43,851,303		—			—		43,851,303
Financials		138,585,874		—			—		138,585,874
Healthcare		113,483,798		—			—		113,483,798
Industrials		103,459,354		—			—		103,459,354
Information Technology		176,604,348		—			—		176,604,348
Materials		103,686,702		—			—		103,686,702
Real Estate		4,879,583		—			—		4,879,583
Utilities		4,162,220		—			—		4,162,220
Preferred Stock		13,678,605		—			—		13,678,605
Rights		79,986		—			—		79,986
Short-Term Investments		13,990,315		—			—		13,990,315
Securities Lending Collateral		—		16,656,607			—		16,656,607
Total Value of Securities	$	925,090,344	$	16,656,607		$	271,411	$	942,018,362
Derivatives1
Assets:
Foreign Currency Exchange
Contracts	$	—	$	1,894		$	—	$	1,894
Liabilities:
Foreign Currency Exchange
Contracts	$	—	$	(1,167	)	$	—	$	(1,167	)

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

(continues)                    151

Notes to financial statements
Optimum Fund Trust

3. Investments (continued)

	Optimum Large Cap Growth Fund
	Level 1		Level 2				Level 3		Total
Securities
Assets:
Common Stock
Communication Services	$	308,950,007		$	—		$	—	$	308,950,007
Consumer Discretionary		424,334,888			—			13,547,890		437,882,778
Consumer Staples		21,894,591			—			—		21,894,591
Financials		14,840,955			—			—		14,840,955
Healthcare		226,783,135			—			—		226,783,135
Industrials		147,033,245			—			—		147,033,245
Information Technology		723,957,824			—			—		723,957,824
Materials		16,190,656			—			—		16,190,656
Real Estate		13,931,595			—			—		13,931,595
Convertible Preferred Stock		—			—			1,692,554		1,692,554
Short-Term Investments		21,206,464			—			—		21,206,464
Total Value of Securities	$	1,919,123,360		$	—		$	15,240,444	$	1,934,363,804
Derivatives1
Liabilities:
Foreign Currency Exchange
Contracts	$	—		$	(4	)	$	—	$	(4	)

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

							Optimum Large
							Cap Value Fund
							Level 1
Securities
Assets:
Common Stock							$	1,784,869,830
Short-Term Investments								32,481,452
Total Value of Securities							$	1,817,351,282
	Optimum Small-Mid Cap Growth Fund
	Level 1		Level 2		Level 3		Total
Securities
Assets:
Common Stock	$	735,091,788	$	—	$	—	$	735,091,788
Convertible Preferred Stock		—		—		1,234,838		1,234,838
Warrant		—		11,555		—		11,555
Short-Term Investments		20,990,450		—		—		20,990,450
Total Value of Securities	$	756,082,238	$	11,555	$	1,234,838	$	757,328,631

152

	Optimum Small-Mid Cap Value Fund
	Level 1		Level 3		Total
Securities
Assets:
Common Stock
Communication Services	$	29,252,090	$	—	$	29,252,090
Consumer Discretionary		64,972,952		—		64,972,952
Consumer Staples		34,096,313		—		34,096,313
Energy		14,436,956		—		14,436,956
Financials		145,961,619		—		145,961,619
Healthcare		34,092,440		—		34,092,440
Industrials		113,048,355		—		113,048,355
Information Technology		103,065,066		98,369		103,163,435
Materials		81,096,455		—		81,096,455
Real Estate		69,378,444		—		69,378,444
Utilities		11,834,322		—		11,834,322
Limited Partnerships		2,695,768		—		2,695,768
Short-Term Investments		12,277,899		—		12,277,899
Total Value of Securities	$	716,208,679	$	98,369	$	716,307,048

Securities valued at zero on the “Schedules of investments” are considered to be Level 3 investments in these tables.

As a result of utilizing international fair value pricing at March 31, 2021, a portion of Optimum International Fund’s common stock investments were categorized as Level 2.

During the year ended March 31, 2021, there were no transfers into or out of Level 3 investments. Each Fund’s policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when a Fund has a significant amount of Level 3 investments at the beginning, interim, or end of the year in relation to that Fund’s net assets. Management has determined not to provide a reconciliation of Level 3 investments as the Level 3 investments were not considered significant to the Fund’s net assets at the beginning, interim, or end of the period. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments were not considered significant to each Fund’s net assets at the end of the period. There were no Level 3 investments during the year ended March 31, 2021 for Optimum Large Cap Value Fund and Optimum Small-Mid Cap Value Fund.

(continues)               153

Notes to financial statements
Optimum Fund Trust

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net gains on foreign currency transactions and net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended March 31, 2021 and 2020 were as follows:

			Long-term
	Ordinary		capital
	income		gains		Total
Year ended March 31, 2021:
Optimum Fixed Income Fund	$	119,848,146	$	12,496,796	$	132,344,942
Optimum International Fund		6,228,330		6,852,196		13,080,526
Optimum Large Cap Growth Fund		—		155,746,968		155,746,968
Optimum Large Cap Value Fund		12,631,808		8,625,251		21,257,059
Optimum Small-Mid Cap Growth Fund		38,827,917		59,966,809		98,794,726
Optimum Small-Mid Cap Value Fund		12,935,594		11,572,425		24,508,019
Year ended March 31, 2020:
Optimum Fixed Income Fund		76,684,769		—		76,684,769
Optimum International Fund		10,230,184		1,481,477		11,711,661
Optimum Large Cap Growth Fund		1,269,941		52,025,694		53,295,635
Optimum Large Cap Value Fund		23,390,255		22,584,049		45,974,304
Optimum Small-Mid Cap Growth Fund		—		46,674,754		46,674,754
Optimum Small-Mid Cap Value Fund		5,729,379		10,966,880		16,696,259

5. Components of Net Assets on a Tax Basis

As of March 31, 2021, 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	$	2,788,780,786	$	771,416,997	$	940,647,117
Undistributed ordinary income		13,333,431		9,960,151		36,304,860
Undistributed long-term capital gains		1,587,698		19,370,323		181,227,002
Unrealized appreciation (depreciation) of investments, foreign currencies, and derivatives		31,542,157		130,910,297		773,675,278
Net assets	$	2,835,244,072	$	931,657,768	$	1,931,854,257
	Optimum		Optimum		Optimum
	Large Cap		Small-Mid Cap		Small-Mid Cap
	Value Fund		Growth Fund		Value Fund
Shares of beneficial interest	$	1,164,786,947	$	435,360,138	$	544,933,481
Undistributed ordinary income		13,953,236		77,553,079		24,426,969
Undistributed long-term capital gains		70,053,134		57,479,428		6,346,675
Unrealized appreciation (depreciation) of investments, foreign currencies, and derivatives		569,596,762		186,122,985		141,009,259
Net assets	$	1,818,390,079	$	756,515,630	$	716,716,384

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 treatment of passive foreign investment companies (PFICs) and securities no longer considered PFICs, tax treatment of swap contracts, contingent payment debt instruments, amortization of premium on convertible securities, and partnership interest.

154

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to the tax treatment of net operating losses. Results of operations and net assets were not affected by these reclassifications. For the year ended March 31, 2021, the Funds had no reclassifications.

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
	3/31/21		3/31/20		3/31/21		3/31/20		3/31/21		3/31/20
Shares sold:
Class A	214,344		99,307		42,548		29,664		24,623		27,776
Class C	645,634		427,411		127,165		79,516		59,129		50,010
Institutional Class	59,553,466		41,078,600		23,034,645		6,252,880		10,104,392		10,786,020
Shares issued upon reinvestment of dividends and distributions:
Class A	118,632		75,769		9,957		9,908		107,133		50,214
Class C	349,586		194,209		21,141		19,031		475,357		213,857
Institutional Class	12,796,422		7,705,908		897,572		865,351		6,045,725		2,533,369
	73,678,084		49,581,204		24,133,028		7,256,350		16,816,359		13,661,246
Shares redeemed:
Class A	(409,360	)	(422,469	)	(81,487	)	(101,947	)	(332,565	)	(409,222	)
Class C	(1,018,927	)	(1,506,687	)	(219,798	)	(307,757	)	(1,092,060	)	(1,279,915	)
Institutional Class	(37,110,081	)	(40,696,765	)	(6,500,763	)	(7,847,584	)	(24,816,099	)	(17,288,342	)
	(38,538,368	)	(42,625,921	)	(6,802,048	)	(8,257,288	)	(26,240,724	)	(18,977,479	)
Net increase (decrease)	35,139,716		6,955,283		17,330,980		(1,000,938	)	(9,424,365	)	(5,316,233	)

(continues)                    155

Notes to financial statements
Optimum Fund Trust

6. Capital Shares (continued)

	Optimum				Optimum				Optimum
	Large Cap				Small-Mid Cap				Small-Mid Cap
	Value Fund				Growth Fund				Value Fund
	Year ended				Year ended				Year ended
	3/31/21		3/31/20		3/31/21		3/31/20		3/31/21		3/31/20
Shares sold:
Class A	84,485		34,211		5,922		8,470		51,196		14,917
Class C	219,348		80,064		15,837		13,386		159,035		59,504
Institutional Class	16,814,763		13,269,139		8,228,182		5,366,655		10,278,203		7,472,621
Shares issued upon reinvestment of dividends and distributions:
Class A	12,892		33,400		49,092		32,188		10,785		6,835
Class C	18,663		70,891		242,952		144,464		39,339		21,846
Institutional Class	1,170,447		2,534,493		5,194,485		3,184,389		1,799,300		1,194,101
	18,320,598		16,022,198		13,736,470		8,749,552		12,337,858		8,769,824
Shares redeemed:
Class A	(189,771	)	(271,716	)	(95,622	)	(78,586	)	(45,527	)	(54,972	)
Class C	(480,996	)	(755,122	)	(354,223	)	(226,952	)	(147,145	)	(146,488	)
Institutional Class	(22,650,816	)	(16,840,601	)	(13,320,837	)	(6,132,923	)	(9,272,923	)	(6,741,374	)
	(23,321,583	)	(17,867,439	)	(13,770,682	)	(6,438,461	)	(9,465,595	)	(6,942,834	)
Net increase (decrease)	(5,000,985	)	(1,845,241	)	(34,212	)	2,311,091		2,872,263		1,826,990

Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included as subscriptions and redemptions in the tables above and on the previous page and the “Statements of changes in net assets.” For the years ended March 31, 2021 and 2020 each Fund had the following exchange transactions.

	Exchange Redemptions				Exchange Subscriptions
					Institutional
	Class A		Class C		Class
	Shares		Shares		Shares		Value
Optimum Fixed Income Fund
Year ended
3/31/21		—		3,186		3,174	$	32,437
Year ended
3/31/20		8,125		3,062		11,192		108,165
Optimum International Fund
Year ended
3/31/21		620		2,101		2,642		31,911
Year ended
3/31/20		4,408		132		4,503		58,108

156

	Exchange
	Redemptions				Exchange Subscriptions
					Institutional
	Class A		Class C		Class
	Shares		Shares		Shares		Value
Optimum Large Cap Growth Fund
Year ended
3/31/21		1,661		7,430		6,993	$	155,238
Year ended
3/31/20		14,729		318		13,776		263,452
Optimum Large Cap Value Fund
Year ended
3/31/21		1,559		2,273		3,783		60,996
Year ended
3/31/20		12,545		266		12,777		213,257
Optimum Small-Mid Cap Growth Fund
Year ended
3/31/21		272		200		386		6,215
Year ended
3/31/20		1,993		56		1,861		27,404
Optimum Small-Mid Cap Value Fund
Year ended
3/31/21		338		470		697		8,045
Year ended
3/31/20		1,120		130		1,160		15,190

7. Derivatives

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

Foreign Currency Exchange Contracts — Each Fund may enter into foreign currency exchange contracts and foreign cross currency exchange contracts as a way of managing foreign exchange rate risk. Each Fund may enter into these contracts to fix the US dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is delivered and paid for. Each Fund may also enter into these contracts to hedge the US dollar value of securities it already owns that are denominated in foreign currencies. In addition, each Fund may enter into these contracts to facilitate or expedite the settlement of portfolio transactions. The change in value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The use of foreign currency exchange contracts and foreign cross currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities, but does establish a rate of exchange that can be achieved in the future. Although foreign currency exchange contracts and foreign cross currency exchange contracts limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, each Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts. Each Fund’s maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. The risk is generally mitigated by having a netting arrangement between the Funds and the counterparty and by the posting of collateral by the counterparty to the Funds to cover the Funds’ exposure to the counterparty.

During the year ended March 31, 2021, Optimum Fixed Income Fund used foreign currency exchange contracts to hedge the US dollar value of securities it already owns that are denominated in foreign currencies.

(continues)                    157

Notes to financial statements
Optimum Fund Trust

7. Derivatives (continued)

During the year ended March 31, 2021, Optimum International Fund, Optimum Large Cap Growth Fund, and Optimum Large Cap Value Fund each used foreign currency exchange contracts to facilitate or expedite the settlement of portfolio transactions. Optimum International Fund also used foreign currency exchange contracts to fix the US dollar value of a security between trade date and settlement date.

Futures Contracts — A futures contract is an agreement in which the writer (or seller) of the contract agrees to deliver to the buyer an amount of cash or securities equal to a specific dollar amount times the difference between the value of a specific security or index at the close of the last trading day of the contract and the price at which the agreement is made. Optimum Fixed Income Fund may use futures in the normal course of pursuing its investment objective. Optimum Fixed Income Fund may invest in futures contracts to hedge its existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions. Upon entering into a futures contract, the Fund deposits cash or pledges US government securities to a broker, equal to the minimum “initial margin” requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded daily by the Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities and the possibility of an illiquid secondary market for these instruments. When investing in futures, there is reduced counterparty credit risk to the Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. The Fund posted securities collateral valued at $2,068,719 and $328,000 cash collateral as margin for open futures contracts. Securities collateral are presented on the “Schedules of investments.”

During the year ended March 31, 2021, 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, as a cash management tool, and to facilitate investments in portfolio securities.

Options Contracts — Optimum Fixed Income Fund may enter into options contracts in the normal course of pursuing its investment objective. The Fund may buy or write options contracts for any number of reasons, including without limitation: to manage the Fund’s exposure to changes in securities prices caused by interest rates or market conditions and foreign currencies; as an efficient means of adjusting the Fund’s overall exposure to certain markets; to protect the value of portfolio securities; and as a cash management tool. The Fund may buy or write call or put options on securities, futures, swaps, swaptions, financial indices, and foreign currencies. When the Fund buys an option, a premium is paid and an asset is recorded and adjusted on a daily basis to reflect the current market value of the option purchased. When the Fund writes an option, a premium is received and a liability is recorded and adjusted on a daily basis to reflect the current market value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is treated as realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Fund has a realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. When writing options, the Fund is subject to minimal counterparty risk because the counterparty is only obligated to pay premiums and does not bear the market risk of an unfavorable market change.

During the year ended March 31, 2021, Optimum Fixed Income Fund used options contracts to manage the Fund’s exposure to changes in securities prices caused by interest rates or market conditions, to adjust the Fund’s overall exposure to certain markets, and to receive premiums for writing options.

Swap Contracts — Optimum Fixed Income Fund may enter into currency swap contracts, index swap contracts, inflation swaps, interest rate swap contracts, and CDS contracts in the normal course of pursuing its investment objective. The Fund may invest in interest rate swaps to manage the Fund’s sensitivity to interest rates or to hedge against changes in interest rates. The Fund may use currency swaps to protect against currency fluctuations. The Fund may use inflation swaps to hedge the inflation risk in nominal bonds, thereby creating synthetic inflation-indexed bonds. The Fund may enter into CDS contracts in order to hedge against a credit event, to enhance total return or to gain exposure to certain securities or markets. The Fund will not be permitted to enter into any swap transactions unless, at the time of entering into

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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.

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, 2021, Optimum Fixed Income Fund used interest rate swap contracts to manage the Fund’s sensitivity to interest rates or to hedge against changes in interest rates.

Credit Default Swaps. A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). In exchange for the protection offered by the seller of protection, the purchaser of protection agrees to pay the seller of protection a periodic amount at a stated rate that is applied to the notional amount of the CDS contract. In addition, an upfront payment may be made or received by the Fund in connection with an unwinding or assignment of a CDS contract. Upon the occurrence of a credit event, the seller of protection would pay the par (or other agreed-upon) value of the reference security (or basket of securities) to the counterparty. Credit events generally include, among others, bankruptcy, failure to pay, and obligation default.

During the year ended March 31, 2021, Optimum Fixed Income Fund entered into CDS contracts as a purchaser and seller of protection, as a hedge against credit events. Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the agreement. Initial margin and variation margin are posted to central counterparties for centrally cleared CDS basket trades, as determined by the applicable central counterparty.

As disclosed in the footnotes to the “Schedules of investments,” at March 31, 2021, the notional value of the protection sold was EUR20,300,000 and USD42,500,000, which reflects the maximum potential amount Optimum Fixed Income Fund would have been required to make as a seller of credit protection if a credit event had occurred. In addition to serving as the source of the current value of the securities, the quoted market prices and resulting market values for credit default swap agreements on securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative if the swap agreement has been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. At March 31, 2021, there were no recourse provisions with third parties to recover any amounts paid under the credit derivative agreement (including any purchased credit protection) nor was any collateral held by the Fund and other third parties which the Fund can obtain in the occurrence of a credit event. At March 31, 2021, net unrealized appreciation of the protection sold was $1,268,431.

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.

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Notes to financial statements
Optimum Fund Trust

7. Derivatives (continued)

During the year ended March 31, 2021, Optimum Fixed Income Fund used CDS contracts to hedge against credit events and to gain exposure to certain securities or markets.

Swaps Generally. For centrally cleared swaps, payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded by Optimum Fixed Income Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, Optimum Fixed Income Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The value of open swaps may differ from that which would be realized in the event Optimum Fixed Income Fund terminated its position in the contract on a given day. Risks of entering into these contracts include the potential inability of the counterparty to meet the terms of the contracts. This type of risk is generally limited to the amount of favorable movement in the value of the underlying security, instrument or basket of instruments, if any, at the day of default. Risks also arise from potential losses from adverse market movements and such losses could exceed the unrealized amounts shown on the “Schedules of investments.”

At March 31, 2021, for bilateral derivative contracts, Optimum Fixed Income Fund posted $2,423,571 cash collateral for certain centrally cleared derivatives, which is included in “Cash collateral due from brokers” on the “Statements of assets and liabilities.” The Fund also posted $7,548,765 in securities collateral comprised of US treasury obligations for certain open centrally cleared derivative contracts. At March 31, 2021, for bilateral derivative contracts, the Fund received $3,756,000 in cash collateral, which is included in “Cash collateral due to brokers” on the “Statements of assets and liabilities.” Cash collateral is included on the “Statements of assets and liabilities” and securities collateral is presented on the “Schedules of investments.”

Fair values of derivative instruments as of March 31, 2021 were as follows:

	Optimum Fixed Income Fund
	Asset Derivatives Fair Value
			Interest
Statement of Assets and	Currency		Rate		Credit
Liabilities Location	Contracts		Contracts		Contracts		Total
Unrealized appreciation on foreign currency exchange contracts	$	998,116	$	—	$	—	$	998,116
Variation margin due from broker on futures contracts*		88,666		1,514,774		—		1,603,440
Variation margin due from brokers on centrally cleared credit
default swap contracts*		—		—		273,512		273,512
Variation margin due from brokers on centrally cleared interest
rate swap contracts*		—		2,057,815		—		2,057,815
Unrealized appreciation on over the counter credit default swap
contracts		—		—		1,002,914		1,002,914
Total	$	1,086,782	$	3,572,589	$	1,276,426	$	5,935,797

	Liability Derivatives Fair Value
				Interest
Statement of Assets and	Currency			Rate			Credit
Liabilities Location	Contracts			Contracts			Contracts			Total
Unrealized depreciation on foreign currency exchange contracts	$	(309,407	)	$	—		$	—		$	(309,407	)
Variation margin due from broker on futures contracts*		—			(3,144,055	)		—			(3,144,055	)
Variation margin due to brokers on centrally cleared interest rate
swap contracts*		—			(3,733,686	)		—			(3,733,686	)
Unrealized depreciation on over the counter credit default swap
contracts		—			—			(9,653	)		(9,653	)
Total	$	(309,407	)	$	(6,877,741	)	$	(9,653	)	$	7,196,801

* Includes cumulative appreciation (depreciation) of futures contracts, centrally cleared CDS contracts, and centrally cleared swap contracts from the date the contracts were opened through March 31, 2021. Only current day variation margin is reported on Optimum Fixed Income Fund’s “Statements of assets and liabilities.”

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The effect of derivative instruments on Optimum Fixed Income Fund’s “Statement of operations” for the year ended March 31, 2021 was as follows:

	Optimum Fixed Income Fund
	Net Realized Gain (Loss) on:
	Foreign
	Currency
	Exchange			Futures			Options				Options		Swap
	Contracts			Contracts			Purchased				Written		Contracts			Total
Currency
contracts	$	(3,752,048	)	$	—			$	—		$	3,765	$	104,525		$	(3,643,758	)
Interest rate
contracts		—			(1,506,586	)			(2,432	)		71,172		(1,327,975	)		(2,765,821	)
Equity
contracts		—			5,490				—			—		—			5,490
Credit
contracts		—			—				—			59,140		(72,140	)		(13,000	)
Total	$	(3,752,048	)	$	(1,501,096	)		$	(2,432	)	$	134,077	$	(1,295,590	)	$	(6,417,089	)

	Net Change in Unrealized Appreciation (Depreciation) of:
	Foreign
	Currency
	Exchange		Futures			Options			Options			Swap
	Contracts		Contracts			Purchased			Written			Contracts		Total
Currency
contracts	$	2,389,763	$	833,018			$	—	$	(97	)	$	—	$	3,222,684
Interest rate
contracts		—		(4,570,514	)			—		(42,900	)		2,188,205		(2,425,209	)
Equity
contracts		—		(4,530	)			—		21,244			—		16,714
Credit
contracts		—		—				130,317		51,452			2,607,756		2,789,525
Total	$	2,389,763	$	(3,742,026	)		$	130,317	$	29,699		$	4,795,961	$	3,603,714

During the year ended March 31, 2021, Optimum International Fund, Optimum Large Cap Growth Fund, and Optimum Large Cap Value Fund experienced net realized and unrealized gains or losses attributable to foreign currency holdings, which are disclosed on the “Statements of assets and liabilities” and/or “Statements of operations.”

(continues)                    161

Notes to financial statements
Optimum Fund Trust

7. Derivatives (continued)

The table below summarizes the average balance of derivative holdings by the Fund during the year ended March 31, 2021:

	Long Derivative Volume
	Optimum			Optimum			Optimum		Optimum
	Fixed Income			International			Large Cap		Large Cap
	Fund			Fund			Growth Fund		Value Fund
Foreign currency exchange contracts
(average notional value)	USD	$	13,983,483	USD	$	1,488,242	USD	56,481	USD	9,051
Futures contracts (average notional
value)			173,444,569			—		—		—
Options contracts (average notional
value)*			30,377			—		—		—
CDS contracts (average notional
value)**	EUR		12,944,444			—		—		—
	USD		14,771,496			—		—		—
Interest rate swap contracts (average
notional value)***	BRL		426,142,460			—		—		—
	CAD		43,600,000			—		—		—
	GBP		5,141,270			—		—		—
	MXN		28,769,841			—		—		—
	USD		5,599,939			—		—		—
	Short Derivative Volume
	Optimum			Optimum			Optimum		Optimum
	Fixed Income			International			Large Cap		Large Cap
	Fund			Fund			Growth Fund		Value Fund
Foreign currency exchange contracts
(average notional value)	USD		55,396,273	USD		657,539	USD	41,044	USD	24,546
Futures contracts (average notional
value)			141,902,286			—		—		—
Options contracts (average notional
value)*			63,659			—		—		—
CDS contracts (average notional
value)**	EUR		4,165,873			—		—		—
	USD	$	65,027,313			—		—		—
Interest rate swap contracts (average
notional value)***	BRL		101,191,667			—		—		—
	GBP		39,579,365			—		—		—
	USD		100,855,952			—		—		—

*	Long represents purchased options and short represents written options.
**	Long represents buying protection and short represents selling protection.
***	Long represents receiving fixed interest payments and short represents paying fixed interest payments.

8. Offsetting

Each Fund entered into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or a similar agreement with certain of its derivative contract counterparties in order to better define its contractual rights and to secure rights that will help each Fund mitigate its counterparty risk. An ISDA Master Agreement is a bilateral agreement between each Fund and a counterparty that governs certain over-the-counter (OTC) derivatives and foreign exchange contracts and typically contains, among other things, collateral posting

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items and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, each Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out), including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements on the “Statements of assets and liabilities.”

At March 31, 2021, the Funds had the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities

Optimum Fixed Income Fund

				Gross Value of
	Gross Value of			Derivative
Counterparty	Derivative Asset			Liability				Net Position
Bank of America Merrill Lynch		$	79,957		$	(167,477	)		$	(87,520	)
BNP Paribas			477,449			(112,060	)			365,389
Citigroup			215,433			(29,364	)			186,069
Deutsche Bank			967,390			—				967,390
Goldman Sachs			17,865			—				17,865
JPMorgan Chase Bank			294,388			(10,159	)			284,229
Morgan Stanley Capital International			107,716			(23,095	)			84,621
Total		$	2,160,198		$	(342,155	)		$	1,818,043

					Fair Value of							Fair Value of
					Non-Cash			Cash Collateral				Non-Cash			Cash Collateral
Counterparty	Net Position				Collateral Received			Received(a)				Collateral Pledged			Pledged			Net Exposure(b)
Bank of America Merrill Lynch		$	(87,520	)		$	—		$	—			$	—		$	—		$	(87,520	)
BNP Paribas			365,389				—			(365,389	)			—			—			—
Citigroup			186,069				—			(150,000	)			—			—			36,069
Deutsche Bank			967,390				—			(180,000	)			—			—			787,390
Goldman Sachs			17,865				—			—				—			—			17,865
JPMorgan Chase Bank			284,229				—			(284,229	)			—			—			—
Morgan Stanley Capital
International			84,621				—			(84,621	)			—			—			—
Total		$	1,818,043			$	—		$	(1,064,239	)		$	—		$	—		$	753,804

Optimum International Fund
					Gross Value of
				Gross Value of	Derivative
Counterparty				Derivative Asset	Liability	Net Position
Brown Brothers Harriman				$1,894	$(1,167)	$727
		Fair Value of		Fair Value of
		Non-Cash	Cash Collateral	Non-Cash	Cash Collateral
Counterparty	Net Position	Collateral Received	Received(a)	Collateral Pledged	Pledged	Net Exposure(b)
Brown Brothers Harriman	$727	$—	$—	$—	$—	$727
Optimum Large Cap Growth Fund
					Gross Value of
				Gross Value of	Derivative
Counterparty				Derivative Asset	Liability	Net Position
Bank of New York Mellon				$—	$(4)	$(4)

(continues)                    163

Notes to financial statements
Optimum Fund Trust

8. Offsetting (continued)

		Fair Value of		Fair Value of
		Non-Cash	Cash Collateral	Non-Cash	Cash Collateral
Counterparty	Net Position	Collateral Received	Received(a)	Collateral Pledged	Pledged	Net Exposure(b)
Bank of New York Mellon	$(4)	$—	$—	$—	$—	$(4)

Master Repurchase Agreements

Repurchase agreements are entered into by each Fund under master repurchase agreements (each, an MRA). The MRA permits each Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables with collateral held by and/or posted to the counterparty. As a result, one single net payment is created. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Based on the terms of the MRA, each Fund receives securities as collateral with a market value in excess of the repurchase price at maturity. Upon a bankruptcy or insolvency of the MRA counterparty, each Fund would recognize a liability with respect to such excess collateral. The liability reflects each Fund’s obligation under bankruptcy law to return the excess to the counterparty. As of March 31, 2021, the following table is a summary of each Fund’s repurchase agreements by counterparty which are subject to offset under an MRA:

	Optimum Fixed Income Fund
		Fair Value of
		Non-Cash	Cash
	Repurchase	Collateral	Collateral	Net Collateral	Net
Counterparty	Agreements	Received(a)	Received	Received	Exposure(b)
JPMorgan Chase Bank	$110,300,000	$(110,300,000)	$—	$(110,300,000)	$—

Securities Lending

Securities lending transactions are entered into by Optimum International Fund under master securities lending agreements (each, an MSLA) which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, the borrower can resell or re-pledge the loaned securities, and the Fund can reinvest cash collateral, or, upon an event of default, resell, or re-pledge the collateral (See also Note 9).

As of March 31, 2021, the following table is a summary of Optimum International Fund’s securities lending agreements by counterparty which are subject to offset under an MSLA:

			Fair Value of
	Securities	Cash	Non-Cash	Net
	Loaned	Collateral	Collateral	Collateral
Counterparty	at Value	Received(a)	Received	Received	Net Exposure(b)
Bank of New York Mellon	$29,141,339	$(15,786,100)	$(13,355,239)	$(29,141,339)	$—

(a)	The value of the related collateral exceeded the value of the derivatives, repurchase agreements, and securities lending transactions as of March 31, 2021, as applicable.
(b)	Net exposure represents the receivable (payable) that would be due from (to) the counterparty in the event of default.

9. Securities Lending

Each Fund, along with other funds in the Delaware Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY Mellon). At the time a security is loaned, the borrower must post collateral equal to the required percentage of the market value of the loaned security, including any accrued interest. The required percentage is: (1) 102% with respect to US securities and foreign securities that are denominated and payable in US dollars; and (2) 105% with respect to foreign securities. With respect

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to each loan, if on any business day the aggregate market value of securities collateral plus cash collateral held is less than the aggregate market value of the securities which are the subject of such loan, the borrower will be notified to provide additional collateral by the end of the following business day, which, together with the collateral already held, will be not less than the applicable initial collateral requirements for such security loan. If the aggregate market value of securities collateral and cash collateral held with respect to a security loan exceeds the applicable initial collateral requirement, upon the request of the borrower, BNY Mellon must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.

Cash collateral received by each fund of the Trust is generally invested in a series of individual separate accounts, each corresponding to a fund. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; and asset-backed securities. A fund can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.

In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to each Fund or, at the discretion of the lending agent, replace the loaned securities. Each Fund continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. Each Fund has 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, each Fund receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among each Fund, the security lending agent, and the borrower. Each Fund records security lending income net of allocations to the security lending agent and the borrower.

Each Fund may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of each Fund’s cash collateral account may be less than the amount each Fund would be required to return to the borrowers of the securities and each Fund would be required to make up for this shortfall.

During the year ended March 31, 2021, Optimum Fixed Income Fund, Optimum Large Cap Growth Fund, Optimum Large Cap Value Fund, Optimum Small-Mid Cap Growth Fund, and Optimum Small-Mid Cap Value Fund had no securities on loan.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of March 31, 2021 for Optimum International Fund:

	Overnight			Between
	and	Under		30 &		Over
Securities Lending Transactions	continuous	30 days		90 days		90 Days		Total
Certificates of Deposit and Repurchase Agreements	$16,656,607	$	—	$	—	$	—	$16,656,607
US Government Debt (Treasury Bills, Notes, and Bonds)	13,355,239		—		—		—	13,355,239

At March 31, 2021, the value of securities on loan for Optimum International Fund was $29,141,339, for which the Fund received cash collateral of $16,655,539 and non-cash collateral with a fair value of $13,355,239. At March 31, 2021, the value of invested collateral was $16,656,607. Investments purchased with cash collateral are presented on the “Schedules of investments” under the caption “Securities Lending Collateral.”

(continues)                    165

Notes to financial statements
Optimum Fund Trust

10. Credit and Market Risk

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations, and individual issuers, all of which may negatively impact the Funds’ performance.

Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Funds invests will cause the NAV of the Funds to fluctuate.

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 US. Consequently, acquisition and disposition of securities by the Funds may be inhibited. In addition, a significant portion of the aggregate market value of securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Funds.

When interest rates rise, fixed income securities (i.e. debt obligations) generally will decline in value. These declines in value are greater for fixed income securities with longer maturities or durations.

IBOR is the risk that changes related to the use of the London interbank offered rate (LIBOR) and other interbank offered rate (collectively, “IBORs”) could have adverse impacts on financial instruments that reference LIBOR (or the corresponding IBOR). The abandonment of LIBOR could affect the value and liquidity of instruments that reference LIBOR. The use of alternative reference rate products may impact investment strategy performance. These risks may also apply with respect to changes in connection with other IBORs, such as the euro overnight index average (EONIA), which are also the subject of recent reform.

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. When a loan agreement is purchased, the Fund may pay an assignment fee. On an ongoing basis, the Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan agreement. Prepayment penalty fees are received upon the prepayment of a loan agreement by the borrower. Prepayment penalty, facility, commitment, consent, and amendment fees are recorded to income as earned or paid.

As the Fund may be required to rely upon another lending institution to collect and pass on to the Fund amounts payable with respect to the loan and to enforce the Fund’s rights under the loan and other direct indebtedness, an insolvency, bankruptcy, or reorganization of the lending institution may delay or prevent the Fund from receiving such amounts. The highly leveraged nature of many loans may make them especially vulnerable to adverse changes in economic or market conditions. Investments in such loans and other direct indebtedness may involve additional risk to the Fund.

166

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 CMOs. CMOs are debt securities issued by US government agencies or by financial institutions and other mortgage lenders, which are collateralized by a pool of mortgages held under an indenture. Prepayment of mortgages may shorten the stated maturity of the obligations and can result in a loss of premium, if any has been paid. Certain of these securities may be stripped (securities which provide only the principal or interest feature of the underlying security). The yield to maturity on an interest-only CMO is extremely sensitive not only to changes in prevailing interest rates, but also to the rate of principal payments (including prepayments) on the related underlying mortgage assets. A rapid rate of principal payments may have a material adverse effect on the Fund’s yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may fail to fully recoup its initial investment in these securities even if the securities are rated in the highest rating categories.

Optimum Small-Mid Cap Growth Fund and Optimum Small-Mid Cap Value Fund invest a significant portion of their assets in small- and mid-sized companies. Investments in small- and mid-sized companies may be more volatile than investments in larger companies for a number of reasons, which include more limited financial resources or a dependence on narrow product lines.

Optimum Large Cap Growth Fund, Optimum Large Cap Value Fund, Optimum Small-Mid Cap Growth Fund, and Optimum Small-Mid Cap Value Fund may invest in REITs and are subject to the risks associated with that industry. If a Fund holds real estate directly 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, 2021. The Funds’ REIT holdings are also affected by interest rate changes, particularly if the REITs they hold use floating rate debt to finance their ongoing operations. The Funds also invests in real estate acquired as a result of ownership of securities or other instruments, including issuers that invest, deal, or otherwise engage in transactions in real estate or interests therein. These instruments may include interests in private equity limited partnerships or limited liability companies that hold real estate investments (Real Estate Limited Partnerships). The Funds will limit their investments in Real Estate Limited Partnerships to 5% of their total assets at the time of purchase.

Optimum Large Cap Growth Fund, Optimum Large Cap Value Fund, and Optimum Small-Mid Cap Growth Fund invested in growth stocks (such as those in the technology sector), which reflect projections of future earnings and revenue. These prices may rise or fall dramatically depending on whether those projections are met. These companies’ stock prices may be more volatile, particularly over the short-term.

Each Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended (1933 Act), and other securities which may not be readily marketable. The Funds may also invest in securities exempt from registration under Section 4(a)(2) of the 1933 Act, which exempts from registration transactions by an issuer not involving any public offering. The relative illiquidity of these securities may impair each Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Trust’s Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of the Funds’ limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Funds’ 15% limit on investments in illiquid securities. Rule 144A and 4(a)(2) 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 each Fund’s existing contracts and expects the risk of loss to be remote.

(continues)                    167

Notes to financial statements
Optimum Fund Trust

12. General Motors Term Loan Litigation

Optimum Fixed Income Fund received notice of a litigation proceeding related to a General Motors Corporation (G.M.) term loan participation previously held by the Fund in 2009. Because it was believed that the Fund was a secured creditor, the Fund received the full principal on the loans in 2009 after the G.M. bankruptcy. However, based upon a US Court of Appeals ruling, the Motors Liquidation Company Avoidance Action Trust is seeking to recover such amounts arguing that the Fund is an unsecured creditor and, as an unsecured creditor, the Fund should not have received payment in full. Based upon available information related to the litigation and the Fund’s potential exposure, the Fund recorded a contingent liability of $1,385,788 and an asset of $415,736 based on the potential recoveries by the estate that resulted in a net decrease in the Fund’s NAV to reflect this potential recovery.

During the year, the plaintiff and the term loan lenders, which included the Fund, reached an agreement that resolved the disputes. The parties agreed to terms of a settlement agreement and presented the settlement agreement to the court for approval at a hearing on June 12, 2019. The court approved the settlement documentation and dismissed the case on July 2, 2019. The court’s approval of the settlement and dismissal of the case with prejudice became final on July 16, 2019.

The contingent liability and other asset were removed in connection with the case being settled, which resulted in the Fund recognizing a gain in the amount of the liability reversed.

13. Recent Accounting Pronouncements

In August 2018, FASB issued an Accounting Standards Update (ASU), ASU 2018-13, which changes certain fair value measurement disclosure requirements. ASU 2018-13, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has implemented ASU 2018-13 on the financial statements.

In March 2020, FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. As of the financial reporting period, Management is evaluating the impact of applying this ASU.

14. Subsequent Events

On December 2, 2020, Waddell & Reed Financial, Inc. (WDR), the parent company of Ivy Investment Management Company, the investment adviser of the Ivy Funds Complex (the Ivy Funds), and Macquarie Management Holdings, Inc., the U.S. holding company for Macquarie Group Limited’s U.S. asset management business (Macquarie), announced that they had entered into an agreement whereby Macquarie would acquire the investment management business of WDR (the “Transaction”). The Transaction closed on April 30, 2021. The Ivy Funds, as part of Delaware Funds by Macquarie, are now managed by DMC and distributed by DDLP. DMC and DDLP are also the investment manager and distributor, respectively, of the Optimum Fund Trust.

Effective April 28, 2021, Baillie Gifford Overseas Limited replaced EARNEST Partners LLC as a sub-advisor for the Optimum International Fund.

Management has determined that no other material events or transactions occurred subsequent to March 31, 2021, that would require recognition or disclosure in the Funds’ financial statements.

168

Report of independent
registered public accounting firm

To the Board of Trustees of Optimum Fund Trust and Shareholders of Optimum Fixed Income Fund, Optimum International Fund, Optimum Large Cap Growth Fund, Optimum Large Cap Value Fund, Optimum Small-Mid Cap Growth Fund and Optimum Small-Mid Cap Value Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Optimum Fixed Income Fund, Optimum International Fund, Optimum Large Cap Growth Fund, Optimum Large Cap Value Fund, Optimum Small-Mid Cap Growth Fund and Optimum Small-Mid Cap Value Fund (constituting Optimum Fund Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2021, the related statements of operations for the year ended March 31, 2021, the statements of changes in net assets for each of the two years in the period ended March 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2021 and the financial highlights for each of the five years in the period ended March 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2021 by correspondence with the custodian, transfer agents and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
May 20, 2021

We have served as the auditor of one or more investment companies in Optimum Fund Trust since 2010.

169

Other Fund information
(Unaudited)
Optimum Fund Trust

Tax Information

The information set forth below is for the 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 Fund. 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 Fund to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

For the fiscal year ended March 31, 2021, the 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		9.44	%		90.56	%	100.00%		—
Optimum International Fund		52.38	%		47.62	%	100.00%		—
Optimum Large Cap Growth Fund		100.00	%		—		100.00%		—
Optimum Large Cap Value Fund		40.58	%		59.42	%	100.00%		100.00	%
Optimum Small-Mid Cap Growth Fund		60.70	%		39.30	%	100.00%		5.69	%
Optimum Small-Mid Cap Value Fund		47.22	%		52.78	%	100.00%		66.26	%

____________________

(A)	and (B) are based on a percentage of the Fund’s total distributions.
(C)	is based on the Fund’s ordinary income distributions.
1	Qualified dividends represent dividends which qualify for the corporate dividends received deduction.

* For the fiscal year ended March 31, 2021, 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 2020 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%	—	100.00%	6.06%	66.02%

For the fiscal year ended March 31, 2021, certain distributions paid by the Funds, determined to be Qualified Interest Income or Qualified Short- Term Capital Gains may be subject to relief from US tax withholding for foreign shareholders, as provided by the American Jobs Creation Act of 2004; the Tax Relief Unemployment Insurance Reauthorization, and Job Creations Act of 2010; and as extended by the American Taxpayer Relief Act of 2012. For the fiscal year ended March 31, 2021, the Funds have reported maximum distributions of Qualified Interest Income and Qualified Short-Term Capital Gains as follows:

			Qualified
	Qualified		Short-Term
	Interest Income		Capital Gains
Optimum Fixed Income Fund	$	44,578,325	$	38,673,865
Optimum International Fund		—		4,561,182
Optimum Large Cap Value Fund		—		1,855,274
Optimum Small-Mid Cap Growth Fund		—		116,380,996
Optimum Small-Mid Cap Value Fund		—		25,201,046

Optimum International Fund intends to pass through foreign tax credits in the maximum amount of $1,102,199. The gross foreign source income earned during the fiscal year 2021 by the Fund was $15,975,873.

170

The percentage of the ordinary dividends reported by Optimum Fixed Income Fund that is treated as a Section 163(j) interest dividend and thus is eligible to be treated as interest income for purposes of Section 163(j) and the regulations thereunder is 48.59%.

Board consideration of Sub-Advisory Agreement with Baillie Gifford Overseas Limited at meeting held March 24, 2021

At a meeting held March 24, 2021, the Board of Trustees, including a majority of disinterested or independent Trustees, approved a Sub-Advisory Agreement (the “Sub-Advisory Agreement”) between Delaware Management Company (“DMC” or “Management”) and Baillie Gifford Overseas Limited (“Baillie Gifford”) for Optimum International Fund (the “Fund”). Baillie Gifford replaced EARNEST Partners LLC (“Earnest”) as a sub-advisor to the Fund as of April 28, 2021.

In reaching the decision to approve the Sub-Advisory Agreement, the Board considered and reviewed information about Baillie Gifford, including its personnel, operations, and financial condition, which had been provided by Baillie Gifford. 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 Baillie Gifford; research and analysis concerning DMC’s proposal of Baillie Gifford; a description of Baillie Gifford’s proposed sub-advisory fees under the Sub-Advisory Agreement, along with fees that Baillie Gifford charges other comparable investment companies or accounts; information concerning Baillie Gifford’s organizational structure and the experience of its investment management personnel; a “due diligence” summary report describing various material items in relation to Baillie Gifford’s personnel, organization and policies; copies of Baillie Gifford’s Form ADV, compliance policies and procedures and its Code of Ethics; and a copy of the Sub-Advisory Agreement.

In considering such materials, the Independent Trustees received assistance and advice from and met separately with independent counsel. In this regard, the Independent Trustees reviewed with independent legal counsel their duties and obligations in connection with the review of the Sub-Advisory Agreement and discussed, in detail, the matters related to such approval. 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 Baillie Gifford, the Board specifically considered that the Sub-Advisory Agreement contains substantially similar provisions to those in the prior Earnest sub-advisory agreement, except for the provisions relating to the sub-advisory fees and to Baillie Gifford’s domicile of Scotland. The Board reviewed materials provided by Baillie Gifford regarding the experience and qualifications of personnel who will be responsible for managing the portion of Optimum International Fund to be sub-advised by Baillie Gifford. The Board also placed weight on the projected performance of a representative Baillie Gifford portfolio that utilized the investment process and parameters that would be employed by Baillie Gifford on behalf of its portion of Optimum International Fund (the “Baillie Gifford Account”). The Board also considered that Baillie Gifford would serve as a sub-advisor of Optimum International Fund with another sub-advisor, Acadian Asset Management LLC (“Acadian”). The Board considered the compatibility of the two sub-advisors’ investment philosophies and methodologies that they would each employ for Optimum International Fund. Lastly, the Board took into account that Baillie Gifford has historically focused on providing downside market risk protection for its clients. Based upon these considerations, the Board was satisfied with the nature and quality of the overall services to be provided by Baillie Gifford to Optimum International Fund and its shareholders and was confident in the abilities of Baillie Gifford to provide quality services to Optimum International Fund and its shareholders.

Investment performance. The Board reviewed information on the projected performance of the Baillie Gifford 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 Baillie Gifford Account with the performance of Acadian in managing its portion of Optimum International Fund over various time periods. The Board noted Management’s belief, based on the historical combination analysis, that the investment strategy to be employed by Baillie Gifford on behalf of its portion of Optimum International Fund would be a good complement to that followed by Acadian, and Baillie Gifford’s investment strategy would provide a better balance to Acadian’s investment philosophy as compared the investment strategy utilized by Earnest. The Board believed such information and analysis evidenced the benefits to Optimum International Fund and quality of portfolio management services expected to be provided by Baillie Gifford under the Sub-Advisory Agreement.

(continues)                     171

Other Fund information
(Unaudited)
Optimum Fund Trust

Board consideration of Sub-Advisory Agreement with Baillie Gifford Overseas Limited at meeting held March 24, 2021

Sub-advisory fees. In considering the appropriateness of the sub-advisory fees to be charged by Baillie Gifford, 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 Baillie Gifford, as more fully described above. The Board noted that Baillie Gifford’s sub-advisory fees are paid by DMC and are not additional fees borne by Optimum International Fund. The Board also noted that the sub-advisory fees to be paid by DMC to Baillie Gifford were the product of arms-length negotiations between DMC and Baillie Gifford, and the Board considered the allocation of the investment management fees charged to the Fund between DMC and Baillie Gifford in light of the nature, extent and quality of the investment management services provided, and to be provided by, DMC and Baillie Gifford. In particular, the Board was provided with a description of fees to be charged by Baillie Gifford under the Sub-Advisory Agreement for Optimum International Fund, which showed them to be slightly higher than the sub-advisory fees charged by Earnest 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 Baillie Gifford’s sub-advisory fees for Optimum International Fund were competitive with those charged by Baillie Gifford to other comparable investment companies or accounts, and was informed by Management that Baillie Gifford’s sub-advisory 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 Optimum International 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 Baillie Gifford under the Sub-Advisory Agreement were acceptable in relation to the services being provided.

Profitability, economies of scale, and fall-out benefits. Information about Baillie Gifford’s profitability from its relationship with Optimum International Fund was not available because it had not begun to provide services to Optimum International Fund. The Trustees noted that economies of scale are shared with Optimum International Fund and its shareholders through investment management fee breakpoints so that as Optimum International Fund grows in size, its effective investment management fee rate declines. The Board was also provided with information on potential fall-out benefits derived or to be derived by Baillie Gifford in connection with its relationship to Optimum International Fund, such as soft dollar arrangements and commissions paid to affiliated broker/dealers, as applicable.

172

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.

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex1 Overseen	Held by
Address,	Held with	Length of Time	During	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past 5 Years	or Officer	or Officer
INTERESTED TRUSTEES
Brett W. Wright2	Trustee, President, and	Since March 29, 2019	Head of Client Solutions Group, Macquarie	6	None
610 Market Street	Chief Executive Officer		Investment Management — Americas
Philadelphia, PA 19106			(2016-Present)
February 1970			Head of Third-Party Distribution — Macquarie
			Investment Management3
			(2014-2016)
Robert Pettman2	Trustee	Since June 21, 2019	Executive Vice President, Product and Platform	6	None
610 Market Street			Management
Philadelphia, PA 19106			(2005-Present)
June 1979
INDEPENDENT TRUSTEES
Robert J. Christian	Chairman and Trustee	Chairman since	Private Investor	6	Trustee — FundVantage
610 Market Street		March 19, 2009	(2006-Present)		Trust (34 mutual funds)
Philadelphia, PA 19106		Trustee since			(2007-Present)
February 1949		November 1, 2007			Trustee — Third Avenue
					Trust (3 mutual funds)
					(2019-Present)
					Trustee — Third Avenue
					Variable Series Trust
					(1 mutual fund)
					(2019-Present)
Durant Adams Hunter	Trustee	Since July 17, 2003	Managing Partner — Ridgeway Partners	6	None
610 Market Street			(Executive recruiting)
Philadelphia, PA 19106			(2004-Present)
November 1948
Pamela J. Moret	Trustee	Since October 1, 2013	Private Investor	6	Director — Blue Cross
610 Market Street			(2015–Present)		Blue Shield of Minnesota
Philadelphia, PA 19106			Chief Executive Officer — brightpeak financial		(2014-Present)
February 1956			(2011-2015)
			Senior Vice President — Thrivent Financial for
			Lutherans
			(2002-2015)
Stephen P. Mullin	Trustee	Since July 17, 2003	President — Econsult Solutions, Inc. (2013-	6	None
610 Market Street			Present)
Philadelphia, PA 19106
February 1956
Robert A. Rudell	Trustee	Since July 17, 2003	Private Investor	6	Director and Independent
610 Market Street			(2002-Present)		Chairman — Heartland
Philadelphia, PA 19106					Funds (3 mutual funds)
September 1948					(2005-Present)
Jon Socolofsky	Trustee	Since July 17, 2003	Private Investor	6	None
610 Market Street			(2002-Present)
Philadelphia, PA 19106			President — H&S Enterprises of Minocqua,
March 1946			LLC (Commercial real estate developer)
			(2005-2019)

(continues)                    173

Board of trustees and officers addendum
Optimum Fund Trust

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex1 Overseen	Held by
Address,	Held with	Length of Time	During	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past 5 Years	or Officer	or Officer
Susan M. Stalnecker	Trustee	Since December 14,	Senior Advisor — Boston Consulting Group	6	Trustee — Duke University
610 Market Street		2016	(2016-Present)		Health System, Audit
Philadelphia, PA 19106			Vice President — Productivity & Shared		Committee member
January 1953			Services — E.I. du Pont de Nemours and		(2010-Present)
			Company		Director — Leidos
			(2012-2016)		(2016-Present)
					Director — Bioventus
					(2018-Present)
OFFICERS
David F. Connor	Senior Vice President,	Senior Vice President	David F. Connor has served in various	6	None4
610 Market Street	General Counsel, and	since May 2013; General	capacities at different times at Macquarie
Philadelphia, PA 19106	Secretary	Counsel since May 2015;	Investment Management.3
December 1963		Secretary since October
		2005
Daniel V. Geatens	Senior Vice President,	Since	Daniel V. Geatens has served in various	6	None4
610 Market Street	Treasurer, and Chief	September 20, 2007	capacities at different times at Macquarie
Philadelphia, PA 19106	Financial Officer		Investment Management.3
October 1972
Richard Salus	Senior Vice President	Since January 1, 2006	Richard Salus has served in various capacities	6	None4
610 Market Street			at different times at Macquarie Investment
Philadelphia, PA 19106			Management.3
October 1963

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	Macquarie Investment Management is the marketing name for Macquarie Management Holdings, Inc. and its subsidiaries, including the Fund’s(s’) investment advisor, principal underwriter, and its transfer agent. Mr. Geatens also serves as the Chief financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc., which has an affiliated investment manager.
4	Messrs. Connor, Geatens, and Salus also serve in similar capacities for the Delaware Funds® by Macquarie, a fund complex that has the same manager, principal underwriter, and transfer agent as the Trust.

The Statement of Additional Information for the Funds includes additional information about the Trustees and Officers and is available, without charge, upon request by calling your financial advisor or 800 914-0278.

174

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	Affiliated officers	Investment manager
		Delaware Management Company, a series
Brett Wright	David F. Connor	of Macquarie Investment Management
Head of Client Solutions Group, Macquarie	Senior Vice President,	Business Trust, Philadelphia, PA
Asset Management – Americas	General Counsel, and Secretary
	Optimum Fund Trust	National distributor
Robert Pettman	Philadelphia, PA	Delaware Distributors, L.P.
Executive Vice President, Product and		Philadelphia, PA
Platform Management	Daniel V. Geatens
	Senior Vice President, Treasurer,	Shareholder servicing, dividend
Robert J. Christian	and Chief Financial Officer	disbursing, and transfer agent
Private Investor	Optimum Fund Trust	Delaware Investments Fund
	Philadelphia, PA	Services Company
Durant Adams Hunter		610 Market Street
Managing Partner – Ridgeway Partners	Richard Salus	Philadelphia, PA 19106-2354
	Senior Vice President
Pamela J. Moret	Optimum Fund Trust	For shareholders, securities dealers
Private Investor	Philadelphia, PA	and financial institutions
		representatives
Stephen P. Mullin		800 914-0278
President – Econsult Solutions, Inc.
		Website
Robert A. Rudell		optimummutualfunds.com
Private Investor
Jon Socolofsky
Private Investor
Susan M. Stalnecker
Senior Advisor – Boston Consulting
Group

Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. Each Fund’s Forms N-PORT, as well as a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities, are available without charge (i) upon request, by calling 800 914-0278; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities and the Schedules of Investments included in the Funds’ most recent Form N-PORT are available without charge on the Funds’ website at optimummutualfunds.com/literature. Each Fund’s Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.

Information (if any) regarding how the Funds voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Funds’ website at optimummutualfunds.com/proxy; and (ii) on the SEC’s website at sec.gov.

175

Item 2. Code of Ethics

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. A copy of the registrant’s Code of Business Ethics has been posted on the Optimum Mutual Funds’ Internet Web site at www.optimummutualfunds.com. Any amendments to the Code of Business Ethics, and information on any waiver from its provisions granted by the registrant, will also be posted on this Web site within five business days of such amendment or waiver and will remain on the Web site for at least 12 months.

Item 3. Audit Committee Financial Expert

The registrant’s Board of Trustees/Directors has determined that certain members of the registrant’s Audit Committee are audit committee financial experts, as defined below. For purposes of this item, an “audit committee financial expert” is a person who has the following attributes:

a. An understanding of generally accepted accounting principles and financial statements;

b. The ability to assess the general application of such principles in connection with the accounting for estimates, accruals, and reserves;

c. Experience preparing, auditing, analyzing, or evaluating financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the registrant’s financial statements, or experience actively supervising one or more persons engaged in such activities;

d. An understanding of internal controls and procedures for financial reporting; and

e. An understanding of audit committee functions.

An “audit committee financial expert” shall have acquired such attributes through:

a. Education and experience as a principal financial officer, principal accounting officer, controller, public accountant, or auditor or experience in one or more positions that involve the performance of similar functions;

b. Experience actively supervising a principal financial officer, principal accounting officer, controller, public accountant, auditor, or person performing similar functions;

c. Experience overseeing or assessing the performance of companies or public accountants with respect to the preparation, auditing, or evaluation of financial statements; or

d. Other relevant experience.

The registrant’s Board of Trustees/Directors has also determined that each member of the registrant’s Audit Committee is independent. In order to be “independent” for purposes of this item, the Audit Committee member may not: (i) other than in his or her capacity as a member of the Board of Trustees/Directors or any committee thereof, accept directly or indirectly any consulting, advisory or other compensatory fee from the issuer; or (ii) be an “interested person” of the registrant as defined in Section 2(a)(19) of the Investment Company Act of 1940.

The names of the audit committee financial experts on the registrant’s Audit Committee are set forth below:

Robert J. Christian
Robert A. Rudell
Jon E. Socolofsky
Susan M. Stalnecker

Item 4. Principal Accountant Fees and Services

(a) Audit fees.

The aggregate fees billed for services provided to the registrant by its independent auditors for the audit of the registrant’s annual financial statements and for services normally provided by the independent auditors in connection with statutory and regulatory filings or engagements were $159,180 for the fiscal year ended March 31, 2021.

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 $159,155 for the fiscal year ended March 31, 2020.

(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, 2021.

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 $903,282 for the registrant’s fiscal year ended March 31, 2021. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These audit-related services were as follows: year-end audit procedures; group reporting and subsidiary statutory audits.

The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the registrant’s financial statements and not reported under paragraph (a) of this Item were $0 for the fiscal year ended March 31, 2020.

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 $909,000 for the registrant’s fiscal year ended March 31, 2020. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These audit-related services were as follows: year end audit procedures; group reporting and subsidiary statutory audits.

(c) Tax fees.

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant were $29,175 for the fiscal year ended March 31, 2021. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These tax-related services were as follows: review of income tax returns and review of annual excise distribution calculations.

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended March 31, 2021.

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant were $29,175 for the fiscal year ended March 31, 2020. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These tax-related services were as follows: review of income tax returns and review of annual excise distribution calculations.

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended March 31, 2020.

(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, 2021.

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, 2021. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.

The aggregate fees billed for all services provided by the independent auditors to the registrant other than those set forth in paragraphs (a), (b) and (c) of this Item were $0 for the fiscal year ended March 31, 2019.

The aggregate fees billed for all services other than those set forth in paragraphs (b) and (c) of this Item provided by the registrant’s independent auditors to the registrant’s adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended March 31, 2020. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.

(e) The registrant’s Audit Committee has established pre-approval policies and procedures as permitted by Rule 2-01(c)(7)(i)(B) of Regulation S-X (the “Pre-Approval Policy”) with respect to services provided by the registrant’s independent auditors. Pursuant to the Pre-Approval Policy, the Audit Committee has pre-approved the services set forth in the table below with respect to the registrant up to the specified fee limits. Certain fee limits are based on aggregate fees to the registrant and other registrants within the Optimum Fund Trust.

Service	Range of Fees
Audit Services
Statutory audits or financial audits for new Funds	up to $50,000 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 $8,455,000 and $4,687,000 for the registrant’s fiscal years ended March 31, 2021 and March 31, 2020, 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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable

Item 13. Exhibits

(a) (1) Code of Ethics

Not applicable.

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

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

Not applicable.

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

SIGNATURES

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

OPTIMUM FUND TRUST

BRETT W. WRIGHT
By:	Brett W. Wright
Title:	President and Chief Executive Officer
Date:	June 4, 2021

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

BRETT W. WRIGHT
By:	Brett W. Wright
Title:	President and Chief Executive Officer
Date:	June 4, 2021
DANIEL V. GEATENS
By:	Daniel V. Geatens
Title:	Chief Financial Officer
Date:	June 4, 2021