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:	Anthony G. Ciavarelli, 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, 2022

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, 2022

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

Table of contents

Portfolio management reviews
Optimum Fixed Income Fund	1
Optimum International Fund	4
Optimum Large Cap Growth Fund	7
Optimum Large Cap Value Fund	10
Optimum Small-Mid Cap Growth Fund	13
Optimum Small-Mid Cap Value Fund	16
Performance summaries
Optimum Fixed Income Fund	19
Optimum International Fund	22
Optimum Large Cap Growth Fund	25
Optimum Large Cap Value Fund	28
Optimum Small-Mid Cap Growth Fund	31
Optimum Small-Mid Cap Value Fund	34
Disclosure of Fund expenses	37
Security type / sector / country allocations
and top 10 equity holdings	39
Financial statements
Schedules of investments	45
Statements of assets and liabilities	122
Statements of operations	125
Statements of changes in net assets	127
Financial highlights	130
Notes to financial statements	148
Report of independent registered public accounting firm	175
Other Fund information	176
Board of trustees and officers addendum	177
About the organization	179

Other than Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.

The Funds are governed by US laws and regulations.

Unless otherwise noted, views expressed herein are current as of March 31, 2022, 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 Asset Management (MAM) is the asset management division of Macquarie Group. MAM is a full-service asset manager offering a diverse range of products across public and private markets including fixed income, equities, multi-asset solutions, private credit, infrastructure, renewables, natural assets, real estate, and asset finance. The Public Investments business is a part of MAM which includes investment products and advisory services 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.

© 2022 Macquarie Management Holdings, Inc.

Portfolio management review
Optimum Fixed Income Fund

March 31, 2022 (Unaudited)

Performance review (for the year ended March 31, 2022)
Optimum Fixed Income Fund (Institutional Class shares)*	1-year return	-4.55%
Optimum Fixed Income Fund (Class A shares)*	1-year return	-4.89%
Bloomberg US Aggregate Index (benchmark)	1-year return	-4.15%

Past performance does not guarantee future results.

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

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.

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

After a volatile 2020 calendar year, the distribution of vaccines and the easing of lockdowns helped 2021 start on a good note and an economic rebound followed, although the emergence of new variants of COVID-19 weighed on markets during the second half of 2021. The speed of the economic recovery, coupled with the volatile path of the virus, contributed to significant friction in both goods and labor markets. This contributed to elevated inflation. During the pandemic, consumers shifted away from spending on services toward purchasing goods, which drove a relative price adjustment.

Continued economic recovery defined the Fund’s fiscal year as well as increasing concerns about inflation and central bank policy in the US and globally. The US Consumer Price Index accelerated from a 2.6% year-over-year increase in March 2021 to 7.9% in February 2022. The US labor markets transitioned from robust to tight, with unemployment declining to 3.6% in March 2022 from 6% in March 2021, and labor market participation beginning its return to normal.

From the start of the Fund’s fiscal year in April through the end of 2021, markets continued to rise relatively steadily, with the S&P 500^® Index notching numerous record highs while generating a return of 21.22% for the nine months. There was an overall lack of volatility in 2021, with the S&P 500 Index's biggest loss at approximately 5%. Investors increased their focus on Treasury inflation-protected securities (TIPS) as a hedge for unknown inflation risks, with TIPS, as represented by the Bloomberg US TIPS Index, returning 7.54% for the April-December 2021 period. While the S&P 500 Index continued its strong rally, emerging markets equities had negative total returns for the 9-month period from April through December 2021. High yield spreads ended 2021 substantially tighter, while changes in investment grade spreads were more muted. US Treasury yields rose across the curve, with the 10-year yield ending 2021 at 1.51% and fixed income markets generally posting positive returns, with the Bloomberg US Aggregate Index returning 1.89% from April 1 through the end of 2021.

January 2022 was a volatile month as both risk assets and safe-haven assets generally declined. The potential for higher, longer inflation, coupled with hawkish comments from US Federal Reserve Chairman Jerome Powell, triggered a broad market selloff. In February, worries shifted from the pandemic to the impending confrontation in Ukraine. Russia invaded Ukraine during the latter half of the month, resulting in a flight to safety and losses across global equity and credit markets. Punitive sanctions against Russia led to heightened supply chain concerns. Commodity prices jumped, and West Texas Intermediate (WTI) crude oil surpassed $100 a barrel for the first time since 2014.

In late March, investor concerns eased somewhat. While the Fed raised US interest rates by 0.25 percentage points, as expected, it highlighted upside inflationary risks and revised its “dot plot” projections to reflect seven total expected rate hikes this year – in contrast to the Bank of England (BoE)’s dovish messaging that accompanied its own quarter-point rate hike. Despite the Fed’s relatively hawkish tone, US equities rose following the Fed’s announcement. The BoE noted risks to growth stemming from the Russia-Ukraine conflict. Commodities markets, including metals, energy, and agriculture, remained strained.

The 2-year Treasury yield rose from 0.16% to 2.33% during the Fund's fiscal year. The yield curve flattened dramatically, raising concerns about its inversion and the rising risk of recession. Meanwhile, primary mortgage rates escalated from 3.3% in

1

Portfolio management review
Optimum Fixed Income Fund

December 2021 to 4.9% in March 2022 after about two years of being near all-time lows. The housing market, having benefited from low interest rates, limited inventory, and robust demand, showed early signs of deceleration.

Source: Bloomberg, unless noted otherwise.

Fund performance

For the fiscal year ended March 31, 2022, Optimum Fixed Income Fund underperformed its benchmark, the Bloomberg US Aggregate Index. Before fees, each of the Fund’s component parts, managed by DMC and PIMCO, outperformed the return of the benchmark. The following remarks describe factors that affected relative performance within these respective portions.

DMC

For the fiscal year ended March 31, 2022, DMC’s portion of Optimum Fixed Income Fund outperformed its benchmark, the Bloomberg US Aggregate Index, on a gross of fees basis.

Within broad fixed income, absolute returns reflected one of the asset class’s more severe negative-return periods in the past 50+ years, as interest rates rose during the period from 1.7% to 2.3% for the 10-year Treasury. DMC aimed to capitalize on the recovery, manage rising interest rate risk, and tactically – that is, realize gains from – monetize spread sector outperformance. Consequently, DMC adopted a short duration position, while reducing risk across high yield and emerging markets debt. DMC also sought to build a liquid capital reserve of Treasurys and agency residential mortgage-backed securities (RMBS) as a source of capital for a more volatile period in 2022. Some of the capital was subsequently deployed in March 2022 as spreads widened beyond long-term averages.

Against this backdrop, DMC’s short duration contributed to performance as interest rates rose, particularly in the first quarter of 2022. While DMC’s allocation to high yield declined through 2021 toward the low end of its range, the overweight benefited relative returns, as high yield outperformed all other major sectors within fixed income. DMC’s underweight to RMBS was also beneficial. Conversely, the allocation to emerging markets debt was the principal detractor from returns as spreads widened, particularly in the first quarter of 2022, on increasing Fed tightening concerns and geopolitical risks stemming from the Russian invasion of Ukraine. Lastly, DMC had a modest allocation to US-dollar-denominated Russian and Ukrainian debt, predominantly via corporate securities. The invasion and ensuing sanctions had a negative effect on these securities, detracting from performance in DMC’s portion of the Fund.

High yield corporates were the most significant contributor to excess returns in DMC’s portion of the Fund, including a tactical allocation to European securities that was deployed and monetized in March 2022. The allocation was additive as the sector outperformed Treasurys. DMC’s consistent allocation of approximately 5% to bank loans also contributed to relative performance as the sector benefited from strong investor demand in a rising rate environment.

DMC’s underweight to RMBS contributed to the performance of its portion of the Fund as spreads widened on growing concerns over an accelerated end of quantitative easing and start of quantitative tightening.

Emerging markets debt detracted from performance in DMC’s portion of the Fund. DMC’s allocation of approximately 9% at fiscal year end, though reduced from the start of the fiscal year, was detrimental to performance. The sector offered better yield and selection opportunities than developed counterparts but ultimately suffered from a shift in monetary policy and Russia’s invasion of Ukraine.

DMC’s overweight to commercial mortgage-backed securities (CMBS) modestly detracted from performance in its portion of the Fund, with spread widening in the final quarter of the fiscal year having a net negative impact on returns as DMC maintained an allocation of approximately 9% throughout the fiscal year.

Contributions from security selection reflected DMC’s focus on a diverse set of bottom-up (bond-by-bond) opportunities as market volatility increased. Specifically, its allocation to Puerto Rico securities prior to the court decision to restructure Puerto Rico bonds in default was beneficial as the outcome was positive, leading the bonds to outperform. In addition, DMC’s allocation to convertible securities issued by Spirit Airlines Inc. during the first quarter of 2022’s bout of volatility contributed to relative returns as the bonds benefited first from the Frontier Airlines bid and then from a higher bid from JetBlue Airways.

The two leading individual detractors from performance were emerging markets corporates within headline-prone jurisdictions. Specifically, DMC’s allocation to US-dollar-denominated investment grade Russian private oil company LUKOIL detracted from returns, as the modest allocation suffered in the aftermath of the Russian invasion of Ukraine as securities initially dipped below $50. DMC believes LUKOIL is likely to weather the geopolitical risk and, at these valuations, DMC continues to hold the security.

The second notable detractor from returns was US-dollar-denominated debt of Kaisa Group Holdings Ltd., a Chinese property issuer. DMC held a position of less than 0.1% in an effort to capitalize in a diversified manner on the property market disruption. As the Chinese government initially disappointed in its willingness to support the market, the issuer underperformed. DMC modestly reduced its allocation in August 2021 but continues to hold this

2

modest exposure given what it views as attractive valuations relative to potential outcomes.

With a focus on agility in a period more prone to volatility and potential for higher interest rates, DMC retained a short duration position and modestly increased its allocation to investment grade securities in March 2022 as spreads widened beyond long-term averages. Although DMC increased its high yield allocation modestly, it began monetizing the returns when markets quickly reversed course. As of fiscal year end, DMC maintained an overweight to high-quality securitized credit such as CMBS, an underweight to agency RMBS, and a sub-average allocation to structural “plus sectors” such as high yield and emerging markets debt.

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

PIMCO

PIMCO’s portion of the Fund outperformed its benchmark, the Bloomberg US Aggregate Index, for the 12 months ended March 31, 2022, on a gross of fees basis.

PIMCO’s interest rate strategies detracted from performance in its portion of the Fund. An overall underweight to US duration added to PIMCO’s performance as US Treasury yields rose during the fiscal year. However, this was more than offset by the negative effect from PIMCO’s yield curve positioning, including its focus on intermediate rates as front-end and intermediate rates rose more than long-end rates. Overall, non-US interest rate strategies detracted from performance in PIMCO’s portion of the Fund, including its exposure to Italian and Canadian interest rates. Contributions from short exposure to UK interest rates partially offset this, however, as yields in these regions rose. Lastly, emerging market interest rate strategies detracted from performance in PIMCO’s portion of the Fund, including an allocation to Brazilian and Mexican local rates.

Spread sector strategies added to returns in PIMCO’s portion of the Fund during the fiscal year. Select exposure to non-agency mortgages contributed to performance as these securities benefited from continued strong fundamentals. An underweight to agency mortgage-backed securities (MBS) added to PIMCO’s performance as the sector underperformed like-duration Treasurys. PIMCO’s relative value positioning within agency MBS also added to performance. An underweight to investment grade corporate credit also helped performance in PIMCO’s portion of the Fund as the sector underperformed like-duration Treasurys. Lastly, an allocation to US TIPS contributed to PIMCO’s performance as inflation expectations rose.

Currency strategies were positive for performance in PIMCO’s portion of the Fund, including exposure to a basket of Latin American emerging market currencies that appreciated relative to the US dollar during the fiscal year.

At fiscal year end, PIMCO was neutral to modestly underweight duration, favoring US interest rates along with hedges in select regions and countries such as the UK. PIMCO also had some diversifying rate exposure in Europe, mainly Denmark and Italy.

Regarding spread strategies, PIMCO’s portion of the Fund was underweight investment grade corporate credit, maintaining diversified credit exposures with a bias toward shorter-maturity and high-quality names while de-emphasizing generic corporate credit exposure. PIMCO actively sought compelling name and sector exposure given dispersion within the credit market. Within agency MBS, PIMCO continues to seek relative value opportunities. PIMCO also continues to favor senior positions in mortgage credit given the asset’s inherent fundamental strength and deleveraging nature.

PIMCO remains tactical with currency positioning and sees the potential to find more individual foreign exchange opportunities over time. It will continue to seek opportunities from overshoots and undershoots that provide what PIMCO considers to be attractive risk-reward profiles and the ability to diversify sources of return.

PIMCO used credit default swaps, forwards, futures, interest rate swaps, options, and swaptions during the fiscal year, but these derivatives did not have a material impact on performance within its portion of the Fund during the reporting period.

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Portfolio management review
Optimum International Fund

March 31, 2022 (Unaudited)

Performance review (for the year ended March 31, 2022)
Optimum International Fund (Institutional Class shares)	1-year return	-7.31%
Optimum International Fund (Class A shares)	1-year return	-7.55%
MSCI ACWI ex USA Index (net) (benchmark)	1-year return	-1.48%
MSCI ACWI ex USA Index (gross)	1-year return	-1.04%

Past performance does not guarantee future results.

For complete, annualized performance for Optimum International Fund, please see the table on page 22

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

Acadian Asset Management LLC (Acadian)
Baillie Gifford Overseas Limited (Baillie Gifford)

Market review

Markets were volatile during the fiscal year, rising and falling within each quarter, but largely unchanged through the first nine months of the fiscal year ended March 31, 2022. In the final quarter of the 12-month period, equities fell sharply before recovering somewhat in the final month of the period.

There were four key drivers of performance in the markets during the Fund’s fiscal year: the effects of new COVID-19 strains on economic activity, the worsening geopolitical situation on the Russia-Ukraine border, multi-decade high inflation levels, and growing concerns that central banks would be forced to tighten monetary policy to curb inflation.

The pandemic’s continued impact on the global economy was evident throughout much of the Fund’s fiscal year. The appearance of several variants, including Delta and Omicron, resulted in sharp spikes in the number of infections in the US, China, and Europe, forcing ports and factories to close worldwide. In turn, there were raw material shortages and supply-side bottlenecks. Supply chain disruptions were so severe that global auto production fell as much as 60% between April and September.

The buildup of Russian troops on the Ukraine border and the subsequent invasion in February were also impactful, as sanctions and disruptions to the European oil and natural gas supply took a toll on the economies of both Europe and Russia. The US was also affected, as evidenced by gasoline prices rising to more than $6 per gallon in some markets.

The increase in energy prices added to the unease that inflation was out of control. Rising prices were a significant concern throughout the fiscal year, as inflation – initially dismissed by the US Federal Reserve as “transitory” – rose to levels not seen in decades. With headlines blaring that consumer prices were rising at a 4% to 6% annual rate, the Fed and other central banks began to take a more hawkish stance, ending stimulus measures, raising interest rates, and curtailing asset-purchasing programs.

Although global markets sustained a modest loss during the fiscal year, in a familiar pattern, developed markets outperformed, led by a strong US market, while emerging markets lagged. Most notably, China underperformed, weighed down by the effects of new regulations on its real estate and technology sectors, and the default of China Evergrande Group, China’s second largest property developer.

Source: Bloomberg, unless noted otherwise.

Fund performance

For the fiscal year ended March 31, 2022, Optimum International Fund underperformed its benchmark, the MSCI ACWI (All Country World) Index ex USA Index (net). Acadian’s portion of the Fund outperformed the benchmark (net of fees) while Baillie Gifford’s portion of the Fund underperformed. Stock selection was a key factor in both Acadian’s and Baillie Gifford’s portions of the Fund, providing a boost to performance for the former and detracting from the latter. Country allocations, particularly to China, also played a role in both portions of the Fund, with an underweight proving beneficial in Acadian’s portion and detrimental in Baillie Gifford’s as investors’ concern with new regulations and the default of China Evergrande hurt performance.

Acadian

Acadian focuses on its disciplined, value-focused, multi-factor approach and attempts to manage the Fund with consistency,

4

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, mitigating human emotion. Acadian's investment process aims to invest in securities that deliver returns over the long run, and does not rely on market timing. Acadian's investment process is designed to attempt to capture alpha by exploiting behaviorally-based mispricings within and across global equity markets.

Acadian’s portion of the Fund benefited from a combination of stock selection and overweight positions in energy and materials. Throughout the entire 12-month period, but especially in the latter months as the Russia-Ukraine conflict escalated, energy and commodity prices rose, contributing to strong returns in the energy and materials sectors.

However, the surge in inflation, which stunted consumer confidence and resulted in underperformance in the consumer discretionary sector, partially offset these gains. While Acadian’s underweight of the consumer discretionary sector in its portion of the Fund was beneficial, Acadian’s exposure to the financial sector detracted from performance.

On a country basis, Acadian’s portion of the Fund also benefited from a combination of stock selection and an overweight position in Australia, and a combination of stock selection and an overweight exposure to Israel. Underweight positions in the United Kingdom and Canada reduced these gains, as did stock selection in Switzerland.

Two holdings that contributed to Acadian’s portion of the Fund were South32 Ltd. and Alibaba Group Holdings Ltd. The share price of South32, an Australian-based mining & metals company, soared on a string of positive production results across its portfolio. The shares got a further boost from favorable operating margins that were propelled by higher commodity prices.

Alibaba Group, a China-based online and mobile commerce behemoth, experienced a slump in its share price over the 12-month period, the result of intense pressure from regulatory uncertainty over the past year. Acadian did not hold Alibaba in its portion of the Fund and therefore benefited from an underweight position in the stock.

In contrast, two holdings that detracted from Acadian’s portion of the Fund were Nintendo Co. Ltd. and Koninklijke Philips NV. Nintendo’s shares tumbled after the Japanese video game company once again confronted claims that its game controllers violate data-patent rights. The share price of Koninklijke Philips declined over the fiscal period, as the unprecedented scale of global supply-chain disruptions impaired operations. Ongoing product recalls, including Philips’ Respironics most recent recall of select ventilators, underscored product safety and quality management risks, resulting in a costly repair and replacement program, and accelerating the decline in stock prices. Acadian eliminated both positions from its portion of the Fund in the third quarter of 2021.

At the end of the Fund's fiscal period, Acadian had its largest overweight country positions in Taiwan, Denmark, and Australia. Japan, the UK, and Canada were the largest underweight positions. At the sector level, the emphasis was on healthcare, energy, and materials, while consumer discretionary and financials were considerably underweighted.

Baillie Gifford

Baillie Gifford maintains its investment philosophy and process through changing market environments. Baillie Gifford fundamentally believes in long-term investing, and that share prices ultimately follow earnings growth. Baillie Gifford is focused on finding companies whose ability to generate earnings growth is independent of a particular market environment.

The financials and healthcare sectors were the largest detractors from performance in Baillie Gifford’s portion of the Fund during the 12-month period. Stock selection was the root cause of the underperformance. There was also a slight drag on performance from asset allocation within both sectors. Baillie Gifford had underweight positions in both financials and healthcare, which proved detrimental as those sectors rose.

Information technology (IT) made a marginal contribution to Baillie Gifford’s portion of the Fund. A small stock selector contribution was offset by a small asset allocation drag. IT was the only sector to contribute positively to performance during the Fund’s fiscal period.

Baillie Gifford’s portion of the Fund was also hindered during the fiscal year as several Chinese companies that had benefited from a return of consumer demand early in the period once again underperformed as the new COVID-19 variants took hold. The conflict in Ukraine also hurt performance, as two small Russian investments were revalued to zero.

IMCD NV and Kingspan Group PLC both contributed positively to Baillie Gifford’s portion of the Fund during the fiscal year. IMCD, a Dutch specialty chemicals distributor, continued its merger and acquisition strategy into 2021 and 2022 with the addition of more than 200 million euros in sales across 11 acquisitions. IMCD has increased group profit 10% over the last five years through acquisitions versus 5% organically.

Kingspan Group, the family-owned Irish manufacturer of commercial and residential insulation materials, performed strongly for Baillie Gifford’s portion of the Fund after providing support for the green

5

Portfolio management review
Optimum International Fund

infrastructure sector. The company upgraded its outlook for 2022 but still cautions that supply-chain issues remain.

Ping An Healthcare & Technology Co. Ltd. and Tencent Music Entertainment Group both detracted from performance in Baillie Gifford’s portion of the Fund. Ping An was among the Chinese technology companies affected by investors concerned with new regulations. However, the company’s operational story remained strong, in Baillie Gifford’s opinion. Ping An utilizes artificial-intelligence (AI)-based software to make diagnoses. Medical consultations continued to grow, as does the software’s ability to recognize illness. Right now, although AI is “assisting” in diagnosis, regulators have yet to approve its use as a replacement for a doctor’s diagnosis.

Tencent Music Entertainment, the Chinese music-streaming business, continued to grow significantly across multiple platforms.

The company reported a record 4.9 million net new users as part of its first-quarter earnings release. The announcement of further organic investment, particularly in long-form audio (LFA), weighed on shares in the latter part of the Fund’s fiscal year but is an investment Baillie Gifford believes will ultimately help build out the network. The entire Tencent network integrates Tencent Cloud Real-time Communication Network, Instant Messaging Network, and Streaming Media Distribution Network. Combined, the services provide infrastructure for music and live streaming.

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

6

Portfolio management review
Optimum Large Cap Growth Fund

March 31, 2022 (Unaudited)

Performance review (for the year ended March 31, 2022)
Optimum Large Cap Growth Fund (Institutional Class shares)	1-year return	+2.75	%
Optimum Large Cap Growth Fund (Class A shares)	1-year return	+2.49	%
Russell 1000® Growth Index (benchmark)	1-year return	+14.98	%

Past performance does not guarantee future results.

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

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

Equities markets in the US climbed steadily through the first nine months of the fiscal year ended March 31, 2022, buoyed by robust corporate earnings, ample liquidity, and progress in bringing the global pandemic under control. Widespread vaccination spurred a reopening of most parts of the global economy and contributed to a healthy labor market that restored most of the jobs that had been lost due to pandemic lockdowns and related restrictions on economic activity.

Even as equities were rising, inflation and strained supply chains began to dampen investors’ enthusiasm. Although the US Federal Reserve initially declared that inflation was transitory, prices continued to rise, and in February 2022, the US Consumer Price Index showed the largest year-over-year increase in 40 years, adding to market volatility that had begun in January.

Stocks slumped further when Russia invaded Ukraine in late February, prompting the US and many other nations, especially in Europe, to respond with broad and damaging economic sanctions targeting key Russian individuals and institutions.

In March 2022, attempting to take control of inflation, the Fed raised rates 0.25%, its first increase since 2018. At the time, the Fed indicated that additional rates were forthcoming, that the size of the increases could grow to 0.5%, and that it would begin drawing down its balance sheet.

In the final weeks of the 12-month period, equities did recover somewhat and, despite the pressures of inflation, the war in Ukraine, supply chain disruptions, and the ongoing pandemic, the large cap S&P 500^® Index advanced 15.65% for the 12-month period. Large-cap growth stocks maintained an edge over their value counterpart, with the benchmark Russell 1000 Growth Index rising 14.98% for the year while the Russell 1000^® Value Index added 11.67%.

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, 2022. Both ClearBridge’s and T. Rowe Price’s portions of the Fund underperformed the benchmark, citing adverse stock selection and, in the case of ClearBridge, adverse sector allocation decisions as well. In ClearBridge’s portion of the Fund, stock selection in the communication services, information technology (IT) and consumer discretionary sectors, an underweight to the IT sector, and an overweight to the consumer discretionary sector detracted from relative performance. In T. Rowe Price’s portion of the Fund, the IT, communication services, and consumer discretionary sectors were the major detractors, while the healthcare and materials sectors contributed to relative returns.

ClearBridge

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

After making aggressive positioning moves to increase the up capture of the Fund during the 12-month period, ClearBridge’s actions over the last year focused on adding exposure to secular trends such as: ecommerce and payments through the additions of Nike Inc. and PayPal Holdings Inc.; gaming through the purchase of Unity Software Inc.; electrification of the economy via Eaton Corp. PLC; and a shift in healthcare to innovative and market leading

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Portfolio management review
Optimum Large Cap Growth Fund

medical device makers, such as Intuitive Surgical Inc. and DexCom Inc., that ClearBridge thinks should benefit from a renewed focus on elective procedures and treatment of chronic conditions.

Communication services was the primary detractor from performance in ClearBridge’s portion of the Fund. In the second half of the fiscal period, ClearBridge’s overweight to social media and digital advertising platform Meta Platforms Inc. (Facebook) negatively affected results. Shares declined following fourth-quarter earnings results and first-quarter revenue guidance that were weaker than expected.

Weakness in the digital payments space held back several IT holdings in ClearBridge’s portion of the Fund, including Fidelity National Information Services Inc. and PayPal Holdings Inc.,as the pandemic eased its grip on the economy and consumers returned to brick-and-mortar establishments.

ClearBridge initiated a position in PayPal after the shares had already fallen 40% from their all-time high but PayPal's muted outlook was not fully priced in at that point. Nevertheless, ClearBridge believes PayPal is fundamentally holding share in the digital payments industry and is set up for continued growth in ecommerce once reopening headwinds pass. The company onboarded nearly 120 million net new users over the last few years; naturally, many users will churn off the platform. ClearBridge also sees the company’s strategy to add additional use cases to its wallet such as investing, crypto, savings accounts, and bill pay as catalysts to accelerate revenue growth over time. In addition, ClearBridge believes Venmo continues to be under-monetized, and a new partnership with Amazon.com will be something to watch. Therefore, ClearBridge continues to hold PayPal in its portion of the Fund.

Fidelity National Information Services has topped earnings forecasts the last two quarters, but investors are focused on the merchant business which has been decelerating year over year. Concerns remain that the company is not competitive with new/modern acquirers in its merchant segment; however, the company expects to deliver double-digit revenue growth in this area given its expanding capabilities and ongoing merchant wins and remains undervalued versus peers. 2022 results remain heavily dependent on the speed of the travel/spending recovery. While current quarter guidance came in below expectations, the company’s full-year earnings and revenue forecasts are in-line to slightly higher than Wall Street, providing optimism over continued improvement. ClearBridge believes Fidelity National Information Services remains a good way to participate in the growth of digital payments and discretionary travel spending and therefore continues to hold it in its portion of the Fund.

Two other IT holdings contributed but could not fully offset the sector’s losses. Palo Alto Networks Inc., a provider of enterprise security solutions, got a boost from the threats posed by the Russian-Ukraine conflict. Microsoft Corp., developer of the Windows and Office family of products among others, has proven to be defensive through periods of market turbulence and this fiscal year was no exception.

Alibaba Group Holding Ltd., in the consumer discretionary sector, is a Chinese ecommerce and digital payments provider that detracted from ClearBridge’s portion of the Fund. Its shares declined as the company faced increased regulatory scrutiny from the Chinese government and a return of COVID-19 adversely affected ecommerce activity. ClearBridge continues to view Alibaba as a durable business with the potential for sustained revenue and profit growth due to its size, balance sheet, and importance to the Chinese economy.

Additional communications sector detractors from performance in ClearBridge's portion of the Fund were Netflix Inc., Sea Ltd., and Walt Disney Co. Netflix is a leading provider of streaming media programming. After being a prime beneficiary of increased viewing patterns during the stay-at-home period of COVID-19, Netflix is recalibrating how to measure and forecast subscriber growth as global economies fully reopen. The company's stock fell sharply after Netflix modestly reduced its net subscriber additions for the first quarter of 2022, causing us to question its ability to continue to deliver double-digit subscriber growth. While Netflix has suffered further subscriber declines and price pressures in international markets, ClearBridge believes it is taking aggressive actions to address these issues, and ClearBridge remains convinced that its thesis for owning the stock is intact. Sea is a Singapore-based platform for ecommerce, digital payments, and gaming. Sea underperformed owing to a general sell-off in higher multiple stocks and weakening of its gaming segment. In gaming, the company has seen a slowdown in bookings growth in the wake of economic reopening – a trend seen at other gaming platforms like Roblox. ClearBridge remains optimistic about Sea due to what it views as its compelling growth opportunity in ecommerce and digital payments, businesses where it has a strong execution track record. Walt Disney is an entertainment company that conducts operations in media networks, studio entertainment, theme parks and resorts, consumer products, and interactive media. Disney detracted from the performance of ClearBridge's portion of the Fund owing to weakness in Disney+ subscriber momentum. ClearBridge believes Disney's slowdown is largely tied to production delays as the company aims to significantly expand content availability and subscriber momentum has begun to show signs of improvement.

The healthcare sector was the primary contributor to performance in ClearBridge’s portion of the Fund, led by strong operating results from UnitedHealth Group Inc. UnitedHealth continues to offer consistent growth from a diversified, scaled base of healthcare insurance and service businesses. ClearBridge also realized strong

8

results from Thermo Fisher Scientific Inc., a diversified provider of life sciences solutions, analytical instruments, specialty diagnostics, and laboratory products and services. Animal health provider Zoetis Inc. was another notable contributor.

T. Rowe Price

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

IT was the leading relative underperformer in T. Rowe Price’s portion of the Fund, due primarily to weak stock choices led by underweight positions in Apple Inc. and NVIDIA Corp. Shares of Apple gained over the 12-month period, driven by the strength of the iPad and Mac, which benefited from coronavirus-pandemic tailwinds. Shares of NVIDIA also climbed higher during the fiscal year as the company’s data center business showed signs of reacceleration, underpinned by the demand for chips that can support artificial intelligence (AI) and deep learning applications.

Communication services also hampered relative performance in T. Rowe Price’s portion of the Fund, due to unfavorable stock picks coupled with an overweight allocation. Within the sector, holdings in Sea Ltd. and Snap Inc. detracted from relative performance. Shares of Sea traded lower in response to disappointing guidance for its gaming business. T. Rowe Price believes Sea’s platform is well positioned to gain share in Southeast Asia’s high-margin online gaming market and expand its reach to additional emerging market countries. Shares of Snap, the company behind Snapchat and other camera-based applications, sold off when results were affected by the one-two punch of Apple’s new consumer-tracking restrictions and by the combination of supply chain disruptions and labor shortages. Snap's control of the impressionable and highly engaged youth demographic, relatively low ad load, and culture of innovation combine to form what T. Rowe Price views as a tightly coiled monetization spring. T. Rowe Price believes that network effects and innovations in technology will continue to drive user growth and engagement, paving the way for potential earnings growth over time and continues to hold Sea and Snap in its portion of the Fund.

Consumer discretionary also hampered relative performance in T. Rowe Price’s portion of the Fund due to weak stock picks such as Rivian Automotive Inc. Shares of Rivian came under pressure as the early-stage electric-vehicle maker was penalized for various items, including a small production target miss in 2021, the departure of its COO, an inflation-driven price increase, and lowered 2022 delivery guidance due to supply chain issues. T. Rowe Price strongly believes that Rivian’s recent underperformance equates to short-term noise for a young company that is implementing new technologies in a notoriously difficult industry during a material global supply chain disruption amid record levels of inflation and thinks Rivian is well positioned to benefit from the automotive industry’s electrification. T. Rowe Price continues to hold Rivian in its portion of the Fund.

In contrast, the healthcare sector contributed to T. Rowe Price’s portion of the Fund, due to stock selection coupled with an underweight exposure. Shares of UnitedHealth Group Inc. traded higher as the company guided earnings growth higher for 2022. Shares of HCA Healthcare Inc. benefited from the increase in demand for hospital services, leading to higher patient volumes and outpatient surgeries. The company also unveiled plans to build a new free-standing emergency facility in Central Florida. Additionally, investors appeared to react positively to news of a stock buyback and a dividend increase.

A significant underweight exposure to the materials sector also positively affected relative returns in T. Rowe Price’s portion of the Fund.

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.

9

Portfolio management review
Optimum Large Cap Value Fund

March 31, 2022 (Unaudited)

Performance review (for the year ended March 31, 2022)
Optimum Large Cap Value Fund (Institutional Class shares)	1-year return	+13.22	%
Optimum Large Cap Value Fund (Class A shares)	1-year return	+12.91	%
Russell 1000® Value Index (benchmark)	1-year return	+11.67	%

Past performance does not guarantee future results.

For complete, annualized performance for Optimum Large Cap Value Fund, please see the table on page 28.

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

US equities performed well in the first nine months of the fiscal year ended March 31, 2022, before entering a spate of volatility that marred the opening months of the new year. Equities regained much of their footing in March, however, delivering a gain of 15.65% for the 12-month period, as measured by the S&P 500^® Index.

There were challenges throughout the period. Multiple waves of COVID-19, including the highly transmissible Delta and Omicron variants, briefly interrupted the markets’ rise, as did the onset of inflation, which the US Federal Reserve initially labeled as transitory. Supply chain disruptions, notably in important commodity markets, and a tight labor market also caused brief investor stumbles. But low unemployment and continued healthy corporate profits were more than sufficient to keep equity markets advancing through the end of 2021.

As 2022 began, however, just as the Omicron wave of the pandemic appeared to recede in much of the world, markets experienced a geopolitical shock as Russia first built up troops on Ukraine’s border and then launched a full-scale invasion. Given Europe's heavy reliance on imported oil and gas from Russia, European markets were among the hardest hit. Energy prices spiked in the wake of the invasion, adding to an already multidecade high level of inflation. Non-energy commodities rose sharply as well. Both the equity and fixed income markets experienced significant upticks in volatility.

The ripple effects from the Russian invasion further complicated central banks’ efforts to rein in inflation. Energy shocks have historically resulted in global growth slowdowns, if not pullbacks, so policymakers find themselves in the difficult position of trying to restrain inflation without tipping economies into recession. Accordingly, expectations for central banks to aggressively tighten monetary policy have moderated.

Against an environment of rising labor and raw materials prices, higher interest rates, and waning fiscal and monetary stimulus, investors have become increasingly anxious that corporate profit margins may be past peak for this cycle. That said, tentative signs of some supply chain bottlenecks easing, low levels of unemployment across developed markets, and the loosening of coronavirus restrictions seem to be supportive for the macroeconomic backdrop.

Source: Bloomberg, unless noted otherwise.

Fund performance

Optimum Large Cap Value Fund outperformed its benchmark, the Russell 1000 Value Index, for the fiscal year ended March 31, 2022. While the Rothschild & Co portion of the Fund outperformed the benchmark return, the MFS portion of the Fund slightly underperformed.

In Rothschild & Co’s portion of the Fund, outperformance was supported largely by favorable stock selection. Sector allocation also contributed positively to relative returns. While a modest cash position acted as a headwind to relative performance during a period of healthy absolute returns, Rothschild & Co’s overweight position in energy contributed to performance owing to a sharp rise in oil prices against the backdrop of supply constraints. Rothschild & Co’s stock selection was especially positive in the technology, manufacturing, and healthcare sectors, more than offsetting weakness in the basic materials, consumer services, and transportation sectors. An underweight position in energy and adverse stock selection in the materials sector hindered performance in the MFS portion of the Fund. Advantageous stock selection in the industrials sector partially offset this, however. An underweight position and stock selection in

10

the consumer discretionary sector contributed to performance in the MFS portion of the Fund.

MFS

MFS has maintained a consistent investment approach since this strategy’s inception. For its portion of the Fund, MFS uses a long-term time horizon in making investment decisions. MFS maintains a disciplined investment philosophy and process that is always focused on investing in high-quality companies trading at inexpensive valuations. As was the case last year, MFS continued to assess the impact of significant changes to the global economic outlook and equity markets. Over the past year, these included rising inflation, interest rates, uncertain monetary policy, slowing growth, the war in Ukraine, and the ongoing pandemic.

As energy prices climbed throughout the period, the sector performed well and detracted from performance in the MFS portion of the Fund, which was underweight the sector. Not owning integrated oil and gas company Exxon Mobil Corp. detracted from performance, as did the combination of first underweighting and later exiting a position in integrated energy company Chevron Corp. As a result, MFS missed the shares’ significant rally toward the end of the Fund’s fiscal year.

Security selection in the materials sector hampered relative results in the MFS portion of the Fund, led by an overweight position in coatings company PPG Industries Inc.

In other sectors, MFS did not own insurance and investment firm Berkshire Hathaway Inc. and health insurance and Medicare-Medicaid provider UnitedHealth Group Inc. Both decisions detracted from performance. MFS maintained overweight positions in shares of diversified financial services firm Citigroup Inc., global financial services firm JPMorgan Chase & Co., media and technology company Comcast Corp., power and hand tools provider Stanley Black & Decker Inc., and diversified technology and manufacturing company Honeywell International Inc., all of which weighed on relative returns.

In the industrials sector, MFS maintained an overweight holding of global security company Northrop Grumman Corp. that contributed positively to relative performance. Northrop Grumman Corp. is engaged in the provision of security services including cybersecurity for computers and communications. MFS avoided a position in aerospace firm The Boeing Co., which performed poorly, thereby also contributing to relative returns.

Stocks in other sectors that contributed positively to relative performance in the MFS portion of the Fund included overweight positions in shares of risk-management and human-capital consulting services provider Aon PLC, risk and insurance consulting firm Marsh & McLennan Cos. Inc., property and casualty insurance provider Chubb Ltd., health services and information technology company McKesson Corp., oil and gas company ConocoPhillips, and IT servicing firm Accenture PLC. Avoiding poor-performing diversified entertainment firm The Walt Disney Co. and telecommunication services provider AT&T Inc. also added to positive results.

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 period was unprecedented, reflecting the pandemic and the resulting government fiscal support and central bank monetary support. Unprecedented monetary support accompanied by two shocks in two years to global supply chains has significantly raised inflationary expectations above the Fed’s comfort level. We believe that such environments characterized by volatility can unearth opportunities as pricing inefficiencies develop at the stock level, which is where we focus our attention.

Although the technology sector underperformed within the benchmark, the Rothschild & Co portion of the Fund benefited from advantageous stock selection in the sector, both in terms of what it owned, including Alphabet Inc., Broadcom Inc., and Microsoft Corp., and what it avoided, including an underweight position in Intel Corp. and no exposure to Salesforce Inc.

Manufacturing was also a strong contributor to performance in the Rothschild & Co portion of the Fund, as defense companies Lockheed Martin Corp. and Northrop Grumman Corp. both benefited from the war in Ukraine.

Individual stocks that contributed to performance in the Rothschild & Co portion of the Fund included ConocoPhillips, an energy exploration and production company. The rise in crude oil prices that resulted, in part, from the Russian invasion of Ukraine drove share prices here. Schlumberger NV, the largest US oilfield services company with a focus on international markets, also contributed to performance significantly.

Rothschild & Co’s portion of the Fund underperformed in the basic materials sector largely because of its lack of investment in commodity-specific industries, such as copper and steel, which rallied on the supply constraints caused by the Russia-Ukraine crisis. Rothschild & Co’s direct commodity exposure lies exclusively in the oil sector, which aided performance.

11

Portfolio management review
Optimum Large Cap Value Fund

Although the utilities sector outperformed the overall benchmark by a wide margin, one of Rothschild & Co’s holdings in the sector, NextEra Energy Inc., did not keep pace with the peer group and detracted from performance.

Individual stocks that detracted from the Rothschild & Co portion of the Fund included Global Payments Inc., which provides electronic transaction processing, information systems, and services. The stock underperformed despite reporting above-consensus revenue and earnings and providing optimistic longer-term financial targets.

Southwest Airlines Co. also detracted from performance in the Rothschild & Co portion of the Fund. Southwest is a budget-friendly airline operator with its exposure predominantly in the US. The stock has lagged as the recovery has been choppy. Rothschild & Co continues to hold the shares given that Southwest has one of the strongest balance sheets among peers and the least exposure to business travel, which is recovering slowly and could be structurally impaired.

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.

12

Portfolio management review
Optimum Small-Mid Cap Growth Fund

March 31, 2022 (Unaudited)

Performance review (for the year ended March 31, 2022)
Optimum Small-Mid Cap Growth Fund (Institutional Class shares)	1-year return	-5.54%
Optimum Small-Mid Cap Growth Fund (Class A shares)	1-year return	-5.76%
Russell 2500TM Growth Index (benchmark)	1-year return	-10.12%

Past performance does not guarantee future results.

For complete, annualized performance for Optimum Small-Mid Cap Growth Fund, please see the table on page 31.
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

Rising COVID-19 infections, a rapid increase in inflation, continued supply chain bottlenecks, and the onset of the conflict in Ukraine led to increased market volatility during the fiscal year. With a meaningful portion of the US population fully vaccinated, the reopening of the broader economy progressed quickly early in the Fund’s fiscal year. This drove significant pent-up demand for goods and services and put immense pressure on global supply chains, logistics networks, and labor forces to keep up.

A global spike in the Delta and Omicron variants of COVID-19, coupled with the continuing conflict in Ukraine, then put further stress on worldwide supply chains. This helped push inflation to historically high levels and forced the US Federal Reserve to pivot to a more hawkish stance despite early signs of a slowing economy.

Stocks faced broad selling pressure in March 2022, as growth equities led the market lower and smaller-cap stocks lagged their larger-cap peers. A confluence of tighter monetary policy with an intensification of unsettling geopolitical events in Europe sparked global stagflation fears, causing many investors to dump shares of more speculative stocks.

Source: Bloomberg, unless noted otherwise.

Fund performance

Optimum Small-Mid Cap Growth Fund declined, although it outperformed its benchmark, the Russell 2500 Growth Index, for the fiscal year. Both CCI’s and PCM’s portions of the Fund outperformed the benchmark. Although both growth and value stocks lost ground during the Fund’s fiscal period, CCI’s portion of the Fund benefited on a relative basis from its comparatively balanced positioning in both cyclical and secularly driven growth stories and the market’s focus on rewarding stronger fundamentals. PCM’s high growth yet valuation sensitive approach generated strong relative outperformance during the fiscal year, despite the economic uncertainty. Outperformance in PCM’s portion of the Fund relative to the benchmark was due to stock selection in the healthcare and industrial sectors.

CCI

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

Due to favorable stock selection, the healthcare and financials sectors were the leading contributors in CCI’s portion of the Fund. Conversely, unfavorable stock selection in the information technology (IT) sector and an underweight in the real estate sector detracted from CCI’s portion of the Fund.

Arista Networks Inc. a provider of cloud networking solutions, was CCI’s largest contributor to performance in its portion of the Fund for the fiscal year. The company benefited from a multi-year upgrade cycle within its hyperscale segment as customers such as Facebook and Microsoft upgraded their networks. Share gains within Arista Network’s enterprise segment also contributed.

Matador Resources Co., an energy company focused on the development of oil reserves in the Delaware and Eagle Ford shale areas of Texas, was the second largest contributor to performance within CCI’s portion of the Fund. Continued improvements in horizontal drilling and well-completion techniques, along with significantly higher oil prices, combined to propel oil and gas economics higher. In addition, the favorable commodity price backdrop improved Matador’s free cash flow outlook, creating an opportunity for potential dividend and stock buyback announcements.

13

Portfolio management review
Optimum Small-Mid Cap Growth Fund

Natera Inc., a genetic testing company focused on prenatal testing (NIPT), organ transplant rejection, and cancer recurrence monitoring, detracted the most from performance in CCI’s portion of the Fund. Its shares declined despite continued robust fundamentals that supported CCI’s investment thesis. CCI attributes the decline in shares to profit-taking in highly valued growth stocks when the market rotated toward cyclical and value shares during 2021. Notably, the stock came under further pressure after CCI exited its position in Natera.

Levi Strauss & Co., a leading apparel company focused on denim, also detracted from performance in CCI’s portion of the Fund. Despite strong quarterly results, supported by a cyclical recovery and a new jeans fashion cycle, shares declined as the market struggled with increasing cost inflation, supply chain headwinds, and the potential impact of higher inflation on consumer spending, leading CCI to exit the holding.

CCI believes slower economic growth ahead with a more restrictive Fed should favor the discipline it follows in its portion of the Fund as the market increasingly gravitates toward companies that can demonstrate continued positive momentum and positive earnings surprises. Recent leading economic indicators, including weaker purchasing managers’ indices (PMIs), waning consumer confidence, and a brief yield curve inversion, all seem supportive of this view. Given CCI’s belief that the risks associated with cyclical companies are likely to increase, CCI began to add more durable-secularly driven, positively surprising, growth stocks typical of its investment discipline to its portion of the Fund. CCI thinks these companies have the potential to stand out and may disproportionately benefit as growth becomes increasingly scarce.

CCI’s portion of the Fund is most overweight the healthcare sector. CCI recently increased its weighting in what it views as medical technology companies with innovative products that can benefit from robust secular demand and the resumption of medical procedures as COVID-19 recedes. CCI’s portion of the Fund is also overweight the communication services sector, particularly those companies experiencing strong demand from digital business models in software, advertising, and entertainment.

CCI’s portion of the Fund is most underweight the consumer discretionary sector, as fading stimulus payments along with persistently high inflation are likely to squeeze consumer pocketbooks, prompting a pullback in consumer spending. CCI also continues to have no exposure to the real estate sector, as real estate investment trusts (REITs) are at risk from rising interest rates.

CCI's portion of the Fund did not hold derivatives during the fiscal year.

PCM

The healthcare and industrials sectors were the strongest contributors to performance for PCM’s portion of the Fund for the fiscal year. Contribution from the healthcare sector was broad based, with favorable stock selection across life sciences, healthcare technology, biotechnology, and healthcare provider holdings. An underweight position to the biotechnology industry group also contributed to performance for PCM’s portion of the Fund. Within the industrials sector, improved economic visibility and attractive valuations drove a resurgence in many of the market’s more cyclical areas. PCM’s electronic equipment and professional services holdings were notable contributors for the Fund’s fiscal period.

The energy and real estate sectors detracted the most from performance within PMC’s portion of the Fund. Driven by the continued economic recovery as well as the Russia-Ukraine war, global energy prices rose rapidly, driving strong stock performance across the energy sector. PCM’s portion of the Fund was underweight energy during the 12-month period, which detracted from relative results. PCM’s underweight position to the outperforming real estate sector also was a modest detractor.

The principal contributor to PCM’s portion of the Fund for the fiscal year was Mimecast Ltd. Mimecast is a leading provider of cloud-based email security solutions focused on small- and medium-sized businesses. Email security is a top priority for any organization, especially with the work-from-home trend significantly increasing a company’s exposure to email-based threats. As a result, demand for Mimecast’s security products accelerated throughout the Fund’s fiscal period, with increasing order sizes and the strong up-sell of new products to both new and existing customers. Given Mimecast’s strong growth prospects and rapid consolidation within the cybersecurity space, private equity firm Permira acquired the company in December.

Another significant contributor was Steel Dynamics Inc., one of the largest US steel producers and metal recyclers. Coupled with a strong pricing environment, the company has benefited from an improved economic backdrop as demand for steel remained robust. Not only has Steel Dynamics seen particular strength in the nonresidential construction market, PCM thinks that the eventual recovery in automotive production volumes should be additive to its future growth as well. As a result of these strong end-market dynamics, free cash flow was robust, enabling the company to repurchase roughly 8% of its total outstanding shares in calendar year 2021.

The leading detractor from performance in PCM’s portion of the Fund was Sleep Number Corp., a designer and manufacturer of premium mattresses. Since consumers spent more time in their homes during the pandemic, demand for home goods, including mattresses, had

14

been strong. And while the demand environment for the company’s products remains favorable, supply chain delays hurt sales and earnings results for much of the fiscal year. A shortage of semiconductors used in the adjustable base of the beds caused persistent delays in customer deliveries during the fiscal year, leading the stock to underperform. PCM continues to hold Sleep Number in its portion of the Fund.

Tactile Systems Technology Inc. also detracted from performance in PCM’s portion of the Fund. Tactile Systems designs and manufactures medical devices used for the treatment of lymphedema, an underdiagnosed and undertreated affliction affecting 1.4 million new patients annually. COVID-19-related headwinds were the primary driver of the stock’s weakness for the Fund’s fiscal period. With multiple variants emerging over the period, patients were unpredictable in their willingness to return to their doctors’ offices. Meanwhile, vaccine mandates at both the federal and company level hurt Tactile Systems’ ability to attract and retain its salesforce. While this led to volatile sales and earnings results during the 12-month period, PCM believes the company’s valuation remains attractive for its long-term growth potential, especially as the economy continues to reopen. PCM continues to hold Tactile Systems in its portion of the Fund.

PCM’s process focuses on rapidly growing small-cap companies trading at valuations that in PCM’s opinion do not yet reflect that strong growth. PCM’s portion of the Fund is currently most overweight companies in the industrial and financial sectors, and most underweight in consumer discretionary.

PCM's portion of the Fund did not hold derivatives during the fiscal year.

15

Portfolio management review
Optimum Small-Mid Cap Value Fund

March 31, 2022 (Unaudited)

Performance review (for the year ended March 31, 2022)
Optimum Small-Mid Cap Value Fund (Institutional Class shares)	1-year return	+6.74%
Optimum Small-Mid Cap Value Fund (Class A shares)	1-year return	+6.45%
Russell 2500™ Value Index (benchmark)	1-year return	+7.73%

Past performance does not guarantee future results.

For complete, annualized performance for Optimum Small-Mid Cap Value Fund, please see the table on page 34.
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)

Market review

Small- and mid-cap value equities in the US performed well in the beginning of the Fund’s fiscal year ended March 31, 2022, as the COVID-19 vaccination rollout continued to accelerate globally, supporting a rebound in economic activity. Later in the period, global supply chain disruptions hurt company results and rising inflation eroded investor optimism. Markets, however, proved to be reasonably resilient despite these challenges and the emergence of the Delta and Omicron COVID-19 variants. Strong earnings continued to support elevated equity valuations as market indices finished the calendar year of 2021 with notably strong performances.

In the first quarter of 2022, however, Russia’s invasion of Ukraine and the resulting humanitarian crisis jolted markets as numerous sanctions caused a commodity supply shock and increased inflationary pressures. Within the US, value stocks broadly held up well relative to growth stocks during the period. Representing US small- to mid-cap stocks, the Russell 2500 Value Index was up 7.7% while the Russell 2500^TM Growth Index dropped 10.1% for the fiscal year.

Overall, large-cap stocks significantly outpaced small- and small-to-mid-cap stocks, as the S&P 500^® Index rose more 15.6% for the fiscal year. Small- to mid-cap stock performance was inconsistent as economically sensitive sectors, such as energy and materials, significantly outperformed while consumer discretionary, information technology, and industrials stocks lagged. Outside of this, defensive investments such as utilities, consumer staples, and real estate all fared better, reflecting investors' increased appetite for a degree of certainty and security.

Source: Bloomberg, unless noted otherwise.

Fund performance

Optimum Small-Mid Cap Value Fund underperformed its benchmark, the Russell 2500 Value Index, for the fiscal year. LSV’s portion of the Fund outperformed the benchmark for the fiscal year, benefiting from its deeper value positioning relative to the benchmark. Cardinal’s portion of the Fund trailed the benchmark for the fiscal year because of its lack of exposure to commodity-sensitive and more cyclical stocks.

LSV

The positive impact of LSV’s portion of the Fund relative to the benchmark was evident in stock selection, where that portion of the Fund’s deeper value positioning relative to the benchmark contributed to performance. Stock selection was particularly strong in the financials, healthcare, and technology sectors. Sector selection detracted mostly because of an underweight to energy stocks. This had a significant effect on relative performance, as energy stocks outperformed the broader market by a wide margin. An overweight to consumer discretionary stocks also detracted from performance.

LSV’s portion of the Fund was broadly diversified with 223 stocks, during the fiscal year, which limited the potential impact of any one position on relative performance. The two leading contributors to relative performance were The Mosaic Co., the largest US producer of potash and phosphate fertilizer, and Atkore Inc., a leading provider of electrical, safety, and infrastructure solutions. Both companies benefited from the continued favorable environment for high-quality companies that are generating cash and paying dividends. LSV believes both stocks remain attractively valued, and it continues to hold them in its portion of the Fund.

The two leading performance detractors from LSV’s portion of the Fund were Whirlpool Corp. and Sleep Number Corp. Whirlpool, which markets and distributes major home appliances and related

16

products, was the largest detractor within LSV’s portion of the Fund. There does not appear to be any discernible reason for the stock’s decline during the quarter other than headwinds created by a potential economic slowdown. 2021 was a good year for Whirlpool, as consumer demand was strong and gross profits and operating margins increased. LSV believes its low valuation is not justified. Whirlpool continues to rank highly in the LSV model and continues to be held in LSV’s portion of the Fund.

Sleep Number, a manufacturer of beds and bedding accessories, had earnings revised downward after supply chain pressures hurt its business. Sleep Number remains attractively valued by LSV’s model and is still held in LSV’s portion of the Fund.

As a contrarian deep value investor, LSV has patiently stuck to its discipline. LSV maintains a strong conviction that valuations matter and believes that conditions continue to be favorable for value stocks and in particular the deep value stocks it owns. Importantly, LSV believes that the deeply discounted stocks owned in LSV’s portion of the Fund are a high-quality blend of profitable companies that are generating cash, paying dividends, and buying back stock. LSV believes that overall quality profile is higher than the Russell 2500 Value Index and comparable to the core Russell 2500 Index. While the short-term environment resulting from the pandemic and Russia’s invasion of Ukraine remain uncertain, LSV believes the mid- to long-term prospects for holdings in its portion of the Fund are attractive. Regardless of current market sentiment, LSV remains committed to its disciplined deep value approach.

LSV’s portion of the Fund did not hold derivatives during the fiscal year.

Cardinal

While Cardinal's portion of the Fund kept pace with its benchmark, the Russell 2500 Value Index, for much of the fiscal year and added considerable value in late 2021 and early 2022, Russia's invasion of Ukraine and associated commodity-driven rally caused the portfolio to lag sharply in March, which offset the earlier outperformance. For the fiscal year, Cardinal's portion of the Fund slightly lagged the benchmark. Cardinal's focus on owning high-quality businesses and low exposure to commodity-sensitive and highly cyclical stocks drove the relative underperformance of Cardinal’s portion of the Fund.

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 involves making detailed five-year projections based on an analysis of the company's business and financials as well as discussions with the company's management and knowledgeable third parties. Cardinal looks for companies with significant free cash flow, stable and predictable business models, and a motivated and competent management team.

The leading detractors within Cardinal’s portion of the Fund were in the financials and materials sectors, while major contributors came in the healthcare and consumer discretionary sectors. In financials, stock selection and not owning insurance stocks were the main drivers of the underperformance. Cardinal tends not to own insurance companies because of what it believes is insufficient transparency into their operations and reserves. Specifically, shares of Columbia Banking System Inc. lagged other regional banks after it announced the acquisition of neighboring Umpqua Holdings at a premium valuation in October. Cardinal continues to hold shares of Columbia in its portion of the Fund as it is a beneficiary of a higher interest rate environment given its low-cost deposit base. Also, Columbia Bank anticipates substantial synergies from the merger with Umpqua, which should close by mid-year 2022, and Columbia’s shares now sell at a discount to other regional banks.

Stock selection and not owning metals and mining stocks were the leading detractors from performance in the materials sector for Cardinal’s portion of the Fund. Cardinal does not view most metals and mining stocks as sufficiently stable or predictable to consistently generate free cash flow or to possess attractive reinvestment opportunities. In addition, the stock price of Axalta Coating Systems Ltd. declined amid broad weakness in specialty chemicals stocks – a response to chip shortages and supply chain constraints that affected its automobile manufacturing customers and higher-than-expected raw material inflation. Cardinal’s portion of the Fund retained its shares of Axalta Coating Systems as Cardinal believes its earnings and cash flow will likely benefit when the supply chain untangles, pricing gains offset higher input costs, and global automobile manufacturing rebounds.

Stock selection and an underweight in the healthcare sector, particularly an underweight in biotechnology companies, were the leading contributors to performance for Cardinal’s portion of the Fund. Most biotechnology companies are not free-cash-flow-generating businesses, and their successes are often highly dependent upon a concentrated number of research projects, which led Cardinal to pass on these opportunities. Instead, shares of contract research service provider Syneos Health Inc. outpaced the healthcare sector as its free-cash-flow-generating business model permitted it to make accretive acquisitions and opportunistically repurchase shares. Cardinal’s portion of the Fund retained its shares of Syneos Health as of the end of the fiscal year in anticipation of further appreciation.

Nexstar Media Group Inc. also contributed to performance for Cardinal’s portion of the Fund for the fiscal year. Nexstar Media

17

Portfolio management review
Optimum Small-Mid Cap Value Fund

outpaced other companies in the communications services sector and used its healthy free cash flow to repurchase a significant amount of stock and make an acquisition to bolster its growing media content business. Cardinal’s portion of the Fund held the shares of Nexstar at the end of the fiscal year in anticipation of potential further appreciation.

An underweight to the consumer discretionary sector likewise contributed to the performance of Cardinal’s portion of the Fund as investors increasingly became concerned about the sustainability of consumer spending levels in the face of less government stimulus and higher interest rates, as well as the expected shift within consumer spending from goods toward services.

Cardinal's portion of the Fund did not hold derivatives during the fiscal year.

18

Performance summaries
Optimum Fixed Income Fund

March 31, 2022 (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, 2022
		1 year	5 year	10 year
Class A (Est. August 1, 2003)
Excluding sales charge		-4.89%*	+2.08%	+1.99%
Including sales charge		-9.19%	+1.15%	+1.52%
Class C (Est. August 1, 2003)
Excluding sales charge		-5.44%*	+1.33%	+1.24%
Including sales charge		-6.38%	+1.33%	+1.24%
Institutional Class (Est. August 1, 2003)
Excluding sales charge		-4.55%*	+2.32%	+2.25%
Including sales charge		-4.55%	+2.32%	+2.25%
Bloomberg US Aggregate Index		-4.15%	+2.14%	+2.24%

*

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 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 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 0.83% of the Fund’s average daily net assets from July 29, 2021 through March 31, 2022. From April 1, 2021 through July 28, 2021, the expense waiver was 0.85% 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)                    19

Performance summaries
Optimum Fixed Income Fund

Fund expense ratios	Class A	Class C	Institutional Class
Total annual operating expenses (without fee waivers)	1.06%	1.81%	0.81%
Net expenses (including fee waivers, if any)	1.06%	1.81%	0.81%
Type of waiver	Contractual	Contractual	Contractual

* The aggregate contractual waiver period covering this report is from July 29, 2020 to July 29, 2022.

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. This includes 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 to obtain precise valuations of the high yield securities.

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.

20

Performance of a $10,000 investment¹

Average annual total returns from March 31, 2012 through March 31, 2022

For period beginning March 31, 2012 through March 31, 2022		Starting value			Ending value
	Optimum Fixed Income Fund — Institutional Class shares		$	10,000		$	12,491
	Bloomberg US Aggregate Index		$	10,000		$	12,480
	Optimum Fixed Income Fund — Class A shares		$	9,550		$	11,625

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, 2012, 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 20. Please note additional details on pages 19 through 21.

The graph also assumes $10,000 invested in the Bloomberg US Aggregate Index as of March 31, 2012. The Bloomberg US Aggregate Index is a broad composite that tracks the investment grade domestic bond market.

The S&P 500 Index, mentioned on page 1, measures the performance of 500 mostly large-cap stocks weighted by market value, and is often used to represent performance of the US stock market.

The US Consumer Price Index (CPI), mentioned on page 1, is a measure of inflation that is calculated by the US Department of Labor, representing changes in prices of all goods and services purchased for consumption by urban households.

The Bloomberg US TIPS Index, mentioned on page 1, measures the total return performance of the market for inflation-protected securities issued by the US Treasury.

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

(continues)                    21

Performance summaries
Optimum International Fund

March 31, 2022 (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, 2022
		1 year	5 year	10 year
Class A (Est. August 1, 2003)
Excluding sales charge		-7.55%	+5.76%	+5.21%
Including sales charge		-12.87%	+4.52%	+4.59%
Class C (Est. August 1, 2003)
Excluding sales charge		-8.21%	+4.98%	+4.45%
Including sales charge		-9.01%	+4.98%	+4.45%
Institutional Class (Est. August 1, 2003)
Excluding sales charge		-7.31%	+6.03%	+5.50%
Including sales charge		-7.31%	+6.03%	+5.50%
MSCI ACWI ex USA Index (net)		-1.48%	+6.76%	+5.55%
MSCI ACWI ex USA Index (gross)		-1.04%	+7.26%	+6.04%

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 1.09% of the Fund’s average daily net assets from July 29, 2021 through March 31, 2022. From April 1, 2021 through July 28, 2021, the expense waiver was 1.17% 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.

22

Fund expense ratios	Class A	Class C	Institutional Class
Total annual operating expenses (without fee waivers)	1.35%	2.10%	1.10%
Net expenses (including fee waivers, if any)	1.34%	2.09%	1.09%
Type of waiver	Contractual	Contractual	Contractual

* The aggregate contractual waiver period covering this report is from July 29, 2020 to July 29, 2022.

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, 2012 through March 31, 2022

For period beginning March 31, 2012 through March 31, 2022		Starting value			Ending value
	MSCI ACWI ex USA Index (gross)		$	10,000		$	17,934
	MSCI ACWI ex USA Index (net)		$	10,000		$	17,168
	Optimum International Fund — Institutional Class shares		$	10,000		$	17,077
	Optimum International Fund — Class A shares		$	9,425		$	15,663

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, 2012, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Current expenses are listed in the “Fund expense ratios” table above. Please note additional details on pages 22 through 24.

(continues)                   23

Performance summaries
Optimum International Fund

The graph also assumes $10,000 invested in the MSCI ACWI (All Country World) ex USA Index as of March 31, 2012. 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

24

Performance summaries
Optimum Large Cap Growth Fund

March 31, 2022 (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, 2022
	1 year	5 year	10 year
Class A (Est. August 1, 2003)
Excluding sales charge	+2.49%	+16.17%	+14.34%
Including sales charge	-3.39%	+14.79%	+13.67%
Class C (Est. August 1, 2003)
Excluding sales charge	+1.72%	+15.31%	+13.52%
Including sales charge	+0.88%	+15.31%	+13.52%
Institutional Class (Est. August 1, 2003)
Excluding sales charge	+2.75%	+16.46%	+14.66%
Including sales charge	+2.75%	+16.46%	+14.66%
Russell 1000 Growth Index	+14.98%	+20.88%	+17.04%

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 0.96% of the Fund’s average daily net assets from July 29, 2021 through March 31, 2022. From April 1, 2021 through July 28, 2021, the expense waiver was 1.02% of the Fund's average daily net assets.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements.

(continues)                    25

Performance summaries
Optimum Large Cap Growth Fund

Fund expense ratios	Class A	Class C	Institutional Class
Total annual operating expenses (without fee waivers)	1.23%	1.98%	0.98%
Net expenses (including fee waivers, if any)	1.21%	1.96%	0.96%
Type of waiver	Contractual	Contractual	Contractual

* The aggregate contractual waiver period covering this report is from July 29, 2020 to July 29, 2022.

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, 2012 through March 31, 2022

For period beginning March 31, 2012 through March 31, 2022		Starting value			Ending value
	Russell 1000 Growth Index		$	10,000		$	48,238
	Optimum Large Cap Growth Fund — Institutional Class shares		$	10,000		$	39,270
	Optimum Large Cap Growth Fund — Class A shares		$	9,425		$	36,014

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, 2012, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Current expenses are listed in the “Fund expense ratios” table above. Please note additional details on pages 25 through 27.

The graph also assumes $10,000 invested in the Russell 1000 Growth Index as of March 31, 2012. 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 US Consumer Price Index (CPI), mentioned on page 7, is a measure of inflation that is calculated by the US Department of Labor, representing changes in prices of all goods and services purchased for consumption by urban households.

26

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.

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

(continues)                    27

Performance summaries
Optimum Large Cap Value Fund

March 31, 2022 (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, 2022
	1 year	5 year	10 year
Class A (Est. August 1, 2003)
Excluding sales charge	+12.91%	+10.45%	+9.88%
Including sales charge	+6.43%	+9.15%	+9.22%
Class C (Est. August 1, 2003)
Excluding sales charge	+12.07%	+9.62%	+9.08%
Including sales charge	+11.07%	+9.62%	+9.08%
Institutional Class (Est. August 1, 2003)
Excluding sales charge	+13.22%	+10.72%	+10.17%
Including sales charge	+13.22%	+10.72%	+10.17%
Russell 1000 Value Index	+11.67%	+10.29%	+11.70%

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 0.92% of the Fund’s average daily net assets from July 29, 2021 through March 31, 2022. From April 1, 2021 through July 28, 2021, the expense waiver was 0.97% 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.

28

Fund expense ratios	Class A	Class C	Institutional Class
Total annual operating expenses (without fee waivers)	1.19%	1.94%	0.94%
Net expenses (including fee waivers, if any)	1.17%	1.92%	0.92%
Type of waiver	Contractual	Contractual	Contractual

* The aggregate contractual waiver period covering this report is from July 29, 2020 to July 29, 2022.

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, 2012 through March 31, 2022

For period beginning March 31, 2012 through March 31, 2022		Starting value			Ending value
	Russell 1000 Value Index		$	10,000		$	30,235
	Optimum Large Cap Value Fund — Institutional Class shares		$	10,000		$	26,345
	Optimum Large Cap Value Fund — Class A shares		$	9,425		$	24,165

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 28 through 30.

The graph also assumes $10,000 invested in the Russell 1000 Value Index as of March 31, 2012. The Russell 1000 Value Index measures the performance of the large-cap value segment of the US equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

The S&P 500 Index, mentioned on page 10, measures the performance of 500 mostly large-cap stocks weighted by market value and is often used to represent performance of the US stock market.

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

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.

(continues)                    29

Performance summaries
Optimum Large Cap Value Fund

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

Stock symbols and CUSIP numbers

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

30

Performance summaries
Optimum Small-Mid Cap Growth Fund

March 31, 2022 (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, 2022
	1 year	5 year	10 year
Class A (Est. August 1, 2003)
Excluding sales charge	-5.76%	+16.96%	+12.68%
Including sales charge	-11.18%	+15.59%	+12.02%
Class C (Est. August 1, 2003)
Excluding sales charge	-6.51%	+16.08%	+11.85%
Including sales charge	-7.10%	+16.08%	+11.85%
Institutional Class (Est. August 1, 2003)
Excluding sales charge	-5.54%	+17.25%	+12.98%
Including sales charge	-5.54%	+17.25%	+12.98%
Russell 2500 Growth Index	-10.12%	+13.22%	+12.69%

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 1.29% of the Fund’s average daily net assets from July 29, 2021 through March 31, 2022. From April 1, 2021 through July 28, 2021, the expense waiver was 1.32% 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)                    31

Performance summaries
Optimum Small-Mid Cap Growth Fund

Fund expense ratios	Class A	Class C	Institutional Class
Total annual operating expenses (without fee waivers)	1.58%	2.33%	1.33%
Net expenses (including fee waivers, if any)	1.54%	2.29%	1.29%
Type of waiver	Contractual	Contractual	Contractual

* The aggregate contractual waiver period covering this report is from July 29, 2020 to July 29, 2022.

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, 2012 through March 31, 2022

For period beginning March 31, 2012 through March 31, 2022		Starting value			Ending value
	Optimum Small-Mid Cap Growth Fund — Institutional Class shares		$	10,000		$	33,893
	Russell 2500 Growth Index		$	10,000		$	33,033
	Optimum Small-Mid Cap Growth Fund — Class A shares		$	9,425		$	31,118

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, 2012, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Current expenses are listed in the “Fund expense ratios” table above. Please note additional details on pages 31 through 33.

The graph also assumes $10,000 invested in the Russell 2500 Growth Index as of March 31, 2012. The Russell 2500 Growth Index measures the performance of the small- to mid-cap growth segment of the US equity universe. It includes those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values.

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

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

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

32

Stock symbols and CUSIP numbers

	Nasdaq
	symbols	CUSIPs
Class A	OASGX	246118822
Class C	OCSGX	246118798
Institutional Class	OISGX	246118780

(continues)                    33

Performance summaries
Optimum Small-Mid Cap Value Fund

March 31, 2022 (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, 2022
	1 year	5 year	10 year
Class A (Est. August 1, 2003)
Excluding sales charge	+6.45%	+7.17%	+7.41%
Including sales charge	+0.33%	+5.90%	+6.77%
Class C (Est. August 1, 2003)
Excluding sales charge	+5.70%	+6.38%	+6.63%
Including sales charge	+4.71%	+6.38%	+6.63%
Institutional Class (Est. August 1, 2003)
Excluding sales charge	+6.74%	+7.45%	+7.69%
Including sales charge	+6.74%	+7.45%	+7.69%
Russell 2500 Value Index	+7.73%	+9.19%	+11.04%

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 1.20% of the Fund’s average daily net assets from July 29, 2021 through March 31, 2022. From April 1, 2021 through July 28, 2021, the expense waiver was 1.25% 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.

34

Fund expense ratios	Class A	Class C	Institutional Class
Total annual operating expenses (without fee waivers)	1.50%	2.25%	1.25%
Net expenses (including fee waivers, if any)	1.45%	2.20%	1.20%
Type of waiver	Contractual	Contractual	Contractual

* The aggregate contractual waiver period covering this report is from July 29, 2020 to July 29, 2022.

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, 2012 through March 31, 2022

For period beginning March 31, 2012 through March 31, 2022		Starting value			Ending value
	Russell 2500 Value Index		$	10,000		$	28,498
	Optimum Small-Mid Cap Value Fund — Institutional Class shares		$	10,000		$	20,978
	Optimum Small-Mid Cap Value Fund — Class A shares		$	9,425		$	19,256

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, 2012, 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 34 through 36.

The graph also assumes $10,000 invested in the Russell 2500 Value Index as of March 31, 2012. The Russell 2500 Value Index measures the performance of the small- to mid-cap value segment of the US equity universe. It includes those Russell 2500 companies with lower price-to-book ratios and lower forecasted growth values.

The S&P 500 Index, mentioned on page 16, measures the performance of 500 mostly large-cap stocks weighted by market value, and is often used to represent performance of the US stock market.

The Russell 2500 Growth Index, mentioned on page 16, 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.

(continues)                    35

Performance summaries
Optimum Small-Mid Cap Value 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	OASVX	246118772
Class C	OCSVX	246118756
Institutional Class	OISVX	246118749

36

Disclosure of Fund expenses
For the six-month period from October 1, 2021 to March 31, 2022 (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, 2021 to March 31, 2022.

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	10/1/21 to
	10/1/21		3/31/22		Ratio	3/31/22*
Actual Fund return†
Class A	$	1,000.00	$	934.67	1.05%	$	5.06
Class C		1,000.00		932.00	1.80%		8.67
Institutional Class		1,000.00		936.10	0.80%		3.86
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.70	1.05%	$	5.29
Class C		1,000.00		1,015.96	1.80%		9.05
Institutional Class		1,000.00		1,020.94	0.80%		4.03

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

						Expenses
						Paid
	Beginning		Ending			During
	Account		Account		Annualized	Period
	Value		Value		Expense	10/1/21 to
	10/1/21		3/31/22		Ratio	3/31/22*
Actual Fund return†
Class A	$	1,000.00	$	915.00	1.34%	$	6.40
Class C		1,000.00		911.80	2.09%		9.96
Institutional Class		1,000.00		916.30	1.09%		5.21
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

(continues)                    37

Disclosure of Fund expenses

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	10/1/21 to
	10/1/21		3/31/22		Ratio	3/31/22*
Actual Fund return†
Class A	$	1,000.00	$	928.40	1.22%	$	5.87
Class C		1,000.00		924.90	1.97%		9.45
Institutional Class		1,000.00		929.60	0.97%		4.67
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,018.85	1.22%	$	6.14
Class C		1,000.00		1,015.11	1.97%		9.90
Institutional Class		1,000.00		1,020.09	0.97%		4.89

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	10/1/21 to
	10/1/21		3/31/22		Ratio	3/31/22*
Actual Fund return†
Class A	$	1,000.00	$	1,067.40	1.18%	$	6.08
Class C		1,000.00		1,063.30	1.93%		9.93
Institutional Class		1,000.00		1,068.90	0.93%		4.80
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	10/1/21 to
	10/1/21		3/31/22		Ratio	3/31/22*
Actual Fund return†
Class A	$	1,000.00	$	923.90	1.56%	$	7.48
Class C		1,000.00		919.80	2.31%		11.06
Institutional Class		1,000.00		925.00	1.31%		6.29
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,017.15	1.56%	$	7.85
Class C		1,000.00		1,013.41	2.31%		11.60
Institutional Class		1,000.00		1,018.40	1.31%		6.59

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	10/1/21 to
	10/1/21		3/31/22		Ratio	3/31/22*
Actual Fund return†
Class A	$	1,000.00	$	1,042.10	1.46%	$	7.43
Class C		1,000.00		1,039.10	2.21%		11.24
Institutional Class		1,000.00		1,043.80	1.21%		6.17
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,017.65	1.46%	$	7.34
Class C		1,000.00		1,013.91	2.21%		11.10
Institutional Class		1,000.00		1,018.90	1.21%		6.09

*	“Expenses Paid During Period” are equal to the relevant Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
†	Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

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

38

Security type / sector allocations
Optimum Fixed Income Fund

As of March 31, 2022 (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		0.02%
Agency Collateralized Mortgage Obligations		2.84%
Agency Commercial Mortgage-Backed Securities		0.18%
Agency Mortgage-Backed Securities		18.98%
Collateralized Debt Obligations		6.33%
Convertible Bonds		0.16%
Corporate Bonds		36.56%
Banking		10.87%
Basic Industry		1.21%
Brokerage		0.26%
Capital Goods		1.13%
Communications		3.35%
Consumer Cyclical		2.91%
Consumer Non-Cyclical		3.68%
Energy		3.49%
Finance Companies		2.26%
Industrials		0.02%
Insurance		0.83%
Real Estate Investment Trusts		0.78%
Technology		1.28%
Transportation		1.69%
Utilities		2.80%
Municipal Bonds		1.13%
Non-Agency Asset-Backed Securities		2.21%
Non-Agency Collateralized Mortgage Obligations		1.69%
Non-Agency Commercial Mortgage-Backed Securities		4.97%
Loan Agreements		3.53%
Sovereign Bonds		2.54%
Supranational Banks		0.02%
US Treasury Obligations		12.44%
Common Stocks		0.03%
Preferred Stock		0.01%
Options Purchased		0.09%
Short-Term Investments		27.99%
Total Value of Securities Before Options Written		121.72%
Options Written		(0.28%)
Liabilities Net of Receivables and Other Assets		(21.44%)
Total Net Assets		100.00%

(continues)                    39

Security type / sector and country allocations
Optimum International Fund

As of March 31, 2022 (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 Stocks by Country		96.99%
Australia		4.60%
Austria		0.83%
Belgium		0.39%
Brazil		2.26%
Canada		3.17%
Chile		0.10%
China/Hong Kong		10.40%
Czech Republic		0.03%
Denmark		4.90%
Egypt		0.00%
Finland		0.62%
France		3.19%
Germany		6.11%
Greece		0.13%
Hungary		0.34%
India		3.01%
Indonesia		0.23%
Iraq		0.00%
Ireland		2.83%
Israel		1.25%
Italy		1.51%
Japan		11.41%
Luxembourg		0.57%
Malaysia		0.11%
Mexico		0.40%
Netherlands		5.28%
New Zealand		0.00%
Norway		1.32%
Panama		0.43%
Philippines		0.01%
Poland		0.71%
Republic of Korea		5.06%
Russia		0.00%
Singapore		0.03%
South Africa		1.91%
Spain		0.82%
Sweden		2.37%
Switzerland		7.45%
Taiwan		6.62%
Thailand		0.61%
Turkey		0.04%
Ukraine		0.19%
United Arab Emirates		0.11%
United Kingdom		2.57%
United States		3.07%
Preferred Stocks		1.41%
Warrants		0.00%
Short-Term Investments		0.77%
Total Value of Securities		99.17%
Receivables and Other Assets Net of Liabilities		0.83%
Total Net Assets		100.00%
	Percentage
Common stocks and preferred stocks by sector	of net assets
Communication Services		5.74%
Consumer Discretionary		9.26%
Consumer Staples		4.16%
Energy		5.72%
Financials		15.09%
Healthcare		10.14%
Industrials		19.36%
Information Technology		17.43%
Materials		10.85%
Real Estate		0.16%
Utilities		0.49%
Total		98.40%

40

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

As of March 31, 2022 (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 Stocks ◆		97.28	%
Communication Services		13.42	%
Consumer Discretionary		21.47	%
Consumer Staples		0.82	%
Financials		1.15	%
Healthcare		11.61	%
Industrials		7.03	%
Information Technology*		41.06	%
Real Estate		0.72	%
Short-Term Investments		2.53	%
Total Value of Securities		99.81	%
Receivables and Other Assets Net of Liabilities		0.19	%
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 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 for this Fund consisted of Advertising, Aerospace/Defense, Commercial Services, Computers, Diversified Financial Services, Internet, Semiconductors, and Software. As of March 31, 2022, such amounts, as percentage of total net assets, were 0.28%, 0.58%, 1.51%, 5.65%, 4.03%, 1.72%, 6.63%, and 20.66%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentage 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		9.92	%
Microsoft		8.55	%
Apple		5.65	%
NVIDIA		3.66	%
Meta Platforms Class A		3.50	%
Visa Class A		3.17	%
Tesla		2.58	%
UnitedHealth Group		2.50	%
Alphabet Class A		2.44	%
Salesforce		2.36	%

(continues)                    41

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

As of March 31, 2022 (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 Stocks		98.27	%
Communication Services		5.33	%
Consumer Discretionary		3.46	%
Consumer Staples		5.24	%
Energy		5.75	%
Financials		23.88	%
Healthcare		19.05	%
Industrials		15.18	%
Information Technology		8.45	%
Materials		3.96	%
Real Estate		2.40	%
Utilities		5.57	%
Short-Term Investments		1.50	%
Total Value of Securities		99.77	%
Receivables and Other Assets Net of Liabilities		0.23	%
Total Net Assets		100.00	%

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

	Percentage
Top 10 equity holdings	of net assets
JPMorgan Chase & Co.		3.25	%
Johnson & Johnson		2.81	%
Thermo Fisher Scientific		2.08	%
Comcast Class A		2.03	%
Duke Energy		1.94	%
Northrop Grumman		1.82	%
Medtronic		1.75	%
ConocoPhillips		1.72	%
Honeywell International		1.62	%
UnitedHealth Group		1.48	%

42

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

As of March 31, 2022 (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 Stocks ◆		98.70	%
Communication Services		3.58	%
Consumer Discretionary		9.37	%
Consumer Staples		3.16	%
Energy		2.13	%
Financials		7.12	%
Healthcare*		25.58	%
Industrials		17.08	%
Information Technology*		25.88	%
Materials		4.28	%
Real Estate		0.52	%
Convertible Preferred Stock		0.02	%
Warrant		0.00	%
Short-Term Investments		1.14	%
Total Value of Securities		99.86	%
Receivables and Other Assets Net of Liabilities		0.14	%
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-Cap Growth Fund concentration guidelines as described in the Fund’s prospectus and Statement of Additional Information, the Healthcare and Information Technology sectors (as disclosed herein for financial reporting purposes) are 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, and Software. As of March 31, 2022, such amounts, as a percentage of total net assets were, 3.77%, 0.90%, 12.10%, 3.29%, 2.46%, and 3.06%, respectively. The Information Technology sector consisted of Commercial Services, Computers, Diversified Financial Services, Electrical Components & Equipment, Electronics, Energy-Alternate Sources, Internet, Semiconductors, Software and Telecommunications. As of March 31, 2022, such amounts, as a percentage of total net assets were, 1.88%, 4.03%, 0.27%, 0.53%, 0.22%, 1.43%, 1.16%, 5.31%, 9.58%, and 1.47%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentage in the Healthcare and 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
Evolent Health Class A		2.06	%
Inspire Medical Systems		1.60	%
Tenable Holdings		1.52	%
Avantor		1.43	%
Enphase Energy		1.43	%
Envista Holdings		1.28	%
Horizon Therapeutics		1.28	%
FMC		1.24	%
Chart Industries		1.21	%
Entegris		1.21	%

(continues)                    43

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

As of March 31, 2022 (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 Stocks		97.14	%
Communication Services		6.72	%
Consumer Discretionary		9.42	%
Consumer Staples		4.51	%
Energy		5.40	%
Financials		19.16	%
Healthcare		4.71	%
Industrials		14.67	%
Information Technology		11.03	%
Materials		10.94	%
Real Estate		9.12	%
Utilities		1.46	%
Limited Partnerships		0.46	%
Short-Term Investments		2.35	%
Total Value of Securities		99.95	%
Receivables and Other Assets Net of Liabilities		0.05	%
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
Nexstar Media Group Class A		2.77	%
PacWest Bancorp		2.42	%
Silgan Holdings		2.35	%
Gaming and Leisure Properties		1.90	%
Ziff Davis		1.85	%
Enovis		1.69	%
Medical Properties Trust		1.66	%
Lithia Motors		1.56	%
Silicon Motion Technology ADR		1.47	%
Spectrum Brands Holdings		1.46	%

44

Schedules of investments
Optimum Fixed Income Fund

March 31, 2022

			Principal
			amount°	Value (US $)
Agency Asset-Backed Securities — 0.02%
	SLM Student Loan
		Trust
		Series 2003-11 A6
		144A 1.376%
		(LIBOR03M +
		0.55%) 12/15/25 #, ●	56,066	$	55,963
		Series 2008-9 A
		1.758% (LIBOR03M
		+ 1.50%) 4/25/23 ●	588,075		589,098
	Total Agency Asset-Backed Securities
		(cost $644,420)			645,061
Agency Collateralized Mortgage Obligations — 2.84%
	Fannie Mae
		Connecticut Avenue
		Securities
		Series 2017-C03 1M2
		3.457% (LIBOR01M
		+ 3.00%) 10/25/29 ●	5,024,062		5,129,725
		Series 2017-C04 2M2
		3.307% (LIBOR01M
		+ 2.85%) 11/25/29 ●	336,684		342,396
		Series 2018-C01 1M2
		2.707% (LIBOR01M
		+ 2.25%, Floor
		2.25%) 7/25/30 ●	941,907		949,000
		Series 2018-C03 1M2
		2.607% (LIBOR01M
		+ 2.15%, Floor
		2.15%) 10/25/30 ●	502,036		503,916
	Fannie Mae Grantor
		Trust
		Series 1999-T2 A1
		7.50% 1/19/39 ●	3,729		3,906
		Series 2004-T1 1A2
		6.50% 1/25/44	3,584		3,905
	Fannie Mae REMIC
		Trust
		Series 2004-W11 1A2
		6.50% 5/25/44	26,176		28,583
		Series 2004-W15 1A1
		6.00% 8/25/44	18,327		19,595
	Fannie Mae REMICs
		Series 1999-19 PH
		6.00% 5/25/29	31,627		33,746
		Series 2001-14 Z
		6.00% 5/25/31	1,972		2,078
		Series 2007-30 OE
		1.784%
		4/25/37 Ω, ^	1,419,069		1,136,413
		Series 2008-24 ZA
		5.00% 4/25/38	4,875,004		5,172,869
	Fannie Mae REMICs
		Series 2009-2 AS
		5.243% (5.70%
		minus LIBOR01M,
		Cap 5.70%)
		2/25/39 Σ, ●	276,575		34,040
		Series 2009-68 SA
		6.293% (6.75%
		minus LIBOR01M,
		Cap 6.75%)
		9/25/39 Σ, ●	107,369		14,639
		Series 2011-118 DC
		4.00% 11/25/41	284,444		285,865
		Series 2017-40 GZ
		3.50% 5/25/47	393,056		392,455
		Series 2017-95 FA
		0.456% (LIBOR01M
		+ 0.35%, Floor
		0.35%) 11/25/47 ●	264,344		263,590
	Freddie Mac REMICs
		Series 2165 PE
		6.00% 6/15/29	28,847		30,862
		Series 3143 BC
		5.50% 2/15/36	810,005		879,346
		Series 3289 SA
		6.353% (6.75%
		minus LIBOR01M,
		Cap 6.75%)
		3/15/37 Σ, ●	301,740		51,970
		Series 4676 KZ
		2.50% 7/15/45	378,766		359,866
	Freddie Mac
		Structured Agency
		Credit Risk Debt
		Notes
		Series 2018-HQA1 M2
		2.757% (LIBOR01M
		+ 2.30%) 9/25/30 ●	722,689		723,169
		Series 2022-DNA2 M2
		144A 3.849%
		(SOFR + 3.75%)
		2/25/42 #, ●	1,000,000		977,825
	Freddie Mac
		Structured Agency
		Credit Risk REMIC
		Trust
		Series 2019-DNA4 M2
		144A 2.407%
		(LIBOR01M +
		1.95%) 10/25/49 #, ●	248,263		247,966
		Series 2019-HQA4 M2
		144A 2.507%
		(LIBOR01M +
		2.05%) 11/25/49 #, ●	197,057		197,057

45

Schedules of investments
Optimum Fixed Income Fund

			Principal
			amount°	Value (US $)
Agency Collateralized Mortgage Obligations (continued)
	Freddie Mac
		Structured Agency
		Credit Risk REMIC
		Trust
		Series 2020-DNA2 M2
		144A 2.307%
		(LIBOR01M +
		1.85%) 2/25/50 #, ●	290,880	$	290,157
		Series 2020-DNA6 M2
		144A 2.099%
		(SOFR + 2.00%)
		12/25/50 #, ●	3,600,000		3,554,936
		Series 2021-DNA1 M2
		144A 1.899%
		(SOFR + 1.80%)
		1/25/51 #, ●	7,000,000		6,859,165
		Series 2021-DNA3 M2
		144A 2.199%
		(SOFR + 2.10%)
		10/25/33 #, ●	2,500,000		2,442,601
		Series 2021-DNA5 M2
		144A 1.749%
		(SOFR + 1.65%)
		1/25/34 #, ●	3,500,000		3,443,191
		Series 2021-HQA1 M2
		144A 2.349%
		(SOFR + 2.25%)
		8/25/33 #, ●	7,000,000		6,726,376
		Series 2021-HQA2 M2
		144A 2.149%
		(SOFR + 2.05%)
		12/25/33 #, ●	5,000,000		4,705,981
		Series 2022-DNA1 M2
		144A 2.599%
		(SOFR + 2.50%)
		1/25/42 #, ●	3,000,000		2,804,458
	Freddie Mac
		Structured Pass
		Through Certificates
		Series T-54 2A
		6.50% 2/25/43 ◆	10,276		11,664
		Series T-58 2A
		6.50% 9/25/43 ◆	3,901		4,191
	GNMA
		Series 2008-65 SB
		5.551% (6.00%
		minus LIBOR01M,
		Cap 6.00%)
		8/20/38 Σ, ●	280,925		29,392
		Series 2009-2 SE
		5.371% (5.82%
		minus LIBOR01M,
		Cap 5.82%)
		1/20/39 Σ, ●	935,235		97,945
		Series 2011-H21 FT
		1.108% (H15T1Y +
		0.70%, Cap
		15.25%, Floor
		0.70%) 10/20/61 ●	4,252,592		4,237,357
		Series 2011-H23 FA
		0.806% (LIBOR01M
		+ 0.70%, Cap
		11.00%, Floor
		0.70%) 10/20/61 ●	2,735,637		2,737,835
		Series 2012-H08 FB
		0.706% (LIBOR01M
		+ 0.60%, Cap
		11.00%, Floor
		0.60%) 3/20/62 ●	359,483		359,128
		Series 2012-H18 NA
		0.626% (LIBOR01M
		+ 0.52%, Cap
		10.50%, Floor
		0.52%) 8/20/62 ●	226,838		226,720
		Series 2012-H29 SA
		0.621% (LIBOR01M
		+ 0.515%, Cap
		12.00%, Floor
		0.515%) 10/20/62 ●	3,051,302		3,043,030
		Series 2013-113 LY
		3.00% 5/20/43	173,000		172,220
		Series 2015-H10 FA
		0.706% (LIBOR01M
		+ 0.60%, Cap
		7.50%) 4/20/65 ●	9,379,524		9,373,418
		Series 2015-H11 FC
		0.656% (LIBOR01M
		+ 0.55%, Cap
		7.50%, Floor 0.55%)
		5/20/65 ●	1,104,435		1,102,370
		Series 2015-H12 FB
		0.706% (LIBOR01M
		+ 0.60%, Cap
		7.50%, Floor 0.60%)
		5/20/65 ●	4,657,551		4,654,130
		Series 2015-H20 FB
		0.706% (LIBOR01M
		+ 0.60%, Cap
		7.50%, Floor 0.60%)
		8/20/65 ●	1,260,026		1,259,181
		Series 2015-H30 FD
		0.706% (LIBOR01M
		+ 0.60%, Cap
		11.00%, Floor
		0.60%) 10/20/65 ●	73,371		73,305

46

			Principal
			amount°	Value (US $)
Agency Collateralized Mortgage Obligations (continued)
	GNMA
		Series 2016-H06 FD
		1.026% (LIBOR01M
		+ 0.92%, Cap
		7.50%, Floor 0.92%)
		7/20/65 ●	1,325,907	$	1,334,666
		Series 2017-163 ZK
		3.50% 11/20/47	3,411,892		3,392,904
Total Agency Collateralized Mortgage
	Obligations
	(cost $81,576,596)				80,721,103
Agency Commercial Mortgage-Backed Securities – 0.18%
	Freddie Mac
		Multifamily
		Structured Pass
		Through Certificates
		Series X3FX A2FX
		3.00% 6/25/27 ◆	1,070,000		1,072,687
	FREMF Mortgage
		Trust
		Series 2013-K24 B
		144A 3.507%
		11/25/45 #, ●	3,675,000		3,694,700
		Series 2017-K71 B
		144A 3.753%
		11/25/50 #, ●	470,000		467,039
Total Agency Commercial Mortgage-Backed
	Securities
	(cost $5,187,547)				5,234,426
Agency Mortgage-Backed Securities – 18.98%
	Fannie Mae
		5.50% 3/1/37	4,848		5,025
		5.50% 7/1/37	2,632		2,671
	Fannie Mae S.F. 15 yr
		2.00% 3/1/36	3,524,314		3,428,789
		2.50% 7/1/36	12,815,657		12,685,094
	Fannie Mae S.F. 20 yr
		2.00% 3/1/41	3,168,933		2,974,126
		2.00% 5/1/41	2,880,913		2,703,854
		3.00% 9/1/37	1,530,075		1,526,878
	Fannie Mae S.F. 30 yr
		2.00% 12/1/50	8,355,485		7,782,212
		2.00% 1/1/51	4,635,821		4,317,672
		2.00% 2/1/51	4,002,759		3,726,365
		2.00% 3/1/51	6,677,866		6,215,261
		2.00% 5/1/51	1,264,063		1,176,027
		2.00% 8/1/51	1,456,911		1,354,415
		2.00% 1/1/52	4,103,837		3,821,757
		2.50% 10/1/50	1,508,209		1,442,582
		2.50% 1/1/51	3,121,762		2,984,422
		2.50% 5/1/51	1,167,163		1,115,101
		2.50% 7/1/51	5,878,603		5,616,752
		2.50% 8/1/51	7,682,576		7,355,000
		2.50% 9/1/51	5,134,790		4,905,751
		2.50% 11/1/51	5,172,021		4,941,873
		2.50% 12/1/51	1,694,293		1,618,719
		2.50% 2/1/52	6,119,948		5,848,196
		3.00% 10/1/42	1,393,096		1,391,784
		3.00% 4/1/43	473,284		474,583
		3.00% 1/1/47	1,832,869		1,829,672
		3.00% 11/1/48	720,950		715,917
		3.00% 12/1/49	3,968,428		3,900,079
		3.00% 3/1/50	1,810,462		1,782,129
		3.00% 7/1/50	901,033		883,351
		3.00% 5/1/51	621,574		612,257
		3.00% 7/1/51	5,054,829		4,964,773
		3.00% 8/1/51	10,479,156		10,273,026
		3.00% 12/1/51	2,214,609		2,168,735
		3.50% 7/1/47	2,034,105		2,074,463
		3.50% 12/1/47	420,917		424,563
		3.50% 1/1/48	977,373		989,725
		3.50% 2/1/48	1,791,863		1,815,803
		3.50% 7/1/48	1,357,150		1,373,781
		3.50% 11/1/48	1,122,556		1,135,369
		3.50% 1/1/50	1,500,806		1,508,519
		3.50% 3/1/50	734,562		741,705
		3.50% 8/1/50	5,927,000		5,989,508
		3.50% 1/1/52	1,089,224		1,096,921
		3.50% 3/1/52	3,798,000		3,828,063
		3.50% 4/1/52	5,856,182		5,893,962
		4.00% 10/1/40	9,927		10,385
		4.00% 11/1/40	41,389		43,081
		4.00% 3/1/46	60,555		63,186
		4.00% 4/1/47	566,358		589,029
		4.00% 6/1/48	2,783,932		2,873,121
		4.00% 9/1/48	2,974,617		3,043,675
		4.00% 10/1/48	2,729,017		2,845,747
		4.00% 1/1/49	52,193		53,393
		4.00% 3/1/49	150,306		153,622
		4.00% 6/1/49	640,004		662,993
		4.50% 5/1/35	31,780		33,674
		4.50% 8/1/35	54,455		57,766
		4.50% 9/1/35	65,726		69,895
		4.50% 5/1/39	196,060		208,564
		4.50% 6/1/40	144,503		153,748
		4.50% 7/1/40	182,133		185,538
		4.50% 4/1/41	23,763		25,026
		4.50% 1/1/42	2,084,323		2,205,665
		4.50% 5/1/46	136,188		144,806
		4.50% 4/1/48	767,331		815,860

47

Schedules of investments
Optimum Fixed Income Fund

			Principal
			amount°	Value (US $)
Agency Mortgage-Backed Securities (continued)
	Fannie Mae S.F. 30 yr
		4.50% 7/1/48	165,349	$	171,683
		4.50% 8/1/48	120,669		125,258
		4.50% 9/1/48	248,965		259,882
		4.50% 12/1/48	253,342		262,460
		4.50% 1/1/49	3,384,030		3,550,930
		4.50% 1/1/50	2,364,185		2,494,899
		5.00% 3/1/34	995		1,075
		5.00% 4/1/34	4,398		4,752
		5.00% 8/1/34	9,098		9,836
		5.00% 4/1/35	1,756		1,850
		5.00% 12/1/37	1,072		1,145
		5.00% 3/1/38	59,954		64,775
		5.00% 6/1/38	1,760		1,856
		5.00% 5/1/40	67,555		73,077
		5.00% 7/1/47	393,750		425,793
		5.50% 12/1/33	8,088		8,621
		5.50% 2/1/35	154,917		170,580
		5.50% 5/1/44	7,286,549		7,979,044
		6.00% 9/1/36	10,212		10,963
		6.00% 8/1/38	28,998		31,062
		6.00% 12/1/38	3,319		3,708
		6.00% 6/1/41	1,112,785		1,238,299
		6.00% 7/1/41	3,699,449		4,129,888
		6.00% 1/1/42	930,275		1,038,348
		6.50% 11/1/33	1,636		1,756
		6.50% 2/1/36	27,348		29,969
		6.50% 3/1/36	48,765		52,350
		6.50% 6/1/36	37,902		41,418
		6.50% 2/1/38	16,159		17,544
		6.50% 11/1/38	2,361		2,608
	Fannie Mae S.F. 30 yr
		TBA
		2.00% 4/1/52	50,200,000		46,597,758
		2.50% 4/1/52	7,800,000		7,441,687
		2.50% 4/1/52	29,600,000		28,181,710
		3.00% 4/1/52	14,590,000		14,270,844
		3.00% 4/1/52	160,800,000		156,662,568
		3.50% 4/1/52	10,529,000		10,547,097
	Freddie Mac ARM
		2.00% (LIBOR12M
		+ 1.625%, Cap
		10.50%, Floor
		1.625%) 2/1/38 ●	12,930		12,925
		2.43% (LIBOR12M
		+ 2.18%, Cap
		10.517%, Floor
		2.18%) 5/1/37 ●	45,398		47,612
	Freddie Mac S.F. 15 yr
		2.00% 12/1/35	2,713,919		2,638,683
		3.00% 3/1/35	8,097,137		8,180,886
	Freddie Mac S.F. 20 yr
		2.00% 3/1/41	3,612,028		3,389,641
		2.00% 4/1/41	3,297,964		3,094,910
		2.50% 6/1/41	6,502,610		6,286,121
		3.00% 4/1/42	1,852,000		1,838,258
		5.50% 10/1/23	2,360		2,506
		5.50% 8/1/24	2,026		2,152
	Freddie Mac S.F. 30 yr
		2.00% 4/1/51	1,511,260		1,406,247
		2.00% 9/1/51	5,219,979		4,851,938
		2.50% 10/1/50	2,730,978		2,617,217
		2.50% 11/1/50	2,446,955		2,339,324
		2.50% 2/1/51	4,672,564		4,478,787
		2.50% 10/1/51	7,067,888		6,766,520
		3.00% 11/1/46	2,591,376		2,575,800
		3.00% 11/1/49	2,604,051		2,558,110
		3.00% 12/1/49	635,143		624,350
		3.00% 1/1/50	703,991		692,981
		3.00% 12/1/50	193,458		190,488
		3.00% 5/1/51	6,253,430		6,187,406
		3.00% 8/1/51	1,663,674		1,632,427
		3.00% 2/1/52	2,140,047		2,095,215
		3.50% 8/1/48	21,567		21,759
		3.50% 9/1/48	1,815,234		1,838,998
		3.50% 11/1/48	5,074,472		5,147,205
		3.50% 2/1/52	2,694,232		2,702,980
		4.00% 12/1/45	496,869		519,728
		4.00% 7/1/47	170,145		175,760
		4.00% 10/1/47	1,611,593		1,654,174
		4.00% 4/1/52	1,007,000		1,029,176
		4.50% 8/1/48	942,090		985,509
		4.50% 3/1/49	204,646		213,337
		4.50% 4/1/49	840,647		883,737
		4.50% 8/1/49	1,792,360		1,891,443
		5.50% 9/1/41	1,522,639		1,673,670
		6.50% 11/1/33	14,888		15,995
		6.50% 1/1/35	42,874		47,722
		7.00% 1/1/38	5,174		5,312
	GNMA I S.F. 30 yr
		3.00% 8/15/45	5,297,413		5,270,411
		3.00% 3/15/50	418,087		413,342
	GNMA II S.F. 30 yr
		3.00% 8/20/50	872,600		879,363
		5.50% 5/20/37	60,481		67,442
		6.00% 4/20/34	1,784		1,852
	GNMA II S.F. 30 yr
		TBA
		4.00% 4/1/52	6,000,000		6,118,125
Total Agency Mortgage-Backed Securities
	(cost $556,858,553)				539,630,641

48

			Principal
			amount°		Value (US $)
Collateralized Debt Obligations – 6.33%
	Adagio V CLO DAC
		Series V-A ARR
		144A 0.72%
		(EUR003M +
		0.72%, Floor 0.72%)
		10/15/31 #, ●	EUR	1,100,000	$	1,206,101
	AMMC CLO 16
		Series 2015-16A AR2
		144A 1.218%
		(LIBOR03M +
		0.98%, Floor 0.98%)
		4/14/29 #, ●		920,618		917,356
	AMMC CLO 21
		Series 2017-21A A
		144A 1.559%
		(LIBOR03M +
		1.25%) 11/2/30 #, ●		2,400,000		2,397,403
	Anchorage Capital
		CLO 9
		Series 2016-9A AR2
		144A 1.381%
		(LIBOR03M +
		1.14%, Floor 1.14%)
		7/15/32 #, ●		1,800,000		1,783,528
	Anchorage Capital
		CLO 11
		Series 2019-11A AR
		144A 1.399%
		(LIBOR03M +
		1.14%, Floor 1.14%)
		7/22/32 #, ●		1,200,000		1,197,544
	Apex Credit CLO
		Series 2018-1A A2
		144A 1.288%
		(LIBOR03M +
		1.03%) 4/25/31 #, ●		2,400,000		2,356,807
	Aqueduct European
		CLO DAC
		Series 2017-1A AR
		144A 0.64%
		(EUR003M +
		0.64%, Floor 0.64%)
		7/20/30 #, ●	EUR	1,882,225		2,072,419
	Ares European CLO
		Series 7A A1RR
		144A 0.66%
		(EUR003M +
		0.66%, Floor 0.66%)
		10/15/30 #, ●	EUR	1,298,728		1,429,151
	Ares European CLO X
		DAC
		Series 10A AR 144A
		0.78% (EUR003M +
		0.78%, Floor 0.78%)
		10/15/31 #, ●	EUR	2,700,000		2,969,632
	Ares European CLO
		XII DAC
		Series 12A AR 144A
		0.85% (EUR003M +
		0.85%, Floor 0.85%)
		4/20/32 #, ●	EUR	300,000		329,911
	Ares European CLO
		XIV DAC
		Series 14A A 144A
		1.12% (EUR003M +
		1.12%, Floor 1.12%)
		10/21/33 #, ●	EUR	3,750,000		4,133,482
	Ares XL CLO
		Series 2016-40A A1RR
		144A 1.111%
		(LIBOR03M +
		0.87%, Floor 0.87%)
		1/15/29 #, ●		2,083,108		2,069,389
	Ares XXXIX CLO
		Series 2016-39A A1R2
		144A 1.291%
		(LIBOR03M +
		1.05%, Floor 1.05%)
		4/18/31 #, ●		1,500,000		1,487,398
	ASSURANT CLO
		Series 2018-3A AR
		144A 1.294%
		(LIBOR03M +
		1.04%, Floor 1.04%)
		10/20/31 #, ●		1,200,000		1,196,552
	Atlas Senior Loan
		Fund X
		Series 2018-10A A
		144A 1.331%
		(LIBOR03M +
		1.09%) 1/15/31 #, ●		1,473,303		1,466,216
	Atrium XII
		Series 12A AR 144A
		1.089% (LIBOR03M
		+ 0.83%)
		4/22/27 #, ●		2,234,968		2,224,130
	Aurium CLO IV DAC
		Series 4A AR 144A
		0.73% (EUR003M +
		0.73%, Floor 0.73%)
		1/16/31 #, ●	EUR	3,000,000		3,303,836
	Bain Capital Euro CLO
		DAC
		Series 2018-2A AR
		144A 0.74%
		(EUR003M +
		0.74%, Floor 0.74%)
		1/20/32 #, ●	EUR	1,300,000		1,424,435

49

Schedules of investments
Optimum Fixed Income Fund

			Principal
			amount°		Value (US $)
Collateralized Debt Obligations (continued)
	Benefit Street Partners
		CLO XII
		Series 2017-12A A1R
		144A 1.191%
		(LIBOR03M +
		0.95%, Floor 0.95%)
		10/15/30 #, ●		500,000	$	498,819
	Benefit Street Partners
		CLO XVII
		Series 2019-17A AR
		144A 1.321%
		(LIBOR03M +
		1.08%, Floor 1.08%)
		7/15/32 #, ●		700,000		694,225
	Black Diamond CLO
		DAC
		Series 2019-1A A1R
		144A 0.98%
		(EUR003M +
		0.98%, Floor 0.98%)
		5/15/32 #, ●	EUR	300,000		329,533
	Blackrock European
		CLO VII DAC
		Series 7A AR 144A
		0.62% (EUR003M +
		0.62%, Floor 0.62%)
		10/15/31 #, ●	EUR	2,200,000		2,411,622
	BlueMountain Fuji
		EUR CLO III DAC
		Series 3A A1R 144A
		0.72% (EUR003M +
		0.72%, Floor 0.72%)
		1/15/31 #, ●	EUR	1,400,000		1,541,412
	BNPP AM Euro CLO
		DAC
		Series 2018-1A AR
		144A 0.60%
		(EUR003M +
		0.60%, Floor 0.60%)
		4/15/31 #, ●	EUR	250,000		274,449
		Series 2019-1A AR
		144A 0.82%
		(EUR003M +
		0.82%, Floor 0.82%)
		7/22/32 #, ●	EUR	1,000,000		1,097,586
	Cairn CLO IV DAC
		Series 2014-4A ARRR
		144A 0.60%
		(EUR003M +
		0.60%, Floor 0.60%)
		4/30/31 #, ●	EUR	1,600,000		1,755,697
	Cairn CLO X DAC
		Series 2018-10A AR
		144A 0.78%
		(EUR003M +
		0.78%, Floor 0.78%)
		10/15/31 #, ●	EUR	1,400,000		1,537,522
	Carlyle Euro CLO DAC
		Series 2017-3A A1R
		144A 0.70%
		(EUR003M +
		0.70%, Floor 0.70%)
		1/15/31 #, ●	EUR	1,900,000		2,078,836
		Series 2019-2A A1R
		144A 0.89%
		(EUR003M +
		0.89%, Floor 0.89%)
		8/15/32 #, ●	EUR	600,000		658,101
	Carlyle Global Market
		Strategies CLO
		Series 13-1A A1RR
		144A 1.409%
		(LIBOR03M +
		0.95%, Floor 0.95%)
		8/14/30 #, ●		2,500,000		2,492,970
	Carlyle Global Market
		Strategies Euro
		CLO
		Series 2014-2A AR1
		144A 0.75%
		(EUR003M +
		0.75%, Floor 0.75%)
		11/15/31 #, ●	EUR	1,500,000		1,645,997
	CARLYLE US CLO
		Series 2017-1A A1R
		144A 1.254%
		(LIBOR03M +
		1.00%, Floor 1.00%)
		4/20/31 #, ●		1,500,000		1,496,487
	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		1,311,939

50

			Principal
			amount°		Value (US $)
Collateralized Debt Obligations (continued)
	Dryden 27 R Euro CLO
		DAC
		Series 2017-27A AR
		144A 0.66%
		(EUR003M +
		0.66%, Floor 0.66%)
		4/15/33 #, ●	EUR	2,200,000	$	2,408,120
	Dryden 36 Senior Loan
		Fund
		Series 2014-36A AR3
		144A 1.261%
		(LIBOR03M +
		1.02%, Floor 1.02%)
		4/15/29 #, ●		3,458,365		3,441,599
	Dryden 52 Euro CLO
		DAC
		Series 2017-52A AR
		144A 0.86%
		(EUR003M +
		0.86%, Floor 0.86%)
		5/15/34 #, ●	EUR	2,200,000		2,415,438
	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		4,364,842
	FS Rialto
		Series 2022-FL4 A
		144A 2.20% (SOFR
		+ 1.90%, Floor
		1.90%) 1/19/39 #, ●		3,500,000		3,500,749
	Galaxy XXI CLO
		Series 2015-21A AR
		144A 2.083%
		(LIBOR03M +
		1.02%) 4/20/31 #, ●		1,650,000		1,634,485
	GoldenTree Loan
		Management EUR
		CLO DAC
		Series 3A AR 144A
		0.90% (EUR003M +
		0.90%, Floor 0.90%)
		1/20/32 #, ●	EUR	300,000		328,879
	Goldentree Loan
		Management US
		CLO 2
		Series 2017-2A AR
		144A 1.164%
		(LIBOR03M +
		0.91%, Floor 0.91%)
		11/20/30 #, ●		3,300,000		3,273,465
	Goldentree Loan
		Management US
		CLO 6
		Series 2019-6A AR
		144A 1.561%
		(TSFR03M + 1.32%,
		Floor 1.32%)
		4/20/35 #, ●		1,700,000		1,692,811
	Harvest CLO XI DAC
		Series 11A ARR
		144A 0.65%
		(EUR003M +
		0.65%, Floor 0.65%)
		6/26/30 #, ●	EUR	1,682,788		1,852,665
	Harvest CLO XVI DAC
		Series 16A ARR
		144A 0.64%
		(EUR003M +
		0.64%, Floor 0.64%)
		10/15/31 #, ●	EUR	2,000,000		2,185,103
	Harvest CLO XXI DAC
		Series 21A A2R
		144A 1.04%
		7/15/31 #	EUR	250,000		269,235
	HGI CRE CLO
		Series 2022-FL3 A
		144A 1.844%
		(SOFR + 1.70%,
		Floor 1.70%)
		1/19/27 #, ●		3,000,000		3,000,921
	ICG US CLO
		Series 2014-1A A1A2
		144A 1.454%
		(LIBOR03M +
		1.20%, Floor 1.20%)
		10/20/34 #, ●		1,500,000		1,490,682
	Invesco Euro CLO I
		DAC
		Series 1A A1R 144A
		0.65% (EUR003M +
		0.65%, Floor 0.65%)
		7/15/31 #, ●	EUR	250,000		273,466
	Jubilee CLO DAC
		Series 2014-11A ARR
		144A 0.61%
		(EUR003M +
		0.61%, Floor 0.61%)
		4/15/30 #, ●	EUR	1,700,000		1,865,117
		Series 2014-12A ARRR
		144A 0.60%
		(EUR003M +
		0.60%, Floor 0.60%)
		4/15/30 #, ●	EUR	600,000		660,597

51

Schedules of investments
Optimum Fixed Income Fund

			Principal
			amount°		Value (US $)
Collateralized Debt Obligations (continued)
	Jubilee CLO DAC
		Series 2016-17A A1RR
		144A 0.65%
		(EUR003M +
		0.65%, Floor 0.65%)
		4/15/31 #, ●	EUR	1,400,000	$	1,532,564
		Series 2016-17A A2RR
		144A 0.65%
		(EUR003M +
		0.65%, Floor 0.65%)
		4/15/31 #, ●	EUR	500,000		548,559
	KKR CLO 18
		Series 18 AR 144A
		1.181% (LIBOR03M
		+ 0.94%, Floor
		0.94%) 7/18/30 #, ●		500,000		498,726
	Laurelin DAC
		Series 2016-1A ARR
		144A 0.72%
		(EUR003M +
		0.72%, Floor 0.72%)
		10/20/31 #, ●	EUR	2,100,000		2,298,472
	LCM XIII
		Series 13A AR3
		144A 1.118%
		(LIBOR03M +
		0.87%, Floor 0.87%)
		7/19/27 #, ●		3,837,652		3,822,102
	LCM XV
		Series 15A AR2
		144A 1.254%
		(LIBOR03M +
		1.00%, Floor 1.00%)
		7/20/30 #, ●		3,300,000		3,289,658
	Man GLG Euro CLO III
		DAC
		Series 3A AR 144A
		0.68% (EUR003M +
		0.68%, Floor 0.68%)
		10/15/30 #, ●	EUR	1,099,567		1,208,889
	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		2,084,751
	Man GLG US CLO
		Series 2018-1A A1R
		144A 1.394%
		(LIBOR03M +
		1.14%) 4/22/30 #, ●		3,000,000		2,992,347
	Marathon CLO
		Series 2021-16A A1A
		144A 1.441%
		(LIBOR03M +
		1.20%, Floor 1.20%)
		4/15/34 #, ●		1,250,000		1,247,215
	Marathon CLO V
		Series 2013-5A A1R
		144A 1.35%
		(LIBOR03M +
		0.87%) 11/21/27 #, ●		144,420		144,389
	Midocean Credit CLO
		IX
		Series 2018-9A A1
		144A 1.404%
		(LIBOR03M +
		1.15%, Floor 1.15%)
		7/20/31 #, ●		1,250,000		1,247,045
	Mountain View CLO X
		Series 2015-10A AR
		144A 1.064%
		(LIBOR03M +
		0.82%, Floor 0.82%)
		10/13/27 #, ●		758,189		757,303
	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		330,069
	Oaktree CLO
		Series 2019-4A A1R
		144A 1.374%
		(LIBOR03M +
		1.12%, Floor 1.12%)
		10/20/32 #, ●		500,000		495,244
	OCP Euro CLO DAC
		Series 2020-4A AR
		144A 0.88%
		(EUR003M +
		0.88%, Floor 0.88%)
		9/22/34 #, ●	EUR	1,900,000		2,079,423
	Octagon Investment
		Partners 51
		Series 2021-1A A
		144A 1.404%
		(LIBOR03M +
		1.15%, Floor 1.15%)
		7/20/34 #, ●		1,750,000		1,733,317

52

			Principal
			amount°		Value (US $)
Collateralized Debt Obligations (continued)
	OZLM IX
		Series 2014-9A A1A3
		144A 1.354%
		(LIBOR03M +
		1.10%, Floor 1.10%)
		10/20/31 #, ●		500,000	$	498,260
	OZLM XVI
		Series 2017-16A A1R
		144A 1.489%
		(LIBOR03M +
		1.03%, Floor 1.03%)
		5/16/30 #, ●		2,600,000		2,592,876
	OZLM XXIV
		Series 2019-24A A1AR
		144A 1.414%
		(LIBOR03M +
		1.16%, Floor 1.16%)
		7/20/32 #, ●		2,100,000		2,083,885
	Palmer Square
		European Loan
		Funding DAC
		Series 2021-1A A
		144A 0.78%
		(EUR003M +
		0.78%, Floor 0.78%)
		4/15/31 #, ●	EUR	2,100,000		2,309,988
	Palmer Square Loan
		Funding
		Series 2021-3A A1
		144A 1.054%
		(LIBOR03M +
		0.80%, Floor 0.80%)
		7/20/29 #, ●		613,719		609,363
		Series 2021-4A A1
		144A 0.928%
		(LIBOR03M +
		0.80%, Floor 0.80%)
		10/15/29 #, ●		2,500,000		2,481,130
	Sculptor European
		CLO V DAC
		Series 5A AR 144A
		0.79% (EUR003M +
		0.79%, Floor 0.79%)
		1/14/32 #, ●	EUR	3,300,000		3,614,287
	Segovia European
		CLO DAC
		Series 2019-6A AR
		144A 0.88%
		(EUR003M +
		0.88%, Floor 0.88%)
		7/20/32 #, ●	EUR	1,600,000		1,755,470
	Signal Peak CLO 5
		Series 2018-5A A
		144A 1.368%
		(LIBOR03M +
		1.11%, Floor 1.11%)
		4/25/31 #, ●		1,800,000		1,791,261
	Sound Point CLO IX
		Series 2015-2A ARRR
		144A 1.464%
		(LIBOR03M +
		1.21%, Floor 1.21%)
		7/20/32 #, ●		2,600,000		2,584,494
	Sound Point CLO XIV
		Series 2016-3A AR2
		144A 1.249%
		(LIBOR03M +
		0.99%, Floor 0.99%)
		1/23/29 #, ●		4,968,045		4,949,693
	Sound Point CLO XVI
		Series 2017-2A AR
		144A 1.238%
		(LIBOR03M +
		0.98%) 7/25/30 #, ●		4,400,000		4,373,098
	Sounds Point CLO
		IV-R
		Series 2013-3RA A
		144A 1.391%
		(LIBOR03M +
		1.15%, Floor 1.15%)
		4/18/31 #, ●		1,000,000		995,942
	Stratus CLO
		Series 2021-3A A
		144A 1.043%
		(LIBOR03M +
		0.95%, Floor 0.95%)
		12/29/29 #, ●		2,000,000		1,995,216
	Symphony Static CLO
		I
		Series 2021-1A A
		144A 0.959%
		(LIBOR03M +
		0.83%, Floor 0.83%)
		10/25/29 #, ●		500,000		498,533
	TCI-Symphony CLO
		Series 2017-1A AR
		144A 1.171%
		(LIBOR03M +
		0.93%, Floor 0.93%)
		7/15/30 #, ●		1,000,000		992,190

53

Schedules of investments
Optimum Fixed Income Fund

			Principal
			amount°		Value (US $)
Collateralized Debt Obligations (continued)
	THL Credit Wind River
		CLO
		Series 2019-3A AR
		144A 1.321%
		(LIBOR03M +
		1.08%, Floor 1.08%)
		4/15/31 #, ●		3,100,000	$	3,079,754
	Tikehau CLO DAC
		Series 2015-1A ARR
		144A 0.87%
		(EUR003M +
		0.87%, Floor 0.87%)
		8/4/34 #, ●	EUR	2,000,000		2,193,939
	Toro European CLO
		DAC
		Series 6A AR 144A
		0.92% (EUR003M +
		0.92%, Floor 0.92%)
		1/12/32 #, ●	EUR	300,000		329,599
	Toro European CLO
		7 DAC
		Series 7A ARE
		144A 0.81%
		(EUR003M +
		0.81%, Floor 0.81%)
		2/15/34 #, ●	EUR	1,900,000		2,083,666
	Venture 32 CLO
		Series 2018-32A A1
		144A 1.341%
		(LIBOR03M +
		1.10%, Floor 1.10%)
		7/18/31 #, ●		500,000		495,128
	Venture 34 CLO
		Series 2018-34A A
		144A 1.471%
		(LIBOR03M +
		1.23%, Floor 1.23%)
		10/15/31 #, ●		2,500,000		2,490,717
	Venture 38 CLO
		Series 2019-38A A1R
		144A 1.459%
		(LIBOR03M +
		1.16%, Floor 1.16%)
		7/30/32 #, ●		2,900,000		2,891,088
	Venture 42 CLO
		Series 2021-42A A1A
		144A 2.174%
		(LIBOR03M +
		1.13%, Floor 1.13%)
		4/15/34 #, ●		1,300,000		1,280,539
	Venture XVII CLO
		Series 2014-17A ARR
		144A 1.121%
		(LIBOR03M +
		0.88%) 4/15/27 #, ●		297,302		295,296
	Venture XXIV CLO
		Series 2016-24A ARR
		144A 1.154%
		(LIBOR03M +
		0.90%, Floor 0.90%)
		10/20/28 #, ●		447,618		446,619
	Venture XXVI CLO
		Series 2017-26A AR
		144A 1.354%
		(LIBOR03M +
		1.10%, Floor 1.10%)
		1/20/29 #, ●		3,400,000		3,392,823
	Vibrant CLO IV
		Series 2016-4A A1RR
		144A 1.252%
		(LIBOR03M +
		1.12%, Floor 1.12%)
		7/20/32 #, ●		1,300,000		1,289,762
	Vibrant CLO VI
		Series 2017-6A AR
		144A 1.878%
		(LIBOR03M +
		0.95%) 6/20/29 #, ●		2,683,873		2,679,506
	Vibrant CLO VII
		Series 2017-7A A1R
		144A 1.294%
		(LIBOR03M +
		1.04%, Floor 1.04%)
		9/15/30 #, ●		4,500,000		4,489,128
	Vibrant CLO XI
		Series 2019-11A A1R1
		144A 1.374%
		(LIBOR03M +
		1.12%, Floor 1.12%)
		7/20/32 #, ●		1,500,000		1,491,802
	Voya
		Series 2012-4A A1R3
		144A 1.241%
		(LIBOR03M +
		1.00%) 10/15/30 #, ●		1,400,000		1,391,173
	Voya CLO
		Series 2014-4A A1RA
		144A 1.338%
		(LIBOR03M + 1.10%)
		7/14/31 #, ●		842,321		834,922
Total Collateralized Debt Obligations
	(cost $186,772,421)					180,039,879
Convertible Bonds — 0.16%
	Kaman 3.25% exercise
		price $65.26,
		maturity date 5/1/24		2,540,000		2,619,502

54

			Principal
			amount°		Value (US $)
Convertible Bonds (continued)
	Spirit Airlines 1.00%
		exercise price
		$49.07, maturity
		date 5/15/26		2,166,000	$	1,953,732
Total Convertible Bonds
	(cost $4,473,141)					4,573,234
Corporate Bonds — 36.56%
Banking — 10.87%
	Access Bank
		144A 6.125%
		9/21/26 #		425,000		401,736
		144A 9.125%
		10/7/26 #, µ, ψ		475,000		442,344
	Akbank TAS 144A
		6.80% 2/6/26 #		610,000		595,808
	Banco Bilbao Vizcaya
		Argentaria 5.875%
		9/24/23 µ, ψ	EUR	1,200,000		1,374,792
	Banco Continental
		144A 2.75%
		12/10/25 #		915,000		837,403
	Banco de Bogota 144A
		6.25% 5/12/26 #		405,000		414,637
	Banco GNB Sudameris
		144A 7.50%
		4/16/31 #, µ		420,000		391,709
	Banco Industrial 144A
		4.875% 1/29/31 #, µ		545,000		531,021
	Banco Mercantil del
		Norte
		144A 6.625%
		1/24/32 #, µ, ψ		425,000		392,700
		144A 8.375%
		10/14/30 #, µ, ψ		375,000		392,104
	Banco Nacional de
		Panama 144A
		2.50% 8/11/30 #		200,000		177,033
	Banco Santander
		2.958% 3/25/31		1,000,000		925,739
		3.496% 3/24/25		1,000,000		1,001,071
		4.175% 3/24/28 µ		1,200,000		1,206,892
	Bangkok Bank 144A
		5.00%
		9/23/25 #, µ, ψ		480,000		474,072
	Bank Hapoalim 144A
		3.255% 1/21/32 #, µ		835,000		772,375
	Bank Leumi Le-Israel
		144A 3.275%
		1/29/31 #, µ		500,000		470,532
	Bank of America
		2.482% 9/21/36 µ		12,865,000		11,081,120
		2.551% 2/4/28 µ		905,000		865,604
		2.972% 2/4/33 µ		665,000		623,814
		3.384% 4/2/26 µ		500,000		499,539
		3.55% 3/5/24 µ		2,100,000		2,112,985
		3.864% 7/23/24 µ		2,200,000		2,225,525
		3.974% 2/7/30 µ		3,400,000		3,458,737
		4.125% 1/22/24		200,000		205,375
		4.30% 1/28/25 µ, ψ		900,000		856,125
	Bank of China 144A
		5.00% 11/13/24 #		455,000		473,373
	Bank of Georgia 144A
		6.00% 7/26/23 #		890,000		867,750
	Bank of New York
		Mellon 4.70%
		9/20/25 µ, ψ		2,560,000		2,627,840
	Barclays
		1.839% (LIBOR03M
		+ 1.38%) 5/16/24 ●		1,800,000		1,809,023
		2.667% 3/10/32 µ		1,025,000		920,782
		3.33% 11/24/42 µ		1,300,000		1,132,937
		3.375% 4/2/25 µ	EUR	500,000		577,178
		3.811% 3/10/42 µ		2,105,000		1,887,698
		4.972% 5/16/29 µ		3,000,000		3,142,624
		5.20% 5/12/26		4,139,000		4,311,700
		6.375%
		12/15/25 µ, ψ	GBP	500,000		679,899
		7.125%
		6/15/25 µ, ψ	GBP	1,800,000		2,493,614
		7.25% 3/15/23 µ, ψ	GBP	700,000		946,011
		7.75% 9/15/23 µ, ψ		400,000		415,614
	Barclays Bank 7.625%
		11/21/22		439,000		450,124
	BBVA Bancomer 144A
		5.125% 1/18/33 #, µ		410,000		387,710
	BNP Paribas
		144A 1.904%
		9/30/28 #, µ		1,800,000		1,614,231
		144A 2.159%
		9/15/29 #, µ		600,000		534,691
		144A 2.871%
		4/19/32 #, µ		300,000		273,439
		144A 3.052%
		1/13/31 #, µ		2,600,000		2,436,726
		144A 7.375%
		8/19/25 #, µ, ψ		700,000		754,737
		7.375%
		8/19/25 µ, ψ		500,000		539,098
	CIMB Bank 144A
		2.125% 7/20/27 #		550,000		521,122
	Citigroup
		2.75% 4/25/22		2,800,000		2,801,304

55

Schedules of investments
Optimum Fixed Income Fund

			Principal
			amount°		Value (US $)
Corporate Bonds (continued)
Banking (continued)
	Citigroup
		3.057% 1/25/33 µ		840,000	$	785,734
		3.07% 2/24/28 µ		865,000		843,432
		3.20% 10/21/26		1,000,000		993,244
		3.785% 3/17/33 µ		2,000,000		1,984,923
		4.00%
		12/10/25 µ, ψ		1,310,000		1,260,875
		4.044% 6/1/24 µ		1,800,000		1,823,564
		4.05% 7/30/22		150,000		151,287
		4.075% 4/23/29 µ		3,400,000		3,468,819
	Cooperatieve
		Rabobank
		3.75% 7/21/26		1,350,000		1,343,235
		4.375% 8/4/25		2,000,000		2,034,245
	Credit Agricole 144A
		2.811% 1/11/41 #		3,155,000		2,613,731
	Credit Suisse Group
		144A 2.593%
		9/11/25 #, µ		1,105,000		1,068,296
		3.80% 6/9/23		2,300,000		2,321,780
		144A 3.869%
		1/12/29 #, µ		1,065,000		1,040,745
		144A 4.194%
		4/1/31 #, µ		4,045,000		3,997,381
		144A 4.207%
		6/12/24 #, µ		410,000		413,775
		144A 4.50%
		9/3/30 #, µ, ψ		820,000		711,350
		144A 5.25%
		2/11/27 #, µ, ψ		885,000		820,838
		144A 6.25%
		12/18/24 #, µ, ψ		2,000,000		2,022,414
		144A 6.375%
		8/21/26 #, µ, ψ		1,900,000		1,880,183
		7.50%
		12/11/23 µ, ψ		400,000		414,750
	Credit Suisse Group
		Funding Guernsey
		3.80% 9/15/22		3,350,000		3,385,315
	Deutsche Bank
		2.129% 11/24/26 µ		700,000		649,708
		3.547% 9/18/31 µ		4,135,000		3,905,727
		3.729% 1/14/32 µ		3,115,000		2,782,937
		3.742% 1/7/33 µ		2,296,000		2,032,143
		3.961% 11/26/25 µ		5,700,000		5,700,832
	Development Bank of
		Kazakhstan 144A
		2.95% 5/6/31 #		300,000		246,591
	Emirates NBD Bank
		2.625% 2/18/25		495,000		485,176
	Fifth Third Bancorp
		2.55% 5/5/27		1,201,000		1,162,368
		3.65% 1/25/24		790,000		800,053
		3.95% 3/14/28		1,119,000		1,146,357
	Fifth Third Bank 3.85%
		3/15/26		835,000		848,498
	Goldman Sachs Group
		0.523% 3/8/23		700,000		689,096
		0.673% 3/8/24 µ		700,000		685,469
		1.431% 3/9/27 µ		2,000,000		1,845,438
		1.542% 9/10/27 µ		3,993,000		3,654,887
		3.102% 2/24/33 µ		1,235,000		1,165,409
		3.20% 2/23/23		2,200,000		2,220,468
		3.615% 3/15/28 µ		3,990,000		3,989,384
		4.223% 5/1/29 µ		4,700,000		4,816,912
	Hana Bank 144A
		1.25% 12/16/26 #		345,000		317,757
	HSBC Holdings
		1.488% (LIBOR03M
		+ 1.00%) 5/18/24 ●		1,000,000		1,003,546
		1.589% 5/24/27 µ		2,200,000		2,010,818
		2.848% 6/4/31 µ		2,700,000		2,500,273
		2.871% 11/22/32 µ		1,200,000		1,092,272
		2.999% 3/10/26 µ		700,000		686,796
		4.30% 3/8/26		200,000		205,424
		4.70% 3/9/31 µ, ψ		500,000		449,375
		5.25% 9/16/22 µ, ψ	EUR	1,900,000		2,130,875
		5.875%
		9/28/26 µ, ψ	GBP	500,000		660,882
		6.00% 5/22/27 µ, ψ		800,000		816,000
	ICICI Bank 144A
		4.00% 3/18/26 #		535,000		539,986
	ING Groep 6.875%
		4/16/22 µ, ψ		200,000		200,471
	Intesa Sanpaolo
		144A 4.00%
		9/23/29 #		1,300,000		1,264,592
		7.75% 1/11/27 µ, ψ	EUR	200,000		246,466
	JPMorgan Chase &
		Co.
		1.158% (LIBOR03M
		+ 0.90%) 4/25/23 ●		1,000,000		1,000,278
		1.47% 9/22/27 µ		475,000		438,280
		2.545% 11/8/32 µ		3,220,000		2,946,683
		2.595% 2/24/26 µ		1,500,000		1,472,131
		2.947% 2/24/28 µ		1,100,000		1,074,710
		2.963% 1/25/33 µ		1,670,000		1,576,129
		3.22% 3/1/25 µ		500,000		502,000
		3.328% 4/22/52 µ		455,000		422,579
		4.005% 4/23/29 µ		900,000		921,189
		4.023% 12/5/24 µ		4,730,000		4,807,742

56

			Principal
			amount°		Value (US $)
Corporate Bonds (continued)
Banking (continued)
	JPMorgan Chase &
		Co.
		4.60% 2/1/25 µ, ψ		1,185,000	$	1,145,006
		5.00% 8/1/24 µ, ψ		400,000		398,920
	Lloyds Banking Group
		2.438% 2/5/26 µ		300,000		289,571
		3.50% 4/1/26 µ	EUR	200,000		234,358
		3.75% 3/18/28 µ		1,400,000		1,397,674
	Mitsubishi UFJ
		Financial Group
		2.193% 2/25/25		1,700,000		1,645,165
		2.559% 2/25/30		1,800,000		1,671,167
	Mizuho Financial
		Group
		2.226% 5/25/26 µ		1,600,000		1,535,469
		2.564% 9/13/31		1,400,000		1,226,540
		2.591% 5/25/31 µ		2,000,000		1,833,705
		3.261% 5/22/30 µ		3,100,000		3,008,578
	Morgan Stanley
		2.475% 1/21/28 µ		650,000		620,628
		2.484% 9/16/36 µ		5,700,000		4,896,415
		2.63% 2/18/26 µ		1,000,000		981,666
		3.625% 1/20/27		4,000,000		4,038,577
		5.00% 11/24/25		2,075,000		2,189,272
	Nationwide Building
		Society
		144A 2.972%
		2/16/28 #, µ		800,000		762,122
		144A 3.766%
		3/8/24 #, µ		800,000		804,735
		144A 4.302%
		3/8/29 #, µ		5,200,000		5,241,108
	NatWest Group
		1.976% (LIBOR03M
		+ 1.47%) 5/15/23 ●		1,000,000		1,001,037
		3.498% 5/15/23 µ		500,000		500,725
		4.80% 4/5/26		5,000,000		5,174,228
		5.125%
		5/12/27 µ, ψ	GBP	500,000		649,524
	NBK SPC 144A
		1.625% 9/15/27 #, µ		1,065,000		975,598
	NongHyup Bank 144A
		0.875% 7/28/24 #		430,000		410,219
	Nykredit Realkredit
		1.00% 10/1/50	DKK	75,085,359		9,751,119
		1.00% 10/1/53	DKK	3,274,891		420,716
		1.00% 10/1/53	DKK	998,864		126,639
		1.50% 10/1/53	DKK	49,931,158		6,695,792
		1.50% 10/1/53	DKK	37,954,097		5,175,995
		2.00% 10/1/53	DKK	7,197,856		969,071
	Oversea-Chinese
		Banking 144A
		4.25% 6/19/24 #		660,000		673,426
	PNC Bank
		2.70% 11/1/22		250,000		251,428
		3.875% 4/10/25		1,145,000		1,167,966
		4.05% 7/26/28		2,400,000		2,468,563
	PNC Financial
		Services Group
		2.60% 7/23/26		2,845,000		2,805,685
	QNB Finance 2.625%
		5/12/25		1,160,000		1,136,162
	Santander UK Group
		Holdings
		3.823% 11/3/28 µ		3,200,000		3,150,612
		7.375%
		6/24/22 µ, ψ	GBP	2,200,000		2,925,447
	Shinhan Financial
		Group 144A 3.34%
		2/5/30 #, µ		410,000		404,206
	Skandinaviska
		Enskilda Banken
		5.625%
		5/13/22 µ, ψ		600,000		602,936
	Societe Generale
		144A 4.25%
		4/14/25 #		3,600,000		3,583,110
		7.875%
		12/18/23 µ, ψ		500,000		523,750
	Standard Chartered
		144A 7.50%
		#, µ, ω		500,000		500,000
		7.75% 4/2/23 µ, ψ		300,000		311,397
	State Street 2.203%
		2/7/28 µ		1,210,000		1,160,855
	Sumitomo Mitsui
		Financial Group
		1.474% 7/8/25		2,600,000		2,449,182
		2.222% 9/17/31		2,300,000		2,038,207
	SVB Financial Group
		1.80% 10/28/26		795,000		739,849
		1.80% 2/2/31		775,000		668,926
		4.00% 5/15/26 µ, ψ		2,345,000		2,172,056
	Truist Bank 2.636%
		9/17/29 µ		5,182,000		5,098,690
	Truist Financial
		1.887% 6/7/29 µ		3,485,000		3,171,223
		4.95% 9/1/25 µ, ψ		1,465,000		1,503,823
	UBS
		5.125% 5/15/24		200,000		204,961

57

Schedules of investments
Optimum Fixed Income Fund

			Principal
			amount°		Value (US $)
Corporate Bonds (continued)
Banking (continued)
	UBS
		7.625% 8/17/22		950,000	$	964,382
	UBS Group
		144A 1.364%
		1/30/27 #, µ		400,000		367,993
		144A 3.126%
		8/13/30 #, µ		2,000,000		1,925,845
		144A 3.179%
		2/11/43 #, µ		650,000		578,794
		144A 4.125%
		9/24/25 #		2,940,000		2,997,426
	UniCredit
		7.50% 6/3/26 µ, ψ	EUR	600,000		718,943
		144A 7.83%
		12/4/23 #		2,900,000		3,083,265
		9.25% 6/3/22 µ, ψ	EUR	400,000		449,138
	US Bancorp
		1.45% 5/12/25		1,565,000		1,497,572
		2.215% 1/27/28 µ		705,000		674,211
		2.491% 11/3/36 µ		950,000		853,522
		2.677% 1/27/33 µ		735,000		699,576
		3.375% 2/5/24		2,915,000		2,956,249
		3.60% 9/11/24		1,275,000		1,296,604
		3.70% 1/15/27 µ, ψ		930,000		843,975
		3.95% 11/17/25		2,820,000		2,918,060
	US Bank 3.40%
		7/24/23		815,000		826,128
	Virgin Money UK
		3.375% 4/24/26 µ	GBP	100,000		130,941
		4.00% 9/25/26 µ	GBP	800,000		1,069,117
		4.00% 9/3/27 µ	GBP	100,000		134,029
	Wells Fargo & Co.
		3.196% 6/17/27 µ		900,000		888,999
		3.526% 3/24/28 µ		565,000		564,317
		3.584% 5/22/28 µ		5,300,000		5,298,120
		3.90% 3/15/26 µ, ψ		3,060,000		2,935,076
						308,980,721
Basic Industry — 1.21%
	AngloGold Ashanti
		Holdings 3.375%
		11/1/28		850,000		799,058
	Corp Nacional del
		Cobre de Chile
		144A 3.70%
		1/30/50 #		225,000		202,610
		144A 4.25%
		7/17/42 #		200,000		194,561
	CSN Inova Ventures
		144A 6.75%
		1/28/28 #		525,000		544,622
	CSN Resources 144A
		5.875% 4/8/32 #		1,745,000		1,696,890
	First Quantum
		Minerals
		144A 6.875%
		10/15/27 #		360,000		377,478
		144A 7.50%
		4/1/25 #		2,740,000		2,784,498
	GC Treasury Center
		144A 5.20%
		3/30/52 #		450,000		458,977
	Georgia-Pacific 8.00%
		1/15/24		2,242,000		2,439,322
	ICL Group 144A
		6.375% 5/31/38 #		390,000		429,000
	INEOS Styrolution
		Group 144A 2.25%
		1/16/27 #	EUR	500,000		503,850
	International Flavors &
		Fragrances 144A
		3.268% 11/15/40 #		1,685,000		1,506,605
	JSW Steel 144A 5.05%
		4/5/32 #		305,000		284,452
	LYB International
		Finance III 3.375%
		10/1/40		2,005,000		1,799,981
	MEGlobal Canada
		144A 5.00%
		5/18/25 #		400,000		413,288
	Methanex 5.25%
		12/15/29		2,515,000		2,557,491
	Metinvest 144A 7.75%
		10/17/29 #		307,000		136,615
	Newmont
		2.25% 10/1/30		2,320,000		2,123,199
		2.60% 7/15/32		715,000		658,703
		2.80% 10/1/29		3,850,000		3,687,575
	OCP
		144A 3.75%
		6/23/31 #		500,000		454,940
		144A 4.50%
		10/22/25 #		320,000		321,475
		144A 5.125%
		6/23/51 #		240,000		200,400
	Olin 5.625% 8/1/29			705,000		715,134
	Phosagro OAO via
		Phosagro Bond
		Funding DAC 144A
		3.949% 4/24/23 #		380,000		116,850

58

	Principal
	amount°		Value (US $)
Corporate Bonds (continued)
Basic Industry (continued)
Sasol Financing USA
4.375% 9/18/26		580,000	$	554,924
5.875% 3/27/24		1,255,000		1,273,179
Stillwater Mining 144A
4.00% 11/16/26 #		575,000		554,300
Suzano Austria
3.125% 1/15/32		465,000		412,729
Vale Overseas 3.75%
7/8/30		575,000		555,697
Vedanta Resources
Finance II 144A
8.95% 3/11/25 #		1,575,000		1,533,743
Volcan Cia Minera
144A 4.375%
2/11/26 #		615,000		589,656
Westlake 3.125%
8/15/51		4,310,000		3,557,122
				34,438,924
Brokerage – 0.26%
Charles Schwab
5.375% 6/1/25 µ, ψ		2,495,000		2,582,325
Jefferies Group
2.625% 10/15/31		2,925,000		2,642,121
6.45% 6/8/27		331,000		373,934
6.50% 1/20/43		880,000		1,057,633
XP 144A 3.25%
7/1/26 #		650,000		616,375
				7,272,388
Capital Goods – 1.13%
Abertis Infraestructuras
Finance 3.248%
11/24/25 µ, ψ	EUR	1,500,000		1,628,063
Aeropuerto
Internacional de
Tocumen 144A
5.125% 8/11/61 #		200,000		182,772
Aeropuertos Argentina
2000 144A 8.50%
8/1/31 #		665,723		538,237
Artera Services 144A
9.033% 12/4/25 #		1,365,000		1,365,546
Boeing
1.95% 2/1/24		2,000,000		1,956,643
3.25% 2/1/28		3,400,000		3,281,778
3.75% 2/1/50		5,355,000		4,785,015
Caterpillar 2.60%
4/9/30		25,000		24,414
Cellnex Finance 144A
3.875% 7/7/41 #		3,884,000		3,162,314
Cemex 144A 5.20%
9/17/30 #		475,000		473,352
GCC 144A 3.614%
4/20/32 #		630,000		585,585
HTA Group 144A
7.00% 12/18/25 #		420,000		416,396
Hutama Karya Persero
144A 3.75%
5/11/30 #		454,000		457,168
IHS Holding 144A
5.625% 11/29/26 #		440,000		418,431
Klabin Austria 144A
3.20% 1/12/31 #		425,000		371,191
Otis Worldwide
3.112% 2/15/40		1,173,000		1,035,170
3.362% 2/15/50		202,000		179,454
Rolls-Royce 144A
5.75% 10/15/27 #		1,000,000		1,028,345
Rutas 2 and 7 Finance
144A 2.741%
9/30/36 #, ^		755,000		548,972
SAN Miguel Industrias
Pet 144A 3.50%
8/2/28 #		860,000		775,643
Standard Industries
144A 3.375%
1/15/31 #		1,568,000		1,374,360
State Agency of Roads
of Ukraine 144A
6.25% 6/24/28 #		575,000		244,375
Summit Digitel
Infrastructure 144A
2.875% 8/12/31 #		785,000		677,711
TD SYNNEX
144A 2.375%
8/9/28 #		800,000		721,683
144A 2.65%
8/9/31 #		1,200,000		1,032,612
Teledyne Technologies
2.25% 4/1/28		1,980,000		1,840,684
2.75% 4/1/31		1,730,000		1,606,007
TransDigm 144A
6.25% 3/15/26 #		748,000		768,847
UltraTech Cement
144A 2.80%
2/16/31 #		660,000		580,495
				32,061,263
Communications – 3.35%
Alibaba Group Holding
2.70% 2/9/41		465,000		355,035
Altice Financing 144A
5.00% 1/15/28 #		865,000		776,921
Altice France
2.125% 2/15/25	EUR	1,900,000		2,006,051

59

Schedules of investments
Optimum Fixed Income Fund

	Principal
	amount°	Value (US $)
Corporate Bonds (continued)
Communications (continued)
Altice France
144A 5.50%
10/15/29 #	1,375,000	$	1,235,630
Amazon.com
1.20% 6/3/27	620,000		572,686
1.50% 6/3/30	1,000,000		896,085
AT&T
2.55% 12/1/33	2,673,000		2,380,146
3.10% 2/1/43	1,719,000		1,488,413
3.50% 6/1/41	1,680,000		1,551,169
3.50% 9/15/53	1,590,000		1,401,211
Axian Telecom 144A
7.375% 2/16/27 #	380,000		376,045
B2W Digital 144A
4.375% 12/20/30 #	550,000		474,501
CCO Holdings
144A 4.50%
8/15/30 #	500,000		469,999
144A 5.00%
2/1/28 #	900,000		892,269
Charter
Communications
Operating
3.85% 4/1/61	1,410,000		1,138,016
4.40% 12/1/61	4,987,000		4,358,969
4.464% 7/23/22	4,330,000		4,346,186
4.908% 7/23/25	430,000		446,331
5.05% 3/30/29	3,800,000		4,028,541
Comcast
3.20% 7/15/36	1,830,000		1,754,050
3.70% 4/15/24	2,970,000		3,033,310
Connect Finco 144A
6.75% 10/1/26 #	1,740,000		1,772,529
CSC Holdings 144A
4.625% 12/1/30 #	890,000		745,526
CT Trust 144A 5.125%
2/3/32 #	750,000		750,330
Digicel Group Holdings
PIK 10.00%
4/1/24 >	360,547		358,263
Discovery
Communications
4.00% 9/15/55	9,005,000		7,802,489
Frontier
Communications
Holdings 144A
5.875% 10/15/27 #	1,165,000		1,158,639
JD.com 3.875%
4/29/26	525,000		523,220
Ooredoo International
Finance 144A
5.00% 10/19/25 #	270,000		288,059
Rogers
Communications
144A 3.80%
3/15/32 #	650,000		645,780
144A 4.55%
3/15/52 #	820,000		817,590
Silknet JSC 144A
8.375% 1/31/27 #	380,000		372,400
Sprint 7.625% 3/1/26	200,000		225,962
Sprint Spectrum 144A
4.738% 9/20/29 #	1,098,750		1,122,297
Telefonica Moviles
Chile 144A 3.537%
11/18/31 #	615,000		572,863
Tencent Holdings
144A 1.146%
(LIBOR03M +
0.91%) 4/11/24 #, ●	200,000		199,404
144A 2.88%
4/22/31 #	370,000		338,330
144A 3.68%
4/22/41 #	400,000		354,428
Time Warner Cable
7.30% 7/1/38	2,120,000		2,579,513
Time Warner
Entertainment
8.375% 3/15/23	1,415,000		1,490,506
T-Mobile USA
1.50% 2/15/26	2,915,000		2,722,763
144A 2.40%
3/15/29 #	1,850,000		1,695,627
2.55% 2/15/31	550,000		499,610
3.00% 2/15/41	4,640,000		3,934,558
3.30% 2/15/51	1,500,000		1,266,700
3.50% 4/15/25	895,000		901,840
3.75% 4/15/27	1,255,000		1,264,438
3.875% 4/15/30	1,400,000		1,407,367
Turkcell Iletisim
Hizmetleri 144A
5.80% 4/11/28 #	585,000		530,958
VEON Holdings 144A
3.375% 11/25/27 #	760,000		459,800
Verizon
Communications
1.606% (LIBOR03M
+ 1.10%) 5/15/25 ●	3,200,000		3,243,095
2.10% 3/22/28	1,100,000		1,027,456
144A 2.355%
3/15/32 #	1,570,000		1,420,693
2.55% 3/21/31	800,000		744,355
3.40% 3/22/41	1,845,000		1,734,476
3.875% 3/1/52	1,100,000		1,108,639

60

	Principal
	amount°		Value (US $)
Corporate Bonds (continued)
Communications (continued)
Verizon
Communications
4.50% 8/10/33		6,325,000	$	6,803,022
Vmed O2 UK
Financing I 144A
4.25% 1/31/31 #		1,885,000		1,726,490
Vodafone Group
4.25% 9/17/50		1,070,000		1,070,080
4.875% 6/19/49		4,385,000		4,786,917
Ziggo Bond
144A 3.375%
2/28/30 #	EUR	500,000		490,544
144A 5.125%
2/28/30 #		300,000		279,740
				95,218,860
Consumer Cyclical – 2.91%
Alsea 144A 7.75%
12/14/26 #		615,000		640,403
Aptiv
3.10% 12/1/51		4,171,000		3,325,280
3.25% 3/1/32		957,000		908,247
AutoNation 3.85%
3/1/32		2,240,000		2,171,568
Carnival
144A 4.00%
8/1/28 #		730,000		679,853
144A 7.625%
3/1/26 #		1,748,000		1,761,460
Daimler Trucks
Finance North
America 144A
2.375% 12/14/28 #		3,120,000		2,843,133
Falabella 144A 3.375%
1/15/32 #		425,000		397,186
Ford Motor Credit
1.744% 7/19/24	EUR	300,000		326,511
2.30% 2/10/25		345,000		327,866
2.33% 11/25/25	EUR	200,000		217,511
2.386% 2/17/26	EUR	500,000		543,691
2.70% 8/10/26		700,000		651,882
2.748% 6/14/24	GBP	100,000		127,435
2.90% 2/16/28		765,000		693,010
2.90% 2/10/29		500,000		446,060
3.25% 9/15/25	EUR	1,000,000		1,123,751
3.55% 10/7/22		1,500,000		1,502,625
4.535% 3/6/25	GBP	1,100,000		1,447,879
4.542% 8/1/26		5,205,000		5,206,041
5.125% 6/16/25		600,000		612,732
Future Retail 144A
5.60% 1/22/25 #		565,000		316,400
General Motors
5.40% 10/2/23		685,000		709,053
6.125% 10/1/25		685,000		736,006
6.60% 4/1/36		1,652,000		1,923,424
General Motors
Financial
2.40% 10/15/28		2,345,000		2,103,440
3.10% 1/12/32		5,800,000		5,220,222
4.35% 4/9/25		875,000		890,800
5.25% 3/1/26		2,570,000		2,694,286
5.70% 9/30/30 µ, ψ		1,780,000		1,871,581
Hilton Domestic
Operating
144A 3.625%
2/15/32 #		700,000		636,429
144A 4.00%
5/1/31 #		2,300,000		2,175,294
Hilton Grand Vacations
Borrower Escrow
144A 5.00%
6/1/29 #		900,000		859,986
Hyatt Hotels
1.30% 10/1/23		300,000		292,505
1.35% (SOFR +
1.05%) 10/1/23 ●		400,000		401,405
1.80% 10/1/24		300,000		288,915
Hyundai Capital
Services 144A
0.75% 9/15/23 #		1,800,000		1,741,285
InRetail Consumer
144A 3.25%
3/22/28 #		530,000		497,964
Kia 144A 2.375%
2/14/25 #		635,000		617,827
Lowe's 4.25% 4/1/52		695,000		719,972
Magallanes
144A 3.638%
3/15/25 #		400,000		402,857
144A 3.755%
3/15/27 #		4,335,000		4,334,341
144A 4.054%
3/15/29 #		330,000		332,018
144A 4.279%
3/15/32 #		340,000		341,934
144A 5.05%
3/15/42 #		800,000		817,683
144A 5.141%
3/15/52 #		1,825,000		1,871,484
Marriott International
3.50% 10/15/32		900,000		858,333

61

Schedules of investments
Optimum Fixed Income Fund

	Principal
	amount°		Value (US $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
Melco Resorts Finance
144A 5.375%
12/4/29 #		200,000	$	170,500
5.75% 7/21/28		200,000		177,100
MGM China Holdings
144A 4.75%
2/1/27 #		725,000		639,254
144A 5.25%
6/18/25 #		400,000		368,468
MGM Resorts
International 4.75%
10/15/28		4,967,000		4,812,601
Nemak 144A 3.625%
6/28/31 #		600,000		524,385
Nissan Motor
144A 3.043%
9/15/23 #		1,800,000		1,796,893
144A 4.345%
9/17/27 #		2,700,000		2,665,515
144A 4.81%
9/17/30 #		800,000		794,728
Nissan Motor
Acceptance
144A 2.45%
9/15/28 #		300,000		262,623
144A 3.875%
9/21/23 #		3,000,000		3,018,600
Royal Caribbean
Cruises 144A 5.50%
4/1/28 #		1,270,000		1,212,425
Sands China
144A 2.55%
3/8/27 #		200,000		174,700
144A 3.10%
3/8/29 #		400,000		342,000
144A 3.25%
8/8/31 #		200,000		164,000
3.80% 1/8/26		400,000		380,500
4.375% 6/18/30		490,000		444,915
5.40% 8/8/28		1,800,000		1,773,396
Scientific Games
International 144A
8.25% 3/15/26 #		1,890,000		1,967,962
Turkiye Sise ve Cam
Fabrikalari 144A
6.95% 3/14/26 #		660,000		652,080
Wynn Macau
5.50% 1/15/26		200,000		182,213
5.50% 10/1/27		200,000		173,389
144A 5.625%
8/26/28 #		440,000		383,077
				82,690,892
Consumer Non-Cyclical – 3.68%
AbbVie
2.85% 5/14/23		900,000		905,830
2.95% 11/21/26		1,920,000		1,904,851
3.25% 10/1/22		300,000		301,127
3.75% 11/14/23		1,200,000		1,223,578
4.05% 11/21/39		3,193,000		3,290,193
American Medical
Systems Europe
1.375% 3/8/28	EUR	1,300,000		1,409,056
1.625% 3/8/31	EUR	1,300,000		1,402,227
Amgen
2.20% 2/21/27		3,300,000		3,179,141
2.80% 8/15/41		7,060,000		6,080,977
Anheuser-Busch InBev
Worldwide
4.50% 6/1/50		3,705,000		3,971,139
4.70% 2/1/36		2,390,000		2,569,784
Ashtead Capital
144A 1.50%
8/12/26 #		665,000		604,473
144A 2.45%
8/12/31 #		585,000		515,752
Bacardi 144A 4.45%
5/15/25 #		500,000		512,243
BAT Capital 2.259%
3/25/28		1,500,000		1,348,571
BAT International
Finance 1.668%
3/25/26		1,065,000		978,592
Bausch Health 144A
6.25% 2/15/29 #		3,257,000		2,675,967
Baxter International
144A 3.132%
12/1/51 #		2,336,000		2,004,696
Becton Dickinson Euro
Finance 1.336%
8/13/41	EUR	700,000		637,040
Bellis Acquisition
3.25% 2/16/26	GBP	3,300,000		4,015,834
Bidvest Group UK
144A 3.625%
9/23/26 #		780,000		732,241
Bristol-Myers Squibb
3.70% 3/15/52		630,000		635,046
Centene 3.375%
2/15/30		1,000,000		942,700
Central American
Bottling 144A 5.25%
4/27/29 #		625,000		622,769
Cia Cervecerias
Unidas 144A 3.35%
1/19/32 #		590,000		561,916

62

	Principal
	amount°		Value (US $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
Coca-Cola Icecek
144A 4.50%
1/20/29 #		640,000	$	603,930
Coty 144A 5.00%
4/15/26 #		1,700,000		1,658,494
CVS Health
3.75% 4/1/30		780,000		794,704
4.30% 3/25/28		4,913,000		5,147,878
4.78% 3/25/38		1,030,000		1,128,327
5.05% 3/25/48		2,635,000		2,991,946
CVS Pass Through
Trust 144A 5.773%
1/10/33 #, ◆		64,516		70,538
Danone 144A 2.589%
11/2/23 #		1,500,000		1,499,012
Gilead Sciences 4.15%
3/1/47		3,305,000		3,413,061
Global Payments
2.15% 1/15/27		740,000		695,742
2.65% 2/15/25		1,839,000		1,801,222
2.90% 11/15/31		725,000		661,413
3.20% 8/15/29		2,150,000		2,045,238
GSK Consumer
Healthcare Capital
UK 144A 3.125%
3/24/25 #		500,000		498,809
GSK Consumer
Healthcare Capital
US 144A 3.375%
3/24/29 #		500,000		495,270
HCA
144A 3.125%
3/15/27 #		4,000,000		3,914,661
4.125% 6/15/29		3,400,000		3,470,369
7.58% 9/15/25		30,000		33,251
Imperial Brands
Finance 144A
3.75% 7/21/22 #		470,000		471,139
Indigo Group 1.625%
4/19/28	EUR	1,700,000		1,796,691
International Container
Terminal Services
4.75% 6/17/30		745,000		746,341
JBS USA LUX 144A
3.00% 2/2/29 #		1,466,000		1,359,019
Kernel Holding 144A
6.50% 10/17/24 #		375,000		193,560
MHP 144A 6.25%
9/19/29 #		425,000		190,719
Mondelez International
2.125% 3/17/24		500,000		496,677
Pernod Ricard 144A
4.25% 7/15/22 #		150,000		151,082
Pilgrim's Pride 144A
5.875% 9/30/27 #		1,458,000		1,473,958
Prime Security
Services Borrower
144A 6.25%
1/15/28 #		3,020,000		2,960,264
Regeneron
Pharmaceuticals
1.75% 9/15/30		825,000		716,999
2.80% 9/15/50		1,170,000		938,303
Royalty Pharma 1.75%
9/2/27		7,625,000		6,933,111
StoneCo 144A 3.95%
6/16/28 #		505,000		424,745
Takeda
Pharmaceutical
3.025% 7/9/40		985,000		880,717
3.175% 7/9/50		3,462,000		3,039,559
Tenet Healthcare
144A 4.25%
6/1/29 #		1,790,000		1,718,507
144A 6.125%
10/1/28 #		1,815,000		1,846,499
Teva Pharmaceutical
Finance
Netherlands III
5.125% 5/9/29		365,000		351,349
6.75% 3/1/28		385,000		404,400
United Rentals North
America 3.875%
2/15/31		869,000		820,406
Viatris
1.65% 6/22/25		320,000		298,136
2.30% 6/22/27		265,000		241,641
2.70% 6/22/30		1,940,000		1,709,098
4.00% 6/22/50		450,000		379,528
				104,492,056
Energy – 3.49%
Abu Dhabi Crude Oil
Pipeline 144A
4.60% 11/2/47 #		330,000		350,430
Azure Power Energy
144A 3.575%
8/19/26 #		395,117		376,695
BP Capital Markets
4.875%
3/22/30 µ, ψ		2,750,000		2,765,469
BP Capital Markets
America 2.721%
1/12/32		1,465,000		1,380,477

63

Schedules of investments
Optimum Fixed Income Fund

	Principal
	amount°	Value (US $)
Corporate Bonds (continued)
Energy (continued)
Canacol Energy 144A
5.75% 11/24/28 #	1,245,000	$	1,172,771
CNX Resources 144A
6.00% 1/15/29 #	2,275,000		2,300,719
ConocoPhillips 3.80%
3/15/52	1,575,000		1,606,495
Continental Resources
4.375% 1/15/28	4,260,000		4,325,263
Crestwood Midstream
Partners 144A
6.00% 2/1/29 #	1,737,000		1,734,099
Devon Energy 4.75%
5/15/42	530,000		562,006
Diamondback Energy
4.25% 3/15/52	515,000		510,309
Ecopetrol
4.625% 11/2/31	1,165,000		1,055,962
5.375% 6/26/26	385,000		390,080
EIG Pearl Holdings
144A 3.545%
8/31/36 #	710,000		678,436
Energo-Pro 144A
8.50% 2/4/27 #	670,000		636,500
Energy Transfer
4.95% 5/15/28	700,000		725,971
5.00% 10/1/22	1,500,000		1,512,317
5.25% 4/15/29	655,000		700,072
5.50% 6/1/27	3,200,000		3,442,737
6.25% 4/15/49	4,420,000		5,091,387
6.50%
11/15/26 µ, ψ	3,380,000		3,330,315
Enterprise Products
Operating
3.20% 2/15/52	4,365,000		3,696,077
3.30% 2/15/53	570,000		488,219
EQT 6.625% 2/1/25	1,100,000		1,163,250
Equinor 1.75%
1/22/26	655,000		627,755
Galaxy Pipeline Assets
Bidco 144A 2.94%
9/30/40 #	745,000		674,742
Geopark 144A 5.50%
1/17/27 #	555,000		529,603
Guara Norte 144A
5.198% 6/15/34 #	628,499		577,578
Indika Energy Capital
IV 144A 8.25%
10/22/25 #	645,000		654,191
Investment Energy
Resources 144A
6.25% 4/26/29 #	395,000		399,523
KazTransGas JSC
144A 4.375%
9/26/27 #	896,000		811,418
Kosmos Energy 144A
7.75% 5/1/27 #	425,000		419,024
Lukoil Capital DAC
144A 2.80%
4/26/27 #	965,000		535,575
144A 3.60%
10/26/31 #	865,000		462,775
Medco Laurel Tree
144A 6.95%
11/12/28 #	1,185,000		1,158,731
MPLX
1.75% 3/1/26	685,000		642,775
4.125% 3/1/27	2,000,000		2,048,426
Murphy Oil 5.875%
12/1/27	2,587,000		2,636,800
NuStar Logistics
5.625% 4/28/27	205,000		201,013
6.375% 10/1/30	2,337,000		2,371,120
Oil and Gas Holding
144A 7.625%
11/7/24 #	200,000		210,732
ONEOK
4.35% 3/15/29	1,500,000		1,533,413
7.50% 9/1/23	2,840,000		2,987,725
PDC Energy 5.75%
5/15/26	1,205,000		1,223,406
Pertamina Persero
144A 3.65%
7/30/29 #	197,000		195,522
Petrobras Global
Finance
5.999% 1/27/28	3,500,000		3,679,042
6.75% 6/3/50	345,000		339,430
6.85% 6/5/15	1,700,000		1,597,439
7.25% 3/17/44	600,000		626,640
Petroleos Mexicanos
5.95% 1/28/31	1,655,000		1,529,965
6.70% 2/16/32	821,000		780,804
6.75% 9/21/47	390,000		317,741
7.69% 1/23/50	240,000		210,048
Petronas Capital
144A 2.48%
1/28/32 #	200,000		186,563
144A 3.50%
4/21/30 #	440,000		448,635
PTTEP Treasury
Center 144A
2.587% 6/10/27 #	695,000		666,634

64

			Principal
			amount°		Value (US $)
Corporate Bonds (continued)
Energy (continued)
	Qatar Energy
		144A 1.375%
		9/12/26 #	280,000	$	261,745
		144A 2.25%
		7/12/31 #	645,000		594,996
	Rio Oil Finance Trust
		Series 2014-1
		9.25% 7/6/24	89,035		93,390
	SA Global Sukuk 144A
		2.694% 6/17/31 #	425,000		403,158
	Sabine Pass
		Liquefaction
		5.625% 3/1/25	1,455,000		1,539,317
		5.75% 5/15/24	8,496,000		8,896,253
	Santos Finance 144A
		3.649% 4/29/31 #	1,700,000		1,590,233
	Saudi Arabian Oil
		144A 3.50%
		11/24/70 #	220,000		186,840
		144A 4.25%
		4/16/39 #	530,000		544,234
	Southwestern Energy
		7.75% 10/1/27	2,050,000		2,172,723
	Sweihan PV Power
		PJSC 144A 3.625%
		1/31/49 #	2,425,000		2,248,741
	Targa Resources
		4.20% 2/1/33	300,000		303,156
	Tengizchevroil Finance
		Co International
		144A 2.625%
		8/15/25 #	484,000		429,550
	Tennessee Gas
		Pipeline 144A
		2.90% 3/1/30 #	6,275,000		5,894,953
	Transportadora de Gas
		del Sur 144A 6.75%
		5/2/25 #	370,000		337,105
	Tullow Oil 144A
		10.25% 5/15/26 #	610,000		622,301
	UEP Penonome II
		144A 6.50%
		10/1/38 #	533,864		508,140
	Uzbekneftegaz 144A
		4.75% 11/16/28 #	200,000		164,642
	Woodside Finance
		144A 3.70%
		9/15/26 #	400,000		401,190
	YPF 144A 6.95%
		7/21/27 #	970,000		727,752
					99,201,263

Finance Companies — 2.26%
	AerCap Ireland Capital
		DAC
		1.65% 10/29/24	500,000	472,623
		2.45% 10/29/26	1,445,000	1,338,588
		3.00% 10/29/28	2,300,000	2,125,494
		3.40% 10/29/33	4,543,000	4,081,013
		3.50% 1/15/25	300,000	295,018
		3.65% 7/21/27	4,760,000	4,620,188
		4.45% 10/1/25	1,200,000	1,205,396
		4.45% 4/3/26	150,000	151,702
		4.50% 9/15/23	460,000	463,702
		4.625% 7/1/22	1,100,000	1,106,175
		4.625% 10/15/27	745,000	760,921
		6.50% 7/15/25	1,350,000	1,430,733
	Air Lease
		2.875% 1/15/26	2,050,000	1,981,250
		2.875% 1/15/32	2,380,000	2,133,781
		3.00% 2/1/30	7,215,000	6,654,637
		3.375% 7/1/25	670,000	661,113
		4.125%
		12/15/26 µ, ψ	715,000	609,538
		4.25% 2/1/24	900,000	910,405
		4.625% 10/1/28	2,115,000	2,157,775
	Aircastle 4.125%
		5/1/24	2,500,000	2,497,671
	Ally Financial 4.70%
		5/15/26 µ, ψ	1,605,000	1,515,818
	Aviation Capital Group
		144A 3.875%
		5/1/23 #	1,000,000	1,004,864
	Avolon Holdings
		Funding 144A
		2.528% 11/18/27 #	116,000	102,675
	B3 SA - Brasil Bolsa
		Balcao 144A
		4.125% 9/20/31 #	700,000	631,470
	BOC Aviation 3.00%
		5/23/22	300,000	300,161
	BOC Aviation USA
		144A 1.625%
		4/29/24 #	415,000	398,873
	China Evergrande
		Group 10.00%
		4/11/23	550,000	71,500
	CIFI Holdings Group
		6.00% 7/16/25	245,000	204,575
		6.45% 11/7/24	430,000	384,850
	DAE Funding
		144A 1.55%
		8/1/24 #	200,000	189,067

65

Schedules of investments
Optimum Fixed Income Fund

				Principal
				amount°		Value (US $)
Corporate Bonds (continued)
Finance Companies (continued)
	DAE Funding
		144A 1.625%
		2/15/24 #		1,500,000	$	1,437,241
		144A 3.375%
		3/20/28 #		845,000		794,300
		3.375% 3/20/28		2,700,000		2,538,000
	GE Capital UK
		Funding Unlimited
		5.875% 1/18/33	GBP	300,000		480,719
	Goodman HK Finance
		4.375% 6/19/24		1,095,000		1,118,281
	Huarong Finance
		2019 3.875%
		11/13/29		550,000		499,813
	Jyske Realkredit
		1.50% 10/1/53	DKK	3,286,318		441,121
		1.50% 10/1/53	DKK	5,291,294		698,893
	Kaisa Group Holdings
		9.375% 6/30/24 ‡		380,000		74,290
	Logicor Financing
		3.25% 11/13/28	EUR	3,400,000		3,888,147
	MAF Global Securities
		6.375%
		3/20/26 µ, ψ		395,000		398,219
	Nordea Kredit
		Realkreditaktieselskab
		1.00% 10/1/50	DKK	2,281,290		296,968
		1.50% 10/1/53	DKK	5,299,993		700,626
		1.50% 10/1/53	DKK	1,892,439		253,820
		1.50% 10/1/53	DKK	700,000		89,573
	OneMain Finance
		6.125% 3/15/24		1,500,000		1,539,248
	Owl Rock Capital
		2.875% 6/11/28		500,000		437,023
	Realkredit Danmark
		1.00% 10/1/50	DKK	12,994,632		1,687,881
		1.00% 10/1/53	DKK	793,960		101,961
		1.50% 10/1/53	DKK	9,656,197		1,295,282
		1.50% 10/1/53	DKK	4,695,673		620,196
		2.00% 10/1/53	DKK	2,898,952		390,491
	Samhallsbyggnadsbolaget
		i Norden 1.125%
		9/4/26	EUR	900,000		907,269
	Sirius Real Estate
		1.125% 6/22/26	EUR	2,400,000		2,470,908
	SMBC Aviation Capital
		Finance DAC 144A
		3.00% 7/15/22 #		400,000		400,606
	Times China Holdings
		5.55% 6/4/24		440,000		200,200
						64,222,652

Industrials — 0.02%
	Inversiones La
		Construccion 144A
		4.75% 2/7/32 #		635,000	594,880
					594,880
Insurance — 0.83%
	AIA Group
		144A 3.375%
		4/7/30 #		375,000	373,296
		144A 3.90%
		4/6/28 #		1,000,000	1,020,139
	Ambac Assurance
		144A 5.10% #, ω		29,743	33,907
	Aon 2.90% 8/23/51			4,930,000	4,103,045
	Arthur J Gallagher &
		Co. 3.50% 5/20/51		1,834,000	1,636,653
	Athene Global Funding
		144A 2.192%
		(LIBOR03M +
		1.23%) 7/1/22 #, ●		700,000	701,262
	Athora Netherlands
		2.375% 5/17/24	EUR	2,100,000	2,354,740
	Brighthouse Financial
		3.85% 12/22/51		1,735,000	1,451,163
		4.70% 6/22/47		1,035,000	1,009,301
		5.625% 5/15/30		850,000	933,554
	Brown & Brown 4.95%
		3/17/52		1,833,000	1,962,658
	Fairfax Financial
		Holdings 4.625%
		4/29/30		1,000,000	1,029,558
	Jackson Financial
		144A 3.125%
		11/23/31 #		1,570,000	1,431,294
		144A 4.00%
		11/23/51 #		1,909,000	1,617,948
	MetLife 3.85%
		9/15/25 µ, ψ		1,520,000	1,502,824
	Prudential Financial
		3.70% 3/13/51		1,660,000	1,629,104
	Sagicor Financial 144A
		5.30% 5/13/28 #		965,000	963,046
					23,753,492
Real Estate Investment Trusts — 0.78%
	American Homes
		4 Rent 3.625%
		4/15/32		645,000	628,985
	American Tower
		2.30% 9/15/31		1,600,000	1,399,835
		3.00% 6/15/23		600,000	602,162
		3.375% 5/15/24		500,000	501,855

66

				Principal
				amount°		Value (US $)
Corporate Bonds (continued)
Real Estate Investment Trusts (continued)
	American Tower
		3.65% 3/15/27		300,000	$	299,400
	American Tower Trust
		# 1 144A 3.07%
		3/15/48 #		1,285,000		1,277,294
	CIBANCO Institucion
		de Banca Multiple
		Trust 144A 4.375%
		7/22/31 #		645,000		540,226
	Cromwell Ereit Lux
		Finco 2.125%
		11/19/25	EUR	600,000		649,600
	Crown Castle
		International
		2.10% 4/1/31		1,308,000		1,133,086
		4.30% 2/15/29		2,745,000		2,823,108
	CyrusOne 1.45%
		1/22/27	EUR	1,400,000		1,601,502
	EPR Properties 4.50%
		6/1/27		1,700,000		1,679,034
	GLP Capital 4.00%
		1/15/30		2,600,000		2,528,292
	Iron Mountain 144A
		5.25% 7/15/30 #		966,000		947,994
	Iron Mountain
		Information
		Management
		Services 144A
		5.00% 7/15/32 #		3,080,000		2,892,105
	MGM Growth
		Properties
		Operating
		Partnership 5.75%
		2/1/27		145,000		153,791
	MPT Operating
		Partnership 3.692%
		6/5/28	GBP	1,600,000		2,044,920
	Public Storage 0.50%
		9/9/30	EUR	500,000		482,844
						22,186,033
Technology — 1.28%
	Autodesk 2.40%
		12/15/31		2,390,000		2,135,086
	Broadcom
		144A 3.137%
		11/15/35 #		2,789,000		2,462,927
		144A 3.419%
		4/15/33 #		1,600,000		1,496,254
		144A 3.469%
		4/15/34 #		6,257,000		5,807,883

	Broadcom
		4.11% 9/15/28	816,000	827,451
	Broadridge Financial
		Solutions 2.60%
		5/1/31	2,698,000	2,447,433
	CDW
		2.67% 12/1/26	465,000	439,146
		3.276% 12/1/28	4,143,000	3,910,060
	Dell International
		5.45% 6/15/23	160,000	164,916
	Fiserv 3.50% 7/1/29		3,500,000	3,449,238
	Micron Technology
		2.703% 4/15/32	875,000	793,507
	NXP
		144A 2.70%
		5/1/25 #	180,000	174,659
		144A 3.125%
		2/15/42 #	925,000	798,111
		144A 3.25%
		5/11/41 #	1,740,000	1,539,110
		144A 3.875%
		6/18/26 #	3,250,000	3,264,744
		144A 4.625%
		6/1/23 #	1,000,000	1,016,142
		144A 4.875%
		3/1/24 #	3,280,000	3,371,787
		144A 5.55%
		12/1/28 #	440,000	483,008
	SK Hynix
		144A 1.50%
		1/19/26 #	600,000	555,689
		144A 2.375%
		1/19/31 #	610,000	532,330
	Workday
		3.50% 4/1/27	200,000	200,084
		3.70% 4/1/29	310,000	310,972
		3.80% 4/1/32	320,000	319,786
				36,500,323
Transportation — 1.69%
	Acu Petroleo
		Luxembourg 144A
		7.50% 7/13/35 #	460,000	425,817
	Air Canada 144A
		3.875% 8/15/26 #	300,000	283,498
	American Airlines 144A
		5.50% 4/20/26 #	500,000	504,452
	American Airlines
		2015-1 Class A
		Pass Through Trust
		3.375% 11/1/28 ♦	1,217,470	1,170,385

67

Schedules of investments
Optimum Fixed Income Fund

			Principal
			amount°		Value (US $)
Corporate Bonds (continued)
Transportation (continued)
	American Airlines
		2016-1 Class AA
		Pass Through Trust
		3.575% 7/15/29 ♦	516,688	$	490,912
	American Airlines
		2016-3 Class AA
		Pass Through Trust
		3.00% 4/15/30 ♦	1,003,380		934,797
	American Airlines
		2019-1 Class AA
		Pass Through Trust
		3.15% 8/15/33 ♦	178,314		167,499
	American Airlines
		2021-1 Class A
		Pass Through Trust
		2.875% 1/11/36 ♦	100,000		90,270
	Azul Investments
		144A 5.875%
		10/26/24 #	430,000		378,886
		144A 7.25%
		6/15/26 #	400,000		337,692
	British Airways 2018-1
		Class AA Pass
		Through Trust 144A
		3.80% 3/20/33 #, ♦	1,164,756		1,148,756
	British Airways 2019-1
		Class AA Pass
		Through Trust 144A
		3.30% 6/15/34 #, ♦	278,614		263,329
	Canadian Pacific
		Railway
		2.45% 12/2/31	1,665,000		1,548,521
		3.00% 12/2/41	245,000		220,914
	Delta Air Lines
		144A 7.00%
		5/1/25 #	5,349,000		5,733,774
		7.375% 1/15/26	1,858,000		2,019,832
	Doric Nimrod Air
		Finance Alpha
		2012-1 Class A
		Pass Through Trust
		144A 5.125%
		11/30/24 #, ♦	273,243		271,242
	ERAC USA Finance
		144A 2.70%
		11/1/23 #	300,000		299,832
	Gol Finance 144A
		8.00% 6/30/26 #	410,000		369,080
	Grupo Aeromexico
		144A 8.50%
		3/17/27 #	5,000,000		5,035,189
	Kansas City Southern
		3.00% 5/15/23	500,000		501,589

	Lima Metro Line
		2 Finance 144A
		4.35% 4/5/36 #	669,910	663,750
	Mileage Plus Holdings
		144A 6.50%
		6/20/27 #	5,000,000	5,218,750
	Misc Capital Two
		Labuan 144A 3.75%
		4/6/27 #	860,000	855,483
	Penske Truck Leasing
		144A 3.95%
		3/10/25 #	1,000,000	1,011,747
		144A 4.45%
		1/29/26 #	2,100,000	2,162,882
		144A 4.875%
		7/11/22 #	300,000	302,675
	Southwest Airlines
		5.125% 6/15/27	3,650,000	3,906,772
		5.25% 5/4/25	1,680,000	1,765,668
	Union Pacific
		2.80% 2/14/32	630,000	605,655
		3.375% 2/14/42	190,000	184,030
		3.50% 2/14/53	365,000	358,189
	United Airlines
		144A 4.375%
		4/15/26 #	2,005,000	1,974,925
		144A 4.625%
		4/15/29 #	4,961,000	4,723,988
	United Airlines 2020-1
		Class A Pass
		Through Trust
		5.875% 4/15/29 ♦	1,662,635	1,720,970
	US Airways 2012-2
		Class A Pass
		Through Trust
		4.625% 12/3/26 ♦	331,655	319,550
	US Airways 2013-A
		Class A Pass
		Through Trust
		3.95% 5/15/27 ♦	50,961	48,673
				48,019,973
Utilities — 2.80%
	Abu Dhabi National
		Energy 144A 2.00%
		4/29/28 #	665,000	621,389
	AEP Texas 2.40%
		10/1/22	200,000	200,335
	AES Andes 144A
		7.125% 3/26/79 #, µ	605,000	608,216

68

				Principal
				amount°		Value (US $)
Corporate Bonds (continued)
Utilities (continued)
	Alfa Desarrollo 144A
		4.55% 9/27/51 #		837,735	$	728,369
	Boston Gas 144A
		3.757% 3/16/32 #		500,000		501,080
	Calpine
		144A 4.50%
		2/15/28 #		453,000		442,672
		144A 5.00%
		2/1/31 #		1,535,000		1,399,467
		144A 5.125%
		3/15/28 #		454,000		433,304
	Cikarang Listrindo
		144A 4.95%
		9/14/26 #		540,000		535,834
	Clean Renewable
		Power Mauritius
		144A 4.25%
		3/25/27 #		441,000		423,272
	CLP Power Hong Kong
		Financing 2.875%
		4/26/23		240,000		240,419
	Duke Energy 4.875%
		9/16/24 µ, ψ		2,330,000		2,360,593
	Duke Energy Indiana
		3.25% 10/1/49		1,265,000		1,128,867
	Electricite de France
		2.875%
		12/15/26 µ, ψ	EUR	2,400,000		2,477,885
	Enel Finance
		International
		144A 1.875%
		7/12/28 #		665,000		600,725
		144A 2.25%
		7/12/31 #		725,000		643,266
		144A 2.875%
		7/12/41 #		2,085,000		1,727,035
	ENN Energy Holdings
		144A 2.625%
		9/17/30 #		605,000		543,416
	Entergy 4.00%
		7/15/22		300,000		300,816
	Entergy Arkansas
		4.20% 4/1/49		870,000		936,026
	Entergy Louisiana
		4.95% 1/15/45		235,000		244,060
	Entergy Mississippi
		3.85% 6/1/49		1,465,000		1,460,870
	Entergy Texas 3.55%
		9/30/49		700,000		661,695
	Essential Utilities
		2.704% 4/15/30		695,000		656,511
		3.351% 4/15/50		675,000		602,664

Evergy Kansas Central
	3.45% 4/15/50	1,185,000	1,112,113
Eversource Energy
	2.90% 3/1/27	915,000	898,139
Fells Point Funding
	Trust 144A 3.046%
	1/31/27 #	850,000	816,220
FirstEnergy 3.35%
	7/15/22	200,000	200,245
FirstEnergy
	Transmission 144A
	4.55% 4/1/49 #	875,000	838,494
Greenko Power II
	144A 4.30%
	12/13/28 #	695,000	651,736
Infraestructura
	Energetica Nova
	144A 4.875%
	1/14/48 #	395,000	344,256
Israel Electric 144A
	3.75% 2/22/32 #	630,000	606,916
JSW Hydro Energy
	144A 4.125%
	5/18/31 #	289,500	269,833
Louisville Gas and
	Electric 4.25%
	4/1/49	2,685,000	2,814,597
Minejesa Capital 144A
	5.625% 8/10/37 #	400,000	365,074
Mong Duong Finance
	Holdings 144A
	5.125% 5/7/29 #	720,000	649,915
NextEra Energy
	Capital Holdings
	0.65% 3/1/23	2,800,000	2,761,023
	0.783% (SOFR +
	0.54%) 3/1/23 ●	100,000	99,911
	3.00% 1/15/52	1,105,000	946,121
Oglethorpe Power
	3.75% 8/1/50	1,620,000	1,528,697
Oryx Funding 144A
	5.80% 2/3/31 #	660,000	662,344
Pacific Gas and
	Electric
	1.351% (SOFR +
	1.15%) 11/14/22 ●	700,000	700,264
	2.10% 8/1/27	9,195,000	8,277,541
	3.00% 6/15/28	800,000	745,723
	3.25% 6/1/31	420,000	380,516
	3.30% 3/15/27	700,000	673,027
	3.30% 8/1/40	7,168,000	5,882,072
	3.50% 6/15/25	400,000	390,750

69

Schedules of investments
Optimum Fixed Income Fund

			Principal
			amount°		Value (US $)
Corporate Bonds (continued)
Utilities (continued)
	Pacific Gas and
		Electric
		3.50% 8/1/50	4,510,000	$	3,643,669
		4.20% 3/1/29	3,200,000		3,149,975
		4.40% 3/1/32	1,300,000		1,279,849
		4.50% 7/1/40	1,100,000		1,004,202
		4.95% 7/1/50	516,000		488,044
	Pedernales Electric
		Cooperative 144A
		6.202% 11/15/32 #	620,000		703,913
	Perusahaan Listrik
		Negara
		144A 3.875%
		7/17/29 #	605,000		595,111
		144A 4.125%
		5/15/27 #	300,000		303,690
		144A 5.25%
		5/15/47 #	185,000		184,620
	PG&E 5.25% 7/1/30		1,625,000		1,578,200
	Saudi Electricity Global
		Sukuk Co. 4
		4.222% 1/27/24	715,000		729,968
	Sempra Energy
		4.875%
		10/15/25 µ, ψ	1,055,000		1,062,913
	Sociedad de
		Transmision Austral
		144A 4.00%
		1/27/32 #	780,000		757,793
	Southern California
		Edison
		3.45% 2/1/52	3,037,000		2,735,889
		3.65% 2/1/50	1,525,000		1,417,956
		4.00% 4/1/47	880,000		848,953
		4.875% 3/1/49	2,330,000		2,487,048
	Southern California
		Gas 2.95% 4/15/27	2,600,000		2,567,282
	System Energy
		Resources 2.14%
		12/9/25	800,000		762,821
	Trans-Allegheny
		Interstate Line 144A
		3.85% 6/1/25 #	165,000		166,250
					79,562,459
Total Corporate Bonds
	(cost $1,092,888,590)				1,039,196,179

			Principal
			amount°	Value (US $)
Municipal Bonds — 1.13%
	American Municipal
		Power, Ohio
		(Combined
		Hydroelectric
		Projects - Build
		America Bonds)
		Series B 8.084%
		2/15/50	1,500,000	2,488,335
	Chicago, Illinois Transit
		Authority Sales Tax
		Receipts Revenue
		(Pension Funding)
		Series A 6.899%
		12/1/40	1,800,000	2,315,862
		(Retiree Health
		Care Funding)
		Series B 6.899%
		12/1/40	1,800,000	2,315,862
	Commonwealth of
		Puerto Rico
		Series A 144A
		3.707% 6/1/22 #	3,595,000	3,568,038
		Series A 144A
		5.00% 6/1/22 #	1,965,000	1,982,194
		Series A 144A
		5.25% 6/1/22 #	4,490,000	4,551,737
		Series A 5.25% 6/1/22	1,740,000	1,763,925
	GDB Debt Recovery
		Authority of Puerto
		Rico
		7.50% 8/20/40	4,156,411	3,907,027
	Golden State Tobacco
		Securitization
		(Senior)
		Series A1 2.587% 6/1/29	1,700,000	1,599,275
	Municipal Electric
		Authority of Georgia
		(Build America
		Bonds Plant Vogtle
		Units 3 & 4 Project)
		6.655% 4/1/57	1,748,000	2,371,774
	New Jersey
		Transportation Trust
		Fund Authority
		(Build America
		Bonds)
		Series C 5.754%
		12/15/28	1,590,000	1,754,279

70

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
	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	$	837,501
	New York State Urban
		Development
		(Build America
		Bonds) Series E
		5.77% 3/15/39	800,000		913,424
	Oregon State Taxable
		Pension
		5.892% 6/1/27	30,000		33,299
	Pennsylvania Higher
		Education
		Assistance Agency
		Revenue
		(Student Loans)
		Series 2006-2 A-3 0.388%
		(LIBOR03M +
		0.13%) 10/25/36 ●	307,714		303,924
	South Carolina Public
		Service Authority
		(Santee Cooper)
		Series D 4.77%
		12/1/45	145,000		159,936
	West Virginia Tobacco
		Settlement Finance
		Authority
		(Class 1 Senior
		Current Interest
		Bonds)
		Series A 1.82% 6/1/26	250,000		233,520
		Series A 2.351% 6/1/28	300,000		279,282
		Series A 2.551% 6/1/29	300,000		279,375
		Series A 2.951% 6/1/31	500,000		469,385
Total Municipal Bonds
	(cost $31,441,869)				32,127,954
Non-Agency Asset-Backed Securities — 2.21%
	ABFC Trust
		Series 2006-HE1 A2D
		0.677% (LIBOR01M
		+ 0.22%, Floor
		0.22%) 1/25/37 ●	270,675		177,964
	Argent Securities Trust
		Series 2006-M1 A2C
		0.757% (LIBOR01M
		+ 0.30%, Floor
		0.30%) 7/25/36 ●	1,127,775		432,353
	Argent Securities Trust
		Series 2006-W4 A2C
		0.777% (LIBOR01M
		+ 0.32%, Floor
		0.32%) 5/25/36 ●	589,085		178,395
	Avis Budget Rental
		Car Funding
		AESOP
		Series 2017-1A A
		144A 3.07%
		9/20/23 #	500,000		501,498
		Series 2019-2A A
		144A 3.35%
		9/22/25 #	1,660,000		1,665,330
	Bear Stearns Asset-
		Backed Securities I
		Trust
		Series 2005-FR1 M2
		1.462% (LIBOR01M
		+ 1.005%, Floor
		1.005%) 6/25/35 ●	1,153,861		1,144,108
	Bear Stearns Asset-
		Backed Securities
		Trust
		Series 2007-SD1 22A1
		2.747% 10/25/36 ●	104,665		66,297
	Centex Home Equity
		Loan Trust
		Series 2002-A AF6
		5.54% 1/25/32	260		256
	CIT Mortgage Loan
		Trust
		Series 2007-1 1M1
		144A 1.957%
		(LIBOR01M +
		1.50%, Floor 1.50%)
		10/25/37 #, ●	3,600,000		3,607,466
	Citicorp Residential
		Mortgage Trust
		Series 2006-3 A5
		4.844% 11/25/36 ●	347,444		341,018
	Countrywide Asset-
		Backed Certificates
		Series 2004-3 2A
		0.857% (LIBOR01M
		+ 0.40%, Floor
		0.40%) 8/25/34 ●	29,517		28,657
		Series 2006-1 AF6
		4.52% 7/25/36 ●	44,092		42,704
		Series 2006-26 2A4
		0.677% (LIBOR01M
		+ 0.22%, Floor
		0.22%) 6/25/37 ●	1,248,179		1,212,629

71

Schedules of investments
Optimum Fixed Income Fund

			Principal
			amount°	Value (US $)
Non-Agency Asset-Backed Securities (continued)
	Countrywide Asset-
		Backed Certificates
		Series 2007-6 2A4
		0.767% (LIBOR01M
		+ 0.31%, Floor
		0.31%) 9/25/37 ●	926,761	$	857,835
	CWABS Asset-Backed
		Certificates Trust
		Series 2005-3 MV7
		2.407% (LIBOR01M
		+ 1.95%, Floor
		1.95%) 8/25/35 ●	4,200,000		4,190,594
		Series 2006-11 1AF6
		6.15% 9/25/46 ●	46,082		44,917
		Series 2006-17 2A2
		0.607% (LIBOR01M
		+ 0.15%, Floor
		0.15%) 3/25/47 ●	741,708		728,831
	DataBank Issuer
		Series 2021-1A A2
		144A 2.06%
		2/27/51 #	1,600,000		1,485,662
	Diamond Infrastructure
		Funding
		Series 2021-1A A
		144A 1.76%
		4/15/49 #	4,700,000		4,255,568
	Domino's Pizza Master
		Issuer
		Series 2021-1A A2I
		144A 2.662%
		4/25/51 #	7,344,500		6,809,211
	EquiFirst Mortgage
		Loan Trust
		Series 2004-2 M7
		3.457% (LIBOR01M
		+ 3.00%, Floor
		3.00%) 10/25/34 ●	662,361		676,450
	First Franklin Mortgage
		Loan Trust
		Series 2006-FF5 2A3
		0.777% (LIBOR01M
		+ 0.32%, Floor
		0.32%) 4/25/36 ●	687,074		668,278
	Fremont Home Loan
		Trust
		Series 2004-B M1
		1.327% (LIBOR01M
		+ 0.87%, Floor
		0.87%) 5/25/34 ●	2,111,522		2,053,161
	GE-WMC Mortgage
		Securities Trust
		Series 2006-1 A2B
		0.757% (LIBOR01M
		+ 0.30%, Floor
		0.30%) 8/25/36 ●	1,744,210		942,255
	GSAMP Trust
		Series 2006-FM3 A2D
		0.687% (LIBOR01M
		+ 0.23%, Floor
		0.23%) 11/25/36 ●	829,466		471,463
		Series 2007-SEA1 A
		144A 0.757%
		(LIBOR01M +
		0.30%, Floor 0.30%)
		12/25/36 #, ●	546,516		520,951
	Hardee's Funding
		Series 2018-1A A2II
		144A 4.959%
		6/20/48  #	482,500		484,892
	Home Equity Mortgage
		Loan Asset-Backed
		Trust
		Series 2007-A 2A3
		0.697% (LIBOR01M
		+ 0.24%, Floor
		0.24%) 4/25/37 ●	1,161,870		875,977
	HSI Asset
		Securitization Trust
		Series 2006-HE1 2A1
		0.557% (LIBOR01M
		+ 0.10%, Floor
		0.10%) 10/25/36 ●	22,735		10,868
	JPMorgan Chase Bank
		Series 2021-3 B
		144A 0.76%
		2/26/29 #	1,022,566		993,331
	JPMorgan Mortgage
		Acquisition Trust
		Series 2006-CW2 AV5
		0.697% (LIBOR01M
		+ 0.24%, Floor
		0.24%) 8/25/36 ●	285,182		282,417
	Lendingpoint Asset
		Securitization Trust
		Series 2021-B A
		144A 1.11%
		2/15/29 #	980,831		966,536

72

			Principal
			amount°	Value (US $)
Non-Agency Asset-Backed Securities (continued)
	Long Beach Mortgage
		Loan Trust
		Series 2006-1 2A4
		1.057% (LIBOR01M
		+ 0.60%, Floor
		0.60%) 2/25/36 ●	2,516,637	$	2,309,562
		Series 2006-7 1A
		0.612% (LIBOR01M
		+ 0.155%, Floor
		0.155%) 8/25/36 ●	2,417,026		1,395,256
	Morgan Stanley ABS
		Capital I Trust
		Series 2007-HE1 A2C
		0.607% (LIBOR01M
		+ 0.15%, Floor
		0.15%) 11/25/36 ●	3,921,092		2,726,975
		Series 2007-HE5 A2D
		0.797% (LIBOR01M
		+ 0.34%, Floor
		0.34%) 3/25/37 ●	2,882,130		1,478,581
	New Century Home
		Equity Loan Trust
		Series 2005-1 M2
		1.177% (LIBOR01M
		+ 0.72%, Cap
		12.50%, Floor
		0.72%) 3/25/35 ●	233,599		231,089
	Option One Mortgage
		Loan Trust
		Series 2005-1 M1
		1.237% (LIBOR01M
		+ 0.78%, Floor
		0.78%) 2/25/35 ●	1,278,368		1,256,239
		Series 2007-4 2A4
		0.767% (LIBOR01M
		+ 0.31%, Floor
		0.31%) 4/25/37 ●	5,103,635		3,446,822
	PFS Financing
		Series 2021-A A
		144A 0.71%
		4/15/26 #	1,800,000		1,708,766
	RAAC Trust
		Series 2005-SP2 2A
		1.057% (LIBOR01M
		+ 0.60%, Cap
		14.00%, Floor
		0.60%) 6/25/44 ●	212,095		191,552
	Sofi Professional Loan
		Program
		Series 2016-F A2
		144A 3.02%
		2/25/40 #	118,710		118,561
	Soundview Home Loan
		Trust
		Series 2006-OPT1 2A4
		0.997% (LIBOR01M
		+ 0.54%, Floor
		0.54%) 3/25/36 ●	151,387		150,673
	Structured Asset
		Investment Loan
		Trust
		Series 2003-BC2 M1
		1.837% (LIBOR01M
		+ 1.38%, Floor
		1.38%) 4/25/33 ●	15,777		15,482
	Structured Asset
		Securities Mortgage
		Loan Trust
		Series 2006-BC1 A6
		0.727% (LIBOR01M
		+ 0.27%, Floor
		0.27%) 3/25/36 ●	1,119,616		1,061,263
		Series 2006-BC2 A1
		0.612% (LIBOR01M
		+ 0.155%, Floor
		0.155%) 9/25/36 ●	3,277,915		2,476,212
	Towd Point Mortgage
		Trust
		Series 2017-1 A1
		144A 2.75%
		10/25/56 #, ●	238,309		238,305
		Series 2017-2 A1
		144A 2.75%
		4/25/57 #, ●	29,296		29,312
		Series 2017-4 M1
		144A 3.25%
		6/25/57 #, ●	615,000		593,069
		Series 2018-1 A1
		144A 3.00%
		1/25/58 #, ●	207,915		207,157
		Series 2019-4 A1
		144A 2.90%
		10/25/59 #, ●	6,488,748		6,371,234
Total Non-Agency Asset-Backed Securities
	(cost $65,403,313)				62,723,982
Non-Agency Collateralized Mortgage Obligations — 1.69%
	Alternative Loan Trust
		Resecuritization
		Series 2008-2R 3A1
		6.00% 8/25/37 ●	832,929		554,158
	ARM Mortgage Trust
		Series 2005-10 3A31
		2.597% 1/25/36 ●	75,305		71,184
		Series 2006-2 1A4
		3.194% 5/25/36 ●	359,692		344,623

73

Schedules of investments
Optimum Fixed Income Fund

			Principal
			amount°	Value (US $)
Non-Agency Collateralized Mortgage Obligations (continued)
	Banc of America
		Funding Trust
		Series 2005-E 7A1
		1.653% (COF 11 +
		1.43%, Floor 1.43%)
		6/20/35 ●	67,679	$	58,299
		Series 2006-I 1A1
		2.125% 12/20/36 ●	99,026		100,964
	Banc of America
		Mortgage Trust
		Series 2003-D 2A1
		3.675% 5/25/33 ●	34,954		36,397
	Bear Stearns ARM
		Trust
		Series 2003-5 2A1
		2.594% 8/25/33 ●	16,412		16,366
	Chase Mortgage
		Finance Trust
		Series 2005-A1 3A1
		2.878% 12/25/35 ●	42,846		40,504
	CHL Mortgage Pass
		Through Trust
		Series 2007-4 1A1
		6.00% 5/25/37 ◆	693,956		406,238
	Connecticut Avenue
		Securities Trust
		Series 2018-R07 1M2
		144A 2.857%
		(LIBOR01M +
		2.40%) 4/25/31 #, ●	139,852		139,852
		Series 2019-R01 2M2
		144A 2.907%
		(LIBOR01M +
		2.45%) 7/25/31 #, ●	89,172		89,394
		Series 2019-R02 1M2
		144A 2.757%
		(LIBOR01M +
		2.30%, Floor 2.30%)
		8/25/31 #, ●	385,959		385,959
		Series 2019-R07 1M2
		144A 2.557%
		(LIBOR01M +
		2.10%) 10/25/39 #, ●	506,394		506,394
		Series 2020-R01 1M2
		144A 2.507%
		(LIBOR01M +
		2.05%, Floor 2.05%)
		1/25/40 #, ●	1,008,647		1,007,436
		Series 2022-R01 1M2
		144A 1.999%
		(SOFR + 1.90%)
		12/25/41 #, ●	1,500,000		1,430,498
	Connecticut Avenue
		Securities Trust
		Series 2022-R02 2M2
		144A 3.099%
		(SOFR + 3.00%)
		1/25/42 #, ●	900,000		878,563
	CSMC Mortgage-
		Backed Trust
		Series 2005-1R 2A5
		144A 5.75%
		12/26/35 #	561,820		461,095
		Series 2007-1 5A14
		6.00% 2/25/37	150,347		117,196
		Series 2007-3 4A6
		0.707% (LIBOR01M
		+ 0.25%, Cap
		7.00%, Floor 0.25%)
		4/25/37 ●	88,266		74,870
		Series 2007-3 4A12
		6.293% (6.75%
		minus LIBOR01M,
		Cap 6.75%)
		4/25/37 Σ, ●	88,266		16,280
		Series 2007-3 4A15
		5.50% 4/25/37	39,193		36,156
	Flagstar Mortgage
		Trust
		Series 2021-2 A6
		144A 2.50%
		4/25/51 #, ●	879,916		840,932
	GMACM Mortgage
		Loan Trust
		Series 2006-J1 A1
		5.75% 4/25/36	18,815		18,016
	GS Mortgage-Backed
		Securities Trust
		Series 2021-PJ4 A8
		144A 2.50%
		9/25/51 #, ●	2,322,060		2,211,118
		Series 2021-PJ7 A2
		144A 2.50%
		1/25/52 #, ●	2,348,795		2,173,686
	GSR Mortgage Loan
		Trust
		Series 2007-AR1 2A1
		2.741% 3/25/47 ●	394,081		294,023
	JPMorgan Alternative
		Loan Trust
		Series 2007-A2 11A1
		0.817% (LIBOR01M
		+ 0.36%, Cap
		11.50%, Floor
		0.36%) 6/25/37 ●	3,162,584		2,105,157

74

				Principal
				amount°	Value (US $)
Non-Agency Collateralized Mortgage Obligations (continued)
	JPMorgan Mortgage
		Trust
		Series 2006-A6 2A4L
		2.898% 10/25/36 ●		192,475	$	170,533
		Series 2006-A7 2A2
		3.114% 1/25/37 ●		37,966		35,167
		Series 2007-A1 6A1
		2.614% 7/25/35 ●		45,318		45,878
		Series 2014-2 B1
		144A 3.419%
		6/25/29 #, ●		22,495		21,860
		Series 2014-2 B2
		144A 3.419%
		6/25/29 #, ●		22,495		21,770
		Series 2015-4 B1
		144A 3.57%
		6/25/45 #, ●		519,586		508,165
		Series 2015-4 B2
		144A 3.57%
		6/25/45 #, ●		222,071		216,599
		Series 2015-5 B2
		144A 2.266%
		5/25/45 #, ●		464,204		464,250
		Series 2015-6 B1
		144A 3.532%
		10/25/45 #, ●		203,215		201,666
		Series 2015-6 B2
		144A 3.532%
		10/25/45 #, ●		197,722		195,901
		Series 2016-4 B1
		144A 3.808%
		10/25/46 #, ●		190,483		188,329
		Series 2016-4 B2
		144A 3.808%
		10/25/46 #, ●		347,279		342,470
		Series 2017-1 B3
		144A 3.46%
		1/25/47 #, ●		875,714		850,202
		Series 2017-2 A3
		144A 3.50%
		5/25/47 #		57,738		56,530
		Series 2020-2 A3
		144A 3.50%
		7/25/50 #, ●		179,292		177,716
		Series 2020-5 A3
		144A 3.00%
		12/25/50 #, ●		957,338		939,516
		Series 2020-7 A3
		144A 3.00%
		1/25/51 #		523,809		511,459
		Series 2021-1 A3
		144A 2.50%
		6/25/51 #, ●		761,899		706,414
	JPMorgan Mortgage
		Trust
		Series 2021-10 A3
		144A 2.50%
		12/25/51 #, ●		1,586,736		1,461,370
		Series 2021-13 B1
		144A 3.15%
		4/25/52 #, ●		1,972,861		1,798,740
	Lehman Mortgage
		Trust
		Series 2007-10 2A2
		6.50% 1/25/38		1,187,436		558,414
	Ludgate Funding
		Series 2006-1X A2A
		1.056% (BP0003M
		+ 0.19%) 12/1/60 ●	GBP	1,141,952		1,438,461
		Series 2008-W1X A1
		1.638% (BP0003M
		+ 0.60%) 1/1/61 ●	GBP	495,510		636,443
	Mansard Mortgages
		Series 2007-1X A2
		0.387% (SONIA3M
		+ 0.299%) 4/15/47 ●	GBP	520,216		658,642
	MASTR Alternative
		Loan Trust
		Series 2004-3 8A1
		7.00% 4/25/34		1,183		1,177
		Series 2004-5 6A1
		7.00% 6/25/34		18,157		18,257
	MASTR ARM Trust
		Series 2004-4 4A1
		2.274% 5/25/34 ●		35,560		35,345
	Merrill Lynch Mortgage
		Investors Trust
		Series 2004-A1 2A2
		2.294% 2/25/34 ●		2,025		2,051
	Morgan Stanley
		Residential
		Mortgage Loan
		Trust
		Series 2020-1 A2A
		144A 2.50%
		12/25/50 #, ●		779,895		720,848
		Series 2021-1 A2
		144A 2.50%
		3/25/51 #, ●		719,803		668,113
		Series 2021-4 A3
		144A 2.50%
		7/25/51 #, ●		792,088		735,207

75

Schedules of investments
Optimum Fixed Income Fund

				Principal
				amount°	Value (US $)
Non-Agency Collateralized Mortgage Obligations (continued)
	New Residential
		Mortgage Loan
		Trust
		Series 2018-RPL1 A1
		144A 3.50%
		12/25/57 #, ●		154,539	$	154,840
		Series 2019-RPL3 A1
		144A 2.75%
		7/25/59 #, ●		3,671,481		3,589,492
	RALI Series Trust
		Series 2007-QA5 2A1
		5.858% 9/25/37 ●		2,108,934		1,749,224
		Series 2007-QH8 A
		1.016% 10/25/37 ●		1,249,384		1,212,120
	RCKT Mortgage Trust
		Series 2021-1 A1
		144A 2.50%
		3/25/51 #, ●		788,813		730,876
		Series 2021-6 A1
		144A 2.50%
		12/25/51 #, ●		1,631,135		1,511,330
	Reperforming Loan
		REMIC Trust
		Series 2006-R1 AF1
		144A 0.797%
		(LIBOR01M +
		0.34%, Cap 9.50%,
		Floor 0.34%)
		1/25/36 #, ●		590,577		586,470
	Sequoia Mortgage
		Trust
		Series 2004-5 A3
		0.872% (LIBOR06M
		+ 0.56%, Cap
		11.50%, Floor
		0.56%) 6/20/34 ●		93,701		91,769
		Series 2007-1 4A1
		2.837% 9/20/46 ●		242,222		182,651
		Series 2015-1 B2
		144A 3.916%
		1/25/45 #, ●		147,355		146,298
		Series 2017-5 B2
		144A 3.803%
		8/25/47 #, ●		2,940,539		2,859,852
		Series 2019-CH1 A1
		144A 4.50%
		3/25/49 #, ●		4,706		4,698
		Series 2020-4 A2
		144A 2.50%
		11/25/50 #, ●		646,783		613,899
	Structured ARM Loan
		Trust
		Series 2006-1 7A4
		2.827% 2/25/36 ●		118,160		110,600
	Structured Asset
		Mortgage
		Investments II Trust
		Series 2005-AR5 A2
		0.949% (LIBOR01M
		+ 0.50%, Cap
		11.00%, Floor
		0.50%) 7/19/35 ●		135,566		130,432
	Trinity Square
		Series 2021-1A A
		144A 0.936%
		(SONIA3M + 0.85%)
		7/15/59 #, ●	GBP	3,536,508		4,643,337
	WaMu Mortgage Pass
		Through Certificates
		Trust
		Series 2005-AR16 1A3
		2.671%
		12/25/35 ◆, ●		181,466		182,873
		Series 2007-HY1 3A3
		3.11% 2/25/37 ◆, ●		125,366		122,799
		Series 2007-HY7 4A1
		3.178%
		7/25/37 ◆, ●		242,838		242,872
	Wells Fargo Mortgage-
		Backed Securities
		Trust
		Series 2006-AR11 A6
		2.84% 8/25/36 ●		122,815		119,561
		Series 2020-1 A1
		144A 3.00%
		12/25/49 #, ●		154,607		152,702
Total Non-Agency Collateralized Mortgage
	Obligations
	(cost $51,922,107)					47,941,546
Non-Agency Commercial Mortgage-Backed Securities — 4.97%
	BANK
		Series 2017-BNK5 B
		3.896% 6/15/60 ●		605,000		597,249
		Series 2017-BNK7 A5
		3.435% 9/15/60		710,000		712,636
		Series 2019-BN20 A3
		3.011% 9/15/62		8,000,000		7,803,771
		Series 2019-BN21 A5
		2.851% 10/17/52		2,100,000		2,027,680
		Series 2019-BN23 A3
		2.92% 12/15/52		2,550,000		2,470,857
		Series 2022-BNK39 A4
		2.928% 2/15/55		2,784,000		2,685,883
		Series 2022-BNK39 B
		3.239% 2/15/55 ●		532,000		503,750
		Series 2022-BNK39 C
		3.27% 2/15/55 ●		797,000		742,594

76

			Principal
			amount°	Value (US $)
Non-Agency Commercial Mortgage-Backed
Securities (continued)
	BANK
		Series 2022-BNK40 B
		3.507% 3/15/64 ●	1,800,000	$	1,753,861
	Benchmark Mortgage
		Trust
		Series 2020-B17 A5
		2.289% 3/15/53	3,460,000		3,196,725
		Series 2020-B20 A5
		2.034% 10/15/53	10,650,000		9,605,837
		Series 2020-B21 A5
		1.978% 12/17/53	1,300,000		1,165,323
		Series 2020-B22 A5
		1.973% 1/15/54	2,050,000		1,836,813
		Series 2021-B24 A5
		2.584% 3/15/54	6,790,000		6,381,535
		Series 2021-B25 A5
		2.577% 4/15/54	5,550,000		5,213,327
		Series 2021-B29 A5
		2.388% 9/15/54	6,000,000		5,544,592
		Series 2022-B32 B
		3.202% 1/15/55 ●	1,800,000		1,672,213
		Series 2022-B32 C
		3.455% 1/15/55 ●	2,200,000		2,044,058
		Series 2022-B33 B
		3.736% 3/15/55 ●	900,000		880,173
		Series 2022-B33 C
		3.736% 3/15/55 ●	900,000		850,675
	BMO Mortgage Trust
		Series 2022-C1 A5
		3.374% 2/15/55	600,000		596,578
	Cantor Commercial
		Real Estate Lending
		Series 2019-CF1 A5
		3.786% 5/15/52	2,340,000		2,377,312
		Series 2019-CF2 A5
		2.874% 11/15/52	4,000,000		3,853,235
		Series 2019-CF3 A4
		3.006% 1/15/53	800,000		771,841
	CD Mortgage Trust
		Series 2017-CD6 B
		3.911% 11/13/50 ●	440,000		432,214
		Series 2019-CD8 A4
		2.912% 8/15/57	8,775,000		8,460,549
	CFCRE Commercial
		Mortgage Trust
		Series 2016-C7 A3
		3.839% 12/10/54	3,100,000		3,145,665
	Citigroup Commercial
		Mortgage Trust
		Series 2014-GC25 A4
		3.635% 10/10/47	785,000		787,523
		Mortgage Trust
		Series 2015-GC27 A5
		3.137% 2/10/48	1,400,000		1,390,658
		Series 2016-P3 A4
		3.329% 4/15/49	1,305,000		1,300,514
		Series 2017-C4 A4
		3.471% 10/12/50	635,000		635,627
		Series 2019-C7 A4
		3.102% 12/15/72	7,455,000		7,284,230
	COMM Mortgage Trust
		Series 2013-WWP A2
		144A 3.424%
		3/10/31 #	1,100,000		1,109,927
		Series 2014-CR20 AM
		3.938% 11/10/47	2,225,000		2,216,768
		Series 2015-3BP A
		144A 3.178%
		2/10/35 #	605,000		594,492
		Series 2015-CR23 A4
		3.497% 5/10/48	780,000		782,389
		Series 2016-CR28 A4
		3.762% 2/10/49	2,330,000		2,358,417
	DB-JPM Mortgage
		Trust
		Series 2016-C1 A4
		3.276% 5/10/49	900,000		897,232
	GS Mortgage
		Securities Trust
		Series 2017-GS5 A4
		3.674% 3/10/50	1,280,000		1,290,226
		Series 2017-GS6 A3
		3.433% 5/10/50	1,935,000		1,931,231
		Series 2019-GC39 A4
		3.567% 5/10/52	1,250,000		1,257,661
		Series 2019-GC42 A4
		3.001% 9/1/52	5,000,000		4,860,262
		Series 2020-GC47 A5
		2.377% 5/12/53	3,716,000		3,447,144
	JPM-BB Commercial
		Mortgage Securities
		Trust
		Series 2015-C31 A3
		3.801% 8/15/48	8,763,866		8,797,907
	JPM-DB Commercial
		Mortgage Securities
		Trust
		Series 2016-C2 A4
		3.144% 6/15/49	1,640,000		1,627,702
		Series 2016-C4 A3
		3.141% 12/15/49	1,065,000		1,057,283
		Series 2017-C7 A5
		3.409% 10/15/50	2,395,000		2,399,619

77

Schedules of investments
Optimum Fixed Income Fund

			Principal
			amount°	Value (US $)
Non-Agency Commercial Mortgage-Backed
Securities (continued)
	JPMorgan Chase
		Commercial
		Mortgage Securities
		Trust
		Series 2013-LC11 B
		3.499% 4/15/46	355,000	$	352,504
		Series 2016-JP2 AS
		3.056% 8/15/49	1,250,000		1,211,601
	Morgan Stanley Bank
		of America Merrill
		Lynch Trust
		Series 2015-C26 A5
		3.531% 10/15/48	960,000		965,496
		Series 2015-C27 ASB
		3.557% 12/15/47	1,572,601		1,586,759
		Series 2016-C29 A4
		3.325% 5/15/49	1,445,000		1,434,759
	Morgan Stanley
		Capital I Trust
		Series 2019-L3 A4
		3.127% 11/15/52	1,000,000		972,374
		Series 2020-HR8 A4
		2.041% 7/15/53	4,415,000		3,987,470
	UBS-Barclays
		Commercial
		Mortgage Trust
		Series 2013-C5 B
		144A 3.649%
		3/10/46 #, ●	480,000		473,613
	VMC Finance
		Series 2021-FL4 A
		144A 1.568%
		(LIBOR01M +
		1.10%, Floor 1.10%)
		6/16/36 #, ●	1,874,373		1,841,662
	Wells Fargo
		Commercial
		Mortgage Trust
		Series 2014-LC18 A5
		3.405% 12/15/47	275,000		275,145
		Series 2015-NXS3 A4
		3.617% 9/15/57	510,000		513,347
		Series 2016-BNK1 A3
		2.652% 8/15/49	1,220,000		1,183,933
		Series 2017-C38 A5
		3.453% 7/15/50	905,000		908,232
		Series 2020-C58 A4
		2.092% 7/15/53	2,300,000		2,077,464
Total Non-Agency Commercial Mortgage-
	Backed Securities
	(cost $150,259,034)				141,138,117
Loan Agreements – 3.53%
	Acrisure 1st Lien
		4.75% (LIBOR01M
		+ 4.25%) 2/15/27 ●	299,250		298,502
	Acrisure Tranche B
		3.957% (LIBOR01M
		+ 3.50%) 2/15/27 ●	407,224		401,726
	Advantage Sales &
		Marketing Tranche
		B-1 5.25%
		(LIBOR03M +
		4.50%) 10/28/27 ●	702,904		697,808
	Amentum Government
		Services Holdings
		Tranche 3 4.647%
		(SOFR01M +
		3.00%) 2/15/29 ●	6,445,000		6,410,087
	Applied Systems 1st
		Lien 3.763%
		(LIBOR03M +
		3.00%) 9/19/24 ●	837,656		833,317
	Applied Systems 2nd
		Lien 6.378%
		(LIBOR03M +
		5.50%) 9/19/25 ●	2,087,212		2,081,343
	Aramark Services
		Tranche B-3 2.207%
		(LIBOR01M +
		1.75%) 3/11/25 ●	359,075		353,240
	Aramark Services
		Tranche B-5 2.957%
		(LIBOR01M +
		2.50%) 4/6/28 ●	377,049		372,964
	Aruba Investments
		Holdings 1st Lien
		4.50% (LIBOR03M
		+ 3.75%) 11/24/27 ●	351,459		347,505
	Aruba Investments
		Holdings 2nd Lien
		4.50% (LIBOR03M
		+ 7.75%) 11/24/28 ●	355,000		353,225
	AssuredPartners
		3.833% (LIBOR01M
		+ 3.50%) 2/12/27 ●	935,895		926,097
	Avantor Funding
		Tranche B-5 2.75%
		(LIBOR01M +
		2.25%) 11/8/27 ●	826,671		821,676
	Bausch Health 3.457%
		(LIBOR01M +
		3.00%) 6/2/25 ●	213,250		211,851
	Bausch Health
		Tranche B TBD
		1/27/27 X	385,000		381,941

78

			Principal
			amount°	Value (US $)
Loan Agreements (continued)
	Berry Global Tranche Z
		2.071% (LIBOR01M
		+ 1.75%) 7/1/26 ●	617,900	$	610,005
	Boxer Parent 4.756%
		(LIBOR03M +
		3.75%) 10/2/25 ●	335,594		333,993
	BW Gas &
		Convenience Holdings
		Tranche B 4.00%
		(LIBOR01M +
		3.50%) 3/31/28 ●	1,047,088		1,035,308
	BWay Holding 3.481%
		(LIBOR01M +
		3.25%) 4/3/24 ●	153,175		151,356
	Caesars Resort
		Collection
		Tranche B 3.207%
		(LIBOR01M +
		2.75%) 12/23/24 ●	1,976,273		1,968,862
	Caesars Resort
		Collection
		Tranche B-1 3.957%
		(LIBOR01M +
		3.50%) 7/21/25 ●	1,871,515		1,863,716
	Calpine
		2.46% (LIBOR01M
		+ 2.00%) 4/5/26 ●	243,125		240,086
		2.96% (LIBOR01M
		+ 2.50%) 12/16/27 ●	255,589		254,012
	Camelot US
		Acquisition l 4.00%
		(LIBOR01M +
		3.00%) 10/30/26 ●	641,875		636,900
	Carnival Tranche B
		3.75% (LIBOR03M
		+ 3.00%) 6/30/25 ●	489,707		478,199
	Castlelake Aviation
		One DAC 3.576%
		(LIBOR03M +
		2.75%) 10/22/26 ●	537,300		524,539
	CenturyLink Tranche B
		2.707% (LIBOR01M
		+ 2.25%) 3/15/27 ●	984,887		960,418
	Change Healthcare
		Holdings 3.50%
		(LIBOR01M +
		2.50%) 3/1/24 ●	171,021		170,319
	Charter
		Communications
		Operating
		Tranche B2 2.21%
		(LIBOR01M +
		1.75%) 2/1/27 ●	478,715		475,274
	Chemours Tranche B-2
		2.085% (LIBOR01M
		+ 1.75%) 4/3/25 ●	822,785		804,478
	Connect US Finco
		4.50% (LIBOR01M
		+ 3.50%) 12/11/26 ●	636,020		631,515
	Core & Main
		Tranche B-1 2.947%
		(LIBOR01M +
		2.50%) 7/27/28 ●	534,233		528,974
	CSC Holdings
		2.647% (LIBOR01M
		+ 2.25%) 7/17/25 ●	309,563		305,306
		2.897% (LIBOR01M
		+ 2.50%) 4/15/27 ●	285,486		281,133
	DaVita Tranche B-1
		2.207% (LIBOR01M
		+ 1.75%) 8/12/26 ●	788,821		783,849
	Delta Air Lines 4.75%
		(LIBOR03M +
		3.75%) 10/20/27 ●	500,000		517,656
	Ecovyst Catalyst
		Technologies 3.25%
		(LIBOR03M +
		2.50%) 6/9/28 ●	406,925		402,754
	EFS Cogen Holdings I
		Tranche B 4.51%
		(LIBOR03M +
		3.50%) 10/1/27 ●	465,156		454,690
	Electron Bidco 3.75%
		(LIBOR01M +
		3.25%) 11/1/28 ●	500,000		495,375
	Ensemble RCM
		4.049% (LIBOR03M
		+ 3.75%) 8/3/26 ●	358,800		357,903
	Entegris Tranche B
		TBD 3/2/29 X	2,770,000		2,764,806
	Epicor Software 2nd
		Lien 8.75%
		(LIBOR01M +
		7.75%) 7/31/28 ●	735,000		752,640
	Epicor Software
		Tranche C 4.00%
		(LIBOR01M +
		4.25%) 7/30/27 ●	1,314,975		1,306,233
	Fertitta Entertainment
		Tranche B 4.50%
		(SOFR01M +
		4.00%) 1/26/29 ●	987,567		983,359
	Frontier
		Communications
		Tranche B 4.813%
		(LIBOR03M +
		3.75%) 5/1/28 ●	1,732,500		1,707,379

79

Schedules of investments
Optimum Fixed Income Fund

			Principal
			amount°	Value (US $)
Loan Agreements (continued)
	Gainwell Acquisition
		Tranche B 4.878%
		(LIBOR03M +
		4.00%) 10/1/27 ●	1,194,875	$	1,190,394
	Garda World Security
		Tranche B-2 4.71%
		(LIBOR01M +
		4.25%) 10/30/26 ●	191,971		190,531
	Global Medical
		Response 5.25%
		(LIBOR03M +
		4.25%) 10/2/25 ●	1,161,252		1,155,446
	Granite US Holdings
		Tranche B 4.656%
		(LIBOR01M +
		4.00%) 9/30/26 ●	134,858		133,847
	Gray Television
		Tranche B-2 2.731%
		(LIBOR01M +
		2.50%) 2/7/24 ●	1,018,322		1,013,761
	Hamilton Projects
		Acquiror 5.506%
		(LIBOR03M +
		4.50%) 6/17/27 ●	912,933		898,481
	Heartland Dental
		3.957% (LIBOR01M
		+ 3.50%) 4/30/25 ●	822,197		814,318
		4.447% (LIBOR01M
		+ 4.00%) 4/30/25 ●	456,550		454,125
	Hexion Holdings 1st
		Lien 5.00%
		(SOFR01M +
		4.50%) 3/15/29 ●	2,315,000		2,270,147
	Hilton Grand Vacations
		Borrower 3.50%
		(LIBOR01M +
		3.00%) 8/2/28 ●	995,000		990,492
	Hilton Worldwide
		Finance
		Tranche B-2 2.207%
		(LIBOR01M +
		1.75%) 6/22/26 ●	1,172,387		1,161,070
	HUB International
		3.017% (LIBOR03M
		+ 2.75%) 4/25/25 ●	355,680		352,103
	Informatica 3.125%
		(LIBOR01M +
		2.75%) 10/27/28 ●	635,000		628,650
	IQVIA Tranche B-3
		2.756% (LIBOR03M
		+ 1.75%) 6/11/25 ●	502,707		499,408
	IRB Holding Tranche B
		3.75% (SOFR03M +
		3.00%) 12/15/27 ●	3,569,472		3,536,009
	JBS USA LUX 2.804%
		(LIBOR03M +
		2.00%) 5/1/26 ●	160,050		158,850
	Kenan Advantage
		Group Tranche B
		4.50% (LIBOR03M
		+ 3.75%) 3/24/26 ●	459,188		453,907
	Loyalty Ventures
		Tranche B 5.00%
		(LIBOR01M +
		4.50%) 11/3/27 ●	122,656		120,126
	LSF9 Atlantis Holdings
		Tranche B TBD
		3/31/29 X	1,800,000		1,776,001
	Medrisk 1st Lien
		4.50% (LIBOR01M
		+ 3.75%) 5/10/28 ●	487,550		483,132
	Michaels Tranche B
		5.256% (LIBOR03M
		+ 4.25%) 4/15/28 ●	1,204		1,129
	Mileage Plus Holdings
		6.25% (LIBOR03M
		+ 5.25%) 6/21/27 ●	1,000,000		1,041,875
	MPH
		Acquisition Holdings
		4.758% (LIBOR03M
		+ 4.25%) 9/1/28 ●	1,791,000		1,744,545
	Numericable US
		Tranche B-11
		3.049% (LIBOR03M
		+ 2.75%) 7/31/25 ●	344,611		336,427
	Numericable US
		Tranche B-13
		4.506% (LIBOR01M
		+ 4.00%) 8/14/26 ●	130,613		128,368
	Olympus Water US
		Holding 4.813%
		(LIBOR03M +
		3.75%) 11/9/28 ●	573,563		560,145
	ON Semiconductor
		Tranche B-4 2.333%
		(LIBOR01M +
		2.00%) 9/19/26 ●	1,261,829		1,258,937
	Organon & Co. 3.563%
		(LIBOR01M +
		3.00%) 6/2/28 ●	2,072,958		2,064,213
	Pactiv Evergreen
		Group Holdings
		Tranche B-3 4.00%
		(LIBOR01M +
		3.50%) 9/25/28 ●	298,500		291,187
	Pelican Products
		5.256% (LIBOR03M
		+ 4.25%) 12/29/28 ●	279,300		274,063

80

			Principal
			amount°	Value (US $)
Loan Agreements (continued)
	Penn National Gaming
		Tranche B-1 3.00%
		(LIBOR01M +
		2.25%) 10/15/25 ●	865,617	$	861,366
	Peraton Tranche B 1st
		Lien 4.50%
		(LIBOR01M +
		3.75%) 2/1/28 ●	1,025,579		1,018,619
	PG&E Tranche B
		3.50% (LIBOR03M
		+ 3.00%) 6/23/25 ●	1,436,264		1,420,705
	Pilot Travel Centers
		Tranche B 2.457%
		(LIBOR01M +
		2.00%) 8/4/28 ●	726,350		717,361
	PMHC II TBD 2/2/29 X		1,900,000		1,814,975
	Pre-Paid Legal
		Services 4.25%
		(LIBOR01M +
		3.75%) 12/15/28 ●	1,255,000		1,241,535
	Prestige Brands
		Tranche B5 2.50%
		(LIBOR01M +
		2.00%) 7/3/28 ●	325,875		325,508
	Pretium PKG Holdings
		4.50% (LIBOR03M
		+ 4.00%) 10/2/28 ●	708,225		689,634
	Prime Security
		Services Borrower
		Tranche B-1 3.50%
		(LIBOR03M +
		2.75%) 9/23/26 ●	331,692		329,596
	Quest Software US
		Holdings 1st Lien
		4.75% (SOFR03M +
		4.25%) 2/1/29 ●	920,000		907,515
	Quest Software US
		Holdings 2nd Lien
		8.15% (SOFR03M +
		7.65%) 2/1/30 ●	285,000		276,806
	RealPage 1st Lien
		3.75% (LIBOR01M
		+ 3.25%) 4/24/28 ●	995,000		985,299
	Reynolds Group
		Holdings
		Tranche B-2 3.707%
		(LIBOR01M +
		3.25%) 2/5/26 ●	469,063		457,503
	Russell Investments
		US Institutional
		Holdco 4.50%
		(LIBOR03M +
		3.50%) 5/30/25 ●	425,673		421,195
	Ryan Specialty Group
		Tranche B-1 3.75%
		(LIBOR01M +
		3.00%) 9/1/27 ●	586,075		583,145
	Scientific Games
		International
		Tranche B-5 3.207%
		(LIBOR01M +
		2.75%) 8/14/24 ●	737,328		734,666
	Sinclair Televison
		Group Tranche B-3
		3.46% (LIBOR01M
		+ 3.00%) 4/1/28 ●	635,768		620,828
	Spirit Aerosystems
		Tranche B 4.25%
		(LIBOR01M +
		3.75%) 1/15/25 ●	775,217		775,120
	SS&C Technologies
		Tranche B-3 2.083%
		(LIBOR01M +
		1.75%) 4/16/25 ●	179,028		176,678
	SS&C Technologies
		Tranche B-4 2.207%
		(LIBOR01M +
		1.75%) 4/16/25 ●	145,331		143,423
	Standard Industries
		3.788% (LIBOR03M
		+ 3.50%) 9/22/28 ●	4,767,922		4,752,426
	Stars Group Holdings
		2.474% (LIBOR03M
		+ 2.25%) 7/21/26 ●	127,197		126,243
	Telenet Financing
		Tranche AR 2.397%
		(LIBOR01M +
		2.00%) 4/28/28 ●	545,000		533,419
	Terrier Media Buyer
		Tranche B 3.957%
		(LIBOR01M +
		3.50%) 12/17/26 ●	511,298		504,313
	Transdigm Tranche F
		2.707% (LIBOR01M
		+ 2.25%) 12/9/25 ●	585,709		575,916
	TricorBraun 3.75%
		(LIBOR01M +
		3.25%) 3/3/28 ●	481,508		470,502
	UKG 1st Lien 3.75%
		(LIBOR03M +
		3.25%) 5/4/26 ●	2,439,214		2,422,445
	Ultimate Software
		Group 1st Lien
		4.756% (LIBOR01M
		+ 3.75%) 5/4/26 ●	1,936,745		1,932,711

81

Schedules of investments
Optimum Fixed Income Fund

				Principal
				amount°	Value (US $)
Loan Agreements (continued)
	United Airlines Tranche
		B 4.50%
		(LIBOR03M +
		3.75%) 4/21/28 ●		297,744	$	294,767
	United Rentals (North
		America) 1.959%
		(LIBOR01M +
		1.75%) 10/31/25 ●		48,250		48,409
	US Foods TBD
		11/22/28 X		1,500,000		1,482,991
	USI 4.256%
		(LIBOR03M +
		3.25%) 12/2/26 ●		163,930		162,974
	USI Tranche B 4.006%
		(LIBOR03M +
		3.00%) 5/16/24 ●		568,589		565,874
	Vertical Midco Tranche
		B 4.019%
		(LIBOR03M +
		3.50%) 7/30/27 ●		724,409		719,157
	Viasat 5.00%
		(SOFR01M +
		4.50%) 3/2/29 ●		3,790,000		3,733,150
	Vistra Operations
		2.204% (LIBOR01M
		+ 1.75%) 12/31/25 ●		512,928		508,537
	White Cap Buyer
		4.25% (SOFR01M +
		3.75%) 10/19/27 ●		360,000		356,288
	Whole Earth Brands
		5.50% (LIBOR03M
		+ 4.50%) 2/5/28 ●		380,208		376,405
	Zayo Group Holdings
		3.457% (LIBOR01M
		+ 3.00%) 3/9/27 ●		2,954,377		2,878,671
	Zekelman Industries
		2.457% (LIBOR01M
		+ 2.00%) 1/24/27 ●		270,775		266,713
Total Loan Agreements
	(cost $100,535,998)					100,467,394
Sovereign Bonds – 2.54%Δ
Albania – 0.01%
	Albania Government
		International Bond
		144A 3.50%
		6/16/27 #	EUR	150,000		161,304
						161,304
Angola – 0.01%
	Angolan Government
		International Bonds
		144A 8.25% 5/9/28
		#		200,000		204,461
	Angolan Government
		International Bonds
		8.25% 5/9/28		200,000		204,461
						408,922
Argentina – 0.01%
	Argentine Republic Government
		International Bonds
		0.50% 7/9/30 ~		645,050		217,711
		1.00% 7/9/29		31,833		10,953
		1.125% 7/9/35 ~		674,580		206,529
						435,193
Armenia – 0.01%
	Republic of Armenia
		International Bond
		144A 3.60%
		2/2/31 #		200,000		158,923
						158,923
Azerbaijan – 0.01%
	Republic of Azerbaijan
		International Bond
		144A 3.50%
		9/1/32 #		319,000		298,383
						298,383
Bahrain – 0.01%
	Bahrain Government
		International Bond
		144A 7.375%
		5/14/30 #		300,000		326,273
						326,273
Brazil – 0.39%
	Brazil Letras do
		Tesouro Nacional
		8.522% 10/1/22 ^	BRL	40,000,000		7,911,442
	Brazil Notas do
		Tesouro Nacional
		Series F
		10.00% 1/1/27	BRL	12,000,000		2,409,734
	Brazilian Government
		International Bonds
		3.875% 6/12/30		532,000		491,382
		4.75% 1/14/50		233,000		195,834
						11,008,392
Chile – 0.16%
	Bonos de la Tesoreria
		de la Republica en
		pesos
		144A 2.30% 10/1/28
		#	CLP	2,740,000,000		2,724,893

82

				Principal
				amount°	Value (US $)
Sovereign Bonds Δ(continued)
Chile (continued)
	Bonos de la Tesoreria
		de la Republica en
		pesos
		144A 2.80% 10/1/33
		#	CLP	1,630,000,000	$	1,505,780
	Chile Government
		International Bonds
		2.55% 1/27/32		258,000		243,067
		3.50% 1/25/50		200,000		183,588
						4,657,328
Colombia – 0.03%
	Colombia Government
		International Bonds
		3.00% 1/30/30		272,000		234,653
		3.25% 4/22/32		300,000		251,211
		4.125% 2/22/42		217,000		170,076
		5.00% 6/15/45		200,000		169,072
		5.20% 5/15/49		200,000		171,204
						996,216
Costa Rica – 0.01%
	Costa Rica
		Government
		International Bond
		144A 5.625%
		4/30/43 #		200,000		176,002
						176,002
Cyprus – 0.05%
	Cyprus Government
		International Bond
		3.875% 5/6/22	EUR	1,200,000		1,332,449
						1,332,449
Czech Republic – 0.02%
	Czech Republic
		Government Bond
		2.40% 9/17/25	CZK	13,580,000		576,366
						576,366
Dominican Republic – 0.05%
	Dominican Republic
		International Bonds
		144A 4.50% 1/30/30
		#		367,000		337,644
		144A 4.875%
		9/23/32 #		885,000		803,146
		144A 5.50% 2/22/29
		#		200,000		198,000
						1,338,790
Ecuador – 0.02%
	Ecuador Government
		International Bonds
		144A 0.50% 7/31/40
		#, ~		278,501		158,330
		144A 1.00% 7/31/35
		#, ~		328,384		215,095
		144A 5.00% 7/31/30
		#, ~		125,307		104,194
		144A 6.61% 7/31/30
		#, ^		35,470		19,580
						497,199
Egypt – 0.04%
	Egypt Government
		International Bonds
		144A 5.75% 5/29/24
		#		591,000		588,632
		7.903% 2/21/48		400,000		326,038
		144A 8.70% 3/1/49
		#		359,000		307,939
						1,222,609
El Salvador – 0.00%
	El Salvador
		Government
		International Bond
		144A 7.125%
		1/20/50 #		275,000		124,440
						124,440
Gabon – 0.01%
	Gabon Government
		International Bond
		144A 6.625%
		2/6/31 #		200,000		190,170
						190,170
Georgia – 0.01%
	Georgia Government
		International Bond
		144A 2.75%
		4/22/26 #		200,000		172,625
						172,625
Ghana – 0.01%
	Ghana Government
		International Bond
		144A 7.75%
		4/7/29 #		230,000		169,407
						169,407

83

Schedules of investments
Optimum Fixed Income Fund

				Principal
				amount°	Value (US $)
Sovereign Bonds Δ(continued)
Guatemala – 0.01%
	Guatemala
		Government Bond
		144A 4.875%
		2/13/28 #		400,000	$	410,800
						410,800
Hong Kong – 0.03%
	Airport Authority
		144A 2.50% 1/12/32
		#		430,000		400,584
		144A 3.25% 1/12/52
		#		425,000		380,373
						780,957
Hungary – 0.02%
	Hungary Government
		Bond
		5.50% 6/24/25	HUF	181,390,000		531,923
						531,923
Indonesia – 0.11%
	Indonesia Government
		International Bonds
		144A 4.625%
		4/15/43 #		200,000		209,180
		5.25% 1/17/42		200,000		224,000
	Indonesia Treasury
		Bond
		6.125% 5/15/28	IDR	40,390,000,000		2,778,157
						3,211,337
Israel – 0.11%
	Israel Government
		International Bonds
		2.75% 7/3/30		1,200,000		1,189,861
		3.875% 7/3/50		200,000		206,500
	State of Israel
		3.375% 1/15/50		200,000		190,000
		3.80% 5/13/60		1,600,000		1,602,000
						3,188,361
Ivory Coast – 0.02%
	Ivory Coast
		Government
		International Bond
		144A 6.125%
		6/15/33 #		590,000		573,139
						573,139
Jordan – 0.01%
	Jordan Government
		International Bond
		144A 4.95%
		7/7/25 #		200,000		199,786
						199,786
Kazakhstan – 0.01%
	Kazakhstan
		Government
		International Bond
		144A 6.50%
		7/21/45 #		207,000		239,344
						239,344
Kenya – 0.01%
	Republic of Kenya
		Government
		International Bond
		144A 8.00%
		5/22/32 #		200,000		194,515
						194,515
Lebanon – 0.00%
	Lebanon Government
		International Bond
		6.25% 5/27/22 ‡		582,000		74,351
						74,351
Malaysia – 0.14%
	Malaysia Government
		Bond
		3.955% 9/15/25	MYR	16,639,000		4,049,976
						4,049,976
Mexico – 0.05%
	Mexican Bonos
		8.50% 5/31/29	MXN	25,500,000		1,291,663
	Mexico Government
		International Bond
		4.40% 2/12/52		225,000		207,134
						1,498,797
Mongolia – 0.02%
	Mongolia Government
		International Bonds
		144A 3.50% 7/7/27
		#		200,000		181,958
		144A 5.625% 5/1/23
		#		306,000		308,676
						490,634
Morocco – 0.01%
	Morocco Government
		International Bond
		144A 2.375%
		12/15/27 #		300,000		274,494
						274,494

84

				Principal
				amount°	Value (US $)
Sovereign Bonds Δ(continued)
Nigeria – 0.02%
	Nigeria Government
		International Bond
		144A 7.875%
		2/16/32 #		537,000	$	510,357
						510,357
North Macedonia – 0.01%
	North Macedonia
		Government
		International Bond
		144A 3.675%
		6/3/26 #	EUR	150,000		165,992
						165,992
Oman – 0.02%
	Oman Government
		International Bonds
		144A 6.75% 1/17/48
		#		343,000		343,629
		7.375% 10/28/32		200,000		229,292
						572,921
Pakistan – 0.00%
	Pakistan Government
		International Bond
		144A 7.375%
		4/8/31 #		200,000		149,400
						149,400
Panama – 0.02%
	Panama Bonos del
		Tesoro
		3.362% 6/30/31		200,000		188,500
	Panama Government
		International Bond
		144A 3.75%
		4/17/26 #		363,000		365,178
						553,678
Paraguay – 0.03%
	Paraguay Government
		International Bonds
		144A 4.95% 4/28/31
		#		300,000		314,628
		144A 5.40% 3/30/50
		#		403,000		409,549
						724,177
Peru – 0.04%
	Peru Government
		Bond
		6.95% 8/12/31	PEN	663,000		185,035
	Peruvian Government
		International Bonds
		2.392% 1/23/26		323,000		314,017
	Peruvian Government
		International Bonds
		2.844% 6/20/30		512,000		492,109
		5.625% 11/18/50		35,000		44,570
						1,035,731
Philippines – 0.02%
	Philippine Government
		International Bonds
		3.229% 3/29/27		510,000		517,235
		3.70% 3/1/41		200,000		194,670
						711,905
Poland – 0.02%
	Republic of Poland
		Government Bond
		2.50% 4/25/24	PLN	2,487,000		558,815
						558,815
Qatar – 0.11%
	Qatar Government
		International Bonds
		144A 4.40% 4/16/50
		#		400,000		450,630
		5.103% 4/23/48		2,200,000		2,696,274
						3,146,904
Romania – 0.07%
	Romanian Government
		International Bonds
		144A 1.75% 7/13/30
		#	EUR	1,800,000		1,690,201
		144A 2.625%
		12/2/40 #	EUR	123,000		103,964
		144A 3.375%
		1/28/50 #	EUR	109,000		96,967
						1,891,132
Russia – 0.01%
	Russian Foreign
		Bonds - Eurobonds
		144A 4.25% 6/23/27
		#		600,000		150,000
		4.375% 3/21/29		200,000		40,000
		144A 5.25% 6/23/47
		#		200,000		48,000
						238,000
Saudi Arabia – 0.31%
	Saudi Government
		International Bonds
		144A 2.875% 3/4/23
		#		2,200,000		2,217,644
		144A 3.25%
		11/17/51 #		400,000		353,595

85

Schedules of investments
Optimum Fixed Income Fund

				Principal
				amount°	Value (US $)
Sovereign Bonds Δ(continued)
Saudi Arabia (continued)
	Saudi Government
		International Bonds
		144A 3.625% 3/4/28
		#		541,000	$	559,767
		4.50% 10/26/46		800,000		843,881
		144A 4.50%
		10/26/46 #		800,000		843,881
		144A 5.00% 4/17/49
		#		3,500,000		3,990,424
						8,809,192
Senegal – 0.01%
	Senegal Government
		International Bonds
		144A 5.375% 6/8/37
		#	EUR	200,000		188,401
		144A 6.75% 3/13/48
		#		210,000		181,984
						370,385
Serbia – 0.02%
	Serbia International
		Bonds
		144A 1.00% 9/23/28
		#	EUR	200,000		187,153
		144A 2.125%
		12/1/30 #		200,000		167,910
		144A 3.125%
		5/15/27 #	EUR	100,000		108,032
						463,095
South Africa – 0.13%
	Republic of South
		Africa Government
		International Bonds
		4.85% 9/30/29		3,200,000		3,136,762
		5.65% 9/27/47		200,000		175,129
		5.75% 9/30/49		200,000		175,252
		5.875% 6/22/30		268,000		281,131
						3,768,274
Spain – 0.15%
	Spain Government
		Bond
		0.00% 1/31/27	EUR	4,130,000		4,388,047
						4,388,047
Sri Lanka – 0.01%
	Sri Lanka Government
		International Bond
		144A 6.20%
		5/11/27 #		453,000		215,175
						215,175
Trinidad and Tobago – 0.01%
	Trinidad & Tobago
		Government
		International Bond
		144A 4.50%
		6/26/30 #		200,000		195,000
						195,000
Turkey – 0.03%
	Hazine Mustesarligi
		Varlik Kiralama
		144A 5.125%
		6/22/26 #		200,000		189,100
	Turkey Government
		International Bond
		7.625% 4/26/29		500,000		489,145
	Turkiye Ihracat Kredi
		Bankasi
		144A 5.75%
		7/6/26 #		350,000		321,379
						999,624
Ukraine – 0.01%
	Ukraine Government
		International Bond
		144A 7.75%
		9/1/26 #		804,000		349,861
						349,861
United Kingdom – 0.00%
	United Kingdom Gilt
		1.75% 9/7/22	GBP	100,000		131,963
						131,963
Uruguay – 0.06%
	Uruguay Government
		International Bonds
		4.375% 1/23/31		232,000		253,388
		8.50% 3/15/28	UYU	62,100,000		1,482,095
						1,735,483
Uzbekistan – 0.02%
	Republic of Uzbekistan
		International Bonds
		144A 3.90%
		10/19/31 #		200,000		177,210
		144A 5.375%
		2/20/29 #		448,000		450,240
						627,450
Total Sovereign Bonds
	(cost $76,140,214)					72,281,966

86

				Principal
				amount°	Value (US $)
Supranational Banks – 0.02%
	Banque Ouest
		Africaine de
		Developpement
		144A 2.75%
		1/22/33 #	EUR	200,000	$	204,968
		144A 5.00%
		7/27/27 #		406,000		410,430
Total Supranational Banks
	(cost $639,178)					615,398
US Treasury Obligations – 12.44%
	US Treasury Bonds
		1.25% 5/15/50		1,800,000		1,344,797
		1.375% 11/15/40		100,000		81,828
		1.625% 11/15/50		13,500,000		11,079,492
		1.75% 8/15/41		13,900,000		12,056,079
		1.875% 2/15/41		52,800,000		47,054,906
		1.875% 2/15/51		2,700,000		2,362,606
		1.875% 11/15/51		13,405,000		11,762,887
		2.00% 11/15/41		1,845,000		1,670,013
		2.00% 2/15/50		16,000,000		14,431,875
		2.00% 8/15/51		9,830,000		8,871,575
		2.25% 8/15/46		26,435,000		24,751,833
		2.25% 2/15/52		2,600,000		2,494,375
		2.50% 2/15/45		37,100,000		36,169,602
		2.75% 8/15/42		900,000		916,031
		2.75% 11/15/42		1,400,000		1,423,215
		2.875% 5/15/43		2,200,000		2,279,707
		2.875% 8/15/45		16,700,000		17,424,753
		3.00% 5/15/47		900,000		972,686
		3.00% 8/15/48		3,770,000		4,119,977
		3.125% 5/15/48		1,490,000		1,665,075
	US Treasury Floating
		Rate Note
		0.706%
		(USBMMY3M +
		0.035%) 10/31/23 ●		12,740,000		12,763,972
	US Treasury Notes
		0.50% 10/31/27		13,200,000		11,852,672
		1.50% 2/15/25		12,260,000		11,918,061
		1.875% 7/31/22		39,700,000		39,844,889
		1.875% 8/31/24 ∞		2,170,000		2,140,163
		1.875% 2/28/27		30,000		29,201
		2.00% 11/30/22		7,700,000		7,733,942
		2.00% 6/30/24		7,700,000		7,630,820
		2.125% 3/31/24 ∞		2,010,000		2,001,991
		2.125% 11/30/24		11,130,000		11,023,483
		2.25% 3/31/24		460,000		459,398
		2.25% 11/15/24		11,030,000		10,963,648
		2.375% 2/29/24 ∞		4,000,000		4,005,234
		2.375% 8/15/24 ∞		1,820,000		1,816,588
		2.50% 1/31/24 ∞		2,790,000		2,799,972
		2.50% 3/31/27		6,020,000		6,033,639
		2.625% 3/31/25		12,700,000		12,743,160
		2.875% 11/30/23 ∞		2,500,000		2,526,709
	US Treasury Strip
		Principal
		2.26% 5/15/44 ^		4,290,000		2,395,300
Total US Treasury Obligations
	(cost $377,319,305)					353,616,154
				Number of
				shares
Common Stocks – 0.03%
Communication Services – 0.00%
	Century
		Communications =,
		†		1,975,000		0
						0
Consumer Discretionary – 0.03%
	Aeromexico Rights =			50,210		820,682
						820,682
Total Common Stocks
	(cost $880,502)					820,682
Preferred Stock – 0.01%
	General Electric
		4.156% (LIBOR03M
		+ 3.33%) ω, ●		300,000		288,750
Total Preferred Stock
	(cost $299,875)					288,750
				Number of
				contracts
Options Purchased – 0.09%
Foreign Currency Put Options – 0.01%
	GBP vs JPY, strike
		price $148.00,
		expiration date
		8/23/22, notional
		amount
		$3,843,560,000 (JPMCB)		25,970,000		247,201
	AUD vs JPY, strike
		price $78.00,
		expiration date
		8/23/22, notional
		amount
		$3,376,230,000 (JPMCB)		43,285,000		135,909
						383,110

87

Schedules of investments
Optimum Fixed Income Fund

			Notional
			amount	Value (US $)
Put Swaptions – 0.08%
	30 yr IRS pay a fixed
		rate 2.06% and
		receive a floating
		rate based on
		3-month USD-ICE
		LIBOR expiration
		date 10/25/23
		(BOFA)	15,500,000	$	1,728,994
	30 yr IRS pay a fixed
		rate 2.102% and
		receive a floating
		rate based on
		3-month USD-ICE
		LIBOR expiration
		date 9/15/23 (MS)	4,800,000		502,675
Options Purchased
	(premium paid $1,994,638)				2,614,779
			Number of
			shares
Short-Term Investments – 27.99%
Money Market Mutual Funds – 1.84%
	BlackRock FedFund –
		Institutional Shares
		(seven-day effective
		yield 0.23%)	13,058,402		13,058,402
	Fidelity Investments
		Money Market
		Government
		Portfolio – Class I
		(seven-day effective
		yield 0.12%)	13,058,402		13,058,402
	GS Financial Square
		Government Fund –
		Institutional Shares
		(seven-day effective
		yield 0.25%)	13,058,402		13,058,402
	Morgan Stanley
		Government
		Portfolio –
		Institutional Share
		Class (seven-day
		effective yield
		0.23%)	13,058,402		13,058,402
					52,233,608
Repurchase Agreements – 24.98%
	US Treasury
		repurchase
		agreement with
		BNP Paribas 0.28%,
		dated 3/31/22, to be
		repurchased 4/1/22,
		repurchase price
		$111,100,864 (collateralized
		by US government
		obligation; 1.625%
		11/15/50; market
		value $113,467,740)	111,100,000		111,100,000
	US Treasury
		repurchase
		agreement with
		Standard Chartered
		Bank 0.28%, dated
		3/30/22, to be
		repurchased 4/1/22,
		repurchase price
		$241,901,881 (collateralized
		by US government
		obligations; 1.875%
		-4.375% 5/15/40
		-2/15/41; market
		value $248,089,494)	241,900,000		241,900,000
	US Treasury
		repurchase
		agreement with
		Standard Chartered
		Bank 0.28%, dated
		3/31/22, to be
		repurchased 4/4/22,
		repurchase price
		$357,108,332 (collateralized
		by US government
		obligations; 1.375%
		-3.875% 8/15/40
		-5/15/51; market
		value $365,699,364)	357,100,000		357,100,000
					710,100,000
US Treasury Obligations – 1.17%≠
	US Cash Management
		Bills
		0.487% 6/28/22 ^	10,600,000		10,586,708
		0.649% 7/19/22 ^	14,700,000		14,670,179

88

			Principal
			amount°	Value (US $)
US Treasury Obligations (continued)
	US Treasury Bill
		0.456% 6/16/22 ∞	8,000,000	$	7,993,075
					33,249,962
Total Short-Term Investments
	(cost $795,584,492)				795,583,570
Total Value of Securities Before
	Options Written—121.72%
	(cost $3,580,821,793)				3,460,260,815

			Number of
			contracts
Options Written — (0.28%)
Foreign Currency Put Options — (0.01%)
	AUD vs JPY, strike
		price $72.00,
		expiration date
		8/23/22, notional
		amount
		($3,116,520,000)
		(JPMCB)	(43,285,000)	(60,181)
	GBP vs JPY, strike
		price $140.00,
		expiration date
		8/23/22, notional
		amount
		($3,635,800,000)
		(JPMCB)	(25,970,000)	(104,120)
				(164,301)
Interest Call Options — (0.00%)
	Fannie Mae strike
		price $98.39,
		expiration date
		5/5/22,
		notional amount
		($305,010,938)	(3,100,000)	(1,984)
	Fannie Mae strike
		price $98.62,
		expiration date
		5/5/22,
		notional amount
		($246,542,970)	(2,500,000)	(1,213)
	Fannie Mae strike
		price $99.62,
		expiration date
		6/6/22,
		notional amount
		($298,851,564)	(3,000,000)	(8,070)
				(11,267)
Interest Put Options — (0.00%)
	Fannie Mae strike
		price $100.41,
		expiration date
		4/6/22,
		notional amount
		($210,869,532)	(2,100,000)	(50,068)
	Fannie Mae strike
		price $97.62,
		expiration date
		6/6/22,
		notional amount
		($292,851,564)	(3,000,000)	(32,526)
				(82,594)

			Notional
			amount
Call Swaptions — (0.01%)
	1 yr IRS pay a fixed
		rate 0.55% and
		receive a floating
		rate based on
		3-month EURIBOR
		expiration date
		3/31/23 (BNP)	(66,200,000)	(109,850)
	1 yr IRS pay a fixed
		rate 0.87% and
		receive a floating
		rate based on
		3-month USD-ICE
		LIBOR expiration
		date 11/2/22 (GS)	(156,100,000)	(23,103)
	2 yr IRS pay a fixed
		rate 0.35% and
		receive a floating
		rate based on
		3-month EURIBOR
		expiration date
		8/8/22 (DB)	(1,500,000)	(2,584)

89

Schedules of investments
Optimum Fixed Income Fund

			Notional
			amount	Value (US $)
Call Swaptions (continued)
	5 yr IRS pay a fixed
		rate 0.45% and
		receive a floating
		rate based on
		3-month EURIBOR
		expiration date
		4/8/22 (JPMCB)	(3,800,000)	$	(8)
	5 yr IRS pay a fixed
		rate 0.50% and
		receive a floating
		rate based on
		3-month EURIBOR
		expiration date
		4/7/22 (BNP)	(1,900,000)		(39,671)
	5 yr IRS pay a fixed
		rate 0.50% and
		receive a floating
		rate based on
		3-month EURIBOR
		expiration date
		5/11/22 (GS)	(4,100,000)		(3,243)
	5 yr IRS pay a fixed
		rate 0.50% and
		receive a floating
		rate based on
		3-month EURIBOR
		expiration date
		5/16/22 (CITI)	(2,000,000)		(1,861)
					(180,320)
Put Swaptions — (0.26%)
	1 yr IRS pay a fixed
		rate 1.27% and
		receive a floating
		rate based on
		3-month USD-ICE
		LIBOR expiration
		date 11/2/22 (GS)	(156,100,000)		(2,545,523)
	1 yr IRS pay a fixed
		rate 2.10% and
		receive a floating
		rate based on
		3-month EURIBOR
		expiration date
		3/31/23 (BNP)	(66,200,000)		(145,003)
	2 yr IRS pay a fixed
		rate 0.55% and
		receive a floating
		rate based on
		3-month EURIBOR
		expiration date
		8/8/22 (DB)	(1,500,000)		(11,954)
	5 yr IRS pay a fixed
		rate 0.65% and
		receive a floating
		rate based on
		3-month EURIBOR
		expiration date
		4/8/22 (JPMCB)	(3,800,000)		(49,070)
	5 yr IRS pay a fixed
		rate 0.70% and
		receive a floating
		rate based on
		3-month EURIBOR
		expiration date
		4/7/22 (BNP)	(1,900,000)		(19,516)
	5 yr IRS pay a fixed
		rate 1.00% and
		receive a floating
		rate based on
		3-month EURIBOR
		expiration date
		5/11/22 (GS)	(4,100,000)		(23,073)
	5 yr IRS pay a fixed
		rate 1.00% and
		receive a floating
		rate based on
		3-month EURIBOR
		expiration date
		5/16/22 (CITI)	(2,000,000)		(12,350)
	5 yr IRS pay a fixed
		rate 1.96% and
		receive a floating
		rate based on
		3-month USD-ICE
		LIBOR expiration
		date 9/15/23 (MS)	(24,000,000)		(924,168)

90

			Notional
			amount	Value (US $)
Put Swaptions (continued)
	5 yr IRS pay a fixed
		rate 2.00% and
		receive a floating
		rate based on
		3-month USD-ICE
		LIBOR expiration
		date 10/25/23
		(BOFA)	(77,500,000)	$	(2,907,102)
	10 yr IRS pay a fixed
		rate 1.853% and
		receive a floating
		rate based on
		3-month USD-ICE
		LIBOR expiration
		date 5/16/22 (MS)	(9,900,000)		(282,724)
	10 yr IRS pay a fixed
		rate 1.875% and
		receive a floating
		rate based on
		3-month USD-ICE
		LIBOR expiration
		date 7/13/22 (DB)	(16,200,000)		(549,277)
	CDX.ITRX.EUR 36
		5 yr strike price
		$4.00, expiration
		date 4/20/22
		(JPMCB)	(11,000,000)		(14,809)
	CDX.ITRX.EUR 36
		5 yr strike price
		$4.00, expiration
		date 4/20/22 (MS)	(8,800,000)		(11,847)
	CDX.ITRX.EUR 36
		5 yr strike price
		$4.25, expiration
		date 4/20/22
		(BOFA)	(14,000,000)		(13,846)
	CDX.NA.HY 37 5 yr
		strike price $100.00,
		expiration date
		4/20/22 (MS)	(1,600,000)		(870)
	CDX.NA.HY 37 5 yr
		strike price $101.00,
		expiration date
		4/20/22 (MS)	(5,500,000)		(3,636)
	CDX.NA.IG 37 5 yr
		strike price $0.85,
		expiration date
		5/18/22 (CITI)	(14,500,000)		(8,744)
	CDX.NA.IG 37 5 yr
		strike price $0.85,
		expiration date
		5/18/22 (JPMCB)	(7,700,000)		(4,643)
	CDX.NA.IG 37 5 yr
		strike price $0.90,
		expiration date
		4/20/22 (BOFA)	(14,600,000)		(2,015)
	CDX.NA.IG 37 5 yr
		strike price $0.90,
		expiration date
		4/20/22 (JPMCB)	(3,200,000)		(442)
	CDX.NA.IG 37 5 yr
		strike price $0.90,
		expiration date
		5/18/22 (BOFA)	(28,900,000)		(14,190)
	CDX.NA.IG 37 5 yr
		strike price $0.95,
		expiration date
		5/18/22 (DB)	(5,600,000)		(2,268)
	CDX.NA.IG 37 5 yr
		strike price $1.20,
		expiration date
		6/15/22 (MS)	(1,800,000)		(720)
					(7,547,790)
Total Options Written
	(premium received $3,050,852)				(7,986,272)

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
=	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.”
∞	Fully or partially pledged as collateral for options, futures and swap contracts.
~	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, 2022.
∆	Securities have been classified by country of risk.
X	This loan will settle after March 31, 2022, 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.
>	PIK. 40.98% of the income received was in cash and 59.02% was in principal.
†	Non-income producing security.

91

Schedules of investments
Optimum Fixed Income Fund

ω	Perpetual security with no stated maturity date.
µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at March 31, 2022. Rate will reset at a future date.
◆	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.
^	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, 2022. 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, 2022, the aggregate value of Rule 144A securities was $610,742,296, which represents 21.48% of the Fund's net assets. See Note 10 in “Notes to financial statements.”
ψ	Perpetual security. Maturity date represents next call date.
≠	The rate shown is the effective yield at the time of purchase.

The following foreign currency exchange contracts, futures contracts, and swap contracts were outstanding at March 31, 2022:¹

Foreign Currency Exchange Contracts

	Currency to						Settlement		Unrealized		Unrealized
Counterparty	Receive (Deliver)			In Exchange For			Date		Appreciation		Depreciation
BAML	AUD	(2,823,567	)	USD	2,113,363		4/4/22	$	402	$	—
BAML	AUD	2,823,567		USD	(2,114,004	)	5/3/22		—		(240	)
BAML	CAD	(667,000	)	USD	526,037		4/4/22		—		(7,494	)
BAML	COP	1,508,200,000		USD	(400,000	)	4/25/22		—		(1,591	)
BAML	DKK	(53,335,000	)	USD	8,201,551		4/1/22		269,430		—
BAML	DKK	56,990,000		USD	(8,504,860	)	4/1/22		—		(29,156	)
BAML	DKK	(56,990,000	)	USD	8,534,229		7/1/22		26,958		—
BAML	EUR	98,529,000		USD	(109,915,907	)	4/4/22		—		(906,379	)
BAML	EUR	(98,529,000	)	USD	110,011,579		5/3/22		902,662		—
BAML	GBP	241,000		USD	(316,853	)	4/4/22		—		(276	)
BAML	ZAR	28,618,000		USD	(1,867,885	)	6/15/22		71,265		—
BAML	ZAR	19,429,064		USD	(1,223,608	)	11/8/22		70,387		—
BNP	BRL	(42,700,000	)	USD	7,351,168		4/4/22		—		(1,606,367	)
BNP	BRL	1,910,000		USD	(375,024	)	7/5/22		15,121		—
BNP	CAD	(550,000	)	USD	440,691		4/4/22		747		—
BNP	DKK	(31,490,000	)	USD	4,887,725		4/1/22		204,450		—
BNP	EUR	(98,529,000	)	USD	110,809,876		4/4/22		1,800,347		—
BNP	GBP	13,514,000		USD	(17,793,208	)	4/4/22		—		(41,191	)
BNP	GBP	(13,755,000	)	USD	18,460,754		4/4/22		392,159		—

92

Foreign Currency Exchange Contracts

	Currency to						Settlement		Unrealized		Unrealized
Counterparty	Receive (Deliver)			In Exchange For			Date		Appreciation		Depreciation
BNP	GBP	(13,514,000	)	USD	17,789,767		5/4/22	$	40,744	$	—
BNP	JPY	2,420,280		USD	(19,583	)	4/4/22		299		—
BNP	JPY	1,779,321,731		USD	(14,668,422	)	5/6/22		—		(41,428	)
BNP	MXN	(425,000	)	USD	20,407		5/4/22		—		(831	)
BNP	MXN	(18,829,000	)	USD	900,159		7/1/22		—		(30,765	)
BNP	MXN	(11,297,000	)	USD	514,292		8/9/22		—		(40,002	)
BNP	ZAR	7,965,690		USD	(503,826	)	5/16/22		38,018		—
BNP	ZAR	32,392,222		USD	(2,028,748	)	8/16/22		149,830		—
BNP	ZAR	17,180,265		USD	(1,071,354	)	11/8/22		72,869		—
CITI	BRL	(42,360,416	)	USD	8,812,235		4/4/22		—		(74,064	)
CITI	BRL	60,530,217		USD	(12,494,110	)	5/3/22		102,430		—
CITI	DKK	(87,415,000	)	USD	13,626,074		4/1/22		625,488		—
CITI	MXN	3,628,000		USD	(167,182	)	4/18/22		14,647		—
CITI	MXN	(5,607,000	)	USD	265,701		6/15/22		—		(12,299	)
DB	CAD	(820,000	)	USD	645,338		4/4/22		—		(10,577	)
DB	DKK	155,819,571		USD	(23,051,178	)	4/1/22		122,724		—
DB	DKK	(155,238,234	)	USD	23,051,178		7/1/22		—		(122,255	)
JPMCB	AUD	5,164,000		USD	(3,714,563	)	4/4/22		149,817		—
JPMCB	BRL	85,060,416		USD	(16,568,289	)	4/4/22		1,275,544		—
JPMCB	BRL	(1,910,000	)	USD	347,576		7/5/22		—		(42,569	)
JPMCB	BRL	(40,000,000	)	USD	6,934,804		10/4/22		—		(1,025,897	)
JPMCB	DKK	(44,510,000	)	USD	6,905,680		4/1/22		286,038		—
JPMCB	EUR	(6,000,000	)	USD	6,661,020		4/4/22		22,800		—
JPMCB	EUR	(4,950,000	)	USD	5,611,270		5/20/22		125,514		—
JPMCB	EUR	(1,114,000	)	USD	1,226,253		6/24/22		—		(10,380	)
JPMCB	INR	24,063,939		USD	(311,433	)	5/20/22		3,195		—
JPMCB	KRW	(128,675,037	)	USD	104,764		5/20/22		—		(1,074	)
JPMCB	MXN	(6,544,000	)	USD	315,236		5/4/22		—		(11,788	)
JPMCB	PEN	(688,800	)	USD	182,996		6/24/22		—		(2,792	)
TD	EUR	(5,570,000	)	USD	6,275,124		5/20/22		102,263		—
Total Foreign Currency Exchange Contracts								$	6,886,148	$	(4,019,415	)

Futures Contracts
Exchange-Traded

															Variation
															Margin
						Notional				Value/		Value/			Due from
			Notional			Cost		Expiration		Unrealized		Unrealized			(Due to)
Contracts to Buy (Sell)			Amount			(Proceeds)		Date		Appreciation		Depreciation			Brokers
126	Euro-BTP	$	19,278,685		$	20,056,170			6/8/22	$	—	$	(777,485	)	$	172,141
(77)	Euro-Bund		(13,514,857	)		(13,947,064	)		6/8/22		432,207		—			(132,328	)
(25)	Long 10 yr Gilt		(3,981,345	)		(4,026,731	)		6/28/22		45,386		—			(13,782	)
137	US Treasury 3 yr Notes		29,891,688			30,463,397			6/30/22		—		(571,709	)		33,180
2,250	US Treasury 5 yr Notes		258,046,875			265,360,871			6/30/22		—		(7,313,996	)		316,395
	US Treasury 10 yr
957	Notes		117,591,375			121,040,501			6/21/22		—		(3,449,126	)		239,250
	US Treasury 10 yr
(47)	Notes		(5,775,125	)		(5,940,978	)		6/21/22		165,853		—			(39,032	)
	US Treasury 10 yr Ultra
(277)	Notes		(37,524,844	)		(38,771,023	)		6/21/22		1,246,179		—			(112,531	)

93

Schedules of investments
Optimum Fixed Income Fund

Futures Contracts
Exchange-Traded

															Variation
															Margin
						Notional				Value/		Value/			Due from
			Notional			Cost		Expiration		Unrealized		Unrealized			(Due to)
Contracts to Buy (Sell)			Amount			(Proceeds)		Date		Appreciation		Depreciation			Brokers
	US Treasury Long
505	Bonds	$	75,781,563		$	78,069,424			6/21/22	$	—	$	(2,287,861	)	$	315,625
	US Treasury Long
(2)	Bonds		(300,125	)		(308,823	)		6/21/22		8,698		—			(1,250	)
	US Treasury Ultra
(293)	Bonds		(51,897,625	)		(53,562,701	)		6/21/22		1,665,076		—			(311,313	)
Total Futures Contracts					$	398,433,043				$	3,563,399	$	(14,400,177	)	$	466,355

Swap Contracts

CDS Contracts²

Counterparty/								Upfront
Reference Obligation/								Payments								Variation Margin
Termination Date/		Notional	Annual Protection					Paid			Unrealized		Unrealized			Due from
Payment Frequency		Amount3	Payments		Value			(Received)			Appreciation4		Depreciation4			(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%	$	15,145		$	22,901		$	—	$	(7,756	)	$	(21,493	)
Boeing 2.60%
	10/20/25 Baa3
	12/20/26-Quarterly	4,100,000		1.000%		(84,052	)		(21,714	)		—		(62,338	)		(18,598	)
Boeing 2.60%
	10/30/25 Baa2
	6/20/23-Quarterly	1,400,000		1.000%		2,590			2,472			118		—			(5,248	)
Boeing 2.60%
	10/30/25 Baa2
	6/26/26-Quarterly	700,000		1.000%		(10,502	)		(4,370	)		—		(6,132	)		(4,925	)
British Telecom 2.70%
	10/9/22 Baa1 12/20/28-
	Quarterly	EUR 1,600,000		1.000%		(39,757	)		(77,471	)		37,714		—			(363	)
British Telecom 5.75%
	12/7/28 Baa2
	12/20/24-Quarterly	EUR 2,800,000		1.000%		40,686			52,139			—		(11,453	)		(45,718	)
CDX.ITRX.EUR.345
	12/20/25-Quarterly	EUR 8,000,000		1.000%		158,400			209,752			—		(51,352	)		(16,225	)
CDX.ITRX.EUR.345
	12/20/26-Quarterly	EUR 6,300,000		1.000%		111,061			165,060			—		(53,999	)		102,732
CDX.ITRX.EUR.355
	6/20/26-Quarterly	EUR 1,400,000		1.000%		25,697			35,681			—		(9,984	)		(238,124	)
CDX.ITRX.EUR.375
	6/21/27-Quarterly	EUR 1,700,000		1.000%		25,702			25,776			—		(74	)		26,313
CDX.NA.HY.376
	12/20/26-Quarterly	8,500,000		5.000%		540,238			650,388			—		(110,150	)		(331,261	)

94

Counterparty/						Upfront
Reference Obligation/						Payments								Variation Margin
Termination Date/	Notional	Annual Protection				Paid			Unrealized		Unrealized			Due from
Payment Frequency	Amount3	Payments	Value			(Received)			Appreciation4		Depreciation4			(Due to) Brokers
Protection Sold
Moody's Ratings
(continued):
CDX.NA.HY.386
6/21/27-Quarterly	1,400,000	5.000%	$	77,637		$	69,060		$	8,577	$	—		$	(36,658	)
CDX.NA.IG.357 12/20/25-
Quarterly	400,000	1.000%		7,323			7,860			—		(537	)		(191,769	)
CDX.NA.IG.367
6/20/26-Quarterly	1,900,000	1.000%		34,497			39,839			—		(5,342	)		(382,365	)
CDX.NA.IG.377
12/20/26-Quarterly	14,500,000	1.000%		250,669			309,869			—		(59,200	)		340,421
CDX.NA.IG.387
6/21/27-Quarterly	14,800,000	1.000%		239,322			210,507			28,815		—			21,939
General Electric 2.70%
10/9/22 Baa1
12/20/26-Quarterly	1,200,000	1.000%		10,393			12,272			—		(1,879	)		11,341
General Electric 2.70%
10/9/22 Baa1 6/20/26-
Quarterly	600,000	1.000%		6,827			4,897			1,930		—			3,428
General Motors 5.70%
10/9/22 Baa1 12/20/26-
Quarterly	600,000	5.000%		85,715			106,873			—		(21,158	)		1,014
Stellantis 5.00%
1/11/21 Baa3 6/20/26-
Quarterly	EUR 3,100,000	5.000%		538,964			623,068			—		(84,104	)		116,667
Telefonica
Emisiones 1.00%
5/12/20 Baa3
6/20/28-Quarterly	EUR 1,300,000	1.000%		2,412			995			1,417		—			(14,990	)
Tesco 1.00%
6/25/19 Baa3
6/20/28-Quarterly	EUR 2,700,000	1.000%		17,582			721			16,861		—			(25,189	)
Valeo 1.00% Baa3
6/20/26-Quarterly	EUR 400,000	1.000%		(18,106	)		(6,059	)		—		(12,047	)		(287,164	)
Valeo 1.00% Baa3
6/20/28-Quarterly	EUR 3,000,000	1.000%		(315,059	)		(123,069	)		—		(191,990	)		(15,441	)
				1,723,384			2,317,447			95,432		(689,495	)		(1,011,676	)
Over-The-Counter:
Protection Purchased/
Moody’s Ratings:
JPMCB Mexico 10.375%
1/28/33 Baa2
6/22/26-Quarterly	2,085,000	1.000%		(18,557	)		13,177			—		(31,734	)		—
JPMCB Republic of Brazil
4.25% 1/7/25 Ba2
6/20/26-Quarterly	2,570,000	1.000%		71,691			68,627			3,064		—			—

95

Schedules of investments
Optimum Fixed Income Fund

Counterparty/						Upfront
Reference Obligation/						Payments								Variation Margin
Termination Date/	Notional	Annual Protection				Paid			Unrealized		Unrealized			Due from
Payment Frequency	Amount3	Payments	Value			(Received)			Appreciation4		Depreciation4			(Due to) Brokers
Protection Sold
Moody's Ratings:
BAML Republic of
Colombia 10.375%
1/28/33 Baa2 6/20/22-
Quarterly	250,000	1.000%	$	347		$	(167	)	$	514	$	—		$	—
CITI Republic of Brazil
4.25% 1/7/25 Ba2
6/20/22-Quarterly	100,000	1.000%		126			(277	)		403		—			—
CITI Republic of Colombia
10.375% 1/28/33
Baa2 12/20/24-
Quarterly	200,000	1.000%		(748	)		405			—		(1,153	)		—
DB CMBX.NA.AAA8
10/17/57-Monthly	14,200,000	0.500%		77,582			(818,139	)		895,721		—			—
GSC Republic of Brazil
4.25% 1/7/25 Ba2
6/20/22-Quarterly	500,000	1.000%		631			(1,423	)		2,054		—			—
JPMCB HOCHTIEF
1.00% 3/7/25 BBB
12/20/26-Quarterly	EUR 1,100,000	5.000%		213,491			237,352			—		(23,861	)		—
JPMCB HOCHTIEF
5.00% 3/7/25 BBB
12/20/26-Quarterly	EUR 1,100,000	5.000%		213,491			235,422			—		(21,931	)		—
JPMCB Republic of South
Africa 5.50%
3/9/20 Baa3
12/20/23-Quarterly	700,000	1.000%		1,143			(11,636	)		12,779		—			—
				559,197			(276,659	)		914,535		(78,679	)		—
Total CDS Contracts			$	2,282,581		$	2,040,788		$	1,009,967	$	(768,174	)	$	(1,011,676	)

IRS Contracts9
Reference
Obligation/		Fixed/
Termination Date/		Floating
Payment		Interest				Upfront
Frequency		Rate				Payments								Variation Margin
(Fixed Rate/		Paid				Paid			Unrealized		Unrealized			Due from
Floating Rate)	Notional Amount3	(Received)	Value			(Received)			Appreciation4		Depreciation4			(Due to) Brokers
Centrally Cleared:
1 yr IRS10 3/24/23-
(28 Days/		(4.797)%/
28 Days)	MXN 1,450,000,000	5.66%	$	(1,795,694	)	$	(41,577	)	$	—	$	(1,754,117	)	$	(61,208	)
2 yr IRS113/30/23-
(Semiannually/		0.25%/
Quarterly)	7,600,000	(0.132)%		125,408			(3,390	)		128,798		—			13,034
2 yr IRS12 1/2/23-
(At Maturity/ At		6.789%/
Maturity)	BRL 166,400,000	(11.65)%		(1,595,083	)		(79,800	)		—		(1,515,283	)		(682,280	)

96

IRS Contracts9
Reference
Obligation/		Fixed/
Termination Date/		Floating
Payment		Interest				Upfront
Frequency		Rate				Payments								Variation Margin
(Fixed Rate/		Paid				Paid			Unrealized		Unrealized			Due from
Floating Rate)	Notional Amount3	(Received)	Value			(Received)			Appreciation4		Depreciation4			(Due to) Brokers
Centrally Cleared (continued):
2 yr IRS13 6/17/22-
(Semiannually/		(1.50)%/
Semiannually)	CAD 4,000,000	0.448%	$	2,796		$	8,196		$	—	$	(5,400	)	$	(69,474	)
3 yr IRS12 1/2/24-
(At Maturity/ At		7.515%/
Maturity)	BRL 11,870,000	(11.65)%		(162,809	)		2,262			—		(165,071	)		(130,610	)
5 yr IRS11 2/18/26-
(Quarterly/		(0.64)%/
Semiannually)	42,100,000	0.125%		(2,967,343	)		(283,175	)		—		(2,684,168	)		240,268
5 yr IRS13 3/3/25-
(Semiannually/		(1.29)%/
Semiannually)	CAD 800,000	0.45%		(26,921	)		3,528			—		(30,449	)		(1,683	)
5 yr IRS13 3/3/25-
(Semiannually/		(1.275)%/
Semiannually)	CAD 2,600,000	0.45%		(88,373	)		10,526			—		(98,899	)		(4,304	)
5 yr IRS13 3/3/25-
(Semiannually/		(1.276)%/
Semiannually)	CAD 1,600,000	0.45%		(54,347	)		6,516			—		(60,863	)		(2,180	)
5 yr IRS13 3/3/25-
(Semiannually/		(1.22)%/
Semiannually)	CAD 2,900,000	0.45%		(102,163	)		7,898			—		(110,061	)		(2,971	)
5 yr IRS13 3/4/25-
(Semiannually/		(1.235)%/
Semiannually)	CAD 20,500,000	0.45%		(715,252	)		63,059			—		(778,311	)		(31,071	)
5 yr IRS13 6/16/26-
(Semiannually/		(1.00)%/
Semiannually)	CAD 30,300,000	0.45%		(1,728,054	)		(374,381	)		—		(1,353,673	)		(180,487	)
5 yr IRS14 9/16/25-
(Annually/		0.50%/
Annually)	GBP 5,700,000	(0.05)%		368,067			(41,272	)		409,339		—			(207,962	)
5 yr IRS14 9/21/27-
(Annually/		0.50%/
Annually)	GBP 28,500,000	(0.05)%		2,481,917			2,296,620			185,297		—			1,033,809
6 yr IRS12 1/4/27-
(At Maturity/ At		10.12%/
Maturity)	BRL 6,600,000	(11.65)%		61,599			—			61,599		—			111,316
6 yr IRS12 1/4/27-
(At Maturity/ At		11.065%/
Maturity)	BRL 32,100,000	(11.65)%		(4,028	)		—			—		(4,028	)		55,687
6 yr IRS12 1/4/27-
(At Maturity/ At		10.995%/
Maturity)	BRL 67,700,000	(11.65)%		(55,791	)		—			—		(55,791	)		98,229
6 yr IRS12 1/4/27-
(At Maturity/ At		11.098%/
Maturity)	BRL 32,400,000	(11.65)%		(5,282	)		—			—		(5,282	)		55,684

97

Schedules of investments
Optimum Fixed Income Fund

IRS Contracts9
Reference
Obligation/		Fixed/
Termination Date/		Floating
Payment		Interest				Upfront
Frequency		Rate				Payments								Variation Margin
(Fixed Rate/		Paid				Paid			Unrealized		Unrealized			Due from
Floating Rate)	Notional Amount3	(Received)	Value			(Received)			Appreciation4		Depreciation4			(Due to) Brokers
Centrally Cleared (continued):
7 yr IRS11
12/16/22-
(Semiannually/		2.25%/
Quarterly)	41,600,000	(0.118)%	$	(192,944	)	$	(1,335,081	)	$	1,142,137	$	—		$	1,555,174
10 yr IRS11
10/1/31-
(Quarterly/		(1.80)%/
Semiannually)	8,600,000	0.131%		(443,814	)		118,492			—		(562,306	)		(75,144	)
Total IRS Contracts			$	(6,898,111	)	$	358,421		$	1,927,170	$	(9,183,702	)	$	1,713,827

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 the 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.

1	See Note 7 in “Notes to financial statements."
2	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.
3	Notional amount shown is stated in USD unless noted that the swap is denominated in another currency.
4	Unrealized appreciation (depreciation) does not include periodic interest payments (receipt) on swap contracts accrued daily in the amount of $(1,178,479).
5	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.
6	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.
7	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.
8	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.
9	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.
10	Rate resets based on MXIBTIIE.
11	Rate resets based on LIBOR03M.
12	Rate resets based on Brazil CETIP Interbank Deposit.
13	Rate resets based on CDOR06M.
14	Rate resets based on BP0012M.

Summary of abbreviations:
ABS – Asset-Backed Security
ARM – Adjustable Rate Mortgage

98

Summary of abbreviations: (continued)
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
CDOR06M – 6 Month Canadian Dollar Offered Rate
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
CMBX.NA – Commercial Mortgage-Backed Index North America
COF 11 – Cost of Funds for the 11th District of San Francisco
DAC – Designated Activity Company
DB – Deutsche Bank
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.
MS – Morgan Stanley
MXIBTIIE – Mexico 28 days interbank rate
PIK – Payment-in-kind
PJSC – Private Joint Stock Company
REMIC – Real Estate Mortgage Investment Conduit

Summary of abbreviations: (continued)
S.F. – Single Family
SOFR – Secured Overnight Financing Rate
SOFR01M – Secured Overnight Financing Rate 1 Month
SOFR03M – Secured Overnight Financing Rate 3 Month
SONIA3M – 3 Month Sterling Overnight Indexed Average
TBA – To be announced
TBD – To be determined
TD – TD Bank
TSFR03M – 3 Month Term Secured Overnight Financing Rate
USBMMY3M – US Treasury 3 Month Bill Money Market Yield
yr – Year

Summary of currencies:
AUD – Australian Dollar
BRL – Brazilian Real
CAD – Canadian Dollar
CLP – Chilean Peso
COP – Colombian Peso
CZK – Czech Koruna
DKK – Danish Krone
EUR – European Monetary Unit
GBP – British Pound Sterling
HUF – Hungarian Forint
IDR – Indonesian Rupiah
INR – Indian Rupee
JPY – Japanese Yen
KRW – South Korean Won
MXN – Mexican Peso
MYR – Malaysian Ringgit
PEN – Peruvian Sol
PLN – Polish Zloty
USD – US Dollar
UYU – Uruguayan Peso
ZAR – South African Rand

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

99

Schedules of investments
Optimum International Fund

March 31, 2022

		Number of
		shares	Value (US $)
Common Stocks – 96.99%∆
Australia – 4.60%
	Australian Clinical Labs	32,563	$	124,777
	Base Resources	216,665		56,746
	BHP Group	27,890		1,075,089
	BlueScope Steel	352,361		5,479,249
	Cochlear	30,282		5,055,915
	DGL Group †	11,007		26,843
	EBOS Group	10,462		299,665
	Enero Group	23,974		69,554
	GrainCorp Class A	27,532		174,236
	Imdex	48,464		98,146
	Incitec Pivot	298,052		843,702
	Lynas Rare Earths †	551,029		4,393,051
	Metals X †	66,900		34,511
	Nufarm	262,892		1,238,594
	Perseus Mining	195,584		287,301
	Rio Tinto	125,549		10,037,211
	South32	2,417,891		9,191,081
	Wagners Holding †	20,675		22,867
	Whitehaven Coal	1,323,156		4,108,782
				42,617,320
Austria – 0.83%
	ANDRITZ	29,128		1,345,242
	AT&S Austria Technologie &
	Systemtechnik	505		27,945
	EVN	10,863		280,039
	OMV	124,791		5,962,825
	Raiffeisen Bank International	6,398		90,833
	Zumtobel Group	4,204		34,089
				7,740,973
Belgium – 0.39%
	Umicore	83,772		3,621,244
				3,621,244
Brazil – 2.26%
	Dexco	44,610		137,549
	ERO Copper †	9,300		136,210
	Marfrig Global Foods	327,900		1,473,847
	MercadoLibre †	15,308		18,208,560
	Transmissora Alianca de Energia
	Eletrica	98,100		912,376
	Unipar Carbocloro	3,704		76,335
				20,944,877
Canada – 3.17%
	Advantage Energy †	41,200		287,047
	Alaris Equity Partners Income	10,277		166,139
	Aritzia †	2,600		106,130
	Artis Real Estate Investment Trust	3,564		37,261
	Baytex Energy †	109,700		478,235
	Birchcliff Energy	12,927		86,445
	Bird Construction	33,900		247,576
	Black Diamond Group	5,800		22,780
	Canadian Natural Resources	23,600		1,461,325
	Canfor †	12,800		263,751
	Capstone Copper †	106,600		602,857
	Cardinal Energy †	4,304		26,303
	Celestica †	54,897		652,976
	CI Financial	14,700		233,526
	Colliers International Group	286		37,294
	Constellation Software	3,251		5,557,243
	Crew Energy †	70,025		290,149
	Dexterra Group	7,500		47,154
	E-L Financial	100		70,632
	Fairfax Financial Holdings	1,700		927,449
	Finning International	24,800		746,688
	Gildan Activewear	59,500		2,231,696
	iA Financial	5,000		304,003
	Imperial Oil	13,000		629,124
	International Petroleum †	9,098		85,774
	Intertape Polymer Group	4,366		138,578
	Linamar	4,800		213,363
	MEG Energy †	13,000		177,507
	Methanex	14,000		763,412
	Neo Performance Materials	1,900		23,132
	North West	682		20,894
	NuVista Energy †	90,543		765,540
	Obsidian Energy †	49,400		437,829
	Parex Resources	30,100		617,578
	Pason Systems	3,600		44,087
	Peyto Exploration & Development	1,507		15,285
	PHX Energy Services	10,600		56,046
	Pizza Pizza Royalty	5,900		66,544
	Primaris Real Estate Investment
	Trust	15,600		193,292
	Richelieu Hardware	7,097		258,527
	Ritchie Bros Auctioneers	70,309		4,150,340
	Total Energy Services †	7,700		48,042
	Tourmaline Oil	112,000		5,160,341
	TransGlobe Energy	13,339		48,554
	Trican Well Service †	30,300		90,162
	Uni-Select †	4,000		97,588
	Wajax	1,700		26,870
	West Fraser Timber	3,300		271,518
	Western Forest Products	65,984		106,090
				29,390,676
Chile – 0.10%
	Cia Cervecerias Unidas ADR	64,170		959,983
				959,983

100

		Number of
		shares	Value (US $)
Common StocksΔ (continued)
China/Hong Kong – 10.40%
	37 Interactive Entertainment
	Network Technology Group
	Class A	836,400	$	3,072,703
	AIA Group	1,338,400		13,975,420
	Alibaba Group Holding †	430,900		5,880,368
	Asia Cement China Holdings	393,862		252,054
	ASM Pacific Technology	56,400		567,804
	Build King Holdings	80,674		8,618
	China BlueChemical Class H	500,000		170,598
	China Construction Bank Class H	9,884,000		7,403,760
	China Design Group Class A	128,700		172,402
	China Display Optoelectronics
	Technology Holdings †	344,000		19,154
	China Risun Group	42,000		22,174
	China South Publishing & Media
	Group Class A	216,845		323,290
	China Taiping Insurance Holdings	415,200		503,627
	Chinese Universe Publishing and
	Media Group Class A	575,900		1,021,889
	Chow Tai Fook Jewellery Group	122,600		221,429
	Dah Sing Financial Holdings	30,000		96,941
	Dazzle Fashion Class A	184,660		472,715
	Fufeng Group	160,000		63,103
	Futu Holdings ADR †	27,730		902,889
	G-bits Network Technology Xiamen
	Class A	26,800		1,515,371
	Hangzhou Tigermed Consulting
	Class H	151,600		1,828,379
	Hebei Chengde Lulu Class A	309,400		398,448
	Hong Kong Exchanges & Clearing	128,200		6,009,160
	Inner Mongolia Yitai Coal Class H	15,000		17,449
	JD.com Class A †	8,829		250,863
	Jingjin Equipment Class A	86,082		547,583
	JNBY Design	77,000		91,370
	Lansen Pharmaceutical Holdings	24,509		3,027
	Lenovo Group	3,864,000		4,185,704
	Luolai Lifestyle Technology Class A	565,792		1,151,962
	Meituan Class B †	224,900		4,260,492
	Midland Holdings †	38,000		4,041
	Nanjing Iron & Steel Class A	586,300		332,210
	Opple Lighting Class A	62,900		181,468
	Orient Overseas International	116,491		3,068,648
	Pacific Basin Shipping	164,930		88,308
	PAX Global Technology	113,000		92,349
	PetroChina Class H	1,724,000		875,476
	Ping An Healthcare and
	Technology †	509,100		1,315,783
	Ping An Insurance Group Co. of
	China Class H	863,000		6,033,289
	Prosus †	46,305		2,497,129
	SGIS Songshan Class A	2,477,300		1,709,261
	Shaanxi Coal Industry Class A	1,041,000		2,699,697
	Shanghai Weaver Network Class A	33,700		282,506
	Shanxi Taigang Stainless Steel
	Class A	955,694		1,006,550
	Shenzhen Tagen Group Class A	593,900		643,781
	Sinopec Engineering Group
	Class H	34,001		17,321
	Sinotruk Hong Kong	488,052		741,222
	Suzhou Gold Mantis Construction
	Decoration Class A	401,400		344,826
	Ten Pao Group Holdings	36,000		8,340
	Tencent Holdings	195,200		8,997,616
	Tencent Music Entertainment
	Group ADR †	516,494		2,515,326
	Texhong Textile Group	104,524		129,011
	United Laboratories International
	Holdings	222,000		116,104
	Vatti Class A	1,891,881		1,632,823
	Wuxi Biologics Cayman †	193,500		1,536,507
	Xiangpiaopiao Food Class A	39,200		80,545
	Xinyu Iron & Steel Class A	285,000		252,585
	Yue Yuen Industrial Holdings †	21,000		33,886
	Zai Lab †	439,590		2,017,446
	Zhejiang Semir Garment Class A	1,600,478		1,709,021
	Zhenro Properties Group	1,431,000		111,026
				96,484,847
Czech Republic – 0.03%
	CEZ	7,660		321,285
				321,285
Denmark – 4.90%
	Ambu Class B	115,920		1,706,476
	AP Moller - Maersk Class B	2,780		8,353,799
	Chr Hansen Holding	55,082		4,044,505
	Demant †	46,807		2,118,247
	DSV	39,288		7,529,766
	Genmab †	6,254		2,258,652
	Novo Nordisk Class B	93,499		10,370,548
	Novozymes Class B	101,241		6,941,508
	Pandora	21,292		2,028,369
	Solar Class B	614		67,447
				45,419,317
Egypt – 0.00%
	ElSewedy Electric	76,312		34,317
				34,317
Finland – 0.62%
	Kone Class B	107,530		5,627,056

101

Schedules of investments
Optimum International Fund

		Number of
		shares	Value (US $)
Common StocksΔ (continued)
Finland (continued)
	Orion Class A	1,418	$	64,237
	QT Group †	2		276
	Vaisala Class A	805		38,427
				5,729,996
France – 3.19%
	Aubay	452		29,957
	Danone	117,302		6,480,114
	Dassault Systemes	137,203		6,740,598
	Derichebourg	2,657		27,689
	Edenred	129,850		6,420,412
	Ipsen	7,085		886,863
	IPSOS	23,199		1,154,784
	Publicis Groupe	31,282		1,898,619
	Sartorius Stedim Biotech	5,572		2,281,259
	Societe Generale	130,828		3,507,153
	Thermador Groupe	255		26,658
	Virbac	331		132,325
				29,586,431
Germany – 6.11%
	Atoss Software	919		181,291
	Bastei Luebbe	1,488		11,383
	Bayer	73,384		5,019,399
	BioNTech ADR †	15,292		2,608,203
	Carl Zeiss Meditec	11,603		1,868,978
	Datagroup	369		33,553
	Dermapharm Holding	3,040		193,292
	Deutsche Boerse	61,280		11,031,066
	Deutsche Post	120,287		5,743,931
	Merck	35,380		7,388,568
	Rational	7,435		5,120,652
	SAP	86,914		9,632,518
	Scout24	137,796		7,856,047
	Westwing Group †	2		25
				56,688,906
Greece – 0.13%
	National Bank of Greece †	310,281		1,142,872
	Thrace Plastics Holding and Co.	17,069		99,596
				1,242,468
Hungary – 0.34%
	MOL Hungarian Oil
	& Gas †	176,783		1,553,284
	OTP Bank †	44,217		1,604,105
				3,157,389
India – 3.01%
	AurionPro Solutions †	13,221		56,493
	Century Plyboards India	3,295		30,952
	Coal India	39,804		95,761
	Cosmo Films	9,965		227,060
	Cyient	21,795		265,214
	Deccan Cements	5,297		38,637
	Dhampur Sugar Mills	59,731		418,059
	Dwarikesh Sugar Industries	162,577		266,879
	EID Parry India	25,171		149,733
	EKI Energy Services	1,000		103,526
	Finolex Industries	202,422		410,300
	GAIL India	682,031		1,394,788
	Greenply Industries	21,297		61,342
	Gujarat Ambuja Exports	60,892		207,620
	Gujarat Narmada Valley Fertilizers
	& Chemicals	131,154		1,452,173
	HIL	2,577		134,404
	Housing Development Finance	327,093		10,227,572
	ICICI Lombard General Insurance	232,305		4,052,338
	Indian Oil	1,423,444		2,221,281
	INEOS Styrolution India	10,204		130,529
	JK Lakshmi Cement	72,262		451,449
	Kirloskar Industries	1,576		32,149
	KPIT Technologies	123,203		969,201
	Mangalam Cement	6,512		33,203
	Mphasis	621		27,475
	National Aluminium	1,773,827		2,825,537
	Oracle Financial Services Software	1,076		50,693
	Persistent Systems	6,074		379,890
	Polyplex	7,812		248,413
	Rupa & Co.	325		1,865
	Savita Oil Technologies	4,870		67,144
	Shree Digvijay Cement	11,266		10,211
	Siyaram Silk Mills	21,831		120,155
	Sonata Software	21,610		209,631
	Tanla Platforms	6,083		121,299
	Technocraft Industries India †	2,371		30,644
	Triveni Engineering & Industries	59,439		242,625
	Vardhman Textiles	19,495		111,611
	Yasho Industries	10		252
				27,878,108
Indonesia – 0.23%
	Adaro Energy Indonesia	1,716,000		321,395
	Bank Tabungan Negara Persero	577,900		68,788
	Bukit Asam	1,230,200		281,102
	Telkom Indonesia Persero	1,590,400		505,988
	Timah †	373,374		47,235
	United Tractors	516,200		916,260
				2,140,768
Iraq – 0.00%
	Gulf Keystone Petroleum	9,433		29,327
				29,327

102

		Number of
		shares	Value (US $)
Common StocksΔ (continued)
Ireland – 2.83%
	CRH	116,382	$	4,641,914
	CRH (London Stock Exchange)	87,683		3,502,206
	Kingspan Group	94,496		9,236,685
	Ryanair Holdings ADR †	101,377		8,831,964
				26,212,769
Israel – 1.25%
	Bank Leumi Le-Israel	556,409		5,994,033
	Bezeq The Israeli
	Telecommunication †	88,409		151,490
	Check Point Software
	Technologies †	19,591		2,708,652
	Duniec Brothers	1,067		70,201
	FIBI Holdings	7,012		338,710
	ICL Group	126,742		1,506,656
	Israel †	731		422,842
	ZIM Integrated Shipping Services	5,138		373,584
				11,566,168
Italy – 1.51%
	Aeffe †	3,967		8,450
	Banca IFIS	8,999		183,996
	Eni	589,433		8,595,835
	FinecoBank Banca Fineco	311,196		4,720,871
	Immobiliare Grande Distribuzione
	SIIQ †	17,341		83,329
	MFE-MediaForEurope Class A †	218,942		153,492
	Recordati Industria Chimica e
	Farmaceutica	5,628		282,185
				14,028,158
Japan – 11.41%
	A&A Material	1,800		13,049
	A&D HOLON Holdings	9,400		73,869
	Achilles	3,900		40,353
	Advanced Media †	6,500		31,720
	AGS	3,000		19,512
	Aichi Bank	1,000		36,985
	Aizawa Securities Group	3,500		20,943
	Akatsuki	2,700		63,800
	Alps Alpine	44,200		435,175
	Alps Logistics	3,100		27,176
	Amano	5,400		96,561
	Anest Iwata	7,200		48,733
	Arisawa Manufacturing	11,000		85,884
	Avant	2,000		22,001
	Bank of Nagoya	1,100		25,874
	BIPROGY	9,600		243,558
	BML	8,100		204,341
	Brother Industries	54,300		987,468
	Canon	249,100		6,071,562
	Canon Marketing Japan	3,500		71,890
	Chiba Kogyo Bank	10,300		22,051
	Computer Engineering &
	Consulting	5,700		59,613
	Cosel	6,400		42,085
	CTI Engineering	2,000		37,186
	Cybernet Systems	600		3,631
	Dai Nippon Toryo	4,200		26,918
	Dai-ichi Life Holdings	18,100		367,806
	Daiken	2,200		38,994
	Daito Trust Construction	3,300		350,277
	Daitron	3,000		46,134
	Daiwa House Industry	19,800		516,160
	Daiwa Industries	4,700		41,732
	Densan System Holdings	1,200		25,336
	Denso	113,300		7,228,553
	Digital Holdings	2,200		25,025
	Disco	6,800		1,901,535
	Doshisha	6,100		74,578
	Eizo	13,400		392,218
	Elecom	23,800		285,867
	Elematec	9,800		83,296
	en Japan	7,100		170,235
	Enplas	5,300		117,270
	FANUC	37,600		6,599,173
	FFRI Security †	2,100		19,875
	France Bed Holdings	5,600		39,625
	Fudo Tetra	3,700		46,050
	Fujikura †	68,340		345,903
	Fujitsu	28,400		4,255,051
	Fuso Pharmaceutical Industries	600		10,732
	Gakujo	2,600		21,136
	Glory	9,000		152,095
	H.U. Group Holdings	7,600		180,499
	Hino Motors	13,800		80,672
	Hioki EE	700		39,961
	Hisamitsu Pharmaceutical	1,700		50,620
	Hito Communications Holdings	2,000		29,386
	Hosokawa Micron	1,900		41,455
	Ichiken	3,100		47,202
	Ichiyoshi Securities	15,600		78,825
	ID Holdings	3,000		20,708
	Ines	3,900		51,940
	I-Net	2,300		23,989
	Infocom	7,000		120,469
	Internet Initiative Japan	14,500		481,587
	I-PEX	9,200		109,658
	ISB	3,100		28,544
	Ishihara Sangyo Kaisha	3,600		31,429
	Itfor	8,900		57,085

103

Schedules of investments
Optimum International Fund

		Number of
		shares	Value (US $)
Common StocksΔ (continued)
Japan (continued)
	IwaiCosmo Holdings	3,800	$	41,329
	J Trust	48,900		140,080
	JAC Recruitment	8,500		128,389
	Japan Exchange Group	277,400		5,150,738
	Japan Post Insurance	21,700		377,909
	Japan System Techniques	3,900		80,998
	JK Holdings	2,300		22,538
	Kaga Electronics	2,900		76,653
	Kanaden	2,900		23,538
	Kanamoto	9,800		160,121
	Kandenko	6,700		45,710
	Kanematsu	3,100		33,912
	Kanematsu Electronics	5,700		178,549
	Koa	4,500		52,325
	Kokuyo	21,500		283,085
	Konoike Transport	8,800		82,689
	Kyokuto Securities	8,400		50,320
	Marvelous	9,000		53,041
	Maxell	4,400		43,075
	Mazda Motor	162,500		1,194,472
	Meitec	900		48,754
	Melco Holdings	3,200		102,181
	MIMAKI ENGINEERING	12,800		71,366
	Miraial	2,100		29,827
	Miroku Jyoho Service	14,900		172,725
	Mitsubishi Electric	181,000		2,075,863
	Mitsubishi Research Institute	8,400		274,487
	Mixi	34,600		620,998
	MonotaRO	318,200		6,829,315
	MORESCO	2,700		25,114
	Morningstar Japan	5,600		26,754
	Nachi-Fujikoshi	2,200		75,101
	Naigai Trans Line	1,600		24,983
	Nice	1,400		22,388
	Nidec	85,500		6,753,053
	Nihon House Holdings	7,300		26,994
	Nihon Kohden	5,400		129,718
	Nikkon Holdings	3,100		51,730
	Nikon	124,000		1,324,076
	Nintendo	9,800		4,946,668
	Nippon Gas	5,900		71,998
	Nippon Steel Trading	1,000		43,287
	Nippon Telegraph & Telephone	57,600		1,673,505
	Nissei ASB Machine	1,100		27,864
	Nissei Plastic Industrial	2,800		23,057
	Nisshinbo Holdings	68,300		591,493
	Nisso	5,600		34,373
	Nitto Seiko	6,700		27,539
	NS Solutions	5,400		161,826
	OBIC Business Consultants	600		20,853
	Okabe	5,100		28,766
	Okamura	5,500		54,307
	Okinawa Cellular Telephone	1,900		76,780
	Osaki Electric	19,600		74,842
	Otsuka Holdings	9,600		331,659
	Pilot	3,900		167,483
	Pronexus	2,600		22,529
	Recruit Holdings	31,700		1,377,271
	Rheon Automatic Machinery	7,100		58,888
	Riken	3,300		65,862
	Rohm	800		62,112
	Ryobi	5,200		45,380
	Sakai Moving Service	900		31,146
	Sanshin Electronics	5,700		74,769
	Sanwa Holdings	7,000		70,845
	Sanyo Denki	1,900		75,975
	SCREEN Holdings	5,000		498,376
	Seiko Epson	89,000		1,337,039
	Sekisui Kasei	7,100		25,327
	Shibuya	4,100		81,546
	Shikoku Bank	5,800		35,278
	Shimano	28,600		6,549,639
	Shindengen Electric Manufacturing	6,100		154,189
	Shinnihon	4,000		23,826
	Shiseido	93,500		4,722,543
	Shofu	1,800		22,982
	SIGMAXYZ Holdings	1,400		13,044
	SMC	13,200		7,378,722
	SMK	1,300		23,702
	Soda Nikka	4,600		24,279
	Sodick	12,100		77,246
	Soliton Systems KK	16,300		217,424
	Sompo Holdings	13,100		575,620
	Sony Group	91,100		9,371,978
	Space	2,900		22,834
	Sprix	2,700		29,349
	SRA Holdings	3,400		77,184
	Star Micronics	10,200		127,963
	Studio Alice	1,300		23,240
	Sumitomo Realty & Development	4,300		119,004
	Sun-Wa Technos	2,700		29,590
	Takaoka Toko	1,800		21,661
	Takara Standard	12,700		131,473
	T-Gaia	30,550		408,185
	TOA ROAD	600		23,649
	Tochigi Bank	15,400		27,753
	Toho Gas	5,900		131,323
	Tokio Marine Holdings	7,400		430,630
	Tokuyama	3,900		54,570
	Tokyo Seimitsu	7,700		304,317

104

		Number of
		shares	Value (US $)
Common StocksΔ (continued)
Japan (continued)
	Topcon	8,900	$	112,753
	Toshiba TEC	2,900		116,120
	Transcosmos	7,200		186,980
	TRE Holdings	2,800		45,260
	Trend Micro	15,300		893,491
	Trusco Nakayama	3,200		62,612
	Tsubakimoto Chain	2,600		64,704
	TV Asahi Holdings	7,100		87,330
	Uchida Yoko	1,100		43,645
	Union Tool	1,800		55,899
	UNITED	4,400		66,614
	Unitika †	9,900		23,459
	Usen-Next Holdings	6,300		130,567
	VINX	2,800		26,436
	Wakita & Co.	3,000		24,542
	Wowow	2,000		26,274
	YAMADA Consulting Group	1,600		15,436
	Yamaichi Electronics	4,000		60,611
	Yushin Precision Equipment	6,700		36,788
	Zenrin	8,800		71,549
				105,833,153
Luxembourg – 0.57%
	Eurofins Scientific	49,452		4,891,930
	RTL Group	7,146		396,199
				5,288,129
Malaysia – 0.11%
	Hap Seng Plantations Holdings	6,900		4,145
	Hong Leong Financial Group	60,700		282,947
	Kuala Lumpur Kepong	67,300		403,344
	Magni-Tech Industries	37,800		17,415
	Sime Darby	258,000		146,950
	Ta Ann Holdings	130,900		160,327
	United Plantations	6,700		23,899
				1,039,027
Mexico – 0.40%
	Alpek	418,701		575,740
	Arca Continental	76,606		519,912
	Grupo Financiero Inbursa Class O
	†	198,588		415,347
	Ternium ADR	47,180		2,153,767
				3,664,766
Netherlands – 5.28%
	Adyen †	2,425		4,803,185
	ASML Holding	13,536		9,045,051
	Brunel International	4,916		59,665
	EXOR	50,680		3,852,679
	Heineken Holding	40,196		3,147,477
	IMCD	60,432		10,309,243
	Randstad	67,178		4,041,087
	TKH Group CVA	850		47,453
	Topicus.com †	64,090		4,780,540
	Van Lanschot Kempen CVA	1,316		35,022
	Wolters Kluwer	82,588		8,804,412
				48,925,814
New Zealand – 0.00%
	Channel Infrastructure NZ †	20,418		14,716
	Skellerup Holdings	6,325		26,170
				40,886
Norway – 1.32%
	Aker BP	7,789		290,521
	Aker Carbon Capture †	1,992,250		5,123,433
	Equinor	163,070		6,088,489
	Norsk Hydro	72,851		707,811
				12,210,254
Panama – 0.43%
	Copa Holdings Class A †	47,167		3,945,048
				3,945,048
Philippines – 0.01%
	Ginebra San Miguel	33,690		72,270
				72,270
Poland – 0.71%
	Alior Bank †	12,155		131,727
	Asseco Poland	25,982		498,709
	Bank Handlowy w Warszawie	6,409		97,300
	Bank Millennium †	100,051		156,831
	Bank Polska Kasa Opieki	49,578		1,325,221
	Budimex	941		49,964
	Grupa Azoty †	26,566		269,729
	Grupa Lotos †	5,149		71,632
	ING Bank Slaski	956		53,511
	KRUK	3,664		271,134
	LiveChat Software	806		19,571
	mBank †	8,403		700,787
	PGE Polska Grupa Energetyczna
	†	72,911		157,041
	Polskie Gornictwo Naftowe i
	Gazownictwo	167,515		246,259
	Powszechny Zaklad Ubezpieczen	319,276		2,555,859
	Wielton	8,434		16,259
				6,621,534
Republic of Korea – 5.06%
	BNK Financial Group	55,107		358,737
	Coupang †	213,287		3,770,914
	Creas F&C	894		32,938
	Daechang Forging	7,219		27,102

105

Schedules of investments
Optimum International Fund

		Number of
		shares	Value (US $)
Common StocksΔ (continued)
Republic of Korea (continued)
	DGB Financial Group	8,243	$	63,002
	Hana Financial Group	9,782		389,061
	Handsome	3,352		98,135
	HYUNDAI	1,360		18,371
	Hyundai Engineering &
	Construction	53,181		2,081,992
	JB Financial Group	46,074		319,296
	KB Financial Group	79,118		3,964,912
	Keyang Electric Machinery =, †	9,000		26,620
	Kolon Industries	3,419		177,219
	KT	147,921		4,332,677
	KT ADR	210,130		3,013,264
	LG Electronics	30,003		2,951,196
	LX Semicon	4,179		494,719
	NH Investment & Securities	60,594		566,587
	POSCO Holdings	14,698		3,525,664
	Sambo Corrugated Board	3,798		42,852
	Samsung Card	13,434		357,247
	Samsung Electronics	197,569		11,305,488
	Sangsangin	14,436		112,725
	SeAH Holdings	322		30,083
	Shinhan Financial Group	233,517		7,932,278
	SIMMTECH HOLDINGS	14,030		65,817
	Woori Financial Group	66,908		838,605
				46,897,501
Russia – 0.00%
	Magnit PJSC GDR =	161,296		0
	MMC Norilsk Nickel PJSC ADR =	100,954		0
				0
Singapore – 0.03%
	IGG	192,000		90,968
	Riverstone Holdings	143,000		104,453
	Samudera Shipping Line	198,400		127,559
				322,980
South Africa – 1.91%
	AECI	18,805		150,507
	African Rainbow Minerals	5,071		99,303
	Anglo American	156,607		8,137,673
	Discovery †	670,889		8,357,058
	Motus Holdings	19,058		139,904
	Ninety One	16,741		56,149
	Omnia Holdings	7,530		38,752
	Sappi †	87,489		340,676
	Sasol †	17,333		419,044
				17,739,066
Spain – 0.82%
	Amadeus IT Group †	107,781		7,007,716
	Laboratorios Farmaceuticos Rovi	7,439		551,240
				7,558,956
Sweden – 2.37%
	Atlas Copco Class B	193,907		8,793,593
	Careium †	276		491
	Doro †	416		1,195
	Epiroc Class B	395,861		7,147,043
	Getinge Class B	88,134		3,511,168
	Instalco	115		860
	Paradox Interactive	4		76
	Telefonaktiebolaget LM Ericsson
	Class B	275,926		2,515,216
				21,969,642
Switzerland – 7.45%
	Cie Financiere Richemont	62,082		7,869,197
	Comet Holding	415		119,845
	EFG International †	3,470		26,740
	Huber + Suhner	2,665		249,285
	Kuehne + Nagel International	47,846		13,584,875
	Leonteq	1,259		100,802
	Nestle	95,803		12,456,178
	Rieter Holding †	469		75,898
	Roche Holding	38,950		15,411,030
	Sonova Holding	17,000		7,101,552
	Straumann Holding	2,626		4,192,901
	Tecan Group	421		166,438
	Temenos	48,965		4,709,931
	Wizz Air Holdings †	55,557		2,094,737
	Zehnder Group	11,237		971,332
				69,130,741
Taiwan – 6.62%
	Acer	2,665,000		2,762,306
	Arcadyan Technology	177,000		743,886
	ASPEED Technology	6,000		675,414
	Asustek Computer	467,000		6,058,704
	C Sun Manufacturing	55,085		94,454
	Chicony Electronics	79,000		246,256
	ChipMOS Technologies	1,527,000		2,706,544
	CTBC Financial Holding	1,799,000		1,833,371
	Evergreen Marine Taiwan	873,000		4,057,844
	Everlight Electronics	59,000		99,455
	Formosan Rubber Group	56,000		43,838
	Fubon Financial Holding	369,148		980,169
	General Interface Solution Holding	140,000		464,879
	Gigabyte Technology	8,000		35,647
	Greatek Electronics	11,000		28,283
	Hon Hai Precision Industry	1,195,000		4,387,837
	Lite-On Technology	885,000		2,091,056

106

		Number of
		shares	Value (US $)
Common StocksΔ (continued)
Taiwan (continued)
	Macronix International	395,000	$	545,778
	Nanya Technology	126,000		300,570
	Novatek Microelectronics	260,000		3,822,967
	Pegatron	138,000		347,492
	Pou Chen	712,000		779,464
	Powertech Technology	151,000		497,407
	Radiant Opto-Electronics	19,000		68,247
	Realtek Semiconductor	149,000		2,213,362
	Sea ADR †	30,687		3,675,996
	Silicon Motion Technology ADR	24,012		1,604,482
	Sitronix Technology	5,000		50,019
	Taishin Financial Holding	1,971,000		1,402,125
	Taiwan Semiconductor
	Manufacturing	794,000		16,287,736
	Topco Scientific	22,000		129,637
	Unitech Computer	40,000		51,155
	Weblink International	15,000		22,347
	Wholetech System Hitech	119,000		216,531
	Yield Microelectronics †	12,525		39,733
	Yuanta Financial Holding	2,216,080		2,030,229
				61,395,220
Thailand – 0.61%
	Advanced Information Technology
	NVDR	276,200		61,793
	Bangkok Bank NVDR	888,500		3,636,632
	Krung Thai Bank NVDR	1,077,430		444,820
	PTT Exploration & Production
	NVDR	50,500		217,586
	PTT Global Chemical NVDR	77,600		117,979
	PTT NVDR	139,500		160,764
	Siam Commercial Bank NVDR	262,400		894,794
	Somboon Advance Technology
	NVDR	176,900		110,365
				5,644,733
Turkey – 0.04%
	Anadolu Efes Biracilik Ve Malt
	Sanayii	29,808		54,476
	KOC Holding	103,421		279,563
	Yapi ve Kredi Bankasi	191,094		53,097
				387,136
Ukraine – 0.19%
	Ferrexpo	741,228		1,799,654
				1,799,654
United Arab Emirates – 0.11%
	Dubai Islamic Bank PJSC	244,953		410,215
	Emirates NBD Bank PJSC	143,887		585,494
				995,709
United Kingdom – 2.57%
	888 Holdings	6,188		14,998
	AG Barr	8,562		59,927
	Bloomsbury Publishing	7,978		44,335
	Endava ADR †	25,836		3,436,963
	Experian	180,214		6,942,857
	Frasers Group †	15,284		126,495
	Gem Diamonds	5,047		3,753
	Greggs	7,101		228,067
	Howden Joinery Group	140,053		1,404,036
	Indivior †	330,484		1,216,461
	Investec	312,725		2,076,772
	Just Eat Takeaway.com †	31,006		1,046,766
	Man Group	188,536		575,342
	Ninety One	13,874		46,439
	Oxford Nanopore Technologies †	407,516		2,119,462
	Polar Capital Holdings	20,918		170,644
	Prudential	291,031		4,296,571
				23,809,888
United States – 3.07%
	Atlassian Class A †	19,355		5,687,080
	GlaxoSmithKline	10,234		221,432
	GlaxoSmithKline ADR	122,521		5,337,015
	Inmode †	630		23,253
	James Hardie Industries CDI	187,773		5,632,834
	Jasper Infotech =, †, π	225,780		305,195
	Jasper Infotech Series G =, †, π	74,730		101,015
	JBS	725,900		5,715,964
	Sims	84,858		1,367,788
	Spotify Technology †	26,743		4,038,728
	Viemed Healthcare †	11,948		60,115
				28,490,419
Total Common Stocks
	(cost $950,888,319)			899,577,853
Preferred Stocks – 1.41%Δ
Brazil – 1.40%
	Braskem Class A 16.93% ω	465,016		4,321,937
	Cia Paranaense de Energia 9.68%
	ω	826,300		1,319,012
	Petroleo Brasileiro 17.29% ω	1,049,200		7,356,002
				12,996,951
Germany – 0.01%
	Jungheinrich 1.07% ω	3,027		87,654
	Villeroy & Boch 5.71% ω	733		19,369
				107,023
Total Preferred Stocks
	(cost $10,350,914)			13,103,974

107

Schedules of investments
Optimum International Fund

			Number of
			shares	Value (US $)
Warrants – 0.00%
Malaysia – 0.00%
	BP Plastics Holding,
		expiration date 12/14/26 †	9,340	$	766
Total Warrants
	(cost $0)				766
Short-Term Investments – 0.77%
Money Market Mutual Funds – 0.77%
	BlackRock FedFund – Institutional
		Shares (seven-day effective
		yield 0.23%)	1,777,349		1,777,349
	Fidelity Investments Money Market
		Government Portfolio – Class I
		(seven-day effective yield
		0.12%)	1,777,349		1,777,349
	GS Financial Square Government
		Fund – Institutional Shares
		(seven-day effective yield
		0.25%)	1,777,350		1,777,350
	Morgan Stanley Government
		Portfolio – Institutional Share
		Class (seven-day effective yield
		0.23%)	1,777,349		1,777,349
Total Short-Term Investments
	(cost $7,109,397)				7,109,397
Total Value of Securities–99.17%
	(cost $968,348,630)			$	919,791,990

Δ	Securities have been classified by country of risk. Aggregate classification by business sector has been presented on page 13 in “Security type / country and sector allocations.”
†	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, 2022, the aggregate value of restricted securities was $406,210 which represented percentage of 0.04% of the Fund’s net assets. The Fund has various registration rights (exercisable under a variety of circumstances) with respect to these securities.
ω	Perpetual security with no stated maturity date.

Restricted Securities

Investments	Date of Acquisition		Cost		Value
Jasper Infotech		5/7/14	$	999,482	$	305,195
Jasper Infotech Series G		10/29/14		396,443		101,015
Total			$	1,395,925	$	406,210

The following foreign currency exchange contracts were outstanding at March 31, 2022:¹

Foreign Currency Exchange Contracts

	Currency to				Settlement	Unrealized		Unrealized
Counterparty	Receive (Deliver)		In Exchange For		Date	Appreciation		Depreciation
BNYM	AUD	(88,090)	USD	66,134	4/1/22	$	216	$	–
BNYM	DKK	(470,954)	USD	70,681	4/1/22		640		–
BNYM	GBP	(32,875)	USD	43,203	4/4/22		18		–
BNYM	JPY	(2,738,925)	USD	22,444	4/1/22		–		(54	)
BNYM	JPY	(3,850,830)	USD	31,653	4/4/22		20		–
BNYM	TWD	(463,664)	USD	16,208	4/1/22		25		–
JPMCB	JPY	(21,049,637)	USD	172,759	4/1/22		–		(150	)
SSB	JPY	29,995,373	USD	(246,125)	4/1/22		267		–
Total Foreign Currency Exchange Contracts						$	1,186	$	(204	)

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
BNYM – Bank of New York Mellon

108

Summary of abbreviations: (continued)
CDI – CHESS Depositary Interest
CVA – Certified Dutch Certificate
GDR – Global Depositary Receipt
GS – Goldman Sachs
JPMCB – JPMorgan Chase Bank
NVDR – Non-Voting Depositary Receipt
PJSC – Private Joint Stock Company
SSB – State Street Bank

Summary of currencies:
AUD – Australian Dollar
DKK – Danish Krone
GBP – British Pound Sterling
JPY – Japanese Yen
TWD – New Taiwan Dollar
USD – US Dollar

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

109

Schedules of investments
Optimum Large Cap Growth Fund

March 31, 2022

		Number of
		shares	Value (US $)
Common Stocks – 97.28% ◆
Communication Services – 13.42%
	Activision Blizzard	61,390	$	4,917,953
	Alphabet Class A †	17,425		48,465,023
	Alphabet Class C †	14,760		41,224,532
	Match Group †	69,470		7,554,168
	Meta Platforms Class A †	312,335		69,450,811
	Netflix †	94,211		35,290,498
	ROBLOX Class A †	83,635		3,867,282
	Sea ADR †	177,234		21,230,861
	Snap Class A †	376,072		13,534,831
	Spotify Technology †	51,062		7,711,383
	Walt Disney †	98,310		13,484,200
				266,731,542
Consumer Discretionary – 21.47%
	Advance Auto Parts	66,630		13,789,745
	Airbnb Class A †	29,681		5,098,009
	Alibaba Group Holding ADR †	79,380		8,636,544
	Amazon.com †	60,501		197,230,235
	Aptiv †	105,833		12,669,268
	Booking Holdings †	3,371		7,916,625
	Carvana †	14,299		1,705,728
	Chipotle Mexican Grill †	7,048		11,150,147
	Coupang †	166,373		2,941,475
	DoorDash Class A †	62,646		7,341,485
	Expedia Group †	37,423		7,322,558
	Ferrari	36,132		7,880,028
	Las Vegas Sands †	135,643		5,272,443
	Lululemon Athletica †	27,636		10,093,496
	Magic Leap Class A =	2,058		37,542
	NIKE Class B	113,000		15,205,280
	Peloton Interactive Class A †	145,801		3,852,062
	Rivian Automotive Class A †	172,404		8,661,577
	Ross Stores	160,069		14,479,842
	Tesla †	47,662		51,360,571
	Tractor Supply	73,110		17,061,681
	Ulta Beauty †	27,545		10,968,970
	Wynn Resorts †	75,998		6,060,080
				426,735,391
Consumer Staples – 0.82%
	Monster Beverage †	203,220		16,237,278
				16,237,278
Financials – 1.15%
	MarketAxess Holdings	5,562		1,892,193
	S&P Global	48,446		19,871,580
	Tradeweb Markets Class A	12,652		1,111,731
				22,875,504
Healthcare – 11.61%
	Alcon	185,020		14,677,637
	Align Technology †	14,914		6,502,504
	Argenx ADR †	10,454		3,296,251
	AstraZeneca ADR	38,667		2,565,169
	Avantor †	152,135		5,145,206
	BioMarin Pharmaceutical †	23,890		1,841,919
	Cigna	23,212		5,561,827
	Dexcom †	32,700		16,729,320
	Eli Lilly & Co.	36,032		10,318,484
	HCA Healthcare	29,896		7,492,535
	Humana	14,345		6,242,514
	Insulet †	10,205		2,718,510
	Intuitive Surgical †	106,914		32,253,815
	Stryker	38,663		10,336,553
	Thermo Fisher Scientific	50,230		29,668,349
	UnitedHealth Group	97,569		49,757,263
	Zoetis	135,600		25,572,804
				230,680,660
Industrials – 7.03%
	Airbus †	61,998		7,481,205
	Cintas	6,111		2,599,558
	Eaton	113,290		17,192,891
	FedEx	35,282		8,163,902
	Generac Holdings †	24,083		7,158,913
	Raytheon Technologies	191,090		18,931,286
	Roper Technologies	18,258		8,621,975
	TransUnion	66,089		6,829,637
	Uber Technologies †	386,345		13,784,790
	United Parcel Service Class B	120,980		25,945,371
	Verisk Analytics	13,655		2,930,773
	WW Grainger	38,970		20,100,336
				139,740,637
Information Technology – 41.06%
	Adobe †	52,540		23,938,275
	Advanced Micro Devices †	115,833		12,665,180
	Apple	643,338		112,333,248
	ASML Holding	44,725		29,873,169
	Atlassian Class A †	84,467		24,818,939
	Bill.com Holdings †	14,006		3,176,421
	Black Knight †	106,118		6,153,783
	Block †	18,228		2,471,717
	Block CDI †	40,772		5,654,343
	Ceridian HCM Holding †	33,688		2,302,912
	Datadog Class A †	36,060		5,462,008
	Fidelity National Information
	Services	85,590		8,594,948
	Fiserv †	103,362		10,480,907
	Global Payments	36,617		5,010,670
	HashiCorp Class A †	9,008		486,432
	Intel	191,300		9,480,828
	Intuit	46,142		22,186,919

110

		Number of
		shares	Value (US $)
Common Stocks ◆ (continued)
Information Technology (continued)
	Mastercard Class A	48,195	$	17,223,929
	Microsoft	550,935		169,858,770
	Monday.com †	10,416		1,646,457
	MongoDB †	17,382		7,710,481
	NVIDIA	266,792		72,796,865
	NXP Semiconductors	26,300		4,867,604
	Palo Alto Networks †	54,770		34,094,873
	PayPal Holdings †	144,010		16,654,757
	Salesforce †	220,852		46,891,297
	SentinelOne Class A †	126,970		4,918,818
	ServiceNow †	29,007		16,153,708
	Snowflake Class A †	18,900		4,330,557
	Splunk †	113,845		16,918,505
	Taiwan Semiconductor
	Manufacturing ADR	20,556		2,143,169
	Teledyne Technologies †	24,307		11,488,217
	Toast Class A †	4,618		100,349
	Trade Desk Class A †	80,835		5,597,824
	Twilio Class A †	15,131		2,493,740
	UiPath Class A †	234,116		5,054,564
	Unity Software †	81,400		8,075,694
	Visa Class A	283,613		62,896,855
	Workday Class A †	72,195		17,287,815
	Zoom Video Communications
	Class A †	14,080		1,650,598
				815,946,145
Real Estate – 0.72%
	Equinix	19,380		14,372,596
				14,372,596
Total Common Stocks
	(cost $1,231,605,514)			1,933,319,753
Short-Term Investments – 2.53%
Money Market Mutual Funds – 2.53%
	BlackRock FedFund –
	Institutional Shares (seven-
	day effective yield 0.23%)	12,565,968		12,565,968
	Fidelity Investments Money
	Market Government Portfolio
	– Class I (seven-day
	effective yield 0.12%)	12,565,969		12,565,969
	GS Financial Square
	Government Fund –
	Institutional Shares (seven-
	day effective yield 0.25%)	12,565,969		12,565,969
	Morgan Stanley Government
	Portfolio – Institutional Share
	Class (seven-day effective
	yield 0.23%)	12,565,969		12,565,969
Total Short-Term Investments
	(cost $50,263,875)			50,263,875
Total Value of
	Securities–99.81%
	(cost $1,281,869,389)		$	1,983,583,628

◆	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.”

The following foreign currency exchange contracts were outstanding at March 31, 2022:¹

Foreign Currency Exchange Contracts

	Currency to				Settlement	Unrealized
Counterparty	Receive (Deliver)		In Exchange For		Date	Depreciation
BNYM	EUR	356,112	USD	(396,129)	4/1/22	$	(2,169	)

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
BNYM – Bank of New York Mellon

111

Schedules of investments
Optimum Large Cap Growth Fund

Summary of abbreviations: (continued)
CDI – CHESS Depositary Interest
GS – Goldman Sachs
S&P – Standard & Poor’s Financial Services LLC

Summary of currencies:
EUR – European Monetary Unit
USD – US Dollar

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

112

Optimum Large Cap Value Fund

March 31, 2022

		Number of
		shares	Value (US $)
Common Stocks – 98.27%
Communication Services – 5.33%
	Alphabet Class A †	10,092	$	28,069,384
	Charter Communications
	Class A †	13,403		7,311,605
	Comcast Class A	901,376		42,202,424
	Verizon Communications	300,257		15,295,092
	Walt Disney †	129,677		17,786,497
				110,665,002
Consumer Discretionary – 3.46%
	Darden Restaurants	66,301		8,814,718
	General Motors †	243,942		10,670,023
	Lowe's	130,916		26,469,906
	Marriott International Class A †	57,390		10,086,293
	Target	74,319		15,771,978
				71,812,918
Consumer Staples – 5.24%
	Archer-Daniels-Midland	45,268		4,085,890
	Colgate-Palmolive	86,874		6,587,655
	Diageo	304,251		15,433,004
	Kimberly-Clark	60,962		7,508,080
	Mondelez International Class A	157,212		9,869,769
	Nestle	124,569		16,196,295
	PepsiCo	142,820		23,905,212
	Procter & Gamble	53,488		8,172,966
	Reckitt Benckiser Group	65,432		4,991,543
	Tyson Foods Class A	135,300		12,126,939
				108,877,353
Energy – 5.75%
	Chevron	147,955		24,091,513
	ConocoPhillips	356,362		35,636,200
	EOG Resources	209,951		25,032,458
	Phillips 66	79,905		6,902,993
	Pioneer Natural Resources	41,241		10,311,487
	Schlumberger	423,411		17,491,108
				119,465,759
Financials – 23.88%
	Allstate	82,359		11,407,545
	American Express	149,528		27,961,736
	Aon Class A	85,861		27,958,917
	Bank of America	729,162		30,056,058
	Berkshire Hathaway Class B †	40,256		14,206,745
	BlackRock	39,404		30,111,355
	Charles Schwab	211,365		17,820,183
	Chubb	108,663		23,243,016
	Citigroup	230,316		12,298,874
	Goldman Sachs Group	31,812		10,501,141
	Hartford Financial Services
	Group	194,896		13,995,482
	Intercontinental Exchange	101,038		13,349,141
	JPMorgan Chase & Co.	495,857		67,595,226
	KKR & Co.	93,807		5,484,895
	Marsh & McLennan	134,219		22,873,602
	Moody's	16,287		5,495,397
	Morgan Stanley	204,378		17,862,637
	Nasdaq	88,601		15,788,698
	PNC Financial Services Group	65,669		12,112,647
	Progressive	171,790		19,582,342
	Prudential Financial	116,642		13,783,585
	State Street	178,786		15,575,836
	Travelers	126,098		23,041,888
	Truist Financial	352,014		19,959,194
	US Bancorp	105,604		5,612,853
	Wells Fargo & Co.	373,487		18,099,180
				495,778,173
Healthcare – 19.05%
	Abbott Laboratories	122,552		14,505,255
	AbbVie	101,796		16,502,150
	AmerisourceBergen	88,612		13,709,162
	Baxter International	170,872		13,249,415
	Boston Scientific †	221,518		9,811,032
	Bristol-Myers Squibb	227,437		16,609,724
	Cigna	88,643		21,239,749
	CVS Health	191,879		19,420,074
	Danaher	51,202		15,019,083
	Eli Lilly & Co.	46,443		13,299,882
	Horizon Therapeutics †	65,943		6,937,863
	Johnson & Johnson	329,255		58,353,864
	McKesson	44,284		13,556,661
	Medtronic	327,396		36,324,586
	Merck & Co.	313,405		25,714,880
	Pfizer	463,572		23,999,122
	Roche Holding	8,639		3,418,123
	Thermo Fisher Scientific	73,019		43,128,672
	UnitedHealth Group	60,216		30,708,353
				395,507,650
Industrials – 15.18%
	Canadian National Railway	48,545		6,511,826
	Caterpillar	61,847		13,780,748
	CSX	358,659		13,431,780
	Eaton	102,205		15,510,631
	Emerson Electric	114,412		11,218,097
	Equifax	50,496		11,972,602
	General Dynamics	20,956		5,054,168
	Honeywell International	172,775		33,618,559
	Illinois Tool Works	71,983		15,073,240
	Johnson Controls International	204,087		13,381,985
	Lockheed Martin	21,559		9,516,143
	Masco	121,139		6,178,089

113

Schedules of investments
Optimum Large Cap Value Fund

		Number of
		shares	Value (US $)
Common Stocks (continued)
Industrials (continued)
	Northrop Grumman	84,469	$	37,776,226
	Otis Worldwide	39,029		3,003,282
	Owens Corning	93,412		8,547,198
	PACCAR	56,505		4,976,395
	Parker-Hannifin	53,245		15,108,801
	Quanta Services	151,103		19,886,666
	Raytheon Technologies	90,130		8,929,179
	Southwest Airlines †	219,754		10,064,733
	Stanley Black & Decker	55,652		7,779,593
	Textron	167,230		12,438,567
	Trane Technologies	61,038		9,320,503
	Union Pacific	80,843		22,087,116
				315,166,127
Information Technology – 8.45%
	Accenture Class A	71,766		24,201,648
	Analog Devices	43,364		7,162,866
	Broadcom	19,147		12,056,483
	Cisco Systems	198,485		11,067,524
	Fidelity National Information
	Services	76,534		7,685,544
	Global Payments	76,575		10,478,523
	Intel	255,847		12,679,777
	Micron Technology	146,381		11,401,616
	Microsoft	46,731		14,407,635
	Motorola Solutions	59,623		14,440,691
	NXP Semiconductors	50,019		9,257,516
	ON Semiconductor †	251,121		15,722,686
	Texas Instruments	136,011		24,955,298
				175,517,807
Materials – 3.96%
	Air Products and Chemicals	43,221		10,801,360
	DuPont de Nemours	152,855		11,247,071
	Huntsman	302,974		11,364,555
	International Flavors &
	Fragrances	29,535		3,878,832
	Martin Marietta Materials	35,734		13,753,659
	PPG Industries	106,159		13,914,260
	Sherwin-Williams	44,128		11,015,231
	Westrock	133,711		6,288,428
				82,263,396
Real Estate – 2.40%
	American Tower	32,802		8,240,518
	Boston Properties	76,561		9,861,057
	Equity LifeStyle Properties	90,962		6,956,774
	Prologis	122,483		19,778,555
	Public Storage	12,595		4,915,576
				49,752,480
Utilities – 5.57%
	American Electric Power	80,200		8,001,554
	Dominion Energy	192,494		16,356,215
	Duke Energy	361,803		40,398,923
	NextEra Energy	173,670		14,711,586
	Southern	247,362		17,936,219
	Xcel Energy	253,525		18,296,899
				115,701,396
Total Common Stocks
	(cost $1,325,403,853)			2,040,508,061
Short-Term Investments – 1.50%
Money Market Mutual Funds – 1.50%
	BlackRock FedFund –
	Institutional Shares (seven-
	day effective yield 0.23%)	7,799,920		7,799,920
	Fidelity Investments Money
	Market Government Portfolio
	– Class I (seven-day effective
	yield 0.12%)	7,799,918		7,799,918
	GS Financial Square
	Government Fund –
	Institutional Shares (seven-
	day effective yield 0.25%)	7,799,918		7,799,918
	Morgan Stanley Government
	Portfolio – Institutional Share
	Class (seven-day effective
	yield 0.23%)	7,799,919		7,799,919
Total Short-Term Investments
	(cost $31,199,675)			31,199,675
Total Value of
	Securities–99.77%
	(cost $1,356,603,528)		$	2,071,707,736

† Non-income producing security.

Summary of abbreviations:

GS – Goldman Sachs

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

114

Optimum Small-Mid Cap Growth Fund

March 31, 2022

		Number of
		shares	Value (US $)
Common Stocks – 98.70% ◆
Communication Services – 3.58%
	Bumble Class A †	151,597	$	4,393,281
	Endeavor Group Holdings
	Class A †	190,195		5,614,556
	Lions Gate Entertainment
	Class B †	111,369		1,673,876
	PubMatic Class A †	104,315		2,724,708
	ZoomInfo Technologies Class A †	139,602		8,339,824
	Zynga Class A †	429,977		3,972,987
				26,719,232
Consumer Discretionary – 9.37%
	Academy Sports & Outdoors	63,980		2,520,812
	American Eagle Outfitters	149,801		2,516,657
	Boot Barn Holdings †	43,857		4,157,205
	Burlington Stores †	12,955		2,360,012
	Callaway Golf †	110,158		2,579,900
	Churchill Downs	26,107		5,790,011
	Five Below †	14,217		2,251,546
	Fox Factory Holding †	22,313		2,185,558
	Hayward Holdings †	146,540		2,435,495
	Hyatt Hotels Class A †	71,888		6,861,710
	International Game Technology	357,027		8,811,426
	Mattel †	198,756		4,414,371
	Media General CVR =, †	49,291		0
	Monro	28,098		1,245,865
	Ollie's Bargain Outlet Holdings †	48,750		2,094,300
	Papa John's International	26,788		2,820,241
	Planet Fitness Class A †	48,354		4,084,946
	Skyline Champion †	51,580		2,830,710
	Sleep Number †	25,739		1,305,225
	Sonos †	64,097		1,808,817
	Vail Resorts	13,174		3,428,797
	Visteon †	31,428		3,429,738
				69,933,342
Consumer Staples – 3.16%
	BJ's Wholesale Club Holdings †	102,959		6,961,058
	elf Beauty †	126,419		3,265,403
	Hostess Brands †	310,362		6,809,342
	Lamb Weston Holdings	47,234		2,829,789
	Performance Food Group †	72,822		3,707,368
				23,572,960
Energy – 2.13%
	Callon Petroleum †	39,503		2,333,837
	Matador Resources	144,337		7,646,975
	Range Resources †	194,176		5,899,067
				15,879,879
Financials – 7.12%
	Affiliated Managers Group	37,612		5,301,412
	BRP Group Class A †	206,248		5,533,634
	Essent Group	74,206		3,058,029
	Evercore Class A	21,762		2,422,546
	Focus Financial Partners Class A †	52,480		2,400,435
	Goosehead Insurance Class A	39,844		3,130,543
	Kinsale Capital Group	20,150		4,594,603
	Open Lending Class A †	55,820		1,055,556
	Palomar Holdings †	53,665		3,434,023
	Ryan Specialty Group Holdings
	Class A †	97,895		3,797,347
	Stifel Financial	59,336		4,028,915
	SVB Financial Group †	6,584		3,683,419
	Tradeweb Markets Class A	45,223		3,973,745
	Triumph Bancorp †	42,802		4,024,244
	Virtu Financial Class A	73,020		2,717,804
				53,156,255
Healthcare – 25.58%
	Adaptive Biotechnologies †	75,316		1,045,386
	Allscripts Healthcare Solutions †	150,259		3,383,833
	Alphatec Holdings †	490,218		5,637,507
	Amicus Therapeutics †	189,649		1,795,976
	AMN Healthcare Services †	31,400		3,275,962
	AtriCure †	131,746		8,651,760
	Avantor †	316,374		10,699,769
	Avid Bioservices †	112,358		2,288,732
	Axonics †	87,099		5,452,397
	Axsome Therapeutics †	37,315		1,544,468
	BioLife Solutions †	72,449		1,646,766
	Bio-Techne	6,690		2,897,038
	Blueprint Medicines †	29,093		1,858,461
	Cerus †	340,454		1,869,092
	CONMED	46,293		6,876,825
	Cytokinetics †	49,964		1,839,175
	Envista Holdings †	196,198		9,556,805
	Evolent Health Class A †	476,933		15,404,936
	Haemonetics †	44,320		2,801,910
	HealthEquity †	50,782		3,424,738
	Horizon Therapeutics †	90,446		9,515,824
	ICON †	26,827		6,524,863
	Inari Medical †	79,673		7,221,561
	Insmed †	75,659		1,777,986
	Inspire Medical Systems †	46,533		11,944,556
	Ionis Pharmaceuticals †	30,035		1,112,496
	Iovance Biotherapeutics †	59,563		991,724
	Jazz Pharmaceuticals †	23,765		3,699,497
	Maravai LifeSciences Holdings
	Class A †	124,091		4,376,690
	Mirati Therapeutics †	9,043		743,515
	Neurocrine Biosciences †	21,248		1,992,000
	Novocure †	9,893		819,635

115

Schedules of investments
Optimum Small-Mid Cap Growth Fund

		Number of
		shares	Value (US $)
Common Stocks ◆(continued)
Healthcare (continued)
	Oak Street Health †	59,268	$	1,593,124
	Omnicell †	34,675		4,490,066
	Option Care Health †	237,857		6,793,196
	Pacira BioSciences †	30,018		2,290,974
	Phreesia †	77,356		2,039,104
	Privia Health Group †	74,904		2,002,184
	Sarepta Therapeutics †	22,319		1,743,560
	Silk Road Medical †	99,235		4,097,413
	Syneos Health †	65,242		5,281,340
	Tactile Systems Technology †	71,056		1,432,489
	Tandem Diabetes Care †	17,999		2,093,104
	Tenet Healthcare †	102,774		8,834,453
	Ultragenyx Pharmaceutical †	29,146		2,116,582
	US Physical Therapy	23,793		2,366,214
	ViewRay †	293,685		1,151,245
				190,996,931
Industrials – 17.08%
	A O Smith	19,769		1,263,041
	Acuity Brands	19,895		3,766,124
	Advanced Drainage Systems	29,612		3,518,202
	AECOM	107,740		8,275,509
	ASGN †	49,167		5,738,281
	Atkore †	27,187		2,676,288
	AZEK †	66,366		1,648,531
	Boise Cascade	33,970		2,359,896
	Chart Industries †	52,571		9,030,121
	Clarivate †	118,198		1,980,998
	Core & Main Class A †	128,718		3,113,688
	Dycom Industries †	27,706		2,639,274
	FTI Consulting †	21,540		3,386,519
	Herc Holdings	30,095		5,028,574
	IAA †	37,952		1,451,664
	ICF International	40,878		3,848,255
	KAR Auction Services †	102,142		1,843,663
	KBR	92,480		5,061,430
	Knight-Swift Transportation
	Holdings	52,210		2,634,517
	Korn Ferry	29,679		1,927,354
	Kratos Defense & Security
	Solutions †	111,179		2,276,946
	Masonite International †	34,737		3,089,509
	Mercury Systems †	48,225		3,108,101
	Middleby †	23,795		3,900,952
	PGT Innovations †	93,612		1,683,144
	Plug Power †	226,168		6,470,666
	Quanta Services	61,889		8,145,211
	Robert Half International	34,080		3,891,254
	Schneider National Class B	96,759		2,467,355
	SPX †	62,726		3,099,292
	Sterling Check †	121,164		3,202,365
	Sun Country Airlines Holdings †	90,216		2,361,855
	Vicor †	27,728		1,956,210
	Wabash National	124,876		1,853,160
	WillScot Mobile Mini Holdings †	166,362		6,509,745
	Woodward	18,225		2,276,485
				127,484,179
Information Technology – 25.88%
	Arista Networks †	39,792		5,530,292
	Bill.com Holdings †	12,779		2,898,149
	Black Knight †	62,611		3,630,812
	Box Class A †	154,023		4,475,908
	Ciena †	89,594		5,432,084
	CyberArk Software †	21,219		3,580,706
	DoubleVerify Holdings †	80,194		2,018,483
	Enphase Energy †	52,818		10,657,616
	Entegris	68,777		9,027,669
	Evo Payments Class A †	103,550		2,390,970
	Flywire †	65,734		2,010,146
	FormFactor †	48,212		2,026,350
	Itron †	31,180		1,642,562
	Jamf Holding †	100,930		3,513,373
	Littelfuse	15,759		3,930,452
	LiveRamp Holdings †	88,204		3,297,948
	Lumentum Holdings †	41,539		4,054,206
	Manhattan Associates †	57,583		7,987,338
	Marqeta Class A †	541,145		5,974,241
	MongoDB †	15,069		6,684,458
	Monolithic Power Systems	6,944		3,372,562
	Nutanix Class A †	242,426		6,501,865
	ON Semiconductor †	127,480		7,981,523
	Onto Innovation †	36,544		3,175,308
	PagerDuty †	113,189		3,869,932
	PAR Technology †	51,517		2,078,196
	Paylocity Holding †	28,134		5,789,133
	PTC †	39,675		4,273,791
	Pure Storage Class A †	254,665		8,992,221
	Qualtrics International Class A †	258,493		7,379,975
	SentinelOne Class A †	119,792		4,640,742
	Silicon Motion Technology ADR	36,355		2,429,241
	Sprout Social Class A †	31,945		2,559,433
	SS&C Technologies Holdings	74,071		5,556,807
	Synaptics †	17,940		3,579,030
	Tenable Holdings †	196,794		11,372,725
	Teradyne	22,915		2,709,241
	Verra Mobility †	180,043		2,931,100
	WEX †	14,341		2,559,152
	Wolfspeed †	47,325		5,388,425
	Zendesk †	22,592		2,717,592

116

		Number of
		shares	Value (US $)
Common Stocks ◆(continued)
Information Technology (continued)
	Zuora Class A †	174,640	$	2,616,107
				193,237,864
Materials – 4.28%
	Aspen Aerogels †	28,529		983,680
	Element Solutions	382,499		8,376,728
	FMC	70,519		9,278,185
	Orion Engineered Carbons	175,973		2,810,289
	Sealed Air	82,122		5,498,889
	Steel Dynamics	37,230		3,106,099
	Summit Materials Class A †	61,709		1,916,681
				31,970,551
Real Estate – 0.52%
	Compass Class A †	167,353		1,315,394
	Ryman Hospitality Properties †	27,880		2,586,428
				3,901,822
Total Common Stocks
	(cost $691,517,587)			736,853,015
Convertible Preferred Stock – 0.02%
	Honest Series D =, †, π	15,249		167,939
Total Convertible Preferred Stock
	(cost $697,718)			167,939
Warrant – 0.00%
	DraftKings strike price $25,
	expiration date 4/23/25 =, †, π	399		0
Total Warrant
	(cost $0)			0
Short-Term Investments – 1.14%
Money Market Mutual Funds – 1.14%
	BlackRock FedFund – Institutional
	Shares (seven-day effective
	yield 0.23%)	2,123,296		2,123,296
	Fidelity Investments Money Market
	Government Portfolio – Class I
	(seven-day effective yield
	0.12%)	2,123,296		2,123,296
	GS Financial Square Government
	Fund – Institutional Shares
	(seven-day effective yield
	0.25%)	2,123,296		2,123,296
	Morgan Stanley Government
	Portfolio – Institutional Share
	Class (seven-day effective yield
	0.23%)	2,123,295		2,123,295
Total Short-Term Investments
	(cost $8,493,183)			8,493,183
Total Value of Securities–99.86%
	(cost $700,708,488)		$	745,514,137

◆	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, 2022, the aggregate value of restricted securities was $167,939, which represented 0.02% 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
DraftKings strike price $25, expiration date
4/23/25		5/18/20	$	–	$	–
Honest Series D		8/3/15		697,718		167,939
Total			$	697,718	$	167,939

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.

117

Schedules of investments
Optimum Small-Mid Cap Value Fund

March 31, 2022

		Number of
		shares	Value (US $)
Common Stocks – 97.14%
Communication Services – 6.72%
	AMC Networks Class A †	30,800	$	1,251,404
	Audacy †	206,300		596,207
	Cars.com †	56,200		810,966
	Gray Television	65,200		1,438,964
	John Wiley & Sons Class A	176,619		9,366,105
	Lumen Technologies	150,400		1,695,008
	Nexstar Media Group Class A	116,568		21,970,737
	Paramount Global Class B	37,200		1,406,532
	Ziff Davis †	151,695		14,681,042
				53,216,965
Consumer Discretionary – 9.42%
	Aaron's	45,700		917,656
	American Axle & Manufacturing
	Holdings †	114,200		886,192
	BorgWarner	41,200		1,602,680
	Brunswick	21,300		1,722,957
	Capri Holdings †	15,000		770,850
	Dick's Sporting Goods	47,100		4,710,942
	Foot Locker	48,800		1,447,408
	Goodyear Tire & Rubber †	70,000		1,000,300
	H&R Block	40,400		1,052,016
	Harley-Davidson	43,800		1,725,720
	Haverty Furniture	43,900		1,203,738
	Helen of Troy †	26,216		5,134,142
	Kohl's	41,800		2,527,228
	Lear	11,700		1,668,303
	Leslie's †	64,754		1,253,637
	Lithia Motors	41,041		12,317,225
	Macy's	48,400		1,179,024
	Malibu Boats Class A †	19,500		1,131,195
	MDC Holdings	54,648		2,067,880
	Modine Manufacturing †	76,800		691,968
	Nordstrom	28,400		769,924
	ODP †	29,100		1,333,653
	Penske Automotive Group	28,619		2,682,173
	PulteGroup	53,000		2,220,700
	Qurate Retail Series A	97,500		464,100
	Sally Beauty Holdings †	65,000		1,015,950
	Shoe Carnival	400		11,664
	Sleep Number †	14,600		740,366
	Smith & Wesson Brands	67,800		1,025,814
	Sonic Automotive Class A	53,300		2,265,783
	Tenneco Class A †	26,400		483,648
	Toll Brothers	49,500		2,327,490
	Travel + Leisure	12,500		724,250
	Victoria's Secret & Co. †	170,095		8,736,079
	Whirlpool	21,600		3,732,048
	Winnebago Industries	19,400		1,048,182
				74,592,885
Consumer Staples – 4.51%
	Bunge	27,600		3,058,356
	Energizer Holdings	32,000		984,320
	Ingles Markets Class A	35,400		3,152,370
	Ingredion	30,700		2,675,505
	J M Smucker	23,500		3,182,135
	Molson Coors Beverage Class B	82,900		4,425,202
	Nu Skin Enterprises Class A	16,800		804,384
	Pilgrim's Pride †	4,100		102,910
	Spectrum Brands Holdings	130,471		11,575,387
	Sprouts Farmers Market †	92,100		2,945,358
	Universal	25,300		1,469,171
	Weis Markets	18,500		1,321,270
				35,696,368
Energy – 5.40%
	APA	51,700		2,136,761
	Arch Resources	10,300		1,415,014
	CNX Resources †	99,550		2,062,676
	DT Midstream	125,602		6,815,165
	HF Sinclair	103,500		4,124,475
	Magnolia Oil & Gas Class A	375,496		8,880,480
	Marathon Oil	185,700		4,662,927
	National Energy Services
	Reunited †	118,000		991,200
	PDC Energy	25,700		1,867,876
	SFL	97,100		988,478
	Viper Energy Partners	262,989		7,776,585
	World Fuel Services	39,900		1,078,896
				42,800,533
Financials – 19.16%
	Ally Financial	91,200		3,965,376
	American Financial Group	27,780		4,045,323
	Annaly Capital Management	209,800		1,476,992
	Apollo Commercial Real Estate
	Finance	77,600		1,080,968
	Ares Capital	85,300		1,787,035
	Associated Banc-Corp	121,500		2,765,340
	Assured Guaranty	25,900		1,648,794
	B Riley Financial	15,900		1,112,364
	Banco Latinoamericano de
	Comercio Exterior Class E	59,900		933,242
	BGC Partners Class A	1,417,079		6,235,147
	Cathay General Bancorp	33,600		1,503,600
	Citizens Financial Group	63,200		2,864,856
	CNA Financial	85,600		4,161,872
	CNO Financial Group	144,200		3,617,978
	Columbia Banking System	241,066		7,779,200
	Customers Bancorp †	58,809		3,066,301
	Essent Group	26,800		1,104,428
	Everest Re Group	6,300		1,898,694

118

		Number of
		shares	Value (US $)
Common Stocks (continued)
Financials (continued)
	Federal Agricultural Mortgage
	Class C	10,050	$	1,090,224
	Fidelity National Financial	51,500		2,515,260
	First American Financial	38,200		2,476,124
	First BanCorp	89,200		1,170,304
	First Busey	74,400		1,885,296
	First Horizon	97,700		2,294,973
	First Merchants	157,013		6,531,741
	FS KKR Capital	57,750		1,317,855
	Hancock Whitney	31,300		1,632,295
	Hanmi Financial	56,800		1,397,848
	Heritage Insurance Holdings	27,300		194,922
	HomeStreet	39,900		1,890,462
	Hope Bancorp	122,400		1,968,192
	Jefferies Financial Group	61,300		2,013,705
	Lazard Class A	37,700		1,300,650
	Lincoln National	33,300		2,176,488
	MGIC Investment	107,200		1,452,560
	New Mountain Finance	95,300		1,319,905
	New Residential Investment	131,300		1,441,674
	Oaktree Specialty Lending	4,294		31,647
	OFG Bancorp	60,700		1,617,048
	OneMain Holdings	34,600		1,640,386
	Pacific Premier Bancorp	154,759		5,470,731
	PacWest Bancorp	444,854		19,186,553
	Preferred Bank	14,900		1,103,941
	Radian Group	69,500		1,543,595
	Redwood Trust	119,100		1,254,123
	Regions Financial	179,100		3,986,766
	Reinsurance Group of America	17,800		1,948,388
	Starwood Property Trust	478,600		11,567,762
	Synovus Financial	55,900		2,739,100
	Umpqua Holdings	104,200		1,965,212
	Universal Insurance Holdings	41,300		557,137
	Unum Group	75,700		2,385,307
	Victory Capital Holdings Class A	39,300		1,134,591
	Voya Financial	25,200		1,672,020
	Zions Bancorp	74,400		4,877,664
				151,799,959
Healthcare — 4.71%
	Amphastar Pharmaceuticals †	25,253		906,583
	Catalyst Pharmaceuticals †	186,900		1,549,401
	DaVita †	22,800		2,578,908
	Innoviva †	86,900		1,681,515
	Ironwood Pharmaceuticals †	167,200		2,103,376
	Jazz Pharmaceuticals †	24,720		3,848,162
	Lannett †	44,200		34,825
	Owens & Minor	49,800		2,192,196
	Quest Diagnostics	11,600		1,587,576
	Select Medical Holdings	121,000		2,902,790
	Syneos Health †	137,805		11,155,315
	United Therapeutics †	15,370		2,757,532
	Universal Health Services Class B	22,600		3,275,870
	Vanda Pharmaceuticals †	62,100		702,351
				37,276,400
Industrials — 14.67%
	ABM Industries	22,900		1,054,316
	ACCO Brands	146,000		1,168,000
	Acuity Brands	13,900		2,631,270
	AGCO	24,300		3,548,529
	Alaska Air Group †	24,800		1,438,648
	Allison Transmission Holdings	55,500		2,178,930
	Apogee Enterprises	36,200		1,718,052
	ArcBest	27,300		2,197,650
	Atkore †	55,800		5,492,952
	Atlas Air Worldwide Holdings †	24,100		2,081,517
	BWX Technologies	154,321		8,311,729
	CoreCivic †	56,200		627,754
	Covenant Logistics Group	59,100		1,272,423
	Crane	20,600		2,230,568
	Deluxe	29,800		901,152
	Ennis	45,800		845,926
	Enovis †	337,197		13,417,069
	GXO Logistics †	99,779		7,118,234
	Hawaiian Holdings †	45,300		892,410
	Hillenbrand	31,174		1,376,956
	Huntington Ingalls Industries	12,300		2,453,112
	IAA †	70,098		2,681,248
	JetBlue Airways †	84,600		1,264,770
	Kaman	106,232		4,618,967
	KAR Auction Services †	538,363		9,717,452
	ManpowerGroup	26,300		2,470,096
	MDU Resources Group	75,400		2,009,410
	MillerKnoll	17,900		618,624
	Moog Class A	24,000		2,107,200
	Oshkosh	14,800		1,489,620
	Owens Corning	35,500		3,248,250
	Primoris Services	66,384		1,581,267
	Quanex Building Products	29,300		615,007
	REV Group	85,200		1,141,680
	Ryder System	16,800		1,332,744
	SkyWest †	39,400		1,136,690
	Snap-on	9,300		1,910,964
	Textron	16,800		1,249,584
	Timken	37,000		2,245,900
	Triton International	43,700		3,066,866
	XPO Logistics †	120,825		8,796,060
				116,259,596

119

Schedules of investments
Optimum Small-Mid Cap Value Fund

		Number of
		shares	Value (US $)
Common Stocks (continued)
Information Technology — 11.03%
	ACI Worldwide †	343,964	$	10,831,426
	Amdocs	31,400		2,581,394
	Amkor Technology	102,600		2,228,472
	Arrow Electronics †	24,580		2,915,925
	Avaya Holdings †	47,400		600,558
	BM Technologies †	9,050		77,378
	Cirrus Logic †	10,400		881,816
	Cognyte Software †	291,708		3,299,218
	CSG Systems International	18,200		1,156,974
	Diodes †	10,500		913,395
	Ebix	33,273		1,103,000
	Euronet Worldwide †	53,314		6,938,817
	Jabil	74,000		4,568,020
	Juniper Networks	39,500		1,467,820
	Kimball Electronics †	74,200		1,483,258
	Methode Electronics	37,800		1,634,850
	NCR †	37,200		1,495,068
	NetApp	32,700		2,714,100
	NETGEAR †	17,088		421,732
	Sanmina †	59,300		2,396,906
	Seagate Technology Holdings	17,100		1,537,290
	Silicon Motion Technology ADR	174,392		11,652,873
	TD SYNNEX	20,400		2,105,484
	Teledyne Technologies †	13,371		6,319,536
	TTM Technologies †	84,100		1,246,362
	Ultra Clean Holdings †	38,400		1,627,776
	Verint Systems †	190,486		9,848,126
	Vishay Precision Group †	35,910		1,154,507
	Western Union	51,400		963,236
	Xerox Holdings	61,300		1,236,421
				87,401,738
Materials — 10.94%
	Arconic †	9,000		230,580
	Ashland Global Holdings	102,400		10,077,184
	Axalta Coating Systems †	364,473		8,958,746
	Berry Global Group †	48,200		2,793,672
	Cabot	27,500		1,881,275
	Celanese	14,200		2,028,754
	Chemours	49,500		1,558,260
	Eastman Chemical	19,400		2,173,964
	FMC	87,338		11,491,061
	Greif Class A	34,400		2,238,064
	Huntsman	70,700		2,651,957
	Koppers Holdings	48,050		1,322,336
	Mosaic	82,800		5,506,200
	O-I Glass †	59,800		788,164
	Reliance Steel & Aluminum	21,500		3,942,025
	Resolute Forest Products	80,700		1,041,837
	Schweitzer-Mauduit International	32,700		899,250
	Silgan Holdings	403,184		18,639,196
	Steel Dynamics	41,800		3,487,374
	Trinseo	22,200		1,063,824
	Tronox Holdings Class A	38,500		761,915
	Valvoline	28,700		905,772
	Westrock	48,000		2,257,440
				86,698,850
Real Estate — 9.12%
	American Assets Trust	37,200		1,409,508
	Apple Hospitality	68,979		1,239,553
	Brixmor Property Group	80,400		2,075,124
	CareTrust REIT	57,900		1,117,470
	City Office REIT	137,000		2,419,420
	Franklin Street Properties	93,612		552,311
	Gaming and Leisure Properties	319,851		15,010,607
	Howard Hughes †	62,111		6,435,321
	Industrial Logistics Properties
	Trust	63,789		1,446,097
	Iron Mountain	47,800		2,648,598
	Kite Realty Group Trust	63,600		1,448,172
	Medical Properties Trust	621,685		13,142,421
	National Health Investors	32,800		1,935,528
	Newmark Group Class A	465,221		7,406,318
	Office Properties Income Trust	45,688		1,175,552
	Omega Healthcare Investors	53,300		1,660,828
	Piedmont Office Realty Trust
	Class A	78,300		1,348,326
	Plymouth Industrial REIT	57,000		1,544,700
	Retail Value	5,741		17,567
	RPT Realty	104,000		1,432,080
	Sabra Health Care REIT	112,200		1,670,658
	Service Properties Trust	104,300		920,969
	Summit Hotel Properties †	63,000		627,480
	Tanger Factory Outlet Centers	122,610		2,107,666
	Uniti Group	107,160		1,474,522
				72,266,796
Utilities — 1.46%
	National Fuel Gas	55,200		3,792,240
	NRG Energy	70,400		2,700,544
	UGI	45,200		1,637,144
	Vistra	148,900		3,461,925
				11,591,853
Total Common Stocks
	(cost $624,271,252)			769,601,943

120

			Number of
			shares	Value (US $)
Limited Partnerships — 0.46%
	Rattler Midstream		257,852	$	3,602,193
Total Limited Partnerships
	(cost $1,729,730)				3,602,193
Short-Term Investments — 2.35%
Money Market Mutual Funds — 2.35%
	BlackRock FedFund – Institutional
		Shares (seven-day effective
		yield 0.23%)	4,663,944		4,663,944
	Fidelity Investments Money Market
		Government Portfolio – Class I
		(seven-day effective yield
		0.12%)	4,663,943		4,663,943
	GS Financial Square Government
		Fund – Institutional Shares
		(seven-day effective yield
		0.25%)	4,663,943		4,663,943
	Morgan Stanley Government
		Portfolio – Institutional Share
		Class (seven-day effective yield
		0.23%)	4,663,943		4,663,943
Total Short-Term Investments
	(cost $18,655,773)				18,655,773
Total Value of Securities—99.95%
	(cost $644,656,755)			$	791,859,909

† Non-income producing security.

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.

121

Statements of assets and liabilities
Optimum Fund Trust

March 31, 2022

				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*		$	3,460,260,815	$	919,791,990	$	1,983,583,628	$	2,071,707,736	$	745,514,137	$	791,859,909
	Cash			4,523,148		31,079		564,461		268,731		270,352		104,243
	Cash collateral due from
		brokers		8,938,051		—		—		—		—		—
	Foreign currencies, at valueΔ			6,001,795		1,188,318		194		24,177		—		—
	Receivable for securities sold			364,272,478		667,298		2,982,444		1,229,817		4,875,074		1,676,060
	Dividends and interest
		receivable		14,161,911		3,687,197		263,175		2,051,230		142,707		1,130,793
	Receivable for fund shares
		sold		8,491,359		2,698,039		5,685,674		5,508,087		2,204,686		2,202,955
	Unrealized appreciation on
		foreign currency exchange
		contracts		6,886,148		1,186		—		—		—		—
	Variation margin due from
		Credit Suisse on centrally
		cleared interest rate swap
		contracts		1,555,174		—		—		—		—		—
	Unrealized appreciation on
		over the counter credit
		default swap contracts		914,535		—		—		—		—		—
	Variation margin due from
		CITI on futures contracts		503,539		—		—		—		—		—
	Swap payments receivable			387,086		—		—		—		—		—
	Variation margin due from
		CITI on centrally cleared
		interest rate swap
		contracts		158,653		—		—		—		—		—
	Foreign tax reclaims
		receivable		—		2,149,169		40,876		343,799		—		—
	Total Assets			3,877,054,692		930,214,276		1,993,120,452		2,081,133,577		753,006,956		796,973,960

122

				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		$	7,986,272		$	—		$	—	$	—	$	—	$	—
	Payable for securities
		purchased		1,013,865,902			246,389			2,096,373		875,661		4,994,847		3,103,337
	Payable for fund shares
		redeemed		4,139,368			1,050,175			1,847,562		2,028,072		592,505		785,443
	Unrealized depreciation on
		foreign currency exchange
		contracts		4,019,415			204			2,169		—		—		—
	Investment management fees
		payable to affiliates		1,194,373			570,198			1,053,705		1,116,887		566,597		592,816
	Variation margin due to
		brokers on centrally
		cleared credit default swap
		contracts		1,011,676			—			—		—		—		—
	Swap payments payable			470,976			—			—		—		—		—
	Dividend disbursing and
		transfer agent fees and
		expenses payable to
		affiliates		437,142			137,863			288,884		311,457		110,864		120,628
	Upfront payments received on
		over the counter credit
		default swap contracts		276,659			—			—		—		—		—
	Other accrued expenses			264,927			95,707			187,162		173,658		66,811		51,826
	Pricing fees payable			203,947			87,451			1,295		1,221		20,780		1,145
	Administration expenses
		payable to affiliates		125,253			39,502			82,773		89,241		31,765		34,563
	Unrealized depreciation on
		over the counter credit
		default swap contracts		78,679			—			—		—		—		—
	Trustees' fees and expenses
		payable to affiliates		70,740			23,089			48,217		51,271		18,534		19,899
	Distribution fees payable to
		affiliates		66,735			15,868			58,407		59,384		9,597		8,714
	Custody fees payable			65,508			161,150			32,866		18,931		17,195		11,012
	Variation margin due to HSBC
		on future contracts		37,184			—			—		—		—		—
	Accounting fees payable to
		affiliates		15,742			5,197			10,518		11,313		4,246		4,590
	Capital gains tax payable			—			281,838			—		—		—		—
	Total Liabilities			1,034,330,498			2,714,631			5,709,931		4,737,096		6,433,741		4,733,973
Total Net Assets			$	2,842,724,194		$	927,499,645		$	1,987,410,521	$	2,076,396,481	$	746,573,215	$	792,239,987
Net Assets Consist of:
	Paid-in capital		$	3,003,892,423		$	977,537,868		$	1,218,572,219	$	1,329,817,527	$	674,594,755	$	620,548,048
	Total distributable earnings
		(loss)		(161,168,229	)		(50,038,223	)		768,838,302		746,578,954		71,978,460		171,691,939
Total Net Assets			$	2,842,724,194		$	927,499,645		$	1,987,410,521	$	2,076,396,481	$	746,573,215	$	792,239,987

123

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 Asset Value
Class A:
Net assets		$	21,243,838		$	6,070,854		$	23,860,944		$	23,414,392		$	3,863,950		$	3,327,726
Shares of beneficial interest
	outstanding, unlimited
	authorization, no par		2,349,095			492,349			1,200,319			1,129,952			314,450			223,297
Net asset value per share		$	9.04		$	12.33		$	19.88		$	20.72		$	12.29		$	14.90
Sales charge			4.50	%		5.75	%		5.75	%		5.75	%		5.75	%		5.75	%
Offering price per share, equal to
	net asset value per share /
	(1 - sales charge)	$	9.47		$	13.08		$	21.09		$	21.98		$	13.04		$	15.81
Class C:
Net assets		$	71,985,315		$	17,441,655		$	65,192,535		$	64,601,841		$	10,473,867		$	9,318,243
Shares of beneficial interest
	outstanding, unlimited
	authorization, no par		7,956,871			1,458,594			4,414,808			3,165,058			1,333,740			738,487
Net asset value per share		$	9.05		$	11.96		$	14.77		$	20.41		$	7.85		$	12.62
Institutional Class:
Net assets		$	2,749,495,041		$	903,987,136		$	1,898,357,042		$	1,988,380,248		$	732,235,398		$	779,594,018
Shares of beneficial interest
	outstanding, unlimited
	authorization, no par		304,499,067			72,678,121			85,134,033			95,695,991			50,428,594			48,783,470
Net asset value per share		$	9.03		$	12.44		$	22.30		$	20.78		$	14.52		$	15.98
____________________
*Investments, at cost		$	3,580,821,793		$	968,348,630		$	1,281,869,389		$	1,356,603,528		$	700,708,488		$	644,656,755
ΔForeign currencies, at cost			6,022,263			1,187,404			196			24,228			—			—
ΣOptions written, premium received			(3,050,852	)		—			—			—			—			—

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

124

Statements of operations
Optimum Fund Trust

Year ended March 31, 2022

	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	$	72,105,454		$	—		$	—		$	—		$	—		$	21
Dividends		22,686			30,760,086			8,873,136			38,780,458			2,837,682			9,221,025
Securities lending income		—			667			—			—			—			—
Foreign tax withheld		(12,490	)		(3,222,829	)		(92,967	)		(99,626	)		(1,141	)		(5,343	)
		72,115,650			27,537,924			8,780,169			38,680,832			2,836,541			9,215,703
Expenses:
Management fees		14,431,212			7,214,064			14,249,815			12,561,194			7,720,081			6,906,437
Distribution expenses — Class A		58,677			17,746			69,803			60,444			11,369			8,934
Distribution expenses — Class C		824,880			210,371			785,605			694,842			127,280			104,795
Dividend disbursing and transfer agent fees
and expenses		5,354,324			1,792,492			3,825,758			3,623,389			1,421,526			1,407,552
Administration expenses		1,517,549			506,228			1,082,072			1,023,138			399,982			396,402
Accounting fees		583,812			220,149			425,741			404,753			182,141			181,635
Reports and statements to shareholders
expenses		509,359			309,356			322,758			362,778			214,863			157,379
Trustees’ fees and expenses		307,151			108,756			212,024			207,182			83,446			78,473
Pricing fees		283,070			143,828			4,265			4,560			16,406			4,654
Professional fees		184,597			98,947			134,634			121,977			68,758			71,289
Custodian fees		164,648			404,573			69,154			53,031			36,458			27,257
Registration fees		109,135			99,347			102,651			88,460			88,346			69,693
Insurance fees		48,216			11,474			34,188			28,728			11,568			9,935
Tax services		28,166			31,193			542			280			604			501
Other		21,471			6,603			18,094			12,485			2,965			7,680
		24,426,267			11,175,127			21,337,104			19,247,241			10,385,793			9,432,616
Less expenses waived		—			(207,810	)		(72,284	)		—			(92,108	)		(8,626	)
Less expenses paid indirectly		(474	)		(413	)		(547	)		(536	)		(521	)		(519	)
Total operating expenses		24,425,793			10,966,904			21,264,273			19,246,705			10,293,164			9,423,471
Net Investment Income (Loss)		47,689,857			16,571,020			(12,484,104	)		19,434,127			(7,456,623	)		(207,768	)

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

125

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:
Investments1	$	(20,083,726	)	$	91,057,992		$	144,862,007		$	76,577,408		$	107,582,923		$	43,412,983
Foreign currencies		1,376,758			(335,373	)		28,152			(6,575	)		(759	)		—
Foreign currency exchange contracts		7,488,841			(9,333	)		(27,162	)		(398	)		655			—
Futures contracts		(5,128,009	)		—			—			—			—			—
Options purchased		(653,400	)		—			—			—			—			—
Options written		717,637			—			—			—			—			—
Swap contracts		1,095,982			—			—			—			—			—
Net realized gain (loss)		(15,185,917	)		90,713,286			144,862,997			76,570,435			107,582,819			43,412,983
Net change in unrealized appreciation
(depreciation) of:
Investments2		(157,990,538	)		(182,258,425	)		(77,450,912	)		143,968,000			(143,726,772	)		5,101,235
Foreign currencies		41,936			(28,792	)		908			3,671			—			—
Foreign currency exchange contracts		2,178,024			255			(2,165	)		—			—			—
Futures contracts		(9,296,163	)		—			—			—			—			—
Options purchased		512,425			—			—			—			—			—
Options written		(4,984,924	)		—			—			—			—			—
Swap contracts		(6,506,443	)		—			—			—			—			—
Net change in unrealized appreciation
(depreciation)		(176,045,683	)		(182,286,962	)		(77,452,169	)		143,971,671			(143,726,772	)		5,101,235
Net Realized and Unrealized Gain (Loss)		(191,231,600	)		(91,573,676	)		67,410,828			220,542,106			(36,143,953	)		48,514,218
Net Increase (Decrease) in Net Assets
Resulting from Operations	$	(143,541,743	)	$	(75,002,656	)	$	54,926,724		$	239,976,233		$	(43,600,576	)	$	48,306,450

1	Includes $(331,852) capital gains tax paid for Optimum International Fund.
2	Includes increase of $(281,838) capital gains tax accrued for Optimum International Fund.

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

126

Statements of changes in net assets
Optimum Fund Trust

	Optimum						Optimum
	Fixed Income						International
	Fund						Fund
	Year ended						Year ended
	3/31/22			3/31/21			3/31/22			3/31/21
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	47,689,857		$	46,246,089		$	16,571,020		$	8,018,979
Net realized gain (loss)		(15,185,917	)		62,134,788			90,713,286			25,034,293
Net change in unrealized appreciation (depreciation)		(176,045,683	)		22,005,406			(182,286,962	)		213,308,348
Net increase (decrease) in net assets resulting from operations		(143,541,743	)		130,386,283			(75,002,656	)		246,361,620
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(445,644	)		(1,182,087	)		(935,580	)		(139,401	)
Class C		(903,556	)		(3,495,380	)		(2,624,537	)		(288,872	)
Institutional Class		(62,740,572	)		(127,667,475	)		(131,716,221	)		(12,652,253	)
		(64,089,772	)		(132,344,942	)		(135,276,338	)		(13,080,526	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		2,096,123			2,166,663			291,952			521,008
Class C		4,702,930			6,494,263			513,464			1,512,024
Institutional Class		536,712,198			596,611,343			183,482,627			344,491,714
Net asset value of shares issued upon reinvestment of dividends and
distributions:
Class A		445,467			1,181,575			934,059			139,195
Class C		901,741			3,488,865			2,623,663			288,146
Institutional Class		62,651,359			127,196,433			131,589,404			12,637,812
		607,509,818			737,139,142			319,435,169			359,589,899
Cost of shares redeemed:
Class A		(3,907,042	)		(4,154,651	)		(1,232,452	)		(1,059,088	)
Class C		(14,255,701	)		(10,267,325	)		(3,918,149	)		(2,734,121	)
Institutional Class		(374,235,438	)		(375,098,517	)		(108,163,697	)		(84,611,754	)
		(392,398,181	)		(389,520,493	)		(113,314,298	)		(88,404,963	)
Increase in net assets derived from capital share transactions		215,111,637			347,618,649			206,120,871			271,184,936
Net Increase (Decrease) in Net Assets		7,480,122			345,659,990			(4,158,123	)		504,466,030
Net Assets:
Beginning of year		2,835,244,072			2,489,584,082			931,657,768			427,191,738
End of year	$	2,842,724,194		$	2,835,244,072		$	927,499,645		$	931,657,768

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

127

Statements of changes in net assets
Optimum Fund Trust

	Optimum						Optimum
	Large Cap						Large Cap
	Growth Fund						Value Fund
	Year ended						Year ended
	3/31/22			3/31/21			3/31/22			3/31/21
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	(12,484,104	)	$	(8,658,957	)	$	19,434,127		$	20,033,341
Net realized gain		144,862,997			307,841,231			76,570,435			72,785,306
Net change in unrealized appreciation (depreciation)		(77,452,169	)		528,954,726			143,971,671			562,232,765
Net increase in net assets resulting from operations		54,926,724			828,137,000			239,976,233			655,051,412
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(4,030,585	)		(2,330,191	)		(1,692,706	)		(227,116	)
Class C		(14,214,509	)		(8,141,363	)		(4,345,895	)		(325,729	)
Institutional Class		(268,587,340	)		(145,275,414	)		(140,961,810	)		(20,704,214	)
		(286,832,434	)		(155,746,968	)		(147,000,411	)		(21,257,059	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		1,407,951			529,522			1,277,268			1,374,919
Class C		814,700			913,806			931,257			3,507,516
Institutional Class		327,269,912			237,257,735			309,558,547			285,934,921
Net asset value of shares issued upon reinvestment of dividends
and distributions:
Class A		4,028,511			2,329,081			1,691,946			227,019
Class C		14,196,121			8,119,104			4,339,611			324,729
Institutional Class		268,007,460			144,795,123			140,692,925			20,646,682
		615,724,655			393,944,371			458,491,554			312,015,786
Cost of shares redeemed:
Class A		(6,494,547	)		(7,068,584	)		(4,535,773	)		(3,159,329	)
Class C		(17,531,920	)		(18,345,652	)		(14,131,077	)		(7,822,979	)
Institutional Class		(304,236,214	)		(587,462,462	)		(274,794,124	)		(401,061,413	)
		(328,262,681	)		(612,876,698	)		(293,460,974	)		(412,043,721	)
Increase (decrease) in net assets derived from capital share
transactions		287,461,974			(218,932,327	)		165,030,580			(100,027,935	)
Net Increase in Net Assets		55,556,264			453,457,705			258,006,402			533,766,418
Net Assets:
Beginning of year		1,931,854,257			1,478,396,552			1,818,390,079			1,284,623,661
End of year	$	1,987,410,521		$	1,931,854,257		$	2,076,396,481		$	1,818,390,079

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

128

	Optimum						Optimum
	Small-Mid Cap						Small-Mid Cap
	Growth Fund						Value Fund
	Year ended						Year ended
	3/31/22			3/31/21			3/31/22			3/31/21
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	(7,456,623	)	$	(6,022,712	)	$	(207,768	)	$	10,131,162
Net realized gain		107,582,819			217,906,476			43,412,983			46,112,806
Net change in unrealized appreciation (depreciation)		(143,726,772	)		224,979,499			5,101,235			279,835,046
Net increase (decrease) in net assets resulting from operations		(43,600,576	)		436,863,263			48,306,450			336,079,014
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(1,302,134	)		(794,941	)		(222,223	)		(134,611	)
Class C		(4,763,873	)		(2,933,106	)		(669,877	)		(421,984	)
Institutional Class		(199,510,449	)		(95,066,679	)		(47,505,314	)		(23,951,424	)
		(205,576,456	)		(98,794,726	)		(48,397,414	)		(24,508,019	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		260,330			92,640			221,806			520,361
Class C		188,430			157,088			132,722			1,367,421
Institutional Class		141,732,994			156,669,492			135,324,597			128,890,149
Net asset value of shares issued upon reinvestment of dividends and
distributions:
Class A		1,300,064			793,823			221,983			134,484
Class C		4,762,017			2,929,999			669,620			420,931
Institutional Class		198,911,276			94,747,412			47,459,076			23,930,685
		347,155,111			255,390,454			184,029,804			155,264,031
Cost of shares redeemed:
Class A		(1,198,026	)		(1,566,133	)		(891,600	)		(540,067	)
Class C		(3,440,330	)		(4,487,246	)		(2,796,339	)		(1,519,315	)
Institutional Class		(103,282,138	)		(249,624,233	)		(104,727,298	)		(122,727,590	)
		(107,920,494	)		(255,677,612	)		(108,415,237	)		(124,786,972	)
Increase (decrease) in net assets derived from capital share transactions		239,234,617			(287,158	)		75,614,567			30,477,059
Net Increase (Decrease) in Net Assets		(9,942,415	)		337,781,379			75,523,603			342,048,054
Net Assets:
Beginning of year		756,515,630			418,734,251			716,716,384			374,668,330
End of year	$	746,573,215		$	756,515,630		$	792,239,987		$	716,716,384

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

129

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
	3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	9.70		$	9.67		$	9.46		$	9.35		$	9.39
Income (loss) from investment operations:
Net investment income1		0.14			0.15			0.21			0.23			0.22
Net realized and unrealized gain (loss)		(0.61	)		0.37			0.29			0.08			(0.05	)
Total from investment operations		(0.47	)		0.52			0.50			0.31			0.17
Less dividends and distributions from:
Net investment income		(0.15	)		(0.15	)		(0.23	)		(0.20	)		(0.21	)
Net realized gain		(0.04	)		(0.34	)		(0.06	)		—			—
Total dividends and distributions		(0.19	)		(0.49	)		(0.29	)		(0.20	)		(0.21	)
Net asset value, end of period	$	9.04		$	9.70		$	9.67		$	9.46		$	9.35
Total return2		(4.99%	)		5.21%			5.24%	3		3.37%			1.81%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	21,244		$	24,142		$	24,827		$	26,613		$	30,150
Ratio of expenses to average net assets4		1.05%			1.06%			1.07%			1.08%			1.10%
Ratio of net investment income to average net assets		1.40%			1.52%			2.11%			2.43%			2.29%
Portfolio turnover		219%	5		217%	5		361%	5		453%			403%

1	Calculated using average shares outstanding.
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 were included in total return. If excluded, the impact on the total return would be 0.04% lower.
4	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
5	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.

130

Optimum Fixed Income Fund Class C

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

	Year ended
	3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	9.69		$	9.67		$	9.45		$	9.34		$	9.38
Income (loss) from investment operations:
Net investment income1		0.06			0.08			0.13			0.16			0.15
Net realized and unrealized gain (loss)		(0.59	)		0.35			0.30			0.07			(0.05	)
Total from investment operations		(0.53	)		0.43			0.43			0.23			0.10
Less dividends and distributions from:
Net investment income		(0.07	)		(0.07	)		(0.15	)		(0.12	)		(0.14	)
Net realized gain		(0.04	)		(0.34	)		(0.06	)		—			—
Total dividends and distributions		(0.11	)		(0.41	)		(0.21	)		(0.12	)		(0.14	)
Net asset value, end of period	$	9.05		$	9.69		$	9.67		$	9.45		$	9.34
Total return2		(5.55%	)		4.30%			4.55%	3		2.52%			1.06%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	71,985		$	85,821		$	85,853		$	92,295		$	105,194
Ratio of expenses to average net assets4		1.80%			1.81%			1.82%			1.83%			1.85%
Ratio of net investment income to average net assets		0.65%			0.77%			1.36%			1.68%			1.54%
Portfolio turnover		219%	5		217%	5		361%	5		453%			403%

1	Calculated using average shares outstanding.
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 were included in total return. If excluded, the impact on the total return would be 0.04% lower.
4	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
5	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.

131

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
	3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	9.68		$	9.66		$	9.45		$	9.34		$	9.39
Income (loss) from investment operations:
Net investment income1		0.16			0.18			0.23			0.25			0.24
Net realized and unrealized gain (loss)		(0.59	)		0.36			0.29			0.08			(0.05	)
Total from investment operations		(0.43	)		0.54			0.52			0.33			0.19
Less dividends and distributions from:
Net investment income		(0.18	)		(0.18	)		(0.25	)		(0.22	)		(0.24	)
Net realized gain		(0.04	)		(0.34	)		(0.06	)		—			—
Total dividends and distributions		(0.22	)		(0.52	)		(0.31	)		(0.22	)		(0.24	)
Net asset value, end of period	$	9.03		$	9.68		$	9.66		$	9.45		$	9.34
Total return2		(4.65%	)		5.37%			5.52%	3		3.65%			1.96%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	2,749,495		$	2,725,281		$	2,378,904		$	2,249,912		$	1,882,394
Ratio of expenses to average net assets4		0.80%			0.81%			0.82%			0.83%			0.85%
Ratio of net investment income to average net assets		1.65%			1.77%			2.36%			2.68%			2.54%
Portfolio turnover		219%	5		217%	5		361%	5		453%			403%

1	Calculated using average shares outstanding.
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 were included in total return. If excluded, the impact on the total return would be 0.04% lower.
4	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
5	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.

132

Optimum International Fund Class A

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

	Year ended
	3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	15.40		$	9.93		$	12.59		$	14.42		$	12.27
Income (loss) from investment operations:
Net investment income1		0.22			0.16			0.20			0.17			0.12
Net realized and unrealized gain (loss)		(1.20	)		5.59			(2.61	)		(1.00	)		2.29
Total from investment operations		(0.98	)		5.75			(2.41	)		(0.83	)		2.41
Less dividends and distributions from:
Net investment income		(0.27	)		(0.12	)		(0.21	)		(0.18	)		(0.11	)
Net realized gain		(1.82	)		(0.16	)		(0.04	)		(0.82	)		(0.15	)
Total dividends and distributions		(2.09	)		(0.28	)		(0.25	)		(1.00	)		(0.26	)
Net asset value, end of period	$	12.33		$	15.40		$	9.93		$	12.59		$	14.42
Total return2		(7.55%	)3		58.20%	3		(19.62%	)3		(5.33%	)		19.74%	3
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	6,071		$	7,494		$	5,121		$	7,275		$	8,704
Ratio of expenses to average net assets4		1.34%			1.34%			1.37%			1.37%			1.36%
Ratio of expenses to average net assets prior to fees waived4		1.36%			1.35%			1.39%			1.37%			1.36%
Ratio of net investment income to average net assets		1.46%			1.21%			1.62%			1.30%			0.90%
Ratio of net investment income to average net assets prior to
fees waived		1.44%			1.20%			1.60%			1.30%			0.90%
Portfolio turnover		106%			71%			51%			63%			52%

1	Calculated using average shares outstanding.
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 waiver by the manager and/or distributor. 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.

133

Financial highlights
Optimum International Fund Class C

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

	Year ended
	3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	14.98		$	9.68		$	12.27		$	14.06		$	11.98
Income (loss) from investment operations:
Net investment income1		0.10			0.06			0.11			0.07			0.02
Net realized and unrealized gain (loss)		(1.15	)		5.43			(2.54	)		(0.98	)		2.23
Total from investment operations		(1.05	)		5.49			(2.43	)		(0.91	)		2.25
Less dividends and distributions from:
Net investment income		(0.15	)		(0.03	)		(0.12	)		(0.06	)		(0.02	)
Net realized gain		(1.82	)		(0.16	)		(0.04	)		(0.82	)		(0.15	)
Total dividends and distributions		(1.97	)		(0.19	)		(0.16	)		(0.88	)		(0.17	)
Net asset value, end of period	$	11.96		$	14.98		$	9.68		$	12.27		$	14.06
Total return2		(8.21%	)3		56.92%	3		(20.16%	)3		(6.07%	)		18.82%	3
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	17,442		$	22,367		$	15,138		$	21,763		$	28,046
Ratio of expenses to average net assets4		2.09%			2.09%			2.12%			2.12%			2.11%
Ratio of expenses to average net assets prior to fees waived4		2.11%			2.10%			2.14%			2.12%			2.11%
Ratio of net investment income to average net assets		0.71%			0.46%			0.87%			0.55%			0.15%
Ratio of net investment income to average net assets prior to
fees waived		0.69%			0.45%			0.85%			0.55%			0.15%
Portfolio turnover		106%			71%			51%			63%			52%

1	Calculated using average shares outstanding.
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 waiver by the manager and/or distributor. 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.

134

Optimum International Fund Institutional Class

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

	Year ended
	3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	15.52		$	10.00		$	12.68		$	14.52		$	12.35
Income (loss) from investment operations:
Net investment income1		0.26			0.19			0.24			0.21			0.16
Net realized and unrealized gain (loss)		(1.21	)		5.64			(2.63	)		(1.02	)		2.31
Total from investment operations		(0.95	)		5.83			(2.39	)		(0.81	)		2.47
Less dividends and distributions from:
Net investment income		(0.31	)		(0.15	)		(0.25	)		(0.21	)		(0.15	)
Net realized gain		(1.82	)		(0.16	)		(0.04	)		(0.82	)		(0.15	)
Total dividends and distributions		(2.13	)		(0.31	)		(0.29	)		(1.03	)		(0.30	)
Net asset value, end of period	$	12.44		$	15.52		$	10.00		$	12.68		$	14.52
Total return2		(7.31%	)3		58.64%	3		(19.44%	)3		(5.09%	)		20.05%	3
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	903,987		$	901,797		$	406,933		$	524,925		$	629,934
Ratio of expenses to average net assets4		1.09%			1.09%			1.12%			1.12%			1.11%
Ratio of expenses to average net assets prior to fees waived4		1.11%			1.10%			1.14%			1.12%			1.11%
Ratio of net investment income to average net assets		1.71%			1.46%			1.87%			1.55%			1.15%
Ratio of net investment income to average net assets prior to
fees waived		1.69%			1.45%			1.85%			1.55%			1.15%
Portfolio turnover		106%			71%			51%			63%			52%

1	Calculated using average shares outstanding.
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.

135

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
	3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	22.49		$	15.51		$	16.70		$	17.22		$	16.84
Income (loss) from investment operations:
Net investment loss1		(0.19	)		(0.14	)		(0.07	)		(0.03	)		(0.06	)
Net realized and unrealized gain (loss)		1.26			9.03			(0.53	)		1.82			3.70
Total from investment operations		1.07			8.89			(0.60	)		1.79			3.64
Less dividends and distributions from:
Net realized gain		(3.68	)		(1.91	)		(0.59	)		(2.31	)		(3.26	)
Total dividends and distributions		(3.68	)		(1.91	)		(0.59	)		(2.31	)		(3.26	)
Net asset value, end of period	$	19.88		$	22.49		$	15.51		$	16.70		$	17.22
Total return2		2.49%	3		57.75%			(4.03%	)		11.60%			22.17%	3
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	23,861		$	27,906		$	22,363		$	29,605		$	32,254
Ratio of expenses to average net assets4		1.22%			1.23%			1.24%			1.25%			1.26%
Ratio of net investment loss to average net assets		(0.80%	)		(0.65%	)		(0.38%	)		(0.19%	)		(0.31%	)
Portfolio turnover		25%			27%			29%			25%			77%	5

1	Calculated using average shares outstanding.
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 waiver by the manager and/or distributor. 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.

136

Optimum Large Cap Growth Fund Class C

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

	Year ended
	3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	17.63		$	12.52		$	13.68		$	14.62		$	14.81
Income (loss) from investment operations:
Net investment loss1		(0.28	)		(0.24	)		(0.16	)		(0.14	)		(0.17	)
Net realized and unrealized gain (loss)		1.10			7.26			(0.41	)		1.51			3.24
Total from investment operations		0.82			7.02			(0.57	)		1.37			3.07
Less dividends and distributions from:
Net realized gain		(3.68	)		(1.91	)		(0.59	)		(2.31	)		(3.26	)
Total dividends and distributions		(3.68	)		(1.91	)		(0.59	)		(2.31	)		(3.26	)
Net asset value, end of period	$	14.77		$	17.63		$	12.52		$	13.68		$	14.62
Total return2		1.72%	3		56.56%			(4.71%	)		10.74%			21.30%	3
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	65,193		$	79,209		$	63,237		$	83,010		$	97,658
Ratio of expenses to average net assets4		1.97%			1.98%			1.99%			2.00%			2.01%
Ratio of net investment loss to average net assets		(1.55%	)		(1.40%	)		(1.13%	)		(0.94%	)		(1.06%	)
Portfolio turnover		25%			27%			29%			25%			77%	5

1	Calculated using average shares outstanding.
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 waiver by the manager and/or distributor. 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.

137

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
	3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	24.79		$	16.93		$	18.13		$	18.46		$	17.81
Income (loss) from investment operations:
Net investment income (loss)1		(0.14	)		(0.09	)		(0.02	)		0.01			(0.01	)
Net realized and unrealized gain (loss)		1.33			9.86			(0.59	)		1.97			3.92
Total from investment operations		1.19			9.77			(0.61	)		1.98			3.91
Less dividends and distributions from:
Net realized gain		(3.68	)		(1.91	)		(0.59	)		(2.31	)		(3.26	)
Total dividends and distributions		(3.68	)		(1.91	)		(0.59	)		(2.31	)		(3.26	)
Net asset value, end of period	$	22.30		$	24.79		$	16.93		$	18.13		$	18.46
Total return2		2.75%	3		58.11%			(3.77%	)		11.86%			22.50%	3
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,898,357		$	1,824,739		$	1,392,797		$	1,563,552		$	1,610,343
Ratio of expenses to average net assets4		0.97%			0.98%			0.99%			1.00%			1.01%
Ratio of net investment income (loss) to average net assets		(0.55%	)		(0.40%	)		(0.13%	)		0.06%			(0.06%	)
Portfolio turnover		25%			27%			29%			25%			77%	5

1	Calculated using average shares outstanding.
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.

138

Optimum Large Cap Value Fund Class A

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

	Year ended
	3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	19.72		$	13.22		$	15.83		$	15.89		$	15.42
Income (loss) from investment operations:
Net investment income1		0.16			0.17			0.20			0.19			0.17
Net realized and unrealized gain (loss)		2.37			6.52			(2.37	)		0.38			1.19
Total from investment operations		2.53			6.69			(2.17	)		0.57			1.36
Less dividends and distributions from:
Net investment income		(0.23	)		(0.10	)		(0.20	)		(0.18	)		(0.16	)
Net realized gain		(1.30	)		(0.09	)		(0.24	)		(0.45	)		(0.73	)
Total dividends and distributions		(1.53	)		(0.19	)		(0.44	)		(0.63	)		(0.89	)
Net asset value, end of period	$	20.72		$	19.72		$	13.22		$	15.83		$	15.89
Total return2		12.91%			50.73%			(14.37%	)		3.79%			8.68%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	23,414		$	23,730		$	17,123		$	23,742		$	26,448
Ratio of expenses to average net assets3		1.18%			1.19%			1.20%			1.20%			1.21%
Ratio of net investment income to average net assets		0.76%			1.04%			1.19%			1.23%			1.05%
Portfolio turnover		9%			20%			23%			22%			25%

1	Calculated using average shares outstanding.
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	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.

139

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
	3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	19.44		$	13.06		$	15.65		$	15.69		$	15.25
Income (loss) from investment operations:
Net investment income1		—			0.05			0.07			0.07			0.05
Net realized and unrealized gain (loss)		2.34			6.42			(2.35	)		0.38			1.17
Total from investment operations		2.34			6.47			(2.28	)		0.45			1.22
Less dividends and distributions from:
Net investment income		(0.07	)		—			(0.07	)		(0.04	)		(0.05	)
Net realized gain		(1.30	)		(0.09	)		(0.24	)		(0.45	)		(0.73	)
Total dividends and distributions		(1.37	)		(0.09	)		(0.31	)		(0.49	)		(0.78	)
Net asset value, end of period	$	20.41		$	19.44		$	13.06		$	15.65		$	15.69
Total return2		12.07%			49.61%			(15.04%	)		3.05%			7.82%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	64,602		$	69,778		$	50,036		$	69,415		$	82,610
Ratio of expenses to average net assets3		1.93%			1.94%			1.95%			1.95%			1.96%
Ratio of net investment income to average net assets		0.01%			0.29%			0.44%			0.48%			0.30%
Portfolio turnover		9%			20%			23%			22%			25%

1	Calculated using average shares outstanding.
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	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.

140

Optimum Large Cap Value Fund Institutional Class

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

	Year ended
	3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	19.77		$	13.25		$	15.87		$	15.93		$	15.46
Income (loss) from investment operations:
Net investment income1		0.21			0.21			0.24			0.23			0.21
Net realized and unrealized gain (loss)		2.39			6.54			(2.38	)		0.38			1.19
Total from investment operations		2.60			6.75			(2.14	)		0.61			1.40
Less dividends and distributions from:
Net investment income		(0.29	)		(0.14	)		(0.24	)		(0.22	)		(0.20	)
Net realized gain		(1.30	)		(0.09	)		(0.24	)		(0.45	)		(0.73	)
Total dividends and distributions		(1.59	)		(0.23	)		(0.48	)		(0.67	)		(0.93	)
Net asset value, end of period	$	20.78		$	19.77		$	13.25		$	15.87		$	15.93
Total return2		13.22%			51.11%			(14.19%	)		4.08%			8.90%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,988,380		$	1,724,882		$	1,217,465		$	1,474,723		$	1,372,505
Ratio of expenses to average net assets3		0.93%			0.94%			0.95%			0.95%			0.96%
Ratio of net investment income to average net assets		1.01%			1.29%			1.44%			1.48%			1.30%
Portfolio turnover		9%			20%			23%			22%			25%

1	Calculated using average shares outstanding.
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	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.

141

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
	3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	18.05		$	10.17		$	13.43		$	15.51		$	13.31
Income (loss) from investment operations:
Net investment loss1		(0.20	)		(0.18	)		(0.15	)		(0.17	)		(0.16	)
Net realized and unrealized gain (loss)		(0.15	)		10.98			(1.77	)		1.20			3.03
Total from investment operations		(0.35	)		10.80			(1.92	)		1.03			2.87
Less dividends and distributions from:
Net realized gain		(5.41	)		(2.92	)		(1.34	)		(3.11	)		(0.67	)
Total dividends and distributions		(5.41	)		(2.92	)		(1.34	)		(3.11	)		(0.67	)
Net asset value, end of period	$	12.29		$	18.05		$	10.17		$	13.43		$	15.51
Total return2		(5.76%	)		109.54%			(16.32%	)		8.69%			21.88%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	3,864		$	5,016		$	3,241		$	4,788		$	5,414
Ratio of expenses to average net assets3		1.56%			1.56%			1.54%			1.54%			1.55%
Ratio of expenses to average net assets prior to fees waived3		1.57%			1.58%			1.63%			1.65%			1.63%
Ratio of net investment loss to average net assets		(1.19%	)		(1.18%	)		(1.11%	)		(1.11%	)		(1.07%	)
Ratio of net investment loss to average net assets prior to fees
waived		(1.20%	)		(1.20%	)		(1.20%	)		(1.22%	)		(1.15%	)
Portfolio turnover		98%			111%			93%			82%			89%

1	Calculated using average shares outstanding.
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.

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

142

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
	3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	13.43		$	8.02		$	10.94		$	13.32		$	11.59
Income (loss) from investment operations:
Net investment loss1		(0.23	)		(0.23	)		(0.20	)		(0.24	)		(0.23	)
Net realized and unrealized gain (loss)		0.06			8.56			(1.38	)		0.97			2.63
Total from investment operations		(0.17	)		8.33			(1.58	)		0.73			2.40
Less dividends and distributions from:
Net realized gain		(5.41	)		(2.92	)		(1.34	)		(3.11	)		(0.67	)
Total dividends and distributions		(5.41	)		(2.92	)		(1.34	)		(3.11	)		(0.67	)
Net asset value, end of period	$	7.85		$	13.43		$	8.02		$	10.94		$	13.32
Total return2		(6.51%	)		108.02%			(16.95%	)		7.81%			21.06%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	10,474		$	14,372		$	9,353		$	13,510		$	15,925
Ratio of expenses to average net assets3		2.31%			2.31%			2.29%			2.29%			2.30%
Ratio of expenses to average net assets prior to fees waived3		2.32%			2.33%			2.38%			2.40%			2.38%
Ratio of net investment loss to average net assets		(1.94%	)		(1.93%	)		(1.86%	)		(1.86%	)		(1.82%	)
Ratio of net investment loss to average net assets prior to fees
waived		(1.95%	)		(1.95%	)		(1.95%	)		(1.97%	)		(1.90%	)
Portfolio turnover		98%			111%			93%			82%			89%

1	Calculated using average shares outstanding.
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.

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

143

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
	3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	20.37		$	11.25		$	14.69		$	16.63		$	14.19
Income (loss) from investment operations:
Net investment loss1		(0.18	)		(0.16	)		(0.12	)		(0.14	)		(0.13	)
Net realized and unrealized gain (loss)		(0.26	)		12.20			(1.98	)		1.31			3.24
Total from investment operations		(0.44	)		12.04			(2.10	)		1.17			3.11
Less dividends and distributions from:
Net realized gain		(5.41	)		(2.92	)		(1.34	)		(3.11	)		(0.67	)
Total dividends and distributions		(5.41	)		(2.92	)		(1.34	)		(3.11	)		(0.67	)
Net asset value, end of period	$	14.52		$	20.37		$	11.25		$	14.69		$	16.63
Total return2		(5.54%	)		110.06%			(16.14%	)		8.97%			22.22%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	732,235		$	737,128		$	406,140		$	494,476		$	494,894
Ratio of expenses to average net assets3		1.31%			1.31%			1.29%			1.29%			1.30%
Ratio of expenses to average net assets prior to fees waived3		1.32%			1.33%			1.38%			1.40%			1.38%
Ratio of net investment loss to average net assets		(0.94%	)		(0.93%	)		(0.86%	)		(0.86%	)		(0.82%	)
Ratio of net investment loss to average net assets prior to fees
waived		(0.95%	)		(0.95%	)		(0.95%	)		(0.97%	)		(0.90%	)
Portfolio turnover		98%			111%			93%			82%			89%

1	Calculated using average shares outstanding.
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.

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

144

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
	3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	14.93		$	8.36		$	12.14		$	13.66		$	13.77
Income (loss) from investment operations:
Net investment income (loss)1		(0.04	)		0.19			0.10			0.11			0.06
Net realized and unrealized gain (loss)		1.01			6.92			(3.50	)		(0.69	)		0.59
Total from investment operations		0.97			7.11			(3.40	)		(0.58	)		0.65
Less dividends and distributions from:
Net investment income		(0.12	)		(0.09	)		(0.11	)		(0.06	)		(0.07	)
Net realized gain		(0.88	)		(0.45	)		(0.27	)		(0.88	)		(0.69	)
Total dividends and distributions		(1.00	)		(0.54	)		(0.38	)		(0.94	)		(0.76	)
Net asset value, end of period	$	14.90		$	14.93		$	8.36		$	12.14		$	13.66
Total return2		6.45%			86.21%			(29.10%	)		(3.83%	)		4.59%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	3,328		$	3,765		$	1,970		$	3,266		$	3,856
Ratio of expenses to average net assets3		1.46%			1.49%			1.47%			1.46%			1.48%
Ratio of expenses to average net assets prior to fees waived3		1.46%			1.50%			1.52%			1.54%			1.54%
Ratio of net investment income (loss) to average net assets		(0.26%	)		1.65%			0.79%			0.87%			0.40%
Ratio of net investment income (loss) to average net assets prior
to fees waived		(0.26%	)		1.64%			0.74%			0.79%			0.34%
Portfolio turnover		17%			85%	4		33%			32%			31%

1	Calculated using average shares outstanding.
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.

145

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
	3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	12.78		$	7.22		$	10.54		$	12.01		$	12.21
Income (loss) from investment operations:
Net investment income (loss)1		(0.13	)		0.09			—2			0.01			(0.04	)
Net realized and unrealized gain (loss)		0.87			5.94			(3.02	)		(0.60	)		0.53
Total from investment operations		0.74			6.03			(3.02	)		(0.59	)		0.49
Less dividends and distributions from:
Net investment income		(0.02	)		(0.02	)		(0.03	)		—			—
Net realized gain		(0.88	)		(0.45	)		(0.27	)		(0.88	)		(0.69	)
Total dividends and distributions		(0.90	)		(0.47	)		(0.30	)		(0.88	)		(0.69	)
Net asset value, end of period	$	12.62		$	12.78		$	7.22		$	10.54		$	12.01
Total return3		5.70%			84.75%			(29.65%	)		(4.50%	)		3.85%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	9,318		$	11,354		$	6,042		$	9,508		$	12,030
Ratio of expenses to average net assets4		2.21%			2.24%			2.22%			2.21%			2.23%
Ratio of expenses to average net assets prior to fees waived4		2.21%			2.25%			2.27%			2.29%			2.29%
Ratio of net investment income (loss) to average net assets		(1.01%	)		0.90%			0.04%			0.12%			(0.35%	)
Ratio of net investment income (loss) to average net assets prior
to fees waived		(1.01%	)		0.89%			(0.01%	)		0.04%			(0.41%	)
Portfolio turnover		17%			85%	5		33%			32%			31%

1	Calculated using average shares outstanding.
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.

146

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
	3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	15.94		$	8.90		$	12.90		$	14.45		$	14.52
Income (loss) from investment operations:
Net investment income1		—			0.23			0.14			0.16			0.10
Net realized and unrealized gain (loss)		1.08			7.37			(3.73	)		(0.73	)		0.63
Total from investment operations		1.08			7.60			(3.59	)		(0.57	)		0.73
Less dividends and distributions from:
Net investment income		(0.16	)		(0.11	)		(0.14	)		(0.10	)		(0.11	)
Net realized gain		(0.88	)		(0.45	)		(0.27	)		(0.88	)		(0.69	)
Total dividends and distributions		(1.04	)		(0.56	)		(0.41	)		(0.98	)		(0.80	)
Net asset value, end of period	$	15.98		$	15.94		$	8.90		$	12.90		$	14.45
Total return2		6.74%			86.63%			(28.92%	)		(3.55%	)		4.87%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	779,594		$	701,597		$	366,656		$	506,814		$	442,808
Ratio of expenses to average net assets3		1.21%			1.24%			1.22%			1.21%			1.23%
Ratio of expenses to average net assets prior to fees waived3		1.21%			1.25%			1.27%			1.29%			1.29%
Ratio of net investment income (loss) to average net assets		(0.01%	)		1.90%			1.04%			1.12%			0.65%
Ratio of net investment income (loss) to average net assets prior
to fees waived		(0.01%	)		1.89%			0.99%			1.04%			0.59%
Portfolio turnover		17%			85%	4		33%			32%			31%

1	Calculated using average shares outstanding.
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.

147

Notes to financial statements
Optimum Fund Trust

March 31, 2022

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 their published net asset value (NAV). 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 year ended

148

March 31, 2022 and for all open tax years (years ended March 31, 2019–March 31, 2021), 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, 2022, 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, 2022, and matured by April 4, 2022.

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, 2022, 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. There were no short sales for the year ended March 31, 2022.

Mortgage Dollar Rolls — Optimum Fixed Income Fund entered into mortgage dollar rolls in which the Fund sells mortgage securities for delivery in the current month, realizing a gain (loss), and simultaneously enter into contracts to repurchase somewhat similar (same type, coupon and maturity) securities on a specified future date. During the roll period, the Fund forgo principal and interest paid on the securities. The Fund is compensated by the interest earned on the cash proceeds of the initial sale and by the lower repurchase price at the future date. The difference between the sale proceeds and the lower repurchase price is recorded as a realized gain on investment transactions. The Fund maintains a segregated account, the dollar value of which is at least equal to its obligations, with respect to dollar rolls. The Fund is subject to the risk that the market value of the securities the Fund is obligated to repurchase under the agreement may decline below the repurchase price. The Fund is subject to leverage risk on certain transactions, such as the loans of portfolio securities, and the use of when issued or delayed delivery transactions or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Fund to be more volatile than if it had not been leveraged. The use of such transactions entails a heightened risk of loss.

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

(continues)                    149

Notes to financial statements
Optimum Fund Trust

1. Significant Accounting Policies (continued)

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 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, 2022.

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, 2022, each Fund earned the following amounts under this arrangement:

Fund	Earnings Credits
Optimum Fixed Income Fund		$474
Optimum International Fund		413
Optimum Large Cap Growth Fund		547
Optimum Large Cap Value Fund		536
Optimum Small-Mid Cap Growth Fund		521
Optimum Small-Mid Cap Value Fund		519

150

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:

Fund	Management Fee (annual rate as a percentage of average daily net assets)
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)                    151

Notes to financial statements
Optimum Fund Trust

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

Fund	Management Fee (annual rate as a percentage of average daily net assets)
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 effective April 28, 2021, Baillie Gifford Overseas Limited; 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 Cardinal Capital Management LLC (Cardinal). Prior to April 28, 2021, EARNEST Partners LLC was also a sub-advisor for Optimum International Fund.

For the year ended March 31, 2022, DMC paid the following sub-advisory fees:

	Sub-advisory fees
Optimum Fixed Income Fund		$3,353,307
Optimum International Fund		3,804,632
Optimum Large Cap Growth Fund		6,451,251
Optimum Large Cap Value Fund		5,729,138
Optimum Small-Mid Cap Growth Fund		3,690,004
Optimum Small-Mid Cap Value Fund		3,358,114

DMC has contractually agreed to waive all or a portion, 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 28, 2021	July 29, 2021 − July 29, 2022
Optimum Fixed Income Fund	0.85%	0.83%
Optimum International Fund	1.17%	1.09%
Optimum Large Cap Growth Fund	1.02%	0.96%
Optimum Large Cap Value Fund	0.97%	0.92%
Optimum Small-Mid Cap Growth Fund	1.32%	1.29%
Optimum Small-Mid Cap Value Fund	1.25%	1.20%

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

152

fee, plus certain out-of-pocket expenses and transactional charges. DIFSC’s fees are calculated daily and paid monthly based on the aggregate daily net assets of the Trust at the following annual rates: 0.0075% of the first $3.5 billion; 0.0070% of the next $2 billion; 0.0060% of the next $2 billion; and 0.0050% of aggregate average daily net assets in excess of $7.5 billion. The fees payable to DIFSC under the service agreement described above are allocated among all funds in the Trust on a relative NAV basis. These amounts are included on the “Statements of operations” under “Accounting fees.” For the year ended March 31, 2022, each Fund was charged for these services as follows:

Fund	Fees
Optimum Fixed Income Fund	$189,636
Optimum International Fund	65,924
Optimum Large Cap Growth Fund	136,352
Optimum Large Cap Value Fund	129,157
Optimum Small-Mid Cap Growth Fund	52,926
Optimum Small-Mid Cap Value Fund	52,492

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, 2022, DDLP earned commissions on sales of Class A shares for each Fund as follows:

Fund	Class A
Optimum Fixed Income Fund		$2,710
Optimum International Fund		593
Optimum Large Cap Growth Fund		3,877
Optimum Large Cap Value Fund		3,573
Optimum Small-Mid Cap Growth Fund		563
Optimum Small-Mid Cap Value Fund		586

For the year ended March 31, 2022, 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		$2,840
Optimum International Fund		118
Optimum Large Cap Growth Fund		232
Optimum Large Cap Value Fund		701
Optimum Small-Mid Cap Growth Fund		47
Optimum Small-Mid Cap Value Fund		58

(continues)                    153

Notes to financial statements
Optimum Fund Trust

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

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.

In addition to the management fees and other expenses of a Fund, a Fund indirectly bears the investment management fees and other expenses of any 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 any 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, 2022, 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		$	847,613,059	$5,805,811,865		$	558,603,143	$6,290,013,418
Optimum International Fund			1,111,212,255	—			1,019,247,221	—
Optimum Large Cap Growth Fund			517,440,505	—			564,454,525	—
Optimum Large Cap Value Fund			219,575,380	—			184,348,525	—
Optimum Small-Mid Cap Growth Fund			776,502,417	—			739,588,538	—
Optimum Small-Mid Cap Value Fund			151,040,468	—			128,734,627	—

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 which approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At March 31, 2022, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purpose for the Fund were as follows:

				Aggregate			Aggregate	Net unrealized
				unrealized			unrealized	appreciation
	Cost of			appreciation			depreciation	(depreciation)
	investments			of investments			of investments	of investments
Fund	and derivatives			and derivatives			and derivatives	and derivatives
Optimum Fixed Income Fund		$	3,572,020,833		$	38,191,504	$(172,922,578)	$(134,731,074	)
Optimum International Fund			971,094,885			87,719,217	(139,021,130)	(51,301,913	)
Optimum Large Cap Growth Fund			1,285,874,506			798,778,716	(101,071,763)	697,706,953
Optimum Large Cap Value Fund			1,357,873,732			729,710,825	(15,876,821)	713,834,004
Optimum Small-Mid Cap Growth Fund			704,240,739			92,929,500	(51,656,102)	41,273,398
Optimum Small-Mid Cap Value Fund			644,903,807			175,471,515	(28,515,413)	146,956,102

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

154

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 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.

The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of March 31, 2022:

		Optimum Fixed Income Fund
	Level 1			Level 2			Level 3			Total
Securities
Assets:
Agency Asset-Backed Securities		$	—		$	645,061		$	—		$	645,061
Agency Collateralized Mortgage
Obligations			—			80,721,103			—			80,721,103
Agency Commercial Mortgage-
Backed Securities			—			5,234,426			—			5,234,426
Agency Mortgage-Backed
Securities			—			539,630,641			—			539,630,641
Collateralized Debt Obligations			—			180,039,879			—			180,039,879
Common Stocks			—			—			820,6821			820,682
Convertible Bonds			—			4,573,234			—			4,573,234
Corporate Bonds			—			1,039,196,179			—			1,039,196,179
Loan Agreements			—			100,467,394			—			100,467,394
Municipal Bonds			—			32,127,954			—			32,127,954
Non-Agency Asset-Backed
Securities			—			62,723,982			—			62,723,982
Non-Agency Collateralized
Mortgage Obligations			—			47,941,546			—			47,941,546
Non-Agency Commercial
Mortgage-Backed Securities			—			141,138,117			—			141,138,117
Preferred Stock			—			288,750			—			288,750
Sovereign Bonds			—			72,281,966			—			72,281,966
Supranational Banks			—			615,398			—			615,398
US Treasury Obligations			—			353,616,154			—			353,616,154

(continues)                    155

Notes to financial statements
Optimum Fund Trust

3. Investments (continued)

	Optimum Fixed Income Fund
	Level 1				Level 2				Level 3			Total
Options Purchased		$	—			$	2,614,779			$	—		$	2,614,779
Short-Term Investments2			52,233,608				743,349,962				—			795,583,570
Total Value of Securities Before
Options Written		$	52,233,608			$	3,407,206,525			$	820,682		$	3,460,260,815
Liabilities:
Options Written		$	—			$	(7,986,272	)		$	—		$	(7,986,272	)
Derivatives3
Assets:
Centrally Cleared Credit Default
Swaps		$	—			$	95,432			$	—		$	95,432
Centrally Cleared Interest Rate
Swaps			—				1,927,170				—			1,927,170
Foreign Currency Exchange
Contracts			—				6,886,148				—			6,886,148
Futures Contracts			3,563,399				—				—			3,563,399
OTC Credit Default Swaps			—				914,535				—			914,535
Liabilities:
Centrally Cleared Credit Default
Swaps		$	—			$	(689,495	)		$	—		$	(689,495	)
Centrally Cleared Interest Rate
Swaps			—				(9,183,702	)			—			(9,183,702	)
Foreign Currency Exchange
Contracts			—				(4,019,415	)			—			(4,019,415	)
Futures Contracts			(14,400,177	)			—				—			(14,400,177	)
OTC Credit Default Swaps			—				(78,679	)			—			(78,679	)

1

The security that has been valued at zero on the “Schedule of investments” is considered to be Level 3 investment in this table.

2

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
Short-Term Investments	6.57%	93.43%	—	100.00%

³ Foreign currency exchange contracts, futures contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

156

	Optimum International Fund
	Level 1			Level 2			Level 3			Total
Securities
Assets:
Common Stocks
Australia		$	56,746		$	42,560,574		$	—		$	42,617,320
Austria			34,089			7,706,884			—			7,740,973
Belgium			—			3,621,244			—			3,621,244
Brazil			20,032,501			912,376			—			20,944,877
Canada			29,304,902			85,774			—			29,390,676
Chile			959,983			—			—			959,983
China/Hong Kong			8,169,244			88,315,603			—			96,484,847
Czech Republic			—			321,285			—			321,285
Denmark			—			45,419,317			—			45,419,317
Egypt			—			34,317			—			34,317
Finland			102,664			5,627,332			—			5,729,996
France			26,658			29,559,773			—			29,586,431
Germany			2,608,203			54,080,703			—			56,688,906
Greece			—			1,242,468			—			1,242,468
Hungary			—			3,157,389			—			3,157,389
India			103,526			27,774,582			—			27,878,108
Indonesia			321,395			1,819,373			—			2,140,768
Iraq			—			29,327			—			29,327
Ireland			8,831,964			17,380,805			—			26,212,769
Israel			3,082,236			8,483,932			—			11,566,168
Italy			—			14,028,158			—			14,028,158
Japan			—			105,833,153			—			105,833,153
Luxembourg			—			5,288,129			—			5,288,129
Malaysia			846,618			192,409			—			1,039,027
Mexico			3,664,766			—			—			3,664,766
Netherlands			4,780,540			44,145,274			—			48,925,814
New Zealand			40,886			—			—			40,886
Norway			—			12,210,254			—			12,210,254
Panama			3,945,048			—			—			3,945,048
Philippines			72,270			—			—			72,270
Poland			514,968			6,106,566			—			6,621,534
Republic of Korea			6,784,178			40,086,703			26,620			46,897,501
Russia			—			—			—			—
Singapore			104,453			218,527			—			322,980
South Africa			674,784			17,064,282			—			17,739,066
Spain			—			7,558,956			—			7,558,956
Sweden			3,512,854			18,456,788			—			21,969,642
Switzerland			—			69,130,741			—			69,130,741
Taiwan			5,280,478			56,114,742			—			61,395,220
Thailand			—			5,644,733			—			5,644,733
Turkey			279,563			107,573			—			387,136
Ukraine			—			1,799,654			—			1,799,654
United Arab Emirates			—			995,709			—			995,709
United Kingdom			6,966,030			16,843,858			—			23,809,888

(continues)                    157

Notes to financial statements
Optimum Fund Trust

3. Investments (continued)

		Optimum International Fund
	Level 1			Level 2				Level 3			Total
United States		$	20,862,155		$	7,222,054			$	406,210		$	28,490,419
Preferred Stocks1			12,996,951			107,023				—			13,103,974
Warrants			766			—				—			766
Short-Term Investments			7,109,397			—				—			7,109,397
Total Value of Securities		$	152,070,816		$	767,288,344			$	432,830		$	919,791,990
Derivatives2
Assets:
Foreign Currency Exchange
Contracts		$	—		$	1,148			$	—		$	1,148
Liabilities:
Foreign Currency Exchange
Contracts		$	—		$	(166	)		$	—		$	(166	)

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
Preferred Stock	99.18%	0.82%	—	100.00%

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

	Optimum Large Cap Growth Fund
	Level 1			Level 2				Level 3			Total
Securities
Assets:
Common Stocks
Communication Services		$	266,731,542		$	—			$	—		$	266,731,542
Consumer Discretionary			426,697,849			—				37,542			426,735,391
Consumer Staples			16,237,278			—				—			16,237,278
Financials			22,875,504			—				—			22,875,504
Healthcare			230,680,660			—				—			230,680,660
Industrials			132,259,432			7,481,205				—			139,740,637
Information Technology			815,946,145			—				—			815,946,145
Real Estate			14,372,596			—				—			14,372,596
Short-Term Investments			50,263,875			—				—			50,263,875
Total Value of Securities		$	1,976,064,881		$	7,481,205			$	37,542		$	1,983,583,628
Derivatives1
Liabilities:
Foreign Currency Exchange
Contracts		$	—		$	(2,169	)		$	—		$	(2,169	)

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

158

	Optimum Large Cap Value Fund
	Level 1			Level 2			Total
Securities
Assets:
Common Stocks
Communication Services		$	110,665,002		$	—		$	110,665,002
Consumer Discretionary			71,812,918			—			71,812,918
Consumer Staples			72,256,511			36,620,842			108,877,353
Energy			119,465,759			—			119,465,759
Financials			495,778,173			—			495,778,173
Healthcare			392,089,527			3,418,123			395,507,650
Industrials			315,166,127			—			315,166,127
Information Technology			175,517,807			—			175,517,807
Materials			82,263,396			—			82,263,396
Real Estate			49,752,480			—			49,752,480
Utilities			115,701,396			—			115,701,396
Short-Term Investments			31,199,675			—			31,199,675
Total Value of Securities		$	2,031,668,771		$	40,038,965		$	2,071,707,736

	Optimum Small-Mid Cap Growth Fund
	Level 1			Level 3			Total
Securities
Assets:
Common Stocks
Communication Services		$	26,719,232		$	—		$	26,719,232
Consumer Discretionary			69,933,342			—1			69,933,342
Consumer Staples			23,572,960			—			23,572,960
Energy			15,879,879			—			15,879,879
Financials			53,156,255			—			53,156,255
Healthcare			190,996,931			—			190,996,931
Industrials			127,484,179			—			127,484,179
Information Technology			193,237,864			—			193,237,864
Materials			31,970,551			—			31,970,551
Real Estate			3,901,822			—			3,901,822
Convertible Preferred Stock			—			167,939			167,939
Warrant			—			—1			—
Short-Term Investments			8,493,183			—			8,493,183
Total Value of Securities		$	745,346,198		$	167,939		$	745,514,137

¹ The security that has been valued at zero on the “Schedule of investments” is considered to be Level 3 investment in this table.

(continues)                    159

Notes to financial statements
Optimum Fund Trust

3. Investments (continued)

	Optimum Small-
	Mid Cap Value
	Fund
	Level 1
Securities
Assets:
Common Stocks		$	769,601,943
Limited Partnerships			3,602,193
Short-Term Investments			18,655,773
Total Value of Securities		$	791,859,909

During the year ended March 31, 2022, 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 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 each Fund’s net assets at the beginning 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 year. There were no Level 3 investments during the year ended March 31, 2022 for Optimum Large Cap Value Fund and Optimum Small-Mid Cap Value Fund.

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, 2022 and 2021 were as follows:

			Long-term
	Ordinary		capital
	income		gains		Total
Year ended March 31, 2022:
Optimum Fixed Income Fund	$	54,841,616	$	9,248,156	$	64,089,772
Optimum International Fund		49,533,090		85,743,248		135,276,338
Optimum Large Cap Growth Fund		36,304,860		250,527,574		286,832,434
Optimum Large Cap Value Fund		32,078,023		114,922,388		147,000,411
Optimum Small-Mid Cap Growth Fund		87,598,954		117,977,502		205,576,456
Optimum Small-Mid Cap Value Fund		33,731,252		14,666,162		48,397,414
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

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5. Components of Net Assets on a Tax Basis

As of March 31, 2022, 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		$	3,003,892,423			$	977,537,868			$	1,218,572,219
Undistributed ordinary income			20,134,090				2,939,282				—
Undistributed long-term capital gains			—				—				74,079,760
Qualified late year loss deferrals			(46,571,245	)			(1,675,592	)			(2,948,411	)
Unrealized appreciation (depreciation) of investments, foreign currencies, and derivatives			(134,731,074	)			(51,301,913	)			697,706,953
Net assets		$	2,842,724,194			$	927,499,645			$	1,987,410,521
	Optimum				Optimum				Optimum
	Large Cap				Small-Mid Cap				Small-Mid Cap
	Value Fund				Growth Fund				Value Fund
Shares of beneficial interest		$	1,329,817,527			$	674,594,755			$	620,548,048
Undistributed ordinary income			7,480,596				341,443				3,344,305
Undistributed long-term capital gains			25,264,354				38,319,895				21,391,532
Qualified late year loss deferrals			—				(7,956,276	)			—
Unrealized appreciation (depreciation) of investments, foreign currencies, and derivatives			713,834,004				41,273,398				146,956,102
Net assets		$	2,076,396,481			$	746,573,215			$	792,239,987

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, and amortization of premium on convertible securities.

Qualified late year ordinary and capital losses (including currency and specified gain/loss items) represent losses realized from January 1, 2022 through March 31, 2022 and November 1, 2021 through March 31, 2022, respectively, that, in accordance with federal income tax regulations, the Funds have elected to defer and treat as having arisen in the following fiscal year.

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to the tax treatment of net operating losses, foreign currency, swap, PFICs sold, and paydown gain (loss). Results of operations and net assets were not affected by these reclassifications. For the year ended March 31, 2022, the Funds recorded the following reclassifications:

	Optimum			Optimum			Optimum				Optimum			Optimum			Optimum
	Fixed Income			International			Large Cap				Large Cap			Small-Mid Cap			Small-Mid Cap
	Fund			Fund			Growth Fund				Value Fund			Growth Fund			Value Fund
Paid-in capital		$	—		$	—		$	(9,536,872	)		$	—		$	—		$	—
Total distributable
earnings (loss)			—			—			9,536,872				—			—			—

(continues)                    161

Notes to financial statements
Optimum Fund Trust

6. Capital Shares

Transactions in capital shares were as follows:

	Optimum				Optimum				Optimum
	Fixed Income				International				Large Cap
	Fund				Fund				Growth Fund
	Year ended				Year ended				Year ended
	3/31/22		3/31/21		3/31/22		3/31/21		3/31/22		3/31/21
Shares sold:
Class A	215,701		214,344		19,379		42,548		61,385		24,623
Class C	483,347		645,634		36,576		127,165		47,758		59,129
Institutional Class	55,439,041		59,553,466		12,374,567		23,034,645		12,849,994		10,104,392
Shares issued upon reinvestment of dividends and distributions:
Class A	46,354		118,632		68,985		9,957		174,848		107,133
Class C	93,541		349,586		199,366		21,141		827,280		475,357
Institutional Class	6,532,988		12,796,422		9,640,249		897,572		10,375,821		6,045,725
	62,810,972		73,678,084		22,339,122		24,133,028		24,337,086		16,816,359
Shares redeemed:
Class A	(402,965	)	(409,360	)	(82,626	)	(81,487	)	(276,791	)	(332,565	)
Class C	(1,472,911	)	(1,018,927	)	(270,224	)	(219,798	)	(954,129	)	(1,092,060	)
Institutional Class	(38,892,090	)	(37,110,081	)	(7,444,551	)	(6,500,763	)	(11,697,929	)	(24,816,099	)
	(40,767,966	)	(38,538,368	)	(7,797,401	)	(6,802,048	)	(12,928,849	)	(26,240,724	)
Net increase (decrease)	22,043,006		35,139,716		14,541,721		17,330,980		11,408,237		(9,424,365	)

162

	Optimum				Optimum				Optimum
	Large Cap				Small-Mid Cap				Small-Mid Cap
	Value Fund				Growth Fund				Value Fund
	Year ended				Year ended				Year ended
	3/31/22		3/31/21		3/31/22		3/31/21		3/31/22		3/31/21
Shares sold:
Class A	61,311		84,485		16,863		5,922		14,428		51,196
Class C	45,465		219,348		17,759		15,837		10,069		159,035
Institutional Class	14,725,442		16,814,763		7,825,151		8,228,182		8,217,523		10,278,203
Shares issued upon reinvestment of dividends and distributions:
Class A	82,094		12,892		92,334		49,092		14,769		10,785
Class C	213,249		18,663		527,940		242,952		52,519		39,339
Institutional Class	6,813,217		1,170,447		11,960,991		5,194,485		2,947,769		1,799,300
	21,940,778		18,320,598		20,441,038		13,736,470		11,257,077		12,337,858
Shares redeemed:
Class A	(216,722	)	(189,771	)	(72,707	)	(95,622	)	(58,053	)	(45,527	)
Class C	(682,864	)	(480,996	)	(282,130	)	(354,223	)	(212,324	)	(147,145	)
Institutional Class	(13,083,114	)	(22,650,816	)	(5,546,157	)	(13,320,837	)	(6,386,303	)	(9,272,923	)
	(13,982,700	)	(23,321,583	)	(5,900,994	)	(13,770,682	)	(6,656,680	)	(9,465,595	)
Net increase (decrease)	7,958,078		(5,000,985	)	14,540,044		(34,212	)	4,600,397		2,872,263

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, 2022 and 2021 each Fund had the following exchange transactions.

	Exchange Redemptions				Exchange Subscriptions
							Institutional
	Class A		Class C		Class A		Class
	Shares		Shares		Shares		Shares		Value
Optimum Fixed Income Fund
Year ended
3/31/22		—		2,980		1,440		1,539	$	28,533
3/31/21		—		3,186		—		3,174		32,437
Optimum International Fund
Year ended
3/31/22		—		769		746		—		12,194
3/31/21		620		2,101		—		2,642		31,911
Optimum Large Cap Growth Fund
Year ended
3/31/22		1,765		3,658		2,163		2,189		115,652
3/31/21		1,661		7,430		—		6,993		155,238

(continues)                    163

Notes to financial statements
Optimum Fund Trust

6. Capital Shares (continued)

	Exchange
	Redemptions				Exchange Subscriptions
							Institutional
	Class A		Class C		Class A		Class
	Shares		Shares		Shares		Shares		Value
Optimum Large Cap Value Fund
Year ended
3/31/22		—		1,907		1,492		383	$	39,838
3/31/21		1,559		2,273		—		3,783		60,996
Optimum Small-Mid Cap Growth Fund
Year ended
3/31/22		686		666		494		580		17,780
3/31/21		272		200		—		386		6,215
Optimum Small-Mid Cap Value Fund
Year ended
3/31/22		—		371		316		—		4,966
3/31/21		338		470		—		697		8,045

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, 2022, Optimum Small-Mid Cap Growth Fund and Optimum Small-Mid Cap Value Fund did not use foreign currency exchange contracts.

During the year ended March 31, 2022, 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 to increase/decrease exposure to foreign currencies.

During the year ended March 31, 2022, 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.

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

164

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 $2,302,973 and $2,039,000 cash collateral as margin for open futures contracts. Securities collateral are presented on the “Schedules of investments.”

During the year ended March 31, 2022, 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, 2022, 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 manage the Fund’s exposure to changes in foreign currencies, to adjust the Fund’s overall exposure to certain markets, and to receive premiums for writing options.

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

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

(continues)                    165

Notes to financial statements
Optimum Fund Trust

7. Derivatives (continued)

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, 2022, 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, 2022, 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, 2022, the notional value of the protection sold was EUR34,500,000 and USD67,250,000, 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, 2022, 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, 2022, net unrealized appreciation of the protection sold was $270,462.

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, or (2) for cleared swaps, trading these instruments through a central counterparty.

During the year ended March 31, 2022, 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

166

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, 2022, for bilateral derivative contracts, Optimum Fixed Income Fund posted $2,797,593 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 $8,510,890 in securities collateral comprised of US treasury obligations for certain open centrally cleared derivative contracts. At March 31, 2022, for bilateral derivative contracts, the Fund received $1,180,981 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, 2022 were as follows:

	Optimum Fixed Income Fund
	Asset Derivatives Fair Value
					Interest
Statement of Assets and	Currency		Equity		Rate		Credit
Liabilities Location	Contracts		Contracts		Contracts		Contracts		Total
Unrealized appreciation on foreign currency
exchange contracts	$	6,886,148	$	—	$	—	$	—	$	6,886,148
Variation margin due from brokers on futures
contracts*		—		—		3,563,399		—		3,563,399
Variation margin due from brokers on
centrally cleared credit default swap
contracts*		—		—		—		95,432		95,432
Variation margin due from brokers on
centrally cleared interest rate swap
contracts*		—		—		1,927,170		—		1,927,170
Unrealized appreciation on over the counter
credit default swap contracts		—		—		—		914,535		914,535
Options purchased**		—		2,614,779		—		—		2,614,779
Total	$	6,886,148	$	2,614,779	$	5,490,569	$	1,009,967	$	16,001,463

	Liability Derivatives Fair Value
							Interest
Statement of Assets and	Currency			Equity			Rate			Credit
Liabilities Location	Contracts			Contracts			Contracts			Contracts			Total
Unrealized depreciation on foreign currency
exchange contracts	$	(4,019,415	)	$	—		$	—		$	—		$	(4,019,415	)
Variation margin due to brokers on futures
contracts*		—			—			(14,400,177	)		—			(14,400,177	)
Variation margin due to brokers on centrally
cleared credit default swap contracts*		—			—			—			(689,495	)		(689,495	)
Variation margin due to brokers on centrally
cleared interest rate swap contracts*		—			—			(9,183,702	)		—			(9,183,702	)
Unrealized depreciation on over the counter
credit default swap contracts		—			—			—			(78,679	)		(78,679	)
Options written, at value		—			(7,986,272	)		—			—			(7,986,272	)
Total	$	(4,019,415	)	$	(7,986,272	)	$	(23,583,879	)	$	(768,174	)	$	(36,357,740	)

(continues)                    167

Notes to financial statements
Optimum Fund Trust

7. Derivatives (continued)

*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, 2022. Only current day variation margin is reported on Optimum Fixed Income Fund’s “Statements of assets and liabilities.”
**Included with "Investments, at value."

The effect of derivative instruments on Optimum Fixed Income Fund's “Statement of operations” for the year ended March 31, 2022 was as follows:

	Net Realized Gain (Loss) on:
	Foreign
	Currency
	Exchange		Futures			Options			Options		Swap
	Contracts		Contracts			Purchased			Written		Contracts			Total
Currency
contracts	$	7,488,841	$	—		$	—		$	—	$	(1,361,648	)	$	6,127,193
Interest rate
contracts		—		(5,128,009	)		(653,400	)		242,864		164,975			(5,373,570	)
Equity
contracts		—		—			—			112,453		—			112,453
Credit
contracts		—		—			—			362,320		2,292,655			2,654,975
Total	$	7,488,841	$	(5,128,009	)	$	(653,400	)	$	717,637	$	1,095,982		$	3,521,051

	Net Change in Unrealized Appreciation (Depreciation) of:
	Foreign
	Currency
	Exchange		Futures			Options			Options			Swap
	Contracts		Contracts			Purchased			Written			Contracts			Total
Currency
contracts	$	2,178,024	$	(88,666	)	$	(466,343	)	$	148,816		$	—		$	1,771,831
Interest rate
contracts		—		(9,207,497	)		978,768			(5,223,667	)		(5,481,490	)		(18,933,886	)
Equity
contracts		—		—			—			(51,754	)		—			(51,754	)
Credit
contracts		—		—			—			141,681			(1,024,953	)		(883,272	)
Total	$	2,178,024	$	(9,296,163	)	$	512,425		$	(4,984,924	)	$	(6,506,443	)	$	(18,097,081	)

During the year ended March 31, 2022, 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.”

168

The table below summarizes the average balance of derivative holdings by each Fund during the year ended March 31, 2022:

	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	$	26,050,764		$	1,162,031		$	49,208		$	1,361
Futures contracts (average notional value)			275,927,869			—			—			—
Options contracts (average notional value)*			1,015,075			—			—			—
CDS contracts (average notional value)**	EUR		13,766,798			—			—			—
	USD		4,537,372			—			—			—
Interest rate swap contracts (average notional
value)***	BRL		388,765,613			—			—			—
	CAD		69,552,174			—			—			—
	MXN		1,450,000,000			—			—			—
	USD		50,700,000			—			—			—
	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		$194,180,704			$962,246		$	43,193		$	4,247
Futures contracts (average notional value)			149,100,355			—			—			—
Options contracts (average notional value)*			2,013,479			—			—			—
CDS contracts (average notional value)**	EUR		19,883,202			—			—			—
	USD		63,179,644			—			—			—
Interest rate swap contracts (average notional
value)***	BRL		434,246,957			—			—			—
	GBP		34,962,846			—			—			—
	USD		63,047,036			—			—			—

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

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

(continues)                    169

Notes to financial statements
Optimum Fund Trust

8. Offsetting (continued)

At March 31, 2022, 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		$	2,263,022		$	(2,965,312	)		$	(702,290	)
BNP Paribas			2,714,584			(1,800,208	)			914,376
Citigroup			757,596			(91,672	)			665,924
Deutsche Bank			1,025,594			(504,353	)			521,241
Goldman Sachs			300,702			(2,242,036	)			(1,941,334	)
JPMorgan Chase Bank			1,936,544			(1,199,401	)			737,143
Morgan Stanley Capital International			301,677			(863,654	)			(561,977	)
TD Bank			102,263			—				102,263
Total		$	9,401,982		$	(9,666,636	)		$	(264,654	)

				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	$	(702,290	)		$	—		$	—			$	—		$	—		$	(702,290	)
BNP Paribas		914,376				—			—				—			—			914,376
Citigroup		665,924				—			(665,924	)			—			—			—
Deutsche Bank		521,241				—			—				—			—			521,241
Goldman Sachs		(1,941,334	)			—			—				1,941,334			—			—
JPMorgan Chase Bank		737,143				—			(737,143	)			—			—			—
Morgan Stanley Capital
International		(561,977	)			—			—				—			—			(561,977	)
TD Bank		102,263				—			(102,263	)			—			—			—
Total	$	(264,654	)		$	—		$	(1,505,330	)		$	1,941,334		$	—		$	171,350

Optimum International Fund

				Gross Value of
	Gross Value of			Derivative
Counterparty	Derivative Asset			Liability				Net Position
Bank of New York Mellon		$	919		$	(54	)		$	865
State Street Bank			267			—				267
Total		$	1,186		$	(54	)		$	1,132

				Fair Value of						Fair Value of
				Non-Cash			Cash Collateral			Non-Cash			Cash Collateral
Counterparty	Net Position			Collateral Received(a)			Received			Collateral Pledged			Pledged			Net Exposure(b)
Bank of New York Mellon		$	865		$	—		$	—		$	—		$	—		$	865
State Street Bank			267			—			—			—			—			267
Total		$	1,132		$	—		$	—		$	—		$	—		$	1,132

Optimum Large Cap Growth Fund

		Gross Value of
	Gross Value of	Derivative
Counterparty	Derivative Asset	Liability	Net Position
Bank of New York Mellon	$—	$(2,169)	$(2,169)

170

				Fair Value of		Fair Value of
				Non-Cash	Cash Collateral	Non-Cash	Cash Collateral
Counterparty	Net Position			Collateral Received(a)	Received	Collateral Pledged	Pledged	Net Exposure(b)
Bank of New York Mellon	$	(2,169	)	$—	$—	$—	$—	$—

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, 2022, 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)
BNP Paribas	$	111,100,000	$	(111,100,000	)		$	—	$	(111,100,000	)		$	—
Standard Chartered Bank		599,000,000		(599,000,000	)			—		(599,000,000	)			—
Total	$	710,100,000	$	(710,100,000	)		$	—	$	(710,100,000	)		$	—

(a)	The value of the related collateral exceeded the value of the derivatives, repurchase agreements, and securities lending transactions as of March 31, 2022, 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 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;

(continues)                    171

Notes to financial statements
Optimum Fund Trust

9. Securities Lending (continued)

certain money market funds; and asset-backed securities. Each 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, 2022, each Fund had no securities on loan.

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.

Beginning in late February 2022, global financial markets have experienced and may continue to experience significant volatility related to military action by Russia in Ukraine. As a result of this military action, the US and many other countries have imposed sanctions on Russia and certain Russian individuals, banks and corporations. The ongoing hostilities and resulting sanctions are expected to have a severe adverse effect on the region’s economies and more globally, including significant negative impact on markets for certain securities and commodities, such as oil and natural gas. Any cessation of trading on the Russian securities markets will impact the value and liquidity of certain portfolio holdings. The extent and duration of military action, sanctions, and resulting market disruptions are impossible to predict, but could be substantial and prolonged and impact your Fund’s 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.

172

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. There were no unfunded loan commitments at the year ended March 31, 2022.

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 and may be subject to certain risks associated with ownership of securities of such 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.

(continues)                    173

Notes to financial statements
Optimum Fund Trust

10. Credit and Market Risk (continued)

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, 2022. 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, 4(a)(2), and restricted securities have been identified on the “Schedules of investments.”

11. Contractual Obligations

Each Fund enters into contracts in the normal course of business that contain a variety of indemnifications. Each Fund's maximum exposure under these arrangements is unknown. However, each Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed each Fund's existing contracts and expects the risk of loss to be remote.

12. Recent Accounting Pronouncements

In March 2020, FASB issued an Accounting Standards Update (ASU), 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.

13. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to March 31, 2022, that would require recognition or disclosure in the Funds’ financial statements.

174

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, 2022, the related statements of operations for the year ended March 31, 2022, the statements of changes in net assets for each of the two years in the period ended March 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2022 (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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended March 31, 2022 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, 2022 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 31, 2022

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

175

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, 2022, the Funds report distributions paid during the year as follows:

	(A)			(B)
	Long-Term			Ordinary
	Capital Gains			Income			Total			(C)
	Distributions			Distributions*			Distributions			Qualifying
	(Tax Basis)			(Tax Basis)			(Tax Basis)			Dividends1
Optimum Fixed Income Fund		14.43	%		85.57	%		100.00	%		—
Optimum International Fund		63.38	%		36.62	%		100.00	%		—
Optimum Large Cap Growth Fund		87.34	%		12.66	%		100.00	%		20.92	%
Optimum Large Cap Value Fund		78.18	%		21.82	%		100.00	%		100.00	%
Optimum Small-Mid Cap Growth Fund		57.39	%		42.61	%		100.00	%		—
Optimum Small-Mid Cap Value Fund		30.30	%		69.70	%		100.00	%		32.08	%

____________________

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

*For the fiscal year ended March 31, 2022, 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 2022 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
—	39.96%	23.69%	100.00%	—	34.52%

For the fiscal year ended March 31, 2022, certain distributions paid by the Funds, determined to be Qualified Interest Income 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, 2022, the Funds have reported maximum distributions of Qualified Interest Income as follows:

	Qualified
	Interest Income
Optimum Fixed Income Fund		$	48,562,382

Optimum International Fund intends to pass through foreign tax credits in the maximum amount of $2,396,777. The gross foreign source income earned during the fiscal year 2022 by the Fund was $29,938,235.

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 94.17%.

176

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		Asset Management — Americas
Philadelphia, PA 19106			(2016-Present)
February 1970			Head of Third-Party Distribution — Macquarie
			Asset Management3
			(2014-2016)
Robert Pettman2	Trustee	Since June 21, 2019	Executive Vice President, Product and	6	None
610 Market Street			Platform Management — LPL Financial
Philadelphia, PA 19106			(Financial services)
June 1979			(2005-Present)
INDEPENDENT TRUSTEES
Kevin G. Chavers	Trustee	Since August 26, 2021	Private Investor	6	Director — Chimera
610 Market Street			(2021-Present)		Investment Corporation
Philadelphia, PA 19106			Managing Director — BlackRock (Asset		(2021-Present)
August 1963			management)		Director —SMBC
			(2011-2021)		Americas Holdings, Inc.
					(2021-Present)
					Director — Toorak Capital
					Partners
					(2021-Present)
Robert J. Christian	Trustee	Trustee since	Private Investor	6	Trustee — FundVantage
610 Market Street		November 1, 2007	(2006-Present)		Trust (34 mutual funds)
Philadelphia, PA 19106					(2007-Present)
February 1949					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	Private Investor	6	None
610 Market Street			(2020-Present)
Philadelphia, PA 19106			Founder — Ridgeway Partners
November 1948			(Executive recruiting)
			(2004-2020)
Pamela J. Moret	Chair and Trustee	Chair since	Private Investor	6	Director — Blue Cross
610 Market Street		January 1, 2022 and	(2015–Present)		Blue Shield of Minnesota
Philadelphia, PA 19106		Trustee since	Chief Executive Officer — brightpeak financial		(2014-Present)
February 1956		October 1, 2013	(2011-2015)
			Senior Vice President — Thrivent Financial for
			Lutherans
			(2002-2015)
Stephen P. Mullin	Trustee	Since July 17, 2003	Principal — Econsult Solutions, Inc.	6	None
610 Market Street			(2020-Present)
Philadelphia, PA 19106			President — Econsult Solutions, Inc.
February 1956			(2013-2020)

(continues)                    177

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
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)
Susan M. Stalnecker	Trustee	Since	Senior Advisor — Boston Consulting Group	6	Trustee — Duke Health
610 Market Street		December 14, 2016	(2016-Present)		System
Philadelphia, PA 19106			Vice President — Productivity & Shared		(2010-Present)
January 1953			Services — E.I. du Pont de Nemours and		Director — Leidos
			Company		(2016-Present)
			(2012-2016)		Director — Bioventus
			Vice President and Treasurer — E.I. du Pont		(2018-Present)
			de Nemours and Company
			(2006-2012)
OFFICERS
David F. Connor	Senior Vice President	Senior Vice President	David F. Connor has served in various	6	None3
610 Market Street	and Secretary	since May 2013;	capacities at different times at Macquarie Asset
Philadelphia, PA 19106		Secretary since October	Management.3
December 1963		2005
Daniel V. Geatens	Senior Vice President,	Treasurer since	Daniel V. Geatens has served in various	6	None3
610 Market Street	Treasurer, and Chief	September 20, 2007;	capacities at different times at Macquarie Asset
Philadelphia, PA 19106	Financial Officer	Senior Vice President	Management.3
October 1972		and Chief Financial
		Officer since
		December 13, 2019
A.G. Ciavarelli	Senior Vice President,	Senior Vice President	A.G. Ciavarelli has served in various capacities	6	None3
610 Market Street	General Counsel, and	and General Counsel	at different times at Macquarie Asset
Philadelphia, PA 19106	Assistant Secretary	since June 2021;	Management.3
July 1972		Assistant Secretary
		since December 2004

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 Asset Management is the marketing name for Macquarie Management Holdings, Inc. and its subsidiaries, including the Funds’ 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. Messrs. Connor and Geatens 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.

178

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	and Secretary
	Optimum Fund Trust	National distributor
Robert Pettman	Philadelphia, PA	Delaware Distributors, L.P.
Executive Vice President, Product and		Philadelphia, PA
Platform Management – LPL Financial	Daniel V. Geatens
	Senior Vice President, Treasurer,	Shareholder servicing, dividend
Kevin G. Chavers	and Chief Financial Officer	disbursing, and transfer agent
Private Investor	Optimum Fund Trust	Delaware Investments Fund
	Philadelphia, PA	Services Company
Robert J. Christian		610 Market Street
Private Investor	A.G. Ciavarelli	Philadelphia, PA 19106-2354
	Senior Vice President
Durant Adams Hunter	and General Counsel	For shareholders, securities dealers
Private Investor	Optimum Fund Trust	and financial institutions
	Philadelphia, PA	representatives
Pamela J. Moret		800 914-0278
Private Investor
		Website
Stephen P. Mullin		optimummutualfunds.com
President – Econsult Solutions, Inc.
Robert A. Rudell
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.

179

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
Pamela J. Moret
Robert A. Rudell
Susan M. Stalnecker, Chair

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 $163,955 for the fiscal year ended March 31, 2022.

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.

(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, 2022.

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 $1,134,001 for the registrant’s fiscal year ended March 31, 2022. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the deminimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These audit-related services were as follows: year-end audit procedures; group reporting and subsidiary statutory audits.

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 deminimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These audit-related services were as follows: year end audit procedures; group reporting and subsidiary statutory audits.

(c) Tax fees.

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant were $30,050 for the fiscal year ended March 31, 2022. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the deminimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These tax-related services were as follows: review of income tax returns and review of annual excise distribution calculations.

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended March 31, 2022.

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 deminimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These tax-related services were as follows: review of income tax returns and review of annual excise distribution calculations.

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

(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, 2022.

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, 2022. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the deminimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.

The aggregate fees billed for all services provided by the independent auditors to the registrant other than those set forth in paragraphs (a), (b) and (c) of this Item were $0 for the fiscal year ended March 31, 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 deminimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.

(e) The registrant’s Audit Committee has established pre-approval policies and procedures as permitted by Rule 2-01(c)(7)(i)(B) of Regulation S-X (the “Pre-Approval Policy”) with respect to services provided by the registrant’s independent auditors. Pursuant to the Pre-Approval Policy, the Audit Committee has pre-approved the services set forth in the table below with respect to the registrant up to the specified fee limits. Certain fee limits are based on aggregate fees to the registrant and other registrants within the 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 $9,044,000 and $8,455,000 for the registrant’s fiscal years ended March 31, 2022 and March 31, 2021, 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 officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)) and provide 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 (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d)) that occurred during the period covered by the report to stockholders included herein that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable

Item 13. Exhibits

(a) (1) Code of Ethics

Not applicable.

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

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

Not applicable.

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

SIGNATURES

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

OPTIMUM FUND TRUST

/s/BRETT W. WRIGHT
By:	Brett W. Wright
Title:	President and Chief Executive Officer
Date:	June 7, 2022

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

/s/BRETT W. WRIGHT
By:	Brett W. Wright
Title:	President and Chief Executive Officer
Date:	June 7, 2022
/s/DANIEL V. GEATENS
By:	Daniel V. Geatens
Title:	Chief Financial Officer
Date:	June 7, 2022