Table of Contents

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Table of Contents

Table of contents

Disclosure of Fund expenses		1
Security type / sector / country allocations and top 10 equity holdings		3
Financial statements
Schedules of investments		9
Statements of assets and liabilities		86
Statements of operations		89
Statements of changes in net assets		91
Financial highlights		94
Notes to financial statements		112
Other Fund information		136
About the organization		141

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

The Funds are governed by US laws and regulations.

Unless otherwise noted, views expressed herein are current as of September 30, 2021, and subject to change for events occurring after such date.

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

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

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

© 2021 Macquarie Management Holdings, Inc.

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Table of Contents

Disclosure of Fund expenses
For the six-month period from April 1, 2021 to September 30, 2021 (Unaudited)

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

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

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

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

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

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

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 April 1, 2021 to September 30, 2021.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

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

														Expenses
														Paid
		Beginning					Ending							During
		Account					Account					Annualized		Period
		Value					Value					Expense		4/1/21 to
		4/1/21					9/30/21					Ratio		9/30/21*
Actual Fund return†
Class A			$	1,000.00				$	1,016.50			1.05%			$	5.31
Class C				1,000.00					1,013.40			1.80%				9.09
Institutional Class				1,000.00					1,018.60			0.80%				4.05
Hypothetical 5% return (5% return before expenses)
Class A			$	1,000.00				$	1,019.80			1.05%			$	5.32
Class C				1,000.00					1,016.04			1.80%				9.10
Institutional Class				1,000.00					1,021.06			0.80%				4.05

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

														Expenses
														Paid
		Beginning					Ending							During
		Account					Account					Annualized		Period
		Value					Value					Expense		4/1/21 to
		4/1/21					9/30/21					Ratio		9/30/21*
Actual Fund return†
Class A			$	1,000.00				$	1,010.40			1.34%			$	6.75
Class C				1,000.00					1,006.70			2.09%				10.51
Institutional Class				1,000.00					1,011.60			1.09%				5.50
Hypothetical 5% return (5% return before expenses)
Class A			$	1,000.00				$	1,018.35			1.34%			$	6.78
Class C				1,000.00					1,014.59			2.09%				10.56
Institutional Class				1,000.00					1,019.60			1.09%				5.52

(continues)                    1

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Table of Contents

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		4/1/21 to
		4/1/21					9/30/21					Ratio		9/30/21*
Actual Fund return†
Class A			$	1,000.00				$	1,104.00			1.22%			$	6.43
Class C				1,000.00					1,099.80			1.97%				10.37
Institutional Class				1,000.00					1,105.30			0.97%				5.12
Hypothetical 5% return (5% return before expenses)
Class A			$	1,000.00				$	1,018.95			1.22%			$	6.17
Class C				1,000.00					1,015.19			1.97%				9.95
Institutional Class				1,000.00					1,020.21			0.97%				4.91

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		4/1/21 to
		4/1/21					9/30/21					Ratio		9/30/21*
Actual Fund return†
Class A			$	1,000.00				$	1,057.80			1.18%			$	6.09
Class C				1,000.00					1,054.00			1.93%				9.94
Institutional Class				1,000.00					1,059.20			0.93%				4.80
Hypothetical 5% return (5% return before expenses)
Class A			$	1,000.00				$	1,019.15			1.18%			$	5.97
Class C				1,000.00					1,015.39			1.93%				9.75
Institutional Class				1,000.00					1,020.41			0.93%				4.71

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		4/1/21 to
		4/1/21					9/30/21					Ratio		9/30/21*
Actual Fund return†
Class A			$	1,000.00				$	1,020.00			1.56%			$	7.90
Class C				1,000.00					1,016.40			2.31%				11.68
Institutional Class				1,000.00					1,021.10			1.31%				6.64
Hypothetical 5% return (5% return before expenses)
Class A			$	1,000.00				$	1,017.25			1.56%			$	7.89
Class C				1,000.00					1,013.49			2.31%				11.66
Institutional Class				1,000.00					1,018.50			1.31%				6.63

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		4/1/21 to
		4/1/21					9/30/21					Ratio		9/30/21*
Actual Fund return†
Class A			$	1,000.00				$	1,021.40			1.46%			$	7.40
Class C				1,000.00					1,017.20			2.21%				11.18
Institutional Class				1,000.00					1,022.60			1.21%				6.14
Hypothetical 5% return (5% return before expenses)
Class A			$	1,000.00				$	1,017.75			1.46%			$	7.38
Class C				1,000.00					1,013.99			2.21%				11.16
Institutional Class				1,000.00					1,019.00			1.21%				6.12

*	“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 183/365 (to reflect the one-half year period).
†	Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

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

2

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Security type / sector allocations
Optimum Fixed Income Fund

As of September 30, 2021 (Unaudited)

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

		Percentage
Security type / sector		of net assets
Agency Asset-Backed Securities			0.03	%
Agency Collateralized Mortgage Obligations			2.92	%
Agency Commercial Mortgage-Backed
Securities			0.24	%
Agency Mortgage-Backed Securities			19.29	%
Collateralized Debt Obligations			5.23	%
Convertible Bond			0.09	%
Corporate Bonds			32.90	%
Banking			9.58	%
Basic Industry			1.41	%
Brokerage			0.31	%
Capital Goods			0.96	%
Communications			3.79	%
Consumer Cyclical			2.10	%
Consumer Non-Cyclical			3.85	%
Energy			3.62	%
Finance Companies			1.55	%
Insurance			0.57	%
Real Estate Investment Trusts			0.64	%
Technology			1.04	%
Transportation			1.20	%
Utilities			2.28	%
Municipal Bonds			0.59	%
Non-Agency Asset-Backed Securities			2.39	%
Non-Agency Collateralized Mortgage
Obligations			1.70	%
Non-Agency Commercial Mortgage-Backed
Securities			4.88	%
Loan Agreements			2.79	%
Sovereign Bonds			3.28	%
Supranational Banks			0.03	%
US Treasury Obligations			25.12	%
Common Stock			0.00	%
Preferred Stock			0.01	%
Options Purchased			0.05	%
Short-Term Investments			9.93	%
Total Value of Securities Before Options
Written			111.47	%
Options Written			(0.06	%)
Liabilities Net of Receivables and Other
Assets			(11.41	%)
Total Net Assets			100.00	%

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Table of Contents

Security type / sector and country allocations
Optimum International Fund

As of September 30, 2021 (Unaudited)

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

		Percentage
Security type / country		of net assets
Common Stock by Country			97.29	%
Argentina			2.06	%
Australia			3.46	%
Austria			0.94	%
Belgium			0.43	%
Brazil			0.92	%
Canada			1.91	%
Chile			0.19	%
China/Hong Kong			11.90	%
Colombia			0.00	%
Denmark			5.26	%
Egypt			0.00	%
Finland			0.98	%
France			2.64	%
Germany			5.22	%
Greece			0.12	%
Hungary			0.41	%
India			3.14	%
Indonesia			0.04	%
Iraq			0.00	%
Ireland			3.12	%
Israel			1.40	%
Italy			0.72	%
Japan			10.65	%
Luxembourg			1.08	%
Malaysia			0.08	%
Malta			0.13	%
Mexico			0.29	%
Netherlands			5.96	%
New Zealand			0.02	%
Norway			0.24	%
Panama			0.31	%
Peru			0.25	%
Philippines			0.01	%
Poland			1.16	%
Republic of Korea			5.75	%
Russia			0.54	%
Singapore			0.03	%
South Africa			1.33	%
Spain			0.63	%
Sweden			2.53	%
Switzerland			7.80	%
Taiwan			6.71	%
Thailand			0.21	%
Turkey			0.04	%
Ukraine			0.33	%
United Arab Emirates			0.03	%
United Kingdom			3.22	%
United States			3.10	%
Preferred Stock			1.08	%
Rights			0.01	%
Total Value of Securities			98.38	%
Receivables and Other Assets Net of
Liabilities			1.62	%
Total Net Assets			100.00	%
		Percentage
Common stock and preferred stock by sector		of net assets
Communication Services			5.98	%
Consumer Discretionary			12.08	%
Consumer Staples			3.59	%
Energy			2.46	%
Financials			14.35	%
Healthcare			11.14	%
Industrials			18.74	%
Information Technology			19.46	%
Materials			10.14	%
Real Estate			0.10	%
Utilities			0.33	%
Total			98.37	%

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

As of September 30, 2021 (Unaudited)

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

		Percentage
Security type / sector		of net assets
Common Stock◆			98.75	%
Communication Services			18.02	%
Consumer Discretionary			20.97	%
Consumer Staples			1.03	%
Financials			0.89	%
Healthcare			10.01	%
Industrials			7.54	%
Information Technology*			38.96	%
Materials			0.61	%
Real Estate			0.72	%
Convertible Preferred Stock			0.01	%
Short-Term Investments			1.17	%
Total Value of Securities			99.93	%
Receivables and Other Assets Net of
Liabilities			0.07	%
Total Net Assets			100.00	%

◆

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

*

To monitor compliance with Optimum Large Cap Growth Fund’s concentration guidelines as described in the Fund’s Prospectus and Statement of Additional Information, the Information Technology sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Information Technology sector for this Fund consisted of Advertising, Aerospace/Defense, Commercial Services, Computers, Diversified Financial Services, Internet, Office/Business Equipment, Semiconductors, and Software. As of September 30, 2021, such amounts, as percentage of total net assets, were 0.18%, 0.45%, 1.60%, 4.86%, 4.05%, 1.50%, 0.11%, 6.03%, and 20.18%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentages in the Information Technology sector for financial reporting purposes may exceed 25%.

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

		Percentage
Top 10 equity holdings		of net assets
Amazon.com			9.21	%
Microsoft			7.35	%
Facebook Class A			6.11	%
Apple			4.86	%
Visa Class A			3.20	%
salesforce.com			2.53	%
Alphabet Class A			2.21	%
NVIDIA			2.12	%
Netflix			1.97	%
Sea ADR			1.94	%

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

As of September 30, 2021 (Unaudited)

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

		Percentage
Security type / sector		of net assets
Common Stock◆			97.96	%
Communication Services			5.81	%
Consumer Discretionary			4.38	%
Consumer Staples			5.40	%
Energy			4.47	%
Financials*			25.68	%
Healthcare			17.78	%
Industrials			15.16	%
Information Technology			8.24	%
Materials			3.81	%
Real Estate			2.21	%
Utilities			5.02	%
Short-Term Investments			1.87	%
Total Value of Securities			99.83	%
Receivables and Other Assets Net of
Liabilities			0.17	%
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 Value Fund’s concentration guidelines as described in the Fund’s Prospectus and Statement of Additional Information, the Financials 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 Financials sector consisted of Banks, Commercial Services, Diversified Financial Services, Insurance, and Private Equity. As of September 30, 2021, such amounts, as percentage of total net assets, were 12.44%, 0.24%, 5.20%, 7.62%, and 0.18%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentages in the Financials 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
JPMorgan Chase & Co.			4.18	%
Johnson & Johnson			2.73	%
Comcast Class A			2.59	%
Medtronic			2.30	%
Thermo Fisher Scientific			2.15	%
Honeywell International			1.89	%
Duke Energy			1.71	%
Bank of America			1.69	%
Northrop Grumman			1.62	%
BlackRock			1.59	%

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

As of September 30, 2021 (Unaudited)

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

		Percentage
Security type / sector		of net assets
Common Stock◆			96.48%
Communication Services			2.39%
Consumer Discretionary			11.53%
Consumer Staples			2.58%
Energy			1.21%
Financials			9.01%
Healthcare			24.39%
Industrials			13.38%
Information Technology*			26.94%
Materials			4.50%
Real Estate			0.55%
Convertible Preferred Stock			0.04%
Warrant			0.00%
Short-Term Investments			3.36%
Total Value of Securities			99.88%
Receivables and Other Assets Net of
Liabilities			0.12%
Total Net Assets			100.00%

◆

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

*

To monitor compliance with Optimum Small-Mid Cap Growth Fund’s concentration guidelines as described in the Fund’s Prospectus and Statement of Additional Information, the Information Technology sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Information Technology sector consisted of Commercial Services, Computers, Electrical Component & Equipment, Electronics, Energy-Alternate Sources, Internet, Semiconductors, Software, and Telecommunications. As of September 30, 2021, such amounts, as percentage of total net assets, were 1.00%, 1.76%, 0.72%, 0.29%, 0.74%, 1.54%, 7.03%, 12.40%, and 1.47%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentages in the Information Technology sector for financial reporting purposes may exceed 25%.

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

		Percentage
Top 10 equity holdings		of net assets
Horizon Therapeutics			2.14%
Nutanix Class A			1.85%
Avantor			1.76%
Omnicell			1.62%
Axonics			1.59%
Element Solutions			1.52%
SVB Financial Group			1.40%
Signature Bank			1.32%
International Game Technology			1.31%
ZoomInfo Technologies Class A			1.25%

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

As of September 30, 2021 (Unaudited)

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

		Percentage
Security type / sector		of net assets
Common Stock			97.20%
Communication Services			4.13%
Consumer Discretionary			9.15%
Consumer Staples			5.18%
Energy			3.27%
Financials			19.96%
Healthcare			4.95%
Industrials			15.00%
Information Technology			13.76%
Materials			10.70%
Real Estate			9.46%
Utilities			1.64%
Limited Partnerships			0.40%
Short-Term Investments			2.23%
Total Value of Securities			99.83%
Receivables and Other Assets Net of
Liabilities			0.17%
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
PacWest Bancorp			2.82%
J2 Global			2.49%
Nexstar Media Group Class A			2.15%
Silgan Holdings			2.03%
Silicon Motion Technology ADR			1.93%
Gaming and Leisure Properties			1.92%
Colfax			1.84%
Starwood Property Trust			1.65%
FMC			1.61%
Medical Properties Trust			1.61%

8

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Schedules of investments
Optimum Fixed Income Fund

September 30, 2021 (Unaudited)

				Principal
				amount°		Value (US $)
Agency Asset-Backed Securities – 0.03%
	SLM Student Loan
		Trust
		Series 2003-11 A6
		144A 0.666%
		(LIBOR03M +
		0.55%)
		12/15/25 #, ●		98,166		$	98,156
		Series 2008-9 A
		1.625%
		(LIBOR03M +
		1.50%) 4/25/23 ●		627,642			632,429
Total Agency Asset-Backed Securities
	(cost $726,401)						730,585
Agency Collateralized Mortgage Obligations – 2.92%
	Fannie Mae
		Connecticut
		Avenue Securities
		Series 2017-C03 1M2
		3.086%
		(LIBOR01M +
		3.00%)
		10/25/29 ●		6,175,983			6,347,286
		Series 2017-C04 2M2
		2.936%
		(LIBOR01M +
		2.85%)
		11/25/29 ●		353,264			362,679
		Series 2018-C01 1M2
		2.336%
		(LIBOR01M +
		2.25%, Floor
		2.25%) 7/25/30 ●		1,065,152			1,079,073
		Series 2018-C02 2M2
		2.286%
		(LIBOR01M +
		2.20%, Floor
		2.20%) 8/25/30 ●		401,944			407,059
		Series 2018-C03 1M2
		2.236%
		(LIBOR01M +
		2.15%, Floor
		2.15%)
		10/25/30 ●		533,271			540,322
		Series 2018-C05 1M2
		2.436%
		(LIBOR01M +
		2.35%, Floor
		2.35%) 1/25/31 ●		419,155			425,241
	Fannie Mae Grantor
		Trust
		Series 1999-T2 A1
		7.50% 1/19/39 ●		4,143			4,466
	Fannie Mae Grantor
		Trust
		Series 2004-T1 1A2
		6.50% 1/25/44		3,973			4,619
	Fannie Mae REMIC
		Trust
		Series 2004-W11 1A2
		6.50% 5/25/44		27,352			31,926
		Series 2004-W15 1A1
		6.00% 8/25/44		21,575			24,638
	Fannie Mae REMICs
		Series 1999-19 PH
		6.00% 5/25/29		36,148			40,569
		Series 2001-14 Z
		6.00% 5/25/31		2,210			2,448
		Series 2007-30 OE
		1.784%
		4/25/37 Ω, ^		1,533,907			1,295,346
		Series 2008-24 ZA
		5.00% 4/25/38		5,548,578			6,268,556
		Series 2009-2 AS
		5.614% (5.70%
		minus LIBOR01M,
		Cap 5.70%)
		2/25/39 Σ, ●		343,426			54,241
		Series 2009-68 SA
		6.664% (6.75%
		minus LIBOR01M,
		Cap 6.75%)
		9/25/39 Σ, ●		129,795			22,093
		Series 2011-118 DC
		4.00% 11/25/41		326,405			348,374
		Series 2017-40 GZ
		3.50% 5/25/47		386,247			414,322
		Series 2017-77 HZ
		3.50% 10/25/47		408,545			427,469
		Series 2017-95 FA
		0.446%
		(LIBOR01M +
		0.35%, Floor
		0.35%)
		11/25/47 ●		296,252			295,623
	Freddie Mac REMICs
		Series 2165 PE
		6.00% 6/15/29		32,627			36,713
		Series 3143 BC
		5.50% 2/15/36		895,907			1,034,944
		Series 3289 SA
		6.666% (6.75%
		minus LIBOR01M,
		Cap 6.75%)
		3/15/37 Σ, ●		377,274			82,114
		Series 4676 KZ
		2.50% 7/15/45		374,066			384,094

9

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Table of Contents

Schedules of investments
Optimum Fixed Income Fund

				Principal
				amount°		Value (US $)
Agency Collateralized Mortgage Obligations (continued)
	Freddie Mac
		Structured Agency
		Credit Risk Debt
		Notes
		Series 2017-DNA3 M2
		2.586%
		(LIBOR01M +
		2.50%) 3/25/30 ●		315,000		$	323,060
		Series 2018-HQA1 M2
		2.386%
		(LIBOR01M +
		2.30%) 9/25/30 ●		735,149			744,455
	Freddie Mac
		Structured Agency
		Credit Risk REMIC
		Trust
		Series 2019-DNA4 M2
		144A 2.036%
		(LIBOR01M +
		1.95%)
		10/25/49 #, ●		528,254			530,297
		Series 2019-HQA4 M2
		144A 2.136%
		(LIBOR01M +
		2.05%)
		11/25/49 #, ●		470,515			471,701
		Series 2020-DNA2 M2
		144A 1.936%
		(LIBOR01M +
		1.85%, Floor
		1.85%)
		2/25/50 #, ●		442,926			446,456
		Series 2020-DNA6 M2
		144A 2.05%
		(SOFR + 2.00%)
		12/25/50 #, ●		3,600,000			3,628,819
		Series 2021-DNA1 M2
		144A 1.85%
		(SOFR + 1.80%)
		1/25/51 #, ●		7,000,000			7,021,956
		Series 2021-DNA3 M2
		144A 2.15%
		(SOFR + 2.10%)
		10/25/33 #, ●		2,500,000			2,550,777
		Series 2021-DNA5 M2
		144A 1.70%
		(SOFR + 1.65%)
		1/25/34 #, ●		3,300,000			3,326,960
		Series 2021-HQA1 M2
		144A 2.30%
		(SOFR + 2.25%)
		8/25/33 #, ●		7,000,000			7,083,343
	Freddie Mac
		Structured Agency
		Credit Risk REMIC
		Trust
		Series 2021-HQA2 M2
		144A 2.10%
		(SOFR + 2.05%)
		12/25/33 #, ●		5,000,000			5,045,412
	Freddie Mac
		Structured Agency
		Credit Risk Trust
		Series 2018-HQA2 M1
		144A 0.836%
		(LIBOR01M +
		0.75%)
		10/25/48 #, ●		249,693			249,868
	Freddie Mac
		Structured Pass
		Through
		Certificates
		Series T-54 2A
		6.50% 2/25/43 ◆		10,749			12,691
		Series T-58 2A
		6.50% 9/25/43 ◆		4,291			4,931
	GNMA
		Series 2008-65 SB
		5.913% (6.00%
		minus LIBOR01M,
		Cap 6.00%)
		8/20/38 Σ, ●		321,778			41,829
		Series 2009-2 SE
		5.733% (5.82%
		minus LIBOR01M,
		Cap 5.82%)
		1/20/39 Σ, ●		1,089,657			157,427
		Series 2011-H21 FT
		0.77% (H15T1Y +
		0.70%, Cap
		15.25%, Floor
		0.70%)
		10/20/61 ●		4,762,739			4,746,576
		Series 2011-H23 FA
		0.79% (LIBOR01M
		+ 0.70%, Cap
		11.00%, Floor
		0.70%)
		10/20/61 ●		3,010,844			3,035,011
		Series 2012-H08 FB
		0.69% (LIBOR01M
		+ 0.60%, Cap
		11.00%, Floor
		0.60%) 3/20/62 ●		458,136			460,329

10

---

Table of Contents

				Principal
				amount°		Value (US $)
Agency Collateralized Mortgage Obligations (continued)
	GNMA
		Series 2012-H18 NA
		0.61% (LIBOR01M
		+ 0.52%, Cap
		10.50%, Floor
		0.52%) 8/20/62 ●		270,821		$	271,972
		Series 2012-H29 SA
		0.605%
		(LIBOR01M +
		0.515%, Cap
		12.00%, Floor
		0.515%)
		10/20/62 ●		3,187,284			3,203,810
		Series 2013-113 LY
		3.00% 5/20/43		173,000			185,595
		Series 2015-H10 FA
		0.69% (LIBOR01M
		+ 0.60%, Cap
		7.50%) 4/20/65 ●		10,108,984			10,173,523
		Series 2015-H11 FC
		0.64% (LIBOR01M
		+ 0.55%, Cap
		7.50%, Floor
		0.55%) 5/20/65 ●		1,226,598			1,232,776
		Series 2015-H12 FB
		0.69% (LIBOR01M
		+ 0.60%, Cap
		7.50%, Floor
		0.60%) 5/20/65 ●		5,094,808			5,126,545
		Series 2015-H20 FB
		0.69% (LIBOR01M
		+ 0.60%, Cap
		7.50%, Floor
		0.60%) 8/20/65 ●		1,435,690			1,445,257
		Series 2015-H30 FD
		0.69% (LIBOR01M
		+ 0.60%, Cap
		11.00%, Floor
		0.60%)
		10/20/65 ●		83,537			84,037
		Series 2016-H06 FD
		1.01% (LIBOR01M
		+ 0.92%, Cap
		7.50%, Floor
		0.92%) 7/20/65 ●		1,448,364			1,470,609
		Series 2017-34 DY
		3.50% 3/20/47		230,000			248,073
		Series 2017-163 ZK
		3.50% 11/20/47		3,644,984			3,877,889
Total Agency Collateralized Mortgage
	Obligations
	(cost $85,261,510)						87,136,199
Agency Commercial Mortgage-Backed Securities – 0.24%
	Freddie Mac
		Multifamily
		Structured Pass
		Through
		Certificates
		Series X3FX A2FX
		3.00% 6/25/27 ◆		1,070,000			1,144,465
	FREMF Mortgage
		Trust
		Series 2012-K18 B
		144A 4.316%
		1/25/45 #, ●		1,000,000			1,009,115
		Series 2012-K22 B
		144A 3.811%
		8/25/45 #, ●		665,000			681,871
		Series 2013-K24 B
		144A 3.627%
		11/25/45 #, ●		3,675,000			3,775,564
		Series 2014-K717 C
		144A 3.695%
		11/25/47 #, ●		60,818			60,785
		Series 2017-K71 B
		144A 3.881%
		11/25/50 #, ●		470,000			513,742
Total Agency Commercial Mortgage-
	Backed Securities
	(cost $6,939,316)						7,185,542
Agency Mortgage-Backed Securities – 19.29%
	Fannie Mae
		5.50% 3/1/37		6,017			6,589
		5.50% 7/1/37		2,685			2,794
	Fannie Mae S.F. 15 yr
		2.00% 3/1/36		11,143,077			11,555,083
		2.50% 7/1/36		14,151,946			14,787,976
	Fannie Mae S.F. 20 yr
		2.00% 3/1/41		3,412,789			3,460,314
		2.00% 4/1/41		1,551,383			1,568,495
		2.00% 5/1/41		3,065,458			3,113,834
		3.00% 9/1/37		1,791,574			1,907,273
	Fannie Mae S.F. 30 yr
		2.00% 12/1/50		8,858,490			8,915,570
		2.00% 1/1/51		4,946,492			4,965,802
		2.00% 2/1/51		4,336,661			4,369,166
		2.00% 3/1/51		7,116,877			7,142,412
		2.00% 5/1/51		1,299,715			1,305,663
		2.00% 8/1/51		1,509,470			1,522,983
		2.50% 10/1/50		1,637,253			1,698,911
		2.50% 1/1/51		3,595,825			3,710,742
		2.50% 2/1/51		1,901,187			1,961,946
		2.50% 4/1/51		4,552,025			4,697,501
		2.50% 5/1/51		2,338,915			2,415,538

11

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Table of Contents

Schedules of investments
Optimum Fixed Income Fund

				Principal
				amount°		Value (US $)
Agency Mortgage-Backed Securities (continued)
	Fannie Mae S.F. 30 yr
		2.50% 7/1/51		18,170,105		$	18,767,672
		2.50% 8/1/51		7,916,042			8,229,646
		2.50% 9/1/51		5,296,689			5,469,409
		3.00% 10/1/42		1,539,465			1,663,989
		3.00% 4/1/43		546,536			583,374
		3.00% 11/1/46		6,040,994			6,384,815
		3.00% 1/1/47		2,102,043			2,242,363
		3.00% 11/1/48		1,707,111			1,797,162
		3.00% 12/1/49		4,604,144			4,898,996
		3.00% 3/1/50		4,518,746			4,786,970
		3.00% 7/1/50		1,185,148			1,246,220
		3.00% 8/1/50		2,625,875			2,758,430
		3.00% 5/1/51		765,926			814,714
		3.00% 7/1/51		7,490,061			7,987,250
		3.00% 8/1/51		11,156,160			11,814,113
		3.50% 7/1/47		2,406,256			2,604,224
		3.50% 12/1/47		532,945			567,535
		3.50% 1/1/48		1,202,041			1,280,570
		3.50% 2/1/48		2,100,091			2,279,349
		3.50% 7/1/48		1,697,576			1,803,746
		3.50% 11/1/48		1,408,368			1,498,782
		3.50% 1/1/50		1,886,008			1,995,235
		3.50% 3/1/50		1,006,254			1,075,511
		3.50% 8/1/51		1,311,499			1,394,519
		4.00% 10/1/40		10,895			12,049
		4.00% 11/1/40		48,920			53,904
		4.00% 3/1/46		69,724			76,465
		4.00% 4/1/47		665,537			736,533
		4.00% 6/1/48		3,176,396			3,482,184
		4.00% 9/1/48		3,724,284			3,995,728
		4.00% 10/1/48		3,158,868			3,494,276
		4.00% 1/1/49		69,558			74,557
		4.00% 3/1/49		201,392			215,751
		4.00% 6/1/49		792,377			864,122
		4.50% 5/1/35		35,814			39,632
		4.50% 8/1/35		63,490			70,591
		4.50% 9/1/35		72,917			80,905
		4.50% 5/1/39		215,619			240,536
		4.50% 6/1/40		162,439			182,007
		4.50% 7/1/40		207,012			223,943
		4.50% 2/1/41		666,727			739,626
		4.50% 4/1/41		30,321			33,601
		4.50% 1/1/42		2,422,186			2,699,520
		4.50% 10/1/45		667,981			745,434
		4.50% 5/1/46		387,271			432,777
		4.50% 4/1/48		880,838			986,356
		4.50% 7/1/48		221,985			239,829
		4.50% 8/1/48		165,564			179,000
		4.50% 9/1/48		315,636			346,742
		4.50% 12/1/48		352,044			379,690
		4.50% 1/1/49		5,394,785			5,949,443
		5.00% 3/1/34		1,135			1,289
		5.00% 4/1/34		5,098			5,813
		5.00% 8/1/34		10,469			11,926
		5.00% 4/1/35		2,443			2,713
		5.00% 12/1/37		1,205			1,358
		5.00% 3/1/38		64,947			73,723
		5.00% 6/1/38		2,260			2,488
		5.00% 2/1/39		1,795			1,795
		5.00% 5/1/40		68,854			78,202
		5.00% 7/1/47		455,844			520,674
		5.50% 12/1/33		8,367			9,385
		5.50% 2/1/35		174,002			202,314
		5.50% 5/1/44		8,300,697			9,623,971
		6.00% 9/1/36		10,488			11,850
		6.00% 8/1/38		29,517			33,280
		6.00% 12/1/38		3,814			4,506
		6.00% 6/1/41		1,264,303			1,487,769
		6.00% 7/1/41		4,247,892			5,014,308
		6.00% 1/1/42		1,059,963			1,250,493
		6.50% 11/1/33		1,682			1,894
		6.50% 2/1/36		28,339			33,053
		6.50% 3/1/36		50,173			56,941
		6.50% 6/1/36		46,229			53,834
		6.50% 2/1/38		16,829			19,380
		6.50% 11/1/38		2,879			3,354
	Fannie Mae S.F. 30 yr
		TBA
		2.00% 10/1/51		15,349,000			15,390,370
		2.50% 10/1/51		82,488,000			85,049,639
		3.00% 12/1/51		155,400,000			162,126,893
	Freddie Mac ARM
		2.00% (LIBOR12M
		+ 1.625%, Cap
		10.50%, Floor
		1.625%) 2/1/38 ●		13,378			13,391
		2.43% (LIBOR12M
		+ 2.18%, Cap
		10.465%, Floor
		2.18%) 5/1/37 ●		61,022			65,507
	Freddie Mac S.F. 15 yr
		1.50% 3/1/36		5,302,059			5,367,730
		2.00% 12/1/35		5,448,422			5,655,747
		3.00% 3/1/35		9,704,315			10,298,644
	Freddie Mac S.F. 20 yr
		2.00% 3/1/41		3,909,098			3,963,533
		2.00% 4/1/41		3,538,161			3,593,999
		2.00% 6/1/41		531,904			540,299
		2.50% 6/1/41		7,057,282			7,310,464
		5.50% 10/1/23		3,581			3,995
		5.50% 8/1/24		2,769			3,089

12

---

Table of Contents

						Principal
						amount°		Value (US $)
Agency Mortgage-Backed Securities (continued)
	Freddie Mac S.F. 30 yr
		2.00% 9/1/51				5,465,000		$	5,491,705
		2.50% 10/1/50				3,004,110			3,131,777
		2.50% 11/1/50				2,742,709			2,844,229
		2.50% 2/1/51				5,082,520			5,299,131
		3.00% 11/1/49				3,243,804			3,401,532
		3.00% 12/1/49				707,314			744,547
		3.00% 1/1/50				794,441			837,192
		3.00% 12/1/50				219,994			235,599
		3.00% 5/1/51				6,807,968			7,377,318
		3.00% 8/1/51				1,747,989			1,862,174
		3.50% 8/1/48				28,630			30,319
		3.50% 9/1/48				2,553,976			2,726,120
		3.50% 11/1/48				5,864,216			6,406,657
		4.00% 12/1/45				582,909			646,636
		4.00% 7/1/47				216,049			233,200
		4.00% 10/1/47				2,043,480			2,192,622
		4.50% 8/1/48				1,182,557			1,292,909
		4.50% 3/1/49				283,100			308,198
		4.50% 4/1/49				1,060,355			1,165,307
		4.50% 8/1/49				2,219,417			2,470,072
		5.50% 9/1/41				1,768,806			2,058,608
		6.50% 11/1/33				16,687			19,028
		6.50% 1/1/35				44,261			52,217
		7.00% 1/1/38				5,268			5,519
	GNMA I S.F. 30 yr
		3.00% 3/15/50				662,682			691,996
	GNMA II S.F. 30 yr
		3.00% 8/20/50				1,145,998			1,219,065
		5.50% 5/20/37				62,225			72,273
		6.00% 4/20/34				2,805			3,116
	GNMA II S.F. 30 yr
		TBA
		4.00% 10/20/51				6,000,000			6,367,148
Total Agency Mortgage-Backed
	Securities
	(cost $574,713,028)								576,704,214
Collateralized Debt Obligations – 5.23%
	Adagio V CLO DAC
		Series V-A ARR
		144A 0.72%
		(EUR003M +
		0.72%, Floor
		0.72%)
		10/15/31 #, ●		EUR		1,100,000			1,276,392
	AMMC CLO 16
		Series 2015-16A AR2
		144A 1.113%
		(LIBOR03M +
		0.98%, Floor
		0.98%)
		4/14/29 #, ●				1,294,725			1,294,400
	AMMC CLO 21
		Series 2017-21A A
		144A 1.376%
		(LIBOR03M +
		1.25%)
		11/2/30 #, ●				2,400,000			2,405,582
	Anchorage Capital
		CLO 9
		Series 2016-9A AR2
		144A 1.236%
		(LIBOR03M +
		1.14%, Floor
		1.14%)
		7/15/32 #, ●				1,800,000			1,799,548
	Anchorage Capital
		CLO 11
		Series 2019-11A AR
		144A 1.278%
		(LIBOR03M +
		1.14%, Floor
		1.14%)
		7/22/32 #, ●				1,200,000			1,199,698
	Apex Credit CLO
		Series 2018-1A A2
		144A 1.155%
		(LIBOR03M +
		1.03%)
		4/25/31 #, ●				2,400,000			2,350,930
	Aqueduct European
		CLO DAC
		Series 2017-1A AR
		144A 0.64%
		(EUR003M +
		0.64%, Floor
		0.64%)
		7/20/30 #, ●		EUR		1,891,034			2,209,966
	Ares European CLO
		Series 7A A1RR
		144A 0.66%
		(EUR003M +
		0.66%, Floor
		0.66%)
		10/15/30 #, ●		EUR		1,300,000			1,505,099

13

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Table of Contents

Schedules of investments
Optimum Fixed Income Fund

						Principal
						amount°		Value (US $)
Collateralized Debt Obligations (continued)
	Ares European CLO X
		DAC
		Series 10A AR
		144A 0.78%
		(EUR003M +
		0.78%, Floor
		0.78%)
		10/15/31 #, ●		EUR		2,700,000		$	3,122,754
	Ares European CLO
		XII DAC
		Series 12A AR
		144A 0.85%
		(EUR003M +
		0.85%, Floor
		0.85%)
		4/20/32 #, ●		EUR		300,000			347,418
	Ares European CLO
		XIV DAC
		Series 14A A 144A
		1.12% (EUR003M
		+ 1.12%, Floor
		1.12%)
		10/21/33 #, ●		EUR		3,750,000			4,351,953
	Ares XXXIX CLO
		Series 2016-39A A1R2
		144A 1.177%
		(LIBOR03M +
		1.05%, Floor
		1.05%)
		4/18/31 #, ●				1,500,000			1,499,624
	ASSURANT CLO
		Series 2018-3A AR
		144A 1.174%
		(LIBOR03M +
		1.04%, Floor
		1.04%)
		10/20/31 #, ●				1,200,000			1,199,699
	Atlas Senior Loan
		Fund X
		Series 2018-10A A
		144A 1.216%
		(LIBOR03M +
		1.09%)
		1/15/31 #, ●				1,473,303			1,474,580
	Atrium XII
		Series 12A AR
		144A 0.968%
		(LIBOR03M +
		0.83%)
		4/22/27 #, ●				2,251,340			2,252,952
	Bain Capital Euro
		DAC
		Series 2018-2A AR
		144A 0.74%
		(EUR003M +
		0.74%, Floor
		0.74%)
		1/20/32 #, ●		EUR		1,300,000			1,508,910
	Benefit Street Partners
		CLO XVII
		Series 2019-17A AR
		144A 1.189%
		(LIBOR03M +
		1.08%, Floor
		1.08%)
		7/15/32 #, ●				700,000			699,824
	Black Diamond CLO
		DAC
		Series 2019-1A A1R
		144A 0.98%
		(EUR003M +
		0.98%, Floor
		0.98%)
		5/15/32 #, ●		EUR		300,000			347,418
	Blackrock European
		CLO VII DAC
		Series 7A AR 144A
		0.62% (EUR003M
		+ 0.62%, Floor
		0.62%)
		10/15/31 #, ●		EUR		2,200,000			2,563,609
	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			1,621,179
	BNPP AM Euro CLO
		Series 2018-1A AR
		144A 0.60%
		(EUR003M +
		0.60%, Floor
		0.60%)
		4/15/31 #, ●		EUR		250,000			291,996

14

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Table of Contents

						Principal
						amount°		Value (US $)
Collateralized Debt Obligations (continued)
	Cairn CLO IV DAC
		Series 2014-4A ARRR
		144A 0.60%
		(EUR003M +
		0.60%, Floor
		0.60%)
		4/30/31 #, ●		EUR		1,600,000		$	1,857,374
	Cairn CLO X DAC
		Series 2018-10A AR
		144A 0.78%
		(EUR003M +
		0.78%, Floor
		0.78%)
		10/15/31 #, ●		EUR		1,400,000			1,620,764
	Carlyle Euro CLO DAC
		Series 2017-3A A1R
		144A 0.70%
		(EUR003M +
		0.70%, Floor
		0.70%)
		1/15/31 #, ●		EUR		1,900,000			2,200,669
		Series 2019-2A A1R
		144A 0.89%
		(EUR003M +
		0.89%, Floor
		0.89%)
		8/15/32 #, ●		EUR		600,000			695,509
	Carlyle Global Market
		Strategies CLO
		Series 13-1A A1RR
		144A 1.075%
		(LIBOR03M +
		0.95%, Floor
		0.95%)
		8/14/30 #, ●				2,500,000			2,499,370
	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			1,729,492
	CARLYLE US CLO
		Series 2017-1A A1R
		144A 1.134%
		(LIBOR03M +
		1.00%, Floor
		1.00%)
		4/20/31 #, ●				1,500,000			1,499,624
	Catamaran CLO
		Series 2013-1A AR
		144A 0.979%
		(LIBOR03M +
		0.85%)
		1/27/28 #, ●				1,233,030			1,232,795
	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			1,388,315
	Dryden 36 Senior
		Loan Fund
		Series 2014-36A AR3
		144A 1.146%
		(LIBOR03M +
		1.02%, Floor
		1.02%)
		4/15/29 #, ●				3,557,765			3,561,497
	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			2,546,989
	Dryden XXVII-R Euro
		CLO
		Series 2017-27A AR
		144A 0.66%
		(EUR003M +
		0.66%, Floor
		0.66%)
		4/15/33 #, ●		EUR		2,200,000			2,555,630
	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			4,628,971
	Galaxy XXI CLO
		Series 2015-21A AR
		144A 1.154%
		(LIBOR03M +
		1.02%)
		4/20/31 #, ●				1,650,000			1,650,607

15

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Table of Contents

Schedules of investments
Optimum Fixed Income Fund

						Principal
						amount°		Value (US $)
Collateralized Debt Obligations (continued)
	GoldenTree Loan
		Management EUR
		CLO DAC
		Series 3A AR 144A
		0.90% (EUR003M
		+ 0.90%, Floor
		0.90%)
		1/20/32 #, ●		EUR		300,000		$	347,418
	Harvest CLO XI DAC
		Series 11A ARR
		144A 0.65%
		(EUR003M +
		0.65%, Floor
		0.65%)
		6/26/30 #, ●		EUR		1,700,000			1,968,470
	Harvest CLO XVI DAC
		Series 16A ARR
		144A 0.64%
		(EUR003M +
		0.64%, Floor
		0.64%)
		10/15/31 #, ●		EUR		2,000,000			2,314,135
	Harvest CLO XXI DAC
		Series 21A A2R
		144A 1.04%
		7/15/31 #		EUR		250,000			288,655
	ICG US CLO
		Series 2014-1A A1A2
		144A 1.286%
		(LIBOR03M +
		1.20%, Floor
		1.20%)
		10/20/34 #, ●				1,500,000			1,499,625
	Invesco Euro CLO I
		DAC
		Series 1A A1R
		144A 0.65%
		(EUR003M +
		0.65%, Floor
		0.65%)
		7/15/31 #, ●		EUR		250,000			289,447
	Jubilee CLO
		Series 2014-11A ARR
		144A 0.61%
		(EUR003M +
		0.61%, Floor
		0.61%)
		4/15/30 #, ●		EUR		1,700,000			1,968,250
		Series 2014-12A ARRR
		144A 0.60%
		(EUR003M +
		0.60%, Floor
		0.60%)
		4/15/30 #, ●		EUR		600,000			700,182
	Jubilee CLO
		Series 2016-17A A1RR
		144A 0.65%
		(EUR003M +
		0.65%, Floor
		0.65%)
		4/15/31 #, ●		EUR		1,400,000			1,634,715
		Series 2016-17A A2RR
		144A 0.65%
		(EUR003M +
		0.65%, Floor
		0.65%)
		4/15/31 #, ●		EUR		500,000			583,697
	Laurelin DAC
		Series 2016-1A ARR
		144A 0.72%
		(EUR003M +
		0.72%, Floor
		0.72%)
		10/20/31 #, ●		EUR		2,100,000			2,445,128
	LCM XV
		Series 15A AR2
		144A 1.134%
		(LIBOR03M +
		1.00%, Floor
		1.00%)
		7/20/30 #, ●				3,300,000			3,299,172
	Man GLG Euro CLO
		Series 6A A 144A
		0.90% (EUR003M
		+ 0.90%, Floor
		0.90%)
		10/15/32 #, ●		EUR		250,000			289,534
	Man GLG Euro CLO III
		DAC
		Series 3A AR 144A
		0.68% (EUR003M
		+ 0.68%, Floor
		0.68%)
		10/15/30 #, ●		EUR		1,100,000			1,282,556
	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			2,212,899
	Man GLG US CLO
		Series 2018-1A A1R
		144A 1.274%
		(LIBOR03M +
		1.14%)
		4/22/30 #, ●				3,000,000			3,002,937

16

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Table of Contents

						Principal
						amount°		Value (US $)
Collateralized Debt Obligations (continued)
	Marathon CLO
		Series 2021-16A A1A
		144A 1.399%
		(LIBOR03M +
		1.20%, Floor
		1.20%)
		4/15/34 #, ●				1,250,000		$	1,249,684
	Marathon CLO V
		Series 2013-5A A1R
		144A 1.001%
		(LIBOR03M +
		0.87%)
		11/21/27 #, ●				314,198			313,400
	Midocean Credit CLO
		IX
		Series 2018-9A A1
		144A 1.284%
		(LIBOR03M +
		1.15%, Floor
		1.15%)
		7/20/31 #, ●				1,250,000			1,250,876
	Mountain View CLO X
		Series 2015-10A AR
		144A 0.949%
		(LIBOR03M +
		0.82%, Floor
		0.82%)
		10/13/27 #, ●				1,119,354			1,119,841
	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			346,295
	Oaktree CLO
		Series 2019-4A A1R
		144A 1.12%
		(LIBOR03M +
		1.12%, Floor
		1.12%)
		10/20/32 #, ●				500,000			500,000
	OCP CLO
		Series 2015-9A A1R
		144A 0.926%
		(LIBOR03M +
		0.80%)
		7/15/27 #, ●				190,693			190,662
		Series 2015-10A A1R
		144A 0.945%
		(LIBOR03M +
		0.82%)
		10/26/27 #, ●				821,307			820,554
	OCP Euro CLO DAC
		Series 2020-4A AR
		144A 0.88%
		(EUR003M +
		0.88%, Floor
		0.88%)
		9/22/34 #, ●		EUR		1,900,000			2,200,115
	Octagon Investment
		Partners 51
		Series 2021-1A A
		144A 1.261%
		(LIBOR03M +
		1.15%, Floor
		1.15%)
		7/20/34 #, ●				1,750,000			1,753,635
	OZLM IX
		Series 2014-9A A1A3
		144A 1.10%
		(LIBOR03M +
		1.10%, Floor
		1.10%)
		10/20/31 #, ●				500,000			499,875
	OZLM XVI
		Series 2017-16A A1R
		144A 1.155%
		(LIBOR03M +
		1.03%, Floor
		1.03%)
		5/16/30 #, ●				2,600,000			2,599,345
	OZLM XXIV
		Series 2019-24A A1AR
		144A 1.16%
		(LIBOR03M +
		1.16%, Floor
		1.16%)
		7/20/32 #, ●				2,100,000			2,099,475
	Palmer Square
		European Loan
		Funding DAC
		Series 2020-2A A
		144A 0.87%
		(EUR003M +
		0.87%, Floor
		0.87%)
		2/15/30 #, ●		EUR		1,462,244			1,706,888
		Series 2021-1A A
		144A 0.78%
		(EUR003M +
		0.78%, Floor
		0.78%)
		4/15/31 #, ●		EUR		2,100,000			2,432,508

17

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Table of Contents

Schedules of investments
Optimum Fixed Income Fund

						Principal
						amount°		Value (US $)
Collateralized Debt Obligations (continued)
	Palmer Square Loan
		Funding
		Series 2021-3A A1
		144A 0.971%
		(LIBOR03M +
		0.80%, Floor
		0.80%)
		7/20/29 #, ●				700,000		$	699,822
		Series 2021-4A A1
		144A 0.80%
		(LIBOR03M +
		0.80%, Floor
		0.80%)
		10/15/29 #, ●				2,500,000			2,499,375
	Segovia European
		CLO DAC
		Series 2019-6A AR
		144A 0.88%
		(EUR003M +
		0.88%, Floor
		0.88%)
		7/20/32 #, ●		EUR		1,600,000			1,852,869
	Signal Peak CLO 5
		Series 2018-5A A
		144A 1.235%
		(LIBOR03M +
		1.11%, Floor
		1.11%)
		4/25/31 #, ●				1,800,000			1,802,682
	Sound Point CLO IX
		Series 2015-2A ARRR
		144A 1.295%
		(LIBOR03M +
		1.21%, Floor
		1.21%)
		7/20/32 #, ●				2,600,000			2,599,249
	Sound Point CLO XIV
		Series 2016-3A AR2
		144A 1.128%
		(LIBOR03M +
		0.99%, Floor
		0.99%)
		1/23/29 #, ●				6,057,302			6,061,409
	Sound Point CLO XVI
		Series 2017-2A AR
		144A 1.105%
		(LIBOR03M +
		0.98%)
		7/25/30 #, ●				4,400,000			4,398,896
	Sounds Point CLO
		IV-R
		Series 2013-3RA A
		144A 1.284%
		(LIBOR03M +
		1.15%, Floor
		1.15%)
		4/18/31 #, ●				1,000,000			999,442
	THL Credit Wind River
		CLO
		Series 2019-3A AR
		144A 1.164%
		(LIBOR03M +
		1.08%, Floor
		1.08%)
		4/15/31 #, ●				3,100,000			3,099,222
	Tikehau CLO
		Series 2015-1A ARR
		144A 0.87%
		(EUR003M +
		0.87%, Floor
		0.87%) 8/4/34 #, ● EUR				2,000,000			2,316,098
	Toro European CLO
		DAC
		Series 6A AR 144A
		0.92% (EUR003M
		+ 0.92%, Floor
		0.92%)
		1/12/32 #, ●		EUR		300,000			347,299
	Venture 34 CLO
		Series 2018-34A A
		144A 1.356%
		(LIBOR03M +
		1.23%, Floor
		1.23%)
		10/15/31 #, ●				2,500,000			2,501,970
	Venture 42 CLO
		Series 2021-42A A1A
		144A 1.311%
		(LIBOR03M +
		1.13%, Floor
		1.13%)
		4/15/34 #, ●				1,300,000			1,299,672
	Venture XVII CLO
		Series 2014-17A ARR
		144A 1.006%
		(LIBOR03M +
		0.88%)
		4/15/27 #, ●				327,849			327,766
	Venture XX CLO
		Series 2015-20A AR
		144A 0.946%
		(LIBOR03M +
		0.82%)
		4/15/27 #, ●				416,352			415,982

18

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Table of Contents

						Principal
						amount°		Value (US $)
Collateralized Debt Obligations (continued)
	Venture XXIV CLO
		Series 2016-24A ARR
		144A 1.034%
		(LIBOR03M +
		0.90%, Floor
		0.90%)
		10/20/28 #, ●				479,957		$	479,837
	Venture XXVI CLO
		Series 2017-26A AR
		144A 1.234%
		(LIBOR03M +
		1.10%, Floor
		1.10%)
		1/20/29 #, ●				3,400,000			3,399,147
	Vibrant CLO IV
		Series 2016-4A A1RR
		144A 1.236%
		(LIBOR03M +
		1.12%, Floor
		1.12%)
		7/20/32 #, ●				1,300,000			1,299,675
	Vibrant CLO VI
		Series 2017-6A AR
		144A 1.072%
		(LIBOR03M +
		0.95%)
		6/20/29 #, ●				3,900,000			3,899,021
	Vibrant CLO VII
		Series 2017-7A A1R
		144A 1.174%
		(LIBOR03M +
		1.04%, Floor
		1.04%)
		9/15/30 #, ●				4,500,000			4,498,871
	Vibrant CLO XI
		Series 2019-11A A1R1
		144A 1.198%
		(LIBOR03M +
		1.12%, Floor
		1.12%)
		7/20/32 #, ●				1,500,000			1,499,625
	Voya
		Series 2012-4A A1R3
		144A 1.091%
		(LIBOR03M +
		1.00%)
		10/15/30 #, ●				1,400,000			1,399,650
	Z Capital Credit
		Partners CLO
		Series 2015-1A A1R
		144A 1.076%
		(LIBOR03M +
		0.95%, Floor
		0.95%)
		7/16/27 #, ●				492,739			492,404
Total Collateralized Debt Obligations
	(cost $158,727,619)								156,391,093
Convertible Bond – 0.09%
	Kaman 3.25%
		exercise price
		$65.26, maturity
		date 5/1/24				2,540,000			2,588,890
Total Convertible Bond
	(cost $2,587,281)								2,588,890
Corporate Bonds – 32.90%
Banking – 9.58%
	Access Bank
		144A 6.125%
		9/21/26 #				425,000			428,868
		144A 9.125%
		10/7/26 #, µ, ψ				475,000			475,000
	Akbank TAS 144A
		6.80% 2/6/26 #				610,000			636,956
	Banco Bilbao Vizcaya
		Argentaria 5.875%
		9/24/23 µ, ψ		EUR		1,200,000			1,491,286
	Banco Continental
		144A 2.75%
		12/10/25 #				915,000			909,290
	Banco de Bogota
		144A 6.25%
		5/12/26 #				405,000			441,450
	Banco de Credito e
		Inversiones 144A
		3.50% 10/12/27 #				500,000			535,650
	Banco GNB
		Sudameris 144A
		7.50%
		4/16/31 #, µ				785,000			801,642
	Banco Industrial 144A
		4.875%
		1/29/31 #, µ				695,000			706,885
	Banco Mercantil del
		Norte 144A
		8.375%
		10/14/30 #, µ, ψ				375,000			443,434
	Banco Nacional de
		Panama 144A
		2.50% 8/11/30 #				200,000			192,050

19

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Table of Contents

Schedules of investments
Optimum Fixed Income Fund

						Principal
						amount°		Value (US $)
Corporate Bonds (continued)
Banking (continued)
	Banco Santander
		2.958% 3/25/31				1,000,000		$	1,029,429
	Banco Santander
		Mexico 144A
		5.95%
		10/1/28 #, µ				280,000			299,250
	Bangkok Bank 144A
		5.00%
		9/23/25 #, µ, ψ				480,000			499,800
	Bank Leumi Le-Israel
		144A 3.275%
		1/29/31 #, µ				500,000			512,575
	Bank of America
		1.898% 7/23/31 µ				3,095,000			2,986,404
		2.087% 6/14/29 µ				1,675,000			1,673,341
		2.482% 9/21/36 µ				9,500,000			9,316,452
		3.55% 3/5/24 µ				2,100,000			2,189,665
		3.864% 7/23/24 µ				2,200,000			2,328,891
		3.974% 2/7/30 µ				3,400,000			3,809,526
		4.125% 1/22/24				200,000			216,260
		4.30%
		1/28/25 µ, ψ				900,000			916,875
	Bank of China 144A
		5.00% 11/13/24 #				455,000			503,126
	Bank of Georgia
		144A 6.00%
		7/26/23 #				890,000			949,580
	Bank of New York
		Mellon 4.70%
		9/20/25 µ, ψ				2,560,000			2,816,000
	Barclays
		1.505%
		(LIBOR03M +
		1.38%) 5/16/24 ●				1,800,000			1,831,489
		2.667% 3/10/32 µ				1,025,000			1,029,537
		3.375% 4/2/25 µ		EUR		500,000			627,034
		3.811% 3/10/42 µ				2,105,000			2,237,477
		4.61% 2/15/23 µ				700,000			710,738
		4.972% 5/16/29 µ				3,000,000			3,490,162
		5.20% 5/12/26				2,979,000			3,413,294
		6.375%
		12/15/25 µ, ψ		GBP		500,000			744,242
		7.125%
		6/15/25 µ, ψ		GBP		1,800,000			2,722,354
		7.25%
		3/15/23 µ, ψ		GBP		700,000			1,006,262
		7.75%
		9/15/23 µ, ψ				400,000			437,000
	Barclays Bank
		7.625% 11/21/22				439,000			470,702
	BBVA Bancomer
		144A 5.125%
		1/18/33 #, µ				410,000			427,997
	BBVA USA 3.875%
		4/10/25				1,145,000			1,250,327
	BDO Unibank
		2.125% 1/13/26				795,000			816,142
	BNP Paribas
		144A 2.159%
		9/15/29 #, µ				600,000			594,781
		144A 2.871%
		4/19/32 #, µ				300,000			306,560
		144A 3.052%
		1/13/31 #, µ				2,600,000			2,725,218
		144A 4.705%
		1/10/25 #, µ				1,600,000			1,732,668
		144A 7.375%
		8/19/25 #, µ, ψ				700,000			812,487
		7.375%
		8/19/25 µ, ψ				500,000			580,348
	Citigroup
		3.20% 10/21/26				1,000,000			1,078,751
		4.00%
		12/10/25 µ, ψ				1,400,000			1,454,180
		4.044% 6/1/24 µ				1,800,000			1,904,269
		4.05% 7/30/22				150,000			154,574
		4.075% 4/23/29 µ				3,400,000			3,812,878
	Cooperatieve
		Rabobank
		3.75% 7/21/26				1,350,000			1,488,667
		4.375% 8/4/25				2,000,000			2,218,267
	Credit Agricole 144A
		2.811% 1/11/41 #				3,155,000			3,015,577
	Credit Suisse Group
		144A 2.593%
		9/11/25 #, µ				1,105,000			1,145,839
		3.80% 6/9/23				2,300,000			2,423,947
		144A 3.869%
		1/12/29 #, µ				1,065,000			1,163,201
		144A 4.194%
		4/1/31 #, µ				4,045,000			4,532,988
		144A 4.207%
		6/12/24 #, µ				410,000			433,096
		144A 4.50%
		9/3/30 #, µ, ψ				820,000			805,650
		144A 5.25%
		2/11/27 #, µ, ψ				885,000			928,144
		144A 6.25%
		12/18/24 #, µ, ψ				2,000,000			2,160,123

20

---

Table of Contents

						Principal
						amount°		Value (US $)
Corporate Bonds (continued)
Banking (continued)
	Credit Suisse Group
		144A 6.375%
		8/21/26 #, µ, ψ				1,900,000		$	2,090,000
	Credit Suisse Group
		Funding Guernsey
		3.80% 9/15/22				3,350,000			3,460,179
	Deutsche Bank
		2.129%
		11/24/26 µ				700,000			711,364
		3.547% 9/18/31 µ				4,135,000			4,415,740
		3.729% 1/14/32 µ				3,115,000			3,218,707
		3.961%
		11/26/25 µ				5,700,000			6,167,280
		4.25% 10/14/21				2,000,000			2,002,165
		5.00% 2/14/22				3,100,000			3,150,934
	Development Bank of
		Kazakhstan 144A
		2.95% 5/6/31 #				300,000			302,169
	Development Bank of
		Mongolia 144A
		7.25% 10/23/23 #				415,000			444,088
	Emirates NBD Bank
		2.625% 2/18/25				495,000			517,208
	Fifth Third Bancorp
		2.55% 5/5/27				1,201,000			1,263,231
		3.65% 1/25/24				790,000			843,062
		3.95% 3/14/28				1,119,000			1,274,275
	Fifth Third Bank
		3.85% 3/15/26				835,000			920,509
	Goldman Sachs
		Group
		0.523% 3/8/23				700,000			700,402
		0.673% 3/8/24 µ				700,000			700,989
		1.431% 3/9/27 µ				2,000,000			1,995,562
		1.542% 9/10/27 µ				6,235,000			6,214,040
		3.20% 2/23/23				2,200,000			2,279,841
		4.223% 5/1/29 µ				4,700,000			5,314,963
	Hana Bank 144A
		1.25% 12/16/26 #				770,000			761,664
	HSBC Holdings
		1.125%
		(LIBOR03M +
		1.00%) 5/18/24 ●				1,000,000			1,012,288
		1.589% 5/24/27 µ				2,200,000			2,186,190
		2.848% 6/4/31 µ				2,700,000			2,770,543
		4.00% 3/9/26 µ, ψ				400,000			402,000
		4.30% 3/8/26				200,000			222,779
		4.70% 3/9/31 µ, ψ				500,000			508,125
		5.25%
		9/16/22 µ, ψ		EUR		1,900,000			2,273,863
	HSBC Holdings
		5.875%
		9/28/26 µ, ψ		GBP		500,000			740,144
		6.00%
		5/22/27 µ, ψ				800,000			879,000
	ICICI Bank 144A
		4.00% 3/18/26 #				535,000			576,782
	ING Groep 6.875%
		4/16/22 µ, ψ				200,000			205,603
	Intesa Sanpaolo
		144A 4.00%
		9/23/29 #				1,300,000			1,419,899
		7.75%
		1/11/27 µ, ψ		EUR		200,000			283,098
	JPMorgan Chase &
		Co.
		1.025%
		(LIBOR03M +
		0.90%) 4/25/23 ●				1,000,000			1,007,653
		1.47% 9/22/27 µ				475,000			472,154
		2.58% 4/22/32 µ				4,355,000			4,418,636
		3.22% 3/1/25 µ				500,000			528,275
		3.328% 4/22/52 µ				815,000			855,286
		4.005% 4/23/29 µ				900,000			1,006,370
		4.023% 12/5/24 µ				4,730,000			5,067,113
		4.60% 2/1/25 µ, ψ				1,185,000			1,213,144
		5.00% 8/1/24 µ, ψ				400,000			417,750
	Lloyds Banking Group
		2.438% 2/5/26 µ				300,000			311,362
		2.858% 3/17/23 µ				2,900,000			2,932,492
		3.50% 4/1/26 µ		EUR		200,000			259,345
	Mitsubishi UFJ
		Financial Group
		2.193% 2/25/25				1,700,000			1,759,086
		2.559% 2/25/30				1,800,000			1,844,508
		3.218% 3/7/22				500,000			506,414
	Mizrahi Tefahot Bank
		144A 3.077%
		4/7/31 #, µ				555,000			563,325
	Mizuho Financial
		Group
		2.226% 5/25/26 µ				1,600,000			1,650,006
		2.564% 9/13/31				1,400,000			1,380,967
		2.591% 5/25/31 µ				2,000,000			2,025,281
	Morgan Stanley
		2.484% 9/16/36 µ				4,805,000			4,705,331
		3.625% 1/20/27				4,000,000			4,411,887
		5.00% 11/24/25				2,075,000			2,373,228

21

---

Table of Contents

Schedules of investments
Optimum Fixed Income Fund

						Principal
						amount°		Value (US $)
Corporate Bonds (continued)
Banking (continued)
	Nationwide Building
		Society
		144A 3.766%
		3/8/24 #, µ				800,000		$	834,242
		144A 4.302%
		3/8/29 #, µ				5,200,000			5,856,148
	NatWest Group
		1.595%
		(LIBOR03M +
		1.47%) 5/15/23 ●				1,000,000			1,008,288
		3.498% 5/15/23 µ				500,000			509,155
		4.80% 4/5/26				5,000,000			5,686,590
		5.125%
		5/12/27 µ, ψ		GBP		500,000			724,228
	NBK SPC 144A
		1.625%
		9/15/27 #, µ				1,065,000			1,053,285
	NongHyup Bank
		144A 0.875%
		7/28/24 #				430,000			431,022
	Oversea-Chinese
		Banking 144A
		4.25% 6/19/24 #				660,000			714,500
	PNC Bank
		2.70% 11/1/22				250,000			256,016
		4.05% 7/26/28				2,400,000			2,735,820
	PNC Financial
		Services Group
		2.60% 7/23/26				2,845,000			3,025,205
	QNB Finance 2.625%
		5/12/25				1,160,000			1,209,323
	Santander UK 3.75%
		11/15/21				200,000			200,808
	Santander UK Group
		Holdings
		3.823% 11/3/28 µ				3,200,000			3,502,942
		7.375%
		6/24/22 µ, ψ		GBP		2,200,000			3,072,710
	Shinhan Financial
		Group 144A
		3.34% 2/5/30 #, µ				410,000			426,843
	Skandinaviska
		Enskilda Banken
		5.625%
		5/13/22 µ, ψ				600,000			613,515
	Societe Generale
		144A 4.25%
		4/14/25 #				3,600,000			3,890,337
	Standard Chartered
		144A 7.50%
		4/2/22 #, µ, ψ				500,000			514,660
	Sumitomo Mitsui
		Financial Group
		1.474% 7/8/25				2,600,000		$	2,621,940
		2.222% 9/17/31				2,300,000			2,265,061
	SVB Financial Group
		1.80% 2/2/31				775,000			744,546
		4.00%
		5/15/26 µ, ψ				2,345,000			2,406,556
	Swedbank 6.00%
		3/17/22 µ, ψ				400,000			407,780
	Truist Bank 2.636%
		9/17/29 µ				5,182,000			5,418,843
	Truist Financial
		1.887% 6/7/29 µ				3,485,000			3,484,758
		4.95% 9/1/25 µ, ψ				1,465,000			1,603,911
	UBS
		5.125% 5/15/24				200,000			219,014
		7.625% 8/17/22				950,000			1,006,705
	UBS Group
		144A 1.364%
		1/30/27 #, µ				400,000			396,450
		144A 3.126%
		8/13/30 #, µ				2,000,000			2,125,131
		144A 4.125%
		9/24/25 #				2,940,000			3,249,517
	UniCredit
		144A 4.033%
		(LIBOR03M +
		3.90%)
		1/14/22 #, ●				2,200,000			2,220,834
		7.50% 6/3/26 µ, ψ EUR				600,000			820,546
		144A 7.83%
		12/4/23 #				2,900,000			3,319,809
		9.25% 6/3/22 µ, ψ EUR				200,000			243,995
	US Bancorp
		1.45% 5/12/25				1,565,000			1,590,686
		3.375% 2/5/24				2,915,000			3,099,134
		3.60% 9/11/24				1,275,000			1,381,840
		3.95% 11/17/25				2,820,000			3,143,572
	US Bank 3.40%
		7/24/23				815,000			858,783
	Virgin Money UK
		3.375% 4/24/26 µ		GBP		100,000			142,633
		4.00% 9/25/26 µ		GBP		800,000			1,173,205
		4.00% 9/3/27 µ		GBP		100,000			148,722
	Wells Fargo & Co.
		3.196% 6/17/27 µ				900,000			966,517
		3.584% 5/22/28 µ				5,300,000			5,806,471
		3.90%
		3/15/26 µ, ψ				3,380,000			3,487,737
									286,355,287

22

---

Table of Contents

				Principal
				amount°		Value (US $)
Corporate Bonds (continued)
Basic Industry – 1.41%
	AngloGold Ashanti
		Holdings 3.75%
		10/1/30		595,000		$	610,985
	Braskem Netherlands
		Finance 4.50%
		1/10/28		800,000			850,920
	Corp Nacional del
		Cobre de Chile
		144A 3.15%
		1/14/30 #		246,000			254,276
		144A 4.25%
		7/17/42 #		200,000			222,571
	CSN Inova Ventures
		144A 6.75%
		1/28/28 #		525,000			560,674
	Equate Petrochemical
		144A 2.625%
		4/28/28 #		385,000			388,127
	First Quantum
		Minerals
		144A 6.875%
		10/15/27 #		360,000			381,182
		144A 7.50%
		4/1/25 #		2,740,000			2,814,199
	GC Treasury Center
		144A 4.30%
		3/18/51 #		635,000			700,051
	Georgia-Pacific
		144A 1.75%
		9/30/25 #		925,000			947,440
		144A 2.10%
		4/30/27 #		735,000			757,266
		144A 2.30%
		4/30/30 #		1,660,000			1,691,143
		8.00% 1/15/24		2,242,000			2,616,061
	Gold Fields Orogen
		Holdings BVI 144A
		6.125% 5/15/29 #		715,000			839,231
	ICL Group 144A
		6.375% 5/31/38 #		390,000			507,429
	INEOS Styrolution
		Group 144A
		2.25% 1/16/27 # EUR		500,000			573,984
	International Flavors
		& Fragrances 144A
		3.268%
		11/15/40 #		1,685,000			1,743,641
	JSW Steel 144A
		5.05% 4/5/32 #		305,000			303,949
	LyondellBasell
		Industries 4.625%
		2/26/55		2,005,000			2,424,708
	MEGlobal Canada
		144A 5.00%
		5/18/25 #		400,000			442,683
	Methanex 5.25%
		12/15/29		2,515,000			2,725,845
	Metinvest 144A
		7.65% 10/1/27 #		616,000			670,972
	Minera Mexico 144A
		4.50% 1/26/50 #		480,000			532,200
	Newmont
		2.25% 10/1/30		2,615,000			2,603,251
		2.80% 10/1/29		3,850,000			4,006,861
	OCP
		144A 3.75%
		6/23/31 #		500,000			499,729
		144A 4.50%
		10/22/25 #		320,000			344,466
		144A 5.125%
		6/23/51 #		240,000			238,350
	Olin 5.625% 8/1/29			705,000			775,937
	Phosagro OAO via
		Phosagro Bond
		Funding DAC 144A
		3.949% 4/24/23 #		380,000			393,831
	Sasol Financing USA
		4.375% 9/18/26		580,000			589,164
		5.875% 3/27/24		1,255,000			1,324,684
	Sociedad Quimica y
		Minera de Chile
		144A 4.375%
		1/28/25 #		380,000			414,122
	Suzano Austria
		2.50% 9/15/28		620,000			603,725
	Vale Overseas 3.75%
		7/8/30		575,000			596,390
	Vedanta Resources
		Finance II 144A
		8.95% 3/11/25 #		1,575,000			1,575,000
	Volcan Cia Minera
		144A 4.375%
		2/11/26 #		615,000			599,557
	Westlake Chemical
		3.125% 8/15/51		4,310,000			4,075,753
							42,200,357
Brokerage – 0.31%
	Charles Schwab
		4.00% 6/1/26 µ, ψ		950,000			992,750
		5.375%
		6/1/25 µ, ψ		2,495,000			2,778,806
	Jefferies Group
		4.15% 1/23/30		2,205,000			2,481,594

23

---

Table of Contents

Schedules of investments
Optimum Fixed Income Fund

						Principal
						amount°		Value (US $)
Corporate Bonds (continued)
Brokerage (continued)
	Jefferies Group
		6.45% 6/8/27				331,000		$	412,847
		6.50% 1/20/43				880,000			1,223,658
	XP 144A 3.25%
		7/1/26 #				1,355,000			1,319,702
									9,209,357
Capital Goods – 0.96%
	Abertis
		Infraestructuras
		Finance 3.248%
		11/24/25 µ, ψ		EUR		1,500,000			1,786,130
	Aeropuerto
		Internacional de
		Tocumen 144A
		5.125% 8/11/61 #				700,000			735,465
	Aeropuertos
		Argentina 2000
		PIK 144A 6.875%
		2/1/27 #, >				665,723			585,204
	Artera Services 144A
		9.033% 12/4/25 #				1,680,000			1,824,900
	Boeing
		1.95% 2/1/24				2,000,000			2,047,324
		3.75% 2/1/50				2,590,000			2,619,305
	Caterpillar 2.60%
		4/9/30				25,000			26,295
	Cellnex Finance 144A
		3.875% 7/7/41 #				2,739,000			2,695,053
	Cemex 144A 5.125%
		6/8/26 #, µ, ψ				500,000			509,880
	HTA Group 144A
		7.00% 12/18/25 #				755,000			796,382
	Hutama Karya Persero
		144A 3.75%
		5/11/30 #				454,000			491,832
	IHS Netherlands
		Holdco 144A
		7.125% 3/18/25 #				565,000			583,362
	Klabin Austria 144A
		5.75% 4/3/29 #				450,000			503,797
	Otis Worldwide
		3.112% 2/15/40				1,173,000			1,204,840
		3.362% 2/15/50				202,000			211,695
	Rolls-Royce 144A
		5.75% 10/15/27 #				1,000,000			1,106,250
	Rutas 2 and
		7 Finance 144A
		12.256%
		9/30/36 #, ^				755,000			562,690
	SAN Miguel Industrias
		Pet 144A 3.50%
		8/2/28 #				860,000			851,503
	Standard Industries
		144A 3.375%
		1/15/31 #				1,568,000			1,494,226
	Summit Digitel
		Infrastructure 144A
		2.875% 8/12/31 #				785,000			755,184
	SYNNEX
		144A 2.375%
		8/9/28 #				800,000			792,839
		144A 2.65%
		8/9/31 #				1,200,000			1,175,008
	Teledyne Technologies
		2.25% 4/1/28				1,980,000			2,017,796
		2.75% 4/1/31				1,730,000			1,771,055
	TransDigm 144A
		6.25% 3/15/26 #				748,000			780,725
	UltraTech Cement
		144A 2.80%
		2/16/31 #				660,000			636,230
									28,564,970
Communications – 3.79%
	Alibaba Group
		Holding 2.70%
		2/9/41				750,000			690,225
	Altice Financing 144A
		5.00% 1/15/28 #				865,000			835,339
	Altice France
		2.125% 2/15/25 EUR				1,900,000			2,140,297
		144A 5.50%
		10/15/29 #				1,375,000			1,362,855
	Altice France Holding
		144A 6.00%
		2/15/28 #				1,550,000			1,490,976
	Amazon.com
		1.20% 6/3/27				620,000			618,345
		1.50% 6/3/30				1,000,000			973,132
	AT&T
		2.55% 12/1/33				2,673,000			2,632,161
		3.10% 2/1/43				1,264,000			1,214,064
		3.50% 6/1/41				1,680,000			1,727,099
		3.50% 9/15/53				1,590,000			1,576,780
	B2W Digital 144A
		4.375%
		12/20/30 #				635,000			619,919
	British
		Telecommunications
		144A 3.25%
		11/8/29 #				1,700,000			1,779,714
	CCO Holdings
		144A 4.50%
		8/15/30 #				500,000			516,485

24

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Table of Contents

				Principal
				amount°		Value (US $)
Corporate Bonds (continued)
Communications (continued)
	CCO Holdings
		144A 5.00%
		2/1/28 #		900,000		$	940,635
	Charter
		Communications
		Operating
		4.40% 12/1/61		4,987,000			5,197,427
		4.464% 7/23/22		4,330,000			4,440,531
		4.908% 7/23/25		430,000			483,793
		5.05% 3/30/29		3,800,000			4,452,322
	Clear Channel
		Outdoor Holdings
		144A 7.75%
		4/15/28 #		420,000			442,613
	Comcast
		3.20% 7/15/36		1,830,000			1,951,068
		3.70% 4/15/24		2,970,000			3,194,991
	Connect Finco 144A
		6.75% 10/1/26 #		1,740,000			1,822,754
	CSC Holdings 144A
		4.625% 12/1/30 #		890,000			844,859
	Digicel Group
		Holdings PIK
		10.00% 4/1/24 >>		356,977			357,423
	Discovery
		Communications
		4.00% 9/15/55		9,005,000			9,436,359
	Fox 3.666% 1/25/22			900,000			909,535
	JD.com 3.875%
		4/29/26		525,000			570,335
	Level 3 Financing
		144A 3.625%
		1/15/29 #		1,165,000			1,130,050
	Ooredoo International
		Finance 144A
		5.00% 10/19/25 #		270,000			309,145
	Prosus 144A 3.832%
		2/8/51 #		620,000			565,427
	Sprint 7.625%
		3/1/26		200,000			242,595
	Sprint Spectrum 144A
		4.738% 9/20/29 #		1,281,875			1,370,645
	Telefonica Celular del
		Paraguay 144A
		5.875% 4/15/27 #		395,000			414,256
	Tencent Holdings
		144A 1.029%
		(LIBOR03M +
		0.91%)
		4/11/24 #, ●		200,000			201,310
		144A 2.88%
		4/22/31 #		370,000			378,068
		144A 3.68%
		4/22/41 #		400,000			415,494
	Time Warner Cable
		7.30% 7/1/38		2,120,000			3,045,785
	Time Warner
		Entertainment
		8.375% 3/15/23		1,415,000			1,572,297
	T-Mobile USA
		1.50% 2/15/26		2,915,000			2,926,357
		2.55% 2/15/31		550,000			552,320
		3.00% 2/15/41		3,550,000			3,439,351
		3.30% 2/15/51		1,500,000			1,453,482
		144A 3.40%
		10/15/52 #		1,090,000			1,065,232
		3.50% 4/15/25		895,000			964,514
		3.75% 4/15/27		1,255,000			1,383,501
		3.875% 4/15/30		1,400,000			1,546,572
	Turk
		Telekomunikasyon
		144A 6.875%
		2/28/25 #		700,000			758,660
	Turkcell Iletisim
		Hizmetleri 144A
		5.80% 4/11/28 #		585,000			622,809
	VEON Holdings 144A
		3.375%
		11/25/27 #		760,000			771,446
	Verizon
		Communications
		1.225%
		(LIBOR03M +
		1.10%) 5/15/25 ●		3,200,000			3,290,195
		2.10% 3/22/28		1,630,000			1,655,902
		2.55% 3/21/31		1,840,000			1,863,841
		3.40% 3/22/41		930,000			972,132
		3.55% 3/22/51		915,000			966,187
		4.125% 3/16/27		1,500,000			1,703,338
		4.50% 8/10/33		6,325,000			7,537,668
	ViacomCBS
		4.375% 3/15/43		3,175,000			3,638,804
		4.95% 1/15/31		1,955,000			2,337,140
	Vmed O2 UK
		Financing I 144A
		4.25% 1/31/31 #		1,885,000			1,882,644
	Vodafone Group
		4.25% 9/17/50		1,070,000			1,235,342
		4.875% 6/19/49		4,385,000			5,477,719

25

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Table of Contents

Schedules of investments
Optimum Fixed Income Fund

						Principal
						amount°		Value (US $)
Corporate Bonds (continued)
Communications (continued)
	VTR Comunicaciones
		144A 4.375%
		4/15/29 #				685,000		$	706,807
	Zayo Group Holdings
		144A 6.125%
		3/1/28 #				725,000			736,005
	Ziggo Bond
		144A 3.375%
		2/28/30 #		EUR		500,000			579,175
		144A 5.125%
		2/28/30 #				300,000			308,175
									113,242,426
Consumer Cyclical – 2.10%
	Carnival 144A
		7.625% 3/1/26 #				1,748,000			1,868,175
	Daimler Finance
		North America
		144A 1.025%
		(LIBOR03M +
		0.90%)
		2/15/22 #, ●				1,100,000			1,103,525
		144A 2.20%
		10/30/21 #				200,000			200,290
		144A 3.40%
		2/22/22 #				500,000			506,058
		144A 3.75%
		11/5/21 #				300,000			300,910
	Ford Motor Credit
		1.355% 2/7/25		EUR		200,000			230,705
		1.402%
		(LIBOR03M +
		1.27%) 3/28/22 ●				400,000			400,311
		1.744% 7/19/24		EUR		100,000			117,397
		2.33% 11/25/25		EUR		200,000			238,565
		2.386% 2/17/26		EUR		500,000			598,017
		2.70% 8/10/26				700,000			702,275
		2.748% 6/14/24		GBP		100,000			136,340
		2.90% 2/16/28				765,000			765,000
		3.25% 9/15/25		EUR		1,000,000			1,236,215
		3.55% 10/7/22				1,500,000			1,530,795
		4.535% 3/6/25		GBP		1,100,000			1,580,751
		4.542% 8/1/26				5,205,000			5,619,214
		5.125% 6/16/25				600,000			652,500
	Future Retail 144A
		5.60% 1/22/25 #				565,000			332,223
	General Motors
		5.40% 10/2/23				685,000			747,273
		6.125% 10/1/25				685,000			802,890
		6.60% 4/1/36				1,652,000			2,220,437
	General Motors
		Financial
		4.35% 4/9/25				875,000			961,138
		5.25% 3/1/26				2,570,000			2,938,285
		5.70%
		9/30/30 µ, ψ				1,780,000			2,053,675
	Hilton Domestic
		Operating
		144A 3.625%
		2/15/32 #				700,000			690,375
		144A 4.00%
		5/1/31 #				2,300,000			2,337,375
	Hilton Grand
		Vacations Borrower
		Escrow 144A
		5.00% 6/1/29 #				900,000			919,125
	Hyatt Hotels
		1.10% (SOFR +
		1.05%) 10/1/23 ●				400,000			400,580
		1.30% 10/1/23				300,000			300,440
		1.80% 10/1/24				300,000			300,679
	Hyundai Capital
		America
		144A 1.00%
		9/17/24 #				700,000			697,757
		144A 3.50%
		11/2/26 #				470,000			503,609
	Hyundai Capital
		Services 144A
		0.75% 9/15/23 #				1,800,000			1,798,895
	Marriott International
		3.50% 10/15/32				900,000			957,040
	McDonald’s 0.562%
		(LIBOR03M +
		0.43%)
		10/28/21 ●				2,300,000			2,300,644
	Melco Resorts
		Finance 5.75%
		7/21/28				200,000			204,823
	MGM China Holdings
		144A 4.75%
		2/1/27 #				525,000			517,125
	MGM Resorts
		International
		4.75% 10/15/28				1,215,000			1,281,825
	Nemak 144A 3.625%
		6/28/31 #				600,000			594,000
	Nissan Motor
		144A 3.043%
		9/15/23 #				1,800,000			1,872,853
		144A 4.345%
		9/17/27 #				2,700,000			2,968,105

26

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Table of Contents

						Principal
						amount°		Value (US $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
	Nissan Motor
		144A 4.81%
		9/17/30 #				800,000		$	900,260
	Nissan Motor
		Acceptance
		144A 2.45%
		9/15/28 #				300,000			296,808
		144A 2.80%
		1/13/22 #				200,000			201,289
		144A 3.875%
		9/21/23 #				3,000,000			3,166,698
	Royal Caribbean
		Cruises 144A
		5.50% 4/1/28 #				1,270,000			1,300,834
	Sands China
		144A 2.30%
		3/8/27 #				200,000			193,656
		144A 2.85%
		3/8/29 #				400,000			385,452
		144A 3.25%
		8/8/31 #				200,000			193,392
		3.80% 1/8/26				400,000			412,780
		4.375% 6/18/30				490,000			512,305
		5.40% 8/8/28				1,800,000			1,990,134
	Scientific Games
		International 144A
		8.25% 3/15/26 #				1,890,000			2,008,125
	Six Flags
		Entertainment
		144A 4.875%
		7/31/24 #				1,225,000			1,238,016
	Toyota Industries
		144A 3.11%
		3/12/22 #				1,600,000			1,616,616
	Turkiye Sise ve Cam
		Fabrikalari 144A
		6.95% 3/14/26 #				570,000			626,920
	Volkswagen Group of
		America Finance
		144A 4.00%
		11/12/21 #				500,000			501,974
	Wynn Macau
		5.50% 1/15/26				200,000			194,270
		5.50% 10/1/27				200,000			191,306
		144A 5.625%
		8/26/28 #				440,000			419,513
									62,838,562
Consumer Non-Cyclical – 3.85%
	AbbVie
		2.85% 5/14/23				900,000			931,338
		2.95% 11/21/26				2,650,000			2,839,984
		3.20% 5/14/26				500,000			539,742
	AbbVie
		3.25% 10/1/22				300,000			306,624
		3.45% 3/15/22				1,000,000			1,008,980
		3.75% 11/14/23				1,200,000			1,278,811
		4.05% 11/21/39				3,193,000			3,673,133
	Amgen
		2.00% 1/15/32				1,005,000			967,176
		2.20% 2/21/27				3,300,000			3,416,329
		2.80% 8/15/41				4,170,000			4,034,696
	Anheuser-Busch InBev
		Worldwide
		4.50% 6/1/50				3,705,000			4,431,057
		4.70% 2/1/36				2,390,000			2,890,380
	Ashtead Capital
		144A 1.50%
		8/12/26 #				665,000			658,515
		144A 2.45%
		8/12/31 #				585,000			575,521
	Auna 144A 6.50%
		11/20/25 #				690,000			725,363
	Bacardi 144A 4.45%
		5/15/25 #				500,000			551,300
	BAT Capital 2.259%
		3/25/28				1,500,000			1,489,789
	BAT International
		Finance 1.668%
		3/25/26				1,065,000			1,066,108
	Bausch Health 144A
		6.25% 2/15/29 #				3,257,000			3,227,492
	Becton Dickinson
		Euro Finance
		1.336% 8/13/41		EUR		700,000			779,987
	Bellis Acquisition
		144A 3.25%
		2/16/26 #		GBP		3,300,000			4,378,625
	Bidvest Group UK
		144A 3.625%
		9/23/26 #				780,000			780,975
	Biogen 3.15%
		5/1/50				3,195,000			3,051,407
	Boston Scientific
		3.375% 5/15/22				400,000			407,592
		4.00% 3/1/29				3,300,000			3,741,967
	Centene 3.375%
		2/15/30				1,000,000			1,036,550
	Coty 144A 5.00%
		4/15/26 #				1,700,000			1,738,760
	CVS Health
		3.75% 4/1/30				780,000			867,095
		4.30% 3/25/28				5,702,000			6,509,482
		4.78% 3/25/38				1,030,000			1,264,144

27

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Schedules of investments
Optimum Fixed Income Fund

28

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29

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Schedules of investments
Optimum Fixed Income Fund

30

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Table of Contents

						Principal
						amount°		Value (US $)
Corporate Bonds (continued)
Finance Companies (continued)
	Kaisa Group Holdings
		9.375% 6/30/24				380,000		$	289,821
	KWG Group Holdings
		7.40% 3/5/24				440,000			425,523
	Logicor Financing
		3.25% 11/13/28		EUR		3,400,000			4,558,237
	Longfor Group
		Holdings 3.95%
		9/16/29				495,000			514,424
	OneMain Finance
		6.125% 3/15/24				1,500,000			1,604,625
	ORIX 3.20% 1/19/22					500,000			503,902
	Owl Rock Capital
		2.875% 6/11/28				500,000			499,438
	Samhallsbyggnadsbolaget
		i Norden 1.125%
		9/4/26		EUR		900,000			1,074,567
	Sirius Real Estate
		1.125% 6/22/26		EUR		2,400,000			2,791,205
	SMBC Aviation
		Capital Finance
		DAC 144A 3.00%
		7/15/22 #				400,000			407,142
									46,166,574
Insurance – 0.57%
	AIA Group
		144A 3.375%
		4/7/30 #				375,000			404,732
		144A 3.90%
		4/6/28 #				1,000,000			1,113,669
	Ambac Assurance
		144A 5.10% #, **				29,743			42,179
	Aon 2.90% 8/23/51					2,420,000			2,338,990
	Arthur J Gallagher &
		Co. 3.50%
		5/20/51				1,834,000			1,967,131
	Athene Global
		Funding 144A
		1.36% (LIBOR03M
		+ 1.23%)
		7/1/22 #, ●				700,000			705,628
	Athora Netherlands
		2.375% 5/17/24		EUR		2,100,000			2,539,815
	Brighthouse Financial
		4.70% 6/22/47				999,000			1,131,577
		5.625% 5/15/30				850,000			1,027,179
	Fairfax Financial
		Holdings 4.625%
		4/29/30				1,000,000			1,127,996
	GTCR AP Finance
		144A 8.00%
		5/15/27 #				417,000			440,588
	MetLife 3.85%
		9/15/25 µ, ψ				1,520,000			1,592,200
	Prudential Financial
		3.70% 3/13/51				1,660,000			1,894,261
	Sagicor Financial
		144A 5.30%
		5/13/28 #				765,000			802,294
									17,128,239
Real Estate Investment Trusts – 0.64%
	American Tower
		3.00% 6/15/23				600,000			624,906
		3.375% 5/15/24				500,000			532,826
	American Tower Trust
		#1 144A 3.07%
		3/15/48 #				1,285,000			1,287,508
	CIBANCO Institucion
		de Banca Multiple
		Trust 144A
		4.375% 7/22/31 #				645,000			627,101
	Cromwell Ereit Lux
		Finco 2.125%
		11/19/25		EUR		600,000			723,568
	Crown Castle
		International
		3.80% 2/15/28				2,115,000			2,327,753
		4.30% 2/15/29				2,745,000			3,118,092
	CyrusOne 1.45%
		1/22/27		EUR		1,400,000			1,632,675
	EPR Properties 4.50%
		6/1/27				1,700,000			1,846,880
	GLP Capital 4.00%
		1/15/30				2,600,000			2,795,182
	MGM Growth
		Properties
		Operating
		Partnership 5.75%
		2/1/27				145,000			166,931
	MPT Operating
		Partnership
		3.692% 6/5/28		GBP		1,600,000			2,300,581
	Public Storage 0.50%
		9/9/30		EUR		500,000			568,137
	Trust Fibra Uno 144A
		5.25% 1/30/26 #				575,000			640,562
									19,192,702
Technology – 1.04%
	Broadcom
		144A 3.137%
		11/15/35 #				2,589,000			2,581,179
		144A 3.419%
		4/15/33 #				1,600,000			1,657,592

31

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Schedules of investments
Optimum Fixed Income Fund

				Principal
				amount°		Value (US $)
Corporate Bonds (continued)
Technology (continued)
	Broadcom
		144A 3.469%
		4/15/34 #		6,257,000		$	6,448,920
		4.11% 9/15/28		816,000			908,498
	Broadridge Financial
		Solutions 2.60%
		5/1/31		2,698,000			2,740,570
	Dell International
		5.45% 6/15/23		600,000			643,698
		6.02% 6/15/26		400,000			476,137
	Fiserv 3.50% 7/1/29			3,500,000			3,813,442
	NXP
		144A 2.70%
		5/1/25 #		180,000			188,111
		144A 3.25%
		5/11/41 #		1,740,000			1,799,356
		144A 3.875%
		6/18/26 #		3,250,000			3,582,255
		144A 4.625%
		6/1/23 #		1,000,000			1,063,662
		144A 4.875%
		3/1/24 #		3,280,000			3,578,397
		144A 5.55%
		12/1/28 #		440,000			534,216
	SK Hynix
		144A 1.50%
		1/19/26 #		600,000			592,520
		144A 2.375%
		1/19/31 #		610,000			592,588
							31,201,141
Transportation – 1.20%
	Aerovias de Mexico
		144A 7.00%
		2/5/25 #, ‡		855,000			674,014
	Air Canada 144A
		3.875% 8/15/26 #		300,000			303,090
	American Airlines
		144A 5.50%
		4/20/26 #		500,000			526,250
	American Airlines
		2015-1 Class A
		Pass Through Trust
		3.375% 5/1/27 ◆		1,052,463			1,066,585
	American Airlines
		2016-3 Class AA
		Pass Through Trust
		3.00%
		10/15/28 ◆		1,035,619			1,035,600
	American Airlines
		2019-1 Class AA
		Pass Through Trust
		3.15% 2/15/32 ◆		91,872			93,114
	Azul Investments
		144A 5.875%
		10/26/24 #		430,000			405,849
		144A 7.25%
		6/15/26 #		400,000			382,616
	British Airways
		2018-1 Class AA
		Pass Through Trust
		144A 3.80%
		9/20/31 #, ◆		1,220,530			1,272,678
	Delta Air Lines
		3.625% 3/15/22		500,000			504,461
		144A 7.00%
		5/1/25 #		3,389,000			3,953,714
		7.375% 1/15/26		1,858,000			2,189,892
	Doric Nimrod Air
		Finance Alpha
		2012-1 Class A
		Pass Through Trust
		144A 5.125%
		11/30/22 #, ◆		404,887			404,029
	ERAC USA Finance
		144A 2.70%
		11/1/23 #		300,000			311,860
	Gol Finance 144A
		8.00% 6/30/26 #		410,000			412,934
	Kansas City Southern
		3.00% 5/15/23		500,000			518,196
	Lima Metro Line
		2 Finance 144A
		4.35% 4/5/36 #		686,727			735,381
	Mileage Plus Holdings
		144A 6.50%
		6/20/27 #		3,375,000			3,674,396
	Penske Truck Leasing
		144A 3.95%
		3/10/25 #		1,000,000			1,083,982
		144A 4.45%
		1/29/26 #		2,100,000			2,348,535
		144A 4.875%
		7/11/22 #		300,000			310,127
	Southwest Airlines
		5.125% 6/15/27		2,380,000			2,785,091
		5.25% 5/4/25		1,680,000			1,897,497
	United Airlines
		144A 4.375%
		4/15/26 #		2,005,000			2,060,137
		144A 4.625%
		4/15/29 #		4,961,000			5,133,147

32

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Table of Contents

						Principal
						amount°		Value (US $)
Corporate Bonds (continued)
Transportation (continued)
	United Airlines
		2020-1 Class A
		Pass Through Trust
		5.875%
		10/15/27 ◆				1,391,212		$	1,559,661
	US Airways 2012-
		2 Class A Pass
		Through Trust
		4.625% 6/3/25 ◆				347,692			349,110
									35,991,946
Utilities – 2.28%
	Abu Dhabi National
		Energy 144A
		2.00% 4/29/28 #				665,000			669,904
	Adani Electricity
		Mumbai 144A
		3.867% 7/22/31 #				640,000			630,190
	AEP Texas 2.40%
		10/1/22				200,000			203,607
	AES Andes 144A
		7.125%
		3/26/79 #, µ				605,000			643,163
	Alfa Desarrollo 144A
		4.55% 9/27/51 #				640,000			625,120
	American
		Transmission
		Systems 144A
		5.25% 1/15/22 #				1,955,000			1,979,562
	Calpine
		144A 4.50%
		2/15/28 #				453,000			462,626
		144A 5.00%
		2/1/31 #				1,535,000			1,536,919
		144A 5.125%
		3/15/28 #				454,000			460,349
	Cikarang Listrindo
		144A 4.95%
		9/14/26 #				540,000			551,175
	Clean Renewable
		Power Mauritius
		144A 4.25%
		3/25/27 #				450,000			456,336
	CLP Power Hong
		Kong Financing
		2.875% 4/26/23				240,000			247,791
	Duke Energy 4.875%
		9/16/24 µ, ψ				2,330,000			2,496,013
	Duke Energy Indiana
		3.25% 10/1/49				1,265,000			1,312,377
	Electricite de France
		2.875%
		12/15/26 µ, ψ		EUR		1,400,000			1,678,652
	Enel Finance
		International
		144A 1.875%
		7/12/28 #				665,000			662,712
		144A 2.25%
		7/12/31 #				725,000			715,886
		144A 2.875%
		7/12/41 #				2,085,000			2,033,626
	ENN Energy Holdings
		144A 2.625%
		9/17/30 #				605,000			600,628
	Entergy 4.00%
		7/15/22				300,000			306,588
	Entergy Arkansas
		4.20% 4/1/49				870,000			1,054,975
	Entergy Louisiana
		4.95% 1/15/45				235,000			256,379
	Entergy Mississippi
		3.85% 6/1/49				1,465,000			1,673,017
	Entergy Texas 3.55%
		9/30/49				700,000			746,321
	Essential Utilities
		2.704% 4/15/30				695,000			717,961
		3.351% 4/15/50				675,000			694,611
	Evergy Kansas Central
		3.45% 4/15/50				1,185,000			1,272,347
	FirstEnergy 3.35%
		7/15/22				200,000			202,620
	FirstEnergy
		Transmission 144A
		4.55% 4/1/49 #				875,000			1,026,735
	India Cleantech
		Energy 144A
		4.70% 8/10/26 #				455,000			461,495
	Infraestructura
		Energetica Nova
		144A 4.875%
		1/14/48 #				395,000			407,326
	Israel Electric 144A
		5.00% 11/12/24 #				325,000			360,802
	Kallpa Generacion
		144A 4.125%
		8/16/27 #				410,000			428,327
	Louisville Gas and
		Electric 4.25%
		4/1/49				2,685,000			3,247,137
	Minejesa Capital
		144A 5.625%
		8/10/37 #				400,000			423,100
	Mong Duong Finance
		Holdings 144A
		5.125% 5/7/29 #				745,000			743,663

33

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Table of Contents

Schedules of investments
Optimum Fixed Income Fund

				Principal
				amount°		Value (US $)
Corporate Bonds (continued)
Utilities (continued)
	NextEra Energy
		Capital Holdings
		0.59% (SOFR +
		0.54%) 3/1/23 ●		100,000		$	100,456
		0.65% 3/1/23		2,800,000			2,810,081
	Oglethorpe Power
		3.75% 8/1/50		1,288,000			1,372,351
	Oryx Funding 144A
		5.80% 2/3/31 #		660,000			700,158
	Pacific Gas and
		Electric
		1.50% (LIBOR03M
		+ 1.375%)
		11/15/21●		2,200,000			2,200,949
		2.10% 8/1/27		9,195,000			8,979,511
		2.50% 2/1/31		735,000			700,151
		3.00% 6/15/28		800,000			814,646
		3.25% 6/1/31		420,000			418,989
		3.30% 3/15/27		700,000			727,182
		3.30% 8/1/40		3,227,000			2,982,527
		3.50% 6/15/25		400,000			417,362
		3.50% 8/1/50		1,100,000			1,002,593
		4.50% 7/1/40		1,100,000			1,124,478
	Pedernales Electric
		Cooperative 144A
		6.202%
		11/15/32 #		620,000			744,631
	Perusahaan Listrik
		Negara
		144A 3.875%
		7/17/29 #		605,000			641,270
		144A 4.125%
		5/15/27 #		300,000			325,500
		144A 5.25%
		5/15/47 #		185,000			206,044
	PG&E 5.25% 7/1/30			1,625,000			1,665,625
	Saudi Electricity
		Global Sukuk Co.
		4 4.222%
		1/27/24		715,000			767,982
	Sempra Energy
		4.875%
		10/15/25 µ, ψ		1,055,000			1,147,313
	Southern California
		Edison
		3.65% 2/1/50		1,525,000			1,560,947
		4.00% 4/1/47		880,000			945,373
		4.875% 3/1/49		2,330,000			2,788,303
	Systems Energy
		Resources 2.14%
		12/9/25		800,000			814,256
	Trans-Allegheny
		Interstate Line
		144A 3.85%
		6/1/25 #		165,000			177,407
							68,126,125
Total Corporate Bonds
	(cost $944,508,262)						983,515,263
Municipal Bonds – 0.59%
	American Municipal
		Power, Ohio
		(Combined
		Hydroelectric
		Projects - Build
		America Bonds)
		Series B 8.084%
		2/15/50		1,500,000			2,789,055
	California State
		Various Purposes
		(High-Speed
		Passenger Train
		Bonds) Series C
		0.86%
		(LIBOR01M +
		0.78%) 4/1/47 ●		1,250,000			1,250,500
	Chicago, Illinois
		Transit Authority
		Sales Tax Receipts
		Revenue
		(Pension Funding)
		Series A 6.899%
		12/1/40		1,800,000			2,547,360
		(Retiree Health
		Care Funding)
		Series B 6.899%
		12/1/40		1,800,000			2,549,628
	Municipal Electric
		Authority of
		Georgia
		(Build America
		Bonds Plant Vogtle
		Units 3 &
		4 Project) 6.655%
		4/1/57		1,748,000			2,670,612
	New Jersey
		Transportation
		Trust Fund
		Authority
		(Build America
		Bonds)
		Series C 5.754%
		12/15/28		1,590,000			1,899,191

34

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Table of Contents

				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		$	936,054
	New York State Urban
		Development
		(Build America
		Bonds) Series E
		5.77% 3/15/39		800,000			997,424
	Oregon State Taxable
		Pension
		5.892% 6/1/27		30,000			35,925
	Pennsylvania Higher
		Education
		Assistance Agency
		Revenue
		(Student Loans)
		Series 2006-2 A-3 0.255%
		(LIBOR03M +
		0.13%) 10/25/36
		●		340,142			336,581
	South Carolina Public
		Service Authority
		(Santee Cooper)
		Series D 4.77%
		12/1/45		145,000			187,598
	West Virginia Tobacco
		Settlement Finance
		Authority
		(Class 1 Senior
		Current Interest
		Bonds)
		Series A 1.82% 6/1/26		250,000			251,320
		Series A 2.351% 6/1/28		300,000			303,462
		Series A 2.551% 6/1/29		300,000			303,738
		Series A 2.951% 6/1/31		500,000			510,730
Total Municipal Bonds
	(cost $15,379,690)						17,569,178
Non-Agency Asset-Backed Securities – 2.39%
	ABFC Trust
		Series 2006-HE1 A2D
		0.306%
		(LIBOR01M +
		0.22%, Floor
		0.22%) 1/25/37 ●		293,741			206,601
	Argent Securities Trust
		Series 2006-M1 A2C
		0.386%
		(LIBOR01M +
		0.30%, Floor
		0.30%) 7/25/36 ●		1,163,521			472,547
		Series 2006-W4 A2C
		0.406%
		(LIBOR01M +
		0.32%, Floor
		0.32%) 5/25/36 ●		606,654			214,753
	Bear Stearns Asset-
		Backed Securities I
		Trust
		Series 2005-FR1 M2
		1.091%
		(LIBOR01M +
		1.005%, Floor
		1.005%)
		6/25/35 ●		1,308,042			1,301,817
	Bear Stearns Asset-
		Backed Securities
		Trust
		Series 2007-SD1 22A1
		2.741%
		10/25/36 ●		110,969			72,704
	Bear Stearns Second
		Lien Trust
		Series 2007-SV1A M2
		144A 1.436%
		(LIBOR01M +
		1.35%, Cap
		11.00%, Floor
		1.35%)
		1/25/36 #, ●		26,416			26,376
	Centex Home Equity
		Loan Trust
		Series 2002-A AF6
		5.54% 1/25/32		334			343
	CIT Mortgage Loan
		Trust
		Series 2007-1 1M1
		144A 1.586%
		(LIBOR01M +
		1.50%, Floor
		1.50%)
		10/25/37 #, ●		3,600,000			3,671,146
	Citicorp Residential
		Mortgage Trust
		Series 2006-3 A5
		4.917%
		11/25/36 ●		433,724			442,944

35

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Table of Contents

Schedules of investments
Optimum Fixed Income Fund

				Principal
				amount°		Value (US $)
Non-Agency Asset-Backed Securities (continued)
	Countrywide Asset-
		Backed Certificates
		Series 2004-3 2A
		0.486%
		(LIBOR01M +
		0.40%, Floor
		0.40%) 8/25/34 ●		33,621		$	32,964
		Series 2006-1 AF6
		4.553% 7/25/36 ●		62,613			63,629
		Series 2006-26 2A4
		0.306%
		(LIBOR01M +
		0.22%, Floor
		0.22%) 6/25/37 ●		1,497,979			1,464,897
		Series 2007-6 2A4
		0.396%
		(LIBOR01M +
		0.31%, Floor
		0.31%) 9/25/37 ●		925,796			883,137
	CWABS Asset-Backed
		Certificates Trust
		Series 2005-3 MV7
		2.036%
		(LIBOR01M +
		1.95%, Floor
		1.95%) 8/25/35 ●		4,200,000			4,238,808
		Series 2006-11 1AF6
		6.15% 9/25/46 ●		61,941			63,530
		Series 2006-17 2A2
		0.236%
		(LIBOR01M +
		0.15%, Floor
		0.15%) 3/25/47 ●		919,851			909,822
	DataBank Issuer
		Series 2021-1A A2
		144A 2.06%
		2/27/51 #		1,600,000			1,596,770
	Diamond
		Infrastructure
		Funding
		Series 2021-1A A
		144A 1.76%
		4/15/49 #		4,700,000			4,634,132
	Discover Card
		Execution Note
		Trust
		Series 2019-A1 A1
		3.04% 7/15/24		400,000			403,308
	Domino’s Pizza
		Master Issuer
		Series 2021-1A A2I
		144A 2.662%
		4/25/51 #		7,381,500			7,591,253
	EquiFirst Mortgage
		Loan Trust
		Series 2004-2 M7
		3.086%
		(LIBOR01M +
		3.00%, Floor
		3.00%)
		10/25/34 ●		662,361			695,078
	First Franklin
		Mortgage Loan
		Trust
		Series 2006-FF5 2A3
		0.406%
		(LIBOR01M +
		0.32%, Floor
		0.32%) 4/25/36 ●		687,074			674,751
	Fremont Home Loan
		Trust
		Series 2004-B M1
		0.956%
		(LIBOR01M +
		0.87%, Floor
		0.87%) 5/25/34 ●		2,275,150			2,246,647
	GE-WMC Mortgage
		Securities Trust
		Series 2006-1 A2B
		0.386%
		(LIBOR01M +
		0.30%, Floor
		0.30%) 8/25/36 ●		1,802,738			1,071,310
	GSAMP Trust
		Series 2006-FM3 A2D
		0.316%
		(LIBOR01M +
		0.23%, Floor
		0.23%)
		11/25/36 ●		873,514			540,319
		Series 2007-SEA1 A
		144A 0.386%
		(LIBOR01M +
		0.30%, Floor
		0.30%)
		12/25/36 #, ●		598,878			578,477
	Hardee’s Funding
		Series 2018-1A A2II
		144A 4.959%
		6/20/48 #		485,000			515,202
	Home Equity
		Mortgage Loan
		Asset-Backed Trust
		Series 2007-A 2A3
		0.326%
		(LIBOR01M +
		0.24%, Floor
		0.24%) 4/25/37 ●		1,227,893			978,140

36

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Table of Contents

				Principal
				amount°		Value (US $)
Non-Agency Asset-Backed Securities (continued)
	HSI Asset
		Securitization Trust
		Series 2006-HE1 2A1
		0.186%
		(LIBOR01M +
		0.10%, Floor
		0.10%)
		10/25/36 ●		23,788		$	12,121
	Hyundai Auto
		Receivables Trust
		Series 2020-C A2
		0.26% 9/15/23		193,585			193,625
	JPMorgan Chase
		Bank
		Series 2021-3 B
		144A 0.76%
		2/26/29 #		1,304,779			1,304,059
	JPMorgan Mortgage
		Acquisition Trust
		Series 2006-CW2 AV5
		0.326%
		(LIBOR01M +
		0.24%, Floor
		0.24%) 8/25/36 ●		382,934			380,329
	Lendingpoint Asset
		Securitization Trust
		Series 2021-B A
		144A 1.11%
		2/15/29 #, =		1,300,000			1,299,901
	Long Beach Mortgage
		Loan Trust
		Series 2006-1 2A4
		0.686%
		(LIBOR01M +
		0.60%, Floor
		0.60%) 2/25/36 ●		2,646,111			2,462,214
		Series 2006-7 1A
		0.241%
		(LIBOR01M +
		0.155%, Floor
		0.155%)
		8/25/36 ●		2,593,500			1,651,990
	Mercedes-Benz
		Master Owner Trust
		Series 2019-BA A
		144A 2.61%
		5/15/24 #		500,000			507,505
	Morgan Stanley ABS
		Capital I Trust
		Series 2007-HE1 A2C
		0.236%
		(LIBOR01M +
		0.15%, Floor
		0.15%)
		11/25/36 ●		4,178,708			3,067,273
	Morgan Stanley ABS
		Capital I Trust
		Series 2007-HE5 A2D
		0.426%
		(LIBOR01M +
		0.34%, Floor
		0.34%) 3/25/37 ●		3,061,202			1,785,812
	New Century Home
		Equity Loan Trust
		Series 2005-1 M2
		0.806%
		(LIBOR01M +
		0.72%, Cap
		12.50%, Floor
		0.72%) 3/25/35 ●		233,600			232,675
	Option One Mortgage
		Loan Trust
		Series 2005-1 M1
		0.866%
		(LIBOR01M +
		0.78%, Floor
		0.78%) 2/25/35 ●		1,440,039			1,437,627
		Series 2007-4 2A4
		0.396%
		(LIBOR01M +
		0.31%, Floor
		0.31%) 4/25/37 ●		5,457,003			3,853,497
	PFS Financing
		Series 2020-G A
		144A 0.97%
		2/15/26 #		2,000,000			2,011,667
		Series 2021-A A
		144A 0.71%
		4/15/26 #		1,800,000			1,796,136
	RAAC Trust
		Series 2005-SP2 2A
		0.686%
		(LIBOR01M +
		0.60%, Cap
		14.00%, Floor
		0.60%) 6/25/44 ●		232,623			213,493
	Sofi Professional Loan
		Program
		Series 2016-F A2
		144A 3.02%
		2/25/40 #		145,017			149,304

37

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Table of Contents

Schedules of investments
Optimum Fixed Income Fund

				Principal
				amount°		Value (US $)
Non-Agency Asset-Backed Securities (continued)
	Soundview Home
		Loan Trust
		Series 2006-OPT1 2A4
		0.626%
		(LIBOR01M +
		0.27%, Floor
		0.27%) 3/25/36 ●		177,311		$	177,244
	Structured Asset
		Investment Loan
		Trust
		Series 2003-BC2 M1
		1.466%
		(LIBOR01M +
		1.38%, Floor
		1.38%) 4/25/33 ●		15,778			15,821
	Structured Asset
		Securities
		Mortgage Loan
		Trust
		Series 2006-BC1 A6
		0.356%
		(LIBOR01M +
		0.27%, Floor
		0.27%) 3/25/36 ●		1,180,347			1,136,047
		Series 2006-BC2 A1
		0.241%
		(LIBOR01M +
		0.155%, Floor
		0.155%)
		9/25/36 ●		3,456,850			2,714,915
	Tesla Auto Lease Trust
		Series 2021-A A2
		144A 0.36%
		3/20/25 #		301,099			301,274
	Towd Point Mortgage
		Trust
		Series 2017-1 A1
		144A 2.75%
		10/25/56 #, ●		385,203			390,404
		Series 2017-2 A1
		144A 2.75%
		4/25/57 #, ●		48,133			48,714
		Series 2017-4 M1
		144A 3.25%
		6/25/57 #, ●		615,000			646,008
		Series 2018-1 A1
		144A 3.00%
		1/25/58 #, ●		275,494			281,111
		Series 2019-4 A1
		144A 2.90%
		10/25/59 #, ●		7,617,071			7,888,821
Total Non-Agency Asset-Backed
	Securities
	(cost $70,407,746)						71,550,992
Non-Agency Collateralized Mortgage Obligations – 1.70%
	Alternative Loan Trust
		Resecuritization
		Series 2008-2R 3A1
		6.00% 8/25/37 ●		879,343			624,020
	ARM Mortgage Trust
		Series 2004-5 3A1
		2.588% 4/25/35 ●		2,888			2,884
		Series 2005-10 3A31
		2.568% 1/25/36 ●		76,543			73,208
		Series 2006-2 1A4
		3.165% 5/25/36 ●		390,611			381,688
	Banc of America
		Funding Trust
		Series 2005-E 7A1
		1.693% (COF 11 +
		1.43%, Floor
		1.43%) 6/20/35 ●		76,717			67,378
		Series 2006-I 1A1
		2.179%
		12/20/36 ●		110,509			114,968
	Banc of America
		Mortgage Trust
		Series 2003-D 2A1
		3.436% 5/25/33 ●		49,388			52,258
	Bear Stearns ARM
		Trust
		Series 2003-5 2A1
		2.579% 8/25/33 ●		21,060			21,251
	Chase Mortgage
		Finance Trust
		Series 2005-A1 3A1
		2.975%
		12/25/35 ●		44,724			43,003
	CHL Mortgage Pass
		Through Trust
		Series 2007-4 1A1
		6.00% 5/25/37 ◆		734,549			472,737
	Connecticut Avenue
		Securities Trust
		Series 2018-R07 1M2
		144A 2.486%
		(LIBOR01M +
		2.40%)
		4/25/31 #, ●		256,585			257,783
		Series 2019-R01 2M2
		144A 2.536%
		(LIBOR01M +
		2.45%)
		7/25/31 #, ●		162,902			163,824

38

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Table of Contents

				Principal
				amount°		Value (US $)
Non-Agency Collateralized Mortgage
Obligations (continued)
	Connecticut Avenue
		Securities Trust
		Series 2019-R02 1M2
		144A 2.386%
		(LIBOR01M +
		2.30%, Floor
		2.30%)
		8/25/31 #, ●		794,406		$	799,808
		Series 2019-R07 1M2
		144A 2.186%
		(LIBOR01M +
		2.10%)
		10/25/39 #, ●		1,046,316			1,051,495
		Series 2020-R01 1M2
		144A 2.136%
		(LIBOR01M +
		2.05%, Floor
		2.05%)
		1/25/40 #, ●		1,570,236			1,578,613
	CSMC Mortgage-
		Backed Trust
		Series 2005-1R 2A5
		144A 5.75%
		12/26/35 #		649,581			558,670
		Series 2007-1 5A14
		6.00% 2/25/37		165,310			143,532
		Series 2007-3 4A6
		0.336%
		(LIBOR01M +
		0.25%, Cap
		7.00%, Floor
		0.25%) 4/25/37 ●		94,323			81,379
		Series 2007-3 4A12
		6.664% (6.75%
		minus LIBOR01M,
		Cap 6.75%)
		4/25/37 Σ, ●		94,323			21,870
		Series 2007-3 4A15
		5.50% 4/25/37		41,882			40,104
	Flagstar Mortgage
		Trust
		Series 2021-2 A6
		144A 2.50%
		4/25/51 #, ●		941,672			959,085
	GMACM Mortgage
		Loan Trust
		Series 2006-J1 A1
		5.75% 4/25/36		21,057			20,951
	GS Mortgage-Backed
		Securities Trust
		Series 2021-PJ4 A8
		144A 2.50%
		9/25/51 #, ●		2,520,964			2,567,581
	GS Mortgage-Backed
		Securities Trust
		Series 2021-PJ7 A2
		144A 2.50%
		1/25/52 #, ●		2,508,495			2,536,974
	GSR Mortgage Loan
		Trust
		Series 2007-AR1 2A1
		2.773% 3/25/47 ●		435,730			341,840
	JPMorgan Alternative
		Loan Trust
		Series 2007-A2 11A1
		0.446%
		(LIBOR01M +
		0.36%, Cap
		11.50%, Floor
		0.36%) 6/25/37 ●		3,412,328			2,376,978
	JPMorgan Mortgage
		Trust
		Series 2006-A6 2A4L
		2.949%
		10/25/36 ●		213,415			188,478
		Series 2006-A7 2A2
		3.145% 1/25/37 ●		42,166			39,968
		Series 2007-A1 6A1
		2.681% 7/25/35 ●		52,810			54,230
		Series 2014-2 B1
		144A 3.419%
		6/25/29 #, ●		30,232			30,969
		Series 2014-2 B2
		144A 3.419%
		6/25/29 #, ●		30,232			30,837
		Series 2015-4 B1
		144A 3.584%
		6/25/45 #, ●		573,894			578,680
		Series 2015-4 B2
		144A 3.584%
		6/25/45 #, ●		245,283			246,925
		Series 2015-5 B2
		144A 2.445%
		5/25/45 #, ●		498,743			500,770
		Series 2015-6 B1
		144A 3.526%
		10/25/45 #, ●		234,322			238,552
		Series 2015-6 B2
		144A 3.526%
		10/25/45 #, ●		227,989			231,637
		Series 2016-4 B1
		144A 3.819%
		10/25/46 #, ●		203,651			207,191
		Series 2016-4 B2
		144A 3.819%
		10/25/46 #, ●		371,287			375,426

39

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Table of Contents

Schedules of investments
Optimum Fixed Income Fund

						Principal
						amount°		Value (US $)
Non-Agency Collateralized Mortgage
Obligations (continued)
	JPMorgan Mortgage
		Trust
		Series 2017-1 B3
		144A 3.48%
		1/25/47 #, ●				892,929		$	892,613
		Series 2017-2 A3
		144A 3.50%
		5/25/47 #, ●				77,543			78,739
		Series 2020-2 A3
		144A 3.50%
		7/25/50 #, ●				268,678			272,847
		Series 2020-5 A3
		144A 3.00%
		12/25/50 #, ●				1,508,384			1,541,619
		Series 2020-7 A3
		144A 3.00%
		1/25/51 #, ●				706,194			719,498
		Series 2021-1 A3
		144A 2.50%
		6/25/51 #, ●				904,277			917,346
		Series 2021-10 A3
		144A 2.50%
		12/25/51 #, ●				1,677,952			1,700,106
	Lehman Mortgage
		Trust
		Series 2007-10 2A2
		6.50% 1/25/38				1,201,703			558,972
	Ludgate Funding
		Series 2006-1X A2A
		0.257% (BP0003M
		+ 0.19%)
		12/1/60 ●		GBP		1,208,404			1,586,516
		Series 2008-W1X A1
		0.685% (BP0003M
		+ 0.60%) 1/1/61 ●		GBP		513,583			684,637
	Mansard Mortgages
		Series 2007-1X A2
		0.258% (BP0003M
		+ 0.18%)
		4/15/47 ●		GBP		558,456			729,961
	MASTR Alternative
		Loan Trust
		Series 2004-3 8A1
		7.00% 4/25/34				1,224			1,262
		Series 2004-5 6A1
		7.00% 6/25/34				18,514			19,281
	MASTR ARM Trust
		Series 2004-4 4A1
		2.651% 5/25/34 ●				45,392			46,889
	Merrill Lynch
		Mortgage Investors
		Trust
		Series 2004-A1 2A2
		2.262% 2/25/34 ●				2,207			2,281
	Morgan Stanley
		Residential
		Mortgage Loan
		Trust
		Series 2020-1 A2A
		144A 2.50%
		12/25/50 #, ●				860,866			871,155
		Series 2021-1 A2
		144A 2.50%
		3/25/51 #, ●				782,646			792,001
		Series 2021-4 A3
		144A 2.50%
		7/25/51 #, ●				837,948			847,964
	New Residential
		Mortgage Loan
		Trust
		Series 2018-RPL1 A1
		144A 3.50%
		12/25/57 #, ●				198,200			204,217
		Series 2019-RPL3 A1
		144A 2.75%
		7/25/59 #, ●				4,265,901			4,406,718
	RALI Series Trust
		Series 2007-QA5 2A1
		5.87% 9/25/37 ●				2,354,633			1,997,001
		Series 2007-QH8 A
		1.014%
		10/25/37 ●				1,413,846			1,385,739
	RCKT Mortgage Trust
		Series 2021-1 A1
		144A 2.50%
		3/25/51 #, ●				856,441			867,749
	Reperforming Loan
		REMIC Trust
		Series 2006-R1 AF1
		144A 0.426%
		(LIBOR01M +
		0.34%, Cap
		9.50%, Floor
		0.34%)
		1/25/36 #, ●				693,098			683,252
	RFMSI Series Trust
		Series 2004-S9 2A1
		4.75% 12/25/19				28			30

40

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Table of Contents

						Principal
						amount°		Value (US $)
Non-Agency Collateralized Mortgage
Obligations (continued)
	Sequoia Mortgage
		Trust
		Series 2004-5 A3
		0.719%
		(LIBOR06M +
		0.56%, Cap
		11.50%, Floor
		0.56%) 6/20/34 ●				101,776		$	101,577
		Series 2007-1 4A1
		2.849% 9/20/46 ●				276,517			216,415
		Series 2015-1 B2
		144A 3.915%
		1/25/45 #, ●				175,565			176,479
		Series 2017-5 B2
		144A 3.82%
		8/25/47 #, ●				2,987,314			3,047,288
		Series 2019-CH1 A1
		144A 4.50%
		3/25/49 #, ●				52,950			53,278
		Series 2020-4 A2
		144A 2.50%
		11/25/50 #, ●				747,571			760,244
	Structured ARM Loan
		Trust
		Series 2006-1 7A4
		2.853% 2/25/36 ●				139,839			134,035
	Structured Asset
		Mortgage
		Investments II Trust
		Series 2005-AR5 A2
		0.587%
		(LIBOR01M +
		0.50%, Cap
		11.00%, Floor
		0.50%) 7/19/35 ●				167,863			163,453
	Trinity Square
		Series 2021-1A A
		144A 0.899%
		(SONIA3M +
		0.85%)
		7/15/59 #, ●		GBP		3,881,104			5,252,398
	WaMu Mortgage Pass
		Through
		Certificates Trust
		Series 2005-AR16 1A3
		2.716%
		12/25/35 ◆, ●				207,368			211,962
		Series 2007-HY1 3A3
		3.093%
		2/25/37 ◆, ●				141,913			141,610
		Series 2007-HY7 4A1
		3.096%
		7/25/37 ◆, ●				283,483			288,296
	Wells Fargo
		Mortgage-Backed
		Securities Trust
		Series 2006-AR5 2A1
		2.634% 4/25/36 ●				14,371			14,294
		Series 2006-AR11 A6
		2.813% 8/25/36 ●				137,557			135,844
		Series 2020-1 A1
		144A 3.00%
		12/25/49 #, ●				212,132			215,613
Total Non-Agency Collateralized
	Mortgage Obligations
	(cost $52,316,257)								50,798,724
Non-Agency Commercial Mortgage-Backed Securities – 4.88%
	BANK
		Series 2017-BNK5 A5
		3.39% 6/15/60				1,430,000			1,559,190
		Series 2017-BNK5 B
		3.896% 6/15/60 ●				605,000			658,750
		Series 2017-BNK7 A5
		3.435% 9/15/60				1,110,000			1,213,819
		Series 2019-BN20 A3
		3.011% 9/15/62				8,000,000			8,574,598
		Series 2019-BN21 A5
		2.851% 10/17/52				2,100,000			2,226,598
		Series 2019-BN23 A3
		2.92% 12/15/52				1,050,000			1,118,960
	Benchmark Mortgage
		Trust
		Series 2018-B1 A5
		3.666% 1/15/51 ●				2,310,000			2,563,970
		Series 2020-B17 A5
		2.289% 3/15/53				3,460,000			3,517,171
		Series 2020-B20 A5
		2.034% 10/15/53				10,650,000			10,587,069
		Series 2020-B21 A5
		1.978% 12/17/53				1,300,000			1,284,978
		Series 2020-B22 A5
		1.973% 1/15/54				2,050,000			2,026,120
		Series 2021-B24 A5
		2.584% 3/15/54				6,790,000			7,046,103
		Series 2021-B25 A5
		2.577% 4/15/54				5,550,000			5,755,990
		Series 2021-B29 A5
		2.388% 9/15/54				6,000,000			6,117,541
	Cantor Commercial
		Real Estate
		Lending
		Series 2019-CF1 A5
		3.786% 5/15/52				2,340,000			2,612,078

41

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Table of Contents

Schedules of investments
Optimum Fixed Income Fund

				Principal
				amount°		Value (US $)
Non-Agency Commercial Mortgage-Backed
Securities (continued)
	Cantor Commercial
		Real Estate
		Lending
		Series 2019-CF2 A5
		2.874% 11/15/52		4,000,000		$	4,206,160
		Series 2019-CF3 A4
		3.006% 1/15/53		800,000			850,339
	CD Mortgage Trust
		Series 2017-CD6 B
		3.911%
		11/13/50 ●		440,000			478,470
		Series 2019-CD8 A4
		2.912% 8/15/57		8,775,000			9,302,782
	CFCRE Commercial
		Mortgage Trust
		Series 2016-C7 A3
		3.839% 12/10/54		3,100,000			3,413,076
	Citigroup Commercial
		Mortgage Trust
		Series 2014-GC25 A4
		3.635% 10/10/47		785,000			843,876
		Series 2015-GC27 A5
		3.137% 2/10/48		1,400,000			1,486,013
		Series 2016-P3 A4
		3.329% 4/15/49		1,305,000			1,405,232
		Series 2017-C4 A4
		3.471% 10/12/50		635,000			694,912
		Series 2019-C7 A4
		3.102% 12/15/72		7,455,000			8,035,496
	COMM Mortgage
		Trust
		Series 2013-WWP A2
		144A 3.424%
		3/10/31 #		1,100,000			1,140,450
		Series 2014-CR20 AM
		3.938% 11/10/47		2,225,000			2,370,345
		Series 2015-3BP A
		144A 3.178%
		2/10/35 #		605,000			641,679
		Series 2015-CR23 A4
		3.497% 5/10/48		780,000			842,242
		Series 2016-CR28 A4
		3.762% 2/10/49		2,330,000			2,553,849
	DB-JPM Mortgage
		Trust
		Series 2016-C1 A4
		3.276% 5/10/49		900,000			966,064
	GS Mortgage
		Securities Trust
		Series 2015-GC32 A4
		3.764% 7/10/48		1,000,000			1,090,665
		Series 2017-GS5 A4
		3.674% 3/10/50		1,280,000			1,410,928
	GS Mortgage
		Securities Trust
		Series 2017-GS6 A3
		3.433% 5/10/50		1,935,000			2,114,003
		Series 2018-GS9 A4
		3.992% 3/10/51 ●		570,000			642,075
		Series 2019-GC39 A4
		3.567% 5/10/52		1,250,000			1,386,404
		Series 2019-GC42 A4
		3.001% 9/1/52		5,000,000			5,357,353
		Series 2020-GC47 A5
		2.377% 5/12/53		716,000			732,641
	JPM-BB Commercial
		Mortgage
		Securities Trust
		Series 2015-C31 A3
		3.801% 8/15/48		8,930,212			9,675,085
		Series 2015-C33 A4
		3.77% 12/15/48		570,000			625,221
	JPM-DB Commercial
		Mortgage
		Securities Trust
		Series 2016-C2 A4
		3.144% 6/15/49		1,640,000			1,742,398
		Series 2016-C4 A3
		3.141% 12/15/49		1,065,000			1,149,066
		Series 2017-C7 A5
		3.409% 10/15/50		2,395,000			2,629,289
	JPMorgan Chase
		Commercial
		Mortgage
		Securities Trust
		Series 2013-LC11 B
		3.499% 4/15/46		355,000			362,494
		Series 2016-JP2 AS
		3.056% 8/15/49		1,250,000			1,305,616
		Series 2016-WIKI A
		144A 2.798%
		10/5/31 #		705,000			704,849
		Series 2016-WIKI B
		144A 3.201%
		10/5/31 #		690,000			689,814
	LB-UBS Commercial
		Mortgage Trust
		Series 2006-C6 AJ
		5.452% 9/15/39 ●		248,213			112,246
	Morgan Stanley Bank
		of America Merrill
		Lynch Trust
		Series 2015-C26 A5
		3.531% 10/15/48		960,000			1,041,938
		Series 2015-C27 ASB
		3.557% 12/15/47		1,824,964			1,913,847

42

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Table of Contents

				Principal
				amount°		Value (US $)
Non-Agency Commercial Mortgage-Backed
Securities (continued)
	Morgan Stanley Bank
		of America Merrill
		Lynch Trust
		Series 2016-C29 A4
		3.325% 5/15/49		1,445,000		$	1,557,948
	Morgan Stanley
		Capital I Trust
		Series 2019-L3 A4
		3.127% 11/15/52		1,000,000			1,076,377
		Series 2020-HR8 A4
		2.041% 7/15/53		4,415,000			4,392,885
	UBS-Barclays
		Commercial
		Mortgage Trust
		Series 2013-C5 B
		144A 3.649%
		3/10/46 #, ●		480,000			486,246
	VMC Finance
		Series 2021-FL4 A
		144A 1.187%
		(LIBOR01M +
		1.10%, Floor
		1.10%)
		6/16/36 #, ●		2,157,943			2,157,943
	Wells Fargo
		Commercial
		Mortgage Trust
		Series 2014-LC18 A5
		3.405% 12/15/47		275,000			294,566
		Series 2015-NXS3 A4
		3.617% 9/15/57		510,000			554,615
		Series 2016-BNK1 A3
		2.652% 8/15/49		1,220,000			1,282,031
		Series 2017-C38 A5
		3.453% 7/15/50		905,000			991,302
		Series 2020-C58 A4
		2.092% 7/15/53		2,300,000			2,294,673
Total Non-Agency Commercial Mortgage-
	Backed Securities
	(cost $142,087,186)						145,868,438
Loan Agreements – 2.79%
	Acrisure Tranche B
		3.632%
		(LIBOR03M +
		3.50%) 2/15/27 ●		409,301			405,720
	Advantage Sales &
		Marketing 1st Lien
		6.00% (LIBOR03M
		+ 5.25%)
		10/28/27 ●		706,463			711,320
	American Airlines
		Tranche B 2.084%
		(LIBOR01M +
		2.00%)
		12/15/23 ●		519,013			509,239
	Applied Systems 1st
		Lien 3.75%
		(LIBOR03M +
		3.25%) 9/19/24 ●		837,656			838,441
	Applied Systems 2nd
		Lien 6.25%
		(LIBOR03M +
		5.50%) 9/19/25 ●		2,087,212			2,120,695
	Aramark Services
		Tranche B-3
		1.834%
		(LIBOR01M +
		1.75%) 3/11/25 ●		359,075			352,043
	Aramark Services
		Tranche B-5
		2.584%
		(LIBOR01M +
		2.50%) 4/6/28 ●		377,049			375,222
	Array Technologies
		3.75% (LIBOR03M
		+ 3.25%)
		10/14/27 ●		409,650			409,265
	Aruba Investments
		Holdings 1st Lien
		4.75% (LIBOR03M
		+ 4.00%)
		11/24/27 ●		353,225			354,770
	Aruba Investments
		Holdings 2nd Lien
		8.50% (LIBOR06M
		+ 7.75%)
		11/24/28 ●		355,000			358,994
	AssuredPartners
		3.584%
		(LIBOR01M +
		3.50%) 2/12/27 ●		940,682			935,914
	Avantor Funding
		Tranche B-5 2.75%
		(LIBOR01M +
		2.25%) 11/8/27 ●		830,825			833,214
	Ball Metalpack Finco
		1st Lien TBD
		7/31/25 X		520,000			520,325
	Ball Metalpack Finco
		2nd Lien 9.75%
		(LIBOR03M +
		8.75%) 7/31/26 ●		79,000			78,407

43

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Table of Contents

Schedules of investments
Optimum Fixed Income Fund

				Principal
				amount°		Value (US $)
Loan Agreements (continued)
	Bausch Health
		3.084%
		(LIBOR01M +
		3.00%) 6/2/25 ●		229,473		$	229,444
	Berry Global
		Tranche Z 1.856%
		(LIBOR02M +
		1.75%) 7/1/26 ●		617,900			615,293
	Boxer Parent 3.881%
		(LIBOR03M +
		3.75%) 10/2/25 ●		337,542			336,065
	BW Gas &
		Convenience Holdings
		Tranche B 4.00%
		(LIBOR01M +
		3.50%) 3/17/28 ●		1,052,362			1,054,993
	BWay Holding
		3.334%
		(LIBOR01M +
		3.25%) 4/3/24 ●		153,979			151,080
	Caesars Resort
		Collection
		Tranche B 2.834%
		(LIBOR01M +
		2.75%)
		12/23/24 ●		1,986,593			1,977,176
	Caesars Resort
		Collection
		Tranche B-1
		2.585% - 3.583%
		(LIBOR03M +
		3.50%) 7/21/25 ●		1,881,015			1,884,346
	Calpine
		2.09% (LIBOR01M
		+ 2.00%) 4/5/26 ●		244,375			241,906
		2.59% (LIBOR01M
		+ 2.50%)
		12/16/27 ●		256,883			256,551
	Camelot US
		Acquisition l
		4.00% (LIBOR01M
		+ 3.00%)
		10/30/26 ●		645,125			647,678
	Carnival Tranche B
		3.75% (LIBOR03M
		+ 3.00%)
		6/30/25 ●		493,750			492,516
	CenturyLink Tranche B
		2.334%
		(LIBOR01M +
		2.25%) 3/15/27 ●		989,924			980,300
	Change Healthcare
		Holdings 3.50%
		(LIBOR03M +
		2.50%) 3/1/24 ●		175,151			175,140
	Charter
		Communications
		Operating
		Tranche B2 1.84%
		(LIBOR01M +
		1.75%) 2/1/27 ●		481,170			478,655
	Chemours
		Tranche B-2 1.84%
		(LIBOR01M +
		1.75%) 4/3/25 ●		885,015			868,237
	Connect US Finco
		4.50% (LIBOR01M
		+ 3.50%)
		12/11/26 ●		640,887			642,039
	Core & Main
		Tranche B-1
		2.586%
		(LIBOR01M +
		2.50%) 7/27/28 ●		536,917			535,687
	CoreLogic 1st Lien
		4.00% (LIBOR01M
		+ 3.50%) 6/2/28 ●		475,000			474,466
	Coty Tranche A 1.75%
		(EURO01M +
		1.75%) 4/5/23 ●		146,962			169,276
	CSC Holdings
		2.334%
		(LIBOR01M +
		2.25%) 7/17/25 ●		311,188			307,590
		2.584%
		(LIBOR01M +
		2.50%) 4/15/27 ●		286,943			284,073
	DaVita Tranche B-1
		1.834%
		(LIBOR01M +
		1.75%) 8/12/26 ●		792,855			789,425
	EFS Cogen Holdings I
		Tranche B 4.50%
		(LIBOR03M +
		3.50%) 10/1/27 ●		465,418			467,793
	Ensemble RCM
		3.879%
		(LIBOR03M +
		3.75%) 8/3/26 ●		360,640			361,767
	Epicor Software 2nd
		Lien 8.75%
		(LIBOR01M +
		7.75%) 7/31/28 ●		735,000			757,739
	Epicor Software
		Tranche C 4.00%
		(LIBOR01M +
		3.25%) 7/30/27 ●		1,321,650			1,322,666

44

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Table of Contents

				Principal
				amount°		Value (US $)
Loan Agreements (continued)
	ExamWorks Group
		Tranche B-1 4.25%
		(LIBOR01M +
		3.25%) 7/27/23 ●		714,403		$	715,421
	Frontier
		Communications
		Tranche B 4.50%
		(LIBOR03M +
		3.75%) 5/1/28 ●		1,745,625			1,747,262
	Gainwell Acquisition
		Tranche B 4.75%
		(LIBOR03M +
		4.00%) 10/1/27 ●		1,200,925			1,205,428
	Garda World Security
		Tranche B-2 4.34%
		(LIBOR01M +
		4.25%)
		10/30/26 ●		191,971			192,434
	Gardner Denver
		Tranche B-1
		1.834%
		(LIBOR01M +
		1.75%) 3/1/27 ●		669,127			661,338
	Global Medical
		Response 5.75%
		(LIBOR03M +
		4.75%) 10/2/25 ●		1,167,132			1,172,134
	Granite US Holdings
		Tranche B 4.132%
		(LIBOR03M +
		4.00%) 9/30/26 ●		135,468			135,531
	Gray Television
		Tranche B-2
		2.336%
		(LIBOR01M +
		2.25%) 2/7/24 ●		1,018,322			1,017,765
	Grupo Aeromexico
		12.50% - 13.50%
		(LIBOR03M +
		12.50%)
		12/30/21 =, ●		1,021,656			1,021,656
		9.00% (LIBOR03M
		+ 8.00%)
		12/31/21 =, ●		1,300,000			1,300,000
	Hamilton Projects
		Acquiror 5.75%
		(LIBOR03M +
		4.75%) 6/17/27 ●		917,579			921,450
	Heartland Dental
		3.584%
		(LIBOR01M +
		3.50%) 4/30/25 ●		826,465			820,869
	Heartland Dental
		4.085%
		(LIBOR01M +
		4.00%) 4/30/25 ●		458,850			458,348
	Hilton Grand
		Vacations Borrower
		3.50% (LIBOR01M
		+ 3.00%) 8/2/28 ●		1,000,000			1,003,500
	Hilton Worldwide
		Finance
		Tranche B-2
		1.833%
		(LIBOR01M +
		1.75%) 6/22/26 ●		1,172,387			1,163,741
	HUB International
		2.875%
		(LIBOR03M +
		2.75%) 4/25/25 ●		357,527			354,548
	Informatica 3.33%
		(LIBOR01M +
		3.25%) 2/25/27 ●		634,141			632,793
	Informatica 2nd Lien
		7.125% 2/25/25		1,018,000			1,034,542
	IQVIA Tranche B-3
		1.882%
		(LIBOR03M +
		1.75%) 6/11/25 ●		502,707			502,258
	IRB Holding 4.25%
		(LIBOR03M +
		3.25%)
		12/15/27 ●		3,581,250			3,592,441
	JBS USA LUX 2.084%
		(LIBOR01M +
		2.00%) 5/1/26 ●		160,875			160,406
	Kenan Advantage
		Group Tranche B
		4.50% (LIBOR01M
		+ 3.75%)
		3/24/26 ●		461,627			462,060
	Medrisk Tranche B 1st
		Lien 4.50%
		(LIBOR01M +
		3.75%) 5/10/28 ●		490,000			490,204
	Mileage Plus Holdings
		6.25% (LIBOR03M
		+ 5.25%)
		6/21/27 ●		1,000,000			1,062,917
	MPH
		Acquisition Holdings
		4.75% (LIBOR03M
		+ 4.25%)
		8/17/28 ●		1,800,000			1,782,875

45

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Table of Contents

Schedules of investments
Optimum Fixed Income Fund

				Principal
				amount°		Value (US $)
Loan Agreements (continued)
	Numericable US
		Tranche B-11
		2.879%
		(LIBOR03M +
		2.75%) 7/31/25 ●		346,420		$	341,570
	Numericable US
		Tranche B-13
		4.125%
		(LIBOR03M +
		4.00%) 8/14/26 ●		131,288			131,159
	Olympus Water US
		Holding Tranche B
		TBD 9/21/28 X		575,000			575,308
	ON Semiconductor
		Tranche B-4
		2.084%
		(LIBOR01M +
		2.00%) 9/19/26 ●		1,268,300			1,268,412
	Organon & Co.
		3.50% (LIBOR03M
		+ 3.00%) 6/2/28 ●		2,144,625			2,152,500
	Pactiv Evergreen
		Group Holdings
		Tranche B-3 4.00%
		(LIBOR01M +
		3.50%) 9/20/28 ●		300,000			299,789
	Penn National
		Gaming
		Tranche B-1 3.00%
		(LIBOR01M +
		2.25%)
		10/15/25 ●		870,617			871,053
	Peraton Tranche B 1st
		Lien 4.50%
		(LIBOR01M +
		3.75%) 2/1/28 ●		1,049,725			1,051,975
	PG&E Tranche B
		3.50% (LIBOR03M
		+ 3.00%)
		6/23/25 ●		1,443,573			1,420,115
	Pilot Travel Centers
		Tranche B 2.084%
		(LIBOR01M +
		2.00%) 8/4/28 ●		730,000			728,436
	PQ 3.25%
		(LIBOR03M +
		4.25%) 6/9/28 ●		408,975			409,838
	Precisely Software 1st
		Lien 5.00%
		(LIBOR03M +
		4.25%) 4/24/28 ●		1,495,000			1,494,534
	Prestige Brands
		Tranche B5 2.50%
		(LIBOR01M +
		2.00%) 6/9/28 ●		395,000			395,247
	Pretium PKG Holdings
		1st Lien 4.75%
		(LIBOR01M +
		4.00%) 11/5/27 ●		595,500			596,244
	Pretium PKG Holdings
		TBD 9/22/28 X		710,000			711,923
	Prime Security
		Services Borrower
		Tranche B-1 3.50%
		(LIBOR01M +
		2.75%) 9/23/26 ●		407,413			407,413
	RealPage 1st Lien
		3.75% (LIBOR01M
		+ 3.25%)
		4/24/28 ●		1,000,000			997,841
	Reynolds Group
		Holdings
		Tranche B-2
		3.334%
		(LIBOR01M +
		3.25%) 2/5/26 ●		471,438			468,786
	Russell Investments
		US Institutional
		Holdco 4.50%
		(LIBOR06M +
		3.50%) 5/30/25 ●		425,673			426,826
	Ryan Specialty Group
		Tranche B-1 3.75%
		(LIBOR01M +
		3.00%) 9/1/27 ●		589,050			590,277
	Scientific Games
		International
		Tranche B-5
		2.834%
		(LIBOR01M +
		2.75%) 8/14/24 ●		741,168			738,528
	Sinclair Television
		Group Tranche B-3
		3.09% (LIBOR01M
		+ 3.00%) 4/1/28 ●		638,971			633,722
	Solenis International
		1st Lien 4.084%
		(LIBOR01M +
		4.00%) 6/26/25 ●		576,024			576,477
	Spirit Aerosystems
		6.00% (LIBOR01M
		+ 5.25%)
		1/15/25 ●		779,112			784,956
	SS&C Technologies
		Tranche B-3
		1.834%
		(LIBOR01M +
		1.75%) 4/16/25 ●		196,132			194,405

46

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Table of Contents

47

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Table of Contents

Schedules of investments
Optimum Fixed Income Fund

				Principal
				amount°				Value (US $)
Sovereign Bonds Δ(continued)
Argentina – 0.02%
	Argentine Republic
		Government
		International
		Bonds
		0.50% 7/9/30 ~				645,050		$	238,165
		1.00% 7/9/29				31,833			12,176
		1.125% 7/9/35 ~				674,580			222,315
									472,656
Armenia – 0.01%
	Republic of Armenia
		International Bond
		144A 3.60%
		2/2/31 #				200,000			189,460
									189,460
Azerbaijan – 0.01%
	Republic of Azerbaijan
		International Bond
		144A 3.50%
		9/1/32 #				319,000			326,056
									326,056
Bahrain – 0.01%
	Bahrain Government
		International Bond
		144A 7.375%
		5/14/30 #				300,000			333,357
									333,357
Brazil – 0.86%
	Brazil Letras do
		Tesouro Nacional
		7.388% 4/1/22 ^		BRL		4,200,000			741,975
		8.163% 1/1/22 ^		BRL		82,700,000			14,923,894
		15.502% 7/1/22 ^		BRL		4,600,000			794,687
		17.101% 10/1/22
		^		BRL		40,000,000			6,745,097
	Brazil Notas do
		Tesouro Nacional
		Series F
		10.00% 1/1/27		BRL		12,000,000			2,152,081
	Brazilian Government
		International
		Bonds
		3.875% 6/12/30				223,000			216,577
		4.75% 1/14/50				233,000			206,850
									25,781,161
Chile – 0.05%
	Bonos de la Tesoreria
		de la Republica en
		pesos
		144A 2.30%
		10/1/28 #		CLP		1,105,000,000			1,127,964
	Chile Government
		International
		Bonds
		2.55% 1/27/32				258,000			256,279
		3.50% 1/25/50				200,000			200,325
									1,584,568
Colombia – 0.05%
	Colombia
		Government
		International
		Bonds
		3.00% 1/30/30				272,000			257,561
		3.125% 4/15/31				538,000			504,525
		3.25% 4/22/32				300,000			280,506
		4.00% 2/26/24				202,000			211,406
		4.125% 2/22/42				217,000			195,630
		5.00% 6/15/45				200,000			195,678
									1,645,306
Costa Rica – 0.01%
	Costa Rica
		Government
		International Bond
		144A 5.625%
		4/30/43 #				200,000			178,502
									178,502
Cyprus – 0.05%
	Cyprus Government
		International Bond
		3.875% 5/6/22		EUR		1,200,000			1,425,988
									1,425,988
Dominican Republic – 0.04%
	Dominican Republic
		International
		Bonds
		144A 4.50%
		1/30/30 #				367,000			374,344
		144A 4.875%
		9/23/32 #				450,000			460,129
		144A 6.00%
		7/19/28 #				435,000			492,642
									1,327,115
Ecuador – 0.02%
	Ecuador Government
		International
		Bonds
		144A 0.50%
		7/31/40 #, ~				278,501			162,752
		144A 1.00%
		7/31/35 #, ~				328,384			217,968

48

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Table of Contents

				Principal
				amount°				Value (US $)
Sovereign Bonds Δ(continued)
Ecuador (continued)
	Ecuador Government
		International
		Bonds
		144A 5.00%
		7/31/30 #, ~				125,307		$	105,572
		144A 6.61%
		7/31/30 #, ^				35,471			19,110
									505,402
Egypt – 0.04%
	Egypt Government
		International
		Bonds
		144A 5.75%
		5/29/24 #				591,000			615,374
		7.903% 2/21/48				400,000			366,500
		144A 8.70%
		3/1/49 #				359,000			349,660
									1,331,534
El Salvador – 0.01%
	El Salvador
		Government
		International Bond
		144A 7.125%
		1/20/50 #				275,000			190,440
									190,440
Gabon – 0.01%
	Gabon Government
		International Bond
		144A 6.625%
		2/6/31 #				200,000			197,452
									197,452
Georgia – 0.01%
	Georgia Government
		International Bond
		144A 2.75%
		4/22/26 #				200,000			202,910
									202,910
Ghana – 0.01%
	Ghana Government
		International Bond
		144A 7.75%
		4/7/29 #				230,000			219,894
									219,894
Guatemala – 0.01%
	Guatemala
		Government Bond
		144A 4.875%
		2/13/28 #				400,000			433,004
									433,004
Honduras – 0.01%
	Honduras
		Government
		International Bond
		144A 5.625%
		6/24/30 #				300,000			313,503
									313,503
Indonesia – 0.10%
	Indonesia
		Government
		International Bond
		144A 4.625%
		4/15/43 #				200,000			227,429
	Indonesia Treasury
		Bond
		6.125% 5/15/28		IDR		40,390,000,000			2,882,682
									3,110,111
Israel – 0.52%
	Israel Government
		Bonds
		0.01% 11/30/21 ●		ILS		8,900,000			2,760,541
		5.50% 1/31/22		ILS		10,300,000			3,253,571
	Israel Government
		International
		Bonds
		2.75% 7/3/30				1,200,000			1,277,424
		3.875% 7/3/50				200,000			228,364
	Israel Treasury Bill
		0.00% 11/30/21 ^		ILS		5,300,000			1,652,001
	Makam Treasury Bill
		0.00% 3/2/22 ^		ILS		13,700,000			4,257,095
	State of Israel
		3.375% 1/15/50				200,000			212,581
		3.80% 5/13/60				1,600,000			1,779,040
									15,420,617
Ivory Coast – 0.02%
	Ivory Coast
		Government
		International Bond
		144A 6.125%
		6/15/33 #				590,000			624,810
									624,810
Jordan – 0.01%
	Jordan Government
		International Bond
		144A 4.95%
		7/7/25 #				200,000			208,988
									208,988

49

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Table of Contents

Schedules of investments
Optimum Fixed Income Fund

				Principal
				amount°				Value (US $)
Sovereign Bonds Δ(continued)
Kazakhstan – 0.01%
	Kazakhstan
		Government
		International Bond
		144A 6.50%
		7/21/45 #				207,000		$	299,864
									299,864
Kenya – 0.01%
	Republic of Kenya
		Government
		International
		Bonds
		144A 6.30%
		1/23/34 #				200,000			197,899
		144A 8.00%
		5/22/32 #				200,000			221,599
									419,498
Kuwait – 0.08%
	Kuwait International
		Government Bond
		2.75% 3/20/22				2,400,000			2,425,853
									2,425,853
Lebanon – 0.00%
	Lebanon Government
		International Bond
		6.25% 5/27/22 ‡				582,000			98,335
									98,335
Malaysia – 0.14%
	Malaysia Government
		Bond
		3.955% 9/15/25		MYR		16,639,000			4,161,496
									4,161,496
Mexico – 0.05%
	Mexican Bonos
		8.50% 5/31/29		MXN		25,500,000			1,322,842
	Mexico Government
		International Bond
		4.60% 2/10/48				209,000			216,128
									1,538,970
Mongolia – 0.02%
	Mongolia
		Government
		International
		Bonds
		144A 3.50%
		7/7/27 #				200,000			194,631
		144A 5.625%
		5/1/23 #				306,000			321,926
									516,557
Morocco – 0.01%
	Morocco Government
		International
		Bonds
		144A 1.375%
		3/30/26 #		EUR		150,000			174,612
		144A 2.375%
		12/15/27 #				300,000			294,366
									468,978
Nigeria – 0.02%
	Nigeria Government
		International Bond
		144A 7.875%
		2/16/32 #				537,000			559,739
									559,739
North Macedonia – 0.01%
	North Macedonia
		Government
		International Bond
		144A 3.675%
		6/3/26 #		EUR		150,000			190,896
									190,896
Oman – 0.01%
	Oman Government
		International Bond
		144A 6.75%
		1/17/48 #				343,000			340,508
									340,508
Pakistan – 0.01%
	Pakistan Government
		International Bond
		144A 7.375%
		4/8/31 #				200,000			199,992
									199,992
Panama – 0.03%
	Panama Bonos del
		Tesoro
		3.362% 6/30/31				200,000			202,000
		Panama Government
		International Bond
		144A 3.75%
		4/17/26 #				580,000			623,790
									825,790
Paraguay – 0.03%
	Paraguay Government
		International
		Bonds
		144A 4.95%
		4/28/31 #				300,000			339,525

50

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Table of Contents

			Principal
			amount°				Value (US $)
Sovereign Bonds Δ(continued)
Paraguay (continued)
	Paraguay Government
		International
		Bonds
		144A 5.40%
		3/30/50 #			403,000		$	464,462
								803,987
Peru – 0.03%
	Peru Government
		Bond
		6.95% 8/12/31	PEN		663,000			166,536
	Peruvian Government
		International
		Bonds
		2.392% 1/23/26			323,000			330,209
		2.844% 6/20/30			512,000			517,970
		5.625% 11/18/50			35,000			47,504
								1,062,219
Qatar – 0.11%
	Qatar Government
		International
		Bonds
		144A 4.40%
		4/16/50 #			400,000			489,036
		5.103% 4/23/48			2,200,000			2,923,985
								3,413,021
Romania – 0.08%
	Romanian
		Government
		International
		Bonds
		144A 1.75%
		7/13/30 #	EUR		1,800,000			2,042,433
		144A 2.625%
		12/2/40 #	EUR		123,000			133,041
		144A 3.375%
		1/28/50 #	EUR		223,000			254,765
								2,430,239
Russia – 0.04%
	Russian Foreign Bond
		- Eurobonds
		144A 4.25%
		6/23/27 #			600,000			669,353
		144A 4.375%
		3/21/29 #			200,000			226,858
		144A 5.25%
		6/23/47 #			200,000			253,870
								1,150,081
Saudi Arabia – 0.34%
	Saudi Government
		International
		Bonds
		2.375% 10/26/21			1,000,000			1,001,511
		144A 2.875%
		3/4/23 #			2,200,000			2,271,839
		144A 3.625%
		3/4/28 #			541,000			595,024
		4.50% 10/26/46			800,000			925,134
		144A 4.50%
		10/26/46 #			800,000			925,134
		144A 5.00%
		4/17/49 #			3,500,000			4,367,527
								10,086,169
Senegal – 0.01%
	Senegal Government
		International
		Bonds
		144A 5.375%
		6/8/37 #	EUR		200,000			228,862
		144A 6.75%
		3/13/48 #			210,000			212,786
								441,648
Serbia – 0.02%
	Serbia International
		Bonds
		144A 1.00%
		9/23/28 #	EUR		200,000			224,594
		144A 2.125%
		12/1/30 #			200,000			187,568
		144A 3.125%
		5/15/27 #	EUR		100,000			127,434
								539,596
South Africa – 0.12%
	Republic of South
		Africa Government
		International
		Bonds
		4.85% 9/30/29			3,000,000			3,091,161
		5.75% 9/30/49			200,000			191,044
		5.875% 6/22/30			268,000			296,332
								3,578,537
Sri Lanka – 0.01%
	Sri Lanka Government
		International Bond
		144A 6.20%
		5/11/27 #			453,000			278,858
								278,858

51

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Table of Contents

Schedules of investments
Optimum Fixed Income Fund

				Principal
				amount°					Value (US $)
Sovereign Bonds Δ(continued)
Trinidad and Tobago – 0.01%
	Trinidad & Tobago
		Government
		International Bond
		144A 4.50%
		6/26/30 #				200,000		$	210,052
									210,052
Turkey – 0.04%
	Hazine Mustesarligi
		Varlik Kiralama
		144A 5.125%
		6/22/26 #				200,000			198,015
	Turkey Government
		International Bond
		7.625% 4/26/29				500,000			534,501
	Turkiye Ihracat Kredi
		Bankasi
		144A 5.75%
		7/6/26 #				350,000			343,511
									1,076,027
Ukraine – 0.06%
	Ukraine Government
		International
		Bonds
		144A 6.876%
		5/21/29 #				200,000			203,267
		144A 7.75%
		9/1/26 #				804,000			874,153
		144A 9.75%
		11/1/28 #				515,000			605,509
									1,682,929
United Kingdom – 0.00%
	United Kingdom Gilt
		1.75% 9/7/22		GBP		100,000			136,719
									136,719
Uruguay – 0.06%
	Uruguay Government
		International
		Bonds
		4.375% 1/23/31				232,000			268,825
		4.50% 8/14/24				57,000			61,159
		8.50% 3/15/28		UYU		62,100,000			1,516,996
									1,846,980
Uzbekistan – 0.02%
	Republic of
		Uzbekistan
		International
		Bonds
		144A 3.90%
		10/19/31 #				200,000			195,346
		144A 5.375%
		2/20/29 #				448,000			489,153
									684,499
Total Sovereign Bonds
	(cost $96,670,368)								98,093,860
Supranational Banks – 0.03%
	Banco
		Latinoamericano
		de Comercio
		Exterior
		144A 2.375%
		9/14/25 #				200,000			204,550
	Banque Ouest
		Africaine de
		Developpement
		144A 2.75%
		1/22/33 #		EUR		200,000			248,374
		144A 5.00%
		7/27/27 #				406,000			456,155
Total Supranational Banks
	(cost $838,214)								909,079
US Treasury Obligations – 25.12%
	US Treasury Bonds
		1.25% 5/15/50				1,800,000			1,473,117
		1.375% 11/15/40				100,000			89,859
		1.625% 11/15/50				13,500,000			12,132,597
		1.75% 8/15/41				15,805,000			15,113,531
		1.875% 2/15/41				52,800,000			51,665,624
		1.875% 2/15/51				2,700,000			2,575,547
		2.00% 2/15/50				16,000,000			15,723,750
		2.00% 8/15/51				8,745,000			8,591,963
		2.25% 8/15/46				31,245,000			32,278,769
		2.50% 2/15/45				37,100,000			40,076,696
		2.75% 8/15/42				900,000			1,013,168
		2.75% 11/15/42				1,400,000			1,574,836
		2.875% 5/15/43				2,200,000			2,525,445
		2.875% 8/15/45				16,700,000			19,261,102
		3.00% 5/15/47				900,000			1,067,941
		3.00% 8/15/48				3,770,000			4,493,074
		3.125% 5/15/48				1,490,000			1,813,377
	US Treasury Notes
		0.125% 7/31/23				665,000			663,636
		0.375% 9/15/24				41,635,000			41,459,354
		0.50% 2/28/26				19,200,000			18,879,750
		0.50% 4/30/27				10,900,000			10,549,156

52

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Table of Contents

			Principal
			amount°			Value (US $)
US Treasury Obligations (continued)
	US Treasury Notes
		0.50% 6/30/27		12,900,000		$	12,455,555
		0.50% 10/31/27		13,200,000			12,671,484
		0.625% 5/15/30		10,300,000			9,616,217
		0.625% 8/15/30		13,800,000			12,841,277
		0.75% 3/31/26		16,700,000			16,585,188
		0.875% 9/30/26		34,385,000			34,202,330
		0.875% 11/15/30		16,600,000			15,757,356
		1.125% 2/28/27		16,900,000			16,962,055
		1.125% 8/31/28		19,340,000			19,114,871
		1.25% 8/31/24		25,600,000			26,158,001
		1.25% 6/30/28		11,960,000			11,936,173
		1.25% 8/15/31		7,485,000			7,304,308
		1.50% 1/31/27		1,700,000			1,740,441
		1.50% 2/15/30		24,700,000			24,863,541
		1.625% 9/30/26		8,300,000			8,560,023
		1.625% 10/31/26		12,900,000			13,299,094
		1.625% 11/30/26		25,000,000			25,771,485
		1.75% 12/31/26		10,900,000			11,304,918
		1.875% 8/31/24		2,170,000			2,256,885
		2.00% 11/30/22		7,700,000			7,869,039
		2.00% 6/30/24		7,700,000			8,023,941
		2.125% 3/31/24 ∞		2,010,000			2,095,975
		2.125% 11/30/24		11,130,000			11,676,935
		2.25% 11/15/24		11,030,000			11,612,953
		2.25% 3/31/26		24,500,000			25,964,257
		2.375% 2/29/24		4,000,000			4,191,719
		2.375% 8/15/24 ∞		1,820,000			1,918,323
		2.375% 4/30/26		10,900,000			11,617,867
		2.50% 1/31/24		2,790,000			2,928,846
		2.50% 2/28/26		3,700,000			3,960,879
		2.625% 3/31/25		12,700,000			13,566,179
		2.75% 7/31/23		46,200,000			48,316,898
		2.875% 11/30/23		2,500,000			2,637,793
		2.875% 7/31/25		15,500,000			16,747,266
		2.875% 11/30/25		8,100,000			8,779,324
	US Treasury Strip
		Principal
		2.26% 5/15/44 ^		4,290,000			2,671,427
Total US Treasury Obligations
	(cost $749,508,841)						751,003,115
			Number of
			shares
Common Stock – 0.00%
	Century Communications =, †			1,975,000			0
Total Common Stock
	(cost $59,790)						0
			Number of
			shares
Preferred Stock – 0.01%
	General Electric
		3.446%
		(LIBOR03M +
		3.33%) **, •		300,000			294,317
	Total Preferred Stock
	(cost $299,875)						294,317
			Number of
			contracts
Options Purchased – 0.05%
Put Swaptions – 0.05%
	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,
		notional amount
		10,089,600 (MSCI)		4,800,000			353,194
	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,
		notional amount
		31,930,000 (BOFA)		15,500,000			1,241,627
Options Purchased
	(premium paid $1,145,185)						1,594,821
			Number of
			shares
Short-Term Investments – 9.93%
Money Market Mutual Funds – 3.25%
	BlackRock FedFund –
		Institutional Shares
		(seven-day
		effective yield
		0.03%)		24,237,082			24,237,082

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Table of Contents

Schedules of investments
Optimum Fixed Income Fund

			Number of
			shares			Value (US $)
Short-Term Investments (continued)
Money Market Mutual Funds (continued)
	Fidelity Investments
		Money Market
		Government
		Portfolio – Class I
		(seven-day
		effective yield
		0.01%)		24,237,082		$	24,237,082
	GS Financial Square
		Government Fund
		– Institutional
		Shares (seven-day
		effective yield
		0.03%)		24,237,082			24,237,082
	Morgan Stanley
		Government
		Portfolio –
		Institutional Share
		Class (seven-day
		effective yield
		0.03%)		24,237,082			24,237,082
							96,948,328
			Principal
			amount°
Repurchase Agreements – 5.33%
	US Treasury
		repurchase
		agreement with
		J.P.Morgan
		Securities 0.03%,
		dated 9/29/21, to
		be repurchased
		10/1/21,
		repurchase price
		$79,900,067 (collateralized
		by US government
		obligation; 4.50%
		8/15/39; market
		value
		$81,146,190)		79,900,000			79,900,000
	US Treasury
		repurchase
		agreement with
		J.P.Morgan
		Securities 0.04%,
		dated 9/30/21, to
		be repurchased
		10/4/21,
		repurchase price
		$79,500,265 (collateralized
		by US government
		obligation; 0.125%
		10/15/25; market
		value
		$81,215,719)		79,500,000			79,500,000
							159,400,000
US Treasury Obligation – 1.35%≠
	US Treasury Bill
		1.875% 7/31/22		39,700,000			40,294,071
							40,294,071
Total Short-Term Investments
	(cost $296,310,398)						296,642,399
Total Value of Securities Before
	Options Written–111.47%
	(cost $3,281,259,440)						3,331,898,620
			Number of
			contracts
Options Written – (0.06%)
Equity Put Options – (0.00%)
	Fannie Mae strike
		price $103.98,
		expiration date
		12/6/21, notional
		amount
		($197,577,734)		(1,900,000)			(1,782)
							(1,782)

54

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Table of Contents

		Number of
		contracts			Value (US $)
Options Written (continued)
Put Swaptions – (0.06%)
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,
notional amount
(47,040,000)
(MSCI)		(24,000,000	)		$	(364,440	)
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,
notional amount
(155,000,000)
(BOFA)		(77,500,000	)			(1,198,538	)
CDX.ITRX.EUR 35 5 yr
strike price $0.70,
expiration date
12/15/21, notional
amount (13,020,000)
(BOFA)		(18,600,000	)			(11,548	)
CDX.ITRX.EUR 35 5 yr
strike price $0.70,
expiration date
12/15/21, notional
amount (15,260,000)
(JPMCB)		(21,800,000	)			(13,535	)
CDX.ITRX.EUR 35 5 yr
strike price $3.50,
expiration date
12/15/21, notional
amount (15,050,000)
(DB)		(4,300,000	)			(16,462	)
CDX.ITRX.EUR 35 5 yr
strike price $3.50,
expiration date
1/19/22, notional
amount (7,700,000)
(JPMCB)		(2,200,000	)			(12,841	)
CDX.ITRX.EUR 35 5 yr
strike price $3.50,
expiration date
1/19/22, notional
amount (8,750,000)
(CITI)		(2,500,000	)			(14,592	)
CDX.NA.HY 36 5 yr
strike price $102,
expiration date
1/19/22, notional
amount
(1,285,200,000)
(DB)		(12,600,000	)			(57,948	)
CDX.NA.HY 36 5 yr
strike price $104,
expiration date
12/15/21, notional
amount
(104,000,000)
(BNP)		(1,000,000	)			(3,764	)
CDX.NA.HY 37 5 yr
strike price $101,
expiration date
12/15/21, notional
amount
(303,000,000)
(JPMCB)		(3,000,000	)			(9,000	)
CDX.NA.IG 36 5 yr
strike price $0.75,
expiration date
12/15/21, notional
amount (1,500,000)
(DB)		(2,000,000	)			(1,238	)
CDX.NA.IG 36 5 yr
strike price $0.75,
expiration date
12/15/21, notional
amount (2,625,000)
(BNP)		(3,500,000	)			(2,167	)
CDX.NA.IG 36 5 yr
strike price $0.75,
expiration date
12/15/21, notional
amount (43,200,000)
(MSCI)		(57,600,000	)			(35,654	)

55

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Table of Contents

Schedules of investments
Optimum Fixed Income Fund

		Number of
		contracts			Value (US $)
Options Written (continued)
CDX.NA.IG 36 5 yr
strike price $0.80,
expiration date
12/15/21, notional
amount (7,360,000)
(MSCI)		(9,200,000	)		$	(4,894	)
						(1,746,621	)
Total Options Written
(premium received $1,390,064)						(1,748,403	)

Unfunded Loan Commitments¹

The Fund may invest in floating rate loans. In connection with these investments, the Fund may also enter into unfunded corporate loan commitments (commitments). Commitments may obligate the Fund to furnish temporary financing to a borrower until permanent financing can be arranged. In connection with these commitments, the Fund earns a commitment fee, typically set as a percentage of the commitment amount. The following unfunded loan commitment was outstanding at September 30, 2021:

								Unrealized
		Principal						Appreciation
Borrower		Amount		Commitment		Value		(Depreciation)
TricorBraun 3.25% - 3.75% (LIBOR01M + 3.25%) 3/3/28		$66,678		$66,678		$66,390		$(288)

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Table of Contents

The following foreign currency exchange contracts, futures contracts, and swap contracts were outstanding at September 30, 2021:²

Foreign Currency Exchange Contracts

		Currency to										Settlement				Unrealized			Unrealized
Counterparty		Receive (Deliver)					In Exchange For					Date				Appreciation			Depreciation
BAML		AUD		1,932,000			USD		(1,397,761	)			10/5/21			$	—		$	(993	)
BAML		GBP		16,130,000			USD		(21,810,074	)			10/4/21				—			(76,448	)
BAML		GBP		(16,130,000	)		USD		21,811,034				11/2/21				76,634			—
BAML		INR		23,588,200			USD		(317,376	)			12/15/21				—			(2,390	)
BAML		KRW		(128,730,744	)		USD		110,101				12/15/21				1,522			—
BAML		MXN		(5,861,000	)		USD		288,305				10/27/21				5,538			—
BAML		ZAR		35,566,000			USD		(2,474,840	)			12/15/21				—			(138,300	)
BNP		BRL		42,900,000			USD		(8,107,685	)			10/4/21				—			(236,179	)
BNP		BRL		(20,730,199	)		USD		3,904,874				11/3/21				118,959			—
BNP		BRL		(77,000,000	)		USD		13,560,396				1/4/22				—			(333,830	)
BNP		BRL		(2,100,000	)		USD		372,399				4/4/22				970			—
BNP		BRL		(2,200,000	)		USD		383,489				7/5/22				2,743			—
BNP		EUR		90,003,000			USD		(104,308,976	)			10/4/21				—			(45,362	)
BNP		EUR		(87,936,000	)		USD		103,857,153				10/4/21				1,988,047			—
BNP		EUR		(90,003,000	)		USD		104,365,298				11/2/21				43,383			—
BNP		ILS		(5,301,590	)		USD		1,632,262				11/30/21				—			(13,115	)
BNP		JPY		106,100,000			USD		(966,054	)			10/4/21				—			(12,705	)
BNP		JPY		(106,100,000	)		USD		950,929				10/4/21				—			(2,420	)
BNP		JPY		106,100,000			USD		(951,129	)			11/2/21				2,410			—
BNP		MXN		(4,214,000	)		USD		208,750				11/8/21				5,809			—
BNP		MXN		(15,143,000	)		USD		739,484				1/12/22				16,857			—
BNP		ZAR		49,240,000			USD		(3,431,874	)			12/13/21				—			(196,110	)
CITI		BRL		(38,900,000	)		USD		7,271,028				10/4/21				133,460			—
CITI		BRL		38,900,000			USD		(7,237,815	)			11/3/21				—			(133,584	)
CITI		EUR		1,069,000			USD		(1,263,105	)			10/4/21				—			(24,726	)
CITI		GBP		(16,130,000	)		USD		22,267,600				10/4/21				533,974			—
CITI		ILS		(8,901,825	)		USD		2,748,897				11/30/21				—			(13,835	)
CITI		ILS		(10,869,075	)		USD		3,329,438				1/31/22				—			(46,900	)
CITI		ILS		(13,700,190	)		USD		4,182,702				3/2/22				—			(75,203	)
CITI		MXN		9,489,000			USD		(474,671	)			10/27/21				—			(16,870	)
CITI		ZAR		17,998,730			USD		(1,242,115	)			12/15/21				—			(59,672	)
JPMCB		AUD		5,521,000			USD		(3,991,180	)			10/5/21				309			—
JPMCB		BRL		(4,000,000	)		USD		709,520				10/4/21				—			(24,418	)
JPMCB		BRL		(5,700,000	)		USD		997,113				1/4/22				—			(31,420	)
JPMCB		BRL		(2,100,000	)		USD		371,628				4/4/22				199			—
JPMCB		BRL		(2,400,000	)		USD		436,744				7/5/22				21,385			—
JPMCB		BRL		(40,000,000	)		USD		6,934,804				10/4/22				164,353			—
JPMCB		EUR		(3,136,000	)		USD		3,712,210				10/4/21				79,324			—
JPMCB		EUR		(1,592,000	)		USD		1,868,204				12/3/21				21,684			—
JPMCB		PEN		(1,006	)		USD		245				10/29/21				2			—
JPMCB		PEN		(688,800	)		USD		167,469				12/3/21				1,221			—
TD		EUR		(4,570,000	)		USD		5,409,833				11/19/21				110,942			—
Total Foreign Currency Exchange Contracts																$	3,329,725		$	(1,484,480	)

57

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Table of Contents

Schedules of investments
Optimum Fixed Income Fund

Futures Contracts
Exchange-Traded

																							Variation
																							Margin
								Notional											Value/				Due from
				Notional				Cost				Expiration				Unrealized			Unrealized				(Due to)
Contracts to Buy (Sell)				Amount				(Proceeds)				Date				Appreciation			Depreciation				Brokers
126		Euro-BTP		$	22,177,422			$	22,455,056				12/8/21			$	—		$	(277,634	)		$	(72,817	)
(76)		Euro-Bund			(14,950,036	)			(15,164,756	)			12/8/21				214,720			—				28,907
(29)		Long 10 yr Gilt			(4,890,186	)			(5,012,468	)			12/29/21				122,282			—				20,372
101		US Treasury 2 yr Notes			22,225,523				22,237,778				12/31/21				—			(12,255	)			3,945
689		US Treasury 5 yr Notes			84,569,367				85,012,391				12/31/21				—			(443,024	)			59,213
(182)		US Treasury 5 yr Notes			(22,339,078	)			(22,481,026	)			12/31/21				141,948			—				(15,641	)
563		US Treasury 10 yr Notes			74,096,078				74,956,923				12/21/21				—			(860,845	)			66,659
(378)		US Treasury 10 yr Ultra Notes			(54,904,500	)			(56,102,741	)			12/21/21				1,198,241			—				(64,967	)
337		US Treasury Long Bonds			53,656,718				55,336,938				12/21/21				—			(1,680,220	)			42,125
(168)		US Treasury Ultra Bonds			(32,098,500	)			(33,105,753	)			12/21/21				1,007,253			—				26,250
Total Futures Contracts								$	128,132,342							$	2,684,444		$	(3,273,978	)		$	94,046

Swap Contracts

CDS Contracts³

Counterparty/													Upfront
Reference Obligation/													Payments											Variation Margin
Termination Date/				Notional		Annual Protection							Paid				Unrealized			Unrealized				Due from
Payment Frequency				Amount4		Payments			Value				(Received)				Appreciation5			Depreciation5				(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	%		$	30,942			$	28,041			$	2,901		$	—			$	(17,746	)
Boeing 2.60% 10/20/
25 Baa3 12/20/26-
Quarterly				600,000		1.000	%			(2,599	)			(3,863	)			1,264			—				(2,498	)
Boeing 2.60% 10/30/
25 Baa2 6/20/23-
Quarterly				1,400,000		1.000	%			8,834				3,483				5,351			—				424
Boeing 2.60% 10/30/
25 Baa2 6/26/26-
Quarterly				700,000		1.000	%			(711	)			(4,886	)			4,175			—				(2,817	)
British Telecom 5.75%
12/7/28 Baa2
12/20/24-Quarterly		EUR		2,800,000		1.000	%			56,352				60,878				—			(4,526	)			(34,220	)
CDX.ITRX.EUR.346
12/20/25-Quarterly		EUR		8,000,000		1.000	%			244,444				235,576				8,868			—				13,347
CDX.ITRX.EUR.346
12/20/26-Quarterly		EUR		1,600,000		1.000	%			48,589				49,510				—			(921	)			17,706
CDX.ITRX.EUR.356
6/20/26-Quarterly		EUR		7,900,000		1.000	%			239,510				223,237				16,273			—				(87,545	)
CDX.NA.HY.367
6/22/26-Quarterly				3,500,000		5.000	%			324,133				317,879				6,254			—				(163,321	)
CDX.NA.HY.377
12/20/26-Quarterly				500,000		5.000	%			46,783				47,686				—			(903	)			47,379

58

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Table of Contents

Counterparty/												Upfront
Reference Obligation/												Payments											Variation Margin
Termination Date/				Notional		Annual Protection						Paid				Unrealized			Unrealized				Due from
Payment Frequency				Amount4		Payments		Value				(Received)				Appreciation5			Depreciation5				(Due to) Brokers
Protection Sold
Moody’s Ratings
(continued):
CDX.NA.IG.358 12/20/25-
		Quarterly		400,000		1.000%		$	9,621			$	8,912			$	709		$	—			$	(191,481	)
CDX.NA.IG.368
		6/20/26-Quarterly		13,000,000		1.000%			314,481				300,437				14,044			—				(214,330	)
CDX.NA.IG.378
		12/20/26-Quarterly		20,400,000		1.000%			489,449				494,778				—			(5,329	)			188,472
General Electric 2.70%
		10/9/22 Baa1 12/20/
		26-Quarterly		1,200,000		1.000%			13,408				13,567				—			(159	)			12,146
General Electric 2.70%
		10/9/22 Baa1 6/20/26-
		Quarterly		600,000		1.000%			8,115				5,476				2,639			—				3,761
Stellantis 5.00%
		1/11/21 Baa3 6/20/26-
		Quarterly		EUR 3,100,000		5.000%			678,249				691,999				—			(13,750	)			184,532
Telefonica
		Emisiones 1.00%
		5/12/20 Baa3
		6/20/28-Quarterly		EUR 1,300,000		1.000%			16,813				1,069				15,744			—				(9,344	)
Tesco 1.00%
		6/25/19 Baa3
		6/20/28-Quarterly		EUR 2,700,000		1.000%			14,930				774				14,156			—				(18,335	)
Valeo 1.00% Baa3
		6/20/26-Quarterly		EUR 400,000		1.000%			(4,989	)			(6,740	)			1,751			—				(286,142	)
Valeo 1.00% Baa3
		6/20/28-Quarterly		EUR 3,000,000		1.000%			(158,809	)			(132,541	)			—			(26,268	)			(18,707	)
									2,377,545				2,335,272				94,129			(51,856	)			(578,719	)
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%			(8,131	)			14,731				—			(22,862	)			—
JPMCB Republic of Brazil
		4.25% 1/7/25 Ba2
		6/20/26-Quarterly		2,570,000		1.000%			104,505				76,732				27,773			—				—
Protection Sold
Moody’s Ratings:
BAML Republic of
		Colombia 10.375%
		1/28/33 Baa2 6/20/22-
		Quarterly		250,000		1.000%			946				(546	)			1,492			—				—
CITI Barclays Bank 1.75%
		1/8/25 AAA
		12/20/21-Quarterly		EUR 1,400,000		1.000%			2,442				2,169				273			—				—

59

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Table of Contents

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			Amount4		Payments		Value				(Received)				Appreciation5			Depreciation5				(Due to) Brokers
Protection Sold
Moody’s Ratings
(continued):
CITI Republic of Brazil
	4.25% 1/7/25 Ba2
	6/20/22-Quarterly		100,000		1.000%		$	197			$	(908	)		$	1,105		$	—			$	—
CITI Republic of Colombia
	10.375% 1/28/33
	Baa2 12/20/24-
	Quarterly		200,000		1.000%			(1,034	)			479				—			(1,513	)			—
DB CMBX.NA.AAA9
	10/17/57-Monthly		14,200,000		0.500%			122,416				(829,608	)			952,024			—				—
GSC Republic of Brazil
	4.25% 1/7/25 Ba2
	6/20/22-Quarterly		500,000		1.000%			984				(4,663	)			5,647			—				—
JPMCB HOCHTIEF 1.00%
	3/7/2025 BBB
	12/20/26-Quarterly		EUR 1,100,000		5.000%			255,083				261,317				—			(6,234	)			—
JPMCB HOCHTIEF 5.00%
	3/7/2025 BBB
	12/20/26-Quarterly		EUR 1,100,000		5.000%			255,083				259,171				—			(4,088	)			—
JPMCB Republic of South
	Africa 5.50%
	3/9/20 Baa3
	12/20/23-Quarterly		700,000		1.000%			(1,184	)			(15,007	)			13,823			—				—
								731,307				(236,133	)			1,002,137			(34,697	)			—
Total CDS Contracts							$	3,108,852			$	2,099,139			$	1,096,266		$	(86,553	)		$	(578,719	)

IRS Contracts10
Reference					Fixed/
Obligation/					Floating
Termination Date/					Interest								Upfront
Payment Frequency					Rate								Payments											Variation Margin
(Fixed Rate/					Paid								Paid				Unrealized			Unrealized				Due from
Floating Rate)			Notional Amount4		(Received)				Value				(Received)				Appreciation5			Depreciation5				(Due to) Brokers
Centrally Cleared:
1 yr IRS11 3/24/23-
	(28 Days/					(4.797)%/
	28 Days)		MXN 1,450,000,000			5.66%			$	(601,425	)		$	(61,645	)		$	—		$	(539,780	)		$	48,738
2 yr IRS12 3/30/23-
	(Semiannually/					0.25%/
	Quarterly)		7,600,000			(0.132)%				252				(5,089	)			5,341			—				7,785
2 yr IRS13 1/2/23-
	(At Maturity/ At					0%/
	Maturity)		BRL 166,400,000			0%				(656,880	)			(125,524	)			—			(531,356	)			(527,959	)
2 yr IRS14 3/3/22-
	(Semiannually/					(0.45)%/
	Semiannually)		CAD 8,800,000			1.27%				23,547				25,576				—			(2,029	)			(24,703	)

60

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Table of Contents

IRS Contracts10
Reference					Fixed/
Obligation/					Floating
Termination Date/					Interest						Upfront
Payment Frequency					Rate						Payments											Variation Margin
(Fixed Rate/					Paid						Paid				Unrealized			Unrealized				Due from
Floating Rate)			Notional Amount4		(Received)		Value				(Received)				Appreciation5			Depreciation5				(Due to) Brokers
Centrally Cleared (continued):
2 yr IRS14 3/3/22-
	(Semiannually/				(0.45)%/
	Semiannually)		CAD 2,400,000		1.273%		$	6,442			$	6,997			$	—		$	(555	)		$	(6,790	)
2 yr IRS14 6/17/22-
	(Semiannually/				(0.448)%/
	Semiannually)		CAD 4,000,000		1.50%			22,116				24,437				—			(2,321	)			(54,125	)
3 yr IRS13 1/2/24-
	(At Maturity/ At				0%/
	Maturity)		BRL 110,400,000		0%			(687,841	)			26,410				—			(714,251	)			(269,381	)
5 yr IRS12 2/18/26-
	(Quarterly/				(0.125)%/
	Semiannually)		42,100,000		0.64%			(615,143	)			(319,495	)			—			(295,648	)			191,082
5 yr IRS14 3/3/25-
	(Semiannually/				(0.45)%/
	Semiannually)		CAD 800,000		1.29%			(538	)			4,099				—			(4,637	)			(1,792	)
5 yr IRS14 3/3/25-
	(Semiannually/				(0.45)%/
	Semiannually)		CAD 2,600,000		1.275%			(2,788	)			12,230				—			(15,018	)			(4,647	)
5 yr IRS14 3/3/25-
	(Semiannually/				(0.45)%/
	Semiannually)		CAD 1,600,000		1.276%			(1,673	)			7,571				—			(9,244	)			(2,392	)
5 yr IRS14 3/3/25-
	(Semiannually/				(0.45)%/
	Semiannually)		CAD 2,900,000		1.22%			(7,362	)			9,177				—			(16,539	)			(3,315	)
5 yr IRS14 3/4/25-
	(Semiannually/				(0.45)%/
	Semiannually)		CAD 20,500,000		1.235%			(43,843	)			73,259				—			(117,102	)			(33,440	)
5 yr IRS14 6/16/26-
	(Semiannually/				(0.45)%/
	Semiannually)		CAD 30,300,000		1.00%			(571,422	)			(416,530	)			—			(154,892	)			(23,873	)
5 yr IRS15 9/16/25-
	(Annually/				0.50%/
	Annually)		GBP 5,700,000		(0.049)%			57,769				(46,886	)			104,655			—				(181,706	)
5 yr IRS15 3/16/27-
	(Annually/				0.50%/
	Annually)		GBP 28,100,000		(0.049)%			602,248				165,009				437,239			—				3,719
7 yr IRS12
	12/16/22-
	(Semiannually/				2.25%/
	Quarterly)		41,600,000		(0.118)%			(1,035,684	)			(1,335,081	)			299,397			—				991,159
10 yr IRS12
	10/1/31-
	(Quarterly/				(0.131)%/
	Semiannually)		8,600,000		1.80%			186,391				124,707				61,684			—				(20,871	)

61

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Table of Contents

Schedules of investments
Optimum Fixed Income Fund

IRS Contracts10
Reference					Fixed/
Obligation/					Floating
Termination Date/					Interest						Upfront
Payment Frequency					Rate						Payments											Variation Margin
(Fixed Rate/					Paid						Paid				Unrealized			Unrealized				Due from
Floating Rate)			Notional Amount4		(Received)		Value				(Received)				Appreciation5			Depreciation5				(Due to) Brokers
Centrally Cleared (continued):
30 yr IRS12
	3/30/51-
	(Semiannually/				1.15%/
	Quarterly)		600,000		(0.132)%		$	98,514			$	114,889			$	—		$	(16,375	)		$	1,795
30 yr IRS12
	12/15/21-
	(Semiannually/				0.05%/
	Quarterly)		4,600,000		(2.00)%			(161,924	)			(263,896	)			101,972			—				(267,533	)
Total IRS Contracts							$	(3,389,244	)		$	(1,979,785	)		$	1,010,288		$	(2,419,747	)		$	(178,249	)

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

1	See Note 8 in “Notes to financial statements.”
2	See Note 5 in “Notes to financial statements.”
3	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.
4	Notional amount shown is stated in USD unless noted that the swap is denominated in another currency.
5	Unrealized appreciation (depreciation) does not include periodic interest payments (receipt) on swap contracts accrued daily in the amount of $(290,393).
6	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.
7	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.
8	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.
9	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.
10	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.
11	Rate resets based on MXIBTIIE.
12	Rate resets based on LIBOR03M.
13	Rate paid based on Brazil CETIP Interbank Deposit.
14	Rate resets based on CAD0006M.
15	Rate resets based on BP0012M.

Summary of abbreviations:
ABS – Asset-Backed Security
ARM – Adjustable Rate Mortgage
BAML – Bank of America Merrill Lynch

62

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Table of Contents

Summary of abbreviations: (continued)
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
CAD0006M – Canadian Dollar 5 Month LIBOR Interest 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
COF 11 – Cost of Funds for the 11th District of San Francisco
DAC – Designated Activity Company
DB – Deutsche Bank
EUR001M – EURIBOR EUR 1 Month
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
LIBOR02M – ICE LIBOR USD 2 Month
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
LIBOR12M – ICE LIBOR USD 12 Month
MASTR – Mortgage Asset Securitization Transactions, Inc.
MSCI – Morgan Stanley Capital International
MXIBTIIE – Mexico 28 days interbank rate
PIK – Payment-in-kind
REMIC – Real Estate Mortgage Investment Conduit
S.F. – Single Family
SOFR – Secured Overnight Financing Rate
SONIA3M – 3 Month Sterling Overnight Indexed Average
TBA – To be announced
TBD – To be determined
TD – TD Bank
yr – Year

Summary of currencies:
AUD – Australian Dollar
BRL – Brazilian Real
CAD – Canadian Dollar
CLP – Chilean Peso
EUR – European Monetary Unit
GBP – British Pound Sterling
IDR – Indonesia Rupiah
ILS – Israeli New Shekel
INR – Indian Rupee
JPY – Japanese Yen
KRW – South Korean Won
MXN – Mexican Peso
MYR – Malaysian Ringgit
PEN – Peruvian Sol
USD – US Dollar
UYU – Uruguayan Peso
ZAR – South Africa Rand

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

63

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Table of Contents

Schedules of investments
Optimum International Fund

September 30, 2021 (Unaudited)

			Number of
			shares		Value (US $)
Common Stock – 97.29%Δ
Argentina – 2.06%
	MercadoLibre †		11,978		$	20,115,853
						20,115,853
Australia – 3.46%
	Ardent Leisure Group †		27,222			31,665
	BlueScope Steel		352,361			5,105,569
	Cettire †		22,445			51,948
	Champion Iron †		81,688			279,302
	Cochlear		23,361			3,655,123
	CSL		30,658			6,405,415
	Enero Group		13,923			30,499
	Lynas Rare Earths †		94,871			448,943
	Mineral Resources		4,789			151,984
	Nufarm †		226,044			772,236
	Objective		796			10,612
	Regis Healthcare		23,563			34,008
	Rio Tinto		119,466			7,831,251
	South32		2,417,891			6,000,082
	Vista Group International †		14,981			28,027
	Wagners Holding †		20,675			26,630
	Whitehaven Coal †		1,323,156			3,028,795
						33,892,089
Austria – 0.94%
	ANDRITZ		29,128			1,596,381
	Oesterreichische Post		811			34,383
	OMV		124,791			7,514,369
	Zumtobel Group		4,204			43,925
						9,189,058
Belgium – 0.43%
	Ackermans & van Haaren		626			107,849
	bpost †		12,776			112,659
	Umicore		66,671			3,944,231
						4,164,739
Brazil – 0.92%
	Cia Siderurgica Nacional		189,900			1,003,594
	Dexco		62,100			195,910
	Itau Unibanco Holding ADR		632,592			3,333,760
	Marfrig Global Foods		327,900			1,535,408
	Porto Seguro		1,743			15,894
	SLC Agricola		114,600			962,550
	Transmissora Alianca de Energia
	Eletrica		292,500			1,941,138
	Unipar Carbocloro		3,704			57,154
						9,045,408
Canada – 1.91%
	AcuityAds Holdings †		2,800			18,768
	Advantage Energy †		41,200			208,179
	Bird Construction		33,900			263,363
	Black Diamond Group †		5,800			17,309
	Canfor †		12,800			281,143
	Capstone Mining †		106,600			414,920
	Cardinal Energy †		34,004			112,219
	Constellation Software		5,044			8,263,383
	Crew Energy †		45,725			112,273
	Dexterra Group		7,500			48,437
	Doman Building Materials
	Group		39,159			196,321
	E-L Financial		100			73,819
	Finning International		8,100			199,846
	Gildan Activewear		21,900			800,199
	Intertape Polymer Group		4,366			94,966
	Linamar		4,800			249,247
	Magna International		28,000			2,107,185
	Neo Performance Materials		1,900			26,371
	NuVista Energy †		90,543			367,433
	Obsidian Energy †		31,200			111,094
	Peyto Exploration &
	Development		1,507			11,732
	PHX Energy Services		10,600			40,003
	Richelieu Hardware		5,697			187,381
	Ritchie Bros Auctioneers		57,496			3,545,203
	Roots †		11,100			23,311
	Storm Resources †		27,399			116,813
	TECSYS		4,500			203,790
	Total Energy Services †		7,700			27,782
	Transcontinental Class A		7,500			119,138
	Wajax		1,700			30,803
	West Fraser Timber		3,300			277,944
	Western Forest Products		65,984			114,610
						18,664,985
Chile – 0.19%
	Banco Santander Chile ADR		33,137			655,118
	Cia Cervecerias Unidas ADR		68,458			1,183,639
						1,838,757
China/Hong Kong – 11.90%
	AIA Group		809,200			9,309,366
	Alibaba Group Holding †		456,100			8,444,208
	Angang Steel Class H		180,000			110,124
	Anhui Hengyuan Coal Industry
	and Electricity Power Class A		884,600			1,114,489
	Anhui Transport Consulting &
	Design Institute Class A		43,900			59,107
	Asia Cement China Holdings		393,862			309,292
	ASM Pacific Technology		179,800			1,962,750
	Bank of Communications
	Class H		450,196			266,469
	Baoshan Iron & Steel Class A		2,277,900			3,043,565
	Build King Holdings		80,674			10,161

64

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Table of Contents

			Number of
			shares		Value (US $)
Common StockΔ (continued)
China/Hong Kong (continued)
	China BlueChemical Class H		500,000		$	182,502
	China Construction Bank
	Class H		8,349,000			5,958,538
	China Display Optoelectronics
	Technology Holdings †		344,000			25,809
	China Petroleum & Chemical
	Class H		6,530,000			3,217,930
	China Risun Group		407,000			254,341
	China South Publishing &
	Media Group Class A		255,245			353,947
	China XLX Fertiliser		36,000			28,209
	Chow Tai Fook Jewellery Group		873,800			1,661,784
	CITIC		42,703			45,211
	COSCO SHIPPING Holdings
	Class H †		263,000			399,085
	Dah Sing Banking Group		99,200			90,858
	Dah Sing Financial Holdings		30,000			89,815
	Dare Power Dekor Home
	Class A		289,689			529,479
	Dazzle Fashion Class A		184,660			564,938
	Dongyue Group		13,000			32,065
	Ecovacs Robotics Class A		45,200			1,060,938
	Fangda Special Steel
	Technology Class A		332,500			404,123
	Fufeng Group †		160,000			56,727
	Futu Holdings ADR †		21,000			1,911,420
	Hangzhou Tigermed Consulting
	Class H		123,800			2,617,869
	Hong Kong Exchanges &
	Clearing		104,100			6,396,998
	Huayu Automotive Systems
	Class A		108,000			379,796
	Industrial & Commercial Bank
	of China Class H		212,705			117,908
	JNBY Design		77,000			133,928
	KE Holdings ADR †		48,908			893,060
	Kingboard Laminates Holdings		326,000			532,868
	KingClean Electric Class A		63,840			252,706
	Lansen Pharmaceutical
	Holdings		24,509			4,948
	Lee & Man Paper
	Manufacturing		531,853			388,743
	Lenovo Group		3,864,000			5,043,389
	Li Ning		319,500			3,682,474
	Luolai Lifestyle Technology
	Class A		453,480			803,700
	Markor International Home
	Furnishings Class A †		47,300			22,914
	Meituan Class B †		215,600			6,882,265
	Midland Holdings †		38,000			5,836
	Nanjing Iron & Steel Class A		1,128,600			691,314
	Opple Lighting Class A		123,800			397,765
	Orient Overseas International		105,500			1,824,615
	Pacific Basin Shipping		250,930			116,140
	PAX Global Technology		113,000			141,826
	Ping An Healthcare and
	Technology †		460,300			3,000,288
	Ping An Insurance Group Co. of
	China Class H		690,500			4,722,590
	Prosus †		39,052			3,125,764
	SAIC Motor Corp Class A		8,800			25,899
	SGIS Songshan Class A		2,477,300			2,010,233
	Shanxi Lu’an Environmental
	Energy Development Class A		185,900			427,878
	Shanxi Taigang Stainless Steel
	Class A		955,694			1,421,460
	Shenzhen Ellassay Fashion
	Class A		132,700			282,272
	Sinopec Engineering Group
	Class H		34,001			17,231
	Sinotruk Hong Kong		488,052			722,928
	SITC International Holdings		117,000			416,331
	Techtronic Industries		34,000			671,893
	Ten Pao Group Holdings		36,000			9,846
	Tencent Holdings		164,200			9,802,536
	Tencent Music Entertainment
	Group ADR †		432,263			3,133,907
	Texhong Textile Group		104,524			150,529
	Transfar Zhilian Class A		92,600			119,015
	United Laboratories
	International Holdings		222,000			147,721
	Value Partners Group		54,000			27,152
	Vatti Class A		2,110,881			2,192,901
	Wuxi Biologics Cayman †		161,500			2,619,578
	Xiamen Comfort Science &
	Technology Group Class A		1,046,100			2,171,875
	Xinyi Glass Holdings		169,000			504,136
	Xinyu Iron & Steel Class A		892,600			977,037
	Yonggao Class A		364,100			272,041
	Yue Yuen Industrial Holdings †		21,000			42,550
	Yutong Bus Class A		423,700			742,867
	Zai Lab ADR †		16,885			1,779,510
	Zhejiang Meida Industrial
	Class A		76,000			182,533
	Zhejiang Semir Garment
	Class A		1,600,478			1,882,222
						116,431,035

65

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Table of Contents

Schedules of investments
Optimum International Fund

			Number of
			shares		Value (US $)
Common StockΔ (continued)
Colombia – 0.00%
	Grupo Argos		7,234		$	21,202
						21,202
Denmark – 5.26%
	ALK-Abello †		181			75,943
	Ambu Class B		71,652			2,118,868
	AP Moller - Maersk Class B		2,780			7,525,710
	Chr Hansen Holding		44,369			3,624,159
	Demant †		46,807			2,358,660
	Dfds †		368			19,558
	DSV		55,085			13,185,362
	GN Store Nord		6,846			473,491
	H. Lundbeck		72,593			1,972,562
	Novo Nordisk Class B		116,237			11,204,035
	Novozymes Class B		81,829			5,609,484
	Pandora		21,292			2,584,843
	ROCKWOOL International
	Class B		1,622			692,739
						51,445,414
Egypt – 0.00%
	ElSewedy Electric		76,312			39,508
						39,508
Finland – 0.98%
	Kone Class B		129,143			9,072,086
	Orion Class A		3,147			125,035
	Orion Class B		5,885			232,992
	Rapala VMC †		2,180			23,131
	Revenio Group		499			31,645
	Suominen		4,922			25,143
	Vincit		3,740			33,771
						9,543,803
France – 2.64%
	Aubay		452			25,472
	BioMerieux		2,145			244,073
	Danone		74,974			5,111,574
	Dassault Systemes		110,266			5,802,806
	Edenred		108,466			5,838,991
	Ipsen		7,085			675,130
	IPSOS		23,199			1,054,248
	Publicis Groupe		37,173			2,497,201
	Sartorius Stedim Biotech		7,608			4,251,388
	Thermador Groupe		255			26,879
	Virbac		331			141,941
	Wendel		1,220			168,573
						25,838,276
Germany – 5.22%
	Bastei Luebbe		1,488			11,893
	BayWa		550			23,190
	Carl Zeiss Meditec		22,148			4,242,498
	Dermapharm Holding		3,040			292,554
	Deutsche Bank †		244,970			3,113,017
	Deutsche Boerse		51,925			8,425,694
	Deutsche Post		106,468			6,676,589
	GK Software †		363			66,454
	Kloeckner & Co. †		3,410			42,440
	Mensch und Maschine Software		443			29,917
	Merck		24,753			5,357,534
	Rational		6,249			5,870,150
	SAP		66,213			8,953,932
	Scout24		114,654			7,963,255
	Stabilus		526			36,893
	Westwing Group †		2			75
						51,106,085
Greece – 0.12%
	National Bank of Greece †		365,851			1,018,716
	Thrace Plastics Holding and Co.		17,069			133,065
						1,151,781
Hungary – 0.41%
	MOL Hungarian Oil
	& Gas		160,646			1,334,619
	OTP Bank †		44,217			2,587,274
	Richter Gedeon		4,364			119,344
						4,041,237
India – 3.14%
	ACC		12,686			383,851
	Bhansali Engineering Polymers		201,546			501,592
	Cosmo Films		9,965			200,253
	Cyient		21,795			309,888
	Deepak Fertilisers &
	Petrochemicals		16,554			90,044
	Finolex Industries		30,405			85,122
	Garware Hi-Tech Films		1,465			18,430
	Gujarat Ambuja Exports		60,892			141,580
	Gujarat Narmada Valley
	Fertilizers & Chemicals		131,154			763,786
	HIL		2,577			178,483
	Housing Development Finance		268,909			9,938,312
	ICICI Lombard General
	Insurance		193,380			4,130,237
	Indian Oil		476,494			799,620
	INEOS Styrolution India		10,204			189,566
	JK Lakshmi Cement		57,627			477,339
	Kirloskar Industries		1,576			35,920
	KPIT Technologies		167,073			762,040
	Mangalam Cement		19,543			121,644
	National Aluminium		1,773,827			2,216,329

66

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Table of Contents

			Number of
			shares		Value (US $)
Common StockΔ (continued)
India (continued)
	Oracle Financial Services
	Software		1,076		$	65,882
	Phillips Carbon Black		58,887			210,513
	Polyplex		7,812			181,040
	Prism Johnson †		31,800			53,394
	Repco Home Finance		10,286			43,235
	Rupa & Co.		325			1,970
	Savita Oil Technologies		2,314			47,396
	Siyaram Silk Mills		21,831			108,267
	Supreme Industries		12,089			379,401
	Tata Steel		78,073			1,343,569
	TTK Prestige		2,022			241,363
	Vardhman Textiles		3,899			96,898
	Welspun India		111,655			254,556
	Wipro		745,592			6,333,363
						30,704,883
Indonesia – 0.04%
	Adaro Energy		1,716,000			209,769
	Japfa Comfeed Indonesia		1,057,800			144,826
						354,595
Iraq – 0.00%
	Gulf Keystone Petroleum		9,433			25,674
						25,674
Ireland – 3.12%
	CRH		116,382			5,492,634
	CRH (London Stock Exchange)		49,687			2,331,609
	ICON †		21,734			5,694,743
	Kingspan Group		76,384			7,619,251
	Ryanair Holdings ADR †		84,981			9,353,009
						30,491,246
Israel – 1.40%
	Bank Leumi Le-Israel		556,409			4,714,474
	Camtek †		4,031			163,296
	Check Point Software
	Technologies †		39,480			4,462,819
	Duniec Brothers		1,067			50,375
	FIBI Holdings		7,012			295,311
	Isracard		7			29
	Mizrahi Tefahot Bank		17,920			603,545
	Phoenix Holdings		59,367			676,448
	ZIM Integrated Shipping
	Services		54,707			2,773,645
						13,739,942
Italy – 0.72%
	Amplifon		8,141			386,905
	Banca IFIS		8,999			173,363
	Banca Mediolanum		33,210			357,608
	De’ Longhi		5,910			212,194
	DiaSorin		2,681			561,432
	Fine Foods & Pharmaceuticals		1,682			32,927
	FinecoBank Banca Fineco †		260,382			4,702,989
	Mediaset		218,942			626,085
						7,053,503
Japan – 10.65%
	A&A Material		1,800			16,197
	Advanced Media †		6,500			44,745
	Advantest		300			26,733
	AGC		3,400			175,210
	Akatsuki		800			22,854
	ASKUL		12,800			187,689
	Avant		2,000			27,377
	BayCurrent Consulting		1,100			550,792
	BML		8,100			307,273
	Brother Industries		45,000			990,236
	Canon		168,300			4,117,976
	Capcom		80,700			2,242,340
	Chiba Kogyo Bank		10,300			25,776
	Cosel		2,700			23,021
	CTI Engineering		2,000			47,008
	Dai-ichi Life Holdings		5,600			122,478
	Daiken		2,200			46,090
	Denso		90,200			5,889,822
	Digital Hearts Holdings		1,900			33,946
	Digital Holdings		2,200			36,405
	Disco		5,500			1,540,482
	Doshisha		6,100			95,735
	Double Standard		2,400			79,303
	Eizo		3,700			141,342
	en Japan		2,100			75,861
	Enplas		1,600			45,036
	FANUC		22,500			4,933,393
	Ferrotec Holdings		7,900			223,290
	France Bed Holdings		10,600			87,686
	Fujikura †		109,900			644,653
	Fujitsu		30,300			5,475,533
	Gakujo		2,600			29,648
	geechs		1,700			22,796
	GLOBERIDE		7,800			273,778
	Glory		6,300			140,480
	GungHo Online Entertainment		9,500			174,191
	Gunosy †		6,900			45,449
	H.U. Group Holdings		15,400			418,317
	Himaraya		1,600			17,450
	Hino Motors		13,800			128,145
	Hisamitsu Pharmaceutical		1,700			64,298
	Hitachi		12,700			751,341

67

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Table of Contents

Schedules of investments
Optimum International Fund

			Number of
			shares		Value (US $)
Common StockΔ (continued)
Japan (continued)
	Hito Communications Holdings		2,000		$	34,302
	Hoshizaki		1,500			136,431
	Ichiyoshi Securities		10,900			67,015
	Iida Group Holdings		20,600			529,867
	Infocom		4,400			93,822
	Internet Initiative Japan		14,500			500,933
	I-plug †		1,300			57,204
	IwaiCosmo Holdings		3,800			47,068
	JAC Recruitment		8,500			166,584
	Japan Best Rescue System		2,500			28,187
	Japan Exchange Group		229,900			5,701,521
	Japan Living Warranty		1,400			39,429
	Japan Post Insurance		9,500			172,312
	Japan System Techniques		3,900			69,620
	JK Holdings		2,300			17,683
	Joshin Denki		1,300			29,419
	Kanamoto		5,400			126,342
	Kanematsu		3,100			38,340
	Koa		11,700			178,461
	Kokuyo		9,300			157,631
	Konica Minolta		59,200			317,646
	K’s Holdings		600			6,199
	Kuriyama Holdings		3,500			31,935
	Kyokuto Securities		4,300			31,172
	LIKE		2,500			42,732
	Macnica Fuji Electronics
	Holdings		2,500			58,181
	Marvelous		9,000			56,803
	Matsuoka		1,300			16,628
	Mazda Motor †		235,400			2,037,135
	Melco Holdings		1,700			71,722
	MIMAKI ENGINEERING		12,800			112,134
	Miraial		2,100			30,220
	Miroku Jyoho Service		2,400			36,380
	Mitsubishi Electric		153,500			2,133,281
	Mixi		78,900			1,774,623
	Nachi-Fujikoshi		800			32,679
	Naigai Trans Line		1,600			34,536
	Nakanishi		3,400			77,423
	NGK Insulators		22,100			374,620
	Nice		1,400			23,147
	Nidec		69,600			7,672,704
	Nihon Kohden		5,400			183,558
	Nihon Unisys		5,400			139,847
	Nikon		176,500			1,959,743
	Nintendo		15,900			7,598,337
	Nippon Parking Development		28,500			40,620
	Nippon Steel Trading		1,000			45,202
	Nippon Thompson		6,400			31,833
	Nissha		3,400			54,052
	Nisshinbo Holdings		68,300			514,760
	Nisso		5,600			35,943
	Nitto Seiko		6,700			39,891
	Nojima		2,200			56,594
	Okamoto Machine Tool Works		1,000			45,330
	Okamura		5,500			80,035
	Onoken		3,500			52,166
	Orient		129,100			190,861
	Osaki Electric		19,600			97,146
	Paramount Bed Holdings		2,200			43,867
	Pilot		1,700			64,636
	Poletowin Pitcrew Holdings		5,700			51,850
	Recruit Holdings		25,900			1,583,160
	Riken		3,300			83,844
	Rohm		2,800			264,047
	Ryobi		5,200			58,721
	Sanken Electric		1,900			106,357
	Sanwa Holdings		7,000			91,006
	Sanyo Denki		900			57,067
	Satori Electric		3,300			27,566
	SCREEN Holdings		1,500			128,488
	Seiko Epson		80,200			1,619,236
	Shimamura		2,300			214,982
	Shimano		22,700			6,632,650
	Shindengen Electric
	Manufacturing †		6,100			221,728
	Shiseido		78,700			5,289,386
	Shofu		1,800			34,788
	SIGMAXYZ Holdings		700			16,882
	SMC		10,700			6,675,842
	Softcreate Holdings		1,200			33,626
	Soliton Systems		2,000			27,457
	Sony Group		63,700			7,071,895
	Studio Alice		3,300			72,268
	Sumitomo Dainippon Pharma		5,800			103,669
	Sumitomo Rubber Industries		32,500			412,348
	Sun-Wa Technos		2,700			35,029
	Takaoka Toko		1,800			23,436
	Takara Standard		2,400			34,850
	Takasho		3,700			30,041
	T-Gaia		30,550			542,295
	Tokai Tokyo Financial Holdings		16,000			57,771
	Tokyo Electron		13,100			5,787,302
	Tokyo Seimitsu		2,900			119,021
	Topcon		12,000			208,687
	Toshiba		12,900			542,975
	Transcosmos		7,200			235,113
	Trend Micro		5,800			322,991
	TS Tech		13,100			168,323
	Tsurumi Manufacturing		1,500			23,544

68

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Table of Contents

			Number of
			shares		Value (US $)
Common StockΔ (continued)
Japan (continued)
	TV Asahi Holdings		3,000		$	46,854
	Uchida Yoko		1,100			53,553
	Union Tool		700			24,652
	UNITED		4,400			65,121
	Unitika †		9,900			34,852
	Vision †		7,100			99,469
	Yamaichi Electronics		4,000			59,137
	Yokohama Rubber		4,100			73,582
						104,248,128
Luxembourg – 1.08%
	Eurofins Scientific		77,111			9,900,398
	RTL Group		10,937			649,435
						10,549,833
Malaysia – 0.08%
	BP Plastics Holding		46,700			29,562
	Hong Leong Financial Group		60,700			265,331
	Magni-Tech Industries		48,000			24,077
	Public Bank		218,000			211,934
	Sime Darby		258,000			139,893
	Ta Ann Holdings		130,900			92,003
	Unisem M		18,000			36,401
						799,201
Malta – 0.13%
	Kindred Group SDR		86,361			1,295,070
						1,295,070
Mexico – 0.29%
	Alpek		418,701			473,033
	Cemex ADR †		91,678			657,331
	Grupo Financiero Inbursa
	Class O †		334,734			315,250
	Orbia Advance		17,713			45,472
	Ternium ADR		32,205			1,362,271
						2,853,357
Netherlands – 5.96%
	Aalberts		7,264			419,285
	Adyen †		1,307			3,653,541
	ASML Holding		29,125			21,758,078
	BE Semiconductor Industries		17,860			1,420,862
	Brunel International		4,916			57,715
	EXOR		33,043			2,772,878
	HAL Trust		793			139,623
	Heineken Holding		45,957			4,001,747
	IMCD		49,486			9,470,634
	Randstad		7,003			471,491
	Topicus.com †		50,725			5,326,005
	Van Lanschot Kempen		1,316			40,625
	Wolters Kluwer		82,588			8,754,040
						58,286,524
New Zealand – 0.02%
	Eroad †		2,298			9,138
	Fletcher Building		18,647			92,379
	Mainfreight		155			10,349
	New Zealand Refining †		20,418			12,545
	Skellerup Holdings		13,497			54,602
						179,013
Norway – 0.24%
	Aker Carbon Capture †		751,658			2,342,595
						2,342,595
Panama – 0.31%
	Copa Holdings Class A †		37,381			3,042,066
						3,042,066
Peru – 0.25%
	Credicorp		22,043			2,445,450
						2,445,450
Philippines – 0.01%
	Ginebra San Miguel		33,690			75,292
						75,292
Poland – 1.16%
	Alior Bank †		31,648			342,069
	Asseco Poland		20,652			454,866
	Bank Handlowy w Warszawie		6,409			72,703
	Bank Millennium †		240,267			407,166
	Bank Polska Kasa Opieki		49,578			1,281,595
	Budimex		941			71,097
	Grupa Azoty †		26,566			187,026
	Grupa Lotos		2,501			37,058
	ING Bank Slaski †		956			55,885
	KRUK		611			49,897
	LiveChat Software		2,654			71,000
	mBank †		12,310			1,272,730
	PGE Polska Grupa Energetyczna
	†		72,911			162,947
	Polskie Gornictwo Naftowe i
	Gazownictwo		132,327			215,064
	Powszechna Kasa Oszczednosci
	Bank Polski †		366,302			3,878,233
	Powszechny Zaklad
	Ubezpieczen		299,701			2,741,681
	Warsaw Stock Exchange		2,850			29,738
	Wielton		8,434			26,889
						11,357,644

69

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Table of Contents

Schedules of investments
Optimum International Fund

			Number of
			shares		Value (US $)
Common StockΔ (continued)
Republic of Korea – 5.75%
	BNK Financial Group		55,107		$	408,389
	Creas F&C		894			31,781
	Daechang Forging		10,249			65,260
	DGB Financial Group		8,243			68,717
	F&F Holdings		1,447			42,625
	Hana Financial Group		9,782			380,244
	Handsome		3,352			110,996
	Hankook Tire & Technology		4,929			178,624
	Huvis		8,332			69,957
	Hyosung		4,412			428,831
	Hyosung TNC		1,024			549,928
	HYUNDAI		1,360			21,651
	Hyundai Engineering &
	Construction		53,181			2,275,401
	Hyundai Steel		2,888			113,407
	InBody		2,842			60,653
	JB Financial Group		46,074			345,642
	KB Financial Group		79,118			3,679,583
	Keyang Electric Machinery		9,000			34,570
	Kia		64,729			4,371,573
	Kolon Industries		3,419			284,735
	KT		147,921			4,045,543
	KT ADR		210,130			2,861,971
	Kyung Dong Navien		1,689			85,249
	LG Electronics		37,556			3,992,283
	LX Semicon		4,179			351,882
	NAVER		13,324			4,323,198
	NH Investment & Securities		60,594			652,483
	NPC		13,519			74,239
	Piolink		1,677			21,822
	Poongsan		1,087			30,135
	POSCO		17,914			4,932,776
	Sambo Corrugated Board		3,798			42,699
	Samsung Card		13,434			381,635
	Samsung Electronics		162,529			10,075,920
	Samsung Securities		25,793			1,030,328
	Sangsangin †		14,436			106,731
	SeAH Holdings		322			31,345
	Shinhan Financial Group		220,701			7,455,189
	SIMMTECH HOLDINGS		14,030			33,989
	S-Oil		22,116			2,031,258
	Value Added Technology		5,157			176,233
						56,259,475
Russia – 0.54%
	Evraz		20,349			161,449
	Magnit GDR		145,671			2,456,133
	MMC Norilsk Nickel ADR		90,261			2,681,193
						5,298,775
Singapore – 0.03%
	IGG		192,000			179,285
	Riverstone Holdings		143,000			93,143
	Samudera Shipping Line		100,400			43,627
						316,055
South Africa – 1.33%
	AECI		18,805			133,505
	African Rainbow Minerals		5,071			64,726
	Anglo American		156,607			5,488,864
	Discovery †		552,176			5,045,375
	Kumba Iron Ore		18,634			612,217
	Motus Holdings		19,058			128,798
	Ninety One		16,741			56,041
	Omnia Holdings		7,530			32,363
	Sasol †		73,929			1,401,261
						12,963,150
Spain – 0.63%
	Amadeus IT Group †		89,034			5,855,930
	Laboratorios Farmaceuticos
	Rovi		4,805			314,472
						6,170,402
Sweden – 2.53%
	Atlas Copco Class B		163,271			8,298,511
	Betsson Class B †		47,340			393,671
	Bilia Class A		4,415			79,676
	Electrolux Class B		14,078			325,254
	Epiroc Class B		329,274			5,832,029
	Getinge Class B		139,950			5,579,522
	Husqvarna Class B		183,474			2,191,789
	Indutrade		3,605			100,249
	Instalco		23			1,056
	Kinnevik Class B †		51,274			1,802,499
	Lindab International		1,152			29,345
	Micro Systemation Class B		4,380			23,140
	Nordic Waterproofing Holding		1,682			39,483
	Paradox Interactive		4			64
	Ratos Class B		3,051			17,860
	Svedbergs i Dalstorp Class B		6,899			41,609
						24,755,757
Switzerland – 7.80%
	Adecco Group		15,512			777,240
	Bellevue Group		866			36,519
	Cie Financiere Richemont		51,020			5,289,862
	Comet Holding		415			143,510
	EFG International †		6,739			48,565
	Feintool International Holding †		350			22,721
	Georg Fischer		304			450,210
	Huber + Suhner		2,665			206,749
	Julius Baer Group		9,093			604,136

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			Number of
			shares			Value (US $)
Common StockΔ (continued)
Switzerland (continued)
	Kuehne + Nagel International		44,540		$	15,206,012
	Logitech International		54,867			4,881,358
	Nestle		80,935			9,751,864
	Novartis		511			41,902
	Rieter Holding †		469			102,501
	Roche Holding		40,563			14,804,277
	Sonova Holding		17,000			6,424,440
	Straumann Holding		2,179			3,907,955
	Swatch Group		22,262			5,807,749
	Tecan Group		421			238,447
	Temenos		41,126			5,580,246
	UBS Group		48,591			775,591
	VZ Holding		397			39,574
	Zehnder Group		11,237			1,188,934
						76,330,362
Taiwan – 6.71%
	Acer		2,665,000			2,348,313
	Advanced Analog Technology		21,000			59,859
	ASE Technology Holding		133,000			514,552
	Asustek Computer		137,000			1,591,145
	C Sun Manufacturing		55,085			88,058
	Chicony Electronics		79,000			217,119
	ChipMOS Technologies		1,527,000			2,583,939
	CTBC Financial Holding		513,000			419,834
	Elan Microelectronics		47,500			247,207
	Evergreen Marine Corp. Taiwan		873,000			3,878,352
	Fubon Financial Holding		1,657,700			4,530,217
	General Interface Solution
	Holding		140,000			474,524
	Gigabyte Technology		8,000			24,722
	Himax Technologies ADR		30,769			328,305
	Hon Hai Precision Industry		1,195,000			4,460,472
	Innolux		1,644,000			989,547
	Lite-On Technology		594,000			1,323,868
	Macronix International		116,000			151,339
	MediaTek		174,000			5,600,624
	Novatek Microelectronics		256,000			3,719,382
	Nuvoton Technology		170,000			805,119
	O-TA Precision Industry		82,000			453,204
	Pou Chen		712,000			857,849
	Qualipoly Chemical		114,000			159,570
	Radiant Opto-Electronics		453,000			1,512,797
	Raydium Semiconductor		7,307			96,438
	Realtek Semiconductor		149,000			2,625,067
	Sea ADR †		10,707			3,412,642
	Silicon Motion Technology ADR		24,012			1,656,348
	Sitronix Technology		5,000			43,332
	Taiwan Semiconductor
	Manufacturing		817,000			16,897,265
	Topco Scientific		22,000			107,926
	Winbond Electronics		1,398,000			1,310,873
	Yuanta Financial Holding		2,494,080			2,200,510
						65,690,318
Thailand – 0.21%
	AAPICO Hitech NVDR		33,700			20,584
	Asia Plus Group Holdings NVDR		270,700			26,895
	Bangkok Chain Hospital NVDR		361,300			226,927
	Indorama Ventures NVDR		299,500			390,108
	Krung Thai Bank NVDR		1,077,430			347,692
	PTT Global Chemical NVDR		527,200			977,115
	Somboon Advance Technology
	NVDR		176,900			103,035
						2,092,356
Turkey – 0.04%
	KOC Holding		158,492			403,136
	Turkiye Sise ve Cam Fabrikalari		27,114			24,971
						428,107
Ukraine – 0.33%
	Ferrexpo		741,228			3,267,847
						3,267,847
United Arab Emirates – 0.03%
	Emirates NBD Bank		65,055			251,496
						251,496
United Kingdom – 3.22%
	888 Holdings		6,188			35,852
	accesso Technology Group †		2,895			35,692
	Bloomsbury Publishing		7,978			35,796
	BP ADR		13,660			373,328
	CNH Industrial		387,920			6,520,571
	Craneware		1,127			36,748
	Dignity †		4,650			42,104
	Experian		143,620			6,016,262
	Gem Diamonds		5,047			3,482
	Greggs		5,671			223,604
	Hargreaves Lansdown		232,371			4,461,668
	Hargreaves Services		2,342			13,772
	Howden Joinery Group		120,710			1,453,198
	Indivior †		330,484			960,945
	Investec		183,959			786,014
	Just Eat Takeaway.com †		24,461			1,774,546
	Just Group †		116,103			141,497
	Kingfisher		17,585			79,376
	Man Group		109,445			301,273
	Mission Group		18,617			18,563
	Ninety One		13,874			48,118
	Polar Capital Holdings		9,234			100,779
	Prudential		366,897			7,119,793

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Schedules of investments
Optimum International Fund

			Number of
			shares		Value (US $)
Common StockΔ (continued)
United Kingdom (continued)
	Royal Mail		53,421		$	302,112
	Travis Perkins		24,231			498,204
	Wise Class A †		11,155			163,379
						31,546,676
United States – 3.10%
	Atlassian Class A †		21,111			8,263,268
	BRP		16,200			1,499,517
	Inmode †		24,240			3,865,068
	James Hardie Industries CDI		187,773			6,660,536
	Jasper Infotech =, †, π		1,420			214,563
	Jasper Infotech Series G =, †, π		470			71,017
	JBS		558,600			3,793,238
	Nitro Software †		32,449			84,819
	Sims		84,858			797,137
	Spotify Technology †		21,729			4,896,413
	Viemed Healthcare †		39,000			216,769
						30,362,345
Total Common Stock
	(cost $917,773,038)					952,106,367
Preferred Stock – 1.08%Δ
Brazil – 1.02%
	Alpargatas †, **		39,400			382,225
	Bradespar 10.43% **		82,113			784,075
	Braskem Class A †, **		465,016			5,067,080
	Cia Paranaense de Energia
	22.64% **		826,300			1,109,168
	Petroleo Brasileiro 8.46% **		515,000			2,572,281
						9,914,829
Germany – 0.06%
	Schaeffler 3.83% **		77,554			592,405
	Villeroy & Boch 3.14% **		733			19,783
						612,188
Sweden – 0.00%
	NP3 Fastigheter 5.98% **		5,412			20,586
						20,586
Total Preferred Stock
	(cost $9,433,492)					10,547,603
Rights – 0.01%
Republic of Korea – 0.01%
	Hyundai Engineering &
	Construction, exercise
	price 80,200 KRW, expiration
	date 10/29/21 †		905			61,277
						61,277
Taiwan – 0.00%
	Fubon Financial Holding,
	exercise price 16.70 TWD,
	expiration date 10/25/21		34,944			20,946
	Fubon Financial Holding,
	exercise price 17.80 TWD,
	expiration date 10/25/21		57,448			36,703
						57,649
Total Rights
	(cost $0)					118,926
Total Value of
	Securities–98.38%
	(cost $927,206,530)					$962,772,896

Δ	Securities have been classified by country of risk. Aggregate classification by business sector has been presented on page 8 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 September 30, 2021, the aggregate value of restricted securities was $285,580, which represented 0.03% of the Fund’s net assets. See Note 8 in “Notes to financial statements” and the table below, for additional details on restricted securities.
**	Perpetual security with no stated maturity date.

Restricted Securities
Investments		Date of Acquisition				Cost			Value
Jasper Infotech			5/7/14			$	999,482		$	214,563
Jasper Infotech Series G			10/29/14				396,443			71,017
Total						$	1,395,925		$	285,580

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The following foreign currency exchange contracts were outstanding at September 30, 2021:¹

Foreign Currency Exchange Contracts

		Currency to										Settlement		Unrealized			Unrealized
Counterparty		Receive (Deliver)					In Exchange For					Date		Appreciation			Depreciation
BNP		NOK		66,080			USD		(7,496	)		10/1/21		$	62		$	—
BNYM		AUD		(47,261	)		USD		34,143			10/5/21			—			(25	)
BNYM		ILS		(97,496	)		USD		30,254			10/1/21			13			—
BNYM		JPY		(11,843,196	)		USD		106,018			10/1/21			—			(395	)
BNYM		PLN		(135,137	)		USD		33,972			10/4/21			—			(5	)
JPMCB		JPY		(11,833,286	)		USD		105,659			10/1/21			—			(665	)
JPMCB		JPY		(111,754,375	)		USD		999,198			10/4/21			—			(4,958	)
Total Foreign Currency Exchange Contracts														$	75		$	(6,048	)

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.

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

Summary of abbreviations:
ADR – American Depositary Receipt
BNP – BNP Paribas
BNYM – Bank of New York Mellon
CDI – CHESS Depositary Interest
GDR – Global Depositary Receipt
JPMCB – JPMorgan Chase Bank
NVDR – Non-Voting Depositary Receipt
SDR – Special Drawing Right

Summary of currencies:
AUD – Australian Dollar
ILS – Israeli New Shekel
JPY – Japanese Yen
KRW – South Korean Won
NOK – Norwegian Krone
PLN – Polish Zloty
TWD – New Taiwan Dollar
USD – US Dollar

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

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Table of Contents

Schedules of investments
Optimum Large Cap Growth Fund

September 30, 2021 (Unaudited)

			Number of
			shares		Value (US $)
Common Stock – 98.75%◆
Communication Services – 18.02%
	Activision Blizzard		44,643		$	3,454,922
	Alphabet Class A †		17,425			46,586,086
	Alphabet Class C †		14,760			39,339,975
	Facebook Class A †		379,935			128,946,140
	IAC †		7,116			927,144
	Kuaishou Technology 144A #,
	†		12,500			133,409
	Match Group †		56,334			8,843,875
	Netflix †		68,190			41,619,084
	Pinterest Class A †		87,625			4,464,494
	ROBLOX Class A †		42,445			3,206,720
	Sea ADR †		128,681			41,014,495
	Snap Class A †		355,817			26,284,202
	Spotify Technology †		48,636			10,959,636
	Tencent Holdings		121,700			7,265,339
	Vimeo †		30,142			885,270
	Walt Disney †		98,310			16,631,103
						380,561,894
Consumer Discretionary – 20.97%
	Advance Auto Parts		66,630			13,918,341
	Airbnb Class A †		35,090			5,886,347
	Alibaba Group Holding
	ADR †		130,197			19,275,666
	Amazon.com †		59,201			194,477,653
	Aptiv †		115,082			17,143,766
	Booking Holdings †		8,756			20,785,606
	Carvana †		14,581			4,396,755
	Chipotle Mexican Grill †		4,607			8,373,315
	Coupang †		117,173			3,263,268
	DoorDash Class A †		41,625			8,573,917
	DraftKings Class A †		65,261			3,142,970
	Farfetch Class A †		126,051			4,724,391
	Ferrari		41,117			8,598,387
	Home Depot		73,050			23,979,393
	Las Vegas Sands †		96,142			3,518,797
	Lululemon Athletica †		23,977			9,703,492
	Magic Leap Class A =, †		2,059			23,279
	Meituan Class B 144A #, †		79,000			2,521,795
	NIKE Class B		48,890			7,100,295
	Pinduoduo ADR †		24,700			2,239,549
	Ross Stores		131,919			14,359,383
	Tesla †		37,551			29,120,049
	Tractor Supply		73,110			14,812,817
	Ulta Beauty †		47,345			17,087,757
	Wynn Resorts †		68,782			5,829,274
						442,856,262
Consumer Staples – 1.03%
	Anheuser-Busch
	InBev ADR		125,890			7,097,678
	Monster Beverage †		164,820			14,640,961
						21,738,639
Financials – 0.89%
	Bright Health Group †		59,439			485,022
	MarketAxess Holdings		4,462			1,877,119
	MSCI Class A		5,246			3,191,352
	S&P Global		17,213			7,313,631
	Tradeweb Markets Class A		27,138			2,192,208
	XP Class A †		90,912			3,651,935
						18,711,267
Healthcare – 10.01%
	Alcon		185,020			14,888,559
	Align Technology †		4,200			2,794,806
	Anthem		12,992			4,843,418
	Argenx ADR †		7,910			2,388,820
	AstraZeneca ADR		113,800			6,834,828
	Avantor †		140,592			5,750,213
	BioMarin Pharmaceutical †		93,490			7,225,842
	Cigna		22,813			4,566,250
	Eli Lilly & Co.		59,060			13,645,813
	HCA Healthcare		44,835			10,882,351
	Humana		8,016			3,119,426
	Incyte †		30,709			2,112,165
	Intuitive Surgical †		27,864			27,700,996
	Stryker		51,895			13,685,749
	Thermo Fisher Scientific		50,230			28,697,906
	UnitedHealth Group		94,809			37,045,669
	Zoetis		129,600			25,160,544
						211,343,355
Industrials – 7.54%
	Airbus †		63,750			8,451,715
	Cintas		20,127			7,661,544
	DiDi Global =, †		32,416			959,578
	Eaton		96,590			14,421,853
	FedEx		37,705			8,268,330
	Generac Holdings †		16,642			6,801,086
	IHS Markit		170,706			19,907,734
	Norfolk Southern		10,678			2,554,712
	Raytheon Technologies		177,490			15,257,040
	Roper Technologies		23,430			10,452,826
	Southwest Airlines †		56,084			2,884,400
	TransUnion		61,491			6,906,054
	Uber Technologies †		386,345			17,308,256
	United Parcel Service Class B		120,980			22,030,458
	WW Grainger		38,970			15,317,548
						159,183,134
Information Technology – 38.96%
	Adobe †		58,640			33,760,221

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			Number of
			shares		Value (US $)
Common Stock◆ (continued)
Information Technology (continued)
	Advanced Micro Devices †		86,550		$	8,905,995
	Affirm Holdings †		15,004			1,787,427
	Afterpay †		95,261			8,275,811
	Akamai Technologies †		66,595			6,965,171
	Apple		725,882			102,712,303
	ASML Holding		41,956			31,261,835
	Atlassian Class A †		58,830			23,027,239
	Avalara †		23,515			4,109,717
	Bill.com Holdings †		3,869			1,032,830
	Black Knight †		70,038			5,042,736
	Ceridian HCM Holding †		22,204			2,500,614
	Coupa Software †		4,908			1,075,735
	Datadog Class A †		42,928			6,067,873
	Fidelity National Information
	Services		103,190			12,556,159
	Fiserv †		99,741			10,821,899
	Global Payments		50,423			7,945,656
	Intuit		46,667			25,177,313
	Mastercard Class A		51,497			17,904,477
	Microsoft		550,935			155,319,595
	MongoDB †		16,194			7,635,633
	NVIDIA		215,920			44,729,987
	NXP Semiconductors		66,400			13,005,768
	Palo Alto Networks †		54,770			26,234,830
	Paycom Software †		6,092			3,020,109
	PayPal Holdings †		40,469			10,530,438
	QUALCOMM		168,380			21,717,652
	salesforce.com †		197,114			53,461,259
	SentinelOne Class A †		60,900			3,262,413
	ServiceNow †		25,061			15,594,708
	Shopify Class A †		4,073			5,522,092
	Snowflake Class A †		7,258			2,195,037
	Splunk †		130,830			18,932,409
	Square Class A †		14,600			3,501,664
	StoneCo Class A †		43,301			1,503,411
	Taiwan Semiconductor
	Manufacturing ADR		68,067			7,599,681
	Teledyne Technologies †		22,010			9,455,056
	Toast Class A †		4,618			230,669
	Trade Desk Class A †		54,250			3,813,775
	UiPath Class A †		201,207			10,585,500
	Visa Class A		303,425			67,587,919
	Workday Class A †		61,395			15,341,997
	Zebra Technologies Class A †		4,621			2,381,756
	Zoom Video Communications
	Class A †		32,765			8,568,048
						822,662,417
Materials – 0.61%
	Ecolab		57,880			12,074,925
	Linde		3,160			927,081
						13,002,006
	Real Estate – 0.72%
	Equinix		19,380			15,312,719
						15,312,719
Total Common Stock
	(cost $1,171,633,565)					2,085,371,693
Convertible Preferred Stock – 0.01%
	WeWork Companies Series E
	=, †, π		15,099			112,382
Total Convertible Preferred Stock
	(cost $496,600)					112,382
Short-Term Investments – 1.17%
Money Market Mutual Funds – 1.17%
	BlackRock FedFund –
	Institutional Shares (seven-
	day effective yield 0.03%)		6,181,522			6,181,522
	Fidelity Investments Money
	Market Government
	Portfolio – Class I (seven-
	day effective yield 0.01%)		6,181,525			6,181,525
	GS Financial Square
	Government Fund –
	Institutional Shares (seven-
	day effective yield 0.03%)		6,181,524			6,181,524
	Morgan Stanley Government
	Portfolio – Institutional
	Share Class (seven-day
	effective yield 0.03%)		6,181,524			6,181,524
Total Short-Term Investments
	(cost $24,726,095)					24,726,095
Total Value of
	Securities–99.93%
	(cost $1,196,856,260)				$	2,110,210,170

◆	Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.
†	Non-income producing security.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2021, the aggregate value of Rule 144A securities was $2,655,204, which represents 0.13% of the Fund’s net assets. See Note 8 in “Notes to financial statements.”
=	The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.”

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Schedules of investments
Optimum Large Cap Growth Fund

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 September 30, 2021, the aggregate value of restricted securities was $112,382, which represented 0.01% of the Fund’s net assets. See Note 8 in “Notes to financial statements” and the following table, for additional details on restricted securities.

Restricted Securities
Investments		Date of Acquisition		Cost			Value
WeWork Companies Series E		6/23/15		$	496,600		$	112,382

Summary of abbreviations:
ADR – American Depositary Receipt
GS – Goldman Sachs
MSCI – Morgan Stanley Capital International
S&P – Standard & Poor’s Financial Services LLC

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

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Optimum Large Cap Value Fund

September 30, 2021 (Unaudited)

			Number of
			shares		Value (US $)
Common Stock – 97.96%◆
Communication Services – 5.81%
	Alphabet Class A †		10,092		$	26,981,164
	Comcast Class A		896,947			50,166,246
	Verizon Communications		300,257			16,216,880
	Walt Disney †		113,218			19,153,089
						112,517,379
Consumer Discretionary – 4.38%
	AutoZone †		7,345			12,471,736
	Darden Restaurants		66,301			10,042,612
	General Motors †		243,942			12,858,183
	Lowe’s		130,316			26,435,904
	Marriott International
	Class A †		40,512			5,999,422
	Target		74,319			17,001,958
						84,809,815
Consumer Staples – 5.40%
	Archer-Daniels-Midland		55,583			3,335,536
	Colgate-Palmolive		86,151			6,511,293
	Diageo		301,717			14,607,631
	J M Smucker		19,204			2,305,056
	Kimberly-Clark		60,454			8,006,528
	Mondelez International
	Class A		157,212			9,146,594
	Nestle		123,532			14,884,379
	PepsiCo		124,647			18,748,155
	Philip Morris International		37,996			3,601,641
	Procter & Gamble		53,488			7,477,622
	Reckitt Benckiser Group		64,887			5,097,537
	Tyson Foods Class A		135,300			10,680,582
						104,402,554
Energy – 4.47%
	Chevron		191,937			19,472,009
	ConocoPhillips		377,481			25,581,887
	EOG Resources		209,379			16,806,852
	Phillips 66		79,905			5,595,747
	Pioneer Natural Resources		28,754			4,787,829
	Schlumberger		478,653			14,187,275
						86,431,599
Financials – 25.68%
	Allstate		82,359			10,485,124
	American Express		146,605			24,560,736
	Aon Class A		89,967			25,709,870
	Bank of America		771,021			32,729,842
	Berkshire Hathaway Class B †		40,256			10,987,473
	BlackRock		36,640			30,728,502
	Charles Schwab		211,365			15,395,827
	Chubb		112,561			19,527,082
	Citigroup		274,257			19,247,356
	Goldman Sachs Group		31,578			11,937,431
	Hartford Financial Services
	Group		194,896			13,691,444
	Intercontinental Exchange		101,038			11,601,183
	JPMorgan Chase & Co.		493,592			80,796,075
	KKR & Co.		58,188			3,542,485
	Marsh & McLennan		133,101			20,155,484
	Moody’s		12,964			4,603,646
	Morgan Stanley		174,226			16,953,932
	Nasdaq		88,266			17,037,103
	PNC Financial Services
	Group		65,122			12,740,468
	Progressive		170,359			15,398,750
	Prudential Financial		116,642			12,270,738
	State Street		178,786			15,146,750
	T Rowe Price Group		6,810			1,339,527
	Travelers		125,438			19,067,830
	Truist Financial		366,287			21,482,733
	US Bancorp		206,300			12,262,472
	Wells Fargo & Co.		373,487			17,333,532
						496,733,395
Healthcare – 17.78%
	Abbott Laboratories		129,002			15,239,006
	AbbVie		101,796			10,980,734
	AmerisourceBergen		88,612			10,584,703
	Baxter International		147,120			11,832,862
	Boston Scientific †		219,673			9,531,611
	Bristol-Myers Squibb		223,315			13,213,549
	Cigna		87,905			17,595,065
	CVS Health		191,879			16,282,852
	Danaher		53,838			16,390,441
	Eli Lilly & Co.		46,443			10,730,655
	Johnson & Johnson		327,553			52,899,809
	McKesson		43,915			8,755,773
	Medtronic		355,524			44,564,933
	Merck & Co.		285,353			21,432,864
	Pfizer		364,184			15,663,554
	Roche Holding		8,567			3,126,698
	Thermo Fisher Scientific		72,724			41,549,403
	UnitedHealth Group		60,216			23,528,800
						343,903,312
Industrials – 15.16%
	Canadian National Railway		48,141			5,567,507
	Caterpillar		61,847			11,872,769
	CSX		358,659			10,666,519
	Eaton		101,354			15,133,166
	Emerson Electric		110,632			10,421,534
	Equifax		43,243			10,958,641
	Honeywell International		171,846			36,479,469
	Illinois Tool Works		71,384			14,750,076

77

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Table of Contents

Schedules of investments
Optimum Large Cap Value Fund

			Number of
			shares		Value (US $)
Common Stock◆ (continued)
Industrials (continued)
	Johnson Controls
	International		202,387		$	13,778,507
	Lockheed Martin		41,898			14,459,000
	Masco		120,130			6,673,222
	Northrop Grumman		86,810			31,264,621
	Otis Worldwide		38,704			3,184,565
	Owens Corning		93,412			7,986,726
	PACCAR		41,907			3,307,300
	Parker-Hannifin		53,245			14,888,367
	Quanta Services		151,103			17,198,543
	Raytheon Technologies		89,379			7,683,019
	Southwest Airlines †		219,754			11,301,948
	Stanley Black & Decker		55,189			9,675,184
	Textron		167,230			11,674,326
	Trane Technologies		62,641			10,814,969
	Union Pacific		68,937			13,512,341
						293,252,319
Information Technology – 8.24%
	Accenture Class A		83,190			26,614,145
	Analog Devices		43,003			7,202,142
	Broadcom		19,147			9,284,955
	Cisco Systems		198,485			10,803,539
	Fidelity National Information
	Services		75,897			9,235,147
	Fiserv †		53,627			5,818,530
	Global Payments		74,089			11,674,945
	Intel		254,706			13,570,736
	Micron Technology		146,381			10,390,123
	Microsoft		37,444			10,556,212
	NXP Semiconductors		40,778			7,987,187
	ON Semiconductor †		251,121			11,493,808
	Texas Instruments		128,773			24,751,458
						159,382,927
Materials – 3.81%
	Air Products and Chemicals		43,221			11,069,330
	DuPont de Nemours		97,648			6,639,088
	Huntsman		302,974			8,965,001
	International Flavors &
	Fragrances		14,693			1,964,748
	Martin Marietta Materials		35,734			12,209,593
	PPG Industries		102,947			14,722,450
	Sherwin-Williams		40,974			11,461,657
	Westrock		133,711			6,662,819
						73,694,686
Real Estate – 2.21%
	American Tower		31,517			8,364,927
	Boston Properties		76,561			8,295,384
	Equity LifeStyle Properties		90,962			7,104,132
	Prologis		122,483			15,363,043
	Public Storage		12,490			3,710,779
						42,838,265
Utilities – 5.02%
	American Electric Power		79,532			6,456,408
	Dominion Energy		177,887			12,989,309
	Duke Energy		338,452			33,029,531
	NextEra Energy		173,670			13,636,568
	Southern		245,302			15,201,365
	Xcel Energy		252,955			15,809,687
						97,122,868
Total Common Stock
	(cost $1,274,301,078)					1,895,089,119
Short-Term Investments – 1.87%
Money Market Mutual Funds – 1.87%
	BlackRock FedFund –
	Institutional Shares (seven-
	day effective yield 0.03%)		9,027,493			9,027,493
	Fidelity Investments Money
	Market Government
	Portfolio – Class I (seven-
	day effective yield 0.01%)		9,027,491			9,027,491
	GS Financial Square
	Government Fund –
	Institutional Shares (seven-
	day effective yield 0.03%)		9,027,491			9,027,491
	Morgan Stanley Government
	Portfolio – Institutional
	Share Class (seven-day
	effective yield 0.03%)		9,027,493			9,027,493
Total Short-Term Investments
	(cost $36,109,968)					36,109,968
Total Value of
	Securities–99.83%
	(cost $1,310,411,046)				$	1,931,199,087

◆	Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.
†	Non-income producing security.

Summary of abbreviations:
GS – Goldman Sachs

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

78

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Table of Contents

Optimum Small-Mid Cap Growth Fund

September 30, 2021 (Unaudited)

				Number of
				shares		Value (US $)
Common Stock – 96.48%◆
Communication Services – 2.39%
	Criteo ADR †			129,213		$	4,735,656
	Lions Gate Entertainment
		Class B †		105,210			1,367,730
	ZoomInfo Technologies
		Class A †		158,366			9,690,416
	Zynga Class A †			369,272			2,780,618
							18,574,420
Consumer Discretionary – 11.53%
	Academy Sports & Outdoors †			154,059			6,165,441
	American Eagle Outfitters			92,593			2,388,899
	Boot Barn Holdings †			22,884			2,033,701
	Burlington Stores †			10,199			2,892,130
	Callaway Golf †			78,174			2,159,948
	Churchill Downs			25,946			6,229,116
	Deckers Outdoor †			13,662			4,921,052
	Five Below †			13,430			2,374,558
	Floor & Decor Holdings
		Class A †		50,932			6,152,076
	Fox Factory Holding †			17,374			2,511,238
	Hayward Holdings †			130,618			2,904,944
	International Game
		Technology †		385,362			10,142,728
	Levi Strauss & Co. Class A			345,458			8,467,176
	Media General CVR =, †			49,291			0
	Meritage Homes †			52,180			5,061,460
	Monro			26,545			1,526,603
	Ollie’s Bargain Outlet
		Holdings †		35,889			2,163,389
	Papa John’s International			25,326			3,216,149
	Revolve Group †			52,492			3,242,431
	Skyline Champion †			55,164			3,313,150
	Sleep Number †			27,739			2,593,042
	Sonos †			63,702			2,061,397
	Traeger †			76,949			1,610,543
	Vail Resorts †			13,360			4,462,908
	WW International †			54,514			994,880
							89,588,959
Consumer Staples – 2.58%
	BJ’s Wholesale Club Holdings †			157,317			8,639,850
	elf Beauty †			230,406			6,693,294
	Performance Food Group †			78,555			3,649,665
	Zevia Class A †			89,606			1,031,365
							20,014,174
Energy – 1.21%
	Matador Resources			175,364			6,670,847
	Ovintiv			82,481			2,711,975
							9,382,822
Financials – 9.01%
	BRP Group Class A †			111,499			3,711,802
	Essent Group			77,432			3,407,782
	Evercore Class A			22,843			3,053,424
	Focus Financial Partners
		Class A †		69,677			3,648,984
	Goosehead Insurance Class A			31,710			4,829,116
	OneMain Holdings			84,492			4,674,942
	Open Lending Class A †			52,733			1,902,079
	Palomar Holdings †			46,053			3,722,464
	Ryan Specialty Group Holdings
		Class A †		84,085			2,847,959
	Signature Bank			37,792			10,290,006
	Stifel Financial			56,055			3,809,498
	SVB Financial Group †			16,762			10,843,003
	Tradeweb Markets Class A			86,843			7,015,178
	Triumph Bancorp †			41,787			4,184,132
	Virtu Financial Class A			86,504			2,113,293
							70,053,662
Healthcare – 24.39%
	Adaptive Biotechnologies †			59,980			2,038,720
	Allscripts Healthcare
		Solutions †		160,614			2,147,409
	Alphatec Holdings †			383,606			4,676,157
	Amicus Therapeutics †			147,505			1,408,673
	AMN Healthcare Services †			36,994			4,245,061
	Arena Pharmaceuticals †			24,098			1,435,036
	Arrowhead Pharmaceuticals †			32,778			2,046,331
	AtriCure †			109,624			7,624,349
	Avantor †			335,257			13,712,011
	Avid Bioservices †			106,146			2,289,569
	Axonics †			189,466			12,332,342
	Axsome Therapeutics †			23,751			782,833
	Bio-Techne			11,580			5,611,321
	Blueprint Medicines †			24,964			2,566,549
	Cerus †			265,423			1,616,426
	Community Health Systems †			417,574			4,885,616
	CONMED			52,769			6,903,768
	Cytokinetics †			59,625			2,130,998
	Denali Therapeutics †			40,499			2,043,175
	Emergent BioSolutions †			25,495			1,276,535
	Evolent Health Class A †			90,202			2,796,262
	Fate Therapeutics †			28,217			1,672,422
	Haemonetics †			41,869			2,955,533
	HealthEquity †			46,471			3,009,462
	Horizon Therapeutics †			152,058			16,656,433
	ICON †			25,344			6,640,635
	Insmed †			71,476			1,968,449
	Ionis Pharmaceuticals †			28,374			951,664
	Iovance Biotherapeutics †			43,072			1,062,156

79

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Table of Contents

Schedules of investments
Optimum Small-Mid Cap Growth Fund

				Number of
				shares		Value (US $)
Common Stock◆  (continued)
Healthcare (continued)
	Maravai LifeSciences Holdings
		Class A †		145,538		$	7,143,005
	Mirati Therapeutics †			8,543			1,511,342
	Natera †			75,279			8,389,092
	Novavax †			19,856			4,116,347
	Novocure †			7,745			899,737
	Oak Street Health †			55,989			2,381,212
	Omnicell †			84,875			12,597,996
	OptimizeRx †			25,262			2,161,164
	Option Care Health †			304,539			7,388,116
	Pacira BioSciences †			31,915			1,787,240
	Phreesia †			49,760			3,070,192
	Privia Health Group †			70,763			1,667,176
	Silk Road Medical †			72,172			3,971,625
	Syneos Health †			68,483			5,990,893
	Tabula Rasa HealthCare †			27,847			729,870
	Tactile Systems Technology †			54,150			2,406,967
	Turning Point Therapeutics †			21,231			1,410,375
	US Physical Therapy			22,478			2,486,067
							189,594,311
Industrials – 13.38%
	A O Smith			18,676			1,140,543
	Advanced Drainage Systems			27,974			3,025,948
	Altra Industrial Motion			38,287			2,119,185
	ASGN †			46,448			5,255,127
	Atkore †			28,786			2,502,079
	AZEK †			62,695			2,290,248
	Boise Cascade			39,745			2,145,435
	Chart Industries †			46,289			8,846,291
	Clarivate †			111,663			2,445,420
	Core & Main Class A †			100,294			2,628,706
	Dycom Industries †			22,599			1,609,953
	FTI Consulting †			17,617			2,373,010
	Herc Holdings †			46,257			7,561,169
	IAA †			39,837			2,173,905
	ICF International			42,856			3,826,612
	KAR Auction Services †			96,495			1,581,553
	KBR			87,365			3,442,181
	Knight-Swift Transportation
		Holdings		49,323			2,522,871
	Kratos Defense & Security
		Solutions †		97,081			2,165,877
	Masonite International †			56,831			6,031,474
	Mercury Systems †			45,559			2,160,408
	Middleby †			51,931			8,854,755
	Oshkosh			20,327			2,080,875
	PGT Innovations †			88,435			1,689,109
	Schneider National Class B			91,408			2,078,618
	SPX †			73,212			3,913,181
	Sterling Check †			114,464			2,971,485
	Sun Country Airlines Holdings †			73,259			2,457,107
	Trex †			53,148			5,417,376
	Wabash National			117,970			1,784,886
	WillScot Mobile Mini
		Holdings †		93,009			2,950,245
	Woodward			17,218			1,949,078
							103,994,710
Information Technology – 26.94%
	Ambarella †			53,881			8,391,427
	Arista Networks †			20,441			7,024,345
	Avalara †			39,947			6,981,537
	Black Knight †			53,701			3,866,472
	Box Class A †			161,674			3,826,824
	Ciena †			85,494			4,390,117
	CMC Materials			17,400			2,144,202
	Cornerstone OnDemand †			55,090			3,154,453
	CyberArk Software †			22,498			3,550,634
	DoubleVerify Holdings †			36,851			1,258,830
	Dynatrace †			120,280			8,536,272
	Enphase Energy †			38,139			5,719,706
	Entegris			69,495			8,749,421
	Everbridge †			61,314			9,260,867
	Evo Payments Class A †			97,824			2,316,472
	FormFactor †			56,229			2,099,029
	Itron †			29,456			2,227,757
	Littelfuse			20,357			5,562,957
	LiveRamp Holdings †			75,751			3,577,720
	Lumentum Holdings †			39,393			3,290,891
	MACOM Technology Solutions
		Holdings †		97,742			6,340,524
	Manhattan Associates †			57,228			8,757,601
	Mimecast †			47,199			3,001,856
	MongoDB †			17,103			8,064,236
	Monolithic Power Systems			6,902			3,345,261
	Nutanix Class A †			381,715			14,390,655
	ON Semiconductor †			155,824			7,132,064
	Onto Innovation †			42,622			3,079,440
	PagerDuty †			89,003			3,686,504
	PAR Technology †			42,792			2,632,136
	PTC †			44,096			5,282,260
	Qualtrics International
		Class A †		163,105			6,971,108
	Silicon Motion Technology ADR			42,642			2,941,445
	Sprout Social Class A †			20,364			2,483,390
	SS&C Technologies Holdings			69,976			4,856,334
	Synaptics †			41,724			7,499,055
	Teradyne			26,726			2,917,677
	Verra Mobility †			147,921			2,229,169

80

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Table of Contents

				Number of
				shares		Value (US $)
Common Stock◆  (continued)
Information Technology (continued)
	WEX †			10,791		$	1,900,727
	Zendesk †			77,323			8,999,624
	Zscaler †			15,936			4,178,738
	Zuora Class A †			164,983			2,735,418
							209,355,155
Materials – 4.50%
	Albemarle			18,025			3,946,934
	Eagle Materials			46,720			6,127,795
	Element Solutions			545,865			11,834,353
	Livent †			90,732			2,096,816
	Orion Engineered Carbons †			155,055			2,826,653
	Steel Dynamics			43,964			2,571,015
	Summit Materials Class A †			175,275			5,603,542
							35,007,108
Real Estate – 0.55%
	Compass Class A †			117,466			1,557,599
	Ryman Hospitality Properties †			32,490			2,719,413
							4,277,012
Total Common Stock
	(cost $621,901,791)						749,842,333
Convertible Preferred Stock – 0.04%
	Honest Series D =, †, π			15,249			328,674
Total Convertible Preferred Stock
	(cost $697,718)						328,674
Warrant – 0.00%
	DraftKings strike price $25,
		expiration date
		4/23/25 =, †, π		399			0
Total Warrant
	(cost $0)						0
Short-Term Investments – 3.36%
Money Market Mutual Funds – 3.36%
	BlackRock FedFund –
		Institutional Shares (seven-
		day effective yield 0.03%)		6,542,715			6,542,715
	Fidelity Investments Money
		Market Government Portfolio
		– Class I (seven-day effective
		yield 0.01%)		6,542,716			6,542,716
	GS Financial Square
		Government Fund –
		Institutional Shares (seven-
		day effective yield 0.03%)		6,542,716			6,542,716
	Morgan Stanley Government
		Portfolio – Institutional
		Share Class (seven-day
		effective yield 0.03%)		6,542,715			6,542,715
Total Short-Term Investments
	(cost $26,170,862)						26,170,862
Total Value of
	Securities–99.88%
	(cost $648,770,371)					$	776,341,869

◆	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 September 30, 2021, the aggregate value of restricted securities was $328,674, which represented 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. See Note 8 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			328,674
Total				$	697,718		$	328,674

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

81

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Table of Contents

Schedules of investments
Optimum Small-Mid Cap Value Fund

September 30, 2021 (Unaudited)

				Number of
				shares		Value (US $)
Common Stock – 97.20%
Communication Services – 4.13%
	AMC Networks Class A †			30,800		$	1,434,972
	Cars.com †			56,200			710,930
	Entercom Communications †			206,300			759,184
	Gray Television			65,200			1,487,864
	John Wiley & Sons Class A			135,864			7,093,459
	Lumen Technologies			150,400			1,863,456
	Nexstar Media Group Class A			105,738			16,067,947
	ViacomCBS Class B			37,200			1,469,772
							30,887,584
Consumer Discretionary – 9.15%
	Aaron’s			45,700			1,258,578
	American Axle & Manufacturing
		Holdings †		114,200			1,006,102
	BorgWarner			41,200			1,780,252
	Brunswick			21,300			2,029,251
	Capri Holdings †			15,000			726,150
	Dick’s Sporting Goods			47,100			5,641,167
	Foot Locker			41,900			1,913,154
	Goodyear Tire & Rubber †			70,000			1,239,000
	H&R Block			40,400			1,010,000
	Harley-Davidson			43,800			1,603,518
	Haverty Furniture			43,900			1,479,869
	Helen of Troy †			15,675			3,521,859
	Kohl’s			36,000			1,695,240
	Lear			11,700			1,830,816
	Lithia Motors			36,031			11,423,268
	Malibu Boats Class A †			19,500			1,364,610
	MDC Holdings			54,648			2,553,155
	Modine Manufacturing †			76,800			870,144
	Nordstrom †			28,400			751,180
	ODP †			29,100			1,168,656
	Penske Automotive Group			28,619			2,879,071
	PulteGroup			53,000			2,433,760
	Qurate Retail Series A			97,500			993,525
	Sally Beauty Holdings †			65,000			1,095,250
	Shoe Carnival			400			12,968
	Sleep Number †			14,600			1,364,808
	Smith & Wesson Brands			46,200			959,112
	Sonic Automotive Class A			53,300			2,800,382
	Tenneco Class A †			26,400			376,728
	Toll Brothers			49,500			2,736,855
	Travel + Leisure			12,500			681,625
	Victoria’s Secret & Co. †			57,473			3,175,958
	Whirlpool			19,900			4,056,814
							68,432,825
Consumer Staples – 5.18%
	Energizer Holdings			32,000			1,249,600
	Hostess Brands †			613,671			10,659,465
	Ingles Markets Class A			35,400			2,337,462
	Ingredion			30,700			2,732,607
	J M Smucker			25,500			3,060,765
	Molson Coors Beverage
		Class B		59,000			2,736,420
	Nu Skin Enterprises Class A			16,800			679,896
	Pilgrim’s Pride †			65,900			1,916,372
	Spectrum Brands Holdings			94,554			9,045,981
	Sprouts Farmers Market †			92,100			2,133,957
	Universal			25,300			1,222,749
	Weis Markets			18,500			972,175
							38,747,449
Energy – 3.27%
	Arch Resources †			10,300			955,325
	CNX Resources †			99,550			1,256,321
	DT Midstream			107,470			4,969,413
	HollyFrontier			85,400			2,829,302
	National Energy Services
		Reunited †		118,000			1,477,360
	PDC Energy			10,400			492,856
	Pioneer Natural Resources			31,675			5,274,204
	Southwestern Energy †			230,000			1,274,200
	Viper Energy Partners			210,969			4,609,673
	World Fuel Services			39,900			1,341,438
							24,480,092
Financials – 19.96%
	Ally Financial			91,200			4,655,760
	American Financial Group			27,780			3,495,557
	Annaly Capital Management			209,800			1,766,516
	Apollo Commercial Real Estate
		Finance		77,600			1,150,808
	Ares Capital			85,300			1,734,149
	Associated Banc-Corp			121,500			2,602,530
	Assured Guaranty			34,400			1,610,264
	B Riley Financial			15,900			938,736
	Banco Latinoamericano de
		Comercio Exterior Class E		59,900			1,050,646
	BGC Partners Class A			1,397,800			7,282,538
	Brightsphere Investment Group			23,400			611,442
	Cathay General Bancorp			33,600			1,390,704
	Citizens Financial Group			63,200			2,969,136
	CNA Financial			85,600			3,591,776
	CNO Financial Group			144,200			3,394,468
	Columbia Banking System			236,906			9,000,059
	Customers Bancorp †			58,809			2,529,963
	Essent Group			26,800			1,179,468
	Everest Re Group			6,300			1,579,914
	Federal Agricultural Mortgage
		Class C		15,400			1,671,208
	First American Financial			38,200			2,561,310

82

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Table of Contents

			Number of
			shares		Value (US $)
Common Stock (continued)
Financials (continued)
	First Busey		74,400		$	1,832,472
	First Horizon		200,800			3,271,032
	First Merchants		136,069			5,693,127
	FS KKR Capital		57,750			1,272,810
	Hancock Whitney		31,300			1,474,856
	Hanmi Financial		56,800			1,139,408
	Heritage Insurance Holdings		27,300			185,913
	HomeStreet		39,900			1,641,885
	Hope Bancorp		122,400			1,767,456
	Lazard Class A		37,700			1,726,660
	Lincoln National		33,300			2,289,375
	MGIC Investment		107,200			1,603,712
	New Mountain Finance		95,300			1,268,443
	New Residential Investment		131,300			1,444,300
	Oaktree Specialty Lending		4,294			30,316
	OFG Bancorp		60,700			1,530,854
	OneMain Holdings		33,000			1,825,890
	Pacific Premier Bancorp		151,645			6,284,169
	PacWest Bancorp		464,534			21,052,681
	Preferred Bank		20,500			1,366,940
	Prospect Capital		7,400			56,980
	Radian Group		69,500			1,579,040
	Regions Financial		96,500			2,056,415
	Reinsurance Group of America		17,800			1,980,428
	Santander Consumer USA
	Holdings		31,400			1,309,380
	Starwood Property Trust		506,686			12,368,205
	Synovus Financial		55,900			2,453,451
	Umpqua Holdings		104,200			2,110,050
	Universal Insurance Holdings		41,300			538,552
	Unum Group		75,700			1,897,042
	Victory Capital Holdings
	Class A		39,300			1,375,893
	Voya Financial		25,200			1,547,028
	Zions Bancorp		74,400			4,604,616
						149,346,331
Healthcare – 4.95%
	Catalyst Pharmaceuticals †		207,500			1,099,750
	DaVita †		22,800			2,650,728
	Hill-Rom Holdings		12,180			1,827,000
	Innoviva †		86,900			1,452,099
	Ironwood Pharmaceuticals †		167,200			2,183,632
	Jazz Pharmaceuticals †		24,720			3,218,791
	Lannett †		44,200			132,600
	Ligand Pharmaceuticals †		17,691			2,464,710
	Owens & Minor		49,800			1,558,242
	Quest Diagnostics		11,600			1,685,596
	Select Medical Holdings		54,125			1,957,701
	Syneos Health †		131,392			11,494,172
	United Therapeutics †		15,370			2,836,995
	Universal Health Services
	Class B		17,920			2,479,591
						37,041,607
Industrials – 15.00%
	ABM Industries		22,900			1,030,729
	ACCO Brands		146,000			1,254,140
	Acuity Brands		13,900			2,409,843
	AGCO		19,300			2,364,829
	Alaska Air Group †		24,800			1,453,280
	Allison Transmission Holdings		55,500			1,960,260
	Apogee Enterprises		36,200			1,366,912
	ArcBest		27,300			2,232,321
	Atkore †		114,104			9,917,920
	Atlas Air Worldwide Holdings †		24,100			1,968,488
	BWX Technologies		152,051			8,189,467
	Colfax †		300,537			13,794,648
	CoreCivic †		56,200			500,180
	Covenant Logistics Group †		59,100			1,634,115
	Crane		20,600			1,953,086
	Deluxe		29,800			1,069,522
	Ennis		45,800			863,330
	GXO Logistics †		87,343			6,851,185
	Hawaiian Holdings †		45,300			981,198
	Herman Miller		46,400			1,747,424
	Hillenbrand		31,174			1,329,571
	Huntington Ingalls Industries		12,300			2,374,638
	JetBlue Airways †		84,600			1,293,534
	Kaman		104,600			3,731,082
	KAR Auction Services †		523,245			8,575,985
	ManpowerGroup		26,300			2,847,764
	MasTec †		2,500			215,700
	Moog Class A		24,000			1,829,520
	Oshkosh		24,800			2,538,776
	Owens Corning		22,400			1,915,200
	Primoris Services		66,384			1,625,744
	REV Group		85,200			1,462,032
	Ryder System		4,500			372,195
	Snap-on		9,300			1,943,235
	Textron		16,800			1,172,808
	Timken		37,000			2,420,540
	Trinity Industries		173,271			4,707,773
	Triton International		43,700			2,274,148
	XPO Logistics †		75,872			6,037,894
						112,211,016
Information Technology – 13.76%
	ACI Worldwide †		273,678			8,410,125
	Amdocs		31,400			2,377,294
	Amkor Technology		102,600			2,559,870

83

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Table of Contents

Schedules of investments
Optimum Small-Mid Cap Value Fund

			Number of
			shares		Value (US $)
Common Stock (continued)
Information Technology (continued)
	Arrow Electronics †		18,700		$	2,099,823
	Avaya Holdings †		47,400			938,046
	BM Technologies †		9,050			80,545
	Ciena †		26,900			1,381,315
	Cirrus Logic †		10,400			856,440
	Cognyte Software †		77,625			1,595,194
	CSG Systems International		18,200			877,240
	Diodes †		10,500			951,195
	Ebix		33,273			896,042
	Euronet Worldwide †		44,424			5,654,287
	J2 Global †		136,372			18,631,142
	Jabil		74,000			4,319,380
	Juniper Networks		67,300			1,852,096
	Kimball Electronics †		32,605			840,231
	Methode Electronics		37,800			1,589,490
	NCR †		67,500			2,616,300
	NetApp		32,700			2,935,152
	NETGEAR †		23,600			753,076
	OSI Systems †		3,400			322,320
	Sanmina †		59,300			2,285,422
	Seagate Technology Holdings		17,100			1,411,092
	Silicon Motion Technology ADR		209,113			14,424,615
	SYNNEX		20,400			2,123,640
	Teledyne Technologies †		13,056			5,608,596
	TTM Technologies †		84,100			1,057,137
	Ultra Clean Holdings †		38,400			1,635,840
	Verint Systems †		186,415			8,349,528
	Vishay Precision Group †		35,910			1,248,591
	Western Union		51,400			1,039,308
	Xerox Holdings		61,300			1,236,421
						102,956,793
Materials – 10.70%
	Arconic †		9,000			283,860
	Ashland Global Holdings		104,697			9,330,597
	Axalta Coating Systems †		358,496			10,464,498
	Berry Global Group †		48,200			2,934,416
	Cabot		38,000			1,904,560
	Celanese		14,200			2,139,088
	Chemours		49,500			1,438,470
	Domtar †		7,766			423,558
	Eastman Chemical		19,400			1,954,356
	FMC		131,800			12,067,608
	Greif Class A		34,400			2,222,240
	Huntsman		70,700			2,092,013
	Koppers Holdings †		4,800			150,048
	Mosaic		74,360			2,656,139
	O-I Glass †		59,800			853,346
	Reliance Steel & Aluminum		21,500			3,062,030
	Resolute Forest Products		80,700			960,330
	Schweitzer-Mauduit
	International		32,700			1,133,382
	Silgan Holdings		396,464			15,208,359
	Steel Dynamics		41,800			2,444,464
	Trinseo		22,200			1,198,356
	Tronox Holdings Class A		22,100			544,765
	Valvoline		71,400			2,226,252
	Westrock		48,000			2,391,840
						80,084,575
Real Estate – 9.46%
	American Assets Trust		37,200			1,392,024
	Apple Hospitality REIT		68,979			1,085,040
	Brixmor Property Group		108,900			2,407,779
	CareTrust REIT		57,900			1,176,528
	City Office REIT		137,000			2,446,820
	Franklin Street Properties		93,612			434,360
	Gaming and Leisure Properties		310,133			14,365,360
	Howard Hughes †		84,200			7,393,602
	Industrial Logistics Properties
	Trust		63,789			1,620,878
	Iron Mountain		36,600			1,590,270
	Kite Realty Group Trust		80,900			1,647,124
	Medical Properties Trust		600,388			12,049,787
	National Health Investors		20,100			1,075,350
	Newmark Group Class A		554,560			7,935,754
	Office Properties Income Trust		45,688			1,157,277
	Omega Healthcare Investors		53,300			1,596,868
	Piedmont Office Realty Trust
	Class A		78,300			1,364,769
	Plymouth Industrial REIT		57,000			1,296,750
	Preferred Apartment
	Communities Class A		72,100			881,783
	Retail Properties of America
	Class A		73,900			951,832
	Retail Value		5,741			151,160
	RPT Realty		104,000			1,327,040
	Sabra Health Care REIT		112,200			1,651,584
	Service Properties Trust		104,300			1,169,203
	Summit Hotel Properties †		63,000			606,690
	Tanger Factory Outlet Centers		61,400			1,000,820
	Uniti Group		78,960			976,735
						70,753,187
Utilities – 1.64%
	MDU Resources Group		75,400			2,237,118
	National Fuel Gas		55,200			2,899,104
	NRG Energy		64,400			2,629,452
	UGI		45,200			1,926,424

84

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			Number of
			shares		Value (US $)
Common Stock (continued)
Utilities (continued)
	Vistra		148,900		$	2,546,190
						12,238,288
Total Common Stock
	(cost $580,780,758)					727,179,747
Limited Partnerships – 0.40%
	Rattler Midstream		253,600			2,977,264
Total Limited Partnerships
	(cost $1,679,739)					2,977,264
Short-Term Investments – 2.23%
Money Market Mutual Funds – 2.23%
	BlackRock FedFund –
	Institutional Shares (seven-
	day effective yield 0.03%)		4,176,059			4,176,059
	Fidelity Investments Money
	Market Government Portfolio
	– Class I (seven-day effective
	yield 0.01%)		4,176,058			4,176,058
	GS Financial Square
	Government Fund –
	Institutional Shares (seven-
	day effective yield 0.03%)		4,176,058			4,176,058
	Morgan Stanley Government
	Portfolio – Institutional
	Share Class (seven-day
	effective yield 0.03%)		4,176,059			4,176,059
Total Short-Term Investments
	(cost $16,704,234)					16,704,234
Total Value of
	Securities–99.83%
	(cost $599,164,731)				$	746,861,245

†	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.

85

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Table of Contents

Statements of assets and liabilities
Optimum Fund Trust

September 30, 2021 (Unaudited)

			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*,†		$	3,331,898,620		$	962,772,896		$	2,110,210,170		$	1,931,199,087		$	776,341,869		$	746,861,245
	Cash			2,446,327			10,644,454			82			—			—			—
	Cash collateral due from brokers			5,106,159			—			—			—			—			—
	Foreign currencies, at valueΔ			2,921,510			591,131			192			—			18,602			—
	Receivable for securities sold			368,384,298			1,247,777			2,921,344			5,215,277			5,499,447			3,303,741
	Dividends and interest receivable			13,751,197			1,738,045			246,448			1,950,528			71,895			1,200,207
	Receivable for fund shares sold			6,148,473			1,965,370			4,131,006			4,017,140			1,581,774			1,526,938
	Unrealized appreciation on foreign currency exchange contracts			3,329,725			75			—			—			—			—
	Unrealized appreciation on over the counter credit default swap contracts			1,002,137			—			—			—			—			—
	Swap payments receivable			203,506			—			—			—			—			—
	Variation margin due from HSBC on futures contracts			50,588			—			—			—			—			—
	Variation margin due from CITI on futures contracts			43,458			—			—			—			—			—
	Foreign tax reclaims receivable			—			2,107,641			40,821			417,882			—			—
	Total Assets			3,735,285,998			981,067,389			2,117,550,063			1,942,799,914			783,513,587			752,892,131

86

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		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			1,748,403			—			—			—			—			—
Due to custodian			—			—			—			12,683			14,682			—
Payable for securities purchased			735,517,879			7,559			1,351,984			4,418,678			4,599,210			3,225,022
Payable for fund shares redeemed			2,271,026			806,258			2,355,749			2,079,499			707,355			681,002
Unrealized depreciation on foreign currency exchange contracts			1,484,480			6,048			—			—			—			—
Cash collateral due to brokers			1,203,326			—			—			—			—			—
Investment management fees payable to affiliates			1,202,193			618,017			1,210,539			1,014,375			647,745			557,018
Variation margin due to brokers on centrally cleared credit default swap contracts			578,719			—			—			—			—			—
Dividend disbursing and transfer agent fees and expenses payable to affiliates			443,898			152,050			326,485			291,721			118,302			111,653
Other accrued expenses			405,868			161,544			270,163			206,513			41,312			69,331
Swap payments payable			343,480			—			—			—			—			—
Upfront payments received on over the counter credit default swap contracts			236,133			—			—			—			—			—
Reports and statements to shareholders expenses payable to non-affiliates			188,081			114,045			117,113			120,106			97,766			41,255
Variation margin due to brokers on centrally cleared interest rate swap contracts			178,249			—			—			—			—			—
Administration expenses payable to affiliates			126,614			43,370			93,124			83,208			33,743			31,847
Distribution fees payable to affiliates			75,210			19,999			75,466			63,046			11,913			9,351
Unrealized depreciation on over the counter credit default swap contracts			34,697			—			—			—			—			—
Accounting fees payable to affiliates			15,779			5,621			11,693			10,483			4,446			4,215
Capital gains tax accrued			12,999			548,154			—			—			—			—
Unrealized depreciation on unfunded loan commitments			288			—			—			—			—			—
Trustees’ fees and expenses payable to affiliates			62			21			45			40			16			16
Total Liabilities			746,067,384			2,482,686			5,812,361			8,300,352			6,276,490			4,730,710
Total Net Assets		$	2,989,218,614		$	978,584,703		$	2,111,737,702		$	1,934,499,562		$	777,237,097		$	748,161,421

87

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Statements of assets and liabilities
Optimum Fund Trust

		Optimum				Optimum				Optimum				Optimum				Optimum				Optimum
		Fixed Income				International				Large Cap				Large Cap				Small-Mid Cap				Small-Mid Cap
		Fund				Fund				Growth Fund				Value Fund				Growth Fund				Value Fund
Net Assets Consist of:
Paid-in capital		$	2,891,045,967			$	808,531,189			$	917,656,560			$	1,173,859,409			$	440,111,478			$	560,703,747
Total distributable earnings (loss)			98,172,647				170,053,514				1,194,081,142				760,640,153				337,125,619				187,457,674
Total Net Assets		$	2,989,218,614			$	978,584,703			$	2,111,737,702			$	1,934,499,562			$	777,237,097			$	748,161,421
Net Asset Value
Class A:
Net assets		$	23,647,769			$	7,027,461			$	27,995,462			$	23,462,416			$	4,553,383			$	3,444,563
Shares of beneficial interest outstanding, unlimited authorization, no par			2,398,063				451,621				1,127,580				1,124,850				247,339				225,896
Net asset value per share		$	9.86			$	15.56			$	24.83			$	20.86			$	18.41			$	15.25
Sales charge			4.50	%			5.75	%			5.75	%			5.75	%			5.75	%			5.75	%
Offering price per share, equal to net asset value per share / (1 - sales charge)		$	10.32			$	16.51			$	26.34			$	22.13			$	19.53			$	16.18
Class C:
Net assets		$	83,858,917			$	20,891,455			$	79,153,608			$	67,832,312			$	12,655,979			$	10,154,740
Shares of beneficial interest outstanding, unlimited authorization, no par			8,537,164				1,385,199				4,083,070				3,311,282				927,347				780,849
Net asset value per share		$	9.82			$	15.08			$	19.39			$	20.49			$	13.65			$	13.00
Institutional Class:
Net assets		$	2,881,711,928			$	950,665,787			$	2,004,588,632			$	1,843,204,834			$	760,027,735			$	734,562,118
Shares of beneficial interest outstanding, unlimited authorization, no par			292,209,929				60,546,798				73,153,025				88,031,601				36,532,542				45,058,683
Net asset value per share		$	9.86			$	15.70			$	27.40			$	20.94			$	20.80			$	16.30
____________________
*Investments, at cost		$	3,281,259,440			$	927,206,530			$	1,196,856,260			$	1,310,411,046			$	648,770,371			$	599,164,731
ΔForeign currencies, at cost			2,941,690				594,150				196				—				19,238				—
ΣOptions written, premium received			(1,390,064	)			—				—				—				—				—

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

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Statements of operations
Optimum Fund Trust

Six months ended September 30, 2021 (Unaudited)

		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		$	35,604,297			$	—			$	—			$	2			$	60			$	16
Dividends			16,035				17,795,945				4,779,745				18,711,858				1,615,092				1,977,751
Securities lending income			—				667				—				—				—				—
Foreign tax withheld			(3,161	)			(1,769,045	)			(60,156	)			(69,316	)			(493	)			(1,747	)
			35,617,171				16,027,567				4,719,589				18,642,544				1,614,659				1,976,020
Expenses:
Management fees			7,214,546				3,674,354				7,169,037				6,134,538				3,880,491				3,393,089
Distribution expenses — Class A			30,337				9,464				36,551				30,684				6,009				4,621
Distribution expenses — Class C			432,666				113,755				416,946				357,806				68,664				55,079
Dividend disbursing and transfer agent fees and expenses			2,674,803				913,236				1,923,848				1,760,508				714,205				688,880
Administration expenses			758,536				258,087				544,759				498,338				201,160				194,093
Accounting fees			296,351				113,380				217,594				200,740				92,689				90,122
Reports and statements to shareholders expenses			251,967				135,991				163,329				161,625				114,832				57,553
Trustees’ fees and expenses			147,464				56,840				102,389				97,797				39,468				38,171
Pricing fees			115,450				45,370				1,137				1,411				9,182				1,430
Custodian fees			81,449				145,700				34,577				28,522				18,706				14,367
Professional fees			73,451				39,057				72,393				59,147				31,867				35,295
Registration fees			61,648				62,473				37,553				74,282				39,318				42,552
Insurance fees			31,205				5,916				22,071				17,660				7,118				5,674
Tax services			10,484				25,141				88				125				302				208
Other			14,974				1,559				12,016				13,384				4,614				5,183
			12,195,331				5,600,323				10,754,288				9,436,567				5,228,625				4,626,317
Less expenses waived			—				—				(25,486	)			(19,815	)			(19,264	)			(2,015	)
Less expenses paid indirectly			(155	)			(139	)			(179	)			(176	)			(171	)			(171	)
Total operating expenses			12,195,176				5,600,184				10,728,623				9,416,576				5,209,190				4,624,131
Net Investment Income (Loss)			23,421,995				10,427,383				(6,009,034	)			9,225,968				(3,594,531	)			(2,648,111	)

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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 on: (loss) on:
Investments1		$	14,260,798			$	97,866,821			$	74,695,611			$	48,161,791			$	80,526,356			$	12,728,287
Foreign currencies			665,811				31,484				31,297				(4,620	)			(139	)			—
Foreign currency exchange contracts			521,884				(112,353	)			(32,596	)			(950	)			—				—
Futures contracts			(1,778,060	)			—				—				—				—				—
Options purchased			(653,400	)			—				—				—				—				—
Options written			373,131				—				—				—				—				—
Swap contracts			(572,478)				—				—				—				—				—
Net realized gain			12,817,686				97,785,952				74,694,312				48,156,221				80,526,217				12,728,287
Net change in unrealized appreciation (depreciation) of:
Investments2, 3			13,335,779				(98,401,735	)			134,188,759				49,651,833				(60,960,923	)			5,594,595
Foreign currencies			(150,071	)			7,843				(39	)			2,999				(636	)			—
Foreign currency exchange contracts			1,156,536				(6,700	)			4				—				—				—
Futures contracts			951,081				—				—				—				—				—
Options purchased			341,920				—				—				—				—				—
Options written			(407,843	)			—				—				—				—				—
Swap contracts			242,278				—				—				—				—				—
Net change in unrealized appreciation (depreciation)			15,469,680				(98,400,592	)			134,188,724				49,654,832				(60,961,559	)			5,594,595
Net Realized and Unrealized Gain (Loss)			28,287,366				(614,640	)			208,883,036				97,811,053				19,564,658				18,322,882
Net Increase in Net Assets Resulting from Operations		$	51,709,361			$	9,812,743			$	202,874,002			$	107,037,021			$	15,970,127			$	15,674,771

1	Includes increase of $584,154 capital gains taxes paid for Optimum International Fund.
2	Includes increase of $130,877 capital gains taxes accrued for Optimum International Fund.
3	Includes decrease of $12,999 capital gain taxes accrued for Optimum Fixed Income Fund.

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

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Statements of changes in net assets
Optimum Fund Trust

			Optimum								Optimum
			Fixed Income								International
			Fund								Fund
			Six months								Six months
			ended								ended
			9/30/21					Year ended			9/30/21				Year ended
			(Unaudited)				3/31/21				(Unaudited)				3/31/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income		$	23,421,995			$	46,246,089			$	10,427,383			$	8,018,979
	Net realized gain			12,817,686				62,134,788				97,785,952				25,034,293
	Net change in unrealized appreciation (depreciation)			15,469,680				22,005,406				(98,400,592	)			213,308,348
	Net increase in net assets resulting from operations			51,709,361				130,386,283				9,812,743				246,361,620
Dividends and Distributions to Shareholders from:
	Distributable earnings:
	Class A			—				(1,182,087	)			—				(139,401	)
	Class C			—				(3,495,380	)			—				(288,872	)
	Institutional Class			—				(127,667,475	)			—				(12,652,253	)
				—				(132,344,942	)			—				(13,080,526	)
Capital Share Transactions:
	Proceeds from shares sold:
	Class A			1,195,104				2,166,663				190,399				521,008
	Class C			3,176,487				6,494,263				232,954				1,512,024
	Institutional Class			264,121,773				596,611,343				87,525,071				344,491,714
	Net asset value of shares issued upon reinvestment of dividends and distributions:
	Class A			—				1,181,575				—				139,195
	Class C			—				3,488,865				—				288,146
	Institutional Class			—				127,196,433				—				12,637,812
				268,493,364				737,139,142				87,948,424				359,589,899
Capital Share Transactions:
	Cost of shares redeemed:
	Class A			(2,101,521	)			(4,154,651	)			(751,165	)			(1,059,088	)
	Class C			(6,294,397	)			(10,267,325	)			(1,923,422	)			(2,734,121	)
	Institutional Class			(157,832,265	)			(375,098,517	)			(48,159,645	)			(84,611,754	)
				(166,228,183	)			(389,520,493	)			(50,834,232	)			(88,404,963	)
	Increase in net assets derived from capital share transactions			102,265,181				347,618,649				37,114,192				271,184,936
Net Increase in Net Assets				153,974,542				345,659,990				46,926,935				504,466,030
Net Assets:
	Beginning of period			2,835,244,072				2,489,584,082				931,657,768				427,191,738
	End of period		$	2,989,218,614			$	2,835,244,072			$	978,584,703			$	931,657,768

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Statements of changes in net assets
Optimum Fund Trust

			Optimum								Optimum
			Large Cap								Large Cap
			Growth Fund								Value Fund
			Six months								Six months
			ended								ended
			9/30/21				Year ended				9/30/21				Year ended
			(Unaudited)				3/31/21				(Unaudited)				3/31/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income (loss)		$	(6,009,034	)		$	(8,658,957	)		$	9,225,968			$	20,033,341
	Net realized gain			74,694,312				307,841,231				48,156,221				72,785,306
	Net change in unrealized appreciation (depreciation)			134,188,724				528,954,726				49,654,832				562,232,765
	Net increase in net assets resulting from operations			202,874,002				828,137,000				107,037,021				655,051,412
Dividends and Distributions to Shareholders from:
	Distributable earnings:
	Class A			—				(2,330,191	)			—				(227,116	)
	Class C			—				(8,141,363	)			—				(325,729	)
	Institutional Class			—				(145,275,414	)			—				(20,704,214	)
				—				(155,746,968	)			—				(21,257,059	)
Capital Share Transactions:
	Proceeds from shares sold:
	Class A			758,268				529,522				722,813				1,374,919
	Class C			371,655				913,806				550,646				3,507,516
	Institutional Class			135,335,665				237,257,735				136,627,520				285,934,921
	Net asset value of shares issued upon reinvestment of dividends and distributions:
	Class A			—				2,329,081				—				227,019
	Class C			—				8,119,104				—				324,729
	Institutional Class			—				144,795,123				—				20,646,682
				136,465,588				393,944,371				137,900,979				312,015,786
Capital Share Transactions:
	Cost of shares redeemed:
	Class A			(3,560,426	)			(7,068,584	)			(2,367,623	)			(3,159,329	)
	Class C			(8,353,594	)			(18,345,652	)			(6,276,961	)			(7,822,979	)
	Institutional Class			(147,542,125	)			(587,462,462	)			(120,183,933	)			(401,061,413	)
				(159,456,145	)			(612,876,698	)			(128,828,517	)			(412,043,721	)
	Increase (decrease) in net assets derived from capital share transactions			(22,990,557	)			(218,932,327	)			9,072,462				(100,027,935	)
Net Increase in Net Assets				179,883,445				453,457,705				116,109,483				533,766,418
Net Assets:
	Beginning of period			1,931,854,257				1,478,396,552				1,818,390,079				1,284,623,661
	End of period		$	2,111,737,702			$	1,931,854,257			$	1,934,499,562			$	1,818,390,079

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			Optimum								Optimum
			Small-Mid Cap								Small-Mid Cap
			Growth Fund								Value Fund
			Six months								Six months
			ended								ended
			9/30/21				Year ended				9/30/21				Year ended
			(Unaudited)				3/31/21				(Unaudited)				3/31/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income (loss)		$	(3,594,531	)		$	(6,022,712	)		$	(2,648,111	)		$	10,131,162
	Net realized gain			80,526,217				217,906,476				12,728,287				46,112,806
	Net change in unrealized appreciation (depreciation)			(60,961,559	)			224,979,499				5,594,595				279,835,046
	Net increase in net assets resulting from operations			15,970,127				436,863,263				15,674,771				336,079,014
Dividends and Distributions to Shareholders from:
	Distributable earnings:
	Class A			—				(794,941	)			—				(134,611	)
	Class C			—				(2,933,106	)			—				(421,984	)
	Institutional Class			—				(95,066,679	)			—				(23,951,424	)
				—				(98,794,726	)			—				(24,508,019	)
Capital Share Transactions:
	Proceeds from shares sold:
	Class A			123,445				92,640				118,691				520,361
	Class C			86,132				157,088				84,868				1,367,421
	Institutional Class			59,638,733				156,669,492				63,056,524				128,890,149
	Net asset value of shares issued upon reinvestment of dividends and distributions:
	Class A			—				793,823				—				134,484
	Class C			—				2,929,999				—				420,931
	Institutional Class			—				94,747,412				—				23,930,685
				59,848,310				255,390,454				63,260,083				155,264,031
Capital Share Transactions:
	Cost of shares redeemed:
	Class A			(695,297	)			(1,566,133	)			(526,170	)			(540,067	)
	Class C			(2,064,484	)			(4,487,246	)			(1,517,012	)			(1,519,315	)
	Institutional Class			(52,337,189	)			(249,624,233	)			(45,446,635	)			(122,727,590	)
				(55,096,970	)			(255,677,612	)			(47,489,817	)			(124,786,972	)
	Increase (decrease) in net assets derived from capital share transactions			4,751,340				(287,158	)			15,770,266				30,477,059
Net Increase in Net Assets				20,721,467				337,781,379				31,445,037				342,048,054
Net Assets:
	Beginning of period			756,515,630				418,734,251				716,716,384				374,668,330
	End of period		$	777,237,097			$	756,515,630			$	748,161,421			$	716,716,384

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

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Financial highlights
Optimum Fixed Income Fund Class A

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

		Six months
		ended
		9/30/211				Year ended
		(Unaudited)				3/31/21				3/31/20				3/31/19				3/31/18				3/31/17
Net asset value, beginning of period		$	9.70			$	9.67			$	9.46			$	9.35			$	9.39			$	9.37
Income (loss) from investment operations:
Net investment income2			0.07				0.15				0.21				0.23				0.22				0.20
Net realized and unrealized gain (loss)			0.09				0.37				0.29				0.08				(0.05	)			—	3
Total from investment operations			0.16				0.52				0.50				0.31				0.17				0.20
Less dividends and distributions from:
Net investment income			—				(0.15	)			(0.23	)			(0.20	)			(0.21	)			(0.18	)
Net realized gain			—				(0.34	)			(0.06	)			—				—				—
Total dividends and distributions			—				(0.49	)			(0.29	)			(0.20	)			(0.21	)			(0.18	)
Net asset value, end of period		$	9.86			$	9.70			$	9.67			$	9.46			$	9.35			$	9.39
Total return4			1.65%				5.21%				5.24%	5			3.37%				1.81%				2.03%	6
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	23,648			$	24,142			$	24,827			$	26,613			$	30,150			$	33,838
Ratio of expenses to average net assets7			1.05%				1.06%				1.07%				1.08%				1.10%				1.17%
Ratio of expenses to average net assets prior to
fees waived7			1.05%				1.06%				1.07%				1.08%				1.10%				1.18%
Ratio of net investment income to average net
assets			1.37%				1.52%				2.11%				2.43%				2.29%				2.12%
Ratio of net investment income to average net
assets prior to fees waived			1.37%				1.52%				2.11%				2.43%				2.29%				2.11%
Portfolio turnover			118%	8			217%	8			361%	8			453%				403%				419%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Amount is less than $0.005 per share.
4	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.
5	General Motors term loan litigation were included in total return. If excluded, the impact on the total return would be 0.04% lower. See Note 10 in “Notes to financial statements.”
6	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
7	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
8	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.

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Optimum Fixed Income Fund Class C

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

		Six months
		ended
		9/30/211				Year ended
		(Unaudited)				3/31/21				3/31/20				3/31/19				3/31/18				3/31/17
Net asset value, beginning of period			$	9.69		$	9.67			$	9.45			$	9.34			$	9.38			$	9.37
Income (loss) from investment operations:
Net investment income2				0.03			0.08				0.13				0.16				0.15				0.13
Net realized and unrealized gain (loss)				0.10			0.35				0.30				0.07				(0.05	)			(0.01	)
Total from investment operations				0.13			0.43				0.43				0.23				0.10				0.12
Less dividends and distributions from:
Net investment income				—			(0.07	)			(0.15	)			(0.12	)			(0.14	)			(0.11	)
Net realized gain				—			(0.34	)			(0.06	)			—				—				—
Total dividends and distributions				—			(0.41	)			(0.21	)			(0.12	)			(0.14	)			(0.11	)
Net asset value, end of period			$	9.82		$	9.69			$	9.67			$	9.45			$	9.34			$	9.38
Total return3				1.34%			4.30%				4.55%	4			2.52%				1.06%				1.27%	5
Ratios and supplemental data:
Net assets, end of period (000 omitted)			$	83,859		$	85,821			$	85,853			$	92,295			$	105,194			$	124,024
Ratio of expenses to average net assets6				1.80%			1.81%				1.82%				1.83%				1.85%				1.92%
Ratio of expenses to average net assets prior to
fees waived6				1.80%			1.81%				1.82%				1.83%				1.85%				1.93%
Ratio of net investment income to average net
assets				0.62%			0.77%				1.36%				1.68%				1.54%				1.37%
Ratio of net investment income to average net
assets prior to fees waived				0.62%			0.77%				1.36%				1.68%				1.54%				1.36%
Portfolio turnover				118%	7		217%	7			361%	7			453%				403%				419%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
4	General Motors term loan litigation were included in total return. If excluded, the impact on the total return would be 0.04% lower. See Note 10 in “Notes to financial statements.”
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
7	The Fund accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

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

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Financial highlights
Optimum Fixed Income Fund Institutional Class

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

		Six months
		ended
		9/30/211				Year ended
		(Unaudited)				3/31/21				3/31/20				3/31/19				3/31/18				3/31/17
Net asset value, beginning of period		$	9.68			$	9.66			$	9.45			$	9.34			$	9.39			$	9.37
Income (loss) from investment operations:
Net investment income2			0.08				0.18				0.23				0.25				0.24				0.23
Net realized and unrealized gain (loss)			0.10				0.36				0.29				0.08				(0.05	)			(0.01	)
Total from investment operations			0.18				0.54				0.52				0.33				0.19				0.22
Less dividends and distributions from:
Net investment income			—				(0.18	)			(0.25	)			(0.22	)			(0.24	)			(0.20	)
Net realized gain			—				(0.34	)			(0.06	)			—				—				—
Total dividends and distributions			—				(0.52	)			(0.31	)			(0.22	)			(0.24	)			(0.20	)
Net asset value, end of period		$	9.86			$	9.68			$	9.66			$	9.45			$	9.34			$	9.39
Total return3			1.86%				5.37%				5.52%	4			3.65%				1.96%				2.40%	5
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	2,881,712			$	2,725,281			$	2,378,904			$	2,249,912			$	1,882,394			$	1,725,289
Ratio of expenses to average net assets6			0.80%				0.81%				0.82%				0.83%				0.85%				0.92%
Ratio of expenses to average net assets prior to
fees waived6			0.80%				0.81%				0.82%				0.83%				0.85%				0.93%
Ratio of net investment income to average net
assets			1.62%				1.77%				2.36%				2.68%				2.54%				2.37%
Ratio of net investment income to average net
assets prior to fees waived			1.62%				1.77%				2.36%				2.68%				2.54%				2.36%
Portfolio turnover			118%	7			217%	7			361%	7			453%				403%				419%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
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.
4	General Motors term loan litigation were included in total return. If excluded, the impact on the total return would be 0.04% lower. See Note 10 in “Notes to financial statements.”
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
7	The Fund accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

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

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Optimum International Fund Class A

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

		Six months
		ended
		9/30/211					Year ended
		(Unaudited)					3/31/21				3/31/20				3/31/19				3/31/18				3/31/17
Net asset value, beginning of period				$	15.40		$	9.93			$	12.59			$	14.42			$	12.27			$	10.95
Income (loss) from investment operations:
Net investment income2					0.15			0.16				0.20				0.17				0.12				0.11
Net realized and unrealized gain (loss)					0.01			5.59				(2.61	)			(1.00	)			2.29				1.31
Total from investment operations					0.16			5.75				(2.41	)			(0.83	)			2.41				1.42
Less dividends and distributions from:
Net investment income					—			(0.12	)			(0.21	)			(0.18	)			(0.11	)			(0.10	)
Net realized gain					—			(0.16	)			(0.04	)			(0.82	)			(0.15	)			—
Total dividends and distributions					—			(0.28	)			(0.25	)			(1.00	)			(0.26	)			(0.10	)
Net asset value, end of period				$	15.56		$	15.40			$	9.93			$	12.59			$	14.42			$	12.27
Total return3					1.04%			58.20%	4			(19.62%	)4			(5.33%	)			19.74%	4			13.08%
Ratios and supplemental data:
Net assets, end of period (000 omitted)				$	7,027		$	7,494			$	5,121			$	7,275			$	8,704			$	8,680
Ratio of expenses to average net assets5					1.34%			1.34%				1.37%				1.37%				1.36%				1.48%
Ratio of expenses to average net assets prior to
fees waived5					1.34%			1.35%				1.39%				1.37%				1.36%				1.48%
Ratio of net investment income to average net
assets					1.86%			1.21%				1.62%				1.30%				0.90%				0.93%
Ratio of net investment income to average net
assets prior to fees waived					1.86%			1.20%				1.60%				1.30%				0.90%				0.93%
Portfolio turnover					75%			71%				51%				63%				52%				68%

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

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

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Table of Contents

Financial highlights
Optimum International Fund Class C

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

		Six months
		ended
		9/30/211				Year ended
		(Unaudited)				3/31/21				3/31/20				3/31/19				3/31/18				3/31/17
Net asset value, beginning of period			$	14.98		$	9.68			$	12.27			$	14.06			$	11.98			$	10.69
Income (loss) from investment operations:
Net investment income2				0.09			0.06				0.11				0.07				0.02				0.02
Net realized and unrealized gain (loss)				0.01			5.43				(2.54	)			(0.98	)			2.23				1.30
Total from investment operations				0.10			5.49				(2.43	)			(0.91	)			2.25				1.32
Less dividends and distributions from:
Net investment income				—			(0.03	)			(0.12	)			(0.06	)			(0.02	)			(0.03	)
Net realized gain				—			(0.16	)			(0.04	)			(0.82	)			(0.15	)			—
Total dividends and distributions				—			(0.19	)			(0.16	)			(0.88	)			(0.17	)			(0.03	)
Net asset value, end of period			$	15.08		$	14.98			$	9.68			$	12.27			$	14.06			$	11.98
Total return3				0.67%			56.92%	4			(20.16%	)4			(6.07%	)			18.82%	4			12.32%
Ratios and supplemental data:
Net assets, end of period (000 omitted)			$	20,892		$	22,367			$	15,138			$	21,763			$	28,046			$	29,544
Ratio of expenses to average net assets5				2.09%			2.09%				2.12%				2.12%				2.11%				2.23%
Ratio of expenses to average net assets prior to
fees waived5				2.09%			2.10%				2.14%				2.12%				2.11%				2.23%
Ratio of net investment income to average net
assets				1.11%			0.46%				0.87%				0.55%				0.15%				0.18%
Ratio of net investment income to average net
assets prior to fees waived				1.11%			0.45%				0.85%				0.55%				0.15%				0.18%
Portfolio turnover				75%			71%				51%				63%				52%				68%

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

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

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Table of Contents

Optimum International Fund Institutional Class

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

		Six months
		ended
		9/30/211			Year ended
		(Unaudited)			3/31/21				3/31/20				3/31/19				3/31/18				3/31/17
Net asset value, beginning of period		$	15.52		$	10.00			$	12.68			$	14.52			$	12.35			$	11.02
Income (loss) from investment operations:
Net investment income2			0.17			0.19				0.24				0.21				0.16				0.14
Net realized and unrealized gain (loss)			0.01			5.64				(2.63	)			(1.02	)			2.31				1.32
Total from investment operations			0.18			5.83				(2.39	)			(0.81	)			2.47				1.46
Less dividends and distributions from:
Net investment income			—			(0.15	)			(0.25	)			(0.21	)			(0.15	)			(0.13	)
Net realized gain			—			(0.16	)			(0.04	)			(0.82	)			(0.15	)			—
Total dividends and distributions			—			(0.31	)			(0.29	)			(1.03	)			(0.30	)			(0.13	)
Net asset value, end of period		$	15.70		$	15.52			$	10.00			$	12.68			$	14.52			$	12.35
Total return3			1.16%			58.64%	4			(19.44%	)4			(5.09%	)			20.05%	4			13.36%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	950,666		$	901,797			$	406,933			$	524,925			$	629,934			$	525,431
Ratio of expenses to average net assets5			1.09%			1.09%				1.12%				1.12%				1.11%				1.23%
Ratio of expenses to average net assets prior to
fees waived5			1.09%			1.10%				1.14%				1.12%				1.11%				1.23%
Ratio of net investment income to average net
assets			2.11%			1.46%				1.87%				1.55%				1.15%				1.18%
Ratio of net investment income to average net
assets prior to fees waived			2.11%			1.45%				1.85%				1.55%				1.15%				1.18%
Portfolio turnover			75%			71%				51%				63%				52%				68%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
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.
4	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

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Table of Contents

Financial highlights
Optimum Large Cap Growth Fund Class A

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

		Six months
		ended
		9/30/211				Year ended
		(Unaudited)				3/31/21				3/31/20				3/31/19				3/31/18				3/31/17
Net asset value, beginning of period		$	22.49			$	15.51			$	16.70			$	17.22			$	16.84			$	14.97
Income (loss) from investment operations:
Net investment loss2			(0.10	)			(0.14	)			(0.07	)			(0.03	)			(0.06	)			(0.06	)
Net realized and unrealized gain (loss)			2.44				9.03				(0.53	)			1.82				3.70				2.52
Total from investment operations			2.34				8.89				(0.60	)			1.79				3.64				2.46
Less dividends and distributions from:
Net realized gain			—				(1.91	)			(0.59	)			(2.31	)			(3.26	)			(0.59	)
Total dividends and distributions			—				(1.91	)			(0.59	)			(2.31	)			(3.26	)			(0.59	)
Net asset value, end of period		$	24.83			$	22.49			$	15.51			$	16.70			$	17.22			$	16.84
Total return3			10.40%				57.75%				(4.03%	)			11.60%				22.17%	4			16.83%	4
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	27,995			$	27,906			$	22,363			$	29,605			$	32,254			$	32,215
Ratio of expenses to average net assets5			1.22%				1.23%				1.24%				1.25%				1.26%				1.35%
Ratio of expenses to average net assets prior to
fees waived5			1.22%				1.23%				1.24%				1.25%				1.26%				1.38%
Ratio of net investment loss to average net assets			(0.77%	)			(0.65%	)			(0.38%	)			(0.19%	)			(0.31%	)			(0.35%	)
Ratio of net investment loss to average net assets
prior to fees waived			(0.77%	)			(0.65%	)			(0.38%	)			(0.19%	)			(0.31%	)			(0.38%	)
Portfolio turnover			9%				27%				29%				25%				77%	6			52%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
4	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
6	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.

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Table of Contents

Optimum Large Cap Growth Fund Class C

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

		Six months
		ended
		9/30/211				Year ended
		(Unaudited)				3/31/21				3/31/20				3/31/19				3/31/18				3/31/17
Net asset value, beginning of period		$	17.63			$	12.52			$	13.68			$	14.62			$	14.81			$	13.34
Income (loss) from investment operations:
Net investment loss2			(0.15	)			(0.24	)			(0.16	)			(0.14	)			(0.17	)			(0.15	)
Net realized and unrealized gain (loss)			1.91				7.26				(0.41	)			1.51				3.24				2.21
Total from investment operations			1.76				7.02				(0.57	)			1.37				3.07				2.06
Less dividends and distributions from:
Net realized gain			—				(1.91	)			(0.59	)			(2.31	)			(3.26	)			(0.59	)
Total dividends and distributions			—				(1.91	)			(0.59	)			(2.31	)			(3.26	)			(0.59	)
Net asset value, end of period		$	19.39			$	17.63			$	12.52			$	13.68			$	14.62			$	14.81
Total return3			9.98%				56.56%				(4.71%	)			10.74%				21.30%	4			15.88%	4
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	79,154			$	79,209			$	63,237			$	83,010			$	97,658			$	105,082
Ratio of expenses to average net assets5			1.97%				1.98%				1.99%				2.00%				2.01%				2.10%
Ratio of expenses to average net assets prior to
fees waived5			1.97%				1.98%				1.99%				2.00%				2.01%				2.13%
Ratio of net investment loss to average net assets			(1.52%	)			(1.40%	)			(1.13%	)			(0.94%	)			(1.06%	)			(1.10%	)
Ratio of net investment loss to average net assets
prior to fees waived			(1.52%	)			(1.40%	)			(1.13%	)			(0.94%	)			(1.06%	)			(1.13%	)
Portfolio turnover			9%				27%				29%				25%				77%	6			52%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
4	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
6	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.

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Table of Contents

Financial highlights
Optimum Large Cap Growth Fund Institutional Class

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

		Six months
		ended
		9/30/211				Year ended
		(Unaudited)				3/31/21				3/31/20				3/31/19				3/31/18				3/31/17
Net asset value, beginning of period		$	24.79			$	16.93			$	18.13			$	18.46			$	17.81			$	15.76
Income (loss) from investment operations:
Net investment income (loss)2			(0.07	)			(0.09	)			(0.02	)			0.01				(0.01	)			(0.02	)
Net realized and unrealized gain (loss)			2.68				9.86				(0.59	)			1.97				3.92				2.66
Total from investment operations			2.61				9.77				(0.61	)			1.98				3.91				2.64
Less dividends and distributions from:
Net realized gain			—				(1.91	)			(0.59	)			(2.31	)			(3.26	)			(0.59	)
Total dividends and distributions			—				(1.91	)			(0.59	)			(2.31	)			(3.26	)			(0.59	)
Net asset value, end of period		$	27.40			$	24.79			$	16.93			$	18.13			$	18.46			$	17.81
Total return3			10.53%				58.11%				(3.77%	)			11.86%				22.50%	4			17.14%	4
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	2,004,589			$	1,824,739			$	1,392,797			$	1,563,552			$	1,610,343			$	1,348,419
Ratio of expenses to average net assets5			0.97%				0.98%				0.99%				1.00%				1.01%				1.10%
Ratio of expenses to average net assets prior to fees waived5			0.97%				0.98%				0.99%				1.00%				1.01%				1.13%
Ratio of net investment income (loss) to average net assets			(0.52%	)			(0.40%	)			(0.13%	)			0.06%				(0.06%	)			(0.10%	)
Ratio of net investment income (loss) to average net assets prior to fees waived			(0.52%	)			(0.40%	)			(0.13%	)			0.06%				(0.06%	)			(0.13%	)
Portfolio turnover			9%				27%				29%				25%				77%	6			52%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
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.
4	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
6	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.

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Table of Contents

Optimum Large Cap Value Fund Class A

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

		Six months
		ended
		9/30/211			Year ended
		(Unaudited)			3/31/21				3/31/20				3/31/19				3/31/18				3/31/17
Net asset value, beginning of period		$	19.72		$	13.22			$	15.83			$	15.89			$	15.42			$	15.13
Income (loss) from investment operations:
Net investment income2			0.08			0.17				0.20				0.19				0.17				0.17
Net realized and unrealized gain (loss)			1.06			6.52				(2.37	)			0.38				1.19				2.04
Total from investment operations			1.14			6.69				(2.17	)			0.57				1.36				2.21
Less dividends and distributions from:
Net investment income			—			(0.10	)			(0.20	)			(0.18	)			(0.16	)			(0.18	)
Net realized gain			—			(0.09	)			(0.24	)			(0.45	)			(0.73	)			(1.74	)
Total dividends and distributions			—			(0.19	)			(0.44	)			(0.63	)			(0.89	)			(1.92	)
Net asset value, end of period		$	20.86		$	19.72			$	13.22			$	15.83			$	15.89			$	15.42
Total return3			5.78%			50.73%				(14.37%	)			3.79%				8.68%				14.99%	4
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	23,463		$	23,730			$	17,123			$	23,742			$	26,448			$	28,739
Ratio of expenses to average net assets5			1.18%			1.19%				1.20%				1.20%				1.21%				1.33%
Ratio of expenses to average net assets prior to
fees waived5			1.18%			1.19%				1.20%				1.20%				1.21%				1.34%
Ratio of net investment income to average net
assets			0.74%			1.04%				1.19%				1.23%				1.05%				1.06%
Ratio of net investment income to average net
assets prior to fees waived			0.74%			1.04%				1.19%				1.23%				1.05%				1.05%
Portfolio turnover			6%			20%				23%				22%				25%				82%	6

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

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

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Table of Contents

Financial highlights
Optimum Large Cap Value Fund Class C

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

		Six months
		ended
		9/30/211				Year ended
		(Unaudited)				3/31/21				3/31/20				3/31/19				3/31/18				3/31/17
Net asset value, beginning of period		$	19.44			$	13.06			$	15.65			$	15.69			$	15.25			$	14.99
Income (loss) from investment operations:
Net investment income (loss)2			—	3			0.05				0.07				0.07				0.05				0.05
Net realized and unrealized gain (loss)			1.05				6.42				(2.35	)			0.38				1.17				2.01
Total from investment operations			1.05				6.47				(2.28	)			0.45				1.22				2.06
Less dividends and distributions from:
Net investment income			—				—				(0.07	)			(0.04	)			(0.05	)			(0.06	)
Net realized gain			—				(0.09	)			(0.24	)			(0.45	)			(0.73	)			(1.74	)
Total dividends and distributions			—				(0.09	)			(0.31	)			(0.49	)			(0.78	)			(1.80	)
Net asset value, end of period		$	20.49			$	19.44			$	13.06			$	15.65			$	15.69			$	15.25
Total return4			5.40%				49.61%				(15.04%	)			3.05%				7.82%				14.13%	5
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	67,832			$	69,778			$	50,036			$	69,415			$	82,610			$	95,495
Ratio of expenses to average net assets6			1.93%				1.94%				1.95%				1.95%				1.96%				2.08%
Ratio of expenses to average net assets prior to
fees waived6			1.93%				1.94%				1.95%				1.95%				1.96%				2.09%
Ratio of net investment income (loss) to average
net assets			(0.01%	)			0.29%				0.44%				0.48%				0.30%				0.31%
Ratio of net investment income (loss) to average
net assets prior to fees waived			(0.01%	)			0.29%				0.44%				0.48%				0.30%				0.30%
Portfolio turnover			6%				20%				23%				22%				25%				82%	7

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Amount is less than $(0.005) per share.
4	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.
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
7	As a result of Rothschild & Co replacing Herndon Capital Management, LLC as one of the sub-advisors to Optimum Large Cap Value Fund during the Fund’s fiscal year ending March 31, 2017, the Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2017.

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

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Optimum Large Cap Value Fund Institutional Class

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

		Six months
		ended
		9/30/211			Year ended
		(Unaudited)			3/31/21				3/31/20				3/31/19				3/31/18				3/31/17
Net asset value, beginning of period		$	19.77		$	13.25			$	15.87			$	15.93			$	15.46			$	15.16
Income (loss) from investment operations:
Net investment income2			0.10			0.21				0.24				0.23				0.21				0.20
Net realized and unrealized gain (loss)			1.07			6.54				(2.38	)			0.38				1.19				2.06
Total from investment operations			1.17			6.75				(2.14	)			0.61				1.40				2.26
Less dividends and distributions from:
Net investment income			—			(0.14	)			(0.24	)			(0.22	)			(0.20	)			(0.22	)
Net realized gain			—			(0.09	)			(0.24	)			(0.45	)			(0.73	)			(1.74	)
Total dividends and distributions			—			(0.23	)			(0.48	)			(0.67	)			(0.93	)			(1.96	)
Net asset value, end of period		$	20.94		$	19.77			$	13.25			$	15.87			$	15.93			$	15.46
Total return3			5.92%			51.11%				(14.19%	)			4.08%				8.90%				15.30%	4
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	1,843,205		$	1,724,882			$	1,217,465			$	1,474,723			$	1,372,505			$	1,217,722
Ratio of expenses to average net assets5			0.93%			0.94%				0.95%				0.95%				0.96%				1.08%
Ratio of expenses to average net assets prior to fees waived5			0.93%			0.94%				0.95%				0.95%				0.96%				1.09%
Ratio of net investment income to average net assets			0.99%			1.29%				1.44%				1.48%				1.30%				1.31%
Ratio of net investment income to average net assets prior to fees waived			0.99%			1.29%				1.44%				1.48%				1.30%				1.30%
Portfolio turnover			6%			20%				23%				22%				25%				82%	6

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
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.
4	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
6	As a result of Rothschild & Co replacing Herndon Capital Management, LLC as one of the sub-advisors to Optimum Large Cap Value Fund during the Fund’s fiscal year ending March 31, 2017, the Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2017.

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

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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:

		Six months
		ended
		9/30/211				Year ended
		(Unaudited)				3/31/21				3/31/20				3/31/19				3/31/18				3/31/17
Net asset value, beginning of period		$	18.05			$	10.17			$	13.43			$	15.51			$	13.31			$	10.95
Income (loss) from investment operations:
Net investment loss2			(0.11	)			(0.18	)			(0.15	)			(0.17	)			(0.16	)			(0.14	)
Net realized and unrealized gain (loss)			0.47				10.98				(1.77	)			1.20				3.03				2.50
Total from investment operations			0.36				10.80				(1.92	)			1.03				2.87				2.36
Less dividends and distributions from:
Net realized gain			—				(2.92	)			(1.34	)			(3.11	)			(0.67	)			—
Total dividends and distributions			—				(2.92	)			(1.34	)			(3.11	)			(0.67	)			—
Net asset value, end of period		$	18.41			$	18.05			$	10.17			$	13.43			$	15.51			$	13.31
Total return3			2.00%				109.54%				(16.32%	)			8.69%				21.88%				21.55%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	4,553			$	5,016			$	3,241			$	4,788			$	5,414			$	5,293
Ratio of expenses to average net assets4			1.56%				1.56%				1.54%				1.54%				1.55%				1.58%
Ratio of expenses to average net assets prior to
fees waived4			1.56%				1.58%				1.63%				1.65%				1.63%				1.79%
Ratio of net investment loss to average net assets			(1.15%	)			(1.18%	)			(1.11%	)			(1.11%	)			(1.07%	)			(1.16%	)
Ratio of net investment loss to average net assets
prior to fees waived			(1.15%	)			(1.20%	)			(1.20%	)			(1.22%	)			(1.15%	)			(1.37%	)
Portfolio turnover			53%				111%				93%				82%				89%				180%	5

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
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 Peregrine Capital Management, LLC and Columbus Circle Investors replacing Columbia Wanger Asset Management and Wellington Management as the sub-advisors to Optimum Small-Mid Cap Growth Fund during the Fund’s fiscal year ending March 31, 2017, the Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2017.

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

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Optimum Small-Mid Cap Growth Fund Class C

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

		Six months
		ended
		9/30/211				Year ended
		(Unaudited)				3/31/21				3/31/20				3/31/19				3/31/18				3/31/17
Net asset value, beginning of period		$	13.43			$	8.02			$	10.94			$	13.32			$	11.59			$	9.61
Income (loss) from investment operations:
Net investment loss2			(0.13	)			(0.23	)			(0.20	)			(0.24	)			(0.23	)			(0.20	)
Net realized and unrealized gain (loss)			0.35				8.56				(1.38	)			0.97				2.63				2.18
Total from investment operations			0.22				8.33				(1.58	)			0.73				2.40				1.98
Less dividends and distributions from:
Net realized gain			—				(2.92	)			(1.34	)			(3.11	)			(0.67	)			—
Total dividends and distributions			—				(2.92	)			(1.34	)			(3.11	)			(0.67	)			—
Net asset value, end of period		$	13.65			$	13.43			$	8.02			$	10.94			$	13.32			$	11.59
Total return3			1.64%				108.02%				(16.95%	)			7.81%				21.06%				20.60%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	12,656			$	14,372			$	9,353			$	13,510			$	15,925			$	16,668
Ratio of expenses to average net assets4			2.31%				2.31%				2.29%				2.29%				2.30%				2.33%
Ratio of expenses to average net assets prior to
fees waived4			2.31%				2.33%				2.38%				2.40%				2.38%				2.54%
Ratio of net investment loss to average net assets			(1.90%	)			(1.93%	)			(1.86%	)			(1.86%	)			(1.82%	)			(1.91%	)
Ratio of net investment loss to average net assets
prior to fees waived			(1.90%	)			(1.95%	)			(1.95%	)			(1.97%	)			(1.90%	)			(2.12%	)
Portfolio turnover			53%				111%				93%				82%				89%				180%	5

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
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 Peregrine Capital Management, LLC and Columbus Circle Investors replacing Columbia Wanger Asset Management and Wellington Management as the sub-advisors to Optimum Small-Mid Cap Growth Fund during the Fund’s fiscal year ending March 31, 2017, the Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2017.

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

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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:

		Six months
		ended
		9/30/211				Year ended
		(Unaudited)				3/31/21				3/31/20				3/31/19				3/31/18				3/31/17
Net asset value, beginning of period		$	20.37			$	11.25			$	14.69			$	16.63			$	14.19			$	11.65
Income (loss) from investment operations:
Net investment loss2			(0.09	)			(0.16	)			(0.12	)			(0.14	)			(0.13	)			(0.12	)
Net realized and unrealized gain (loss)			0.52				12.20				(1.98	)			1.31				3.24				2.66
Total from investment operations			0.43				12.04				(2.10	)			1.17				3.11				2.54
Less dividends and distributions from:
Net realized gain			—				(2.92	)			(1.34	)			(3.11	)			(0.67	)			—
Total dividends and distributions			—				(2.92	)			(1.34	)			(3.11	)			(0.67	)			—
Net asset value, end of period		$	20.80			$	20.37			$	11.25			$	14.69			$	16.63			$	14.19
Total return3			2.11%				110.06%				(16.14%	)			8.97%				22.22%				21.80%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	760,028			$	737,128			$	406,140			$	494,476			$	494,894			$	420,279
Ratio of expenses to average net assets4			1.31%				1.31%				1.29%				1.29%				1.30%				1.33%
Ratio of expenses to average net assets prior to
fees waived4			1.31%				1.33%				1.38%				1.40%				1.38%				1.54%
Ratio of net investment loss to average net assets			(0.90%	)			(0.93%	)			(0.86%	)			(0.86%	)			(0.82%	)			(0.91%	)
Ratio of net investment loss to average net assets
prior to fees waived			(0.90%	)			(0.95%	)			(0.95%	)			(0.97%	)			(0.90%	)			(1.12%	)
Portfolio turnover			53%				111%				93%				82%				89%				180%	5

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
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. 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 Peregrine Capital Management, LLC and Columbus Circle Investors replacing Columbia Wanger Asset Management and Wellington Management as the sub-advisors to Optimum Small-Mid Cap Growth Fund during the Fund’s fiscal year ending March 31, 2017, the Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2017.

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

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Optimum Small-Mid Cap Value Fund Class A

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

		Six months
		ended
		9/30/211				Year ended
		(Unaudited)				3/31/21				3/31/20				3/31/19				3/31/18				3/31/17
Net asset value, beginning of period		$	14.93			$	8.36			$	12.14			$	13.66			$	13.77			$	11.53
Income (loss) from investment operations:
Net investment income (loss)2			(0.07	)			0.19				0.10				0.11				0.06				0.08
Net realized and unrealized gain (loss)			0.39				6.92				(3.50	)			(0.69	)			0.59				2.21
Total from investment operations			0.32				7.11				(3.40	)			(0.58	)			0.65				2.29
Less dividends and distributions from:
Net investment income			—				(0.09	)			(0.11	)			(0.06	)			(0.07	)			(0.05	)
Net realized gain			—				(0.45	)			(0.27	)			(0.88	)			(0.69	)			—
Total dividends and distributions			—				(0.54	)			(0.38	)			(0.94	)			(0.76	)			(0.05	)
Net asset value, end of period		$	15.25			$	14.93			$	8.36			$	12.14			$	13.66			$	13.77
Total return3			2.14%				86.21%				(29.10%	)			(3.83%	)			4.59%				19.84%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	3,444			$	3,765			$	1,970			$	3,266			$	3,856			$	4,279
Ratio of expenses to average net assets4			1.46%				1.49%				1.47%				1.46%				1.48%				1.51%
Ratio of expenses to average net assets prior to
fees waived4			1.46%				1.50%				1.52%				1.54%				1.54%				1.71%
Ratio of net investment income (loss) to average
net assets			(0.94%	)			1.65%				0.79%				0.87%				0.40%				0.64%
Ratio of net investment income (loss) to average
net assets prior to fees waived			(0.94%	)			1.64%				0.74%				0.79%				0.34%				0.44%
Portfolio turnover			7%				85%	5			33%				32%				31%				30%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
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.

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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:

		Six months
		ended
		9/30/211				Year ended
		(Unaudited)				3/31/21				3/31/20				3/31/19				3/31/18				3/31/17
Net asset value, beginning of period		$	12.78			$	7.22			$	10.54			$	12.01			$	12.21			$	10.27
Income (loss) from investment operations:
Net investment income (loss)2			(0.11	)			0.09				—3				0.01				(0.04	)			(0.01	)
Net realized and unrealized gain (loss)			0.33				5.94				(3.02	)			(0.60	)			0.53				1.95
Total from investment operations			0.22				6.03				(3.02	)			(0.59	)			0.49				1.94
Less dividends and distributions from:
Net investment income			—				(0.02	)			(0.03	)			—				—				—
Net realized gain			—				(0.45	)			(0.27	)			(0.88	)			(0.69	)			—
Total dividends and distributions			—				(0.47	)			(0.30	)			(0.88	)			(0.69	)			—
Net asset value, end of period		$	13.00			$	12.78			$	7.22			$	10.54			$	12.01			$	12.21
Total return4			1.72%				84.75%				(29.65%	)			(4.50%	)			3.85%				18.89%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	10,155			$	11,354			$	6,042			$	9,508			$	12,030			$	14,268
Ratio of expenses to average net assets5			2.21%				2.24%				2.22%				2.21%				2.23%				2.26%
Ratio of expenses to average net assets prior to
fees waived5			2.21%				2.25%				2.27%				2.29%				2.29%				2.46%
Ratio of net investment income (loss) to average
net assets			(1.69%	)			0.90%				0.04%				0.12%				(0.35%	)			(0.11%	)
Ratio of net investment income (loss) to average
net assets prior to fees waived			(1.69%	)			0.89%				(0.01%	)			0.04%				(0.41%	)			(0.31%	)
Portfolio turnover			7%				85%	6			33%				32%				31%				30%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Amount is less than $0.005 per share.
4	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.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
6	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.

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Optimum Small-Mid Cap Value Fund Institutional Class

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

		Six months
		ended
		9/30/211				Year ended
		(Unaudited)				3/31/21				3/31/20					3/31/19			3/31/18				3/31/17
Net asset value, beginning of period		$	15.94			$	8.90			$	12.90			$	14.45			$	14.52			$	12.16
Income (loss) from investment operations:
Net investment income (loss)2			(0.06	)			0.23				0.14				0.16				0.10				0.12
Net realized and unrealized gain (loss)			0.42				7.37				(3.73	)			(0.73	)			0.63				2.32
Total from investment operations			0.36				7.60				(3.59	)			(0.57	)			0.73				2.44
Less dividends and distributions from:
Net investment income			—				(0.11	)			(0.14	)			(0.10	)			(0.11	)			(0.08	)
Net realized gain			—				(0.45	)			(0.27	)			(0.88	)			(0.69	)			—
Total dividends and distributions			—				(0.56	)			(0.41	)			(0.98	)			(0.80	)			(0.08	)
Net asset value, end of period		$	16.30			$	15.94			$	8.90			$	12.90			$	14.45			$	14.52
Total return3			2.26%				86.63%				(28.92%	)			(3.55%	)			4.87%				20.05%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	734,562			$	701,597			$	366,656			$	506,814			$	442,808			$	406,327
Ratio of expenses to average net assets4			1.21%				1.24%				1.22%				1.21%				1.23%				1.26%
Ratio of expenses to average net assets prior to
fees waived4			1.21%				1.25%				1.27%				1.29%				1.29%				1.46%
Ratio of net investment income (loss) to average
net assets			(0.69%	)			1.90%				1.04%				1.12%				0.65%				0.89%
Ratio of net investment income (loss) to average
net assets prior to fees waived			(0.69%	)			1.89%				0.99%				1.04%				0.59%				0.69%
Portfolio turnover			7%				85%	5			33%				32%				31%				30%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
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. 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.

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Notes to financial statements
Optimum Fixed Income Fund

September 30, 2021 (Unaudited)

Optimum Fund Trust (Trust) is organized as a Delaware statutory trust and offers six series: Optimum Fixed Income Fund, Optimum International Fund, Optimum Large Cap Growth Fund, Optimum Large Cap Value Fund, Optimum Small-Mid Cap Growth Fund, and Optimum Small-Mid Cap Value Fund, (each, a Fund, or together, the Funds). The Trust is an open-end investment company. Each Fund is considered diversified under the Investment Company Act of 1940, as amended (1940 Act), and offers Class A, Class C, and Institutional Class shares. Class A shares are sold with a maximum front-end sales charge of 4.50% for Optimum Fixed Income Fund and 5.75% for Optimum International Fund, Optimum Large Cap Growth Fund, Optimum Large Cap Value Fund, Optimum Small-Mid Cap Growth Fund, and Optimum Small-Mid Cap Value Fund. Class C shares are sold with a contingent deferred sales charge (CDSC) of 1.00%, which will be incurred if redeemed during the first 12 months. Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors.

1. Significant Accounting Policies

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

Security Valuation — Equity securities, except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security does not trade, the mean between the bid and ask prices will be used, which approximates fair value. Equity securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. US government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Other debt securities, credit default swap (CDS) contracts, interest rate swap contracts, CDS and interest rate swap options contracts (swaptions) are valued based upon valuations provided by an independent pricing service or broker/counterparty and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. For asset-backed securities, collateralized mortgage obligations (CMOs), commercial mortgage securities, and US government agency mortgage securities, pricing vendors utilize matrix pricing which considers prepayment speed, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity, and type as well as broker/dealer-supplied prices. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades, and values of the underlying reference instruments. Foreign currency exchange contracts and foreign cross currency exchange contracts are valued at the mean between the bid and the ask prices, which approximates fair value. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts and options on futures contracts are valued at the daily quoted settlement prices. Exchange-traded options are valued at the last reported sale price or, if no sales are reported, at the mean between the last reported bid and ask prices, which approximates fair value. Open-end investment company securities are valued at net asset value (NAV). 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 six months ended September 30, 2021 and for all open tax years (years ended March 31, 2018–March 31, 2021), and has concluded that no

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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 six months ended September 30, 2021, the Funds did not incur any interest or tax penalties.

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

Repurchase Agreements — Each Fund may purchase certain US government securities subject to the counterparty’s agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system with each Fund’s custodian or a third-party sub-custodian. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. All open repurchase agreements as of the date of this report were entered into on September 30, 2021, and matured by October 4, 2021.

Reverse Repurchase Agreements — Optimum Fixed Income Fund may enter into reverse repurchase agreements. In a reverse repurchase agreement, the Fund sells securities to a bank or broker/dealer and agrees to repurchase the securities at an agreed upon date and price. The Fund will maintain in a segregated account, cash, cash equivalents, or US government securities in an amount sufficient to cover its obligations under reverse repurchase agreements with broker/dealers (but no collateral is required on reverse repurchase agreements with banks). The Fund will subject its investments in reverse repurchase agreements to the borrowing provisions set forth in the 1940 Act. The use of reverse repurchase agreements by the Fund creates leverage, which increases the Fund’s investment risk. If the income and gains on securities purchased with the proceeds of reverse repurchase agreements exceed the costs of the agreements, the Fund’s earnings or NAV will increase faster than otherwise would be the case; conversely, if the income and gains fail to exceed the costs, earnings or NAV would decline faster than otherwise would be the case. During the six months ended September 30, 2021, the Fund did not enter into any reverse repurchase agreements.

Short Sales — Optimum Large Cap Value Fund may make short sales in an attempt to protect against declines in an individual security or the overall market, to manage duration, or for such other purposes consistent with the Fund’s investment objective and strategies. Typically, short sales are transactions in which the Fund sells a security it does not own and, at the time a short sale is effected, the Fund incurs an obligation to replace the security borrowed at whatever its price may be at the time the Fund purchases it for delivery to the lender. The price at such time may be more or less than the price at which the security was sold by the Fund. When a short sale transaction is closed out by delivery of the security, any gain or loss on the transaction generally is taxable as short-term capital gain or loss. Until the security is replaced, the Fund is required to pay the lender amounts equal to any dividends or interest that accrue during the period of the loan. To borrow the security, the Fund also may be required to pay a premium, which would increase the cost of the security sold. The proceeds of the short sale, and potentially additional margin, will be retained by the broker from whom the security is borrowed, to the extent necessary to meet margin requirements, until the short position is closed out. At September 30, 2021, there were no open short sales in the Fund.

To Be Announced Trades (TBA) — Optimum Fixed Income Fund may contract to purchase or sell securities for a fixed price at a transaction date beyond the customary settlement period (examples: when issued, delayed delivery, forward commitment, or TBA transactions) consistent with the Fund’s ability to manage its investment portfolio and meet redemption requests. These transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield with payment and delivery taking place more than three days in the future, or after a period longer than the customary settlement period for that type of security. No interest will be earned by the Fund on such purchases until the securities are delivered or the transaction is completed; however, the market value may change prior to delivery. At September 30, 2021, the Fund received $762,000 cash collateral for TBA trades, which is included in “Cash collateral due to brokers” on the “Statements of assets and liabilities.”

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

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Notes to financial statements
Optimum Fixed Income Fund

1. Significant Accounting Policies (continued)

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

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

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

Each Fund receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the “Statements of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” There were no such earnings credits for the six months ended September 30, 2021.

Each Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended September 30, 2021, each Fund earned the following amounts under this arrangement:

Fund		Earnings Credits
Optimum Fixed Income Fund			$	155
Optimum International Fund				139
Optimum Large Cap Growth Fund				179
Optimum Large Cap Value Fund				176
Optimum Small-Mid Cap Growth Fund				171
Optimum Small-Mid Cap Value Fund				171

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

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

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

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

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Notes to financial statements
Optimum Fixed Income Fund

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

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

DMC has entered into sub-advisory agreements for the Trust as follows: Optimum Fixed Income Fund – Pacific Investment Management Company, LLC (PIMCO); Optimum International Fund – Acadian Asset Management LLC (Acadian), and 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 six months ended September 30, 2021, DMC paid the following sub-advisory fees:

		Sub-advisory fees
Optimum Fixed Income Fund			$	1,674,976
Optimum International Fund				1,898,466
Optimum Large Cap Growth Fund				3,334,671
Optimum Large Cap Value Fund				2,806,404
Optimum Small-Mid Cap Growth Fund				1,854,279
Optimum Small-Mid Cap Value Fund				1,648,224

DMC has contractually agreed to waive all or a portion, if any, of its management fee and/or pay/reimburse expenses (excluding any distribution and service (12b-1) fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), in order to prevent total annual fund operating expenses from exceeding the following percentage of each Fund’s average daily net assets. These expense waivers and reimbursements may be terminated only by agreement of DMC and each Fund. These waivers and reimbursements are accrued daily and received monthly.

		Operating expense					Operating expense
		limitation as					limitation as
		a percentage					a percentage
		of average					of average
		daily net assets					daily net assets
		(per annum)					(per annum)
		for the period					for the period
Fund		July 29, 2021 – July 29, 2022					July 29, 2020 – July 28, 2021
Optimum Fixed Income Fund			0.83	%				0.85	%
Optimum International Fund			1.09	%				1.17	%
Optimum Large Cap Growth Fund			0.96	%				1.02	%
Optimum Large Cap Value Fund			0.92	%				0.97	%
Optimum Small-Mid Cap Growth Fund			1.29	%				1.32	%
Optimum Small-Mid Cap Value Fund			1.20	%				1.25	%

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

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$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 six months ended September 30, 2021, each Fund was charged for these services as follows:

Fund		Fees
Optimum Fixed Income Fund		$	94,869
Optimum International Fund			33,601
Optimum Large Cap Growth Fund			68,694
Optimum Large Cap Value Fund			63,014
Optimum Small-Mid Cap Growth Fund			26,633
Optimum Small-Mid Cap Value Fund			25,768

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 six months ended September 30, 2021, DDLP earned commissions on sales of Class A shares for each Fund as follows:

Fund		Commissions
Optimum Fixed Income Fund			$	1,041
Optimum International Fund				331
Optimum Large Cap Growth Fund				1,416
Optimum Large Cap Value Fund				1,416
Optimum Small-Mid Cap Growth Fund				132
Optimum Small-Mid Cap Value Fund				276

For the six months ended September 30, 2021, DDLP received gross CDSC commissions on redemptions of each Fund’s Class C shares, and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares. The amounts received were as follows:

Fund		Class C
Optimum Fixed Income Fund			$	1,698
Optimum International Fund				100
Optimum Large Cap Growth Fund				128
Optimum Large Cap Value Fund				504
Optimum Small-Mid Cap Growth Fund				7
Optimum Small-Mid Cap Value Fund				16

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.

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Notes to financial statements
Optimum Fixed Income Fund

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

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

3. Investments

For the six months ended September 30, 2021, each Fund made purchases and sales of investments securities other than short-term investments as follows:

		Purchases										Sales
		other than					Purchases of					other than					Sales of
		US government					US government					US government					US government
Fund		securities					securities					securities					securities
Optimum Fixed Income Fund			$	396,823,002				$	3,235,963,688				$	320,572,985				$	3,320,404,767
Optimum International Fund				782,714,508					—					731,419,984					—
Optimum Large Cap Growth Fund				183,398,572					—					219,762,643					—
Optimum Large Cap Value Fund				122,781,309					—					110,347,607					—
Optimum Small-Mid Cap Growth Fund				405,128,558					—					410,830,957					—
Optimum Small-Mid Cap Value Fund				57,072,517					—					49,245,445					—

At September 30, 2021, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At September 30, 2021, the cost and unrealized appreciation (depreciation) of investments and derivatives for each Fund were as follows:

							Aggregate					Aggregate
							unrealized					unrealized						Net unrealized
		Cost of					appreciation					depreciation						appreciation
		investments					of investments					of investments						of investments
Fund		and derivatives					and derivatives					and derivatives						and derivatives
Optimum Fixed Income Fund			$	3,281,142,033				$	89,893,811				$	(38,765,123	)				$	51,128,688
Optimum International Fund				927,206,530					107,765,702					(72,205,309	)					35,560,393
Optimum Large Cap Growth Fund				1,196,856,260					952,208,485					(38,854,575	)					913,353,910
Optimum Large Cap Value Fund				1,310,411,046					636,506,618					(15,718,577	)					620,788,041
Optimum Small-Mid Cap Growth Fund				648,770,371					148,990,996					(21,419,498	)					127,571,498
Optimum Small-Mid Cap Value Fund				599,164,731					172,009,968					(24,313,454	)					147,696,514

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

Level 1		–		Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts)
Level 2		–		Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for

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				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 September 30, 2021:

		Optimum Fixed Income Fund
		Level 1			Level 2				Level 3			Total
Securities
Assets:
Agency Asset-Backed Securities		$	—		$	730,585			$	—		$	730,585
Agency Collateralized Mortgage Obligations			—			87,136,199				—			87,136,199
Agency Commercial Mortgage- Backed Securities			—			7,185,542				—			7,185,542
Agency Mortgage-Backed Securities			—			576,704,214				—			576,704,214
Collateralized Debt Obligations			—			156,391,093				—			156,391,093
Common Stock			—			—				—			—
Convertible Bond			—			2,588,890				—			2,588,890
Corporate Bonds			—			983,515,263				—			983,515,263
Loan Agreements1			—			81,000,255				2,321,656			83,321,911
Municipal Bonds			—			17,569,178				—			17,569,178
Non-Agency Asset-Backed Securities1			—			70,251,091				1,299,901			71,550,992
Non-Agency Collateralized Mortgage Obligations			—			50,798,724				—			50,798,724
Non-Agency Commercial Mortgage-Backed Securities			—			145,868,438				—			145,868,438
Preferred Stock			—			294,317				—			294,317
Sovereign Bonds			—			98,093,860				—			98,093,860
Supranational Banks			—			909,079				—			909,079
US Treasury Obligations			—			751,003,115				—			751,003,115
Options Purchased			—			1,594,821				—			1,594,821
Short-Term Investments1			96,948,328			199,694,071				—			296,642,399
Total Value of Securities Before Options Written		$	96,948,328		$	3,231,328,735			$	3,621,557		$	3,331,898,620
Liabilities:
Options Written		$	—		$	(1,748,403	)		$	—		$	(1,748,403	)

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Notes to financial statements
Optimum Fixed Income Fund

3. Investments (continued)

		Optimum Fixed Income Fund
		Level 1				Level 2				Level 3			Total
Derivatives2
Assets:
Centrally Cleared Credit Default Swaps		$	—			$	94,129			$	—		$	94,129
Centrally Cleared Interest Rate Swaps			—				1,010,288				—			1,010,288
Foreign Currency Exchange Contracts			—				3,329,725				—			3,329,725
Futures Contracts			2,684,444				—				—			2,684,444
OTC Credit Default Swaps			—				1,002,137				—			1,002,137
Liabilities:
Centrally Cleared Credit Default Swaps		$	—			$	(51,856	)		$	—		$	(51,856	)
Centrally Cleared Interest Rate Swaps			—				(2,419,747	)			—			(2,419,747	)
Foreign Currency Exchange Contracts			—				(1,484,480	)			—			(1,484,480	)
Futures Contracts			(3,273,978	)			—				—			(3,273,978	)
OTC Credit Default Swaps			—				(34,697	)			—			(34,697	)

1

Security type is valued across multiple levels. Level 1 investments represent exchange-traded investments, Level 2 investments represent investments with observable inputs or matrix-priced investments, and Level 3 investments represent investments without observable inputs. The amounts attributed to Level 1 investments, Level 2 investments, and Level 3 investments represent the following percentages of the total market value of these security types:

		Level 1					Level 2					Level 3					Total
Loan Agreements			—					97.21	%				2.79	%				100.00	%
Non-Agency Asset-Backed Securities			—					98.18	%				1.82	%				100.00	%
Short-Term Investments			32.68	%				67.32	%				—					100.00	%

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

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		Optimum International Fund
		Level 1					Level 2						Level 3					Total
Securities
Assets:
Common Stock
Communication Services			$	22,383,771				$	36,107,083					$	—				$	58,490,854
Consumer Discretionary				25,829,654					91,459,688						—					117,289,342
Consumer Staples				7,575,270					27,294,875						285,580					35,155,725
Energy				1,734,139					19,729,557						—					21,463,696
Financials				10,926,207					129,509,821						—					140,436,028
Healthcare				33,006,573					76,020,365						—					109,026,938
Industrials				21,690,256					161,685,145						—					183,375,401
Information Technology				29,518,457					160,894,544						—					190,413,001
Materials				12,579,683					80,822,343						—					93,402,026
Real Estate				893,060					56,211						—					949,271
Utilities				—					2,104,085						—					2,104,085
Preferred Stock				9,955,198					592,405						—					10,547,603
Rights				—					118,926						—					118,926
Total Value of Securities			$	176,092,268				$	786,395,048					$	285,580				$	962,772,896
Derivatives1
Assets:
Foreign Currency Exchange Contracts			$	—				$	75					$	—				$	75
Liabilities:
Foreign Currency Exchange Contracts			$	—				$	(6,048	)				$	—				$	(6,048	)

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

		Optimum Large Cap Growth Fund
		Level 1					Level 2					Level 3					Total
Securities
Assets:
Common Stock
Communication Services			$	373,163,146				$	7,398,748				$	—				$	380,561,894
Consumer Discretionary				440,311,188					2,521,795					23,279					442,856,262
Consumer Staples				21,738,639					—					—					21,738,639
Financials				18,711,267					—					—					18,711,267
Healthcare				211,343,355					—					—					211,343,355
Industrials				149,771,841					8,451,715					959,578					159,183,134
Information Technology				814,386,606					8,275,811					—					822,662,417
Materials				13,002,006					—					—					13,002,006
Real Estate				15,312,719					—					—					15,312,719
Convertible Preferred Stock				—					—					112,382					112,382
Short-Term Investments				24,726,095					—					—					24,726,095
Total Value of Securities			$	2,082,466,862				$	26,648,069				$	1,095,239				$	2,110,210,170

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Notes to financial statements
Optimum Fixed Income Fund

3. Investments (continued)

		Optimum Large Cap Value Fund
		Level 1					Level 2					Total
Securities
Assets:
Common Stock
Communication Services			$	112,517,379				$	—				$	112,517,379
Consumer Discretionary				84,809,815					—					84,809,815
Consumer Staples				69,813,007					34,589,547					104,402,554
Energy				86,431,599					—					86,431,599
Financials				496,733,395					—					496,733,395
Healthcare				340,776,614					3,126,698					343,903,312
Industrials				293,252,319					—					293,252,319
Information Technology				159,382,927					—					159,382,927
Materials				73,694,686					—					73,694,686
Real Estate				42,838,265					—					42,838,265
Utilities				97,122,868					—					97,122,868
Short-Term Investments				36,109,968					—					36,109,968
Total Value of Securities			$	1,893,482,842				$	37,716,245				$	1,931,199,087

		Optimum Small-Mid Cap Growth Fund
		Level 1					Level 3					Total
Securities
Assets:
Common Stock			$	749,842,333				$	—				$	749,842,333
Convertible Preferred Stock				—					328,674					328,674
Warrant				—					—					—
Short-Term Investments				26,170,862					—					26,170,862
Total Value of Securities			$	776,013,195				$	328,674				$	776,341,869
												Optimum Small-
												Mid Cap Value
												Fund
												Level 1
Securities
Assets:
Common Stock													$	727,179,747
Limited Partnerships														2,977,264
Short-Term Investments														16,704,234
Total Value of Securities													$	746,861,245

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

As a result of utilizing international fair value pricing at September 30, 2021, a portion of Optimum International Fund’s common stock investments were categorized as Level 2.

During the six months ended September 30, 2021, there were no transfers into or out of Level 3 investments. Each Fund’s policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.

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A reconciliation of Level 3 investments is presented when a Fund has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to that Fund’s net assets. Management has determined not to provide a reconciliation of Level 3 investments as the Level 3 investments were not considered significant to the Fund’s net assets at the beginning, interim, or end of the period. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments were not considered significant to each Fund’s net assets at the end of the period. There were no Level 3 investments during the six months ended September 30, 2021 for Optimum Large Cap Value Fund and Optimum Small-Mid Cap Value Fund.

4. Capital Shares

Transactions in capital shares were as follows:

		Optimum						Optimum						Optimum
		Fixed Income						International						Large Cap
		Fund						Fund						Growth Fund
		Six months						Six months						Six months
		ended			Year ended			ended			Year ended			ended			Year ended
		9/30/21			3/31/21			9/30/21			3/31/21			9/30/21			3/31/21
Shares sold:
Class A		121,614			214,344			11,833			42,548			30,253			24,623
Class C		323,182			645,634			14,902			127,165			19,670			59,129
Institutional Class		26,801,087			59,553,466			5,398,029			23,034,645			4,984,091			10,104,392
Shares issued upon reinvestment of dividends and distributions:
Class A		—			118,632			—			9,957			—			107,133
Class C		—			349,586			—			21,141			—			475,357
Institutional Class		—			12,796,422			—			897,572			—			6,045,725
		27,245,883			73,678,084			5,424,764			24,133,028			5,034,014			16,816,359
Shares redeemed:
Class A		(213,556	)		(409,360	)		(46,823	)		(81,487	)		(143,550	)		(332,565	)
Class C		(638,912	)		(1,018,927	)		(122,579	)		(219,798	)		(430,499	)		(1,092,060	)
Institutional Class		(16,010,286	)		(37,110,081	)		(2,959,087	)		(6,500,763	)		(5,437,213	)		(24,816,099	)
		(16,862,754	)		(38,538,368	)		(3,128,489	)		(6,802,048	)		(6,011,262	)		(26,240,724	)
Net increase (decrease)		10,383,129			35,139,716			2,296,275			17,330,980			(977,248	)		(9,424,365	)

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Notes to financial statements
Optimum Fixed Income Fund

4. Capital Shares (continued)

		Optimum						Optimum						Optimum
		Large Cap						Small-Mid Cap						Small-Mid Cap
		Value Fund						Growth Fund						Value Fund
		Six months						Six months						Six months
		ended			Year ended			ended			Year ended			ended			Year ended
		9/30/21			3/31/21			9/30/21			3/31/21			9/30/21			3/31/21
Shares sold:
Class A		34,698			84,485			6,613			5,922			7,626			51,196
Class C		26,925			219,348			6,282			15,837			6,374			159,035
Institutional Class		6,514,682			16,814,763			2,841,275			8,228,182			3,790,715			10,278,203
Shares issued upon reinvestment of dividends and distributions:
Class A		—			12,892			—			49,092			—			10,785
Class C		—			18,663			—			242,952			—			39,339
Institutional Class		—			1,170,447			—			5,194,485			—			1,799,300
		6,576,305			18,320,598			2,854,170			13,736,470			3,804,715			12,337,858
Shares redeemed:
Class A		(113,117	)		(189,771	)		(37,234	)		(95,622	)		(33,883	)		(45,527	)
Class C		(304,851	)		(480,996	)		(149,106	)		(354,223	)		(113,748	)		(147,145	)
Institutional Class		(5,723,527	)		(22,650,816	)		(2,497,342	)		(13,320,837	)		(2,736,513	)		(9,272,923	)
		(6,141,495	)		(23,321,583	)		(2,683,682	)		(13,770,682	)		(2,884,144	)		(9,465,595	)
Net increase (decrease)		434,810			(5,000,985	)		170,488			(34,212	)		920,571			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 six months ended September 30, 2021 and the year ended March 31, 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
Six months ended
9/30/21			—				1,444				1,440				—				$	14,254
Year ended
3/31/21			—				3,186				—				3,174					32,437
Optimum International Fund
Six months ended
9/30/21			—				769				746				—					12,194
Year ended
3/31/21			620				2,101				—				2,642					31,911

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		Exchange Redemptions								Exchange Subscriptions
														Institutional
		Class A				Class C				Class A				Class
		Shares				Shares				Shares				Shares				Value
Optimum Large Cap Growth Fund
Six months ended
9/30/21			—				2,768				2,163				—				$	55,051
Year ended
3/31/21			1,661				7,430				—				6,993					155,238
Optimum Large Cap Value Fund
Six months ended
9/30/21			—				1,518				1,492				—					32,111
Year ended
3/31/21			1,559				2,273				—				3,783					60,996
Optimum Small-Mid Cap Growth Fund
Six months ended
9/30/21			—				666				494				—					9,208
Year ended
3/31/21			272				200				—				386					6,215
Optimum Small-Mid Cap Value Fund
Six months ended
9/30/21			—				371				316				—					4,966
Year ended
3/31/21			338				470				—				697					8,045

5. 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 six months ended September 30, 2021, Optimum Small-Mid Cap Growth Fund and Optimum Small-Mid Cap Value Fund did not use foreign currency exchange contracts.

During the six months ended September 30, 2021, Optimum Fixed Income Fund used foreign currency exchange contracts to hedge the US dollar value of securities it already owns that are denominated in foreign currencies to increase/decrease exposure to foreign currencies.

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Notes to financial statements
Optimum Fixed Income Fund

5. Derivatives (continued)

During the six months ended September 30, 2021, Optimum International Fund, Optimum Large Cap Growth Fund, and Optimum Large Cap Value Fund each used foreign currency exchange contracts to facilitate or expedite the settlement of portfolio transactions.

Futures Contracts — A futures contract is an agreement in which the writer (or seller) of the contract agrees to deliver to the buyer an amount of cash or securities equal to a specific dollar amount times the difference between the value of a specific security or index at the close of the last trading day of the contract and the price at which the agreement is made. Optimum Fixed Income Fund may use futures in the normal course of pursuing its investment objective. Optimum Fixed Income Fund may invest in futures contracts to hedge its existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions. Upon entering into a futures contract, the Fund deposits cash or pledges US government securities to a broker, equal to the minimum “initial margin” requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded daily by the Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities and the possibility of an illiquid secondary market for these instruments. When investing in futures, there is reduced counterparty credit risk to the Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. The Fund posted securities collateral valued at $1,906,761 and $612,000 cash collateral as margin for open futures contracts. Securities collateral are presented on the “Schedules of investments.”

During the six months ended September 30, 2021, Optimum Fixed Income Fund used futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions, as a cash management tool, and to facilitate investments in portfolio securities.

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

During the six months ended September 30, 2021, Optimum Fixed Income Fund used options contracts to manage the Fund’s exposure to changes in securities prices caused by interest rates or market conditions, to adjust the Fund’s overall exposure to certain markets, and to receive premiums for writing options.

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

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Interest Rate Swaps. An interest rate swap contract is an exchange of interest rates between counterparties. In one instance, an interest rate swap involves payments received by Optimum Fixed Income Fund from another party based on a variable or floating interest rate, in return for making payments based on a fixed interest rate. An interest rate swap can also work in reverse with the Fund receiving payments based on a fixed interest rate and making payments based on a variable or floating interest rate. Interest rate swaps may be used to adjust the Fund’s sensitivity to interest rates or to hedge against changes in interest rates. Periodic payments on such contracts are accrued daily and recorded as unrealized appreciation (depreciation) on swap contracts. Upon periodic payment (receipt) or termination of the contract, such amounts are recorded as realized gains or losses on swap contracts. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the interest rate swap contract’s remaining life, to the extent that the amount is positive. This risk is mitigated by (1) for bilateral swap contracts, having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty and (2) for cleared swaps, trading these instruments through a central counterparty.

During the six months ended September 30, 2021, Optimum Fixed Income Fund used interest rate swap contracts to manage the Fund’s sensitivity to interest rates or to hedge against changes in interest rates.

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

During the six months ended September 30, 2021, Optimum Fixed Income Fund entered into CDS contracts as a purchaser and seller of protection, as a hedge against credit events. Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the agreement. Initial margin and variation margin are posted to central counterparties for centrally cleared CDS basket trades, as determined by the applicable central counterparty.

As disclosed in the footnotes to the “Schedules of investments,” at September 30, 2021, the notional value of the protection sold was EUR30,800,000 and USD44,100,000, 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 September 30, 2021, there were no recourse provisions with third parties to recover any amounts paid under the credit derivative agreement (including any purchased credit protection) nor was any collateral held by the Fund and other third parties which the Fund can obtain in the occurrence of a credit event. At September 30, 2021, net unrealized appreciation of the protection sold was $1,032,575.

CDS contracts may involve greater risks than if Optimum Fixed Income Fund had invested in the reference obligation directly. CDS contracts are subject to general market risk, liquidity risk, counterparty risk, and credit risk. The Fund’s maximum risk of loss from counterparty credit risk, either as the seller of protection or the buyer of protection, is the fair value of the contract. This risk is mitigated by (1) for bilateral swap contracts, having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty, and (2) for cleared swaps, trading these instruments through a central counterparty.

During the six months ended September 30, 2021, Optimum Fixed Income Fund used CDS contracts to hedge against credit events and to gain exposure to certain securities or markets.

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Notes to financial statements
Optimum Fixed Income Fund

5. Derivatives (continued)

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

At September 30, 2021, for bilateral derivative contracts, Optimum Fixed Income Fund posted $2,861,013 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 $8,086,501 in securities collateral comprised of US treasury obligations for certain open centrally cleared derivative contracts. At September 30, 2021, for bilateral derivative contracts, the Fund received $1,796,326 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 September 30, 2021 were as follows:

		Optimum Fixed Income Fund
		Asset Derivatives Fair Value
						Interest
Statement of Assets and			Currency			Rate			Credit
Liabilities Location			Contracts			Contracts			Contracts				Total
Unrealized appreciation on foreign currency exchange contracts			$	3,329,725		$	—		$	—		$	3,329,725
Variation margin due from brokers on futures contracts*				337,002			2,347,442			—			2,684,444
Variation margin due from brokers on centrally cleared credit
	default swap contracts*			—			—			94,129			94,129
Variation margin due from brokers on centrally cleared interest
	rate swap contracts*			—			1,010,288			—			1,010,288
Unrealized appreciation on credit default swap contracts				—			—			1,002,137			1,002,137
Options purchased**				—			1,594,821			—			1,594,821
Total			$	3,666,727		$	4,952,551		$	1,096,266		$	9,715,544

		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		$	(1,484,480	)		$	—			$	—			$	—			$	(1,484,480	)
Variation margin due to brokers on futures
	contracts*			(277,634	)			—				(2,996,344	)			—				(3,273,978	)
Variation margin due to brokers on centrally
	cleared credit default swap contracts*			—				—				—				(51,856	)			(51,856	)
Variation margin due to brokers on centrally
	cleared interest rate swap contracts*			—				—				(2,419,747	)			—				(2,419,747	)
Unrealized depreciation on credit default
	swap contracts			—				—				—				(34,697	)			(34,697	)
Options written, at value				—				(1,782	)			(1,562,978	)			(183,643	)			(1,748,403	)
Total			$	(1,762,114	)		$	(1,782	)		$	(6,979,069	)		$	(270,196	)		$	(9,013,161	)

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*	Includes cumulative appreciation (depreciation) of futures contracts, centrally cleared CDS contracts, and centrally cleared swap contracts from the date the contracts were opened through September 30, 2021. 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 six months ended September 30, 2021 was as follows:

				Optimum Fixed Income Fund
				Net Realized Gain (Loss) on:
				Foreign
				Currency
				Exchange					Futures					Options							Options					Swap
			Contracts					Contracts						Purchased							Written				Contracts						Total
Currency
	contracts			$	521,884				$	—					$	—					$	—				$	(580,116	)				$	(58,232	)
Interest rate
	contracts				—					(1,778,060	)				(653,400		)					236,115					(1,756,906	)					(3,952,251	)
Equity
	contracts				—					—						—						55,968					—						55,968
Credit
	contracts				—					—						—						81,048					1,764,544						1,845,592
Total				$	521,884				$	(1,778,060	)				$	(653,400	)				$373,131					$	(572,478	)				$	(2,108,923	)

				Net Change in Unrealized Appreciation (Depreciation) of:
				Foreign
				Currency
				Exchange				Futures						Options					Options						Swap
			Contracts					Contracts						Purchased					Written						Contracts						Total
Currency
	contracts			$	1,156,536				$	(29,298	)				$	—				$	97					$	—					$	1,127,335
Interest rate
	contracts				—					980,379						—					(392,086	)					(23,981	)					564,312
Equity
	contracts				—					—						—					(19,761	)					—						(19,761	)
Credit
	contracts				—					—						341,920					3,907						266,259						612,086
Total				$	1,156,536				$	951,081					$	341,920				$	(407,843	)				$	242,278					$	2,283,972

During the six months ended September 30, 2021, Optimum International Fund, Optimum Large Cap Growth Fund, and Optimum Large Cap Value Fund experienced net realized and unrealized gains or losses attributable to foreign currency holdings, which are disclosed on the “Statements of assets and liabilities” and/or “Statements of operations.”

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Notes to financial statements
Optimum Fixed Income Fund

5. Derivatives (continued)

The table below summarizes the average balance of derivative holdings by the Funds during the six months ended September 30, 2021:

						Long Derivative Volume
		Optimum				Optimum				Optimum
		Fixed Income				International				Large Cap
		Fund				Fund				Growth Fund
Foreign currency exchange contracts (average notional value)		USD		22,888,892			1,361,597				79,359
Futures contracts (average notional value)				212,371,782			—				—
Options contracts (average notional value)*				266,657			—				—
CDS contracts (average notional value)**		EUR		17,457,480			—				—
CDS contracts (average notional value)**		USD		4,420,669			—				—
Interest rate swap contracts (average notional value)***		BRL		774,470,079			—				—
Interest rate swap contracts (average notional value)***		CAD		67,178,740			—				—
Interest rate swap contracts (average notional value)***		MXN		1,450,000,000			—				—
Interest rate swap contracts (average notional value)***		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		155,843,140			1,229,245				18,314				8,460
Futures contracts (average notional value)				144,145,913			—				—				—
Options contracts (average notional value)*				184,795			—				—				—
CDS contracts (average notional value)**		EUR		12,088,189			—				—				—
CDS contracts (average notional value)**		USD		60,582,283			—				—				—
Interest rate swap contracts (average notional
	value)***	BRL		548,151,969			—				—				—
Interest rate swap contracts (average notional
	value)***	GBP		33,255,118			—				—				—
Interest rate swap contracts (average notional
	value)***	USD		73,996,063			—				—				—

*	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.

6. Offsetting

Each Fund entered into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or a similar agreement with certain of its derivative contract counterparties in order to better define its contractual rights and to secure rights that will help each Fund mitigate its counterparty risk. An ISDA Master Agreement is a bilateral agreement between each Fund and a counterparty that governs certain over-the-counter (OTC) derivatives and foreign exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, each Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out), including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

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

At September 30, 2021, the Funds had the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities

Optimum Fixed Income Fund

							Gross Value of
		Gross Value of					Derivative
Counterparty		Derivative Asset					Liability				Net Position
Bank of America Merrill Lynch			$	85,186			$	(218,131	)		$	(132,945	)
BNP Paribas				2,180,632				(839,721	)			1,340,911
BOFA				366,718				(311,611	)			55,107
Citigroup				668,812				(373,035	)			295,777
Deutsche Bank				959,183				—				959,183
Goldman Sachs				5,647				—				5,647
JPMorgan Chase Bank				339,519				(89,840	)			249,679
Morgan Stanley Capital International				121,767				(103,570	)			18,197
TD Bank				110,942				—				110,942
Total			$	4,838,406			$	(1,935,908	)		$	2,902,498

						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		$	(132,945	)			$	—			$	—				$	—				$	—				$	(132,945	)
BNP Paribas			1,340,911					—				(950,000	)				—					—					390,911
BOFA			55,107					—				—					—					—					55,107
Citigroup			295,777					—				(295,777	)				—					—					—
Deutsche Bank			959,183					—				(180,000	)				—					—					779,183
Goldman Sachs			5,647					—				—					—					—					5,647
JPMorgan Chase Bank			249,679					—				(160,000	)				—					—					89,679
Morgan Stanley Capital
International			18,197					—				(18,197	)				—					—					—
TD Bank			110,942					—				—					—					—					110,942
Total		$	2,902,498				$	—			$	(1,603,974	)			$	—				$	—				$	1,298,524
Optimum International Fund

							Gross Value of
		Gross Value of					Derivative
Counterparty		Derivative Asset					Liability						Net Position
Bank of New York Mellon			$	13				$	(425	)				$	(412	)
BNP Paribas				62					—						62
JPMorgan Chase Bank				—					(5,623	)					(5,623	)
Total			$	75				$	(6,048	)				$	(5,973	)

								Fair Value of										Fair Value of
								Non-Cash					Cash Collateral					Non-Cash					Cash Collateral
Counterparty		Net Position						Collateral Received					Received(a)					Collateral Pledged					Pledged					Net Exposure(b)
Bank of New York Mellon			$	(412	)				$	—				$	—				$	—				$	—				$	(412	)
BNP Paribas				62						—					—					—					—					62
JPMorgan Chase Bank				(5,623	)					—					—					—					—					(5,623	)
Total			$	(5,973	)				$	—				$	—				$	—				$	—				$	(5,973	)

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Notes to financial statements
Optimum Fixed Income Fund

6. Offsetting (continued)

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 September 30, 2021, the following table is a summary of each Fund’s repurchase agreements by counterparty which are subject to offset under an MRA:

Optimum Fixed Income Fund

Fair Value of

Non-Cash

Cash

Repurchase

Collateral

Collateral

Net Collateral

Net

Counterparty

Agreements

Received(a)

Received

Received

Exposure(b)

JPMorgan Chase Bank

$

159,400,000

$

(159,400,000)

$

—

$

(159,400,000)

$

—

(a)	The value of the related collateral exceeded the value of the derivatives, repurchase agreements, and securities lending transactions as of September 30, 2021, as applicable.
(b)	Net exposure represents the receivable (payable) that would be due from (to) the counterparty in the event of default.

7. 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; and asset-backed securities. A fund can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.

In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to each Fund or, at the discretion of the lending agent, replace the loaned securities. Each Fund continues to record dividends or interest, as applicable,

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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 six months ended September 30, 2021, each Fund had no securities on loan.

8. Credit and Market Risk

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

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

Some countries in which the Funds may invest require governmental approval for the repatriation of investment income, capital, or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

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

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

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

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

Optimum Fixed Income Fund invests in bank loans and other securities that may subject it to direct indebtedness risk, the risk that the Fund will not receive payment of principal, interest, and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower. Loans that are fully secured offer the Fund more protection than unsecured loans in the event of nonpayment of scheduled interest or principal, although there is no assurance that the liquidation of collateral from a secured loan would satisfy the corporate borrower’s obligation, or that the collateral can be liquidated. Some loans or claims may be in default at the time of purchase. Certain of the loans and the other direct indebtedness acquired by the Fund may involve revolving credit facilities or other standby financing commitments that obligate the Fund to pay additional cash on a certain date or on demand. These commitments may require the Fund to increase its investment in a company at a time when the Fund might not otherwise decide to do so (including at a time when the

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Notes to financial statements
Optimum Fixed Income Fund

8. Credit and Market Risk (continued)

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.

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.

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 six months ended September 30, 2021. The Funds’ REIT holdings are also affected by interest rate changes, particularly if the REITs they hold use floating rate debt to finance their ongoing operations. The Funds also invests in real estate acquired as a result of ownership of securities or other instruments, including issuers that invest, deal, or otherwise engage in transactions in real estate or interests therein. These instruments may include interests in private equity limited partnerships or limited liability companies that hold real estate investments (Real Estate Limited Partnerships). The Funds will limit their investments in Real Estate Limited Partnerships to 5% of their total assets at the time of purchase.

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

Each Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended (1933 Act), and other securities

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which may not be readily marketable. The Funds may also invest in securities exempt from registration under Section 4(a)(2) of the 1933 Act, which exempts from registration transactions by an issuer not involving any public offering. The relative illiquidity of these securities may impair each Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Trust’s Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of the Funds’ limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Funds’ 15% limit on investments in illiquid securities. Rule 144A and 4(a)(2) have been identified on the “Schedules of investments.”

9. 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.

10. General Motors Term Loan Litigation

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

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

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

11. 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.

12. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to September 30, 2021, that would require recognition or disclosure in the Funds’ financial statements.

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Optimum Fund Trust

Liquidity Risk Management Program

The Securities and Exchange Commission (the “SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”), which requires all open-end funds (other than money market funds) to adopt and implement a program reasonably designed to assess and manage the fund’s “liquidity risk,” defined as the risk that the fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund.

The Funds have adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Board has designated a member of the US Operational Risk Group of Macquarie Asset Management as the Program Administrator for each Fund in the Trust.

As required by the Liquidity Rule, the Program includes policies and procedures that provide for: (1) assessment, management, and review (no less frequently than annually) of each Fund’s liquidity risk; (2) classification of each of the Fund’s portfolio holdings into one of four liquidity categories (Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid); (3) funds that do not primarily hold assets that are Highly Liquid, establishing and maintaining a minimum percentage of each Fund’s net assets in Highly Liquid investments (called a “Highly Liquid Investment Minimum” or “HLIM”); and (4) prohibiting each Fund’s acquisition of Illiquid investments if, immediately after the acquisition, each Fund would hold more than 15% of its net assets in Illiquid assets. The Program also requires reporting to the SEC (on a non-public basis) and to the Board if each Fund’s holdings of Illiquid assets exceed 15% of the Fund’s net assets. Funds with HLIMs must have procedures for addressing HLIM shortfalls, including reporting to the Board and, with respect to HLIM shortfalls lasting more than seven consecutive calendar days, reporting to the SEC (on a non-public basis).

In assessing and managing each Fund’s liquidity risk, the Program Administrator considers, as relevant, a variety of factors, including: (1) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Funds during both normal and reasonably foreseeable stressed conditions; and (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements. Classification of each Fund’s portfolio holdings in the four liquidity categories is based on the number of days it is reasonably expected to take to convert the investment to cash (for Highly Liquid and Moderately Liquid holdings) or to sell or dispose of the investment (for Less Liquid and Illiquid investments), in current market conditions without significantly changing the investment’s market value.

At a regular Board meeting held June 16-17, 2021, the Program Administrator provided a written report to the Board addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from April 1, 2020 through March 31, 2021. The report concluded that the Program is appropriately designed and effectively implemented and that it meets the requirements of Rule 22e-4 and each Fund’s liquidity needs. Each Fund complied with its HLIM at all times during the reporting period. However, the HLIM for certain Funds were increased slightly based on the applicable Funds’ experiences and flow data during the reporting period (which included the market volatility that occurred in early 2020 related to the Covid-19 pandemic).

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Board consideration of Optimum Fund Trust Investment Management and Sub-Advisory Agreements at a meeting held September 23-24, 2021

At a meeting held on September 23-24, 2021 (the “Meeting”), the Board of Trustees (the “Board” or “Trustees”), including a majority of the non-interested or Independent Trustees, approved: (i) the renewal of the Investment Management Agreement between Delaware Management Company (“DMC” or “Management”) and Optimum Fund Trust (the “Trust”), on behalf of each of the six separate series within the Trust (each, a “Fund” or collectively, the “Funds”); (ii) a new Sub-Advisory Agreement between DMC and Principal Global Investors, LLC (“PGI”), of which Columbus Circle Investors (“CCI”) is an investment team (following the merger of CCI with and into PGI); and (iii) the continuation of Sub-Advisory Agreements for the other existing sub-advisers of all the Funds, excluding Baillie Gifford Overseas Limited (“Baillie Gifford”), which was previously approved at a Board meeting held on March 24, 2021 as described in more detail in the Funds’ annual report to shareholders dated March 31, 2021, and also excluding Cardinal Capital Management, L.L.C. (“Cardinal”), which was previously approved at a Board meeting held on September 24-25, 2020 as described in more detail in the Funds’ semiannual report to shareholders dated September 30, 2020.

In reaching such decisions, the Board took into account information furnished and discussed throughout the year at quarterly Board meetings, as well as information furnished specifically for the approval reviews conducted at the Meeting. Information furnished at Board meetings throughout the year included an analysis by DMC (with the assistance of its consultant, LPL Financial LLC (“LPL”)) of the investment performance of each Fund and its sub-adviser(s), presentations given to the Board by portfolios managers from DMC and each unaffiliated sub-adviser on a rotating basis, and compliance reports and related certifications furnished in regard to DMC and each sub-adviser. Material furnished specifically in connection with the approvals included: a memorandum from DMC discussing and analyzing the performance of each Fund and its respective sub-adviser(s); information on the fees charged by DMC and each unaffiliated sub-adviser showing their competitiveness with those charged by them to other comparable investment companies or accounts; copies of the Investment Management and Sub-Advisory Agreements; a “due diligence” report describing various material items in relation to the personnel, organization, and policies of DMC and the sub-advisers; and information on the fees received and other benefits realized by DMC (and its affiliates) and the sub-advisers in performing services for the Funds, as well as the revenues and expenses incurred by DMC and its affiliates in performing such services. Information furnished specifically in connection with the approval process also included a report for each Fund prepared by Lipper Inc., an independent third-party analyst and subsidiary of Broadridge Inc. (“Lipper”), comparing, among other things, each Fund’s investment performance and various expenses with those of other mutual funds deemed comparable by Lipper (“Lipper Report”).

In considering such materials, the Independent Trustees received assistance and advice from and met separately with their independent legal counsel (both prior to and at the Meeting). In this regard, the Independent Trustees reviewed with independent legal counsel their duties and obligations in connection with the approval of investment management and other agreements with DMC, its affiliates, and the sub-advisers and discussed, in detail, the matters related to such approvals. The materials prepared by Management specifically in connection with the approval of the Investment Management Agreement and the related Sub-Advisory Agreements were provided to the Independent Trustees in advance of the Meeting. While the Investment Management Agreement and related Sub-Advisory Agreements for all Funds were considered at the Meeting, the Board dealt with each Fund separately. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board’s decisions. This discussion of the information and factors considered by the Board (as well as the discussion above) is not intended to be exhaustive, but rather summarizes certain factors considered by the Board. In view of the wide variety of factors considered, the Board did not, unless otherwise noted, find it practicable to quantify or otherwise assign relative weights to the following factors. In addition, individual Trustees may have assigned different weights to various factors.

Nature, extent, and quality of services. Following discussions in this regard, the Trustees were satisfied with the nature, extent, and quality of the services provided by DMC and its affiliates to each of the Funds. The Board’s view was based upon factors such as the background and experience of the executives and other Management personnel involved in the Funds’ operations; the quality and thoroughness of the monitoring of each Fund’s investment performance; reports furnished by DMC as to adherence with various compliance and procedural matters, such as the Code of Ethics and fair value pricing; the monitoring of various service providers to the Funds; and DMC’s success in obtaining meaningful information on a timely basis from each of the Fund’s sub-advisers. Particular attention was given to the analysis of sub-adviser performance for each Fund, including the complementary nature of investment strategies employed by the sub-advisers (and DMC with respect to the Optimum Fixed Income Fund) to each of the Funds.

In considering the nature of the services provided by Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited to the Optimum Fixed Income Fund (collectively, the

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Optimum Fund Trust
Board consideration of Optimum Fund Trust Investment Management and Sub-Advisory Agreements at a meeting held September 23-24, 2021

“Affiliated Sub-Advisers”), the Board considered that, unlike the unaffiliated sub-advisers who make all of the investment related decisions with respect to a sub-advised portfolio of a Fund, the relationship between DMC and the Affiliated Sub-Advisers on the Optimum Fixed Income Fund is currently one in which DMC may seek investment advice and recommendations from its Affiliated Sub-Advisers but that DMC retains primary responsibility for the day-to-day management of DMC’s portion of the Optimum Fixed Income Fund’s portfolio. It was also noted that the Affiliated Sub-Advisers are currently not paid any fees by DMC pursuant to their Sub-Advisory Agreements.

The nature of the services provided by the existing sub-advisers to each Fund was considered primarily in respect to the investment performance of the Funds as described further in the “Investment Performance” section below. The Board also considered the adherence by each sub-adviser (and DMC with respect to the Optimum Fixed Income Fund) with the investment policies and restrictions of the Funds advised, as well as their adherence to various compliance and other procedures based on reports of Management’s review of sub-adviser (and DMC with respect to the Optimum Fixed Income Fund) compliance activities, as well as certifications and materials furnished in connection with Board meetings and the contract approvals.

Based upon these considerations, the Board was satisfied with the nature, extent, and quality of the overall services to be provided by the existing sub-advisers to each Fund, as applicable, and its shareholders and was confident in the abilities of these sub-advisers and DMC to provide quality services to the Funds and their shareholders.

Investment performance. The Board placed significant emphasis on the investment performance of each Fund. While consideration was given to performance reports and discussions held throughout the year (including a detailed discussion of the investment performance of each Fund and its sub-advisers contained in a memorandum from DMC provided to the Board prior to the Meeting), particular attention in assessing performance was given to the Lipper Reports furnished in connection with the contract approvals. The Lipper Reports prepared for each individual Fund showed the annualized total return investment performance of its Institutional Class shares in comparison with a Performance Universe selected by Lipper for the 1-year period ended June 30, 2021, as well as the 3-, 5-, and 10-year periods ended on that date. In addition, the Board was provided with benchmark returns and gross performance returns for the Funds and each of their respective sub-advisers for various calendar years and periods ended June 30, 2021. The Trustees also compared Fund performance to other industry benchmarks and reviewed rolling 36-month return rankings (relative to the Funds’ Morningstar peer group) for the Funds, as part of their evaluation of investment performance. The following summarizes the performance results for each Fund and the Board’s view of such performance.

Optimum Fixed Income Fund — The Lipper Performance Universe for this Fund consisted of the Fund and all retail and institutional core plus bond funds as selected by Lipper. The Lipper Report showed the Fund’s investment performance to be in the middle performing quintile of its Performance Universe for the 5-year period, and in the second lowest performing quintile of its Performance Universe for the 1-, 3-, and 10-year periods. It was also noted that the Fund had outperformed its benchmark on a gross performance basis for the 1-, 3-, 5-, and 10-year, and since inception periods ended June 30, 2021. After further discussions with Management regarding the Fund’s performance and portfolio positioning, the Trustees found the overall comparative performance results of the Fund to be acceptable.

Optimum International Fund — The Lipper Performance Universe for this Fund consisted of the Fund and all retail and institutional international multi-cap core funds as selected by Lipper. The Lipper Report showed the Fund’s investment performance on an annualized basis to be in the highest performing quintile of its Performance Universe for the 1-, 3-, and 5-year periods, and to be in the second highest performing quintile of its Performance Universe for the 10-year period. It was also noted that the Fund had outperformed its benchmark on a gross performance basis for the 1-, 3-, 5-, and 10-year, and since inception periods ended June 30, 2021. The Trustees also noted that Management recommended Baillie Gifford as a new sub-adviser to the Fund during 2021 to be paired with Acadian Asset Management LLC (the Fund’s other sub-adviser) in an attempt to provide the Fund with less volatile returns over a variety of market cycles. The Trustees found the overall comparative performance results of the Fund to be satisfactory.

Optimum Large Cap Growth Fund — The Lipper Performance Universe for this Fund consisted of the Fund and all retail and institutional large-cap growth funds as selected by Lipper. The Lipper Report showed the Fund’s investment performance on an annualized basis to be in the second lowest performing quintile of its Performance Universe for the 1-year and 3-year periods, and to be in the middle performing quintile of its Performance Universe for the 5- and 10-year periods. It was also noted that the Fund had outperformed its benchmark on a gross performance basis for the since inception period ended June 30, 2021. Management noted to the Board that the Fund’s index (the Russell

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1000^® Growth Index) has become heavily weighted to a few, large technology companies. Given how well these technology companies have recently performed and given that active managers generally are relatively under-weighted to these technology companies, Management observed that it has been very difficult for active managers to beat the Russell 1000 Growth Index in this market environment. Accordingly, Management also provided supplemental performance information showing that the Fund’s investment performance on an annualized basis to be in the middle performing quintile of its Morningstar peer group for the 3- and 5-year periods. Based on further discussions with Management, the Trustees found the overall comparative performance results of the Fund to be acceptable.

Optimum Large Cap Value Fund — The Lipper Performance Universe for this Fund consisted of the Fund and all retail and institutional large-cap value funds as selected by Lipper. The Lipper Report showed the Fund’s investment performance on an annualized basis to be in the middle performing quintile of its Performance Universe for the 3-year period, to be in the second lowest performing quintile of its Performance Universe for the 1- and 5-year periods, and to be in the lowest performing quintile of its Performance Universe for the 10-year period. In addition, the Board noted that the Fund had outperformed its benchmark on a gross performance basis for the 3-year, 5-year, and since inception periods ended June 30, 2021. Management also provided supplemental performance information showing that the Fund’s investment performance on an annualized basis to be in the middle performing quintile of its Morningstar peer group for the 1- and 5-year periods and to be in the second highest performing quintile for the 3-year period. Accordingly, the Board found the overall comparative performance results of the Fund to be acceptable.

Optimum Small-Mid Cap Growth Fund — The Lipper Performance Universe for this Fund consisted of the Fund and all retail and institutional small-cap growth funds as selected by Lipper. The Lipper Report showed the Fund’s investment performance to be in the highest performing quintile of its Performance Universe for the 1-year period, to be in the second highest performing quintile of its Performance Universe for the 3-and 5-year periods, and to be in the middle performing quintile of its Performance Universe for the 10-year period. In addition, the Board noted that the Fund had outperformed its benchmark on a gross basis for the 1-, 3-, 5-, and 10-year, and since inception periods ended June 30, 2021. The Board found the overall comparative performance results of the Fund to be satisfactory.

Optimum Small-Mid Cap Value Fund — The Lipper Performance Universe for this Fund consisted of the Fund and all retail and institutional small-cap core funds as selected by Lipper. The Lipper Report showed the Fund’s investment performance to be in the second highest quintile of its Performance Universe for the 1-year period, to be in the second lowest performing quintile of its Performance Universe for the 3-year period, and to be in the lowest performing quintile of its Performance Universe for the 5- and 10-year periods. In addition, the Board noted that the Fund had outperformed its benchmark on a gross basis for the 1year period ended June 30, 2021. Management also noted that Cardinal had been added as a sub-adviser to the Fund in October 2020 and reiterated its belief that Cardinal’s approach to investing should add attractive diversification qualities to the style of investing utilized by LSV Asset Management (“LSV,” the Fund’s other sub-adviser). The Board believed that Management had taken appropriate action in an effort to improve performance with its recent recommendation to appoint Cardinal as a sub-adviser to the Fund and was encouraged by the Fund’s one year performance results with the new sub-adviser pairing of Cardinal and LSV.

Comparative Expenses. In considering the appropriateness of the investment management fees charged to the Funds, the Board also reviewed and considered the investment management fees in light of the nature, extent, and quality of the investment management services provided, and to be provided, by DMC and each sub-adviser, as more fully discussed above. The Board noted that the sub-advisory fees are paid by DMC to each sub-adviser and are not additional fees borne by the Funds. The Board also noted that the sub-advisory fees paid, and to be paid, by DMC to each unaffiliated sub-adviser were the product of arms-length negotiations between DMC and each such sub-adviser. The Board considered the allocation of the investment management fees charged to the Funds between DMC and each sub-adviser in light of the nature, extent, and quality of the investment management services provided, and to be provided by, DMC and each sub-adviser. The Trustees considered various other products, portfolios and entities that are advised by DMC and each unaffiliated sub-adviser, as well as their relative fees and reasons for differences with respect thereto and any potential conflicts of interest.

Attention was also given to a comparative analysis of each Fund’s Institutional Class share expenses, including investment management fees, in comparison to a group of other multi-advised institutional funds constituting its Lipper Expense Group. Lipper expense data is based upon information for the 12 months covered by each Fund’s most recent annual report, which reflects historical asset levels that may be different from those currently existing, particularly in a period of market volatility. While recognizing such inherent limitations and the fact that expense ratios generally increase as assets decline and decrease as assets grow, the Trustees believed that the independent analysis conducted by Lipper remained an appropriate measure of comparative expenses. The Lipper Report rankings showed the actual total expenses (taking into account expense waivers) to be in the second highest quintile for the Optimum Fixed Income Fund and the Optimum International Fund versus their respective Lipper Expense Groups and in the last quintile for the other four Optimum Funds versus their respective Lipper Expense Groups. The

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Optimum Fund Trust
Board consideration of Optimum Fund Trust Investment Management and Sub-Advisory Agreements at a meeting held September 23-24, 2021

Lipper Report rankings also showed that actual investment management fees (taking into account fee waivers) of certain Funds were ranked more favorably in the Lipper Expense Group compared to the ranking of the Funds’ actual total expenses. In particular, the actual investment management fees for: the Optimum International Fund were in the second lowest expense quintile of its Lipper Expense Group, the Optimum Fixed Income Fund and the Optimum Large Cap Value Fund were in the middle expense quintiles of their respective Lipper Expense Groups, and the Optimum Large Cap Growth Fund was in the second highest expense quintile of its Lipper Expense Group. The Lipper Report also provided information on the actual total expenses (taking into account expense waivers) for each Fund versus a broader Lipper Expense Universe. This portion of the Lipper Report showed that, except for the Optimum International Fund, the Funds’ actual total expense percentile rankings versus the Lipper Expense Universe improved as compared to the Funds’ rankings versus the Lipper Expense Group on a relative basis. In addition, Management provided supplemental expense information showing that the Funds’ actual total expenses were competitive versus other Funds managed by sub-advisors that are primarily distributed through an asset allocation platform. The Board also noted the favorable impact of the Fee Restructuring (as follows) on the Funds’ actual total expense ratios.

The Trustees noted that DMC, since inception, had waived fees to the extent necessary to keep expenses of each Fund from exceeding a designated percentage of the applicable Fund’s average daily net assets, and that the Trustees had also previously discussed in detail the current cap on expenses in effect for each Fund through July 29, 2022. The Trustees also noted that Management had in recent years agreed to various restructurings and overall reductions in fees charged to the Funds through several mechanisms, including a fee restructuring with regard to the investment management, administration and transfer agency fee schedules for each of the Funds to reduce the Funds’ total expenses going forward that became effective April 1, 2017 (the “Fee Restructuring”).

While intending to continuously monitor the fee structure of each Fund, the Trustees found the expense structure of each Fund to be acceptable in view of the nature and structure of Fund operations, and Management’s cap on expenses, and taking into account the aforementioned Fee Restructurings.

DMC’s profitability, economies of scale. Based on the asset size of each Fund and the reimbursement and/or waiver of expenses by DMC, as well as other profitability information furnished to them by DMC, the Trustees did not believe that the level of profit being realized by DMC and its affiliates from services provided to any of the Funds was excessive. Trustees were also given the information made available by the sub-advisers on profits being realized by sub-advisers in relation to the services being provided to the Funds or in relation to the sub-advisers’ overall investment advisory business, but believed such information to be of limited relevance since the fees paid to the unaffiliated sub-advisers were the product of arms-length negotiations between DMC and each such sub-adviser, and the fees paid to each sub-adviser are paid by DMC and not the Funds. The Board also took into account Management’s expenditures in improving shareholder services provided to the Funds, as well as the need to meet regulatory and compliance requirements resulting from recent SEC and other regulatory requirements. The Board was also provided with information on potential fall-out benefits derived or to be derived by DMC and its affiliates or the sub-advisers in connection with their relationship to the Funds, such as the fees received for non-investment management services provided to the Funds by certain affiliates of DMC, soft dollar arrangements, and commissions paid to affiliated broker/dealers. The Trustees recognized that as the Funds’ assets grow, economies of scale may result in DMC’s realizing a larger profit margin on management services provided to a Fund. The Trustees also noted that economies of scale are shared with a Fund and its shareholders through investment management fee breakpoints so that as a Fund grows in size, its effective investment management fee rate declines.

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About the organization

This semiannual 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 Brett Wright Head of Client Solutions Group, Macquarie Asset Management – Americas Robert Pettman Executive Vice President, Product and Platform Management – LPL Financial Kevin G. Chavers Private Investor Robert J. Christian Private Investor Durant Adams Hunter Private Investor Pamela J. Moret Private Investor Stephen P. Mullin President – Econsult Solutions, Inc. Robert A. Rudell Private Investor Jon Socolofsky Private Investor Susan M. Stalnecker Senior Advisor – Boston Consulting Group

Affiliated officers David F. Connor Senior Vice President and Secretary Optimum Fund Trust Philadelphia, PA Daniel V. Geatens Senior Vice President, Treasurer, and Chief Financial Officer Optimum Fund Trust Philadelphia, PA A.G. Ciavarelli Senior Vice President and General Counsel Optimum Fund Trust Philadelphia, PA

Investment manager Delaware Management Company, a series of Macquarie Investment Management Business Trust, Philadelphia, PA National distributor Delaware Distributors, L.P. Philadelphia, PA Shareholder servicing, dividend disbursing, and transfer agent Delaware Investments Fund Services Company 610 Market Street Philadelphia, PA 19106-2354 For shareholders, securities dealers and financial institutions representatives 800 914-0278 Website optimummutualfunds.com

Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-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.

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