Item 1. Reports to Stockholders
Table of Contents
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| | Semiannual report |
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Optimum Fixed Income Fund
Optimum International Fund
Optimum Large Cap Growth Fund
Optimum Large Cap Value Fund
Optimum Small-Mid Cap Growth Fund
Optimum Small-Mid Cap Value Fund
September 30, 2021
Carefully consider the Funds’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Funds’ prospectus and their summary prospectuses, which may be obtained by visiting optimummutualfunds.com/literature or calling 800 914-0278. Investors should read the prospectus and, if available, the summary prospectus carefully before investing.
Table of Contents
Table of contents
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.
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
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.
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Table of Contents
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 | % | |
(continues) 3
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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Table of Contents
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 | % | |
(continues) 5
Table of Contents
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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Table of Contents
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% | |
(continues) 7
Table of Contents
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
Table of Contents
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
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
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
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
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
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
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
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
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
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
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
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
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
Table of Contents
Schedules of investments
Optimum Fixed Income Fund
| | | | | | Principal | | | |
| | | | | | amount° | | Value (US $) |
| Corporate Bonds (continued) | | | | | |
| Consumer Non-Cyclical (continued) | | | |
| CVS Health | | | | | | | |
| | | 5.05% 3/25/48 | | | | 2,635,000 | | $ | 3,397,728 |
| CVS Pass Through | | | | | | | |
| | Trust 144A | | | | | | | |
| | 5.773% | | | | | | | |
| | 1/10/33 #, ◆ | | | | 66,630 | | | 78,716 |
| Danone 144A | | | | | | | |
| | 2.589% 11/2/23 # | | 1,500,000 | | | 1,558,201 |
| Gilead Sciences | | | | | | | |
| | 4.15% 3/1/47 | | | | 3,305,000 | | | 3,872,551 |
| Global Payments | | | | | | | |
| | 2.65% 2/15/25 | | | | 1,839,000 | | | 1,922,854 |
| | 3.20% 8/15/29 | | | | 2,150,000 | | | 2,274,126 |
| HCA | | | | | | | |
| | 4.125% 6/15/29 | | 3,400,000 | | | 3,800,542 |
| | 7.58% 9/15/25 | | | | 30,000 | | | 36,352 |
| IHS Markit 3.625% | | | | | |
| | 5/1/24 | | | | 600,000 | | | 639,270 |
| Imperial Brands | | | | | | | |
| | Finance 144A | | | | | | | |
| | 3.75% 7/21/22 # | | 470,000 | | | 479,283 |
| Indigo Group 1.625% | | | | | |
| | 4/19/28 | | EUR | | 1,700,000 | | | 2,068,541 |
| International | | | | | | | |
| | Container Terminal | | | | | |
| | Services 4.75% | | | | | | | |
| | 6/17/30 | | | | 745,000 | | | 834,773 |
| Kernel Holding 144A | | | | | |
| | 6.50% 10/17/24 # | | 375,000 | | | 398,498 |
| MHP 144A 6.25% | | | | | | | |
| | 9/19/29 # | | | | 425,000 | | | 436,008 |
| NBM US Holdings | | | | | | | |
| | 144A 6.625% | | | | | | | |
| | 8/6/29 # | | | | 495,000 | | | 544,441 |
| Pernod Ricard 144A | | | | | |
| | 4.25% 7/15/22 # | | 150,000 | | | 154,494 |
| Pilgrim’s Pride 144A | | | | | |
| | 5.875% 9/30/27 # | | 1,458,000 | | | 1,552,041 |
| Prime Security | | | | | | | |
| | Services Borrower | | | | | |
| | 144A 6.25% | | | | | | | |
| | 1/15/28 # | | | | 3,020,000 | | | 3,126,153 |
| Rede D’or Finance | | | | | | | |
| | 144A 4.50% | | | | | | | |
| | 1/22/30 # | | | | 305,000 | | | 304,146 |
| Regeneron | | | | | | | |
| | Pharmaceuticals | | | | | | | |
| | 1.75% 9/15/30 | | | | 825,000 | | | 785,569 |
| | 2.80% 9/15/50 | | | | 362,000 | | | 334,894 |
| Royalty Pharma | | | | | | | |
| | 1.75% 9/2/27 | | | | 7,625,000 | | | 7,598,691 |
| StoneCo 144A 3.95% | | | | | | | |
| | 6/16/28 # | | | | 855,000 | | | 827,854 |
| Takeda | | | | | | | |
| | Pharmaceutical | | | | | | | |
| | 2.05% 3/31/30 | | | | 1,315,000 | | | 1,295,362 |
| | 3.025% 7/9/40 | | | | 985,000 | | | 1,001,495 |
| | 3.175% 7/9/50 | | | | 3,462,000 | | | 3,514,861 |
| Tenet Healthcare | | | | | | | |
| | 144A 4.25% | | | | | | | |
| | 6/1/29 # | | | | 1,790,000 | | | 1,819,087 |
| | 144A 6.125% | | | | | | | |
| | 10/1/28 # | | | | 1,815,000 | | | 1,908,944 |
| Teva Pharmaceutical | | | | | | | |
| | Finance | | | | | | | |
| | Netherlands II | | | | | | | |
| | 1.125% 10/15/24 EUR | | | | 300,000 | | | 332,352 |
| Teva Pharmaceutical | | | | | | | |
| | Finance | | | | | | | |
| | Netherlands III | | | | | | | |
| | 6.75% 3/1/28 | | | | 720,000 | | | 823,500 |
| Thermo Fisher | | | | | | | |
| | Scientific 2.80% | | | | | | | |
| | 10/15/41 | | | | 4,060,000 | | | 4,055,714 |
| United Rentals North | | | | | | | |
| | America 3.875% | | | | | | | |
| | 2/15/31 | | | | 869,000 | | | 891,811 |
| Viatris | | | | | | | |
| | 144A 1.65% | | | | | | | |
| | 6/22/25 # | | | | 320,000 | | | 323,369 |
| | 144A 2.30% | | | | | | | |
| | 6/22/27 # | | | | 265,000 | | | 270,756 |
| | 144A 2.70% | | | | | | | |
| | 6/22/30 # | | | | 1,940,000 | | | 1,962,490 |
| | 144A 4.00% | | | | | | | |
| | 6/22/50 # | | | | 450,000 | | | 479,273 |
| Zimmer Biomet | | | | | | | |
| | Holdings 3.15% | | | | | | | |
| | 4/1/22 | | | | 300,000 | | | 302,819 |
| | | | | | | | | 115,176,481 |
| Energy – 3.62% | | | | | | | |
| Abu Dhabi Crude Oil | | | | | | | |
| | Pipeline 144A | | | | | | | |
| | 4.60% 11/2/47 # | | | | 330,000 | | | 390,607 |
| Azure Power Energy | | | | | | | |
| | 144A 3.575% | | | | | | | |
| | 8/19/26 # | | | | 410,000 | | | 416,148 |
| BP Capital Markets | | | | | | | |
| | 4.875% | | | | | | | |
| | 3/22/30 µ, ψ | | | | 2,750,000 | | | 3,029,840 |
28
Table of Contents
| | | | Principal | | | |
| | | | amount° | | Value (US $) |
| Corporate Bonds (continued) | | | | | |
| Energy (continued) | | | | | |
| Cenovus Energy | | | | | |
| | | 2.65% 1/15/32 | | 325,000 | | $ | 319,166 |
| | 3.75% 2/15/52 | | 460,000 | | | 447,650 |
| Chevron USA 3.90% | | | | | |
| | 11/15/24 | | 565,000 | | | 617,139 |
| CNX Resources 144A | | | | | |
| | 6.00% 1/15/29 # | | 2,785,000 | | | 2,948,619 |
| Crestwood Midstream | | | | | |
| | Partners 144A | | | | | |
| | 6.00% 2/1/29 # | | 1,737,000 | | | 1,819,895 |
| Ecopetrol 5.375% | | | | | |
| | 6/26/26 | | 625,000 | | | 680,062 |
| Enable Midstream | | | | | |
| | Partners 4.95% | | | | | |
| | 5/15/28 | | 700,000 | | | 786,883 |
| Energy Transfer | | | | | |
| | 5.00% 10/1/22 | | 1,500,000 | | | 1,547,670 |
| | 5.25% 4/15/29 | | 1,100,000 | | | 1,290,270 |
| | 5.50% 6/1/27 | | 3,200,000 | | | 3,756,527 |
| | 6.25% 4/15/49 | | 4,420,000 | | | 5,817,062 |
| | 6.50% | | | | | |
| | 11/15/26 µ, ψ | | 3,040,000 | | | 3,173,365 |
| Enterprise Products | | | | | |
| | Operating | | | | | |
| | 3.20% 2/15/52 | | 4,365,000 | | | 4,233,538 |
| | 3.30% 2/15/53 | | 570,000 | | | 556,897 |
| EQT 6.625% 2/1/25 | | 1,100,000 | | | 1,260,380 |
| Equinor 1.75% | | | | | |
| | 1/22/26 | | 655,000 | | | 671,370 |
| Galaxy Pipeline Assets | | | | | |
| | Bidco 144A 2.94% | | | | | |
| | 9/30/40 # | | 745,000 | | | 745,807 |
| Gazprom via Gaz | | | | | |
| | Finance 144A | | | | | |
| | 3.25% 2/25/30 # | | 535,000 | | | 533,558 |
| Geopark 144A 5.50% | | | | | |
| | 1/17/27 # | | 845,000 | | | 833,677 |
| Indika Energy Capital | | | | | |
| | IV 144A 8.25% | | | | | |
| | 10/22/25 # | | 395,000 | | | 411,359 |
| Investment Energy | | | | | |
| | Resources 144A | | | | | |
| | 6.25% 4/26/29 # | | 685,000 | | | 740,656 |
| KazMunayGas | | | | | |
| | National JSC 144A | | | | | |
| | 6.375% | | | | | |
| | 10/24/48 # | | 121,000 | | | 155,915 |
| KazTransGas JSC | | | | | |
| | 144A 4.375% | | | | | |
| | 9/26/27 # | | 896,000 | | | 989,336 |
| Kinder Morgan | | | | | |
| | 3.60% 2/15/51 | | 1,205,000 | | | 1,220,365 |
| Lukoil Securities 144A | | | | | |
| | 3.875% 5/6/30 # | | 645,000 | | | 678,895 |
| Marathon Oil 4.40% | | | | | |
| | 7/15/27 | | 7,615,000 | | | 8,559,271 |
| MC Brazil | | | | | |
| | Downstream | | | | | |
| | Trading 144A | | | | | |
| | 7.25% 6/30/31 # | | 705,000 | | | 709,886 |
| MPLX | | | | | |
| | 1.75% 3/1/26 | | 685,000 | | | 689,667 |
| | 4.125% 3/1/27 | | 2,000,000 | | | 2,234,506 |
| Murphy Oil 5.875% | | | | | |
| | 12/1/27 | | 2,587,000 | | | 2,695,654 |
| NuStar Logistics | | | | | |
| | 5.625% 4/28/27 | | 205,000 | | | 218,729 |
| | 6.375% 10/1/30 | | 2,337,000 | | | 2,573,621 |
| Oil and Gas Holding | | | | | |
| | 144A 7.625% | | | | | |
| | 11/7/24 # | | 200,000 | | | 219,659 |
| ONEOK | | | | | |
| | 4.35% 3/15/29 | | 1,500,000 | | | 1,693,742 |
| | 7.50% 9/1/23 | | 2,840,000 | | | 3,161,389 |
| PDC Energy 5.75% | | | | | |
| | 5/15/26 | | 1,205,000 | | | 1,256,212 |
| Pertamina Persero | | | | | |
| | 144A 3.65% | | | | | |
| | 7/30/29 # | | 197,000 | | | 211,110 |
| Petrobras Global | | | | | |
| | Finance | | | | | |
| | 5.999% 1/27/28 | | 3,500,000 | | | 3,952,375 |
| | 6.75% 6/3/50 | | 505,000 | | | 549,730 |
| | 6.85% 6/5/15 | | 1,700,000 | | | 1,756,091 |
| | 7.25% 3/17/44 | | 600,000 | | | 693,732 |
| Petroleos Mexicanos | | | | | |
| | 5.95% 1/28/31 | | 1,655,000 | | | 1,606,550 |
| | 6.49% 1/23/27 | | 1,213,000 | | | 1,283,415 |
| | 6.75% 9/21/47 | | 491,000 | | | 428,987 |
| Petronas Capital | | | | | |
| | 144A 2.48% | | | | | |
| | 1/28/32 # | | 200,000 | | | 199,226 |
| | 144A 3.50% | | | | | |
| | 4/21/30 # | | 440,000 | | | 476,988 |
| | 144A 4.55% | | | | | |
| | 4/21/50 # | | 700,000 | | | 860,119 |
| | 144A 4.80% | | | | | |
| | 4/21/60 # | | 1,100,000 | | | 1,436,144 |
| PTTEP Treasury Center | | | | | |
| | 144A 2.587% | | | | | |
| | 6/10/27 # | | 695,000 | | | 720,394 |
| Qatar Petroleum | | | | | |
| | 144A 1.375% | | | | | |
| | 9/12/26 # | | 280,000 | | | 278,281 |
29
Table of Contents
Schedules of investments
Optimum Fixed Income Fund
| | | | | | | Principal | | | |
| | | | | | | amount° | | Value (US $) |
| Corporate Bonds (continued) | | | | | | | | |
| Energy (continued) | | | | | | | | |
| Qatar Petroleum | | | | | | | | |
| | | 144A 2.25% | | | | | | | | |
| | 7/12/31 # | | | | | 855,000 | | $ | 847,963 |
| Rio Oil Finance Trust | | | | | | | | |
| | Series 2014-1 | | | | | | | | |
| | 9.25% 7/6/24 | | | | | 102,584 | | | 112,649 |
| SA Global Sukuk | | | | | | | | |
| | 144A 2.694% | | | | | | | | |
| | 6/17/31 # | | | | | 425,000 | | | 429,427 |
| Sabine Pass | | | | | | | | |
| | Liquefaction | | | | | | | | |
| | 5.625% 3/1/25 | | | | | 1,455,000 | | | 1,651,945 |
| | 5.75% 5/15/24 | | | | | 8,496,000 | | | 9,464,802 |
| | 6.25% 3/15/22 | | | | | 400,000 | | | 404,604 |
| Santos Finance 144A | | | | | | | | |
| | 3.649% 4/29/31 # | | | | | 1,700,000 | | | 1,732,801 |
| Saudi Arabian Oil | | | | | | | | |
| | 144A 3.50% | | | | | | | | |
| | 11/24/70 # | | | | | 505,000 | | | 476,127 |
| | 144A 4.25% | | | | | | | | |
| | 4/16/39 # | | | | | 530,000 | | | 595,890 |
| Southwestern Energy | | | | | | | | |
| | 7.75% 10/1/27 | | | | | 2,050,000 | | | 2,217,177 |
| Tengizchevroil | | | | | | | | |
| | Finance Co | | | | | | | | |
| | International 144A | | | | | | | | |
| | 2.625% 8/15/25 # | | | | | 484,000 | | | 494,444 |
| Tennessee Gas | | | | | | | | |
| | Pipeline 144A | | | | | | | | |
| | 2.90% 3/1/30 # | | | | | 8,165,000 | | | 8,449,338 |
| Transportadora de | | | | | | | | |
| | Gas del Sur 144A | | | | | | | | |
| | 6.75% 5/2/25 # | | | | | 370,000 | | | 345,758 |
| Tullow Oil 144A | | | | | | | | |
| | 10.25% 5/15/26 # | | | | | 610,000 | | | 637,761 |
| UEP Penonome II | | | | | | | | |
| | 144A 6.50% | | | | | | | | |
| | 10/1/38 # | | | | | 547,214 | | | 572,944 |
| Woodside Finance | | | | | | | | |
| | 144A 3.70% | | | | | | | | |
| | 9/15/26 # | | | | | 400,000 | | | 432,294 |
| YPF 144A 6.95% | | | | | | | | |
| | 7/21/27 # | | | | | 970,000 | | | 717,038 |
| | | | | | | | | | 108,121,096 |
| Finance Companies – 1.55% | | | | | | | | |
| AerCap Ireland | | | | | | | | |
| | Capital DAC | | | | | | | | |
| | 1.75% 1/30/26 | | | | | 590,000 | | | 584,257 |
| | 3.50% 1/15/25 | | | | | 300,000 | | | 315,841 |
| | 3.65% 7/21/27 | | | | | 2,700,000 | | | 2,869,938 |
| | 4.45% 10/1/25 | | | | | 1,200,000 | | | 1,312,373 |
| | 4.45% 4/3/26 | | | | | 150,000 | | | 163,482 |
| AerCap Ireland | | | | | | | | |
| | Capital DAC | | | | | | | | |
| | 4.50% 9/15/23 | | | | | 460,000 | | | 490,244 |
| | 4.625% 7/1/22 | | | | | 1,100,000 | | | 1,132,940 |
| | 4.625% 10/15/27 | | | | | 745,000 | | | 831,317 |
| | 6.50% 7/15/25 | | | | | 1,350,000 | | | 1,565,904 |
| Air Lease | | | | | | | | |
| | 2.875% 1/15/26 | | | | | 2,050,000 | | | 2,143,036 |
| | 3.00% 2/1/30 | | | | | 2,850,000 | | | 2,893,905 |
| | 3.375% 7/1/25 | | | | | 670,000 | | | 711,855 |
| | 4.25% 2/1/24 | | | | | 900,000 | | | 966,154 |
| Aircastle 4.125% | | | | | | | | |
| | 5/1/24 | | | | | 2,500,000 | | | 2,660,310 |
| Ally Financial 4.70% | | | | | | | | |
| | 5/15/26 µ, ψ | | | | | 1,415,000 | | | 1,477,225 |
| Aviation Capital | | | | | | | | |
| | Group 144A | | | | | | | | |
| | 3.875% 5/1/23 # | | | | | 1,000,000 | | | 1,043,733 |
| Avolon Holdings | | | | | | | | |
| | Funding 144A | | | | | | | | |
| | 2.528% | | | | | | | | |
| | 11/18/27 # | | | | | 116,000 | | | 114,183 |
| B3 SA - Brasil Bolsa | | | | | | | | |
| | Balcao 144A | | | | | | | | |
| | 4.125% 9/20/31 # | | | | | 900,000 | | | 882,900 |
| BOC Aviation 3.00% | | | | | | | | |
| | 5/23/22 | | | | | 300,000 | | | 303,180 |
| BOC Aviation USA | | | | | | | | |
| | 144A 1.625% | | | | | | | | |
| | 4/29/24 # | | | | | 415,000 | | | 418,291 |
| China Evergrande | | | | | | | | |
| | Group 10.00% | | | | | | | | |
| | 4/11/23 | | | | | 550,000 | | | 132,000 |
| CIFI Holdings Group | | | | | | | | |
| | 6.45% 11/7/24 | | | | | 430,000 | | | 431,552 |
| DAE Funding | | | | | | | | |
| | 144A 1.55% | | | | | | | | |
| | 8/1/24 # | | | | | 200,000 | | | 198,422 |
| | 144A 1.625% | | | | | | | | |
| | 2/15/24 # | | | | | 1,500,000 | | | 1,495,042 |
| | 144A 3.375% | | | | | | | | |
| | 3/20/28 # | | | | | 1,685,000 | | | 1,741,709 |
| | 3.375% 3/20/28 | | | | | 2,700,000 | | | 2,790,868 |
| GATX 0.841% | | | | | | | | |
| | (LIBOR03M + | | | | | | | | |
| | 0.72%) 11/5/21 ● | | | | | 2,100,000 | | | 2,101,550 |
| GE Capital UK | | | | | | | | |
| | Funding Unlimited | | | | | | | | |
| | 5.875% 1/18/33 | | GBP | | | 300,000 | | | 544,682 |
| Goodman HK Finance | | | | | | | | |
| | 4.375% 6/19/24 | | | | | 1,095,000 | | | 1,180,797 |
30
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
Table of Contents
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
Table of Contents
| | | | | | | | | |
| | | | | Principal | | | |
| | | | amount° | | Value (US $) |
| Loan Agreements (continued) | | | | | | | |
| SS&C Technologies | | | | | | | |
| | Tranche B-4 | | | | | | | |
| | 1.834% | | | | | | | |
| | (LIBOR01M + | | | | | | | |
| | 1.75%) 4/16/25 ● | | | | 148,520 | | $ | 147,212 |
| Stars Group Holdings | | | | | | | |
| | 2.368% - 2.382% | | | | | | | |
| | (LIBOR03M + | | | | | | | |
| | 2.25%) 7/21/26 ● | | | | 128,158 | | | 127,891 |
| Tecta America 1st | | | | | | | |
| | Lien 5.00% | | | | | | | |
| | (LIBOR01M + | | | | | | | |
| | 4.25%) 4/10/28 ● | | | | 303,204 | | | 304,341 |
| Tecta America 2nd | | | | | | | |
| | Lien 9.25% | | | | | | | |
| | (LIBOR01M + | | | | | | | |
| | 8.50%) 4/9/29 ● | | | | 405,000 | | | 405,000 |
| Telenet Financing | | | | | | | |
| | Tranche AR | | | | | | | |
| | 2.084% | | | | | | | |
| | (LIBOR01M + | | | | | | | |
| | 2.00%) 4/30/28 ● | | | | 545,000 | | | 539,593 |
| Terrier Media Buyer | | | | | | | |
| | Tranche B 3.584% | | | | | | | |
| | (LIBOR01M + | | | | | | | |
| | 3.50%) | | | | | | | |
| | 12/17/26 ● | | | | 513,887 | | | 513,423 |
| Transdigm Tranche F | | | | | | | |
| | 2.334% | | | | | | | |
| | (LIBOR01M + | | | | | | | |
| | 2.25%) 12/9/25 ● | | | | 588,705 | | | 581,990 |
| TricorBraun | | | | | | | |
| | 3.25% - 3.75% | | | | | | | |
| | (LIBOR01M + | | | | | | | |
| | 3.25%) 3/3/28 ● | | | | 22,381 | | | 22,285 |
| | 3.75% (LIBOR01M | | | | | | | |
| | + 3.25%) 3/3/28 ● | | | | 394,951 | | | 393,248 |
| UKG 4.00% | | | | | | | |
| | (LIBOR03M + | | | | | | | |
| | 3.25%) 5/4/26 ● | | | | 2,445,328 | | | 2,453,275 |
| Ultimate Software | | | | | | | |
| | Group 1st Lien | | | | | | | |
| | 3.834% | | | | | | | |
| | (LIBOR01M + | | | | | | | |
| | 3.75%) 5/4/26 ● | | | | 1,946,677 | | | 1,953,490 |
| United Airlines | | | | | | | |
| | Tranche B 4.50% | | | | | | | |
| | (LIBOR01M + | | | | | | | |
| | 3.75%) 4/21/28 ● | | | | 299,248 | | | 301,982 |
| United Rentals (North | | | | | | | |
| | America) 1.834% | | | | | | | |
| | (LIBOR01M + | | | | | | | |
| | 1.75%) | | | | | | | |
| | 10/31/25 ● | | | | 48,500 | | | 48,777 |
| US Foods 1.834% | | | | | | | |
| | (LIBOR01M + | | | | | | | |
| | 1.75%) 6/27/23 ● | | | | 2,802,153 | | | 2,788,336 |
| USI 3.382% | | | | | | | |
| | (LIBOR03M + | | | | | | | |
| | 3.25%) 12/2/26 ● | | | | 164,767 | | | 163,964 |
| USI Tranche B | | | | | | | |
| | 3.132% | | | | | | | |
| | (LIBOR03M + | | | | | | | |
| | 3.00%) 5/16/24 ● | | | | 571,566 | | | 568,504 |
| Vertical Midco | | | | | | | |
| | Tranche B 4.00% | | | | | | | |
| | (LIBOR06M + | | | | | | | |
| | 3.50%) 7/30/27 ● | | | | 726,624 | | | 728,895 |
| Vistra Operations | | | | | | | |
| | 1.834% | | | | | | | |
| | (LIBOR01M + | | | | | | | |
| | 1.75%) | | | | | | | |
| | 12/31/25 ● | | | | 515,809 | | | 512,586 |
| Whole Earth Brands | | | | | | | |
| | 5.50% (LIBOR03M | | | | | | | |
| | + 4.50%) 2/2/28 ● | | | | 382,128 | | | 380,934 |
| Zayo Group Holdings | | | | | | | |
| | 3.084% | | | | | | | |
| | (LIBOR01M + | | | | | | | |
| | 3.00%) 3/9/27 ● | | | | 2,954,377 | | | 2,932,078 |
| Zekelman Industries | | | | | | | |
| | 2.083% | | | | | | | |
| | (LIBOR01M + | | | | | | | |
| | 2.00%) 1/24/27 ● | | | | 271,817 | | | 269,382 |
| Total Loan Agreements | | | | | | | |
| (cost $82,772,473) | | | | | | | 83,321,911 |
| | | | | | | | | |
| Sovereign Bonds – 3.28%Δ | | | | | | | |
| Albania – 0.01% | | | | | | | |
| Albania Government | | | | | | | |
| | International Bond | | | | | | | |
| | 144A 3.50% | | | | | | | |
| | 6/16/27 # | | EUR | | 150,000 | | | 187,408 |
| | | | | | | | | 187,408 |
| Angola – 0.01% | | | | | | | |
| Angolan Government | | | | | | | |
| | International | | | | | | | |
| | Bonds | | | | | | | |
| | 144A 8.25% | | | | | | | |
| | 5/9/28 # | | | | 200,000 | | | 207,791 |
| | 8.25% 5/9/28 | | | | 200,000 | | | 207,790 |
| | | | | | | | | 415,581 |
47
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
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
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
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
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
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 |
53
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
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
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 | ) |
| ° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
| ∞ | Fully or partially pledged as collateral for futures and swap contracts. |
| ~ | Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Stated rate in effect at September 30, 2021. |
| Δ | Securities have been classified by country of origin. |
| X | This loan will settle after September 30, 2021, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected. |
| = | 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.” |
| ‡ | Non-income producing security. Security is currently in default. |
| ** | Perpetual security with no stated maturity date. |
| >> | PIK. 100% of the income received was in the form of principal. |
| > | PIK. 32.57% of the income received was in cash and 67.43% was in principal. |
| ψ | Perpetual security. Maturity date represents next call date. |
| µ | Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at September 30, 2021. Rate will reset at a future date. |
| ◆ | Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes. |
| Σ | Interest only security. An interest only security is the interest only portion of a fixed income security, which is separated and sold individually from the principal portion of the security. |
| ^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
| Ω | Principal only security. A principal only security is the principal only portion of a fixed income security which is separated and sold individually from the interest portion of the security. |
| ● | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at September 30, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2021, the aggregate value of Rule 144A securities was $589,127,081, which represents 19.71% of the Fund’s net assets. See Note 8 in “Notes to financial statements.” |
| † | Non-income producing security. |
| ≠ | The rate shown is the effective yield at the time of purchase. |
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) |
56
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
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
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
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
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
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
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
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
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
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
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
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
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
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 |
70
Table of Contents
| | | | 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 |
71
Table of Contents
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 |
72
Table of Contents
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.
73
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 |
74
Table of Contents
| | | | 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.” |
75
Table of Contents
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.
76
Table of Contents
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
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
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
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
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 |
Summary of abbreviations:
ADR – American Depositary Receipt
CVR – Contingent Voting Rights
GS – Goldman Sachs
See accompanying notes, which are an integral part of the financial statements.
81
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
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 |
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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 |
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Table of Contents
| | | | 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
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 |
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Table of Contents
| | 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 |
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Table of Contents
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.
88
Table of Contents
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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Table of Contents
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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Table of Contents
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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Table of Contents
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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Table of Contents
| | | | 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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Table of Contents
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.
94
Table of Contents
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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Table of Contents
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.
96
Table of Contents
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.
97
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.
98
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.
99
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.
100
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.
101
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.
102
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.
103
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.
104
Table of Contents
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.
105
Table of Contents
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.
106
Table of Contents
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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Table of Contents
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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Table of Contents
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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Table of Contents
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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Table of Contents
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 | ) |
(continues) 119
Table of Contents
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 | |
(continues) 121
Table of Contents
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.
122
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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 | ) |
(continues) 123
Table of Contents
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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Table of Contents
| | 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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Other Fund information
(Unaudited)
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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Other Fund information
(Unaudited)
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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Other Fund information
(Unaudited)
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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Item 2. Code of Ethics
Not applicable.
Item 3. Audit Committee Financial Expert
Not applicable.
Item 4. Principal Accountant Fees and Services
Not applicable.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Investments
(a) Included as part of report to shareholders filed under Item 1 of this Form N-CSR.
(b) Divestment of securities in accordance with Section 13(c) of the Investment Company Act of 1940.
Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
Not applicable.
Item 11. Controls and Procedures
The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of the filing of this report and have concluded that they are effective in providing reasonable assurance that the information required to be disclosed by the registrant in its reports or statements filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.
There were no significant changes in the registrant’s internal control over financial reporting that occurred during the period covered by the report to stockholders included herein that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits
Not applicable.
(3) Written solicitations to purchase securities pursuant to Rule 23c-1 under the Securities Exchange Act of 1934.
Not applicable.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf, by the undersigned, thereunto duly authorized.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
