Schedule of investments
Optimum Fixed Income Fund  
June 30, 2025 (Unaudited)
    Principal
amount° 		Value (US $)
Agency Collateralized Mortgage Obligations — 1.12%
Fannie Mae Grantor Trust      
Series 1999-T2 A1 7.50% 1/19/39 •         2,095 $        2,091
Series 2004-T1 1A2 6.50% 1/25/44         1,838          1,890
Fannie Mae REMIC Trust      
Series 2004-W11 1A2 6.50% 5/25/44        16,171         16,607
Series 2004-W15 1A1 6.00% 8/25/44         9,957         10,241
Fannie Mae REMICs      
Series 1999-19 PH 6.00% 5/25/29         9,515          9,640
Series 2001-14 Z 6.00% 5/25/31           657            674
Series 2007-30 OE 1.784% 4/25/37 Ω, ^       885,278        717,968
Series 2008-24 ZA 5.00% 4/25/38     2,737,497      2,796,826
Series 2009-2 AS 1.28% (5.59% minus SOFR, Cap 5.70%) 2/25/39 Σ, =, •       180,952         12,114
Series 2009-68 SA 2.33% (6.64% minus SOFR, Cap 6.75%) 9/25/39 Σ, =, •        67,096          6,020
Series 2017-40 GZ 3.50% 5/25/47       353,744        321,387
Series 2017-95 FA 4.814% (SOFR + 0.46%, Floor 0.35%) 11/25/47 •       137,537        135,930
Series 2024-38 FA 5.15% (SOFR + 0.80%, Floor 0.80%) 1/25/51 •     1,527,020      1,527,181
Series 3143 BC 5.50% 2/15/36       473,689        495,149
Freddie Mac REMICs      
Series 2165 PE 6.00% 6/15/29         9,460          9,603
Series 3289 SA 2.332% (6.64% minus SOFR, Cap 6.75%) 3/15/37 Σ, =, •       122,751          9,646
Series 4676 KZ 2.50% 7/15/45       307,260        260,203
    Principal
amount° 		Value (US $)
Agency Collateralized Mortgage Obligations (continued)
Freddie Mac REMICs      
Series 5560 FB 5.306% (SOFR + 1.00%, Cap 8.00%, Floor 1.00%) 6/25/55 •     3,400,000 $    3,424,320
Freddie Mac Structured
Agency Credit Risk REMIC Trust 		     
Series 2021-DNA5 M2 144A 5.955% (SOFR + 1.65%) 1/25/34 #, •     1,179,522      1,184,744
Series 2021-HQA2 M2 144A 6.355% (SOFR + 2.05%) 12/25/33 #, •     4,085,249      4,182,273
Series 2022-DNA1 M2 144A 6.805% (SOFR + 2.50%) 1/25/42 #, •     3,000,000      3,054,390
Series 2022-DNA2 M2 144A 8.055% (SOFR + 3.75%) 2/25/42 #, •     1,000,000      1,038,421
Series 2025-DNA2 M2 144A 5.805% (SOFR + 1.50%) 5/25/45 #, •     1,115,000      1,115,719
Freddie Mac Structured
Pass Through Certificates 		     
Series T-54 2A 6.50% 2/25/43 ♦         8,266          8,291
Series T-58 2A 6.50% 9/25/43 ♦         2,479          2,529
GNMA      
Series 2008-65 SB 1.568% (5.89% minus TSFR01M, Cap 6.00%) 8/20/38 Σ, =, •       174,372          1,098
Series 2009-2 SE 1.388% (5.71% minus TSFR01M, Cap 5.82%) 1/20/39 Σ, =, •       594,651         14,365
Series 2011-H21 FT 4.62% (H15T1Y + 0.70%, Cap 15.25%, Floor 0.70%) 10/20/61 •       459,424        459,085
NQ- OPTFI [0625] 0825 (4730784)    1

 

Schedule of investments
Optimum Fixed Income Fund   
    Principal
amount° 		Value (US $)
Agency Collateralized Mortgage Obligations (continued)
GNMA      
Series 2011-H23 FA 5.146% (TSFR01M + 0.81%, Cap 11.00%, Floor 0.70%) 10/20/61 •       511,082 $      513,371
Series 2012-H08 FB 5.046% (TSFR01M + 0.71%, Cap 11.00%, Floor 0.60%) 3/20/62 •        60,425         60,614
Series 2012-H18 NA 4.966% (TSFR01M + 0.63%, Cap 10.50%, Floor 0.52%) 8/20/62 •        45,384         45,454
Series 2012-H29 SA 4.961% (TSFR01M + 0.63%, Cap 12.00%, Floor 0.52%) 10/20/62 •       931,438        933,746
Series 2013-113 LY 3.00% 5/20/43       484,654        449,895
Series 2015-H10 FA 5.046% (TSFR01M + 0.71%, Cap 7.50%) 4/20/65 •     3,410,103      3,408,240
Series 2015-H11 FC 4.996% (TSFR01M + 0.66%, Cap 7.50%, Floor 0.55%) 5/20/65 •       381,464        381,228
Series 2015-H12 FB 5.046% (TSFR01M + 0.71%, Cap 7.50%, Floor 0.60%) 5/20/65 •     1,313,587      1,313,491
Series 2015-H20 FB 5.046% (TSFR01M + 0.71%, Cap 7.50%, Floor 0.60%) 8/20/65 •       409,966        409,910
Series 2015-H30 FD 5.046% (TSFR01M + 0.71%, Cap 11.00%, Floor 0.60%) 10/20/65 •        17,534         17,595
Series 2016-H06 FD 5.366% (TSFR01M + 1.03%, Cap 7.50%, Floor 0.92%) 7/20/65 •       328,088        329,404
    Principal
amount° 		Value (US $)
Agency Collateralized Mortgage Obligations (continued)
GNMA      
Series 2017-163 ZK 3.50% 11/20/47     2,116,721 $    1,970,347
Total Agency Collateralized Mortgage Obligations
(cost $30,709,705) 		   30,651,700
 
Agency Commercial Mortgage-Backed Securities — 0.34%
Freddie Mac Multifamily
Structured Pass Through Certificates 		     
Series K144 A2 2.45% 4/25/32 ♦     4,750,000      4,222,971
Series K150 A2 3.71% 9/25/32 ♦, •     2,300,000      2,201,708
Series K753 A2 4.40% 10/25/30 ♦     1,575,000      1,587,784
Series X3FX A2FX 3.00% 6/25/27 ♦       935,409        916,959
FREMF Mortgage Trust Series 2017-K71 B 144A 3.88% 11/25/50 #, •       470,000       459,060
Total Agency Commercial Mortgage-Backed Securities
(cost $9,344,898) 		    9,388,482
 
Agency Mortgage-Backed Securities — 39.44%
Fannie Mae
5.50% 3/1/37 		        4,131          4,179
Fannie Mae S.F. 15 yr      
2.50% 7/1/36     4,314,476      4,038,369
2.50% 8/1/36       642,411        600,349
4.50% 9/1/37       659,591        656,235
Fannie Mae S.F. 20 yr      
2.00% 3/1/41     2,669,472      2,303,236
2.00% 5/1/41     2,191,736      1,884,315
3.00% 9/1/37       906,257        865,746
4.00% 8/1/42       506,744        488,984
5.50% 8/1/43     1,346,267      1,368,520
Fannie Mae S.F. 30 yr      
2.00% 6/1/50     9,344,458      7,470,519
2.00% 12/1/50     4,875,663      3,900,671
2.00% 1/1/51       823,565        663,127
2.00% 2/1/51     3,036,070      2,431,591
2.00% 3/1/51       104,919         83,487
2.00% 8/1/51     1,152,114        923,608
2.00% 9/1/51     7,162,847      5,696,541
2.00% 1/1/52     3,161,491      2,543,833
2.50% 8/1/50     2,782,776      2,348,274
2.50% 1/1/51     2,278,792      1,909,525
 
2    NQ- OPTFI [0625] 0825 (4730784)

 

    Principal
amount° 		Value (US $)
Agency Mortgage-Backed Securities (continued)
Fannie Mae S.F. 30 yr      
2.50% 7/1/51     1,042,310 $      874,858
2.50% 8/1/51     5,784,947      4,857,669
2.50% 2/1/52    18,899,327     15,746,555
2.50% 4/1/52        55,059         46,062
3.00% 10/1/42       903,085        816,953
3.00% 4/1/43       330,360        298,443
3.00% 11/1/48       527,285        467,754
3.00% 12/1/49     2,854,872      2,516,487
3.00% 3/1/50     1,287,242      1,137,406
3.00% 7/1/51     3,353,043      2,938,331
3.00% 12/1/51     6,351,519      5,560,795
3.00% 6/1/52     2,310,604      2,018,937
3.00% 7/1/52     9,464,654      8,197,399
3.50% 2/1/47     7,548,844      7,077,747
3.50% 7/1/47     1,955,271      1,835,619
3.50% 1/1/48     1,876,653      1,742,658
3.50% 2/1/48     1,219,786      1,116,481
3.50% 1/1/50     1,498,560      1,377,559
3.50% 3/1/50       476,182        436,838
3.50% 7/1/50     2,967,573      2,759,012
3.50% 8/1/50     3,913,873      3,577,053
3.50% 3/1/52     2,546,942      2,321,789
3.50% 5/1/52     2,737,629      2,495,857
3.50% 6/1/52     5,164,354      4,658,257
3.50% 9/1/52     5,853,292      5,334,473
4.00% 10/1/40         6,713          6,486
4.00% 11/1/40        26,886         25,987
4.00% 3/1/46        50,432         47,834
4.00% 3/1/47     2,463,212      2,334,749
4.00% 4/1/47       369,814        350,345
4.00% 6/1/48     1,782,562      1,687,841
4.00% 9/1/48     2,017,082      1,906,236
4.00% 10/1/48     1,847,401      1,753,089
4.00% 1/1/49        33,543         31,711
4.00% 3/1/49        92,777         87,617
4.00% 6/1/49       424,260        400,739
4.00% 8/1/51     2,389,176      2,298,576
4.00% 9/1/52     4,213,446      3,925,945
4.50% 5/1/35        17,884         17,754
4.50% 8/1/35        30,060         29,917
4.50% 9/1/35        33,303         33,166
4.50% 5/1/39       135,231        134,924
4.50% 7/1/40       120,615        119,723
4.50% 4/1/41        11,101         11,069
4.50% 5/1/46        83,867         83,616
4.50% 4/1/48       483,881        484,812
4.50% 9/1/48       148,288        143,757
4.50% 12/1/48       136,036        132,246
4.50% 1/1/49     3,860,356      3,753,527
4.50% 1/1/50     6,729,786      6,653,515
    Principal
amount° 		Value (US $)
Agency Mortgage-Backed Securities (continued)
Fannie Mae S.F. 30 yr      
4.50% 4/1/50       533,260 $      518,434
4.50% 10/1/52    10,518,175     10,080,367
4.50% 2/1/53     6,132,325      5,877,506
5.00% 3/1/34           540            546
5.00% 4/1/34         3,391          3,437
5.00% 8/1/34         5,194          5,264
5.00% 4/1/35         1,418          1,439
5.00% 12/1/37           570            579
5.00% 3/1/38        35,417         35,981
5.00% 5/1/40        57,831         58,550
5.00% 7/1/47       232,644        235,613
5.00% 1/1/51     2,614,528      2,606,359
5.50% 12/1/33         6,148          6,193
5.50% 2/1/35        85,269         88,111
5.50% 5/1/44     3,037,946      3,134,542
5.50% 10/1/52     6,982,738      7,021,076
5.50% 11/1/52     3,815,888      3,848,154
5.50% 7/1/53       462,780        463,403
6.00% 9/1/36         5,172          5,358
6.00% 8/1/38        11,348         11,726
6.00% 12/1/38         1,971          2,067
6.00% 1/1/42     2,586,643      2,711,419
6.00% 5/1/53     2,203,863      2,250,214
6.00% 9/1/53     6,041,909      6,149,122
6.00% 3/1/55    31,811,871     32,335,959
6.50% 11/1/33           873            915
6.50% 2/1/36        15,319         16,184
6.50% 3/1/36        29,647         31,104
6.50% 6/1/36        19,396         20,400
6.50% 2/1/38         3,653          3,773
6.50% 11/1/38         1,445          1,531
Fannie Mae S.F. 30 yr
TBA 		     
2.00% 7/1/55    50,200,000     39,727,658
2.50% 8/1/55    37,600,000     31,178,108
3.50% 7/1/55    22,100,000     19,894,539
3.50% 8/15/55    50,000,000     45,000,505
4.00% 8/1/55    70,500,000     65,537,477
4.50% 8/1/55   184,000,000    175,924,056
5.00% 7/1/55    11,400,000     11,170,862
5.00% 8/1/55    99,000,000     96,963,709
5.50% 8/15/55   142,100,000    141,962,021
6.00% 7/1/55    32,300,000     32,820,766
6.50% 8/1/55    28,600,000     29,487,495
Freddie Mac ARM      
6.625% (RFUCCT1Y + 1.63%, Cap 10.50%, Floor 1.63%) 2/1/38 •        10,649         10,837
NQ- OPTFI [0625] 0825 (4730784)    3

 

Schedule of investments
Optimum Fixed Income Fund   
    Principal
amount° 		Value (US $)
Agency Mortgage-Backed Securities (continued)
Freddie Mac ARM      
7.18% (RFUCCT1Y + 2.18%, Cap 10.46%, Floor 2.18%) 5/1/37 •        26,015 $       26,847
Freddie Mac S.F. 15 yr      
2.00% 1/1/37     4,767,045      4,382,218
3.00% 3/1/35     4,786,211      4,594,648
Freddie Mac S.F. 20 yr      
2.00% 3/1/41     2,716,778      2,340,093
2.00% 5/1/42       882,912        758,366
2.00% 8/1/42     3,128,913      2,696,293
2.50% 6/1/41     4,819,991      4,310,529
2.50% 3/1/42     3,302,389      2,937,796
3.00% 4/1/42     1,394,888      1,270,426
3.00% 6/1/42     1,784,858      1,624,359
5.00% 11/1/42     2,415,845      2,423,302
Freddie Mac S.F. 30 yr      
2.00% 3/1/52     2,140,307      1,698,700
2.50% 5/1/51       821,629        694,796
2.50% 10/1/51     6,033,799      5,065,547
2.50% 12/1/51     2,600,798      2,190,076
2.50% 5/1/52       638,508        531,172
3.00% 11/1/46     1,840,053      1,641,677
3.00% 1/1/47     1,366,021      1,213,395
3.00% 11/1/49     1,845,627      1,616,660
3.00% 1/1/50       464,855        412,270
3.00% 7/1/50       722,458        640,786
3.00% 12/1/50       138,598        122,298
3.00% 5/1/51     4,395,768      3,899,409
3.00% 8/1/51       192,017        167,839
3.00% 8/1/52     3,430,780      3,003,248
3.50% 8/1/48        14,616         13,357
3.50% 9/1/48     1,451,351      1,317,770
3.50% 11/1/48     3,432,192      3,166,911
3.50% 4/1/52     1,640,638      1,487,684
4.00% 10/1/47     1,064,589      1,004,797
4.00% 9/1/52     9,796,747      9,156,472
4.50% 8/1/48       615,068        598,947
4.50% 1/1/49     2,093,943      2,033,339
4.50% 3/1/49       133,172        129,437
4.50% 8/1/49     1,133,650      1,102,942
4.50% 7/1/52     1,584,587      1,524,070
4.50% 10/1/52    11,116,208     10,653,114
5.00% 7/1/52     6,084,740      6,025,309
5.00% 9/1/52     4,423,822      4,371,001
5.00% 11/1/52     1,854,408      1,826,241
5.00% 6/1/53    14,917,873     14,657,024
5.50% 9/1/41       903,691        931,963
5.50% 9/1/52     4,365,303      4,396,921
5.50% 11/1/52     2,815,344      2,835,888
5.50% 2/1/53     3,379,061      3,396,435
    Principal
amount° 		Value (US $)
Agency Mortgage-Backed Securities (continued)
Freddie Mac S.F. 30 yr      
5.50% 3/1/53     4,447,594 $    4,493,042
5.50% 9/1/53     5,305,041      5,342,459
5.50% 11/1/54     3,887,075      3,887,806
5.50% 1/1/55    14,956,025     14,958,836
6.00% 1/1/53       813,098        836,713
6.00% 5/1/53     2,798,148      2,863,061
6.50% 11/1/33         8,020          8,292
6.50% 1/1/35        32,323         33,542
7.00% 1/1/38         4,460          4,707
GNMA I S.F. 30 yr      
3.00% 8/15/45     3,546,483      3,176,292
3.00% 3/15/50       289,230        256,466
5.50% 10/15/42     1,532,520      1,597,185
GNMA II S.F. 30 yr      
3.00% 8/20/50       598,476        540,297
3.00% 12/20/51     1,425,499      1,261,435
5.00% 9/20/52     1,331,898      1,315,493
5.50% 6/20/49     2,526,000      2,570,477
6.00% 4/20/34         1,045          1,067
GNMA II S.F. 30 yr TBA
4.00% 7/20/55 		    6,000,000     5,577,722
Total Agency Mortgage-Backed Securities
(cost $1,094,082,257) 		1,083,667,905
 
Collateralized Loan Obligations — 4.41%
AGL CLO 17 Series 2022-17A AR 144A 5.219% (TSFR03M + 0.95%, Floor 0.95%) 1/21/35 #, •     2,550,000      2,537,852
Aimco CLO 15 Series 2021-15A D1R 144A 7.034% (TSFR03M + 2.75%, Floor 2.75%) 4/17/38 #, •       750,000        743,474
Anchorage Capital CLO 6 Series 2015-6A AR3 144A 5.712% (TSFR03M + 1.44%, Floor 1.44%) 4/22/34 #, •     4,000,000      4,007,144
Apidos CLO XXIV Series 2016-24A A1AL 144A 5.481% (TSFR03M + 1.21%, Floor 0.95%) 10/20/30 #, •       684,117        684,201
 
4    NQ- OPTFI [0625] 0825 (4730784)

 

    Principal
amount° 		Value (US $)
Collateralized Loan Obligations (continued)
Ares European CLO X DAC Series 10A AR 144A 3.059% (EUR003M + 0.78%, Floor 0.78%) 10/15/31 #, • EUR   1,335,752 $    1,572,638
Ares European CLO XII DAC Series 12A AR 144A 3.086% (EUR003M + 0.85%, Floor 0.85%) 4/20/32 #, • EUR     276,521        325,276
ARES XLV CLO Series 2017-45A BR 144A 5.506% (TSFR03M + 1.25%, Floor 1.25%) 10/15/30 #, •       500,000        499,738
Ares XXXIV CLO Series 2015-2A AR3 144A 5.60% (TSFR03M + 1.32%, Floor 1.32%) 4/17/33 #, •     2,600,000      2,603,432
Atlantic Avenue Series 2024-3A A 144A 5.529% (TSFR03M + 1.26%, Floor 1.26%) 1/20/35 #, •     4,000,000      4,000,864
Atlas Senior Loan Fund XVIII Series 2021-18A A1R 144A 5.379% (TSFR03M + 1.11%, Floor 1.11%) 1/18/35 #, •     1,700,000      1,696,280
Aurium CLO IV DAC Series 4A AR 144A 2.982% (EUR003M + 0.73%, Floor 0.73%) 1/16/31 #, • EUR   2,872,889      3,379,875
Bain Capital Credit CLO Series 2021-7A A1R 144A 5.252% (TSFR03M + 0.98%, Floor 0.98%) 1/22/35 #, •     3,150,000      3,138,354
Bain Capital Euro CLO DAC Series 2018-2A AR 144A 2.976% (EUR003M + 0.74%, Floor 0.74%) 1/20/32 #, • EUR     718,964        844,129
    Principal
amount° 		Value (US $)
Collateralized Loan Obligations (continued)
Ballyrock CLO 18 Series 2021-18A C1R 144A 6.071% (TSFR03M + 2.85%, Floor 2.85%) 4/15/38 #, •       850,000 $      852,594
Black Diamond CLO DAC Series 2019-1A A1R 144A 3.123% (EUR003M + 0.98%, Floor 0.98%) 5/15/32 #, • EUR     167,590        197,233
Blackrock European CLO VII DAC Series 7A AR 144A 2.899% (EUR003M + 0.62%, Floor 0.62%) 10/15/31 #, • EUR   1,371,970      1,608,732
BlueMountain Fuji EUR CLO III DAC Series 3A A1R 144A 2.999% (EUR003M + 0.72%, Floor 0.72%) 1/15/31 #, • EUR     693,139        815,579
BNPP AM Euro CLO DAC      
Series 2018-1A AR 144A 2.879% (EUR003M + 0.60%, Floor 0.60%) 4/15/31 #, • EUR     249,606        291,967
Series 2019-1A AR 144A 3.056% (EUR003M + 0.82%, Floor 0.82%) 7/22/32 #, • EUR     998,763      1,173,650
Cairn CLO X DAC Series 2018-10A AR 144A 3.059% (EUR003M + 0.78%, Floor 0.78%) 10/15/31 #, • EUR   1,019,881      1,199,148
Canyon Capital CLO Series 2019-2A AR2 144A 5.266% (TSFR03M + 1.01%, Floor 1.01%) 10/15/34 #, •     1,350,000      1,347,816
Canyon CLO Series 2020-2A AR2 144A 5.286% (TSFR03M + 1.03%, Floor 1.03%) 10/15/34 #, •     1,900,000      1,895,470
NQ- OPTFI [0625] 0825 (4730784)    5

 

Schedule of investments
Optimum Fixed Income Fund   
    Principal
amount° 		Value (US $)
Collateralized Loan Obligations (continued)
Carlyle Euro CLO DAC      
Series 2017-3A A1R 144A 2.979% (EUR003M + 0.70%, Floor 0.70%) 1/15/31 #, • EUR   1,086,681 $    1,277,926
Series 2019-2A A1R 144A 3.033% (EUR003M + 0.89%, Floor 0.89%) 8/15/32 #, • EUR     577,563        678,809
Series 2025-1A A1 144A 3.206% (EUR003M + 1.21%, Floor 1.21%) 8/15/38 #, • EUR   1,000,000      1,177,950
Carlyle Global Market Strategies Euro CLO Series 2014-2A AR1 144A 2.893% (EUR003M + 0.75%, Floor 0.75%) 11/15/31 #, • EUR     755,571        888,269
CarVal CLO III Series 2019-2A AR2 144A 5.259% (TSFR03M + 0.99%, Floor 0.99%) 7/20/32 #, •     2,367,336      2,367,928
CBAMR Series 2021-15A D1R 144A 7.204% (TSFR03M + 2.90%, Floor 2.90%) 1/20/38 #, •       850,000        847,282
Cedar Funding VI CLO Series 2016-6A ARR 144A 5.581% (TSFR03M + 1.31%, Floor 1.05%) 4/20/34 #, •     6,800,000      6,805,902
CIFC Funding Series 2025-1A D1 144A 6.746% (TSFR03M + 2.50%, Floor 2.50%) 4/23/38 #, •       850,000        843,393
CVC Cordatus Loan Fund VII DAC Series 7A ARR 144A 2.605% (EUR003M + 0.63%, Floor 0.63%) 9/15/31 #, • EUR     806,161        947,737
    Principal
amount° 		Value (US $)
Collateralized Loan Obligations (continued)
Dryden 109 CLO Series 2022-109A DR 144A 6.956% (TSFR03M + 2.70%, Floor 2.70%) 4/15/38 #, •       850,000 $      848,479
Dryden 27 R Euro CLO DAC Series 2017-27A AR 144A 2.939% (EUR003M + 0.66%, Floor 0.66%) 4/15/33 #, • EUR   1,659,965      1,949,417
Dryden 52 Euro CLO DAC Series 2017-52A AR 144A 3.003% (EUR003M + 0.86%, Floor 0.86%) 5/15/34 #, • EUR   1,584,283      1,863,295
Dryden 54 Senior Loan Fund Series 2017-54A AR 144A 5.419% (TSFR03M + 1.15%, Floor 1.15%) 10/19/29 #, •     1,312,575      1,312,315
Elmwood CLO 22
Series 2023-1A D1R 144A 7.084% (TSFR03M + 2.80%, Floor 2.80%) 4/17/38 #, • 		      750,000        752,712
Euro-Galaxy III CLO DAC Series 2013-3A ARRR 144A 2.811% (EUR003M + 0.62%, Floor 0.62%) 4/24/34 #, • EUR   3,985,897      4,664,744
Galaxy XXI CLO Series 2015-21A AR 144A 5.551% (TSFR03M + 1.28%) 4/20/31 #, •       230,673        230,685
Generate CLO 10
Series 2022-10A D1R 144A 7.166% (TSFR03M + 2.85%, Floor 2.85%) 1/22/38 #, • 		      600,000        593,325
Harvest CLO XVI DAC Series 16A ARR 144A 2.919% (EUR003M + 0.64%, Floor 0.64%) 10/15/31 #, • EUR   1,140,875      1,341,310
 
6    NQ- OPTFI [0625] 0825 (4730784)

 

    Principal
amount° 		Value (US $)
Collateralized Loan Obligations (continued)
Harvest CLO XXI DAC Series 21A A2R 144A 1.04% 7/15/31 # EUR     185,929 $      214,755
Indigo Credit Management II DAC Series 2A A 144A 3.479% (EUR003M + 1.20%, Floor 1.20%) 7/15/38 #, • EUR   1,100,000      1,293,514
Invesco Euro CLO I DAC Series 1A A1R 144A 2.929% (EUR003M + 0.65%, Floor 0.65%) 7/15/31 #, • EUR     185,083        217,163
Jubilee CLO DAC      
Series 2016-17A A1RR 144A 2.929% (EUR003M + 0.65%, Floor 0.65%) 4/15/31 #, • EUR   1,361,490      1,595,021
Series 2016-17A A2RR 144A 2.929% (EUR003M + 0.65%, Floor 0.65%) 4/15/31 #, • EUR     486,247        570,159
KKR CLO 18
Series 18 AR 144A 5.471% (TSFR03M + 1.20%, Floor 0.94%) 7/18/30 #, • 		       70,148         70,129
Madison Park Funding XLVI Series 2020-46A ARR 144A 5.256% (TSFR03M + 1.00%) 10/15/34 #, •     3,900,000      3,890,012
Madison Park Funding XXVII Series 2018-27A D1R 144A 7.167% (TSFR03M + 2.85%, Floor 2.85%) 4/20/38 #, •       850,000        851,349
Magnetite Xlv Series 2025-45A D1 144A 6.785% (TSFR03M + 2.50%, Floor 2.50%) 4/15/38 #, •       750,000        742,694
    Principal
amount° 		Value (US $)
Collateralized Loan Obligations (continued)
Man GLG Euro CLO V DAC Series 5A A1R 144A 2.665% (EUR003M + 0.69%, Floor 0.69%) 12/15/31 #, • EUR     826,113 $      970,235
Man GLG US CLO Series 2018-1A A1R 144A 5.671% (TSFR03M + 1.40%) 4/22/30 #, •       258,605        258,588
Marathon CLO      
Series 2021-16A A1A 144A 5.718% (TSFR03M + 1.46%, Floor 1.20%) 4/15/34 #, •     1,250,000      1,249,687
Series 2021-16A A1AR 144A TBD (TSFR03M + 1.11%, Floor 1.11%) 4/15/34 #, •, ^^     1,250,000      1,250,000
Neuberger Berman CLO XX Series 2015-20A D1R3 144A 6.968% (TSFR03M + 2.65%, Floor 2.65%) 4/15/39 #, •       500,000        492,861
Neuberger Berman Loan Advisers CLO 42 Series 2021-42A AR 144A 5.211% (TSFR03M + 0.95%, Floor 0.95%) 7/16/35 #, •       650,000        647,986
Oak Hill European Credit Partners IV DAC Series 2015-4A A1RE 144A 2.966% (EUR003M + 0.73%, Floor 0.73%) 1/20/32 #, • EUR     100,110        117,966
Oaktree CLO Series 2020-1A D1RR 144A 6.856% (TSFR03M + 2.60%, Floor 2.60%) 1/15/38 #, •       800,000        788,217
OCP Euro CLO DAC Series 2020-4A AR 144A 3.116% (EUR003M + 0.88%, Floor 0.88%) 9/22/34 #, • EUR   1,407,191      1,654,972
NQ- OPTFI [0625] 0825 (4730784)    7

 

Schedule of investments
Optimum Fixed Income Fund   
    Principal
amount° 		Value (US $)
Collateralized Loan Obligations (continued)
Octagon Investment Partners 51 Series 2021-1A AR 144A 5.259% (TSFR03M + 0.99%, Floor 0.99%) 7/20/34 #, •     2,750,000 $    2,741,731
OFSI BSL XII Series 2023-12A D1R 144A 7.469% (TSFR03M + 3.20%, Floor 3.20%) 1/20/38 #, •       800,000        791,086
OFSI BSL XIV CLO Series 2024-14A D1 144A 8.119% (TSFR03M + 3.85%, Floor 3.85%) 7/20/37 #, •       750,000        753,836
OHA Credit Partners VII Series 2012-7A D1R4 144A 6.822% (TSFR03M + 2.50%, Floor 2.50%) 2/20/38 #, •       850,000        853,766
OZLM IX Series 2014-9A A1A4 144A 5.469% (TSFR03M + 1.20%, Floor 1.20%) 10/20/31 #, •       470,316        470,820
Palmer Square CLO Series 2015-1A A1A5 144A 5.371% (TSFR03M + 1.05%, Floor 1.05%) 5/21/34 #, •     3,700,000      3,695,567
Palmer Square European
Loan Funding DAC 		     
Series 2024-1A AR 144A 3.113% (EUR003M + 0.97%, Floor 0.97%) 8/15/33 #, • EUR     462,434        544,754
Series 2025-1A A 144A 3.17% (EUR003M + 0.85%, Floor 0.85%) 10/15/34 #, • EUR   1,600,000      1,881,113
Series 2025-2A A 144A 3.203% (EUR003M + 1.15%, Floor 1.15%) 2/15/35 #, =, • EUR   3,000,000      3,535,158
    Principal
amount° 		Value (US $)
Collateralized Loan Obligations (continued)
Palmer Square Loan Funding Series 2021-4A A1 144A 5.318% (TSFR03M + 1.06%, Floor 1.06%) 10/15/29 #, •       156,636 $      156,578
Sculptor European CLO V DAC Series 5A AR 144A 3.055% (EUR003M + 0.79%, Floor 0.79%) 1/14/32 #, • EUR   2,660,320      3,122,302
Segovia European CLO DAC Series 2019-6A AR 144A 3.116% (EUR003M + 0.88%, Floor 0.88%) 7/20/32 #, • EUR   1,451,708      1,709,389
Signal Peak CLO 5
Series 2018-5A A1R 144A 5.832% (TSFR03M + 1.55%, Floor 1.55%) 4/25/37 #, • 		    1,800,000      1,805,342
Symphony CLO XXIV Series 2020-24A AR 144A 5.479% (TSFR03M + 1.20%, Floor 1.20%) 1/23/32 #, •     1,436,178      1,437,379
TCI-Symphony CLO Series 2017-1A AR 144A 5.448% (TSFR03M + 1.19%, Floor 0.93%) 7/15/30 #, •       436,829        437,266
TCW CLO Series 2019-2A D1R2 144A 7.317% (TSFR03M + 3.00%, Floor 3.00%) 1/20/38 #, •       850,000        829,994
Tikehau CLO IX DAC Series 9A AR 144A 3.456% (EUR003M + 1.22%, Floor 1.22%) 1/20/37 #, • EUR   1,000,000      1,178,992
Toro European CLO 6 DAC Series 6A AR 144A 3.185% (EUR003M + 0.92%, Floor 0.92%) 1/12/32 #, • EUR     285,475        335,382
 
8    NQ- OPTFI [0625] 0825 (4730784)

 

    Principal
amount° 		Value (US $)
Collateralized Loan Obligations (continued)
Toro European CLO 7 DAC Series 7A ARE 144A 2.953% (EUR003M + 0.81%, Floor 0.81%) 2/15/34 #, • EUR   1,873,907 $    2,200,556
Trinitas Euro CLO V DAC Series 1A AR 144A TBD (EUR003M + 1.21%, Floor 1.21%) 7/15/39 #, =, •, ^^ EUR   1,000,000      1,177,950
Venture 32 CLO Series 2018-32A A1 144A 5.631% (TSFR03M + 1.36%, Floor 1.10%) 7/18/31 #, •       246,736        246,916
Venture 34 CLO Series 2018-34A AR 144A 5.536% (TSFR03M + 1.28%, Floor 1.28%) 10/15/31 #, •     1,835,872      1,837,148
Venture 42 CLO Series 2021-42A A1A 144A 5.648% (TSFR03M + 1.39%, Floor 1.13%) 4/15/34 #, •     1,300,000      1,300,256
Venture XXIX CLO Series 2017-29A AR 144A 5.578% (TSFR03M + 1.25%, Floor 0.99%) 9/7/30 #, •       815,673        815,815
Vibrant CLO XI Series 2019-11A A1R1 144A 5.651% (TSFR03M + 1.38%, Floor 1.12%) 7/20/32 #, •       882,211        882,146
Voya CLO Series 2014-4A A1RA 144A 5.603% (TSFR03M + 1.36%) 7/14/31 #, •       258,339        258,483
Wellington Management CLO 4
Series 2025-4A D1 144A 6.829% (TSFR03M + 2.55%, Floor 2.55%) 4/18/38 #, • 		      750,000        740,483
    Principal
amount° 		Value (US $)
Collateralized Loan Obligations (continued)
Zais CLO 16
Series 2020-16A A1R2 144A 5.399% (TSFR03M + 1.13%, Floor 1.13%) 10/20/34 #, • 		    3,700,000 $    3,698,957
Total Collateralized Loan Obligations
(cost $121,054,834) 		  121,121,397
 
Corporate Bonds — 33.60%
Banking — 12.75%
ABN AMRO Bank 144A 2.47% 12/13/29 #, μ     4,000,000      3,730,981
Access Bank 144A 6.125% 9/21/26 #       300,000        296,096
Akbank TAS      
6.80% 6/22/31 μ, ■       200,000        199,525
144A 7.498% 1/20/30 #       200,000        203,777
Al Rajhi Sukuk 6.25% 7/21/30 μ, ψ, ■       375,000        376,936
Axis Bank 4.10% 9/8/26 μ, ψ, ■       345,000        335,730
Banco Davivienda 144A 8.125% 7/2/35 #, μ       490,000        492,842
Banco de Credito del Peru 144A 3.25% 9/30/31 #, μ       505,000        490,109
Banco de Credito e Inversiones 144A 8.75% 5/8/29 #, μ, ψ       275,000        290,345
Banco del Estado de Chile 144A 7.95% 5/2/29 #, μ, ψ       380,000        395,924
Banco Macro 144A 8.00% 6/23/29 #       455,000        454,727
Banco Mercantil del Norte      
144A 7.50% 6/27/29 #, μ, ψ       200,000        198,108
144A 7.625% 1/10/28 #, μ, ψ       210,000        209,411
Banco Santander 4.175% 3/24/28 μ     1,200,000      1,193,367
Bangkok Bank      
144A 3.466% 9/23/36 #, μ       315,000        280,575
144A 5.00% 9/23/25 #, μ, ψ       280,000        279,278
Bank Leumi Le-Israel 144A 7.129% 7/18/33 #, μ       265,000        272,199
Bank of America      
3.974% 2/7/30 μ     6,900,000      6,792,911
4.623% 5/9/29 μ     1,300,000      1,308,425
NQ- OPTFI [0625] 0825 (4730784)    9

 

Schedule of investments
Optimum Fixed Income Fund   
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Banking (continued)
Bank of America      
5.162% 1/24/31 μ     1,855,000 $    1,901,754
5.202% 4/25/29 μ       700,000        715,486
5.288% 4/25/34 μ     5,000,000      5,102,002
5.518% 10/25/35 μ     5,610,000      5,612,600
5.819% 9/15/29 μ     2,639,000      2,749,550
6.204% 11/10/28 μ     3,670,000      3,820,153
6.625% 5/1/30 μ, ψ     1,015,000      1,053,725
Bank of Montreal      
7.30% 11/26/84 μ       467,000        478,175
7.70% 5/26/84 μ     1,245,000      1,288,680
Bank of New York Mellon      
4.70% 9/20/25 μ, ψ     1,590,000      1,589,585
4.942% 2/11/31 μ     1,470,000      1,501,484
6.30% 3/20/30 μ, ψ     1,255,000      1,292,415
Barclays      
4.942% 9/10/30 μ     2,000,000      2,015,493
4.972% 5/16/29 μ     3,000,000      3,031,915
5.501% 8/9/28 μ     1,600,000      1,632,154
6.375% 12/15/25 μ, ψ, ■ GBP     500,000        687,934
7.437% 11/2/33 μ     3,000,000      3,405,955
BBVA Mexico SA
Institucion De Banca Multiple Grupo Financiero BBVA Mexico 		     
144A 5.875% 9/13/34 #, μ       200,000        196,672
144A 7.625% 2/11/35 #, μ       200,000        205,860
144A 8.125% 1/8/39 #, μ       230,000        237,893
BNP Paribas      
144A 1.904% 9/30/28 #, μ     1,800,000      1,699,252
144A 2.159% 9/15/29 #, μ       600,000        556,339
144A 2.871% 4/19/32 #, μ       300,000        268,918
144A 3.052% 1/13/31 #, μ     2,600,000      2,419,753
144A 5.786% 1/13/33 #, μ     1,600,000      1,665,456
144A 7.375% 8/19/25 #, μ, ψ       700,000        701,631
7.375% 8/19/25 μ, ψ, ■       500,000        501,165
144A 7.45% 6/27/35 #, μ, ψ     1,480,000      1,492,580
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Banking (continued)
BPCE      
144A 5.748% 7/19/33 #, μ     5,000,000 $    5,128,199
144A 6.612% 10/19/27 #, μ     3,350,000      3,430,270
Burgan Bank 2.75% 12/15/31 μ, ■       295,000        279,484
Citibank      
5.438% 4/30/26        955,000        962,613
5.488% 12/4/26      2,545,000      2,586,063
5.57% 4/30/34      2,570,000      2,678,098
Citigroup      
3.20% 10/21/26      1,000,000        986,052
4.075% 4/23/29 μ     2,400,000      2,376,571
5.174% 2/13/30 μ     1,900,000      1,938,869
5.61% 9/29/26 μ       897,000        899,057
5.612% 3/4/56 μ     1,180,000      1,159,056
6.02% 1/24/36 μ     1,215,000      1,248,346
6.75% 2/15/30 μ, ψ     1,505,000      1,519,845
7.00% 8/15/34 μ, ψ       850,000        895,616
Cooperatieve Rabobank      
3.75% 7/21/26      1,350,000      1,339,434
4.375% 8/4/25      2,000,000      1,999,071
144A 5.447% 3/5/30 #, μ     3,300,000      3,404,283
Credit Agricole 144A 5.222% 5/27/31 #, μ     1,505,000      1,533,595
Credit Suisse Group      
144A 6.25% 12/18/24 #, ψ     2,000,000        155,000
144A 6.375% 8/21/26 #, ψ     1,900,000        147,250
144A 6.442% 8/11/28 #, μ     1,750,000      1,818,684
7.50% 12/11/23 ψ, ■       400,000         31,000
Danske Bank 144A 5.705% 3/1/30 #, μ     3,400,000      3,528,556
Deutsche Bank      
2.129% 11/24/26 μ       700,000        692,977
3.547% 9/18/31 μ     1,500,000      1,403,615
3.729% 1/14/32 μ     2,331,000      2,136,157
5.297% 5/9/31 μ     1,290,000      1,310,501
6.119% 7/14/26 μ     3,000,000      3,001,288
6.72% 1/18/29 μ     2,030,000      2,132,945
6.819% 11/20/29 μ       679,000        724,668
7.146% 7/13/27 μ     1,130,000      1,158,767
Fifth Third Bancorp      
2.55% 5/5/27          1,000            969
3.95% 3/14/28          4,000          3,962
Goldman Sachs Group      
1.431% 3/9/27 μ     2,000,000      1,957,087
 
10    NQ- OPTFI [0625] 0825 (4730784)

 

    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Banking (continued)
Goldman Sachs Group      
3.615% 3/15/28 μ     3,400,000 $    3,353,691
4.223% 5/1/29 μ     6,100,000      6,066,204
4.937% 4/23/28 μ       600,000        604,909
5.016% 10/23/35 μ     2,080,000      2,055,724
5.207% 1/28/31 μ     2,100,000      2,149,791
5.218% 4/23/31 μ     2,635,000      2,702,012
5.561% 11/19/45 μ     1,695,000      1,669,896
5.734% 1/28/56 μ     1,930,000      1,931,447
6.484% 10/24/29 μ     5,195,000      5,511,502
HSBC Holdings      
2.013% 9/22/28 μ     3,800,000      3,602,705
2.848% 6/4/31 μ     2,700,000      2,468,173
2.871% 11/22/32 μ     1,000,000        884,960
5.21% 8/11/28 μ       500,000        507,160
5.546% 3/4/30 μ     1,800,000      1,853,954
5.875% 9/28/26 μ, ψ GBP     500,000        687,149
Huntington Bancshares 6.208% 8/21/29 μ     1,770,000      1,857,601
ICICI Bank 144A 4.00% 3/18/26 #       200,000        199,141
ING Groep      
3.875% 5/16/27 μ, ψ     3,000,000      2,794,735
5.55% 3/19/35 μ     4,000,000      4,097,469
Intesa Sanpaolo      
144A 4.00% 9/23/29 #     1,300,000      1,268,739
144A 6.625% 6/20/33 #     2,600,000      2,824,166
144A 7.20% 11/28/33 #       800,000        898,764
7.75% 1/11/27 μ, ψ, ■ EUR     200,000        248,400
JPMorgan Chase & Co.      
2.522% 4/22/31 μ     5,500,000      5,029,920
2.947% 2/24/28 μ     1,100,000      1,075,222
2.963% 1/25/33 μ       500,000        449,547
4.005% 4/23/29 μ       900,000        892,237
4.452% 12/5/29 μ     1,500,000      1,503,120
4.851% 7/25/28 μ     1,400,000      1,414,865
5.012% 1/23/30 μ     1,290,000      1,314,044
5.103% 4/22/31 μ     1,635,000      1,675,970
5.14% 1/24/31 μ     1,085,000      1,112,917
5.571% 4/22/28 μ     1,340,000      1,368,026
5.572% 4/22/36 μ     2,135,000      2,213,428
6.254% 10/23/34 μ       910,000        989,390
JPMorgan Chase Bank 5.11% 12/8/26      4,000,000      4,051,886
KeyBank 5.85% 11/15/27        995,000      1,027,507
Kookmin Bank 144A 2.50% 11/4/30 #       550,000        491,835
Lloyds Banking Group      
3.75% 3/18/28 μ     1,400,000      1,383,339
5.462% 1/5/28 μ     3,600,000      3,649,754
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Banking (continued)
Lloyds Banking Group      
5.721% 6/5/30 μ       885,000 $      919,384
M&T Bank 5.179% 7/8/31 μ     1,080,000      1,098,182
Metropolitan Bank & Trust 5.375% 3/6/29 ■       265,000        272,272
Mitsubishi UFJ Financial Group 2.559% 2/25/30      1,800,000      1,653,203
Mizuho Financial Group      
2.564% 9/13/31      1,400,000      1,223,085
2.591% 5/25/31 μ     2,000,000      1,818,449
3.261% 5/22/30 μ     3,100,000      2,962,453
Morgan Stanley      
0.495% 10/26/29 μ EUR   2,000,000      2,187,049
3.625% 1/20/27      4,000,000      3,967,034
3.79% 3/21/30 μ EUR   4,400,000      5,339,316
4.21% 4/20/28 μ     1,400,000      1,397,635
5.123% 2/1/29 μ     4,100,000      4,172,503
5.192% 4/17/31 μ     1,500,000      1,538,061
5.367% (SOFR + 1.02%) 4/13/28 •     4,500,000      4,526,828
5.516% 11/19/55 μ     1,475,000      1,442,539
5.652% 4/13/28 μ     1,200,000      1,227,114
5.656% 4/18/30 μ     1,200,000      1,246,684
5.664% 4/17/36 μ     1,050,000      1,088,468
5.831% 4/19/35 μ     3,007,000      3,151,547
6.138% 10/16/26 μ       865,000        868,772
6.296% 10/18/28 μ     1,717,000      1,788,970
6.407% 11/1/29 μ     1,688,000      1,788,256
Nationwide Building
Society 		     
144A 2.972% 2/16/28 #, μ       800,000        781,364
144A 4.302% 3/8/29 #, μ     5,200,000      5,169,647
NatWest Group      
4.80% 4/5/26      5,000,000      5,012,293
5.125% 5/12/27 μ, ψ GBP     500,000        672,834
5.778% 3/1/35 μ     3,800,000      3,947,951
NBK SPC 144A 1.625% 9/15/27 #, μ       400,000        385,391
NBK Tier 1 Financing 2 144A 4.50% 8/27/25 #, μ, ψ       210,000        209,195
Oversea-Chinese Banking 144A 1.832% 9/10/30 #, μ       325,000        323,365
PNC Bank 4.05% 7/26/28      2,400,000      2,381,621
PNC Financial Services
Group 		     
4.899% 5/13/31 μ       845,000        855,935
NQ- OPTFI [0625] 0825 (4730784)    11

 

Schedule of investments
Optimum Fixed Income Fund   
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Banking (continued)
PNC Financial Services
Group 		     
5.575% 1/29/36 μ       980,000 $    1,010,449
5.676% 1/22/35 μ     1,090,000      1,132,923
6.875% 10/20/34 μ     1,645,000      1,839,592
Popular 7.25% 3/13/28        855,000        909,028
QNB Bank 10.75% 11/15/33 μ, ■       275,000        302,440
Santander UK Group
Holdings 		     
3.823% 11/3/28 μ     3,200,000      3,136,813
6.534% 1/10/29 μ     3,350,000      3,497,519
Scotiabank Peru 144A 6.10% 10/1/35 #, μ       495,000        503,415
Shinhan Bank 144A 5.75% 4/15/34 #       420,000        431,196
Standard Chartered      
144A 5.005% 10/15/30 #, μ     1,100,000      1,111,674
144A 6.301% 1/9/29 #, μ       270,000        280,633
144A 7.625% 1/16/32 #, μ, ψ       275,000        280,240
State Street 4.834% 4/24/30        920,000        937,292
Sumitomo Mitsui Financial
Group 		     
1.474% 7/8/25      2,600,000      2,598,453
2.222% 9/17/31      2,300,000      2,003,356
5.454% 1/15/32      2,000,000      2,071,558
Sumitomo Mitsui Trust Bank 144A 5.20% 3/7/27 #     2,700,000      2,741,797
TBC Bank JSC 144A 10.25% 7/30/29 #, μ, ψ       395,000        396,100
Truist Bank 4.632% 9/17/29 μ     5,182,000      5,124,273
Truist Financial 4.95% 9/1/25 μ, ψ     1,465,000      1,465,837
Turkiye Garanti Bankasi 144A 8.375% 2/28/34 #, μ       300,000        305,095
UBS Group      
0.25% 11/5/28 μ, ■ EUR   1,000,000      1,115,562
144A 3.126% 8/13/30 #, μ     2,000,000      1,887,738
144A 4.194% 4/1/31 #, μ     2,500,000      2,448,645
144A 5.58% 5/9/36 #, μ       955,000        976,967
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Banking (continued)
UBS Group      
144A 5.699% 2/8/35 #, μ     4,525,000 $    4,701,897
144A 6.85% 9/10/29 #, μ, ψ     1,795,000      1,807,366
144A 7.00% 2/10/30 #, μ, ψ       880,000        877,608
7.75% 3/1/29 μ, ■ EUR     400,000        531,024
UniCredit 7.50% 6/3/26 μ, ψ, ■ EUR     600,000        734,595
US Bancorp      
2.491% 11/3/36 μ     3,400,000      2,886,737
4.653% 2/1/29 μ     1,136,000      1,143,637
5.046% 2/12/31 μ     1,470,000      1,496,878
5.384% 1/23/30 μ       495,000        509,750
5.424% 2/12/36 μ       785,000        800,221
5.678% 1/23/35 μ     1,115,000      1,157,993
5.727% 10/21/26 μ       194,000        194,662
6.787% 10/26/27 μ       720,000        741,366
US Bank 4.73% 5/15/28 μ     1,485,000      1,492,956
Wells Fargo & Co.      
3.196% 6/17/27 μ       900,000        889,402
3.584% 5/22/28 μ     5,300,000      5,220,457
3.90% 3/15/26 μ, ψ     1,000,000        990,376
5.198% 1/23/30 μ     2,200,000      2,253,919
5.244% 1/24/31 μ     1,115,000      1,144,118
5.389% 4/24/34 μ     5,000,000      5,118,085
5.42% (SOFR + 1.07%) 4/22/28 •     2,900,000      2,920,519
5.605% 4/23/36 μ     2,190,000      2,261,411
5.707% 4/22/28 μ     3,800,000      3,883,806
Wells Fargo Bank 5.254% 12/11/26      2,100,000      2,130,918
Yapi ve Kredi Bankasi 144A 7.875% 1/22/31 #, μ       355,000       357,407
    350,248,195
Basic Industry — 0.53%
Anglo American Capital 144A 5.50% 5/2/33 #       295,000        300,987
AngloGold Ashanti Holdings 6.50% 4/15/40        335,000        345,117
Celanese US Holdings      
6.50% 4/15/30        151,000        154,669
6.75% 4/15/33      1,256,000      1,270,062
Cia de Minas Buenaventura 144A 6.80% 2/4/32 #       480,000        488,160
Cleveland-Cliffs 144A 7.00% 3/15/32 #     1,870,000      1,765,114
 
12    NQ- OPTFI [0625] 0825 (4730784)

 

    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Basic Industry (continued)
Dow Chemical 5.95% 3/15/55      1,175,000 $    1,120,959
First Quantum Minerals 144A 9.375% 3/1/29 #       275,000        292,214
FMG Resources August 2006 144A 6.125% 4/15/32 #     1,885,000      1,918,696
INEOS Finance 144A 5.625% 8/15/30 # EUR     200,000        229,606
INEOS Styrolution Group 2.25% 1/16/27 ■ EUR     300,000        343,685
LD Celulose International 144A 7.95% 1/26/32 #       455,000        479,172
Magnera 144A 7.25% 11/15/31 #       855,000        806,928
Nexa Resources 144A 6.60% 4/8/37 #       350,000        352,000
Novelis 144A 4.75% 1/30/30 #     1,580,000      1,514,938
Nucor 5.10% 6/1/35      1,775,000      1,781,362
OCP 144A 6.10% 4/30/30 #       200,000        202,952
Sasol Financing USA 144A 8.75% 5/3/29 #       305,000        302,259
Usiminas International 144A 7.50% 1/27/32 #       415,000        424,815
Windfall Mining Group Inc 144A 5.854% 5/13/32 #       560,000       572,654
     14,666,349
Brokerage — 0.44%
Jefferies Financial Group      
2.625% 10/15/31      2,925,000      2,546,189
5.875% 7/21/28      1,761,000      1,826,738
6.45% 6/8/27        331,000        342,945
6.50% 1/20/43        880,000        919,837
PennyMac Financial Services 144A 6.875% 5/15/32 #     2,755,000      2,818,627
Rocket 144A 6.375% 8/1/33 #     3,630,000     3,718,755
     12,173,091
Capital Goods — 0.81%
Aeropuerto Internacional de Tocumen 144A 5.125% 8/11/61 #       200,000        141,006
Aeropuertos Argentina 2000 144A 8.50% 8/1/31 #       400,723        413,100
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Capital Goods (continued)
Ardagh Metal Packaging Finance USA 144A 3.25% 9/1/28 #     3,140,000 $    2,969,492
Boeing 2.196% 2/4/26      2,930,000      2,884,683
Bombardier      
144A 7.00% 6/1/32 #       675,000        703,779
144A 7.25% 7/1/31 #     1,105,000      1,161,300
Caterpillar 5.20% 5/15/35      1,680,000      1,713,399
Celestial Dynasty 6.375% 8/22/28 ■       335,000        322,649
IHS Holding 144A 8.25% 11/29/31 #       705,000        713,670
Kingston Airport Revenue Finance 144A 6.75% 12/15/36 #       640,000        644,106
Northrop Grumman      
4.75% 6/1/43        410,000        371,148
5.20% 6/1/54      2,540,000      2,369,125
Rolls-Royce 144A 5.75% 10/15/27 #     1,000,000      1,027,045
Siemens Funding      
144A 4.60% 5/28/30 #       925,000        934,772
144A 4.90% 5/28/32 #     1,065,000      1,080,987
Standard Industries 144A 3.375% 1/15/31 #     1,073,000        963,029
TAV Havalimanlari Holding 144A 8.50% 12/7/28 #       550,000        574,091
TransDigm      
144A 6.375% 5/31/33 #     2,650,000      2,659,027
144A 6.625% 3/1/32 #       675,000       699,734
     22,346,142
Communications — 2.31%
Alibaba Group Holding      
2.70% 2/9/41        265,000        184,968
144A 5.25% 5/26/35 #       315,000        318,664
AT&T      
2.55% 12/1/33      2,673,000      2,238,012
3.50% 9/15/53      3,340,000      2,262,472
5.375% 8/15/35        680,000        692,676
6.05% 8/15/56        675,000        689,333
6.30% 1/15/38        900,000        972,622
Axian Telecom Holding & Management 144A 7.25% 7/11/30 #       380,000        378,508
CCO Holdings 144A 4.25% 1/15/34 #     1,625,000      1,447,570
Charter Communications
Operating 		     
2.80% 4/1/31      4,000,000      3,568,174
3.85% 4/1/61      4,755,000      3,049,035
NQ- OPTFI [0625] 0825 (4730784)    13

 

Schedule of investments
Optimum Fixed Income Fund   
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Communications (continued)
Charter Communications
Operating 		     
4.40% 12/1/61      4,252,000 $    2,983,861
5.05% 3/30/29      3,800,000      3,837,285
Connect Finco 144A 9.00% 9/15/29 #     1,570,000      1,580,013
CT Trust 144A 5.125% 2/3/32 #       285,000        265,897
Iliad Holding 144A 8.50% 4/15/31 #       200,000        214,105
Meituan 144A 4.625% 10/2/29 #       350,000        350,160
Meta Platforms      
3.85% 8/15/32      1,295,000      1,245,879
5.40% 8/15/54        895,000        873,471
Midcontinent Communications 144A 8.00% 8/15/32 #     1,625,000      1,721,727
Millicom International Cellular 144A 7.375% 4/2/32 #       401,000        411,939
Prosus 144A 3.061% 7/13/31 #       395,000        350,030
Rogers Communications 5.30% 2/15/34      2,075,000      2,077,994
Sable International Finance 144A 7.125% 10/15/32 #       320,000        321,129
Silknet JSC 144A 8.375% 1/31/27 #       250,000        252,166
Sirius XM Radio 144A 4.125% 7/1/30 #     2,115,000      1,951,435
SoftBank      
144A 4.699% 7/9/30 #     2,445,000      2,445,000
144A 5.332% 7/9/35 #     2,940,000      2,940,000
Sprint 7.625% 3/1/26        200,000        201,935
Sprint Capital 6.875% 11/15/28      3,275,000      3,516,650
Time Warner Cable 7.30% 7/1/38      2,120,000      2,313,121
T-Mobile USA      
1.50% 2/15/26      2,100,000      2,059,148
3.00% 2/15/41      3,445,000      2,522,555
3.30% 2/15/51      1,500,000        996,443
3.75% 4/15/27      2,150,000      2,128,532
3.875% 4/15/30      1,400,000      1,360,133
5.125% 5/15/32        560,000        571,288
5.75% 1/15/34        755,000        791,016
5.875% 11/15/55      1,665,000      1,665,485
Turkcell Iletisim Hizmetleri 144A 7.45% 1/24/30 #       350,000        356,847
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Communications (continued)
Verizon Communications      
2.55% 3/21/31        537,000 $      481,796
2.875% 11/20/50      1,100,000        685,802
4.78% 2/15/35      1,027,000      1,000,978
5.25% 4/2/35      1,125,000      1,134,798
Vmed O2 UK Financing I      
144A 4.25% 1/31/31 #     1,290,000      1,182,600
144A 4.75% 7/15/31 #       930,000       860,856
     63,454,108
Consumer Cyclical — 1.60%
BMW US Capital 144A 4.75% 3/21/28 #       900,000        910,571
Caesars Entertainment 144A 6.50% 2/15/32 #     1,910,000      1,961,075
Carnival      
144A 4.00% 8/1/28 #       500,000        489,687
144A 5.875% 6/15/31 #     2,000,000      2,038,750
El Puerto de Liverpool 144A 6.658% 1/22/37 #       470,000        484,993
Ford Motor Credit      
2.70% 8/10/26        700,000        681,712
2.90% 2/16/28        525,000        492,477
4.389% 1/8/26      1,900,000      1,891,766
4.542% 8/1/26      1,034,000      1,027,171
5.80% 3/5/27      3,500,000      3,528,910
6.798% 11/7/28        535,000        554,456
6.80% 5/12/28      2,230,000      2,305,361
Future Retail 144A 5.60% 1/22/25 #, ‡       565,000          1,497
General Motors Financial      
5.60% 6/18/31        478,000        487,721
5.625% 4/4/32        590,000        597,168
5.75% 2/8/31      4,100,000      4,214,533
Hilton Domestic Operating      
144A 3.625% 2/15/32 #       700,000        634,538
144A 4.00% 5/1/31 #       700,000        658,595
Hilton Grand Vacations Borrower Escrow 144A 5.00% 6/1/29 #       900,000        866,225
Home Depot      
4.875% 6/25/27        535,000        543,704
4.95% 6/25/34      1,375,000      1,392,326
Hyundai Capital Services 144A 5.25% 1/22/28 #       330,000        334,609
Las Vegas Sands 5.625% 6/15/28      1,900,000      1,938,524
Marriott International 3.50% 10/15/32        900,000        818,598
Melco Resorts Finance      
144A 5.375% 12/4/29 #       200,000        187,782
 
14    NQ- OPTFI [0625] 0825 (4730784)

 

    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
Melco Resorts Finance      
5.75% 7/21/28 ■       200,000 $      195,900
144A 7.625% 4/17/32 #       415,000        419,780
MGM China Holdings 144A 4.75% 2/1/27 #       200,000        198,622
Nissan Motor      
144A 4.345% 9/17/27 #     1,400,000      1,344,972
144A 4.81% 9/17/30 #       600,000        550,860
Nissan Motor Acceptance      
144A 2.45% 9/15/28 #       300,000        265,962
144A 6.448% (SOFRINDX + 2.05%) 9/13/27 #, •       100,000         98,807
QXO Building Products 144A 6.75% 4/30/32 #       660,000        681,583
Resideo Funding 144A 6.50% 7/15/32 #     1,350,000      1,384,752
Sands China      
2.30% 3/8/27        200,000        192,177
2.85% 3/8/29        400,000        368,144
3.25% 8/8/31        425,000        375,307
4.375% 6/18/30        250,000        239,129
5.40% 8/8/28      1,800,000      1,814,548
Stellantis Finance US 144A 5.35% 3/17/28 #       500,000        504,262
Toyota Motor Credit 5.131% (SOFR + 0.77%) 8/7/26 •     1,100,000      1,104,943
Volkswagen Group of
America Finance 		     
144A 4.95% 3/25/27 #       600,000        602,028
144A 5.05% 3/27/28 #     2,900,000      2,917,412
144A 5.65% 9/12/28 #       400,000        408,746
Warnermedia Holdings      
5.05% 3/15/42        800,000        475,520
5.141% 3/15/52        500,000        351,250
Wynn Macau      
5.50% 1/15/26 ■       200,000        200,212
5.50% 10/1/27 ■       200,000       199,646
     43,937,311
Consumer Non-Cyclical — 2.88%
AbbVie      
4.05% 11/21/39      3,193,000      2,800,155
4.95% 3/15/31      4,300,000      4,415,882
5.35% 3/15/44        735,000        720,974
Adani Ports & Special Economic Zone 144A 4.375% 7/3/29 #       235,000        222,196
Amgen 2.20% 2/21/27      3,300,000      3,193,568
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
Anheuser-Busch InBev Worldwide 5.55% 1/23/49      3,460,000 $    3,436,707
Ashtead Capital 144A 5.95% 10/15/33 #     2,600,000      2,694,591
Astrazeneca Finance 1.75% 5/28/28      4,600,000      4,316,043
Bayer US Finance      
144A 6.125% 11/21/26 #       800,000        813,302
144A 6.25% 1/21/29 #       200,000        210,062
144A 6.375% 11/21/30 #       600,000        637,817
144A 6.50% 11/21/33 #       400,000        429,069
Bayer US Finance II 144A 4.375% 12/15/28 #       200,000        198,187
Becton Dickinson Euro Finance 1.336% 8/13/41  EUR     700,000        560,654
Bimbo Bakeries USA 144A 6.40% 1/15/34 #       260,000        277,754
Biocon Biologics Global 144A 6.67% 10/9/29 #       345,000        327,928
Bunge Limited Finance 4.20% 9/17/29      2,930,000      2,898,186
Coty 144A 5.00% 4/15/26 #       555,000        556,714
CVS Health 3.75% 4/1/30      4,400,000      4,222,294
CVS Pass Through Trust 144A 5.773% 1/10/33 #, ♦        49,185         49,590
DaVita      
144A 3.75% 2/15/31 #       580,000        527,919
144A 4.625% 6/1/30 #       945,000        906,063
DP World Crescent 144A 5.50% 5/8/35 #       485,000        489,378
Eli Lilly & Co.      
5.10% 2/12/35      1,470,000      1,507,263
5.50% 2/12/55      1,030,000      1,037,207
GE HealthCare
Technologies 		     
4.80% 1/15/31        710,000        716,086
5.50% 6/15/35        700,000        717,093
Global Payments 3.20% 8/15/29      2,150,000      2,033,716
Haleon US Capital 3.375% 3/24/29        500,000        483,642
HCA      
3.50% 9/1/30      4,500,000      4,256,744
4.125% 6/15/29      3,400,000      3,341,418
5.25% 3/1/30      2,000,000      2,051,156
5.45% 9/15/34      1,735,000      1,750,766
NQ- OPTFI [0625] 0825 (4730784)    15

 

Schedule of investments
Optimum Fixed Income Fund   
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
Herc Holdings      
144A 7.00% 6/15/30 #       580,000 $      606,090
144A 7.25% 6/15/33 #       420,000        440,350
Indofood CBP Sukses Makmur 4.805% 4/27/52 ■       200,000        162,341
International Container Terminal Services 4.75% 6/17/30 ■       245,000        244,618
JBS USA Holding Lux      
144A 5.50% 1/15/36 #     1,490,000      1,493,122
144A 6.25% 3/1/56 #     1,395,000      1,401,375
Kaspi.KZ JSC 144A 6.25% 3/26/30 #       340,000        342,661
Mars      
144A 4.80% 3/1/30 #     4,590,000      4,652,258
144A 5.20% 3/1/35 #     1,720,000      1,741,466
144A 5.65% 5/1/45 #     1,155,000      1,158,470
144A 5.70% 5/1/55 #     1,375,000      1,372,621
MHP Lux 144A 6.95% 4/3/26 #       365,000        340,815
Movida Europe 144A 7.85% 4/11/29 #       270,000        249,456
Philip Morris International 4.125% 4/28/28      3,100,000      3,094,622
Royalty Pharma      
1.75% 9/2/27      2,975,000      2,818,172
3.35% 9/2/51      1,568,000      1,017,044
Sysco 5.10% 9/23/30        900,000        922,521
Tenet Healthcare 4.25% 6/1/29      2,680,000      2,601,146
Teva Pharmaceutical
Finance Netherlands III 		     
5.125% 5/9/29        200,000        201,302
6.75% 3/1/28        315,000        327,335
United Rentals North America 3.875% 2/15/31        594,000        558,979
UnitedHealth Group 3.70% 5/15/27        600,000       594,809
     79,141,697
Energy — 2.79%
Adnoc Murban Rsc 144A 4.25% 9/11/29 #     3,600,000      3,585,782
Azule Energy Finance 144A 8.125% 1/23/30 #       345,000        342,067
BP Capital Markets 4.875% 3/22/30 μ, ψ     2,750,000      2,730,095
BP Capital Markets
America 		     
2.721% 1/12/32      1,465,000      1,310,469
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Energy (continued)
BP Capital Markets
America 		     
4.812% 2/13/33      1,305,000 $    1,303,766
5.227% 11/17/34      2,865,000      2,916,492
Canacol Energy 144A 5.75% 11/24/28 #       200,000         69,213
ConocoPhillips      
5.00% 1/15/35      1,525,000      1,524,640
5.50% 1/15/55      1,520,000      1,443,694
EIG Pearl Holdings 144A 4.387% 11/30/46 #       245,000        190,709
Enbridge      
4.90% 6/20/30        865,000        873,997
5.25% 4/5/27      1,325,000      1,344,944
5.55% 6/20/35      1,360,000      1,383,113
5.70% 3/8/33      5,000,000      5,186,296
5.75% 7/15/80 μ       585,000        583,992
Energy Transfer      
4.95% 5/15/28        700,000        710,062
5.50% 6/1/27      3,200,000      3,258,572
6.10% 12/1/28      2,655,000      2,790,034
6.25% 4/15/49      4,420,000      4,364,656
6.50% 11/15/26 μ, ψ     3,380,000      3,403,551
Enterprise Products
Operating 		     
4.60% 1/15/31      1,455,000      1,466,514
4.95% 2/15/35        930,000        927,208
5.35% 1/31/33      2,695,000      2,794,195
EOG Resources      
5.00% 7/15/32      2,020,000      2,045,505
5.35% 1/15/36        668,000        677,718
5.95% 7/15/55        790,000        805,155
Galaxy Pipeline Assets Bidco 144A 2.16% 3/31/34 #       504,948        448,459
Geopark 144A 8.75% 1/31/30 #       470,000        413,967
GNL Quintero 144A 4.634% 7/31/29 #       357,480        354,687
Greensaif Pipelines Bidco 144A 6.51% 2/23/42 #       550,000        570,385
Guara Norte 144A 5.198% 6/15/34 #       361,096        342,479
Hilcorp Energy I      
144A 6.00% 2/1/31 #       710,000        687,372
144A 6.25% 4/15/32 #       675,000        645,153
Medco Maple Tree 144A 8.96% 4/27/29 #       325,000        339,308
 
16    NQ- OPTFI [0625] 0825 (4730784)

 

    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Energy (continued)
NGL Energy Operating 144A 8.375% 2/15/32 #     1,050,000 $    1,054,014
NuStar Logistics 5.625% 4/28/27        140,000        141,304
ONEOK      
4.35% 3/15/29      1,500,000      1,489,109
5.05% 11/1/34      1,349,000      1,313,448
5.65% 11/1/28        700,000        725,414
5.70% 11/1/54        960,000        886,928
ORLEN 144A 6.00% 1/30/35 #       475,000        488,183
Pertamina Hulu Energi 144A 5.25% 5/21/30 #       400,000        404,303
Petronas Capital 144A 5.848% 4/3/55 #       380,000        385,679
Pluspetrol 144A 8.50% 5/30/32 #       445,000        450,006
Raizen Fuels Finance 144A 6.95% 3/5/54 #       465,000        431,742
Reliance Industries 144A 2.875% 1/12/32 #       405,000        359,891
Santos Finance 144A 3.649% 4/29/31 #     1,700,000      1,583,628
SEPLAT Energy 144A 9.125% 3/21/30 #       365,000        363,151
Southern Gas Corridor CJSC 6.875% 3/24/26 ■       200,000        202,881
State Oil Co. of the Azerbaijan Republic 6.95% 3/18/30 ■       200,000        210,982
Targa Resources 4.20% 2/1/33        300,000        281,249
Targa Resources Partners 5.00% 1/15/28      2,525,000      2,527,125
Tecpetrol 144A 7.625% 1/22/33 #       290,000        294,350
Tennessee Gas Pipeline 144A 2.90% 3/1/30 #     6,275,000      5,797,890
Venture Global Calcasieu Pass 144A 3.875% 11/1/33 #     3,870,000      3,387,446
Woodside Finance      
144A 3.70% 9/15/26 #       400,000        396,023
5.70% 5/19/32      1,460,000     1,487,176
     76,496,171
Finance Companies — 2.55%
Abu Dhabi Developmental Holding PJSC 144A 5.50% 5/8/34 #     1,500,000      1,560,702
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Finance Companies (continued)
AerCap Ireland Capital
DAC 		     
2.45% 10/29/26      1,445,000 $    1,408,260
3.00% 10/29/28      4,503,000      4,291,293
4.45% 10/1/25      1,200,000      1,198,925
4.45% 4/3/26        150,000        149,774
5.10% 1/19/29      1,000,000      1,018,239
6.50% 7/15/25      1,350,000      1,350,875
Air Lease      
2.875% 1/15/26      2,050,000      2,029,385
3.00% 2/1/30      6,050,000      5,665,613
4.125% 12/15/26 μ, ψ       967,000        939,980
4.625% 10/1/28      1,884,000      1,897,169
5.10% 3/1/29      1,363,000      1,393,347
American Express 5.284% 7/26/35 μ     1,700,000      1,721,726
Apollo Debt Solutions 6.70% 7/29/31      2,755,000      2,863,806
Aviation Capital Group      
144A 3.50% 11/1/27 #     3,905,000      3,806,959
144A 5.375% 7/15/29 #     1,400,000      1,426,453
Avolon Holdings Funding      
144A 2.528% 11/18/27 #       116,000        110,316
144A 4.95% 1/15/28 #     1,030,000      1,035,844
Blackstone Private Credit Fund 5.60% 11/22/29        920,000        926,738
Blackstone Reg Finance 5.00% 12/6/34      1,990,000      1,982,158
Blue Owl Credit Income      
5.80% 3/15/30      1,995,000      1,998,919
6.60% 9/15/29      1,170,000      1,204,168
Brookfield Capital Finance 6.087% 6/14/33      3,800,000      4,022,125
Cantor Fitzgerald 144A 7.20% 12/12/28 #     2,800,000      2,973,345
Crown Castle 2.25% 1/15/31      5,000,000      4,351,797
DAE Funding 3.375% 3/20/28 ■     2,700,000      2,600,063
Encore Capital Group 144A 8.50% 5/15/30 #       400,000        429,368
GE Capital UK Funding Unlimited 5.875% 1/18/33 ■ GBP     300,000        432,675
Indigo Group 1.625% 4/19/28 ■ EUR   1,700,000      1,940,590
Jefferies Finance 144A 5.00% 8/15/28 #     1,530,000      1,480,146
Jyske Realkredit 1.50% 10/1/53  DKK           1              0
NQ- OPTFI [0625] 0825 (4730784)    17

 

Schedule of investments
Optimum Fixed Income Fund   
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Finance Companies (continued)
Logicor Financing 3.25% 11/13/28 ■ EUR   3,400,000 $    4,011,363
MAF Global Securities 7.875% 6/30/27 μ, ψ, ■       215,000        221,840
Nykredit Realkredit 2.00% 10/1/53 ■ DKK           1              0
OneMain Finance 7.125% 9/15/32      2,770,000      2,871,158
Owl Rock Capital 2.875% 6/11/28        500,000        465,934
Realkredit Danmark      
1.00% 10/1/50  DKK           1              0
1.50% 10/1/53 ■ DKK           1              0
2.00% 10/1/53 ■ DKK           1              0
Sirius Real Estate 1.125% 6/22/26 ■ EUR   2,400,000      2,775,770
UWM Holdings 144A 6.625% 2/1/30 #     1,480,000     1,482,928
     70,039,751
Financial Services — 0.01%
Development Bank of Kazakhstan JSC 144A 5.50% 4/15/27 #       200,000       202,784
        202,784
Industrials — 0.75%
Amcor Flexibles North America 144A 5.50% 3/17/35 #     1,000,000      1,015,034
Amphenol 2.20% 9/15/31      1,415,000      1,239,796
ATP Tower Holdings 144A 7.875% 2/3/30 #       585,000        594,007
Boeing      
6.259% 5/1/27        500,000        514,614
6.298% 5/1/29        700,000        740,233
6.388% 5/1/31        600,000        645,084
6.528% 5/1/34        500,000        543,592
6.858% 5/1/54      5,465,000      5,987,945
7.008% 5/1/64        400,000        439,765
Holcim Finance
Luxembourg 		     
0.50% 4/23/31 ■ EUR   1,100,000      1,112,206
0.625% 4/6/30 ■ EUR   1,000,000      1,058,653
HTA Group 144A 7.50% 6/4/29 #       365,000        374,873
Mauser Packaging Solutions Holding 144A 7.875% 4/15/27 #     1,290,000      1,312,758
MV24 Capital 144A 6.748% 6/1/34 #       366,160        355,446
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Industrials (continued)
Quikrete Holdings 144A 6.375% 3/1/32 #     1,000,000 $    1,028,945
Sitios Latinoamerica 144A 6.00% 11/25/29 #       315,000        321,533
Union Pacific      
5.10% 2/20/35      1,375,000      1,399,058
5.60% 12/1/54      2,030,000     2,021,228
     20,704,770
Insurance — 0.85%
AIA Group      
144A 3.90% 4/6/28 #     1,000,000        992,372
144A 5.375% 4/5/34 #       310,000        316,686
Aon 2.90% 8/23/51      4,930,000      3,068,500
Aon North America      
5.30% 3/1/31      1,040,000      1,076,382
5.75% 3/1/54        375,000        369,984
Arthur J Gallagher & Co. 5.55% 2/15/55      1,000,000        959,848
Athene Global Funding 3.046% (EUR003M + 1.00%) 2/23/27 ■, • EUR   2,500,000      2,959,808
Athene Holding      
3.45% 5/15/52      2,510,000      1,596,567
3.95% 5/25/51      1,120,000        792,842
6.625% 10/15/54 μ     1,180,000      1,164,543
6.625% 5/19/55      1,415,000      1,459,330
6.875% 6/28/55 μ     1,290,000      1,286,904
F&G Global Funding 144A 5.875% 1/16/30 #     1,100,000      1,131,815
Fairfax Financial Holdings 4.625% 4/29/30      1,000,000        995,199
Hanwha Life Insurance 144A 6.30% 6/24/55 #, μ       420,000        433,070
Henneman Trust 144A 6.58% 5/15/55 #     2,315,000      2,328,609
Marsh & McLennan 5.35% 11/15/44      2,450,000     2,410,971
     23,343,430
Real Estate Investment Trusts — 0.82%
American Tower      
2.30% 9/15/31      1,600,000      1,389,015
3.65% 3/15/27        300,000        296,436
3.95% 3/15/29      2,150,000      2,105,594
5.20% 2/15/29        600,000        614,211
EPR Properties 4.50% 6/1/27      1,700,000      1,692,102
Extra Space Storage 5.40% 2/1/34      2,340,000      2,377,918
 
18    NQ- OPTFI [0625] 0825 (4730784)

 

    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Real Estate Investment Trusts (continued)
GLP Capital 4.00% 1/15/30      2,600,000 $    2,500,540
Iron Mountain 144A 5.25% 7/15/30 #       661,000        652,438
Iron Mountain Information Management Services 144A 5.00% 7/15/32 #     2,105,000      2,021,502
IRSA Inversiones y Representaciones 144A 8.00% 3/31/35 #       395,000        389,075
Prologis 4.20% 2/15/33  CAD   1,300,000        959,733
Starwood Property Trust 144A 7.25% 4/1/29 #     3,315,000      3,490,928
Sunac China Holdings      
144A 6.00% 9/30/26 #, ‡       482,710         59,359
144A 6.25% 9/30/27 #, ‡       281,821         35,228
Trust Fibra Uno      
144A 4.869% 1/15/30 #       305,000        289,858
144A 7.375% 2/13/34 #       260,000        264,965
VICI Properties      
144A 4.625% 12/1/29 #       650,000        638,857
4.75% 2/15/28        100,000        100,590
4.95% 2/15/30      1,815,000      1,826,413
5.625% 4/1/35        715,000        721,860
144A 5.75% 2/1/27 #       145,000       147,051
     22,573,673
Technology — 1.79%
Accenture Capital      
4.25% 10/4/31      5,425,000      5,375,809
4.50% 10/4/34      2,045,000      1,990,966
Amentum Holdings 144A 7.25% 8/1/32 #     1,845,000      1,900,088
Broadcom      
144A 3.137% 11/15/35 #     2,789,000      2,353,470
144A 3.187% 11/15/36 #     5,700,000      4,727,610
144A 3.419% 4/15/33 #     1,600,000      1,451,586
144A 4.926% 5/15/37 #       115,000        111,670
5.05% 7/12/29      2,000,000      2,048,802
5.05% 4/15/30      2,900,000      2,971,635
CDW 3.276% 12/1/28      4,143,000      3,962,219
Cloud Software Group 144A 6.50% 3/31/29 #     1,920,000      1,939,119
Entegris 144A 4.75% 4/15/29 #     1,230,000      1,217,492
Fiserv 3.50% 7/1/29      3,500,000      3,372,598
Foundry JV Holdco 144A 6.10% 1/25/36 #     1,520,000      1,574,415
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Technology (continued)
Leidos      
5.40% 3/15/32        735,000 $      750,693
5.50% 3/15/35      2,560,000      2,600,873
NXP 3.875% 6/18/26      3,250,000      3,231,862
Oracle      
3.60% 4/1/50        357,000        249,897
5.25% 2/3/32      1,885,000      1,934,340
6.00% 8/3/55        800,000        799,321
Roper Technologies 4.90% 10/15/34      1,170,000      1,154,368
Synopsys 5.70% 4/1/55        920,000        915,368
TD SYNNEX      
2.375% 8/9/28        800,000        749,542
2.65% 8/9/31      1,200,000      1,036,335
TSMC Arizona 2.50% 10/25/31        590,000        528,861
TSMC Global 144A 2.25% 4/23/31 #       245,000       218,672
     49,167,611
Transportation — 0.40%
Air Canada 144A 3.875% 8/15/26 #       300,000        297,178
American Airlines 144A 5.50% 4/20/26 #       166,667        166,388
American Airlines 2015-1 Class A Pass Through Trust 3.375% 5/1/27 ♦       899,136        876,202
American Airlines 2016-1 Class AA Pass Through Trust 3.575% 1/15/28 ♦       416,970        403,855
American Airlines 2016-3 Class AA Pass Through Trust 3.00% 10/15/28 ♦       777,778        736,821
American Airlines 2019-1 Class AA Pass Through Trust 3.15% 2/15/32 ♦       145,742        133,835
American Airlines 2021-1 Class A Pass Through Trust 2.875% 7/11/34 ♦        86,594         76,230
British Airways 2018-1 Class AA Pass Through Trust 144A 3.80% 9/20/31 #, ♦       775,343        749,984
British Airways 2019-1 Class AA Pass Through Trust 144A 3.30% 12/15/32 #, ♦       224,657        208,732
Burlington Northern Santa Fe 5.80% 3/15/56      2,350,000      2,420,473
NQ- OPTFI [0625] 0825 (4730784)    19

 

Schedule of investments
Optimum Fixed Income Fund   
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Transportation (continued)
Delta Air Lines 7.375% 1/15/26        900,000 $      913,216
Latam Airlines Group 144A 7.875% 4/15/30 #       455,000        464,669
Mileage Plus Holdings 144A 6.50% 6/20/27 #       280,000        280,542
Penske Truck Leasing 144A 4.45% 1/29/26 #     2,100,000      2,094,504
United Airlines 144A 4.625% 4/15/29 #       300,000        291,406
United Airlines 2020-1 Class A Pass Through Trust 5.875% 10/15/27 ♦       755,242       770,648
     10,884,683
Utilities — 2.32%
Adani Electricity Mumbai 144A 3.949% 2/12/30 #       245,000        219,734
AEP Texas 5.40% 6/1/33      2,805,000      2,847,175
AES Andes      
144A 6.25% 3/14/32 #       375,000        382,879
144A 8.15% 6/10/55 #, μ       280,000        290,249
Appalachian Power 4.50% 8/1/32      2,045,000      1,995,938
Berkshire Hathaway Energy 2.85% 5/15/51      4,385,000      2,692,418
Boston Gas 144A 3.757% 3/16/32 #       500,000        461,766
Cikarang Listrindo 144A 5.65% 3/12/35 #       710,000        709,163
Constellation Energy Generation 5.75% 3/15/54      1,595,000      1,564,387
Dominion Energy      
6.625% 5/15/55 μ     1,090,000      1,108,937
Series A 6.875% 2/1/55 μ     1,295,000      1,363,004
Edison International 5.25% 3/15/32        300,000        284,784
Engie Energia Chile 144A 6.375% 4/17/34 #       380,000        394,506
Entergy Arkansas 4.20% 4/1/49        870,000        694,237
Entergy Louisiana 4.95% 1/15/45        235,000        208,171
Entergy Texas 3.55% 9/30/49        700,000        489,667
Exelon 5.45% 3/15/34        645,000        662,219
GDZ Elektrik Dagitim 144A 9.00% 10/15/29 #       310,000        300,121
    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Utilities (continued)
Georgia Global Utilities JSC 144A 8.875% 7/25/29 #       275,000 $      284,416
Georgia Power 4.70% 5/15/32      3,200,000      3,201,808
JSW Hydro Energy 144A 4.125% 5/18/31 #       234,300        215,864
Mexico Generadora de Energia 144A 5.50% 12/6/32 #       296,239        294,609
Mong Duong Finance Holdings 144A 5.125% 5/7/29 #       474,321        463,752
Nevada Power 5.90% 5/1/53      1,670,000      1,663,246
NextEra Energy Capital
Holdings 		     
1.90% 6/15/28      4,500,000      4,206,207
5.55% 3/15/54      1,475,000      1,420,485
6.50% 8/15/55 μ       650,000        666,055
Oglethorpe Power      
3.75% 8/1/50      1,620,000      1,132,313
6.20% 12/1/53        355,000        363,873
Pacific Gas & Electric      
2.10% 8/1/27      1,400,000      1,326,352
3.00% 6/15/28        800,000        759,982
3.30% 3/15/27        700,000        684,079
3.30% 8/1/40      3,166,000      2,267,331
3.50% 8/1/50      1,100,000        706,242
4.20% 3/1/29      3,200,000      3,124,166
4.40% 3/1/32      1,300,000      1,220,288
4.50% 7/1/40      1,100,000        917,530
PacifiCorp      
5.10% 2/15/29        360,000        367,191
5.45% 2/15/34        610,000        618,976
5.80% 1/15/55        560,000        536,510
Pedernales Electric Cooperative 144A 6.202% 11/15/32 #       520,000        541,797
Saavi Energia 144A 8.875% 2/10/35 #       340,000        355,215
Sempra      
4.875% 10/15/25 μ, ψ       575,000        574,067
6.40% 10/1/54 μ     2,691,000      2,561,366
Southern California Edison 5.25% 3/15/30        900,000        909,651
Southern California Gas 2.95% 4/15/27      2,600,000      2,548,207
Star Energy Geothermal Wayang Windu 144A 6.75% 4/24/33 #       304,602        310,470
 
20    NQ- OPTFI [0625] 0825 (4730784)

 

    Principal
amount° 		Value (US $)
Corporate Bonds (continued)
Utilities (continued)
Virginia Electric and Power 5.00% 4/1/33      4,000,000 $    4,044,634
Vistra 144A 7.00% 12/15/26 #, μ, ψ     1,500,000      1,519,017
Vistra Operations      
144A 6.00% 4/15/34 #       595,000        618,404
144A 6.95% 10/15/33 #     6,060,000     6,659,788
     63,753,246
Total Corporate Bonds
(cost $929,831,470) 		  923,133,012
 
Government Agency Obligations — 0.54%
Airport Authority 144A 4.875% 7/15/30 #       200,000        207,025
Chile Electricity Lux MPC 144A 6.01% 1/20/33 #       339,450        352,098
Chile Electricity Lux Mpc II 144A 5.58% 10/20/35 #       312,802        313,297
Corp Nacional del Cobre
de Chile 		     
144A 3.70% 1/30/50 #       225,000        152,777
144A 6.33% 1/13/35 #       400,000        416,072
144A 4.25% 7/17/42 #       200,000        158,578
CPPIB Capital 4.30% 6/2/34 ■ CAD   4,000,000      3,065,790
Ecopetrol 5.875% 11/2/51       400,000        263,690
FIEMEX Energia - Banco Actinver Institucion de Banca Multiple 144A 7.25% 1/31/41 #       338,045        343,420
First Abu Dhabi Bank PJSC 4.50% 4/5/26 μ, ψ, ■       325,000        321,684
Freeport Indonesia 144A 5.315% 4/14/32 #       335,000        336,094
Gaci First Investment 4.875% 2/14/35 ■       264,000        258,778
Georgian Railway JSC 4.00% 6/17/28 ■       200,000        180,465
Hutama Karya Persero 144A 3.75% 5/11/30 #       454,000        433,492
KazMunayGas National 144A 5.375% 4/24/30 #       200,000        201,834
Korea Development Bank 4.875% 2/3/30       200,000        206,013
Korea Hydro & Nuclear Power 144A 5.00% 7/18/28 #       260,000        265,184
Ma'aden Sukuk 144A 5.25% 2/13/30 #       670,000        682,344
    Principal
amount° 		Value (US $)
Government Agency Obligations (continued)
Mazoon Assets 144A 5.25% 10/9/31 #       200,000 $      199,809
Mersin Uluslararasi Liman Isletmeciligi 144A 8.25% 11/15/28 #       275,000        286,065
MISC Capital Two Labuan 144A 3.75% 4/6/27 #       315,000        310,857
OCP      
144A 3.75% 6/23/31 #       200,000        179,589
144A 5.125% 6/23/51 #       335,000        254,773
144A 7.50% 5/2/54 #       415,000        415,633
Ooredoo International Finance 144A 4.625% 10/10/34 #       400,000        392,153
Oryx Funding 144A 5.80% 2/3/31 #       250,000        254,370
Perusahaan Perseroan
Persero Perusahaan Listik Negara 		     
144A 4.00% 6/30/50 #       325,000        229,117
144A 5.25% 5/15/47 #       415,000        359,832
Petroleos Mexicanos      
5.95% 1/28/31       600,000        542,985
6.70% 2/16/32        76,000         70,678
7.69% 1/23/50       240,000        188,931
10.00% 2/7/33       100,000        107,126
Petronas Capital      
144A 2.48% 1/28/32 #       200,000        174,396
144A 4.95% 1/3/31 #       430,000        438,988
QazaqGaz JSC 144A 4.375% 9/26/27 #       430,000        421,369
Saudi Arabian Oil      
144A 3.50% 11/24/70 #       220,000        132,025
144A 4.25% 4/16/39 #       200,000        174,450
144A 5.75% 7/17/54 #       200,000        187,960
Sweihan PV Power PJSC 144A 3.625% 1/31/49 #       396,563        328,046
Telecommunications Telekom Srbija AD Belgrade 144A 7.00% 10/28/29 #       475,000        475,597
YPF 144A 9.50% 1/17/31 #       415,000       437,489
Total Government Agency Obligations
(cost $14,855,384) 		   14,720,873
NQ- OPTFI [0625] 0825 (4730784)    21

 

Schedule of investments
Optimum Fixed Income Fund   
    Principal
amount° 		Value (US $)
Municipal Bonds — 0.39%
American Municipal
Power, Ohio 		     
(Combined Hydroelectric Projects - Build America Bonds) Series B  8.084%  2/15/50     1,500,000 $    1,904,565
Chicago, Illinois Transit
Authority Sales Tax Receipts Revenue 		     
(Pension Funding) Series A 6.899%  12/1/40     1,642,461      1,820,504
(Retiree Health Care) Series B  6.899%  12/1/40     1,642,475      1,820,519
Golden State, California
Tobacco Securitization 		     
(Senior) Series A1 2.587%  6/1/29     1,700,000      1,576,852
Municipal Electric
Authority of Georgia 		     
(Build America Bonds Plant Vogtle Units 3 & 4 Project)  6.655%  4/1/57     1,663,000      1,776,699
New York State Urban
Development 		     
(Build America Bonds) Series E  5.77%  3/15/39       625,000        645,169
West Virginia Tobacco
Settlement Finance Authority 		     
(Class 1 Senior Current Interest Bonds)      
Series A 1.82% 6/1/26       250,000        244,090
Series A 2.351% 6/1/28       300,000        282,972
Series A 2.551% 6/1/29       300,000        278,793
Series A 2.951% 6/1/31       500,000       451,025
Total Municipal Bonds
(cost $12,069,263) 		   10,801,188
 
Non-Agency Asset-Backed Securities — 3.60%
ABFC Trust Series 2006-HE1 A2D 4.874% (TSFR01M + 0.55%, Floor 0.44%) 1/25/37 •       220,155        120,557
ACHV ABS Trust Series 2024-3AL A 144A 5.01% 12/26/31 #       554,148        555,925
    Principal
amount° 		Value (US $)
Non-Agency Asset-Backed Securities (continued)
Argent Securities Trust      
Series 2006-M1 A2C 4.734% (TSFR01M + 0.41%, Floor 0.30%) 7/25/36 •     1,031,503 $      275,242
Series 2006-W4 A2C 4.754% (TSFR01M + 0.43%, Floor 0.32%) 5/25/36 •       541,922        128,996
Bear Stearns Asset-Backed Securities I Trust Series 2005-FR1 M2 5.439% (TSFR01M + 1.12%, Floor 1.01%) 6/25/35 •       260,315        254,452
Carvana Auto
Receivables Trust 		     
Series 2024-N2 A2 144A 5.90% 8/10/27 #       101,826        102,041
Series 2024-P2 A3 5.33% 7/10/29     4,000,000      4,041,331
Centex Home Equity Loan Trust Series 2002-A AF6 5.54% 1/25/32            79             78
Chase Auto Owner Trust Series 2024-2A A3 144A 5.52% 6/25/29 #     2,900,000      2,944,747
Chesapeake Funding II Series 2024-1A A1 144A 5.52% 5/15/36 #     2,179,580      2,201,424
CIT Mortgage Loan Trust Series 2007-1 1M1 144A 6.684% (TSFR01M + 2.36%, Floor 2.25%) 10/25/37 #, •     2,575,065      2,600,181
Citizens Auto Receivables Trust Series 2023-1 A3 144A 5.84% 1/18/28 #     5,796,452      5,833,558
Countrywide Asset-Backed Certificates Trust      
Series 2004-3 2A 4.834% (TSFR01M + 0.51%, Floor 0.40%) 8/25/34 •        20,796         20,291
Series 2006-1 AF6 4.419% 7/25/36 •        14,680         14,460
Series 2006-11 1AF6 6.15% 9/25/46 •        17,413         16,046
 
22    NQ- OPTFI [0625] 0825 (4730784)

 

    Principal
amount° 		Value (US $)
Non-Agency Asset-Backed Securities (continued)
Countrywide Asset-Backed Certificates Trust      
Series 2006-26 2A4 4.874% (TSFR01M + 0.55%, Floor 0.44%) 6/25/37 •       625,668 $      612,698
Series 2007-6 2A4 5.054% (TSFR01M + 0.73%, Floor 0.62%) 9/25/37 •       935,047        763,840
CWABS Asset-Backed Certificates Trust Series 2005-3 MV7 6.384% (TSFR01M + 2.06%, Floor 1.95%) 8/25/35 •     4,200,000      3,897,596
CyrusOne Data Centers Issuer I Series 2024-2A A2 144A 4.50% 5/20/49 #     5,000,000      4,868,905
DataBank Issuer Series 2021-1A A2 144A 2.06% 2/27/51 #     1,600,000      1,565,101
Diamond Infrastructure Funding Series 2021-1A A 144A 1.76% 4/15/49 #     4,700,000      4,470,379
Domino's Pizza Master Issuer Series 2021-1A A2I 144A 2.662% 4/25/51 #     7,196,500      6,714,620
EquiFirst Mortgage Loan Trust Series 2004-2 M7 7.434% (TSFR01M + 3.11%, Floor 3.00%) 10/25/34 •       662,361        618,862
Ford Credit Auto Owner Trust Series 2024-B A3 5.10% 4/15/29     2,900,000      2,936,835
Ford Credit Floorplan Master Owner Trust Series 2024-1 A1 144A 5.29% 4/15/29 #     6,500,000      6,614,803
Fremont Home Loan Trust Series 2004-B M1 5.304% (TSFR01M + 0.98%, Floor 0.87%) 5/25/34 •     1,655,011      1,615,434
Frontier Issuer Series 2024-1 A2 144A 6.19% 6/20/54 #     1,350,000      1,390,122
    Principal
amount° 		Value (US $)
Non-Agency Asset-Backed Securities (continued)
GE-WMC Mortgage Securities Trust Series 2006-1 A2B 4.734% (TSFR01M + 0.41%, Floor 0.30%) 8/25/36 •     1,533,337 $      642,999
GLS Auto Select Receivables Trust Series 2024-3A A2 144A 5.59% 10/15/29 #       380,019        384,568
Golden Credit Card Trust Series 2022-4A A 144A 4.31% 9/15/27 #     2,000,000      1,999,215
GreenState Auto Receivables Trust Series 2024-1A A2 144A 5.53% 8/16/27 #     1,401,154      1,401,525
GSAMP Trust      
Series 2006-FM3 A2D 4.894% (TSFR01M + 0.57%, Floor 0.46%) 11/25/36 •       697,550        322,921
Series 2007-SEA1 A 144A 4.734% (TSFR01M + 0.41%, Floor 0.30%) 12/25/36 #, •       293,523        291,007
Home Equity Mortgage Loan Asset-Backed Trust Series 2007-A 2A3 4.674% (TSFR01M + 0.35%, Floor 0.24%) 4/25/37 •       939,802        633,721
HSI Asset Securitization Trust Series 2006-HE1 2A1 4.534% (TSFR01M + 0.21%, Floor 0.10%) 10/25/36 •        20,293          6,811
Long Beach Mortgage
Loan Trust 		     
Series 2006-1 2A4 5.034% (TSFR01M + 0.71%, Floor 0.60%) 2/25/36 •     2,192,303      1,885,458
Series 2006-7 1A 4.744% (TSFR01M + 0.42%, Floor 0.31%) 8/25/36 •     2,026,234      1,040,742
NQ- OPTFI [0625] 0825 (4730784)    23

 

Schedule of investments
Optimum Fixed Income Fund   
    Principal
amount° 		Value (US $)
Non-Agency Asset-Backed Securities (continued)
Morgan Stanley ABS
Capital I Trust 		     
Series 2007-HE1 A2C 4.734% (TSFR01M + 0.41%, Floor 0.30%) 11/25/36 •     3,262,135 $    1,837,056
Series 2007-HE5 A2D 4.774% (TSFR01M + 0.45%, Floor 0.34%) 3/25/37 •     2,502,599      1,058,181
New Century Home Equity Loan Trust Series 2005-1 M2 5.154% (TSFR01M + 0.83%, Cap 12.50%, Floor 0.83%) 3/25/35 •       219,600        220,320
Nissan Master Owner Trust Receivables Series 2024-B A 144A 5.05% 2/15/29 #     8,000,000      8,085,812
Option One Mortgage
Loan Trust 		     
Series 2005-1 M1 5.214% (TSFR01M + 0.89%, Floor 0.78%) 2/25/35 •       607,468        578,743
Series 2007-4 2A4 4.744% (TSFR01M + 0.42%, Floor 0.31%) 4/25/37 •     4,276,001      2,410,395
Porsche Innovative Lease Owner Trust Series 2024-1A A3 144A 4.67% 11/22/27 #     3,800,000      3,811,661
Santander Drive Auto Receivables Trust Series 2025-1 D 5.43% 3/17/31     1,600,000      1,625,535
SLAM Series 2025-1A A 144A 5.807% 5/15/50 #     2,900,000      2,948,890
Stellantis Financial Underwritten Enhanced Lease Trust Series 2025-AA A2 144A 4.63% 7/20/27 #     2,900,000      2,906,971
Structured Asset Investment Loan Trust Series 2003-BC2 M1 5.814% (TSFR01M + 1.49%, Floor 1.38%) 4/25/33 •        15,778         16,064
    Principal
amount° 		Value (US $)
Non-Agency Asset-Backed Securities (continued)
Structured Asset
Securities Mortgage Loan Trust 		     
Series 2006-BC1 A6 4.704% (TSFR01M + 0.38%, Floor 0.27%) 3/25/36 •       783,404 $      748,774
Series 2006-BC2 A1 4.589% (TSFR01M + 0.27%, Floor 0.16%) 9/25/36 •     2,573,198      1,570,590
Toyota Auto Receivables Owner Trust Series 2024-B A3 5.33% 1/16/29     5,500,000      5,573,364
Westlake Automobile Receivables Trust Series 2024-3A A2A 144A 4.82% 9/15/27 #     1,318,242      1,318,703
World Omni Auto Receivables Trust Series 2024-B A2B 4.734% (SOFR + 0.43%, Floor 0.43%) 9/15/27 •       520,999       521,071
Total Non-Agency Asset-Backed Securities
(cost $104,997,801) 		   99,019,621
 
Non-Agency Collateralized Mortgage Obligations — 2.98%
Alternative Loan Trust Resecuritization Series 2008-2R 3A1 6.00% 8/25/37 •       784,806        361,445
Angel Oak Mortgage Trust Series 2024-2 A1 144A 5.985% 1/25/69 #, ~     1,091,736      1,096,585
ARM Trust      
Series 2005-10 3A31 4.047% 1/25/36 •        13,299         11,825
Series 2006-2 1A4 4.759% 5/25/36 •       233,360        203,072
Banc of America Funding
Trust 		     
Series 2005-E 7A1 5.829% (12MTA + 1.43%, Floor 1.43%) 6/20/35 •        53,633         48,834
Series 2006-I 1A1 6.316% 12/20/36 •        49,025         48,535
Banc of America Mortgage Trust Series 2003-D 2A1 7.022% 5/25/33 •           357            351
 
24    NQ- OPTFI [0625] 0825 (4730784)

 

    Principal
amount° 		Value (US $)
Non-Agency Collateralized Mortgage Obligations (continued)
Bear Stearns ARM Trust Series 2003-5 2A1 5.035% 8/25/33 •        10,921 $       10,091
Bear Stearns Asset-Backed Securities Trust Series 2007-SD1 22A1 5.348% 10/25/36 •        90,897         39,664
Chase Home Lending
Mortgage Trust 		     
Series 2024-7 A11 144A 5.605% (SOFR + 1.30%, Cap 8.00%) 6/25/55 #, •     2,878,139      2,884,014
Series 2024-RPL1 A1A 144A 3.25% 3/25/64 #, •     1,624,913      1,444,200
Series 2024-RPL3 A1A 144A 3.25% 9/25/64 #, •     3,081,672      2,740,007
Chase Mortgage Finance Trust Series 2005-A1 3A1 4.78% 12/25/35 •        29,311         25,905
CHL Mortgage Pass Through Trust Series 2007-4 1A1 6.00% 5/25/37 ♦       649,085        279,368
Citigroup Mortgage Loan Trust Series 2024-1 A11 144A 5.655% (SOFR + 1.35%, Cap 8.00%) 7/25/54 #, •     2,889,620      2,900,813
COLT Mortgage Loan Trust Series 2024-3 A1 144A 6.393% 6/25/69 #, ~     2,355,626      2,384,758
Connecticut Avenue Securities Series 2025-R01 1M2 144A 5.806% (SOFR + 1.50%) 1/25/45 #, •       680,000        681,264
Connecticut Avenue
Securities Trust 		     
Series 2022-R01 1M2 144A 6.205% (SOFR + 1.90%) 12/25/41 #, •     1,500,000      1,512,122
Series 2022-R02 2M2 144A 7.305% (SOFR + 3.00%) 1/25/42 #, •       900,000        920,525
Series 2024-R04 1M1 144A 5.405% (SOFR + 1.10%) 5/25/44 #, •     2,726,151      2,725,306
    Principal
amount° 		Value (US $)
Non-Agency Collateralized Mortgage Obligations (continued)
Connecticut Avenue
Securities Trust 		     
Series 2025-R02 1M2 144A 5.906% (SOFR + 1.60%) 2/25/45 #, •     1,620,000 $    1,623,548
Series 2025-R03 2M1 144A 5.905% (SOFR + 1.60%) 3/25/45 #, •     1,667,415      1,675,752
Series 2025-R04 1M2 144A 5.805% (SOFR + 1.50%) 5/25/45 #, •     2,870,000      2,871,370
Cross Mortgage Trust Series 2024-H3 A1 144A 6.272% 6/25/69 #, ~     3,233,226      3,268,304
CSMC Mortgage-Backed
Trust 		     
Series 2007-1 5A14 6.00% 2/25/37       134,701         73,002
Series 2007-3 4A12 2.316% (6.64% minus TSFR01M, Cap 6.75%) 4/25/37 Σ, =, •        59,098          7,863
Series 2007-3 4A15 5.50% 4/25/37        26,241         21,419
Series 2007-3 4A6 4.684% (TSFR01M + 0.36%, Cap 7.00%, Floor 0.25%) 4/25/37 •        59,098         45,780
CSMC Trust Series 2005-1R 2A5 144A 5.75% 12/26/35 #       448,409        259,711
First Franklin Mortgage Loan Trust Series 2006-FF5 2A3 4.754% (TSFR01M + 0.43%, Floor 0.32%) 4/25/36 •       436,930        427,495
Flagstar Mortgage Trust Series 2021-2 A6 144A 2.50% 4/25/51 #, •       668,277        596,258
GCAT Trust Series 2024-NQM2 A1 144A 6.085% 6/25/59 #, ~     2,950,959      2,974,712
GMACM Mortgage Loan Trust Series 2006-J1 A1 5.75% 4/25/36        11,697         10,025
GS Mortgage-Backed
Securities Trust 		     
Series 2021-PJ4 A8 144A 2.50% 9/25/51 #, •     1,724,487      1,539,918
NQ- OPTFI [0625] 0825 (4730784)    25

 

Schedule of investments
Optimum Fixed Income Fund   
    Principal
amount° 		Value (US $)
Non-Agency Collateralized Mortgage Obligations (continued)
GS Mortgage-Backed
Securities Trust 		     
Series 2021-PJ7 A2 144A 2.50% 1/25/52 #, •     1,961,802 $    1,598,464
GSR Mortgage Loan Trust Series 2007-AR1 2A1 4.495% 3/25/47 •       326,845        188,467
JPMorgan Alternative Loan Trust Series 2007-A2 11A1 4.794% (TSFR01M + 0.47%, Cap 11.50%, Floor 0.36%) 6/25/37 •     2,575,236      1,314,846
JPMorgan Mortgage Trust      
Series 2006-A6 2A4L 5.733% 10/25/36 •       136,694        109,044
Series 2006-A7 2A2 4.481% 1/25/37 •        24,042         18,325
Series 2007-A1 6A1 5.496% 7/25/35 •        20,262         19,643
Series 2014-2 B1 144A 3.403% 6/25/29 #, •        21,186         20,331
Series 2014-2 B2 144A 3.403% 6/25/29 #, •        21,186         20,258
Series 2015-4 B1 144A 3.508% 6/25/45 #, •       318,365        295,629
Series 2015-4 B2 144A 3.508% 6/25/45 #, •       136,070        125,933
Series 2016-4 B1 144A 3.784% 10/25/46 #, •       142,166        134,454
Series 2016-4 B2 144A 3.784% 10/25/46 #, •       259,390        244,418
Series 2017-1 B3 144A 3.447% 1/25/47 #, •       714,811        643,019
Series 2017-2 A3 144A 3.50% 5/25/47 #, •        41,207         37,453
Series 2020-2 A3 144A 3.50% 7/25/50 #, •       116,365        103,006
Series 2020-7 A3 144A 3.00% 1/25/51 #, •       381,264        328,703
Series 2021-1 A3 144A 2.50% 6/25/51 #, •       608,652        495,979
Series 2021-10 A3 144A 2.50% 12/25/51 #, •     1,306,158      1,063,760
Series 2021-13 B1 144A 3.138% 4/25/52 #, •     1,829,204      1,532,480
JPMorgan Trust      
Series 2015-5 B2 144A 5.925% 5/25/45 #, •        88,617         88,610
Series 2015-6 B1 144A 3.504% 10/25/45 #, •       115,887        111,412
    Principal
amount° 		Value (US $)
Non-Agency Collateralized Mortgage Obligations (continued)
JPMorgan Trust      
Series 2015-6 B2 144A 3.504% 10/25/45 #, •       112,755 $      107,885
Lehman Mortgage Trust Series 2007-10 2A2 6.50% 1/25/38     1,141,774        310,418
Ludgate Funding      
Series 2006-1X A2A 4.547% (SONIA + 0.31%) 12/1/60 ■, • GBP     604,693        818,065
Series 2008-W1X A1 4.959% (SONIA + 0.72%) 1/1/61 ■, • GBP     250,649        340,687
Mansard Mortgages Series 2007-1X A2 4.616% (SONIA + 0.30%) 4/15/47 ■, • GBP     262,324        356,363
MASTR Alternative Loan
Trust 		     
Series 2004-3 8A1 7.00% 4/25/34           786            820
Series 2004-5 6A1 7.00% 6/25/34         7,369          7,551
MASTR ARM Trust Series 2004-4 4A1 5.869% 5/25/34 •        18,935         18,446
Merrill Lynch Mortgage Investors Trust Series 2004-A1 2A2 6.225% 2/25/34 •         1,007            957
Mill City Mortgage Loan Trust Series 2019-1 A1 144A 3.25% 10/25/69 #, •     3,364,485      3,273,340
Morgan Stanley
Residential Mortgage Loan Trust 		     
Series 2020-1 A2A 144A 2.50% 12/25/50 #, •       618,488        503,922
Series 2021-1 A2 144A 2.50% 3/25/51 #, •       562,035        458,294
Series 2021-4 A3 144A 2.50% 7/25/51 #, •       630,232        513,903
New Residential
Mortgage Loan Trust 		     
Series 2018-RPL1 A1 144A 3.50% 12/25/57 #, •        83,501         80,877
Series 2019-RPL3 A1 144A 2.75% 7/25/59 #, •     1,864,942      1,788,943
 
26    NQ- OPTFI [0625] 0825 (4730784)

 

    Principal
amount° 		Value (US $)
Non-Agency Collateralized Mortgage Obligations (continued)
OBX Trust Series 2024-NQM8 A1 144A 6.233% 5/25/64 #, ~     2,407,990 $    2,434,078
PRKCM Series 2024-AFC1 A1 144A 6.333% 3/25/59 #, ~       648,385        653,682
PRPM Series 2024-RPL1 A1 144A 4.20% 12/25/64 #, ~     2,772,824      2,711,251
RAAC Trust Series 2005-SP2 2A 5.034% (TSFR01M + 0.71%, Cap 14.00%, Floor 0.60%) 6/25/44 •       118,184        107,580
Radnor Re Series 2024-1 M1B 144A 7.205% (SOFR + 2.90%, Floor 2.90%) 9/25/34 #, •       233,000        235,039
RALI Series Trust      
Series 2007-QA5 2A1 6.199% 9/25/37 •     1,731,979      1,149,595
Series 2007-QH8 A 5.397% 10/25/37 •       960,993        771,319
RCKT Mortgage Trust      
Series 2021-1 A1 144A 2.50% 3/25/51 #, •       607,495        494,634
Series 2021-6 A1 144A 2.50% 12/25/51 #, •     1,325,258      1,078,155
Reperforming Loan REMIC Trust Series 2006-R1 AF1 144A 4.774% (TSFR01M + 0.45%, Cap 9.50%, Floor 0.34%) 1/25/36 #, •       260,225        245,373
Sequoia Mortgage Trust      
Series 2004-5 A3 5.227% (TSFR06M + 0.99%, Cap 11.50%, Floor 0.56%) 6/20/34 •        38,864         36,520
Series 2007-1 4A1 3.579% 9/20/46 •       157,210        103,529
Series 2015-1 B2 144A 3.937% 1/25/45 #, •        81,602         78,534
Series 2017-5 B2 144A 3.786% 8/25/47 #, •     2,439,345      2,290,391
Series 2020-4 A2 144A 2.50% 11/25/50 #, •       506,584        412,603
    Principal
amount° 		Value (US $)
Non-Agency Collateralized Mortgage Obligations (continued)
Stratton Mortgage Funding Series 2024-2A A 144A 5.139% (SONIA + 0.90%) 6/28/50 #, • GBP     769,578 $    1,058,193
Structured ARM Loan Trust Series 2006-1 7A4 4.073% 2/25/36 •        28,530         24,296
Structured Asset Mortgage Investments II Trust Series 2005-AR5 A2 4.932% (TSFR01M + 0.61%, Cap 11.00%, Floor 0.50%) 7/19/35 •        39,379         39,037
Towd Point Mortgage
Trust 		     
Series 2017-4 M1 144A 3.25% 6/25/57 #, •       615,000        562,645
Series 2018-1 A1 144A 3.00% 1/25/58 #, •        45,532         44,919
Series 2019-4 A1 144A 2.90% 10/25/59 #, •     3,519,283      3,377,268
Series 2024-5 A1A 144A 4.518% 10/25/64 #, •     3,615,728      3,610,426
Verus Securitization Trust      
Series 2023-7 A1 144A 7.07% 10/25/68 #, ~     3,937,008      3,992,404
Series 2024-4 A1 144A 6.218% 6/25/69 #, ~     3,012,419      3,044,884
WaMu Mortgage Pass
Through Certificates Trust 		     
Series 2005-AR16 1A3 4.688% 12/25/35 ♦, •       119,074        109,629
Series 2007-HY1 3A3 4.093% 2/25/37 ♦, •        88,993         76,098
Series 2007-HY7 4A1 4.967% 7/25/37 ♦, •       185,893        168,640
Wells Fargo Mortgage-Backed Securities Trust      
Series 2006-AR11 A6 6.558% 8/25/36 •        78,144         72,415
Series 2020-1 A1 144A 3.00% 12/25/49 #, •       112,435        97,472
Total Non-Agency Collateralized Mortgage Obligations
(cost $87,736,682) 		   81,869,155
NQ- OPTFI [0625] 0825 (4730784)    27

 

Schedule of investments
Optimum Fixed Income Fund   
    Principal
amount° 		Value (US $)
Non-Agency Commercial Mortgage-Backed Securities — 4.24%
AG Trust Series 2024-NLP A 144A 6.327% (TSFR01M + 2.02%, Floor 2.02%) 7/15/41 #, •     1,900,663 $    1,903,056
BANK      
Series 2017-BNK5 B 3.896% 6/15/60 •       605,000        581,182
Series 2017-BNK7 A5 3.435% 9/15/60     1,120,000      1,094,893
Series 2019-BN20 A3 3.011% 9/15/62     8,000,000      7,416,646
Series 2019-BN21 A5 2.851% 10/17/52     2,100,000      1,936,558
Series 2020-BN29 A4 1.997% 11/15/53     5,880,000      5,028,837
Series 2022-BNK39 B 3.347% 2/15/55 •     1,353,000      1,185,875
Series 2022-BNK39 C 3.378% 2/15/55 •       797,000        669,082
Series 2022-BNK40 B 3.504% 3/15/64 •     1,800,000      1,573,603
Series 2024-BNK47 A5 5.716% 6/15/57     3,500,000      3,680,695
Benchmark Mortgage
Trust 		     
Series 2020-B17 A5 2.289% 3/15/53     3,460,000      3,062,709
Series 2020-B19 A5 1.85% 9/15/53     3,000,000      2,596,303
Series 2020-B20 A5 2.034% 10/15/53     5,250,000      4,532,674
Series 2020-B21 A5 1.978% 12/17/53     1,300,000      1,126,553
Series 2020-B22 A5 1.973% 1/15/54     6,600,000      5,671,200
Series 2021-B24 A5 2.584% 3/15/54     6,790,000      5,960,004
Series 2022-B32 B 3.202% 1/15/55 •     1,800,000      1,456,970
Series 2022-B32 C 3.571% 1/15/55 •     2,200,000      1,665,879
Series 2022-B33 B 3.734% 3/15/55 •       900,000        778,899
Series 2022-B33 C 3.734% 3/15/55 •       900,000        706,127
Series 2022-B34 A5 3.786% 4/15/55 •     2,950,000      2,709,451
Series 2022-B35 A5 4.591% 5/15/55 •     2,925,000      2,819,422
BMO Mortgage Trust Series 2022-C1 A5 3.374% 2/15/55 •       600,000        549,320
    Principal
amount° 		Value (US $)
Non-Agency Commercial Mortgage-Backed
Securities (continued)
Cantor Commercial Real
Estate Lending 		     
Series 2019-CF1 A5 3.786% 5/15/52     2,340,000 $    2,248,191
Series 2019-CF2 A5 2.874% 11/15/52     4,000,000      3,714,670
Series 2019-CF3 A4 3.006% 1/15/53       800,000        742,278
CD Mortgage Trust      
Series 2017-CD6 B 3.911% 11/13/50 •       440,000        417,912
Series 2019-CD8 A4 2.912% 8/15/57     4,575,000      4,199,479
CFCRE Commercial Mortgage Trust Series 2016-C7 A3 3.838% 12/10/54     3,100,000      3,056,215
Citigroup Commercial
Mortgage Trust 		     
Series 2016-P3 A4 3.329% 4/15/49     1,305,000      1,285,208
Series 2017-C4 A4 3.471% 10/12/50       635,000        620,659
COMM Mortgage Trust      
Series 2016-CR28 A4 3.762% 2/10/49     2,330,000      2,318,450
Series 2018-HCLV A 144A 5.608% (TSFR01M + 1.30%, Floor 1.00%) 9/15/33 #, •     2,900,000      2,650,121
DB-JPM Mortgage Trust Series 2016-C1 A4 3.276% 5/10/49       900,000        886,954
GS Mortgage Securities
Trust 		     
Series 2017-GS5 A4 3.674% 3/10/50     1,280,000      1,251,392
Series 2017-GS6 A3 3.433% 5/10/50     1,935,000      1,883,532
Series 2019-GC39 A4 3.567% 5/10/52     1,250,000      1,187,440
Series 2019-GC42 A4 3.00% 9/10/52     5,000,000      4,663,206
Series 2020-GC47 A5 2.377% 5/12/53     3,716,000      3,349,649
 
28    NQ- OPTFI [0625] 0825 (4730784)

 

    Principal
amount° 		Value (US $)
Non-Agency Commercial Mortgage-Backed
Securities (continued)
Hilton USA Trust Series 2016-SFP A 144A 2.828% 11/5/35 #     2,500,000 $    2,106,475
JPM-BB Commercial Mortgage Securities Trust Series 2015-C31 A3 3.801% 8/15/48     2,253,446      2,248,524
JPM-DB Commercial
Mortgage Securities Trust 		     
Series 2016-C2 A4 3.144% 6/15/49     1,640,000      1,609,151
Series 2016-C4 A3 3.141% 12/15/49     1,065,000      1,036,548
Series 2017-C7 A5 3.409% 10/15/50     2,395,000      2,323,348
JPMorgan Chase
Commercial Mortgage Securities Trust 		     
Series 2013-LC11 B 3.499% 4/15/46        77,220         72,683
Series 2016-JP2 AS 3.056% 8/15/49     1,250,000      1,190,650
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C26 A5 3.531% 10/15/48       954,402        951,293
Morgan Stanley Capital I
Trust 		     
Series 2014-150E A 144A 3.912% 9/9/32 #     3,700,000      3,276,539
Series 2019-L3 A4 3.127% 11/15/52     1,000,000        933,533
Series 2020-HR8 A4 2.041% 7/15/53     4,415,000      3,881,325
Wells Fargo Commercial
Mortgage Trust 		     
Series 2015-NXS3 A4 3.617% 9/15/57       510,000        507,953
Series 2016-BNK1 A3 2.652% 8/15/49     1,220,000      1,189,579
Series 2020-C58 A4 2.092% 7/15/53     2,300,000     2,009,314
Total Non-Agency Commercial Mortgage-Backed Securities
(cost $124,415,633) 		  116,518,209
    Principal
amount° 		Value (US $)
Loan Agreements — 1.92%
Basic Industry — 0.03%
A-Ap Buyer 7.077% (SOFR01M + 2.75%) 9/9/31 •       915,400 $      913,111
        913,111
Capital Goods — 0.07%
Standard Industries 6.071% (SOFR01M + 1.75%) 9/22/28 •       341,787        342,977
SunSource Borrower 8.427% (SOFR01M + 4.10%) 3/25/31 •     1,515,813     1,495,286
      1,838,263
Communications — 0.21%
Charter Communications
Operating 		     
Tranche B-4 6.291% (SOFR03M + 2.00%) 12/7/30 •     1,822,250      1,823,673
Tranche B5 6.541% (SOFR03M + 2.25%) 12/15/31 •       464,665        465,910
Frontier Communications Holdings Tranche B 6.792% (SOFR06M + 2.50%) 7/1/31 •     1,982,966      1,984,826
Midcontinent Communications 6.818% (SOFR01M + 2.50%) 8/16/31 •     1,215,812      1,221,384
Virgin Media Bristol Tranche Y 7.373% (SOFR06M + 3.28%) 3/31/31 •       215,000       212,531
      5,708,324
Consumer Cyclical — 0.56%
Flutter Entertainment Tranche B 6.046% (SOFR03M + 1.75%) 11/30/30 •     1,513,476      1,508,983
Hilton Worldwide Finance Tranche B4 6.069% (SOFR01M + 1.75%) 11/8/30 •     1,088,891      1,093,450
IRB Holding Tranche B 6.827% (SOFR01M + 2.50%) 12/15/27 •     3,471,757      3,475,614
Marriott Ownership Resorts 6.577% (SOFR01M + 2.25%) 4/1/31 •     1,881,000      1,885,703
NQ- OPTFI [0625] 0825 (4730784)    29

 

Schedule of investments
Optimum Fixed Income Fund   
    Principal
amount° 		Value (US $)
Loan Agreements (continued)
Consumer Cyclical (continued)
Peer Holding III Tranche B5B 6.796% (SOFR03M + 2.50%) 7/1/31 •     3,328,275 $    3,350,115
Scientific Games International Tranche B-2 6.564% (SOFR01M + 2.25%) 4/14/29 •     1,855,609      1,860,248
White Cap Buyer Tranche C 7.577% (SOFR01M + 3.25%) 10/19/29 •     2,288,500     2,276,739
     15,450,852
Consumer Non-Cyclical — 0.19%
Concentra Health Services Tranche B-1 6.327% (SOFR01M + 2.00%) 7/26/31 •     1,532,310      1,539,014
DaVita Tranche B-1 6.327% (SOFR01M + 2.00%) 5/9/31 •     2,327,412      2,343,206
TransUnion Intermediate Holdings Tranche B-8 6.077% (SOFR01M + 1.75%) 6/24/31 •     1,470,150     1,474,438
      5,356,658
Finance Companies — 0.17%
Colossus Acquireco Tranche B TBD 6/11/32 X     1,330,000      1,323,142
Dragon Buyer 8.046% (SOFR03M + 3.75%) 9/30/31 •     1,383,050      1,387,026
Jefferies Finance 7.322% (SOFR01M + 3.00%) 10/21/31 •       681,575        680,723
June Purchaser 7.467% (SOFR03M + 3.25%) 11/28/31 •     1,179,900     1,185,984
      4,576,875
Industrials — 0.18%
Alliance Laundry Systems Tranche B 6.827% (SOFR01M + 2.50%) 8/19/31 •       985,000        987,565
Azorra Soar TLB Finance 7.818% (SOFR03M + 3.50%) 10/18/29 •       660,012        662,488
Indicor Tranche D 7.046% (SOFR03M + 2.75%) 11/22/29 •     1,890,500      1,888,727
    Principal
amount° 		Value (US $)
Loan Agreements (continued)
Industrials (continued)
Stonepeak Nile Parent 6.980% (SOFR03M + 2.75%) 4/9/32 •     1,500,000 $    1,506,328
      5,045,108
Insurance — 0.13%
Ardonagh Group Finco Tranche B 7.030% - 7.046% (SOFR03M + 2.75%) 2/15/31 •     2,793,000      2,777,289
USI 6.546% (SOFR03M + 2.25%) 9/27/30 •       692,733       691,831
      3,469,120
Technology — 0.29%
Amentum Holdings 6.577% (SOFR01M + 2.25%) 9/29/31 •     1,737,267      1,736,725
Cotiviti 7.079% (SOFR01M + 2.75%) 3/26/32 •     1,990,000      1,983,781
Entegris Tranche B 6.046% - 6.077% (SOFR01M + 1.75%) 7/6/29 •       563,073        566,812
Epicor Software Tranche F 7.077% (SOFR01M + 2.75%) 5/30/31 •       858,254        861,175
Icon Parent I 7.205% (SOFR06M + 3.00%) 11/13/31 •     1,007,475      1,009,742
Informatica Tranche B 6.580% (SOFR01M + 2.25%) 10/27/28 •       614,362        617,242
UKG Tranche B 7.311% (SOFR01M + 3.00%) 2/10/31 •     1,289,820     1,295,731
      8,071,208
Transportation — 0.01%
Delta Air Lines 8.022% (SOFR03M + 3.75%) 10/20/27 •       153,313       154,447
        154,447
Utilities — 0.08%
Calpine      
6.077% (SOFR01M + 1.75%) 2/15/32 •       181,177        181,318
Tranche B-10 6.077% (SOFR01M + 1.75%) 1/31/31 •       237,556        237,785
 
30    NQ- OPTFI [0625] 0825 (4730784)

 

    Principal
amount° 		Value (US $)
Loan Agreements (continued)
Utilities (continued)
Lightning Power Tranche B 6.546% (SOFR03M + 2.25%) 8/18/31 •     1,334,278 $    1,338,448
Vistra Operations 6.077% (SOFR01M + 1.75%) 12/20/30 •       496,722       498,565
      2,256,116
Total Loan Agreements
(cost $52,636,270) 		   52,840,082
 
Sovereign Bonds — 3.91%Δ
Albania — 0.01%
Albania Government
International Bonds 		     
144A 3.50% 6/16/27 # EUR     150,000        177,902
144A 4.75% 2/14/35 # EUR     150,000       176,843
        354,745
Angola — 0.01%
Angolan Government
International Bonds 		     
8.25% 5/9/28 ■       200,000        188,804
144A 8.75% 4/14/32 #       200,000       176,890
        365,694
Argentina — 0.02%
Argentine Republic Government
International Bonds 		     
0.75% 7/9/30 ~       264,000        211,200
1.00% 7/9/29        28,650         24,051
4.125% 7/9/35 ~       461,150       311,377
        546,628
Armenia — 0.01%
Republic of Armenia International Bond
3.60% 2/2/31 ■ 		      440,000       381,153
        381,153
Bahrain — 0.01%
Bahrain Government International Bond
144A 7.375% 5/14/30 # 		      300,000       312,394
        312,394
Benin — 0.01%
Benin Government International Bond
144A 7.96% 2/13/38 # 		      200,000       189,920
        189,920
    Principal
amount° 		Value (US $)
Sovereign Bonds Δ(continued)
Bermuda — 0.02%
Bermuda Government
International Bonds 		     
144A 5.00% 7/15/32 #       400,000 $      395,800
5.00% 7/15/32 ■       255,000       252,323
        648,123
Brazil — 1.48%
Brazil Letras do Tesouro
Nacional 		     
11.753% 7/1/25 ^ BRL   7,000,000      1,288,399
13.496% 10/1/25 ^ BRL  57,830,000     10,266,356
14.74% 4/1/26 ^ BRL 166,000,000     27,491,010
Brazilian Government
International Bonds 		     
4.75% 1/14/50       510,000        360,798
6.00% 10/20/33       200,000        198,779
7.125% 5/13/54     1,200,000     1,152,171
     40,757,513
Canada — 0.78%
Province of British Columbia Canada
4.15% 6/18/34  		CAD   3,700,000      2,803,224
Province of Ontario Canada
3.80% 12/2/34  		CAD  10,500,000      7,708,430
Province of Quebec Canada
4.45% 9/1/34  		CAD  14,200,000    10,976,989
     21,488,643
Chile — 0.02%
Chile Government
International Bonds 		     
3.10% 5/7/41       323,000        240,913
3.50% 1/25/50       400,000       285,420
        526,333
Colombia — 0.02%
Colombia Government
International Bonds 		     
5.20% 5/15/49       496,000        333,609
8.75% 11/14/53       200,000       198,570
        532,179
Dominican Republic — 0.03%
Dominican Republic
International Bonds 		     
144A 4.875% 9/23/32 #       500,000        462,925
5.30% 1/21/41 ■       231,000        199,723
144A 6.95% 3/15/37 #       250,000       254,550
        917,198
NQ- OPTFI [0625] 0825 (4730784)    31

 

Schedule of investments
Optimum Fixed Income Fund   
    Principal
amount° 		Value (US $)
Sovereign Bonds Δ(continued)
Ecuador — 0.01%
Ecuador Government International Bond
6.90% 7/31/30 ■, ~ 		      350,000 $      304,938
        304,938
Egypt — 0.01%
Egypt Government International Bond
144A 8.70% 3/1/49 # 		      359,000       294,885
        294,885
Ghana — 0.00%
Ghana Government
International Bonds 		     
144A 5.00% 7/3/29 #, ~        55,660         52,316
144A 5.00% 7/3/35 #, ~        80,040        62,471
        114,787
Guatemala — 0.01%
Guatemala Government Bond
144A 6.55% 2/6/37 # 		      200,000       202,240
        202,240
Honduras — 0.01%
Honduras Government International Bond
144A 8.625% 11/27/34 # 		      200,000       210,150
        210,150
Hungary — 0.01%
MFB Magyar Fejlesztesi Bank
6.50% 6/29/28 ■ 		      215,000       222,973
        222,973
Israel — 0.10%
Israel Government
International Bonds 		     
5.375% 3/12/29     1,400,000      1,429,713
5.375% 2/19/30     1,200,000     1,224,394
      2,654,107
Italy — 0.25%
Cassa Depositi e Prestiti
144A 5.875% 4/30/29 # 		    6,600,000     6,908,776
      6,908,776
Ivory Coast — 0.02%
Ivory Coast Government
International Bonds 		     
144A 6.125% 6/15/33 #       430,000        391,646
144A 8.075% 4/1/36 #       200,000       193,298
        584,944
    Principal
amount° 		Value (US $)
Sovereign Bonds Δ(continued)
Japan — 0.52%
Japan Government Forty Year Bond
2.20% 3/20/64  		JPY 722,000,000 $    4,034,691
Japan Government Thirty
Year Bonds 		     
2.30% 12/20/54 JPY 470,000,000      2,933,228
2.40% 3/20/55 JPY 271,000,000      1,728,620
Japan Government
Twenty Year Bonds 		     
2.00% 12/20/44 JPY 610,000,000      4,013,170
2.40% 3/20/45 JPY 221,000,000     1,545,869
     14,255,578
Jordan — 0.01%
Jordan Government International Bond
144A 4.95% 7/7/25 # 		      200,000       199,766
        199,766
Kazakhstan — 0.01%
Baiterek National Managing Holding JSC
144A 5.45% 5/8/28 # 		      200,000       202,678
        202,678
Lebanon — 0.00%
Lebanon Government International Bond
6.85% 3/23/27 ‡, ■ 		      465,000        87,647
         87,647
Mexico — 0.07%
Mexico Government
International Bonds 		     
5.85% 7/2/32       600,000        607,950
6.338% 5/4/53       420,000        386,442
6.875% 5/13/37       900,000       940,883
      1,935,275
Montenegro — 0.01%
Montenegro Government International Bond
144A 4.875% 4/1/32 # 		EUR     140,000       163,553
        163,553
Nigeria — 0.02%
Nigeria Government
International Bonds 		     
7.375% 9/28/33 ■       320,000        286,576
144A 7.875% 2/16/32 #       337,000       320,363
        606,939
 
32    NQ- OPTFI [0625] 0825 (4730784)

 

    Principal
amount° 		Value (US $)
Sovereign Bonds Δ(continued)
Oman — 0.01%
Oman Government International Bond
144A 6.75% 1/17/48 # 		      343,000 $      354,891
        354,891
Paraguay — 0.02%
Paraguay Government
International Bonds 		     
144A 5.40% 3/30/50 #       403,000        346,580
5.40% 3/30/50 ■       220,000       189,200
        535,780
Peru — 0.01%
Peruvian Government International Bond
2.844% 6/20/30  		      312,000       286,694
        286,694
Poland — 0.03%
Bank Gospodarstwa
Krajowego 		     
144A 5.375% 5/22/33 #       250,000        252,697
144A 5.75% 7/9/34 #       200,000        206,089
Republic of Poland
Government International Bonds 		     
4.875% 2/12/30       200,000        204,150
5.50% 4/4/53       203,000       189,399
        852,335
Qatar — 0.01%
Qatar Government International Bond
144A 4.40% 4/16/50 # 		      411,000       348,025
        348,025
Republic of North Macedonia — 0.01%
North Macedonia Government International Bond
144A 3.675% 6/3/26 # 		EUR     150,000       176,899
        176,899
Romania — 0.08%
Romanian Government
International Bonds 		     
144A 1.75% 7/13/30 # EUR   1,800,000      1,824,474
144A 2.625% 12/2/40 # EUR     123,000         90,450
144A 3.375% 1/28/50 # EUR     109,000         77,645
7.125% 1/17/33 ■       176,000       183,546
      2,176,115
    Principal
amount° 		Value (US $)
Sovereign Bonds Δ(continued)
Saudi Arabia — 0.05%
Saudi Government
International Bonds 		     
4.50% 10/26/46 ■       450,000 $      371,278
144A 5.375% 1/13/31 #       900,000       934,027
      1,305,305
Serbia — 0.02%
Serbia International
Bonds 		     
144A 1.00% 9/23/28 # EUR     200,000        218,197
144A 3.125% 5/15/27 # EUR     100,000        117,485
144A 6.00% 6/12/34 #       200,000       202,193
        537,875
South Africa — 0.13%
Republic of South Africa
Government International Bonds 		     
4.85% 9/30/29     3,200,000      3,088,711
5.65% 9/27/47       200,000        149,871
5.875% 6/22/30       268,000       267,149
      3,505,731
South Korea — 0.01%
Export-Import Bank of Korea
5.125% 1/11/33  		      200,000       206,503
        206,503
Sri Lanka — 0.01%
Sri Lanka Government
International Bonds 		     
144A 3.10% 1/15/30 #, ~        26,208         23,424
144A 3.35% 3/15/33 #, ~        51,407         41,621
144A 3.60% 6/15/35 #, ~        34,712         23,896
144A 3.60% 5/15/36 #, ~        24,091         19,663
144A 3.60% 2/15/38 #, ~        48,202         39,251
144A 4.00% 4/15/28 #        24,491        23,053
        170,908
Türkiye — 0.03%
Hazine Mustesarligi Varlik Kiralama
144A 6.50% 4/26/30 # 		      200,000        199,843
Turkey Government International Bond
7.625% 4/26/29  		      300,000        314,477
NQ- OPTFI [0625] 0825 (4730784)    33

 

Schedule of investments
Optimum Fixed Income Fund   
    Principal
amount° 		Value (US $)
Sovereign Bonds Δ(continued)
Türkiye (continued)
Turkiye Ihracat Kredi Bankasi
144A 6.875% 7/3/28 # 		      200,000 $      200,399
        714,719
Ukraine — 0.01%
Ukraine Government
International Bonds 		     
144A 0.00% 2/1/30 #, ~        13,261          6,344
144A 0.00% 2/1/34 #, ~        49,556         18,955
144A 0.00% 2/1/35 #, ~        41,878         19,529
144A 0.00% 2/1/36 #, ~        34,899         16,550
144A 1.75% 2/1/34 #, ~       109,247         56,206
144A 1.75% 2/1/35 #, ~        84,970         43,001
144A 1.75% 2/1/36 #, ~        48,554        23,692
        184,277
Venezuela — 0.00%
Venezuela Government International Bond
7.75% 10/13/19 ‡, ■ 		      370,000        55,087
         55,087
Total Sovereign Bonds
(cost $108,592,058) 		  107,380,903
 
Supranational Banks — 0.50%
Africa Finance 144A 5.55% 10/8/29 #       340,000        338,276
African Development Bank 5.75% 5/7/34 μ, ψ       525,000        507,221
Central American Bank for Economic Integration 144A 4.75% 1/24/28 #       200,000        203,432
Corp Andina de Fomento      
5.00% 1/24/29       200,000        205,441
144A 6.75% 6/17/30 #, μ, ψ       490,000        499,395
European Union 2.875% 10/5/29 ■ EUR   9,900,000    11,899,133
Total Supranational Banks
(cost $12,374,492) 		   13,652,898
 
US Treasury Obligations — 14.11%
US Treasury Bonds      
1.375% 11/15/40 ∞       100,000         63,738
1.625% 11/15/50    13,500,000      7,116,503
1.75% 8/15/41     1,800,000      1,195,594
1.875% 2/15/41    52,800,000     36,333,000
1.875% 2/15/51     2,700,000      1,517,485
1.875% 11/15/51     5,100,000      2,839,266
2.00% 2/15/50    16,000,000      9,401,250
    Principal
amount° 		Value (US $)
US Treasury Obligations (continued)
US Treasury Bonds      
2.25% 8/15/46    13,695,000 $    8,976,110
2.25% 8/15/49 ∞       850,000        533,475
2.25% 2/15/52     2,600,000      1,588,945
2.50% 2/15/45    37,100,000     26,129,415
2.75% 8/15/42 ∞       900,000        688,957
2.75% 11/15/42 ∞     1,400,000      1,066,898
2.875% 5/15/43     2,200,000      1,696,320
2.875% 8/15/45    16,700,000     12,491,730
3.00% 5/15/47 ∞       900,000        674,402
3.00% 8/15/48     3,770,000      2,789,358
3.00% 2/15/49 ∞       700,000        515,977
3.125% 5/15/48 ∞     1,490,000      1,130,945
3.625% 5/15/53    24,300,000     19,827,281
3.875% 2/15/43     3,510,000      3,143,095
4.125% 8/15/44     7,590,000      6,955,820
4.625% 11/15/44    29,840,000     29,219,889
4.625% 2/15/55     6,140,000      5,978,825
4.75% 5/15/55     8,915,000      8,866,247
5.00% 5/15/45    15,830,000     16,264,089
US Treasury Inflation
Indexed Bonds 		     
0.375% 7/15/25       270,550        270,423
0.625% 7/15/32    36,104,070     33,691,289
1.125% 1/15/33 ∞    19,923,390     19,047,080
1.75% 1/15/34 ∞     7,305,270      7,245,316
1.875% 7/15/34     3,884,930      3,890,164
US Treasury Notes      
0.50% 10/31/27 ∞    13,200,000     12,261,563
3.75% 8/31/26       410,000        409,087
3.75% 5/15/28     5,010,000      5,018,219
3.875% 6/30/30     1,930,000      1,937,464
4.00% 2/15/34 ∞     1,000,000        989,883
4.25% 2/15/28    48,020,000     48,676,525
4.25% 11/15/34    16,500,000     16,559,298
4.25% 5/15/35    14,070,000     14,093,083
4.50% 12/31/31    14,905,000     15,371,945
US Treasury STRIP Principal
2.744% 5/15/44 ^ 		    2,940,000     1,172,689
Total US Treasury Obligations
(cost $408,996,712) 		  387,638,642
    Number of
shares 		 
Common Stocks — 0.03%♣
Financials — 0.00%
MNSN Holdings =, †         2,589         8,414
          8,414
 
34    NQ- OPTFI [0625] 0825 (4730784)

 

    Number of
shares 		Value (US $)
Common Stocks♣ (continued)
Industrials — 0.03%
Grupo Aeromexico =, †        50,210 $      925,371
        925,371
Total Common Stocks
(cost $476,500) 		      933,785
 
Preferred Stock — 0.06%
Financials — 0.06%      
SVB Financial Trust 11/7/32 †         2,953     1,565,090
Total Preferred Stock
(cost $1,496,277) 		    1,565,090
    Principal
amount° 		 
Collateralized Debt Obligations — 0.37%
BDS Series 2025-FL14 A 144A 5.599% (TSFR01M + 1.28%, Floor 1.28%) 10/21/42 #, •       600,000       597,022
FS Rialto Series 2022-FL4 A 144A 6.202% (SOFR + 1.90%, Floor 1.90%) 1/19/39 #, •     1,179,723     1,180,498
HGI CRE CLO Series 2022-FL3 A 144A 6.004% (SOFR + 1.70%, Floor 1.70%) 4/20/37 #, •     2,175,168     2,176,995
MF1      
Series 2024-FL14 A 144A 6.055% (TSFR01M + 1.74%, Floor 1.74%) 3/19/39 #, •       900,000       900,844
Series 2025-FL17 A 144A 5.635% (TSFR01M + 1.32%, Floor 1.32%) 2/18/40 #, •     1,400,000     1,395,673
PFP Series 2024-11 A 144A 6.144% (TSFR01M + 1.83%, Floor 1.83%) 9/17/39 #, •     3,525,387     3,533,559
    Principal
amount° 		Value (US $)
Collateralized Debt Obligations (continued)
Romark Credit Funding III Series 2024-3A A 144A 5.539% 9/15/42 #       500,000 $      500,869
Total Collateralized Debt Obligations
(cost $10,264,837) 		   10,285,460
    Notional
amount* 		 
Options Purchased — 0.01%
Call Swaptions — 0.01%
1 yr IRS pay a fixed rate 3.75% and receive a floating rate based on
12-month USD-ICE SOFR expiration date 10/30/25 (DB) 		   83,800,000       296,221
    Number of
contracts 		 
Foreign Currency Call Option — 0.00%
USD vs SEK strike price $10.20, expiration date 11/26/25, notional amount $28,478,400 (BAML)     2,792,000        14,548
         14,548
Foreign Currency Put Options — 0.00%
EUR vs USD strike price EUR 1.10, expiration date 12/17/25, notional amount $643,406 (GS)       689,000        50,762
EUR vs USD strike price EUR 1.11, expiration date 11/26/25, notional amount $8,263,157 (BNP)     8,769,000        25,220
         75,982
Total Options Purchased
(premium paid $580,759) 		      386,751
    
NQ- OPTFI [0625] 0825 (4730784)    35

 

Schedule of investments
Optimum Fixed Income Fund   
    Number of
shares 		Value (US $)
Short-Term Investments — 18.41%
Money Market Mutual Funds — 1.53%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.22%)    10,471,250 $   10,471,250
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.23%)    10,471,250     10,471,250
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.30%)    10,471,250     10,471,250
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.23%)    10,471,250    10,471,250
     41,885,000
    Principal
amount° 		 
Repurchase Agreements — 16.88%
US Treasury repurchase agreement with
BNP Paribas 4.47%, dated 6/30/25, to be repurchased 7/1/25, repurchase price $20,302,521
(collateralized by US government obligations; 4.25%; market value $21,155,424) 		   20,300,000    20,300,000
    Principal
amount° 		Value (US $)
Repurchase Agreements (continued)
US Treasury repurchase agreement with
BNP Paribas 4.47%, dated 6/30/25, to be repurchased 7/2/25, repurchase price $99,612,367
(collateralized by US government obligations; 4.00%; market value $101,482,520) 		   99,600,000 $   99,600,000
US Treasury repurchase agreement with
JPMorgan Securities 4.47%, dated 6/30/25, to be repurchased 7/2/25, repurchase price $38,104,731
(collateralized by US government obligations; 1.875%; market value $38,802,535) 		   38,100,000     38,100,000
US Treasury repurchase agreement with
JPMorgan Securities 4.48%, dated 6/27/25, to be repurchased 7/1/25, repurchase price $100,012
(collateralized by US government obligations; 0.625%; market value $102,057) 		      100,000        100,000
36    NQ- OPTFI [0625] 0825 (4730784)

 

    Principal
amount° 		Value (US $)
Repurchase Agreements (continued)
US Treasury repurchase agreement with
JPMorgan Securities 4.48%, dated 6/27/25, to be repurchased 7/1/25, repurchase price $138,017,173
(collateralized by US government obligations; 0.625%; market value $236,685,333) 		  138,000,000 $  138,000,000
US Treasury repurchase agreement with
JPMorgan Securities 5.39%, dated 7/26/24, to be repurchased 7/26/26, repurchase price $186,000,613
(collateralized by US government obligations; 1.875% - 2.25%; market value $177,226,879) 		  167,764,853   167,764,853
    463,864,853
Total Short-Term Investments
(cost $505,749,853) 		  505,749,853
Total Value of Securities Before
Options Written—129.98%
(cost $3,630,265,685) 		3,571,325,006
    Number of
contracts 		 
Options Written — (0.01%)
Futures Call Options — (0.00%)
Euro-Bobl, strike price $118.50, expiration date 7/25/25, notional amount ($30,180,098)            (3)           165
Euro-Bund, strike price $132.50, expiration date 7/25/25, notional amount ($33,745,110)            (3)         1,142
    Number of
contracts 		Value (US $)
Options Written (continued)
Futures Call Options (continued)
US Treasury 10 yr Notes, strike price $112, expiration date 7/25/25, notional amount ($179,200,000)           (16) $      (12,000)
US Treasury 10 yr Notes, strike price $112.50, expiration date 7/25/25, notional amount ($596,250,000)           (53)        (28,156)
US Treasury 10 yr Notes, strike price $113.25, expiration date 7/25/25, notional amount ($124,575,000)           (11)        (3,266)
        (42,115)
Futures Put Options — (0.00%)
Euro-Bobl, strike price $117.25, expiration date 7/25/25, notional amount ($29,859,932)            (3)             35
Euro-Bund, strike price $129, expiration date 7/25/25, notional amount ($32,853,841)            (3)            212
US Treasury 10 yr Notes, strike price $108.50, expiration date 7/25/25, notional amount ($173,600,000)           (16)           (500)
US Treasury 10 yr Notes, strike price $109, expiration date 7/25/25, notional amount ($446,900,000)           (41)         (1,281)
US Treasury 10 yr Notes, strike price $109.50, expiration date 7/25/25, notional amount ($131,400,000)           (12)           (750)
US Treasury 10 yr Notes, strike price $110.75, expiration date 7/25/25, notional amount ($121,825,000)           (11)        (2,234)
         (4,518)
NQ- OPTFI [0625] 0825 (4730784)    37

 

Schedule of investments
Optimum Fixed Income Fund   
    Notional
amount* 		Value (US $)
Call Swaptions — (0.01%)
1 yr IRS pay a fixed rate 2.83% and receive a floating rate based on
12-month USD-ICE SOFR expiration date 10/30/25 (DB) 		  (83,800,000) $      (50,940)
1 yr IRS pay a fixed rate 3.29% and receive a floating rate based on
12-month USD-ICE SOFR expiration date 10/30/25 (DB) 		  (83,800,000)       (123,158)
10 yr IRS pay a fixed rate 2.46% and receive a floating rate based on
1-month EURIBOR expiration date
7/16/25 (CITI) 		     (200,000)           (185)
10 yr IRS pay a fixed rate 3.525% and receive a floating rate based on
1-month USD-ICE SOFR expiration date 7/28/25 (GS) 		   (1,900,000)         (6,095)
10 yr IRS pay a fixed rate 3.555% and receive a floating rate based on
1-month USD-ICE SOFR expiration date 7/24/25 (BAML) 		   (2,000,000)         (6,644)
10 yr IRS pay a fixed rate 3.555% and receive a floating rate based on
1-month USD-ICE SOFR expiration date 7/30/25 (GS) 		   (1,300,000)         (5,368)
10 yr IRS pay a fixed rate 3.564% and receive a floating rate based on
1-month USD-ICE SOFR expiration date 7/24/25 (CITI) 		     (800,000)         (2,824)
    Notional
amount* 		Value (US $)
Call Swaptions (continued)
10 yr IRS pay a fixed rate 3.583% and receive a floating rate based on
1-month USD-ICE SOFR expiration date 7/23/25 (GS) 		     (500,000) $       (1,928)
10 yr IRS pay a fixed rate 3.605% and receive a floating rate based on
1-month USD-ICE SOFR expiration date 7/23/25 (CITI) 		     (300,000)         (1,337)
10 yr IRS pay a fixed rate 3.637% and receive a floating rate based on
1-month USD-ICE SOFR expiration date 7/18/25 (BAML) 		   (1,000,000)         (4,603)
10 yr IRS pay a fixed rate 3.653% and receive a floating rate based on
1-month USD-ICE SOFR expiration date 7/14/25 (GS) 		     (900,000)         (3,916)
10 yr IRS pay a fixed rate 3.664% and receive a floating rate based on
1-month USD-ICE SOFR expiration date 7/14/25 (MS) 		     (900,000)         (4,285)
10 yr IRS pay a fixed rate 3.669% and receive a floating rate based on
1-month USD-ICE SOFR expiration date 7/7/25 (MS) 		     (500,000)         (1,624)
10 yr IRS pay a fixed rate 3.68% and receive a floating rate based on
1-month USD-ICE SOFR expiration date 7/7/25 (GS) 		     (600,000)         (2,197)
38    NQ- OPTFI [0625] 0825 (4730784)

 

    Notional
amount* 		Value (US $)
Call Swaptions (continued)
10 yr IRS pay a fixed rate 3.697% and receive a floating rate based on
1-month USD-ICE SOFR expiration date 7/16/25 (MS) 		   (1,400,000) $       (9,085)
10 yr IRS pay a fixed rate 3.725% and receive a floating rate based on
1-month USD-ICE SOFR expiration date 7/3/25 (MS) 		   (1,600,000)        (7,014)
       (231,203)
Put Swaptions — (0.00%)
CDX.NA.IG.44.V1 5yr strike price $1.00, expiration date
7/16/25 (JPMCB) 		   (1,300,000)            (81)
10 yr IRS pay a fixed rate 2.72% and receive a floating rate based on
1-month EURIBOR expiration date
7/16/25 (CITI) 		     (200,000)           (324)
10 yr IRS pay a fixed rate 3.875% and receive a floating rate based on
1-month USD-ICE SOFR expiration date 7/28/25 (GS) 		   (1,900,000)         (5,014)
10 yr IRS pay a fixed rate 3.905% and receive a floating rate based on
1-month USD-ICE SOFR expiration date 7/24/25 (BAML) 		   (2,000,000)         (3,488)
10 yr IRS pay a fixed rate 3.905% and receive a floating rate based on
1-month USD-ICE SOFR expiration date 7/30/25 (GS) 		   (1,300,000)         (3,052)
    Notional
amount* 		Value (US $)
Put Swaptions (continued)
10 yr IRS pay a fixed rate 3.914% and receive a floating rate based on
1-month USD-ICE SOFR expiration date 7/24/25 (CITI) 		     (800,000) $       (1,300)
10 yr IRS pay a fixed rate 3.933% and receive a floating rate based on
1-month USD-ICE SOFR expiration date 7/23/25 (GS) 		     (500,000)           (653)
10 yr IRS pay a fixed rate 3.955% and receive a floating rate based on
1-month USD-ICE SOFR expiration date 7/23/25 (CITI) 		     (300,000)           (326)
10 yr IRS pay a fixed rate 4.019% and receive a floating rate based on
1-month USD-ICE SOFR expiration date 7/7/25 (MS) 		     (500,000)             (7)
10 yr IRS pay a fixed rate 4.03% and receive a floating rate based on
1-month USD-ICE SOFR expiration date 7/7/25 (GS) 		     (600,000)             (6)
10 yr IRS pay a fixed rate 4.037% and receive a floating rate based on
1-month USD-ICE SOFR expiration date 7/18/25 (BAML) 		   (1,000,000)           (291)
10 yr IRS pay a fixed rate 4.053% and receive a floating rate based on
1-month USD-ICE SOFR expiration date 7/14/25 (GS) 		     (900,000)           (103)
NQ- OPTFI [0625] 0825 (4730784)    39

 

Schedule of investments
Optimum Fixed Income Fund   
    Notional
amount* 		Value (US $)
Put Swaptions (continued)
10 yr IRS pay a fixed rate 4.064% and receive a floating rate based on
1-month USD-ICE SOFR expiration date 7/14/25 (MS) 		     (900,000) $          (88)
10 yr IRS pay a fixed rate 4.075% and receive a floating rate based on
1-month USD-ICE SOFR expiration date 7/3/25 (MS) 		   (1,600,000)             (0)
10 yr IRS pay a fixed rate 4.097% and receive a floating rate based on
1-month USD-ICE SOFR expiration date 7/16/25 (MS) 		   (1,400,000)          (140)
        (14,873)
Total Options Written
(premium received $601,088) 		     (292,709)
Liabilities Net of Receivables and Other Assets—(29.97%)★      (823,440,489)
Net Assets Applicable to 329,483,103 Shares Outstanding—100.00%     $2,747,591,808
° Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
† Non-income producing security.
♣ Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.
∞ Fully or partially pledged as collateral for futures and swap contracts.
Δ Securities have been classified by country of risk.
X This loan will settle after June 30, 2025, at which time the interest rate, based on the SOFR and the agreed upon spread on trade date, will be reflected.
~ 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 June 30, 2025.
‡ Non-income producing security. Security is currently in default.
ψ Perpetual security. Maturity date represents next call date.
* Notional amount shown is stated in USD unless noted that the swap is denominated in another currency.
■ Regulation S security. Security is offered and sold outside of the United States; therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933, as amended.
^^ Represents a security with a settlement after June 30, 2025, at which time the interest rate will be reflected.
♦ 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.
# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2025, the aggregate value of Rule 144A securities was $563,599,672, which represents 20.51% of the Fund’s net assets.
= The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security.
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 June 30, 2025. 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. SOFR01M, SOFR03M, 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.
μ Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at June 30, 2025. Rate will reset at a future date.
★ Includes $9,909,124 cash collateral held at broker for futures contracts, $5,327,770 cash collateral held at brokers for certain open derivatives, $8,451,000 cash collateral pledged for TBA transactions, and $815,151 cash collateral due to brokers for certain open derivatives as of June 30, 2025.
 
40    NQ- OPTFI [0625] 0825 (4730784)

 

Unfunded Loan Commitments
The Fund may invest in floating rate loans. In connection with these investments, the Fund may also enter into unfunded corporate loan commitments (commitments). Commitments may obligate the Fund to furnish temporary financing to a borrower until permanent financing can be arranged. In connection with these commitments, the Fund earns a commitment fee, typically set as a percentage of the commitment amount. The following unfunded loan commitment was outstanding at June 30, 2025:
Borrower   Principal
Amount 		  Value   Commitment   Unrealized
Appreciation
(Depreciation)
June Purchaser TBD 11/28/31 X   $197,143   $198,159   $197,143   $1,016
The following forward foreign currency exchange contracts, futures contracts, and swap contracts were outstanding at June 30, 2025:
Forward Foreign Currency Exchange Contracts            
Counterparty   Currency to
Receive (Deliver) 		  In Exchange For   Settlement
Date 		  Unrealized
Appreciation 		  Unrealized
Depreciation
BAML   CNY 6,080,000   USD (850,355)   8/20/25   $2,984   $—
BAML   EUR (65,419,480)   USD 74,385,154   7/2/25   —   (2,685,849)
BAML   IDR (14,513,634,333)   USD 889,599   7/16/25   —   (5,775)
BAML   KRW (15,278,817,442)   USD 11,208,135   7/16/25   —   (95,365)
BAML   SGD (43,900)   USD 34,351   7/2/25   —   (179)
BAML   SGD 43,794   USD (34,351)   8/5/25   190   —
BAML   TWD (13,326,182)   USD 417,324   8/20/25   —   (46,462)
BNP   BRL (45,549,092)   USD 7,406,506   10/2/25   —   (777,927)
BNP   CAD 35,307,216   USD (25,820,694)   7/2/25   109,776   —
BNP   CAD (35,524,251)   USD 26,023,442   8/5/25   —   (115,575)
BNP   CNY 26,499,584   USD (3,675,169)   8/20/25   44,097   —
BNP   EUR (2,975,000)   USD 3,415,268   7/2/25   —   (89,594)
BNP   IDR 13,982,110,476   USD (858,933)   7/16/25   3,651   —
BNP   INR (23,309,651)   USD 268,173   8/20/25   —   (3,141)
BNP   JPY (1,638,028,156)   USD 11,397,436   8/4/25   —   (25,604)
BNP   KRW 3,920,899   USD (2,886)   7/16/25   15   —
BNP   PLN 1,380,265   USD (368,974)   7/10/25   13,875   —
BNP   THB (3,842,789)   USD 116,267   7/16/25   —   (2,088)
BNP   TWD (24,715,898)   USD 759,453   7/16/25   —   (92,294)
BNP   TWD (64,550,434)   USD 1,978,000   8/20/25   —   (268,522)
CITI   CAD (25,222,000)   USD 18,245,675   7/2/25   —   (277,969)
CITI   CHF (484,000)   USD 594,710   7/2/25   —   (15,436)
CITI   EUR 972,000   USD (1,142,211)   8/4/25   5,621   —
CITI   IDR 8,218,282,331   USD (504,669)   7/16/25   2,333   —
CITI   INR 54,199,283   USD (629,663)   8/20/25   1,192   —
CITI   KRW 11,837,353,027   USD (8,638,866)   7/16/25   118,587   —
CITI   THB (15,127,891)   USD 456,829   7/16/25   —   (9,101)
CITI   TWD 244,451,371   USD (8,294,272)   7/16/25   129,882   —
CITI   TWD (95,558,672)   USD 2,925,939   8/20/25   —   (399,750)
DB   AUD 5,357,224   USD (3,449,806)   7/2/25   76,137   —
DB   CNY (52,729,351)   USD 7,378,062   8/20/25   —   (22,601)
DB   EUR 67,730,060   USD (78,573,642)   7/2/25   1,219,467   —
DB   EUR (67,581,591)   USD 78,573,642   8/4/25   —   (1,233,294)
DB   ILS 101,740   USD (29,354)   7/2/25   851   —
DB   INR 28,879,985   USD (336,085)   8/20/25   65   —
DB   MXN 3,667,686   USD (190,237)   9/17/25   3,560   —
DB   TWD 17,862,727   USD (601,054)   7/16/25   14,522   —
GS   BRL 30,621,076   USD (5,437,898)   9/3/25   106,126   —
NQ- OPTFI [0625] 0825 (4730784)    41

 

Schedule of investments
Optimum Fixed Income Fund   
Forward Foreign Currency Exchange Contracts            
Counterparty   Currency to
Receive (Deliver) 		  In Exchange For   Settlement
Date 		  Unrealized
Appreciation 		  Unrealized
Depreciation
GS   BRL 32,431,559   USD (5,751,602)   10/2/25   $75,822   $—
GS   BRL (30,100,000)   USD 5,107,755   4/2/26   —   (63,136)
GS   IDR (11,871,860,904)   USD 727,755   7/16/25   —   (4,644)
GS   JPY (1,642,940,451)   USD 11,437,313   7/2/25   25,870   —
GS   SGD (11,220)   USD 8,802   7/2/25   —   (23)
GS   SGD 11,193   USD (8,802)   8/5/25   26   —
GS   THB 21,790,588   USD (670,000)   7/16/25   1,137   —
GS   ZAR 20,674,944   USD (1,143,091)   7/23/25   22,555   —
JPMCB   AUD (5,357,224)   USD 3,511,157   7/2/25   —   (14,786)
JPMCB   AUD 5,357,224   USD (3,513,353)   8/5/25   15,169   —
JPMCB   BRL (16,657,795)   USD 2,917,251   8/4/25   —   (121,296)
JPMCB   BRL (9,600,000)   USD 1,484,001   10/2/25   —   (240,963)
JPMCB   BRL (135,900,000)   USD 23,011,412   4/2/26   —   (334,905)
JPMCB   CAD (10,067,000)   USD 7,393,697   7/2/25   250   —
JPMCB   CNY 20,629,091   USD (2,884,265)   8/20/25   11,066   —
JPMCB   EUR 664,000   USD (768,043)   7/2/25   14,219   —
JPMCB   EUR (1,050,949)   USD 1,215,129   8/22/25   —   (27,364)
JPMCB   GBP (3,331,000)   USD 4,560,664   8/4/25   —   (12,480)
JPMCB   ILS 125,060   USD (34,628)   7/18/25   2,504   —
JPMCB   INR (25,997,541)   USD 299,839   8/20/25   —   (2,761)
JPMCB   KRW 3,148,752,050   USD (2,309,178)   7/16/25   20,316   —
JPMCB   NZD (331,971)   USD 197,984   7/2/25   —   (4,381)
JPMCB   PLN 1,710,036   USD (455,312)   7/10/25   19,008   —
JPMCB   SGD 55,110   USD (42,903)   7/2/25   445   —
JPMCB   SGD 16,110   USD (12,611)   8/5/25   95   —
JPMCB   TRY 116,197,482   USD (2,809,071)   7/22/25   53,117   —
JPMCB   TRY 4,427,920   USD (105,500)   8/19/25   733   —
JPMCB   TWD 46,039,666   USD (1,548,385)   7/16/25   38,210   —
JPMCB   TWD (113,209,191)   USD 3,472,027   8/20/25   —   (467,946)
JPMCB   ZAR 5,851,560   USD (327,430)   7/23/25   2,479   —
TD   EUR (4,728,330)   USD 5,337,017   8/22/25   —   (253,093)
Total Forward Foreign Currency Exchange Contracts   $2,155,952   $(7,714,304)
Futures Contracts
Exchange-Traded
Contracts to
Buy (Sell) 		  Notional
Amount 		  Notional
Cost
(Proceeds) 		  Expiration
Date 		  Value/
Unrealized
Appreciation 		  Value/
Unrealized
Depreciation 		  Variation
Margin
Due from
(Due to)
Brokers
169 3 Month SOFR   $40,418,462   $40,418,479   9/16/25   $—   $(17)   $—
169 3 Month SOFR   40,555,775   40,500,867   12/16/25   54,908   —   —
169 3 Month SOFR   40,699,425   40,606,492   3/17/26   92,933   —   —
169 3 Month SOFR   40,813,500   40,697,312   6/16/26   116,188   —   —
169 3 Month SOFR   40,906,450   40,786,054   9/15/26   120,396   —   —
89 Canadian Treasury 10 yr Bonds   7,973,563   7,851,817   9/18/25   121,746   —   —
(173) Euro-Bobl   (23,981,460)   (23,296,286)   9/8/25   —   (685,174)   (33)
(119) Euro-Bund   (18,243,913)   (17,946,693)   9/8/25   —   (297,220)   216
(50) Euro-Schatz   (6,316,757)   (6,106,967)   9/8/25   —   (209,790)   (29)
42    NQ- OPTFI [0625] 0825 (4730784)

 

Futures Contracts
Exchange-Traded
Contracts to
Buy (Sell) 		  Notional
Amount 		  Notional
Cost
(Proceeds) 		  Expiration
Date 		  Value/
Unrealized
Appreciation 		  Value/
Unrealized
Depreciation 		  Variation
Margin
Due from
(Due to)
Brokers
(17) Japanese Treasury 10 yr Bonds   $(16,411,513)   $(16,277,019)   9/12/25   $—   $(134,494)   $65
24 Long 10 yr Gilt   3,064,743   2,988,396   9/26/25   76,347   —   —
332 US Treasury 2 yr Notes   69,063,781   68,749,714   9/30/25   314,067   —   —
2,219 US Treasury 5 yr Notes   241,871,000   239,041,334   10/5/25   2,829,666   —   —
(671) US Treasury 10 yr Notes   (75,235,875)   (74,032,138)   9/19/25   —   (1,203,737)   —
949 US Treasury 10 yr Ultra Notes   108,438,083   106,223,749   9/19/25   2,214,334   —   —
774 US Treasury Long Bonds   89,372,813   86,358,720   9/19/25   3,014,093   —   —
158 US Treasury Ultra Bonds   18,821,750   18,209,014   9/19/25   612,736   —   —
Total Futures Contracts   $594,772,845       $9,567,414   $(2,530,432)   $219
Swap Contracts
CDS Contracts1
Counterparty/
Reference Obligation/
Termination Date/
Payment Frequency 		  Notional
Amount2 		  Annual Protection
Payments 		  Value   Amortized
Upfront
Payments
Paid
(Received) 		  Unrealized
Appreciation 		  Unrealized
Depreciation 		  Variation Margin
Due from
(Due to) Brokers
Centrally Cleared:                            
Protection Sold/Moody's Ratings:                            
Boeing 2.60%
10/30/25 Baa2
6/26/26-Quarterly 		   700,000   1.000%   $4,945   $(1,004)   $5,949   $—   $13
Boeing 7.25%
6/15/25 Baa3
12/20/26-Quarterly 		   4,100,000   1.000%   38,627   (6,763)   45,390   —   161
British Telecom 2.70%
10/9/22 Baa1
12/20/28-Quarterly 		  EUR 1,600,000   1.000%   41,850   (41,744)   83,594   —   371
CDX.ITRX.EUR.433
6/20/30-Quarterly 		  EUR 100,000   1.000%   2,546   2,072   474   —   23
CDX.NA.HY.43.V14
12/20/29-Quarterly 		   20,400,000   5.000%   1,527,811   1,181,434   346,377   —   66,084
CDX.NA.IG.355
12/20/25-Quarterly 		   400,000   1.000%   1,858   995   863   —   (10)
CDX.NA.IG.365
6/20/26-Quarterly 		   1,900,000   1.000%   16,342   9,152   7,190   —   9
CDX.NA.IG.375
12/20/26-Quarterly 		   300,000   1.000%   3,570   1,955   1,615   —   20
CDX.NA.IG.445
6/20/30-Quarterly 		   2,900,000   1.000%   65,116   42,830   22,286   —   1,584
NQ- OPTFI [0625] 0825 (4730784)    43

 

Schedule of investments
Optimum Fixed Income Fund   
 
Counterparty/
Reference Obligation/
Termination Date/
Payment Frequency 		  Notional
Amount2 		  Annual Protection
Payments 		  Value   Amortized
Upfront
Payments
Paid
(Received) 		  Unrealized
Appreciation 		  Unrealized
Depreciation 		  Variation Margin
Due from
(Due to) Brokers
Centrally
Cleared: (continued) 		                           
Protection Sold/Moody's Ratings (continued):                            
General Electric 2.70% 10/9/22 Baa1
6/20/26-Quarterly 		   600,000   1.000%   $5,436   $1,125   $4,311   $—   $(54)
General Electric 2.70% 10/9/22 Baa1
12/20/26-Quarterly 		   1,200,000   1.000%   15,834   3,823   12,011   —   (153)
General Motors 4.875% 10/2/23 Baa2
12/20/26-Quarterly 		   240,000   5.000%   15,941   13,316   2,625   —   4
General Motors 4.875% 10/2/23 Baa2
6/20/28-Quarterly 		   275,000   5.000%   33,266   19,045   14,221   —   142
Goldman Sachs Group 6.484% 10/24/2029 A2
6/20/26-Quarterly 		   400,000   1.000%   2,741   2,376   365   —   (7)
    1,775,883   1,228,612   547,271   —   68,187
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%   (12,620)   3,040   —   (15,660)   —
JPMCB Republic of Brazil 1.00% 12/20/29 Ba2 12/20/29 - Quarterly    428,000   1.000%   5,860   11,477   —   (5,617)   —
    (6,760)   14,517   —   (21,277)   —
Protection Sold/Moody's Ratings:                            
CITI Israel 2.875% 3/16/26 A2
6/20/27-Quarterly 		   2,200,000   1.000%   17,324   (6,541)   23,865   —   —
DB CMBX.NA.AAA6 10/17/57-Monthly    258,079   0.500%   22   (13,970)   13,992   —   —
JPMCB HOCHTIEF 1.00% 3/7/25 BBB
12/20/26-Quarterly 		  EUR 1,100,000   5.000%   92,624   89,659   2,965   —   —
44    NQ- OPTFI [0625] 0825 (4730784)

 

 
Counterparty/
Reference Obligation/
Termination Date/
Payment Frequency 		  Notional
Amount2 		  Annual Protection
Payments 		  Value   Amortized
Upfront
Payments
Paid
(Received) 		  Unrealized
Appreciation 		  Unrealized
Depreciation 		  Variation Margin
Due from
(Due to) Brokers
Over-The-Counter
(continued): 		                           
Protection Sold/Moody's Ratings (continued):                            
JPMCB HOCHTIEF 5.00% 3/7/25 BBB
12/20/26-Quarterly 		  EUR 1,100,000   5.000%   $92,624   $89,061   $3,563   $—   $—
    $202,594   $158,209   $44,385   $—   $—
    $195,834   $172,726   $44,385   $(21,277)   $—
Total CDS Contracts   $1,971,717   $1,401,338   $591,656   $(21,277)   $68,187
IRS Contracts7
                           
Reference Obligation/
Termination Date/
Payment Frequency
(Fixed Rate/
Floating Rate) 		  Notional Amount2   Fixed/
Floating
Interest
Rate
Paid
(Received) 		  Value   Amortized
Upfront
Payments
Paid
(Received) 		  Unrealized
Appreciation 		  Unrealized
Depreciation 		  Variation Margin
Due from
(Due to) Brokers
Centrally Cleared:
3 yr IRS8 2/18/26-
(Semiannually/ Quarterly) 		   30,040,000   (0.64)%/
4.40% 		  $(776,458)   $(55,337)   $—   $(721,121)   $11,404
3 yr IRS9 1/4/27-
(At Maturity/ At Maturity) 		  BRL 196,500,000   11.496%/
(14.90)% 		  (1,229,111)   —   —   (1,229,111)   22,917
3 yr IRS9 1/4/27-
(At Maturity/ At Maturity) 		  BRL 2,900,000   11.566%/
(14.90)% 		  (17,436)   —   —   (17,436)   346
5 yr IRS10 9/16/25-
(Annually/
Annually) 		  GBP 5,700,000   0.50%/
(4.66)% 		  302,184   (7,179)   309,363   —   (2,333)
5 yr IRS11 4/11/27-
(Annually/ Semiannually) 		  EUR 1,900,000   (0.70)%/
2.244% 		  (58,627)   —   —   (58,627)   (162)
5 yr IRS11 4/12/27-
(Annually/ Semiannually) 		  EUR 3,800,000   (0.65)%/
2.244% 		  (120,910)   —   —   (120,910)   (341)
5 yr IRS11 5/13/27-
(Annually/ Semiannually) 		  EUR 4,100,000   (1.00)%/
2.131% 		  (95,369)   —   —   (95,369)   (422)
5 yr IRS11 5/18/27-
(Annually/ Semiannually) 		  EUR 2,000,000   (1.00)%/
2.12% 		  (46,904)   —   —   (46,904)   (205)
5 yr IRS11 8/14/29-
(Annually/ Semiannually) 		  EUR 2,400,000   2.65%/
(2.486)% 		  (84,664)   —   —   (84,664)   1,362
NQ- OPTFI [0625] 0825 (4730784)    45

 

Schedule of investments
Optimum Fixed Income Fund   
IRS Contracts7
                           
Reference Obligation/
Termination Date/
Payment Frequency
(Fixed Rate/
Floating Rate) 		  Notional Amount2   Fixed/
Floating
Interest
Rate
Paid
(Received) 		  Value   Amortized
Upfront
Payments
Paid
(Received) 		  Unrealized
Appreciation 		  Unrealized
Depreciation 		  Variation Margin
Due from
(Due to) Brokers
Centrally Cleared (continued):
5 yr IRS12 10/5/29-
(Annually/
Annually) 		  EUR 4,700,000   2.063%/
(1.929)% 		  $2,008   $—   $2,008   $—   $3,210
5 yr IRS12 10/5/29-
(Annually/
Annually) 		  EUR 2,000,000   2.05%/
(1.929)% 		  2,008   —   2,008   —   1,370
5 yr IRS12 10/5/29-
(Annually/
Annually) 		  EUR 3,200,000   2.056%/
(1.929)% 		  2,099   —   2,099   —   2,189
5 yr IRS8 12/18/29-
(Annually/
Annually) 		   20,260,000   3.75%/
(4.382)% 		  (216,903)   34,439   —   (251,342)   (33,710)
5 yr IRS10 3/19/30-
(Annually/
Annually) 		  GBP 20,800,000   (3.50)%/
4.217% 		  (244,702)   (532,160)   287,458   —   23,975
5 yr IRS11 4/9/30-
(Annually/ Semiannually) 		  EUR 500,000   2.40%/
(2.275)% 		  (3,790)   —   —   (3,790)   375
5 yr IRS11 4/29/30-
(Annually/ Semiannually) 		  EUR 2,700,000   2.35%/
(2.141)% 		  (14,061)   —   —   (14,061)   2,090
5 yr IRS11 9/17/30-
(Annually/ Semiannually) 		  EUR 19,500,000   (2.25)%/
2.049% 		  (45,856)   (265,708)   219,852   —   (17,556)
7 yr IRS8 10/31/30-
(Annually/
Annually) 		   15,300,000   3.595%/
(4.447)% 		  (26,542)   —   —   (26,542)   (30,046)
7 yr IRS8 10/31/30-
(Annually/
Annually) 		   9,800,000   3.601%/
(4.447)% 		  (20,150)   —   —   (20,150)   (19,244)
7 yr IRS8 10/31/30-
(Annually/
Annually) 		   4,400,000   3.601%/
(4.447)% 		  (9,025)   —   —   (9,025)   (8,640)
7 yr IRS8 10/31/30-
(Annually/
Annually) 		   2,200,000   3.545%/
(4.447)% 		  2,213   —   2,213   —   (4,321)
7 yr IRS8 10/31/30-
(Annually/
Annually) 		   3,390,000   3.582%/
(4.447)% 		  (3,353)   —   —   (3,353)   (6,658)
7 yr IRS8 10/31/30-
(Annually/
Annually) 		   4,300,000   3.623%/
(4.447)% 		  (14,161)   —   —   (14,161)   (8,443)
7 yr IRS8 10/31/30-
(Annually/
Annually) 		   9,900,000   3.689%/
(4.447)% 		  (68,508)   —   —   (68,508)   (19,431)
46    NQ- OPTFI [0625] 0825 (4730784)

 

IRS Contracts7
                           
Reference Obligation/
Termination Date/
Payment Frequency
(Fixed Rate/
Floating Rate) 		  Notional Amount2   Fixed/
Floating
Interest
Rate
Paid
(Received) 		  Value   Amortized
Upfront
Payments
Paid
(Received) 		  Unrealized
Appreciation 		  Unrealized
Depreciation 		  Variation Margin
Due from
(Due to) Brokers
Centrally Cleared (continued):
7 yr IRS8 10/31/30-
(Annually/
Annually) 		   2,900,000   3.664%/
(4.447)% 		  $(16,032)   $—   $—   $(16,032)   $(5,693)
7 yr IRS8 10/31/30-
(Annually/
Annually) 		   2,300,000   3.677%/
(4.447)% 		  (14,349)   —   —   (14,349)   (4,515)
7 yr IRS8 5/15/32-
(Annually/
Annually) 		   57,800,000   3.75%/
(4.45)% 		  (874,052)   (3,141)   —   (870,911)   (147,872)
8 yr IRS13 6/1/32-
(Semiannually/ Semiannually) 		  CAD 16,200,000   3.50%/
(2.75)% 		  (564,427)   61,208   —   (625,635)   (27,840)
8 yr IRS8 7/15/32-
(Annually/
Annually) 		   15,120,000   (1.857)%/
4.718% 		  (1,994,963)   —   —   (1,994,963)   39,701
8 yr IRS13 6/1/33-
(Semiannually/ Semiannually) 		  CAD 200,000   2.90%/
(2.754)% 		  (740)   (114)   —   (626)   (392)
8 yr IRS13 6/1/33-
(Semiannually/ Semiannually) 		  CAD 300,000   2.85%/
(2.754)% 		  (319)   (2)   —   (317)   (584)
8 yr IRS13 6/1/33-
(Semiannually/ Semiannually) 		  CAD 2,300,000   3.00%/
(2.754)% 		  (20,622)   7,868   —   (28,490)   (4,586)
9 yr IRS13 6/1/34-
(Semiannually/ Semiannually) 		  CAD 2,600,000   3.00%/
(2.754)% 		  (15,374)   (2,644)   —   (12,730)   (5,989)
9 yr IRS13 6/1/34-
(Semiannually/ Semiannually) 		  CAD 3,500,000   3.00%/
(2.754)% 		  (20,696)   1,712   —   (22,408)   (8,062)
9 yr IRS13 6/1/34-
(Semiannually/ Semiannually) 		  CAD 5,800,000   3.00%/
(2.754)% 		  (34,295)   9,911   —   (44,206)   (13,360)
10 yr IRS13 12/20/33-
(Semiannually/ Semiannually) 		  CAD 4,900,000   3.75%/
(2.75)% 		  (239,634)   (15,181)   —   (224,453)   (11,911)
10 yr IRS8 8/14/34-
(Annually/
Annually) 		   100,000   3.569%/
(4.649)% 		  1,568   —   1,568   —   (338)
10 yr IRS8 9/4/34-
(Annually/
Annually) 		   180,000   3.47%/
(4.587)% 		  4,210   —   4,210   —   (611)
10 yr IRS8 12/18/34-
(Annually/
Annually) 		   40,800,000   3.75%/
(4.382)% 		  (134,899)   (807,499)   672,600   —   (145,163)
NQ- OPTFI [0625] 0825 (4730784)    47

 

Schedule of investments
Optimum Fixed Income Fund   
IRS Contracts7
                           
Reference Obligation/
Termination Date/
Payment Frequency
(Fixed Rate/
Floating Rate) 		  Notional Amount2   Fixed/
Floating
Interest
Rate
Paid
(Received) 		  Value   Amortized
Upfront
Payments
Paid
(Received) 		  Unrealized
Appreciation 		  Unrealized
Depreciation 		  Variation Margin
Due from
(Due to) Brokers
Centrally Cleared (continued):
10 yr IRS11 1/8/35-
(Annually/ Semiannually) 		  EUR 400,000   (2.22)%/
2.585% 		  $(15,309)   $—   $—   $(15,309)   $(809)
10 yr IRS8 2/26/35-
(Annually/
Annually) 		   800,000   4.00%/
(4.356)% 		  (20,170)   —   —   (20,170)   (2,944)
10 yr IRS8 3/3/35-
(Annually/
Annually) 		   250,000   3.89%/
(4.352)% 		  (3,975)   —   —   (3,975)   (919)
10 yr IRS8 3/4/35-
(Annually/
Annually) 		   300,000   3.908%/
(4.352)% 		  (5,219)   —   —   (5,219)   (1,104)
10 yr IRS8 3/5/35-
(Annually/
Annually) 		   400,000   3.87%/
(4.352)% 		  (5,690)   —   —   (5,690)   (1,470)
10 yr IRS8 3/5/35-
(Annually/
Annually) 		   1,600,000   3.874%/
(4.352)% 		  (23,305)   —   —   (23,305)   (5,881)
10 yr IRS8 3/11/35-
(Annually/
Annually) 		   890,000   3.899%/
(4.349)% 		  (14,888)   —   —   (14,888)   (3,282)
10 yr IRS10 3/19/35-
(Annually/
Annually) 		  GBP 4,700,000   (3.50)%/
4.217% 		  (260,085)   (282,936)   22,851   —   9,133
10 yr IRS11 4/1/35-
(Annually/ Semiannually) 		  EUR 1,100,000   (2.46)%/
2.354% 		  (15,381)   —   —   (15,381)   (2,139)
10 yr IRS11 4/9/35-
(Annually/ Semiannually) 		  EUR 300,000   2.52%/
(2.275)% 		  2,246   —   2,246   —   577
10 yr IRS11 9/17/35-
(Annually/ Semiannually) 		  EUR 30,080,000   (2.25)%/
2.049% 		  (1,177,137)   (1,407,077)   229,940   —   (66,638)
30 yr IRS8 12/21/52-
(Annually/
Annually) 		   17,000,000   1.75%/
(4.378)% 		  6,503,569   3,193,404   3,310,165   —   (87,543)
30 yr IRS8 9/19/53-
(Annually/
Annually) 		   4,800,000   1.842%/
(4.552)% 		  1,818,268   1,487,084   331,184   —   (25,525)
30 yr IRS8 10/27/53-
(Semiannually/ Quarterly) 		   13,680,000   2.06%/
(4.326)% 		  5,082,261   —   5,082,261   —   (71,790)
30 yr IRS8 6/20/54-
(Annually/
Annually) 		   8,400,000   3.50%/
(4.381)% 		  623,046   (3,158)   626,204   —   (56,874)
48    NQ- OPTFI [0625] 0825 (4730784)

 

IRS Contracts7
                           
Reference Obligation/
Termination Date/
Payment Frequency
(Fixed Rate/
Floating Rate) 		  Notional Amount2   Fixed/
Floating
Interest
Rate
Paid
(Received) 		  Value   Amortized
Upfront
Payments
Paid
(Received) 		  Unrealized
Appreciation 		  Unrealized
Depreciation 		  Variation Margin
Due from
(Due to) Brokers
Centrally Cleared (continued):
30 yr IRS11 9/17/55-
(Annually/ Semiannually) 		  EUR 10,600,000   (2.25)%/
2.049% 		  $1,320,198   $974,358   $345,840   $—   $92,430
Total IRS Contracts           $7,097,787   $2,387,848   $11,454,070   $(6,744,131)   $(644,267)
The use of forward foreign currency exchange contracts, futures contracts, and swap contracts involves elements of market risk and risks in excess of the amounts disclosed in the schedule of investments. The forward foreign currency exchange contracts and notional amounts 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 A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the CDS agreement.
2 Notional amount shown is stated in USD unless noted that the swap is denominated in another currency.
3 Markit’s iTraxx Europe Main Index, or the ITRX EUR CDSI S41, is comprised of 125 Financial entities from the Markit iTraxx® Europe Index referencing subordinated debt.
4 Markit’s North America High Yield Index, or the CDX.NA.HY Index, is composed of 100 liquid North American entities with high yield credit ratings that trade in the CDS market.
5 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.
6 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.
7 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.
8 Rates resets based on SOFR.
9 Rates resets based on Brazil CETIP Interbank Deposit.
10 Rate resets based on SONIA.
11 Rate resets based on EUR006M.
12 Rate resets based on ESTR.
13 Rates resets based on CORRA.
Summary of abbreviations: 
12MTA – 12 Month Treasury Average
ABS – Asset-Backed Security
ARM – Adjustable Rate Mortgage
BAML – Bank of America Merrill Lynch
BNP – BNP Paribas
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
CETIP – Central de Custódia de Liquidação Financeira de Títulos
CITI – Citigroup
CJSC – Closed Joint Stock Company
 
NQ- OPTFI [0625] 0825 (4730784)    49

 

Schedule of investments
Optimum Fixed Income Fund   
Summary of abbreviations:  (continued)
CLO – Collateralized Loan Obligation
CMBX.NA – Commercial Mortgage-Backed Index North America
CORRA – Canadian Overnight Repo Rate Average
DAC – Designated Activity Company
DB – Deutsche Bank
ESTR – Euro Short-Term Rate
EUR003M – EURIBOR EUR 3 Month
EUR006M – EURIBOR EUR 6 Month
EURIBOR – Euro interbank offered rate
FREMF – Freddie Mac Multifamily
GE – General Electric
GNMA – Government National Mortgage Association
GS – Goldman Sachs
H15T1Y – US Treasury Yield Curve Rate T Note Constant Maturity 1 Year
IBOR – Interbank Offered Rate
ICE – Intercontinental Exchange, Inc.
IRS – Interest Rate Swap
JPM – JPMorgan
JPMCB – JPMorgan Chase Bank
JSC – Joint Stock Company
MASTR – Mortgage Asset Securitization Transactions, Inc.
MS – Morgan Stanley
PJSC – Private Joint Stock Company
REMIC – Real Estate Mortgage Investment Conduit
RFUCCT1Y – Refinitiv USD IBOR Consumer Cash Fallbacks Term 1 Year
S.F. – Single Family
SOFR – Secured Overnight Financing Rate
SOFR01M – Secured Overnight Financing Rate 1 Month
SOFR03M – Secured Overnight Financing Rate 3 Month
SOFR06M – Secured Overnight Financing Rate 6 Month
SOFRINDX – Secured Overnight Financing Rate Index
Summary of abbreviations:  (continued)
SONIA – Sterling Overnight Indexed Average
STRIP – Separate Trading of Registered Interest and Principal
TBA – To be announced
TBD – To be determined
TD – TD Bank
TSFR01M – 1 Month Term Secured Overnight Financing Rate
TSFR03M – 3 Month Term Secured Overnight Financing Rate
TSFR06M – 6 Month Term Secured Overnight Financing Rate
yr – Year
Summary of currencies: 
AUD – Australian Dollar
BRL – Brazilian Real
CAD – Canadian Dollar
CHF – Swiss Franc
CNY – China Yuan Renminbi
DKK – Danish Krone
EUR – European Monetary Unit
GBP – British Pound Sterling
IDR – Indonesian Rupiah
ILS – Israeli New Shekel
INR – Indian Rupee
JPY – Japanese Yen
KRW – South Korean Won
MXN – Mexican Peso
NZD – New Zealand Dollar
PLN – Polish Zloty
SGD – Singapore Dollar
THB – Thai Baht
TRY – Turkish Lira
TWD – New Taiwan Dollar
USD – US Dollar
ZAR – South African Rand
 
50    NQ- OPTFI [0625] 0825 (4730784)