Optimum International Fund

Key features

• The objective of Optimum International Fund is to seek long-term growth of capital, and it may also seek income.
• EARNEST normally employs a fundamental, bottom-up investment process to identify stocks that it believes are likely to outperform based on their financial characteristics and the current environment.
• Acadian utilizes a quantitative investment process to build portfolios from the bottom up, using proprietary valuation models that measure approximately 20 stock factors.

Fund information
Inception date	08/01/2003
Dividends paid (if any)	Annually
Capital gains paid (if any)	December

Fund identifiers
NASDAQ	OAIEX
CUSIP	246118731

Investment minimums
Initial investment	$1,000
Subsequent investments	$100

Account features
Payroll deduction	No
IRAs	Yes

On Nov. 4, 2014, Class B shares of the Fund converted to Class A shares.

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted.

Total returns may reflect waivers and/or expense reimbursements by the manager and/or distributor for some or all of the periods shown. Performance would have been lower without such waivers and reimbursements.

Average annual total return

as of month-end (10/31/2020)

as of quarter-end (09/30/2020)

	YTD	1 year	3 year	5 year	10 year	Lifetime	Inception date
NAV (view definition)	-11.38%	-6.10%	-2.54%	3.73%	3.00%	4.86%	08/01/2003
Max offer price	-16.50%	-11.48%	-4.45%	2.51%	2.39%	4.50%
MSCI ACWI ex USA (Net)	-7.47%	-2.61%	-0.19%	4.26%	3.43%	n/a
MSCI ACWI ex USA (Gross)	-7.11%	-2.19%	0.29%	4.76%	3.91%	n/a
MSCI EAFE Index (Net)	-10.80%	-6.86%	-1.24%	2.85%	3.82%	n/a
MSCI EAFE Index (Gross)	-10.44%	-6.46%	-0.76%	3.35%	4.31%	n/a

		1 year	3 year	5 year	10 year	Lifetime	Inception date
NAV (view definition)	4.50%	-1.76%	-1.43%	5.34%	3.60%	5.00%	08/01/2003
Max offer price	-1.47%	-7.38%	-3.37%	4.10%	2.99%	4.64%
MSCI ACWI ex USA (Net)	6.25%	3.00%	1.16%	6.23%	4.00%	n/a
MSCI ACWI ex USA (Gross)	6.36%	3.45%	1.65%	6.74%	4.48%	n/a
MSCI EAFE Index (Net)	4.80%	0.49%	0.62%	5.26%	4.62%	n/a
MSCI EAFE Index (Gross)	4.88%	0.93%	1.11%	5.77%	5.11%	n/a

Returns for less than one year are not annualized.

The Manager has changed the Fund's primary index from the MSCI EAFE Index to the MSCI ACWI ex USA Index in order to reflect the Fund's ability to invest in emerging market securities.

Performance at NAV assumes that no front-end sales charge applied. Performance at max offer price assumes that a front-end sales charge applied.

Class A shares have a maximum up-front sales charge of 5.75% and are subject to an annual distribution fee.

Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Expense ratio
Gross	1.39%
Net	1.39%

Performance characteristics - as of 10/31/2020
Annualized standard deviation, 3 years (view definition)	16.88

Calendar year total returns @ NAV
Year	Annual return
2019	19.22%
2018	-14.25%
2017	30.08%
2016	4.23%
2015	-3.59%
2014	-8.69%
2013	20.56%
2012	12.14%
2011	-9.71%
2010	6.73%

On Nov. 4, 2014, Class B shares of the Fund converted to Class A shares.

Investment manager

Delaware Management Company

Sub-advisors

EARNEST Partners, LLC

Paul E. Viera

Chief Executive Officer and Partner

Start date on the Fund: October 2013

Paul E. Viera is Chief Executive Officer and Partner of EARNEST and has primary responsibility for the day-to-day management of EARNEST’s share of the Fund. Prior to founding EARNEST in 1998, he was a partner and senior member of the investment team at Invesco from 1991 to 1998. Prior to Invesco, Mr. Viera was a Vice President with Bankers Trust between 1985 and 1991. Mr. Viera has held his Fund responsibilities since October 2013.

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Acadian Asset Management, LLC

Brendan O. Bradley, Ph.D.

Executive Vice President and Chief Investment Officer

Start date on the Fund: January 2015

Brendan O. Bradley, Ph.D., is executive vice president and chief investment officer at Acadian. Dr. Bradley joined the company in September 2004 as a senior member of the Research and Portfolio Management team. He previously served as director of portfolio management, overseeing portfolio management policy, and also as the director of Acadian’s Managed Volatility strategies. Dr. Bradley is a member of the Acadian Board of Managers and Executive Committee. Prior to Acadian, Dr. Bradley was a vice president at Upstream Technologies, where he designed and implemented investment management systems and strategies. His professional background also includes work as a research analyst and consultant at Samuelson Portfolio Strategies. Dr. Bradley earned a Ph.D. in applied mathematics from Boston University and a B.A. in physics from Boston College.

Ryan D. Taliaferro, Ph.D.

Senior Vice President, Director, Equity Strategies

Start date on the Fund: March 2019

Ryan D. Taliaferro Ph.D. is senior vice president, director, equity strategies at Acadian. Dr. Taliaferro joined Acadian in 2011 and currently serves as director of equity strategies. Previously, he was the lead portfolio manager for Acadian’s Managed Volatility strategies. Prior to joining Acadian, Dr. Taliaferro was a faculty member in the finance unit at Harvard Business School, where he taught corporate finance and asset pricing. Earlier, he was a consultant at the Boston Consulting Group. Dr. Taliaferro earned a Ph.D. in business economics (finance) from Harvard University and an M.B.A. in finance and economics from the University of Chicago. He also holds an A.M. in economics, and an A.M. and A.B. in physics from Harvard University.

On Nov. 4, 2014, Class B shares of the Fund converted to Class A shares.

You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $75,000 in Optimum Funds. More information about these and other discounts is available from your financial intermediary, in the Fund's Prospectus under the section entitled "About your account," and in the Fund's statement of additional information (SAI) under the section entitled "Purchasing Shares."

The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder fees
Maximum sales charge (load) imposed on purchases as a percentage of offering price	5.75%
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower	none

Annual fund operating expenses
Management fees	0.75%
Distribution and service (12b-1) fees	0.25%
Other expenses	0.39%
Total annual fund operating expenses	1.39%
Fee waivers and expense reimbursements	none
Total annual fund operating expenses after fee waivers and expense reimbursements	1.39%

On Nov. 4, 2014, Class B shares of the Fund converted to Class A shares.

The chart below lists the percentage of the Fund's total assets under management that each sub-advisor manages on behalf of the Fund. The percentages include securities, cash, and any other assets managed by each sub-advisor in its sleeve of the Fund. These percentage allocations should be updated some time after 30 days following a given month end.

  

Date	Acadian	Delaware Management Company	EARNEST Partners LLC	Total
10/31/2019	54.04%	0.06%	45.90%	100%
11/30/2019	53.21%	0.06%	46.73%	100%
12/31/2019	52.11%	0.06%	47.83%	100%
01/31/2020	51.38%	0.06%	48.56%	100%
02/29/2020	50.50%	0.06%	49.44%	100%
03/31/2020	50.24%	0.03%	49.73%	100%
04/30/2020	48.45%	0.03%	51.52%	100%
05/31/2020	47.33%	0.03%	52.64%	100%
06/30/2020	46.67%	0.03%	53.30%	100%
07/31/2020	45.94%	0.02%	54.04%	100%
08/31/2020	44.10%	0.03%	55.87%	100%
09/30/2020	43.03%	0.03%	56.94%	100%

Total may not equal 100% due to rounding.

On Nov. 4, 2014, Class B shares of the Fund converted to Class A shares.