Optimum Large Cap Value Fund


Optimum Large Cap Value Fund seeks long-term growth of capital. The Fund may also seek income.


Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities of large market capitalization companies (80% policy). This policy may be changed only upon 60 days’ prior notice to shareholders. For purposes of this Fund, large market capitalization companies are those companies whose market capitalization is similar to the market capitalization of companies in the Russell 1000® Value Index. As of June 30, 2017, the Russell 1000 Value Index had a market capitalization range between $1.8 billion and $417.8 billion. The market capitalization range for this index will change on a periodic basis. A company’s market capitalization is based on its current market capitalization or its market capitalization at the time of the Fund’s investment. Companies whose market capitalization no longer meets this definition after purchase continue to be considered to have a large capitalization for purposes of this 80% policy. Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of the Russell Investment Group.

The Fund intends to invest primarily in common stocks of US companies, but it may also invest in other securities that a sub-advisor believes provide opportunities for capital growth and income, such as preferred stocks, warrants, and securities convertible into common stocks. In keeping with the Fund’s investment objective, the Fund may also invest in foreign securities, including American Depositary Receipts (ADRs) and other depositary receipts and shares; futures, options, and other derivatives; and fixed income securities, including those rated below investment grade.

The Fund’s manager, Delaware Management Company (Manager), has selected Massachusetts Financial Services Company (MFS) and Rothschild Asset Management Inc. (Rothschild), to serve as the Fund’s sub-advisors. Each sub-advisor is responsible for the day-to-day investment management of the portion of the Fund’s assets that the Manager allocates to the sub-advisor. The Manager may change the allocation at any time. The relative values of each sub-advisor’s share of the Fund’s assets also may change over time. Each sub-advisor selects investments for its portion of the Fund based on its own investment style and strategy.

MFS focuses on investing the Fund’s assets in the stocks of companies that it believes are undervalued compared to their perceived worth (value companies). Value companies tend to have stock prices that are low relative to their earnings, dividends, assets, or other financial measures. MFS uses a bottom-up investment approach to buying and selling investments for the Fund. Investments are selected primarily based on fundamental analysis of individual issuers and their potential in light of their financial condition and market, economic, political, and regulatory conditions. Factors considered may include analysis of an issuer’s earnings, cash flows, competitive position, and management ability. Quantitative models that systematically evaluate an issuer’s valuation, price and earnings momentum, earnings quality, and other factors may also be considered.

In managing its portion of the Fund’s assets, Rothschild utilizes an investment philosophy that is focused on stocks of companies it believes possess two key attributes: attractive relative valuation and an ability to exceed market expectations. Rothschild employs an integrated approach which balances quantitative analysis, fundamental research, and risk management guidelines to identify stocks within the broader market that align with this investment philosophy. Rothschild will sell securities that no longer meet the investment criteria of its portfolio management team, and will seek to replace them with stocks deemed to produce a portfolio with a better combination or risk and reward.

In response to market, economic, political, or other conditions, a sub-advisor may temporarily use a different investment strategy for defensive purposes. If a sub-advisor does so, different factors could affect the Fund’s performance and the Fund may not achieve its investment objective. The Fund’s investment objective is nonfundamental and may be changed without shareholder approval. However, the Fund’s Board of Trustees (Board) must approve any changes to nonfundamental investment objectives, and the Fund’s shareholders would be given at least 60 days’ notice prior to any such change.

Fund information
Inception date08/01/2003
Dividends paid (if any)Annually
Capital gains paid (if any)December
Fund identifiers
Investment minimums
Initial investment$1,000
Subsequent Investments$100
Account features
Payroll DeductionNo

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 (10/31/2017)

as of quarter-end (09/30/2017)

YTD1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)11.26%18.88%5.95%10.90%4.88%7.68%08/01/2003
Max offer price4.90%12.01%3.88%9.58%4.26%7.23%
Russell 1000 Value Index8.70%17.78%7.99%13.48%5.99%n/a
1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)3.49%15.30%6.03%10.30%4.85%7.63%08/01/2003
Max offer price-2.45%8.69%3.95%9.00%4.24%7.18%
Russell 1000 Value Index3.11%15.12%8.53%13.20%5.91%n/a

Returns for less than one year are not annualized.

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
Performance characteristics - as of 10/31/2017
Annualized standard deviation, 3 years (view definition)10.56
Quarterly total returns @ NAV
Year1st quarter2nd quarter3rd quarter4th quarterAnnual return

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

Investment manager

Delaware Management Company


Massachusetts Financial Services Company (MFS)

Steven R. Gorham, CFA 

Investment Officer

Start date on the Fund: August 2003

Steven R. Gorham shares primary responsibility for the day-to-day portfolio management of MFS’s share of the Fund’s assets. Gorham has been employed in the investment area of MFS since 1992, and has held responsibilities for this Fund since its inception.

Nevin P. Chitkara 

Investment Officer

Start date on the Fund: May 2006

Nevin P. Chitkara shares primary responsibility for the day-to-day portfolio management of MFS’s share of the Fund’s assets. Chitkara has been employed in the investment area of MFS since 1997, and has held responsibilities for this Fund since May 2006.

Rothschild Asset Management Inc. (Rothschild)

Chris R. Kaufman

Managing Director

Start date on the Fund: October 2016

Chris R. Kaufman has primary responsibility for the day-to-day portfolio management of Rothschild’s share of the Fund’s assets. He has been employed by Rothschild since 2004. In execution of his responsibilities as lead portfolio manager, Kaufman works closely with Paul Roukis, co-portfolio manager of Rothschild’s share of the Fund assets and the other members of Rothschild’s large cap team.

Paul Roukis, CFA

Managing Director

Start date on the Fund: October 2016

Paul Roukis is co-portfolio manager of Rothschild’s share of the Fund assets. He has been employed by Rothschild since 2005.

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 price5.75%
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lowernone
Annual fund operating expenses
Management fees0.65%
Distribution and service (12b-1) fees0.25%
Other expenses0.33%
Total annual fund operating expenses1.23%
Fee waivers and expense reimbursementsnone
Total annual fund operating expenses after fee waivers and expense reimbursements1.23%

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

1Management fees have been restated to reflect current fees.

2The Fund’s investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.98% of the Fund’s average daily net assets from July 29, 2017 through July 30, 2018. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

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.

DateMFS Investment ManagementRothschild Asset Management Inc.Total

Total may not equal 100% due to rounding.

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

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

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Russell Investment Group.

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

Investing involves risk, including the possible loss of principal.

Not FDIC Insured | No Bank Guarantee | May Lose Value

Fund Finder

Daily pricing (as of 11/22/2017)

Class APriceNet change
Max offer price$17.55n/a

Total net assets (as of 10/31/2017)

$1.4 billion all share classes

Lipper ranking (as of 10/31/2017)

YTD ranking730 / 799
1 year661 / 787
3 years668 / 705
5 years583 / 633
10 years447 / 485
Lipper classificationLarge-Cap Core Funds

(View Lipper disclosure)

The Lipper ranking is based on historical total returns.


Benchmark, peer group

Russell 1000® Value Index (view definition)

Lipper Large-Cap Core Funds Average (view definition)

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