Overview

Key features

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

Principal Dynamic Growth seeks to invest in securities of small- to mid-sized companies using its “Fundamental Momentum and Positive Surprise” investment philosophy. This investment philosophy is based on the premise that companies producing better than expected results will have rising securities prices, while companies producing less than expected results will not.

Peregrine Capital Management, LLC focuses its research on companies experiencing high growth and significant fundamental change.

Benchmark and peer group

Russell 2500™ Growth Index

The Russell 2500 Growth Index measures the performance of the small- to mid-cap growth segment of the US equity universe. It includes those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values.

Lipper Small-Cap Growth Funds Average

The Lipper Small-Cap Growth Funds Average represents the average return of small-cap growth mutual funds tracked by Lipper.

View quarterly holdings

Performance

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.

Returns for less than one year are not annualized.

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.

Returns for less than one year are not annualized.

Performance at NAV assumes that no contingent deferred sales charge applied or the investment was not redeemed. Performance at max offer price assumes that a contingent deferred sales charge applied to the extent applicable.

Class C shares redeemed within one year of purchase are subject to a 1.00% contingent deferred sales charge (CDSC). Class C shares are eligible to automatically convert to Class A shares with a lower 12b-1 fee approximately eight years after you buy Class C shares.

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

Returns for less than one year are not annualized.

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

Standard deviation measures historical volatility of returns.

Net expense ratio reflects a contractual waiver from certain fees and/or expense reimbursements from July 31, 2024 through July 30, 2025. Please see the fee table in the Fund’s prospectus for more information.

Lipper fund data for all time periods shown are as of the date shown. Although a Fund may outperform peers when compared to Lipper peer groups, the returns for that period may still be negative. Rankings shown are provided by Lipper, Inc., a leading independent analysis service. Rankings and performance for other time periods are available from Lipper.

Past performance is no guarantee of future results.

The Fund offers other share classes, and their performance and rankings may be lower than those of the class shown.

Lipper rankings reflect a fund's historical total return performance, excluding sales charges as applicable, relative to peers as of the above date. The ratings are subject to change every month and are based on equal-rated average of percentile ranks for the total return metrics over 1-, 3-, 5-, and 10-year periods, if applicable. Lipper rankings are not intended to predict future results, and Lipper does not guarantee the accuracy of this information.>

Expense waivers may have been in effect for some or all of the periods shown. Performance would have been lower if waivers did not apply or if sales charges were included. Lipper rankings may have been lower if waivers did not apply or if sales charges were included.

Management

Investment manager

Delaware Management Company

Sub-advisors

Principal Global Investors, LLC

Christopher Corbett, CFA - Managing Director, Portfolio Manager

Start date on the Fund: July 2017

Christopher Corbett shares primary responsibility for the day-to-day management of Principal’s share of the Fund’s assets. He joined the firm in 2006 and currently serves as Senior Managing Director and lead Portfolio Manager for SMID Cap Growth, Mid Cap Growth and Small Cap Growth strategies. Mr. Corbett began holding Fund responsibilities in July 2017.

Marc Shapiro - Senior Vice President, Portfolio Manager

Start date on the Fund: July 2020

Marc Shapiro shares primary responsibility for the day-to-day management of Principal’s share of the Fund’s assets. Mr. Shapiro joined the firm in 2004 and serves as Managing Director, Portfolio Manager for the SMID Cap Growth, Mid Cap Growth and Small Cap Growth strategies. Mr. Shapiro began holding Fund responsibilities in July 2020.

Peregrine Capital Management, LLC (Peregrine)

William A. Grierson, CFA - Principal, Portfolio Manager

Start date on the Fund: April 2016

William A. Grierson shares primary responsibility for the day-to-day management of Peregrine’s share of the Fund’s assets. He is a portfolio manager for the small-cap growth style and shares the responsibility for fundamental research, stock selection and portfolio management with his team. Grierson joined Peregrine’s small-cap growth team in 2000 as a securities analyst. Prior to Peregrine, he was a senior research analyst and portfolio manager with Kopp Investment Advisors for more than six years. Previously, he worked as a reporting analyst for Northern Trust. He graduated from Lawrence University in 1992. Grierson is a member of the CFA Society of Minnesota and the CFA Institute.

Paul E. von Kuster, CFA - Principal, Portfolio Manager

Start date on the Fund: April 2016

Mr. von Kuster shares primary responsibility for the day-to-day management of Peregrine’s share of the Fund’s assets. He is a portfolio manager for the small-cap growth style and shares the responsibility for fundamental research, stock selection and portfolio management with his team. He has been with the firm since its inception in 1984. Prior to Peregrine, Mr. von Kuster managed small-cap funds for the Trust Department at Norwest Bank Minnesota, N.A. (now Wells Fargo Bank Minnesota, N.A.). He began his career with Norwest Bank Minnesota, N.A. in 1972 after graduating from Princeton. Mr. von Kuster is a member of the CFA Society of Minnesota and the CFA Institute.

Samuel D. Smith, CFA - Principal, Portfolio Manager

Start date on the Fund: January 2021

Mr. Samuel Smith shares primary responsibility for the day-to-day management of Peregrine’s share of the Fund’s assets. He is a portfolio manager for the small-cap growth style and shares the responsibility for fundamental research, stock selection and portfolio management with his team. He joined Peregrine in 2006 as a portfolio assistant and has also served as an analyst and associate portfolio manager.

Ryan H. Smith, CFA - Principal, Portfolio Manager

Start date on the Fund: January 2021

Mr. Ryan Smith shares primary responsibility for the day-to-day management of Peregrine’s share of the Fund’s assets. He is a portfolio manager for the small-cap growth style and shares the responsibility for fundamental research, stock selection and portfolio management with his team. He joined Peregrine in 2018 as an associate portfolio manager. Prior to joining Peregrine, Ryan Smith was a portfolio manager and an analyst on the small, SMID and mid-cap growth strategies at RBC Global Asset Management (US) for more than 10 years.

Allison S. Lewis, CFA - Principal, Portfolio Manager

Start date on the Fund: July 2023

Ms. Lewis shares the responsibility for fundamental research, stock selection and portfolio management with her team. Ms. Lewis joined Peregrine in 2022 as a Senior Analyst. Prior to joining Peregrine, Ms. Lewis was a Research Analyst at Marsico Capital Management for two years. Previously, she served as Senior Equity Analyst at Invesco for over six years. She started her career at J.P. Morgan Chase & Company. Ms. Lewis graduated from the University of Michigan and earned her M.B.A. from the University of Wisconsin. She is a member of the CFA Institute. Ms. Lewis has held her Fund responsibilities since July 2023.

Fees and expenses

The table below describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. 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, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table below.

¹The 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 and dividend 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 1.24% of the Fund’s average daily net assets from July 31, 2024 through July 30, 2025. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

¹Class C shares redeemed within one year of purchase are subject to a 1.00% contingent deferred sales charge (CDSC).

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 and dividend 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 1.24% of the Fund’s average daily net assets from July 31, 2024 through July 30, 2025. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Institutional Class shares are available only to certain investors. See the prospectus for more information.

¹The 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 and dividend 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 1.24% of the Fund’s average daily net assets from July 31, 2024 through July 30, 2025. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Allocations

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.

Total may not equal 100% due to rounding.

Resources

Additional Information

Nominating and governance committee charter

Audit committee charter

Proxy voting information

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.

Investments in small and/or medium-sized companies typically exhibit greater risk and higher volatility than larger, more established companies.

The disruptions caused by natural disasters, pandemics, or similar events could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective and the value of the Fund’s investments.

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

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company.

Optimum Small-Mid Cap Growth Fund

Overview

Benchmark and peer group

Performance

Standard deviation measures historical volatility of returns.

Net expense ratio reflects a contractual waiver from certain fees and/or expense reimbursements from July 31, 2024 through July 30, 2025. Please see the fee table in the Fund’s prospectus for more information.