|
[ ]
|
Preliminary Proxy Statement
|
|
[ ]
|
Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
|
|
[ ]
|
Definitive Proxy Statement
|
|
[X]
|
Definitive Additional Materials
|
|
[ ]
|
Soliciting Material Pursuant to Sec. 240.14a-11(c) or Sec. 240.14a-12
|
|
[X]
|
No fee required.
|
|
|
[ ]
|
Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.
|
|
|
1.
|
Title of each class of securities to which transaction applies:
|
|
|
2.
|
Aggregate number of securities to which transaction applies:
|
|
|
3.
|
Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):
|
|
|
4.
|
Proposed maximum aggregate value of transaction:
|
|
|
5.
|
Total fee paid:
|
|
|
[ ]
|
Fee paid previously with preliminary proxy materials.
|
|
|
[ ]
|
Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.
|
|
|
1)
|
Amount Previously Paid:
|
|
|
2)
|
Form, Schedule or Registration Statement No.:
|
|
|
3)
|
Filing Party:
|
|
|
4)
|
Date Filed:
|
|
|
Existing DPT Portfolio to be reorganized…
|
into the following JSP Fund
|
|
The Large-Cap Growth Equity Portfolio
|
Jackson Square Large-Cap Growth Fund
|
|
The Select 20 Portfolio
|
Jackson Square Select 20 Growth Fund
|
|
The Focus Smid-Cap Growth Equity Portfolio
|
Jackson Square SMID-Cap Growth Fund
|
|
·
|
U.S. Bancorp Fund Services, LLC servers as the administrator and transfer agent of the New Funds and U.S. Bank N.A. serves as custodian.
|
|
·
|
The New Funds will have no affiliation with or services provided by Delaware Investments.
|
|
·
|
The portfolio management team of the New Funds are the same as the portfolio management team of the Portfolios.
|
|
·
|
The New Funds' investment objective, principal investment strategies, and principal risks are substantially similar to that of the Portfolios.
|
|
·
|
After the Board meeting, a sticker will be filed with the SEC and sent to all shareholders to notify them of the proposal to reorganize the Portfolios.
|
|
·
|
In future weeks, shareholders will receive a combined proxy statement/prospectus providing information about the reorganization of the Portfolios into the New Funds, and asking shareholders to vote on the reorganization.
|
|
·
|
If shareholders approve the reorganization, the Portfolios' assets will transfer to the respective New Funds, and each Portfolio's shareholders will receive shares of the corresponding New Fund.
|
|
·
|
The Portfolio will continue to accept purchases from existing shareholders (including reinvested dividends and capital gains) until the last business day before the reorganization.
|
|
·
|
Proxy mailing to shareholders: on or around July 13, 2016
|
|
·
|
Direct Shareholder solicitation via phone, if the shareholder has not yet voted: on or around July 25, 2016.
|
|
·
|
Initial shareholder meeting: September 12, 2016.
|
|
·
|
We're using Broadridge as our proxy vendor.
|
|
·
|
Mail back their proxy cards in the postage paid envelope provided
|
|
·
|
Call Broadridge-dedicated toll-free proxy voting lines (refer to proxy ballot for applicable phone number) – Control number located on their proxy cards will be required
|
|
·
|
Vote online here: www.proxyvote.com – Control number located on their proxy cards will be required
|
|
·
|
The reorganization must be approved by the lesser of (i) 67% or more of the voting securities of the Portfolio that are present in person or by proxy at the meeting, if holders of shares representing more than 50% of the outstanding voting securities of the Portfolio are present in person or by proxy or (ii) more than 50% of the outstanding voting securities of the Portfolio.
|
|
·
|
If shareholders of the Portfolio do not approve the reorganization by September 12, 2016, additional shareholder meetings may be scheduled.
|
|
·
|
If the reorganization is not approved, the Portfolios' Board will consider what, if any, additional action to take.
|
|
·
|
Immediately after the reorganization, shareholders will hold shares of the New Funds having a total dollar value equal to the dollar value of the shares of the Portfolios that were held by those shareholders immediately prior to the closing of the reorganization.
|
|
·
|
Shareholders in the Portfolios will not incur any interruption in the management of their portfolio.
|
|
·
|
We do not anticipate any material negative impact to shareholders post-reorganization.
|
|
·
|
Each New Fund's investment objective, principal investment strategies, and principal risks are substantially similar to that of the corresponding Portfolio.
|
|
·
|
The Large-Cap Growth Equity Portfolio and The Focus Smid-Cap Growth Equity Portfolio are considered "diversified" under the Investment Company Act of 1940, as amended (1940 Act). The Jackson Square Large-Cap Growth Fund and Jackson Square SMID-Cap Growth Fund are considered "non-diversified," which means that each fund may invest in a smaller number of issuers than a diversified mutual fund. As a result, the decline in the value of a single issuer could cause a Fund's overall value to decline to a greater degree than if the Fund held a more diversified portfolio. However, we believe the change from diversified to non-diversified is consistent with JSP's investment philosophy and process, and we do not expect JSP to materially deviate or change the way in which it manages these portfolios.
|
|
·
|
The Large-Cap Growth Equity Portfolio may invest in 25-40 issuers, while the Jackson Square Large-Cap Growth Fund may invest in 25-30 issuers. Management does not view these changes as material.
|
|
·
|
The Focus Smid-Cap Growth Equity Portfolio invests at least 80% of its net assets in securities of small- and mid-capitalization companies. Small- and mid-capitalization companies are defined as those within the Russell 2000 Growth Index and the Russell Mid-Cap Growth Index. The Jackson Square SMID-Cap Growth Fund defines small- and mid-capitalization companies as those within the Russell 2500 Growth Index. Management does not believe this to be a material difference.
|
|
·
|
The New Funds are subject to a contractual fee waiver and expense reimbursement arrangement through March 2018 that will limit the total expenses of the New Funds, making them less expensive than the DPT Portfolios for that period. The Table below summarizes each Portfolio's/Fund's expenses.
|
|
Delaware
Product
|
Mgmt. fee
|
Total exp ratio
|
Total exp cap
|
JSP Product
|
Mgmt. fee
|
Total exp ratio
|
Total exp cap
|
|
|
The DPT Large-Cap Growth Equity Portfolio
|
0.55%
|
0.64%
|
0.65%
|
Jackson Square Large-Cap Growth Fund (IS Share Class)
|
0.55%
|
0.79%
|
0.64%
|
|
|
The DPT Select 20 Portfolio
|
0.75%
|
0.89%
|
0.89%
|
Jackson Square Select 20 Growth Fund (IS Share Class)
|
0.65%
|
1.36%
|
0.87%
|
|
|
The DPT Focus Smid-Cap Growth Equity Portfolio
|
0.75%
|
0.92%
|
0.92%
|
Jackson Square SMID-Cap Growth Fund (IS Share Class)
|
0.75%
|
0.96%
|
0.87%
|
|
·
|
Each portfolio will be reorganized into each JSP Fund's lowest price share class, the "1b" class which is not subject to the 12b-1 fees.
|
|
·
|
The management fee rates for the New Funds are the same or lower than the management fee of the Portfolios.
|
|
·
|
The reorganization is intended to be and is structured to be a tax-advantaged transaction. Individual shareholders may wish to consult their tax advisor with respect to their specific circumstances.
|
|
·
|
The Portfolios and the New Funds will not bear any costs associated with the reorganization.
|
|
·
|
No changes are anticipated at this time.
|
|
·
|
We are not authorized to speak to JSP funds. All clients questions related to JSP funds should be directed to JSP. Contact Sharon Hayman, head of relationship management for Jackson Square Partners, 415.635.0232.
|