Instances of high double-digit returns are unusual, cannot be sustained, and were primarily achieved during favorable market conditions.
Performance "at NAV" assumes that no front-end or contingent deferred sales charge applied or the investment was not redeemed.
The performance figure shown in the "10 year or lifetime" column is the shorter of the fund's 10-year performance record or lifetime period based on the fund's inception date. Lifetime performance figures for funds that have been in existence for more than 10 years can be found in the funds performance section of this site or obtained by calling 800 231-8002.
Portfolio risk disclosure
The Large-Cap Growth Equity Portfolio
Because the Portfolio expects to hold a concentrated portfolio of a limited number of securities, the Portfolio's risk is increased because each investment has a greater effect on the Portfolio's overall performance.
The Select 20 Portfolio
Because the Portfolio expects to hold a concentrated portfolio of a limited number of securities, the Portfolio's risk is increased because each investment has a greater effect on the Portfolio's overall performance.
Investments in small and/or medium-sized companies typically exhibit greater risk and higher volatility than larger, more established companies.
"Nondiversified" portfolios may allocate more of their net assets to investments in single securities than "diversified" portfolios. Resulting adverse effects may subject these portfolios to greater risks and volatility.
The Focus Smid-Cap Growth Equity Portfolio
Because the Portfolio expects to hold a concentrated portfolio of a limited number of securities, the Portfolio's risk is increased because each investment has a greater effect on the Portfolio's overall performance.
Investments in small and/or medium-sized companies typically exhibit greater risk and higher volatility than larger, more established companies.
The Portfolio may invest in derivatives, which may involve additional expenses and are subject to risk, including the risk that an underlying security or securities index moves in the opposite direction from what the portfolio manager anticipated. A derivative transaction depends upon the counterparties' ability to fulfill their contractual obligations.
The Large-Cap Value Equity Portfolio
Investing involves risk, including the possible loss of principal.
The Delaware Macquarie Real Estate Portfolio
Narrowly focused investments may exhibit higher volatility than investments in multiple industry sectors.
REIT investments are subject to many of the risks associated with direct real estate ownership, including changes in economic conditions, credit risk, and interest rate fluctuations.
A REIT fund's tax status as a regulated investment company could be jeopardized if it holds real estate directly, as a result of defaults, or receives rental income from real estate holdings.
"Nondiversified" portfolios may allocate more of their net assets to investments in single securities than "diversified" portfolios. Resulting adverse effects may subject these portfolios to greater risks and volatility.
The Real Estate Investment Trust Portfolio II
"Nondiversified" portfolios may allocate more of their net assets to investments in single securities than "diversified" portfolios. Resulting adverse effects may subject these portfolios to greater risks and volatility.
Narrowly focused investments may exhibit higher volatility than investments in multiple industry sectors.
REIT investments are subject to many of the risks associated with direct real estate ownership, including changes in economic conditions, credit risk, and interest rate fluctuations.
A REIT fund's tax status as a regulated investment company could be jeopardized if it holds real estate directly, as a result of defaults, or receives rental income from real estate holdings.
The Portfolio may invest in derivatives, which may involve additional expenses and are subject to risk, including the risk that an underlying security or securities index moves in the opposite direction from what the portfolio manager anticipated. A derivative transaction depends upon the counterparties' ability to fulfill their contractual obligations.
The Emerging Markets Portfolio
International investments entail risks not ordinarily associated with U.S. investments including fluctuation in currency values, differences in accounting principles, or economic or political instability in other nations.
Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility and lower trading volume.
If and when we invest in forward foreign currency contracts or use other investments to hedge against currency risks, the Portfolio will be subject to special risks, including counterparty risk.
Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer's ability to make interest and principal payments on its debt.
The Portfolio may also be subject to prepayment risk, the risk that the principal of a fixed income security that is held by the Portfolio may be prepaid prior to maturity, potentially forcing the Portfolio to reinvest that money at a lower interest rate.
High yielding, noninvestment grade bonds (junk bonds) involve higher risk than investment grade bonds.
The Emerging Markets Portfolio II
International investments entail risks not ordinarily associated with U.S. investments including fluctuation in currency values, differences in accounting principles, or economic or political instability in other nations.
Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility and lower trading volume.
The Portfolio may invest in derivatives, which may involve additional expenses and are subject to risk, including the risk that an underlying security or securities index moves in the opposite direction from what the portfolio manager anticipated. A derivative transaction depends upon the counterparties' ability to fulfill their contractual obligations.
Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer's ability to make interest and principal payments on its debt.
The Portfolio may also be subject to prepayment risk, the risk that the principal of a fixed income security that is held by the Portfolio may be prepaid prior to maturity, potentially forcing the Portfolio to reinvest that money at a lower interest rate.
High yielding, noninvestment grade bonds (junk bonds) involve higher risk than investment grade bonds.
The Global Real Estate Securities Portfolio
Narrowly focused investments may exhibit higher volatility than investments in multiple industry sectors.
REIT investments are subject to many of the risks associated with direct real estate ownership, including changes in economic conditions, credit risk, and interest rate fluctuations.
A REIT fund's tax status as a regulated investment company could be jeopardized if it holds real estate directly, as a result of defaults, or receives rental income from real estate holdings.
International investments entail risks not ordinarily associated with U.S. investments including fluctuation in currency values, differences in accounting principles, or economic or political instability in other nations.
"Nondiversified" portfolios may allocate more of their net assets to investments in single securities than "diversified" portfolios. Resulting adverse effects may subject these portfolios to greater risks and volatility.
The Portfolio may experience portfolio turnover in excess of 100%, which could result in higher transaction costs and tax liability.
The International Equity Portfolio
International investments entail risks not ordinarily associated with U.S. investments including fluctuation in currency values, differences in accounting principles, or economic or political instability in other nations.
If and when we invest in forward foreign currency contracts or use other investments to hedge against currency risks, the Portfolio will be subject to special risks, including counterparty risk.
The Labor Select International Equity Portfolio
International investments entail risks not ordinarily associated with U.S. investments including fluctuation in currency values, differences in accounting principles, or economic or political instability in other nations.
If and when we invest in forward foreign currency contracts or use other investments to hedge against currency risks, the Portfolio will be subject to special risks, including counterparty risk.
From time to time, the Portfolio may invest up to 30% of its net assets in securities of issuers in the commercial banking industry; to the extent that the Portfolio invests 30% of its net assets in such securities, it may be slightly more sensitive to movement in the commercial banking industry.
Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer's ability to make interest and principal payments on its debt.
The Portfolio may also be subject to prepayment risk, the risk that the principal of a fixed income security that is held by the Portfolio may be prepaid prior to maturity, potentially forcing the Portfolio to reinvest that money at a lower interest rate.
The Core Focus Fixed Income Portfolio
Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer's ability to make interest and principal payments on its debt.
The Portfolio may also be subject to prepayment risk, the risk that the principal of a fixed income security that is held by the Portfolio may be prepaid prior to maturity, potentially forcing the Portfolio to reinvest that money at a lower interest rate.
International investments entail risks not ordinarily associated with U.S. investments including fluctuation in currency values, differences in accounting principles, or economic or political instability in other nations.
The Portfolio may experience portfolio turnover in excess of 100%, which could result in higher transaction costs and tax liability.
The Core Plus Fixed Income Portfolio
Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer's ability to make interest and principal payments on its debt.
The Portfolio may also be subject to prepayment risk, the risk that the principal of a fixed income security that is held by the Portfolio may be prepaid prior to maturity, potentially forcing the Portfolio to reinvest that money at a lower interest rate.
High yielding, noninvestment grade bonds (junk bonds) involve higher risk than investment grade bonds.
The high yield secondary market is particularly susceptible to liquidity problems when institutional investors, such as mutual funds and certain other financial institutions, temporarily stop buying bonds for regulatory, financial, or other reasons. In addition, a less liquid secondary market makes it more difficult for the Fund to obtain precise valuations of the high yield securities in its portfolio.
International investments entail risks not ordinarily associated with U.S. investments including fluctuation in currency values, differences in accounting principles, or economic or political instability in other nations.
The High-Yield Bond Portfolio
Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer's ability to make interest and principal payments on its debt.
The Portfolio may also be subject to prepayment risk, the risk that the principal of a fixed income security that is held by the Portfolio may be prepaid prior to maturity, potentially forcing the Portfolio to reinvest that money at a lower interest rate.
High yielding, noninvestment grade bonds (junk bonds) involve higher risk than investment grade bonds.
The high yield secondary market is particularly susceptible to liquidity problems when institutional investors, such as mutual funds and certain other financial institutions, temporarily stop buying bonds for regulatory, financial, or other reasons. In addition, a less liquid secondary market makes it more difficult for the Fund to obtain precise valuations of the high yield securities in its portfolio.
International investments entail risks not ordinarily associated with U.S. investments including fluctuation in currency values, differences in accounting principles, or economic or political instability in other nations.
The Portfolio may experience portfolio turnover in excess of 100%, which could result in higher transaction costs and tax liability.
The Global Fixed Income Portfolio
International investments entail risks not ordinarily associated with U.S. investments including fluctuation in currency values, differences in accounting principles, or economic or political instability in other nations.
Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility and lower trading volume.
Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer's ability to make interest and principal payments on its debt.
The Portfolio may also be subject to prepayment risk, the risk that the principal of a fixed income security that is held by the Portfolio may be prepaid prior to maturity, potentially forcing the Portfolio to reinvest that money at a lower interest rate.
"Nondiversified" portfolios may allocate more of their net assets to investments in single securities than "diversified" portfolios. Resulting adverse effects may subject these portfolios to greater risks and volatility.
The Portfolio may experience portfolio turnover in excess of 100%, which could result in higher transaction costs and tax liability.
The International Fixed Income Portfolio
International investments entail risks not ordinarily associated with U.S. investments including fluctuation in currency values, differences in accounting principles, or economic or political instability in other nations.
Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility and lower trading volume.
Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer's ability to make interest and principal payments on its debt.
The Portfolio may also be subject to prepayment risk, the risk that the principal of a fixed income security that is held by the Portfolio may be prepaid prior to maturity, potentially forcing the Portfolio to reinvest that money at a lower interest rate.
"Nondiversified" portfolios may allocate more of their net assets to investments in single securities than "diversified" portfolios. Resulting adverse effects may subject these portfolios to greater risks and volatility.
The Portfolio may invest in derivatives, which may involve additional expenses and are subject to risk, including the risk that an underlying security or securities index moves in the opposite direction from what the portfolio manager anticipated. A derivative transaction depends upon the counterparties' ability to fulfill their contractual obligations.
If and when we invest in forward foreign currency contracts or use other investments to hedge against currency risks, the Portfolio will be subject to special risks, including counterparty risk.
The Portfolio may experience portfolio turnover in excess of 100%, which could result in higher transaction costs and tax liability.
Expense waiver disclosure
The Large-Cap Growth Equity Portfolio
Original Class
Net expense ratio reflects contractual waivers and/or expense reimbursements from February 28, 2010 to February 28, 2011. Please see the fee table in the Portfolio's prospectus for more information.
The Select 20 Portfolio
Original Class
Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from February 28, 2010 to February 28, 2011. Please see the fee table in the Portfolio's prospectus for more information.
The Emerging Markets Portfolio
Original Class
Currently, there are no waivers in effect for this class of shares of the Portfolio.
The Focus Smid-Cap Growth Equity Portfolio
Original Class
Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from February 28, 2010 to February 28, 2011. Please see the fee table in the Portfolio's prospectus for more information.
The Large-Cap Value Equity Portfolio
Original Class
Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from February 28, 2010 to February 28, 2011. Please see the fee table in the Portfolio's prospectus for more information.
Delaware Macquarie Real Estate Portfolio
Original Class
Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from June 29, 2010 to June 29, 2011. Please see the fee table in the Portfolio's prospectus for more information.
The Real Estate Investment Trust Portfolio II
Original Class
Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from February 28, 2010 to February 28, 2011. Please see the fee table in the Portfolio's prospectus for more information.
The Emerging Markets Portfolio II
Original Class
Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from April 1, 2010 through March 31, 2011. Please see the fee table in the Portfolio’s prospectus for more information.
The Global Real Estate Securities Portfolio
Original Class, Class P
Currently, there are no waivers in effect for this class of shares of the Portfolio.
The International Equity Portfolio
Original Class
Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from February 28, 2010 to February 28, 2011.Please see the fee table in the Portfolio’s prospectus for more information.
The Labor Select International Equity Portfolio
Original Class
Currently, there are no waivers in effect for this class of shares of the Portfolio.
The Core Focus Fixed Income Portfolio
Original Class
Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from February 28, 2010 to February 28, 2011. Please see the fee table in the Portfolio's prospectus for more information.
The Core Plus Fixed Income Portfolio
Original Class
Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from February 28, 2010 to February 28, 2011. Please see the fee table in the Portfolio's prospectus for more information.
The High-Yield Bond Portfolio
Original Class
Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from February 28, 2010 to February 28, 2011. Please see the fee table in the Portfolio's prospectus for more information.
The Global Fixed Income Portfolio
Original Class
Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from February 28, 2010 to February 28, 2011. Please see the fee table in the Fund's prospectus for more information.
The International Fixed Income Portfolio
Original Class
Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from February 28, 2010 to February 28, 2011. Please see the fee table in the Portfolio's prospectus for more information.
