Investment Goal: Long term capital appreciation.

The fund invests primarily in common stocks of small capitalization companies that the subadviser believes to have intrinsic value. Under normal conditions, the fund invests at least 80% of its net assets in a diversified portfolio of equity securities of small capitalization companies. The fund measures capitalization at the time it purchases a security, and currently considers small capitalization companies to be companies with market capitalization similar to those of companies in the Russell 2000^® Value Index. The fund is subadvised by Columbia Management Investment Advisers, LLC, an unaffiliated investment management firm.

Prospectus (I Class Shares)

Prospectus (S Class Shares)

Statement of Additional Information

Annual Shareholder Report

Semi-Annual Shareholder Report

Quarterly Portfolio Holdings Information

Monthly Portfolio Holdings Information

Investors could lose money on their investments in the fund or the fund could perform less well than other possible investments if U.S. or foreign stock markets go down or perform poorly relative to other types of investments; small cap securities, which generally are more volatile and less liquid than mid or large cap securities, decline in value more steeply or become less liquid than expected; or the fund?s value investment style and small cap focus do not produce favorable results relative to market trends. Please see the prospectus for other risks.

An investment in this fund is not insured or guaranteed by the Federal Deposit Insurance Corp. or any other government agency.

This fund is not available for purchase directly by retail investors. Each fund sells its shares only to separate accounts established and maintained by insurance companies for the purpose of funding variable annuity and variable life insurance products.

You should carefully consider the investment objectives, risks, charges and expenses of an investment in the fund. This and other important information is contained in the prospectus, which may be obtained above. Variable contract owners also should obtain the separate account prospectus prepared by the insurance company for its contracts. Read all prospectuses carefully before investing or sending money.

The fund is distributed by Clarendon Insurance Agency, Inc., a wholly-owned subsidiary of Sun Life Assurance Company of Canada (U.S), which is an indirect subsidiary of Sun Life Financial Inc.

SLPC 22669 11/10 Exp. 11/12