Investment Goal: Long-term capital growth and current income.

The fund is a "fund of funds". The fund seeks to achieve its objective by investing in a portfolio of underlying funds. These underlying funds, in turn, invest in a variety of U.S. and foreign equity, fixed income and money market securities. Because this is a balanced allocation fund, the fund's assets will be invested in equity and fixed income funds, although a portion of its assets will be invested in cash, cash equivalents, or in money market funds. This fund is subadvised by Ibbotson Associates, Inc., 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

This fund is structured as a fund of funds, and it indirectly pays a portion of the expenses incurred by the underlying funds in which it invests. Consequently, an investment in this fund entails more direct and indirect expenses than a direct investment in the underlying funds. Investors could lose money on their investment in the fund or the fund may not perform as well as other investment options. 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