Formerly: SC^SM Oppenheimer Main Street Small Cap Fund

Investment Goal: To match the performance of the Russell 2000 Index^® as closely as possible before the deduction of fund expenses

The fund employs a passive management approach and, under normal market conditions, invests at least 80% of its net assets in securities of small capitalization companies. For this purpose, small capitalization companies are considered to be those having a market capitalization, at the time the fund makes an investment, within the range of the market capitalization of the companies in the Russell 2000. The fund may change its target index if the fund's subadviser believes a different index would better enable the fund to match the performance of the market segment represented by the current index. This fund is subadvised by BlackRock Investment Management, 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 underperform its index or other investments if U.S. stock markets go down or perform poorly relative to other types of investments; when the index performs poorly (if the fund is properly correlated to its stated index); or the prospects of individual companies in which the fund invests change adversely. 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