Investment Goal: Long-term total return on capital.

Under normal circumstances, the fund invests at least 80% of its net assets in a broadly diversified portfolio of equity investments in mid-capitalization U.S. companies, including non-U.S. companies that are traded in the United States. The fund maintains risk, style, capitalization and industry characteristics similar to those of the Russell Midcap^® Value Index. The fund is subadvised by Goldman Sachs Asset Management, L.P., 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 if U.S. stock markets go down or perform poorly relative to other types of investments; securities of mid capitalization companies, which involve greater risks than those associated with larger capitalization companies, experience abrupt or erratic price movements or lack sufficient market liquidity to enable the fund to effect sales at an advantageous time or without a substantial drop in price; orthe value of securities in the fund?s portfolio decreases in response to the prospects of individual companies, particular industry sectors or governments and/or general economic conditions. 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