Investment Goal: Long-term growth of capital and modest income.

The fund is a "Fund-of-ETFs" and invests, under normal circumstances, at least 80% of its net assets plus the amount of any borrowings for investment purposes, in securities of ETFs. The fund's assets will invest in equity and fixed income ETFs, although a portion of the assets may be invested in cash, cash equivalents, or money market funds. The fund is not available for investment by shareholders but serves exclusively as an investment option designed to implement a tactical strategy for SC^SM Ibbotson Balanced Fund, SC^SM Ibbotson Conservative Fund and SC^SM Ibbotson Growth Fund. All four funds are subadvised by Ibbotson Associates, Inc., an unaffiliated investment management firm.

Prospectus (I Class Shares)

Statement of Additional Information

Annual Shareholder Report

Semi-Annual Shareholder Report

Quarterly Portfolio Holdings Information

Monthly Portfolio Holdings Information

Since the fund invests primarily in ETFs, as opposed to investing directly in stocks, bonds, or other instruments, the fund does not have the same flexibility in its portfolio holdings as many mutual funds. In addition, the fund indirectly pays a portion of the expenses incurred by the underlying ETFs. Consequently, an investment in the fund entails more direct and indirect expenses than a direct investment in the underlying ETFs. 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