Investment Goal: Maximum total return, consistent with capital preservation.

Under normal circumstances, the fund invests at least 80% of its net assets in a diversified portfolio of high yield securities (junk bonds), which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements, rated below investment grade but rated at least Caa by Moody's Investors Service, Inc. or an equivalent rating by Standard & Poor's Rating Group or Fitch Ratings or, if unrated, of comparable quality as determined by the fund's subadviser. This fund is subadvised by PIMCO, 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 an economic downturn or period of rising interest rates adversely affects the market for high yield securities and reduces the fund's ability to sell its high yield securities; rating agencies, on which the subadviser may rely in part when selecting securities for the fund, are incorrect in their evaluation of an issuer's financial condition or fail to make timely changes in credit ratings upon a change in such issuer's condition; or interest rates go up, causing the value of the fund's fixed income securities to go down. 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