Investment Goal: Primary: Long-term capital growth. Secondary: Current income and growth of income.

The fund invests at least 80% of its net assets in securities of U.S. and foreign real estate investment trusts (REITs) and other U.S. and foreign real estate companies. The fund generally focuses its investments in equity REITs, which invest most of their assets directly in U.S. or foreign real property, receive most of their income from rents and may also realize gains by selling appreciated property.

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 the U.S. or a foreign or local real estate market declines due to economic conditions, supply/demand imbalances reduced or regulated rents, or other causes;prices of the fund's foreign securities go down because of foreign government actions, political instability orthe more limited availability of accurate information about foreign issuers; securities denominated in foreign currencies or in securities that hold properties in foreign countries such that the issuer's revenues and expenses are tied to foreign currencies are subject to foreign currency exchange gains or losses; or interest rates go up, affecting the availability of financing.

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