Investment Goal: High current income consistent with relative stability of principal.

The fund invests at least 80% of its net assets in investment grade fixed income securities including those issued by U.S. and foreign companies; companies in emerging markets; and in the U.S. government and its agencies and instrumentalities, including those that issue mortgage-backed securities, and foreign governments, including those of emerging market countries.

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 interest rates go up, causing the value of the fund's fixed income securities to go down; the issuer of fixed income securities owned by the fund defaults on its payment obligations, becomes insolvent, or has its credit rating downgraded by a rating agency; or the illiquidity of a given security limits the fund's ability to sell at an advantageous time or price or to purchase the desired level of exposure for the portfolio. 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