N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-08879

SUN CAPITAL ADVISERS TRUST

(Exact name of registrant as specified in charter)

One Sun Life Executive Park, Wellesley Hills, Massachusetts 02481

(Address of principal executive offices) (Zip code)

John T. Donnelly

Sun Capital Advisers Trust

One Sun Life Executive Park

Wellesley Hills, Massachusetts 02481

(Name and address of agent for service)

Registrant’s telephone number, including area code: (800) 432-1102 x 3330

Date of fiscal year end: December 31

Date of reporting period: December 31, 2010

Item 1. Reports to Stockholders.

The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended:

SUN CAPITAL ADVISERS TRUST^®

Annual Report December 31, 2010

SC^SM AllianceBernstein International Value Fund

SC^SM BlackRock International Index Fund

SC^SM BlackRock Large Cap Index Fund

SC^SM BlackRock Small Cap Index Fund

SC^SM Goldman Sachs Mid Cap Value Fund

SC^SM Columbia Small Cap Value Fund

SC^SM Davis Venture Value Fund

SC^SM Invesco Small Cap Growth Fund

SC^SM Lord Abbett Growth & Income Fund

SC^SM WMC Blue Chip Mid Cap Fund

SC^SM WMC Large Cap Growth Fund

Sun Capital Global Real Estate Fund

SC^SM Ibbotson Tactical Opportunities Fund

Sun Capital Investment Grade Bond Fund^®

Sun Capital Money Market Fund^®

SC^SM BlackRock Inflation Protected Bond Fund

SC^SM Goldman Sachs Short Duration Fund

SC^SM PIMCO High Yield Fund

SC^SM PIMCO Total Return Fund

SC^SM Ibbotson Balanced Fund

SC^SM Ibbotson Conservative Fund

SC^SM Ibbotson Growth Fund

Sun Capital Advisers Trust is registered under the Investment Company Act of 1940 as an open-end management investment company. Its investment adviser is Sun Capital Advisers LLC^®, a member of the Sun Life Financial group of companies.

TABLE OF CONTENTS

Important Information about this Report
Management’s Discussion & Analysis
SC AllianceBernstein International Value Fund	1
SC BlackRock International Index Fund	6
SC BlackRock Large Cap Index Fund	9
SC BlackRock Small Cap Index Fund	13
SC Goldman Sachs Mid Cap Value Fund	17
SC Columbia Small Cap Value Fund	21
SC Davis Venture Value Fund	26
SC Invesco Small Cap Growth Fund	30
SC Lord Abbett Growth & Income Fund	35
SC WMC Blue Chip Mid Cap Fund	40
SC WMC Large Cap Growth Fund	45
Sun Capital Global Real Estate Fund	49
SC Ibbotson Tactical Opportunities Fund	53
Sun Capital Investment Grade Bond Fund	56
Sun Capital Money Market Fund	60
SC BlackRock Inflation Protected Bond Fund	64
SC Goldman Sachs Short Duration Fund	68
SC PIMCO High Yield Fund	72
SC PIMCO Total Return Fund	77
SC Ibbotson Balanced Fund	82
SC Ibbotson Conservative Fund	82
SC Ibbotson Growth Fund	82
Expense Information	93
Portfolios of Investments
SC AllianceBernstein International Value Fund	96
SC BlackRock International Index Fund	103
SC BlackRock Large Cap Index Fund	120
SC BlackRock Small Cap Index Fund	130
SC Goldman Sachs Mid Cap Value Fund	157
SC Columbia Small Cap Value Fund	163
SC Davis Venture Value Fund	169
SC Invesco Small Cap Growth Fund	174
SC Lord Abbett Growth & Income Fund	178
SC WMC Blue Chip Mid Cap Fund	181
SC WMC Large Cap Growth Fund	185
Sun Capital Global Real Estate Fund	188
SC Ibbotson Tactical Opportunities Fund	191
Sun Capital Investment Grade Bond Fund	192
Sun Capital Money Market Fund	200
SC BlackRock Inflation Protected Bond Fund	203
SC Goldman Sachs Short Duration Fund	207
SC PIMCO High Yield Fund	215
SC PIMCO Total Return Fund	232
SC Ibbotson Balanced Fund	255
SC Ibbotson Conservative Fund	257
SC Ibbotson Growth Fund	258
Financial Statements
Statements of Assets and Liabilities	260
Statements of Operations	265
Statements of Changes in Net Assets	270
Financial Highlights	278
Notes to Financial Statements	293
Report of Independent Registered Public Accounting Firm	328
Other Information	329
Proxy Voting Policies and Procedures and Voting Records	329
Quarterly Filing of Portfolio Holdings	329
Tax Information	329
Advisory Contract Approvals and Renewals	330
Trustees & Officers	337

Important Information about this Report:

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus. Investors should consider the investment objectives, risks, charges and expenses of a Fund before investing. This and other information is contained in a Fund’s prospectus. Please read the prospectus carefully before you invest.

The views and opinions expressed in each Fund’s “Management’s Discussion and Analysis” are those of the portfolio manager(s) of the Fund. The views and opinions expressed, and the portfolio holdings described, are as of December 31, 2010, and are subject to change at any time without notice due to market or other conditions. These should not be construed as investment advice or as a recommendation to buy or sell any security. Any forecasts or other forward looking views may not come to pass. Past performance is no guarantee of future results. Performance may have changed materially since December 31, 2010.

An investment in a Fund is not a bank deposit and is not insured by the Federal Deposit Insurance Corporation. It is possible to lose money on an investment in any of the Funds.

Country codes included within each Fund’s Portfolio of Investments are unaudited.

SC ALLIANCEBERNSTEIN INTERNATIONAL VALUE FUND

(subadvised by AllianceBernstein L.P.)

MANAGEMENT’S DISCUSSION & ANALYSIS:

How did the Fund perform during the year ended December 31, 2010?

For the year ended December 31, 2010, the Initial and Service Class shares of SC AllianceBernstein International Value Fund (the “Fund”) returned 4.62% and 4.52%, respectively, underperforming the benchmark, the MSCI- EAFE Index (the “Index”), which returned 7.75% for the same period.

What economic and market factors most influenced the global equity markets as a whole during the year ended December 31, 2010?

Equities rose during 2010, but markets were erratic. Concerns about sovereign debt troubles in Europe, Chinese growth and the fears of a second economic slowdown or a “double dip” recession in the U.S. interrupted the global market recovery in the second quarter. Markets did recover in the last four months of the year, led by stocks in the U.S. and emerging markets.

Tough market conditions have created an unprecedented value opportunity in stocks across all market sectors. During 2010, macroeconomic uncertainties prompted a flight to safe assets such as government debt. Strong corporate fundamentals were not rewarded as equity correlation was high, meaning stocks tended to trade in the same direction despite a wide divergence in underlying company performance. High risk aversion led investors to shun the value stocks that the Fund invests in.

How did the country allocations affect relative Fund performance during the year ended December 31, 2010?

The Fund’s country allocations are primarily a result of the bottom-up stock selection process. Overall security selection within countries had a negative impact on the Fund’s performance, detracting the most in Germany, Hong Kong and France. Country selection was a positive contributor to performance due to the Fund’s overweight positions in the United Kingdom (U.K.) and Canada, but a detractor due to underweight positions in Sweden and Hong Kong as compared to the Index. Finally, currency selection in the Fund contributed to performance due to the Fund’s overweight position in the U.S. dollar and the Canadian dollar, but detracted due to underweight positions in the Australian dollar and Japanese yen.

Which stocks contributed most to the Fund’s returns during the year ended December 31, 2010?

Holdings in several sectors benefited from signs of improving demand that is likely to continue as the global economic recovery progresses. German automaker Bayerische Motoren Werke (BMW) outperformed as demand recovered and as the company introduced new models, helping it gain market share and outperform its peers. Industrial commodity stocks, such as U.K. companies Xstrata PLC and Rio Tinto PLC, and Canadian company Lundin Mining Corp. benefited from a strong price surge in the commodity sector, driven by the U.S. Federal Reserve’s new quantitative easing initiative (U.S. Treasury Bond purchases) and resulting U.S. dollar weakness.

Which stocks detracted from the Fund’s performance results during the year ended December 31, 2010?

Several European holdings suffered from sovereign debt concerns, including UniCredit SpA, the Italian banking group. As the crisis evolved, the Fund trimmed its position in UniCredit SpA.

Japanese company Sharp Corp. weighed on the Fund’s returns in the year. Sharp Corp., which competes with Korean companies, was adversely affected by the appreciation of the Japanese yen versus the Korean won and weaker Liquid Crystal Display (LCD) pricing. Also detracting from performance was the Fund’s position in Portuguese retailer Espirit Holdings Ltd. and French utility Electricié de France.

1

SC ALLIANCEBERNSTEIN INTERNATIONAL VALUE FUND (Continued)

Did the fund experience major changes to its top ten holdings during the year ended December 31, 2010?

There were five positions on the top ten holdings list as of December 31, 2009 that still remained among the Fund’s top ten holdings as of December 31, 2010. The five new additions to the top ten holdings list were AstraZeneca PLC, Nestle SA, Toyota Motor Corp., BHP Billiton PLC and E.ON AG. These securities, except for Toyota Motor Corp., which was a new purchase in 2010, were held by the Fund as of December 31, 2009 but were not in the top ten holdings. However, during 2010, their position size expanded due to market fluctuation and/or additions to the position size such that they were in the top ten holdings as of December 31, 2010. The five top ten holdings as of December 31, 2009 that were no longer on the Fund’s top ten holdings list as of December 31, 2010 remain as holdings by the Fund in reduced positions with the exception of Banco Santander SA which was sold from the Fund after being affected by investor anxiety over the European sovereign debt crisis.

How was the Fund positioned relative to its benchmark index at December 31, 2010?

The Fund is constructed using a bottom-up stock selection process. Relative sector weights are therefore a function of that approach rather than a result of top-down insights. Many of the companies that the Fund holds have massive amounts of cash on their balance sheets and strong cash flow, giving them ability to pay dividends to shareholders in the years ahead. The Fund’s sector weights illustrate where we have found value opportunities created from this environment.

The Fund remains tilted to benefit from the continued economic recovery through its holdings in the Consumer Discretionary, Materials and Energy sectors specifically. There are also attractive opportunities within the Telecommunications sector, where holdings such as U.K. company Vodafone Group PLC have significant cash on the balance sheet, pay sizable dividends, yet trade at very attractive valuations.

The Fund’s underweight positions to the Consumer Staples and Financials sectors are a result of more limited value opportunities and our assessment of risk. The Fund remains underweight in the Consumer Staples sector where valuations are more demanding. The continued risk around sovereign debt issues in Europe has led to underweight positions in the Financial sector, although the Fund continues to own many companies in Europe, Asia and Australia that offer attractive risk/reward profiles.

2

SC ALLIANCEBERNSTEIN INTERNATIONAL VALUE FUND (Continued)

COUNTRY ALLOCATIONS AT DECEMBER 31, 2010*

Percentage of Net Assets

* The percentages shown for each country reflect the value of investments in that country as a percentage of net assets. Figures in the above graph may not total to 100% due to the exclusion of the Fund’s other assets and liabilities.

** Includes 21 countries with an allocation of less than 2% individually.

TOP TEN EQUITY HOLDINGS AT DECEMBER 31, 2010

	% of Net Assets			Industry
Royal Dutch Shell PLC, A Shares		2.2	%	Oil, Gas & Consumable Fuels
Rio Tinto PLC		1.8		Metals & Mining
AstraZeneca PLC		1.8		Pharmaceuticals
Vodafone Group PLC		1.7		Wireless Telecommunication Services
BP PLC		1.7		Oil, Gas & Consumable Fuels
Novartis AG		1.5		Pharmaceuticals
Nestle SA		1.5		Food Products
Toyota Motor Corp.		1.5		Automobiles
BHP Billiton PLC		1.2		Metals & Mining
E.ON AG		1.2		Electric Utilities

3

SC ALLIANCEBERNSTEIN INTERNATIONAL VALUE FUND (Continued)

Comparison of Change in Value of a $10,000 Investment in the SC AllianceBernstein International Value Fund – Initial Class and the MSCI-EAFE Index

Comparison of Change in Value of a $10,000 Investment in the SC AllianceBernstein International Value Fund – Service Class and the MSCI-EAFE Index

4

SC ALLIANCEBERNSTEIN INTERNATIONAL VALUE FUND (Continued)

Average Annual Total Returns for Periods Ended December 31, 2010**

	One Year			Life of Fund***
SC AllianceBernstein International Value Fund-Initial Class Shares		4.62	%		3.34	%
SC AllianceBernstein International Value Fund-Service Class Shares		4.52	%		3.12	%
MSCI-EAFE Index*		7.75	%		5.85	%

*The performance data of the index has been prepared from sources and data that the investment adviser believes to be reliable, but no representation is made as to their accuracy. The index is unmanaged and cannot be invested in directly. The MSCI-EAFE Index (Europe, Australasia, Far East) tracks performance of large cap international equity securities and is widely regarded as the standard for measuring large cap international stock market performance.

**Performance data is historical and includes changes in share price and reinvestment of income dividends and capital gains distributions. Past performance does not indicate future results. All Fund returns are net of fees and expenses, but do not include any insurance charges imposed in connection with your variable insurance contract. If this performance information included the effect of the insurance charges and the fees and expenses assumed by the investment adviser, performance numbers would be lower. The value of an investment in the SC AllianceBernstein International Value Fund and the return on the investment will fluctuate and redemption proceeds may be higher or lower than an investor’s original cost.

***For the period from October 1, 2008 (commencement of operations) to December 31, 2010.

5

SC BLACKROCK INTERNATIONAL INDEX FUND

(subadvised by BlackRock Investment Management, LLC)

MANAGEMENT’S DISCUSSION & ANALYSIS:

How did the Fund perform during the period ended December 31, 2010?

For the period from November 15, 2010 (commencement of operations) to December 31, 2010, the Initial and Service Class shares of SC BlackRock International Index Fund (the “Fund”) returned 3.80% and 3.70%, respectively, outperforming the benchmark, the MSCI-EAFE Index (the “Index”), which returned 1.87% for the same period.

What economic and market factors most influenced the global equity markets as a whole during the quarter ended December 31, 2010?

International equity markets continued their climb over the fourth quarter, although the pace of the rally slowed relative to the previous quarter. The Index advanced 6.6% for the quarter, finishing the year with a 7.8% gain. Most countries in the Index posted gains for the quarter with the strongest returns seen in Japan, Norway, Austria and New Zealand, while Greece and Spain declined.

Emerging markets continued to outpace the developed world in terms of economic growth, and continued to post respectable gains despite the surfacing of concerns around the implementation of widespread tightening of monetary policy. While the MSCI Emerging Markets Index marginally outperformed the MSCI-EAFE Index for the quarter with its 7.4% return, it significantly outpaced the Index for the year, with a gain of 19.2%.

In Europe, concerns over the regional debt crisis resurfaced and dominated equity markets. Ireland’s acceptance of a bailout package elevated concerns over further contagion of the crisis to peripheral European nations, with particular focus on Spain and Portugal. Nevertheless, macroeconomic data from core European countries remained solid over the quarter, highlighted by strong industrial production. Germany was the main growth engine in the Eurozone, as German macro data consistently beat expectations.

Despite a weak start to the quarter, Japanese equities posted powerful gains, driven by exchange rate movements, generally improving macroeconomic data, and gross domestic product (“GDP”) growth that exceeded expectations. Elsewhere in Asia, geopolitical tensions in Korea and increasing concerns about overheating in China resulted in mixed performance across the region.

While all of the sectors in the Index advanced over the quarter, cyclical sectors outpaced defensive sectors as investors experienced a renewed confidence and gravitated toward higher risk assets. The Materials sector charged ahead of the Index, followed by the Information Technology, Industrials, and Energy sectors. The Financials sector had the weakest positive return.

How did the country allocations affect Fund performance during the period ended December 31, 2010?

The top contributors to the Fund’s performance were Japan, Australia, United Kingdom and Switzerland while the top detractors were Spain and Italy.

Which sectors contributed most to the Fund’s performance results during the period ended December 31, 2010?

The Fund’s investment in a money market fund during the short period at the Fund’s inception positively contributed to the relative Fund’s performance against the Index that declined during that period. The top contributors to the Fund’s performance were the Materials, Industrials and Consumer Discretionary sectors.

Which sectors detracted most from the Fund’s performance results during the period ended December 31, 2010?

The Telecommunication Services sector was the primary detractor from the Fund’s performance.

6

SC BLACKROCK INTERNATIONAL INDEX FUND (Continued)

COUNTRY ALLOCATIONS AT DECEMBER 31, 2010*

Percentage of Net Assets

* The percentages shown for each country reflect the value of investments in that country as a percentage of net assets. Figures in the above graph may not total to 100% due to the exclusion of the Fund’s other assets and liabilities.

** Includes 19 countries with an allocation of less than 2% individually.

TOP TEN EQUITY HOLDINGS AT DECEMBER 31, 2010

	% of Net Assets			Industry
Nestle SA		1.8	%	Food Products
HSBC Holdings PLC		1.6		Commercial Banks
BHP Billiton Ltd.		1.3		Metals & Mining
BP PLC		1.2		Oil, Gas & Consumable Fuels
Vodafone Group PLC		1.2		Wireless Telecommunication Services
Novartis AG		1.1		Pharmaceuticals
Royal Dutch Shell PLC, Class A		1.0		Oil, Gas & Consumable Fuels
Total SA		1.0		Oil, Gas & Consumable Fuels
Toyota Motor Corp.		0.9		Automobiles
Roche Holding AG		0.9		Pharmaceuticals

7

SC BLACKROCK INTERNATIONAL INDEX FUND (Continued)

As of the year ended 12/31/10, the Fund did not have six months of performance and therefore line graphs are not presented.

Total Returns for Period Ended December 31, 2010**

	Life of Fund***±
SC BlackRock International Index Fund-Initial Class Shares		3.80	%
SC BlackRock International Index Fund-Service Class Shares		3.70	%
MSCI-EAFE Index*		1.87	%

*The performance data of the index has been prepared from sources and data that the investment adviser believes to be reliable, but no representation is made as to their accuracy. The index is unmanaged and cannot be invested in directly. The MSCI-EAFE Index (Europe, Australasia, Far East) tracks performance of large cap international equity securities and is widely regarded as the standard for measuring large cap international stock market performance.

**Performance data is historical and includes changes in share price and reinvestment of income dividends and capital gains distributions. Past performance does not indicate future results. All Fund returns are net of fees and expenses, but do not include any insurance charges imposed in connection with your variable insurance contract. If this performance information included the effect of the insurance charges and the fees and expenses assumed by the investment adviser, performance numbers would be lower. The value of an investment in the SC BlackRock International Index Fund and the return on the investment will fluctuate and redemption proceeds may be higher or lower than an investor’s original cost.

***For the period from November 15, 2010 (commencement of operations) to December 31, 2010.

± Returns for period of less than one year are not annualized.

8

SC BLACKROCK LARGE CAP INDEX FUND

(subadvised by BlackRock Investment Management, LLC)

MANAGEMENT’S DISCUSSION & ANALYSIS:

How did the Fund perform during the year and period ended December 31, 2010?

Effective November 15, 2010, BlackRock Investment Management, LLC replaced OppenheimerFunds, Inc. as subadviser to the SC Oppenheimer Large Cap Core Fund, and the name of the fund was changed to SC BlackRock Large Cap Index Fund (the “Fund”). In connection with this change, the Fund changed its investment goal and investment strategy from an active to a passive management approach, and will attempt to invest in a portfolio of assets whose performance is expected to match approximately the performance of the Standard & Poor’s (“S&P”) 500 Index (the “Index”).

For the year ended December 31, 2010, the Fund’s Initial and Service Class shares returned 16.76% and 16.45%, respectively, outperforming the benchmark Index, which returned 15.06% for the same period. For the period from November 15, 2010 to December 31, 2010, the Fund’s Initial and Service Class shares returned 5.16% and 5.15%, respectively, underperforming the Index which returned 5.28% for the same period.

What economic and market factors most influenced the equity markets as a whole during the quarter ended December 31, 2010?

Domestic equity markets continued their rally through the fourth quarter as the economic recovery gained traction and accelerated toward year end. During the quarter, the Federal Reserve Board (Fed) launched a second round of quantitative easing (“QE2”) measures consisting of U.S. Treasury Bond purchases, the Republicans won control of the House of Representatives in the November election, and the Bush-era tax cuts were extended and supplemented with some fiscal enhancements. As a result of these market-friendly actions, together with stronger economic data and continued positive surprises on the corporate earnings front, U.S. equity markets posted strong gains for the quarter despite a correction during the month of November due to concerns about the European sovereign debt crisis and heightened geopolitical tensions in Korea.

Although, the corporate sector was an important area of strength for the U.S. economy and consumer spending showed improvement, weakness in the housing and labor markets continued to burden the economy. The housing sector remained plagued with declining home prices and depressed levels of sales, starts, and overall construction activity.

Deflationary risk continued to threaten the momentum of economic growth in the United States, tempering gains in the equity markets as inflation remained muted. The seasonally adjusted Consumer Price Index was up only 0.1% in November, leaving the year-over-year rate at 1.1%. The high degree of excess capacity in labor and manufacturing leaves little potential for widespread inflation taking hold. As noted above, the Fed demonstrated its efforts to combat deflation and unemployment by maintaining an investor-favorable easy monetary policy for eight consecutive quarters. Although QE2 measures have thus far failed to make an impact on the unemployment situation, they have successfully boosted confidence and stimulated equity markets.

Which sectors contributed most to the Fund’s performance results during the period ended December 31, 2010?

The Financials sector was the strongest contributor during the period, followed by the Energy and Industrials sectors. The Utilities sector was the weakest positive contributor to the Fund’s performance during the period.

9

SC BLACKROCK LARGE CAP INDEX FUND (Continued)

Which sectors detracted most from the Fund’s performance results during the period ended December 31, 2010?

There were no detractors during the period ended December 31, 2010.

SECTOR ALLOCATIONS AT DECEMBER 31, 2010*

Percentage of Net Assets

* The above graph categorizes investments using Global Industry Classification Standards (“GICS”). The percentages shown for each sector reflect the value of investments in that sector as a percentage of net assets. Figures in the above graph may not total to 100% due to the exclusion of the Fund’s other assets and liabilities.

TOP TEN EQUITY HOLDINGS AT DECEMBER 31, 2010

	% of Net Assets			Industry
Exxon Mobil Corp.		3.1	%	Oil, Gas & Consumable Fuels
Apple, Inc.		2.5		Computers & Peripherals
Microsoft Corp.		1.8		Software
General Electric Co.		1.7		Industrial Conglomerates
Chevron Corp.		1.6		Oil, Gas & Consumable Fuels
International Business Machines Corp.		1.6		IT Services
The Procter & Gamble Co.		1.5		Household Products
AT&T, Inc.		1.5		Diversified Telecommunication Services
Johnson & Johnson		1.4		Pharmaceuticals
JP Morgan Chase & Co.		1.4		Diversified Financial Services

10

SC BLACKROCK LARGE CAP INDEX FUND (Continued)

Comparison of Change in Value of a $10,000 Investment in the SC BlackRock Large Cap Index Fund – Initial Class and the S&P 500 Index

Comparison of Change in Value of a $10,000 Investment in the SC BlackRock Large Cap Index Fund – Service Class and the S&P 500 Index

11

SC BLACKROCK LARGE CAP INDEX FUND (Continued)

Average Annual Total Returns for Periods Ended December 31, 2010**

Initial Class Shares	One Year			Three Years			Five Years			Life of Fund***
SC BlackRock Large Cap Index Fund		16.76	%		(3.81	)%		0.13	%		3.87	%
S&P 500 Index*		15.06	%		(2.86	)%		2.29	%		3.84	%
Service Class Shares
SC BlackRock Large Cap Index Fund		16.45	%		(4.01	)%		(0.10	)%		1.59	%
S&P 500 Index*		15.06	%		(2.86	)%		2.29	%		3.63	%

*The performance data of the index has been prepared from sources and data that the investment adviser believes to be reliable, but no representation is made as to their accuracy. The index is unmanaged and cannot be invested in directly. The S&P 500 Index is a market-value weighted index of 500 blue chip stocks and is considered to be a benchmark of the overall stock market.

**Performance data is historical and includes changes in share price and reinvestment of income dividends and capital gains distributions. Past performance does not indicate future results. All Fund returns are net of fees and expenses, but do not include any insurance charges imposed in connection with your variable insurance contract. If this performance information included the effect of the insurance charges and the fees and expenses assumed by the investment adviser, performance numbers would be lower. The value of an investment in the SC BlackRock Large Cap Index Fund and the return on the investment will fluctuate and redemption proceeds may be higher or lower than an investor’s original cost.

***Initial Class Shares for the period from May 1, 2002 (commencement of operations) to December 31, 2010. Service Class Shares for the period from February 1, 2004 (commencement of operations) to December 31, 2010.

12

SC BLACKROCK SMALL CAP INDEX FUND

(subadvised by BlackRock Investment Management, LLC)

MANAGEMENT’S DISCUSSION & ANALYSIS:

How did the Fund perform during the year and period ended December 31, 2010?

Effective November 15, 2010, BlackRock Investment Management, LLC replaced OppenheimerFunds, Inc. as subadviser to the SC Oppenheimer Main Street Small Cap Core Fund, and the name of the fund was changed to SC BlackRock Small Cap Index Fund (the “Fund”). In connection with this change, the Fund changed its investment goal and investment strategy from an active to a passive management approach, and will attempt to invest in a portfolio of assets whose performance is expected to match approximately the performance of the Russell 2000 Index (the “Index”).

For the year ended December 31, 2010, the Fund’s Initial and Service Class shares returned 24.46% and 24.07%, respectively, underperforming the benchmark Index, which returned 26.86% for the same period. For the period from November 15, 2010 to December 31, 2010, the Fund’s Initial and Service Class shares returned 9.06% and 9.01%, respectively, with the Initial Class outperforming and the Service Class underperforming the benchmark which returned 9.05% for the same period.

What economic and market factors most influenced the equity markets as a whole during the quarter ended December 31, 2010?

Domestic equity markets continued their rally through the fourth quarter as the economic recovery gained traction and accelerated toward year end. During the quarter, the Federal Reserve Board (Fed) launched a second round of quantitative easing (“QE2”) measures consisting of U.S. Treasury Bond purchases, the Republicans won control of the House of Representatives in the November election, and the Bush-era tax cuts were extended and supplemented with some fiscal enhancements. As a result of these market-friendly actions, together with stronger economic data and continued positive surprises on the corporate earnings front, U.S. equity markets posted strong gains for the quarter despite a correction during the month of November due to concerns about the European sovereign debt crisis and heightened geopolitical tensions in Korea.

Although, the corporate sector was an important area of strength for the U.S. economy and consumer spending showed improvement, weakness in the housing and labor markets continued to burden the economy. The housing sector remained plagued with declining home prices and depressed levels of sales, starts, and overall construction activity.

Deflationary risk continued to threaten the momentum of economic growth in the United States, tempering gains in the equity markets as inflation remained muted. The seasonally adjusted Consumer Price Index (“CPI”) was up only 0.1% in November, leaving the year-over-year rate at 1.1%. The high degree of excess capacity in labor and manufacturing leaves little potential for widespread inflation taking hold. As noted above, The Fed demonstrated its efforts to combat deflation and unemployment by maintaining an investor favorable easy monetary policy for eight consecutive quarters. Although QE2 measures have thus far failed to make an impact on the unemployment situation, they have successfully boosted confidence and stimulated equity markets.

Which sectors contributed most to the Fund’s performance results during the period ended December 31, 2010?

The Information Technology sector was the strongest contributor to the Fund’s performance during the period, followed by the Industrials and Financials sectors. The Telecommunication Services sector was the weakest positive contributor for the Fund’s performance during the period.

13

SC BLACKROCK SMALL CAP INDEX FUND (Continued)

Which sectors detracted most from the Fund’s performance results during the period ended December 31, 2010?

There were no detractors during the period ended December 31, 2010.

SECTOR ALLOCATIONS AT DECEMBER 31, 2010*

Percentage of Net Assets

* The above graph categorizes investments using GICS. The percentages shown for each sector reflect the value of investments in that sector as a percentage of net assets. Figures in the above graph may not total to 100% due to the exclusion of the Fund’s other assets and liabilities.

TOP TEN EQUITY HOLDINGS AT DECEMBER 31, 2010

	% of Net Assets			Industry
Riverbed Technology, Inc.		0.4	%	Communications Equipment
VeriFone Holdings, Inc.		0.3		IT Services
TIBCO Software, Inc.		0.3		Software
Brigham Exploration Co.		0.3		Oil, Gas & Consumable Fuels
Deckers Outdoor Corp.		0.3		Textiles, Apparel & Luxury Goods
Nordson Corp.		0.2		Machinery
Rackspace Hosting, Inc.		0.2		Internet Software & Services
Sotheby’s		0.2		Diversified Consumer Services
Baldor Electric Co.		0.2		Electrical Equipment
Hecla Mining Co.		0.2		Metals & Mining

14

SC BLACKROCK SMALL CAP INDEX FUND (Continued)

Comparison of Change in Value of a $10,000 Investment in the SC BlackRock Small Cap Index Fund – Initial Class and the Russell 2000 Index

Comparison of Change in Value of a $10,000 Investment in the SC BlackRock Small Cap Index Fund – Service Class and the Russell 2000 Index

15

SC BLACKROCK SMALL CAP INDEX FUND (Continued)

Average Annual Total Returns for Periods Ended December 31, 2010**

Initial Class Shares	One Year			Three Years			Five Years			Ten Years			Life of Fund***
SC BlackRock Small Cap Index Fund		24.46	%		1.82	%		3.40	%		5.98	%		7.73	%
Russell 2000 Index*		26.86	%		2.22	%		4.47	%		6.33	%		4.95	%
Service Class Shares
SC BlackRock Small Cap Index Fund		24.07	%		1.56	%		—			—			0.64	%
Russell 2000 Index*		26.86	%		2.22	%		—			—			1.91	%

*The performance data of the index has been prepared from sources and data that the investment adviser believes to be reliable, but no representation is made as to their accuracy. The index is unmanaged and cannot be invested in directly. The Russell 2000 Index is comprised of the 2,000 companies with the smallest market capitalizations from the Russell 3000 Index.

**Performance data is historical and includes changes in share price and reinvestment of income dividends and capital gains distributions. Past performance does not indicate future results. All Fund returns are net of fees and expenses, but do not include any insurance charges imposed in connection with your variable insurance contract. If this performance information included the effect of the insurance charges and the fees and expenses assumed by the investment adviser, performance numbers would be lower. The value of an investment in the SC BlackRock Small Cap Index Fund and the return on the investment will fluctuate and redemption proceeds may be higher or lower than an investor’s original cost.

***Initial Class Shares for the period from July 17, 2000 (commencement of operations) to December 31, 2010. Service Class Shares for the period from May 1, 2006 (commencement of operations) to December 31, 2010.

16

SC GOLDMAN SACHS MID CAP VALUE FUND

(Subadvised by Goldman Sachs Asset Management, L.P.)

MANAGEMENT’S DISCUSSION & ANALYSIS:

How did the Fund perform during the year ended December 31, 2010?

For the year ended December 31, 2010, the Initial and Service Class shares of SC Goldman Sachs Mid Cap Value Fund (the “Fund”) returned 22.13% and 21.62%, respectively, underperforming the benchmark, the Russell Mid Cap Value Index (the “Index”), which returned 24.75% for the same period.

What economic and market factors most influenced the equity markets as a whole during the year ended December 31, 2010?

Some of the most notable events during 2010 that influenced the equity markets included the following: The Flash Crash in May; the sovereign debt crisis in Europe; the Federal Reserve Board’s (Fed) quantitative easing program consisting of U.S. Treasury Bond purchases in the second half of the year; and the mid-term election.

The Flash Crash was characterized by extreme intraday swings in the prices of numerous stocks trading in the U.S., swings that appeared to be driven by the mechanics of trading rather than fundamentals. The Flash Crash heightened investors’ concerns about the structure of the equity markets and the role and impact of electronic trading. In the immediate aftermath of the Flash Crash, market volatility, as measured by the Chicago Board Options Exchange Volatility Index (VIX), increased sharply. In addition, the U.S. Securities and Exchange Commission (SEC) and stock exchanges imposed new regulations on trading.

The sovereign debt crisis in Europe began when Greece experienced difficulty rolling over a portion of its substantial debt. The European Union and International Monetary Fund (IMF) provided assistance for Greece and later on, Ireland. The European debt crisis caused a drop in sovereign bond prices (and an increase in yields), along with a drop in the euro. The crisis also led market participants to revise their forecasts of economic growth globally, as well as the likelihood of an additional economic slowdown or a “double-dip” recession in Europe and other developed markets (including the U.S.).

The Fed’s quantitative easing program, informally referred to as QE2, was largely motivated by serious doubts about the strength of the economic recovery in the U.S. The Fed’s stimulus was designed to boost economic growth and lower the chances the economic recovery would stall. QE2 helped trigger a rally in the equity markets and a steady decline in volatility as measured by VIX.

The mid-term election effected a major realignment in Washington as the Republicans took control of the House of Representatives and picked up several seats in the Senate. The Republican gains shifted the political discussion from government stimulus to spending reductions and more business friendly policies. An immediate consequence of the election was the extension of the “Bush tax cuts”, which heightened investors’ concerns about U.S. debt levels and the longer term impact of high debt levels on economic growth.

Were there any significant sector under/over weights that materially affected Fund performance relative to the benchmark during the year ended December 31, 2010?

Among sectors, stock selection was negative overall during the year. An overweight position in the Consumer Discretionary sector and an underweight position in Utilities sector, were the Fund’s least successful weightings relative to the Index. In contrast, an underweight position in the Energy sector, and an overweight position in the Industrials sector were the most successful allocations relative to the Index.

Which stocks contributed most to the Fund’s returns during the year ended December 31, 2010?

In terms of individual stocks, overweight positions in energy companies Valero Energy Corp. and Cimarex Energy Co. and machinery company The Timken Co. were the largest positive contributors to the Fund’s performance.

17

SC GOLDMAN SACHS MID CAP VALUE FUND (Continued)

Which stocks detracted from the Fund’s performance results during the year ended December 31, 2010?

Overweight positions in tobacco company Lorillard, Inc., media company DISH Network Corp. and technology company Seagate Technology were among the least successful selections for the year.

Did the Fund experience major changes to its top ten holdings during the year ended December 31, 2010?

The composition of the Fund’s top ten holdings has changed since December 31, 2009. All of the securities on the top ten holdings list from December 31, 2009 are still held by the Fund with the exception of Seagate Technology. The five new positions within the top ten holdings list at December 31, 2010 are Valero Energy Corp., DISH Network Corp., Class A, Rayonier, Inc., Tesoro Corp. and Suntrust Banks, Inc. The Fund seeks to outperform the Index by overweighting stocks that are expected to outperform the Index, and underweighting those stocks that may lag the Index. The Fund attempts to take active positions such as holding securities with better momentum and valuation characteristics than the Index and, at the same time, the Fund seeks to avoid taking risks in sectors where the risk is not compensated for. Thus, over a given period, top ten holdings will be driven by the Fund’s stock selection signals and proprietary risk model.

How was the Fund positioned relative to its benchmark index at December 31, 2010?

As of December 31, 2010, the Fund was overweight in the Energy, Consumer Discretionary, Healthcare, Information Technology and Materials sectors relative to the Index. In contrast, the Fund was underweight in the Telecommunication Services, Financials, Utilities, Industrials and Consumer Staples sectors.

SECTOR ALLOCATIONS AT DECEMBER 31, 2010*

Percentage of Net Assets

* The above graph categorizes investments using GICS. The percentages shown for each sector reflect the value of investments in that sector as a percentage of net assets. Figures in the above graph may not total to 100% due to the exclusion of the Fund’s other assets and liabilities.

18

SC GOLDMAN SACHS MID CAP VALUE FUND (Continued)

TOP TEN EQUITY HOLDINGS AT DECEMBER 31, 2010

	% of Net Assets			Industry
Valero Energy Corp.		3.9	%	Oil, Gas & Consumable Fuels
Lorillard, Inc.		3.1		Tobacco
AvalonBay Communities, Inc.		1.8		Real Estate Investment Trusts
Rayonier, Inc.		1.8		Real Estate Investment Trusts
DISH Network Corp., Class A		1.5		Media
Tesoro Corp.		1.5		Oil, Gas & Consumable Fuels
Cimarex Energy Co.		1.5		Oil, Gas & Consumable Fuels
Integrys Energy Group, Inc.		1.4		Multi-Utilities
Unum Group		1.4		Insurance
Suntrust Banks, Inc.		1.4		Commercial Banks

Comparison of Change in Value of a $10,000 Investment in the SC Goldman Sachs Mid Cap Value Fund – Initial Class and the Russell Midcap Value Index

Comparison of Change in Value of a $10,000 Investment in the SC Goldman Sachs Mid Cap Value Fund – Service Class and the Russell Midcap Value Index

19

SC GOLDMAN SACHS MID CAP VALUE FUND (Continued)

Average Annual Total Returns for Periods Ended December 31, 2010**

	One Year			Life of Fund***
SC Goldman Sachs Mid Cap Value Fund-Initial Class Shares		22.13	%		2.54	%
SC Goldman Sachs Mid Cap Value Fund-Service Class Shares		21.62	%		2.23	%
Russell Midcap Value Index*		24.75	%		4.38	%

*The performance data of the index has been prepared from sources and data that the investment adviser believes to be reliable, but no representation is made as to their accuracy. The index is unmanaged and cannot be invested in directly. The Russell Midcap Value Index measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap Value Index companies with lower price-to-book ratios and lower forecasted growth values.

**Performance data is historical and includes changes in share price and reinvestment of income dividends and capital gains distributions. Past performance does not indicate future results. All Fund returns are net of fees and expenses, but do not include any insurance charges imposed in connection with your variable insurance contract. If this performance information included the effect of the insurance charges, performance numbers would be lower. The value of an investment in the SC Goldman Sachs Mid Cap Value Fund and the return on the investment will fluctuate and redemption proceeds may be higher or lower than an investor’s original cost.

***For the period from March 7, 2008 (commencement of operations) to December 31, 2010.

20

SC COLUMBIA SMALL CAP VALUE FUND

(subadvised by Columbia Management Investment Advisers, LLC)

MANAGEMENT’S DISCUSSION & ANALYSIS:

How did the Fund perform during the year and eight month period ended December 31, 2010?

Effective May 1, 2010, Columbia Management Investment Advisers, LLC replaced Dreman Value Management LLC as subadviser to the SC Dreman Small Cap Value Fund and the name of the fund was changed to SC Columbia Small Cap Value Fund (the “Fund”).

For the year ended December 31, 2010, the Fund’s Initial and Service Class shares returned 21.62% and 21.33%, respectively, underperforming the benchmark, the Russell 2000 Value Index (the “Index”), which returned 24.50% for the same period. For the period from May 1, 2010 to December 31, 2010, the Fund’s Initial and Service Class shares returned 9.46% and 9.29%, respectively, outperforming the Index which returned 5.77% for the same period.

What economic and market factors most influenced the equity markets as a whole during the period ended December 31, 2010?

May 2010 began a brief period of considerable uncertainty. Europe went through a crisis period and stocks retreated globally as contagion fears, or the fear that the sovereign debt crisis would lead to a slowdown of global economic growth, were foremost on investors’ minds. In the U.S., economic data signaled a retrenchment from the pace of growth observed towards the end of 2009 as markets began to worry that there might be a second economic slowdown, or a “double-dip” in economic growth. For most of the second and third quarters, markets either believed that global growth prospects were good and European risks were contained or they believed that growth prospects were deteriorating and risk was increasing. This “risk on-risk off” trading characterized much of 2010. The Federal Reserve (Fed) Chairman Ben Bernanke, in an August speech, announced that the Fed was considering round two of quantitative easing through purchases of U.S. Treasury Bonds. Markets responded positively to this announcement. Yields on U.S. Treasuries remained at historically low levels with continued buying by the Federal Reserve Bank and the 10 year yields fell from 3.8% at the beginning of the year to 3.3% by year end. Fiscal policy also received a boost for 2011, as tax cuts of previous years were extended for another two years. Meanwhile, companies continued to report strong earnings and economic data towards the end of the year which came in slightly better than expected.

The year ended on a stronger note with most economic data pointing to modest but sustainable growth, countering the expectations seen during the summer of growing probabilities of a double dip recession. Personal income measures have strengthened, as the labor market improved and government incentives are still active. This has resulted in better support for consumer spending which accounts for the majority of U.S. Gross Domestic Product (GDP), although consumers continue to delever both through defaults and write-offs. Retail sales have been surprisingly brisk, even on discretionary items and auto sales have increased. It is still expected that consumer deleveraging will be a continuing theme, presenting some resistance to growth. Leading indicators have stabilized and are still pointing to slow but stable growth in the period ahead. Labor market measures have indeed stabilized and are slowly improving, mainly because job cuts are behind us and hiring decisions have edged higher. However, the improvement is still not enough to move the unemployment rate significantly lower. Manufacturing and industrial production seem to have settled down a bit from the brisk pace seen earlier in the year but growth remains at very healthy levels.

Inflation measures have not stabilized as of yet with pervasive weakness still in the pipeline. However, this will keep the Fed in play and policy rates low. Quantitative easing has not had the desired effect on interest rates, with long term rates moving 50 basis points higher in December as the purchases of U.S. Treasury Bonds was re-started. This rise has the potential to short-circuit the recovery if allowed to continue and is counter to the Fed’s objectives.

21

SC COLUMBIA SMALL CAP VALUE FUND (Continued)

Were there any significant sector under/over weights that materially affected Fund performance relative to the benchmark during the period ended December 31, 2010?

During the period from May 1, 2010 to December 31, 2010, the Fund’s strategic underweight positions in the Consumer Discretionary, Financial, and Utility sectors added to relative performance. Within the Consumer Discretionary sector, the avoidance of media stocks added significant positive returns as the media industry posted negative absolute returns overall. Utility stocks trailed in the 4^th quarter as the market appreciated from previous lows, adding to relative performance. The Fund’s underweight position in Banks contributed to performance as continued credit pressure and revenue compression lead banks to underperform the Index. The Fund’s strategic overweight in the Industrial, Material and Technology sectors also contributed to relative performance as they all benefit from continued global growth trends. The Fund maintains its current exposure relative to the Index within these sectors. Sector selection contributed more than 35% of the alpha (excess return over the Index) generated during the period. There were no sectors that detracted from relative performance during the period.

Which stocks contributed most to the Fund’s returns during the period ended December 31, 2010?

During the period from May 1, 2010 to December 31, 2010, one of the main contributors to the Fund’s performance was Teletech Holdings, Inc. which is a well-managed, financially-strong provider of business process outsourcing services. The company is gaining share through addition of new capabilities and new customers. While the company remained solidly profitable, results were affected by the recession and the stock declined significantly. The Fund purchased the stock at a very attractive valuation as their business was bottoming. As the company`s outlook stabilized and improved, the stock has rebounded significantly yet remains reasonably valued.

Other strong contributors to the Fund’s performance include OM Group, Inc., a company that was a detractor during the period from May 1, 2010 to June 30, 2010 as the global economic slowdown took its toll on all mineral companies. The Fund accumulated additional shares during this period of weakness, and was rewarded with a significant positive return in the second half of 2010 as double dip fears subsided. Four other companies, Ladish Co., Inc., ADC Telecommunications, Inc., CNA Surety Corp. and Syniverse Holdings, Inc., all posted strong contributions to total returns as they were targeted for acquisition by different suitors. Given the strong movement by Ladish Co., Inc., ADC Telecommunications, Inc., and Syniverse Holdings, Inc., the Fund exited these positions by the end of the period, yet captured significant returns for the shareholders.

Which stocks detracted from the Fund’s performance results during the period ended December 31, 2010?

Bank Mutual Corp. and Home Federal Bancorp, Inc. both companies which are thrifts (financial institutions focused on taking in deposits and home mortgage originations) detracted from the Fund’s overall performance. Credit problems stemming from the U.S. economy have affected most every bank and thrift, these companies included. The low level of absolute interest rates also negatively affected their fundamental performance as excess liquidity could not be reinvested at satisfactory levels to sustain earnings. Overall both companies have been improving their mix of deposits and Home Federal Bancorp, Inc. has been able to acquire two failed banks from the Federal Deposit Insurance Corporation seizures. These actions actually improve the overall intrinsic value of the companies and we maintain our conviction in the future for these companies.

Did the Fund experience major changes to its top ten holdings during the period ended December 31, 2010?

All of the Fund’s top ten holdings changed as a result of the subadviser change that occurred on May 1, 2010.

22

SC COLUMBIA SMALL CAP VALUE FUND (Continued)

How was the Fund positioned relative to its benchmark index at December 31, 2010?

At the end of the period, the Fund maintained an overweight position in Technology, Industrials and the Commodity sectors (both Energy and Materials). Headwinds due to low interest rates in the Financials and Utilities sectors as well as an over-levered consumer, both in Consumer Discretionary and Consumer Staples, have driven the Fund to maintain underweight positions in these sectors. The Fund continues to have a positive exposure to the Health Care sector, as we have conviction and continue to find selected health care stocks attractive, both on a valuation and a fundamental basis.

SECTOR ALLOCATIONS AT DECEMBER 31, 2010*

Percentage of Net Assets

* The above graph categorizes investments using GICS. The percentages shown for each sector reflect the value of investments in that sector as a percentage of net assets. Figures in the above graph may not total to 100% due to the exclusion of the Fund’s other assets and liabilities.

23

SC COLUMBIA SMALL CAP VALUE FUND (Continued)

TOP TEN EQUITY HOLDINGS AT DECEMBER 31, 2010

	% of Net Assets			Industry
OM Group, Inc.		1.1	%	Chemicals
Global Indemnity PLC		1.0		Insurance
Greif, Inc., Class B		0.9		Containers & Packaging
Rental-A-Center, Inc.		0.8		Specialty Retail
Healthspring, Inc.		0.7		Health Care Providers & Services
Thompson Creek Metals Co., Inc.		0.7		Metals & Mining
Fresh Del Monte Produce, Inc.		0.7		Food Products
Knight Capital Group, Inc.		0.7		Capital Markets
First Citizens BancShares, Inc.		0.7		Commercial Banks
DiamondRock Hospitality Co.		0.7		Real Estate Investment Trusts

Comparison of Change in Value of a $10,000 Investment in the SC Columbia Small Cap Value Fund – Initial Class and the Russell 2000 Value Index

Comparison of Change in Value of a $10,000 Investment in the SC Columbia Small Cap Value Fund – Service Class and the Russell 2000 Value Index

24

SC COLUMBIA SMALL CAP VALUE FUND (Continued)

Average Annual Total Returns for Periods Ended December 31, 2010**

	One Year			Life of Fund***
SC Columbia Small Cap Value Fund-Initial Class Shares		21.62	%		11.10	%
SC Columbia Small Cap Value Fund-Service Class Shares		21.33	%		10.78	%
Russell 2000 Value Index*		24.50	%		5.48	%

*The performance data of the index has been prepared from sources and data that the investment adviser believes to be reliable, but no representation is made as to their accuracy. The index is unmanaged and cannot be invested in directly. The Russell 2000 Value Index tracks the performance of the small value segment of the U.S. equity universe. It includes those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.

**Performance data is historical and includes changes in share price and reinvestment of income dividends and capital gains distributions. Past performance does not indicate future results. All Fund returns are net of fees and expenses, but do not include any insurance charges imposed in connection with your variable insurance contract. If this performance information included the effect of the insurance charges and the fees and expenses assumed by the investment adviser, performance numbers would be lower. The value of an investment in the SC Columbia Small Cap Value Fund and the return on the investment will fluctuate and redemption proceeds may be higher or lower than an investor’s original cost.

***For the period from October 1, 2008 (commencement of operations) to December 31, 2010.

25

SC DAVIS VENTURE VALUE FUND

(subadvised by Davis Selected Advisers, L.P.)

MANAGEMENT’S DISCUSSION & ANALYSIS:

How did the Fund perform during the year ended December 31, 2010?

For the year ended December 31, 2010, the Initial and Service Class shares of SC Davis Venture Value Fund (the “Fund”) returned 12.92% and 12.68%, respectively, underperforming the benchmark, the S&P 500 Index (the “Index”), which returned 15.06% for the same period.

What economic and market factors most influenced the equity markets as a whole during the period ended December 31, 2010?

During 2010, the employment trend has been mildly positive but still below what is required to keep pace with the growing population and also absorb the current unemployed workers.

All sectors within the Index registered increases over the year. Consumer Discretionary, Industrials, and Materials were the sectors within the Index that increased the most. Health Care and Utilities were the sectors within the Index that increased the least.

Were there any significant sector under/over weights that materially affected Fund performance relative to the benchmark during the period ended December 31, 2010?

The Fund benefited when compared to the Index from its underweight position in the weakly performing Information Technology sector. Conversely, the Fund’s relative performance was hurt by its underweight positions in the Industrials and Consumer Discretionary sectors, the two best performing sectors of the Index for the year.

Which stocks contributed most to the Fund’s returns during the year ended December 31, 2010?

The Fund benefited the most from its allocation to a Consumer Staples company Costco Wholesale Corp., Financial companies Berkshire Hathaway, Inc. and Wells Fargo & Co., and Energy companies Occidental Petroleum Corp. and Canadian Natural Resources, Ltd.

Which stocks detracted from the Fund’s performance results during the year ended December 31, 2010?

The companies which detracted the most from the Fund’s performance were two information technology companies Hewlett-Packard Co. and Microsoft Corp., and three energy companies, EOG Resources, Inc., Transocean, Ltd. and China Coal Energy Co., Ltd.

Did the Fund experience major changes to its top ten holdings during the period ended December 31, 2010?

There were no material changes to the December 31, 2010 top ten holdings list relative to the December 31, 2009 top ten holdings list. This is consistent with the Fund’s low-turnover strategy. The Fund continues to own companies that dropped out of the top ten holdings but in reduced positions. The new additions to the Fund’s top ten holdings were among the Fund’s top twenty holdings at the end of 2009.

How was the Fund positioned relative to its benchmark index at December 31, 2010?

The Fund’s portfolio is positioned using a bottom-up stock selection process rather than a top down sector biased process. As a result, all weighting differentials relative to the Index reflect stock selection rather than sector bets.

26

SC DAVIS VENTURE VALUE FUND (Continued)

The portfolio manager’s investment strategy is to perform extensive research to buy durable companies at a discount to their intrinsic values and to hold them for the long term.

As of December 31, 2010, the Fund continued to remain overweight as compared to the Index in the Financials, Consumer Staples and Energy sectors and underweight in the Industrials, Consumer Discretionary, Information Technology, and Utilities sectors.

SECTOR ALLOCATIONS AT DECEMBER 31, 2010*

Percentage of Net Assets

* The above graph categorizes investments using GICS. The percentages shown for each sector reflect the value of investments in that sector as a percentage of net assets. Figures in the above graph may not total to 100% due to the exclusion of the Fund’s other assets and liabilities.

TOP TEN EQUITY HOLDINGS AT DECEMBER 31, 2010

	% of Net Assets			Industry
Costco Wholesale Corp.		5.0	%	Food & Staples Retailing
Wells Fargo & Co.		4.6		Commercial Banks
American Express Co.		4.4		Consumer Finance
CVS Caremark Corp.		3.8		Food & Staples Retailing
EOG Resources, Inc.		3.4		Oil, Gas & Consumable Fuels
Occidental Petroleum Corp.		3.3		Oil, Gas & Consumable Fuels
Merck & Co., Inc.		3.1		Pharmaceuticals
Loews Corp.		3.0		Insurance
Canadian Natural Resources, Ltd.		2.9		Oil, Gas & Consumable Fuels
Devon Energy Corp.		2.9		Oil, Gas & Consumable Fuels

27

SC DAVIS VENTURE VALUE FUND (Continued)

Comparison of Change in Value of a $10,000 Investment in the SC Davis Venture Value Fund – Initial Class and the S&P 500 Index

Comparison of Change in Value of a $10,000 Investment in the SC Davis Venture Value Fund – Service Class and the S&P 500 Index

28

SC DAVIS VENTURE VALUE FUND (Continued)

Average Annual Total Returns for Periods Ended December 31, 2010**

Initial Class Shares	One Year			Three Years			Five Years			Ten Years			Life of Fund***
SC Davis Venture Value Fund		12.92	%		(3.14	)%		1.68	%		2.74	%		2.48	%
S&P 500 Index*		15.06	%		(2.86	)%		2.29	%		1.41	%		0.11	%
Service Class Shares
SC Davis Venture Value Fund		12.68	%		(3.36	)%		—			—			0.60	%
S&P 500 Index*		15.06	%		(2.86	)%		—			—			1.27	%

*The performance data of the index has been prepared from sources and data that the investment adviser believes to be reliable, but no representation is made as to their accuracy. The index is unmanaged and cannot be invested in directly. The S&P 500 Index is a market-value weighted index of 500 blue chip stocks and is considered to be a benchmark of the overall stock market.

**Performance data is historical and includes changes in share price and reinvestment of income dividends and capital gains distributions. Past performance does not indicate future results. All Fund returns are net of fees and expenses, but do not include any insurance charges imposed in connection with your variable insurance contract. If this performance information included the effect of the insurance charges and the fees and expenses assumed by the investment adviser, performance numbers would be lower. The value of an investment in the SC Davis Venture Value Fund and the return on the investment will fluctuate and redemption proceeds may be higher or lower than an investor’s original cost.

*** Initial Class Shares for the period from July 17, 2000 (commencement of operations) to December 31, 2010. Service Class Shares for the period from May 1, 2006 (commencement of operations) to December 31, 2010.

29

SC INVESCO SMALL CAP GROWTH FUND

(subadvised by Invesco Advisers, Inc.)

MANAGEMENT’S DISCUSSION & ANALYSIS:

How did the Fund perform during the year ended December 31, 2010?

For the year ended December 31, 2010, the Initial and Service Class shares of SC Invesco Small Cap Growth Fund (the “Fund”) returned 26.08% and 25.86%, respectively, underperforming its benchmark, the Russell 2000 Growth Index (the “Index”), which returned 29.09% for the same period.

What economic and market factors most influenced the equity markets as a whole during the year ended December 31, 2010?

The U.S. economy exhibited signs of improvement during the year, potentially indicating that the economy has transitioned from a contraction phase into an expansionary phase. Nevertheless, the pace of economic recovery remained modest and the transition from government stimulus-induced growth to the private sector driven economic recovery was uncertain.

The U.S. Federal Reserve’s federal funds target rate remained low, ranging from 0.00% to 0.25%. Real Gross Domestic Product (GDP) registered positive growth during the reporting period with quarterly increases of 3.7%, 1.7% and 2.6% for the first, second and third quarters of 2010, respectively. Inflation, measured by the seasonally-adjusted Consumer Price Index, remained relatively unchanged. While labor markets improved as layoffs moderated, new hiring remained fairly weak. Unemployment, after climbing steadily throughout 2009, declined slightly during 2010 to a rate of 9.4% at the end of 2010.

Were there any significant sector under/over weights that materially affected Fund performance relative to the benchmark during the year ended December 31, 2010?

There were no significant sector under/over weights that materially affected Fund performance relative to the Index during the year ended December 31, 2010. Security selection was the primary driver of performance during the year. The most notable changes to the Fund’s positioning consisted of reductions in the Health Care and Financials sectors where a number of holdings were sold. Proceeds from the sale of these holdings were used to purchase positions in more economically sensitive sectors such as the Consumer Discretionary, Materials and Energy sectors. Additionally, within the Information Technology sector, the Fund added exposure to more economically sensitive holdings in the Semiconductor and Hardware industry groups, and sold several Software holdings late in the year.

Which stocks contributed most to the Fund’s returns during the year ended December 31, 2010?

The Fund’s top five contributors to absolute performance were F5 Networks, Inc., Informatica Corp., TRW Automotive Holdings Corp., Netflix, Inc., and TransDigm Group, Inc.

Two of the leading contributors to the Fund’s performance during the year were information technology holdings: Network Services provider F5 Networks, Inc. and Enterprise Data Integration Software maker Informatica Corp. Both companies continued to benefit from strong demand for their technology products during the year, which resulted in revenue and earnings growth. The Fund also benefited from strong performance from Consumer Discretionary holdings, including automotive component supplier TRW Automotive Holdings Corp. and movie and television subscription service provider Netflix, Inc. Both companies benefited from the improving consumer spending environment, which resulted in strong growth in revenues and earnings during the year. While the Fund continues to own TRW Automotive Holdings, it sold Netflix, Inc. due to concerns about high valuation levels. Lastly, TransDigm Group, Inc. was a key contributor to performance during the year. This company benefited from solid demand for the aircraft components it manufactures for commercial and military customers.

30

SC INVESCO SMALL CAP GROWTH FUND (Continued)

Which stocks detracted from the Fund’s performance results during the year ended December 31, 2010?

The Fund’s top five detractors from absolute performance were Arena Resources, Inc., Rehabcare Group, Inc., EnergySolutions Inc., AMAG Pharmaceuticals, Inc. and DreamWorks Animation SKG, Inc.

The leading detractor to the Fund’s performance during the year was Exploration and Production firm Arena Resources, Inc. which had had weak performance given the company’s higher exposure to natural gas. The Fund sold the position in Arena Resources, Inc. due to deteriorating fundamentals. Another key detractor from the Fund’s performance was Environmental Services provider EnergySolutions, Inc., which had weak performance as investors reacted negatively to the resignation of the company’s CEO. The Fund subsequently sold its position in this company. Several holdings in the Health Care sector also detracted from the Fund’s performance, including rehabilitation services provider Rehabcare Group, Inc. and biopharmaceutical holding AMAG Pharmaceuticals, Inc. The Fund sold both positions due to deteriorating fundamentals. Lastly, entertainment firm DreamWorks Animation SKG, Inc. detracted from the Fund’s performance as the latest movie release, Megamind, underperformed relative to investor expectations. The Fund continues to own DreamWorks because we believe the company will continue to produce blockbuster movies and should also benefit from other new lines of business.

Did the Fund experience major changes to its top ten holdings during the year ended December 31, 2010?

There were four holdings on the top ten holdings list as of December 31, 2009 that remained among the Fund’s top ten holdings as of December 31, 2010: Informatica Corp., TransDigm Group, Inc., SBA Communications Corp. and Polycom, Inc.

Several holdings that were top ten holdings as of December 31, 2009 remain as holdings by the Fund at December 31, 2010, but fell out of the top ten holdings due to market fluctuation and/or a reduction in position size. The securities still held by the Fund but in reduced positions were Quality Systems, Inc., Knight Transportation, Inc., Costar Group, Inc. and Greif, Inc., Class A. Dril Quip, Inc., and Sybase Inc. were two holdings that were top ten holdings as of December 31, 2009 which were sold during 2010.

Several top ten holdings as of December 31, 2010 were held by the Fund as of December 31, 2009 but were not in the top ten holdings. However, during the course of 2010, their position size expanded due to market fluctuation and/or additions to the position size such that they are in the top ten holdings as of December 31, 2010. Ciena Corp. was the one position in the top ten holdings as of December 31, 2010 that was added during the year.

How was the Fund positioned relative to its benchmark index at December 31, 2010?

Sector weights are always a result of the Fund’s bottom up stock selection process. As of December 31, 2010, the Fund had higher exposure to more economically sensitive holdings. The largest overweight industry groups were Energy, Semiconductors/ Semiconductor Equipment, Banks, and Consumer Services. The Fund had lower exposure to more defensive holdings in the Health Care and Consumer Staples sector. Within Health Care, the Fund was underweight the Pharmaceuticals/ Biotechnology/ Life Sciences and the Health Care Equipment & Services industry groups. Within Consumer Staples, the Fund was underweight Food & Staples Retailing and the Food/ Beverage/ Tobacco industry groups. Other underweight positions included Consumer Durables & Apparel, Real Estate, and Commercial & Professional Services.

31

SC INVESCO SMALL CAP GROWTH FUND (Continued)

SECTOR ALLOCATIONS AT DECEMBER 31, 2010*

Percentage of Net Assets

* The above graph categorizes investments using GICS. The percentages shown for each sector reflect the value of investments in that sector as a percentage of net assets. Figures in the above graph may not total to 100% due to the exclusion of the Fund’s other assets and liabilities.

TOP TEN EQUITY HOLDINGS AT DECEMBER 31, 2010

	% of Net Assets			Industry
TransDigm Group, Inc.		1.7	%	Aerospace & Defense
TRW Automotive Holdings Corp.		1.5		Auto Components
Informatica Corp.		1.5		Software
Polycom, Inc.		1.4		Communications Equipment
Ciena Corp.		1.2		Communications Equipment
SBA Communications Corp.		1.1		Wireless Telecommunication Services
Regal-Beloit Corp.		1.1		Electrical Equipment
Affiliated Managers Group, Inc.		1.0		Capital Markets
Williams-Sonoma, Inc.		1.0		Specialty Retail
P.F. Chang’s China Bistro, Inc.		1.0		Hotels, Restaurants & Leisure

32

SC INVESCO SMALL CAP GROWTH FUND (Continued)

Comparison of Change in Value of a $10,000 Investment in the SC Invesco Small Cap Growth Fund – Initial Class and the Russell 2000 Growth Index

Comparison of Change in Value of a $10,000 Investment in the SC Invesco Small Cap Growth Fund – Service Class and the Russell 2000 Growth Index

33

SC INVESCO SMALL CAP GROWTH FUND (Continued)

Average Annual Total Returns for Periods Ended December 31, 2010**

	One Year			Life of Fund***
SC Invesco Small Cap Growth Fund-Initial Class Shares		26.08	%		10.32	%
SC Invesco Small Cap Growth Fund-Service Class Shares		25.86	%		10.03	%
Russell 2000 Growth Index*		29.09	%		10.80	%

*The performance data of the index has been prepared from sources and data that the investment adviser believes to be reliable, but no representation is made as to their accuracy. The index is unmanaged and cannot be invested in directly. The Russell 2000 Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.

**Performance data is historical and includes changes in share price and reinvestment of income dividends and capital gains distributions. Past performance does not indicate future results. All Fund returns are net of fees and expenses, but do not include any insurance charges imposed in connection with your variable insurance contract. If this performance information included the effect of the insurance charges and the fees and expenses assumed by the investment adviser, performance numbers would be lower. The value of an investment in the SC Invesco Small Cap Growth Fund and the return on the investment will fluctuate and redemption proceeds may be higher or lower than an investor’s original cost.

***For the period from October 1, 2008 (commencement of operations) to December 31, 2010.

34

SC LORD ABBETT GROWTH & INCOME FUND

(subadvised by Lord, Abbett & Co. LLC)

MANAGEMENT’S DISCUSSION & ANALYSIS:

How did the Fund perform during the year ended December 31, 2010?

For the year ended December 31, 2010, the Initial and Service Class shares of SC Lord Abbett Growth & Income Fund (the “Fund”) returned 17.19% and 16.94%, respectively, outperforming the benchmark, the Russell 1000 Value Index (the “Index”), which returned 15.51% for the same period.

What economic and market factors most influenced the equity markets as a whole during the year ended December 31, 2010?

Equity markets fluctuated throughout much of the year, before trending upwards in the final months as the economic recovery strengthened and the sovereign debt crisis in Europe was addressed. Government support also contributed to the positive performance.

Uncertainty about the economic recovery persisted for much of the year. The housing market showed further weakness, despite low mortgage rates and a government tax incentive program. This contributed to fears that the economy would experience an additional economic slowdown and slip back into recession. Unemployment also remained high throughout the year. Nevertheless, the U.S. economy continued to expand. Real Gross Domestic Product rose 3.7% in the first quarter, 1.7% in the second, and 2.6% in the third. The manufacturing sector continued to advance, as indicated by the index published by the Institute for Supply Management. The consumer segment of the economy strengthened, with retail sales improving even as consumers continued to save at a higher than normal rate. Government actions in the form of both monetary and fiscal policy contributed heavily to the market’s performance toward the end of the year. A decision by the Federal Reserve to initiate a second round of quantitative easing (U.S. Treasury Bond purchases) helped to boost markets, and an extension of tax cuts implemented in 2003, combined with a temporary reduction in payroll taxes supported returns in December. Exposure to rapidly growing emerging markets also assisted U.S. stocks.

Gains in the stock market occurred across all major sectors of the Index, but Consumer Discretionary, Industrials, Energy, Materials, and Telecommunications outperformed the broader market. Consumer Staples, Financials, Technology, Health Care, and Utilities lagged behind. Growth stocks outperformed value stocks during the year, and small caps outperformed large caps.

Were there any significant sector under/over weights that materially affected Fund performance relative to the benchmark during the year ended December 31, 2010?

The Fund’s overweight position within the Materials sector was a large contributor to relative performance for the year. Overweight positions within the Metals & Mining and Chemicals sectors contributed positively as a result of the strong returns within these areas. The overweight positions within the Energy and Consumer Discretionary sectors and the underweight position within the Utilities sector also contributed to the Fund’s relative performance for the period.

The largest decrease in active weight occurred within the Financials sector where the sector moved from an overweight to an underweight position. Within Capital Markets we trimmed select positions, closed one position and initiated another. Within Commercial Banks we terminated a position and trimmed several select others. Profits were taken in a few key positions within Diversified Financial Services.

An underweight position within the Health Care sector detracted from the Fund’s relative performance.

Which stocks contributed most to the Fund’s returns during the year ended December 31, 2010?

Favorable stock selection within the Materials sector contributed positively to the Fund’s relative performance. Cliffs Natural Resources, Inc. outperformed as it delivered strong earnings throughout the year. The producer of

35

SC LORD ABBETT GROWTH & INCOME FUND (Continued)

iron ore pellets and supplier of metallurgical coal benefited from rising iron ore prices which have been driven by strong demand in Asia. The company also made an accretive acquisition of a producer/exporter of coal. Elsewhere within the sector, investors benefited from strong returns from Freeport-McMoRan Copper & Gold, Inc. resulting from a strong second quarter earnings report. The mining company’s results outpaced consensus expectations. While the results were aided by rising gold and copper prices, it was better-than-expected volume for gold and copper that drove the outperformance.

Stock selection within the Consumer Discretionary sector was also a significant contributor to the Fund’s relative performance. Ford Motor Co. was one of the strongest performers for the year as the auto maker continued to effectively execute its strategy, posting its fifth consecutive quarter of profitability in the North American segment, exceeding consensus earnings estimates and posting stronger-than-expected pre-tax profits in its Financial Services operations.

Which stocks detracted from the Fund’s performance results during the year ended December 31, 2010?

Within the Health Care sector, unfavorable stock selection detracted from the Fund’s relative performance for the year. Shares of biotechnology firm Gilead Sciences, Inc. tumbled following the release of its first quarter earnings. The company surpassed analysts’ expectations for earnings and revenue, but lowered full-year guidance based upon weaker expectations for its franchise HIV business, negatively affecting fund performance during its holding period in the Fund. Also within the Health Care sector the share price of medical device manufacturer Boston Scientific Corp. declined throughout the year. While the company reported fourth quarter 2009 results that were in line with analysts’ expectations, earnings guidance provided by management for 2010 was less than analysts’ expectations. In addition, the company had to suspend shipments of its implantable cardioverter-defibrillator after the company failed to notify regulators of changes in how the company manufactures the devices. The Fund sold both Gilead Sciences, Inc. and Boston Scientific Corp. during the year.

Stock selection within the Financials sector also detracted from the Fund’s relative performance for the year. Shares of brokerage firm The Charles Schwab Corp. underperformed during the year, as continued low short-term interest rates made it necessary for the firm to subsidize its sizable money market fund businesses. Some of this unfavorable stock selection was offset by solid performance from regional banks Zions Bancorporation., SunTrust Banks, Inc. and Keycorp, all of which outperformed the overall Financials sector in the Index and the Index as a whole.

Did the Fund experience major changes to its top ten holdings during the year ended December 31, 2010?

There were no material changes to the December 31, 2010 top ten holdings list relative to the December 31, 2009 top ten holdings list.

How was the Fund positioned relative to its benchmark index at December 31, 2010?

The Fund continues to be positioned for a cyclical recovery in the economy, but exposure to the most cyclical parts of the market is down considerably from a year ago. The Fund continues to seek out solid companies with attractive reward-to-risk ratios, while continually monitoring existing positions in the Fund.

The Materials sector remains the largest overweight in the Fund with a continued emphasis in the Metals & Mining, Paper & Forest Products and Chemicals sectors. During the year, we added to a position in a Paper & Packaging company as well as in two gold mining companies.

The Consumer Discretionary sector is the Fund’s second largest overweight relative to the Index, and is concentrated generally within Hotels, Restaurants & Leisure, Automobiles, Internet & Catalog Retail and the Multi-line Retail areas. In this sector we initiated positions in an automobile manufacturer and a media company; we also closed positions in a household durables firm and in a specialty retailer while trimming a position in another multi-line retailer.

36

SC LORD ABBETT GROWTH & INCOME FUND (Continued)

The positively performing Energy sector is the third largest overweight position for the Fund, with both the Energy Equipment & Services and the Oil, Gas, & Consumable Fuels industries positioned as moderately overweight. We increased our exposure to the Oil, Gas & Consumable Fuels industry by initiating positions in two Exploration & Production companies, adding to two Integrated Oil firms and terminating a position in another Integrated Oil company.

The Utilities sector is the largest underweight sector in the Fund due to a shortage of opportunities here. The Consumer Staples sector remains a large underweight although we increased our exposure here modestly by initiating a position in a food products company.

SECTOR ALLOCATIONS AT DECEMBER 31, 2010*

Percentage of Net Assets

* The above graph categorizes investments using GICS. The percentages shown for each sector reflect the value of investments in that sector as a percentage of net assets. Figures in the above graph may not total to 100% due to the exclusion of the Fund’s other assets and liabilities.

37

SC LORD ABBETT GROWTH & INCOME FUND (Continued)

TOP TEN EQUITY HOLDINGS AT DECEMBER 31, 2010

	% of Net Assets			Industry
Wells Fargo & Co.		4.1	%	Commercial Banks
Chevron Corp.		3.6		Oil, Gas & Consumable Fuels
JP Morgan Chase & Co.		3.3		Diversified Financial Services
Exxon Mobil Corp.		2.9		Oil, Gas & Consumable Fuels
The Goldman Sachs Group, Inc.		2.7		Capital Markets
Schlumberger, Ltd.		2.4		Energy Equipment & Services
UnitedHealth Group, Inc.		2.2		Health Care Providers & Services
Anadarko Petroleum Corp.		2.2		Oil, Gas & Consumable Fuels
State Street Corp.		2.1		Capital Markets
Citigroup, Inc.		2.1		Diversified Financial Services

Comparison of Change in Value of a $10,000 Investment in the SC Lord Abbett Growth & Income Fund – Initial Class and the Russell 1000 Value Index

Comparison of Change in Value of a $10,000 Investment in the SC Lord Abbett Growth & Income Fund – Service Class and the Russell 1000 Value Index

38

SC LORD ABBETT GROWTH & INCOME FUND (Continued)

Average Annual Total Returns for Periods Ended December 31, 2010**

	One Year			Life of Fund***
SC Lord Abbett Growth & Income Fund-Initial Class Shares		17.19	%		(0.47	)%
SC Lord Abbett Growth & Income Fund-Service Class Shares		16.94	%		(0.74	)%
Russell 1000 Value Index*		15.51	%		(0.91	)%

*The performance data of the index has been prepared from sources and data that the investment adviser believes to be reliable, but no representation is made as to their accuracy. The index is unmanaged and cannot be invested in directly. The Russell 1000 Index measures the performance of the 1,000 largest companies in the Russell 3000 Index, which measures the performance of the 3,000 largest U.S. companies based on total market capitalization. The Russell 1000 Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratio and lower forecasted growth values.

**Performance data is historical and includes changes in share price and reinvestment of income dividends and capital gains distributions. Past performance does not indicate future results. All Fund returns are net of fees and expenses, but do not include any insurance charges imposed in connection with your variable insurance contract. If this performance information included the effect of the insurance charges and the fees and expenses assumed by the investment adviser, performance numbers would be lower. The value of an investment in the SC Lord Abbett Growth & Income Fund and the return on the investment will fluctuate and redemption proceeds may be higher or lower than an investor’s original cost.

***For the period from March 7, 2008 (commencement of operations) to December 31, 2010.

39

SC WMC BLUE CHIP MID CAP FUND

(subadvised by Wellington Management Co., LLP)

MANAGEMENT’S DISCUSSION & ANALYSIS:

How did the Fund perform during the year ended December 31, 2010?

For the year ended December 31, 2010, the Initial and Service Class shares of SC WMC Blue Chip Mid Cap Fund (the “Fund”) returned 23.17% and 22.78%, respectively, underperforming the benchmark, the S&P Midcap 400 Index (the “Index”), which returned 26.64% for the same period.

What economic and market factors most influenced the equity markets as a whole during the year ended December 31, 2010?

Global equities had a tumultuous start to 2010. Through late April U.S. equities rose as investor confidence grew amid better-than-expected corporate earnings, accommodative monetary policy, and improving economic conditions. From late April through the end of August, risk aversion rose and equities fell on concerns that the global economy could slip back into recession. Investors worried about how expanding fiscal deficits across much of Europe, tightening credit conditions in China, and a disinflationary environment would affect the economic recovery and corporate earnings growth. In the third quarter, U.S. equities rebounded as investors shrugged off concerns about the pace of economic growth. Strong corporate earnings, a rebound in growth in China, and robust merger and acquisition activity boosted investors’ enthusiasm for stocks. U.S. equities continued their ascent in the fourth quarter driven by investors’ enthusiasm for additional government debt purchases by the U.S. Federal Reserve, the extension of tax cuts in the U.S., strong earnings growth, and generally improving economic data. Overall, improving optimism about the global economy and a surge of global liquidity were positive factors which outweighed investors’ concerns about the sovereign debt troubles in Europe.

Large cap stocks trailed mid and small cap stocks during the year, as measured by the S&P 500, S&P Midcap 400, and Russell 2000 indices, respectively. All ten sectors within the Index returned double digits during the year. Information Technology, Consumer Discretionary, and Industrials advanced the most, while the Telecommunication Services and Utilities sectors gained the least.

Were there any significant sector under/over weights that materially affected Fund performance relative to the benchmark during the year ended December 31, 2010?

Sector positioning, driven by bottom-up security selection, contributed positively to benchmark-relative returns during the year, primarily due to the Fund’s underweight positions in the Financials and Utilities sectors, and an overweight position in the Information Technology sector. An underweight to the Materials and an overweight to Telecommunication Services sectors detracted slightly.

Which stocks contributed most to the Fund’s returns during the year ended December 31, 2010?

Top contributors to the Fund’s relative performance included Huntington Bancshares, Inc., PACCAR, Inc., and NetApp, Inc. Shares of Ohio-based Diversified Banking and Financials Service company Huntington Bancshares, Inc. rose as investors grew more confident in the new management’s efforts to improve core operations, strengthen the balance sheet, and reduce risk. In April, the company also announced strong earnings along with a better-than-expected outlook for fiscal year 2010 earnings. Shares of PACCAR, Inc., a truck manufacturer, benefitted from signs of improving demand for commercial trucks. Shares of NetApp, Inc. a network data storage equipment and services company, rose after results topped expectations and management raised revenue guidance citing improving customer spending on computer upgrades and data-storage networks.

40

SC WMC BLUE CHIP MID CAP FUND (Continued)

Which stocks detracted from the Fund’s performance results during the year ended December 31, 2010?

Top detractors from the Fund’s relative performance included Consumer Discretionary holdings DreamWorks Animation SKG, Inc., Class A, Staples, Inc. and Apollo Group, Inc. Computer-generated, animated feature film company DreamWorks Animation SKG, Inc. shares declined after the firm’s 3-D “Shrek” and “Megamind” films disappointed at the box office. Shares of Staples, Inc., an office supplier and retailer, disappointed as weak employment and small business environments pressured top line growth. Shares of for-profit educational services provider Apollo Group, Inc. fell due to regulatory concerns and fears that the firm’s shift away from Associate degree customers may weigh on earnings growth. Not owning F5 Networks, Inc. during the year hurt relative returns. Among the top detractors from absolute performance were also Consumer Discretionary holdings ITT Educational Services, Inc. and Strayer Education, Inc. and Health Care holdings Coventry Health Care, Inc. and Lincare Holdings Inc.

Did the Fund experience major changes to its top ten holdings during the year ended December 31, 2010?

It is expected that names in the Fund’s top ten holdings will move in and out of the top ten as a result of changes in the investment thesis and/or price performance. Additionally, in times of higher volatility it is not unusual to see a shift in the top ten. As a result, the composition of the Fund’s top ten holdings has changed since December 31, 2009. These are not considered material changes in our investment strategy, but rather a result of our of bottom-up investment approach.

Four of the top ten holdings from December 31, 2009 remained in the top ten holdings as of December 31, 2010 for the Fund. These holdings were Beckman Coulter, Inc., PACCAR, Inc., Watson Pharmaceuticals, Inc., and Southwest Airlines Co. The Fund still holds DreamWorks Animation SKG, Inc., Class A, Lam Research Corp., Unum Group, The Western Union Co., and Rockwell Collins, Inc. The Fund eliminated Massey Energy Co. from its holdings and initiated positions in M&T Bank Corp. and SEI Investments Co. during the year.

How was the Fund positioned relative to its benchmark index at December 31, 2010?

Sector exposure is predominantly a byproduct of stock selection. At the end of the period, the Fund’s largest overweight positions relative to the Index were to the Industrials, Health Care, and Information Technology sectors, while the largest underweight positions were to the Financials, Materials, and Consumer Staples sectors.

41

SC WMC BLUE CHIP MID CAP FUND (Continued)

SECTOR ALLOCATIONS AT DECEMBER 31, 2010*

Percentage of Net Assets

* The above graph categorizes investments using GICS. The percentages shown for each sector reflect the value of investments in that sector as a percentage of net assets. Figures in the above graph may not total to 100% due to the exclusion of the Fund’s other assets and liabilities.

TOP TEN EQUITY HOLDINGS AT DECEMBER 31, 2010

	% of Net Assets			Industry
Watson Pharmaceuticals, Inc.		1.8	%	Pharmaceuticals
PACCAR, Inc.		1.8		Machinery
Southwest Airlines Co.		1.8		Airlines
M&T Bank Corp.		1.6		Commercial Banks
Lennox International, Inc.		1.6		Building Products
Beckman Coulter, Inc.		1.6		Health Care Equipment & Supplies
SEI Investments Co.		1.5		Capital Markets
Harley-Davidson, Inc.		1.5		Automobiles
Discovery Communications, Inc., Class A		1.5		Media
VeriSign, Inc.		1.5		Internet Software & Services

42

SC WMC BLUE CHIP MID CAP FUND (Continued)

Comparison of Change in Value of a $10,000 Investment in the SC WMC Blue Chip Mid Cap Fund – Initial Class and the S&P Midcap 400 Index

Comparison of Change in Value of a $10,000 Investment in the SC WMC Blue Chip Mid Cap Fund – Service Class and the S&P Midcap 400 Index

43

SC WMC BLUE CHIP MID CAP FUND (Continued)

Average Annual Total Returns for Periods Ended December 31, 2010**

Initial Class Shares	One Year			Three Years			Five Years			Ten Years			Life of Fund***
SC WMC Blue Chip Mid Cap Fund		23.17	%		1.29	%		5.94	%		7.31	%		10.86	%
S&P Midcap 400 Index*		26.64	%		3.52	%		5.74	%		7.16	%		9.00	%
Service Class Shares
SC WMC Blue Chip Mid Cap Fund		22.78	%		—			—			—			6.04	%
S&P Midcap 400 Index*		26.64	%		—			—			—			8.20	%

*The performance data of the index has been prepared from sources and data that the investment adviser believes to be reliable, but no representation is made as to their accuracy. The index is unmanaged and cannot be invested in directly. The S&P Midcap 400 Index is a capitalization-weighted index that measures the mid-range sector of the U.S. stock market.

**Performance data is historical and includes changes in share price and reinvestment of income dividends and capital gains distributions. Past performance does not indicate future results. All Fund returns are net of fees and expenses, but do not include any insurance charges imposed in connection with your variable insurance contract. If this performance information included the effect of the insurance charges and the fees and expenses assumed by the investment adviser, performance numbers would be lower. The value of an investment in the SC WMC Blue Chip Mid Cap Fund and the return on the investment will fluctuate and redemption proceeds may be higher or lower than an investor’s original cost.

***Initial Class Shares for the period from September 1, 1999 (commencement of operations) to December 31, 2010. Service Class Shares for the period from March 7, 2008 (commencement of operations) to December 31, 2010.

44

SC WMC LARGE CAP GROWTH FUND

(subadvised by Wellington Management Co., LLP)

MANAGEMENT’S DISCUSSION & ANALYSIS:

How did the Fund perform during the year ended December 31, 2010?

For the year ended December 31, 2010, the Initial and Service Class shares of SC WMC Large Cap Growth Fund (the “Fund”) returned 19.50% and 19.19%, respectively, outperforming the benchmark, the Russell 1000 Growth Index (the “Index”), which returned 16.71% for the same period.

What economic and market factors most influenced the equity markets as a whole during the year ended December 31, 2010?

Equity markets experienced another year of volatile results. Despite the massive $850B Stimulus Bill during the first half of the year, the unemployment rate remained high at 9.7% for the first six months of the year. Record government deficits continued and a new healthcare entitlement bill was enacted, increasing taxes significantly for certain companies and individuals. The sustainable future growth of the global economy remained in question and the record government deficits continued to grow due to increased government spending despite increased taxes during the first half of the year. During the second half of the year, equity markets began to reflect the likelihood of a positive change in the direction of the U.S. economy in 2011 due to less onerous regulation and an improvement in the relationship between business and Congress. The market’s gains reflected the positive change from the election in early November. The election resulted in a significant change in the structure of Congress.

In this environment, nine of the ten sectors in the Index posted positive returns during the year. The Consumer Discretionary and Industrials sectors increased the most, while the Utilities sector was the only sector to post a decline for the year.

Were there any significant sector under/over weights that materially affected Fund performance relative to the benchmark during the year ended December 31, 2010?

Sector positioning, driven by bottom-up security selection, detracted slightly from benchmark-relative returns during the period, primarily due to an overweight position in the Information Technology and an underweight position in the Energy and Materials sectors. An underweight position in the Health Care sector and an overweight position in the relatively strong performing Industrials sector contributed positively to returns.

Which stocks contributed most to the Fund’s returns during the year ended December 31, 2010?

Top relative contributors included Las Vegas Sands Corp., Riverbed Technology, Inc. and Caterpillar, Inc. Shares of Las Vegas Sands Corp., a leading operator of casino properties in the U.S. and Asia rose as the company beat expectations on strong performance both in its new Singapore resort and in Macau. Shares of Riverbed Technology, Inc., a wide area network (WAN) applications and software company providing optimized telecommunication solutions from remote locations, benefited from low penetration in a rapidly growing market for high response low cost solutions. Shares of construction and mining equipment manufacturer Caterpillar, Inc. rose amid continued momentum in machinery sales driven by a robust recovery in construction activity. Consumer electronics company, Apple, Inc. and network data storage equipment and services company, NetApp, Inc. were among the top contributors to the Fund’s absolute performance.

Which stocks detracted from the Fund’s performance results during the year ended December 31, 2010?

Top detractors from the Fund’s relative performance included Cisco Systems, Inc., QLogic Corp., and ITT Educational Services, Inc. Shares of leading supplier of networking equipment, software, and services Cisco Systems, Inc. fell on weaker than expected revenue guidance as state and local government spending slowed

45

SC WMC LARGE CAP GROWTH FUND (Continued)

sharply due to budget concerns. Shares of QLogic Corp., a networking solutions provider, fell after the company announced disappointing first quarter revenue numbers and issued second quarter guidance below market expectations. Post-secondary degree program provider ITT Educational Services, Inc. stock fell due to slowing enrollment growth, lower placement rates, and concerns about potential regulation/legislation of the for-profit education industry. Global technology giant Microsoft Corp. and Health Care Equipment & Supplier Medtronic, Inc. were among the top detractors from the Fund’s absolute performance. The Fund sold its position in Medtronic, Inc. during the year.

Security selection within the Financials and Consumer Staples sectors detracted from relative returns. Within Financials, the Fund’s holdings in The Goldman Sachs Group, Inc. and Lincoln National Corp. hurt results. In the Consumer Staples sector, stocks The Procter and Gamble Co. and General Mills, Inc. detracted from the Fund’s performance.

Did the Fund experience major changes to its top ten holdings during the year ended December 31, 2010?

There were no material changes to the December 31, 2010 top ten holdings list relative to the December 31, 2009 top ten holdings list.

How was the Fund positioned relative to its benchmark index at December 31, 2010?

As of December 31, 2010, the Fund’s largest overweight positions relative to the Index were to the Information Technology and Industrials sectors, while the largest underweight positions relative to the Index were to the Consumer Staples, Health Care, and Energy sectors.

SECTOR ALLOCATIONS AT DECEMBER 31, 2010*

Percentage of Net Assets

* The above graph categorizes investments using GICS. The percentages shown for each sector reflect the value of investments in that sector as a percentage of net assets. Figures in the above graph may not total to 100% due to the exclusion of the Fund’s other assets and liabilities.

46

SC WMC LARGE CAP GROWTH FUND (Continued)

TOP TEN EQUITY HOLDINGS AT DECEMBER 31, 2010

	% of Net Assets			Industry
Apple, Inc.		4.6	%	Computers & Peripherals
International Business Machines Corp.		4.6		IT Services
Cisco Systems, Inc.		4.3		Communications Equipment
Oracle Corp.		3.4		Software
EMC Corp.		3.3		Computers & Peripherals
Caterpillar, Inc.		3.2		Machinery
Microsoft Corp.		3.2		Software
Altera Corp.		3.2		Semiconductors & Semiconductor Equipment
NetApp, Inc.		2.8		Computers & Peripherals
Google, Inc., Class A		2.7		Internet Software & Services

Comparison of Change in Value of a $10,000 Investment in the SC WMC Large Cap Growth Fund – Initial Class and the Russell 1000 Growth Index

Comparison of Change in Value of a $10,000 Investment in the SC WMC Large Cap Growth Fund – Service Class and the Russell 1000 Growth Index

47

SC WMC LARGE CAP GROWTH FUND (Continued)

Average Annual Total Returns for Periods Ended December 31, 2010**

Initial Class Shares	One Year			Three Years			Life of Fund***
SC WMC Large Cap Growth Fund		19.50	%		(2.87	)%		(0.56	)%
Russell 1000 Growth Index*		16.71	%		(0.47	)%		2.22	%
Service Class Shares
SC WMC Large Cap Growth Fund		19.19	%		(3.09	)%		(0.65	)%
Russell 1000 Growth Index*		16.71	%		(0.47	)%		3.38	%

*The performance data of the index has been prepared from sources and data that the investment adviser believes to be reliable, but no representation is made as to their accuracy. The index is unmanaged and cannot be invested in directly. The Russell 1000 Growth Index measures the performance of those Russell 1000 Index securities with higher price-to-book ratios and higher forecasted growth values, representative of U.S. securities exhibiting growth characteristics. The Russell 1000 Growth Index includes the largest 1,000 securities in the Russell 3000 Index, based on market cap. The Russell 3000 Index consists of the 3,000 largest and most liquid stocks based and traded in the U.S.

**Performance data is historical and includes changes in share price and reinvestment of income dividends and capital gains distributions. Past performance does not indicate future results. All Fund returns are net of fees and expenses, but do not include any insurance charges imposed in connection with your variable insurance contract. If this performance information included the effect of the insurance charges and the fees and expenses assumed by the investment adviser, performance numbers would be lower. The value of an investment in the SC WMC Large Cap Growth Fund and the return on the investment will fluctuate and redemption proceeds may be higher or lower than an investor’s original cost.

***Initial Class Shares for the period from April 2, 2007 (commencement of operations) to December 31, 2010. Service Class Shares for the period from May 1, 2006 (commencement of operations) to December 31, 2010.

48

SUN CAPITAL GLOBAL REAL ESTATE FUND

MANAGEMENT’S DISCUSSION & ANALYSIS:

How did the Fund perform during the year ended December 31, 2010?

For the year ended December 31, 2010, the Initial and Service Class shares of Sun Capital Global Real Estate Fund (the “Fund”) returned 15.28% and 14.94%, respectively, underperforming the benchmark, FTSE/EPRA NAREIT Developed Real Estate Index (the “Index”), which returned 20.40% for the same period.

What economic and market factors most influenced the global real estate equity markets as a whole during the year ended December 31, 2010?

After the announcement by the Federal Reserve Board (Fed) of the second round of quantitative easing consisting of U.S. Treasury Bond purchases in November, the 10 year U.S. Treasury bond yield rose from 2.39% in early October to end the year at 3.30%, which while substantially higher than the October low, it was still quite low by historic standards, and even less than the 3.84% yield at December 2009. The impact of the Fed’s monetary policy on real estate equities was felt globally as it is a key element of local borrowing rates and foreign exchange rates. The low borrowing rates have been very positive for real estate equities, but even more important have been the re-emergence of commercial real estate lending, and the narrowing of credit spreads. During 2010, the increase in lending and lower spreads helped to offset the slightly higher rates, which led to a recovery by many previously distressed owners of commercial real estate.

How did the Fund’s country allocations affect relative performance during the year ended December 31, 2010?

During the year, the Fund’s large positions in Digital Realty Trust, Inc. and DuPont Fabros Technology, Inc., both U.S. Office and Industrial Real Estate Investment Trusts (REITs), underperformed and contributed most to the negative performance within the U.S. investment allocation. Both companies, which focus on the ownership of datacenter facilities, came under pressure as investors grew concerned about the potential threat from datacenter developments, and worries over the technological obsolescence of the facilities. The negative contribution from Australia (an overweight position for the Fund), was primarily due to the Fund’s position in CFS Retail Property Trust, which was negatively influenced by potential slowing retail sales and the equity raising by a competitor.

The allocation to Brazil (an overweight position for the Fund) positively affected Fund performance. The underweight position in Canada contributed positively to the Fund’s performance during the fourth quarter of 2010, after a long period where the underweight position contributed negatively to the Fund’s performance due to a strong economy and stable real estate sector in Canada.

Which stocks contributed most to the Fund’s returns during the year ended December 31, 2010?

BR Malls Participacoes SA (Brazil Malls), Weyerhaeuser Co. (U.S. Timber), Parkway Properties, Inc. (U.S. Office), Tokyo Tatemono Co., Ltd. (Japan Diversified), Lexington Realty Trust (U.S. Office and Industrial) contributed most to the Fund’s performance during the year.

Which stocks detracted from the Fund’s performance results during the year ended December 31, 2010?

DuPont Fabros Technology, Inc. (U.S. Industrial), Digital Realty Trust, Inc. (U.S. Office), Capitaland Ltd. (Singapore Diversified), Beni Stabili SpA (Italian Diversified), and Corio NV (Netherlands Retail) detracted most from performance during the year.

Did the Fund experience major changes to its top ten issuers during the year ended December 31, 2010?

There were no material changes to the December 31, 2010 top ten holdings relative to the December 31, 2009 top ten holdings list.

49

SUN CAPITAL GLOBAL REAL ESTATE FUND (Continued)

How was the Fund positioned relative to its benchmark index at December 31, 2010?

At December 31, 2010, the Fund was most overweight Brazil, the United Kingdom, Australia, France, Italy, the U.S., and the Netherlands. The Fund had the most underweight positions in Canada, Singapore, Sweden, China, Germany, Hong Kong, Belgium, Japan, Finland, and Switzerland. Overall, the Fund had a higher U.S. weight and a lower international weight (ex-U.S.) as compared to the Index. Compared to the benchmark, the Fund’s holdings have a lower enterprise value to earnings before interest, taxes, depreciation and amortization (EBITDA) multiple and lower financial leverage.

COUNTRY ALLOCATIONS AT DECEMBER 31, 2010*

Percentage of Net Assets

* The percentages shown for each country reflect the value of investments in that country as a percentage of net assets. Figures in the above graph may not total to 100% due to the exclusion of the Fund’s other assets and liabilities.

** Includes 3 countries with an allocation of less than 2% individually.

50

SUN CAPITAL GLOBAL REAL ESTATE FUND (Continued)

TOP TEN EQUITY HOLDINGS AT DECEMBER 31, 2010

	% of Net Assets			Industry
Sun Hung Kai Properties Ltd.		4.8	%	Diversified Real Estate Activities
Simon Property Group, Inc.		3.9		Retail
Westfield Group		2.9		Retail
BR Malls Participacoes SA		2.9		Real Estate Operating Companies
Segro PLC		2.9		Industrial
Mitsui Fudosan Co., Ltd.		2.7		Diversified Real Estate Activities
Atrium European Real Estate Ltd.		2.7		Real Estate Operating Companies
Mitsubishi Estate Co. Ltd.		2.7		Diversified Real Estate Activities
Stockland		2.6		Diversified
Capitaland Ltd.		2.5		Diversified Real Estate Activities

Comparison of Change in Value of a $10,000 Investment in the Sun Capital Global Real Estate Fund – Initial Class and the FTSE/EPRA NAREIT Developed Real Estate Index

Comparison of Change in Value of a $10,000 Investment in the Sun Capital Global Real Estate Fund – Service Class and the FTSE/EPRA NAREIT Developed Real Estate Index

51

SUN CAPITAL GLOBAL REAL ESTATE FUND (Continued)

Average Annual Total Returns for Periods Ended December 31, 2010**

Initial Class Shares	One Year			Three Years			Five Years			Ten Years			Life of Fund***
Sun Capital Global Real Estate Fund		15.28	%		(6.06	)%		0.01	%		8.82	%		9.27	%
FTSE EPRA/NAREIT Developed Real Estate Index*		20.40	%		(4.53	)%		2.88	%		9.82	%		9.97	%
Service Class Shares
Sun Capital Global Real Estate Fund		14.94	%		(6.31	)%		(0.24	)%		—			4.77	%
FTSE EPRA/NAREIT Developed Real Estate Index*		20.40	%		(4.53	)%		2.88	%		—			8.46	%

*The performance data of the index has been prepared from sources and data that the investment adviser believes to be reliable, but no representation is made as to their accuracy. The index is unmanaged and cannot be invested in directly. The FTSE EPRA/NAREIT Developed Real Estate Index is a total-return index comprising eight index families covering the world’s largest investment markets in various currencies, and is designed to track the performance of listed real estate companies and REITs worldwide.

**Performance data is historical and includes changes in share price and reinvestment of income dividends and capital gains distributions. Past performance does not indicate future results. All Fund returns are net of fees and expenses, but do not include any insurance charges imposed in connection with your variable insurance contract. If this performance information included the effect of the insurance charges and the fees and expenses assumed by the investment adviser, performance numbers would be lower. The value of an investment in the Sun Capital Global Real Estate Fund and the return on the investment will fluctuate and redemption proceeds may be higher or lower than an investor’s original cost.

***Initial Class Shares for the period from December 7, 1998 (commencement of operations) to December 31, 2010. Service Class Shares for the period from February 1, 2004 (commencement of operations) to December 31, 2010.

52

SC IBBOTSON TACTICAL OPPORTUNITIES FUND

(subadvised by Ibbotson Associates, Inc.)

MANAGEMENT’S DISCUSSION & ANALYSIS:

How did the Fund perform during the period ended December 31, 2010?

For the period from November 15, 2010 (commencement of operations) to December 31, 2010, the Initial Class shares of SC Ibbotson Tactical Opportunities (the “Fund”) returned 5.20%, underperforming the benchmark, the S&P 500 Index (the “Index”), which returned 5.28% for the same period.

What key factors influenced management’s tactical opportunities allocation strategy during the period ended December 31, 2010?

The Fund is not available for investment by contract holders but serves exclusively as an investment option designed to implement a tactical strategy for SC Ibbotson Balanced Fund, SC Ibbotson Conservative Fund and SC Ibbotson Growth Fund. The Tactical Opportunities strategy (“the Model”) employs a rules-based approach to tactically shift allocations among twelve defined asset classes. As such, a major influence on the Model is price momentum of the market. In general, the strategy over-weights the asset classes that display positive momentum and conversely, under-weights those with negative momentum. At the same time, the Model incorporates the mathematical concept of mean reversion, which argues that all prices eventually move back to their historical averages. The combination of these two factors is used to determine the monthly weighting scheme applied to the twelve defined asset classes within the Model.

Weighting decisions within the Model are relative to the Strategic Asset Allocation Model (“SAA Model”), which represents the neutral position of the Model without any over or under weights. During the period ended December 31, 2010, the Model over-weighted equity by approximately 3% relative to the SAA Model. Within equity, the Model over-weighted Emerging Markets, Real Estate and Small Cap Growth due to positive momentum signals within each asset class. Conversely, the Model under-weighted Large Cap Growth, Large Cap Value, and Mid Cap Value due to negative momentum signals during the period. During the period ended December 31, 2010, the Model under-weighted fixed income by approximately 3% relative to the SAA Model. Within fixed income, the Model over-weighted U.S. Aggregate Bonds, based on a positive momentum signal, and under-weighted U.S. Short-term Bonds and Treasury Inflation Protected Securities due to negative momentum signals within each asset class.

What tactical asset allocation decisions were most responsible for the Fund’s performance during the period ended December 31, 2010?

Performance contributors and detractors in the Model are relative to the SAA Model. Therefore, the under or over weighting of an asset class will either add or detract from the Model’s performance relative to the SAA. During the period ended December 31, 2010, the over-weight in equities relative to fixed income contributed to performance since equities outpaced bonds. Specifically, Mid Cap Growth, Small Cap Growth, and Small Cap Value contributed the most to the Fund’s performance. The greatest detractors from performance, due to the underweight positions based on the market, were Mid Cap Value, Large Cap Growth, and Large Cap Value.

An absolute return refers to the appreciation or depreciation of asset classes over the stated period and does not compare it to the SAA or any other measure. From an absolute return standpoint, Aggregate Bonds was the only asset class that detracted from performance during the period ended December 31, 2010.

Which Exchange Traded Fund (“ETF”) investments contributed most to the Fund’s returns during the period ended December 31, 2010?

The ETFs within the Fund consist of passively managed baskets of stocks and bonds that are designed to deliver the performance of a stated index. Therefore, from an absolute return standpoint, we expect the individual ETF manager’s performance to closely track the Model’s corresponding asset class returns less manager fees and any

53

SC IBBOTSON TACTICAL OPPORTUNITIES FUND (Continued)

trade-related impact. Based on that, the greatest contributors to the Fund’s performance for the period ended December 31, 2010, were iShares Russell 2000 Index, iShares Russell MidCap Growth Index, and iShares S&P 500 Index. There are two driving factors that are reflected in ETFs with the highest contribution to the Fund’s return. The first factor is determined by the performance of the index that the ETF is tracking; and the second factor is the ETF’s weight within the Fund. Each of the above mentioned ETFs reflected a relatively higher index return and weight within the Fund for the period ended December 31, 2010.

Which ETF investments detracted from the Fund’s performance results during the period ended December 31, 2010?

The ETF that detracted the most from the Fund’s performance during the period ended December 31, 2010 was Vanguard Total Bond Market (BND) which tracks the Barclays Capital U.S. Aggregate Bond Index due to a relatively low index return and a large investment weight of BND within the Fund.

PORTFOLIO COMPOSITION AT DECEMBER 31, 2010*

Percentage of Net Assets

* The percentages shown for each investment category reflect the value of investments in that category as a percentage of net assets. Figures in the above graph may not total to 100% due to the exclusion of the Fund’s other assets and liabilities.

TOP TEN INVESTMENT COMPANIES AT DECEMBER 31, 2010

	% of Net Assets			Category
Vanguard Emerging Markets ETF		12.1	%	International Equity
iShares Russell 2000 Index Fund		11.8		Domestic Equity
iShares Russell Midcap Growth Index Fund		11.7		Domestic Equity
iShares S&P 500 Index Fund		10.9		Domestic Equity
Vanguard Europe Pacific ETF		10.0		International Equity
Vanguard REIT ETF		10.0		Specialty Equity
SPDR S&P 500 ETF Trust		9.9		Domestic Equity
iShares Russell 1000 Value Index Fund		6.5		Domestic Equity
Vanguard Total Bond Market ETF		5.2		Fixed Income
iShares MSCI EAFE Index Fund		3.4		International Equity

54

SC IBBOTSON TACTICAL OPPORTUNITIES FUND (Continued)

As of the year ended 12/31/10, the Fund did not have six months of performance and therefore line graphs are not presented.

Total Returns for Period Ended December 31, 2010**

	Life of Fund***±
SC Ibbotson Tactical Opportunities Fund–Initial Class Shares		5.20	%
S&P 500 Index*		5.28	%

*The performance data of the index has been prepared from sources and data that the investment adviser believes to be reliable, but no representation is made as to their accuracy. The index is unmanaged and cannot be invested in directly. The S&P 500 Index is a market-value weighted index of 500 blue chip stocks and is considered to be a benchmark of the overall stock market.

**Performance data is historical and includes changes in share price and reinvestment of income dividends and capital gains distributions. Past performance does not indicate future results. All Fund returns are net of fees and expenses, but do not include any insurance charges imposed in connection with your variable insurance contract. If this performance information included the effect of the insurance charges and the fees and expenses assumed by the investment adviser, performance numbers would be lower. The value of an investment in the SC Ibbotson Tactical Opportunities Fund and the return on the investment will fluctuate and redemption proceeds may be higher or lower than an investor’s original cost.

***For the period from November 15, 2010 (commencement of operations) to December 31, 2010.

±Returns for period of less than one year are not annualized.

55

SUN CAPITAL INVESTMENT GRADE BOND FUND

MANAGEMENT’S DISCUSSION & ANALYSIS:

How did the Fund perform during the year ended December 31, 2010?

For the year ended December 31, 2010, the Initial and Service Class shares of Sun Capital Investment Grade Bond Fund (the “Fund”) returned 7.67% and 7.49%, respectively, outperforming the benchmark, the Barclays Capital U.S. Aggregate Bond Index (the “Index”), which returned 6.54% for the same period.

What economic and market factors most influenced the fixed income markets as a whole during the year ended December 31, 2010?

Economic data domestically has continued to improve over the most recent quarter despite a stubbornly high unemployment rate and a residential housing market that remains in despair. Discussion of an additional economic slowdown or “double dip” has greatly declined. Globally, economic data remains strong, excluding certain peripheral European countries, with many emerging nations, including China, battling inflationary pressures.

The unemployment rate, which has been above 9% since May 2009, remains a drag on the economy and a concern for all. The Federal Reserve Board (Fed), at its latest Federal Open Market Committee meeting in mid December, where it held its target range for the federal funds rate at 0.00%-0.05%, remarked that high unemployment is constraining economic growth. With approximately 15 million people unemployed, and an “under” employed rate of more than 17%, the Fed expanded its asset purchase plan (U.S. Treasury Bond purchases) in December by $600 billion, after its “Round 1” effort of $1.7 trillion failed to heal the country’s economic woes. While the after effects of the plan are much debated (inflation, weak dollar, etc.), the Fed remains committed to the program which has persuaded investors to increase allocations toward higher risk assets, which in turn has driven prices up and thus consumer balance sheets and optimism.

What key strategies were most responsible for the Fund’s performance during the year ended December 31, 2010?

Positively affecting the Fund’s performance for the year was the Fund’s overweight allocation to the Credit sector which outperformed the Credit allocation within the Index. The Fund’s short duration position also positively affected performance during the year generating an additional 6 basis points of out-performance over the return of the Index. Additionally, the Fund’s yield curve positioning produced out-performance when contrasted to the Index. Negatively affecting performance for the year was the Fund’s U.S. Treasury security selection as well as the Fund’s Mortgage Backed Security (MBS) allocation, both of which lagged the Index.

What changes did you make to the Fund’s sector allocations during the year ended December 31, 2010 and how did these affect performance during the reporting period?

Allocation to the Credit and MBS sectors increased during the year. Supporting the increased investment in these sectors was the utilization of the Fund’s short term investments. The increase in the Credit sector allocation positively affected Fund performance as the Credit portion of the Fund outperformed the Credit portion of the Index. Although the increase in the Fund’s MBS sector allocation added to the Fund’s performance, this sector underperformed the MBS sector in the Index. The Fund’s U.S. Treasury sector allocation also enhanced the Fund’s returns but underperformed the U.S. Treasury sector in the Index. Other sector allocations remained relatively stable over the year.

Did the Fund experience major changes to its top ten issuers during the year ended December 31, 2010?

During the year ended December 31, 2010, six out of the top ten issuers were replaced. The newly added securities were all in the Corporate Credit sector and were purchased as a part of an overall portfolio optimization strategy. Of

56

SUN CAPITAL INVESTMENT GRADE BOND FUND (Continued)

the six issuers from December 31, 2009 that are no longer among the Fund’s top ten issuers, two remain as holdings by the Fund as of December 31, 2010.

How was the Fund positioned relative to its benchmark index at December 31, 2010?

As of December 31, 2010, the Fund was overweight compared to the Index in Credit, MBS and Commercial Mortgage Backed Securities (CMBS), while underweight in U.S. Treasuries, U.S. Government Agencies and Asset Backed Securities. Premiums over U.S. Treasuries continue to offer attractive alternatives to money markets or risk-free assets and justify overweight positions in Credit, MBS and CMBS relative to the Index. The Fund’s exposure to the high yield corporate sector is a non-Index asset allocation. The high yield corporate sector remains an attractive sector with security selection continuing to be of paramount importance.

PORTFOLIO COMPOSITION AT DECEMBER 31, 2010*

Percentage of Net Assets

* The percentages shown for each investment category reflect the value of investments in that category as a percentage of net assets. Figures in the above graph may not total to 100% due to the exclusion of the Fund’s other assets and liabilities.

** Amount is less than 0.05%.

57

SUN CAPITAL INVESTMENT GRADE BOND FUND (Continued)

TOP TEN ISSUERS AT DECEMBER 31, 2010

	% of Net Assets			Category
Federal National Mortgage Association		22.0	%	U.S. Government Agency
Federal Home Loan Mortgage Corp.		11.4		U.S. Government Agency
U.S. Treasury		7.2		U.S. Treasury
ING Bank NV		2.6		Corporate Debt – Banks
PepsiCo, Inc.		2.1		Short Term – Commercial Paper
Philip Morris International, Inc.		1.9		Short Term – Commercial Paper
National Australia Bank Ltd.		1.9		Corporate Debt – Banks
National Credit Union Association		1.6		U.S. Government Guaranteed Notes
Morgan Stanley Capital I		1.6		Commercial Mortgage Backed Securities
Ford Motor Credit Co. LLC		1.4		Corporate Debt – Automotive

Comparison of Change in Value of a $10,000 Investment in the Sun Capital Investment Grade Bond Fund – Initial Class and the Barclays Capital U.S. Aggregate Bond Index

Comparison of Change in Value of a $10,000 Investment in the Sun Capital Investment Grade Bond Fund – Service Class and the Barclays Capital U.S. Aggregate Bond Index

58

SUN CAPITAL INVESTMENT GRADE BOND FUND (Continued)

Average Annual Total Returns for Periods Ended December 31, 2010**

Initial Class Shares	One Year			Three Years			Five Years			Ten Years			Life of Fund***
Sun Capital Investment Grade Bond Fund		7.67	%		4.48	%		4.51	%		5.28	%		5.13	%
Barclays Capital U.S. Aggregate Bond Index*		6.54	%		5.90	%		5.80	%		5.84	%		5.70	%
Service Class Shares
Sun Capital Investment Grade Bond Fund		7.49	%		4.22	%		4.26	%		—			4.05	%
Barclays Capital U.S. Aggregate Bond Index*		6.54	%		5.90	%		5.80	%		—			5.04	%

*The performance data of the index has been prepared from sources and data that the investment adviser believes to be reliable, but no representation is made as to their accuracy. The index is unmanaged and cannot be invested in directly. The Barclays Capital U.S. Aggregate Bond Index is composed of U.S. securities in the Treasury, Government-Related, Corporate, and Securitized sectors.

**Performance data is historical and includes changes in share price and reinvestment of income dividends and capital gains distributions. Past performance does not indicate future results. All Fund returns are net of fees and expenses, but do not include any insurance charges imposed in connection with your variable insurance contract. If this performance information included the effect of the insurance charges and the fees and expenses assumed by the investment adviser, performance numbers would be lower. The value of an investment in the Sun Capital Investment Grade Bond Fund and the return on the investment will fluctuate and redemption proceeds may be higher or lower than an investor’s original cost.

***Initial Class Shares for the period from December 7, 1998 (commencement of operations) to December 31, 2010. Service Class Shares for the period from February 1, 2004 (commencement of operations) to December 31, 2010.

59

SUN CAPITAL MONEY MARKET FUND

MANAGEMENT’S DISCUSSION & ANALYSIS:

How did the Fund perform during the year ended December 31, 2010?

For the year ended December 31, 2010, the Initial and Service Class shares of Sun Capital Money Market Fund (the “Fund”) returned 0.19% and 0.00%, respectively, with the Initial Class outperforming and the Service Class underperforming the benchmark, the BofA Merrill Lynch U.S. 3-month Treasury Bill Index (the “Index”), which returned 0.13% for the same period.

What economic and market factors most influenced the money markets as a whole during the year ended December 31, 2010?

Economic data was mixed during the year, but recent signs point to a gradual recovery. The unemployment rate remains elevated at 9.4%, and though eight of the last twelve months have showed modest employment gains, employment numbers on the whole have been weak. Business spending on equipment and software continued to rise over the second half of 2010, and household spending expanded at a moderate pace. Consumer confidence was mixed for the twelve month period, and housing data, which was positive early in the year spurred by the new home buyer tax credit, has been weak since the program’s expiration on April 30, 2010.

The zero interest rate policy of the Federal Reserve Board (Fed), which has been in place for two years, has left the Federal Funds Rate at historically low levels, at the 0.00% to 0.25% range. The Government’s only adjustment came during the first quarter, when the discount rate was raised nominally by 25 basis points (bps) to 0.75%, as part of the government’s effort to remove some of the excess liquidity put in place during 2008. This 0.75% rate remained in place through the end of the year. While the Federal Funds effective rate held near the upper end of its range of 0.25% for most of the year, U.S. Treasury Bills and commercial paper yields remain stubbornly low. Three month-treasury bills traded in a very tight range, beginning the year at 0.05%, reaching a high of 0.18% at mid-year, and then falling modestly to close the twelve month period at 0.13%. Sovereign concerns in Europe that had pushed certain short-term rates higher during the second quarter, including LIBOR to 0.54%, have eased by 24 bps to close the year at 0.30%.

At the November 3^rd Federal Open Market Committee (FOMC) meeting, the Fed announced an anticipated second round of quantitative easing (U.S. Treasury Bond Purchases), following earlier statements that it was “prepared to provide additional accommodation if needed to support economic recovery”. The FOMC decided to continue its policy of reinvesting principal U.S. Treasury and Mortgage Backed Securities (MBS) payments, while also expanding its holdings of securities by purchasing $600 billion of longer-term U.S. Treasury Bonds over the next seven months.

Commercial paper issuance dropped as many companies continued to reduce their reliance on short term funding in favor of longer term issuance. At December 15th, commercial paper supply had declined 9.6% to $1.04 trillion on the year, representing a 52% decline since the peak in August 2007. Asset-backed securities and domestic financials posted the greatest declines, down 17.8% to $370 billion and 15.2% to $337 billion, respectively. Industrial commercial paper represented the only sector with increased issuance on a year-to-date basis, rising 43.2% to $136 billion.

Investors have developed a somewhat greater tolerance for risk, and there has been a shift away from money market funds in favor of global stock and fixed income funds. AMG Data Services reported that almost $415 billion was withdrawn from money market funds during 2010. This shift has thus far had little impact in driving yields higher.

60

SUN CAPITAL MONEY MARKET FUND (Continued)

What key factors were most responsible for the Fund’s performance during the year ended December 31, 2010?

The Fed’s zero interest rate policy and the market’s persistent demand for quality remain the most influential factors on the overall performance of the Fund. Market conditions have continued to force the Fund’s gross portfolio yield below the Fund’s net operating expenses causing the adviser to further subsidize the Fund.

How did you manage the Fund’s weighted average maturity during the year ended December 31, 2010?

On December 31, 2010, the Fund had a weighted average maturity of 36 days, 9 days shorter than the average taxable money market fund maturity of 45 days as reported in the Money Fund Report, published by iMoneyNet Inc. The credit curve between 30 day and 90 day commercial paper has been consistently narrow, averaging 7 bps for the year; offering little compensation to invest in longer dated securities. The Fund’s average maturity ranged from 22 to 49 days during the year, and was typically slightly shorter than the market average.

How was the Fund invested during the year ended December 31, 2010?

The Fund was invested in a diversified portfolio of top tier, short term investments. Holdings in U.S. Treasury Bills increased from 0.0% to 11.8% during the year as a result of new liquidity requirements imposed by the U.S Securities and Exchange Commission (SEC). Holdings in agency discount notes and corporate debt securities decreased during the year due to less attractive yields, which the Fund was able to replace with higher yielding Commercial Paper.

PORTFOLIO COMPOSITION AT DECEMBER 31, 2010*

Percentage of Net Assets

* The percentages shown for each investment category reflect the value of investments in that category as a percentage of net assets. Figures in the above graph may not total to 100% due to the exclusion of the Fund’s other assets and liabilities.

61

SUN CAPITAL MONEY MARKET FUND (Continued)

TOP TEN ISSUERS AT DECEMBER 31, 2010

	% of Net Assets			Category
U.S. Treasury		11.8	%	U.S. Treasury
Goldman Sachs Group, Inc.		6.4		TLGP
Federal National Mortgage Association		6.2		U.S. Government Agency
General Electric Capital Corp.		3.8		TLGP
Province of Ontario		3.8		Foreign Government
Caterpillar Financial Services Corp.		3.8		Commercial Paper
PepsiCo, Inc.		3.8		Commercial Paper
Philip Morris International, Inc.		3.8		Commercial Paper
Province of Quebec		3.8		Foreign Government
Nestle Capital Corp.		3.8		Commercial Paper

Comparison of Change in Value of a $10,000 Investment in the Sun Capital Money Market Fund – Initial Class and the BofA Merrill Lynch U.S. 3-Month Treasury Bill Index

Comparison of Change in Value of a $10,000 Investment in the Sun Capital Money Market Fund – Service Class and the BofA Merrill Lynch U.S. 3-Month Treasury Bill Index

62

SUN CAPITAL MONEY MARKET FUND (Continued)

Average Annual Total Returns for Periods Ended December 31, 2010**

Initial Class Shares	One Year			Three Years			Five Years			Ten Years			Life of Fund***
Sun Capital Money Market Fund		0.19	%		0.89	%		2.41	%		2.08	%		2.61	%
BofA Merrill Lynch U.S. 3-Month Treasury Bill Index*		0.13	%		0.79	%		2.43	%		2.38	%		2.91	%
Service Class Shares
Sun Capital Money Market Fund		0.00	%		0.67	%		2.17	%		—			2.25	%
BofA Merrill Lynch U.S. 3-Month Treasury Bill Index*		0.13	%		0.79	%		2.43	%		—			2.54	%

*The performance data of the index has been prepared from sources and data that the investment adviser believes to be reliable, but no representation is made as to their accuracy. The index is unmanaged and cannot be invested in directly. The BofA Merrill Lynch U.S. 3-Month Treasury Bill Index is a single security index which at the beginning of every month selects for inclusion the U.S. Treasury Bill maturing closest to, but not beyond three months from that date. That issue is then held for one month, sold and rolled into the newly selected U.S. Treasury Bill.

**Performance data is historical and includes changes in share price and reinvestment of income dividends and capital gains distributions. Past performance does not indicate future results. All Fund returns are net of fees and expenses, but do not include any insurance charges imposed in connection with your variable insurance contract. If this performance information included the effect of the insurance charges and the fees and expenses assumed by the investment adviser, performance numbers would be lower. Although the Fund seeks to maintain a stable net asset value of $1 per share there can be no assurance that it will do so. The value of an investment in the Sun Capital Money Market Fund and the return on the investment may fluctuate and redemption proceeds may be higher or lower than an investor’s original cost.

***Initial Class Shares for the period from December 7, 1998 (commencement of operations) to December 31, 2010. Service Class Shares for the period from April 25, 2005 (commencement of operations) to December 31, 2010.

63

SC BLACKROCK INFLATION PROTECTED BOND FUND

(subadvised by BlackRock Financial Management, Inc.)

MANAGEMENT’S DISCUSSION & ANALYSIS:

How did the Fund perform during the year ended December 31, 2010?

For the year ended December 31, 2010, the Initial and Service Class shares of SC BlackRock Inflation Protected Bond Fund (the “Fund”) returned 5.24% and 4.91%, respectively, underperforming the benchmark, the Barclays Capital Global Real Index: U.S. TIPS (the “Index”), which returned 6.31% for the same period.

What economic and market factors most influenced the fixed income markets as a whole during the year ended December 31, 2010?

There were many factors that influenced the fixed income markets in 2010, including the Federal Reserve’s decision to leave the Federal Funds Rate target at 0.00%-0.25%, the conclusion of the first round of quantitative easing consisting of U.S. Treasury Bond Purchases, the introduction of an additional round of quantitative easing and economic data that was mixed at best and created periods of heightened volatility. The combination and timing of these various factors created sharp short-term movements in interest rates (lasting days or weeks) as well as longer term moves (lasting months), measured in hundreds of basis points.

What key strategies were most responsible for the Fund’s performance during the year ended December 31, 2010?

As the Fund’s investment mandate requires that 80% of its assets be invested in Inflation-Protected Securities, there are limited opportunities to add value through sector rotation. The Fund’s portfolio management team uses the limited ability it has to own nominal U.S. Treasuries during times when U.S. Treasury Inflation Protected Securities (“TIPS”) appear to be overvalued. Investment value is determined in many ways; however, a commonly used metric looks at the level between the yield on a nominal U.S. Treasury bond and a TIP bond with a similar maturity, known as the breakeven level. Breakeven levels reflect broad expectations of the level of inflation. When the portfolio management team was of the opinion that TIPS had priced in too high a level of inflation expectations, the Fund sold TIPS and bought nominal U.S. Treasuries and vice versa. In addition to monitoring inflation expectations via breakevens, the Fund also establishes overweight and underweight positions in bonds of varying maturities. Holding different positions along the yield curve is an effective means to manage duration (interest rate risk).

During the second and third quarters of 2010, the Fund benefited from holding an underweight position in U.S. TIPS in favor of nominal U.S. Treasuries. At this time, weaker-than-expected economic data along with concerns around the European sovereign debt crisis led to tempered growth expectations, driving investors into nominal U.S. Treasuries. During the fourth quarter, the Fund increased exposure to TIPS as the prospect of the Fed engaging in a second round of quantitative easing became increasingly likely. The anticipation of the pending announcement drove both real and nominal yields lower. Detracting from the Fund’s performance for the year was the decision to overweight longer dated bonds versus bonds with shorter maturities.

The Fund used interest rate derivatives such as futures, options, swaps and swaptions to primarily manage duration and convexity risk within the Fund during the year. These derivatives were used to express a view on the relative performance of bonds with shorter durations versus bonds with longer durations. Finally, derivatives enabled the Fund to be positioned based on the views on inflation expectations described above.

What changes did you make to the Fund’s sector allocations during the year ended December 31, 2010 and how did these affect performance during the reporting period?

As discussed above, single sector funds have limited flexibility to rotate between sectors. While some peer funds may use this limited flexibility to buy higher risk assets such as mortgage-backed securities or corporate bonds, that

64

SC BLACKROCK INFLATION PROTECTED BOND FUND (Continued)

is not a central tenet of the portfolio management team’s management style. The Fund is mainly limited to TIPS and nominal Treasury and Treasury alternatives such as Treasury futures and options. In some instances, the Fund does make use of higher risk assets, but exposure is minimal.

Did the fund experience major changes to its top ten issuers during the year ended December 31, 2010?

There were no material changes to the December 31, 2010 top ten issuers list relative to the December 31, 2009 top ten issuers list.

How was the Fund positioned relative to its benchmark index at December 31, 2010?

At year end, the Fund’s duration was 7.46, which is in line with the Index. The Fund maintains a yield curve-flattening bias, by holding an underweight to the intermediate portion of the curve and an overweight to the long end expressed in terms of real and nominal yields. It is our view that prices on the long end of the breakeven curve are factoring in the appropriate amount of real yields given the current level of economic growth. In addition, the long end of the TIPS curve is, in our view, priced appropriately for the current levels of inflation expectations. We view the short end as overbought and therefore maintain an underweight position to the short end of the real yield and breakeven curves. The Fund maintains out-of-Index exposure to non-U.S. inflation-protected securities, which we believe are attractive on a relative value basis.

PORTFOLIO COMPOSITION AT DECEMBER 31, 2010*

Percentage of Net Assets

* The percentages shown for each investment category reflect the value of investments in that category as a percentage of net assets. Figures in the above graph may not total to 100% due to the exclusion of the Fund’s other assets and liabilities.

65

SC BLACKROCK INFLATION PROTECTED BOND FUND (Continued)

TOP TEN ISSUERS AT DECEMBER 31, 2010

	% of Net Assets			Category
U.S. Treasury		51.9	%	U.S. Treasury
Government National Mortgage Association		7.8		U.S. Government Agency
Federal Home Loan Mortgage Corp.		7.8		U.S. Government Agency
Federal National Mortgage Association		7.8		U.S. Government Agency
Government of Germany		5.1		Foreign Government
Government of France		5.0		Foreign Government
Bank of America Credit Card Trust		0.2		Asset Backed Securities
Government of Greece		0.1		Foreign Government
Verizon Wireless Capital LLC		0.1		Corporate Debt - Telecommunications
Capital One Auto Finance Trust		0.0	*	Asset Backed Securities

* Amount is less than 0.05%.

Comparison of Change in Value of a $10,000 Investment in the SC BlackRock Inflation Protected Bond Fund – Initial Class and the Barclays Capital Global Real Index: U.S. TIPS

Comparison of Change in Value of a $10,000 Investment in the SC BlackRock Inflation Protected Bond Fund – Service Class and the Barclays Capital Global Real Index: U.S. TIPS

66

SC BLACKROCK INFLATION PROTECTED BOND FUND (Continued)

Average Annual Total Returns for Periods Ended December 31, 2010**

	One Year			Life of Fund***
SC BlackRock Inflation Protected Bond Fund – Initial Class Shares		5.24	%		5.72	%
SC BlackRock Inflation Protected Bond Fund – Service Class Shares		4.91	%		5.39	%
Barclays Capital Global Real Index: U.S. TIPS*		6.31	%		6.13	%

*The performance data of the index has been prepared from sources and data that the investment adviser believes to be reliable, but no representation is made as to their accuracy. The index is unmanaged and cannot be invested in directly. Barclays Capital Global Real Index: U.S. TIPS is a market index comprised of all U.S. Treasury Inflation Protected Securities rated investment grade (Baa3 or better) that have at least one year to final maturity and at least $250 million par amount outstanding.

**Performance data is historical and includes changes in share price and reinvestment of income dividends and capital gains distributions. Past performance does not indicate future results. All Fund returns are net of fees and expenses, but do not include any insurance charges imposed in connection with your variable insurance contract. If this performance information included the effect of the insurance charges and the fees and expenses assumed by the investment adviser, performance numbers would be lower. The value of an investment in the SC BlackRock Inflation Protected Bond Fund and the return on the investment will fluctuate and redemption proceeds may be higher or lower than an investor’s original cost.

***For the period from October 1, 2008 (commencement of operations) to December 31, 2010.

67

SC GOLDMAN SACHS SHORT DURATION FUND

(Subadvised by Goldman Sachs Asset Management, L.P.)

MANAGEMENT’S DISCUSSION & ANALYSIS:

How did the Fund perform during the year ended December 31, 2010?

For the year ended December 31, 2010, the Initial and Service Class shares of SC Goldman Sachs Short Duration Fund (the “Fund”) returned 2.41% and 2.16%, respectively, with the Initial Class shares outperforming and the Service Class shares underperforming the benchmark, the BofA Merrill Lynch 1-3 Year U.S. Treasury Index (the “Index”), which returned 2.35% for the same period.

What economic and market factors most influenced the fixed income markets as a whole during the year ended December 31, 2010?

In 2010, the global economy suffered a mid-year slowdown that raised concerns about a second economic slowdown or a “double-dip” recession, but ultimately, the year ended with improved momentum. In the U.S., even though job creation and the housing market remained persistently weak throughout the year, the recovery began to broaden beyond the corporate sector with a modest pickup in consumer demand. Industrial production and business investment picked up in the first half of the year then leveled out, and the manufacturing and services sectors have continued to expand. Further government stimulus, including extensions of tax cuts and jobless benefits, and more quantitative easing consisting of U.S. Treasury Bond Purchases by the Federal Reserve Board (Fed), boosted confidence in the recovery and prompted upward revisions to growth forecasts. Over the year, risk appetite has generally helped spread sectors to outperform U.S. Treasuries. Risk appetite benefited from better-than-expected corporate earnings, strengthening economic indicators and the search for yield in an environment of exceptionally low interest rates.

U.S. Treasury yields ended 2010 lower on the year, driven by concerns mid-year about the global recovery and persistent fears of contagion from peripheral European countries. In the fourth quarter, however, the U.S. Treasuries rally reversed on an improved economic outlook and increased capital flows from bonds to equities. Yields trended higher early in the year before softer data and doubts over the strength of the recovery emerged. Government bonds rallied strongly in May on a flight-to-quality sentiment amid heightened concerns regarding the fiscal strength of Greece and other peripheral European countries, and the prospect of a contagion effect to stronger European economies. Yields continued to move lower through the middle of the year, as anemic economic data and disappointing employment figures in the U.S. provided support to U.S. Treasuries. In the U.S., the 2-year Treasury yield fell to a historic low to approximately 0.5%. The downward trend reversed in October, following the emergence of stronger manufacturing and survey data, as well as the anticipated incentive from further stimulatory measures from the Fed and the extension of Bush-era tax cuts. Yields rose into the end of the year, particularly in November and December, leaving the benchmark 10-year Treasury yield at 3.30%.

What key strategies were most responsible for the Fund’s performance during the year ended December 31, 2010?

A combination of top-down and bottom-up strategies influenced the Fund’s performance in 2010. Tactical management of the Fund’s duration and term structure detracted from returns over the year. Specifically, the Fund’s long position in the short to intermediate portion of the yield curve (particularly in the 5-year portion) detracted in December as U.S. Treasury rates increased sharply. The Fund’s cross-sector positioning relative to the benchmark was a primary contributor to 2010 returns. An overweight exposure to investment grade corporate issues was the primary driver of results, as the sector outperformed on a combination of positive fundamental and technical factors. Fundamentally, company balance sheets continued to improve with high cash balances and declining leverage, while the technical picture was supportive as investors continued to move into risk assets as Treasury yields fell. Exposure to the agency mortgage-backed security (MBS) sector also added to returns as the mortgages were supported by an environment of strong investor demand and low prepayments. The

68

SC GOLDMAN SACHS SHORT DURATION FUND (Continued)

Fund’s security selection strategies broadly added to performance, including the bias toward short-maturity corporates, the overall selection of spread-product securities, and the selection of agencies, Treasury Inflation Protected Securities, and other government securities.

What changes did you make to the Fund’s sector allocations during the year ended December 31, 2010 and how did these affect performance during the reporting period?

Primary changes in the Fund’s sector allocations over the year included shifting weights of agency debentures (based on valuations at the time), as well as increasing the Fund’s position in agency MBS and covered bonds (securities formed from the public sector or through the use of mortgage loans where the security is backed by a separate pool of loans) in the second half of the year. Covered bonds may offer attractive spread pick-up and high credit quality relative to government bonds and some asset-backed security sectors. This position resulted in relatively flat performance over the year. An increase in the Fund’s exposure to agency MBS over the year added to performance as the sector rallied. As previously noted, the asset class was supported by an environment of strong investor demand and low prepayments.

Did the Fund experience major changes to its top ten issuers during the year ended December 31, 2010?

There were no material changes to the Fund’s top ten issuers over the year.

How was the Fund positioned relative to its benchmark index at December 31, 2010?

At the end of the year, less than 50% of the Fund’s assets were in government securities, versus 100% for the Index, as the Fund continued to favor positions within non-Government sectors including the Investment Grade, Asset Backed and Mortgage Backed sectors, whose strong performance as noted above allowed the Fund’s Initial Class to outperform the benchmark. Though the sector allocations differ, the Index continues to maintain a relatively short duration (+1.96 years), with the Fund just a bit shorter (+1.85 years), though the Fund is moving toward a position of slightly longer duration than the Index.

PORTFOLIO COMPOSITION AT DECEMBER 31, 2010*

Percentage of Net Assets

* The percentages shown for each investment category reflect the value of investments in that category as a percentage of net assets. Figures in the above graph may not total to 100% due to the exclusion of the Fund’s other assets and liabilities.

69

SC GOLDMAN SACHS SHORT DURATION FUND (Continued)

TOP TEN ISSUERS AT DECEMBER 31, 2010

	% of Net Assets			Category
U.S. Treasury		21.7	%	U.S. Treasury
Federal National Mortgage Association		17.6		U.S. Government Agency
General Electric Capital Corp.		3.6		Corporate Debt – Financial & TLGP
Landwirtschaftliche Rentenbank		2.4		Special Purpose Banks
Citigroup, Inc.		2.1		Corporate Debt – Financial & TLGP
Bank of America Corp.		1.5		Corporate Debt – Banks
The Bear Stearns Cos., LLC		1.4		Corporate Debt – Brokerage
Province of Ontario		1.3		Foreign Government Obligations
Brazos Higher Education Authority		1.2		Asset Backed Securities
FIH Erhvervsbank A/S		1.2		Corporate Debt – Investment Company

Comparison of Change in Value of a $10,000 Investment in the SC Goldman Sachs Short Duration Fund – Initial Class and the BofA Merrill Lynch 1-3 Year U.S. Treasury Index

Comparison of Change in Value of a $10,000 Investment in the SC Goldman Sachs Short Duration Fund – Service Class and the BofA Merrill Lynch 1-3 Year U.S. Treasury Index

70

SC GOLDMAN SACHS SHORT DURATION FUND (Continued)

Average Annual Total Returns for Periods Ended December 31, 2010**

	One Year			Life of Fund***
SC Goldman Sachs Short Duration Fund – Initial Class Shares		2.41	%		3.33	%
SC Goldman Sachs Short Duration Fund – Service Class Shares		2.16	%		3.08	%
BofA Merrill Lynch 1-3 Year U.S. Treasury Index*		2.35	%		2.38	%

*The performance data of the index has been prepared from sources and data that the investment adviser believes to be reliable, but no representation is made as to their accuracy. The index is unmanaged and cannot be invested in directly. The BofA Merrill Lynch 1-3 Year U.S. Treasury Index is a subset of the BofA Merrill Lynch U.S. Treasury Index including all securities with a remaining term to final maturity less than 3 years. The BofA Merrill Lynch U.S. Treasury Index tracks the performance of U.S. dollar denominated sovereign debt publicly issued by the U.S. government in its domestic market. Qualifying securities must have at least one year remaining term to final maturity, a fixed coupon schedule and a minimum amount outstanding of $1 billion.

**Performance data is historical and includes changes in share price and reinvestment of income dividends and capital gains distributions. Past performance does not indicate future results. All Fund returns are net of fees and expenses, but do not include any insurance charges imposed in connection with your variable insurance contract. If this performance information included the effect of the insurance charges and the fees and expenses assumed by the investment adviser, performance numbers would be lower. The value of an investment in the SC Goldman Sachs Short Duration Fund and the return on the investment will fluctuate and redemption proceeds may be higher or lower than an investor’s original cost.

***For the period from March 7, 2008 (commencement of operations) to December 31, 2010.

71

SC PIMCO HIGH YIELD FUND

(subadvised by Pacific Investment Management Company LLC)

MANAGEMENT’S DISCUSSION & ANALYSIS:

How did the Fund perform during the year ended December 31, 2010?

For the year ended December 31, 2010, the Initial and Service Class shares of SC PIMCO High Yield Fund (the “Fund”) returned 12.68% and 12.40%, respectively, underperforming the benchmark, the BofA Merrill Lynch BB-B U.S. High Yield Constrained Index (the “Index”), which returned 14.26% for the same period.

What economic and market factors most influenced the fixed income markets as a whole during the year ended December 31, 2010?

At the start of 2010, investors sought the relative safety of U.S. bonds amid concern about sovereign debt risk, especially in Greece and other peripheral Eurozone economies as growing budget shortfalls in Greece, Spain and Portugal raised fears that the region might derail the global economic recovery from the crisis that began in 2008. Policymakers wrestled with both the methods and proposed durations of stimulus programs designed to mitigate the global recession but which also threatened to undermine public finances and spur inflation. While the Federal Reserve Board (Fed) kept its main policy rate unchanged, it closed its $1.25 trillion Agency mortgage purchase program in March and also ended the subscription period for purchasing consumer asset-backed securities.

Policy initiatives that aimed to speed up the U.S. recovery and lower the persistently high unemployment rate were the major market drivers during the later part of the year. Utilizing monetary tools, the Fed continued its unconventional efforts to encourage faster growth, launching a second round of quantitative easing (U.S. Treasury Bond purchases) in November. These efforts coupled with the fiscal policy decisions in December by the Obama Administration and Congress where a major compromise was reached on tax policy that included a cut in payroll taxes, an extension of unemployment benefits and a tax credit for business capital expenditures gave a boost to riskier asset markets, despite their limited duration.

In the final months of 2010, most fixed income markets gave back some of their gains from earlier in the year as interest rates rose sharply and investors began to shift toward riskier assets. Signs of economic strength as well as market reaction to expanded fiscal and monetary stimulus drove the yield on the benchmark 10-year U.S. Treasury up 78 basis points during the fourth quarter to close the year at 3.30%. Additionally, the Treasury yield curve steepened during the year as the Fed kept short term yields anchored at low levels.

What key strategies were most responsible for the Fund’s performance during the year ended December 31, 2010?

The following strategies contributed to performance for the year:

• Security selection in the Consumer Cyclical sector, where automotive bonds outperformed the broader category, enhanced relative returns.

• An overweight to the Financials sector helped performance, as banking and insurance names were among the top performers for the year.

• An underweight to Consumer Non-cyclicals added to performance, as these defensive companies fell short of the broader Index returns.

The following strategies detracted from performance for the year:

• An allocation to Investment Grade bonds detracted from the Fund’s performance, as investment grade fixed income underperformed the high yield market.

• Security selection within the Financials sector detracted from the Fund’s performance as high grade banks underperformed high yield banks.

72

SC PIMCO HIGH YIELD FUND (Continued)

• Security selection in the Media sector detracted from performance, as broadcasting bonds outperformed cable issuers.

What changes did you make to the Fund’s sector allocations during the year ended December 31, 2010 and how did these affect performance during the reporting period?

During 2010, one of the main themes for the Fund was its increased exposure to high yield corporate bonds while reducing its exposure to mortgages, investment grade corporate bonds, and emerging markets. This shift to a higher risk asset mix has helped the Fund’s performance as the high yield sector outperformed U.S. Treasuries, mortgages, emerging market bonds and investment grade bonds. This outperformance was due to improving corporate earnings as global growth began to show signs of improvement which led to increased appetite for risk.

Did the Fund experience major changes to its top ten issuers during the year ended December 31, 2010?

There were five issuers on the top ten issuers list as of December 31, 2009 that were still on the Fund’s top ten issuers list as of December 31, 2010. The U.S. Government was a new issuer and three of the remaining four new issuers were financial services companies CIT Group, Inc., Ally Financial, Inc. and International Lease Finance Corp. Within the Telecommunications sector, the Fund reduced its exposure to those issuers which had appreciated above their fare value. The new Telecommunications issuer Sprint Nextel Corp. moved into the top ten issuers list and is positioned to benefit from accelerating global growth expectations and increased demand from key markets.

These changes were implemented due to the conviction that certain financial institutions are likely to be supported by attractive structural characteristics which include a steep yield curve, stronger balance sheets, and an improved U.S. cyclical outlook. Additionally, the U.S. Government joined the list of top-ten issuers as this exposure is representative of the Fund’s shift to more risk-averse investments.

How was the Fund positioned relative to its benchmark index at December 31, 2010?

At the end of the year, the Fund was positioned with a slight underweight to duration coupled with a slight bias towards a flattening yield curve. The three largest sector overweights (ex-U.S. Treasuries) held by the Fund as of December 31, 2010, were Sovereign, non-agency mortgages, and life insurance issues. The three largest sector underweights by the Fund at the end of the year were to the Retail, Paper Products, and Home Construction corporate debt sectors.

73

SC PIMCO HIGH YIELD FUND (Continued)

PORTFOLIO COMPOSITION AT DECEMBER 31, 2010*

Percentage of Net Assets

*   The percentages shown for each investment category reflect the value of investments in that category as a percentage of net assets. Figures in the above graph may not total to 100% due to the exclusion of the Fund’s other assets and liabilities.

** Amount is less than 0.05%.

TOP TEN ISSUERS AT DECEMBER 31, 2010

	% of Net Assets			Category
U.S. Treasury		3.8	%	U.S. Treasury
Ford Motor Credit Co. LLC		2.9		Corporate Debt – Automotive
HCA, Inc.		2.7		Corporate Debt – Health Care
American International Group, Inc.		2.2		Corporate Debt – Insurance
CIT Group, Inc.		2.2		Corporate Debt – Financials
Ally Financial, Inc.		2.1		Corporate Debt – Banks
Biomet, Inc.		1.8		Corporate Debt – Health Care – Facilities
Sprint Nextel Corp.		1.7		Corporate Debt – Telecommunications
Chesapeake Energy Corp.		1.6		Corporate Debt – Refining
International Lease Finance Corp.		1.5		Corporate Debt – Financials

74

SC PIMCO HIGH YIELD FUND (Continued)

Comparison of Change in Value of a $10,000 Investment in the SC PIMCO High Yield Fund – Initial Class and the BofA Merrill Lynch BB-B U.S. High Yield Constrained Index

Comparison of Change in Value of a $10,000 Investment in the SC PIMCO High Yield Fund – Service Class and the BofA Merrill Lynch BB-B U.S. High Yield Constrained Index

75

SC PIMCO HIGH YIELD FUND (Continued)

Average Annual Total Returns for Periods Ended December 31, 2010**

	One Year			Life of Fund***
SC PIMCO High Yield Fund – Initial Class Shares		12.68	%		8.84	%
SC PIMCO High Yield Fund – Service Class Shares		12.40	%		8.57	%
BofA Merrill Lynch BB-B U.S. High Yield Constrained Index*		14.26	%		9.96	%

*The performance data of the index has been prepared from sources and data that the investment adviser believes to be reliable, but no representation is made as to their accuracy. The index is unmanaged and cannot be invested in directly. The BofA Merrill Lynch BB-B U.S. High Yield Constrained Index contains all securities in the BofA Merrill Lynch U.S. High Yield Index rated BB1 through B3, based on an average of Moody’s, S&P and Fitch, but caps issuer exposure at 2%. Index constituents are capitalization-weighted, based on their current amount outstanding, provided the total allocation to an individual issuer does not exceed 2%.

**Performance data is historical and includes changes in share price and reinvestment of income dividends and capital gains distributions. Past performance does not indicate future results. All Fund returns are net of fees and expenses, but do not include any insurance charges imposed in connection with your variable insurance contract. If this performance information included the effect of the insurance charges and the fees and expenses assumed by the investment adviser, performance numbers would be lower. The value of an investment in the SC PIMCO High Yield Fund and the return on the investment will fluctuate and redemption proceeds may be higher or lower than an investor’s original cost.

***For the period from March 7, 2008 (commencement of operations) to December 31, 2010.

76

SC PIMCO TOTAL RETURN FUND

(subadvised by Pacific Investment Management Company LLC)

MANAGEMENT’S DISCUSSION & ANALYSIS:

How did the Fund perform during the year ended December 31, 2010?

For the year ended December 31, 2010, the Initial and Service Class shares of SC PIMCO Total Return Fund (the “Fund”) returned 7.53% and 7.27%, respectively, outperforming the benchmark, the Barclays Capital U.S. Aggregate Bond Index (the “Index”), which returned 6.54% for the same period

What economic and market factors most influenced the fixed income markets as a whole during the year ended December 31, 2010?

At the start of 2010, investors sought the relative safety of U.S. bonds amid concern about sovereign debt risk, especially in Greece and other peripheral Eurozone economies as growing budget shortfalls in Greece, Spain and Portugal raised fears that the region might derail the global economic recovery from the crisis that began in 2008. Policymakers wrestled with both the methods and proposed durations of stimulus programs designed to mitigate the global recession but which threatened to undermine public finances or encourage inflation. While the Federal Reserve Board (Fed) kept its main policy rate unchanged, it concluded its $1.25 trillion Agency mortgage purchase program in March and also ended the subscription period for purchasing consumer asset-backed securities.

Policy initiatives that aimed to speed up the U.S. recovery and lower the persistently high unemployment rate were the major market drivers during the later part of the year. Utilizing monetary tools, the Fed continued its unconventional efforts to encourage faster growth, launching a second round of quantitative easing (U.S. Treasury Bond purchases) in November. These efforts coupled with the fiscal policy decisions in December by the Obama Administration and Congress where a major compromise was reached on tax policy that included a cut in payroll taxes, an extension of unemployment benefits and a tax credit for business capital expenditures gave a boost to riskier asset markets, despite their limited duration.

In the final months of 2010, most fixed income markets gave back some of their gains from earlier in the year as interest rates rose sharply and investors began to shift toward riskier assets. Signs of economic strength as well as market reaction to expanded fiscal and monetary stimulus drove the yield on the benchmark 10-year U.S. Treasury up 78 basis points during the fourth quarter to close the year at 3.30%. Additionally, the Treasury yield curve steepened during the year as the Fed kept short-term yields anchored at low levels.

What key strategies were most responsible for the Fund’s performance during the year ended December 31, 2010?

The following strategies contributed to performance for the year:

• Tactical duration positioning within the U.S. was positive for the Fund’s performance as rates fell after a volatile year in yields.

• An overweight to emerging markets, with an emphasis on local rates in Brazil, added to performance as rates declined in the country.

The following strategies detracted from performance for the year:

• An underweight to Investment-Grade corporate securities detracted from performance as this sector outperformed similar-duration U.S. Treasuries as corporate credit fundamentals improved; however, a focus on the Financials sector more than offset this negative contribution.

• A modest exposure to Build America Bonds (BAB’s) detracted from the Fund’s performance as taxable municipal bond issues supply spiked amid the rush by local governments to tap the Federal Government subsidy before it expired at the end of the year.

77

SC PIMCO TOTAL RETURN FUND (Continued)

What changes did you make to the Fund’s sector allocations during the year ended December 31, 2010 and how did these affect performance during the reporting period?

During the year ended December 31, 2010, the Fund increased its exposure to the longer-than-index U.S. duration via U.S. Treasuries. This increase in the Fund’s Treasury holdings was positive for performance as interest rates fell in the U.S. The Fund continued to increase its exposure to Agency mortgages, particularly in the last quarter of 2010 with the expectation for them to be an important source of high quality yield for the Fund. The Fund is targeting an overweight allocation to agency mortgages, to take advantage of relative value opportunities across mortgage coupons. This increased exposure to agency mortgages had a positive impact on returns as this sector outperformed like-duration U.S. Treasuries. Additionally, the Fund has increased its exposure to emerging markets and high yield issues. This increased exposure was positive for returns as these sectors outperformed like-duration U.S. Treasuries. Finally, as noted earlier, the Fund’s investments in Build America Bonds during the middle to late 2010 detracted from returns as taxable municipal supply spiked amid the rush by local governments to tap the Federal Government subsidy before it expired at the end of 2010.

Did the Fund experience major changes to its top ten issuers during the year ended December 31, 2010?

There were no material changes to the December 31, 2010 top ten issuers list relative to the December 31, 2009 top ten issuers list. The issuers which are no longer on the top ten issuer list when compared to the December 31, 2009 top ten issuer list were still held by the Fund as of December 31, 2010. The Fund made a number of tactical shifts during the year, with the end-of-year positioning targeting flat to slightly overweight duration. The duration-weighted exposure of U.S. Government-issued securities as a percentage of the Fund declined over the year. However, as discussed above, the increased allocation to U.S. Treasuries within the December 31, 2010 top ten issuers list was due to the Fund’s increased focus on longer-than-index duration.

How was the Fund positioned relative to its benchmark index at December 31, 2010?

The Fund ended the year with a moderate overweight to duration and a bias towards a steepening yield curve. The Fund was underweight mortgages and Investment Grade credit, however, within the Investment Grade credit allocation, the Fund was overweight in the Banks/Financials sector. The Fund’s emerging markets allocation was also overweight relative to the Index as of December 31, 2010.

The intent of the Fund’s allocation is to tactically reduce U.S. duration exposure, seeking to maintain a flat to slightly overweight duration overall. The Fund is positioned to focus on high quality income producing strategies.

78

SC PIMCO TOTAL RETURN FUND (Continued)

PORTFOLIO COMPOSITION AT DECEMBER 31, 2010*

Percentage of Net Assets

* The percentages shown for each investment category reflect the value of investments in that category as a percentage of net assets. Figures in the above graph may not total to 100% due to the exclusion of the Fund’s other assets and liabilities.

** Amount is less than 0.05%.

TOP TEN ISSUERS AT DECEMBER 31, 2010

	% of Net Assets			Category
U.S. Treasury		42.5	%	U.S. Treasury
Federal National Mortgage Association		38.9		U.S. Government Agency
Federal Home Loan Mortgage Corp.		3.6		U.S. Government Agency
Government National Mortgage Association		2.6		U.S. Government Agency
Province of Ontario		2.0		Foreign Government
Citigroup, Inc.		2.0		Corporate Debt – Financials & TLGP
Royal Bank of Scotland Group PLC		1.7		Corporate Debt – Financials
International Lease Finance Corp.		1.3		Corporate Debt – Financials
The Goldman Sachs Group, Inc.		1.3		Corporate Debt – Financials
Arkle Master Issuer PLC		1.2		Collaterized Mortgage Obligations

79

SC PIMCO TOTAL RETURN FUND (Continued)

Comparison of Change in Value of a $10,000 Investment in the SC PIMCO Total Return Fund – Initial Class and the Barclays Capital U.S. Aggregate Bond Index

Comparison of Change in Value of a $10,000 Investment in the SC PIMCO Total Return Fund – Service Class and the Barclays Capital U.S. Aggregate Bond Index

80

SC PIMCO TOTAL RETURN FUND (Continued)

Average Annual Total Returns for Periods Ended December 31, 2010**

	One Year			Life of Fund***
SC PIMCO Total Return Fund-Initial Class Shares		7.53	%		9.99	%
SC PIMCO Total Return Fund-Service Class Shares		7.27	%		9.72	%
Barclays Capital U.S. Aggregate Bond Index*		6.54	%		7.64	%

*The performance data of the index has been prepared from sources and data that the investment adviser believes to be reliable, but no representation is made as to their accuracy. The index is unmanaged and cannot be invested in directly. The Barclays Capital U.S. Aggregate Bond Index is composed of U.S. securities in Treasury, Government-Related, Corporate, and Securitized sectors.

**Performance data is historical and includes changes in share price and reinvestment of income dividends and capital gains distributions. Past performance does not indicate future results. All Fund returns are net of fees and expenses, but do not include any insurance charges imposed in connection with your variable insurance contract. If this performance information included the effect of the insurance charges and the fees and expenses assumed by the investment adviser, performance numbers would be lower. The value of an investment in the SC PIMCO Total Return Fund and the return on the investment will fluctuate and redemption proceeds may be higher or lower than an investor’s original cost.

***For the period from October 1, 2008 (commencement of operations) to December 31, 2010.

81

SC IBBOTSON BALANCED, CONSERVATIVE AND GROWTH FUND

(subadvised by Ibbotson Associates, Inc.)

MANAGEMENT’S DISCUSSION & ANALYSIS:

How did the Funds perform during the year ended December 31, 2010?

For the year ended December 31, 2010, the Initial and Service Class shares of SC Ibbotson Balanced Fund (the “Balanced Fund”) returned 12.18% and 11.82%, respectively, underperforming the benchmark, the Dow Jones Moderate U.S. Relative Risk Portfolio Index (the “Index”), which returned 15.23% for the same period.

For the year ended December 31, 2010, the Initial and Service Class shares of SC Ibbotson Conservative Fund (the “Conservative Fund”) returned 9.92% and 9.64%, respectively, underperforming the benchmark, the Dow Jones Moderately Conservative U.S. Relative Risk Portfolio Index (the “Index”), which returned 11.86% for the same period.

For the year ended December 31, 2010, the Initial and Service Class shares of SC Ibbotson Growth Fund (the “Growth Fund”) returned 13.80% and 13.61%, respectively, underperforming the benchmark, the Dow Jones Moderately Aggressive U.S. Relative Risk Portfolio Index (the “Index”), which returned 18.31% for the same period.

What key economic and market factors most influenced management’s tactical asset allocation strategy for the Ibbotson Balanced, Conservative, and Growth Funds (the “Funds”) during the year ended December 31, 2010?

Throughout most of the year, the Funds were positioned defensively due to macroeconomic and equity market valuation concerns. Dramatic swings in market sentiment occurred throughout the year. After trending upward in the first quarter, the equity market (represented by the S&P 500 Index) fell by over 11% following a series of bad economic data releases in the second quarter. The last four months of the year delivered over a 19% gain as fears of a second economic downturn or a “double-dip” recession abated.

At the end of December, the Ibbotson Investment Policy Committee (IPC) decided to remove the overweight of U.S. bonds versus U.S. equities, in effect since March of 2010. The likelihood of bonds outperforming stocks over the near term diminished as business conditions appear to have improved. Earnings growth of the S&P 500 was strong during 2010, exceeding the consensus forecast. Current price to earnings ratios (both trailing and forward-looking) stand at moderate to low levels, relative to the levels seen over the last 20 years. Finally, U.S. government debt yields are near historical lows and a rise in long-term yields would undermine the performance of debt relative to equities.

The Funds also removed their overweight positions of U.S. large-cap equities versus U.S. small-cap equities as the scenario of an additional economic slowdown became less likely. The overweight was implemented in November of 2009 and augmented in June of 2010.

What changes did you make to the Funds’ allocations during the reporting period and how did it affect performance during the year ended December 31, 2010?

As mentioned previously, at the end of December, the IPC decided to remove the overweight of U.S. bonds versus U.S. equities, leaving the equity-bond mix in a neutral position. The SC PIMCO Total Return and Sun Capital Investment Grade Bond Funds’ target allocations were mainly affected by these tactical reductions. The decreased emphasis on large cap equities compared to small cap equities resulted in the increase in holdings of the SC Columbia Small Cap Value and the SC BlackRock Small Cap Index Fund in the Growth Fund.

In November, the Funds also initiated positions in the SC Ibbotson Tactical Opportunities Fund, a rules-based tactical asset allocation fund of Exchange Traded Funds, accomplished by reducing exposure to the majority of

82

SC IBBOTSON BALANCED, CONSERVATIVE AND GROWTH FUND (Continued)

the existing underlying equity funds in each of the Balanced Fund, Conservative Fund and Growth Fund. The Funds also replaced the MFS Research International Fund with the SC Blackrock International Index Fund.

Across all Funds, the dynamic asset allocation overweight of bonds was the main driver of the tactical asset allocation contributing positively in the first half of the year but, in the end, detracting from year-end performance relative to the strategic targets.

What key factors were responsible for the Funds’ performance during the year ended December 31, 2010?

The strong U.S. equity market rally, particularly in the fourth quarter of 2010, helped boost the Funds’ performance into double-digit or near double-digit returns for the year. Among asset classes, U.S. equities strongly outperformed non-U.S. developed equities in 2010, and small- and mid-cap equities outperformed large cap equities. The Balanced, Conservative and Growth Funds benefitted from their strategic exposures to global REITs, small- and mid-cap equities. Also, diversification into high yields bonds and Treasury Inflation Protected Securities helped enhance performance relative to a basic, blended benchmark of the S&P 500 and Barclays Capital U.S. Aggregate bond indices.

Across all Funds, the tactical asset allocation strategy to overweight bonds and underweight equities detracted from year-end performance due to the equity markets’ strong rally during the second half of the year. Finally, in both equity and fixed income asset classes, underlying fund-level performance detracted from overall performance relative to a weighted-average of indices representing the targeted asset class exposure across all Funds. The MFS Value, SC WMC Blue Chip Mid Cap, SC PIMCO High Yield, SC Columbia Small Cap Value, and SC Goldman Sachs Mid Cap Value Funds experienced the largest underperformance relative to the asset class benchmarks or their respective benchmarks while still contributing to overall Fund performance.

Which underlying funds were the most significant contributors/detractors to the Funds’ performance for the year ended December 31, 2010?

Balanced Fund

The SC WMC Large Cap Growth, SC Ibbotson Tactical Opportunities, SC Goldman Sachs Mid Cap Value, MFS Value and MFS International Growth Funds were the most significant contributors to performance. There were no detractors to performance since all funds achieved positive returns for the year.

Conservative Fund

The SC Goldman Sachs Mid Cap Value, SC PIMCO Total Return, SC WMC Large Cap Growth, Sun Capital Investment Grade Bond and SC BlackRock Inflation Protected Bond Funds were the most significant contributors to performance. There were no detractors to performance since all funds achieved positive returns for the year.

Growth Fund

The SC WMC Large Cap Growth, SC Ibbotson Tactical Opportunities, SC Davis Venture Value, MFS International Growth and MFS Value Funds were the most significant contributors to performance. There were no detractors to performance since all funds achieved positive returns for the year.

83

SC IBBOTSON BALANCED FUND

PORTFOLIO COMPOSITION AT DECEMBER 31, 2010*

Percentage of Net Assets

* The percentages shown for each investment category reflect the value of investments in that category as a percentage of net assets. Figures in the above graph may not total to 100% due to the exclusion of the Fund’s other assets and liabilities.

TOP TEN INVESTMENT COMPANIES AT DECEMBER 31, 2010

	% of Net Assets			Category
SC Ibbotson Tactical Opportunities Fund		18.6	%	Fund of ETFs
SC Goldman Sachs Short Duration Fund		10.5		Fixed Income
SC PIMCO Total Return Fund		9.3		Fixed Income
Sun Capital Investment Grade Bond Fund		7.4		Fixed Income
SC BlackRock Inflation Protected Bond Fund		6.7		Fixed Income
MFS Value Portfolio		5.5		Domestic Equity
SC WMC Large Cap Growth Fund		4.6		Domestic Equity
SC Goldman Sachs Mid Cap Value Fund		4.5		Domestic Equity
SC Davis Venture Value Fund		4.4		Domestic Equity
MFS International Growth Portfolio		4.4		International Equity

84

SC IBBOTSON BALANCED FUND (Continued)

Comparison of Change in Value of a $10,000 Investment in the SC Ibbotson Balanced Fund – Initial Class and the Dow Jones Moderate U.S. Relative Risk Portfolio Index

Comparison of Change in Value of a $10,000 Investment in the SC Ibbotson Balanced Fund – Service Class and the Dow Jones Moderate U.S. Relative Risk Portfolio Index

85

SC IBBOTSON BALANCED FUND (Continued)

Average Annual Total Returns for Periods Ended December 31, 2010**

	One Year			Life of Fund***
SC Ibbotson Balanced Fund-Initial Class Shares		12.18	%		10.84	%
SC Ibbotson Balanced Fund-Service Class Shares		11.82	%		10.52	%
Dow Jones Moderate U.S. Relative Risk Portfolio Index*		15.23	%		9.47	%

*The performance data of the index has been prepared from sources and data that the investment adviser believes to be reliable, but no representation is made as to their accuracy. The index is unmanaged and cannot be invested in directly. The Dow Jones Relative Risk Indices measure the performance of conservative, moderate and aggressive portfolios based on incremental levels of potential risk. The indices are designed to systematically measure various levels of risk relative to the risk of a U.S. all-stock index. The Dow Jones Moderate U.S. Relative Risk Portfolio Index consists of 60% equities and 40% fixed income.

**Performance data is historical and includes changes in share price and reinvestment of income dividends and capital gains distributions. Past performance does not indicate future results. All Fund returns are net of fees and expenses, but do not include any insurance charges imposed in connection with your variable insurance contract. If this performance information included the effect of the insurance charges and the fees and expenses assumed by the investment adviser, performance numbers would be lower. The value of an investment in the SC Ibbotson Balanced Fund and the return on the investment will fluctuate and redemption proceeds may be higher or lower than an investor’s original cost.

***For the period from October 1, 2008 (commencement of operations) to December 31, 2010.

86

SC IBBOTSON CONSERVATIVE FUND

PORTFOLIO COMPOSITION AT DECEMBER 31, 2010*

Percentage of Net Assets

* The percentages shown for each investment category reflect the value of investments in that category as a percentage of net assets. Figures in the above graph may not total to 100% due to the exclusion of the Fund’s other assets and liabilities.

TOP TEN INVESTMENT COMPANIES AT DECEMBER 31, 2010

	% of Net Assets			Category
SC Goldman Sachs Short Duration Fund		18.5	%	Fixed Income
SC BlackRock Inflation Protected Bond Fund		12.6		Fixed Income
SC PIMCO Total Return Fund		11.0		Fixed Income
Sun Capital Investment Grade Bond Fund		10.9		Fixed Income
SC Ibbotson Tactical Opportunities Fund		8.8		Fund of ETFs
SC PIMCO High Yield Fund		5.0		Fixed Income
MFS Value Portfolio		4.8		Domestic Equity
SC Goldman Sachs Mid Cap Value Fund		4.5		Domestic Equity
SC WMC Large Cap Growth Fund		4.3		Domestic Equity
MFS International Growth Portfolio		3.3		International Equity

87

SC IBBOTSON CONSERVATIVE FUND (Continued)

Comparison of Change in Value of a $10,000 Investment in the SC Ibbotson Conservative Fund – Initial Class and the Dow Jones Moderately Conservative U.S. Relative Risk Portfolio Index

Comparison of Change in Value of a $10,000 Investment in the SC Ibbotson Conservative Fund – Service Class and the Dow Jones Moderately Conservative U.S. Relative Risk Portfolio Index

88

SC IBBOTSON CONSERVATIVE FUND (Continued)

Average Annual Total Returns for Periods Ended December 31, 2010**

	One Year			Life of Fund***
SC Ibbotson Conservative Fund-Initial Class Shares		9.92	%		8.67	%
SC Ibbotson Conservative Fund-Service Class Shares		9.64	%		8.43	%
Dow Jones Moderately Conservative U.S. Relative Risk Portfolio Index*		11.86	%		8.98	%

*The performance data of the index has been prepared from sources and data that the investment adviser believes to be reliable, but no representation is made as to their accuracy. The index is unmanaged and cannot be invested in directly. The Dow Jones Relative Risk Indices measure the performance of conservative, moderate and aggressive portfolios based on incremental levels of potential risk. The indices are designed to systematically measure various levels of risk relative to the risk of a U.S. all-stock index. The Dow Jones Moderately Conservative U.S. Relative Risk Portfolio Index consists of 40% equities and 60% fixed income.

**Performance data is historical and includes changes in share price and reinvestment of income dividends and capital gains distributions. Past performance does not indicate future results. All Fund returns are net of fees and expenses, but do not include any insurance charges imposed in connection with your variable insurance contract. If this performance information included the effect of the insurance charges and the fees and expenses assumed by the investment adviser, performance numbers would be lower. The value of an investment in the SC Ibbotson Conservative Fund and the return on the investment will fluctuate and redemption proceeds may be higher or lower than an investor’s original cost.

***For the period from October 1, 2008 (commencement of operations) to December 31, 2010.

89

SC IBBOTSON GROWTH FUND

PORTFOLIO COMPOSITION AT DECEMBER 31, 2010*

Percentage of Net Assets

* The percentages shown for each investment category reflect the value of investments in that category as a percentage of net assets. Figures in the above graph may not total to 100% due to the exclusion of the Fund’s other assets and liabilities.

TOP TEN INVESTMENT COMPANIES AT DECEMBER 31, 2010

	% of Net Assets			Category
SC Ibbotson Tactical Opportunities Fund		20.1	%	Fund of ETFs
SC PIMCO Total Return Fund		8.5		Fixed Income
SC Davis Venture Value Fund		8.0		Domestic Equity
MFS Value Portfolio		7.5		Domestic Equity
SC WMC Large Cap Growth Fund		7.1		Domestic Equity
MFS International Growth Portfolio		6.1		International Equity
SC Goldman Sachs Mid Cap Value Fund		4.6		Domestic Equity
Sun Capital Investment Grade Bond Fund		4.6		Fixed Income
SC Lord Abbett Growth & Income Fund		4.1		Domestic Equity
SC BlackRock Large Cap Index Fund		4.0		Domestic Equity

90

SC IBBOTSON GROWTH FUND (Continued)

Comparison of Change in Value of a $10,000 Investment in the SC Ibbotson Growth Fund – Initial Class and the Dow Jones Moderately Aggressive U.S. Relative Risk Portfolio Index

Comparison of Change in Value of a $10,000 Investment in the SC Ibbotson Growth Fund – Service Class and the Dow Jones Moderately Aggressive U.S. Relative Risk Portfolio Index

91

SC IBBOTSON GROWTH FUND (Continued)

Average Annual Total Returns for Periods Ended December 31, 2010**

	One Year			Life of Fund***
SC Ibbotson Growth Fund-Initial Class Shares		13.80	%		11.73	%
SC Ibbotson Growth Fund-Service Class Shares		13.61	%		11.48	%
Dow Jones Moderately Aggressive U.S. Relative Risk Portfolio Index*		18.31	%		9.62	%

*The performance data of the index has been prepared from sources and data that the investment adviser believes to be reliable, but no representation is made as to their accuracy. The index is unmanaged and cannot be invested in directly. The Dow Jones Relative Risk Indices measure the performance of conservative, moderate and aggressive portfolios based on incremental levels of potential risk. The indices are designed to systematically measure various levels of risk relative to the risk of a U.S. all-stock index. The Dow Jones Moderately Aggressive U.S. Relative Risk Portfolio Index consists of 80% equities and 20% fixed income.

**Performance data is historical and includes changes in share price and reinvestment of income dividends and capital gains distributions. Past performance does not indicate future results. All Fund returns are net of fees and expenses, but do not include any insurance charges imposed in connection with your variable insurance contract. If this performance information included the effect of the insurance charges and the fees and expenses assumed by the investment adviser, performance numbers would be lower. The value of an investment in the SC Ibbotson Growth Fund and the return on the investment will fluctuate and redemption proceeds may be higher or lower than an investor’s original cost.

***For the period from October 1, 2008 (commencement of operations) to December 31, 2010.

92

EXPENSE INFORMATION

December 31, 2010 (Unaudited)

Information About Your Fund’s Expenses

All mutual funds incur ongoing operating expenses, including management fees and administrative services, among others. The following table is intended to increase your understanding of the ongoing costs of investing in each Fund. The following example is based on the investment of $1,000 at the beginning of the period and held for the entire period, July 1, 2010 to December 31, 2010. Expense information does not include any insurance charges imposed in connection with your variable insurance contract.

Actual Expenses: The table below provides information about actual account values and actual expenses. You may use the actual account values and actual expense information below, together with the amount you invested, to estimate the expenses you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your Fund under the heading “Actual Expenses Paid During Period”. In addition, SC Ibbotson Tactical Opportunities Fund, SC Ibbotson Balanced Fund, SC Ibbotson Conservative Fund and SC Ibbotson Growth Fund, as shareholders in underlying funds, indirectly bear a pro rata share of the fees and expenses incurred by the underlying funds. These fees and expenses are not included in the annualized expense ratios used to calculate the “Net Expense Ratio During Period” for the Funds.

Hypothetical (5% annual return before expenses): The table below also provides information about hypothetical account values and hypothetical expenses for comparison purposes. The hypothetical account values and hypothetical expenses are based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return of the Fund. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. However, you may use this information to compare the ongoing costs of investing in the Funds with the hypothetical examples that appear in the shareholder reports of other mutual funds. In addition, SC Ibbotson Tactical Opportunities Fund, SC Ibbotson Balanced Fund, SC Ibbotson Conservative Fund and SC Ibbotson Growth Fund, as shareholders in underlying funds, indirectly bear a pro rata share of the fees and expenses incurred by the underlying funds. These fees and expenses are not included in the annualized expense ratios used to calculate the “Net Expense Ratio During Period” for the Funds.

Expense Information

	Beginning Account Value 7/1/10		Actual Ending Account Value 12/31/10		Hypothetical Ending Account Value 12/31/10		Actual Expenses Paid During Period*			Hypothetical Expenses Paid During Period*			Net Expense Ratio During Period
SC AllianceBernstein International Value Fund
Initial Class	$	1,000.00	$	1,248.30	$	1,021.42	$	4.25		$	3.82			0.75	%
Service Class		1,000.00		1,247.40		1,020.16		5.66			5.09			1.00
SC BlackRock International Index Fund
Initial Class		1,000.00		1,038.00		1,005.67		0.79	**		0.77	**		0.60
Service Class		1,000.00		1,037.00		1,005.34		1.11	**		1.10	**		0.85
SC BlackRock Large Cap Index Fund
Initial Class		1,000.00		1,225.50		1,021.07		4.60			4.18			0.82
Service Class		1,000.00		1,225.40		1,019.96		5.83			5.30			1.04
SC BlackRock Small Cap Index Fund
Initial Class		1,000.00		1,262.50		1,020.67		5.13			4.58			0.90
Service Class		1,000.00		1,260.00		1,019.46		6.49			5.80			1.14

* For each class of the Fund, expenses are equal to the six-month annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent six-month period.

** The SC BlackRock International Index Fund and SC Ibbotson Tactical Opportunities Fund commenced operations on November 15, 2010. For each class of the SC BlackRock International Index Fund and Initial Class of SC Ibbotson Tactical Opportunities Fund, actual expenses are equal to the actual expenses incurred by each class from commencement of operations through December 31, 2010. Hypothetical expenses for each class are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 47/365 to reflect the period from commencement.

93

EXPENSE INFORMATION

December 31, 2010 (Unaudited) (Continued)

	Beginning Account Value 7/1/10		Actual Ending Account Value 12/31/10		Hypothetical Ending Account Value 12/31/10		Actual Expenses Paid During Period*			Hypothetical Expenses Paid During Period*			Net Expense Ratio During Period
SC Goldman Sachs Mid Cap Value Fund
Initial Class	$	1,000.00	$	1,236.90	$	1,019.86	$	5.98		$	5.40			1.06	%
Service Class		1,000.00		1,234.90		1,018.60		7.38			6.67			1.31
SC Columbia Small Cap Value Fund
Initial Class		1,000.00		1,266.50		1,019.41		6.57			5.85			1.15
Service Class		1,000.00		1,264.80		1,018.15		7.99			7.12			1.40
SC Davis Venture Value Fund
Initial Class		1,000.00		1,216.40		1,020.87		4.80			4.38			0.86
Service Class		1,000.00		1,215.20		1,019.61		6.20			5.65			1.11
SC Invesco Small Cap Growth Fund
Initial Class		1,000.00		1,287.60		1,019.41		6.63			5.85			1.15
Service Class		1,000.00		1,285.50		1,018.15		8.06			7.12			1.40
SC Lord Abbett Growth & Income Fund
Initial Class		1,000.00		1,236.00		1,020.82		4.90			4.43			0.87
Service Class		1,000.00		1,233.40		1,019.56		6.30			5.70			1.12
SC WMC Blue Chip Mid Cap Fund
Initial Class		1,000.00		1,245.10		1,020.26		5.55			4.99			0.98
Service Class		1,000.00		1,243.30		1,019.00		6.95			6.26			1.23
SC WMC Large Cap Growth Fund
Initial Class		1,000.00		1,273.10		1,021.12		4.64			4.13			0.81
Service Class		1,000.00		1,272.00		1,019.86		6.07			5.40			1.06
Sun Capital Global Real Estate Fund
Initial Class		1,000.00		1,243.60		1,019.66		6.22			5.60			1.10
Service Class		1,000.00		1,241.70		1,018.40		7.63			6.87			1.35
SC Ibbotson Tactical Opportunities Fund
Initial Class		1,000.00		1,052.00		1,005.79		0.66	**		0.65	**		0.50
Sun Capital Investment Grade Bond Fund
Initial Class		1,000.00		1,033.20		1,021.58		3.69			3.67			0.72
Service Class		1,000.00		1,031.70		1,020.26		5.02			4.99			0.98
Sun Capital Money Market Fund
Initial Class		1,000.00		1,000.70		1,024.95		0.25			0.26			0.05
Service Class		1,000.00		1,000.00		1,024.05		1.16			1.17			0.23
SC BlackRock Inflation Protected Bond Fund
Initial Class		1,000.00		1,017.20		1,021.93		3.30			3.31			0.65
Service Class		1,000.00		1,015.10		1,020.67		4.57			4.58			0.90

* For each class of the Fund, expenses are equal to the six-month annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent six-month period.

** The SC BlackRock International Index Fund and SC Ibbotson Tactical Opportunities Fund commenced operations on November 15, 2010. For each class of the SC BlackRock International Index Fund and Initial Class of SC Ibbotson Tactical Opportunities Fund, actual expenses are equal to the actual expenses incurred by each class from commencement of operations through December 31, 2010. Hypothetical expenses for each class are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 47/365 to reflect the period from commencement.

94

EXPENSE INFORMATION

December 31, 2010 (Unaudited) (Continued)

	Beginning Account Value 7/1/10		Actual Ending Account Value 12/31/10		Hypothetical Ending Account Value 12/31/10		Actual Expenses Paid During Period*		Hypothetical Expenses Paid During Period*		Net Expense Ratio During Period
SC Goldman Sachs Short Duration Fund
Initial Class	$	1,000.00	$	1,005.90	$	1,021.93	$	3.29	$	3.31		0.65	%
Service Class		1,000.00		1,005.60		1,020.67		4.55		4.58		0.90
SC PIMCO High Yield Fund
Initial Class		1,000.00		1,085.00		1,021.42		3.94		3.82		0.75
Service Class		1,000.00		1,083.60		1,020.16		5.25		5.09		1.00
SC PIMCO Total Return Fund
Initial Class		1,000.00		1,021.60		1,021.93		3.31		3.31		0.65
Service Class		1,000.00		1,020.30		1,020.67		4.58		4.58		0.90
SC Ibbotson Balanced Fund
Initial Class		1,000.00		1,149.50		1,024.20		1.08		1.02		0.20
Service Class		1,000.00		1,146.90		1,022.94		2.44		2.29		0.45
SC Ibbotson Conservative Fund
Initial Class		1,000.00		1,105.20		1,024.20		1.06		1.02		0.20
Service Class		1,000.00		1,104.50		1,022.94		2.39		2.29		0.45
SC Ibbotson Growth Fund
Initial Class		1,000.00		1,189.80		1,024.20		1.10		1.02		0.20
Service Class		1,000.00		1,189.00		1,022.94		2.48		2.29		0.45

* For each class of the Fund, expenses are equal to the six-month annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent six-month period.

95

SC ALLIANCEBERNSTEIN INTERNATIONAL VALUE FUND

PORTFOLIO OF INVESTMENTS December 31, 2010 Sun Capital Advisers Trust

	Country Code**		Shares		Value
COMMON STOCKS – 97.3%
AEROSPACE & DEFENSE – 1.0%
BAE Systems PLC		GB		97,500	$	501,640
Bombardier, Inc.		CA		41,100		207,092
						708,732
AIRLINES – 0.5%
British Airways PLC*		GB		81,400		345,832
AUTO COMPONENTS – 1.8%
GKN PLC		GB		112,200		388,697
Magna International, Inc.		CA		6,100		318,466
NGK Spark Plug Co., Ltd.		JP		20,000		306,934
Sumitomo Rubber Industries Ltd.		JP		27,900		291,405
						1,305,502
AUTOMOBILES – 3.8%
Daimler AG*		DE		5,800		393,185
Honda Motor Co., Ltd.		JP		6,300		249,470
Nissan Motor Co., Ltd.		JP		58,500		556,971
Renault SA*		FR		8,200		476,658
Toyota Motor Corp.		JP		28,000		1,110,482
						2,786,766
BEVERAGES – 0.5%
Asahi Breweries Ltd.		JP		20,400		395,236
BUILDING PRODUCTS – 0.8%
Asahi Glass Co., Ltd.		JP		53,000		619,497
CAPITAL MARKETS – 2.0%
Credit Suisse Group AG		CH		8,600		346,484
Deutsche Bank AG		DE		6,000		313,496
Macquarie Group Ltd.		AU		9,600		363,397
UBS AG*		CH		27,020		443,590
						1,466,967
CHEMICALS – 4.6%
Agrium, Inc.		CA		5,000		460,123
Air Water, Inc.		JP		25,000		319,313
Arkema SA		FR		4,100		295,144
BASF SE		DE		6,700		534,507
Clariant AG*		CH		15,000		303,850

	Country Code**		Shares		Value
DIC Corp.		JP		80,000	$	179,332
Koninklijke DSM NV		NL		7,500		426,998
Linde AG		DE		1,100		166,910
Nippon Shokubai Co., Ltd.		JP		21,000		217,268
Yara International ASA		NO		4,500		260,281
Zeon Corp.		JP		29,000		242,887
						3,406,613
COMMERCIAL BANKS – 13.1%
Australia & New Zealand Banking Group Ltd.		AU		31,300		747,519
Banco Bilbao Vizcaya Argentaria SA		ES		29,000		292,970
Banco do Brasil SA		BR		8,100		153,314
Bank of China Ltd.		CN		182,000		96,236
Bank of Queensland Ltd.		AU		26,511		281,730
Barclays PLC		GB		167,300		682,481
Bendigo and Adelaide Bank Ltd.		AU		22,800		232,032
BNP Paribas		FR		10,519		669,232
Danske Bank A/S*		DK		12,800		328,143
DnB NOR ASA		NO		32,800		460,377
HSBC Holdings PLC		GB		80,125		813,373
Intesa Sanpaolo		IT		120,000		325,523
KB Financial Group, Inc. ADR*		KR		2,247		118,844
KBC GROEP NV*		BE		9,800		333,941
Lloyds Banking Group PLC*		GB		464,800		476,108
Mitsubishi UFJ Financial Group, Inc.		JP		40,100		216,823
National Australia Bank, Ltd.		AU		35,900		870,229
National Bank of Canada		CA		5,000		344,564
Societe Generale		FR		12,354		663,978
Sumitomo Mitsui Financial Group, Inc.		JP		16,000		569,922
Turkiye Garanti Bankasi AS		TR		36,100		182,838
Turkiye Is Bankasi, C Shares		TR		30,700		109,359

See Notes to Financial Statements.

96

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**		Shares		Value
Turkiye Vakiflar Bankasi T.A.O.		TR		42,900	$	108,639
UniCredit SpA		IT		312,868		647,196
						9,725,371
COMMERCIAL SERVICES & SUPPLIES – 0.6%
Rentokil Initial PLC*		GB		176,200		266,197
Toppan Printing Co., Ltd.		JP		22,000		201,059
						467,256
COMMUNICATIONS EQUIPMENT – 0.4%
Nokia OYJ		FI		28,500		294,774
COMPUTERS & PERIPHERALS – 1.4%
Fujitsu Ltd.		JP		46,000		320,113
NEC Corp.		JP		69,000		207,366
Toshiba Corp.		JP		97,000		528,070
						1,055,549
CONSTRUCTION & ENGINEERING – 0.9%
Bouygues SA		FR		16,300		702,568
CONSTRUCTION MATERIALS – 0.4%
Boral Ltd.		AU		59,800		295,419
CONTAINERS & PACKAGING – 0.3%
Smurfit Kappa Group PLC*		IE		20,600		200,953
DISTRIBUTORS – 0.3%
Inchcape PLC*		GB		43,900		244,073
DIVERSIFIED FINANCIAL SERVICES – 1.1%
Challenger Financial Services Group Ltd.		AU		37,800		181,711
ING Groep NV–CVA*		NL		24,200		235,424
Orix Corp.		JP		4,060		399,549
						816,684
DIVERSIFIED TELECOMMUNICATION SERVICES – 4.6%
Deutsche Telekom AG		DE		16,800		216,753
France Telecom SA		FR		26,300		548,081
Nippon Telegraph & Telephone Corp.		JP		13,900		629,172
Telecom Italia SpA		IT		421,200		544,276
Telecom Italia SpA RSP		IT		163,600		177,518

	Country Code**		Shares		Value
Telefonica SA		ES		26,400	$	598,497
Telenor ASA		NO		16,500		268,070
Telstra Corp., Ltd.		AU		146,200		417,198
						3,399,565
ELECTRIC UTILITIES – 3.9%
E.ON AG		DE		30,100		922,506
Electricite de France		FR		12,400		508,620
Enel SpA		IT		47,928		239,533
Kyushu Electric Power Co., Inc.		JP		10,500		235,374
The Kansai Electric Power Co., Inc.		JP		11,300		278,916
The Tokyo Electric Power Co., Inc.		JP		28,000		683,877
						2,868,826
ELECTRICAL EQUIPMENT – 1.2%
Furukawa Electric Co., Ltd.		JP		54,000		242,764
Schneider Electric SA		FR		1,600		239,465
Sumitomo Electric Industries Ltd.		JP		32,000		444,587
						926,816
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.4%
AU Optronics Corp. ADR*		TW		7,374		76,837
Hitachi Ltd.		JP		41,000		218,660
						295,497
ENERGY EQUIPMENT & SERVICES – 0.4%
Compagnie Generale de Geophysique-Veritas*		FR		10,200		310,429
FOOD & STAPLES RETAILING – 1.9%
Aeon Co., Ltd.		JP		14,100		176,445
Carrefour SA		FR		3,600		148,410
Delhaize Group		BE		8,435		622,986
Koninklijke Ahold NV		NL		36,600		483,021
						1,430,862
FOOD PRODUCTS – 1.9%
Ajinomoto Co., Inc.		JP		27,000		281,340
Nestle SA		CH		19,286		1,129,314
						1,410,654

See Notes to Financial Statements.

97

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**		Shares		Value
GAS UTILITIES – 0.4%
Tokyo Gas Co., Ltd.		JP		61,000	$	270,477
HEALTH CARE EQUIPMENT & SUPPLIES – 0.3%
Smith & Nephew PLC		GB		23,500		247,862
HEALTH CARE PROVIDERS & SERVICES – 0.2%
Medipal Holdings Corp.		JP		12,500		137,794
HOTELS, RESTAURANTS & LEISURE – 0.7%
Thomas Cook Group PLC		GB		42,500		125,699
Tui Travel PLC		GB		40,000		153,540
Whitbread PLC		GB		7,800		217,681
						496,920
HOUSEHOLD DURABLES – 1.6%
Sharp Corp.		JP		52,000		536,076
Sony Corp.		JP		18,900		681,368
						1,217,444
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS – 0.4%
Drax Group PLC		GB		50,000		287,108
INDUSTRIAL CONGLOMERATES – 1.6%
Cookson Group PLC*		GB		24,900		255,640
Koninklijke Philips Electronics NV		NL		6,820		208,883
SembCorp Industries Ltd.		SG		67,000		268,345
Siemens AG		DE		3,700		458,337
						1,191,205
INSURANCE – 3.8%
Allianz SE		DE		7,150		849,686
Aviva PLC		GB		79,300		485,892
Insurance Australia Group Ltd.		AU		44,800		177,787
Legal & General Group PLC		GB		257,200		387,968
Muenchener Rueckversicherungs AG		DE		3,850		583,672
Old Mutual PLC		GB		193,600		371,567
						2,856,572

	Country Code**		Shares		Value
IT SERVICES – 1.1%
Cap Gemini SA		FR		9,800	$	457,434
Logica PLC		GB		171,500		350,275
						807,709
LEISURE EQUIPMENT & PRODUCTS – 0.2%
Namco Bandai Holdings, Inc.		JP		10,600		113,846
MACHINERY – 0.6%
Cargotec Oyj, B Shares		FI		3,500		182,545
Charter International PLC		JE		18,000		236,999
						419,544
MEDIA – 1.6%
Informa PLC		JE		49,200		312,584
Lagardere SCA		FR		5,200		214,230
Vivendi		FR		24,310		656,206
						1,183,020
METALS & MINING – 6.6%
BHP Billiton Ltd.		AU		5,000		231,409
BHP Billiton PLC		GB		23,200		922,725
JFE Holdings, Inc.		JP		13,700		477,197
KGHM Polska Miedz SA		PL		3,000		175,314
Lundin Mining Corp.*		CA		42,300		308,858
New Gold, Inc.*		CA		25,300		246,308
Rio Tinto PLC		GB		19,100		1,336,026
ThyssenKrupp AG		DE		9,800		405,771
Vale SA ADR		BR		4,100		123,902
Xstrata PLC		GB		30,137		707,383
						4,934,893
MULTI-LINE RETAIL – 0.8%
Marks & Spencer Group PLC		GB		24,471		140,784
PPR		FR		2,700		429,353
						570,137
MULTI-UTILITIES – 0.9%
Centrica PLC		GB		33,700		174,228
GDF Suez		FR		8,300		297,801
RWE AG		DE		2,670		178,004
						650,033

See Notes to Financial Statements.

98

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**		Shares		Value
OFFICE ELECTRONICS – 0.4%
Konica Minolta Holdings, Inc.		JP		29,500	$	306,663
OIL, GAS & CONSUMABLE FUELS – 8.7%
BP PLC		GB		169,700		1,231,748
China Petroleum & Chemical Corp.		CN		142,000		135,920
Eni SpA		IT		16,500		360,280
Gazprom OAO ADR		RU		3,700		94,128
JX Holdings, Inc.		JP		51,400		348,829
Lukoil ADR		RU		2,100		120,162
Nexen, Inc.		CA		22,508		516,124
OMV AG		AT		10,900		452,992
Penn West Energy Trust		CA		18,350		439,972
Royal Dutch Shell PLC, A Shares		GB		49,316		1,629,731
Suncor Energy, Inc.		CA		11,696		450,289
Total SA		FR		13,000		688,796
						6,468,971
PAPER & FOREST PRODUCTS – 0.7%
Mondi PLC		GB		33,200		265,798
Oji Paper Co., Ltd.		JP		55,000		266,228
						532,026
PHARMACEUTICALS – 7.5%
AstraZeneca PLC		GB		28,600		1,302,927
Bayer AG		DE		10,500		775,923
GlaxoSmithKline PLC		GB		39,700		767,513
Novartis AG		CH		19,390		1,139,551
Novo Nordisk AS		DK		2,750		310,100
Roche Holding AG		CH		4,500		659,358
Sanofi-Aventis SA		FR		9,200		588,266
						5,543,638
REAL ESTATE MANAGEMENT & DEVELOPMENT – 1.8%
Cheung Kong Holdings Ltd.		HK		14,000		215,778
Mitsui Fudosan Co., Ltd.		JP		22,000		438,699
New World Development, Ltd.		HK		188,939		355,379
NTT Urban Development Corp.		JP		314		309,398
						1,319,254

	Country Code**		Shares		Value
ROAD & RAIL – 1.1%
East Japan Railway Co.		JP		5,200	$	338,170
FirstGroup PLC		GB		43,700		271,372
West Japan Railway Co.		JP		63		235,503
						845,045
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 0.2%
Samsung Electronics Co., Ltd. GDR		KR		300		126,570
SPECIALTY RETAIL – 0.5%
Esprit Holdings Ltd.		BM		83,207		395,011
TEXTILES, APPAREL & LUXURY GOODS – 0.6%
Compagnie Financiere Richemont SA		CH		3,500		205,882
LVMH Moet Hennessy Louis Vuitton SA		FR		1,600		263,198
						469,080
TOBACCO – 2.1%
British American Tobacco PLC		GB		4,500		172,838
Imperial Tobacco Group PLC		GB		21,800		668,891
Japan Tobacco, Inc.		JP		196		725,434
						1,567,163
TRADING COMPANIES & DISTRIBUTORS – 3.0%
ITOCHU Corp.		JP		33,700		341,192
Mitsubishi Corp.		JP		24,500		663,271
Mitsui & Co., Ltd.		JP		35,900		592,954
Rexel SA*		FR		18,500		401,849
Sumitomo Corp.		JP		18,900		267,473
						2,266,739
WIRELESS TELECOMMUNICATION SERVICES – 2.1%
KDDI Corp.		JP		58		335,041
Vodafone Group PLC		GB		478,400		1,236,658
						1,571,699
Total Common Stocks (Cost $64,913,159)						72,276,864

See Notes to Financial Statements.

99

SC ALLIANCEBERNSTEIN INTERNATIONAL VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**		Shares		Value
EQUITY LINKED SECURITIES – 0.4%
COMMERCIAL BANKS – 0.2%
Hana Financial Group, Inc. (Deutsche Bank AG), expires 11/18/19*(1)		DE		3,400	$	130,746
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.0% +
AU Optronics Corp., (Credit Suisse Group AG), expires 2/17/12*(1)		CH		19,947		20,685
METALS & MINING – 0.2%
Tata Steel Ltd., (Merrill Lynch & Co., Inc.), expires 12/23/14*(1)				7,300		111,106
Total Equity Linked Securities (Cost $210,047)						262,537

	Country Code**		Shares		Value
PREFERRED STOCKS – 0.3%
AUTOMOBILES – 0.3%
Volkswagen AG (Cost $176,760)		DE		1,100	$	178,449
SHORT TERM INVESTMENTS – 1.9%
MUTUAL FUNDS – 1.9%
AllianceBernstein Government Short Term Investment Fund (Cost $1,423,435)				1,423,435		1,423,435
TOTAL INVESTMENTS – 99.9%
(Cost $66,723,401)						74,141,285
Other assets less liabilities – 0.1%						110,550
NET ASSETS – 100.0%					$	74,251,835

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
AT	Austria
AU	Australia
BE	Belgium
BM	Bermuda
BR	Brazil
CA	Canada
CH	Switzerland
CN	China
DE	Germany
DK	Denmark
ES	Spain
FI	Finland
FR	France
GB	Great Britain
HK	Hong Kong
IE	Ireland
IT	Italy
JE	Jersey
JP	Japan
KR	Korea, Republic of
NL	Netherlands
NO	Norway
PL	Poland
RU	Russia
SG	Singapore
TR	Turkey
TW	Taiwan, Province of China

See Notes to Financial Statements.

Distribution of investments by country of issuer, as a percentage of net assets, is as follows. Figures may not total to 100% due to the exclusion of the Fund’s other assets and liabilities. (Unaudited)

Japan	23.5	%
Great Britain	23.3
France	11.4
Germany	8.4
Switzerland	5.7
Australia	5.2
Canada	4.5
Italy	3.0
Other (individually less than 2%)	14.9

100

SC ALLIANCEBERNSTEIN INTERNATIONAL VALUE FUND PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2010	Sun Capital Advisers Trust

* Non-income producing security.

** Unless otherwise noted the issuer country code for all securities is United States.

+ Amount is less than 0.05%.

(1) Eligible for resale under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $262,537, representing 0.4% of net assets.

(2) At the period end, cash of $25,514 has been pledged to cover margin requirements for the following open futures contracts:

Type	Description	Expiration Date	Contracts		Aggregate Face Value ($)		Aggregate Notional Value ($)		Unrealized Depreciation ($)
Long	DJ Euro Stoxx 50 Index March Futures	3/18/11		9		342,626		336,026		(6,600	)

(3) Fair Value Measurements †

The following table summarizes the inputs used to value the Fund’s assets and liabilities, as applicable, measured at fair value at the period end:

Assets	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks
Aerospace & Defense	$	207,092	$	501,640	$	—	$	708,732
Airlines		—		345,832		—		345,832
Auto Components		318,466		987,036		—		1,305,502
Automobiles		—		2,786,766		—		2,786,766
Beverages		—		395,236		—		395,236
Building Products		—		619,497		—		619,497
Capital Markets		—		1,466,967		—		1,466,967
Chemicals		460,123		2,946,490		—		3,406,613
Commercial Banks		463,408		9,261,963		—		9,725,371
Commercial Services & Supplies		—		467,256		—		467,256
Communications Equipment		—		294,774		—		294,774
Computers & Peripherals		—		1,055,549		—		1,055,549
Construction & Engineering		—		702,568		—		702,568
Construction Materials		—		295,419		—		295,419
Containers & Packaging		—		200,953		—		200,953
Distributors		—		244,073		—		244,073
Diversified Financial Services		—		816,684		—		816,684
Diversified Telecommunication Services		—		3,399,565		—		3,399,565
Electric Utilities		—		2,868,826		—		2,868,826
Electrical Equipment		—		926,816		—		926,816
Electronic Equipment, Instruments & Components		76,837		218,660		—		295,497

See Notes to Financial Statements.

101

SC ALLIANCEBERNSTEIN INTERNATIONAL VALUE FUND PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2010	Sun Capital Advisers Trust

Assets (Continued)	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Energy Equipment & Services	$	—		$	310,429	$	—	$	310,429
Food & Staples Retailing		—			1,430,862		—		1,430,862
Food Products		—			1,410,654		—		1,410,654
Gas Utilities		—			270,477		—		270,477
Health Care Equipment & Supplies		—			247,862		—		247,862
Health Care Providers & Services		—			137,794		—		137,794
Hotels, Restaurants & Leisure		—			496,920		—		496,920
Household Durables		—			1,217,444		—		1,217,444
Independent Power Producers & Energy Traders		—			287,108		—		287,108
Industrial Conglomerates		—			1,191,205		—		1,191,205
Insurance		—			2,856,572		—		2,856,572
IT Services		—			807,709		—		807,709
Leisure Equipment & Products		—			113,846		—		113,846
Machinery		—			419,544		—		419,544
Media		—			1,183,020		—		1,183,020
Metals & Mining		679,068			4,255,825		—		4,934,893
Multi-Line Retail		—			570,137		—		570,137
Multi-Utilities		—			650,033		—		650,033
Office Electronics		—			306,663		—		306,663
Oil, Gas & Consumable Fuels		1,500,513			4,968,458		—		6,468,971
Paper & Forest Products		—			532,026		—		532,026
Pharmaceuticals		—			5,543,638		—		5,543,638
Real Estate Management & Development		—			1,319,254		—		1,319,254
Road & Rail		—			845,045		—		845,045
Semiconductors & Semiconductor Equipment		—			126,570		—		126,570
Specialty Retail		—			395,011		—		395,011
Textiles, Apparel & Luxury Goods		—			469,080		—		469,080
Tobacco		—			1,567,163		—		1,567,163
Trading Companies & Distributors		—			2,266,739		—		2,266,739
Wireless Telecommunication Services		—			1,571,699		—		1,571,699
Total Common Stocks		3,705,507			68,571,357		—		72,276,864
Equity Linked Securities (a)		—			262,537		—		262,537
Preferred Stocks (a)		—			178,449		—		178,449
Short Term Investments
Mutual Funds		1,423,435			—		—		1,423,435
Total Investments	$	5,128,942		$	69,012,343	$	—	$	74,141,285
Liabilities
Financial Derivative Instruments
Futures Contracts	$	(6,600	)	$	—	$	—	$	(6,600	)
Total Financial Derivative Instruments	$	(6,600	)	$	—	$	—	$	(6,600	)

† See Note 2b in the Notes to Financial Statements for additional information.

(a) See Portfolio of Investments for additional detailed categorizations.

See Notes to Financial Statements.

102

SC BLACKROCK INTERNATIONAL INDEX FUND

PORTFOLIO OF INVESTMENTS December 31, 2010 Sun Capital Advisers Trust

	Country Code**		Shares		Value
COMMON STOCKS – 95.9%
AEROSPACE & DEFENSE – 0.6%
BAE Systems PLC		GB		16,318	$	83,957
Cobham PLC		GB		5,527		17,536
Elbit Systems Ltd.		IL		112		5,975
European Aeronautic Defense and Space Co., NV*		NL		1,954		45,538
Finmeccanica SpA		IT		1,938		22,026
Rolls-Royce Group PLC*		GB		8,879		86,243
Safran SA		FR		799		28,294
Singapore Technologies Engineering Ltd.		SG		8,000		21,319
Thales SA		FR		429		15,011
						325,899
AIR FREIGHT & LOGISTICS – 0.3%
Deutsche Post AG		DE		4,053		68,784
TNT NV		NL		1,802		47,558
Toll Holdings Ltd.		AU		3,198		18,742
Yamato Holdings Co., Ltd.		JP		1,900		27,053
						162,137
AIRLINES – 0.3%
Air France-KLM*		FR		647		11,784
All Nippon Airways Co., Ltd.*		JP		4,000		14,928
British Airways PLC*		GB		2,762		11,735
Cathay Pacific Airways Ltd.		HK		6,000		16,558
Deutsche Luftansa AG*		DE		1,096		23,953
Iberia Lineas Aereas de Espana SA*		ES		2,282		9,743
Qantas Airways Ltd.*		AU		5,315		13,808
Ryanair Holdings PLC ADR		IE		303		9,320
Singapore Airlines Ltd.		SG		3,000		36,280
						148,109
AUTO COMPONENTS – 0.7%
Aisin Seiki Co., Ltd.		JP		900		31,847
Bridgestone Corp.		JP		3,100		59,908
Compagnie Generale Des Etablissements Michelin		FR		845		60,637
Continental AG*		DE		239		18,888
Denso Corp.		JP		2,300		79,377

	Country Code**		Shares		Value
NGK Spark Plug Co., Ltd.		JP		1,000	$	15,347
NHK Spring Co., Ltd.		JP		1,000		10,876
NOK Corp.		JP		500		10,420
Nokian Renkaat OYJ		FI		518		19,001
Pirelli & C. SpA		IT		1,139		9,208
Stanley Electric Co., Ltd.		JP		700		13,079
Sumitomo Rubber Industries Ltd.		JP		800		8,356
Toyoda Gosei Co., Ltd.		JP		300		7,046
Toyota Boshoku Corp.		JP		300		5,295
Toyota Industries Corp.		JP		900		27,945
						377,230
AUTOMOBILES – 3.1%
Bayerische Motoren Werke AG		DE		1,586		124,725
Daihatsu Motor Co., Ltd.		JP		1,000		15,347
Daimler AG*		DE		4,320		292,855
Fiat SpA		IT		3,661		75,486
Fuji Heavy Industries Ltd.		JP		3,000		23,279
Honda Motor Co., Ltd.		JP		7,800		308,868
Isuzu Motors Ltd.		JP		6,000		27,269
Mazda Motor Corp.		JP		7,000		20,089
Mitsubishi Motors Corp.*		JP		19,000		27,614
Nissan Motor Co., Ltd.		JP		11,900		113,298
Peugeot SA*		FR		729		27,676
Renault SA*		FR		920		53,479
Suzuki Motor Corp.		JP		1,600		39,414
Toyota Motor Corp.		JP		13,200		523,513
Volkswagen AG		DE		141		19,953
Yamaha Motor Co., Ltd.*		JP		1,300		21,184
						1,714,049
BEVERAGES – 1.9%
Anheuser-Busch Inbev NV		BE		3,458		197,776
Asahi Breweries Ltd.		JP		1,900		36,811
Carlsberg AS, Class B		DK		512		51,264
Coca-Cola Amatil Ltd.		AU		2,710		30,102
Coca-Cola Hellenic Bottling Co. SA		GR		876		22,663
Coca-Cola West Co., Ltd.		JP		300		5,435
Diageo PLC		GB		11,998		221,667
Foster’s Group Ltd.		AU		9,244		53,703
Heineken Holding NV		NL		552		23,992

See Notes to Financial Statements.

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	Country Code**		Shares		Value
Heineken NV		NL		1,241	$	60,845
Ito En Ltd.		JP		300		4,988
Kirin Holdings Co., Ltd.		JP		4,000		56,115
Pernod-Ricard SA		FR		949		89,227
SABMiller PLC		GB		4,551		160,109
Sapporo Holdings Ltd.		JP		1,000		4,532
						1,019,229
BIOTECHNOLOGY – 0.2%
Actelion Ltd.*		CH		488		26,723
CSL Ltd.		AU		2,633		97,730
Grifols SA		ES		663		9,037
						133,490
BUILDING PRODUCTS – 0.6%
Asahi Glass Co., Ltd.		JP		5,000		58,443
Assa Abloy AB		SE		1,494		42,094
Compagnie de Saint-Gobain		FR		1,906		98,059
Daikin Industries Ltd.		JP		1,100		39,020
Geberit AG		CH		186		43,009
JS Group Corp.		JP		1,200		26,412
Nippon Sheet Glass Co., Ltd.		JP		4,000		10,789
TOTO Ltd.		JP		1,000		7,255
						325,081
CAPITAL MARKETS – 2.2%
3i Group PLC		GB		4,648		23,805
Credit Suisse Group AG		CH		5,394		217,318
Daiwa Securities Group, Inc.		JP		8,000		41,187
Deutsche Bank AG		DE		4,460		233,032
GAM Holding AG*		CH		989		16,342
ICAP PLC		GB		2,686		22,404
Investec PLC		GB		2,315		19,021
Julius Baer Group, Ltd.		CH		989		46,330
Macquarie Group Ltd.		AU		1,655		62,648
Man Group PLC		GB		8,533		39,379
Matsui Securities Co., Ltd.		JP		600		4,272
Mediobanca SpA		IT		2,268		20,185
Mizuho Securities Co., Ltd.		JP		3,000		8,610
Nomura Holdings, Inc.		JP		16,900		107,199
Ratos AB		SE		487		18,030
SBI Holdings, Inc.		JP		95		14,416
Schroders PLC		GB		541		15,646
UBS AG*		CH		17,427		286,101
						1,195,925

	Country Code**		Shares		Value
CHEMICALS – 3.4%
Air Liquide SA		FR		1,355	$	171,363
Air Water, Inc.		JP		1,000		12,772
Akzo Nobel NV		NL		1,109		68,889
Asahi Kasei Corp.		JP		6,000		39,167
BASF SE		DE		4,398		350,860
Daicel Chemical Industries Ltd.		JP		1,000		7,304
Denki Kagaku Kogyo KK		JP		2,000		9,509
Givaudan SA		CH		40		43,166
Hitachi Chemical Co., Ltd.		JP		500		10,352
Incitec Pivot Ltd.		AU		7,800		31,592
Israel Chemicals Ltd.		IL		2,123		36,393
Johnson Matthey PLC		GB		1,028		32,664
JSR Corp.		JP		900		16,794
K+S AG		DE		687		51,741
Kaneka Corp.		JP		1,000		6,934
Kansai Paint Co., Ltd.		JP		1,000		9,681
Koninklijke DSM NV		NL		738		42,017
Kuraray Co., Ltd.		JP		1,600		22,939
Lanxess AG		DE		398		31,432
Linde AG		DE		810		122,907
Makhteshim-Agan Industries Ltd.*		IL		1,100		5,639
Mitsubishi Chemical Holdings Corp.		JP		6,000		40,719
Mitsubishi Gas Chemical Co., Inc.		JP		2,000		14,214
Mitsui Chemicals, Inc.		JP		4,000		14,337
Nissan Chemical Industries Ltd.		JP		700		9,079
Nitto Denko Corp.		JP		800		37,689
Novozymes A/S, Class B		DK		221		30,784
Orica Ltd.		AU		1,734		44,161
Shin-Etsu Chemical Co., Ltd.		JP		2,000		108,388
Showa Denko KK		JP		7,000		15,778
Sika AG		CH		10		21,936
Solvay SA		BE		284		30,266
Sumitomo Chemical Co., Ltd.		JP		8,000		39,414
Syngenta AG		CH		453		132,509
Taiyo Nippon Sanso Corp.		JP		1,000		8,831
Teijin Ltd.		JP		4,000		17,096
The Israel Corporation Ltd.*		IL		11		13,345
Tokuyama Corp.		JP		2,000		10,346

See Notes to Financial Statements.

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	Country Code**		Shares		Value
Toray Industries Inc.		JP		7,000	$	41,815
Tosoh Corp.		JP		2,000		6,503
Ube Industries Ltd.		JP		5,000		15,026
Umicore		BE		546		28,397
Wacker Chemie AG		DE		75		13,089
Yara International ASA		NO		908		52,519
						1,870,356
COMMERCIAL BANKS – 12.3%
Alpha Bank AE*		GR		2,430		12,339
Aozora Bank Ltd.		JP		2,000		4,138
Australia & New Zealand Banking Group Ltd.		AU		12,256		292,703
Banca Carige SpA		IT		2,708		5,674
Banca Monte dei Paschi di Siena SpA*		IT		10,623		12,080
Banco Bilbao Vizcaya Argentaria SA		ES		20,461		206,706
Banco Comercial Portugues, SA		PT		13,489		10,491
Banco De Sabadell SA		ES		4,956		19,537
Banco De Valencia SA, Class A		ES		1,041		4,563
Banco Espirito Santo SA		PT		2,514		9,675
Banco Popolare SC		IT		3,067		13,894
Banco Popular Espanol SA		ES		4,150		21,295
Banco Santander SA		ES		39,406		417,475
Bank Hapoalim BM*		IL		4,748		24,713
Bank Leumi Le-Israel		IL		5,645		28,905
Bank of Cyprus Public Co., Ltd.		CY		4,078		14,060
Bankinter SA		ES		1,360		7,553
Barclays PLC		GB		54,805		223,571
Bendigo and Adelaide Bank Ltd.		AU		1,748		17,789
BNP Paribas		FR		4,590		292,022
BOC Hong Kong Holdings Ltd.		HK		17,500		59,888
Chuo Mitsui Trust Holdings, Inc.		JP		5,000		20,754
Commerzbank AG*		DE		3,394		25,190
Commonwealth Bank of Australia		AU		7,417		385,147
Credit Agricole SA		FR		4,600		58,421
Danske Bank A/S*		DK		2,175		55,759
DBS Group Holdings Ltd.		SG		8,000		89,266
Dexia SA*		BE		2,653		9,218

	Country Code**		Shares		Value
DnB NOR ASA		NO		4,680	$	65,688
EFG Eurobank Ergasias SA*		GR		1,548		7,757
Erste Group Bank AG		AT		905		42,497
Fukuoka Financial Group, Inc.		JP		4,000		17,391
Hang Seng Bank Ltd.		HK		3,700		60,740
Hokuhoku Financial Group, Inc.		JP		6,000		12,194
HSBC Holdings PLC		GB		84,321		855,967
Intesa Sanpaolo		IT		36,883		100,052
Intesa Sanpaolo RSP		IT		4,465		10,638
Israel Discount Bank, Class A*		IL		3,663		8,356
KBC GROEP NV*		BE		771		26,272
Lloyds Banking Group PLC*		GB		195,592		200,350
Mitsubishi UFJ Financial Group, Inc.		JP		61,000		329,831
Mizrahi Tefahot Bank Ltd.		IL		588		6,462
Mizuho Financial Group, Inc.		JP		97,900		184,489
Mizuho Trust & Banking Co., Ltd.*		JP		7,000		7,242
National Australia Bank, Ltd.		AU		10,216		247,640
National Bank of Greece SA*		GR		4,580		37,028
Natixis*		FR		4,178		19,541
Nordea Bank AB		SE		15,487		168,441
Oversea-Chinese Banking Corp., Ltd.		SG		12,000		92,383
Raiffeisen Bank International AG		AT		234		12,820
Resona Holdings, Inc.		JP		2,900		17,395
Royal Bank of Scotland Group PLC*		GB		83,288		50,734
Sapporo Hokuyo Holdings, Inc.		JP		1,500		7,021
Senshu Ikeda Holdings, Inc.		JP		3,100		4,429
Seven Bank Ltd.		JP		3		6,352
Shinsei Bank Ltd.*		JP		4,000		5,222
Skandinaviska Enskilda Banken AB, Class A		SE		6,755		56,345
Societe Generale		FR		3,038		163,280
Standard Chartered PLC		GB		11,170		300,498
Sumitomo Mitsui Financial Group, Inc.		JP		6,400		227,969

See Notes to Financial Statements.

105

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**		Shares		Value
Suncorp Group Ltd.		AU		6,136	$	54,036
Suruga Bank Ltd.		JP		1,000		9,312
Svenska Handelsbanken AB		SE		2,343		74,864
Swedbank AB, Class A*		SE		3,420		47,697
The 77 Bank Ltd.		JP		2,000		10,617
The Bank of East Asia Ltd.		HK		7,400		31,322
The Bank of Kyoto Ltd.		JP		2,000		18,968
The Bank of Yokohama Ltd.		JP		6,000		31,112
The Chiba Bank Ltd.		JP		4,000		26,013
The Chugoku Bank Ltd.		JP		1,000		12,107
The Governor & Co. of the Bank Of Ireland*		IE		16,271		8,697
The Gunma Bank Ltd.		JP		2,000		10,987
The Hachijuni Bank Ltd.		JP		2,000		11,184
The Hiroshima Bank Ltd.		JP		2,000		8,425
The Iyo Bank Ltd.		JP		1,000		8,006
The Joyo Bank Ltd.		JP		3,000		13,191
The Nishi-Nippon City Bank Ltd.		JP		3,000		9,127
The Shizuoka Bank Ltd.		JP		3,000		27,676
The Sumitomo Trust & Banking Co., Ltd.		JP		7,000		44,143
UniCredit SpA		IT		64,606		133,644
Unione Di Banche Italiane SCPA		IT		2,908		25,453
United Overseas Bank Ltd.		SG		6,000		85,090
Westpac Banking Corp.		AU		14,314		325,162
Wing Hang Bank Ltd.		HK		1,000		13,830
Yamaguchi Financial Group, Inc.		JP		1,000		10,124
						6,746,637
COMMERCIAL SERVICES & SUPPLIES – 0.5%
Aggreko PLC		GB		1,247		28,813
Babcock International Group PLC		GB		1,716		15,277
Brambles Ltd.		AU		6,812		49,607
Dai Nippon Printing Co., Ltd.		JP		3,000		40,867
Edenred*		FR		757		17,920
G4S PLC		GB		6,755		26,814
Secom Co., Ltd.		JP		1,000		47,358
Securitas AB		SE		1,499		17,529
Serco Group PLC		GB		2,360		20,440
Societe BIC SA		FR		128		11,002

	Country Code**		Shares		Value
Toppan Printing Co., Ltd.		JP		3,000	$	27,417
						303,044
COMMUNICATIONS EQUIPMENT – 0.7%
Alcatel-lucent*		FR		11,101		32,339
Nokia OYJ		FI		17,934		185,491
Telefonaktiebolaget LM Ericsson		SE		14,422		167,579
						385,409
COMPUTERS & PERIPHERALS – 0.4%
Fujitsu Ltd.		JP		9,000		62,631
Logitech International SA*		CH		872		16,601
NEC Corp.		JP		12,000		36,064
Seiko Epson Corp.		JP		600		10,937
Toshiba Corp.		JP		19,000		103,436
						229,669
CONSTRUCTION & ENGINEERING – 0.8%
Acs Actividades De Construccion Y Servicios SA		ES		678		31,778
Balfour Beatty PLC		GB		3,285		16,026
Bouygues SA		FR		1,107		47,714
Chiyoda Corp.		JP		1,000		9,952
Eiffage SA		FR		194		8,556
Ferrovial SA		ES		2,108		20,944
Fomento de Construcciones y Contratas SA		ES		244		6,410
Hochtief AG		DE		218		18,510
JGC Corp.		JP		1,000		21,764
Kajima Corp.		JP		4,000		10,642
Kinden Corp.		JP		1,000		9,238
Koninklijke Boskalis Westminster NV		NL		338		16,125
Leighton Holdings Ltd.		AU		648		20,400
Obayashi Corp.		JP		3,000		13,819
Shimizu Corp.		JP		3,000		12,822
Skanska AB, Class B		SE		1,912		37,895
Taisei Corp.		JP		5,000		11,701
Vinci SA		FR		2,106		114,483
						428,779
CONSTRUCTION MATERIALS – 0.6%
Boral Ltd.		AU		3,442		17,004
Cimpor Cimentos de Portugal SGPS SA		PT		965		6,538
CRH PLC		IE		3,391		70,916

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**		Shares		Value
Fletcher Building Ltd.		NZ		2,927	$	17,470
HeidelbergCement AG		DE		673		42,178
Holcim Ltd.		CH		1,175		88,785
Imerys SA		FR		181		12,066
James Hardie Industries SE*		IE		2,085		14,459
Lafarge SA		FR		960		60,191
						329,607
CONSUMER FINANCE – 0.0% +
Aeon Credit Service Co., Ltd.		JP		400		5,656
Credit Saison Co., Ltd.		JP		700		11,510
						17,166
CONTAINERS & PACKAGING – 0.1%
Amcor Ltd.		AU		5,851		40,395
Rexam PLC		GB		4,199		21,781
Toyo Seikan Kaisha Ltd.		JP		700		13,320
						75,496
DISTRIBUTORS – 0.2%
Canon Marketing Japan, Inc.		JP		300		4,272
Jardine Cycle & Carriage Ltd.		SG		1,000		28,519
Li & Fung Ltd.		BM		10,000		58,473
						91,264
DIVERSIFIED CONSUMER SERVICES – 0.0% +
Benesse Holdings, Inc.		JP		300		13,819
DIVERSIFIED FINANCIAL SERVICES – 1.2%
ASX Ltd.		AU		831		32,026
Cie Nationale a Portefeuille		BE		129		6,309
Criteria Caixacorp SA		ES		4,026		21,423
Deutsche Boerse AG		DE		934		64,652
Eurazeo		FR		139		10,307
Exor SpA		IT		250		8,245
Groupe Bruxelles Lambert SA		BE		386		32,460
Hong Kong Exchanges and Clearing Ltd.		HK		4,900		111,140
Industrivarden AB		SE		564		9,895
ING Groep NV – CVA*		NL		18,344		178,455
Investor AB		SE		2,181		46,664
Kinnevik Investment AB, Class B		SE		1,039		21,164
London Stock Exchange Group PLC		GB		714		9,329

	Country Code**		Shares		Value
Mitsubishi UFJ Lease & Finance Co., Ltd.		JP		280	$	11,105
Orix Corp.		JP		500		49,205
Pargesa Holding SA		CH		129		10,955
Pohjola Bank PLC		FI		662		7,935
Singapore Exchange Ltd.		SG		4,000		26,244
						657,513
DIVERSIFIED TELECOMMUNICATION SERVICES – 3.3%
Belgacom SA		BE		728		24,442
Bezeq Israeli Telecommunication Corp Ltd.		IL		8,334		25,412
BT Group PLC		GB		37,158		104,743
Cable & Wireless Worldwide PLC		GB		12,653		12,961
Deutsche Telekom AG		DE		13,575		175,144
Elisa OYJ		FI		637		13,849
France Telecom SA		FR		8,879		185,035
Hellenic Telecommunications Organization SA		GR		1,170		9,553
Iliad SA		FR		78		8,484
Inmarsat PLC		GB		2,095		21,999
Koninklijke KPN NV		NL		7,531		109,895
Nippon Telegraph & Telephone Corp.		JP		2,500		113,161
PCCW Ltd.		HK		19,000		8,409
Portugal Telecom SGPS SA		PT		2,791		31,254
Singapore Telecommunications Ltd.		SG		38,000		90,903
Swisscom AG		CH		112		49,244
Tele2 AB, Class B		SE		1,508		31,301
Telecom Corp. of New Zealand Ltd.		NZ		9,198		15,553
Telecom Italia SpA		IT		44,945		58,078
Telecom Italia SpA RSP		IT		28,857		31,312
Telefonica SA		ES		19,670		445,925
Telekom Austria AG		AT		1,591		22,366
Telenor ASA		NO		3,970		64,499
TeliaSonera AB		SE		10,752		85,208
Telstra Corp., Ltd.		AU		20,855		59,512
						1,798,242
ELECTRIC UTILITIES – 2.8%
Acciona S.A		ES		122		8,641
Cheung Kong Infrastructure Holdings Ltd.		BM		2,000		9,160

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**		Shares		Value
Chubu Electric Power Co., Inc.		JP		3,100	$	76,211
CLP Holdings Ltd.		HK		9,000		73,294
Contact Energy Ltd.*		NZ		1,484		7,204
E.ON AG		DE		8,624		264,309
EDP – Energias de Portugal SA		PT		9,139		30,421
Electricite de France		FR		1,240		50,862
Enel SpA		IT		31,521		157,534
Fortum OYJ		FI		2,127		64,037
Hokkaido Electric Power Co.		JP		900		18,401
Hokuriku Electric Power Co.		JP		800		19,658
Hongkong Electric Holdings Ltd.		HK		6,500		40,976
Iberdrola SA		ES		19,329		148,984
Kyushu Electric Power Co., Inc.		JP		1,800		40,350
Public Power Corp. SA		GR		560		8,067
Red Electrica Corp. SA		ES		518		24,366
Scottish & Southern Energy PLC		GB		4,421		84,437
Shikoku Electric Power Co., Inc.		JP		800		23,530
SP Ausnet		AU		6,581		5,856
Terna Rete Elettrica Nazionale SpA		IT		6,239		26,345
The Chugoku Electric Power Co., Inc.		JP		1,400		28,452
The Kansai Electric Power Co., Inc.		JP		3,600		88,858
The Tokyo Electric Power Co., Inc.		JP		6,800		166,084
Tohoku Electric Power Co., Inc.		JP		2,000		44,587
Verbund AG		AT		362		13,487
						1,524,111
ELECTRICAL EQUIPMENT – 1.4%
ABB Ltd.*		CH		10,494		233,786
Alstom SA		FR		986		47,183
Bekaert NV		BE		186		21,351
Fuji Electric Holdings Co., Ltd.		JP		3,000		9,348
Furukawa Electric Co., Ltd.		JP		3,000		13,487
GS Yuasa Corp.		JP		2,000		13,844
Legrand SA		FR		756		30,787
Mabuchi Motor Co., Ltd.		JP		100		5,155

	Country Code**		Shares		Value
Mitsubishi Electric Corp.		JP		9,000	$	94,445
Nidec Corp.		JP		500		50,560
Prysmian SpA		IT		872		14,857
Schneider Electric SA		FR		1,164		174,211
Sumitomo Electric Industries Ltd.		JP		3,600		50,016
Ushio, Inc.		JP		500		9,533
Vestas Wind Systems A/S*		DK		975		30,781
						799,344
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 1.2%
Citizen Holdings Co., Ltd.		JP		1,200		8,277
Foxconn International Holdings Ltd.*		KY		10,000		6,973
FUJIFILM Holdings Corp.		JP		2,200		79,557
Hamamatsu Photonics KK		JP		300		10,967
Hirose Electric Co., Ltd.		JP		200		22,540
Hitachi High-Technologies Corp.		JP		300		7,013
Hitachi Ltd.		JP		22,000		117,330
Hoya Corp.		JP		2,100		51,006
Ibiden Co., Ltd.		JP		600		18,933
Keyence Corp.		JP		200		57,938
Kyocera Corp.		JP		800		81,685
Mitsumi Electric Co., Ltd.		JP		400		7,360
Murata Manufacturing Co., Ltd.		JP		1,000		70,083
Nippon Electric Glass Co., Ltd.		JP		2,000		28,871
Omron Corp.		JP		1,000		26,493
Shimadzu Corp		JP		1,000		7,772
TDK Corp.		JP		600		41,754
Yaskawa Electric Corp.		JP		1,000		9,459
Yokogawa Electric Corp.		JP		1,000		7,957
						661,968
ENERGY EQUIPMENT & SERVICES – 0.9%
Aker Solutions ASA		NO		787		13,386
Amec PLC		GB		1,585		28,418
Compagnie Generale de Geophysique-Veritas*		FR		689		20,969
Fugro NV		NL		327		26,874
Petrofac Ltd.		JE		1,242		30,731
Saipem SpA		IT		1,268		62,423

See Notes to Financial Statements.

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	Country Code**		Shares		Value
SBM Offshore NV		NL		803	$	17,990
Seadrill Ltd.		BM		1,327		44,847
Technip SA		FR		471		43,491
Tenaris SA		LU		2,261		55,442
Transocean Ltd.*		CH		1,532		104,946
Worleyparsons Ltd.		AU		918		25,107
						474,624
FOOD & STAPLES RETAILING – 2.2%
Aeon Co., Ltd.		JP		2,900		36,290
Carrefour SA		FR		2,869		118,274
Casino Guichard-Perrachon SA		FR		264		25,735
Colruyt SA		BE		361		18,355
Delhaize Group		BE		486		35,895
FamilyMart Co., Ltd.		JP		300		11,307
J Sainsbury PLC		GB		5,806		34,063
Jeronimo Martins SGPS SA		PT		1,055		16,072
Kesko OYJ, Class B		FI		320		14,937
Koninklijke Ahold NV		NL		5,708		75,330
Lawson, Inc.		JP		300		14,836
Metcash Ltd.		AU		3,673		15,440
Metro AG		DE		621		44,712
Olam International Ltd.		SG		6,000		14,680
Seven & I Holdings Co., Ltd.		JP		3,600		96,219
Tesco PLC		GB		38,435		254,677
UNY Co., Ltd.		JP		900		9,101
Wesfarmers Ltd.		AU		4,813		157,528
Wesfarmers Ltd. PPS		AU		727		24,017
William Morrison Supermarkets PLC		GB		10,179		42,468
Woolworths Ltd.		AU		5,896		162,641
						1,222,577
FOOD PRODUCTS – 3.5%
Ajinomoto Co., Inc.		JP		3,000		31,260
Aryzta AG*		CH		405		18,691
Associated British Foods PLC		GB		1,706		31,413
Golden Agri-resources Ltd.		MU		32,000		19,948
Goodman Fielder Ltd.		AU		6,610		9,093
Groupe Danone		FR		2,792		175,429
Kerry Group PLC, Class A		IE		671		22,345
Kikkoman Corp.		JP		1,000		11,208
Lindt & Spruengli AG		CH		5		44,282

	Country Code**		Shares		Value
MEIJI Holdings Co., Ltd.		JP		300	$	13,561
Nestle SA		CH		16,593		971,622
Nippon Meat Packers, Inc.		JP		1,000		13,068
Nisshin Seifun Group Inc.		JP		1,000		12,699
Nissin Foods Holdings Co., Ltd.		JP		300		10,753
Parmalat SpA		IT		8,297		22,729
Suedzucker AG		DE		317		8,440
Unilever NV		NL		7,801		242,890
Unilever PLC		GB		6,146		188,099
Wilmar International Ltd.		SG		9,000		39,483
Yakult Honsha Co., Ltd.		JP		500		14,404
Yamazaki Baking Co., Ltd.		JP		1,000		12,058
						1,913,475
GAS UTILITIES – 0.4%
Enagas		ES		857		17,081
Gas Natural SDG SA		ES		1,545		23,722
Hong Kong & China Gas Co., Ltd.		HK		21,000		49,874
Osaka Gas Co., Ltd.		JP		9,000		34,918
Snam Rete Gas SpA		IT		6,840		34,002
Toho Gas Co., Ltd.		JP		2,000		10,001
Tokyo Gas Co., Ltd.		JP		12,000		53,209
						222,807
HEALTH CARE EQUIPMENT & SUPPLIES – 0.6%
Biomerieux		FR		57		5,623
Cochlear Ltd.		AU		271		22,288
Coloplast A/S, Class B		DK		109		14,812
Essilor International SA		FR		968		62,316
Getinge AB, Class B		SE		958		20,070
Olympus Corp.		JP		1,000		30,275
Smith & Nephew PLC		GB		4,256		44,889
Sonova Holding AG		CH		220		28,400
Straumann Holding AG		CH		37		8,468
Synthes, Inc.				284		38,363
Sysmex Corp.		JP		200		13,869
Terumo Corp.		JP		800		45,030
William Demant Holding A/S*		DK		112		8,272
						342,675

See Notes to Financial Statements.

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	Country Code**		Shares		Value
HEALTH CARE PROVIDERS & SERVICES – 0.3%
Alfresa Holdings Corp.		JP		200	$	8,880
Celesio AG		DE		367		9,122
Fresenius Medical Care AG & Co.		DE		921		53,205
Fresenius SE		DE		135		11,320
Medipal Holdings Corp.		JP		700		7,716
Miraca Holdings, Inc.		JP		300		12,083
Ramsay Health Care Ltd.		AU		629		11,451
Sonic Healthcare Ltd.		AU		1,767		20,965
Suzuken Co., Ltd.		JP		300		9,164
						143,906
HOTELS, RESTAURANTS & LEISURE – 0.9%
Accor SA		FR		708		31,505
Autogrill SpA*		IT		548		7,740
Carnival PLC		GB		860		39,983
Compass Group PLC		GB		9,025		81,752
Crown Ltd.		AU		2,165		18,268
Genting Singapore PLC*		IM		29,000		49,488
Intercontinental Hotels Group PLC		GB		1,383		26,802
McDonald’s Holdings Co. Japan Ltd.		JP		300		7,523
OPAP SA		GR		1,070		18,516
Oriental Land Co., Ltd.		JP		200		18,524
Sands China Ltd.*		KY		11,600		25,669
Shangri-La Asia Ltd.		BM		6,000		16,288
SJM Holdings Ltd.		HK		8,000		12,701
Sky City Entertainment Group Ltd.		NZ		2,754		6,953
Sodexo		FR		451		31,080
Tabcorp Holdings Ltd.		AU		3,260		23,707
Tatts Group Ltd.		AU		6,139		16,200
Thomas Cook Group PLC		GB		4,110		12,156
Tui AG*		DE		663		9,303
Tui Travel PLC		GB		2,677		10,276
Whitbread PLC		GB		844		23,554
Wynn Macau Ltd.		KY		7,600		16,974
						504,962
HOUSEHOLD DURABLES – 0.9%
Casio Computer Co., Ltd.		JP		1,100		8,874
Electrolux AB, Series B		SE		1,149		32,630
Husqvarna AB		SE		1,970		16,447
Panosonic Corp.		JP		9,400		133,492
Rinnai Corp.		JP		200		12,218

	Country Code**		Shares		Value
Sekisui Chemical Co., Ltd.		JP		2,000	$	14,362
Sekisui House Ltd.		JP		3,000		30,336
Sharp Corp.		JP		5,000		51,546
Sony Corp.		JP		4,800		173,046
						472,951
HOUSEHOLD PRODUCTS – 0.4%
Henkel AG & Co. KGaA		DE		622		32,096
Reckitt Benckiser Group PLC		GB		2,952		162,237
Unicharm Corp.		JP		600		23,870
						218,203
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS – 0.2%
EDP Renovaveis SA*		ES		1,044		6,051
Electric Power Development Co., Ltd.		JP		600		18,822
Enel Green Power SPA*		IT		7,183		15,175
Iberdrola Renovables SA		ES		4,046		14,360
International Power PLC		GB		7,297		49,785
						104,193
INDUSTRIAL CONGLOMERATES – 1.7%
CSR Ltd.		AU		7,255		12,466
Delek Group Ltd.		IL		19		4,894
Fraser and Neave Ltd.		SG		5,000		24,974
Hankyu Hanshin Holdings, Inc.		JP		5,000		23,217
Hutchison Whampoa Ltd.		HK		10,000		103,180
Keppel Corp Ltd.		SG		6,000		52,924
Koninklijke Philips Electronics NV		NL		4,722		144,625
NWS Holdings Ltd.		BM		6,000		9,093
Orkla ASA		NO		3,695		35,905
SembCorp Industries Ltd.		SG		5,000		20,026
Siemens AG		DE		3,940		488,068
Smiths Group PLC		GB		1,872		36,337
						955,709
INSURANCE – 4.1%
Admiral Group PLC		GB		964		22,770
Aegon NV*		NL		7,482		45,752
Ageas		BE		10,698		24,446
AIA Group Ltd.*		HK		37,400		105,135
Allianz SE		DE		2,174		258,352
AMP Ltd.		AU		9,922		53,684

See Notes to Financial Statements.

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	Country Code**		Shares		Value
Assicurazioni Generali SpA		IT		5,592	$	106,186
Aviva PLC		GB		13,435		82,320
AXA Asia Pacific Holdings Ltd.		AU		4,949		31,940
AXA SA		FR		8,225		136,839
Baloise Holding AG		CH		239		23,261
CNP Assurances		FR		711		12,831
Delta Lloyd NV		NL		359		7,237
Hannover Rueckversicherung AG		DE		289		15,500
Insurance Australia Group Ltd.		AU		9,956		39,510
Legal & General Group PLC		GB		28,091		42,373
Mapfre SA		ES		3,606		10,013
MS&AD Insurance Group Holdings, Inc.		JP		2,600		65,168
Muenchener Rueckversicherungs AG		DE		903		136,898
NKSJ Holdings, Inc.*		JP		7,000		51,558
Old Mutual PLC		GB		26,061		50,018
Prudential PLC		GB		12,160		126,644
QBE Insurance Group Ltd.		AU		4,957		92,021
Resolution Ltd.		GG		6,948		25,359
Rsa Insurance Group PLC		GB		16,519		32,245
Sampo OYJ, Class A		FI		2,012		53,907
SCOR SE		FR		809		20,540
Sony Financial Holdings, Inc.		JP		4		16,184
Standard Life PLC		GB		10,822		36,445
Swiss Life Holding AG*		CH		146		21,111
Swiss Reinsurance		CH		1,686		90,701
T&D Holdings, Inc.		JP		1,300		32,984
The Dai-ichi Life Insurance Co., Ltd.		JP		38		61,734
Tokio Marine Holdings, Inc.		JP		3,500		104,625
Tryg A/S		DK		122		5,632
Vienna Insurance Group AG Wiener Versicherung Gruppe		AT		184		9,563
Zurich Financial Services AG		CH		697		180,549
						2,232,035

	Country Code**		Shares		Value
INTERNET & CATALOG RETAIL – 0.1%
CDON Group AB*		SE		242	$	1,119
Dena Co., Ltd.		JP		400		14,347
Home Retail Group PLC		GB		3,987		11,717
Rakuten, Inc.		JP		35		29,314
						56,497
INTERNET SOFTWARE & SERVICES – 0.1%
Gree, Inc.		JP		400		5,089
United Internet AG		DE		575		9,347
Yahoo Japan Corp.		JP		70		27,159
						41,595
IT SERVICES – 0.3%
Amadeus IT Holding SA, Class A*		ES		965		20,220
Atos Origin SA*		FR		217		11,553
Cap Gemini SA		FR		705		32,907
Computershare Ltd.		AU		2,129		23,474
Indra Sistemas SA		ES		432		7,381
Itochu Techno-Solutions Corp.		JP		100		3,750
Nomura Research Institute Ltd.		JP		500		11,134
NTT Data Corp.		JP		6		20,773
Obic Co., Ltd.		JP		30		6,178
Otsuka Corp.		JP		100		6,824
						144,194
LEISURE EQUIPMENT & PRODUCTS – 0.2%
Namco Bandai Holdings, Inc.		JP		900		9,666
Nikon Corp.		JP		1,500		30,429
Sankyo Co., Ltd.		JP		300		16,942
Sega Sammy Holdings, Inc.		JP		900		17,126
Shimano, Inc.		JP		300		15,261
Yamaha Corp.		JP		800		9,932
						99,356
LIFE SCIENCES TOOLS & SERVICES – 0.1%
Lonza Group AG		CH		228		18,276
QIAGEN NV*		NL		1,114		21,779
						40,055
MACHINERY – 2.8%
Alfa Laval AB		SE		1,617		34,068
Amada Co., Ltd.		JP		2,000		16,283
Atlas Copco AB, Shares A		SE		3,216		81,145

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**		Shares		Value
Atlas Copco AB, Shares B		SE		1,869	$	42,267
Cosco Corp. Singapore Ltd.		SG		5,000		8,338
FANUC Corp.		JP		900		138,231
GEA Group AG		DE		792		22,892
Hexagon AB		SE		297		6,368
Hexagon AB, Class B		SE		891		19,103
Hino Motors Ltd.		JP		1,000		5,419
Hitachi Construction Machinery Co., Ltd.		JP		500		11,984
IHI Corp.		JP		6,000		13,376
Invensys PLC		GB		3,870		21,371
JTEKT Corp.		JP		1,100		12,980
Kawasaki Heavy Industries Ltd.		JP		7,000		23,537
Komatsu Ltd.		JP		4,500		136,181
Kone OYJ, Class B		FI		746		41,470
Kubota Corp.		JP		6,000		56,830
Kurita Water Industries Ltd.		JP		500		15,753
Makita Corp.		JP		500		20,446
Man AG		DE		506		60,172
Metso Corp.		FI		612		34,185
Minebea Co., Ltd.		JP		2,000		12,612
Mitsubishi Heavy Industries, Ltd.		JP		15,000		56,349
Mitsui Engineering & Shipbuilding Co., Ltd.		JP		3,000		7,944
Nabtesco Corp.		JP		500		10,666
NGK Insulators Ltd.		JP		1,000		16,320
NSK Ltd.		JP		2,000		18,081
NTN Corp.		JP		2,000		10,617
Sandvik AB		SE		4,829		94,130
Scania AB, Class A		SE		1,532		35,238
Schindler Holding AG		CH		336		39,888
Sembcorp Marine Ltd.		SG		4,000		16,738
SKF AB, Class B		SE		1,867		53,187
SMC Corp.		JP		300		51,398
Sumitomo Heavy Industries Ltd.		JP		3,000		19,288
The Japan Steel Works Ltd.		JP		2,000		20,889
The Weir Group PLC		GB		1,009		28,002
THK Co., Ltd.		JP		600		13,797
Vallourec SA		FR		530		55,668
Volvo AB*		SE		6,600		116,286
Wartsila OYJ		FI		378		28,843
Yangzijiang Shipbuilding Holdings Ltd.		SG		7,000		10,418

	Country Code**		Shares		Value
Zardoya Otis SA		ES		669	$	9,423
						1,548,181
MARINE – 0.4%
AP Moller – Maersk A/S, Class A		DK		3		26,429
AP Moller – Maersk A/S, Class B		DK		6		54,331
Kawasaki Kisen Kaisha Ltd.		JP		3,000		13,191
Kuehne & Nagel International AG		CH		259		36,011
Mitsui Osk Lines Ltd.		JP		5,000		34,117
Neptune Orient Lines Ltd.*		SG		4,000		6,795
Nippon Yusen KK		JP		7,000		31,038
Orient Overseas International Ltd.		BM		1,000		9,694
						211,606
MEDIA – 1.4%
Axel Springer AG		DE		71		11,575
British Sky Broadcasting Group PLC		GB		5,456		62,607
Dentsu, Inc.		JP		800		24,841
Eutelsat Communications		FR		474		17,349
Fairfax Media Ltd.		AU		10,137		14,515
Fuji Media Holdings, Inc.		JP		2		3,163
Gestevision Telecinco SA		ES		636		6,995
Hakuhodo Dy Holdings, Inc.		JP		110		6,307
ITV PLC*		GB		17,693		19,323
JC Decaux SA*		FR		318		9,784
Jupiter Telecommunications Co., Ltd.		JP		12		12,622
Kabel Deutschland Holding AG*		DE		259		12,070
Lagardere SCA		FR		565		23,277
Mediaset SpA		IT		3,394		20,534
Metropole Television SA		FR		309		7,474
Modern Times Group, Class B		SE		242		16,012
Pagesjaunes Groupe		FR		606		5,507
Pearson PLC		GB		3,890		61,134
Publicis Groupe SA		FR		592		30,853
Reed Elsevier NV		NL		3,292		40,722
Reed Elsevier PLC		GB		5,815		49,093

See Notes to Financial Statements.

112

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	Country Code**		Shares		Value
Sanoma OYJ		FI		387	$	8,388
SES SA		LU		1,435		34,162
Societe Television Francaise 1		FR		562		9,763
Toho Co., Ltd.		JP		500		8,031
Vivendi		FR		5,921		159,827
Wolters Kluwer NV		NL		1,430		31,339
WPP PLC		JE		6,016		74,052
						781,319
METALS & MINING – 6.6%
Acerinox SA		ES		478		8,384
Alumina Ltd.		AU		11,685		29,640
Anglo American PLC		GB		6,318		328,560
Antofagasta PLC		GB		1,888		47,451
ArcelorMittal		LU		4,111		155,906
BHP Billiton Ltd.		AU		16,082		744,302
BHP Billiton PLC		GB		10,569		420,357
BlueScope Steel Ltd.		AU		8,731		20,093
Boliden AB		SE		1,310		26,626
Daido Steel Co., Ltd.		JP		1,000		5,875
Dowa Holdings Co., Ltd.		JP		1,000		6,565
Eramet		FR		25		8,569
Eurasian Natural Resources Corp.		GB		1,233		20,146
Fortescue Metals Group Ltd.*		AU		5,953		39,820
Fresnillo PLC		GB		859		22,339
Hitachi Metals Ltd.		JP		1,000		12,009
JFE Holdings, Inc.		JP		2,200		76,630
Kazakhmys PLC		GB		1,025		25,793
Kobe Steel Ltd.		JP		12,000		30,447
Lonmin PLC*		GB		775		23,755
Macarthur Coal Ltd.		AU		840		10,997
Maruichi Steel Tube Ltd.		JP		200		4,249
Mitsubishi Materials Corp.*		JP		5,000		15,950
Mitsui Mining & Smelting Co., Ltd.		JP		3,000		9,903
Newcrest Mining Ltd.		AU		3,661		151,426
Nippon Steel Corp.		JP		24,000		86,316
Nisshin Steel Co., Ltd.		JP		3,000		6,688
Norsk Hydro ASA		NO		4,270		31,181
OneSteel Ltd.		AU		6,377		16,893
Outokumpu OYJ		FI		613		11,370
OZ Minerals Ltd.		AU		14,947		26,295
Randgold Resources Ltd.		JE		435		35,775
Rautaruukki OYJ		FI		403		9,430
Rio Tinto Ltd.		AU		2,087		182,443
Rio Tinto PLC		GB		6,942		485,586

	Country Code**		Shares		Value
Salzgitter AG		DE		201	$	15,517
Sims Metal Management Ltd.		AU		781		17,230
SSAB AB, Class A		SE		865		14,533
Sumitomo Metal Industries Ltd.		JP		16,000		39,414
Sumitomo Metal Mining Co., Ltd.		JP		3,000		52,433
ThyssenKrupp AG		DE		1,601		66,290
Tokyo Steel Manufacturing Co., Ltd.		JP		500		5,456
Vedanta Resources PLC		GB		571		22,407
Voestalpine AG		AT		526		25,058
Xstrata PLC		GB		9,852		231,249
Yamato Kogyo Co., Ltd.		JP		200		6,048
						3,633,404
MULTI-LINE RETAIL – 0.3%
Harvey Norman Holdings Ltd.		AU		2,544		7,650
Isetan Mitsukoshi Holdings Ltd.		JP		1,800		20,929
J Front Retailing Co., Ltd.		JP		2,000		10,937
Lifestyle International Holdings Ltd.		KY		3,000		7,372
Marks & Spencer Group PLC		GB		7,580		43,608
Marui Group Co., Ltd.		JP		1,100		8,969
Next PLC		GB		878		27,036
PPR		FR		364		57,883
Takashimaya Co., Ltd.		JP		1,000		8,572
						192,956
MULTI-UTILITIES – 1.4%
A2A SpA		IT		5,251		7,221
AGL Energy Ltd.		AU		2,155		33,569
Centrica PLC		GB		24,674		127,564
GDF Suez		FR		5,924		212,551
National Grid PLC		GB		16,740		144,329
RWE AG		DE		2,005		133,669
Suez Environnement Co.		FR		1,290		26,633
United Utilities Group PLC		GB		3,264		30,126
Veolia Environnement		FR		1,667		48,718
						764,380
OFFICE ELECTRONICS – 0.7%
Brother Industries Ltd.		JP		1,100		16,312
Canon, Inc.		JP		5,400		280,010

See Notes to Financial Statements.

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	Country Code**		Shares		Value
Konica Minolta Holdings, Inc.		JP		2,500	$	25,989
Neopost SA		FR		152		13,243
Ricoh Co., Ltd.		JP		3,000		43,971
						379,525
OIL, GAS & CONSUMABLE FUELS – 6.7%
BG Group PLC		GB		16,196		327,255
BP PLC		GB		89,984		653,139
Cairn Energy PLC*		GB		6,700		43,873
Caltex Australia Ltd.		AU		646		9,495
Cosmo Oil Co., Ltd.		JP		3,000		9,829
Eni SpA		IT		12,467		272,219
Essar Energy Ltd.*		GB		1,560		14,107
Galp Energia SGPS SA		PT		1,108		21,232
Idemitsu Kosan Co., Ltd.		JP		100		10,617
Inpex Corp.		JP		10		58,566
Japan Petroleum Exploration Co.,Ltd.		JP		100		3,806
JX Holdings, Inc.		JP		10,800		73,295
Mongolia Energy Corp., Ltd.*		BM		15,000		4,496
Neste Oil OYJ		FI		614		9,805
OMV AG		AT		718		29,839
Origin Energy Ltd.		AU		4,221		71,925
Paladin Energy Ltd.*		AU		3,268		16,479
Repsol YPF SA		ES		3,508		97,739
Royal Dutch Shell PLC, Class A		GB		16,979		566,103
Royal Dutch Shell PLC, Class B		GB		12,909		425,674
Santos Ltd.		AU		3,987		53,624
Showa Shell Sekiyu KK		JP		900		8,247
Statoilhydro ASA		NO		5,344		126,936
Tonengeneral Sekiyu KK		JP		1,000		10,937
Total SA		FR		10,121		536,254
Tullow Oil PLC		GB		4,250		83,556
Woodside Petroleum Ltd.		AU		2,989		130,112
						3,669,159
PAPER & FOREST PRODUCTS – 0.3%
Holmen AB, Class B		SE		253		8,329
Nippon Paper Group, Inc.		JP		500		13,117
Oji Paper Co., Ltd.		JP		4,000		19,362
Stora Enso OYJ		FI		2,786		28,611
Svenska Cellulosa AB, Class A		SE		2,745		43,344

	Country Code**		Shares		Value
UPM-Kymmene OYJ		FI		2,490	$	43,988
						156,751
PERSONAL PRODUCTS – 0.5%
Beiersdorf AG		DE		483		26,801
Kao Corp.		JP		2,600		70,068
L’oreal SA		FR		1,148		127,451
Shiseido Co., Ltd.		JP		1,600		34,960
						259,280
PHARMACEUTICALS – 6.6%
Astellas Pharma, Inc.		JP		2,100		80,053
AstraZeneca PLC		GB		6,863		312,657
Bayer AG		DE		3,960		292,634
Chugai Pharmaceutical Co., Ltd.		JP		1,100		20,187
Daiichi Sankyo Co., Ltd.		JP		3,200		70,038
Dainippon Sumitomo Pharma Co., Ltd.		JP		800		7,272
Eisai Co., Ltd.		JP		1,200		43,454
Elan Corp. PLC*		IE		2,381		13,204
GlaxoSmithKline PLC		GB		24,867		480,750
Hisamitsu Pharmaceutical Co., Inc.		JP		300		12,637
Kyowa Hakko Kirin Co., Ltd.		JP		1,000		10,297
Merck KGaA		DE		309		24,713
Mitsubishi Tanabe Pharma Corp.		JP		1,000		16,886
Novartis AG		CH		10,105		593,871
Novo Nordisk AS		DK		2,005		226,091
Ono Pharmaceutical Co., Ltd.		JP		400		18,672
Orion OYJ, Class B		FI		445		9,735
Otsuka Holdings Co., Ltd.*		JP		1,200		29,560
Roche Holding AG		CH		3,364		492,907
Sanofi-Aventis SA		FR		5,022		321,117
Santen Pharmaceutical Co., Ltd.		JP		400		13,893
Shionogi & Co.		JP		1,400		27,641
Shire PLC		JE		2,692		64,761
Taisho Pharmaceutical Co., Ltd.		JP		1,000		21,887
Takeda Pharmaceutical Co., Ltd.		JP		3,600		177,140
Teva Pharmaceutical Industries Ltd.		IL		4,482		234,931
Tsumura & Co.		JP		300		9,714

See Notes to Financial Statements.

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	Country Code**		Shares		Value
UCB SA		BE		483	$	16,568
						3,643,270
PROFESSIONAL SERVICES – 0.4%
Adecco SA		CH		589		38,584
Bureau Veritas SA		FR		235		17,812
Capita Group PLC		GB		2,937		31,893
Experian PLC		JE		4,876		60,665
Intertek Group PLC		GB		764		21,143
Randstad Holding NV*		NL		528		27,870
SGS SA		CH		26		43,630
						241,597
REAL ESTATE INVESTMENT TRUSTS – 1.3%
Ascendas Real Estate Investment Trust		SG		7,000		11,291
British Land Co. PLC		GB		4,211		34,435
Capital Shopping Centres Group PLC		GB		2,257		14,695
CapitaMall Trust		SG		11,000		16,714
CFS Retail Property Trust		AU		10,130		18,235
Corio NV		NL		283		18,158
Dexus Property Group		AU		23,173		18,843
Fonciere Des Regions		FR		128		12,384
Gecina SA		FR		90		9,899
Goodman Group		AU		30,503		20,279
GPT Group		AU		8,441		25,382
Hammerson PLC		GB		3,388		22,037
ICADE		FR		111		11,325
Japan Prime Realty Investment Corp.		JP		3		9,238
Japan Real Estate Investment Corp.		JP		2		20,741
Japan Retail Fund Investment Corp.		JP		8		15,342
Klepierre		FR		454		16,377
Land Securities Group PLC		GB		3,658		38,440
Mirvac Group		AU		16,357		20,494
Nippon Building Fund, Inc.		JP		2		20,520
Nomura Real Estate Office Fund, Inc.		JP		1		7,218
Segro PLC		GB		3,551		15,856
Stockland		AU		11,412		42,020
The Link REIT		HK		10,500		32,623
Unibail-Rodamco		FR		438		86,624
Westfield Group		AU		10,499		102,874

	Country Code**		Shares		Value
Westfield Retail Trust*		AU		10,499	$	27,598
						689,642
REAL ESTATE MANAGEMENT & DEVELOPMENT – 1.9%
Aeon Mall Co., Ltd.		JP		400		10,740
Capitaland Ltd.		SG		12,000		34,690
CapitaMalls Asia Ltd.		SG		7,000		10,582
Cheung Kong Holdings Ltd.		HK		7,000		107,889
City Developments Ltd.		SG		3,000		29,361
Daito Trust Construction Co., Ltd.		JP		400		27,393
Daiwa House Industry Co., Ltd.		JP		2,000		24,584
Global Logistic Properties Ltd.*		SG		8,000		13,465
Hang Lung Group, Ltd.		HK		4,000		26,348
Hang Lung Properties Ltd.		HK		12,000		55,810
Henderson Land Development Co., Ltd.		HK		5,000		34,061
Hopewell Holdings Ltd.		HK		2,500		7,848
Hysan Development Co., Ltd.		HK		3,000		14,165
Immofinanz AG*		AT		4,750		20,242
Keppel Land Ltd.		SG		3,000		11,221
Kerry Properties Ltd.		BM		3,500		18,147
Lend Lease Group		AU		2,573		22,711
Mitsubishi Estate Co. Ltd.		JP		6,000		111,294
Mitsui Fudosan Co., Ltd.		JP		4,000		79,764
New World Development, Ltd.		HK		12,000		22,571
Nomura Real Estate Holdings, Inc.		JP		500		9,108
NTT Urban Development Corp.		JP		6		5,912
Sino Land Co., Ltd.		HK		8,000		14,986
Sumitomo Realty & Development Co., Ltd.		JP		2,000		47,764
Sun Hung Kai Properties Ltd.		HK		7,000		115,814
Swire Pacific Ltd., Class A		HK		3,500		57,547
Tokyo Tatemono Co., Ltd.		JP		2,000		9,262
Tokyu Land Corp.		JP		2,000		10,050
UOL Group Ltd.		SG		2,000		7,403
Wharf Holdings Ltd.		HK		7,000		53,854

See Notes to Financial Statements.

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	Country Code**		Shares		Value
Wheelock & Co., Ltd.		HK		4,000	$	16,159
						1,030,745
ROAD & RAIL – 0.9%
Asciano Group*		AU		14,012		22,859
Central Japan Railway Co.		JP		7		58,628
ComfortDelGro Corp., Ltd.		SG		9,000		10,870
DSV A/S		DK		1,002		22,149
East Japan Railway Co.		JP		1,600		104,052
FirstGroup PLC		GB		2,304		14,308
Keikyu Corp.		JP		2,000		17,662
Keio Corp.		JP		3,000		20,470
Keisei Electric Railway Co., Ltd.		JP		1,000		6,676
Kintetsu Corp.		JP		8,000		25,028
MTR Corp.		HK		7,000		25,486
Nippon Express Co., Ltd.		JP		4,000		18,032
Odakyu Electric Railway Co., Ltd.		JP		3,000		27,934
QR National Ltd.*		AU		8,179		23,005
Tobu Railway Co., Ltd.		JP		4,000		22,466
Tokyu Corp.		JP		5,000		22,909
West Japan Railway Co.		JP		8		29,905
						472,439
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 0.6%
Advantest Corp.		JP		800		18,101
ARM Holdings PLC		GB		6,315		41,677
Asm Pacific Technology Ltd.		KY		900		11,405
Asml Holding NV		NL		2,065		79,748
Elpida Memory, Inc.*		JP		900		10,475
Infineon Technologies AG*		DE		5,204		48,421
Renewable Energy Corp ASA*		NO		2,388		7,281
Rohm Co., Ltd.		JP		500		32,640
Shinko Electric Industries Co., Ltd.		JP		300		3,362
STMicroelectronics NV		NL		3,052		31,563
Sumco Corp.*		JP		600		8,572
Tokyo Electron Ltd.		JP		800		50,647
						343,892
SOFTWARE – 0.9%
Autonomy Corp. PLC*		GB		1,043		24,473
Dassault Systemes SA		FR		284		21,412
Konami Corp.		JP		400		8,503

	Country Code**		Shares		Value
NICE Systems Ltd.*		IL		300	$	10,568
Nintendo Co., Ltd.		JP		500		146,754
Oracle Corp.		JP		200		9,829
SAP AG		DE		4,110		209,253
Square Enix Holdings Co., Ltd.		JP		300		5,321
The Sage Group PLC		GB		6,304		26,871
Trend Micro, Inc.		JP		500		16,511
						479,495
SPECIALTY RETAIL – 0.8%
ABC-Mart, Inc.		JP		100		3,572
Esprit Holdings Ltd.		BM		5,600		26,585
Fast Retailing Co., Ltd.		JP		300		47,777
Hennes & Mauritz AB		SE		4,896		163,063
Industria de Diseno Textil SA		ES		1,045		78,242
Kingfisher PLC		GB		11,311		46,450
Nitori Holdings Co., Ltd.		JP		200		17,490
Shimamura Co., Ltd.		JP		100		9,275
USS Co., Ltd.		JP		100		8,178
Yamada Denki Co., Ltd.		JP		390		26,612
						427,244
TEXTILES, APPAREL & LUXURY GOODS – 1.2%
Adidas AG		DE		1,002		65,462
Asics Corp.		JP		1,000		12,859
Billabong International Ltd.		AU		970		8,086
Burberry Group PLC		GB		2,085		36,538
Christian Dior SA		FR		305		43,569
Compagnie Financiere Richemont SA		CH		2,500		147,059
Hermes International		FR		51		10,683
Luxottica Group SpA		IT		557		16,970
LVMH Moet Hennessy Louis Vuitton SA		FR		1,173		192,957
Nisshinbo Holdings, Inc.		JP		1,000		10,962
Puma AG Rudolf Dassler Sport		DE		25		8,285
Swatch Group AG		CH		356		82,748
Yue Yuen Industrial Holdings Ltd.		BM		3,500		12,563
						648,741
TOBACCO – 1.1%
British American Tobacco PLC		GB		9,562		367,261
Imperial Tobacco Group PLC		GB		4,876		149,611

See Notes to Financial Statements.

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	Country Code**		Shares		Value
Japan Tobacco, Inc.		JP		22	$	81,426
Swedish Match AB		SE		1,106		32,018
						630,316
TRADING COMPANIES & DISTRIBUTORS – 1.2%
Brenntag AG*		DE		136		13,866
Bunzl PLC		GB		1,576		17,667
ITOCHU Corp.		JP		7,200		72,896
Marubeni Corp.		JP		8,000		56,263
Mitsubishi Corp.		JP		6,500		175,970
Mitsui & Co., Ltd.		JP		8,300		137,090
Noble Group Ltd.		BM		14,000		23,672
Sojitz Corp.		JP		6,000		13,154
Sumitomo Corp.		JP		5,400		76,421
Toyota Tsusho Corp.		JP		1,000		17,613
Wolseley PLC*		JE		1,332		42,490
						647,102
TRANSPORTATION INFRASTRUCTURE – 0.3%
Abertis Infraestructuras SA		ES		1,416		25,460
Aeroports de Paris (ADP)		FR		142		11,209
Atlantia SpA		IT		1,150		23,466
Auckland International Airport Ltd.		NZ		4,393		7,462
Brisa Auto-estradas de Portugal SA		PT		862		6,012
Fraport AG		DE		176		11,091
Groupe Eurotunnel SA		FR		2,286		20,100
Kamigumi Co., Ltd.		JP		1,000		8,400
Koninklijke Vopak NV		NL		337		15,919
MAP Group		AU		1,783		5,453
Mitsubishi Logistics Corp.		JP		1,000		13,327
Transurban Group		AU		6,212		32,531
						180,430
WATER UTILITIES – 0.0% +
Severn Trent PLC		GB		1,135		26,154
WIRELESS TELECOMMUNICATION SERVICES – 1.9%
Cellcom Israel Ltd.		IL		237		7,694
KDDI Corp.		JP		14		80,872
Millicom International Cellular SA		LU		364		34,962
Mobistar SA		BE		129		8,362

	Country Code**		Shares		Value
NTT DoCoMo, Inc.		JP		73	$	127,496
Partner Communications Company Ltd.		IL		408		8,278
Softbank Corp.		JP		3,900		135,028
StarHub Ltd.		SG		3,000		6,148
Vodafone Group PLC		GB		252,593		652,950
						1,061,790
Total Common Stocks (Cost $50,678,065)						52,642,805
PREFERRED STOCKS – 0.5%
AUTOMOBILES – 0.3%
Bayerische Motoren Werke AG		DE		250		12,862
Porsche Automobil Holding SE		DE		419		33,404
Volkswagen AG		DE		815		132,215
						178,481
HEALTH CARE PROVIDERS & SERVICES – 0.1%
Fresenius SE		DE		386		33,048
HOUSEHOLD PRODUCTS – 0.1%
Henkel AG & Co. KGaA		DE		853		53,044
MEDIA – 0.0% +
ProSiebenSat.1 Media AG		DE		367		11,034
MULTI-UTILITIES – 0.0%+
RWE AG		DE		187		11,992
Total Preferred Stocks (Cost $273,947)						287,599
SHORT TERM INVESTMENTS – 2.2%
MUTUAL FUNDS – 2.2%
State Street Institutional U.S. Government Money Market Fund (Cost $1,184,300)				1,184,300		1,184,300
TOTAL INVESTMENTS – 98.6%
(Cost $52,136,312)						54,114,704
Other assets less liabilities – 1.4%						775,100
NET ASSETS – 100.0%					$	54,889,804

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

ADR	American Depositary Receipt
PPS	Price Protected Share
REIT	Real Estate Investment Trust
AT	Austria
AU	Australia
BE	Belgium
BM	Bermuda
CH	Switzerland
CY	Cyprus
DE	Germany
DK	Denmark
ES	Spain
FI	Finland
FR	France
GB	Great Britain
GG	Guernsey
GR	Greece
HK	Hong Kong
IE	Ireland
IL	Israel
IM	Isle of Man
IT	Italy
JE	Jersey
JP	Japan
KY	Cayman Islands
LU	Luxembourg
MU	Mauritius
NL	Netherlands
NO	Norway
NZ	New Zealand
PT	Portugal
SE	Sweden
SG	Singapore

Distribution of investments by country of issuer, as a percentage of net assets, is as follows. Figures may not total to 100% due to the exclusion of the Fund’s other assets and liabilities. (Unaudited)

Great Britain	20.7	%
Japan	20.4
Australia	8.7
France	8.5
Germany	7.7
Switzerland	7.6
Sweden	3.2
Spain	3.1
Italy	2.7
Netherlands	2.6
Hong Kong	2.4
United States	2.3
Other (individually less than 2%)	8.7

* Non-income producing security.

** Unless otherwise noted the issuer country code for all securities is United States.

+ Amount is less than 0.05%.

(1) At the period end, cash of $145,000 has been pledged to cover margin requirements for the following open futures contracts:

Type	Description	Expiration Date		Contracts		Aggregate Face Value ($)		Aggregate Notional Value ($)		Unrealized Appreciation/ (Depreciation) ($)
Long	DJ Euro Stoxx 50 Index March Futures		3/18/11		5		190,381		186,681		(3,700	)
Long	FTSE 100 Index March Futures		3/18/11		2		181,834		183,756		1,922
Long	MSCI EAFE E-Mini Index March Futures		3/18/11		16		1,312,939		1,328,800		15,861
Long	Topix Index March Futures		3/11/11		1		108,565		110,358		1,793
Net unrealized appreciation											15,876

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

(2) Fair Value Measurements †

The following table summarizes the inputs used to value the Fund’s assets and liabilities, as applicable, measured at fair value at the period end:

Assets	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks (a)	$	9,320		$	52,633,485	$	—	$	52,642,805
Preferred Stocks (b)		—			287,599		—		287,599
Short Term Investments
Mutual Funds		1,184,300			—		—		1,184,300
Total Investments		1,193,620			52,921,084		—		54,114,704
Financial Derivative Instruments
Futures Contracts		19,576			—		—		19,576
Total Financial Derivative Instruments	$	19,576		$	—	$	—	$	19,576
Liabilities
Financial Derivative Instruments
Futures Contracts	$	(3,700	)	$	—	$	—	$	(3,700	)
Total Financial Derivative Instruments	$	(3,700	)	$	—	$	—	$	(3,700	)

† See Note 2b in the Notes to Financial Statements for additional information.

(a) See Portfolio of Investments for additional detailed categorizations of Level 2 Securities. The Level 1 security is within the Airlines industry in the Portfolio of Investments.

(b) See Portfolio of Investments for additional detailed categorizations.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS December 31, 2010 Sun Capital Advisers Trust

	Country Code**	Shares		Value
COMMON STOCKS – 97.4%
AEROSPACE & DEFENSE – 2.6%
General Dynamics Corp.			3,446	$	244,528
Goodrich Corp.			1,169		102,954
Honeywell International, Inc.			7,090		376,904
ITT Corp.			1,627		84,783
L-3 Communications Holdings, Inc.			1,015		71,547
Lockheed Martin Corp.			2,709		189,386
Northrop Grumman Corp.			2,688		174,129
Precision Castparts Corp.			1,313		182,783
Raytheon Co.			3,318		153,756
Rockwell Collins, Inc.			1,394		81,215
The Boeing Co.			6,666		435,023
United Technologies Corp.			8,389		660,382
					2,757,390
AIR FREIGHT & LOGISTICS – 1.1%
C.H. Robinson Worldwide, Inc.			1,535		123,091
Expeditors International of Washington, Inc.			1,970		107,562
FedEx Corp.			2,866		266,567
United Parcel Services, Inc., Class B			8,984		652,059
					1,149,279
AIRLINES – 0.1%
Southwest Airlines Co.			6,617		85,889
AUTO COMPONENTS – 0.2%
Johnson Controls, Inc.			6,159		235,274
The Goodyear Tire & Rubber Co.*			2,155		25,537
					260,811
AUTOMOBILES – 0.6%
Ford Motor Co.*			34,038		571,498
Harley-Davidson, Inc.			2,089		72,426
					643,924
BEVERAGES – 2.5%
Brown-Forman Corp., Class B			921		64,120

	Country Code**		Shares		Value
Coca-Cola Enterprises, Inc.				3,056	$	76,492
Constellation Brands, Inc., Class A*				1,572		34,820
Dr Pepper Snapple Group, Inc.				2,119		74,504
Molson Coors Brewing Co., Class B				1,402		70,366
PepsiCo, Inc.				14,395		940,425
The Coca-Cola Co.				21,089		1,387,024
						2,647,751
BIOTECHNOLOGY – 1.3%
Amgen, Inc.*				8,584		471,262
Biogen Idec, Inc.*				2,181		146,236
Celgene Corp.*				4,293		253,888
Cephalon, Inc.*				667		41,167
Genzyme Corp.*				2,392		170,310
Gilead Sciences, Inc.*				7,387		267,705
						1,350,568
BUILDING PRODUCTS – 0.0% +
Masco Corp.				3,180		40,259
CAPITAL MARKETS – 2.5%
Ameriprise Financial, Inc.				2,280		131,214
Bank of New York Mellon Corp.				11,274		340,475
E*TRADE Financial Corp.*				1,762		28,192
Federated Investors, Inc., Class B				814		21,303
Franklin Resources, Inc.				1,343		149,355
Invesco, Ltd.		BM		4,152		99,897
Janus Capital Group, Inc.				1,629		21,128
Legg Mason, Inc.				1,370		49,690
Morgan Stanley				13,749		374,110
Northern Trust Corp.				2,239		124,063
State Street Corp.				4,565		211,542
T Rowe Price Group, Inc.				2,354		151,927
The Charles Schwab Corp.				9,085		155,444
The Goldman Sachs Group, Inc.				4,645		781,103
						2,639,443

See Notes to Financial Statements.

120

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**	Shares		Value
CHEMICALS – 2.1%
Air Products & Chemicals, Inc.			1,976	$	179,717
Airgas, Inc.			661		41,286
CF Industries Holdings, Inc.			631		85,280
E.I. du Pont de Nemours & Co.			8,295		413,755
Eastman Chemical Co.			641		53,895
Ecolab, Inc.			2,069		104,319
FMC Corp.			643		51,369
International Flavors & Fragrances, Inc.			708		39,358
Monsanto Co.			4,875		339,495
PPG Industries, Inc.			1,501		126,189
Praxair, Inc.			2,792		266,552
Sigma-Aldrich Corp.			1,076		71,618
The Dow Chemical Co.			10,548		360,109
The Sherwin-Williams Co.			801		67,084
					2,200,026
COMMERCIAL BANKS – 2.9%
BB&T Corp.			6,337		166,600
Comerica, Inc.			1,564		66,063
Fifth Third Bancorp			7,424		108,984
First Horizon National Corp.*			2,101		24,755
Huntington Bancshares, Inc.			7,835		53,826
Keycorp			7,808		69,101
M&T Bank Corp.			1,118		97,322
Marshall & Ilsley Corp.			4,680		32,386
PNC Financial Services Group, Inc.			4,785		290,545
Regions Financial Corp.			11,141		77,987
Suntrust Banks, Inc.			4,629		136,602
U.S. Bancorp			17,430		470,087
Wells Fargo & Co.			47,670		1,477,293
Zions Bancorporation			1,629		39,471
					3,111,022
COMMERCIAL SERVICES & SUPPLIES – 0.5%
Avery Dennison Corp.			975		41,282
Cintas Corp.			1,091		30,504
Iron Mountain, Inc.			1,787		44,693
Pitney Bowes, Inc.			1,833		44,322
R.R. Donnelley & Sons Co.			1,830		31,970

	Country Code**	Shares		Value
Republic Services, Inc.			2,718	$	81,159
Stericycle, Inc.*			757		61,256
Waste Management, Inc.			4,373		161,233
					496,419
COMMUNICATIONS EQUIPMENT – 2.2%
Cisco Systems, Inc.*			50,344		1,018,459
F5 Networks, Inc.*			727		94,626
Harris Corp.			1,145		51,868
JDS Uniphase Corp.*			1,966		28,468
Juniper Networks, Inc.*			4,823		178,065
Motorola, Inc.*			21,596		195,876
QUALCOMM, Inc.			14,695		727,256
Tellabs, Inc.			3,383		22,937
					2,317,555
COMPUTERS & PERIPHERALS – 4.3%
Apple, Inc.*			8,331		2,687,247
Dell, Inc.*			15,383		208,440
EMC Corp.*			18,722		428,734
Hewlett-Packard Co.			20,599		867,218
Lexmark International, Inc., Class A*			697		24,269
NetApp, Inc.*			3,330		183,017
QLogic Corp.*			969		16,492
SanDisk Corp.*			2,108		105,105
Western Digital Corp.*			2,034		68,953
					4,589,475
CONSTRUCTION & ENGINEERING – 0.2%
Fluor Corp.			1,666		110,389
Jacobs Engineering Group, Inc.*			1,115		51,123
Quanta Services, Inc.*			1,871		37,270
					198,782
CONSTRUCTION MATERIALS – 0.0% +
Vulcan Materials Co.			1,138		50,482
CONSUMER FINANCE – 0.7%
American Express Co.			9,516		408,426
Capital One Financial Corp.			4,175		177,688
Discover Financial Services			5,096		94,429
SLM Corp.*			4,308		54,238
					734,781

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**	Shares		Value
CONTAINERS & PACKAGING – 0.2%
Ball Corp.			772	$	52,534
Bemis Co.			968		31,615
Owens-Ilinois, Inc.*			1,451		44,546
Sealed Air Corp.			1,416		36,037
					164,732
DISTRIBUTORS – 0.1%
Genuine Parts Co.			1,398		71,773
DIVERSIFIED CONSUMER SERVICES – 0.1%
Apollo Group Inc., Class A*			1,125		44,426
DeVry, Inc.			558		26,773
H&R Block, Inc.			2,737		32,598
					103,797
DIVERSIFIED FINANCIAL SERVICES – 4.2%
Bank of America Corp.			91,599		1,221,931
Citigroup, Inc.*			263,846		1,247,991
CME Group, Inc.			612		196,911
IntercontinentalExchange, Inc.*			657		78,281
JP Morgan Chase & Co.			35,503		1,506,037
Leucadia National Corp.			1,748		51,007
Moody’s Corp.			1,808		47,984
Nasdaq Stock Market, Inc.*			1,277		30,278
NYSE Euronext			2,311		69,284
					4,449,704
DIVERSIFIED TELECOMMUNICATION SERVICES – 2.7%
AT&T, Inc.			53,674		1,576,942
CenturyLink, Inc.			2,722		125,675
Frontier Communications Corp.			8,799		85,614
Qwest Communications International, Inc.			16,097		122,498
Verizon Communications, Inc.			25,676		918,687
Windstream Corp.			4,286		59,747
					2,889,163
ELECTRIC UTILITIES – 1.7%
Allegheny Energy, Inc.			1,505		36,481
American Electric Power Co., Inc.			4,392		158,024

	Country Code**		Shares		Value
Duke Energy Corp.				12,134	$	216,107
Edison International				3,021		116,611
Entergy Corp.				1,657		117,365
Exelon Corp.				6,036		251,339
FirstEnergy Corp.				2,843		105,248
NextEra Energy, Inc.				3,787		196,886
Northeast Utilities				1,563		49,828
Pepco Holdings, Inc.				1,986		36,244
Pinnacle West Capital Corp.				964		39,958
PPL Corp.				4,477		117,835
Progress Energy, Inc.				2,710		117,831
Southern Co.				7,627		291,580
						1,851,337
ELECTRICAL EQUIPMENT – 0.5%
Emerson Electric Co.				6,839		390,986
Rockwell Automation, Inc.				1,258		90,211
Roper Industries, Inc.				835		63,819
						545,016
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.4%
Amphenol Corp., Class A				1,636		86,348
Corning, Inc.				14,237		275,059
Flir Systems, Inc.*				1,403		41,740
Jabil Circuit, Inc.				1,736		34,876
Molex, Inc.				1,221		27,741
						465,764
ENERGY EQUIPMENT & SERVICES – 2.1%
Baker Hughes, Inc.				3,922		224,221
Cameron International Corp.*				2,249		114,092
Diamond Offshore Drilling, Inc.				617		41,259
FMC Technologies, Inc.*				1,064		94,600
Halliburton Co.				8,266		337,501
Helmerich & Payne, Inc.				939		45,523
Nabors Industries, Ltd.*		BM		2,530		59,354
National-Oilwell Varco, Inc.				3,832		257,702
Rowan Cos., Inc.*				1,153		40,251
Schlumberger, Ltd.		AN		12,393		1,034,815
						2,249,318

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**	Shares		Value
FOOD & STAPLES RETAILING – 2.3%
Costco Wholesale Corp.			3,930	$	283,785
CVS Caremark Corp.			12,347		429,305
Kroger Co.			5,695		127,340
Safeway, Inc.			3,506		78,850
SUPERVALU, Inc.			1,882		18,124
Sysco Corp.			5,390		158,466
Wal-Mart Stores, Inc.			17,794		959,630
Walgreen Co.			8,414		327,810
Whole Foods Market, Inc.*			1,296		65,565
					2,448,875
FOOD PRODUCTS – 1.7%
Archer-Daniels-Midland Co.			5,836		175,547
Campbell Soup Co.			1,717		59,666
ConAgra Foods, Inc.			3,900		88,062
Dean Foods Co.*			1,616		14,285
General Mills, Inc.			5,834		207,632
H.J. Heinz Co.			2,875		142,197
Hormel Foods Corp.			614		31,474
Kellogg Co.			2,341		119,578
Kraft Foods, Inc., Class A			15,871		500,095
McCormick & Co., Inc.			1,182		54,998
Mead Johnson Nutrition Co., Class A			1,895		117,964
Sara Lee Corp.			5,937		103,957
The Hershey Co.			1,370		64,596
The J. M. Smucker Co.			1,060		69,589
Tyson Foods, Inc., Class A			2,645		45,547
					1,795,187
GAS UTILITIES – 0.1%
Nicor, Inc.			404		20,168
ONEOK, Inc.			944		52,363
					72,531
HEALTH CARE EQUIPMENT & SUPPLIES – 1.6%
Bard (C.R.), Inc.			831		76,261
Baxter International, Inc.			5,297		268,134
Becton, Dickinson & Co.			2,118		179,013
Boston Scientific Corp.*			14,148		107,100
CareFusion Corp.*			1,972		50,681

	Country Code**		Shares		Value
Dentsply International, Inc.				1,267	$	43,293
Intuitive Surgical, Inc.*				349		89,955
Medtronic, Inc.				9,814		364,001
St. Jude Medical, Inc.*				3,076		131,499
Stryker Corp.				3,120		167,544
Varian Medical Systems, Inc.*				1,117		77,386
Zimmer Holdings, Inc.*				1,833		98,396
						1,653,263
HEALTH CARE PROVIDERS & SERVICES – 1.9%
Aetna, Inc.				3,702		112,948
AmerisourceBergen Corp.				2,473		84,379
Cardinal Health, Inc.				3,115		119,336
CIGNA Corp.				2,414		88,497
Coventry Health Care, Inc.*				1,316		34,742
DaVita, Inc.*				910		63,236
Express Scripts, Inc.*				4,811		260,034
Humana, Inc.*				1,501		82,165
Laboratory Corp. of America Holdings*				912		80,183
McKesson Corp.				2,319		163,211
Medco Health Solutions, Inc.*				3,847		235,706
Patterson Cos., Inc.				858		26,280
Quest Diagnostics, Inc.				1,334		71,996
Tenet Healthcare Corp.*				4,304		28,794
UnitedHealth Group, Inc.				9,972		360,089
WellPoint, Inc.*				3,579		203,502
						2,015,098
HEALTH CARE TECHNOLOGY – 0.1%
Cerner Corp.*				629		59,591
HOTELS, RESTAURANTS & LEISURE – 1.7%
Carnival Corp.		PA		3,974		183,241
Darden Restaurants, Inc.				1,228		57,028
International Game Technology				2,644		46,772
Marriott International, Inc., Class A				2,664		110,662
McDonald’s Corp.				9,597		736,666
Starbucks Corp.				6,783		217,938
Starwood Hotels & Resorts Worldwide, Inc.				1,770		107,581

See Notes to Financial Statements.

123

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**		Shares		Value
Wyndham Worldwide Corp.				1,585	$	47,487
Wynn Resorts, Ltd.				668		69,365
Yum! Brands, Inc.				4,292		210,523
						1,787,263
HOUSEHOLD DURABLES – 0.4%
D.R. Horton, Inc.				2,485		29,646
Fortune Brands, Inc.				1,351		81,398
Harman International Industries, Inc.*				617		28,567
Leggett & Platt, Inc.				1,299		29,565
Lennar Corp., Class A				1,411		26,456
Newell Rubbermaid, Inc.				2,528		45,959
Pulte Homes, Inc.*				2,988		22,470
Stanley Black & Decker, Inc.				1,550		103,649
Whirlpool Corp.				674		59,871
						427,581
HOUSEHOLD PRODUCTS – 2.2%
Clorox Co.				1,232		77,961
Colgate-Palmolive Co.				4,387		352,583
Kimberly-Clark Corp.				3,712		234,005
The Procter & Gamble Co.				25,422		1,635,397
						2,299,946
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS – 0.2%
AES Corp.*				5,916		72,057
Constellation Energy Group				1,791		54,858
NRG Energy, Inc.*				2,246		43,887
						170,802
INDUSTRIAL CONGLOMERATES – 2.4%
3m Co.				6,495		560,519
General Electric Co.				96,763		1,769,795
Textron, Inc.				2,432		57,493
Tyco International Ltd.		CH		4,453		184,532
						2,572,339
INSURANCE – 3.8%
ACE, Ltd.		CH		3,088		192,228
Aflac, Inc.				4,305		242,931
American International Group, Inc.*				1,266		72,947
Aon Corp.				2,960		136,190

	Country Code**		Shares		Value
Assurant, Inc.				945	$	36,401
Berkshire Hathaway, Inc., Class B*				15,716		1,259,009
Cincinnati Financial Corp.				1,443		45,729
Genworth Financial Inc., Class A*				4,341		57,041
Lincoln National Corp.				2,810		78,146
Loews Corp.				2,820		109,726
Marsh & McLennan Cos., Inc.				4,999		136,673
MetLife, Inc.				8,236		366,008
Prudential Financial, Inc.				4,427		259,909
The Allstate Corp.				4,934		157,296
The Chubb Corp.				2,790		166,396
The Hartford Financial Services Group, Inc.				4,135		109,536
The Principal Financial Group, Inc.				2,841		92,503
The Progressive Corp.				5,922		117,670
Torchmark Corp.				717		42,833
Travelers Cos., Inc.				4,169		232,255
Unum Group				2,993		72,490
XL Group PLC		IE		3,034		66,202
						4,050,119
INTERNET & CATALOG RETAIL – 0.8%
Amazon.com, Inc.*				3,221		579,780
Expedia, Inc.				1,762		44,208
Netflix, Inc.*				391		68,699
Priceline.com, Inc.*				452		180,597
						873,284
INTERNET SOFTWARE & SERVICES – 1.9%
Akamai Technologies, Inc.*				1,711		80,503
eBay, Inc.*				10,428		290,211
Google, Inc., Class A*				2,266		1,345,936
Monster Worldwide, Inc.*				1,152		27,222
VeriSign, Inc.				1,545		50,475
Yahoo!, Inc.*				11,854		197,132
						1,991,479
IT SERVICES – 2.9%
Automatic Data Processing, Inc.				4,520		209,186
Cognizant Technology Solutions Corp., Class A*				2,788		204,333

See Notes to Financial Statements.

124

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**		Shares		Value
Computer Sciences Corp.				1,369	$	67,902
Fidelity National Information Services, Inc.				2,339		64,065
Fiserv, Inc.*				1,331		77,943
International Business Machines Corp.				11,283		1,655,893
Mastercard, Inc., Class A				882		197,665
Paychex, Inc.				2,854		88,217
SAIC, Inc.*				2,605		41,315
Teradata Corp.*				1,484		61,082
The Western Union Co.				5,855		108,727
Total System Services, Inc.				1,471		22,624
Visa, Inc., Class A				4,429		311,713
						3,110,665
LEISURE EQUIPMENT & PRODUCTS – 0.1%
Hasbro, Inc.				1,294		61,051
Mattel, Inc.				3,191		81,147
						142,198
LIFE SCIENCES TOOLS & SERVICES – 0.5%
Agilent Technologies, Inc.*				3,198		132,493
Life Technologies Corp.*				1,680		93,240
PerkinElmer, Inc.				1,046		27,008
Thermo Fisher Scientific, Inc.*				3,614		200,071
Waters Corp.*				816		63,411
						516,223
MACHINERY – 2.2%
Caterpillar, Inc.				5,766		540,044
Cummins, Inc.				1,810		199,118
Danaher Corp.				4,903		231,274
Deere & Co.				3,852		319,909
Dover Corp.				1,743		101,878
Eaton Corp.				1,508		153,077
Flowserve Corp.				496		59,133
Illinois Tool Works, Inc.				4,509		240,781
Ingersoll-Rand PLC		IE		2,906		136,843
PACCAR, Inc.				3,321		190,692
Pall Corp.				1,035		51,315
Parker Hannifin Corp.				1,489		128,501

	Country Code**	Shares		Value
Snap-On, Inc.			515	$	29,139
					2,381,704
MEDIA – 3.0%
Cablevision Systems Corp., Class A			2,166		73,297
CBS Corp., Class B			6,316		120,320
Comcast Corp., Class A			25,349		556,918
DIRECTV, Class A*			7,578		302,590
Discovery Communications, Inc., Class A*			2,644		110,255
Gannett Co., Inc.			2,116		31,930
Meredith Corp.			322		11,157
News Corp., Class A			20,757		302,222
Omnicom Group, Inc.			2,782		127,416
Scripps Networks Interactive, Inc., Class A			797		41,245
The Interpublic Group of Cos., Inc.*			4,336		46,048
The McGraw-Hill Cos., Inc.			2,742		99,836
The Walt Disney Co.			17,202		645,247
The Washington Post Co., Class B			49		21,535
Time Warner Cable, Inc.			3,235		213,607
Time Warner, Inc.			10,082		324,338
Viacom, Inc.			5,524		218,806
					3,246,767
METALS & MINING – 1.2%
AK Steel Holding Corp.			976		15,977
Alcoa, Inc.			9,404		144,728
Allegheny Technologies, Inc.			874		48,227
Cliffs Natural Resources, Inc.			1,202		93,768
Freeport-McMoRan Copper & Gold, Inc.			4,278		513,745
Newmont Mining Corp.			4,491		275,882
Nucor Corp.			2,912		127,604
Titanium Metals Corp.*			799		13,727
United States Steel Corp.			1,273		74,369
					1,308,027
MULTI-LINE RETAIL – 0.8%
Big Lots, Inc.*			670		20,408

See Notes to Financial Statements.

125

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**	Shares		Value
Family Dollar Stores, Inc.			1,117	$	55,526
J.C. Penney Co., Inc.			2,097		67,754
Kohl’s Corp.*			2,825		153,510
Macy’s, Inc.			3,944		99,783
Nordstrom, Inc.			1,497		63,443
Sears Holdings Corp.*			393		28,984
Target Corp.			6,435		386,937
					876,345
MULTI-UTILITIES – 1.3%
Ameren Corp.			2,122		59,819
Centerpoint Energy, Inc.			3,741		58,809
CMS Energy Corp.			2,170		40,362
Consolidated Edison, Inc.			2,607		129,229
Dominion Resources, Inc.			5,278		225,476
DTE Energy Co.			1,497		67,844
Integrys Energy Group, Inc.			685		33,229
NiSource, Inc.			2,466		43,451
PG&E Corp.			3,617		173,037
Public Service Enterprise Group, Inc.			4,645		147,757
SCANA Corp.			1,000		40,600
Sempra Energy			2,199		115,404
TECO Energy, Inc.			1,904		33,891
Wisconsin Energy Corp.			1,037		61,038
Xcel Energy, Inc.			4,289		101,006
					1,330,952
OFFICE ELECTRONICS – 0.1%
Xerox Corp.			12,692		146,212
OIL, GAS & CONSUMABLE FUELS – 9.6%
Anadarko Petroleum Corp.			4,505		343,101
Apache Corp.			3,473		414,086
Cabot Oil & Gas Corp.			924		34,973
Chesapeake Energy Corp.			6,017		155,900
Chevron Corp.			18,277		1,667,776
ConocoPhillips			13,345		908,794
Consol Energy, Inc.			2,003		97,626
Denbury Resources, Inc.*			3,542		67,617
Devon Energy Corp.			3,927		308,309
El Paso Corp.			6,245		85,931

	Country Code**	Shares		Value
EOG Resources, Inc.			2,328	$	212,802
EQT Corp.			1,323		59,323
Exxon Mobil Corp.			45,791		3,348,238
Hess Corp.			2,753		210,715
Marathon Oil Corp.			6,455		239,029
Massey Energy Co.			906		48,607
Murphy Oil Corp.			1,772		132,103
Newfield Exploration Co.*			1,206		86,965
Noble Energy, Inc.			1,611		138,675
Occidental Petroleum Corp.			7,382		724,174
Peabody Energy Corp.			2,471		158,094
Pioneer Natural Resources Co.			1,029		89,338
QEP Resources, Inc.			1,554		56,426
Range Resources Corp.			1,420		63,872
Southwestern Energy Co.*			3,211		120,188
Spectra Energy Corp.			5,953		148,765
Sunoco, Inc.			1,070		43,132
Tesoro Corp.*			1,266		23,472
The Williams Cos., Inc.			5,398		133,438
Valero Energy Corp.			5,258		121,565
					10,243,034
PAPER & FOREST PRODUCTS – 0.1%
International Paper Co.			4,074		110,976
MeadWestvaco Corp.			1,515		39,632
					150,608
PERSONAL PRODUCTS – 0.2%
Avon Products, Inc.			3,979		115,630
The Estee Lauder Cos., Inc., Class A			1,013		81,749
					197,379
PHARMACEUTICALS – 5.4%
Abbott Laboratories			14,042		672,752
Allergan, Inc.			2,799		192,207
Bristol-Myers Squibb Co.			15,554		411,870
Eli Lilly & Co.			9,223		323,174
Forest Laboratories, Inc.*			2,533		81,005
Hospira, Inc.*			1,484		82,644
Johnson & Johnson			24,941		1,542,601
King Pharmaceuticals, Inc.*			2,215		31,121
Merck & Co., Inc.			27,983		1,008,507

See Notes to Financial Statements.

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	Country Code**	Shares		Value
Mylan, Inc.*			3,857	$	81,499
Pfizer, Inc.			72,749		1,273,835
Watson Pharmaceuticals, Inc.*			1,108		57,228
					5,758,443
PROFESSIONAL SERVICES – 0.1%
Equifax, Inc.			1,109		39,480
Robert Half International, Inc.			1,309		40,056
The Dun & Bradstreet Corp.			444		36,448
					115,984
REAL ESTATE INVESTMENT TRUSTS – 1.4%
Apartment Investment & Management Co.			1,038		26,822
AvalonBay Communities, Inc.			755		84,975
Boston Properties, Inc.			1,297		111,672
Equity Residential			2,616		135,901
HCP, Inc.			3,307		121,665
Health Care REIT, Inc.			1,314		62,599
Host Hotels & Resorts, Inc.			5,989		107,023
Kimco Realty Corp.			3,600		64,944
Plum Creek Timber Co., Inc.			1,433		53,666
ProLogis			5,139		74,207
Public Storage			1,289		130,730
Simon Property Group, Inc.			2,671		265,738
Ventas, Inc.			1,393		73,105
Vornado Realty Trust			1,502		125,162
Weyerhaeuser Co.			4,751		89,936
					1,528,145
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.1%
CB Richard Ellis Group, Inc., Class A*			2,569		52,613
ROAD & RAIL – 0.8%
CSX Corp.			3,402		219,803
Norfolk Southern Corp.			3,304		207,557
Ryder System, Inc.			465		24,478
Union Pacific Corp.			4,481		415,210
					867,048

	Country Code**	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 2.4%
Advanced Micro Devices, Inc.*			5,026	$	41,113
Altera Corp.			2,810		99,980
Analog Devices, Inc.			2,779		104,685
Applied Materials, Inc.			12,225		171,761
Broadcom Corp., Class A			4,190		182,475
First Solar, Inc.*			478		62,207
Intel Corp.			50,663		1,065,443
Kla-Tencor Corp.			1,489		57,535
Linear Technology Corp.			1,991		68,869
LSI Corp.*			5,322		31,879
MEMC Electronic Materials, Inc.*			2,017		22,711
Microchip Technology, Inc.			1,649		56,412
Micron Technology, Inc.*			7,584		60,824
National Semiconductor Corp.			2,125		29,240
Novellus Systems, Inc.*			815		26,341
NVIDIA Corp.*			5,243		80,742
Teradyne, Inc.*			1,609		22,590
Texas Instruments, Inc.			10,671		346,807
Xilinx, Inc.			2,296		66,538
					2,598,152
SOFTWARE – 3.9%
Adobe Systems, Inc.*			4,659		143,404
Autodesk, Inc.*			2,016		77,011
BMC Software, Inc.*			1,584		74,670
CA, Inc.			3,433		83,903
Citrix Systems, Inc.*			1,731		118,418
Compuware Corp.*			1,980		23,107
Electronic Arts, Inc.*			2,930		47,993
Intuit, Inc.*			2,508		123,644
McAfee, Inc.*			1,394		64,556
Microsoft Corp.			68,374		1,909,002
Novell, Inc.*			3,116		18,447
Oracle Corp.			35,158		1,100,445
Red Hat, Inc.*			1,717		78,381
Salesforce.com, Inc.*			1,060		139,920
Symantec Corp.*			7,144		119,591
					4,122,492

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**	Shares		Value
SPECIALTY RETAIL – 1.9%
Abercrombie & Fitch Co., Class A			783	$	45,124
Autonation, Inc.*			558		15,736
AutoZone, Inc.*			241		65,694
Bed Bath & Beyond, Inc.*			2,391		117,518
Best Buy Co., Inc.			3,070		105,270
CarMax, Inc.*			1,985		63,282
GameStop Corp., Class A*			1,334		30,522
Limited Brands, Inc.			2,348		72,154
Lowe’s Cos., Inc.			12,543		314,578
O’Reilly Automotive, Inc.*			1,311		79,211
RadioShack Corp.			1,010		18,675
Ross Stores, Inc.			1,068		67,551
Staples, Inc.			6,476		147,459
The Gap, Inc.			3,898		86,302
The Home Depot, Inc.			14,889		522,008
Tiffany & Co.			1,120		69,742
TJX Cos., Inc.			3,616		160,514
Urban Outfitters, Inc.*			1,142		40,895
					2,022,235
TEXTILES, APPAREL & LUXURY GOODS – 0.5%
Coach, Inc.			2,725		150,720
Nike, Inc., Class B			3,475		296,834
Polo Ralph Lauren Corp.			578		64,112
VF Corp.			766		66,014
					577,680
THRIFT & MORTGAGE FINANCE – 0.1%
Hudson City Bancorp, Inc.			4,671		59,508
People’s United Financial, Inc.			3,290		46,093
					105,601

	Country Code**	Shares		Value
TOBACCO – 1.5%
Altria Group, Inc.			18,970	$	467,041
Lorillard, Inc.			1,381		113,325
Philip Morris International, Inc.			16,480		964,574
Reynolds American, Inc.			3,156		102,949
					1,647,889
TRADING COMPANIES & DISTRIBUTORS – 0.1%
Fastenal Co.			1,308		78,362
W.W. Grainger, Inc.			546		75,408
					153,770
WIRELESS TELECOMMUNICATION SERVICES – 0.3%
American Tower Corp., Class A*			3,659		188,951
MetroPCS Communications, Inc.*			2,323		29,339
Sprint Nextel Corp.*			27,673		117,057
					335,347
Total Common Stocks (Cost $97,692,161)					103,817,331
SHORT TERM INVESTMENTS – 2.1%
MUTUAL FUNDS – 2.1%
State Street Institutional Treasury Plus Money Market Fund (Cost $2,279,251)			2,279,251		2,279,251
TOTAL INVESTMENTS – 99.5%
(Cost $99,971,412)					106,096,582
Other assets less liabilities – 0.5%					479,836
NET ASSETS – 100.0%				$	106,576,418

REIT	Real Estate Investment Trust
AN	Netherlands Antilles
BM	Bermuda
CH	Switzerland
IE	Ireland
PA	Panama

* Non-income producing security.

** Unless otherwise noted the issuer country code for all securities is United States.

+ Amount is less than 0.05%.

See Notes to Financial Statements.

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(1) At the period end, cash of $368,000 has been pledged to cover margin requirements for the following open futures contracts:

Type	Description	Expiration Date		Contracts		Aggregate Face Value ($)		Aggregate Notional Value ($)		Unrealized Appreciation ($)
Long	S&P 500 E-Mini Index March Futures		3/18/11		44		2,701,834		2,756,600		54,766

(2) Fair Value Measurements

All investments and financial derivative instruments are categorized as Level 1 under the fair value hierarchy. See Note 2b in the Notes to Financial Statements for additional information.

See Notes to Financial Statements.

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	Country Code**	Shares		Value
COMMON STOCKS – 97.2%
AEROSPACE & DEFENSE – 1.8%
AAR Corp.*			5,781	$	158,804
AeroVironment, Inc.*			2,676		71,797
American Science & Engineering, Inc.			1,371		116,850
Applied Signal Technology, Inc.			2,049		77,637
Astronics Corp.*			1,701		35,721
Ceradyne, Inc.*			3,796		119,688
Cubic Corp.			2,247		105,946
Curtiss-Wright Corp.			6,730		223,436
DigitalGlobe, Inc.*			3,903		123,764
Ducommun, Inc.			2,147		46,762
Esterline Technologies Corp.*			4,367		299,532
GenCorp, Inc.*			9,975		51,571
Geoeye, Inc.*			3,441		145,864
Heico Corp.			4,331		221,011
Herley Industries, Inc.*			2,744		47,526
Hexcel Corp.*			14,297		258,633
Kratos Defense & Security Solutions, Inc.*			3,989		52,535
Ladish Co., Inc.*			2,394		116,372
Moog, Inc.*			6,351		252,770
National Presto Industries, Inc.			704		91,527
Orbital Sciences Corp.*			8,498		145,571
Taser International, Inc.*			11,898		55,921
Teledyne Technologies, Inc.*			5,265		231,502
Triumph Group, Inc.			2,355		210,560
					3,261,300
AIR FREIGHT & LOGISTICS – 0.4%
Air Transport Services Group, Inc.*			8,490		67,071
Atlas Air Worldwide Holdings, Inc.*			3,870		216,062
Dynamex, Inc.*			1,781		44,098
Forward Air Corp.			4,317		122,516
HUB Group, Inc.*			5,656		198,752
Pacer International, Inc.*			7,500		51,300
					699,799
AIRLINES – 0.7%
AirTran Holdings, Inc.*			20,412		150,845
Alaska Air Group, Inc.*			5,225		296,205

	Country Code**	Shares		Value
Allegiant Travel Co.			2,326	$	114,532
Hawaiian Holdings, Inc.*			8,583		67,291
JetBlue Airways Corp.*			36,732		242,799
Republic Airways Holdings, Inc.*			7,247		53,048
SkyWest, Inc.			8,702		135,925
US Airways Group, Inc.*			23,997		240,210
					1,300,855
AUTO COMPONENTS – 1.0%
American Axle & Manufacturing Holdings, Inc.*			9,273		119,251
Amerigon, Inc.*			3,767		40,985
Cooper Tire & Rubber Co.			9,160		215,993
Dana Holding Corp.*			20,800		357,968
Dorman Products, Inc.*			1,739		63,021
Drew Industries, Inc.			3,037		69,001
Exide Technologies*			11,660		109,721
Fuel Systems Solutions, Inc.*			2,458		72,216
Modine Manufacturing Co.*			7,372		114,266
Spartan Motors, Inc.			6,660		40,559
Standard Motor Products, Inc.			3,254		44,580
Stoneridge, Inc.*			2,519		39,775
Superior Industries International, Inc.			3,937		83,543
Tenneco, Inc.*			8,841		363,895
					1,734,774
AUTOMOBILES – 0.0%+
Winnebago Industries, Inc.*			4,783		72,702
BEVERAGES – 0.1%
Boston Beer Co., Inc.*			1,242		118,102
Coca-Cola Bottling Co. Consolidated			754		41,907
Heckmann Corp.*			15,144		76,174
					236,183
BIOTECHNOLOGY – 3.2%
Acorda Therapeutics, Inc.*			5,814		158,490
Alkermes, Inc.*			14,345		176,157

See Notes to Financial Statements.

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	Country Code**	Shares		Value
Allos Therapeutics, Inc.*			13,547	$	62,452
Alnylam Pharmaceuticals, Inc.*			6,032		59,476
AMAG Pharmaceuticals, Inc.*			3,659		66,228
Arena Pharmaceuticals, Inc.*			23,093		39,720
Ariad Pharmaceuticals, Inc.*			19,901		101,495
ArQule, Inc.*			7,290		42,792
Array Biopharma, Inc.*			10,267		30,698
Aveo Pharmaceuticals, Inc.*			1,890		27,632
AVI Biopharma, Inc.*			19,363		41,050
BioCryst Pharmaceuticals, Inc.*			6,077		31,418
Celera Corp.*			13,315		83,885
Celldex Therapeutics, Inc.*			7,135		29,396
Cepheid, Inc.*			8,994		204,614
Chelsea Therapeutics International, Ltd.*			6,866		51,495
Clinical Data, Inc.*			2,529		40,236
Codexis, Inc.*			1,112		11,787
Cubist Pharmaceuticals, Inc.*			8,600		184,040
Cytori Therapeutics, Inc.*			7,625		39,574
Dyax Corp.*			17,978		38,473
Dynavax Technologies Corp.*			15,048		48,154
Emergent Biosolutions, Inc.*			3,093		72,562
Enzon Pharmaceuticals, Inc.*			7,629		92,845
Exact Sciences Corp.*			7,584		45,352
Exelixis, Inc.*			17,154		140,834
Genomic Health, Inc.*			2,167		46,352
Geron Corp.*			19,211		99,321
Halozyme Therapeutics, Inc.*			11,994		94,992
Idenix Pharmaceuticals, Inc.*			6,453		32,523
ImmunoGen, Inc.*			10,633		98,462
Immunomedics, Inc.*			11,942		42,752
Incyte Corp.*			13,283		219,966
InterMune, Inc.*			6,949		252,944
Ironwood Pharmaceuticals, Inc.*			3,259		33,731

	Country Code**	Shares		Value
Isis Pharmaceuticals, Inc.*			14,323	$	144,949
Keryx Biopharmaceuticals, Inc.*			8,400		38,472
Lexicon Genetics, Inc.*			34,801		50,113
Ligand Pharmaceuticals, Inc.*			4,844		43,208
Mannkind Corp.*			10,725		86,444
Martek Biosciences Corp.*			4,787		149,833
Medivation, Inc.*			5,387		81,721
Metabolix, Inc.*			4,671		56,846
Micromet, Inc.*			14,135		114,776
Momenta Pharmaceuticals, Inc.*			6,851		102,559
Nabi Biopharmaceuticals*			8,427		48,792
Neurocrine Biosciences, Inc.*			7,644		58,400
Novavax, Inc.*			18,169		44,151
NPS Pharmaceuticals, Inc.*			10,804		85,352
Omeros Corp.*			3,880		31,971
Onyx Pharmaceuticals, Inc.*			9,320		343,628
Opko Health, Inc.*			15,204		55,799
Orexigen Therapeutics, Inc.*			5,115		41,329
PDL BioPharma, Inc.			20,983		130,724
Pharmacyclics, Inc.*			7,366		44,785
Pharmasset Inc*			4,491		194,954
Rigel Pharmaceuticals, Inc.*			8,495		63,967
Sangamo BioSciences, Inc.*			7,475		49,634
Savient Pharmaceuticals, Inc.*			10,470		116,636
Seattle Genetics, Inc.*			12,517		187,129
Siga Technologies, Inc.*			5,638		78,932
Spectrum Pharmaceuticals, Inc.*			8,478		58,244
Targacept, Inc.*			3,798		100,647
Theravance, Inc.*			9,528		238,867
Vanda Pharmaceuticals, Inc.*			4,954		46,865
Vical, Inc.*			17,111		34,564
Ziopharm Oncology, Inc.*			8,847		41,227
					5,807,416

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**	Shares		Value
BUILDING PRODUCTS – 0.6%
Aaon, Inc.			2,063	$	58,197
Ameron International Corp.			1,409		107,605
Apogee Enterprises, Inc.			4,933		66,447
Gibraltar Industries, Inc.*			4,952		67,199
Griffon Corp.*			7,092		90,352
Insteel Industries, Inc.			3,697		46,176
NCI Building Systems, Inc.*			3,842		53,750
Quanex Building Products Corp.			6,167		116,988
Simpson Manufacturing Co., Inc.			5,910		182,678
Smith A O Corp.			5,087		193,713
Trex Co., Inc.*			2,733		65,483
Universal Forest Products, Inc.			3,097		120,473
					1,169,061
CAPITAL MARKETS – 2.2%
American Capital, Ltd.*			50,457		381,455
Apollo Investment Corp.			31,278		346,247
Artio Global Investors, Inc.			4,910		72,423
BGC Partners, Inc.			9,672		80,374
BlackRock Kelso Capital Corp.			11,335		125,365
Calamos Asset Management, Inc.			3,373		47,222
Capital Southwest Corp.			458		47,540
Cohen & Steers, Inc.			2,686		70,105
Cowen Group, Inc., Class A*			8,352		38,920
Diamond Hill Investment Group			420		30,383
Duff & Phelps Corp., Class A			4,675		78,821
Epoch Holding Corp			2,241		34,803
Evercore Partners, Inc.			2,405		81,770
FBR Capital Markets Corp.*			9,882		37,749
Fifth Street Finance Corp.			9,010		109,381
Financial Engines, Inc.*			2,263		44,875
GAMCO Investors, Inc.			1,217		58,428

	Country Code**	Shares		Value
GFI Group, Inc.			11,361	$	53,283
Gladstone Capital Corp.			3,855		44,410
Gladstone Investment Corp.			4,481		34,280
Gleacher & Co., Inc.*			13,412		31,786
Harris & Harris Group, Inc.*			8,190		35,872
Hercules Technology Growth Capital, Inc.			6,060		62,782
HFF, Inc. Class A*			3,633		35,095
International Assets Holding Corp.*			1,917		45,241
Internet Capital Group, Inc.*			5,959		84,737
Investment Technology Group, Inc.*			6,769		110,809
Kayne Anderson Energy Development Co.			2,261		40,721
KBW, Inc.			5,392		150,545
Knight Capital Group, Inc.*			13,597		187,503
Main Street Capital Corp.			2,773		50,441
MCG Capital Corp.			12,690		88,449
MF Global Holdings Ltd.*			17,309		144,703
MVC Capital, Inc.			4,496		65,642
NGP Capital Resources Co.			4,720		43,424
Oppenheimer Holdings, Inc., Class A			1,787		46,837
optionsXpress Holdings, Inc.			6,105		95,665
PennantPark Investment Corp.			6,403		78,373
Piper Jaffray Cos., Inc.*			2,428		85,004
Prospect Capital Corp.			13,338		144,050
Safeguard Scientifics, Inc.*			3,354		57,286
Stifel Financial Corp.*			4,980		308,959
SWS Group, Inc.			6,420		32,421
TICC Capital Corp.			5,367		60,164
Tradestation Group, Inc.*			6,805		45,934
Triangle Capital Corp.			2,767		52,573
Virtus Investment Partners, Inc.*			824		37,385
					4,040,235

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**		Shares		Value
CHEMICALS – 2.4%
Arch Chemicals, Inc.				3,424	$	129,872
Balchem Corp.				4,311		145,755
Calgon Carbon Corp.*				8,590		129,881
Ferro Corp.*				12,862		188,300
Fuller H B Co.				7,182		147,375
Georgia Gulf Corp.*				5,328		128,192
Hawkins, Inc.				1,419		63,004
Innophos Holdings, Inc.				3,340		120,507
Koppers Holdings, Inc.				3,301		118,110
Kraton Performance Polymers, Inc.*				1,700		52,615
Landec Corp.*				5,399		32,286
LSB Industries, Inc.*				2,617		63,488
Minerals Technologies, Inc.				2,607		170,524
NewMarket Corp.				1,474		181,847
Olin Corp.				11,557		237,150
OM Group, Inc.*				4,525		174,258
Omnova Solutions, Inc.*				7,417		62,006
PolyOne Corp.*				13,882		173,386
Quaker Chemical Corp.				1,739		72,464
Rockwood Holdings, Inc.*				7,653		299,385
Schulman A, Inc.				5,008		114,633
Senomyx, Inc.*				6,853		48,862
Sensient Technologies Corp.				7,089		260,379
Solutia, Inc.*				17,947		414,217
Spartech Corp.*				5,792		54,213
Stepan Co.				1,192		90,914
STR Holdings, Inc.*				4,303		86,060
TPC Group, Inc.*				1,267		38,415
W.R. Grace & Co.*				10,594		372,167
Westlake Chemical Corp.				2,864		124,498
Zep, Inc.				3,745		74,451
Zoltek Cos., Inc,*				5,066		58,512
						4,427,726
COMMERCIAL BANKS – 5.6%
1st Source Corp.				2,736		55,377
Ameris Bancorp*				4,961		52,289
Arrow Financial Corp.				1,737		47,785
Bancfirst Corp.				1,131		46,586
Banco Latinoamericano de Comercio Exterior SA, Class E		PA		4,575		84,454
Bank of Marin Bancorp				1,165		40,775

	Country Code**	Shares		Value
Bank Of The Ozarks, Inc.			1,891	$	81,975
Boston Private Financial Holdings, Inc.			13,550		88,752
Bryn Mawr Bank Corp.			2,467		43,049
Camden National Corp.			1,342		48,621
Cardinal Financial Corp.			5,141		59,790
Cathay General Bancorp			11,840		197,728
Center Financial Corp.*			6,404		48,542
Centerstate Banks, Inc.			5,583		44,217
Chemical Financial Corp.			3,839		85,034
Citizens & Northern Corp.			2,552		37,923
Citizens Republic Bancorp, Inc.*			76,002		46,741
City Holding Co.			2,532		91,734
Cobiz Financial, Inc.			7,258		44,129
Columbia Banking System, Inc.			6,063		127,687
Community Banking Systems, Inc.			4,915		136,490
Community Trust Bancorp, Inc.			2,234		64,697
CVB Financial Corp.			14,048		121,796
Danvers Bancorp, Inc.			3,352		59,230
Eagle Bancorp, Inc.*			2,818		40,664
Enterprise Financial Services Corp.			3,263		34,131
F.N.B. Corp.			17,211		169,012
Financial Institutions, Inc.			1,974		37,447
First Bancorp			2,738		41,919
First Busey Corp.			10,470		49,209
First Commonwealth Financial Corp.			16,516		116,933
First Community Bancshares, Inc.			3,409		50,930
First Financial Bancorp.			8,623		159,353
First Financial Bankshares, Inc.			2,949		150,930
First Financial Corp.			1,911		67,153
First Interstate BancSystem, Inc.			2,854		43,495
First Merchants Corp.			5,535		49,040
First Midwest Bancorp, Inc.			11,643		134,127
FirstMerit Corp.			15,678		310,268

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**		Shares		Value
Glacier Bancorp, Inc.				10,875	$	164,321
Great Southern Bancorp, Inc.				2,003		47,251
Hancock Holding Co.				4,373		152,443
Heartland Financial USA, Inc.				2,345		40,944
Home Bancshares, Inc.				3,366		74,153
Hudson Valley Holding Corp.				2,347		58,112
IBERIABANK Corp.				3,865		228,537
Independent Bank Corp. Massachusetts				3,440		93,052
International Bancshares Corp.				7,928		158,798
Investors Bancorp, Inc.*				6,590		86,461
Lakeland Bancorp, Inc.				3,464		38,000
Lakeland Financial Corp.				2,951		63,328
MainSource Financial Group, Inc.				4,362		45,408
MB Financial, Inc.				8,335		144,362
Nara Bancorp, Inc.*				6,334		62,200
National Penn Bancshares, Inc.				19,670		157,950
NBT Bancorp, Inc.				5,308		128,188
Northfield Bancorp, Inc.				3,240		43,157
Old National Bancorp				13,282		157,923
Oriental Financial Group		PR		7,438		92,901
Orrstown Financial Services, Inc.				1,609		44,103
Pacific Continental Corp.				4,469		44,958
PacWest Bancorp				5,132		109,722
Park National Corp.				1,768		128,481
Peoples Bancorp, Inc.				2,466		38,593
Pinnacle Financial Partners, Inc.*				5,789		78,615
PrivateBancorp, Inc.				8,265		118,851
Prosperity Bancshares, Inc.				6,792		266,790
Renasant Corp.				4,224		71,428
Republic Bancorp, Inc.				1,631		38,736
S&T Bancorp, Inc.				3,987		90,066
S.Y. Bancorp, Inc.				1,929		47,357
Sandy Spring Bancorp, Inc.				3,774		69,555
SCBT Financial Corp.				1,976		64,714

	Country Code**	Shares		Value
Signature Bank*			5,784	$	289,200
Simmons First National Corp., Class A			2,697		76,864
Southside Bancshares, Inc.			2,961		62,388
Southwest Bancorp, Inc.*			3,427		42,495
State Bancorp, Inc.			3,951		36,547
Stellarone Corp.			3,824		55,601
Sterling Bancorp			4,938		51,701
Sterling Bancshares, Inc.			14,952		104,963
Suffolk Bancorp			2,011		49,631
Susquehanna Bancshares, Inc.			19,559		189,331
SVB Financial Group*			6,034		320,104
Texas Capital Bancshares Inc*			5,384		114,518
The Bancorp, Inc.*			4,827		49,091
The First of Long Island Corp.			1,599		46,227
Tompkins Financial Corp.			1,364		53,414
TowneBank			3,678		58,443
Trico Bancshares			2,473		39,939
Trustmark Corp.			9,169		227,758
UMB Financial Corp.			4,420		183,076
Umpqua Holdings Corp.			17,605		214,429
Union First Market Bankshares Corp.			3,169		46,838
United Bankshares, Inc.			5,576		162,819
United Community Banks, Inc.*			19,370		37,771
Univest Corp. Of Pennsylvania			2,944		56,436
Washington Banking Co.			2,947		40,403
Washington Trust Bancorp, Inc.			2,520		55,138
Webster Financial Corp.			9,856		194,163
WesBanco, Inc.			3,893		73,811
Westamerica Bancorporation			4,085		226,595
Western Alliance Bancorp*			10,967		80,717
Whitney Holding Corp.			14,802		209,448
Wintrust Financial Corp.			5,108		168,717
					10,078,046

See Notes to Financial Statements.

134

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**	Shares		Value
COMMERCIAL SERVICES & SUPPLIES – 2.5%
ABM Industries, Inc.			7,680	$	201,984
Acco Brands Corp.*			8,847		75,377
American Reprographics Co.*			6,424		48,758
APAC Customer Services, Inc.*			6,058		36,772
Cenveo, Inc.*			9,976		53,272
Clean Harbors, Inc.*			3,326		279,650
Consolidated Graphics, Inc.*			1,402		67,899
Courier Corp.			2,268		35,199
Deluxe Corp.			7,646		176,011
EnergySolutions, Inc.			15,340		85,444
Enernoc, Inc.*			3,037		72,615
Ennis, Inc.			4,533		77,514
G&K Services, Inc.			3,025		93,503
Geo Group, Inc.*			8,997		221,866
Healthcare Services Group, Inc.			9,817		159,723
Herman Miller, Inc.			8,578		217,023
Higher One Holdings, Inc.*			2,072		41,917
HNI Corp.			6,862		214,094
Innerworkings, Inc.*			4,571		29,940
Interface, Inc.			7,672		120,067
Kimball International, Inc.			6,254		43,153
Knoll, Inc.			7,492		125,341
M&F Worldwide Corp.*			1,912		44,167
McGrath Rentcorp.			3,781		99,138
Metalico, Inc.*			6,980		41,042
Mine Safety Appliances Co.			3,923		122,123
Mobile Mini, Inc.*			5,573		109,732
Multi-color Corp.			2,231		43,415
Rollins, Inc.			9,131		180,337
Schawk, Inc.			1,860		38,279
Standard Parking Corp.*			2,796		52,816
Steelcase, Inc., Class A			11,752		124,219
SYKES Enterprises, Inc.*			6,467		131,021
Team, Inc.*			3,094		74,875
Tetra Tech, Inc.*			9,268		232,256
The Brink’s Co.			7,141		191,950
UniFirst Corp.			2,076		114,284
United Stationers, Inc.*			3,553		226,717

	Country Code**	Shares		Value
US Ecology, Inc.			3,565	$	61,960
Viad Corp.			3,427		87,286
					4,452,739
COMMUNICATIONS EQUIPMENT – 2.9%
Acme Packet, Inc.*			6,360		338,097
ADTRAN, Inc.			9,070		328,425
Anaren, Inc.*			2,452		51,124
Arris Group, Inc.*			18,876		211,789
Aruba Networks, Inc.*			11,559		241,352
Aviat Networks, Inc.*			10,550		53,488
Bel Fuse, Inc., Class B			1,770		42,303
Bigband Networks*			11,997		33,592
Black Box Corp.			2,775		106,255
Blue Coat Systems, Inc.*			6,239		186,359
Comtech Telecommunications Corp.			4,390		121,735
DG Fastchannel, Inc.*			3,885		112,199
Digi International, Inc.*			4,335		48,118
EMS Technologies, Inc.*			1,687		33,369
Emulex Corp.*			12,915		150,589
Extreme Networks, Inc.*			16,427		50,759
Finisar Corp.*			11,240		333,715
Globecomm Systems Inc*			4,276		42,760
Harmonic, Inc.*			16,702		143,136
Infinera Corp*			13,421		138,639
Interdigital, Inc.*			6,400		266,496
Ixia*			5,118		85,880
KVH Industries, Inc.*			3,108		37,141
Loral Space & Communications, Inc.*			1,681		128,596
NETGEAR, Inc.*			5,257		177,056
Oclaro, Inc.*			7,803		102,609
Oplink Communications, Inc.*			3,104		57,331
Plantronics, Inc.			7,044		262,178
Powerwave Technologies, Inc.*			22,670		57,582
Riverbed Technology, Inc.*			18,711		658,066
Seachange International, Inc.*			5,240		44,802
Shoretel, Inc.*			7,644		59,700
Sonus Networks, Inc.*			31,279		83,515

See Notes to Financial Statements.

135

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**		Shares		Value
Sycamore Networks, Inc.				3,019	$	62,161
Symmetricom, Inc.*				7,499		53,168
Tekelec, Inc.*				10,554		125,698
UTStarcom, Inc.*				23,430		48,266
Viasat, Inc.*				4,918		218,408
						5,296,456
COMPUTERS & PERIPHERALS – 0.7%
Avid Technology, Inc.*				4,732		82,621
Compellent Technologies, Inc.*				3,561		98,248
Cray, Inc.*				5,854		41,856
Eletronics for Imaging, Inc.*				7,347		105,136
Hypercom Corp.*				7,219		60,423
Imation Corp.*				5,535		57,066
Immersion Corp*				6,116		41,038
Intermec, Inc.*				7,787		98,583
Intevac, Inc.*				3,577		50,114
Novatel Wireless, Inc.*				4,786		45,706
Quantum Corp.*				33,703		125,375
Silicon Graphics International Corp.*				5,781		52,202
STEC, Inc.*				6,212		109,642
Stratasys, Inc.*				3,048		99,487
Super Micro Computer, Inc.*				2,419		27,915
Synaptics, Inc.*				5,017		147,400
Xyratex, Ltd.*		BM		4,854		79,169
						1,321,981
CONSTRUCTION & ENGINEERING – 0.8%
Comfort Systems USA, Inc.				6,296		82,918
Dycom Industries, Inc.*				5,090		75,078
EMCOR Group, Inc.*				9,634		279,193
Furmanite Corp.*				6,577		45,447
Granite Construction, Inc.				5,279		144,803
Great Lakes Dredge & Dock Co.				9,910		73,037
Insituform Technologies, Inc., Class A*				5,872		155,667
Layne Christensen Co.*				2,983		102,675
Mastec, Inc.*				8,094		118,091
Michael Baker Corp.*				1,246		38,751
Myr Group, Inc.*				3,392		71,232
Northwest Pipe Co.*				1,730		41,572

	Country Code**	Shares		Value
Orion Marine Group, Inc.*			4,268	$	49,509
Primoris Services Corp.			3,997		38,131
Sterling Construction Co., Inc.*			2,813		36,682
Tutor Perini Corp.			3,996		85,554
					1,438,340
CONSTRUCTION MATERIALS – 0.1%
Headwaters, Inc.*			10,628		48,676
Texas Industries, Inc.			3,170		145,123
					193,799
CONSUMER FINANCE – 0.6%
Advance America Cash Advance Centers, Inc.			9,737		54,917
Cash America International, Inc.			4,464		164,856
Credit Acceptance Corp.*			777		48,772
Dollar Financial Corp.*			4,078		116,753
EZCORP, Inc., Class A*			6,962		188,879
First Cash Financial Services, Inc.*			4,643		143,887
Nelnet, Inc., Class A			4,219		99,948
Netspend Holdings, Inc.*			5,300		67,946
World Acceptance Corp.*			2,524		133,267
					1,019,225
CONTAINERS & PACKAGING – 0.5%
Boise, Inc.			11,026		87,436
Graham Packaging Co., Inc.*			2,939		38,325
Graphic Packaging Holding Co.*			16,593		64,547
Myers Industries, Inc.			5,916		57,622
Rock-Tenn Co.			5,643		304,440
Silgan Holdings, Inc.			7,609		272,478
					824,848
DISTRIBUTORS – 0.1%
Core-Mark Holding Co., Inc.*			1,728		61,500
Pool Corp.			7,593		171,146
					232,646

See Notes to Financial Statements.

136

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**		Shares		Value
DIVERSIFIED CONSUMER SERVICES – 1.1%
American Public Education, Inc.*				2,832	$	105,464
Bridgepoint Education, Inc.*				3,010		57,190
Capella Education Co.*				2,585		172,109
Coinstar, Inc.*				4,679		264,083
Corinthian Colleges, Inc.*				14,023		73,060
Grand Canyon Education, Inc.*				5,032		98,577
K12, Inc.*				3,969		113,752
Lincoln Educational Services Corp.				2,231		34,603
Matthews International Corp.				4,531		158,494
Pre-Paid Legal Services, Inc.*				1,190		71,697
Regis Corp.				8,591		142,611
Sotheby’s				9,897		445,365
Steiner Leisure, Ltd.*		BS		2,500		116,750
Stewart Enterprises, Inc., Class A				13,077		87,485
Universal Technical Institute, Inc.				3,356		73,899
						2,015,139
DIVERSIFIED FINANCIAL SERVICES – 0.4%
Encore Capital Group, Inc.*				2,338		54,826
Marketaxess Holdings, Inc.				4,390		91,356
Newstar Financial, Inc.*				5,031		53,178
PHH Corp.*				8,417		194,853
Pico Holdings, Inc.*				3,671		116,738
Portfolio Recovery Associates, Inc.*				2,617		196,798
						707,749
DIVERSIFIED TELECOMMUNICATION SERVICES – 0.7%
AboveNet, Inc.				3,132		183,097
Alaska Communications Systems, Inc.				7,270		80,697
Atlantic Tele-network, Inc.				1,449		55,555
Cbeyond, Inc.*				4,056		61,976
Cincinnati Bell, Inc.*				32,425		90,790

	Country Code**		Shares		Value
Cogent Communications Group, Inc.*				7,325	$	103,575
Consolidated Communications Holdings, Inc.				3,815		73,629
General Communication, Inc. Class A*				5,646		71,478
Global Crossing Ltd*		BM		4,725		61,047
Hughes Communications, Inc.*				1,716		69,395
IDT Corp., Class B				2,090		53,609
Iridium Communications, Inc.*				5,387		44,443
Neutral Tandem, Inc.*				5,235		75,593
PAETEC Holding Corp.*				20,395		76,277
Premiere Global Services, Inc.*				10,196		69,333
Vonage Holdings Corp.*				16,929		37,921
						1,208,415
ELECTRIC UTILITIES – 1.2%
ALLETE, Inc.				4,406		164,168
Central Vermont Public Service Corp.				3,411		74,564
Cleco Corp.				8,255		253,924
El Paso Electric Co.*				6,377		175,559
IDACORP, Inc.				6,558		242,515
MGE Energy, Inc.				3,377		144,400
Otter Tail Corp.				5,728		129,109
PNM Resources, Inc.				14,156		184,311
Portland General Electric Co.				11,170		242,389
The Empire District Electric Co.				6,307		140,015
UIL Holdings Corp.				7,075		211,967
Unisource Energy Corp.				5,132		183,931
Unitil Corp.				3,070		69,812
						2,216,664
ELECTRICAL EQUIPMENT – 2.0%
A123 Systems, Inc.*				11,206		106,905
Acuity Brands, Inc.				6,159		355,190
Advanced Battery Technologies, Inc.*				11,320		43,582
American Superconductor Corp.*				7,285		208,278
AZZ, Inc.				1,907		76,299
Baldor Electric Co.				6,886		434,093
Belden, Inc.				6,997		257,630

See Notes to Financial Statements.

137

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**		Shares		Value
Brady Corp., Class A				7,161	$	233,520
Broadwind Energy, Inc.*				19,625		45,334
Capstone Turbine Corp.*				46,102		44,249
Encore Wire Corp.				2,908		72,933
Ener1, Inc.*				9,586		36,331
EnerSys*				7,052		226,510
Franklin Electric Co., Inc.				3,509		136,570
FuelCell Energy, Inc.*				19,446		44,920
Generac Holdings, Inc.*				2,869		46,392
GrafTech International Ltd.*				17,590		348,986
II-VI, Inc.*				3,691		171,115
Louisiana Barge, Inc.*				2,138		33,588
LSI Industries, Inc.				3,651		30,887
Polypore International, Inc.*				3,236		131,802
Powell Industries, Inc.*				1,445		47,512
Powersecure International, Inc.*				3,673		28,576
Satcon Technology Corp.*				18,732		84,294
Vicor Corp.				3,018		49,495
Woodward Governor Co.				8,900		334,284
						3,629,275
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 2.4%
Anixter International, Inc.				4,106		245,251
Benchmark Electronics, Inc.*				9,457		171,739
Brightpoint, Inc.*				11,515		100,526
Checkpoint Systems, Inc.*				6,039		124,101
Cognex Corp.				5,920		174,166
Coherent, Inc.*				3,753		169,410
Comverge Inc*				5,671		39,187
CTS Corp.				6,086		67,311
Daktronics, Inc.				5,435		86,525
DTS, Inc.*				2,595		127,285
Echelon Corp.*				5,608		57,146
Electro Rent Corp.				2,764		44,666
Electro Scientific Industries, Inc.*				4,374		70,115
Fabrinet*		KY		1,695		36,442

	Country Code**		Shares		Value
FARO Technologies, Inc.*				2,634	$	86,501
Gerber Scientific, Inc.*				4,271		33,613
Insight Enterprises, Inc.*				7,224		95,068
IPG Photonics Corp.*				3,871		122,401
L-1 Identity Solutions, Inc.*				11,565		137,739
Littelfuse, Inc.				3,228		151,910
Maxwell Technologies, Inc.*				4,436		83,796
Measurement Specialties, Inc.*				2,254		66,155
Mercury Computer Systems, Inc.*				3,816		70,138
Methode Electronics, Inc.				6,169		80,012
Microvision, Inc.*				21,477		39,947
MTS Systems Corp.				2,097		78,554
Multi Fineline Electronix, Inc.*				1,361		36,053
Newport Corp.*				5,723		99,408
OSI Systems, Inc.*				2,407		87,518
Park Electrochemical Corp.				3,286		98,580
Plexus Corp.*				6,141		190,003
Power-One, Inc.*				10,386		105,937
Pulse Electronics Corp.				9,081		48,311
RadiSys Corp.*				4,805		42,764
Richardson Electronics, Ltd.				3,568		41,710
Rofin-Sinar Technologies, Inc.*				4,225		149,734
Rogers Corp.*				2,488		95,166
Sanmina-SCI Corp.*				12,147		139,448
ScanSource, Inc.*				4,154		132,513
SMART Modular Technologies, Inc.*		KY		8,685		50,026
Spectrum Control, Inc.*				2,299		34,462
SYNNEX Corp.*				3,069		95,753
TTM Technologies, Inc.*				12,088		180,232
Universal Display Corp.*				4,756		145,771
Zygo Corp.*				3,381		41,350
						4,374,443
ENERGY EQUIPMENT & SERVICES – 2.1%
Allis-Chalmers Energy, Inc.*				6,115		43,355

See Notes to Financial Statements.

138

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**		Shares		Value
Basic Energy Services, Inc.*				3,536	$	58,273
Bristow Group, Inc.*				5,196		246,031
Cal Dive International, Inc.*				15,634		88,645
CARBO Ceramics, Inc.				2,667		276,141
Complete Production Services, Inc.*				11,475		339,086
Dawson Geophysical Co.*				1,600		51,040
Dril-Quip, Inc.*				4,895		380,439
Global Industries, Ltd.*				16,272		112,765
Gulf Island Fabrication, Inc.				2,224		62,672
Gulfmark Offshore, Inc., Class A*				3,513		106,795
Helix Energy Solutions Group, Inc.*				15,503		188,207
Hercules Offshore, Inc.*				19,310		66,813
Hornbeck Offshore Services, Inc.*				3,573		74,604
Ion Geophysical Corp.*				19,214		162,935
Key Energy Services, Inc.*				18,443		239,390
Lufkin Industries, Inc.				4,324		269,774
Matrix Service Co.*				4,499		54,798
Natural Gas Services Group, Inc.*				2,078		39,295
Newpark Resources*				13,943		85,889
OYO Geospace Corp.*				653		64,719
Parker Drilling Co.*				19,349		88,425
Phi, Inc.*				2,348		44,236
Pioneer Drilling Co.*				8,966		78,991
RPC, Inc.				5,843		105,866
T-3 Energy Services, Inc.*				1,997		79,541
Tesco Corp.*		CA		4,770		75,748
TETRA Technologies, Inc.*				11,266		133,727
Vantage Drilling Co.*		KY		26,494		53,783
Willbros Group, Inc.*				7,772		76,321
						3,748,304
FOOD & STAPLES RETAILING – 0.9%
Casey’s General Stores, Inc.				5,462		232,190
Ingles Markets, Inc.				2,629		50,477
Nash Finch Co.				2,027		86,168
PriceSmart, Inc.				2,364		89,903

	Country Code**		Shares		Value
Rite Aid Corp.*				91,380	$	80,707
Ruddick Corp.				6,253		230,360
Spartan Stores, Inc.				3,834		64,986
The Andersons, Inc.				2,751		99,999
The Fresh Market, Inc.*				2,296		94,595
The Pantry, Inc.*				3,914		77,732
United Natural Foods, Inc.*				7,065		259,144
Village Super Market, Inc.				1,382		45,606
Weis Markets, Inc.				1,735		69,972
Winn-Dixie Stores, Inc.*				9,522		68,273
						1,550,112
FOOD PRODUCTS – 1.2%
B&G Foods, Inc., Class A				7,782		106,847
Cal-Maine Foods, Inc.				2,216		69,981
Calavo Growers, Inc.				1,923		44,325
Chiquita Brands International, Inc.*				7,399		103,734
Darling International, Inc.*				12,289		163,198
Diamond Foods, Inc.				3,209		170,655
Dole Food Co., Inc.*				6,188		83,600
Fresh Del Monte Produce, Inc.		KY		5,926		147,854
Hain Celestial Group, Inc.*				6,047		163,632
Imperial Sugar Co.				2,790		37,302
J & J Snack Foods Corp.				2,229		107,527
Lancaster Colony Corp.				2,755		157,586
Limoneira Co.				1,677		48,130
Pilgrim’s Pride Corp.*				7,944		56,323
Sanderson Farms, Inc.				3,448		134,989
Seneca Foods Corp.*				1,726		46,567
Smart Balance, Inc.*				12,525		54,233
Snyders-Lance, Inc.				4,038		94,651
Tootsie Roll Industries, Inc.				3,424		99,193
TreeHouse Foods, Inc.*				5,012		256,063
						2,146,390
GAS UTILITIES – 1.0%
Chesapeake Utilities Corp.				1,813		75,276
New Jersey Resources Corp.				5,664		244,175
Nicor, Inc.				6,278		313,398

See Notes to Financial Statements.

139

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**	Shares		Value
Northwest Natural Gas Co.			3,570	$	165,898
Piedmont Natural Gas Co.			9,632		269,311
South Jersey Industries, Inc.			3,947		208,480
Southwest Gas Corp.			6,223		228,197
The Laclede Group, Inc.			3,390		123,870
WGL Holdings, Inc.			6,945		248,423
					1,877,028
HEALTH CARE EQUIPMENT & SUPPLIES – 3.1%
Abaxis, Inc.*			3,466		93,062
ABIOMED, Inc.*			5,402		51,913
Accuray, Inc.*			8,575		57,881
Align Technology, Inc.*			8,900		173,906
American Medical Systems Holdings, Inc.*			11,255		212,269
Analogic Corp.			2,074		102,684
Angiodynamics, Inc.*			4,409		67,766
Arthrocare Corp.*			4,213		130,856
Cantel Medical Corp.			2,245		52,533
Conceptus, Inc.*			5,161		71,222
Conmed Corp.*			4,688		123,904
Cryolife, Inc.*			5,599		30,347
Cyberonics, Inc.*			4,435		137,574
Delcath Systems, Inc.*			6,748		66,130
Dexcom, Inc.*			9,703		132,446
Endologix, Inc.*			8,733		62,441
Greatbatch, Inc.*			3,754		90,659
Haemonetics Corp.*			3,632		229,470
Heartware International, Inc.*			1,425		124,787
ICU Medical, Inc.*			1,855		67,707
Immucor, Inc.*			10,483		207,878
Insulet Corp.*			7,264		112,592
Integra Lifesciences Holdings Corp.*			3,062		144,833
Invacare Corp.			4,470		134,815
Iris International, Inc.*			3,372		34,495
Kensey Nash Corp.*			1,424		39,630
Mako Surgical Corp.*			5,104		77,683
Masimo Corp.			7,743		225,089
Meridian Bioscience, Inc.			6,199		143,569
Merit Medical Systems, Inc.*			4,667		73,879

	Country Code**		Shares		Value
Natus Med, Inc.*				4,695	$	66,575
Neogen Corp.*				3,474		142,538
NuVasive, Inc.*				6,084		156,055
Nxstage Medical, Inc.*				4,312		107,282
OraSure Technologies, Inc.*				8,613		49,525
Orthofix International*		AN		3,018		87,522
Palomar Medical Technologies, Inc.*				3,476		49,394
Quidel Corp.*				3,542		51,182
Sirona Dental Systems, Inc.*				4,887		204,179
Sonosite, Inc.*				2,047		64,685
Spectranetics Corp.*				6,898		35,594
Staar Surgical Co.*				7,411		45,207
STERIS Corp.				8,624		314,431
Surmodics, Inc.*				3,575		42,435
Symmetry Medical, Inc.*				6,094		56,369
Syneron Medical, Ltd.*				6,185		63,025
Synovis Life Technologies, Inc.*				2,228		35,893
Tomotherapy Inc*				9,460		34,151
Unilife Corp.*				8,073		42,787
Vascular Solutions, Inc.*				3,026		35,465
Volcano Corp.*				7,529		205,617
West Pharmaceutical Services, Inc.				4,853		199,944
Wright Medical Group, Inc.*				6,406		99,485
Young Innovations, Inc.				1,105		35,371
Zoll Medical Corp.*				3,344		124,497
						5,623,228
HEALTH CARE PROVIDERS & SERVICES – 2.9%
Air Methods Corp.*				1,710		96,222
Almost Family, Inc.*				1,199		46,066
Amedisys, Inc.*				4,299		144,016
America Service Group, Inc.				2,544		38,516
American Dental Partners, Inc.*				3,126		42,232
AMERIGROUP Corp.*				7,401		325,052
AMN Healthcare Services, Inc.*				7,230		44,392
AmSurg Corp.*				4,817		100,916
Assisted Living Concepts, Inc., Class A*				1,558		50,682

See Notes to Financial Statements.

140

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**	Shares		Value
Bio-Reference Labs, Inc.*			3,619	$	80,269
Bioscrip, Inc.*			7,650		40,009
Capital Senior Living Corp.*			4,641		31,095
Centene Corp.*			7,268		184,171
Chemed Corp.			3,254		206,662
Chindex International, Inc.*			2,245		37,020
Corvel Corp.*			1,167		56,424
Cross Country Healthcare, Inc.*			6,078		51,481
Emeritus Corp.*			3,538		69,734
ExamWorks Group, Inc.*			2,047		37,829
Five Star Quality Care, Inc.*			4,739		33,505
Genoptix, Inc.*			2,872		54,625
Gentiva Health Services, Inc.*			4,493		119,514
Hanger Orthopedic Group, Inc.*			3,864		81,878
Healthextras, Inc.*			5,501		255,741
HEALTHSOUTH Corp.*			13,847		286,771
Healthspring, Inc.*			8,520		226,036
Healthways, Inc.*			5,573		62,195
HMS Holdings Corp.*			3,978		257,655
IPC The Hospitalist Co.*			2,504		97,681
Kindred Healthcare, Inc.*			5,972		109,706
Landauer, Inc.			1,521		91,214
LHC Group, Inc.*			2,272		68,160
Magellan Health Services, Inc.*			4,654		220,041
Medcath Corp.*			3,367		46,970
Metropolitan Health Networks, Inc.*			7,637		34,137
Molina Healthcare, Inc.*			2,063		57,455
MWI Veterinary Supply, Inc.*			1,885		119,038
National Healthcare Corp.			1,198		55,431
Owens & Minor, Inc.			9,267		272,728
Pharmerica Corp.*			5,255		60,170
Providence Service Corp.*			2,401		38,584

	Country Code**		Shares		Value
PSS World Medical, Inc.*				8,521	$	192,575
Rehabcare Group, Inc.*				3,841		91,032
Rural/Metro Corp.*				2,714		39,570
Select Medical Holdings Corp.*				7,725		56,470
Sun Healthcare Group, Inc.*				4,271		54,071
Sunrise Senior Living, Inc.*				9,003		49,066
Team Health Holdings, Inc.*				2,802		43,543
The Ensign Group, Inc.				2,377		59,116
Triple-S Management Corp., Class B*		PR		3,340		63,727
U.S. Physical Therapy, Inc.*				1,529		30,305
Universal American Financial Corp.				4,790		97,955
WellCare Health Plans, Inc.*				6,247		188,784
						5,298,237
HEALTH CARE TECHNOLOGY – 0.5%
athenahealth, Inc.*				5,116		209,654
Computer Programs and Systems, Inc.				1,682		78,785
MedAssets, Inc.*				6,638		134,021
Medidata Solutions, Inc.*				2,984		71,258
Merge Healthcare, Inc.*				9,088		33,898
Omnicell, Inc.*				5,155		74,490
Quality Systems, Inc.				2,787		194,588
Transcend Services, Inc.*				1,687		33,048
Vital Images, Inc.*				2,814		39,340
						869,082
HOTELS, RESTAURANTS & LEISURE – 2.4%
AFC Enterprises, Inc.*				4,507		62,647
Ambassadors Group, Inc.				3,611		41,527
Ameristar Casinos, Inc.				5,005		78,228
Biglari Holdings, Inc.*				215		88,195
BJ’s Restaurants, Inc.*				3,314		117,415
Bob Evans Farms, Inc.				4,640		152,934
Boyd Gaming Corp.*				8,997		95,368
Bravo Brio Restaurant Group, Inc.*				2,269		43,497

See Notes to Financial Statements.

141

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**		Shares		Value
Buffalo Wild Wings, Inc.*				2,713	$	118,965
California Pizza Kitchen, Inc.*				3,109		53,724
CEC Entertainment, Inc.*				2,912		113,073
Churchill Downs, Inc.				1,813		78,684
Cracker Barrel Old Country Store, Inc.				3,334		182,603
Dennys Corp.*				16,869		60,391
DineEquity, Inc.*				2,672		131,943
Domino’s Pizza, Inc.*				5,720		91,234
Gaylord Entertainment Co.*				5,387		193,609
Interval Leisure Group, Inc.*				6,327		102,118
Isle of Capri Casinos, Inc.*				3,687		37,681
Jack In The Box, Inc.*				8,197		173,203
Jamba, Inc.*				11,972		27,177
Krispy Kreme Doughnuts, Inc.*				9,762		68,139
LIFE TIME FITNESS, Inc.*				6,177		253,195
Marcus Corp.				4,190		55,601
Monarch Casino & Resort, Inc.*				2,531		31,638
Morgans Hotel Group*				5,202		47,182
Orient-Express Hotels, Ltd.*		BM		15,924		206,853
P.F. Chang’s China Bistro, Inc.				3,402		164,861
Papa John’s International, Inc.*				3,140		86,978
Peet’s Coffee & Tea, Inc.*				1,883		78,596
Red Robin Gourmet Burgers, Inc.*				2,537		54,469
Ruby Tuesday, Inc.*				9,953		129,986
Ruth’s Chris Steak House, Inc.*				6,099		28,238
Scientific Games Corp., Class A*				10,619		105,765
Shuffle Master, Inc.*				8,756		100,256
Sonic Corp.*				9,552		96,666
Speedway Motorsports, Inc.				2,417		37,029
Texas Roadhouse, Inc., Class A*				8,493		145,825

	Country Code**		Shares		Value
The Cheesecake Factory, Inc.*				8,825	$	270,575
Vail Resorts, Inc.*				5,430		282,577
						4,288,645
HOUSEHOLD DURABLES – 0.7%
American Greetings Corp.				5,977		132,450
Beazer Homes USA, Inc.*				12,097		65,203
Blyth, Inc.				950		32,756
Cavco Industries, Inc.*				1,252		58,456
Ethan Allen Interiors, Inc.				4,093		81,901
Furniture Brands International, Inc.*				9,317		47,889
Helen of Troy, Ltd.*		BM		4,801		142,782
Hovnanian Enterprises, Inc., Class A*				9,133		37,354
Irobot Corp.*				3,412		84,891
La-Z-Boy, Inc.*				8,152		73,531
Libbey, Inc.*				3,378		52,258
M/I Homes, Inc.*				3,769		57,967
Meritage Homes Corp.*				5,009		111,200
Ryland Group, Inc.				6,879		117,149
Standard Pacific Corp.*				17,104		78,678
Universal Electronics, Inc.*				2,175		61,705
						1,236,170
HOUSEHOLD PRODUCTS – 0.2%
Central Garden And Pet Co., Class A*				9,632		95,164
Spectrum Brands Holdings, Inc.*				2,562		79,858
WD-40 Co.				2,615		105,332
						280,354
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS – 0.1%
Dynegy, Inc.*				17,124		96,237
INDUSTRIAL CONGLOMERATES – 0.2%
Raven Industries, Inc.				2,537		120,989
Seaboard Corp.				42		83,622
Standex International Corp.				2,099		62,781
Tredegar Corp.				3,865		74,904
						342,296

See Notes to Financial Statements.

142

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**		Shares		Value
INSURANCE – 2.6%
Alterra Capital Holdings, Ltd.		BM		14,293	$	309,301
American Equity Investment Life Holding Co.				8,642		108,457
American Safety Insurance Holdings, Ltd.*		BM		2,332		49,858
AMERISAFE, Inc.*				3,203		56,053
Amtrust Financial Services, Inc.				3,415		59,763
Argo Group International Holdings, Inc.		BM		4,744		177,663
Baldwin & Lyons, Inc., Class B				1,855		43,648
Citizens, Inc.*				5,969		44,469
CNA Surety Corp.*				2,662		63,036
CNO Financial Group, Inc.*				33,630		228,011
Delphi Financial Group, Inc.				7,031		202,774
Donegal Group, Inc.				2,269		32,855
eHealth, Inc.*				4,141		58,761
EMC Insurance Group, Inc.				1,173		26,557
Enstar Group, Ltd.*		BM		970		82,043
FBL Financial Group, Inc.				1,941		55,648
First American Financial Corp.				15,666		234,050
First Mercury Financial Corp.				2,639		43,280
Flagstone Reinsurance Holdings SA		LU		8,314		104,756
FPIC Insurance Group, Inc.*				1,385		51,190
Global Indemnity PLC*		IE		2,601		53,190
Greenlight Capital Re, Ltd., Class A*		KY		4,393		117,776
Harleysville Group, Inc.				1,713		62,936
Hilltop Holdings, Inc.*				7,625		75,640
Horace Mann Educators Corp.				5,962		107,554
Infinity Property & Casualty Corp.				1,818		112,352
Maiden Holdings Ltd.		BM		8,423		66,205
Meadowbrook Insurance Group, Inc.				8,730		89,483
Montpelier Re Holdings Ltd.		BM		9,830		196,010

	Country Code**		Shares		Value
National Financial Partners Corp.*				6,613	$	88,614
National Interstate Corp.				1,486		31,800
National Western Life Insurance Co.				321		53,517
Navigators Group, Inc.*				1,770		89,120
Phoenix Cos., Inc.*				20,311		51,590
Platinum Underwriters Holdings, Ltd.		BM		5,917		266,087
Presidential Life Corp.				4,738		47,048
Primerica, Inc.				3,562		86,379
ProAssurance Corp.*				4,212		255,247
RLI Corp.				2,496		131,215
Safety Insurance Group, Inc.				1,963		93,380
SeaBright Insurance Holdings, Inc.				5,048		46,543
Selective Insurance Group, Inc.				8,130		147,559
State Auto Financial Corp.				2,466		42,958
Stewart Information Services Corp.				3,766		43,422
Tower Group, Inc.				5,512		140,997
United Fire & Casualty Co.				3,785		84,481
						4,613,276
INTERNET & CATALOG RETAIL – 0.4%
Blue Nile, Inc.*				1,916		109,327
Drugstore.com*				18,811		41,572
HSN, Inc.*				5,810		178,018
NutriSystem, Inc.				4,316		90,766
Overstock.com, Inc.*				2,332		38,431
PetMed Express Common, Inc.				3,865		68,836
Shutterfly, Inc.*				4,127		144,569
						671,519
INTERNET SOFTWARE & SERVICES – 2.1%
Ancestry.com, Inc.*				2,695		76,322
Art Technology Group, Inc.*				24,478		146,379
ComScore, Inc.*				3,628		80,941
Constant Contact, Inc.*				4,509		139,734
DealerTrack Holdings, Inc.*				6,087		122,166
Dice Holdings, Inc.*				2,634		37,798
Digital River, Inc.*				5,834		200,806

See Notes to Financial Statements.

143

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**	Shares		Value
Earthlink, Inc.			16,293	$	140,120
GSI Commerce, Inc.*			9,902		229,726
InfoSpace, Inc.*			5,758		47,791
Internap Network Services Corp.*			8,184		49,759
Intralinks Holdings, Inc.*			1,892		35,399
j2 Global Communications, Inc.*			6,676		193,270
Kit Digital, Inc.*			4,303		69,020
Limelight Networks, Inc.*			7,168		41,646
Liquidity Services, Inc.*			2,728		38,328
LivePerson Inc*			7,294		82,422
Logmein, Inc.*			2,305		102,204
Loopnet, Inc.*			3,842		42,685
Moduslink Global Solutions, Inc.*			8,207		54,987
Move, Inc.*			26,559		68,257
NIC, Inc.			8,342		81,001
Opentable, Inc.*			2,382		167,883
Openwave Systems, Inc.*			16,767		35,546
Perficient, Inc.*			3,050		38,125
Quinstreet, Inc.*			1,563		30,025
Rackspace Hosting, Inc.*			14,325		449,948
RealNetworks, Inc.*			14,874		62,471
Rightnow Technologies, Inc.*			3,362		79,579
Saba Software, Inc.*			5,795		35,465
SAVVIS, Inc.*			5,776		147,404
Support.com, Inc.*			8,388		54,354
Terremark Worldwide, Inc.*			9,244		119,710
The Knot, Inc.*			5,127		50,655
Travelzoo, Inc.*			914		37,675
United Online, Inc.			14,700		97,020
ValueClick, Inc.*			12,231		196,063
Vocus, Inc.*			2,712		75,014
Zix Corp.*			10,266		43,836
					3,801,534
IT SERVICES – 1.9%
Lionbridge Technologies, Inc.*			11,146		41,129
Acxiom Corp.*			10,209		175,084

	Country Code**	Shares		Value
CACI International, Inc., Class A*			4,484	$	239,446
Cardtronics, Inc.*			4,298		76,075
Cass Information Systems, Inc.			1,366		51,826
Ciber, Inc.*			12,323		57,672
CSG Systems International, Inc.*			5,516		104,473
Euronet Worldwide, Inc.*			7,917		138,073
Exlservice Holdings, Inc.*			2,266		48,674
Forrester Research, Inc.			2,303		81,273
Heartland Payment Systems, Inc.			6,170		95,141
iGATE Corp.			3,703		72,986
Integral Systems, Inc.*			3,368		33,377
Jack Henry & Associates, Inc.			12,456		363,092
Mantech International Corp., Class A*			3,324		137,381
MAXIMUS, Inc.			2,626		172,213
Moneygram International, Inc.*			18,556		50,287
Sapient Corp.			15,299		185,118
SRA International, Inc.*			6,412		131,125
Syntel, Inc.			1,932		92,330
Teletech Holdings, Inc.*			4,808		98,997
TNS, Inc.*			4,323		89,918
Unisys Corp.*			6,470		167,508
VeriFone Holdings, Inc.*			12,693		489,442
Virtusa Corp.*			2,640		43,190
Wright Express Corp.*			5,731		263,626
					3,499,456
LEISURE EQUIPMENT & PRODUCTS – 0.7%
Arctic Cat, Inc.*			2,243		32,837
Brunswick Corp.			13,355		250,273
Callaway Golf Co.			10,983		88,633
Eastman Kodak Co.*			40,551		217,353
Jakks Pacific, Inc.*			4,629		84,340
Leapfrog Enterprises, Inc.*			6,378		35,398
Polaris Industries, Inc.			4,542		354,367
RC2 Corp.*			3,510		76,413
Smith & Wesson Holding Corp.*			11,200		41,888

See Notes to Financial Statements.

144

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**	Shares		Value
Sturm Ruger & Co., Inc.			2,663	$	40,717
					1,222,219
LIFE SCIENCES TOOLS & SERVICES – 0.7%
Accelrys, Inc.*			9,196		76,327
Affymetrix, Inc.*			12,651		63,635
Albany Molecular Research, Inc.*			4,516		25,380
Bruker Corp.*			10,551		175,147
Caliper Life Sciences, Inc.*			7,642		48,450
Dionex Corp.*			2,549		300,807
Enzo Biochem, Inc.*			6,596		34,827
eResearchTechnology, Inc.*			7,868		57,830
Luminex Corp.*			5,831		106,591
Pacific Biosciences Of California, Inc.*			2,679		42,623
Parexel International Corp.*			8,754		185,847
Sequenom, Inc.*			13,317		106,802
					1,224,266
MACHINERY – 3.2%
3d Systems Corp.*			2,890		91,006
Actuant Corp., Class A			9,795		260,743
Albany International Corp.			4,587		108,666
Altra Holdings, Inc.*			4,444		88,258
Ampco-Pittsburgh Corp.			1,546		43,365
ArvinMeritor, Inc.*			13,931		285,864
Astec Industries, Inc.*			2,917		94,540
Badger Meter, Inc.			2,314		102,325
Barnes Group, Inc.			7,212		149,072
Blount International, Inc.*			7,397		116,577
Briggs & Stratton Corp.			7,460		146,887
Cascade Bancorp			1,383		65,388
Chart Industries, Inc.*			4,367		147,517
CIRCOR International, Inc.			2,549		107,772
Clarcor, Inc.			7,211		309,280
Colfax Corp.*			3,759		69,203
Columbus Mckinnon Corp.*			3,223		65,491
Commercial Vehicle Group, Inc.*			3,880		63,050
Douglas Dynamics, Inc.			2,011		30,467

	Country Code**		Shares		Value
Dynamic Materials Corp.				2,338	$	52,769
Energy Recovery, Inc.*				9,794		35,846
EnPro Industries, Inc.*				2,824		117,365
Esco Technologies, Inc.				3,905		147,765
Federal Signal Corp.				10,027		68,785
Flow International Corp.*				9,045		36,994
Force Protection, Inc.*				11,516		63,453
FreightCar America, Inc.				2,233		64,623
Gorman-rupp Co.				1,960		63,347
Graham Corp.				1,870		37,400
John Bean Technologies Corp.				4,510		90,786
Kadant, Inc.*				1,853		43,675
Kaydon Corp.				4,721		192,239
LB Foster Co.*				1,601		65,545
Lindsay Corp.				1,735		103,111
Met-Pro Corp.				3,237		38,229
Middleby Corp.*				2,398		202,439
Mueller Industries, Inc.				5,579		182,433
Mueller Water Products, Inc., Class A				25,710		107,211
NACCO Industries, Inc., Class A				937		101,543
Nordson Corp.				4,939		453,795
Pmfg, Inc.*				2,260		37,064
RBC Bearings, Inc.*				3,300		128,964
Robbins & Myers, Inc.				3,847		137,646
Sauer- Danfoss, Inc.*				1,787		50,483
Sun Hydraulics, Inc.				2,009		75,940
Tecumseh Products Co.*				3,495		45,610
Tennant Co.				2,753		105,743
The Greenbrier Cos., Inc*				3,054		64,104
Titan International, Inc.				5,311		103,777
Trimas Corp.*				2,326		47,590
Twin Disc, Inc.				1,425		42,551
Wabash National Corp.*				10,534		124,828
Watts Water Technologies, Inc., Class A				4,235		154,959
						5,734,083
MARINE – 0.1%
Baltic Trading, Ltd.		MH		3,598		36,735
Eagle Bulk Shipping, Inc.*		MH		11,256		56,055

See Notes to Financial Statements.

145

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**		Shares		Value
Excel Maritime Carriers Ltd.*		LR		7,960	$	44,815
Genco Shipping & Trading Ltd.*		MH		4,629		66,658
International Shipholding Corp.				1,521		38,633
						242,896
MEDIA – 1.2%
AH Belo Corp.*				3,472		30,206
Arbitron, Inc.				4,082		169,485
Ascent Media Corp., Class A*				2,717		105,311
Belo Corp., Class A*				15,365		108,784
Cinemark Holdings Inc				8,614		148,505
CKX, Inc.*				9,025		36,371
Dex One Corp.*				8,090		60,351
Entercom Communications Corp., Class A*				4,253		49,250
Global Sources Ltd.*		BM		3,623		34,491
Harte-Hanks, Inc.				6,276		80,144
Journal Communications, Inc., Class A*				9,235		46,637
Knology, Inc.*				4,667		72,945
Lions Gate Entertainment Corp.*		CA		11,688		76,089
Live Nation, Inc.*				21,393		244,308
McClatchy Co., Class A*				10,121		47,265
Mediacom Communications Corp., Class A*				7,147		60,464
National CineMedia, Inc.				8,460		168,439
Rentrak Corp.*				1,675		50,518
Scholastic Corp.				4,615		136,327
Sinclair Broadcast Group, Inc.				8,091		66,184
The E.W. Scripps Co., Class A*				5,563		56,464
Valassis Communications, Inc.*				7,399		239,358
Warner Music Group Corp.*				7,831		44,089
World Wrestling Entertainment, Inc.				4,492		63,966
						2,195,951

	Country Code**		Shares		Value
METALS & MINING – 1.9%
Allied Nevada Gold Corp.*				11,070	$	291,252
AMCOL International Corp.				3,583		111,073
Brush Engineered Materials, Inc.*				2,822		109,042
Capital Gold Corp.*				9,767		49,519
Castle AM Co.*				2,871		52,855
Century Aluminum Co.*				9,820		152,505
Coeur D’Alene Mines Corp.*				12,948		353,739
Contango ORE, Inc.*				233		2,446
General Moly Inc*				9,866		63,932
Globe Specialty Metals, Inc.				9,230		157,741
Golden Star Resources Ltd*		CA		38,739		177,812
Haynes International, Inc.				2,061		86,212
Hecla Mining Co.*				37,723		424,761
Horsehead Holding Corp.*				6,914		90,159
Jaguar Mining, Inc.*		CA		13,711		97,759
Kaiser Aluminum Corp.				2,371		118,763
Molycorp, Inc.*				3,844		191,816
Olympic Steel, Inc.				1,701		48,785
Redcorp Ventures Ltd.*(1)		CA		91,400		—
RTI International Metals, Inc.*				4,430		119,521
Stillwater Mining Co.*				6,573		140,333
Thompson Creek Metals Co., Inc.*		CA		24,324		358,049
Universal Stainless & Alloy*				1,211		37,880
US Gold Corp.*				13,100		105,717
Worthington Industries, Inc.				8,466		155,774
						3,497,445
MULTI-LINE RETAIL – 0.4%
99 Cents Only Stores*				6,738		107,404
Bon-Ton Stores, Inc.*				2,353		29,789
Dillard’s, Inc.				5,698		216,182
Fred’s, Inc.				6,488		89,275
Retail Ventures, Inc.*				3,575		58,272
Saks, Inc.*				20,131		215,402

See Notes to Financial Statements.

146

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**		Shares		Value
Tuesday Morning Corp.*				5,556	$	29,336
						745,660
MULTI-UTILITIES – 0.3%
Avista Corp.				8,091		182,209
Black Hills Corp.				5,754		172,620
CH Energy Group, Inc.				2,505		122,469
NorthWestern Corp.				5,315		153,232
						630,530
OIL, GAS & CONSUMABLE FUELS – 4.2%
Abraxas Petroleum Corp.*				11,873		54,260
Apco Oil And Gas International, Inc.		KY		1,395		80,213
Approach Resources, Inc.*				2,867		66,228
ATP Oil & Gas Corp.*				6,734		112,727
Berry Petroleum Co.				7,461		326,046
Bill Barrett Corp.*				6,570		270,224
BPZ Resources, Inc.*				14,779		70,348
Brigham Exploration Co.*				17,236		469,509
Callon Petroleum Co.*				4,896		28,984
Carrizo Oil & Gas, Inc.*				4,823		166,345
Cheniere Energy, Inc.*				9,464		52,241
Clayton Williams Energy, Inc.*				879		73,810
Clean Energy Fuels Corp.*				7,101		98,278
Cloud Peak Energy, Inc.*				4,872		113,177
Contango Oil & Gas Co.*				1,693		98,075
Crosstex Energy, Inc.				7,408		65,635
CVR Energy, Inc.*				4,943		75,035
Delta Petroleum Corp.*				43,370		32,961
DHT Maritime, Inc.				11,320		52,638
Endeavour International Corp.*				3,706		51,143
Energy Partners, Ltd.*				4,708		69,961
Energy XXi Bermuda, Ltd.*		BM		10,178		281,625
FX Energy, Inc.*				7,956		48,929
Gastar Exploration, Ltd.*		CA		9,148		39,336
General Maritime Corp.		MH		14,112		45,864
Georesources, Inc.*				2,017		44,798

	Country Code**		Shares		Value
Golar Lng, Ltd.				5,947	$	89,264
Goodrich Petroleum Corp.*				3,832		67,596
Green Plains Renewable Energy, Inc.*				3,221		36,268
Gulfport Energy Corp.*				4,289		92,857
Harvest Natural Resources, Inc.*				5,211		63,418
Houston American Energy Corp.				2,791		50,489
International Coal Group, Inc.*				20,167		156,093
James River Coal Co.*				4,246		107,551
Knightsbridge Tankers Ltd.		BM		3,947		87,900
Kodiak Oil & Gas Corp.*		CA		26,410		174,306
L&L Energy, Inc.*				3,489		37,681
Magnum Hunter Resources Corp.*				8,373		60,286
McMoRan Exploration Co.*				14,111		241,863
Nordic American Tanker Shipping, Ltd.		BM		7,160		186,303
Northern Oil And Gas, Inc.*				7,885		214,551
Oasis Petroleum, Inc.*				7,188		194,939
Overseas Shipholding Group, Inc.				3,749		132,790
Patriot Coal Corp.*				11,574		224,188
Penn Virginia Corp.				7,241		121,794
Petroleum Development Corp.*				3,397		143,387
PetroQuest Energy, Inc.*				8,788		66,174
Rentech, Inc.*				38,665		47,171
Resolute Energy Corp.*				6,275		92,619
Rex Energy Corp*				5,045		68,864
Rosetta Resources, Inc.*				7,882		296,678
Ship Finance International Ltd.		BM		6,734		144,916
Stone Energy Corp.*				6,734		150,101
Swift Energy Co.*				6,094		238,580
Teekay Tankers Ltd., Class A		MH		5,366		66,216
Transatlantic Petroleum, Ltd.*		BM		23,520		78,322
Uranium Energy Corp.*				9,757		58,932
USEC, Inc.*				17,925		107,908

See Notes to Financial Statements.

147

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**	Shares		Value
Vaalco Energy, Inc.*			7,875	$	56,385
Venoco, Inc.*			3,189		58,837
W&T Offshore, Inc.			5,259		93,978
Warren Resources, Inc.*			13,594		61,445
Western Refining, Inc.*			8,175		86,492
World Fuel Services Corp.			10,228		369,844
					7,515,376
PAPER & FOREST PRODUCTS – 0.6%
Buckeye Technologies, Inc.			5,818		122,236
Clearwater Paper Corp.*			1,682		131,701
Deltic Timber Corp.			1,673		94,257
Glatfelter			7,164		87,902
KapStone Paper and Packaging Corp.*			5,721		87,531
Louisiana-Pacific Corp.*			19,365		183,193
Neenah Paper, Inc.			2,518		49,554
Schweitzer-Mauduit International, Inc.			2,676		168,374
Wausau Paper Corp.			8,233		70,886
					995,634
PERSONAL PRODUCTS – 0.3%
Elizabeth Arden, Inc.*			3,912		90,015
Inter Parfums, Inc.			2,383		44,919
Medifast, Inc.*			2,155		62,236
Nu Skin Enterprises, Inc.			7,166		216,843
Prestige Brands Holdings, Inc.*			6,788		81,117
Synutra International, Inc.*			2,979		40,068
USANA Health Sciences, Inc.*			924		40,148
					575,346
PHARMACEUTICALS – 1.6%
Akorn, Inc.*			8,339		50,618
Ardea Biosciences, Inc.*			2,411		62,686
Auxilium Pharmaceuticals, Inc.*			6,420		135,462
Avanir Pharmaceuticals, Inc., Class A*			13,892		56,679

	Country Code**		Shares		Value
BioMimetic Therapeutics, Inc.*				3,530	$	44,831
Bmp Sunstone Corp.*				4,714		46,716
Cadence Pharmaceuticals, Inc.*				5,444		41,102
Cypress Bioscience, Inc.*				6,686		43,325
Depomed, Inc.*				9,243		58,785
Durect Corp.*				16,840		58,098
Eurand NV*		NL		3,403		40,258
Hi-Tech Pharmacal Co., Inc.*				1,768		44,112
Impax Laboratories, Inc.*				9,272		186,460
Inspire Pharmaceuticals, Inc.*				9,631		80,900
Jazz Pharmaceuticals, Inc.*				2,629		51,739
Map Pharmaceuticals, Inc.*				2,711		45,382
Medicis Pharmaceutical Corp., Class A				8,949		239,744
Nektar Therapeutics*				14,693		188,805
Obagi Medical Products, Inc.*				3,407		39,351
Optimer Pharmaceuticals, Inc.*				6,070		68,652
Pain Therapeutics, Inc.*				7,300		49,275
Par Pharmaceutical Cos., Inc.*				5,220		201,022
Pozen, Inc.*				5,276		35,085
Questcor Pharmaceuticals, Inc.*				8,336		122,789
Salix Pharmaceuticals Ltd.*				8,475		397,986
Santarus Inc*				11,761		38,458
SuperGen, Inc.*				11,199		29,341
The Medicines Co.*				8,491		119,978
Viropharma, Inc.*				11,458		198,453
Vivus, Inc.*				12,852		120,423
Xenoport, Inc.*				5,832		49,689
						2,946,204
PROFESSIONAL SERVICES – 1.2%
Acacia Research – Acacia Technologies*				5,247		136,107
Administaff, Inc.				3,101		90,859
CBIZ, Inc.*				5,869		36,623
CDI Corp.				2,391		44,449
Costar Group, Inc.*				3,115		179,299

See Notes to Financial Statements.

148

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**	Shares		Value
CRA International, Inc.*			2,015	$	47,373
Dolan Co.*			4,842		67,401
Exponent, Inc.*			2,278		85,493
Heidrick & Struggles International, Inc.			3,053		87,468
Huron Consulting Group, Inc.*			3,308		87,497
ICF International, Inc.*			2,888		74,279
Kelly Services, Inc., Class A*			4,390		82,532
Kforce, Inc.*			5,079		82,178
Korn / Ferry International*			6,944		160,476
Mistras Group, Inc.*			2,819		38,000
Navigant Consulting, Inc.*			8,436		77,611
On Assignment, Inc.*			6,475		52,771
Resources Connection, Inc.			7,389		137,362
School Specialty, Inc.*			3,304		46,025
SFN Group, Inc.*			8,570		83,643
The Advisory Board Co.*			2,400		114,312
The Corporate Executive Board Co.			5,151		193,420
Trueblue, Inc.*			6,955		125,121
					2,130,299
REAL ESTATE INVESTMENT TRUSTS – 7.0%
Acadia Realty Trust			6,527		119,053
Agree Realty Corp.			2,103		55,078
Alexander’s, Inc.			249		102,658
American Campus Communities, Inc.			9,547		303,213
American Capital Agency Corp.			7,088		203,709
Anworth Mortgage Asset Corp.			16,347		114,429
Apollo Commercial Real Estate Finance, Inc.			4,761		77,842
Ashford Hospitality Trust, Inc.*			7,346		70,889
Associated Estates Realty Corp.			7,307		111,724
BioMed Realty Trust, Inc.			18,979		353,958
CapLease, Inc.			10,864		63,229
Capstead Mortgage Corp.			10,103		127,197

	Country Code**	Shares		Value
CBL & Associates Properties, Inc.			20,546	$	359,555
Cedar Shopping Centers, Inc.			11,011		69,259
Chatham Lodging Trust			2,437		42,038
Chesapeake Lodging Trust			3,096		58,236
Cogdell Spencer, Inc.			11,124		64,519
Colonial Properties Trust			11,647		210,228
Colony Financial, Inc.			3,459		69,249
Commercial Net Lease Realty			11,512		305,068
Cousins Properties, Inc.			16,313		136,050
CreXus Investment Corp.			4,538		59,448
Cypress Sharpridge Investments, Inc.			6,458		83,373
DCT Industrial Trust, Inc.			34,562		183,524
DiamondRock Hospitality Co.*			22,968		275,616
DuPont Fabros Technology, Inc.			6,229		132,491
EastGroup Properties, Inc.			4,006		169,534
Education Realty Trust, Inc.			11,409		88,648
Entertainment Properties Trust			6,525		301,781
Equity Lifestyle Properties, Inc.			3,585		200,509
Equity One, Inc.			5,580		101,444
Excel Trust, Inc.			4,352		52,659
Extra Space Storage, Inc.			12,439		216,439
FelCor Lodging Trust, Inc.*			16,092		113,288
First Industrial Realty Trust, Inc.*			10,689		93,636
First Potomac Realty Trust			7,696		129,447
Franklin Street Properties Corp.			11,011		156,907
Getty Realty Corp.			3,278		102,536
Gladstone Commercial Corp.			3,281		61,781
Glimcher Realty Trust			13,821		116,096
Government Properties Income Trust			4,360		116,804

See Notes to Financial Statements.

149

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**	Shares		Value
Hatteras Financial Corp.			6,188	$	187,311
Healthcare Realty Trust, Inc.			9,533		201,814
Hersha Hospitality Trust			21,321		140,719
Home Properties, Inc.			5,161		286,384
Inland Real Estate Corp.			13,580		119,504
Invesco Mortgage Capital, Inc.			5,410		118,154
Investors Real Estate Trust			13,457		120,709
iStar Financial, Inc.*			15,230		119,099
Kilroy Realty Corp.			7,690		280,454
Kite Realty Group Trust			11,658		63,070
LaSalle Hotel Properties			10,320		272,448
Lexington Realty Trust			16,354		130,014
LTC Properties, Inc.			4,144		116,364
Medical Properties Trust, Inc.			17,087		185,052
MFA Financial, Inc.			37,389		305,094
Mid-America Apartment Communities, Inc.			4,431		281,324
Mission West Properties, Inc.			8,735		58,437
Monmouth Real Estate Investment Corp., Class A			7,550		64,175
MPG Office Trust, Inc.*			11,507		31,644
National Health Investors, Inc.			3,414		153,698
Northstar Realty Finance Corp.			14,579		69,250
Omega Healthcare Investors, Inc.			13,935		312,701
One Liberty Properties, Inc.			2,200		36,740
Parkway Properties, Inc.			4,411		77,281
Pebblebrook Hotel Trust			5,998		121,879
Pennsylvania Real Estate Investment			9,090		132,078
Pennymac Mortgage Investment Trust			3,536		64,178
Post Properties, Inc.			7,248		263,102
Potlatch Corp.			5,838		190,027

	Country Code**	Shares		Value
PS Business Parks, Inc.			2,702	$	150,556
RAIT Investment Trust*			19,313		42,296
Ramco-Gershenson Properties Trust			7,283		90,673
Redwood Trust, Inc.			12,810		191,253
Resource Capital Corp.			7,969		58,811
Retail Opportunity Investments Corp.			6,929		68,666
Sabra Health Care REIT, Inc.			3,997		73,545
Saul Centers, Inc.			1,242		58,809
Sovran Self Storage, Inc.			4,213		155,081
Starwood Property Trust, Inc.			7,732		166,083
Strategic Hotels & Resorts, Inc.*			22,919		121,242
Sun Communities, Inc.			3,366		112,122
Sunstone Hotel Investors, Inc.*			17,508		180,858
Tanger Factory Outlet Centers, Inc.			5,489		280,982
Terreno Realty Corp.*			2,869		51,441
Two Harbors Investment Corp.			6,161		60,316
U-Store-It Trust			15,336		146,152
Walter Investment Management Corp.			4,376		78,505
Washington Real Estate Investment Trust			8,911		276,152
Winthrop Realty Trust			4,895		62,607
					12,701,996
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.3%
Avatar Holdings, Inc.*			2,192		43,446
Campus Crest Communities, Inc.			5,048		70,773
Consolidated-Tomoka Land Co.			1,396		40,344
Coresite Realty Corp.			3,351		45,708
Forestar Group, Inc.*			5,747		110,917
Hudson Pacific Properties, Inc.			3,075		46,279
Kennedy-wilson Holdings, Inc.*			4,261		42,567
Tejon Ranch Co.*			2,258		62,208
					462,242

See Notes to Financial Statements.

150

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**	Shares		Value
ROAD & RAIL – 1.0%
Amerco*			1,251	$	120,146
Arkansas Best Corp.			4,024		110,338
Avis Budget Group, Inc.*			15,437		240,200
Celadon Group, Inc.*			3,472		51,351
Dollar Thrifty Automotive Group*			4,253		200,997
Genesee & Wyoming, Inc., Class A*			5,700		301,815
Heartland Express, Inc.			7,484		119,894
Knight Transportation, Inc.			8,540		162,260
Marten Transport Ltd.			2,243		47,955
Old Dominion Freight Line, Inc.*			6,186		197,890
Railamerica, Inc.*			4,018		52,033
Saia, Inc.*			2,960		49,106
Werner Enterprises, Inc.			6,256		141,386
					1,795,371
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 3.8%
Advanced Analogic Technologies, Inc.*			9,101		36,495
Advanced Energy Industries, Inc.*			5,656		77,148
Amkor Technology, Inc.*			15,753		116,415
Anadigics, Inc.*			10,427		72,259
Applied Micro Circuits Corp.*			10,393		110,997
ATMI, Inc.*			4,989		99,481
Axcelis Technologies, Inc.*			17,407		60,228
AXT, Inc.*			5,234		54,643
Brooks Automation, Inc.*			10,784		97,811
Cabot Microelectronics Corp.*			3,445		142,795
Cavium Networks, Inc.*			6,639		250,158
Ceva, Inc.*			3,259		66,810
Cirrus Logic, Inc.*			10,125		161,798
Cohu, Inc.			3,957		65,607
Cymer, Inc.*			4,392		197,947
Diodes, Inc.*			5,053		136,380
DSP Group, Inc.*			4,732		38,519

	Country Code**	Shares		Value
Energy Conversion Devices, Inc.*			8,040	$	36,984
Entegris, Inc.*			19,909		148,720
Entropic Communications, Inc.*			10,123		122,286
Evergreen Solar Inc*			40,563		23,648
Exar Corp.*			6,851		47,820
FEI Co.*			5,903		155,898
Formfactor, Inc.*			7,965		70,729
GT Solar International, Inc.*			9,640		87,917
Hittite Microwave Corp.*			3,978		242,817
Integrated Device Technology, Inc.*			22,011		146,593
Integrated Silicon Solution, Inc.*			4,566		36,665
IXYS Corp.*			4,180		48,572
Kopin Corp.*			11,911		49,550
Kulicke & Soffa Industries, Inc.*			11,059		79,625
Lattice Semiconductor Corp.*			18,569		112,528
LTX-Credence Corp.*			7,528		55,707
Micrel, Inc.			7,874		102,283
Microsemi Corp.*			12,226		279,975
Mindspeed Technologies, Inc.*			6,443		39,302
MIPS Technologies, Inc.*			7,637		115,777
MKS Instruments, Inc.*			7,657		187,520
Monolithic Power Systems, Inc.*			5,155		85,161
Nanometrics, Inc.*			3,033		38,913
Netlogic Microsystems, Inc.*			9,295		291,956
Nve Corp.*			648		37,474
Omnivision Technologies, Inc.*			8,040		238,064
Pericom Semiconductor Corp.*			4,616		50,684
Photronics, Inc.*			8,465		50,028
Power Integrations, Inc.			3,612		144,986
RF Micro Devices, Inc.*			40,002		294,015
Rubicon Technology, Inc.*			2,414		50,887
Rudolph Technologies, Inc.*			5,768		47,471
Semtech Corp.*			9,120		206,477

See Notes to Financial Statements.

151

SC BLACKROCK SMALL CAP INDEX FUND PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2010	Sun Capital Advisers Trust

	Country Code**	Shares		Value
Sigma Designs, Inc.*			4,873	$	69,050
Silicon Image, Inc.*			12,152		89,317
Spansion, Inc. Class A*			2,058		42,601
Standard Microsystems Corp.*			3,488		100,559
Supertex, Inc.*			1,716		41,493
Tessera Technologies, Inc.*			7,496		166,036
Triquint Semiconductor, Inc.*			22,916		267,888
Ultra Clean Holdings*			4,241		39,484
Ultratech, Inc.*			3,778		75,107
Veeco Instruments, Inc.*			6,017		258,490
Volterra Semiconductor Corp.*			3,865		89,513
Zoran Corp.*			8,413		74,034
					6,826,095
SOFTWARE – 4.1%
ACI Worldwide, Inc.*			5,083		136,580
Actuate Corp.*			8,083		46,073
Advent Software, Inc.*			2,291		132,695
Ariba, Inc.*			13,386		314,437
Aspen Technology, Inc.*			9,919		125,971
Blackbaud, Inc.			6,767		175,265
Blackboard, Inc.*			5,069		209,350
Bottomline Technologies, Inc.*			5,090		110,504
Commvault Systems, Inc.*			6,580		188,320
Concur Technologies, Inc.*			5,894		306,075
DemandTec, Inc.*			3,394		36,791
Digimarc Corp.*			1,296		38,893
Ebix, Inc.*			4,078		96,526
Epicor Software Corp.*			7,801		78,790
Epiq Systems, Inc.			5,060		69,474
Fair Issac Corp.			6,286		146,904
Fortinet, Inc.*			6,182		199,988
Interactive Intelligence, Inc.*			2,151		56,270
JDA Software Group, Inc.*			6,566		183,848
Kenexa Corp.*			3,857		84,044
Lawson Software, Inc.*			20,702		191,493
Magma Design Automation, Inc.*			11,976		60,000

	Country Code**	Shares		Value
Manhattan Associates, Inc.*			3,541	$	108,142
Mentor Graphics Corp.*			16,102		193,224
Microstrategy, Inc.*			1,220		104,273
Monotype Imaging Holdings, Inc.*			3,602		39,982
Motricity, Inc.*			407		7,558
Netscout Systems, Inc.*			4,720		108,607
Netsuite, Inc.*			2,699		67,475
Opnet Technologies, Inc.			2,153		57,636
Parametric Technology Corp.*			16,960		382,109
Pegasystems, Inc.			2,371		86,850
Progress Software Corp.*			6,153		260,395
PROS Holdings, Inc.*			3,136		35,719
Qlik Technologies, Inc.*			2,024		52,239
Quest Software, Inc.*			8,694		241,172
Radiant Systems, Inc.*			5,188		101,529
Reald, Inc.*			2,465		63,893
Realpage, Inc.*			2,339		72,345
Renaissance Learning, Inc.			2,470		29,245
Rosetta Stone, Inc.*			1,821		38,642
S1 Corp.*			8,800		60,720
Smith Micro Software, Inc.*			4,655		73,270
Solarwinds, Inc.*			5,375		103,469
Sonic Solutions*			6,475		97,125
Sourcefire, Inc.*			4,245		110,073
SS&C Technologies Holdings, Inc.*			1,895		38,866
SuccessFactors, Inc.*			9,400		272,224
Synchronoss Technologies, Inc.*			3,481		92,977
Take-Two Interactive Software, Inc.*			10,727		131,298
Taleo Corp.*			6,021		166,481
Telecommunication Systems, Inc.*			7,916		36,968
TIBCO Software, Inc.*			24,408		481,082
Tivo, Inc.*			17,948		154,891
Tyler Technologies, Inc.*			3,938		81,753
Ultimate Software Group, Inc.*			3,730		181,390

See Notes to Financial Statements.

152

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**	Shares		Value
Vasco Data Security International*			4,813	$	39,130
Virnetx Holding Corp.			5,625		83,531
Wave Systems Corp.*			15,022		59,187
Websense, Inc.*			6,473		131,078
					7,434,839
SPECIALTY RETAIL – 3.2%
America’s Car-mart, Inc.*			1,654		44,790
AnnTaylor Stores Corp.*			8,747		239,580
Asbury Automotive Group, Inc.*			4,786		88,445
Barnes & Noble, Inc.			6,009		85,027
Bebe Stores, Inc.			5,570		33,197
Big 5 Sporting Goods Corp.			3,964		60,530
Brown Shoe Co., Inc.			6,852		95,448
Cabela’s, Inc.*			5,924		128,847
Casual Male Retail Group, Inc.*			7,286		34,536
Charming Shoppes, Inc.*			18,610		66,066
Childrens Place Retail Stores, Inc.*			3,688		183,072
Christopher & Banks Corp.			6,394		39,323
Citi Trends, Inc.*			2,356		57,840
Coldwater Creek, Inc.*			12,200		38,674
Collective Brands, Inc.*			9,703		204,733
Destination Maternity Corp.*			976		37,020
Dress Barn, Inc.*			8,725		230,515
DSW, Inc., Class A*			2,140		83,674
Express, Inc.			2,058		38,690
Finish Line, Inc., Class A			7,576		130,231
Genesco, Inc.*			3,602		135,039
Group 1 Automotive, Inc.			3,727		155,640
Haverty Furniture Cos., Inc.			3,315		43,029
hhgregg, Inc.*			1,932		40,475
Hibbett Sports, Inc.*			4,326		159,629
Hot Topic, Inc.			7,898		49,521
Jo-Ann Stores, Inc.*			3,963		238,652
JOS A Bank Clothiers, Inc.*			4,000		161,280
Kirkland’s, Inc.*			2,898		40,659

	Country Code**	Shares		Value
Lithia Motors, Inc.			3,762	$	53,759
Lumber Liquidators Holdings, Inc.*			3,522		87,733
Marinemax, Inc.*			4,822		45,086
Monro Muffler, Inc.			4,406		152,386
OfficeMax, Inc.*			12,778		226,171
Pacific Sunwear of California, Inc.*			10,134		54,926
Penske Automotive Group, Inc.*			6,770		117,933
Pier 1 Imports, Inc.*			15,603		163,832
Rental-A-Center, Inc.			9,673		312,244
Rue21, Inc.*			2,358		69,113
Sally Beauty Holdings, Inc.*			14,120		205,164
Select Comfort Corp.*			8,420		76,875
Shoe Carnival, Inc.*			1,414		38,178
Sonic Automotive, Inc., Class A			6,340		83,942
Stage Stores, Inc.			5,343		92,648
Stein Mart, Inc.			4,501		41,634
Talbots, Inc.*			10,778		91,829
The Buckle, Inc.			3,865		145,981
The Cato Corp.			4,105		112,518
The Men’s Wearhouse, Inc.			7,728		193,045
The Pep Boys – Manny, Moe & Jack			8,198		110,099
The Wet Seal, Inc., Class A*			16,960		62,752
Ulta Salon Cosmetics & Fragrance, Inc.*			4,648		158,032
Vitamin Shoppe, Inc.*			2,509		84,403
Zumiez, Inc.*			3,115		83,700
					5,808,145
TEXTILES, APPAREL & LUXURY GOODS – 2.0%
Carter’s, Inc.*			8,801		259,718
Cherokee, Inc.			2,165		40,724
Columbia Sportswear Co.			1,475		88,942
Crocs, Inc.*			12,881		220,523
Deckers Outdoor Corp.*			5,716		455,794
G-III Apparel Group Ltd*			2,362		83,024
Iconix Brand Group, Inc.*			10,838		209,282
Jones Group, Inc.			13,352		207,490
K-Swiss, Inc., Class A*			4,946		61,677

See Notes to Financial Statements.

153

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**	Shares		Value
Liz Claiborne, Inc.*			15,096	$	108,087
Maidenform Brands, Inc.*			3,606		85,715
Movado Group, Inc.*			2,988		48,226
Oxford Industries, Inc.			2,499		63,999
Perry Ellis International, Inc.*			1,781		48,924
Quiksilver, Inc.*			20,846		105,689
Skechers U.S.A., Inc., Class A*			5,212		104,240
Steven Madden Ltd.*			3,735		155,824
Timberland Co., Class A*			5,645		138,811
True Religion Apparel, Inc.*			4,101		91,288
Under Armour, Inc.*			5,202		285,278
Unifi, Inc.*			2,588		43,815
Vera Bradley, Inc.*			1,917		63,261
Volcom, Inc.			3,245		61,233
Warnaco Group, Inc.*			6,548		360,598
Wolverine World Wide, Inc.			7,423		236,645
					3,628,807
THRIFT & MORTGAGE FINANCE – 1.4%
Abington Bancorp, Inc.			4,029		48,066
Astoria Financial Corp.			12,537		174,390
Bank Mutual Corp.			10,542		50,391
BankFinancial Corp.			4,724		46,059
Beneficial Mutual Bancorp, Inc.*			5,920		52,274
Berkshire Hills Bancorp, Inc.			2,939		64,952
Brookline Bancorp, Inc.			9,040		98,084
Dime Community Bancshares			4,342		63,350
ESSA Bancorp, Inc.			3,764		49,760
First Financial Corp.			3,510		40,400
Flushing Financial Corp.			5,261		73,654
Home Federal Bancorp, Inc.			3,712		45,546
MGIC Investment Corp.*			30,182		307,554
NewAlliance Bancshares, Inc.			14,680		219,906
Northwest Bancshares, Inc.			15,882		186,772
Oceanfirst Financial Corp.			3,141		40,425

	Country Code**		Shares		Value
Ocwen Financial Corp.*				11,476	$	109,481
Oritani Financial Corp.				8,950		109,548
Provident Financial Services				8,923		135,005
Provident New York Bancorp				6,534		68,542
Radian Group, Inc.				20,194		162,966
Territorial Bancorp, Inc.				2,281		45,415
TrustCo Bank Corp NY				13,515		85,685
United Financial Bancorp, Inc.				3,556		54,300
Viewpoint Financial Group				3,347		39,126
Westfield Financial, Inc.				5,988		55,389
WSFS Financial Corp.				1,008		47,819
						2,474,859
TOBACCO – 0.2%
Alliance One International, Inc.*				15,384		65,228
Star Scientific, Inc.*				16,925		33,004
Universal Corp.				3,562		144,973
Vector Group, Ltd.				6,446		111,645
						354,850
TRADING COMPANIES & DISTRIBUTORS – 0.9%
Aceto Corp.				4,399		39,591
Aircastle Ltd.		BM		8,324		86,986
Applied Industrial Technologies, Inc.				6,148		199,687
Beacon Roofing Supply, Inc.*				7,069		126,323
Cai International, Inc.*				1,833		35,927
DXP Enterprises, Inc.*				1,481		35,544
H & E Equipment Services, Inc.*				4,387		50,758
Houston Wire & Cable Co.				3,578		48,088
Interline Brands, Inc.*				5,053		115,057
Kaman Corp.				3,963		115,205
RSC Holdings, Inc.*				8,114		79,030
Rush Enterprises, Inc.*				5,150		105,266
TAL International Group, Inc.				2,567		79,243
Textainer Group Holdings Ltd.		BM		1,445		41,168

See Notes to Financial Statements.

154

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**	Shares		Value
Titan Machinery, Inc.*			2,141	$	41,321
United Rentals, Inc.*			9,064		206,206
Watsco, Inc.			3,936		248,283
					1,653,683
WATER UTILITIES – 0.3%
American States Water Co.			2,940		101,342
California Water Service Group			2,896		107,934
Connecticut Water Service, Inc.			2,344		65,351
Consolidated Water Co Inc			4,048		37,120
Middlesex Water Co.			3,684		67,601
SJW Corp.			2,290		60,616
York Water Co.			3,221		55,691
					495,655
WIRELESS TELECOMMUNICATION SERVICES – 0.3%
FiberTower Corp.*			8,327		37,138
ICO Global Communications (Holdings), Ltd.*			17,601		26,402
NTELOS Holdings Corp.			4,679		89,135
Shenandoah Telecommunications Co.			3,375		63,214
Syniverse Holdings, Inc.*			9,813		302,731
USA Mobility, Inc.			3,837		68,183
					586,803
Total Common Stocks (Cost $157,590,155)					175,580,938

	Country Code**	Principal Amount (000)		Value
CORPORATE DEBT OBLIGATIONS – 0.0% +
CAPITAL MARKETS – 0.0%+
GAMCO Investors, Inc. 0.00%, 12/31/15 (2) (Cost $3,894)		$	4	$	3,894
		Shares
SHORT TERM INVESTMENTS – 2.6%
MUTUAL FUNDS – 2.6%
State Street Institutional Treasury Plus Money Market Fund (Cost $4,714,399)			4,714,399		4,714,399
TOTAL INVESTMENTS – 99.8%
(Cost $162,308,448)					180,299,231
Other assets less liabilities – 0.2%					378,944
NET ASSETS – 100.0%				$	180,678,175

REIT	Real Estate Investment Trust
AN	Netherlands Antilles
BM	Bermuda
BS	Bahamas
CA	Canada
IE	Ireland
KY	Cayman Islands
LR	Liberia
LU	Luxembourg
MH	Marshall Islands
NL	Netherlands
PA	Panama
PR	Puerto Rico

See Notes to Financial Statements.

155

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December 31, 2010	Sun Capital Advisers Trust

* Non-income producing security.

** Unless otherwise noted the issuer country code for all securities is United States.

+ Amount is less than 0.05%.

(1) Eligible for resale under rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of this security amounted to $0, representing less than 0.05% of net assets.

(2) Zero-coupon bond.

(3) At the period end, cash of $379,000 has been pledged to cover margin requirements for the following open futures contracts:

Type	Description	Expiration Date	Contracts		Aggregate Face Value ($)		Aggregate Notional Value ($)		Unrealized Appreciation ($)
Long	Russell 2000 Mini Index March Futures	3/18/11		67		5,192,192		5,241,410		49,218

(4) Fair Value Measurements †

The following table summarizes the inputs used to value the Fund’s assets and liabilities, as applicable, measured at fair value at the period end:

Assets	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks (a)	$	175,580,938	$	—	$	—	$	175,580,938
Corporate Debt Obligations (a)		—		3,894		—		3,894
Short Term Investments
Mutual Funds		4,714,399		—		—		4,714,399
Total Investments		180,295,337		3,894		—		180,299,231
Financial Derivative Instruments
Futures Contracts		49,218		—		—		49,218
Total Financial Derivative Instruments	$	49,218	$	—	$	—	$	49,218

† See Note 2b in the Notes to Financial Statements for additional information.

(a) See Portfolio of Investments for additional detailed categorizations.

See Notes to Financial Statements.

156

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PORTFOLIO OF INVESTMENTS December 31, 2010 Sun Capital Advisers Trust

	Country Code**		Shares		Value
COMMON STOCKS – 97.5%
AEROSPACE & DEFENSE – 0.7%
L-3 Communications Holdings, Inc.				15,055	$	1,061,227
Rockwell Collins, Inc.				15,774		918,993
						1,980,220
AIR FREIGHT & LOGISTICS – 0.3%
UTI Worldwide, Inc.		VG		33,849		717,599
AIRLINES – 1.6%
Alaska Air Group, Inc.*				39,614		2,245,717
Copa Holdings SA		PA		5,227		307,557
JetBlue Airways Corp.*				258,946		1,711,633
						4,264,907
AUTO COMPONENTS – 2.0%
Autoliv, Inc.				36,399		2,873,337
BorgWarner, Inc.*				4,250		307,530
Federal-Mogul Corp.*				10,371		214,161
Lear Corp.*				2,049		202,257
TRW Automotive Holdings Corp.*				37,053		1,952,693
						5,549,978
BEVERAGES – 0.1%
Molson Coors Brewing Co., Class B				4,705		236,144
BIOTECHNOLOGY – 0.5%
Cephalon, Inc.*				21,558		1,330,560
BUILDING PRODUCTS – 0.4%
Armstrong World Industries, Inc.				24,214		1,041,202
CAPITAL MARKETS – 0.8%
Federated Investors, Inc., Class B				52,816		1,382,195
Legg Mason, Inc.				18,015		653,404
Raymond James Financial, Inc.				6,663		217,880
						2,253,479
CHEMICALS – 2.5%
Ashland, Inc.				6,764		344,017
Cabot Corp.				26,979		1,015,759
Cytec Industries, Inc.				4,170		221,260
Eastman Chemical Co.				23,773		1,998,834
Huntsman Corp.				117,312		1,831,240

	Country Code**		Shares		Value
PPG Industries, Inc.				6,630	$	557,384
Scotts Miracle-Gro Co., Class A				4,163		211,356
The Sherwin-Williams Co.				7,022		588,093
						6,767,943
COMMERCIAL BANKS – 5.1%
Bank of Hawaii Corp.				3,659		172,741
CIT Group, Inc.*				10,699		503,923
Comerica, Inc.				26,652		1,125,780
Commerce Bancshares, Inc.				1,835		72,905
Cullen/Frost Bankers, Inc.				1,515		92,597
Fifth Third Bancorp				152,732		2,242,106
Fulton Financial Corp.				130,578		1,350,177
Keycorp				110,979		982,164
M&T Bank Corp.				20,103		1,749,966
Popular, Inc.*		PR		305,621		959,650
Suntrust Banks, Inc.				125,660		3,708,227
TCF Financial Corp.				69,356		1,027,162
						13,987,398
COMMERCIAL SERVICES & SUPPLIES – 0.6%
Cintas Corp.				13,520		378,019
R.R. Donnelley & Sons Co.				66,874		1,168,289
						1,546,308
COMMUNICATIONS EQUIPMENT – 0.4%
EchoStar Corp., Class A*				12,497		312,050
Tellabs, Inc.				116,784		791,796
						1,103,846
COMPUTERS & PERIPHERALS – 0.3%
Lexmark International, Inc., Class A*				6,177		215,083
Western Digital Corp.*				14,584		494,398
						709,481
CONSTRUCTION & ENGINEERING – 0.6%
Fluor Corp.				4,250		281,605
KBR, Inc.				25,078		764,126
URS Corp.*				11,434		475,769
						1,521,500
CONTAINERS & PACKAGING – 0.2%
Sealed Air Corp.				7,807		198,688

See Notes to Financial Statements.

157

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**	Shares		Value
Sonoco Products Co.			13,643	$	459,360
					658,048
DISTRIBUTORS – 0.3%
Genuine Parts Co.			15,579		799,826
DIVERSIFIED FINANCIAL SERVICES – 0.1%
Leucadia National Corp.			5,635		164,429
Moody’s Corp.			6,540		173,572
					338,001
DIVERSIFIED TELECOMMUNICATION SERVICES – 0.8%
CenturyLink, Inc.			15,359		709,125
Qwest Communications International, Inc.			192,262		1,463,114
					2,172,239
ELECTRIC UTILITIES – 3.2%
DPL, Inc.			46,282		1,189,910
Edison International (1)			40,815		1,575,459
FirstEnergy Corp.			15,611		577,919
Great Plains Energy, Inc.			12,617		244,644
Northeast Utilities			10,364		330,405
Pepco Holdings, Inc.			37,521		684,758
Pinnacle West Capital Corp.			49,376		2,046,635
PPL Corp.			15,922		419,067
Progress Energy, Inc.			32,025		1,392,447
Westar Energy, Inc.			5,601		140,921
					8,602,165
ELECTRICAL EQUIPMENT – 1.0%
General Cable Corp.*			14,738		517,156
Rockwell Automation, Inc.			28,457		2,040,652
Thomas & Betts Corp.*			5,360		258,888
					2,816,696
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 2.0%
Arrow Electronics, Inc.*			17,837		610,917
Avnet, Inc.*			14,613		482,667
Ingram Micro, Inc., Class A*			80,963		1,545,584

	Country Code**		Shares		Value
National Instruments Corp.				4,798	$	180,597
Tech Data Corp.*				2,071		91,165
Vishay Intertechnology, Inc.*				156,345		2,295,145
Vishay Precision Group, Inc.*				9,044		170,389
						5,376,464
ENERGY EQUIPMENT & SERVICES – 2.3%
Dresser-Rand Group, Inc.*				7,697		327,815
Exterran Holdings, Inc.*				91,176		2,183,665
Nabors Industries, Ltd.*		BM		53,389		1,252,506
Oil States International, Inc.*				22,758		1,458,560
SEACOR Holdings, Inc.				10,082		1,019,190
						6,241,736
FOOD PRODUCTS – 3.3%
Bunge, Ltd.		BM		18,418		1,206,747
Campbell Soup Co.				21,993		764,257
Corn Products International, Inc.				13,179		606,234
Hormel Foods Corp.				42,194		2,162,865
Lancaster Colony Corp.				8,283		473,788
Smithfield Foods, Inc.*				23,505		484,908
Tyson Foods, Inc., Class A				192,538		3,315,504
						9,014,303
GAS UTILITIES – 0.7%
Atmos Energy Corp.				11,981		373,807
Energen Corp.				30,197		1,457,307
						1,831,114
HEALTH CARE EQUIPMENT & SUPPLIES – 1.4%
Boston Scientific Corp.*				218,085		1,650,903
CareFusion Corp.*				29,905		768,559
Hill-Rom Holdings, Inc.				33,625		1,323,816
						3,743,278

See Notes to Financial Statements.

158

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**		Shares		Value
HEALTH CARE PROVIDERS & SERVICES – 2.4%
Coventry Health Care, Inc.*				83,330	$	2,199,912
Health Net, Inc.*				45,537		1,242,705
Humana, Inc.*				56,338		3,083,942
						6,526,559
HOTELS, RESTAURANTS & LEISURE – 0.5%
Chipotle Mexican Grill, Inc., Class A*				1,177		250,301
Choice Hotels International, Inc.				13,916		532,565
Panera Bread Co., Class A*				3,218		325,694
Wendy’s/Arby’s Group, Inc., Class A				26,735		123,516
						1,232,076
HOUSEHOLD DURABLES – 3.5%
Garmin Ltd.		CH		69,277		2,146,894
Harman International Industries, Inc.*				41,786		1,934,692
Leggett & Platt, Inc.				58,738		1,336,877
Mohawk Industries, Inc.*				54,265		3,080,081
Whirlpool Corp. (1)				11,637		1,033,715
						9,532,259
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS – 1.0%
Constellation Energy Group				27,643		846,705
NRG Energy, Inc.*				90,007		1,758,737
						2,605,442
INSURANCE – 8.5%
Allied World Assurance Co. Holdings, Ltd.		CH		7,200		427,968
American National Insurance				2,361		202,149
Aon Corp.				3,404		156,618
Aspen Insurance Holdings, Ltd.		BM		63,879		1,828,217
Assurant, Inc.				30,519		1,175,592
Axis Capital Holdings, Ltd.		BM		17,806		638,879
Cincinnati Financial Corp.				3,034		96,147
CNA Financial Corp.*				31,051		839,930

	Country Code**		Shares		Value
Endurance Specialty Holdings, Ltd.		BM		30,871	$	1,422,227
Everest Re Group, Ltd.		BM		24,552		2,082,501
Lincoln National Corp.				40,399		1,123,496
Mercury General Corp.				17,092		735,127
Old Republic International Corp.				10,307		140,484
PartnerRe, Ltd.		BM		10,114		812,660
Protective Life Corp.				5,533		147,399
Reinsurance Group of America, Inc.				4,524		242,984
RenaissanceRe Holdings Ltd.		BM		3,802		242,149
StanCorp Financial Group, Inc.				2,241		101,159
Symetra Financial Corp.				29,851		408,959
The Progressive Corp. (1)				75,326		1,496,728
Torchmark Corp.				1,665		99,467
Transatlantic Holdings, Inc.				14,536		750,348
Unum Group (1)				156,686		3,794,935
W.R. Berkley Corp.				64,410		1,763,546
White Mountains Insurance Group, Ltd.		BM		4,171		1,399,788
XL Group PLC		IE		44,588		972,910
						23,102,367
INTERNET & CATALOG RETAIL – 1.5%
Expedia, Inc.				97,438		2,444,719
Liberty Media Corp. – Interactive, Series A*				108,850		1,716,565
						4,161,284
INTERNET SOFTWARE & SERVICES – 0.4%
AOL, Inc.*				42,158		999,566
VeriSign, Inc.				6,046		197,523
						1,197,089
IT SERVICES – 1.1%
Amdocs, Ltd.*		GG		28,681		787,867
Computer Sciences Corp.				7,864		390,054
Teradata Corp.*				42,304		1,741,233
						2,919,154

See Notes to Financial Statements.

159

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**		Shares		Value
LEISURE EQUIPMENT & PRODUCTS – 0.0% +
Polaris Industries, Inc.				1,552	$	121,087
MACHINERY – 3.7%
AGCO Corp.*				38,092		1,929,741
CNH Global NV*		NL		5,710		272,595
Cummins, Inc.				5,309		584,043
Eaton Corp.				23,863		2,422,333
Harsco Corp.				2,865		81,137
Kennametal, Inc.				2,784		109,857
Lincoln Electric Holdings, Inc.				3,167		206,710
Oshkosh Corp.*				14,179		499,668
Parker Hannifin Corp.				11,868		1,024,208
The Timken Co.				56,151		2,680,087
Trinity Industries, Inc.				4,718		125,546
WABCO Holdings, Inc.*				1,885		114,853
						10,050,778
MEDIA – 2.6%
CBS Corp., Class B (1)				25,997		495,243
Clear Channel Outdoor Holdings, Inc., Class A*				12,827		180,091
DISH Network Corp., Class A*				214,803		4,223,027
Liberty Global, Inc., Class A*				10,233		362,044
Liberty Media-Starz, Series A*				4,724		314,052
Scripps Networks Interactive, Inc., Class A				2,658		137,551
Virgin Media, Inc.				47,889		1,304,496
						7,016,504
METALS & MINING – 1.2%
Reliance Steel & Aluminum Co.				35,404		1,809,144
Schnitzer Steel Industries, Inc., Class A				9,086		603,220
Titanium Metals Corp.*				12,889		221,433
Walter Industries, Inc.				5,324		680,620
						3,314,417
MULTI-LINE RETAIL – 0.1%
Dollar Tree, Inc.*				4,050		227,124

	Country Code**	Shares		Value
MULTI-UTILITIES – 5.9%
Ameren Corp.			112,005	$	3,157,421
Consolidated Edison, Inc.			5,574		276,303
DTE Energy Co.			30,622		1,387,789
Integrys Energy Group, Inc.			79,244		3,844,127
MDU Resources Group, Inc.			84,077		1,704,241
NiSource, Inc.			196,457		3,461,572
Sempra Energy			21,380		1,122,022
TECO Energy, Inc.			62,976		1,120,973
					16,074,448
OIL, GAS & CONSUMABLE FUELS – 10.1%
Cimarex Energy Co.			44,739		3,960,744
Frontier Oil Corp.*			35,721		643,335
Murphy Oil Corp.			24,907		1,856,817
QEP Resources, Inc.			27,418		995,547
SM Energy Co.			29,572		1,742,678
Sunoco, Inc.			88,169		3,554,092
Tesoro Corp.*			216,398		4,012,019
Valero Energy Corp.			463,589		10,718,178
					27,483,410
PAPER & FOREST PRODUCTS – 1.3%
Domtar Corp.			14,305		1,086,036
International Paper Co.			47,867		1,303,897
MeadWestvaco Corp.			48,071		1,257,537
					3,647,470
PHARMACEUTICALS – 1.4%
Forest Laboratories, Inc.*			74,566		2,384,620
King Pharmaceuticals, Inc.*			91,856		1,290,577
					3,675,197
PROFESSIONAL SERVICES – 0.8%
Manpower, Inc.			34,605		2,171,810
REAL ESTATE INVESTMENT TRUSTS – 11.4%
AMB Property Corp.			21,258		674,091
Annaly Capital Management, Inc.			25,857		463,357
AvalonBay Communities, Inc.			43,427		4,887,709
Boston Properties, Inc.			14,710		1,266,531
BRE Properties, Inc.			66,761		2,904,104
Equity Residential			16,985		882,371

See Notes to Financial Statements.

160

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**	Shares		Value
Federal Realty Investment Trust			21,017	$	1,637,855
HCP, Inc.			60,182		2,214,096
Hospitality Properties Trust			4,105		94,579
Host Hotels & Resorts, Inc.			13,357		238,690
Liberty Property Trust			67,852		2,165,836
Mack-Cali Realty Corp.			11,754		388,587
Nationwide Health Properties, Inc.			59,708		2,172,177
Plum Creek Timber Co., Inc.			45,983		1,722,063
Rayonier, Inc.			91,002		4,779,425
Realty Income Corp.			34,515		1,180,413
Regency Centers Corp.			28,456		1,201,981
Senior Housing Properties Trust			63,598		1,395,340
Weyerhaeuser Co.			36,328		687,689
					30,956,894
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.2%
Howard Hughes Corp.*			9,488		516,337
ROAD & RAIL – 0.1%
Ryder System, Inc.			3,813		200,716
Werner Enterprises, Inc.			4,744		107,215
					307,931
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 1.6%
Advanced Micro Devices, Inc.*			30,349		248,255
Fairchild Semiconductor International, Inc.*			77,921		1,216,347
Integrated Device Technology, Inc.*			160,607		1,069,642
LSI Corp.*			98,115		587,709
Micron Technology, Inc.*			168,940		1,354,899
					4,476,852
SOFTWARE – 0.7%
Citrix Systems, Inc.*			4,775		326,658
Novell, Inc.*			43,641		258,355

	Country Code**	Shares		Value
Parametric Technology Corp.*			4,483	$	101,002
Quest Software, Inc.*			3,445		95,564
Salesforce.com, Inc.*			3,865		510,180
Synopsys, Inc.*			26,333		708,621
					2,000,380
SPECIALTY RETAIL – 0.8%
Autonation, Inc.*			60,580		1,708,356
Foot Locker, Inc.			6,191		121,467
Limited Brands, Inc.			7,406		227,586
Urban Outfitters, Inc.*			5,250		188,003
					2,245,412
TEXTILES, APPAREL & LUXURY GOODS – 0.1%
Timberland Co., Class A*			4,355		107,089
Under Armour, Inc.*			1,727		94,709
					201,798
THRIFT & MORTGAGE FINANCE – 1.6%
Hudson City Bancorp, Inc.			149,365		1,902,910
New York Community Bancorp, Inc.			88,005		1,658,894
Washington Federal, Inc.			45,248		765,596
					4,327,400
TOBACCO – 3.1%
Lorillard, Inc.			104,124		8,544,415
TRADING COMPANIES & DISTRIBUTORS – 0.3%
Watsco, Inc.			1,614		101,811
WESCO International, Inc.*			12,390		654,192
					756,003
WIRELESS TELECOMMUNICATION SERVICES – 0.4%
Telephone & Data Systems, Inc.			5,263		192,363
US Cellular Corp.*			17,844		891,129
					1,083,492
Total Common Stocks (Cost $206,112,651)					265,079,824

See Notes to Financial Statements.

161

SC GOLDMAN SACHS MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Shares		Value
SHORT TERM INVESTMENTS – 2.6%
MUTUAL FUNDS – 2.6%
State Street Institutional Liquid Reserves Fund (Cost $7,085,546)		7,085,546	$	7,085,546
TOTAL INVESTMENTS – 100.1%
(Cost $213,198,197)				272,165,370
Liabilities in excess of other assets – (0.1)%				(366,435	)
NET ASSETS – 100.0%			$	271,798,935

BM	Bermuda
CH	Switzerland
GG	Guernsey
IE	Ireland
NL	Netherlands
PA	Panama
PR	Puerto Rico
VG	British Virgin Islands

+ Amount is less than 0.05%.

* Non-income producing security.

** Unless otherwise noted the issuer country code for all securities is United States.

(1) At the period end, securities (or portions thereof) with an aggregate market value of $1,417,955 have been pledged to cover margin requirements for the following open futures contracts:

Type

Description

Expiration Date

Contracts

Aggregate Face Value ($)

Aggregate Notional Value ($)

Unrealized Depreciation ($)

Long

S&P Midcap 400 E-Mini Index March Futures

3/18/11

73

6,614,612

6,608,690

(5,922

)

(2) Fair Value Measurements

All investments and financial derivative instruments are categorized as Level 1 under the fair value hierarchy. See Note 2b in the Notes to Financial Statements for additional information.

See Notes to Financial Statements.

162

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PORTFOLIO OF INVESTMENTS December 31, 2010 Sun Capital Advisers Trust

	Country Code**	Shares		Value
COMMON STOCKS – 99.8%
AEROSPACE & DEFENSE – 0.9%
AAR Corp.*			8,740	$	240,088
Ceradyne, Inc.*			10,150		320,029
					560,117
AIR FREIGHT & LOGISTICS – 0.3%
Pacer International, Inc.*			25,260		172,778
AIRLINES – 0.3%
SkyWest, Inc.			11,710		182,910
BUILDING PRODUCTS – 1.3%
Ameron International Corp.			3,960		302,425
Smith A O Corp.			5,770		219,722
Universal Forest Products, Inc.			6,420		249,738
					771,885
CAPITAL MARKETS – 3.4%
Federated Investors, Inc., Class B			5,600		146,552
GFI Group, Inc.			50,050		234,734
International Assets Holding Corp.*			14,080		332,288
Investment Technology Group, Inc.*			19,969		326,893
Knight Capital Group, Inc.*			29,510		406,943
Medallion Financial Corp.			15,850		129,970
optionsXpress Holdings, Inc.			13,131		205,763
Piper Jaffray Cos., Inc.*			7,830		274,128
					2,057,271
CHEMICALS – 2.2%
Fuller H B Co.			16,950		347,814
Minerals Technologies, Inc.			4,710		308,081
OM Group, Inc.*			17,972		692,102
					1,347,997
COMMERCIAL BANKS – 7.2%
Ameris Bancorp*			22,123		233,176
Bancfirst Corp.			6,160		253,730
BancTrust Financial Group, Inc.*			16,227		43,326
Bryn Mawr Bank Corp.			12,756		222,592

	Country Code**		Shares		Value
Chemical Financial Corp.				15,150	$	335,573
Columbia Banking System, Inc.				16,100		339,066
Community Trust Bancorp, Inc.				9,850		285,256
First Citizens BancShares, Inc.				2,150		406,458
First Commonwealth Financial Corp.				52,300		370,284
First Financial Corp.				11,002		386,610
First National Bank Alaska				100		180,000
Hancock Holding Co.				8,113		282,819
Investors Bancorp, Inc.*				15,500		203,360
Merchants Bancshares, Inc.				9,930		273,671
Northfield Bancorp, Inc.				14,702		195,831
Northrim Bancorp, Inc.				11,788		227,744
West Coast Bancorp*				65,453		184,578
						4,424,074
COMMERCIAL SERVICES & SUPPLIES – 2.0%
ABM Industries, Inc.				9,630		253,269
Consolidated Graphics, Inc.*				5,090		246,508
Ennis, Inc.				10,850		185,535
G&K Services, Inc.				7,636		236,029
United Stationers, Inc.*				4,400		280,764
						1,202,105
COMMUNICATIONS EQUIPMENT – 2.2%
Anaren, Inc.*				11,538		240,567
Bel Fuse, Inc., Class B				7,280		173,992
Black Box Corp.				7,300		279,517
Plantronics, Inc.				5,030		187,217
Symmetricom, Inc.*				28,250		200,293
Tekelec, Inc.*				22,030		262,377
						1,343,963
CONSTRUCTION & ENGINEERING – 3.1%
Comfort Systems USA, Inc.				15,870		209,008
Dycom Industries, Inc.*				21,850		322,287
EMCOR Group, Inc.*				12,200		353,556
KBR, Inc.				9,370		285,504
KHD Humboldt Wedag International AG		DE		12,389		115,011
Layne Christensen Co.*				7,350		252,987
Pike Electric Corp.*				21,540		184,813

See Notes to Financial Statements.

163

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**	Shares		Value
Sterling Construction Co., Inc.*			12,950	$	168,868
					1,892,034
CONSTRUCTION MATERIALS – 0.2%
Eagle Materials, Inc.			4,680		132,210
CONSUMER FINANCE – 0.6%
Cash America International, Inc.			9,790		361,545
CONTAINERS & PACKAGING – 2.1%
Greif, Inc., Class A			3,500		216,650
Greif, Inc., Class B			9,148		558,028
Packaging Corp of America			8,330		215,247
Silgan Holdings, Inc.			8,110		290,419
					1,280,344
DIVERSIFIED CONSUMER SERVICES – 0.6%
Lincoln Educational Services Corp.			9,511		147,516
Regis Corp.			13,150		218,290
					365,806
DIVERSIFIED FINANCIAL SERVICES – 0.2%
Pico Holdings, Inc.*			4,784		152,131
DIVERSIFIED TELECOMMUNICATION SERVICES – 0.6%
Neutral Tandem, Inc.*			14,756		213,076
Warwick Valley Telephone Co.			11,762		162,904
					375,980
ELECTRIC UTILITIES – 1.1%
ALLETE, Inc.			9,330		347,636
MGE Energy, Inc.			7,400		316,424
					664,060
ELECTRICAL EQUIPMENT – 1.7%
Belden, Inc.			7,310		269,154
Broadwind Energy, Inc.*			116,450		269,000
GrafTech International Ltd.*			14,630		290,259
Powell Industries, Inc.*			5,700		187,416
					1,015,829

	Country Code**		Shares		Value
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 3.6%
Anixter International, Inc.				5,289	$	315,912
Benchmark Electronics, Inc.*				17,350		315,076
Brightpoint, Inc.*				24,545		214,278
CTS Corp.				18,450		204,057
Electro Scientific Industries, Inc.*				12,250		196,368
Littelfuse, Inc.				5,450		256,477
Methode Electronics, Inc.				17,850		231,514
MTS Systems Corp.				6,250		234,125
Nam Tai Electronics, Inc.		VG		35,810		229,184
						2,196,991
ENERGY EQUIPMENT & SERVICES – 3.6%
Cal Dive International, Inc.*				41,760		236,779
Dawson Geophysical Co.*				6,720		214,368
Gulf Island Fabrication, Inc.				12,760		359,577
Matrix Service Co.*				17,670		215,221
Patterson-UTI Energy, Inc.				13,980		301,269
T-3 Energy Services, Inc.*				7,400		294,742
TGC Industries, Inc.*				27,141		103,136
Tidewater, Inc.				4,700		253,048
Union Drilling, Inc.*				31,176		226,961
						2,205,101
FOOD & STAPLES RETAILING – 1.3%
Ruddick Corp.				7,700		283,668
Spartan Stores, Inc.				13,090		221,876
The Andersons, Inc.				7,350		267,172
						772,716
FOOD PRODUCTS – 0.7%
Fresh Del Monte Produce, Inc.		KY		16,430		409,928
GAS UTILITIES – 0.5%
The Laclede Group, Inc.				8,190		299,263
HEALTH CARE EQUIPMENT & SUPPLIES – 2.9%
Analogic Corp.				3,450		170,810
Angiodynamics, Inc.*				12,953		199,088

See Notes to Financial Statements.

164

SC COLUMBIA SMALL CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**		Shares		Value
Cantel Medical Corp.				11,450	$	267,930
ICU Medical, Inc.*				5,025		183,412
Kensey Nash Corp.*				8,984		250,025
Medical Action Industries, Inc.*				20,155		193,085
Quidel Corp.*				11,623		167,952
Symmetry Medical, Inc.*				19,590		181,207
Young Innovations, Inc.				5,250		168,053
						1,781,562
HEALTH CARE PROVIDERS & SERVICES – 4.1%
AmSurg Corp.*				11,840		248,048
Centene Corp.*				6,920		175,353
Healthspring, Inc.*				16,950		449,684
Kindred Healthcare, Inc.*				17,030		312,841
Magellan Health Services, Inc.*				5,800		274,224
Medcath Corp.*				20,810		290,300
NovaMed, Inc.*				11,976		138,083
Owens & Minor, Inc.				7,910		232,791
Triple-S Management Corp., Class B*		PR		9,450		180,306
U.S. Physical Therapy, Inc.*				9,670		191,659
						2,493,289
HOTELS, RESTAURANTS & LEISURE – 1.7%
Benihana, Inc.*				23,925		194,510
Bob Evans Farms, Inc.				9,240		304,550
CEC Entertainment, Inc.*				4,900		190,267
Jack In The Box, Inc.*				7,350		155,306
Red Robin Gourmet Burgers, Inc.*				8,100		173,907
						1,018,540
HOUSEHOLD DURABLES – 1.1%
American Greetings Corp.				9,270		205,423
Cavco Industries, Inc.*				5,257		245,449
CSS Industries, Inc.				10,319		212,675
						663,547
INSURANCE – 8.8%
Allied World Assurance Co. Holdings, Ltd.		CH		3,320		197,341
American Safety Insurance Holdings, Ltd.*		BM		13,970		298,679

	Country Code**		Shares		Value
Argo Group International Holdings, Inc.		BM		8,990	$	336,675
Baldwin & Lyons, Inc., Class B				9,585		225,535
CNA Surety Corp.*				16,420		388,826
eHealth, Inc.*				25,754		365,449
EMC Insurance Group, Inc.				10,750		243,380
FBL Financial Group, Inc.				10,850		311,069
Global Indemnity PLC*		IE		29,318		599,553
Hanover Insurance Group, Inc.				5,641		263,548
Harleysville Group, Inc.				5,600		205,744
Horace Mann Educators Corp.				21,250		383,350
National Western Life Insurance Co.				1,140		190,061
Navigators Group, Inc.*				7,850		395,247
Safety Insurance Group, Inc.				8,260		392,928
Stewart Information Services Corp.				16,198		186,763
United Fire & Casualty Co.				16,950		378,324
						5,362,472
INTERNET SOFTWARE & SERVICES – 1.0%
InfoSpace, Inc.*				22,886		189,954
United Online, Inc.				34,490		227,634
ValueClick, Inc.*				13,530		216,886
						634,474
IT SERVICES – 3.1%
Acxiom Corp.*				12,840		220,206
CACI International, Inc., Class A*				5,890		314,526
CSG Systems International, Inc.*				11,620		220,083
Global Cash Access Holdings, Inc.*				66,413		211,857
Jack Henry & Associates, Inc.				5,400		157,410
MAXIMUS, Inc.				3,200		209,856
Moneygram International, Inc.*				89,000		241,190
Teletech Holdings, Inc.*				16,990		349,824
						1,924,952

See Notes to Financial Statements.

165

SC COLUMBIA SMALL CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**		Shares		Value
LEISURE EQUIPMENT & PRODUCTS – 0.4%
Jakks Pacific, Inc.*				14,440	$	263,097
MACHINERY – 3.5%
Astec Industries, Inc.*				6,650		215,526
CIRCOR International, Inc.				6,200		262,136
EnPro Industries, Inc.*				7,850		326,246
FreightCar America, Inc.				7,000		202,580
Harsco Corp.				6,590		186,629
Kadant, Inc.*				11,900		280,483
LB Foster Co.*				5,770		236,224
Mueller Industries, Inc.				9,700		317,190
Robbins & Myers, Inc.				2,660		95,175
						2,122,189
MARINE – 0.3%
Diana Shipping, Inc.*		MH		15,690		188,594
METALS & MINING – 2.5%
Carpenter Technology Corp.				3,880		156,131
Haynes International, Inc.				7,000		292,810
Olympic Steel, Inc.				9,830		281,924
RTI International Metals, Inc.*				6,720		181,306
Terra Nova Royalty Corp.*		CA		21,630		168,930
Thompson Creek Metals Co., Inc.*		CA		29,730		437,626
						1,518,727
MULTI-UTILITIES – 1.5%
Avista Corp.				15,420		347,258
CH Energy Group, Inc.				5,450		266,451
NorthWestern Corp.				10,150		292,624
						906,333
OIL, GAS & CONSUMABLE FUELS – 5.1%
Berry Petroleum Co.				6,840		298,908
Bill Barrett Corp.*				7,790		320,403
Forest Oil Corp.*				5,950		225,922
Holly Corp.				6,100		248,697
International Coal Group, Inc.*				33,976		262,974
James River Coal Co.*				9,470		239,875
Nordic American Tanker Shipping, Ltd.		BM		12,160		316,403
Stone Energy Corp.*				15,225		339,365
Swift Energy Co.*				9,800		383,670

	Country Code**	Shares		Value
Vaalco Energy, Inc.*			28,922	$	207,082
World Fuel Services Corp.			7,670		277,347
					3,120,646
PHARMACEUTICALS – 0.5%
Medicis Pharmaceutical Corp., Class A			10,750		287,993
PROFESSIONAL SERVICES – 1.4%
CDI Corp.			11,300		210,067
FTI Consulting, Inc.*			5,850		218,088
Korn / Ferry International*			11,650		269,231
Navigant Consulting, Inc.*			18,320		168,544
					865,930
REAL ESTATE INVESTMENT TRUSTS – 5.4%
Chesapeake Lodging Trust			11,826		222,447
DCT Industrial Trust, Inc.			54,560		289,714
DiamondRock Hospitality Co.*			33,300		399,600
Franklin Street Properties Corp.			17,750		252,937
Getty Realty Corp.			7,910		247,425
National Health Investors, Inc.			6,000		270,120
Potlatch Corp.			10,350		336,892
Starwood Property Trust, Inc.			16,630		357,212
Sunstone Hotel Investors, Inc.*			19,450		200,919
Terreno Realty Corp.*			11,900		213,367
Universal Health Realty Income Trust			6,400		233,792
Urstadt Biddle Properties, Inc., Class A			13,700		266,465
					3,290,890
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.3%
Avatar Holdings, Inc.*			10,256		203,274
ROAD & RAIL – 1.3%
Heartland Express, Inc.			11,750		188,235
Ryder System, Inc.			4,700		247,408
Werner Enterprises, Inc.			15,800		357,080
					792,723

See Notes to Financial Statements.

166

SC COLUMBIA SMALL CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 2.1%
Amkor Technology, Inc.*			25,570	$	188,962
ATMI, Inc.*			10,350		206,379
Integrated Device Technology, Inc.*			29,200		194,472
MKS Instruments, Inc.*			7,170		175,593
Tessera Technologies, Inc.*			7,720		170,998
Varian Semiconductor Equipment Associates, Inc.*			4,450		164,517
Zoran Corp.*			21,260		187,088
					1,288,009
SOFTWARE – 1.4%
Compuware Corp.*			18,250		212,978
Monotype Imaging Holdings, Inc.*			16,750		185,925
Parametric Technology Corp.*			8,540		192,406
Progress Software Corp.*			7,000		296,240
					887,549
SPECIALTY RETAIL – 4.8%
Aaron’s, Inc.			9,240		188,404
America’s Car-mart, Inc.*			7,400		200,392
Finish Line, Inc., Class A			15,640		268,851
Foot Locker, Inc.			16,550		324,711
GameStop Corp., Class A*			11,381		260,397
OfficeMax, Inc.*			15,550		275,235
Pacific Sunwear of California, Inc.*			61,857		335,265
Rental-A-Center, Inc.			15,900		513,252
Shoe Carnival, Inc.*			11,985		323,595
The Men’s Wearhouse, Inc.			10,300		257,294
					2,947,396
TEXTILES, APPAREL & LUXURY GOODS – 0.4%
Movado Group, Inc.*			15,778		254,657
THRIFT & MORTGAGE FINANCE – 4.8%
Bank Mutual Corp.			49,912		238,579
BankFinancial Corp.			28,938		282,145

	Country Code**	Shares		Value
Beneficial Mutual Bancorp, Inc.*			34,220	$	302,163
Brookline Bancorp, Inc.			34,983		379,565
Clifton Savings Bancorp, Inc.			17,595		190,202
ESSA Bancorp, Inc.			15,519		205,161
Home Federal Bancorp, Inc.			22,926		281,302
TrustCo Bank Corp NY			33,581		212,904
United Financial Bancorp, Inc.			14,229		217,277
Washington Federal, Inc.			18,410		311,497
Westfield Financial, Inc.			30,760		284,530
					2,905,325
TRADING COMPANIES & DISTRIBUTORS – 0.8%
Applied Industrial Technologies, Inc.			7,400		240,352
Kaman Corp.			8,850		257,270
					497,622
WIRELESS TELECOMMUNICATION SERVICES – 0.9%
NTELOS Holdings Corp.			16,870		321,374
Shenandoah Telecommunications Co.			10,978		205,618
					526,992
Total Common Stocks (Cost $55,974,464)					60,933,820
		Principal Amount (000)
SHORT TERM INVESTMENTS – 0.4%
REPURCHASE AGREEMENTS – 0.4%
State Street Bank and Trust Company, 0.01%, dated 12/31/10, due 1/3/11 (collateralized by $275,000 FHLMC, 0.172%, 6/20/11, with a value of $274,725, total to be received $265,198) (Amortized cost $265,198)		$	265		265,198

See Notes to Financial Statements.

167

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Value
TOTAL INVESTMENTS – 100.2%
(Cost $56,239,662)	$	61,199,018
Liabilities in excess of other assets – (0.2)%		(124,580	)
NET ASSETS – 100.0%	$	61,074,438

FHLMC	Federal Home Loan Mortgage Corporation
BM	Bermuda
CA	Canada
CH	Switzerland
DE	Germany
IE	Ireland
KY	Cayman Islands
MH	Marshall Islands
PR	Puerto Rico
VG	British Virgin Islands

* Non-income producing security.

** Unless otherwise noted the issuer country code for all securities is United States.

(1) Fair Value Measurements †

The following table summarizes the inputs used to value the Fund’s assets and liabilities, as applicable, measured at fair value at the period end:

Assets	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks (a)	$	60,818,809	$	115,011	$	—	$	60,933,820
Short Term Investments Repurchase Agreements		—		265,198		—		265,198
Total Investments	$	60,818,809	$	380,209	$	—	$	61,199,018

† See Note 2b in the Notes to Financial Statements for additional information.

(a) See Portfolio of Investments for additional detailed categorizations of Level 1 Securities. The Level 2 security is within the Construction & Engineering industry in the Portfolio of Investments.

See Notes to Financial Statements.

168

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PORTFOLIO OF INVESTMENTS December 31, 2010 Sun Capital Advisers Trust

	Country Code**		Shares		Value
COMMON STOCKS – 97.0%
AEROSPACE & DEFENSE – 0.7%
Lockheed Martin Corp.				43,640	$	3,050,872
AUTOMOBILES – 1.6%
Harley-Davidson, Inc.				194,686		6,749,764
BEVERAGES – 4.0%
Diageo PLC ADR		GB		73,497		5,463,032
Heineken Holding NV		NL		131,759		5,726,662
The Coca-Cola Co.				87,440		5,750,929
						16,940,623
CAPITAL MARKETS – 7.2%
Ameriprise Financial, Inc.				76,705		4,414,373
Bank of New York Mellon Corp.				396,520		11,974,904
GAM Holding AG*		CH		108,800		1,797,818
Julius Baer Group, Ltd.		CH		204,200		9,565,733
The Charles Schwab Corp.				15,400		263,494
The Goldman Sachs Group, Inc.				16,121		2,710,907
						30,727,229
CHEMICALS – 1.9%
Air Products & Chemicals, Inc.				10,190		926,780
Monsanto Co.				66,740		4,647,774
Potash Corp. of Saskatchewan, Inc.		CA		10,185		1,576,944
Praxair, Inc.				9,500		906,965
						8,058,463
COMMERCIAL BANKS – 4.6%
Wells Fargo & Co.				625,723		19,391,156
COMMERCIAL SERVICES & SUPPLIES – 1.6%
Iron Mountain, Inc.				278,224		6,958,382
COMPUTERS & PERIPHERALS – 0.9%
Hewlett-Packard Co.				87,080		3,666,068
CONSTRUCTION MATERIALS – 0.4%
Martin Marietta Materials, Inc.				4,800		442,752
Vulcan Materials Co.				26,974		1,196,567
						1,639,319

	Country Code**		Shares		Value
CONSUMER FINANCE – 4.4%
American Express Co.				430,175	$	18,463,111
CONTAINERS & PACKAGING – 2.2%
Sealed Air Corp.				361,303		9,195,161
DIVERSIFIED FINANCIAL SERVICES – 0.5%
JP Morgan Chase & Co.				10,136		429,969
Moody’s Corp.				64,596		1,714,378
						2,144,347
ENERGY EQUIPMENT & SERVICES – 1.0%
Schlumberger, Ltd.		AN		11,600		968,600
Transocean, Ltd.*		CH		48,582		3,376,935
						4,345,535
FOOD & STAPLES RETAILING – 8.8%
Costco Wholesale Corp.				293,335		21,181,720
CVS Caremark Corp.				458,722		15,949,764
						37,131,484
FOOD PRODUCTS – 1.6%
Kraft Foods, Inc., Class A				39,500		1,244,645
Mead Johnson Nutrition Co., Class A				31,716		1,974,321
Nestle SA		CH		15,300		895,909
The Hershey Co.				10,750		506,863
Unilever NV		NL		63,750		2,001,750
						6,623,488
HEALTH CARE EQUIPMENT & SUPPLIES – 1.7%
Baxter International, Inc.				53,060		2,685,897
Becton, Dickinson & Co.				54,400		4,597,888
						7,283,785
HEALTH CARE PROVIDERS & SERVICES – 1.8%
Express Scripts, Inc.*				139,311		7,529,759
HOUSEHOLD DURABLES – 0.2%
Hunter Douglas NV		AN		14,850		785,229
HOUSEHOLD PRODUCTS – 1.0%
The Procter & Gamble Co.				62,905		4,046,679

See Notes to Financial Statements.

169

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**		Shares		Value
INDUSTRIAL CONGLOMERATES – 0.3%
Tyco International Ltd.		CH		35,322	$	1,463,744
INSURANCE – 9.0%
Aon Corp.				11,690		537,857
Berkshire Hathaway, Inc., Class A*				56		6,745,200
Fairfax Financial Holdings Ltd.		CA		5,200		2,129,712
Fairfax Financial Holdings Ltd. (1)		CA		1,960		806,216
Loews Corp.				331,870		12,913,062
Markel Corp.*				1,263		477,578
The Progressive Corp.				506,819		10,070,493
Transatlantic Holdings, Inc.				85,620		4,419,704
						38,099,822
INTERNET & CATALOG RETAIL – 0.4%
Liberty Media Corp. – Interactive, Series A*				101,282		1,597,217
INTERNET SOFTWARE & SERVICES – 1.1%
Google, Inc., Class A*				7,650		4,543,870
IT SERVICES – 0.3%
Visa, Inc., Class A				17,010		1,197,164
LIFE SCIENCES TOOLS & SERVICES – 1.0%
Agilent Technologies, Inc.*				100,748		4,173,990
MARINE – 1.4%
China Shipping Development Co., Ltd.		CN		1,173,800		1,564,503
Kuehne & Nagel International AG		CH		32,086		4,461,155
						6,025,658
MEDIA – 0.6%
Grupo Televisa SA ADR*		MX		82,656		2,143,270
Liberty Media-Starz, Series A*				8,177		543,607
						2,686,877

	Country Code**		Shares		Value
METALS & MINING – 1.6%
BHP Billiton PLC		GB		85,600	$	3,404,537
Rio Tinto PLC		GB		46,472		3,250,669
						6,655,206
OIL, GAS & CONSUMABLE FUELS – 14.2%
Canadian Natural Resources, Ltd.		CA		281,102		12,486,551
China Coal Energy Co., Ltd.		CN		2,419,300		3,778,600
Devon Energy Corp.				158,721		12,461,185
EOG Resources, Inc.				157,353		14,383,638
Occidental Petroleum Corp.				142,650		13,993,965
OGX Petroleo e Gas Participacoes SA*		BR		246,100		2,965,060
						60,068,999
PAPER & FOREST PRODUCTS – 1.5%
Sino-Forest Corp.* (1)		CA		6,300		147,568
Sino-Forest Corp.*		CA		269,730		6,318,025
						6,465,593
PERSONAL PRODUCTS – 0.2%
Natura Cosmeticos SA		BR		28,600		821,647
PHARMACEUTICALS – 8.5%
Johnson & Johnson				180,690		11,175,676
Merck & Co., Inc.				360,333		12,986,401
Pfizer, Inc.				449,000		7,861,990
Roche Holding AG		CH		28,700		4,205,241
						36,229,308
PROFESSIONAL SERVICES – 0.2%
The Dun & Bradstreet Corp.				9,300		763,437
REAL ESTATE MANAGEMENT & DEVELOPMENT – 1.8%
Brookfield Asset Management, Inc.		CA		102,900		3,425,541
Hang Lung Group, Ltd.		HK		669,900		4,412,680
						7,838,221
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 1.7%
Texas Instruments, Inc.				225,155		7,317,537

See Notes to Financial Statements.

170

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**		Shares		Value
SOFTWARE – 1.4%
Activision Blizzard, Inc.				198,820	$	2,473,321
Microsoft Corp.				125,560		3,505,635
						5,978,956
SPECIALTY RETAIL – 2.6%
Bed Bath & Beyond, Inc.*				148,880		7,317,452
CarMax, Inc.*				122,587		3,908,074
						11,225,526
TOBACCO – 1.1%
Philip Morris International, Inc.				81,528		4,771,834
TRANSPORTATION INFRASTRUCTURE – 1.6%
China Merchants Holdings International Co., Ltd.		HK		1,622,335		6,407,689
LLX Logistica SA*		BR		58,500		166,690
PortX Operacoes Portuarias SA*		BR		58,500		130,744
						6,705,123

	Country Code**		Shares		Value
WIRELESS TELECOMMUNICATION SERVICES – 0.4%
America Movil SAB de C.V. ADR, Series L		MX		26,150	$	1,499,441
Total Common Stocks (Cost $328,612,400)						410,859,624
			Principal Amount (000)
SHORT TERM INVESTMENTS – 3.1%
COMMERCIAL PAPER (2) – 3.1%
Intesa Funding LLC 0.20%, 1/3/11 (Amortized cost $13,148,854)			$	13,149		13,148,854
TOTAL INVESTMENTS – 100.1%
(Cost $341,761,254)						424,008,478
Liabilities in excess of other assets – (0.1)%						(244,084	)
NET ASSETS – 100.0%					$	423,764,394

ADR	American Depositary Receipt
AN	Netherlands Antilles
BR	Brazil
CA	Canada
CH	Switzerland
CN	China
GB	Great Britain
HK	Hong Kong
MX	Mexico
NL	Netherlands

* Non-income producing security.

** Unless otherwise noted the issuer country code for all securities is United States.

(1) Eligible for resale under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $953,784, representing 0.2% of net assets.

(2) Interest rates represent annualized yield at date of purchase.

See Notes to Financial Statements.

171

SC DAVIS VENTURE VALUE FUND PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2010	Sun Capital Advisers Trust

(3) Fair Value Measurements †

The following table summarizes the inputs used to value the Fund’s assets and liabilities, as applicable, measured at fair value at the period end:

Assets	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks
Aerospace & Defense	$	3,050,872	$	—	$	—	$	3,050,872
Automobiles		6,749,764		—		—		6,749,764
Beverages		11,213,961		5,726,662		—		16,940,623
Capital Markets		19,363,678		11,363,551		—		30,727,229
Chemicals		8,058,463		—		—		8,058,463
Commercial Banks		19,391,156		—		—		19,391,156
Commercial Services & Supplies		6,958,382		—		—		6,958,382
Computers & Peripherals		3,666,068		—		—		3,666,068
Construction Materials		1,639,319		—		—		1,639,319
Consumer Finance		18,463,111		—		—		18,463,111
Containers & Packaging		9,195,161		—		—		9,195,161
Diversified Financial Services		2,144,347		—		—		2,144,347
Energy Equipment & Services		4,345,535		—		—		4,345,535
Food & Staples Retailing		37,131,484		—		—		37,131,484
Food Products		5,727,579		895,909		—		6,623,488
Health Care Equipment & Supplies		7,283,785		—		—		7,283,785
Health Care Providers & Services		7,529,759		—		—		7,529,759
Household Durables		—		785,229		—		785,229
Household Products		4,046,679		—		—		4,046,679
Industrial Conglomerates		1,463,744		—		—		1,463,744
Insurance		38,099,822		—		—		38,099,822
Internet & Catalog Retail		1,597,217		—		—		1,597,217
Internet Software & Services		4,543,870		—		—		4,543,870
IT Services		1,197,164		—		—		1,197,164
Life Sciences Tools & Services		4,173,990		—		—		4,173,990
Marine		—		6,025,658		—		6,025,658
Media		2,686,877		—		—		2,686,877
Metals & Mining		—		6,655,206		—		6,655,206
Oil, Gas & Consumable Fuels		53,325,339		6,743,660		—		60,068,999
Paper & Forest Products		6,318,025		147,568		—		6,465,593
Personal Products		—		821,647		—		821,647
Pharmaceuticals		32,024,067		4,205,241		—		36,229,308
Professional Services		763,437		—		—		763,437
Real Estate Management & Development		3,425,541		4,412,680		—		7,838,221
Semiconductors & Semiconductor Equipment		7,317,537		—		—		7,317,537
Software		5,978,956		—		—		5,978,956
Specialty Retail		11,225,526		—		—		11,225,526
Tobacco		4,771,834		—		—		4,771,834

See Notes to Financial Statements.

172

SC DAVIS VENTURE VALUE FUND PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2010	Sun Capital Advisers Trust

Assets (Continued)	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Transportation Infrastructure	$	—	$	6,705,123	$	—	$	6,705,123
Wireless Telecommunication Services		1,499,441		—		—		1,499,441
Total Common Stocks		356,371,490		54,488,134		—		410,859,624
Short Term Investments Commercial Paper		—		13,148,854		—		13,148,854
Total Investments	$	356,371,490	$	67,636,988	$	—	$	424,008,478

† See Note 2b in the Notes to Financial Statements for additional information.

See Notes to Financial Statements.

173

SC INVESCO SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS December 31, 2010 Sun Capital Advisers Trust

	Country Code**	Shares		Value
COMMON STOCKS – 98.9%
AEROSPACE & DEFENSE – 2.4%
Hexcel Corp.*			12,362	$	223,629
TransDigm Group, Inc.*			7,457		536,978
					760,607
AIR FREIGHT & LOGISTICS – 1.5%
Forward Air Corp.			7,632		216,596
HUB Group, Inc.*			7,632		268,189
					484,785
AUTO COMPONENTS – 2.3%
Tenneco, Inc.*			6,359		261,737
TRW Automotive Holdings Corp.*			8,739		460,545
					722,282
BIOTECHNOLOGY – 2.7%
Acorda Therapeutics, Inc.*			5,731		156,227
BioMarin Pharmaceutical, Inc.*			10,928		294,291
Martek Biosciences Corp.*			5,023		157,220
United Therapeutics Corp.*			3,547		224,241
					831,979
CAPITAL MARKETS – 2.4%
Affiliated Managers Group, Inc.*			3,335		330,899
Greenhill & Co., Inc.			2,896		236,545
Stifel Financial Corp.*			3,072		190,587
					758,031
CHEMICALS – 3.0%
Calgon Carbon Corp.*			10,928		165,231
Intrepid Potash, Inc.*			7,068		263,566
Olin Corp.			12,174		249,810
Rockwood Holdings, Inc.*			6,340		248,021
					926,628
COMMERCIAL BANKS – 2.4%
City National Corp.			3,738		229,364
Huntington Bancshares, Inc.			32,234		221,448
SVB Financial Group*			5,589		296,496
					747,308

	Country Code**	Shares		Value
COMMERCIAL SERVICES & SUPPLIES – 1.9%
Corrections Corp of America*			9,984	$	250,199
Fuel Tech, Inc.*			11,806		114,636
Tetra Tech, Inc.*			9,475		237,444
					602,279
COMMUNICATIONS EQUIPMENT – 6.0%
Ciena Corp.*			17,542		369,259
F5 Networks, Inc.*			2,085		271,384
Finisar Corp.*			10,718		318,217
Harmonic, Inc.*			27,100		232,247
NETGEAR, Inc.*			7,387		248,794
Polycom, Inc.*			11,042		430,417
					1,870,318
CONTAINERS & PACKAGING – 1.0%
Greif, Inc., Class A			5,070		313,833
DISTRIBUTORS – 0.6%
Pool Corp.			7,978		179,824
ELECTRIC UTILITIES – 0.7%
ITC Holdings Corp.			3,769		233,603
ELECTRICAL EQUIPMENT – 1.8%
Regal-Beloit Corp.			4,959		331,063
Thomas & Betts Corp.*			4,690		226,527
					557,590
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 1.9%
Coherent, Inc.*			4,201		189,633
Littelfuse, Inc.			4,864		228,900
Tech Data Corp.*			4,338		190,959
					609,492
ENERGY EQUIPMENT & SERVICES – 3.9%
Dresser-Rand Group, Inc.*			5,853		249,279
Dril-Quip, Inc.*			3,461		268,989
FMC Technologies, Inc.*			3,346		297,493
Lufkin Industries, Inc.			2,659		165,895
Patterson-UTI Energy, Inc.			11,648		251,014
					1,232,670

See Notes to Financial Statements.

174

SC INVESCO SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**	Shares		Value
FOOD PRODUCTS – 1.2%
Diamond Foods, Inc.			4,205	$	223,622
Ralcorp Holdings, Inc.*			2,381		154,789
					378,411
HEALTH CARE EQUIPMENT & SUPPLIES – 2.5%
Insulet Corp.*			9,667		149,838
Meridian Bioscience, Inc.			8,474		196,258
Sirona Dental Systems, Inc.*			5,583		233,258
Zoll Medical Corp.*			5,733		213,440
					792,794
HEALTH CARE PROVIDERS & SERVICES – 3.7%
Chemed Corp.			4,669		296,528
Health Management Associates, Inc., Class A*			22,956		219,000
MEDNAX, Inc.*			3,464		233,093
PSS World Medical, Inc.*			8,859		200,214
VCA Antech, Inc.*			8,477		197,429
					1,146,264
HEALTH CARE TECHNOLOGY – 1.6%
Allscripts Healthcare Solutions, Inc.*			14,272		275,022
Quality Systems, Inc.			3,271		228,381
					503,403
HOTELS, RESTAURANTS & LEISURE – 6.2%
Brinker International, Inc.			11,139		232,582
Buffalo Wild Wings, Inc.*			4,173		182,986
Choice Hotels International, Inc.			5,908		226,099
Darden Restaurants, Inc.			4,914		228,206
Jack In The Box, Inc.*			10,928		230,909
P.F. Chang’s China Bistro, Inc.			6,769		328,026
Penn National Gaming, Inc.*			8,245		289,812
WMS Industries, Inc.*			5,172		233,981
					1,952,601

	Country Code**		Shares		Value
INSURANCE – 1.3%
Brown & Brown, Inc.				6,631	$	158,746
ProAssurance Corp.*				4,070		246,642
						405,388
INTERNET SOFTWARE & SERVICES – 2.3%
Open Text Corp.*		CA		4,684		215,745
ValueClick, Inc.*				5,331		85,456
VistaPrint NV*		NL		4,139		190,394
WebMD Health Corp., Class A*				4,219		215,422
						707,017
IT SERVICES – 1.3%
Alliance Data Systems Corp.*				3,002		213,232
Global Payments, Inc.				4,200		194,082
						407,314
LIFE SCIENCES TOOLS & SERVICES – 2.0%
Parexel International Corp.*				8,820		187,249
PerkinElmer, Inc.				9,070		234,187
Techne Corp.				2,941		193,135
						614,571
MACHINERY – 3.6%
Kaydon Corp.				5,181		210,970
Kennametal, Inc.				5,317		209,809
Lincoln Electric Holdings, Inc.				3,513		229,294
Lindsay Corp.				3,335		198,199
Wabtec Corp.				5,070		268,152
						1,116,424
MEDIA – 1.2%
DreamWorks Animation SKG, Inc., Class A*				5,360		157,959
National CineMedia, Inc.				11,363		226,238
						384,197
METALS & MINING – 0.6%
Carpenter Technology Corp.				5,070		204,017
OIL, GAS & CONSUMABLE FUELS – 4.4%
Bill Barrett Corp.*				5,312		218,482
Carrizo Oil & Gas, Inc.*				7,779		268,298
Frontier Oil Corp.*				14,186		255,490

See Notes to Financial Statements.

175

SC INVESCO SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**		Shares		Value
Goodrich Petroleum Corp.*				6,497	$	114,607
James River Coal Co.*				9,803		248,310
SandRidge Energy, Inc.*				36,669		268,417
						1,373,604
PERSONAL PRODUCTS – 0.7%
Nu Skin Enterprises, Inc.				7,730		233,910
PHARMACEUTICALS – 2.1%
Medicis Pharmaceutical Corp., Class A				8,030		215,124
Perrigo Co.				3,659		231,724
Valeant Pharmaceuticals International, Inc.		CA		7,778		220,040
						666,888
PROFESSIONAL SERVICES – 1.0%
Costar Group, Inc.*				5,620		323,487
ROAD & RAIL – 1.0%
Knight Transportation, Inc.				15,767		299,573
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 7.5%
Advanced Energy Industries, Inc.*				15,217		207,560
Cymer, Inc.*				3,495		157,520
Hittite Microwave Corp.*				4,681		285,728
Microsemi Corp.*				14,167		324,424
ON Semiconductor Corp.*				23,790		235,045
Power Integrations, Inc.				5,196		208,567
RF Micro Devices, Inc.*				33,322		244,917
Semtech Corp.*				9,792		221,691
Teradyne, Inc.*				17,998		252,692
Volterra Semiconductor Corp.*				8,806		203,947
						2,342,091
SOFTWARE – 10.4%
ANSYS, Inc.*				4,656		242,438
Aspen Technology, Inc.*				16,913		214,795
Commvault Systems, Inc.*				8,822		252,486

	Country Code**		Shares		Value
Fair Issac Corp.				7,508	$	175,462
Informatica Corp.*				10,405		458,132
Lawson Software, Inc.*				31,655		292,809
MICROS Systems, Inc.*				6,241		273,730
Nice Systems, Ltd. ADR*		IL		8,475		295,777
Parametric Technology Corp.*				9,831		221,492
Quest Software, Inc.*				11,300		313,462
SuccessFactors, Inc.*				10,572		306,165
Websense, Inc.*				10,362		209,831
						3,256,579
SPECIALTY RETAIL – 5.3%
Dick’s Sporting Goods, Inc.*				7,110		266,625
DSW, Inc., Class A*				6,309		246,682
Foot Locker, Inc.				13,241		259,788
Group 1 Automotive, Inc.				6,683		279,082
Tractor Supply Co.				5,785		280,515
Williams-Sonoma, Inc.				9,205		328,526
						1,661,218
TEXTILES, APPAREL & LUXURY GOODS – 2.0%
Maidenform Brands, Inc.*				7,250		172,333
Steven Madden Ltd.*				5,660		236,135
Warnaco Group, Inc.*				4,092		225,346
						633,814
TRADING COMPANIES & DISTRIBUTORS – 1.4%
Watsco, Inc.				2,998		189,114
WESCO International, Inc.*				4,756		251,117
						440,231
WIRELESS TELECOMMUNICATION SERVICES – 1.1%
SBA Communications Corp.*				8,477		347,048
Total Common Stocks (Cost $24,620,323)						31,022,073

See Notes to Financial Statements.

176

SC INVESCO SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Principal Amount (000)		Value
SHORT TERM INVESTMENTS – 1.1%
REPURCHASE AGREEMENTS – 1.1%
State Street Bank and Trust Company, 0.01%, dated 12/31/10, due 1/3/11 (collateralized by $345,000 FHLMC, 0.172%, 6/20/11, with a value of $344,655, total to be received $336,616) (Amortized cost $336,616)	$	337	$	336,616

	Value
TOTAL INVESTMENTS – 100.0%
(Cost $24,956,939)	$	31,358,689
Liabilities in excess of other assets – (0.0)% +		(10,526	)
NET ASSETS – 100.0%	$	31,348,163

ADR	American Depositary Receipt
FHLMC	Federal Home Loan Mortgage Corporation
CA	Canada
IL	Israel
NL	Netherlands

+ Amount is less than 0.05%.

* Non-income producing security.

** Unless otherwise noted the issuer country code for all securities is United States.

(1) Fair Value Measurements †

The following table summarizes the inputs used to value the Fund’s assets and liabilities, as applicable, measured at fair value at the period end:

Assets	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks (a)	$	31,022,073	$	—	$	—	$	31,022,073
Short Term Investments Repurchase Agreements		—		336,616		—		336,616
Total Investments	$	31,022,073	$	336,616	$	—	$	31,358,689

† See Note 2b in the Notes to Financial Statements for additional information.

(a) See Portfolio of Investments for additional detailed categorizations.

See Notes to Financial Statements.

177

SC LORD ABBETT GROWTH & INCOME FUND

PORTFOLIO OF INVESTMENTS December 31, 2010 Sun Capital Advisers Trust

	Country Code**		Shares		Value
COMMON STOCKS – 98.9%
AEROSPACE & DEFENSE – 0.5%
United Technologies Corp.				32,510	$	2,559,187
AIRLINES – 2.3%
AMR Corp.*				456,440		3,555,668
Delta Air Lines, Inc.*				569,861		7,180,248
Southwest Airlines Co.				149,070		1,934,929
						12,670,845
AUTOMOBILES – 2.5%
Ford Motor Co.*				623,050		10,461,010
General Motors Co.*				101,862		3,754,633
						14,215,643
BEVERAGES – 0.7%
PepsiCo, Inc.				56,720		3,705,518
BIOTECHNOLOGY – 2.4%
Amgen, Inc.*				170,300		9,349,470
Celgene Corp.*				72,490		4,287,059
						13,636,529
CAPITAL MARKETS – 7.0%
Bank of New York Mellon Corp.				77,000		2,325,400
Franklin Resources, Inc.				12,330		1,371,219
Invesco, Ltd.		BM		98,630		2,373,038
State Street Corp.				256,070		11,866,284
The Charles Schwab Corp.				358,850		6,139,923
The Goldman Sachs Group, Inc.				89,210		15,001,554
						39,077,418
CHEMICALS – 2.6%
The Dow Chemical Co.				185,440		6,330,922
The Mosaic Co.				109,740		8,379,746
						14,710,668
COMMERCIAL BANKS – 8.6%
Keycorp				563,920		4,990,692
M&T Bank Corp.				44,940		3,912,027
PNC Financial Services Group, Inc.				114,460		6,950,011
Suntrust Banks, Inc.				204,939		6,047,750

	Country Code**		Shares		Value
Wells Fargo & Co.				741,170	$	22,968,858
Zions Bancorporation				122,570		2,969,871
						47,839,209
COMMUNICATIONS EQUIPMENT – 0.3%
QUALCOMM, Inc.				28,640		1,417,394
COMPUTERS & PERIPHERALS – 0.9%
EMC Corp.*				223,410		5,116,089
CONSTRUCTION & ENGINEERING – 0.7%
Fluor Corp.				55,040		3,646,950
DIVERSIFIED FINANCIAL SERVICES – 6.7%
Bank of America Corp.				542,184		7,232,735
Citigroup, Inc.*				2,458,560		11,628,989
JP Morgan Chase & Co.				433,927		18,407,183
						37,268,907
DIVERSIFIED TELECOMMUNICATION SERVICES – 2.9%
AT&T, Inc.				303,820		8,926,232
Verizon Communications, Inc.				198,180		7,090,880
						16,017,112
ELECTRIC UTILITIES – 0.8%
NextEra Energy, Inc.				42,500		2,209,575
Southern Co.				53,750		2,054,862
						4,264,437
ELECTRICAL EQUIPMENT – 1.0%
Emerson Electric Co.				101,280		5,790,178
ENERGY EQUIPMENT & SERVICES – 3.3%
Halliburton Co.				137,412		5,610,532
Schlumberger, Ltd.		AN		156,660		13,081,110
						18,691,642
FOOD & STAPLES RETAILING – 0.9%
Kroger Co.				236,460		5,287,246
FOOD PRODUCTS – 2.6%
Archer-Daniels-Midland Co.				250,440		7,533,235
Bunge, Ltd.		BM		106,350		6,968,052
						14,501,287

See Notes to Financial Statements.

178

SC LORD ABBETT GROWTH & INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**		Shares		Value
HEALTH CARE EQUIPMENT & SUPPLIES – 2.5%
Baxter International, Inc.				57,040	$	2,887,365
Beckman Coulter, Inc.				31,570		2,375,011
Covidien PLC		IE		54,780		2,501,255
St. Jude Medical, Inc.*				79,140		3,383,235
Zimmer Holdings, Inc.*				52,440		2,814,979
						13,961,845
HEALTH CARE PROVIDERS & SERVICES – 3.8%
CIGNA Corp.				112,700		4,131,582
Express Scripts, Inc.*				87,660		4,738,023
UnitedHealth Group, Inc.				346,040		12,495,504
						21,365,109
HOTELS, RESTAURANTS & LEISURE – 3.3%
Carnival Corp.		PA		124,290		5,731,012
Hyatt Hotels Corp., Class A*				133,480		6,108,045
Marriott International, Inc., Class A				159,102		6,609,097
						18,448,154
HOUSEHOLD PRODUCTS – 0.8%
Colgate-Palmolive Co.				55,630		4,470,983
INSURANCE – 1.9%
Berkshire Hathaway, Inc., Class B*				64,090		5,134,250
MetLife, Inc.				128,280		5,700,763
						10,835,013
INTERNET & CATALOG RETAIL – 1.9%
HSN, Inc.*				336,784		10,319,062
IT SERVICES – 0.6%
Mastercard, Inc., Class A				16,030		3,592,483
LIFE SCIENCES TOOLS & SERVICES – 0.8%
Thermo Fisher Scientific, Inc.*				79,430		4,397,245
MACHINERY – 3.1%
Caterpillar, Inc.				78,390		7,342,007
Eaton Corp.				100,300		10,181,453
						17,523,460

	Country Code**		Shares		Value
MEDIA – 3.9%
Comcast Corp., Class A				523,150	$	11,493,606
Omnicom Group, Inc.				54,960		2,517,168
The Walt Disney Co.				87,000		3,263,370
Time Warner Cable, Inc.				64,736		4,274,518
						21,548,662
METALS & MINING – 5.4%
Barrick Gold Corp.		CA		188,380		10,018,048
Cliffs Natural Resources, Inc.				73,330		5,720,473
Freeport-McMoRan Copper & Gold, Inc.				24,510		2,943,406
Newmont Mining Corp.				129,620		7,962,557
United States Steel Corp.				62,650		3,660,013
						30,304,497
MULTI-LINE RETAIL – 0.8%
Target Corp.				70,634		4,247,222
MULTI-UTILITIES – 1.0%
PG&E Corp.				115,740		5,537,002
OIL, GAS & CONSUMABLE FUELS – 13.4%
Anadarko Petroleum Corp.				161,810		12,323,449
Apache Corp.				22,170		2,643,329
Chevron Corp.				219,020		19,985,575
Devon Energy Corp.				52,990		4,160,245
El Paso Corp.				347,220		4,777,747
Exxon Mobil Corp.				224,591		16,422,094
Hess Corp.				80,170		6,136,212
Southwestern Energy Co.*				46,980		1,758,461
Suncor Energy, Inc.		CA		103,330		3,956,506
Valero Energy Corp.				124,240		2,872,429
						75,036,047
PAPER & FOREST PRODUCTS – 1.4%
International Paper Co.				293,870		8,005,019
PHARMACEUTICALS – 2.4%
Merck & Co., Inc.				77,048		2,776,810
Pfizer, Inc.				160,310		2,807,028

See Notes to Financial Statements.

179

SC LORD ABBETT GROWTH & INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**		Shares		Value
Teva Pharmaceutical Industries, Ltd. ADR		IL		145,450	$	7,582,308
						13,166,146
ROAD & RAIL – 2.0%
Hertz Global Holdings, Inc.*				783,630		11,354,799
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 1.5%
Intel Corp.				284,740		5,988,082
Texas Instruments, Inc.				70,630		2,295,475
						8,283,557
SOFTWARE – 1.7%
Adobe Systems, Inc.*				108,300		3,333,474
Oracle Corp.				189,060		5,917,578
						9,251,052
Total Common Stocks (Cost $420,667,799)						552,063,616

	Country Code**	Shares		Value
SHORT TERM INVESTMENTS – 1.2%
MUTUAL FUNDS – 1.2%
State Street Institutional Liquid Reserves Fund (Cost $6,959,082)			6,959,082	$	6,959,082
TOTAL INVESTMENTS – 100.1%
(Cost $427,626,881)					559,022,698
Liabilities in excess of other assets – (0.1)%					(562,601	)
NET ASSETS – 100.0%				$	558,460,097

ADR	American Depositary Receipt
AN	Netherlands Antilles
BM	Bermuda
CA	Canada
IE	Ireland
IL	Israel
PA	Panama

* Non-income producing security.

** Unless otherwise noted the issuer country code for all securities is United States.

(1) Fair Value Measurements

All investments are categorized as Level 1 under the fair value hierarchy. See Note 2b in the Notes to Financial Statements for additional information.

See Notes to Financial Statements.

180

SC WMC BLUE CHIP MID CAP FUND

PORTFOLIO OF INVESTMENTS December 31, 2010 Sun Capital Advisers Trust

	Country Code**	Shares		Value
COMMON STOCKS – 98.8%
AEROSPACE & DEFENSE – 1.6%
BE Aerospace, Inc.*			13,600	$	503,608
Rockwell Collins, Inc.			36,990		2,155,037
					2,658,645
AIR FREIGHT & LOGISTICS – 2.1%
C.H. Robinson Worldwide, Inc.			14,300		1,146,717
Expeditors International of Washington, Inc.			42,500		2,320,500
					3,467,217
AIRLINES – 1.7%
Southwest Airlines Co.			225,900		2,932,182
AUTOMOBILES – 1.5%
Harley-Davidson, Inc.			74,200		2,572,514
BIOTECHNOLOGY – 2.3%
Amylin Pharmaceuticals, Inc.*			86,520		1,272,709
Regeneron Pharmaceuticals, Inc.*			27,200		892,976
Vertex Pharmaceuticals, Inc.*			48,900		1,712,967
					3,878,652
BUILDING PRODUCTS – 1.6%
Lennox International, Inc.			56,700		2,681,343
CAPITAL MARKETS – 4.4%
Greenhill & Co., Inc.			14,500		1,184,360
SEI Investments Co.			108,700		2,585,973
Stifel Financial Corp.*			25,200		1,563,408
T Rowe Price Group, Inc.			9,550		616,357
Waddell & Reed Financial, Inc., Class A			41,400		1,461,006
					7,411,104
CHEMICALS – 3.0%
CF Industries Holdings, Inc.			17,900		2,419,185
FMC Corp.			18,560		1,482,758
The Sherwin-Williams Co.			14,330		1,200,138
					5,102,081

	Country Code**		Shares		Value
COMMERCIAL BANKS – 3.1%
Huntington Bancshares, Inc.				230,400	$	1,582,848
M&T Bank Corp.				31,300		2,724,665
TCF Financial Corp.				64,700		958,207
						5,265,720
COMMERCIAL SERVICES & SUPPLIES – 0.7%
HNI Corp.				39,800		1,241,760
COMMUNICATIONS EQUIPMENT – 3.1%
ADTRAN, Inc.				48,300		1,748,943
Polycom, Inc.*				57,700		2,249,146
Riverbed Technology, Inc.*				34,700		1,220,399
						5,218,488
COMPUTERS & PERIPHERALS – 1.3%
NetApp, Inc.*				39,850		2,190,156
CONSTRUCTION & ENGINEERING – 1.7%
Foster Wheeler AG*		CH		30,400		1,049,408
Jacobs Engineering Group, Inc.*				39,600		1,815,660
						2,865,068
DIVERSIFIED CONSUMER SERVICES – 1.1%
DeVry, Inc.				9,900		475,002
ITT Educational Services, Inc.*				9,200		585,948
Strayer Education, Inc.				5,400		821,988
						1,882,938
DIVERSIFIED FINANCIAL SERVICES – 0.8%
IntercontinentalExchange, Inc.*				11,900		1,417,885
ELECTRIC UTILITIES – 1.4%
Northeast Utilities				73,700		2,349,556
ELECTRICAL EQUIPMENT – 1.0%
Ametek, Inc.				42,750		1,677,938
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.5%
National Instruments Corp.				23,300		877,012
ENERGY EQUIPMENT & SERVICES – 1.2%
ENSCO International PLC ADR		GB		38,100		2,033,778

See Notes to Financial Statements.

181

SC WMC BLUE CHIP MID CAP FUND

PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**	Shares		Value
FOOD PRODUCTS – 0.7%
Smithfield Foods, Inc.*			53,700	$	1,107,831
GAS UTILITIES – 1.3%
UGI Corp.			68,600		2,166,388
HEALTH CARE EQUIPMENT & SUPPLIES – 3.2%
Beckman Coulter, Inc.			35,500		2,670,665
Edwards Lifesciences Corp.*			18,100		1,463,204
ResMed, Inc.*			39,000		1,350,960
					5,484,829
HEALTH CARE PROVIDERS & SERVICES – 4.4%
AmerisourceBergen Corp.			41,100		1,402,332
Lincare Holdings, Inc.			86,050		2,308,722
Patterson Cos., Inc.			59,500		1,822,485
Universal Health Services, Inc., Class B			42,400		1,841,008
					7,374,547
HOTELS, RESTAURANTS & LEISURE – 0.3%
The Cheesecake Factory, Inc.*			13,900		426,174
HOUSEHOLD DURABLES – 2.3%
NVR, Inc.*			3,416		2,360,524
Tempur-Pedic International, Inc.*			39,300		1,574,358
					3,934,882
INDUSTRIAL CONGLOMERATES – 1.2%
Carlisle Cos., Inc.			49,500		1,967,130
INSURANCE – 3.7%
Brown & Brown, Inc.			84,700		2,027,718
Genworth Financial Inc., Class A*			113,600		1,492,704
Unum Group			74,320		1,800,030
W.R. Berkley Corp.			34,471		943,816
					6,264,268
INTERNET & CATALOG RETAIL – 0.6%
Netflix, Inc.*			5,500		966,350
INTERNET SOFTWARE & SERVICES – 1.5%
VeriSign, Inc.			75,800		2,476,386
IT SERVICES – 3.9%
Gartner, Inc.*			44,900		1,490,680

	Country Code**		Shares		Value
Genpact, Ltd.*		BM		86,800	$	1,319,360
Global Payments, Inc.				26,500		1,224,565
Teradata Corp.*				19,200		790,272
The Western Union Co.				96,500		1,792,005
						6,616,882
LEISURE EQUIPMENT & PRODUCTS – 0.8%
Hasbro, Inc.				28,500		1,344,630
LIFE SCIENCES TOOLS & SERVICES – 1.8%
Qiagen NV*		NL		72,510		1,417,571
Waters Corp.*				21,250		1,651,337
						3,068,908
MACHINERY – 4.4%
IDEX Corp.				54,300		2,124,216
Joy Global, Inc.				26,300		2,281,525
PACCAR, Inc.				52,800		3,031,776
						7,437,517
MEDIA – 2.6%
Discovery Communications, Inc., Class A*				61,150		2,549,955
DreamWorks Animation SKG, Inc., Class A*				52,800		1,556,016
Liberty Global, Inc., Class A*				7,000		247,660
						4,353,631
METALS & MINING – 0.9%
Steel Dynamics, Inc.				87,700		1,604,910
MULTI-LINE RETAIL – 0.4%
Big Lots, Inc.*				25,000		761,500
MULTI-UTILITIES – 1.0%
Wisconsin Energy Corp.				29,300		1,724,598
OIL, GAS & CONSUMABLE FUELS – 5.7%
Cobalt International Energy, Inc.*				55,000		671,550
Consol Energy, Inc.				32,300		1,574,302
Denbury Resources, Inc.*				43,000		820,870
El Paso Corp.				74,800		1,029,248
Noble Energy, Inc.				13,500		1,162,080
Overseas Shipholding Group, Inc.				29,100		1,030,722
Peabody Energy Corp.				23,600		1,509,928
SM Energy Co.				11,500		677,695

See Notes to Financial Statements.

182

SC WMC BLUE CHIP MID CAP FUND

PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**		Shares		Value
Ultra Petroleum Corp.*		CA		22,800	$	1,089,156
						9,565,551
PERSONAL PRODUCTS – 0.5%
The Estee Lauder Cos., Inc., Class A				9,600		774,720
PHARMACEUTICALS – 2.8%
Mylan, Inc.*				81,900		1,730,547
Watson Pharmaceuticals, Inc.*				59,200		3,057,680
						4,788,227
PROFESSIONAL SERVICES – 2.2%
Manpower, Inc.				30,000		1,882,800
Robert Half International, Inc.				57,350		1,754,910
						3,637,710
REAL ESTATE INVESTMENT TRUSTS – 2.0%
Alexandria Real Estate Equities, Inc.				19,400		1,421,244
AMB Property Corp.				29,400		932,274
Public Storage				10,000		1,014,200
						3,367,718
ROAD & RAIL – 2.0%
Con-Way, Inc.				22,150		810,026
JB Hunt Transport Services, Inc.				36,200		1,477,322
Kansas City Southern*				21,400		1,024,204
						3,311,552
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 3.7%
Altera Corp.				41,100		1,462,338
Analog Devices, Inc.				29,700		1,118,799
Lam Research Corp.*				31,200		1,615,536
Maxim Integrated Products, Inc.				46,800		1,105,416
Xilinx, Inc.				32,900		953,442
						6,255,531
SOFTWARE – 4.9%
Check Point Software Technologies Ltd.*		IL		50,400		2,331,504
Citrix Systems, Inc.*				18,600		1,272,426

	Country Code**		Shares		Value
FactSet Research Systems, Inc.				15,100	$	1,415,776
MICROS Systems, Inc.*				33,200		1,456,152
Red Hat, Inc.*				24,650		1,125,273
Salesforce.com, Inc.*				4,800		633,600
						8,234,731
SPECIALTY RETAIL – 3.5%
Advanced Auto Parts, Inc.				11,800		780,570
Aeropostale, Inc.*				41,000		1,010,240
O’Reilly Automotive, Inc.*				14,700		888,174
Penske Automotive Group, Inc.*				92,480		1,611,001
Signet Jewelers, Ltd.*		BM		8,322		361,175
Staples, Inc.				19,900		453,123
Urban Outfitters, Inc.*				21,100		755,591
						5,859,874
THRIFT & MORTGAGE FINANCE – 0.8%
MGIC Investment Corp.*				56,780		578,588
People’s United Financial, Inc.				54,900		769,149
						1,347,737
TRADING COMPANIES & DISTRIBUTORS – 0.1%
MSC Industrial Direct Co., Inc., Class A				3,800		245,822
WATER UTILITIES – 0.3%
Aqua America, Inc.				21,000		472,080
WIRELESS TELECOMMUNICATION SERVICES – 1.2%
American Tower Corp., Class A*				40,600		2,096,584
Total Common Stocks (Cost $135,234,797)						166,763,235

See Notes to Financial Statements.

183

SC WMC BLUE CHIP MID CAP FUND

PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Principal Amount (000)		Value
SHORT TERM INVESTMENTS – 1.3%
REPURCHASE AGREEMENTS – 1.3%
State Street Bank and Trust Company, 0.01%, dated 12/31/10, due 1/3/11 (collateralized by $2,190,000 FHLMC, 0.172%, 6/20/11, with a value of $2,187,810, total to be received $2,142,091) (Amortized cost $2,142,089)	$	2,142	$	2,142,089

	Value
TOTAL INVESTMENTS – 100.1%
(Cost $137,376,886)	$	168,905,324
Liabilities in excess of other assets – (0.1)%		(162,496	)
NET ASSETS – 100.0%	$	168,742,828

ADR	American Depositary Receipt
FHLMC	Federal Home Loan Mortgage Corporation
BM	Bermuda
CA	Canada
CH	Switzerland
GB	Great Britain
IL	Israel
NL	Netherlands

* Non-income producing security.

** Unless otherwise noted the issuer country code for all securities is United States.

(1) Fair Value Measurements †

The following table summarizes the inputs used to value the Fund’s assets and liabilities, as applicable, measured at fair value at the period end:

Assets	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks (a)	$	166,763,235	$	—	$	—	$	166,763,235
Short Term Investments Repurchase Agreements		—		2,142,089		—		2,142,089
Total Investments	$	166,763,235	$	2,142,089	$	—	$	168,905,324

† See Note 2b in the Notes to Financial Statements for additional information.

(a) See Portfolio of Investments for additional detailed categorizations.

See Notes to Financial Statements.

184

SC WMC LARGE CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS December 31, 2010 Sun Capital Advisers Trust

	Country Code**		Shares		Value
COMMON STOCKS – 100.1%
AEROSPACE & DEFENSE – 2.1%
Honeywell International, Inc.				49,148	$	2,612,708
The Boeing Co.				20,212		1,319,035
						3,931,743
AIR FREIGHT & LOGISTICS – 1.0%
C.H. Robinson Worldwide, Inc.				22,810		1,829,134
AIRLINES – 0.7%
Southwest Airlines Co.				100,776		1,308,072
AUTOMOBILES – 1.4%
Ford Motor Co.*				154,982		2,602,148
BEVERAGES – 0.3%
Anheuser-Busch InBev NV ADR		BE		9,245		527,797
BIOTECHNOLOGY – 0.3%
Amgen, Inc.*				9,422		517,268
CAPITAL MARKETS – 1.5%
The Goldman Sachs Group, Inc.				17,290		2,907,486
COMMERCIAL BANKS – 0.8%
Banco Santander Brasil SA ADS		BR		35,925		488,580
Wells Fargo & Co.				34,790		1,078,142
						1,566,722
COMMUNICATIONS EQUIPMENT – 7.5%
Cisco Systems, Inc.*				410,977		8,314,065
Emulex Corp.*				141,459		1,649,412
Juniper Networks, Inc.*				73,343		2,707,824
Riverbed Technology, Inc.*				45,738		1,608,605
						14,279,906
COMPUTERS & PERIPHERALS – 13.7%
Apple, Inc.*				27,363		8,826,209
Dell, Inc.*				144,544		1,958,571
EMC Corp.*				275,812		6,316,095
NetApp, Inc.*				95,766		5,263,299
QLogic Corp.*				160,254		2,727,523
SanDisk Corp.*				22,083		1,101,059
						26,192,756

	Country Code**		Shares		Value
CONSUMER FINANCE – 0.9%
American Express Co.				40,341	$	1,731,436
DIVERSIFIED CONSUMER SERVICES – 0.8%
ITT Educational Services, Inc.*				22,973		1,463,150
ELECTRICAL EQUIPMENT – 1.0%
Emerson Electric Co.				31,803		1,818,177
ENERGY EQUIPMENT & SERVICES – 1.7%
Baker Hughes, Inc.				9,614		549,632
Cameron International Corp.*				24,441		1,239,892
Nabors Industries, Ltd.*		BM		28,360		665,326
Oceaneering International, Inc.*				11,182		823,331
						3,278,181
HEALTH CARE EQUIPMENT & SUPPLIES – 0.8%
Hologic, Inc.*				52,665		991,156
Intuitive Surgical, Inc.*				391		100,780
Stryker Corp.				7,950		426,915
						1,518,851
HEALTH CARE PROVIDERS & SERVICES – 1.7%
Laboratory Corp. of America Holdings*				16,567		1,456,570
UnitedHealth Group, Inc.				52,106		1,881,548
						3,338,118
HOTELS, RESTAURANTS & LEISURE – 2.5%
Carnival Corp.		PA		21,366		985,186
Ctrip.com International, Ltd. ADR*		KY		10,343		418,374
Las Vegas Sands Corp.*				28,117		1,291,976
Starbucks Corp.				64,221		2,063,421
						4,758,957
INDUSTRIAL CONGLOMERATES – 1.8%
General Electric Co.				188,940		3,455,713
INSURANCE – 0.8%
Lincoln National Corp.				57,818		1,607,919
INTERNET & CATALOG RETAIL – 2.6%
Amazon.com, Inc.*				13,462		2,423,160
Expedia, Inc.				60,820		1,525,974
Priceline.com, Inc.*				2,749		1,098,363
						5,047,497

See Notes to Financial Statements.

185

SC WMC LARGE CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**		Shares		Value
INTERNET SOFTWARE & SERVICES – 3.5%
eBay, Inc.*				32,081	$	892,814
Google, Inc., Class A*				8,713		5,175,261
IAC/InterActiveCorp.*				24,454		701,830
						6,769,905
IT SERVICES – 5.0%
Cognizant Technology Solutions Corp., Class A*				11,170		818,649
International Business Machines Corp.				59,692		8,760,398
						9,579,047
LIFE SCIENCES TOOLS & SERVICES – 1.0%
Waters Corp.*				24,162		1,877,629
MACHINERY – 9.4%
Caterpillar, Inc.				65,768		6,159,831
Cummins, Inc.				14,570		1,602,846
Dover Corp.				32,512		1,900,326
Illinois Tool Works, Inc.				29,057		1,551,644
Ingersoll-Rand PLC		IE		28,387		1,336,744
Joy Global, Inc.				27,274		2,366,019
Parker Hannifin Corp.				35,791		3,088,763
						18,006,173
MEDIA – 1.9%
News Corp., Class A				81,388		1,185,009
Omnicom Group, Inc.				54,774		2,508,649
						3,693,658
METALS & MINING – 4.0%
Cliffs Natural Resources, Inc.				23,368		1,822,938
Nucor Corp.				34,982		1,532,911
Rio Tinto PLC ADR		GB		18,415		1,319,619
Teck Resources, Ltd., Class B		CA		48,765		3,015,140
						7,690,608
OIL, GAS & CONSUMABLE FUELS – 4.6%
Anadarko Petroleum Corp.				27,887		2,123,874
Exxon Mobil Corp.				26,135		1,910,991
Occidental Petroleum Corp.				20,302		1,991,626
Valero Energy Corp.				117,200		2,709,664
						8,736,155

	Country Code**		Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 9.2%
Altera Corp.				171,472	$	6,100,974
Analog Devices, Inc.				70,371		2,650,876
Broadcom Corp., Class A				48,797		2,125,109
Intel Corp.				30,517		641,772
Intersil Corp.				166,155		2,537,187
Xilinx, Inc.				121,036		3,507,623
						17,563,541
SOFTWARE – 12.8%
Adobe Systems, Inc.*				38,431		1,182,906
Autodesk, Inc.*				47,624		1,819,237
BMC Software, Inc.*				31,389		1,479,677
Check Point Software Technologies Ltd.*		IL		45,155		2,088,870
Citrix Systems, Inc.*				25,683		1,756,974
Longtop Financial Technologies, Ltd. ADR*		KY		18,207		658,729
Microsoft Corp.				219,493		6,128,245
Oracle Corp.				205,400		6,429,020
Red Hat, Inc.*				36,470		1,664,856
VMware, Inc., Class A*				13,825		1,229,181
						24,437,695
SPECIALTY RETAIL – 3.5%
Advanced Auto Parts, Inc.				24,095		1,593,884
Aeropostale, Inc.*				18,293		450,740
Ross Stores, Inc.				25,887		1,637,353
The Buckle, Inc.				12,961		489,537
The Home Depot, Inc.				43,352		1,519,921
TJX Cos., Inc.				24,669		1,095,057
						6,786,492
TEXTILES, APPAREL & LUXURY GOODS – 1.3%
Coach, Inc.				36,616		2,025,231
Lululemon Athletica, Inc.*				7,066		483,456
						2,508,687
Total Common Stocks (Cost $155,003,855)						191,330,621

See Notes to Financial Statements.

186

SC WMC LARGE CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Principal Amount (000)		Value
SHORT TERM INVESTMENTS – 0.1%
REPURCHASE AGREEMENTS – 0.1%
State Street Bank and Trust Company, 0.01%, dated 12/31/10, due 1/3/11 (collateralized by $85,000 FHLMC, 0.172%, 6/20/11, with a value of $84,915, total to be received $80,092) (Amortized cost $80,092)	$	80	$	80,092

	Value
TOTAL INVESTMENTS – 100.2%
(Cost $155,083,947)	$	191,410,713
Liabilities in excess of other assets – (0.2)%		(290,560	)
NET ASSETS – 100.0%	$	191,120,153

ADR	American Depositary Receipt
ADS	American Depositary Shares
FHLMC	Federal Home Loan Mortgage Corporation
BE	Belgium
BM	Bermuda
BR	Brazil
CA	Canada
GB	Great Britain
IE	Ireland
IL	Israel
KY	Cayman Islands
PA	Panama

* Non-income producing security.

** Unless otherwise noted the issuer country code for all securities is United States.

(1) Fair Value Measurements †

The following table summarizes the inputs used to value the Fund’s assets and liabilities, as applicable, measured at fair value at the period end:

Assets	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks (a)	$	191,330,621	$	—	$	—	$	191,330,621
Short Term Investments Repurchase Agreements		—		80,092		—		80,092
Total Investments	$	191,330,621	$	80,092	$	—	$	191,410,713

† See Note 2b in the Notes to Financial Statements for additional information.

(a) See Portfolio of Investments for additional detailed categorizations.

See Notes to Financial Statements.

187

SUN CAPITAL GLOBAL REAL ESTATE FUND

PORTFOLIO OF INVESTMENTS December 31, 2010 Sun Capital Advisers Trust

	Country Code**		Shares		Value
COMMON STOCKS – 96.8%
REAL ESTATE INVESTMENT TRUSTS – 66.4%
DIVERSIFIED – 8.0%
British Land Co. PLC		GB		311,136	$	2,544,307
CapLease, Inc.				104,884		610,425
Cousins Properties, Inc.				285,459		2,380,728
Land Securities Group PLC		GB		261,789		2,750,965
Stockland		AU		1,810,244		6,665,465
Vornado Realty Trust				64,576		5,381,118
						20,333,008
INDUSTRIAL – 5.6%
DuPont Fabros Technology, Inc.				146,906		3,124,690
Goodman Group		AU		4,216,915		2,803,490
ProLogis				71,338		1,030,121
Segro PLC		GB		1,630,180		7,279,178
						14,237,479
MORTGAGE – 1.4%
Starwood Property Trust, Inc.				165,951		3,564,627
OFFICE – 10.8%
Alexandria Real Estate Equities, Inc.				26,068		1,909,742
BioMed Realty Trust, Inc.				263,944		4,922,556
Boston Properties, Inc.				31,370		2,700,957
Digital Realty Trust, Inc.				81,784		4,215,147
Douglas Emmett, Inc.				95,430		1,584,138
Duke Realty Corp.				134,146		1,671,459
Mack-Cali Realty Corp.				65,050		2,150,553
Nippon Building Fund, Inc.		JP		266		2,729,129
Parkway Properties, Inc.				246,025		4,310,358
SL Green Realty Corp.				20,511		1,384,698
						27,578,737

	Country Code**		Shares		Value
RESIDENTIAL – 5.7%
Associated Estates Realty Corp.				40,173	$	614,245
Equity Lifestyle Properties, Inc.				67,413		3,770,409
Equity Residential				30,059		1,561,565
Home Properties, Inc.				73,303		4,067,584
Mid-America Apartment Communities, Inc.				69,586		4,418,015
						14,431,818
RETAIL – 23.1%
CFS Retail Property Trust		AU		2,575,803		4,636,776
Corio NV		NL		72,930		4,679,367
Federal Realty Investment Trust				17,027		1,326,914
Hammerson PLC		GB		181,596		1,181,202
Japan Retail Fund Investment Corp.		JP		904		1,733,622
Kimco Realty Corp.				123,370		2,225,595
Klepierre		FR		97,077		3,501,899
Mercialys SA		FR		58,411		2,193,335
Ramco-Gershenson Properties Trust				104,018		1,295,024
Simon Property Group, Inc.				100,707		10,019,340
Tanger Factory Outlet Centers, Inc.				36,914		1,889,628
Taubman Centers, Inc.				49,044		2,475,741
The Link REIT		HK		1,973,214		6,130,753
Unibail-Rodamco		FR		30,859		6,103,058
Westfield Group		AU		758,742		7,434,478
Westfield Retail Trust*		AU		758,742		1,994,427
						58,821,159
SPECIALIZED – 11.8%
Big Yellow Group PLC		GB		349,648		1,910,156
Entertainment Properties Trust				90,098		4,167,033
HCP, Inc.				36,061		1,326,684
Medical Properties Trust, Inc.				520,779		5,640,037
Nationwide Health Properties, Inc.				32,515		1,182,896

See Notes to Financial Statements.

188

SUN CAPITAL GLOBAL REAL ESTATE FUND

PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**		Shares		Value
Plum Creek Timber Co., Inc.				65,252	$	2,443,687
Public Storage				50,605		5,132,359
Ventas, Inc.				48,987		2,570,838
Weyerhaeuser Co.				303,351		5,742,434
						30,116,124
						169,082,952
REAL ESTATE MANAGEMENT & DEVELOPMENT – 30.4%
DIVERSIFIED REAL ESTATE ACTIVITIES – 20.8%
Beni Stabili S.p.A		IT		2,430,205		2,055,657
Capitaland Ltd.		SG		2,200,367		6,360,978
Hang Lung Properties Ltd.		HK		918,944		4,273,856
Henderson Land Development Co., Ltd.		HK		516,067		3,515,560
Mitsubishi Estate Co. Ltd.		JP		363,207		6,737,157
Mitsui Fudosan Co., Ltd.		JP		348,846		6,956,296
New World Development, Ltd.		HK		1,219,602		2,293,971
Sun Hung Kai Properties Ltd.		HK		740,254		12,247,410
Tokyo Tatemono Co., Ltd.		JP		714,569		3,309,249
Wharf Holdings Ltd.		HK		661,721		5,090,947
						52,841,081

	Country Code**		Shares		Value
REAL ESTATE OPERATING COMPANIES – 9.6%
Atrium European Real Estate Ltd.		JE		1,174,524	$	6,858,786
BR Malls Participacoes SA		BR		709,523		7,308,942
Capital & Counties Properties PLC		GB		876,868		2,060,256
Global Logistic Properties Ltd.*		SG		1,820,586		3,064,219
NTT Urban Development Corp.		JP		3,382		3,332,430
PSP Swiss Property AG*		CH		21,844		1,752,193
						24,376,826
						77,217,907
Total Common Stocks (Cost $195,183,401)						246,300,859
SHORT TERM INVESTMENTS – 2.9%
MUTUAL FUNDS – 2.9%
Federated Prime Obligation Fund				3,332,919		3,332,919
State Street Institutional Liquid Reserves Fund				4,043,159		4,043,159
Total Short Term Investments (Cost $7,376,078)						7,376,078
TOTAL INVESTMENTS – 99.7%
(Cost $202,559,479)						253,676,937
Other assets less liabilities – 0.3%						803,969
NET ASSETS – 100.0%					$	254,480,906

REIT	Real Estate Investment Trust
AU	Australia
BR	Brazil
CH	Switzerland
FR	France
GB	Great Britain
HK	Hong Kong
IT	Italy
JE	Jersey
JP	Japan
NL	Netherlands
SG	Singapore

* Non-income producing security.

** Unless otherwise noted the issuer country code for all securities is United States.

Distribution of investments by country of issuer, as a percentage of net assets, is as follows. Figures may not total to 100% due to the exclusion of the Fund’s other assets and liabilities. (Unaudited)

United States	43.2	%
Hong Kong	13.2
Japan	9.8
Australia	9.2
Great Britain	7.0
France	4.7
Singapore	3.7
Brazil	2.9
Jersey	2.7
Other (individually less than 2%)	3.3

See Notes to Financial Statements.

189

SUN CAPITAL GLOBAL REAL ESTATE FUND PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2010	Sun Capital Advisers Trust

(1) Fair Value Measurements †

The following table summarizes the inputs used to value the Fund’s assets and liabilities, as applicable, measured at fair value at the period end:

Assets	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks
Real Estate Investment Trusts
Diversified	$	8,372,271	$	11,960,737	$	—	$	20,333,008
Industrial		4,154,811		10,082,668		—		14,237,479
Mortgage		3,564,627		—		—		3,564,627
Office		24,849,608		2,729,129		—		27,578,737
Residential		14,431,818		—		—		14,431,818
Retail		19,232,242		39,588,917		—		58,821,159
Specialized		28,205,968		1,910,156		—		30,116,124
Total Real Estate Investment Trusts		102,811,345		66,271,607		—		169,082,952
Real Estate Management & Development
Diversified Real Estate Activities		—		52,841,081		—		52,841,081
Real Estate Operating Companies		—		24,376,826		—		24,376,826
Total Real Estate Management & Development		—		77,217,907		—		77,217,907
Total Common Stocks		102,811,345		143,489,514		—		246,300,859
Short Term Investments
Mutual Funds		7,376,078		—		—		7,376,078
Total Investments	$	110,187,423	$	143,489,514	$	—	$	253,676,937

† See Note 2b in the Notes to Financial Statements for additional information.

See Notes to Financial Statements.

190

SC IBBOTSON TACTICAL OPPORTUNITIES FUND

PORTFOLIO OF INVESTMENTS December 31, 2010 Sun Capital Advisers Trust

	Shares		Value
EXCHANGE TRADED FUNDS – 99.4%
iShares MSCI EAFE Index Fund		264,957	$	15,428,446
iShares Russell 1000 Value Index Fund		458,835		29,764,626
iShares Russell 2000 Growth Index Fund		24,867		2,173,873
iShares Russell 2000 Index Fund		687,391		53,774,598
iShares Russell Midcap Growth Index Fund		938,480		53,183,662
iShares S&P 500 Index Fund		392,931		49,607,539
SPDR S&P 500 ETF Trust		358,500		45,092,130
SPDR S&P Midcap 400 ETF Trust		70,698		11,642,547
Vanguard Emerging Markets ETF		1,143,317		55,050,713
Vanguard Europe Pacific ETF		1,258,407		45,491,413
Vanguard FTSE All-World Ex-US Index Fund		286,105		13,655,792
Vanguard REIT ETF		821,560		45,489,777
Vanguard Small-Cap ETF		123,082		8,939,446
Vanguard Total Bond Market ETF		292,744		23,498,561
Total Exchange Traded Funds (Cost $436,107,867)				452,793,123

	Shares		Value
SHORT TERM INVESTMENTS – 0.3%
MUTUAL FUNDS – 0.3%
State Street Institutional Liquid Reserves Fund (Cost $1,253,763)		1,253,763	$	1,253,763
TOTAL INVESTMENTS – 99.7%
(Cost $437,361,630)				454,046,886
Other assets less liabilities – 0.3%				1,375,985
NET ASSETS – 100.0%			$	455,422,871

ETF	Exchange Traded Fund
REIT	Real Estate Investment Trust
SPDR	Standard and Poor’s Depositary Receipts

(1) Fair Value Measurements

All investments are categorized as Level 1 under the fair value hierarchy. See Note 2b in the Notes to Financial Statements for additional information.

See Notes to Financial Statements.

191

SUN CAPITAL INVESTMENT GRADE BOND FUND

PORTFOLIO OF INVESTMENTS December 31, 2010 Sun Capital Advisers Trust

	Country Code*	Principal Amount (000)		Value
ASSET BACKED SECURITIES – 0.1%
Airplanes Pass Through Trust, Series D (1) 10.88%, 3/15/12		$	494	$	—	**
SLM Student Loan Trust, Series 2008-5, Class A2 (2) 1.39%, 10/25/16			151		152,757
SLM Student Loan Trust, Series 2008-5, Class A4 (2) 1.99%, 7/25/23			215		223,618
Total Asset Backed Securities (Cost $628,262)					376,375
COLLATERALIZED MORTGAGE OBLIGATIONS – 0.0% +
Federal National Mortgage Association, Series 2002-53, Class PD 6.00%, 1/25/32 (Cost $120,550)			119		123,173
COMMERCIAL MORTGAGE BACKED SECURITIES – 3.0%
Banc of America Mortgage Securities, Inc., Series 2003-H, Class 2A3 (2) 3.11%, 9/25/33			731		717,146
Bear Stearns Commercial Mortgage Securities, Series 2007-T28, Class A3 5.79%, 9/11/42			1,000		1,071,984
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2005-C1, Class A3 (2) 5.22%, 7/15/44			750		795,400

	Country Code*	Principal Amount (000)		Value
Commercial Mortgage Asset Trust, Series 1999-C1, Class F (3) 6.25%, 1/17/32		$	400	$	369,131
GMAC Commercial Mortgage Securities, Inc., Series 2003-C1, Class A2 4.08%, 5/10/36			800		829,664
GS Mortgage Securities Corp., Series 2005-GG4, Class AJ 4.78%, 7/10/39			700		621,439
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP5 Mortgage Certificate, Class A3 (2) 5.23%, 12/15/44			550		577,944
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2006-LDP7 Mortgage Certificate, Class AM (2) 5.87%, 4/15/45			500		518,501
Morgan Stanley Capital I, Series 2003-IQ4, Class A2 4.07%, 5/15/40			4,219		4,372,157
Morgan Stanley Capital I, Series 2004-T15, Class B (2) 5.30%, 6/13/41			1,500		1,496,056
Total Commercial Mortgage Backed Securities (Cost $11,206,969)					11,369,422

See Notes to Financial Statements.

192

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code*		Principal Amount (000)		Value
CORPORATE DEBT OBLIGATIONS – 57.8%
AEROSPACE & DEFENSE – 0.8%
L-3 Communications Corp. 6.38%, 10/15/15			$	3,000	$	3,090,000
AUTOMOTIVE – 3.0%
American Honda Finance Corp. (3) 2.38%, 3/18/13				2,500		2,542,020
Ford Motor Credit Co. LLC 3.04%, 1/13/12 (2)				2,000		2,017,600
5.63%, 9/15/15				3,000		3,106,443
Hyundai Capital America (3) 3.75%, 4/6/16				3,500		3,437,441
						11,103,504
BANKS – 8.6%
Barclays Bank PLC 2.50%, 1/23/13		GB		3,000		3,048,705
Countrywide Financial Corp. 6.25%, 5/15/16				325		333,283
Huntington Capital (2) 6.65%, 5/15/37				300		282,734
ING Bank NV (3) 2.00%, 10/18/13		NL		10,000		9,880,700
Lloyds Banking Group PLC (2)(3) 5.92%, 10/1/15		GB		500		347,500
Lloyds TSB Bank PLC (3) 6.50%, 9/14/20		GB		4,050		3,726,130
Merrill Lynch & Co., Inc. 5.70%, 5/2/17				400		401,344
National Australia Bank Ltd. (3) 1.70%, 12/10/13		AU		7,000		6,939,492
Royal Bank of Scotland PLC (2) 1.04%, 9/29/15		GB		2,500		2,102,917
UBS AG 2.25%, 8/12/13		CH		5,000		5,042,670
						32,105,475

	Country Code*		Principal Amount (000)		Value
BROKERAGE – 1.1%
Jefferies Group, Inc. 3.88%, 11/9/15			$	3,500	$	3,440,164
6.25%, 1/15/36				500		447,899
						3,888,063
BUILDING MATERIALS – 0.1%
C10 Capital SPV., Ltd. (2)(3) 6.72%, 12/31/16		VG		650		453,519
CABLE – 1.3%
DIRECTV Holdings LLC 7.63%, 5/15/16				4,000		4,435,000
Time Warner Entertainment Co. 10.15%, 5/1/12				500		555,210
						4,990,210
CHEMICALS – 0.9%
The Dow Chemical Co. 4.25%, 11/15/20				3,650		3,496,328
CONSUMER PRODUCTS – 0.8%
Jarden Corp. 6.13%, 11/15/22				3,200		3,056,000
DIVERSIFIED – 0.8%
Noble Group Ltd. (3) 4.88%, 8/5/15		BM		3,000		3,089,454
DIVERSIFIED MANUFACTURING – 1.1%
Snap-on, Inc. 4.25%, 1/15/18				4,000		4,015,808
ELECTRIC UTILITIES – 4.6%
Allegheny Energy Supply Co. LLC 5.75%, 10/15/19 (3)				1,500		1,509,811
8.25%, 4/15/12 (3)				750		804,665
Ameren Corp. 8.88%, 5/15/14				4,000		4,500,676
Centerpoint Energy, Inc. 6.50%, 5/1/18				750		835,066
CMS Energy Corp. 5.05%, 2/15/18				5,000		4,943,920
Georgia Power Co. (2) 0.62%, 3/15/13				2,500		2,512,332

See Notes to Financial Statements.

193

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code*		Principal Amount (000)		Value
Toledo Edison Co. 7.25%, 5/1/20			$	1,850	$	2,186,811
						17,293,281
ELECTRONIC EQUIPMENT & INSTRUMENTS – 2.0%
Arrow Electronics, Inc. 5.13%, 3/1/21				3,500		3,346,472
Jabil Circuit, Inc. 5.63%, 12/15/20				3,000		2,947,500
7.75%, 7/15/16				1,000		1,122,500
						7,416,472
FINANCIALS – 4.2%
Caisse centrale Desjardins du Quebec (3) 1.70%, 9/16/13		CA		5,000		4,994,055
Discover Financial Services 6.45%, 6/12/17				2,650		2,759,183
General Electric Capital Corp. 2.25%, 11/9/15				5,000		4,806,775
International Lease Finance Corp. (3) 8.63%, 9/15/15				3,000		3,225,000
						15,785,013
GAMING – 0.3%
Mashantucket Western Pequot Tribe (1)(3) 8.50%, 11/15/15				1,000		131,250
Wynn Las Vegas Capital Corp. 7.75%, 8/15/20				1,000		1,082,500
						1,213,750
GAS & PIPELINE UTILITIES – 2.2%
Enterprise Products Operating LP (2) 7.03%, 1/15/68				3,000		3,112,500
Florida Gas Transmission Co. LLC (3) 7.90%, 5/15/19				3,500		4,231,458
Southern Union Co. (2) 7.20%, 11/1/66				380		350,075

	Country Code*		Principal Amount (000)		Value
TransCanada PipeLines Ltd. (2) 6.35%, 5/15/67		CA	$	600	$	592,462
						8,286,495
HEALTH CARE – PRODUCTS – 1.1%
St. Jude Medical, Inc. 2.50%, 1/15/16				4,000		3,948,460
HOME CONSTRUCTION – 0.2%
KB Home & Broad Home Corp. 6.38%, 8/15/11				650		659,750
HOTELS, RESTAURANTS & LEISURE – 1.1%
Wyndham Worldwide Corp. 5.75%, 2/1/18				4,000		4,067,344
INSURANCE – 4.1%
Assured Guaranty US Holdings, Inc. (2) 6.40%, 12/15/66				600		456,000
CNA Financial Corp. 5.88%, 8/15/20				4,600		4,580,096
Humana, Inc. 6.45%, 6/1/16				500		546,950
Liberty Mutual Group, Inc. (3) 7.80%, 3/15/37				750		738,750
Metropolitan Life Global Funding I (3) 2.50%, 9/29/15				5,000		4,927,405
Unitrin, Inc. 6.00%, 11/30/15				4,000		4,045,408
						15,294,609
MACHINERY – 0.3%
Case New Holland, Inc. 7.75%, 9/1/13				1,000		1,075,000
MANUFACTURING – DIVERSIFIED – 1.3%
Ingersoll Rand Global Holding Co., Ltd. 9.50%, 4/15/14		BM		1,750		2,108,246
Textron, Inc. 7.25%, 10/1/19				2,500		2,864,878
						4,973,124

See Notes to Financial Statements.

194

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code*		Principal Amount (000)		Value
METALS & MINING – 1.6%
ArcelorMittal 9.85%, 6/1/19		LU	$	2,137	$	2,700,783
Teck Resources, Ltd. 10.75%, 5/15/19		CA		2,500		3,250,000
						5,950,783
OFFICE EQUIPMENT – 1.1%
Xerox Corp. 6.75%, 2/1/17				3,500		4,044,194
OIL & GAS – EXPLORATION & PRODUCTION – 1.8%
Anadarko Petroleum Corp. 6.20%, 3/15/40				4,000		3,904,728
Motiva Enterprises LLC (3) 6.85%, 1/15/40				2,500		2,905,632
						6,810,360
OIL FIELD SERVICES – 1.0%
Pride International, Inc. 8.50%, 6/15/19				3,200		3,640,000
PAPER PRODUCTS – 1.0%
Plum Creek Timberlands LP 4.70%, 3/15/21				4,000		3,806,844
PIPELINES – 1.9%
El Paso Pipeline Partners Operating Co. LP 6.50%, 4/1/20				2,000		2,098,382
Kinder Morgan Finance Co., LLC (3) 6.00%, 1/15/18				5,000		4,912,500
						7,010,882
REAL ESTATE INVESTMENT TRUSTS – 3.5%
Developers Diversified Realty Corp. 7.88%, 9/1/20				4,000		4,479,432
Dexus Finance Property, Ltd. (3) 7.13%, 10/15/14		AU		4,400		4,857,662
National Retail Properties, Inc. 6.25%, 6/15/14				550		589,236

	Country Code*		Principal Amount (000)		Value
Prologis 6.63%, 5/15/18			$	1,750	$	1,858,138
Reckson Operating Partnership 5.15%, 1/15/11				700		700,341
Simon Property Group LP 5.75%, 5/1/12				550		573,012
						13,057,821
RETAIL – 0.8%
Controladora Comercial Mexicana S.A. de C.V. (1) 6.63%, 6/1/15		MX		600		360,000
QVC, Inc. (3) 7.13%, 4/15/17				2,500		2,618,750
						2,978,750
TELECOMMUNICATIONS – 3.8%
American Tower Corp. 7.25%, 5/15/19				4,000		4,520,128
Frontier Communications Corp. 8.25%, 4/15/17				2,500		2,743,750
Nextel Communications, Inc. Series C 5.95%, 3/15/14				3,000		2,947,500
Telecom Italia Capital SpA 7.18%, 6/18/19		LU		3,500		3,744,765
						13,956,143
TRANSPORTATION – 1.4%
GATX Corp. 3.50%, 7/15/16				3,000		2,971,446
4.75%, 5/15/15				2,000		2,093,570
						5,065,016
Total Corporate Debt Obligations (Cost $212,833,222)						215,622,452

See Notes to Financial Statements.

195

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code*	Principal Amount (000)		Value
RESIDENTIAL NON-AGENCY MORTGAGE BACKED SECURITIES – 2.0%
JP Morgan Mortgage Trust, Series 2003-A1, Class 1A1 (2) 2.34%, 10/25/33		$	938	$	928,291
JP Morgan Mortgage Trust, Series 2005-A3, Class 7CA1 (2) 2.88%, 6/25/35			37		31,858
JP Morgan Mortgage Trust, Series 2005-A5, Class TA1 (2) 5.42%, 8/25/35			712		697,702
Master Adjustable Rate Mortgage Trust, Series 2006-2, Class 3A1 (2) 3.13%, 1/25/36			160		140,124
MLCC Mortgage Investors, Inc., Series 2006-2, Class 2A (2) 4.53%, 5/25/36			1,934		1,808,916
Residential Accredited Loans, Inc., Series 2005-QA7, Class A22 (2) 3.18%, 7/25/35			776		565,776
Wamu Mortgage Pass Through Certificates, Series 2003-AR10, Class A7 (2) 2.62%, 10/25/33			371		358,376
Wamu Mortgage Pass Through Certificates, Series 2004-AR14, Class A1 (2) 2.59%, 1/25/35			1,199		1,168,667

	Country Code*	Principal Amount (000)		Value
Wamu Mortgage Pass Through Certificates, Series AR18, Class 3A2 (2) 5.56%, 1/25/36		$	211	$	111,235
Wells Fargo Mortgage Backed Securities Trust, Series 2004-AA, Class A1 (2) 4.97%, 12/25/34			648		633,625
Wells Fargo Mortgage Backed Securities Trust, Series 2004-K, Class 1A2 (2) 4.47%, 7/25/34			969		997,024
Total Residential Non-Agency Mortgage Backed Securities (Cost $7,167,194)					7,441,594
U.S. GOVERNMENT GUARANTEED NOTES – 2.3%
FDIC Structured Sale Guaranteed Notes, Series 2010-S1, Class 1A (2)(3) 0.81%, 2/25/48			1,562		1,563,963
NCUA Guaranteed Notes, Series 2010-C1, Class A2 2.90%, 10/29/20			2,000		1,944,555
NCUA Guaranteed Notes, Series 2010-R3, Class 3A 2.40%, 12/8/20			4,000		3,935,000
TLGP General Electric Capital Corp. (2) 0.38%, 3/11/11			1,000		1,000,402
Total U.S. Government Guaranteed Notes (Cost $8,546,548)					8,443,920
U.S. TREASURY AND U.S. GOVERNMENT AGENCY OBLIGATIONS – 41.3%
Federal Home Loan Mortgage Corp.
2.60%, 8/1/32 (2)			35		34,994
4.50%, 3/1/23			4,000		4,185,000

See Notes to Financial Statements.

196

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code*	Principal Amount (000)		Value
5.00%, 9/1/19		$	148	$	157,430
5.00%, 11/1/19			289		308,959
5.00%, TBA (4)			33,900		35,552,625
5.50%, 10/1/17			75		80,776
5.50%, 11/1/17			153		164,461
5.50%, 6/1/33			149		160,474
5.50%, 9/1/37			588		627,436
5.50%, 5/1/38			102		109,054
5.50%, 2/1/39			168		179,326
6.00%, 1/1/17			48		51,854
6.00%, 2/1/29			11		12,230
6.00%, 8/1/37			380		411,758
6.50%, 10/1/16			32		34,815
6.50%, 11/1/16			4		3,946
6.50%, 9/1/34			208		232,513
7.00%, 11/1/29			17		19,092
7.00%, 1/1/31			6		6,453
7.00%, 4/1/31			4		4,001
7.00%, 8/1/31			77		87,820
7.50%, 3/1/30			4		4,175
7.50%, 12/1/30			16		18,402
Federal National Mortgage Association
4.00%, 7/1/24			5,000		5,157,032
4.50%, 6/1/19			632		668,998
4.50%, TBA (4)			20,000		20,528,120
5.00%, 6/1/18			194		207,278
5.00%, 7/1/20			408		436,524
5.00%, 10/1/20			183		195,424
5.00%, 12/1/20			101		107,690
5.00%, 10/1/35			29		30,446
5.00%, 5/1/36			1,239		1,291,379
5.00%, 7/1/36			334		352,646
5.00%, 9/1/39			10,377		10,917,190
5.00%, TBA (4)			28,000		29,435,000
5.50%, 3/1/22			148		159,357
5.50%, 12/1/32			560		603,024
5.50%, 6/1/35			663		713,523
5.50%, 8/1/35			393		422,954
5.50%, 6/1/37			1,007		1,078,493
5.50%, 11/1/38			5,473		5,860,021
6.00%, 12/1/13			2		1,694
6.00%, 11/1/16			10		10,928
6.00%, 1/25/32			634		698,420
6.00%, 12/1/36			374		407,307
6.00%, 11/1/37			291		316,340
6.00%, 10/1/38			188		204,691
8.00%, 8/1/30			3		3,100
Government National Mortgage Association
5.50%, 12/15/38			3,875		4,191,979

	Country Code*	Principal Amount (000)		Value
6.00%, 8/15/16		$	22	$	23,792
6.00%, TBA (4)			300		329,859
6.50%, 9/15/31			46		52,004
6.50%, 3/15/32			36		41,028
6.50%, 9/15/32			71		80,905
6.50%, 10/15/32			118		133,525
7.00%, 12/15/14			13		14,577
7.00%, 2/15/28			13		14,909
7.50%, 3/15/30			3		3,375
7.50%, 9/15/30			11		13,286
U.S. Treasury Inflation Indexed Bonds
1.88%, 7/15/13			1,191		1,269,751
2.00%, 1/15/14			6,214		6,671,318
U.S. Treasury Notes
2.38%, 3/31/16			5,000		5,063,280
3.50%, 2/15/18			500		525,977
3.50%, 5/15/20			7,780		7,969,676
4.25%, 11/15/14			5,000		5,527,735
Total U.S. Treasury and U.S. Government Agency Obligations (Cost $151,863,698)					154,182,149
SHORT TERM INVESTMENTS – 15.7%
COMMERCIAL PAPER (5) – 9.4%
Coca-Cola Co. (3) 0.22%, 3/11/11			5,000		4,997,850
FCAR Owner Trust 0.27%, 1/18/11			5,000		4,999,362
PepsiCo, Inc.
0.16%, 2/4/11 (3)			2,000		1,999,698
0.17%, 1/10/11 (3)			6,000		5,999,745
Philip Morris International, Inc.
0.20%, 1/19/11 (3)			1,000		999,900
0.22%, 1/25/11 (3)			6,000		5,999,120
The Procter & Gamble Co. (3) 0.22%, 1/20/11			2,400		2,399,721
Thunder Bay Funding LLC (3) 0.25%, 1/18/11			2,500		2,499,705
Toyota Motor Credit Corp. 0.24%, 1/20/11			5,000		4,999,367
Total Commercial Paper (Cost $34,894,509)					34,894,468

See Notes to Financial Statements.

197

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code*		Principal Amount (000)		Value
FOREIGN GOVERNMENT OBLIGATIONS (5) – 1.1%
Province of Quebec (3) 0.19%, 2/4/11 (Amortized cost $3,999,282)		CA	$	4,000	$	3,999,282
FOREIGN GOVERNMENT SPONSORED COMMERCIAL PAPER (5) – 2.1%
European Investment Bank SNAT 0.30%, 3/25/11				5,000		4,996,550
Kreditanstalt fuer Wiederaufbau (3) 0.19%, 2/1/11		DE		3,000		2,999,509
Total Foreign Government Sponsored Commercial Paper (Cost $7,996,051)						7,996,059
U.S. GOVERNMENT AGENCY OBLIGATION (5) – 0.5%
Federal National Mortgage Association, Discount Note 0.12%, 1/18/11 (Amortized cost $1,999,887)				2,000		1,999,887

	Country Code*	Shares		Value
MUTUAL FUNDS – 2.6%
Federated Prime Obligation Fund			3,086,407	$	3,086,407
State Street Institutional Liquid Reserves Fund			6,492,111		6,492,111
Total Mutual Funds (Cost $9,578,518)					9,578,518
Total Short Term Investments (Cost $58,468,247)					58,468,214
TOTAL INVESTMENTS – 122.2%
(Cost $450,834,690)					456,027,299
Liabilities in excess of other assets – (22.2)%					(82,912,941	)
NET ASSETS – 100.0%				$	373,114,358

FDIC	Federal Deposit Insurance Corporation
NCUA	National Credit Union Administration
SNAT	Supranational
TBA	To Be Announced. Securities are purchased on a forward commitment basis with an approximate principal amount and no definite maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. At the period end, total market value of the TBA securities amounts to $85,845,604 which represents approximately 23.0% of net assets.
TLGP	Temporary Liquidity Guarantee Program. Under the Temporary Liquidity Guarantee Program, the Federal Deposit Insurance Corporation guarantees principal and interest in the event of payment default or bankruptcy until the earlier of maturity date of the debt or until June 30, 2012.
AU	Australia
BM	Bermuda
CA	Canada
CH	Switzerland
DE	Germany
GB	Great Britain
LU	Luxembourg
MX	Mexico
NL	Netherlands
VG	British Virgin Islands

See Notes to Financial Statements.

198

SUN CAPITAL INVESTMENT GRADE BOND FUND PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2010	Sun Capital Advisers Trust

* Unless otherwise noted the issuer country code for all securities is United States.

** Security is fair valued by management.

+ Amount is less than 0.05%.

(1) Security is in default and is non-income producing.

(2) Variable rate security. The interest rate shown reflects the rate in effect at the period end.

(3) Eligible for resale under rule 144A or exempt from registration under Section 4(2) of the Securities Act of 1933. These securities may be resold in transactions exempt from registration. At the period end, the value of these securities amounted to $100,100,818, representing 26.8% of net assets.

(4) Security (or a portion thereof) has been purchased on a delayed delivery or when-issued basis.

(5) Interest rates represent annualized yield at date of purchase.

(6) Fair Value Measurements †

The following table summarizes the inputs used to value the Fund’s assets and liabilities, as applicable, measured at fair value at the period end:

Assets	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)			Total
Asset Backed Securities	$	—	$	376,375	$	—	*	$	376,375
Collateralized Mortgage Obligations		—		123,173		—			123,173
Commercial Mortgage Backed Securities		—		11,369,422		—			11,369,422
Corporate Debt Obligations (a)		—		215,622,452		—			215,622,452
Residential Non-Agency Mortgage Backed Securities		—		7,441,594		—			7,441,594
U.S. Government Guaranteed Notes		—		8,443,920		—			8,443,920
U.S. Treasury and U.S. Government Agency Obligations		27,027,737		127,154,412		—			154,182,149
Short Term Investments
Commercial Paper		—		34,894,468		—			34,894,468
Foreign Government Obligations		—		3,999,282		—			3,999,282
Foreign Government Sponsored Commercial Paper		—		7,996,059		—			7,996,059
U.S. Government Agency Obligation		—		1,999,887		—			1,999,887
Mutual Funds		9,578,518		—		—			9,578,518
Total Short Term Investments		9,578,518		48,889,696		—			58,468,214
Total Investments	$	36,606,255	$	419,421,044	$	—	*	$	456,027,299

† See Note 2b in the Notes to Financial Statements for additional information.

* The only investment held by the Fund whose fair value was determined using Level 3 inputs had a value of $0 and $0 at December 31, 2009, and December 31, 2010.

(a) See Portfolio of Investments for additional detailed categorizations.

See Notes to Financial Statements.

199

SUN CAPITAL MONEY MARKET FUND

PORTFOLIO OF INVESTMENTS December 31, 2010 Sun Capital Advisers Trust

	Country Code*		Principal Amount (000)		Value
COMMERCIAL PAPER (1) – 46.3%
Bank of America Corp. 0.25%, 1/6/11			$	4,500	$	4,499,844
Bank of Montreal 0.20%, 1/27/11		CA		2,500		2,499,639
0.20%, 2/25/11		CA		2,500		2,499,236
Barclays U.S. Funding LLC 0.20%, 1/18/11				3,000		2,999,717
0.28%, 2/7/11				2,000		1,999,424
Caterpillar Financial Services Corp. 0.18%, 2/8/11				2,800		2,799,468
0.19%, 1/5/11				4,200		4,199,911
Coca-Cola Co. 0.20%, 1/10/11 (2)				3,000		2,999,850
0.22%, 3/11/11 (2)				1,000		999,578
0.23%, 4/4/11 (2)				3,000		2,998,218
FCAR Owner Trust 0.28%, 1/3/11				4,000		3,999,938
HSBC Finance Corp. 0.21%, 2/25/11				5,000		4,998,396
International Business Machine Corp. 0.14%, 1/7/11 (2)				3,900		3,899,909
0.16%, 1/4/11 (2)				2,000		1,999,973
Nestle Capital Corp. 0.15%, 2/7/11 (2)				3,500		3,499,460
0.17%, 3/11/11 (2)				2,000		1,999,348
0.20%, 3/15/11 (2)				1,500		1,499,392
PepsiCo, Inc. 0.16%, 2/4/11 (2)				2,000		1,999,698
0.17%, 1/10/11 (2)				2,000		1,999,915
0.17%, 2/1/11 (2)				3,000		2,999,561
Philip Morris International, Inc. 0.20%, 1/19/11 (2)				3,000		2,999,700
0.22%, 1/25/11 (2)				4,000		3,999,413
Rabobank USA Financial Corp. 0.21%, 2/23/11				1,758		1,757,456
The Procter & Gamble Co. 0.20%, 2/22/11 (2)				1,000		999,711
0.22%, 1/20/11 (2)				5,600		5,599,350
Thunder Bay Funding LLC 0.25%, 1/18/11 (2)				5,000		4,999,410

	Country Code*		Principal Amount (000)		Value
Toyota Motor Credit Corp. 0.23%, 2/16/11			$	1,700	$	1,699,500
0.24%, 1/20/11				3,000		2,999,620
UBS Finance Delaware LLC 0.20%, 1/3/11				4,000		3,999,956
Total Commercial Paper (Amortized cost $86,444,591)						86,444,591
FOREIGN GOVERNMENT OBLIGATIONS (1) – 11.0%
Canadian Wheat Board 0.18%, 2/9/11		CA		5,000		4,999,025
Export Development Canada 0.13%, 1/7/11		CA		1,500		1,499,968
Province of Ontario 0.17%, 1/14/11		CA		7,000		6,999,570
Province of Quebec 0.19%, 1/28/11 (2)		CA		1,000		999,858
0.19%, 2/4/11 (2)		CA		6,000		5,998,923
Total Foreign Government Obligations (Amortized cost $20,497,344)						20,497,344
FOREIGN GOVERNMENT SPONSORED COMMERCIAL PAPER (1) – 4.8%
European Investment Bank SNAT 0.30%, 3/25/11				5,000		4,996,542
Kreditanstalt fuer Wiederaufbau 0.19%, 2/1/11 (2)		DE		2,500		2,499,591
0.20%, 2/14/11 (2)		DE		1,500		1,499,633
Total Foreign Government Sponsored Commercial Paper (Amortized cost $8,995,766)						8,995,766
U.S. GOVERNMENT GUARANTEED NOTES – 10.2%
TLGP General Electric Capital Corp. 0.38%, 3/11/11 (3)				7,000		7,000,000
TLGP Goldman Sachs Group, Inc. 0.38%, 3/15/11 (3)				12,000		12,000,000
Total U.S. Government Guaranteed Notes (Amortized cost $19,000,000)						19,000,000

See Notes to Financial Statements.

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	Country Code*	Principal Amount (000)		Value
U.S. TREASURY AND U.S. GOVERNMENT AGENCY OBLIGATIONS (1) – 20.3%
Federal Home Loan Mortgage Corp. Discount Notes 0.12%, 2/22/11		$	2,000	$	1,999,653
0.14%, 1/31/11			2,305		2,304,731
Federal National Mortgage Association Discount Notes 0.12%, 1/18/11			2,000		1,999,887
0.12%, 1/24/11			610		609,953
0.13%, 2/17/11			4,000		3,999,321
0.14%, 1/18/11			1,570		1,569,896
0.15%, 1/12/11			605		604,972
0.16%, 1/18/11			2,718		2,717,795
U.S. Treasury Bills 0.07%, 1/20/11			5,000		4,999,829
0.10%, 3/31/11			5,140		5,138,729
0.14%, 2/17/11			3,900		3,899,302
0.14%, 3/17/11			5,000		4,998,542
0.16%, 3/3/11			3,000		2,999,187
Total U.S. Treasury and U.S. Government Agency Obligations (Amortized cost $37,841,797)					37,841,797

	Shares		Value
MUTUAL FUNDS – 7.6%
Federated Prime Obligation Fund		5,846,880	$	5,846,880
State Street Institutional Liquid Reserves Fund		8,290,896		8,290,896
Total Mutual Funds (Cost $14,137,776)				14,137,776
TOTAL INVESTMENTS – 100.2%
(Cost $186,917,274)				186,917,274
Liabilities in excess of other assets – (0.2)%				(431,249	)
NET ASSETS – 100.0%			$	186,486,025

SNAT	Supranational
TLGP	Temporary Liquidity Guarantee Program. Under the Temporary Liquidity Guarantee Program, the Federal Deposit Insurance Corporation guarantees principal and interest in the event of payment default or bankruptcy until the earlier of maturity date of the debt or until June 30, 2012.
CA	Canada
DE	Germany
*	Unless otherwise noted the issuer country code for all securities is United States.
(1)	Interest rates represent annualized yield at date of purchase.
(2)	Security exempt from registration under Section 4(2) of the Securities Act of 1933. These securities may be resold in transactions exempt from registration. At the period end, the value of these securities amounted to $56,490,491, representing 30.3% of net assets.
(3)	Variable rate security. The interest rate shown reflects the rate in effect at the period end.

See Notes to Financial Statements.

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(4) Fair Value Measurements †

The following table summarizes the inputs used to value the Fund’s assets and liabilities, as applicable, measured at fair value at the period end:

Assets	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Commercial Paper	$	—	$	86,444,591	$	—	$	86,444,591
Foreign Government Obligations		—		20,497,344		—		20,497,344
Foreign Government Sponsored Commercial Paper		—		8,995,766		—		8,995,766
U.S. Government Guaranteed Notes		—		19,000,000		—		19,000,000
U.S. Treasury and U.S. Government Agency Obligations		—		37,841,797		—		37,841,797
Mutual Funds		14,137,776		—		—		14,137,776
Total Investments	$	14,137,776	$	172,779,498	$	—	$	186,917,274

† See Note 2b in the Notes to Financial Statements for additional information.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS December 31, 2010 Sun Capital Advisers Trust

	Country Code*		Principal Amount (000)		Value
ASSET BACKED SECURITIES – 0.2%
Bank of America Credit Card Trust, Series 2007-A2, Class A2 (1) 0.28%, 6/17/13			$	490	$	489,956
Bank of America Credit Card Trust, Series 2008-A5, Class A5 (1) 1.46%, 12/16/13				143		143,762
Capital One Auto Finance Trust, Series 2006-C, Class A4 (1) 0.29%, 5/15/13				173		171,904
Total Asset Backed Securities (Cost $799,447)						805,622
CORPORATE DEBT OBLIGATIONS – 0.1%
TELECOMMUNICATIONS – 0.1%
Verizon Wireless Capital LLC (1) 2.88%, 5/20/11 (Cost $395,000)				395		398,953
FOREIGN GOVERNMENT OBLIGATIONS – 10.2%
Deutsche Bundesrepublik Inflation Linked Bond 1.50%, 4/15/16		DE		13,537		19,192,687
France Government Inflation Linked Bond 1.60%, 7/25/15		FR		13,417		18,878,302
Hellenic Republic Government Inflation Linked Bond 2.30%, 7/25/30		GR		753		441,625
Total Foreign Government Obligations (Cost $37,884,449)						38,512,614
U.S. TREASURY AND U.S. GOVERNMENT AGENCY OBLIGATIONS – 75.4%
Federal Home Loan Mortgage Corp. 4.00%, 12/1/40				29,820		29,634,074
Federal National Mortgage Association 4.00%, 1/1/41				29,700		29,575,152
Government National Mortgage Association 4.00%, 12/20/40				29,410		29,649,622

	Country Code*	Principal Amount (000)		Value
U.S. Treasury Inflation Indexed Bonds 0.50%, 4/15/15		$	26,364	$	26,949,294
1.25%, 4/15/14			326		342,331
1.25%, 7/15/20			1,920		1,966,124
1.38%, 7/15/18 (3)			5,223		5,504,281
1.38%, 1/15/20			5,514		5,729,976
1.63%, 1/15/15			1,182		1,260,423
1.63%, 1/15/18			3,732		3,993,623
1.75%, 1/15/28			1,877		1,910,732
1.88%, 7/15/13			4,480		4,776,805
1.88%, 7/15/15			11,587		12,551,691
1.88%, 7/15/19			11,393		12,387,294
2.00%, 4/15/12			2,405		2,491,856
2.00%, 1/15/14			3,172		3,405,549
2.00%, 7/15/14			5,177		5,595,848
2.00%, 1/15/16			13,419		14,611,962
2.00%, 1/15/26			1,670		1,773,711
2.13%, 2/15/40			25,218		26,692,096
2.38%, 1/15/17			4,930		5,493,971
2.38%, 1/15/25			26,924		29,961,036
2.38%, 1/15/27			4,194		4,660,602
2.50%, 7/15/16			1,020		1,144,936
2.50%, 1/15/29			373		423,037
3.00%, 7/15/12			10,091		10,718,586
3.38%, 1/15/12			591		618,042
3.38%, 4/15/32			1,030		1,331,273
3.63%, 4/15/28			258		333,385
3.88%, 4/15/29 (2)			7,556		10,134,492
Total U.S. Treasury and U.S. Government Agency Obligations (Cost $287,820,558)					285,621,804
		Shares
SHORT TERM INVESTMENTS – 14.3%
MUTUAL FUNDS – 14.3%
BlackRock Liquidity Funds TempFund			27,108,996		27,108,996
State Street Institutional U.S. Government Money Market Fund			27,108,995		27,108,995
Total Short Term Investments (Cost $54,217,991)					54,217,991
TOTAL INVESTMENTS – 100.2%
(Cost $381,117,445)					379,556,984
Liabilities in excess of other assets – (0.2)%					(606,794	)
NET ASSETS – 100.0%				$	378,950,190

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

DE	Germany
FR	France
GR	Greece
*	Unless otherwise noted the issuer country code for all securities is United States.
(1)	Variable rate security. The interest rate shown reflects the rate in effect at the period end.
(2)	Security (or a portion thereof) has been pledged as collateral for open swap contracts. At the period end, the value of securities pledged amounted to $294,400.
(3)	At the period end, securities (or portions thereof) with an aggregate market value of $1,897,106 have been pledged to cover margin requirements for the following open futures contracts:

Type	Description	Expiration Date		Contracts		Aggregate Face Value ($)		Aggregate Notional Value ($)		Unrealized Appreciation/ (Depreciation) ($)
Short	German Euro-Bobl March Futures		3/8/11		250		39,472,475		39,681,426		(208,951	)
Long	U.S. Treasury 10 Year Note March Futures		3/22/11		216		26,128,000		26,014,500		(113,500	)
Long	U.S. Treasury 2 Year Note March Futures		3/31/11		127		27,809,248		27,801,094		(8,154	)
Long	U.S. Treasury 30 Year Bond March Futures		3/22/11		24		2,912,250		2,931,000		18,750
Short	U.S. Treasury 5 Year Note March Futures		3/31/11		1,292		151,969,683		152,092,625		(122,942	)
Short	Ultra Long U.S. Treasury Bond March Futures		3/22/11		26		3,303,026		3,304,438		(1,412	)
Net unrealized depreciation											(436,209	)

(4) At the period end, open forward foreign currency exchange contracts were as follows:

Counterparty	Contracts to Deliver			In Exchange For			Settlement Date		Unrealized Depreciation ($)
Citibank NA		USD	100,260		EUR	75,000		1/28/11		(43	)
Deutsche Bank AG		EUR	28,374,000		USD	37,275,293		1/28/11		(638,904	)
Net unrealized depreciation										(638,947	)

EUR	–	Euro
USD	–	United States Dollar

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

(5) At the period end, open written option contracts were as follows:

Interest Rate Swaptions

Type

Description

Counterparty

Pay/Receive Floating Rate

Floating Rate

Exercise Rate

Expiration Date

Notional Amount (000) ($)

Value ($)

Put

OTC - 10 Year Interest Rate Swap

Barclays Bank PLC

Pay

3-Month USD-LIBOR

4.13

%

12/16/11

6,200

183,187

Call

OTC - 10 Year Interest Rate Swap

Barclays Bank PLC

Receive

3-Month USD-LIBOR

4.13

%

12/16/11

6,200

324,299

Put

OTC - 10 Year Interest Rate Swap

Deutsche Bank AG

Pay

3-Month USD-LIBOR

3.99

%

12/19/11

5,500

188,492

Call

OTC - 10 Year Interest Rate Swap

Deutsche Bank AG

Receive

3-Month USD-LIBOR

3.99

%

12/19/11

5,500

248,095

Put

OTC - 10 Year Interest Rate Swap

Deutsche Bank AG

Pay

3-Month USD-LIBOR

4.13

%

12/16/11

4,000

118,185

Call

OTC - 10 Year Interest Rate Swap

Deutsche Bank AG

Receive

3-Month USD-LIBOR

4.13

%

12/16/11

4,000

209,225

Written swaptions (Premium received, $1,282,390)

31,400

1,271,483

LIBOR	–	London Interbank Offered Rate
USD	–	United States Dollar

(6) At the period end, open swap contracts were as follows:

Interest Rate Swap Contracts

Counterparty	Pay/Receive Floating Rate		Floating Rate Index		Fixed Rate			Expiration Date		Notional Amount (000) ($)		Market Value ($)			Unrealized Appreciation/ (Depreciation) ($)
Citibank NA		Pay		3-Month USD-LIBOR		2.26	%		6/21/15		1,700		22,518			22,518
Citibank NA		Pay		3-Month USD-LIBOR		3.28	%		12/16/20		5,100		(42,315	)		(42,315	)
Citibank NA		Receive		3-Month USD-LIBOR		3.58	%		5/12/20		900		(22,051	)		(22,051	)
Deutsche Bank AG		Pay		CPURNSA Index		2.47	%		10/25/20		5,000		(51,453	)		(51,453	)
Deutsche Bank AG		Receive		3-Month USD-LIBOR		0.83	%		7/27/12		20,400		(69,767	)		(69,767	)
Deutsche Bank AG		Receive		3-Month USD-LIBOR		0.94	%		12/20/12		4,200		(13,607	)		(13,607	)
Deutsche Bank AG		Receive		CPURNSA Index		1.84	%		10/25/15		9,400		94,614			94,614
Deutsche Bank AG		Receive		3-Month USD-LIBOR		2.34	%		12/20/15		1,600		(13,550	)		(13,550	)
Total											48,300		(95,611	)		(95,611	)

Total Return Swap Contracts

Pay/Receive Total Return on Reference Entity

Counterparty

Reference Entity

Number of Shares or Units

Floating Rate

Notional Amount (000) ($)

Maturity Date

Market Value ($)

Unrealized Depreciation ($)

Receive

Barclays Bank PLC

Barclays Capital Inflation Linked Index

562,743

1-Month USD-LIBOR

136,302

1/24/11

(489,587

)

(489,587

)

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

CPURNSA	–	Consumer Price All Urban Non-Seasonally Adjusted Index
LIBOR	–	London Interbank Offered Rate
USD	–	United States Dollar

(7) Fair Value Measurements †

The following table summarizes the inputs used to value the Fund’s assets and liabilities, as applicable, measured at fair value at the period end:

Assets	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Asset Backed Securities	$	—		$	805,622		$	—	$	805,622
Corporate Debt Obligations (a)		—			398,953			—		398,953
Foreign Government Obligations		—			38,512,614			—		38,512,614
U.S. Treasury and U.S. Government Agency Obligations		196,762,956			88,858,848			—		285,621,804
Short Term Investments
Mutual Funds		54,217,991			—			—		54,217,991
Total Investments		250,980,947			128,576,037			—		379,556,984
Financial Derivative Instruments
Futures Contracts		18,750			—			—		18,750
Swap Contracts (a)		—			117,132			—		117,132
Total Financial Derivative Instruments	$	18,750		$	117,132		$	—	$	135,882
Liabilities
Financial Derivative Instruments
Futures Contracts	$	(454,959	)	$	—		$	—	$	(454,959	)
Forward Foreign Currency Exchange Contracts		—			(638,947	)		—		(638,947	)
Written Swaption Contracts		—			(1,271,483	)		—		(1,271,483	)
Swap Contracts (a)		—			(702,330	)		—		(702,330	)
Total Financial Derivative Instruments	$	(454,959	)	$	(2,612,760	)	$	—	$	(3,067,719	)

† See Note 2b in the Notes to Financial Statements for additional information.

(a) See Portfolio of Investments for additional detailed categorizations.

See Notes to Financial Statements.

206

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	Country Code**	Principal Amount (000)		Value
ASSET BACKED SECURITIES – 5.5%
Bank of America Auto Trust, Series 2009-2A, Class A3 (1) 2.13%, 9/15/13		$	6,796	$	6,853,623
Bank of America Auto Trust, Series 2009-3A, Class A3 (1) 1.67%, 12/15/13			9,500		9,570,822
Brazos Higher Education Authority, Series 2004-I, Class A2 (2) 0.46%, 6/27/22			5,436		5,384,555
Brazos Higher Education Authority, Series 2005-1, Class 1A2 (2) 0.38%, 12/26/18			4,199		4,164,018
Brazos Higher Education Authority, Series 2005-2, Class A9 (2) 0.40%, 12/26/17			4,545		4,519,855
College Loan Corporation Trust, Series 2004-1, Class A3 (2) 0.45%, 4/25/21			3,360		3,345,795
College Loan Corporation Trust, Series 2005-2, Class A2 (2) 0.40%, 10/15/21			2,049		2,036,574
Ford Credit Auto Owner Trust, Series 2009-E, Class A3 1.51%, 1/15/14			7,500		7,557,029
Nelnet Student Loan Corp., Series 2004-2A, Class A3 (2) 0.39%, 11/25/15			1,096		1,095,061

	Country Code**		Principal Amount (000)		Value
Northstar Education Finance, Inc., Series 2004-1, Class A3 (2) 0.46%, 4/28/17			$	3,545	$	3,534,611
Northstar Education Finance, Inc., Series 2004-2, Class A1 (2) 0.41%, 4/28/16				3,615		3,496,114
SLM Student Loan Trust, Series 2004-2, Class A4 (2) 0.42%, 10/25/19				3,586		3,566,063
SLM Student Loan Trust, Series 2007-1, Class A3 (2) 0.32%, 7/25/18				6,000		5,974,787
SLM Student Loan Trust, Series 2007-7, Class A2 (2) 0.49%, 1/25/16				2,928		2,919,983
Total Asset Backed Securities (Cost $63,854,168)						64,018,890
COLLATERALIZED MORTGAGE OBLIGATIONS – 1.3%
Federal National Mortgage Association, Series 2009-70, Class AL 5.00%, 8/25/19 (Cost $14,814,510)				14,026		14,985,699
CONVERTIBLE BONDS – 0.4%
OIL & GAS - EXPLORATION & PRODUCTION – 0.4%
Transocean, Inc., Series B 1.50%, 12/15/37 (Cost $4,337,679)		KY		4,450		4,383,250
CORPORATE DEBT OBLIGATIONS – 38.8%
BANKS – 9.3%
ANZ National (International) Ltd. (1) 3.25%, 4/2/12		NZ		7,900		8,127,931

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code**		Principal Amount (000)		Value
Banco Santander Chile (1) 2.88%, 11/13/12		CL	$	6,400	$	6,430,637
Bank of America Corp. 4.50%, 4/1/15				800		813,068
Bank of Nova Scotia (1) 1.45%, 7/26/13		CA		6,100		6,100,744
Canadian Imperial Bank of Commerce
2.00%, 2/4/13 (1)		CA		9,600		9,771,629
2.60%, 7/2/15 (1)		CA		1,500		1,508,176
Cie de Financement Foncier
1.63%, 7/23/12 (1)		FR		2,700		2,712,671
2.13%, 4/22/13 (1)		FR		1,300		1,311,062
Citigroup, Inc. 6.38%, 8/12/14				1,875		2,072,263
Commonwealth Bank of Australia (1) 2.40%, 1/12/12		AU		4,600		4,677,358
DnB NOR Boligkreditt (1) 2.10%, 10/14/15		NO		4,700		4,469,686
ING Bank NV (1) 2.50%, 1/14/16		NL		5,200		5,072,168
Intesa Sanpaolo New York 2.38%, 12/21/12		IT		4,800		4,817,429
Lloyds TSB Bank PLC (1) 4.38%, 1/12/15		GB		1,625		1,624,629
Royal Bank of Scotland PLC (1) 1.50%, 3/30/12		GB		9,400		9,480,972
Royal Bank of Scotland PLC, Series 2 3.40%, 8/23/13		GB		2,725		2,752,678
Sparebanken 1 Boligkreditt (1) 1.25%, 10/25/13		NO		8,300		8,244,290
Stadshypotek AB (1) 1.45%, 9/30/13		SE		8,100		8,090,207
Standard Chartered PLC (1) 3.85%, 4/27/15		GB		3,150		3,243,133
Swedbank AB (1) 3.00%, 12/22/11		SE		5,100		5,221,890

	Country Code**		Principal Amount (000)		Value
UBS AG 2.25%, 8/12/13		CH	$	4,925	$	4,967,030
Wachovia Corp. 5.50%, 5/1/13				4,050		4,407,198
Wells Fargo & Co. 4.38%, 1/31/13				1,000		1,058,251
						106,975,100
BIOTECHNOLOGY – 0.3%
Life Technologies Corp. 4.40%, 3/1/15				2,750		2,857,726
BROKERAGE – 1.4%
The Bear Stearns Cos., LLC
0.52%, 1/31/11 (2)				8,000		8,001,448
6.95%, 8/10/12				7,875		8,591,593
						16,593,041
CABLE – 0.3%
Time Warner Cable, Inc. 6.20%, 7/1/13				3,350		3,720,617
COMPUTER & PERIPHERALS – 0.7%
Dell, Inc. 1.40%, 9/10/13				3,050		3,055,642
Hewlett-Packard Co.
2.25%, 5/27/11				1,500		1,512,972
6.13%, 3/1/14				3,250		3,680,375
						8,248,989
ELECTRIC UTILITIES – 0.5%
Enel Finance International SA (1) 5.70%, 1/15/13		LU		3,325		3,527,629
Georgia Power Co. 1.30%, 9/15/13				1,650		1,652,389
						5,180,018
ENVIRONMENTAL SERVICES – 0.5%
Allied Waste North America, Inc. 6.38%, 4/15/11				1,675		1,699,740
Waste Management, Inc.
5.00%, 3/15/14				1,825		1,972,478
6.38%, 11/15/12				2,275		2,480,965
						6,153,183

See Notes to Financial Statements.

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	Country Code**		Principal Amount (000)		Value
FINANCIALS – 1.6%
American Express Credit Corp. 2.75%, 9/15/15			$	5,200	$	5,115,167
General Electric Capital Corp. 6.00%, 6/15/12				1,000		1,069,009
HSBC Finance Corp.
0.50%, 8/9/11 (2)				1,400		1,398,634
0.56%, 4/24/12 (2)				3,400		3,383,646
John Deere Capital Corp.
1.05%, 6/10/11 (2)				2,475		2,483,180
5.25%, 10/1/12				525		564,707
LeasePlan Corp. NV (1) 3.00%, 5/7/12		NL		3,900		4,006,719
						18,021,062
FOOD, BEVERAGES & RESTAURANTS – 2.1%
Anheuser-Busch InBev NV 4.70%, 4/15/12				1,725		1,801,455
Anheuser-Busch InBev Worldwide, Inc.
2.50%, 3/26/13				3,075		3,146,666
3.00%, 10/15/12				1,725		1,779,876
5.38%, 11/15/14 (1)				1,325		1,459,823
General Mills, Inc.
5.25%, 8/15/13				2,125		2,335,721
6.00%, 2/15/12				2,850		3,005,097
Kellogg Co.
4.25%, 3/6/13				998		1,059,274
5.13%, 12/3/12				2,050		2,197,061
Kraft Foods, Inc. 2.63%, 5/8/13				4,950		5,090,669
Pepsico, Inc. 4.65%, 2/15/13				1,000		1,076,807
The Kroger Co. 6.75%, 4/15/12				1,200		1,281,040
						24,233,489
HEALTH CARE – 0.3%
Roche Holdings, Inc. (1) 5.00%, 3/1/14				3,175		3,476,857
HEALTH CARE – PRODUCTS – 0.4%
St. Jude Medical, Inc. 3.75%, 7/15/14				4,850		5,126,028
INSURANCE – 1.6%
Metropolitan Life Global Funding I
2.50%, 1/11/13 (1)				3,000		3,065,520

	Country Code**		Principal Amount (000)		Value
5.13%, 11/9/11 (1)			$	3,150	$	3,262,512
5.13%, 4/10/13 (1)				1,000		1,076,718
5.13%, 6/10/14 (1)				2,750		2,991,301
New York Life Global Funding (1) 4.65%, 5/9/13				1,000		1,075,374
Prudential Financial, Inc.
2.75%, 1/14/13				4,350		4,429,401
5.10%, 9/20/14				774		831,405
The Chubb Corp. 6.00%, 11/15/11				2,050		2,145,188
						18,877,419
INVESTMENT COMPANIES – 1.2%
FIH Erhvervsbank A/S
2.00%, 6/12/13 (1)		DK		6,100		6,201,309
2.45%, 8/17/12 (1)		DK		7,200		7,380,086
						13,581,395
MANUFACTURING DIVERSIFIED – 0.3%
Tyco International Finance SA 6.00%, 11/15/13		LU		3,115		3,455,588
MULTIMEDIA – 1.8%
Comcast Cable Communications Holdings, Inc. 8.38%, 3/15/13				4,300		4,892,957
NBC Universal, Inc. (1) 2.10%, 4/1/14				2,975		2,966,185
Reed Elsevier Capital, Inc.
4.63%, 6/15/12				5,650		5,875,910
6.75%, 8/1/11				345		356,961
The Walt Disney Co. 6.38%, 3/1/12				2,700		2,875,473
Thomson Reuters Corp. 5.95%, 7/15/13		CA		3,000		3,330,306
						20,297,792
OIL & GAS – 0.7%
BP Capital Markets PLC 3.13%, 10/1/15		GB		2,700		2,698,145
Shell International Finance BV 1.88%, 3/25/13		NL		5,700		5,785,967
						8,484,112

See Notes to Financial Statements.

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	Country Code**		Principal Amount (000)		Value
PHARMACEUTICALS – 1.6%
Express Scripts, Inc.
5.25%, 6/15/12			$	3,075	$	3,245,524
6.25%, 6/15/14				900		1,006,166
Medco Health Solutions, Inc. 2.75%, 9/15/15				2,700		2,678,770
Merck & Co., Inc. 1.88%, 6/30/11				1,700		1,713,527
Novartis Capital Corp. 1.90%, 4/24/13				2,975		3,022,478
Pfizer, Inc. 4.45%, 3/15/12				3,325		3,469,488
Teva Pharmaceutical Finance III LLC 1.50%, 6/15/12				3,650		3,683,561
						18,819,514
PIPELINES – 0.6%
Enterprise Products Operating LLC 7.63%, 2/15/12				2,475		2,638,467
TransCanada PipeLines Ltd. 8.63%, 5/15/12		CA		1,525		1,678,299
Williams Partners LP 7.50%, 6/15/11				3,050		3,139,505
						7,456,271
REAL ESTATE INVESTMENT TRUSTS – 0.7%
Simon Property Group LP 4.20%, 2/1/15				3,675		3,842,690
WEA Finance LLC / WCI Finance LLC (1) 5.40%, 10/1/12				4,350		4,611,540
						8,454,230
REFINING – 1.5%
ConocoPhillips 9.38%, 2/15/11				5,800		5,858,679
Devon Financing Corp. ULC 6.88%, 9/30/11		CA		1,800		1,880,474
EnCana Corp.
4.75%, 10/15/13		CA		1,700		1,835,483
6.30%, 11/1/11		CA		775		810,135
Energy Transfer Partners LP 5.65%, 8/1/12				3,325		3,522,851

	Country Code**		Principal Amount (000)		Value
XTO Energy, Inc. 5.75%, 12/15/13			$	3,175	$	3,577,504
						17,485,126
RETAIL – 0.6%
CVS Caremark Corp. 5.75%, 8/15/11				2,900		2,989,938
Wal-Mart Stores, Inc. 3.20%, 5/15/14				4,000		4,183,724
						7,173,662
SAVINGS & LOANS – 0.2%
U.S. Central Federal Credit Union 1.90%, 10/19/12				2,400		2,450,311
SOFTWARE – 1.3%
Fiserv, Inc. 6.13%, 11/20/12				4,875		5,272,200
Microsoft Corp. 2.95%, 6/1/14				5,000		5,204,885
Oracle Corp. 4.95%, 4/15/13				4,100		4,466,557
						14,943,642
SPECIAL PURPOSE BANKS – 3.0%
Kreditanstalt Fur Wiederaufbau
2.50%, 5/28/13		DE		5,500		5,710,898
3.75%, 6/27/11		DE		900		914,171
Landwirtschaftliche Rentenbank
1.88%, 9/24/12		DE		12,300		12,523,589
3.25%, 3/15/13		DE		9,000		9,415,305
4.13%, 7/15/13		DE		5,200		5,567,474
						34,131,437
SPECIAL PURPOSE ENTITIES – 0.5%
MassMutual Global Funding II (1)(2) 0.80%, 9/27/13				5,300		5,292,718
TELECOMMUNICATIONS – 3.4%
France Telecom SA 4.38%, 7/8/14		FR		6,000		6,410,832
Rogers Communications, Inc.
5.50%, 3/15/14		CA		625		682,580
6.25%, 6/15/13		CA		2,100		2,334,492
6.38%, 3/1/14		CA		4,250		4,775,317
7.88%, 5/1/12		CA		250		271,583
Telecom Italia Capital 5.25%, 11/15/13		LU		5,175		5,391,346

See Notes to Financial Statements.

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	Country Code**		Principal Amount (000)		Value
Telefonica Emisiones SAU 5.86%, 2/4/13		ES	$	3,500	$	3,736,908
Verizon Wireless Capital LLC
3.75%, 5/20/11				5,475		5,542,118
5.25%, 2/1/12				4,625		4,840,798
7.38%, 11/15/13				1,803		2,088,882
Vodafone Group PLC 5.35%, 2/27/12		GB		3,225		3,381,616
						39,456,472
TOBACCO – 0.4%
Philip Morris International, Inc. 4.88%, 5/16/13				3,750		4,059,570
TRANSPORTATION – 0.5%
Burlington Northern Santa Fe Corp. 5.90%, 7/1/12				4,200		4,492,463
CSX Corp. 6.75%, 3/15/11				1,425		1,441,072
						5,933,535
UTILITIES – 1.5%
Duke Energy Corp. 6.30%, 2/1/14				3,100		3,452,920
MidAmerican Energy Holdings Co. 5.00%, 2/15/14				3,600		3,869,813
Progress Energy, Inc.
6.85%, 4/15/12				3,050		3,267,059
7.10%, 3/1/11				1,525		1,540,512
Public Service Co. of Colorado 7.88%, 10/1/12				1,125		1,253,438
Southern Co.
0.69%, 10/21/11 (2)				2,100		2,106,640
4.15%, 5/15/14				1,400		1,473,482
						16,963,864
Total Corporate Debt Obligations (Cost $439,821,656)						447,902,768
FOREIGN GOVERNMENT AGENCY OBLIGATIONS – 0.6%
Societe Financement de l’Economie Francaise (1) 2.00%, 2/25/11		FR		5,000		5,010,300

	Country Code**		Principal Amount (000)		Value
Swedish Housing Finance Corp. (1) 3.13%, 3/23/12		SE	$	1,700	$	1,748,419
Total Foreign Government Agency Obligations (Cost $6,742,063)						6,758,719
FOREIGN GOVERNMENT OBLIGATIONS – 1.3%
Province of Ontario 1.88%, 11/19/12 (Cost $14,283,417)		CA		14,300		14,574,846
MUNICIPAL BONDS – 1.9%
New York City, Subseries D 5.07%, 12/1/14				5,300		5,774,827
New York State Dormitory Authority
1.53%, 3/15/13				1,060		1,048,541
2.00%, 3/15/14				719		704,505
Pennsylvania Higher Education Assistance Agency (2) 0.89%, 4/25/19				3,554		3,556,507
San Francisco, California City & County Airports Commission 1.87%, 5/1/12				3,500		3,512,250
State of California 3.95%, 11/1/15				1,950		1,921,023
State of New Jersey 2.02%, 8/15/14				5,300		5,236,082
Total Municipal Bonds (Cost $22,006,278)						21,753,735
U.S. GOVERNMENT GUARANTEED NOTES – 7.5%
FDIC Structured Sale Guaranteed Notes, Series 2010-S1, Class 1A (1)(2) 0.81%, 2/25/48				2,342		2,345,945
NCUA Guaranteed Notes, Series 2010-A1, Class A (2) 0.61%, 12/7/20				2,600		2,602,730
NCUA Guaranteed Notes, Series 2010-R1, Class 1A (2) 0.72%, 10/7/20				2,718		2,714,121

See Notes to Financial Statements.

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	Country Code**	Principal Amount (000)		Value
NCUA Guaranteed Notes, Series 2010-R1, Class 2A 1.84%, 10/7/20		$	928	$	918,083
NCUA Guaranteed Notes, Series 2010-R2, Class 1A (2) 0.64%, 11/6/17			5,009		5,007,353
TLGP Ally Financial, Inc. 2.20%, 12/19/12			6,900		7,096,850
TLGP Citigroup Funding, Inc.
1.88%, 10/22/12			11,300		11,526,305
1.88%, 11/15/12			4,300		4,386,675
TLGP Citigroup, Inc. 2.13%, 4/30/12			8,600		8,774,528
TLGP General Electric Capital Corp.
2.00%, 9/28/12			4,700		4,800,801
2.13%, 12/21/12			20,700		21,267,925
2.20%, 6/8/12			15,000		15,335,820
Total U.S. Government Guaranteed Notes (Cost $85,737,044)					86,777,136
U.S. TREASURY AND U.S. GOVERNMENT AGENCY OBLIGATIONS – 39.1%
Federal Home Loan Mortgage Corp.
4.50%, 1/15/13			8,200		8,820,453
4.50%, 5/1/23			13		13,534
5.00%, 3/1/16			1		938
5.00%, 5/1/16			2		2,464
5.00%, 9/1/16			5		4,903
5.00%, 11/1/16			77		83,313
5.00%, 10/1/17			668		711,107
5.00%, 11/1/17			1,687		1,795,536
5.00%, 3/1/18			5		4,862
5.00%, 8/1/18			5		5,030
5.50%, 1/1/20			928		1,004,320
6.50%, 10/1/37			525		594,447
6.50%, 12/1/38			313		352,596
Federal National Mortgage Association
2.05%, 4/26/13			16,000		16,070,752
2.30%, 4/1/35 (2)			2,383		2,458,444
2.71%, 11/1/34 (2)			9,940		10,411,412
2.82%, 6/1/35 (2)			6,572		6,890,020
2.83%, 4/1/37 (2)			1,760		1,838,256
3.00%, TBA (3)			31,000		30,245,000

	Country Code**	Principal Amount (000)			Value
3.50%, TBA (3)		$	48,000		$	48,245,610
4.50%, TBA (3)			30,000			30,792,180
5.50%, TBA (3)			38,000			40,654,072
6.00%, 3/1/32			0	*		83
6.00%, 5/1/33			5			5,561
6.00%, 12/1/33			2			2,345
6.00%, 4/1/35			2			2,439
6.00%, 2/1/36			5			5,882
6.00%, 3/1/36			4			4,714
6.00%, 5/1/36			2			1,840
6.00%, 6/1/36			4			4,068
U.S. Treasury Bonds
4.25%, 11/15/40			100			98,375
4.38%, 5/15/40			2,200			2,210,648
U.S. Treasury Inflation Indexed Bonds
1.88%, 7/15/13			1,667			1,777,652
2.38%, 4/15/11			11,790			11,894,795
3.00%, 7/15/12			13,380			14,212,033
U.S. Treasury Notes
0.38%, 8/31/12			15,000			14,973,045
0.38%, 10/31/12			24,500			24,425,348
0.63%, 6/30/12			44,100			44,230,977
0.63%, 7/31/12			22,000			22,060,060
0.63%, 12/31/12			4,600			4,602,516
1.00%, 3/31/12			55,400			55,824,364
1.38%, 1/15/13			20,400			20,710,773
1.38%, 3/15/13 (4)			30,400			30,844,144
1.75%, 4/15/13			2,800			2,864,316
Total U.S. Treasury and U.S. Government Agency Obligations (Cost $450,656,558)						451,755,227
SHORT TERM INVESTMENTS – 16.3%
MUNICIPAL BONDS – 0.5%
State of Illinois 3.00%, 6/14/11 (Cost $5,119,620)			5,100			5,125,449
		Shares
MUTUAL FUNDS – 15.8%
State Street Institutional Liquid Reserves Fund (Cost $182,539,480)			182,539,480			182,539,480
Total Short Term Investments (Cost $187,659,100)						187,664,929

See Notes to Financial Statements.

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	Value
TOTAL INVESTMENTS – 112.7%
(Cost $1,289,912,473)	$	1,300,575,199
Liabilities in excess of other assets – (12.7)%		(146,359,580	)
NET ASSETS – 100.0%	$	1,154,215,619

FDIC	Federal Deposit Insurance Corporation
NCUA	National Credit Union Administration
TBA	To Be Announced. Securities are purchased on a forward commitment basis with an approximate principal amount and no definite maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. At the period end, total market value of the TBA securities amounts to $149,936,862 which represents approximately 13.0% of net assets.
TLGP	Temporary Liquidity Guarantee Program. Under the Temporary Liquidity Guarantee Program, the Federal Deposit Insurance Corporation guarantees principal and interest in the event of payment default or bankruptcy until the earlier of maturity date of the debt or until June 30, 2012.
AU	Australia
CA	Canada
CH	Switzerland
CL	Chile
DE	Germany
DK	Denmark
ES	Spain
FR	France
GB	Great Britain
IT	Italy
KY	Cayman Islands
LU	Luxembourg
NL	Netherlands
NO	Norway
NZ	New Zealand
SE	Sweden

* Amount is less than $500.

** Unless otherwise noted the issuer country code for all securities is United States.

(1) Eligible for resale under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $162,010,583, representing 14.0% of net assets.

(2) Variable rate security. The interest rate shown reflects the rate in effect at the period end.

(3) Security (or a portion thereof) has been purchased on a delayed delivery or when-issued basis.

See Notes to Financial Statements.

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(4) At the period end, securities (or portions thereof) with an aggregate market value of $2,029,220 have been pledged to cover margin requirements for the following open futures contracts:

Type	Description	Expiration Date		Contracts		Aggregate Face Value ($)		Aggregate Notional Value ($)		Unrealized Appreciation/ (Depreciation) ($)
Short	90-Day Eurodollar December Futures		12/19/11		103		25,156,205		25,562,025		(405,820	)
Long	90-Day Eurodollar March Futures		3/19/12		310		76,756,697		76,763,750		7,053
Short	U.S. Treasury 10 Year Note March Futures		3/22/11		244		29,552,161		29,386,750		165,411
Long	U.S. Treasury 2 Year Note March Futures		3/31/11		1,268		278,007,397		277,573,125		(434,272	)
Short	U.S. Treasury 30 Year Bond March Futures		3/22/11		343		42,614,356		41,888,875		725,481
Short	U.S. Treasury 5 Year Note March Futures		3/31/11		13		1,555,898		1,530,344		25,554
Long	Ultra Long U.S. Treasury Bond March Futures		3/22/11		12		1,551,158		1,525,125		(26,033	)
Net unrealized appreciation											57,374

(5) Fair Value Measurements †

The following table summarizes the inputs used to value the Fund’s assets and liabilities, as applicable, measured at fair value at the period end:

Assets	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Asset Backed Securities	$	—		$	64,018,890	$	—	$	64,018,890
Collateralized Mortgage Obligations		—			14,985,699		—		14,985,699
Convertible Bonds (a)		—			4,383,250		—		4,383,250
Corporate Debt Obligations (a)		—			447,902,768		—		447,902,768
Foreign Government Agency Obligations		—			6,758,719		—		6,758,719
Foreign Government Obligations		—			14,574,846		—		14,574,846
Municipal Bonds		—			21,753,735		—		21,753,735
U.S. Government Guaranteed Notes		—			86,777,136		—		86,777,136
U.S. Treasury and U.S. Government Agency Obligations		250,729,046			201,026,181		—		451,755,227
Short Term Investments
Municipal Bonds		—			5,125,449		—		5,125,449
Mutual Funds		182,539,480			—		—		182,539,480
Total Short Term Investments		182,539,480			5,125,449		—		187,664,929
Total Investments		433,268,526			867,306,673		—		1,300,575,199
Financial Derivative Instruments
Futures Contracts		923,499			—		—		923,499
Total Financial Derivative Instruments	$	923,499		$	—	$	—	$	923,499
Liabilities
Financial Derivative Instruments
Futures Contracts	$	(866,125	)	$	—	$	—	$	(866,125	)
Total Financial Derivative Instruments	$	(866,125	)	$	—	$	—	$	(866,125	)

† See Note 2b in the Notes to Financial Statements for additional information.

(a) See Portfolio of Investments for additional detailed categorizations.

See Notes to Financial Statements.

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	Country Code*	Principal Amount (000)		Value
ASSET BACKED SECURITIES – 0.2%
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB1, Class AF1A (1) 0.33%, 1/25/37		$	22	$	9,003
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB1, Class AF2 (2) 5.37%, 1/25/37			300		141,804
Lehman XS Trust, Series 2005-7N, Class 3A1 (1) 0.54%, 12/25/35			297		151,157
SACO I Trust, Series 2005-2, Class A (1)(3) 0.46%, 4/25/35			20		8,365
Total Asset Backed Securities (Cost $199,393)					310,329
COLLATERALIZED MORTGAGE OBLIGATIONS – 3.0%
Adjustable Rate Mortgage Trust, Series 2005-7, Class 1A1 (1) 3.02%, 10/25/35			55		38,731
Banc of America Alternative Loan Trust, Series 2005-4, Class CB6 (1) 0.66%, 5/25/35			45		33,570
Banc of America Funding Corp., Series 2006-A, Class 3A2 (1) 3.74%, 2/20/36			382		226,639
Banc of America Funding Corp., Series 2006-B, Class 2A1 (1) 5.48%, 3/20/36			140		104,773

	Country Code*	Principal Amount (000)		Value
Countrywide Alternative Loan Trust, Series 2005-43, Class 4A3 (1) 5.59%, 10/25/35		$	53	$	36,493
Countrywide Alternative Loan Trust, Series 2005-62, Class 2A1 (1) 1.33%, 12/25/35			60		38,641
Countrywide Alternative Loan Trust, Series 2006-0A2, Class A5 (1) 0.49%, 5/20/46			56		25,100
Countrywide Alternative Loan Trust, Series 2006-43 CB, Class A (1) 0.63%, 2/25/37			52		17,603
Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-2, Class 2A1 (1) 0.58%, 3/25/35			78		49,379
Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-2, Class A1A (1) 0.58%, 3/25/35			45		28,113
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, Series 2005-6, Class 1A3 5.50%, 12/25/35			35		25,742
Downey Savings & Loan Association Mortgage Loan Trust, Series 2005-AR1, Class 2A1A (1) 0.51%, 3/19/45			19		13,384

See Notes to Financial Statements.

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	Country Code*	Principal Amount (000)		Value
First Horizon Alternative Mortgage Securities Trust, Series 2006-FA2, Class 1A5 6.00%, 5/25/36		$	39	$	31,095
Harborview Mortgage Loan Trust, Series 2006-1, Class 2A1A (1) 0.50%, 3/19/36			427		261,825
IndyMac IMSC Mortgage Loan Trust, Series 2007-F2, Class 1A2 6.00%, 7/25/37			271		188,832
IndyMac INDEX Mortgage Loan Trust, Series 2005-AR13, Class 4A1 (1) 2.64%, 8/25/35			35		28,058
IndyMac INDEX Mortgage Loan Trust, Series 2005-AR15, Class A1 (1) 5.05%, 9/25/35			51		42,607
JP Morgan Mortgage Trust, Series 2007-S3, Class 1A97 6.00%, 8/25/37			67		59,312
MortgageIT Trust, Series 2005-1, Class 1A1 (1) 0.58%, 2/25/35			274		204,354
Residential Accredit Loans, Inc., Series 2006-Q010, Class A1 (1) 0.42%, 1/25/37			593		351,326
Residential Accredit Loans, Inc., Series 2006-QA2, Class 3A1 (1) 5.50%, 2/25/36			313		181,628

	Country Code*	Principal Amount (000)		Value
Residential Asset Securitization Trust, Series 2006-R1, Class A2 (1) 0.66%, 1/25/46		$	2,046	$	916,371
Residential Asset Securitization Trust, Series 2007-A5, Class 2A3 6.00%, 5/25/37			58		48,464
Structured Asset Mortgage Investments, Inc., Series 2005-AR6, Class 2A1 (1) 0.57%, 9/25/45			30		19,445
Thornburg Mortgage Securities Trust, Series 2006-5, Class A1 (1) 0.38%, 10/25/46			84		82,754
Wamu Mortgage Pass-Through Certificates, Series 2006-AR12, Class 1A2 (1) 5.72%, 10/25/36			398		305,215
Wamu Mortgage Pass-Through Certificates, Series 2006-AR12, Class 2A3 (1) 5.69%, 10/25/36			90		73,016
Wamu Mortgage Pass-Through Certificates, Series 2006-AR16, Class 1A1 (1) 5.41%, 12/25/36			157		120,741
Wamu Mortgage Pass-Through Certificates, Series 2007-HY2, Class 1A1 (1) 5.30%, 12/25/36			2,133		1,626,583
Total Collateralized Mortgage Obligations (Cost $4,114,652)					5,179,794

See Notes to Financial Statements.

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	Country Code*	Principal Amount (000)		Value
CONVERTIBLE BONDS – 0.2%
REFINING – 0.2%
Chesapeake Energy Corp. 2.25%, 12/15/38 (Cost $321,764)		$	425	$	330,969
CORPORATE DEBT OBLIGATIONS – 86.8%
ADVERTISING – 0.4%
Lamar Media Corp. 7.88%, 4/15/18			250		265,625
Visant Corp. (3) 10.00%, 10/1/17			375		398,438
					664,063
AEROSPACE & DEFENSE – 1.0%
Alliant Techsystems, Inc. 6.88%, 9/15/20			250		257,188
BE Aerospace, Inc. 6.88%, 10/1/20			250		258,125
Esterline Technologies Corp. (3) 7.00%, 8/1/20			375		386,250
TransDigm, Inc. (3) 7.75%, 12/15/18			750		776,250
					1,677,813
AGRICULTURAL – 0.1%
Brickman Group Holdings, Inc. (3) 9.13%, 11/1/18			250		253,125
AIRLINES – 2.0%
American Airlines Pass Through Trust, Series 2001-02 6.98%, 4/1/11			3		3,492
American Airlines, Inc. 10.50%, 10/15/12			600		657,750
Continental Airlines, Inc. 7.75%, 7/2/14			290		295,780
Delta Air Lines, Inc. 7.11%, 9/18/11			700		722,750
9.50%, 9/15/14 (3)			539		586,836
United Air Lines, Inc. 9.75%, 1/15/17			571		656,691
10.40%, 11/1/16			472		545,337
					3,468,636

	Country Code*	Principal Amount (000)		Value
AUTOMOBILES & COMPONENTS – 0.1%
Oshkosh Corp. 8.25%, 3/1/17		$	50	$	54,375
8.50%, 3/1/20			50		54,875
					109,250
AUTOMOTIVE – 3.8%
Allison Transmission, Inc. (3) 11.00%, 11/1/15			50		54,500
Arvinmeritor, Inc. 8.13%, 9/15/15			105		109,856
Cooper-Standard Automotive, Inc. (3) 8.50%, 5/1/18			375		397,500
Ford Motor Credit Co. LLC 3.04%, 1/13/12 (1)			500		504,400
6.63%, 8/15/17			500		525,496
7.00%, 10/1/13			165		176,897
7.50%, 8/1/12			125		132,901
7.80%, 6/1/12			500		531,563
8.00%, 12/15/16			1,000		1,117,459
8.13%, 1/15/20			225		261,768
8.70%, 10/1/14			500		563,078
12.00%, 5/15/15			1,000		1,257,939
The Goodyear Tire & Rubber Co. 8.25%, 8/15/20			300		310,500
10.50%, 5/15/16			100		114,000
TRW Automotive, Inc. 7.00%, 3/15/14 (3)			25		26,750
7.25%, 3/15/17 (3)			500		538,750
					6,623,357
BANKS – 7.8%
Ally Financial, Inc. 6.25%, 12/1/17 (3)			250		250,000
6.63%, 5/15/12			1,275		1,314,355
6.88%, 8/28/12			400		417,296
7.50%, 9/15/20 (3)			250		262,187
8.00%, 3/15/20			250		273,125
8.00%, 11/1/31			770		823,672
8.30%, 2/12/15			250		275,000
BAC Capital Trust VI 5.63%, 3/8/35			100		84,683
Bank of America Corp. (1) 8.13%, 5/15/18			100		100,780

See Notes to Financial Statements.

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	Country Code*		Principal Amount (000)		Value
Bank of America Corp. Capital Trust VII 5.25%, 8/10/35			$	650	$	678,988
Barclays Bank PLC (1) 14.00%, 6/15/19		GB		400		745,249
Capital One Capital V 10.25%, 8/15/39				600		642,000
Citigroup Capital XXI (1) 8.30%, 12/21/57				200		208,000
HBOS PLC (3) 6.75%, 5/21/18		GB		2,100		1,966,316
Intesa Sanpaolo SpA (1) 8.05%, 6/20/18		IT		400		499,776
NB Capital Trust IV 8.25%, 4/15/27				100		101,250
Rabobank Nederland Boerenleenbank BA (1)(3) 11.00%, 6/30/19		NL		600		775,500
RBS Capital Trust (1) 6.47%, 6/30/12				50		45,434
Regions Bank 7.50%, 5/15/18				175		180,250
Regions Financial Corp. 0.47%, 6/26/12 (1)				200		189,238
7.38%, 12/10/37				1,000		935,000
Royal Bank of Scotland Group PLC (1) 7.65%, 9/30/31		GB		375		313,594
Societe Generale (1)(3) 5.92%, 4/15/17		FR		150		132,486
Wachovia Capital Trust III (1) 5.80%, 3/15/11				1,000		867,500
Wells Fargo & Co. (1) 7.98%, 3/15/18				300		316,500
Wells Fargo Capital XIII (1) 7.70%, 3/26/13				1,000		1,033,750
						13,431,929
BROKERAGE – 0.0% +
Lehman Brothers Holdings, Inc. 6.63%, 1/18/12 (4)				25		5,781
6.88%, 5/2/18 (4)				25		6,188
						11,969

	Country Code*		Principal Amount (000)		Value
BUILDING MATERIALS – 0.7%
Associated Materials LLC (3) 9.13%, 11/1/17			$	500	$	522,500
Building Materials Corp. of America 6.88%, 8/15/18 (3)				100		99,000
7.50%, 3/15/20 (3)				250		254,375
Interline Brands, Inc. (3) 7.00%, 11/15/18				75		76,125
Roofing Supply Group LLC (3) 8.63%, 12/1/17				150		154,500
Texas Industries, Inc. (3) 9.25%, 8/15/20				125		132,813
						1,239,313
CHEMICALS – 3.5%
Basell Finance Co. BV (3) 8.10%, 3/15/27		NL		300		323,250
Celanese US Holdings LLC (3) 6.63%, 10/15/18				125		129,063
CF Industries, Inc. 6.88%, 5/1/18				250		267,500
7.13%, 5/1/20				125		136,875
Chemtura Corp. (3) 7.88%, 9/1/18				200		212,500
Ferro Corp. 7.88%, 8/15/18				100		105,500
Hexion US Finance Corp. 8.88%, 2/1/18				400		427,500
9.00%, 11/15/20 (3)				500		528,750
Huntsman International LLC 8.63%, 3/15/20				400		435,000
8.63%, 3/15/21 (3)				100		108,000
Ineos Finance PLC 9.00%, 5/15/15 (3)		GB		500		531,875
9.25%, 5/15/15 (3)		GB		125		177,060
Lyondell Chemical Co. 8.00%, 11/1/17 (3)				674		745,612
11.00%, 5/1/18				350		396,375
Nalco Co. (3) 6.63%, 1/15/19				250		255,625

See Notes to Financial Statements.

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	Country Code*		Principal Amount (000)		Value
Oxea Finance 9.50%, 7/15/17 (3)		LU	$	250	$	270,937
9.63%, 7/15/17 (3)		LU		250		370,823
Rain CII Carbon LLC (3) 8.00%, 12/1/18				150		153,750
Rhodia SA (3) 6.88%, 9/15/20		FR		250		253,438
Vertellus Specialties, Inc. (3) 9.38%, 10/1/15				125		132,500
						5,961,933
COAL – 0.7%
Arch Coal, Inc. 7.25%, 10/1/20				100		105,500
CONSOL Energy, Inc. 8.00%, 4/1/17 (3)				750		798,750
8.25%, 4/1/20 (3)				250		270,000
Peabody Energy Corp. 6.50%, 9/15/20				100		106,750
						1,281,000
COMMERCIAL SERVICES – 1.1%
Catalent Pharma Solutions, Inc. (5) 9.50%, 4/15/15				250		252,500
Corrections Corp. of America 7.75%, 6/1/17				250		265,312
Hertz Corp. (3) 7.38%, 1/15/21				250		252,500
Interactive Data Corp. (3) 10.25%, 8/1/18				250		273,750
Lender Processing Services, Inc. 8.13%, 7/1/16				155		158,875
Live Nation Entertainment, Inc. (3) 8.13%, 5/15/18				225		227,812
PHH Corp. (3) 9.25%, 3/1/16				100		105,500
Quintiles Transnational Corp. (3)(5) 9.50%, 12/30/14				300		307,500
Seminole Indian Tribe of Florida (3) 7.75%, 10/1/17				75		77,438
						1,921,187

	Country Code*		Principal Amount (000)		Value
COMPUTER & PERIPHERALS – 1.7%
Aramark Corp. 3.79%, 2/1/15 (1)			$	525	$	513,187
8.50%, 2/1/15				75		78,375
Brocade Communications Systems, Inc. 6.63%, 1/15/18				100		105,250
6.88%, 1/15/20				250		266,250
Seagate HDD Cayman (3) 6.88%, 5/1/20		KY		350		334,250
SunGard Data Systems, Inc. 7.38%, 11/15/18 (3)				325		326,625
7.63%, 11/15/20 (3)				250		253,125
10.63%, 5/15/15				950		1,047,375
						2,924,437
CONSUMER PRODUCTS – 1.3%
American Achievement Corp. (3) 10.88%, 4/15/16				100		102,500
Armored Autogroup, Inc. (3) 9.25%, 11/1/18				250		248,125
Central Garden and Pet Co. 8.25%, 3/1/18				375		379,687
Diversey, Inc. 8.25%, 11/15/19				500		542,500
Jarden Corp. 7.50%, 5/1/17				500		526,875
Spectrum Brands Holdings, Inc. (3) 9.50%, 6/15/18				400		439,500
The Scotts Miracle-Gro Co. 7.25%, 1/15/18				50		52,625
						2,291,812
CONSUMER SERVICES – 0.3%
WMG Acquisition Corp. 9.50%, 6/15/16				500		536,250
CONTAINERS & GLASS – 1.5%
Ardagh Packaging Finance 7.38%, 10/15/17 (3)		IE		200		269,264
9.25%, 10/15/20 (3)		IE		100		136,971

See Notes to Financial Statements.

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	Country Code*		Principal Amount (000)		Value
Ball Corp. 6.75%, 9/15/20			$	125	$	131,250
Berry Plastics Corp. 5.04%, 2/15/15 (1)				445		429,425
9.50%, 5/15/18				500		501,250
Crown Americas LLC 7.63%, 5/15/17				150		161,250
7.75%, 11/15/15				25		26,000
Crown European Holdings SA (3) 7.13%, 8/15/18		FR		50		69,655
Graham Packaging Co. LP 8.25%, 10/1/18				100		105,000
Graphic Packaging International, Inc. 7.88%, 10/1/18				500		523,750
OI European Group B.V. 6.88%, 3/31/17		NL		50		69,488
Owens-Brockway Glass Container, Inc. 6.75%, 12/1/14				100		135,968
7.38%, 5/15/16				25		26,562
						2,585,833
ELECTRIC UTILITIES – 0.1%
CMS Energy Corp. 8.75%, 6/15/19				150		176,432
ELECTRONICS – 0.3%
NXP BV (1) 3.04%, 10/15/13		NL		500		492,500
ENERGY – 0.1%
Covanta Holding Corp. 7.25%, 12/1/20				100		101,378
ENVIRONMENTAL SERVICES – 0.2%
Darling International, Inc. (3) 8.50%, 12/15/18				250		260,625
FINANCIALS – 5.7%
CIT Group, Inc. 7.00%, 5/1/13				390		398,142
7.00%, 5/1/14				511		515,608
7.00%, 5/1/15				661		662,154
7.00%, 5/1/16				1,500		1,505,463
7.00%, 5/1/17				641		642,782

	Country Code*		Principal Amount (000)		Value
FCE Bank PLC 7.13%, 1/15/13		GB	$	500	$	698,217
HSBC Finance Capital Trust IX (1) 5.91%, 11/30/35				100		92,000
International Lease Finance Corp. 6.63%, 11/15/13				100		102,125
6.75%, 9/1/16 (3)				250		266,875
7.13%, 9/1/18 (3)				500		531,250
8.25%, 12/15/20				400		412,000
8.63%, 9/15/15 (3)				750		806,250
8.75%, 3/15/17 (3)				475		509,437
Pinafore LLC (3) 9.00%, 10/1/18				500		540,000
Pinnacle Foods Finance LLC 8.25%, 9/1/17				1,000		1,022,500
SLM Corp., Series A 0.52%, 10/25/11 (1)				175		172,554
5.13%, 8/27/12				100		102,075
8.00%, 3/25/20				150		152,086
8.45%, 6/15/18				360		374,170
UPCB Finance Ltd. (3) 7.63%, 1/15/20		KY		250		350,779
						9,856,467
FOOD, BEVERAGES & RESTAURANTS – 1.5%
American Stores Co. 7.90%, 5/1/17				100		94,000
Bumble Bee Acquisition Corp. (3) 9.00%, 12/15/17				250		260,000
Constellation Brands, Inc. 7.25%, 5/15/17				150		158,812
Cott Beverages, Inc. 8.13%, 9/1/18				250		269,375
Michael Foods, Inc. (3) 9.75%, 7/15/18				500		546,250
Pilgrim’s Pride Corp. (3) 7.88%, 12/15/18				250		248,750
Simmons Foods, Inc. (3) 10.50%, 11/1/17				125		133,438
Smithfield Foods, Inc. 7.75%, 7/1/17				500		520,000
TreeHouse Foods, Inc. 7.75%, 3/1/18				250		270,937
						2,501,562

See Notes to Financial Statements.

220

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code*		Principal Amount (000)		Value
GAMING – 1.3%
MGM Resorts International 9.00%, 3/15/20 (3)			$	100	$	110,000
10.00%, 11/1/16 (3)				500		513,750
10.38%, 5/15/14				500		561,250
11.13%, 11/15/17				175		201,250
Seneca Gaming Corp. (3) 8.25%, 12/1/18				125		125,313
Wynn Las Vegas Capital Corp. 7.75%, 8/15/20				175		189,437
7.88%, 11/1/17				500		538,750
						2,239,750
GAS & PIPELINE UTILITIES – 0.7%
Enterprise Products Operating LP (1) 8.38%, 8/1/66				750		805,312
TransCanada PipeLines Ltd. (1) 6.35%, 5/15/67		CA		325		320,917
						1,126,229
HEALTH CARE – 5.0%
American Renal Holdings (3) 8.38%, 5/15/18				100		102,500
Capella Healthcare, Inc. (3) 9.25%, 7/1/17				250		265,000
Community Health Systems, Inc. 8.88%, 7/15/15				1,500		1,575,000
DaVita, Inc. 6.38%, 11/1/18				175		174,125
6.63%, 11/1/20				250		247,500
HCA Holdings, Inc. (3) 7.75%, 5/15/21				250		250,000
HCA, Inc. 7.25%, 9/15/20				400		418,000
8.50%, 4/15/19				150		164,250
9.13%, 11/15/14				175		183,531
9.25%, 11/15/16				2,125		2,267,110
9.63%, 11/15/16 (5)				1,140		1,221,225
9.88%, 2/15/17				125		137,500
LifePoint Hospitals, Inc. (3) 6.63%, 10/1/20				350		347,375

	Country Code*	Principal Amount (000)		Value
Radiation Therapy Services, Inc. (3) 9.88%, 4/15/17		$	250	$	249,375
Tenet Healthcare Corp. (3) 8.00%, 8/1/20			150		152,250
United Surgical Partners International, Inc. 8.88%, 5/1/17			225		231,750
Vanguard Health Holding Co. II LLC 8.00%, 2/1/18			500		512,500
8.00%, 2/1/18 (3)			200		204,000
					8,702,991
HEALTH CARE - FACILITIES – 1.9%
Alere, Inc. (3) 8.63%, 10/1/18			275		279,125
Biomet, Inc. 10.00%, 10/15/17			650		710,125
10.38%, 10/15/17 (5)			1,825		1,993,812
11.63%, 10/15/17			320		353,600
					3,336,662
HOLDING COMPANIES – 1.2%
Reynolds Group Issuer, Inc. 7.13%, 4/15/19 (3)			350		356,125
7.75%, 10/15/16 (3)			500		528,750
8.50%, 5/15/18 (3)			850		854,250
9.00%, 4/15/19 (3)			250		259,062
					1,998,187
HOTELS, RESTAURANTS & LEISURE – 0.2%
Marina District Finance Co., Inc. 9.50%, 10/15/15 (3)			50		49,125
9.88%, 8/15/18 (3)			200		197,000
Scientific Games Corp. (3) 8.13%, 9/15/18			100		100,750
					346,875
INSURANCE – 2.2%
American International Group, Inc. 0.40%, 3/20/12 (1)			40		39,058
4.00%, 9/20/11			500		666,983

See Notes to Financial Statements.

221

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	Country Code*		Principal Amount (000)		Value
5.45%, 5/18/17			$	425	$	430,372
6.25%, 5/1/36				2,300		2,207,593
8.18%, 5/15/58 (1)				250		266,202
8.25%, 8/15/18				200		230,413
						3,840,621
INTERNET & CATALOG RETAIL – 0.1%
Equinix, Inc. 8.13%, 3/1/18				100		104,500
LEISURE & ENTERTAINMENT – 1.4%
Harrah’s Operating Co., Inc. 10.00%, 12/15/18				500		456,250
11.25%, 6/1/17				500		562,500
Las Vegas Sands Corp. 6.38%, 2/15/15				250		255,312
Starwood Hotels & Resorts Worldwide, Inc. 6.75%, 5/15/18				200		219,000
Travelport LLC 9.88%, 9/1/14				500		486,875
11.88%, 9/1/16				350		343,875
						2,323,812
MACHINERY – 0.5%
Case New Holland, Inc. (3) 7.88%, 12/1/17				350		382,375
The Manitowoc Co., Inc. 8.50%, 11/1/20				375		398,438
						780,813
MANUFACTURING DIVERSIFIED – 1.3%
Actuant Corp. 6.88%, 6/15/17				15		15,338
Amsted Industries, Inc. (3) 8.13%, 3/15/18				250		265,312
Bombardier, Inc. (3) 7.50%, 3/15/18		CA		275		294,937
Polypore International, Inc. (3) 7.50%, 11/15/17				150		153,000
RBS Global, Inc. 8.50%, 5/1/18				1,000		1,062,500
11.75%, 8/1/16				250		268,125
SPX Corp. (3) 6.88%, 9/1/17				200		212,500
						2,271,712

	Country Code*		Principal Amount (000)		Value
METALS & MINING – 1.8%
Alcoa, Inc. 5.95%, 2/1/37			$	250	$	234,309
FMG Resources (August 2006) Property Ltd. (3) 7.00%, 11/1/15		AU		125		128,125
Freeport-McMoRan Copper & Gold, Inc. 8.38%, 4/1/17				775		857,344
Novelis, Inc. 8.38%, 12/15/17 (3)		CA		500		517,500
8.75%, 12/15/20 (3)		CA		1,000		1,037,500
Steel Dynamics, Inc. 7.63%, 3/15/20 (3)				25		26,750
7.75%, 4/15/16				50		52,625
Teck Resources, Ltd. 9.75%, 5/15/14		CA		121		151,416
10.25%, 5/15/16		CA		129		159,638
						3,165,207
MULTIMEDIA – 5.5%
Cablevision Systems Corp. 7.75%, 4/15/18				250		261,875
CCO Holdings LLC 7.88%, 4/30/18				250		258,750
8.13%, 4/30/20				200		210,500
Citadel Broadcasting Corp. (3) 7.75%, 12/15/18				100		103,500
Clear Channel Worldwide Holdings, Inc. Series B 9.25%, 12/15/17				750		821,250
CSC Holdings LLC 7.63%, 7/15/18				210		227,850
7.88%, 2/15/18				865		962,312
8.50%, 6/15/15				475		515,375
8.63%, 2/15/19				325		367,250
DISH DBS Corp. 6.63%, 10/1/14				25		25,938
7.00%, 10/1/13				200		213,500
7.13%, 2/1/16				935		965,387
7.75%, 5/31/15				75		79,688
7.88%, 9/1/19				100		104,500

See Notes to Financial Statements.

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	Country Code*		Principal Amount (000)		Value
Insight Communications Co., Inc. (3) 9.38%, 7/15/18			$	300	$	319,500
LIN Television Corp. 8.38%, 4/15/18				250		265,000
LIN Television Corp., Series B 6.50%, 5/15/13				250		250,000
Nara Cable Funding Ltd. (3) 8.88%, 12/1/18		IE		100		126,948
Nielsen Finance LLC 0.00%, 8/1/16 (2)				250		262,500
7.75%, 10/15/18 (3)				400		414,000
11.50%, 5/1/16				250		288,750
Quebecor Media, Inc. 7.75%, 3/15/16		CA		55		56,788
The McClatchy Co. 11.50%, 2/15/17				150		168,563
Univision Communications, Inc. (3) 7.88%, 11/1/20				325		341,250
UPC Holding BV 8.00%, 11/1/16		NL		250		347,438
8.38%, 8/15/20		NL		500		691,535
9.75%, 4/15/18 (3)		NL		100		143,652
Videotron Ltee 9.13%, 4/15/18		CA		600		669,000
						9,462,599
OIL & GAS - EXPLORATION & PRODUCTION – 2.6%
Anadarko Petroleum Corp. 6.45%, 9/15/36				250		249,347
Coffeyville Resources LLC (3) 9.00%, 4/1/15				45		48,150
Concho Resources, Inc. 7.00%, 1/15/21				200		205,000
Continental Resources, Inc. 7.13%, 4/1/21 (3)				75		78,750
7.38%, 10/1/20				50		53,000
8.25%, 10/1/19				50		55,500
Denbury Resources, Inc. 8.25%, 2/15/20				149		161,665
9.75%, 3/1/16				250		278,750
Forest Oil Corp. 7.25%, 6/15/19				125		126,875

	Country Code*		Principal Amount (000)		Value
8.50%, 2/15/14			$	250	$	273,125
Harvest Operations Corp. (3) 6.88%, 10/1/17		CA		150		154,500
Linn Energy LLC (3) 8.63%, 4/15/20				425		457,937
Newfield Exploration Co. 6.88%, 2/1/20				250		263,125
7.13%, 5/15/18				330		347,325
NFR Energy LLC (3) 9.75%, 2/15/17				250		246,875
Penn Virginia Corp. 10.38%, 6/15/16				150		167,250
Petrohawk Energy Corp. 7.25%, 8/15/18				300		303,000
10.50%, 8/1/14				250		285,000
Plains Exploration & Production Co. 7.00%, 3/15/17				250		256,875
7.63%, 4/1/20				325		342,469
Precision Drilling Corp. (3) 6.63%, 11/15/20		CA		100		101,750
QEP Resources, Inc. 6.88%, 3/1/21				100		105,000
						4,561,268
OIL & GAS EQUIPMENT & SERVICES – 1.0%
Amerigas Partners LP 7.13%, 5/20/16				460		476,100
7.25%, 5/20/15				50		51,375
Cie Generale De Geophysique-Veritas 7.50%, 5/15/15		FR		735		747,863
7.75%, 5/15/17		FR		175		179,375
Expro Finance Luxembourg SCA (3) 8.50%, 12/15/16		LU		250		238,750
Frac Tech Services LLC (3) 7.13%, 11/15/18				100		101,500
						1,794,963
PAPER PRODUCTS – 1.4%
Clearwater Paper Corp. (3) 7.13%, 11/1/18				75		77,437
Georgia-Pacific LLC 5.40%, 11/1/20 (3)				225		222,453
7.13%, 1/15/17 (3)				650		692,250
7.25%, 6/1/28				10		10,825

See Notes to Financial Statements.

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	Country Code*		Principal Amount (000)		Value
7.70%, 6/15/15			$	815	$	933,175
8.00%, 1/15/24				115		131,387
8.25%, 5/1/16 (3)				50		56,438
8.88%, 5/15/31				200		246,000
						2,369,965
PHARMACEUTICALS – 1.4%
Mylan, Inc. 7.63%, 7/15/17 (3)				200		212,750
7.88%, 7/15/20 (3)				500		538,750
NBTY, Inc. (3) 9.00%, 10/1/18				200		213,500
Novasep Holding SAS (3)
9.75%, 12/15/16		FR		200		141,000
Valeant Pharmaceuticals International 6.75%, 10/1/17 (3)				100		99,500
7.00%, 10/1/20 (3)				500		493,750
Warner Chilcott Co., LLC (3) 7.75%, 9/15/18		IE		750		757,500
						2,456,750
PIPELINES – 2.0%
Dynegy Holdings Pass Through Trust, Series B 7.67%, 11/8/16				200		188,000
El Paso Corp. 7.80%, 8/1/31				200		198,949
8.05%, 10/15/30				1,010		1,024,739
El Paso Pipeline Partners Operating Co. LP 6.50%, 4/1/20				125		131,149
Energy Transfer Equity 7.50%, 10/15/20				350		360,500
Kinder Morgan Finance Co. 5.70%, 1/5/16		CA		320		324,000
Kinder Morgan, Inc. 5.15%, 3/1/15				850		856,375
MarkWest Energy Partners LP 6.75%, 11/1/20				100		100,000
Regency Energy Partners LP 6.88%, 12/1/18				275		278,437
						3,462,149

	Country Code*		Principal Amount (000)		Value
REAL ESTATE INVESTMENT TRUSTS – 0.4%
Host Hotels & Resorts, Inc. (3) 6.00%, 11/1/20			$	500	$	492,500
Ventas Realty LP 6.50%, 6/1/16				225		233,989
						726,489
REFINING – 2.5%
Berry Petroleum Co. 6.75%, 11/1/20				200		201,000
10.25%, 6/1/14				325		372,937
Chesapeake Energy Corp. 7.25%, 12/15/18				150		155,250
7.63%, 7/15/13				25		27,094
9.50%, 2/15/15				2,000		2,255,000
Opti Canada, Inc. 7.88%, 12/15/14		CA		125		88,281
8.25%, 12/15/14		CA		290		206,625
Range Resources Corp. 6.75%, 8/1/20				150		154,688
7.25%, 5/1/18				25		26,375
7.50%, 10/1/17				125		131,719
Sandridge Energy, Inc. (5) 8.63%, 4/1/15				750		767,812
						4,386,781
RESTAURANTS – 0.1%
NPC International, Inc. 9.50%, 5/1/14				165		168,713
RETAIL – 2.2%
Inergy LP (3) 7.00%, 10/1/18				150		151,125
J.C. Penney Co., Inc. 7.13%, 11/15/23				50		51,625
7.95%, 4/1/17				225		245,250
Limited Brands, Inc. 7.00%, 5/1/20				75		79,125
Michaels Stores, Inc. (3) 7.75%, 11/1/18				500		498,750
New Albertsons, Inc. 7.45%, 8/1/29				375		281,250
8.70%, 5/1/30				250		201,250
PETCO Animal Supplies, Inc. (3) 9.25%, 12/1/18				250		263,437

See Notes to Financial Statements.

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	Country Code*		Principal Amount (000)		Value
Phillips-Van Heusen Corp. 7.38%, 5/15/20			$	250	$	265,625
QVC, Inc. 7.13%, 4/15/17 (3)				150		157,125
7.38%, 10/15/20 (3)				50		52,375
7.50%, 10/1/19 (3)				250		263,125
Roadhouse Financing, Inc. (3) 10.75%, 10/15/17				175		189,000
Sally Holdings LLC 9.25%, 11/15/14				500		525,000
Suburban Propane Partners LP 7.38%, 3/15/20				50		53,375
SUPERVALU, Inc. 7.50%, 11/15/14				520		501,800
						3,779,237
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 0.3%
Sensata Technologies BV 8.00%, 5/1/14		NL		414		434,700
SOFTWARE – 0.2%
Fidelity National Information Services, Inc. (3) 7.63%, 7/15/17				100		105,250
First Data Corp. 8.25%, 1/15/21 (3)				56		53,760
9.88%, 9/24/15				13		12,383
12.63%, 1/15/21 (3)				56		53,480
ManTech International Corp. 7.25%, 4/15/18				175		182,875
						407,748
SPECIAL PURPOSE ENTITIES – 1.2%
Conti-Gummi Finance BV 7.13%, 10/15/18 (3)		NL		250		341,174
7.50%, 9/15/17 (3)		NL		100		137,773
8.50%, 7/15/15 (3)		NL		75		108,491
El Paso Performance-Linked Trust (3) 7.75%, 7/15/11				250		255,920
NSG Holdings LLC (3) 7.75%, 12/15/25				490		455,700

	Country Code*		Principal Amount (000)		Value
Universal City Development Partners, Ltd. 8.88%, 11/15/15			$	200	$	212,500
Ziggo Bond Co. BV 8.00%, 5/15/18		NL		250		344,932
Ziggo Finance BV (3) 6.13%, 11/15/17		NL		175		233,560
						2,090,050
TELECOMMUNICATIONS – 8.3%
Buccaneer Merger Sub, Inc. (3) 9.13%, 1/15/19				125		129,063
Crown Castle International Corp. 7.13%, 11/1/19				375		396,562
7.75%, 5/1/17 (3)				175		191,187
Digicel Ltd. (3) 8.25%, 9/1/17		BM		900		922,500
Frontier Communications Corp. 6.63%, 3/15/15				25		26,125
7.13%, 3/15/19				550		565,125
7.45%, 7/1/35				100		88,500
7.88%, 4/15/15				125		136,563
8.25%, 5/1/14				125		138,438
8.25%, 4/15/17				200		219,500
8.50%, 4/15/20				250		273,125
9.00%, 8/15/31				90		92,475
Intelsat Corp. 9.25%, 8/15/14				225		231,750
9.25%, 6/15/16				150		162,000
Intelsat Jackson Holdings SA 7.25%, 10/15/20 (3)		LU		500		505,000
8.50%, 11/1/19 (3)		LU		825		897,187
9.50%, 6/15/16		LU		25		26,375
Intelsat Luxembourg SA 11.25%, 2/4/17		LU		250		272,500
11.50%, 2/4/17 (5)		LU		472		500,922
Intelsat Subsidiary Holding Co., Ltd. 8.88%, 1/15/15		BM		50		51,375
Qwest Communications International, Inc. 7.13%, 4/1/18 (3)				250		258,750
7.50%, 2/15/14				1,000		1,012,500

See Notes to Financial Statements.

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	Country Code*		Principal Amount (000)		Value
8.00%, 10/1/15			$	100	$	107,500
Qwest Corp. 7.50%, 6/15/23				250		248,125
8.88%, 3/15/12				150		162,187
Sprint Capital Corp. 6.90%, 5/1/19				1,500		1,481,250
7.63%, 1/30/11				75		75,188
8.38%, 3/15/12				75		79,313
8.75%, 3/15/32				400		404,000
Sprint Nextel Corp. 6.00%, 12/1/16				145		140,106
8.38%, 8/15/17				700		750,750
Telesat Canada LLC 11.00%, 11/1/15		CA		575		645,437
TW Telecom Holdings, Inc. 8.00%, 3/1/18				100		106,250
Virgin Media Finance PLC 9.50%, 8/15/16		GB		175		197,750
Virgin Media Secured Finance PLC 6.50%, 1/15/18		GB		350		368,375
Wind Acquisition Finance SA 7.25%, 2/15/18 (3)		LU		300		305,250
11.75%, 7/15/17 (3)		LU		750		845,625
Windstream Corp. 7.88%, 11/1/17				200		210,250
8.63%, 8/1/16				995		1,047,237
						14,272,115
TEXTILES & APPAREL – 0.1%
Levi Strauss & Co. 7.63%, 5/15/20				225		232,313
TRANSPORTATION – 0.2%
AMGH Merger Sub, Inc. (3) 9.25%, 11/1/18				250		262,500
Kansas City Southern Railway 8.00%, 6/1/15				75		80,625
						343,125
UTILITIES – 5.7%
AES Red Oak LLC, Series A 8.54%, 11/30/19				780		775,624

	Country Code*		Principal Amount (000)		Value
Calpine Corp. 7.50%, 2/15/21 (3)			$	425	$	418,625
7.88%, 7/31/20 (3)				500		506,250
Energy Future Holdings Corp. 9.75%, 10/15/19				39		39,324
10.00%, 1/15/20 (3)				250		257,193
Energy Future Intermediate Holding Co. LLC 9.75%, 10/15/19				47		47,390
Intergen NV (3) 9.00%, 6/30/17		NL		1,000		1,060,000
Ipalco Enterprises, Inc. (3) 7.25%, 4/1/16				40		42,700
Midwest Generation LLC, Series B 8.56%, 1/2/16				486		490,789
NRG Energy, Inc. 7.38%, 2/1/16				275		281,875
7.38%, 1/15/17				815		839,450
8.50%, 6/15/19				1,050		1,084,125
Quicksilver Resources, Inc. 9.13%, 8/15/19				575		631,062
11.75%, 1/1/16				300		349,500
Reliant Energy Mid-Atlantic Power Holdings LLC, Series C 9.68%, 7/2/26				100		106,750
RRI Energy, Inc. 7.63%, 6/15/14				500		511,250
7.88%, 6/15/17				150		145,500
Sithe Independence Funding Corp., Series A 9.00%, 12/30/13				55		57,128
Tenaska Alabama Partners LP (3) 7.00%, 6/30/21				319		339,539
The AES Corp. 7.75%, 10/15/15				175		186,813
8.00%, 10/15/17				245		259,087
8.00%, 6/1/20				1,095		1,160,700
9.75%, 4/15/16				175		195,563
						9,786,237

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code*		Principal Amount (000)		Value
WHOLESALE – 0.2%
American Tire Distributors Holdings, Inc. (3) 9.75%, 6/1/17			$	200	$	216,000
McJunkin Red Man Corp. (3) 9.50%, 12/15/16				150		141,750
						357,750
Total Corporate Debt Obligations (Cost $136,964,103)						149,701,182
FOREIGN GOVERNMENT OBLIGATIONS – 1.0%
Brazil Notas do Tesouro Nacional, Series F 10.00%, 1/1/17 (Cost $1,547,950)		BR		3,400		1,775,115
LOAN ASSIGNMENTS – 2.9%
SENIOR LOANS – 2.9%
American General Finance Corp. (1) 7.25%, 4/8/15				500		507,070
DaVita, Inc. (1) 4.50%, 10/20/16				500		503,985
Del Monte Foods Co. (1)(6) 8.75%, 5/22/11				500		500,000
Energy Future Competitive Holdings Co. (1) 3.76%, 10/10/14				1,959		1,511,044
First Data Corp. (1) 3.00%, 9/24/14				472		435,821
Goodman Global, Inc. (1) 5.75%, 10/28/16				499		500,700
Newsday LLC (1) 10.50%, 8/1/13				200		213,500
Texas Competitive Electric Holdings Co. LLC (1) 3.76%, 10/10/14				494		380,291
Vodafone (1) 6.88%, 8/11/15				500		510,000
Total Loan Assignments (Cost $4,633,997)						5,062,411

	Country Code*	Shares		Value
COMMON STOCKS – 0.0% +
MULTIMEDIA – 0.0%+
Dex One Corp.**			9,862	$	73,571
PIPELINES – 0.0%+
SemGroup Corp., Class A**			77		2,092
Total Common Stocks (Cost $307,692)					75,663
CONVERTIBLE PREFERRED STOCKS – 0.4%
BANKS – 0.4%
Wells Fargo & Co., Series L 7.50%, 12/31/49 (Cost $384,735)			625		625,344
WARRANTS – 0.0% +
PIPELINES – 0.0% +
SemGroup Corp., expires 11/30/14** (Cost $81)			81		628
		Principal Amount (000)
SHORT TERM INVESTMENTS – 4.3%
U.S. TREASURY (7) – 3.8%
U.S. Treasury Bills 0.12%, 1/6/11 (8)		$	2,742		2,741,962
0.13%, 1/13/11			1,800		1,799,982
0.15%, 1/13/11			1,000		999,956
0.15%, 1/20/11			200		199,993
0.17%, 6/2/11			400		399,740
0.17%, 6/9/11			200		199,856
0.19%, 6/16/11			300		299,766
Total U.S. Treasury (Cost $6,641,204)					6,641,255
		Shares
MUTUAL FUNDS – 0.5%
State Street Institutional U.S. Government Money Market Fund (Cost $810,632)			810,632		810,632
Total Short Term Investments (Cost $7,451,836)					7,451,887

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Value
TOTAL INVESTMENTS – 98.8%
(Cost $155,926,203)	$	170,513,322
Other assets less liabilities – 1.2%		2,038,822
NET ASSETS – 100.0%	$	172,552,144

AU	Australia
BM	Bermuda
BR	Brazil
CA	Canada
FR	France
GB	Great Britain
IE	Ireland
IT	Italy
KY	Cayman Islands
LU	Luxembourg
NL	Netherlands

* Unless otherwise noted the issuer country code for all securities is United States.

** Non-income producing security.

+ Amount is less than 0.05%.

(1) Variable rate security. The interest rate shown reflects the rate in effect at the period end.

(2) Security is a “Step-up” bond where the coupon increases on a predetermined future date.

(3) Eligible for resale under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $46,648,471, representing 27.0% of net assets.

(4) Security is in default and is non-income producing.

(5) Payment in-kind bond security which may pay interest in the form of additional bonds.

(6) Security (or a portion thereof) has been purchased on a delayed delivery or when-issued basis.

(7) Interest rates represent annualized yield at date of purchase.

(8) At the period end, securities (or portions thereof) with an aggregate market value of $114,998 have been pledged to cover margin requirements for the following open futures contracts:

Type	Description	Expiration Date	Contracts		Aggregate Face Value ($)		Aggregate Notional Value ($)		Unrealized Appreciation ($)
Long	90-Day Eurodollar March Futures	3/14/11		53		12,959,163		13,201,638		242,475

See Notes to Financial Statements.

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December 31, 2010	Sun Capital Advisers Trust

(9) At the period end, open forward foreign currency exchange contracts were as follows:

Counterparty	Contracts to Deliver		In Exchange For		Settlement Date		Unrealized Appreciation/ (Depreciation) ($)
Barclays Bank PLC	EUR	361,000	USD	502,385		1/25/11		20,002
Citibank NA*	BRL	3,252,193	USD	1,906,997		3/2/11		(28,363	)
Citibank NA*	EUR	1,118,000	USD	1,512,620		1/6/11		18,644
Citibank NA*	EUR	3,034,000	USD	4,218,337		1/25/11		164,188
Citibank NA*	USD	4,760	CNY	32,000		1/10/11		95
Deutsche Bank AG (London)	CNY	170,584	USD	25,652		1/10/11		(233	)
Deutsche Bank AG (London)	EUR	175,000	USD	240,453		1/25/11		6,611
Deutsche Bank AG (London)	GBP	1,040,000	USD	1,622,102		3/21/11		1,656
Deutsche Bank AG (London)	USD	10,745	CNY	72,174		1/10/11		207
Deutsche Bank AG (London)	USD	26,335	CNY	170,584		2/13/12		(205	)
JPMorgan Securities	USD	30,680	CNY	197,060		11/15/11		(609	)
JPMorgan Securities	USD	4,124	CNY	26,537		11/15/11		(75	)
Morgan Stanley Capital Services, Inc.	USD	10,000	CNY	66,410		1/10/11		77
UBS AG	BRL	511,224	USD	300,720		2/2/11		(5,280	)
UBS AG	USD	290,997	BRL	511,224		2/2/11		15,003
UBS AG	USD	297,051	BRL	511,224		4/4/11		5,431
Net unrealized appreciation								197,149

* At the period end, the broker pledged securities with a fair value of $279,990 to the Fund as collateral for these open forward currency exchange contracts.

BRL	–	Brazilian Real
CNY	–	Yuan Renminbi
EUR	–	Euro
GBP	–	Great British Pound
USD	–	United States Dollar

See Notes to Financial Statements.

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(10) At the period end, open swap contracts were as follows:

Credit Default Swap Contracts on Corporate Issues – Sell Protection (a)

Counterparty	Reference Entity		(Pay)/ Receive Fixed Rate			Expiration Date		Implied Credit Spread (b)			Notional Amount (c) (000) ($)		Market Value ($)			Upfront Premiums Paid/ (Received) ($)			Unrealized Appreciation ($)
Bank of America NA		American International Group, Inc.		5.00	%		9/20/11		0.67	%		200		6,313			(46,000	)		52,313
Bank of America NA		American International Group, Inc.		5.00	%		9/20/11		0.67	%		200		6,314			(48,000	)		54,314
Deutsche Bank AG		Ally Financial, Inc.		5.00	%		3/20/12		1.30	%		60		2,704			(9,300	)		12,004
Deutsche Bank AG		RRI Energy, Inc.		5.00	%		9/20/14		5.47	%		300		(4,446	)		(43,500	)		39,054
Deutsche Bank AG		SLM Corp.		5.00	%		6/20/12		1.23	%		100		5,531			(13,000	)		18,531
Goldman Sachs International		El Paso Corp.		5.00	%		9/20/14		1.93	%		500		54,368			(47,500	)		101,868
Total												1,360		70,784			(207,300	)		278,084

(a) If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional amount of the swap and in certain instances, take delivery of the security. As a buyer of protection, the Fund will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

(b) Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of that particular agreement.

(c) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

See Notes to Financial Statements.

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December 31, 2010	Sun Capital Advisers Trust

(11) Fair Value Measurements †

The following table summarizes the inputs used to value the Fund’s assets and liabilities, as applicable, measured at fair value at the period end:

Assets	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Asset Backed Securities	$	—	$	310,329		$	—	$	310,329
Collateralized Mortgage Obligations		—		5,179,794			—		5,179,794
Convertible Bonds (a)		—		330,969			—		330,969
Corporate Debt Obligations (a)		—		149,701,182			—		149,701,182
Foreign Government Obligations		—		1,775,115			—		1,775,115
Loan Assignments		—		5,062,411			—		5,062,411
Common Stocks (a)		75,663		—			—		75,663
Convertible Preferred Stocks		625,344		—			—		625,344
Warrants		—		628			—		628
Short Term Investments
U.S. Treasury		899,362		5,741,893			—		6,641,255
Mutual Funds		810,632		—			—		810,632
Total Short Term Investments		1,709,994		5,741,893			—		7,451,887
Total Investments		2,411,001		168,102,321			—		170,513,322
Financial Derivative Instruments
Futures Contracts		242,475		—			—		242,475
Forward Foreign Currency Exchange Contracts		—		231,914			—		231,914
Swap Contracts		—		278,084			—		278,084
Total Financial Derivative Instruments	$	242,475	$	509,998		$	—	$	752,473
Liabilities
Financial Derivative Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(34,765	)	$	—	$	(34,765	)
Total Financial Derivative Instruments	$	—	$	(34,765	)	$	—	$	(34,765	)

† See Note 2b in the Notes to Financial Statements for additional information.

(a) See Portfolio of Investments for additional detailed categorizations.

See Notes to Financial Statements.

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	Country Code*		Principal Amount (000)		Value
ASSET BACKED SECURITIES – 0.5%
Bear Stearns Asset Backed Securities Trust, Series 2006-SD3 5.50%, 8/25/36			$	1,873	$	1,282,482
Countrywide Asset-Backed Certificates, Series 2006-2, Class 2A2 (1) 0.45%, 6/25/36				230		199,694
Ford Credit Auto Owner Trust, Series 2008-C, Class A3 (1) 1.68%, 6/15/12				336		336,740
Ford Credit Auto Owner Trust, Series 2009-D, Class A2 1.21%, 1/15/12				24		24,097
Structured Asset Securities Corp., Series 2007-WF1, Class A2 (1) 0.35%, 2/25/37				1,914		1,894,391
Total Asset Backed Securities (Cost $3,055,819)						3,737,404
COLLATERALIZED MORTGAGE OBLIGATIONS – 2.7%
Arkle Master Issuer PLC, Series 2006-1A, Class 4A2 (1)(2) 0.37%, 2/17/52				9,000		8,910,864
Arran Residential Mortgages Funding PLC, Series 2010-1A, Class A2B (1)(2) 2.40%, 5/16/47		GB		1,000		1,329,982
Bear Stearns Alt-A Trust, Series 2005-4 (1) 2.88%, 5/25/35				164		127,570

	Country Code*	Principal Amount (000)		Value
Bear Stearns Alt-A Trust, Series 2006-1 (1) 4.18%, 2/25/36		$	181	$	91,806
Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-29, Class A1 5.75%, 12/25/35			2,061		1,879,487
Federal National Mortgage Association, Series 2005-75, Class FL (1) 0.71%, 9/25/35			814		812,549
Federal National Mortgage Association, Series 2007-30, Class AF (1) 0.57%, 4/25/37			421		420,926
First Horizon Asset Securities, Inc., Series 2005-AR4, Class 2A1 (1) 2.88%, 10/25/35			678		550,432
First Horizon Asset Securities, Inc., Series 2005-AR6, Class 4A1 (1) 5.68%, 2/25/36			615		577,759
Harborview Mortgage Loan Trust, Series 2005-4 (1) 2.99%, 7/19/35			417		349,667
JP Morgan Mortgage Trust, Series 2005-S3, Class 1A2 5.75%, 1/25/36			95		85,535
JP Morgan Mortgage Trust, Series 2007-A1 (1) 3.11%, 7/25/35			573		448,469

See Notes to Financial Statements.

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	Country Code*	Principal Amount (000)		Value
Master Adjustable Rate Mortgage Trust, Series 2005-6, Class 5A2 (1) 2.54%, 7/25/35		$	1,309	$	1,005,172
MLCC Mortgage Investors, Inc., Series 2005-1, Class 2A5 (1) 2.34%, 4/25/35			1,200		1,102,453
Nomura Asset Acceptance Corp., Series 2005-AP2, Class A5 (3) 4.98%, 5/25/35			348		244,393
Wachovia Mortgage Loan Trust LLC, Series 2005-B, Class 2A4 (1) 3.08%, 10/20/35			2,800		2,281,367
Total Collateralized Mortgage Obligations (Cost $19,441,447)					20,218,431
COMMERCIAL MORTGAGE BACKED SECURITIES – 1.3%
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD5, Class A4 (1) 5.89%, 11/15/44			5,000		5,335,505
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2003-CB7, Class A4 (1) 4.88%, 1/12/38			2,800		2,966,498
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2010-C2, Class A3 (2) 4.07%, 11/15/43			1,000		950,913

	Country Code*		Principal Amount (000)		Value
Morgan Stanley Capital I, Series 2004-IQ8, Class A5 (1) 5.11%, 6/15/40			$	600	$	634,561
Total Commercial Mortgage Backed Securities (Cost $8,161,575)						9,887,477
CONVERTIBLE BONDS – 0.4%
OIL & GAS – EXPLORATION & PRODUCTION – 0.4%
Transocean, Inc., Series B 1.50%, 12/15/37 (Cost $2,696,870)		KY		2,900		2,856,500
CORPORATE DEBT OBLIGATIONS – 23.4%
AGRICULTURAL – 0.1%
Altria Group, Inc. 4.13%, 9/11/15				500		522,789
BAT International Finance PLC (2) 9.50%, 11/15/18		GB		160		210,556
						733,345
AUTOMOTIVE – 0.9%
Ford Motor Credit Co. LLC
5.63%, 9/15/15				3,400		3,520,636
7.38%, 2/1/11				1,000		1,002,989
7.80%, 6/1/12				2,000		2,126,254
						6,649,879
BANKS – 11.4%
Ally Financial, Inc.
5.38%, 6/6/11				2,800		2,814,000
6.00%, 4/1/11				200		200,171
6.25%, 12/1/17 (2)				1,800		1,800,000
6.88%, 9/15/11				400		410,402
7.50%, 9/15/20 (2)				300		314,625
American Express Bank, FSB 5.50%, 4/16/13				400		431,117
Banco Santander Chile (1)(2) 1.54%, 4/20/12		CL		900		899,664
Bank of America Corp.
5.65%, 5/1/18				1,900		1,941,367

See Notes to Financial Statements.

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	Country Code*		Principal Amount (000)		Value
5.75%, 12/1/17			$	300	$	312,188
6.00%, 9/1/17				1,100		1,152,805
Bank of China Hong Kong Ltd. (2) 5.55%, 2/11/20		HK		100		104,475
Bank of Montreal (2) 2.85%, 6/9/15		CA		300		304,738
Bank of Nova Scotia (2) 1.65%, 10/29/15		CA		500		477,940
Barclays Bank PLC
5.00%, 9/22/16		GB		1,500		1,587,300
6.05%, 12/4/17 (2)		GB		500		512,901
Barnett Capital Trust III (1) 0.91%, 2/1/27				200		141,175
BBVA Bancomer SA Texas (2) 7.25%, 4/22/20		MX		1,100		1,163,583
Bear Stearns Cos. LLC 5.30%, 10/30/15				100		108,518
BNP Paribas
7.20%, 6/25/37 (1)(2)		FR		100		95,500
7.78%, 7/2/18 (1)		FR		100		138,307
BPCE SA (2) 2.38%, 10/4/13		FR		200		199,255
Citigroup Capital XXI (1) 8.30%, 12/21/57				1,600		1,664,000
Citigroup, Inc.
3.63%, 11/30/17 (1)				800		978,693
5.50%, 4/11/13				700		745,381
5.50%, 10/15/14				400		430,979
6.13%, 11/21/17				200		219,177
8.50%, 5/22/19				200		248,287
Commonwealth Bank of Australia (1)(2) 0.71%, 7/12/13		AU		1,600		1,602,861
Credit Agricole SA (1)(2) 8.38%, 10/13/19		FR		2,300		2,363,250
Danske Bank A/S (2) 2.50%, 5/10/12		DK		300		307,313
Deutsche Bank AG 6.00%, 9/1/17		DE		300		336,069
Dexia Credit Local
0.70%, 3/5/13 (1)(2)		FR		3,300		3,288,988
0.77%, 4/29/14 (1)(2)		FR		1,700		1,693,361
0.95%, 9/23/11 (1)(2)		FR		400		401,043
Fortis Bank Nederland Holding NV 3.00%, 4/17/12		NL		200		273,214

	Country Code*		Principal Amount (000)		Value
ING Bank NV
1.10%, 3/30/12 (1)(2)		NL	$	4,200	$	4,185,489
2.63%, 2/9/12 (2)		NL		1,400		1,430,342
Intesa Sanpaolo New York 2.38%, 12/21/12		IT		2,400		2,408,714
Itau Unibanco Holding SA (2) 6.20%, 4/15/20		BR		1,800		1,849,217
JP Morgan Chase & Co. 4.25%, 10/15/20				1,300		1,269,645
JP Morgan Chase & Co., Series 3 (1) 1.05%, 9/30/13				700		702,247
JP Morgan Chase & Co., Series I (1) 7.90%, 4/30/18				300		318,897
JP Morgan Chase Bank NA (1) 0.63%, 6/13/16				300		282,754
JP Morgan Chase Capital XXI, Series U (1) 1.24%, 2/2/37				1,000		772,710
Lloyds TSB Bank PLC
2.30%, 4/1/11 (2)		GB		1,800		1,808,291
2.80%, 4/2/12 (2)		GB		4,300		4,405,040
Macquarie Bank Ltd. (2) 4.10%, 12/17/13		AU		300		322,019
Merrill Lynch & Co., Inc.
0.49%, 2/15/11 (1)				1,500		1,495,257
1.33%, 5/30/14 (1)				100		125,078
6.88%, 4/25/18				200		218,872
Morgan Stanley
0.59%, 1/9/14 (1)				500		482,452
0.77%, 10/15/15 (1)				2,000		1,875,140
5.95%, 12/28/17				400		423,216
National Australia Bank Ltd. (2) 2.55%, 1/13/12		AU		1,000		1,018,490
Nordea Bank AB (2) 4.88%, 1/27/20		SE		1,800		1,846,624
Northern Rock Asset Management PLC (2) 5.63%, 6/22/17		GB		1,300		1,326,156
Royal Bank of Scotland Group PLC
0.69%, 4/8/11 (1)(2)		GB		5,000		5,002,065

See Notes to Financial Statements.

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	Country Code*		Principal Amount (000)		Value
1.45%, 10/20/11 (2)		GB	$	4,600	$	4,625,829
2.63%, 5/11/12 (2)		GB		200		204,732
3.00%, 12/9/11 (2)		GB		2,800		2,858,288
5.00%, 10/1/14		GB		100		96,198
6.99%, 10/5/17 (1)(2)		GB		200		154,000
Santander US Debt SA Unipersonal
1.10%, 3/30/12 (1)(2)		ES		3,100		3,063,984
2.99%, 10/7/13 (2)		ES		1,800		1,748,644
Scotland International Finance No. 2 BV (2) 4.25%, 5/23/13		NL		1,200		1,188,038
Societe Generale (1)(2) 5.92%, 4/5/17		FR		400		353,295
State Bank of India/London (2) 4.50%, 7/27/15		IN		1,000		1,022,267
State Street Capital Trust IV (1) 1.30%, 6/15/37				200		150,085
Swedbank AB (2) 2.80%, 2/10/12		SE		1,000		1,021,380
UBS AG/Stamford CT (1) 1.38%, 2/23/12		CH		800		806,750
Union Planters Corp. 7.75%, 3/1/11				300		302,799
Wachovia Bank NA (1) 0.63%, 3/15/16				400		374,734
Wachovia Corp.
0.42%, 10/15/11 (1)				3,900		3,902,929
5.30%, 10/15/11				650		673,719
Westpac Banking Corp. (2) 3.59%, 8/14/14		AU		300		319,761
						86,098,794
CHEMICALS – 0.1%
The Dow Chemical Co.
4.85%, 8/15/12				900		948,761
6.00%, 10/1/12				100		107,733
						1,056,494
DIVERSIFIED – 0.1%
Noble Group Ltd. (2) 4.88%, 8/5/15		BM		1,000		1,029,818
ELECTRIC UTILITIES – 0.3%
CMS Energy Corp. 5.05%, 2/15/18				1,000		988,784
Electricite de France (2) 6.50%, 1/26/19		FR		400		466,706

	Country Code*		Principal Amount (000)		Value
Entergy Corp. 3.63%, 9/15/15			$	1,000	$	989,068
						2,444,558
FINANCIALS – 4.3%
American Express Co. 7.00%, 3/19/18				700		815,341
CIT Group, Inc.
7.00%, 5/1/13				300		306,000
7.00%, 5/1/14				500		505,000
Countrywide Financial Corp. 5.80%, 6/7/12				2,100		2,209,404
General Electric Capital Corp., Series A
0.49%, 1/8/16 (1)				100		94,486
6.15%, 8/7/37				100		105,409
6.88%, 1/10/39				800		924,528
International Lease Finance Corp.
0.62%, 7/1/11 (1)				1,870		1,840,173
1.43%, 8/15/11 (1)				1,600		2,083,255
5.40%, 2/15/12				3,700		3,737,000
6.38%, 3/25/13				2,000		2,050,000
6.75%, 9/1/16 (2)				400		427,000
LeasePlan Corp. NV
3.00%, 5/7/12 (2)		NL		1,000		1,027,364
3.13%, 2/10/12		NL		200		272,499
Nomura Holdings, Inc. 6.70%, 3/4/20		JP		2,300		2,461,674
SLM Corp., Series A
0.50%, 3/15/11 (1)				1,800		1,793,527
0.59%, 1/27/14 (1)				500		450,357
5.00%, 10/1/13				100		100,259
5.38%, 1/15/13				130		132,596
8.45%, 6/15/18				1,000		1,039,362
Sydney Airport Finance Co., Pty Ltd. (2) 5.13%, 2/22/21		AU		100		96,336
The Goldman Sachs Group, Inc.
0.47%, 2/6/12 (1)				200		199,747
0.75%, 3/22/16 (1)				600		566,671
5.95%, 1/18/18				6,800		7,377,204
6.15%, 4/1/18				1,100		1,211,312
6.25%, 9/1/17				700		772,486
						32,598,990

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code*		Principal Amount (000)		Value
FOOD, BEVERAGES & RESTAURANTS – 0.4%
Anheuser-Busch InBev Worldwide, Inc.
4.13%, 1/15/15			$	1,200	$	1,263,860
5.38%, 1/15/20				1,200		1,300,306
Tate & Lyle International Finance PLC (2) 6.63%, 6/15/16		GB		500		548,738
						3,112,904
HEALTH CARE – 0.6%
HCA, Inc. 7.88%, 2/15/20				4,000		4,280,000
Roche Holdings, Inc. (2) 6.00%, 3/1/19				600		697,703
						4,977,703
INSURANCE – 1.3%
American International Group, Inc.
1.18%, 4/26/11 (1)				100		132,451
5.05%, 10/1/15				100		102,656
5.45%, 5/18/17				100		101,264
5.85%, 1/16/18				200		206,228
8.25%, 8/15/18				1,000		1,152,066
Metropolitan Life Global Funding I (1)(2) 0.69%, 7/13/11				2,400		2,402,724
Ohio National Financial Services, Inc. (2) 6.38%, 4/30/20				5,100		5,308,258
Pacific LifeCorp. (2) 6.00%, 2/10/20				100		105,100
The Hartford Financial Services Group, Inc. (1) 8.13%, 6/15/38				300		318,750
						9,829,497
INVESTMENT COMPANIES – 0.9%
FIH Erhvervsbank A/S (1)(2) 0.67%, 6/13/13		DK		6,500		6,493,455
Temasek Financial I Ltd. (2) 4.30%, 10/25/19		SG		300		305,649
						6,799,104

	Country Code*		Principal Amount (000)		Value
METALS & MINING – 0.2%
Alcoa, Inc. 6.15%, 8/15/20			$	600	$	616,141
Gerdau Holdings, Inc. (2) 7.00%, 1/20/20		BR		200		220,000
Gerdau Trade, Inc. (2) 5.75%, 1/30/21		VG		200		200,500
Vale Overseas Ltd. 6.88%, 11/10/39		KY		300		331,479
						1,368,120
OIL & GAS – 0.4%
Ras Laffan Liquefied Natural Gas Co. Ltd. III 6.75%, 9/30/19		QA		1,200		1,385,900
Shell International Finance BV
5.50%, 3/25/40		NL		300		321,394
6.38%, 12/15/38		NL		1,000		1,185,230
Total Capital SA 4.45%, 6/24/20		FR		200		207,306
						3,099,830
OIL & GAS – EXPLORATION & PRODUCTION – 0.4%
Gazprom OAO 9.63%, 3/1/13		DE		2,400		2,721,000
Transocean, Inc. 4.95%, 11/15/15		KY		100		103,346
						2,824,346
PIPELINES – 0.1%
El Paso Corp. 7.88%, 6/15/12				400		421,427
REFINING – 0.2%
Petrobras International Finance Co. 7.88%, 3/15/19		KY		1,300		1,536,821
SAVINGS & LOANS – 0.1%
Nationwide Building Society (2) 6.25%, 2/25/20		GB		600		625,241
SPECIAL PURPOSE BANKS – 0.2%
The Export-Import Bank of Korea
5.13%, 6/29/20		KR		300		308,900

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

	Country Code*		Principal Amount (000)		Value
5.88%, 1/14/15		KR	$	900	$	974,636
8.13%, 1/21/14		KR		400		457,568
						1,741,104
SPECIAL PURPOSE ENTITIES – 0.4%
Mizuho Capital Investment EUR 1 Ltd. (1) 5.02%, 6/30/11		KY	$	1,000	$	1,286,189
MUFG Capital Finance 5 Ltd. (1) 6.30%, 1/25/17		KY		1,000		1,442,167
Odebrecht Drilling VIII/IX Ltd. (2) 6.35%, 6/30/21		KY		200		208,000
Vnesheconombank Veb Finance Ltd. (2) 5.45%, 11/22/17		IE		200		199,500
						3,135,856
TELECOMMUNICATIONS – 0.1%
Verizon Wireless Capital LLC (1) 2.88%, 5/20/11				1,000		1,010,007
TRANSPORTATION – 0.1%
Ryder System, Inc. 6.00%, 3/1/13				400		429,998
UTILITIES – 0.8%
Centrais Eletricas Brasileiras SA (2) 6.88%, 7/30/19		BR		1,600		1,808,000
MidAmerican Energy Holdings Co. 6.13%, 4/1/36				300		324,057
Nakilat, Inc. 6.07%, 12/31/33		QA		2,800		2,940,000
NRG Energy, Inc. (2) 8.25%, 9/1/20				700		717,500
						5,789,557
Total Corporate Debt Obligations (Cost $168,326,944)						177,313,393
FOREIGN GOVERNMENT AGENCY OBLIGATIONS – 1.3%
Banco Nacional de Desenvolvimento Economico e Social (2) 4.13%, 9/15/17		BR		200		260,578

	Country Code*		Principal Amount (000)		Value
Canada Housing Trust No. 1
2.75%, 12/15/15		CA	$	800	$	806,928
3.35%, 12/15/20		CA		1,600		1,590,071
Korea Housing Finance Corp. (2) 4.13%, 12/15/15		KR		3,500		3,528,609
Societe Financement de l’Economie Francaise
0.49%, 7/16/12 (1)(2)		FR		1,000		1,001,520
3.38%, 5/5/14 (2)		FR		2,100		2,211,741
Total Foreign Government Agency Obligations (Cost $9,214,277)						9,399,447
FOREIGN GOVERNMENT OBLIGATIONS – 2.9%
Canadian Government Bond
2.00%, 12/1/14		CA		1,900		1,897,057
2.50%, 9/1/13		CA		1,500		1,532,933
Federal Republic of Brazil 7.88%, 3/7/15		BR		2,200		2,629,000
Province of Ontario Canada
4.20%, 6/2/20		CA		13,200		13,690,005
4.60%, 6/2/39		CA		300		313,879
4.70%, 6/2/37		CA		1,300		1,374,133
United Mexican States, Series A 6.05%, 1/11/40		MX		200		204,500
Total Foreign Government Obligations (Cost $21,388,148)						21,641,507
MUNICIPAL BONDS – 3.2%
California Infrastructure & Economic Development Bank 6.49%, 5/15/49				1,000		993,200
California State University 6.43%, 11/1/30				200		201,790
City of New York, NY 6.25%, 6/1/35				3,800		3,719,554
City of Newport Beach, California Certificates of Participation 7.17%, 7/1/40				2,300		2,260,670

See Notes to Financial Statements.

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	Country Code*	Principal Amount (000)		Value
Contra Costa, California Community College District 6.50%, 8/1/34		$	1,600	$	1,606,192
County of Clark, NV 6.82%, 7/1/45			300		293,187
Irvine Ranch Water District, California 6.62%, 5/1/40			3,700		3,710,323
Los Angeles Unified School District, California 6.76%, 7/1/34			200		207,146
Metropolitan Government of Nashville & Davidson County, Tennessee, Water and Sewer Revenue 6.57%, 7/1/37			3,700		3,771,299
Metropolitan Transportation Authority 7.34%, 11/15/39			1,100		1,213,388
New Jersey Economic Development Authority (1) 1.30%, 6/15/13			1,300		1,302,652
New York State Thruway Authority 5.88%, 4/1/30			1,000		1,005,820
Pasadena, California Public Financing Authority 7.15%, 3/1/43			1,400		1,370,460
State of California
7.60%, 11/1/40			500		520,675
7.63%, 3/1/40			1,000		1,043,410
7.95%, 3/1/36			400		410,244
State of Illinois 4.07%, 1/1/14			400		402,696
State of Louisiana (1) 3.00%, 5/1/43			400		403,940
Total Municipal Bonds (Cost $24,362,894)					24,436,646

	Country Code*	Principal Amount (000)		Value
U.S. TREASURY AND U.S. GOVERNMENT AGENCY OBLIGATIONS – 87.2%
Federal Home Loan Banks
0.88%, 12/27/13		$	400	$	396,492
3.13%, 12/13/13			100		105,495
3.63%, 10/18/13			100		106,781
Federal Home Loan Mortgage Corp.
0.52%, 11/26/12			3,300		3,289,394
0.88%, 10/28/13			1,700		1,691,109
1.75%, 9/10/15			3,900		3,833,415
2.50%, 1/7/14			800		832,020
2.50%, 4/23/14			2,100		2,175,768
3.00%, 7/28/14			1,200		1,263,215
3.50%, 5/29/13			800		849,718
4.13%, 9/27/13			300		325,090
4.38%, 7/17/15			1,100		1,213,321
4.50%, 1/15/13			2,900		3,119,429
4.50%, 1/15/14			300		329,784
4.50%, 2/1/39			127		130,429
4.50%, 1/1/40			760		779,536
4.50%, 5/1/40			113		116,078
4.50%, 9/1/40			958		982,178
4.88%, 11/15/13			700		775,914
5.00%, 2/16/17			400		450,363
5.00%, 4/18/17			200		225,828
5.25%, 4/18/16			200		228,777
5.50%, 7/18/16			300		347,446
5.50%, 4/1/37			123		131,120
5.50%, 7/1/37			411		438,188
5.50%, 8/1/37			209		223,195
5.50%, 7/1/38			650		693,167
5.50%, 8/1/38			517		551,713
5.50%, 2/1/39			21		22,163
5.50%, 2/1/40			1,740		1,855,627
Federal National Mortgage Association
0.63%, 9/24/12			1,000		1,001,033
0.75%, 12/18/13			17,500		17,304,525
1.00%, 9/23/13			4,100		4,093,797
1.13%, 9/30/13			3,600		3,607,790
1.25%, 8/20/13			200		201,307
1.63%, 10/26/15			11,600		11,306,276
1.75%, 2/22/13			700		714,781
2.50%, 5/15/14			800		830,012
2.75%, 2/5/14			700		731,477
2.75%, 3/13/14			1,100		1,149,734
2.88%, 12/11/13			400		420,488

See Notes to Financial Statements.

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	Country Code*	Principal Amount (000)		Value
3.00%, 9/16/14		$	800	$	842,630
4.00%, 3/1/39			2,170		2,161,121
4.00%, 6/1/39			255		254,347
4.00%, 7/1/39			768		764,576
4.00%, 8/1/39			210		208,778
4.00%, 9/1/39			167		166,536
4.00%, 1/1/40			22		22,169
4.00%, 2/1/40			146		145,531
4.00%, 7/1/40			4,201		4,184,583
4.00%, 8/1/40			5,075		5,053,762
4.00%, 9/1/40			11,621		11,572,500
4.00%, 10/1/40			7,903		7,869,530
4.00%, 11/1/40			12,129		12,077,552
4.00%, 12/1/40			2,051		2,042,442
4.00%, TBA (4)			27,100		26,956,045
4.13%, 4/15/14			4,400		4,798,741
4.38%, 10/15/15			1,100		1,210,818
4.50%, 3/1/35			20		20,823
4.50%, 6/1/38			142		145,701
4.50%, 1/1/39			469		481,890
4.50%, 3/1/39			549		564,180
4.50%, 4/1/39			29		29,984
4.50%, 6/1/39			53		54,632
4.50%, 8/1/39			1,411		1,449,909
4.50%, 9/1/39			129		132,921
4.50%, 11/1/39			728		747,616
4.50%, 12/1/39			1,312		1,348,196
4.50%, 1/1/40			22,491		23,110,040
4.50%, 2/1/40			2,679		2,752,972
4.50%, 3/1/40			4,024		4,133,496
4.50%, 5/1/40			15,332		15,750,414
4.50%, 6/1/40			2,098		2,155,393
4.50%, 7/1/40			4,330		4,448,196
4.50%, 8/1/40			12,203		12,537,762
4.50%, 9/1/40			15,089		15,502,688
4.50%, 10/1/40			4,199		4,313,857
4.50%, 11/1/40			1,754		1,802,567
4.63%, 10/15/13			1,200		1,317,180
4.88%, 12/15/16			100		112,106
5.00%, 3/15/16			600		677,839
5.00%, 2/13/17			500		564,186
5.00%, 5/11/17			100		112,135
5.00%, TBA (4)			21,800		22,917,250
5.38%, 6/12/17			400		460,552
5.50%, 2/1/34			13		13,932
5.50%, 3/1/36			444		476,186
5.50%, 8/1/36			15		16,118
5.50%, 12/1/36			10		10,312
5.50%, 2/1/38			2,036		2,179,410
5.50%, 8/1/38			2,814		3,012,025

	Country Code*	Principal Amount (000)		Value
5.50%, TBA (4)		$	11,800	$	12,624,159
6.00%, 8/1/36			361		394,226
6.00%, 9/1/36			64		69,487
6.00%, 10/1/36			13		14,182
6.00%, 12/1/36			421		458,871
6.00%, 1/1/37			147		159,796
6.00%, 4/1/37			258		281,632
6.00%, 5/1/37			50		54,661
6.00%, 8/1/37			787		856,490
6.00%, 9/1/37			2,711		2,949,841
6.00%, 10/1/37			408		444,305
6.00%, 11/1/37			69		75,167
6.00%, 12/1/37			4,129		4,493,282
6.00%, 1/1/38			759		825,793
6.00%, 3/1/38			948		1,031,756
6.00%, 6/1/38			75		82,085
6.00%, 8/1/38			1,041		1,134,870
6.00%, 12/1/38			937		1,022,046
6.00%, 7/1/39			82		88,905
6.00%, 9/1/39			222		241,666
6.00%, TBA (4)			17,000		18,476,875
6.50%, 9/1/37			1,960		2,180,060
Government National Mortgage Association
5.50%, 2/15/37			685		748,294
6.00%, 6/15/36			233		257,367
6.00%, 10/15/37			105		115,888
6.00%, 8/15/38			113		123,952
6.00%, 10/15/38			800		880,922
6.00%, 11/15/38			103		113,408
6.00%, 2/15/39			3,255		3,584,500
6.00%, 11/15/39			7,461		8,214,990
6.00%, 1/15/40			86		94,634
6.00%, 5/15/40			97		106,260
6.00%, TBA (4)			4,000		4,398,124
6.50%, 12/15/37			239		269,333
6.50%, 8/15/38			551		621,873
U.S. Treasury Inflation Indexed Bonds
1.25%, 7/15/20			2,607		2,669,690
1.75%, 1/15/28			3,967		4,038,255
2.00%, 1/15/26			2,755		2,924,985
2.38%, 1/15/25			2,553		2,840,484
2.38%, 1/15/27			2,928		3,254,105
2.50%, 1/15/29			3,667		4,161,019
U.S. Treasury Notes
0.50%, 11/30/12			6,400		6,391,750
0.50%, 10/15/13 (4)(7)			95,600		94,531,957
0.50%, 11/15/13 (4)			14,900		14,707,924
0.75%, 8/15/13 (7)			18,800		18,761,817

See Notes to Financial Statements.

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	Country Code*	Principal Amount (000)		Value
0.75%, 9/15/13 (4)		$	18,000	$	17,942,346
0.75%, 12/15/13 (7)			83,400		82,807,109
1.00%, 7/15/13			15,300		15,375,276
1.13%, 6/15/13			3,200		3,226,240
1.25%, 10/31/15 (4)			3,300		3,193,780
1.38%, 11/30/15 (4)			2,300		2,235,133
1.75%, 7/31/15			1,100		1,096,480
1.88%, 6/30/15			15,100		15,160,158
2.13%, 11/30/14			1,100		1,126,813
2.13%, 5/31/15			13,300		13,512,002
2.50%, 4/30/15 (4)			9,600		9,924,749
Total U.S. Treasury and U.S. Government Agency Obligations (Cost $664,737,752)					659,899,874
		Shares
CONVERTIBLE PREFERRED STOCKS – 0.0% +
BANKS – 0.0% +
Wells Fargo & Co., Series L 7.50%, 12/31/49 (Cost $129,360)			200		200,110
PREFERRED STOCKS – 0.7%
BANKS – 0.7%
Citigroup, Inc., Series 1 6.15%, 12/15/12 (Cost $5,714,955)			405,000		5,284,440

	Country Code*	Principal Amount (000)		Value
SHORT TERM INVESTMENTS – 1.0%
U.S. TREASURY (5) – 0.3%
U.S. Treasury Bills
0.13%, 1/13/11		$	1,400	$	1,399,986
0.15%, 1/13/11 (6)			140		139,994
0.18%, 6/9/11 (6)(7)			341		340,754
Total U.S. Treasury (Cost $1,880,711)					1,880,734
		Shares
MUTUAL FUNDS – 0.7%
State Street Institutional U.S. Government Money Market Fund (Cost $5,586,960)			5,586,960		5,586,960
Total Short Term Investments (Cost $7,467,671)					7,467,694
TOTAL INVESTMENTS – 124.6%
(Cost $934,697,712)					942,342,923
Liabilities in excess of other assets – (24.6)%					(185,935,435	)
NET ASSETS – 100.0%				$	756,407,488

TBA	To Be Announced. Securities are purchased on a forward commitment basis with an approximate principal amount and no definite maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. At the period end, total market value of the TBA securities amounts to $85,372,453 which represents approximately 11.3% of net assets. At the period end, the broker pledged securities with an aggregate market value of $259,999 and delivered cash of $630,000 to the Fund as collateral.
AU	Australia
BM	Bermuda
BR	Brazil
CA	Canada
CH	Switzerland
CL	Chile
DE	Germany
DK	Denmark
ES	Spain
FR	France
GB	Great Britain
HK	Hong Kong
IE	Ireland
IN	India

See Notes to Financial Statements.

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IT	Italy
JP	Japan
KR	Korea, Republic of
KY	Cayman Islands
MX	Mexico
NL	Netherlands
QA	Qatar
SE	Sweden
SG	Singapore
VG	British Virgin Islands

+ Amount is less than 0.05%.

(1) Variable rate security. The interest rate shown reflects the rate in effect at the period end.

(2) Eligible for resale under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $96,575,803, representing 12.8% of net assets.

(3) Security is a “Step-up” bond where the coupon increases on a predetermined future date.

(4) Security (or a portion thereof) has been purchased on a delayed delivery or when-issued basis.

(5) Interest rates represent annualized yield at date of purchase.

(6) Security (or a portion thereof) has been pledged as collateral for open swap and swaption contracts. At the period end, the value of securities pledged amounted to $399,807.

(7) At the period end, securities (or portions thereof) with an aggregate market value of $1,857,735 and cash of $9,000 have been pledged to cover margin requirements for the following open futures contracts:

Type	Description	Expiration Date	Contracts	Aggregate Face Value ($)		Aggregate Notional Value ($)		Unrealized Appreciation/ (Depreciation) ($)
Long	90-Day Eurodollar December Futures	12/19/11	124		30,785,675		30,773,700		(11,975	)
Long	90-Day Eurodollar December Futures	12/17/12	100		24,717,300		24,553,750		(163,550	)
Long	90-Day Eurodollar June Futures	6/13/11	260		64,610,825		64,714,000		103,175
Long	90-Day Eurodollar June Futures	6/18/12	165		40,863,250		40,746,750		(116,500	)
Long	90-Day Eurodollar June Futures	6/17/13	9		2,212,650		2,197,125		(15,525	)
Long	90-Day Eurodollar March Futures	3/14/11	597		148,629,963		148,705,238		75,275
Long	90-Day Eurodollar March Futures	3/19/12	197		48,849,975		48,782,125		(67,850	)
Long	90-Day Eurodollar March Futures	3/18/13	69		17,019,725		16,893,787		(125,938	)
Long	90-Day Eurodollar September Futures	9/19/11	148		36,749,075		36,794,650		45,575
Long	90-Day Eurodollar September Futures	9/17/12	153		37,914,313		37,678,163		(236,150	)
Long	90-Day Eurodollar September Futures	9/16/13	32		7,859,925		7,790,400		(69,525	)
Long	U.S. Treasury 2 Year Note March Futures	3/31/11	99		21,674,453		21,671,718		(2,735	)
Long	U.S. Treasury 5 Year Note March Futures	3/31/11	39		4,653,109		4,591,031		(62,078	)
Long	United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	12/21/11	11		2,121,135		2,116,964		(4,171	)
Long	United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	6/20/12	12		2,307,311		2,297,489		(9,822	)
Long	United Kingdom 90-Day LIBOR Sterling Interest Rate March Futures	3/21/12	12		2,311,150		2,303,803		(7,347	)
Long	United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	9/19/12	11		2,111,644		2,100,029		(11,615	)
Net unrealized depreciation									(680,756	)

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

(8) At period end, the Fund had the following open forward sales contracts:

Description	Interest Rate			Maturity Date		Settlement Date		Principal Amount ($)		Value ($)
Federal National Mortgage Association		4.50	%		TBA-30 Yr		2/10/11		1,000,000		1,023,594
(Proceeds receivable $1,019,258)											1,023,594

(9) At the period end, open forward foreign currency exchange contracts were as follows:

Counterparty	Contracts to Deliver		In Exchange For		Settlement Date	Unrealized Appreciation/ (Depreciation) ($)
Bank of America Securities LLC	USD	1,026,256	AUD	1,078,000	1/28/11		73,171
Bank of America Securities LLC	USD	300,000	INR	13,935,000	5/9/11		4,585
Bank of America Securities LLC	USD	100,000	KRW	113,830,000	5/9/11		741
Bank of America Securities LLC	USD	100,000	PHP	4,400,000	4/15/11		535
Bank of America Securities LLC	USD	70,381	TWD	2,141,000	4/6/11		3,257
Barclays Bank PLC	EUR	58,000	USD	75,978	1/25/11		(1,524	)
Barclays Bank PLC	EUR	708,000	USD	927,452	1/25/11		(18,606	)
Barclays Bank PLC	EUR	100,000	USD	133,678	1/25/11		54
Barclays Bank PLC	EUR	100,000	USD	132,080	1/25/11		(1,544	)
Barclays Bank PLC	EUR	200,000	USD	262,393	1/25/11		(4,855	)
Barclays Bank PLC	EUR	153,000	USD	200,775	1/25/11		(3,669	)
Barclays Bank PLC	USD	890,256	AUD	900,000	1/28/11		27,633
Barclays Bank PLC	USD	306,000	CNY	2,027,556	4/7/11		1,691
Barclays Bank PLC	USD	315,000	CNY	2,086,560	4/7/11		1,645
Barclays Bank PLC	USD	241,000	CNY	1,595,420	4/7/11		1,113
Barclays Bank PLC	USD	241,000	CNY	1,595,420	4/7/11		1,113
Barclays Bank PLC	USD	100,000	IDR	934,000,000	7/27/11		524
Barclays Bank PLC	USD	59,519	IDR	549,660,000	7/27/11		(361	)
Barclays Bank PLC	USD	385,218	INR	17,408,000	3/9/11		(427	)
Barclays Bank PLC	USD	498,168	JPY	41,486,000	1/14/11		12,858
Barclays Bank PLC	USD	893,461	JPY	74,865,000	1/14/11		28,729
Barclays Bank PLC	USD	201,619	JPY	16,702,000	1/14/11		4,117
Barclays Bank PLC	USD	202,379	JPY	16,765,000	1/14/11		4,133
Barclays Bank PLC	USD	36,856	KRW	41,400,000	5/9/11		(216	)
Barclays Bank PLC	USD	200,000	KRW	223,800,000	5/9/11		(1,935	)
Barclays Bank PLC	USD	775,127	MXN	9,951,850	2/22/11		27,934
Barclays Bank PLC	USD	36,498	MXN	482,864	2/22/11		2,467
Barclays Bank PLC	USD	100,000	MXN	1,303,090	2/22/11		5,152
Barclays Bank PLC	USD	100,000	MXN	1,282,850	2/22/11		3,519
Barclays Bank PLC	USD	400,000	MXN	5,002,600	2/22/11		3,683
Barclays Bank PLC	USD	400,000	MXN	4,997,600	2/22/11		3,279
Barclays Bank PLC	USD	51,502	MYR	160,000	2/7/11		265
Barclays Bank PLC	USD	100,000	PHP	4,248,000	4/15/11		(2,938	)
Barclays Bank PLC	USD	100,000	PHP	4,485,000	6/15/11		2,399
Barclays Bank PLC	USD	100,000	PHP	4,468,500	6/15/11		2,022
Barclays Bank PLC	USD	400,000	PHP	17,780,000	6/15/11		5,944
Barclays Bank PLC	USD	200,000	PHP	8,874,000	6/15/11		2,607
Barclays Bank PLC	USD	100,000	ZAR	728,400	1/28/11		10,183

See Notes to Financial Statements.

242

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

Counterparty (Continued)	Contracts to Deliver		In Exchange For		Settlement Date	Unrealized Appreciation/ (Depreciation) ($)
Barclays Bank PLC	USD	100,000	ZAR	760,150	9/13/11		11,456
Citibank NA	EUR	100,000	USD	132,477	1/25/11		(1,147	)
Citibank NA	EUR	151,000	USD	196,757	1/25/11		(5,015	)
Citibank NA	EUR	10,883,000	USD	15,131,233	1/25/11		588,945
Citibank NA	EUR	51,000	USD	70,648	1/25/11		2,500
Citibank NA	USD	11,835,746	BRL	20,184,681	3/2/11		176,034
Citibank NA	USD	7,550,926	EUR	5,581,000	1/6/11		(93,068	)
Citibank NA	USD	100,000	IDR	919,300,000	4/15/11		477
Citibank NA	USD	40,000	IDR	382,000,000	7/27/11		1,113
Citibank NA	USD	60,000	IDR	571,800,000	7/27/11		1,541
Citibank NA	USD	60,611	IDR	563,500,000	7/27/11		37
Citibank NA	USD	395,181	IDR	3,608,000,000	7/27/11		(6,863	)
Citibank NA	USD	100,000	JPY	8,121,670	1/6/11		34
Citibank NA	USD	100,000	JPY	8,110,470	1/6/11		(104	)
Citibank NA	USD	100,000	JPY	8,111,770	1/6/11		(88	)
Citibank NA	USD	297,557	JPY	25,055,000	1/14/11		11,072
Citibank NA	USD	100,000	KRW	115,410,000	1/19/11		1,710
Citibank NA	USD	129,257	KRW	145,000,000	5/9/11		(930	)
Citibank NA	USD	142,895	KRW	161,400,000	5/9/11		(54	)
Citibank NA	USD	89,286	KRW	100,000,000	5/9/11		(785	)
Citibank NA	USD	100,000	KRW	111,260,000	5/9/11		(1,534	)
Citibank NA	USD	100,000	KRW	112,500,000	5/9/11		(436	)
Citibank NA	USD	100,000	KRW	114,020,000	5/9/11		909
Citibank NA	USD	125,180	MXN	1,659,892	2/22/11		8,764
Citibank NA	USD	100,000	MXN	1,304,400	2/22/11		5,258
Citibank NA	USD	100,000	MXN	1,282,900	2/22/11		3,523
Citibank NA	USD	100,000	MXN	1,269,650	2/22/11		2,454
Citibank NA	USD	300,000	MXN	3,807,450	2/22/11		7,241
Citibank NA	USD	100,000	MXN	1,257,100	2/22/11		1,441
Citibank NA	USD	100,000	MXN	1,238,500	2/22/11		(60	)
Citibank NA	USD	300,000	MXN	3,695,400	2/22/11		(1,801	)
Citibank NA	USD	100,000	MXN	1,239,500	2/22/11		21
Citibank NA	USD	100,000	MXN	1,230,500	2/22/11		(705	)
Citibank NA	USD	45,161	MYR	140,000	2/7/11		134
Citibank NA	USD	100,000	PHP	4,410,000	2/7/11		777
Citibank NA	USD	100,000	PHP	4,413,000	2/7/11		846
Citibank NA	USD	50,000	PHP	2,137,500	4/15/11		(1,161	)
Citibank NA	USD	100,000	PHP	4,361,000	4/15/11		(356	)
Citibank NA	USD	93,928	PHP	4,130,000	6/15/11		366
Citibank NA	USD	100,182	PHP	4,400,000	6/15/11		276
Citibank NA	USD	100,000	PHP	4,270,000	6/15/11		(2,509	)
Citibank NA	USD	100,000	PHP	4,421,000	11/15/11		662
Citibank NA	USD	100,000	PHP	4,339,500	11/15/11		(1,193	)
Citibank NA	USD	100,000	PHP	4,389,000	11/15/11		(66	)
Citibank NA	USD	50,000	PHP	2,175,000	11/15/11		(477	)
Citibank NA	USD	100,000	PHP	4,455,000	11/15/11		1,436
Citibank NA	USD	100,000	PHP	4,310,000	11/15/11		(1,865	)
Citibank NA	USD	100,000	SGD	128,466	2/24/11		109
Citibank NA	USD	100,000	SGD	132,160	3/9/11		2,988

See Notes to Financial Statements.

243

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

Counterparty (Continued)	Contracts to Deliver		In Exchange For		Settlement Date	Unrealized Appreciation/ (Depreciation) ($)
Credit Suisse AG (London)	EUR	100,000	USD	132,951	1/6/11		(679	)
Credit Suisse AG (London)	EUR	300,000	USD	402,363	1/25/11		1,491
Credit Suisse AG (London)	EUR	100,000	USD	132,626	1/25/11		(998	)
Deutsche Bank AG (London)	CAD	1,086,000	USD	1,078,258	2/17/11		(13,071	)
Deutsche Bank AG (London)	EUR	152,000	USD	198,963	1/25/11		(4,145	)
Deutsche Bank AG (London)	TWD	1,500,000	USD	50,033	1/14/11		(1,428	)
Deutsche Bank AG (London)	TWD	1,093,872	USD	36,615	1/14/11		(913	)
Deutsche Bank AG (London)	USD	2,010,224	CNY	13,496,646	4/7/11		37,956
Deutsche Bank AG (London)	USD	393,639	IDR	3,651,000,000	10/31/11		(5,655	)
Deutsche Bank AG (London)	USD	200,012	JPY	16,755,000	1/14/11		6,377
Deutsche Bank AG (London)	USD	100,000	MXN	1,273,450	2/22/11		2,761
Deutsche Bank AG (London)	USD	201,472	MYR	625,268	2/7/11		826
Deutsche Bank AG (London)	USD	94,437	PHP	4,142,000	6/15/11		131
Deutsche Bank AG (London)	USD	100,000	PHP	4,321,000	6/15/11		(1,345	)
Deutsche Bank AG (London)	USD	50,000	PHP	2,202,500	11/15/11		149
Deutsche Bank AG (London)	USD	260,612	SGD	340,000	6/9/11		4,343
Deutsche Bank AG (London)	USD	141,785	SGD	184,476	6/9/11		1,974
Deutsche Bank AG (London)	USD	20,979	TWD	649,000	1/14/11		1,286
Deutsche Bank AG (London)	USD	10,066	TWD	316,872	1/14/11		805
Deutsche Bank AG (London)	USD	48,900	TWD	1,500,000	4/6/11		2,692
Deutsche Bank AG (London)	USD	50,420	TWD	1,500,000	4/6/11		1,172
Deutsche Bank AG (London)	USD	36,899	TWD	1,093,872	4/6/11		724
Goldman Sachs International	JPY	119,158,000	USD	1,415,666	1/14/11		(52,128	)
Goldman Sachs International	USD	29,378	KRW	33,337,650	5/9/11		127
Goldman Sachs International	USD	100,000	KRW	111,900,000	5/9/11		(967	)
Goldman Sachs International	USD	100,000	PHP	4,392,000	11/15/11		2
Goldman Sachs International	USD	100,000	SGD	128,530	3/9/11		159
Goldman Sachs International	USD	100,000	SGD	129,350	6/9/11		800
Goldman Sachs International	USD	50,000	SGD	64,790	6/9/11		490
Goldman Sachs International	USD	100,000	SGD	130,900	6/9/11		2,008
Goldman Sachs International	USD	100,000	SGD	128,690	6/9/11		285
Goldman Sachs International	USD	100,000	SGD	129,180	6/9/11		667
Goldman Sachs International	USD	100,000	SGD	130,000	6/9/11		1,306
HSBC Bank PLC	USD	207,115	CAD	211,000	2/17/11		4,921
HSBC Bank PLC	USD	242,000	CNY	1,602,040	4/7/11		1,117
HSBC Bank PLC	USD	242,000	CNY	1,602,040	4/7/11		1,117
HSBC Bank PLC	USD	110,000	IDR	1,046,100,000	7/27/11		2,589
HSBC Bank PLC	USD	110,000	IDR	1,041,150,000	7/27/11		2,056
HSBC Bank PLC	USD	100,000	IDR	930,000,000	7/27/11		93
HSBC Bank PLC	USD	14,696	IDR	136,500,000	7/27/11		(5	)
HSBC Bank PLC	USD	62,519	IDR	579,800,000	7/27/11		(117	)
HSBC Bank PLC	USD	70,372	KRW	79,000,000	5/9/11		(457	)
HSBC Bank PLC	USD	100,000	KRW	114,750,000	5/9/11		1,555
HSBC Bank PLC	USD	100,000	MYR	310,000	2/7/11		297
HSBC Bank PLC	USD	379,552	PHP	16,613,000	6/15/11		(252	)
HSBC Bank PLC	USD	200,000	SGD	262,260	2/24/11		4,370
HSBC Bank PLC	USD	100,000	SGD	130,180	2/24/11		1,445
HSBC Bank PLC	USD	100,000	SGD	130,331	2/24/11		1,562
HSBC Bank PLC	USD	100,000	SGD	132,170	3/9/11		2,996

See Notes to Financial Statements.

244

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

Counterparty (Continued)	Contracts to Deliver		In Exchange For		Settlement Date	Unrealized Appreciation/ (Depreciation) ($)
HSBC Bank PLC	USD	100,000	SGD	131,906	3/9/11		2,790
HSBC Bank PLC	USD	100,000	SGD	129,096	3/9/11		600
HSBC Bank PLC	USD	200,000	SGD	263,013	3/9/11		4,958
HSBC Bank PLC	USD	1,442,219	ZAR	10,107,790	1/28/11		86,762
JPMorgan Securities	EUR	199,000	USD	263,318	1/25/11		(2,593	)
JPMorgan Securities	KRW	2,391,598,819	USD	2,071,186	1/19/11		(36,504	)
JPMorgan Securities	USD	100,000	IDR	923,000,000	4/15/11		881
JPMorgan Securities	USD	50,000	IDR	472,000,000	7/27/11		800
JPMorgan Securities	USD	205,142	IDR	1,883,000,000	7/27/11		(2,481	)
JPMorgan Securities	USD	100,000	JPY	8,168,870	1/6/11		615
JPMorgan Securities	USD	66,667	KRW	77,333,720	1/19/11		1,486
JPMorgan Securities	USD	66,667	KRW	76,753,717	1/19/11		975
JPMorgan Securities	USD	66,667	KRW	76,400,382	1/19/11		664
JPMorgan Securities	USD	2,064,927	KRW	2,391,598,819	5/9/11		51,662
JPMorgan Securities	USD	159,872	KRW	181,300,000	5/9/11		580
JPMorgan Securities	USD	100,000	KRW	113,600,000	5/9/11		537
JPMorgan Securities	USD	100,000	KRW	113,370,000	5/9/11		334
JPMorgan Securities	USD	200,000	KRW	223,280,000	5/9/11		(2,395	)
JPMorgan Securities	USD	200,000	KRW	222,620,000	5/9/11		(2,979	)
JPMorgan Securities	USD	100,000	KRW	115,970,000	5/9/11		2,635
JPMorgan Securities	USD	200,000	KRW	224,540,000	5/9/11		(1,280	)
JPMorgan Securities	USD	100,000	KRW	113,650,000	5/9/11		581
JPMorgan Securities	USD	100,000	KRW	114,260,000	5/9/11		1,121
JPMorgan Securities	USD	100,000	MXN	1,269,450	2/22/11		2,438
JPMorgan Securities	USD	100,000	MXN	1,236,450	2/22/11		(225	)
JPMorgan Securities	USD	100,000	MYR	310,250	2/7/11		378
JPMorgan Securities	USD	200,000	MYR	617,200	2/7/11		(312	)
JPMorgan Securities	USD	100,000	PHP	4,406,000	2/7/11		686
JPMorgan Securities	USD	50,000	PHP	2,134,000	4/15/11		(1,241	)
JPMorgan Securities	USD	100,000	PHP	4,375,000	4/15/11		(37	)
JPMorgan Securities	USD	100,000	PHP	4,354,000	6/15/11		(592	)
JPMorgan Securities	USD	100,000	PHP	4,480,000	6/15/11		2,285
JPMorgan Securities	USD	100,000	PHP	4,492,000	6/15/11		2,559
JPMorgan Securities	USD	97,013	PHP	4,254,000	6/15/11		113
JPMorgan Securities	USD	100,000	PHP	4,320,000	6/15/11		(1,368	)
JPMorgan Securities	USD	100,000	PHP	4,310,000	11/15/11		(1,865	)
JPMorgan Securities	USD	100,000	PHP	4,410,000	11/15/11		412
JPMorgan Securities	USD	100,000	PHP	4,437,000	11/15/11		1,027
JPMorgan Securities	USD	66,667	SGD	87,294	1/14/11		1,355
JPMorgan Securities	USD	66,667	SGD	87,914	1/14/11		1,838
JPMorgan Securities	USD	100,000	SGD	131,720	1/14/11		2,640
JPMorgan Securities	USD	66,667	SGD	87,354	1/14/11		1,401
JPMorgan Securities	USD	100,000	SGD	129,640	3/9/11		1,024
JPMorgan Securities	USD	100,000	SGD	128,710	3/9/11		300
JPMorgan Securities	USD	50,000	SGD	64,295	6/9/11		104
JPMorgan Securities	USD	100,000	SGD	128,820	6/9/11		387
JPMorgan Securities	USD	100,000	SGD	131,000	6/9/11		2,086
JPMorgan Securities	USD	100,000	SGD	129,970	6/9/11		1,283
JPMorgan Securities	USD	26,314	TWD	831,000	1/14/11		2,196
JPMorgan Securities	USD	72,601	TWD	2,196,908	4/6/11		2,961

See Notes to Financial Statements.

245

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

Counterparty (Continued)	Contracts to Deliver		In Exchange For		Settlement Date	Unrealized Appreciation/ (Depreciation) ($)
JPMorgan Securities	USD	100,000	ZAR	728,400	1/28/11		10,183
JPMorgan Securities	USD	300,000	ZAR	2,090,850	4/28/11		12,321
Morgan Stanley Capital Services, Inc.	EUR	200,000	USD	264,446	1/25/11		(2,802	)
Morgan Stanley Capital Services, Inc.	USD	317,298	CAD	322,000	2/17/11		6,282
Morgan Stanley Capital Services, Inc.	USD	245,000	CNY	1,623,125	4/7/11		1,317
Morgan Stanley Capital Services, Inc.	USD	100,000	IDR	909,000,000	4/15/11		(649	)
Morgan Stanley Capital Services, Inc.	USD	199,304	JPY	16,780,000	1/14/11		7,393
Morgan Stanley Capital Services, Inc.	USD	100,000	KRW	115,160,000	1/19/11		1,489
Morgan Stanley Capital Services, Inc.	USD	200,000	KRW	230,220,000	1/19/11		2,890
Morgan Stanley Capital Services, Inc.	USD	100,000	KRW	115,110,000	1/19/11		1,445
Morgan Stanley Capital Services, Inc.	USD	100,000	KRW	115,208,000	1/19/11		1,532
Morgan Stanley Capital Services, Inc.	USD	200,000	KRW	228,920,000	1/19/11		1,745
Morgan Stanley Capital Services, Inc.	USD	200,000	KRW	227,820,000	1/19/11		775
Morgan Stanley Capital Services, Inc.	USD	100,000	KRW	113,060,000	1/19/11		(361	)
Morgan Stanley Capital Services, Inc.	USD	100,000	KRW	112,960,000	1/19/11		(450	)
Morgan Stanley Capital Services, Inc.	USD	200,000	KRW	226,080,000	1/19/11		(758	)
Morgan Stanley Capital Services, Inc.	USD	300,000	KRW	339,075,000	1/19/11		(1,177	)
Morgan Stanley Capital Services, Inc.	USD	200,000	KRW	222,088,000	1/19/11		(4,276	)
Morgan Stanley Capital Services, Inc.	USD	400,000	MXN	4,996,000	2/22/11		3,150
Morgan Stanley Capital Services, Inc.	USD	600,000	MXN	7,431,900	2/22/11		(286	)
Morgan Stanley Capital Services, Inc.	USD	100,000	MXN	1,303,220	2/22/11		5,163
Morgan Stanley Capital Services, Inc.	USD	100,000	MXN	1,283,600	2/22/11		3,580
Morgan Stanley Capital Services, Inc.	USD	100,000	MXN	1,284,100	2/22/11		3,620
Morgan Stanley Capital Services, Inc.	USD	200,000	MXN	2,548,700	2/22/11		5,666
Morgan Stanley Capital Services, Inc.	USD	100,000	MXN	1,268,940	2/22/11		2,397
Morgan Stanley Capital Services, Inc.	USD	100,000	MXN	1,269,940	2/22/11		2,477
Morgan Stanley Capital Services, Inc.	USD	100,000	MXN	1,266,350	2/22/11		2,188
Morgan Stanley Capital Services, Inc.	USD	200,000	MXN	2,531,300	2/22/11		4,262
Morgan Stanley Capital Services, Inc.	USD	100,000	MXN	1,269,200	2/22/11		2,418
Morgan Stanley Capital Services, Inc.	USD	100,000	MXN	1,268,950	2/22/11		2,397
Morgan Stanley Capital Services, Inc.	USD	100,000	MXN	1,258,000	2/22/11		1,514
Morgan Stanley Capital Services, Inc.	USD	100,000	MXN	1,257,320	2/22/11		1,459
Morgan Stanley Capital Services, Inc.	USD	100,000	MXN	1,238,900	2/22/11		(27	)
Morgan Stanley Capital Services, Inc.	USD	100,000	MXN	1,240,630	2/22/11		112
Morgan Stanley Capital Services, Inc.	USD	200,000	MXN	2,472,200	2/22/11		(507	)
Morgan Stanley Capital Services, Inc.	USD	100,000	MXN	1,237,850	2/22/11		(112	)
Morgan Stanley Capital Services, Inc.	USD	100,000	MXN	1,230,600	2/22/11		(697	)
Morgan Stanley Capital Services, Inc.	USD	100,000	MXN	1,253,150	2/22/11		1,122
Morgan Stanley Capital Services, Inc.	USD	100,000	MXN	1,237,350	2/22/11		(153	)
Morgan Stanley Capital Services, Inc.	USD	100,000	MXN	1,233,200	2/22/11		(487	)
Morgan Stanley Capital Services, Inc.	USD	100,000	MXN	1,243,000	2/22/11		303
Morgan Stanley Capital Services, Inc.	USD	100,000	MXN	1,242,900	2/22/11		295
Morgan Stanley Capital Services, Inc.	USD	100,000	MXN	1,247,150	2/22/11		638
Morgan Stanley Capital Services, Inc.	USD	100,000	SGD	131,114	2/24/11		2,173
Morgan Stanley Capital Services, Inc.	USD	25,362	TWD	797,000	1/14/11		1,981
Morgan Stanley Capital Services, Inc.	USD	300,000	ZAR	2,092,950	4/28/11		12,634
Morgan Stanley Capital Services, Inc.	USD	100,000	ZAR	759,900	9/13/11		11,419
Royal Bank of Canada	JPY	70,928,000	USD	842,365	1/14/11		(31,329	)
Royal Bank of Scotland PLC	EUR	100,000	USD	132,984	1/6/11		(646	)
Royal Bank of Scotland PLC	EUR	300,000	USD	394,657	1/25/11		(6,215	)

See Notes to Financial Statements.

246

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

Counterparty (Continued)	Contracts to Deliver		In Exchange For		Settlement Date		Unrealized Appreciation/ (Depreciation) ($)
Royal Bank of Scotland PLC	GBP	1,315,000	USD	2,055,680		3/21/11		6,751
Royal Bank of Scotland PLC	JPY	141,856,000	USD	1,687,737		1/14/11		(59,652	)
Royal Bank of Scotland PLC	SGD	394,281	USD	299,560		1/14/11		(7,674	)
Royal Bank of Scotland PLC	USD	793,086	CAD	803,000		2/17/11		13,854
Royal Bank of Scotland PLC	USD	40,000	IDR	378,000,000		7/27/11		683
Royal Bank of Scotland PLC	USD	830,387	IDR	7,707,650,000		10/31/11		(11,311	)
Royal Bank of Scotland PLC	USD	222,222	INR	10,000,000		3/9/11		(1,180	)
Royal Bank of Scotland PLC	USD	138,772	KRW	157,000,000		5/9/11		174
Royal Bank of Scotland PLC	USD	41,980	MYR	130,000		2/7/11		80
Royal Bank of Scotland PLC	USD	299,544	SGD	394,281		6/9/11		7,711
UBS AG	USD	200,000	JPY	16,341,780		1/6/11		1,281
Net unrealized appreciation								1,071,381

AUD	–	Australian Dollar
BRL	–	Brazilian Real
CAD	–	Canadian Dollar
CNY	–	Yuan Renminbi
EUR	–	Euro
GBP	–	Great British Pound
IDR	–	Indonesian Rupiah
INR	–	Indian Rupee
JPY	–	Japanese Yen
KRW	–	South Korean Won
MXN	–	Mexican Peso
MYR	–	Malaysian Ringgit
PHP	–	Philippine Peso
SGD	–	Singapore Dollar
TWD	–	New Taiwan Dollar
USD	–	United States Dollar
ZAR	–	South African Rand

(10) At the period end, open written option contracts were as follows:

Options on Exchange-Traded Futures Contracts

Type	Description	Expiration Date	Strike Price ($)	Number of Contracts		Value ($)
Call	90-Day Eurodollar September Futures	9/19/11	99.375		145		85,187
Put	90-Day Eurodollar September Futures	9/19/11	99.375		145		59,813
Call	U.S. Treasury 10 Year Note March Futures	1/21/11	129.00		39		609
Put	U.S. Treasury 10 Year Note March Futures	1/21/11	124.00		39		141,375
Written option contracts (Premium received, $188,270)					368		286,984

See Notes to Financial Statements.

247

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

Forward Volatility Agreements on Swaption Straddles

Description	Counterparty	Expiration Date	Exercise Price ($)		Notional Amount (000) ($)		Value ($)
Call & Put–OTC 1-Year vs. 1-Year Swaption Straddle	Goldman Sachs Bank	10/11/11		TBD		4,600		37,287
Call & Put–OTC 1-Year vs. 2-Year Swaption Straddle	Morgan Stanley Capital Services, Inc.****	10/11/11		TBD		14,000		235,498
Call & Put–OTC 1-Year vs. 2-Year Swaption Straddle	Morgan Stanley Capital Services, Inc.****	11/14/11		TBD		11,600		194,700
Forward volatility agreements (Premium received, $306,061)						30,200		467,485

TBD: To be determined. Exercise price and premium of the underlying swaption straddles to be determined on each Forward Volatility Agreement’s expiration date, based upon implied volatility parameters.

Inflation Floor Options

Description	Counterparty	Strike Index	Exercise Index	Expiration Date		Notional Amount (000) ($)		Value ($)
Floor - OTC CPURNSA Index	Citibank NA**	216.687	Maximum of [1-(Index Final/Index Initial)] or $0		4/7/20		2,100		20,927
Floor - OTC CPURNSA Index	Citibank NA**	217.965	Maximum of [1-(Index Final/Index Initial)] or $0		9/29/20		1,300		13,234
Floor - OTC CPURNSA Index	Deutsche Bank AG***	215.949	Maximum of [1-(Index Final/Index Initial)] or $0		3/10/20		1,000		10,352
Written inflation floor options (Premium received, $42,970)							4,400		44,513

Interest Rate Swaptions

Type

Description

Counterparty

Pay/Receive Floating Rate

Floating Rate

Exercise Rate

Expiration Date

Notional Amount (000) ($)

Value ($)

Put

OTC-2 Year Interest Rate Swap

Bank of America NA*

Pay

3-Month USD-LIBOR

2.25

%

9/24/12

7,100

96,201

Put

OTC-3 Year Interest Rate Swap

Bank of America NA*

Pay

3-Month USD-LIBOR

3.00

%

6/18/12

11,000

138,884

Put

OTC-10 Year Interest Rate Swap

Bank of America NA*

Pay

3-Month USD-LIBOR

4.00

%

6/13/11

1,700

25,923

Put

OTC-3 Year Interest Rate Swap

Barclays Bank PLC

Pay

3-Month USD-LIBOR

3.00

%

6/18/12

8,900

112,370

Put

OTC-10 Year Interest Rate Swap

Barclays Bank PLC

Pay

3-Month USD-LIBOR

4.00

%

6/13/11

900

13,724

Put

OTC-2 Year Interest Rate Swap

Citibank NA**

Pay

3-Month USD-LIBOR

2.25

%

9/24/12

800

10,839

Put

OTC-3 Year Interest Rate Swap

Citibank NA**

Pay

3-Month USD-LIBOR

3.00

%

6/18/12

7,800

98,481

See Notes to Financial Statements.

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Type

Description

Counterparty

Pay/Receive Floating Rate

Floating Rate

Exercise Rate

Expiration Date

Notional Amount (000) ($)

Value ($)

Put

OTC-5 Year Interest Rate Swap

Citibank NA**

Pay

3-Month USD-LIBOR

3.25

%

7/16/12

5,000

154,190

Put

OTC-3 Year Interest Rate Swap

Deutsche Bank AG***

Pay

3-Month USD-LIBOR

2.75

%

6/18/12

6,300

95,149

Put

OTC-3 Year Interest Rate Swap

Deutsche Bank AG***

Pay

3-Month USD-LIBOR

3.00

%

6/18/12

5,300

66,917

Put

OTC-10 Year Interest Rate Swap

Deutsche Bank AG***

Pay

3-Month USD-LIBOR

4.00

%

6/13/11

800

12,199

Put

OTC-1 Year Interest Rate Swap

Goldman Sachs Bank

Pay

3-Month USD-LIBOR

0.65

%

11/14/11

9,400

44,999

Put

OTC-1 Year Interest Rate Swap

Goldman Sachs Bank

Pay

3-Month USD-LIBOR

1.00

%

11/19/12

10,700

127,299

Put

OTC-2 Year Interest Rate Swap

Goldman Sachs Bank

Pay

3-Month USD-LIBOR

2.25

%

9/24/12

6,700

90,781

Put

OTC-10 Year Interest Rate Swap

Goldman Sachs Bank

Pay

3-Month USD-LIBOR

4.00

%

6/13/11

900

13,724

Put

OTC-2 Year Interest Rate Swap

Morgan Stanley Capital Services Inc.****

Pay

3-Month USD-LIBOR

2.25

%

9/24/12

3,500

47,423

Put

OTC-10 Year Interest Rate Swap

Morgan Stanley Capital Services Inc.****

Pay

3-Month USD-LIBOR

10.00

%

7/10/12

2,000

1,363

Put

OTC-1 Year Interest Rate Swap

Royal Bank of Scotland PLC

Pay

3-Month USD-LIBOR

1.75

%

11/19/12

12,200

92,159

Put

OTC-2 Year Interest Rate Swap

Royal Bank of Scotland PLC

Pay

3-Month USD-LIBOR

2.25

%

9/24/12

30,700

415,966

Put

OTC-3 Year Interest Rate Swap

Royal Bank of Scotland PLC

Pay

3-Month USD-LIBOR

2.75

%

6/18/12

5,900

89,108

Put

OTC-3 Year Interest Rate Swap

Royal Bank of Scotland PLC

Pay

3-Month USD-LIBOR

3.00

%

6/18/12

14,900

188,124

Put

OTC-5 Year Interest Rate Swap

Royal Bank of Scotland PLC

Pay

3-Month USD-LIBOR

3.25

%

7/16/12

1,700

52,425

Put

OTC-10 Year Interest Rate Swap

Royal Bank of Scotland PLC

Pay

3-Month USD-LIBOR

4.00

%

6/13/11

1,900

28,973

Written swaptions (Premium received, $1,342,130)

156,100

2,017,221

CPURNSA	–	Consumer Price All Urban Non-Seasonally Adjusted Index
LIBOR	–	London Interbank Offered Rate
OTC	–	Over the Counter
USD	–	United States Dollar

See Notes to Financial Statements.

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(11) At the period end, open swap contracts were as follows:

Interest Rate Swap Contracts

Counterparty	Pay/Receive Floating Rate		Floating Rate Index		Fixed Rate		Expiration Date		Notional Amount (000) ($)		Market Value ($)			Upfront Premiums Paid/ (Received) ($)			Unrealized Appreciation/ (Depreciation) ($)
Bank of America NA*		Pay		3-Month USD-LIBOR		1.95%		12/15/15		7,500		(72,716	)		—			(72,716	)
Goldman Sachs Bank		Pay		3-Month USD-LIBOR		1.25%		12/19/13		4,800		(44,586	)		235			(44,821	)
Goldman Sachs Bank		Pay		BRL-BZDIOVRA		12.65%		1/2/14		602		25,039			6,547			18,492
HSBC Bank USA, NA*****		Pay		MXN-TIIE-Banxico		7.33%		1/28/15		486		18,834			2,681			16,153
Morgan Stanley Capital Services, Inc.****		Pay		BRL-BZDIOVRA		12.59%		1/2/13		120		2,410			272			2,138
Morgan Stanley Capital Services, Inc.****		Pay		BRL-BZDIOVRA		12.51%		1/2/14		602		21,612			4,601			17,011
Morgan Stanley Capital Services, Inc.****		Receive		3-Month USD-LIBOR		4.25%		6/15/41		7,000		(39,135	)		12,250			(51,385	)
Royal Bank of Scotland PLC		Pay		3-Month CAD-CDOR		5.70%		12/18/24		3,218		63,715			(2,193	)		65,908
Total										24,328		(24,827	)		24,393			(49,220	)

BRL	–	Brazilian Real
BZDIOVRA	–	Brazilian Interbank Deposit Rate Over
CAD	–	Canadian Dollar
CDOR	–	Canadian Deposit Offered Rate
LIBOR	–	London Interbank Offered Rate
MXN	–	Mexican Peso
TIIE	–	Tasa de Interes Interbancaria de Equilibrio (Interbank Equilibrium Interest Rate)
USD	–	United States Dollar

Credit Default Swap Contracts on Corporate Issue – Buy Protection (a)

Counterparty	Reference Entity	(Pay)/Receive Fixed Rate			Expiration Date		Implied Credit Spread (b)		Notional Amount (c) (000) ($)		Market Value ($)			Unrealized Depreciation ($)
Barclays Bank PLC	Tate & Lyle International Finance PLC		(1.15	)%		6/20/16		1.08%		500		(1,843	)		(1,843	)

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

Credit Default Swap Contracts on Corporate and Sovereign Issues – Sell Protection (a)

Counterparty	Reference Entity	(Pay)/Receive Fixed Rate		Expiration Date		Implied Credit Spread (b)		Notional Amount (c) (000) ($)		Market Value ($)			Upfront Premiums Paid / (Received) ($)			Unrealized Appreciation/ (Depreciation) ($)
Bank of America NA*	General Electric Capital Corp.		1.00%		12/20/15		1.33%		500		(7,551	)		(9,796	)		2,245
Bank of America NA*	General Electric Capital Corp.		1.00%		12/20/15		1.33%		500		(7,551	)		(10,025	)		2,474
Bank of America NA*	Japan Government Bond		1.00%		3/20/16		0.72%		100		1,381			1,439			(58	)
Bank of America NA*	Japan Government Bond		1.00%		3/20/16		0.72%		200		2,763			2,676			87
Bank of America NA*	Metlife, Inc.		1.00%		12/20/15		1.61%		600		(16,822	)		(21,812	)		4,990
Bank of America NA*	Metlife, Inc.		1.00%		12/20/15		1.61%		900		(25,232	)		(50,283	)		25,051
Bank of America NA*	Prudential Financial, Inc.		1.00%		12/20/15		1.40%		700		(13,131	)		(20,428	)		7,297
Barclays Bank PLC	Brazilian Government International Bond		1.00%		6/20/15		1.02%		500		(380	)		(7,190	)		6,810
Barclays Bank PLC	United Mexican States, Series A		1.00%		3/20/15		1.02%		400		(313	)		(8,999	)		8,686
Barclays Bank PLC	United Mexican States, Series A		1.00%		9/20/15		1.09%		3,300		(12,792	)		(44,617	)		31,825
Citibank NA**	Brazilian Government International Bond		1.00%		9/20/15		1.05%		1,000		(2,335	)		(15,693	)		13,358
Citibank NA**	Metlife, Inc.		1.00%		12/20/15		1.61%		800		(22,429	)		(29,083	)		6,654
Citibank NA**	Turkey Government Bond		1.00%		12/20/15		1.36%		6,100		(102,320	)		(78,114	)		(24,206	)
Citibank NA**	United Mexican States, Series A		1.00%		3/20/15		1.02%		400		(313	)		(9,184	)		8,871
Deutsche Bank AG***	Brazilian Government International Bond		1.00%		12/20/15		1.08%		6,200		(23,982	)		(35,105	)		11,123
Deutsche Bank AG***	Brazilian Government International Bond		1.00%		6/20/15		1.02%		500		(381	)		(4,780	)		4,399
Deutsche Bank AG***	Japan Government Bond		1.00%		3/20/15		0.62%		700		10,961			8,131			2,830
Deutsche Bank AG***	United Mexican States, Series A		1.00%		3/20/15		1.02%		200		(157	)		(4,592	)		4,435
Deutsche Bank AG***	United Mexican States, Series A		1.00%		9/20/15		1.09%		3,000		(11,629	)		(40,561	)		28,932
Goldman Sachs International	Brazilian Government International Bond		1.00%		6/20/15		1.02%		500		(381	)		(6,716	)		6,335

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

Counterparty	Reference Entity		(Pay)/Receive Fixed Rate		Expiration Date		Implied Credit Spread (b)		Notional Amount (c) (000) ($)		Market Value ($)			Upfront Premiums Paid / (Received) ($)			Unrealized Appreciation/ (Depreciation) ($)
Goldman Sachs International		France Government Bond		0.25%		12/20/15		1.05%		300		(11,242	)		(5,883	)		(5,359	)
Goldman Sachs International		Metlife, Inc.		1.00%		9/20/15		1.56%		1,000		(24,829	)		(64,375	)		39,546
Goldman Sachs International		United Kingdom Gilt		1.00%		12/20/15		0.71%		500		6,801			11,507			(4,706	)
Goldman Sachs International		United Kingdom Gilt		1.00%		12/20/15		0.71%		1,000		13,602			23,194			(9,592	)
Goldman Sachs International		United Kingdom Gilt		1.00%		6/20/15		0.66%		2,200		32,339			20,327			12,012
HSBC Bank USA, NA*****		Brazilian Government International Bond		1.00%		9/20/15		1.05%		1,200		(2,802	)		(11,922	)		9,120
Morgan Stanley Capital Services, Inc.****		Brazilian Government International Bond		1.00%		6/20/15		1.02%		500		(380	)		(4,839	)		4,459
Morgan Stanley Capital Services, Inc.****		Brazilian Government International Bond		1.00%		9/20/15		1.05%		4,900		(11,442	)		(68,592	)		57,150
Royal Bank of Scotland PLC		France Government Bond		0.25%		12/20/15		1.05%		700		(26,231	)		(13,898	)		(12,333	)
Total										39,400		(256,778	)		(499,213	)		242,435

Credit Default Swap Contracts on Credit Indices – Sell Protection (a)

Counterparty	Reference Entity	(Pay)/Receive Fixed Rate		Expiration Date		Notional Amount (c) (000) ($)		Market Value (d) ($)		Upfront Premiums Paid / (Received) ($)			Unrealized Appreciation/ (Depreciation) ($)
Bank of America NA*	CDX.EM-14 Index		5.00%		12/20/15		5,000		680,263		685,000			(4,737	)
Bank of America NA*	CDX.HY-15 5-Year Index		5.00%		12/20/15		2,800		83,860		14,000			69,860
Bank of America NA*	CDX.IG-15 5-Year Index		1.00%		12/20/15		15,200		107,028		(17,986	)		125,014
Barclays Bank PLC	CDX.EM-13 Index		5.00%		6/20/15		6,000		758,334		769,300			(10,966	)
Barclays Bank PLC	CDX.EM-14 Index		5.00%		12/20/15		2,200		299,316		284,300			15,016
Barclays Bank PLC	CDX.HY-15 5-Year Index		5.00%		12/20/15		100		2,995		(1,250	)		4,245
Citibank NA**	CDX.EM-14 Index		5.00%		12/20/15		3,100		421,763		418,100			3,663
Citibank NA**	CDX.HY-15 5-Year Index		5.00%		12/20/15		1,100		32,945		(15,875	)		48,820
Citibank NA**	CDX.IG-15 5 Year Index		1.00%		12/20/15		2,500		17,603		(4,879	)		22,482
Deutsche Bank AG***	CDX.EM-13 Index		5.00%		6/20/15		2,000		252,778		246,500			6,278

See Notes to Financial Statements.

252

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

Counterparty	Reference Entity	(Pay)/Receive Fixed Rate		Expiration Date		Notional Amount (c) (000) ($)		Market Value (d) ($)		Upfront Premiums Paid / (Received) ($)			Unrealized Appreciation/ (Depreciation) ($)
Deutsche Bank AG***	CDX.EM-14 Index		5.00%		12/20/15		1,300		176,868		161,400			15,468
Deutsche Bank AG***	CDX.HY-15 5-Year Index		5.00%		12/20/15		2,500		74,875		(18,750	)		93,625
Deutsche Bank AG***	CDX.IG-15 5-Year Index		1.00%		12/20/15		8,200		57,739		(9,424	)		67,163
Goldman Sachs International	CDX.IG-15 5-Year Index		1.00%		12/20/15		2,400		16,899		(4,461	)		21,360
HSBC Bank USA, NA*****	CDX.EM-13 Index		5.00%		6/20/15		3,100		391,806		363,590			28,216
HSBC Bank USA, NA*****	CDX.EM-14 Index		5.00%		12/20/15		400		54,421		52,200			2,221
Morgan Stanley Capital Services, Inc.****	CDX.EM-13 Index		5.00%		6/20/15		1,900		240,139		214,250			25,889
Morgan Stanley Capital Services, Inc.****	CDX.EM-14 Index		5.00%		12/20/15		900		122,447		117,000			5,447
Morgan Stanley Capital Services, Inc.****	CDX.HY-15 5-Year Index		5.00%		12/20/15		15,375		460,480		76,563			383,917
Morgan Stanley Capital Services, Inc.****	CDX.IG-15 5-Year Index		1.00%		12/20/15		1,000		7,041		1,475			5,566
Royal Bank of Scotland PLC	CDX.HY-15 5-Year Index		5.00%		12/20/15		600		17,970		(4,125	)		22,095
Total							77,675		4,277,570		3,326,928			950,642

* ** *** **** ***** At the period end, cash of $590,000 has been received as collateral for these open swap and swaption contracts. At the period end, the broker pledged securities with a fair value of $759,635 to the Fund as collateral for these open swap and written option contracts. At the period end, cash of $285,000 has been received as collateral for these open swap and written option contracts. At the period end, cash of $700,000 has been received as collateral for these open swap and written option contracts. At the period end, cash of $500,000 has been received as collateral for these open swaps.

(a) If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional amount of the swap and in certain instances, take delivery of the security. As a buyer of protection, the Fund will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

(b) Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate and sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of that particular agreement.

(c) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(d) The quoted market prices and resulting values for credit default swap contracts on credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

See Notes to Financial Statements.

253

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PORTFOLIO OF INVESTMENTS (Continued) December 31, 2010 Sun Capital Advisers Trust

(12) Fair Value Measurements †

The following table summarizes the inputs used to value the Fund’s assets and liabilities, as applicable, measured at fair value at the period end:

Assets	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Asset Backed Securities	$	—		$	3,737,404		$	—	$	3,737,404
Collateralized Mortgage Obligations		—			20,218,431			—		20,218,431
Commercial Mortgage Backed Securities		—			9,887,477			—		9,887,477
Convertible Bonds (a)		—			2,856,500			—		2,856,500
Corporate Debt Obligations (a)		—			177,313,393			—		177,313,393
Foreign Government Agency Obligations		—			9,399,447			—		9,399,447
Foreign Government Obligations		—			21,641,507			—		21,641,507
Municipal Bonds		—			24,436,646			—		24,436,646
U.S. Treasury and U.S. Government Agency Obligations		319,882,072			340,017,802			—		659,899,874
Convertible Preferred Stocks (a)		200,110			—			—		200,110
Preferred Stocks (a)		—			5,284,440			—		5,284,440
Short Term Investments
U.S. Treasury		340,754			1,539,980			—		1,880,734
Mutual Funds		5,586,960			—			—		5,586,960
Total Short Term Investments		5,927,714			1,539,980			—		7,467,694
Total Investments		326,009,896			616,333,027			—		942,342,923
Financial Derivative Instruments
Futures Contracts		224,025			—			—		224,025
Forward Foreign Currency Exchange Contracts		—			1,494,454			—		1,494,454
Swap Contracts (a)		—			1,384,736			—		1,384,736
Total Financial Derivative Instruments	$	224,025		$	2,879,190		$	—	$	3,103,215
Liabilities
Financial Derivative Instruments
Futures Contracts	$	(904,781	)	$	—		$	—	$	(904,781	)
Forward Foreign Currency Exchange Contracts		—			(423,073	)		—		(423,073	)
Written Option Contracts (a)		(286,984	)		(511,998	)		—		(798,982	)
Written Swaption Contracts		—			(2,017,221	)		—		(2,017,221	)
Swap Contracts (a)		—			(242,722	)		—		(242,722	)
Total Financial Derivative Instruments		(1,191,765	)		(3,195,014	)		—		(4,386,779	)
Other Financial Instruments
Forward Sales Contracts		—			(4,336	)		—		(4,336	)
Total Other Financial Instruments	$	—		$	(4,336	)	$	—	$	(4,336	)

† See Note 2b in the Notes to Financial Statements for additional information.

(a) See Portfolio of Investments for additional detailed categorizations.

See Notes to Financial Statements.

254

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PORTFOLIO OF INVESTMENTS December 31, 2010 Sun Capital Advisers Trust

	Shares (2)		Value
INVESTMENT COMPANIES (1) – 99.8%
MFS Emerging Markets Equity Portfolio		1,599,465	$	28,582,441
MFS International Growth Portfolio		4,567,505		63,259,940
MFS Value Portfolio		5,703,574		79,336,708
SC AllianceBernstein International Value Fund		3,504,002		35,425,460
SC BlackRock Inflation Protected Bond Fund		9,037,150		96,155,279
SC BlackRock International Index Fund		2,716,070		28,192,805
SC BlackRock Large Cap Index Fund		4,507,487		42,235,158
SC Columbia Small Cap Value Fund		2,265,370		25,326,838
SC Davis Venture Value Fund		5,269,837		63,659,634
SC Goldman Sachs Mid Cap Value Fund		6,812,083		64,374,187
SC Goldman Sachs Short Duration Fund		14,740,185		151,971,306
SC Ibbotson Tactical Opportunities Fund		25,627,887		269,605,372
SC Invesco Small Cap Growth Fund		1,295,710		14,330,556
SC Lord Abbett Growth & Income Fund		3,876,427		32,717,047
SC PIMCO High Yield Fund		5,659,906		55,636,876
SC PIMCO Total Return Fund		11,589,801		134,209,893
SC WMC Blue Chip Mid Cap Fund		2,853,509		42,574,357
SC WMC Large Cap Growth Fund		6,865,722		66,666,160
Sun Capital Global Real Estate Fund		3,689,830		42,211,657
Sun Capital Investment Grade Bond Fund		11,351,452		106,590,132
Total Investment Companies (Cost $1,336,158,973)				1,443,061,806

	Principal Amount (000)		Value
SHORT TERM INVESTMENTS – 0.1%
REPURCHASE AGREEMENTS – 0.1%
State Street Bank and Trust Company, 0.01%, dated 12/31/10, due 1/3/11 (collateralized by $1,790,000 FHLMC, 0.172%, 6/20/11, with a value of $1,788,210, total to be received $1,751,434) (Amortized cost $1,751,432)	$	1,751	$	1,751,432
TOTAL INVESTMENTS – 99.9%
(Cost $1,337,910,405)				1,444,813,238
Other assets less liabilities – 0.1%				1,114,101
NET ASSETS – 100.0%			$	1,445,927,339

FHLMC Federal Home Loan Mortgage Corporation

(1) Sun Capital Advisers LLC or its affiliate, Massachusetts Financial Services Company (“MFS”), serves as investment adviser to these underlying funds. These are affiliated securities.

(2) Each investment is in the Initial Class shares.

See Notes to Financial Statements.

255

SC IBBOTSON BALANCED FUND PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2010	Sun Capital Advisers Trust

(3) Fair Value Measurements †

The following table summarizes the inputs used to value the Fund’s assets and liabilities, as applicable, measured at fair value at the period end:

Assets	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Investment Companies	$	1,443,061,806	$	—	$	—	$	1,443,061,806
Short Term Investments Repurchase Agreements		—		1,751,432		—		1,751,432
Total Investments	$	1,443,061,806	$	1,751,432	$	—	$	1,444,813,238

† See Note 2b in the Notes to Financial Statements for additional information.

See Notes to Financial Statements.

256

SC IBBOTSON CONSERVATIVE FUND

PORTFOLIO OF INVESTMENTS December 31, 2010 Sun Capital Advisers Trust

	Shares (2)		Value
INVESTMENT COMPANIES (1) – 99.9%
MFS International Growth Portfolio		1,832,251	$	25,376,672
MFS Value Portfolio		2,633,125		36,626,768
SC AllianceBernstein International Value Fund		1,712,998		17,318,414
SC BlackRock Inflation Protected Bond Fund		9,033,552		96,116,997
SC BlackRock International Index Fund		821,255		8,524,625
SC BlackRock Large Cap Index Fund		2,435,652		22,822,056
SC Columbia Small Cap Value Fund		1,065,594		11,913,345
SC Davis Venture Value Fund		1,926,210		23,268,621
SC Goldman Sachs Mid Cap Value Fund		3,641,883		34,415,794
SC Goldman Sachs Short Duration Fund		13,638,825		140,616,285
SC Ibbotson Tactical Opportunities Fund		6,395,816		67,283,988
SC Lord Abbett Growth & Income Fund		2,040,362		17,220,653
SC PIMCO High Yield Fund		3,842,958		37,776,276
SC PIMCO Total Return Fund		7,232,013		83,746,707
SC WMC Blue Chip Mid Cap Fund		1,501,538		22,402,940

	Shares (2)		Value
SC WMC Large Cap Growth Fund		3,343,106	$	32,461,557
Sun Capital Investment Grade Bond Fund		8,867,188		83,262,898
Total Investment Companies (Cost $703,999,934)				761,154,596
	Principal Amount (000)
SHORT TERM INVESTMENTS – 0.2%
REPURCHASE AGREEMENTS – 0.2%
State Street Bank and Trust Company, 0.01%, dated 12/31/10, due 1/3/11 (collateralized by $1,040,000 FHLMC, 0.172%, 6/20/11, with a value of $1,038,960, total to be received $1,017,178) (Amortized cost $1,017,177)	$	1,017		1,017,177
TOTAL INVESTMENTS – 100.1%
(Cost $705,017,111)				762,171,773
Liabilities in excess of other assets – (0.1)%				(429,516	)
NET ASSETS – 100.0%			$	761,742,257

FHLMC Federal Home Loan Mortgage Corporation

(1) Sun Capital Advisers LLC or its affiliate, MFS, serves as investment adviser to these underlying funds. These are affiliated securities.

(2) Each investment is in the Initial Class shares.

(3) Fair Value Measurements †

The following table summarizes the inputs used to value the Fund’s assets and liabilities, as applicable, measured at fair value at the period end:

Assets	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Investment Companies	$	761,154,596	$	—	$	—	$	761,154,596
Short Term Investments Repurchase Agreements		—		1,017,177		—		1,017,177
Total Investments	$	761,154,596	$	1,017,177	$	—	$	762,171,773

† See Note 2b in the Notes to Financial Statements for additional information.

See Notes to Financial Statements.

257

SC IBBOTSON GROWTH FUND

PORTFOLIO OF INVESTMENTS December 31, 2010 Sun Capital Advisers Trust

	Shares (2)		Value
INVESTMENT COMPANIES (1) – 100.0%
MFS Emerging Markets Equity Portfolio		682,836	$	12,202,273
MFS International Growth Portfolio		2,593,662		35,922,212
MFS Value Portfolio		3,202,257		44,543,389
SC AllianceBernstein International Value Fund		1,752,069		17,713,416
SC BlackRock Inflation Protected Bond Fund		2,171,113		23,100,642
SC BlackRock International Index Fund		1,728,226		17,938,989
SC BlackRock Large Cap Index Fund		2,541,843		23,817,066
SC BlackRock Small Cap Index Fund		617,517		8,101,822
SC Columbia Small Cap Value Fund		1,013,796		11,334,243
SC Davis Venture Value Fund		3,929,728		47,471,116
SC Goldman Sachs Mid Cap Value Fund		2,884,238		27,256,048
SC Goldman Sachs Short Duration Fund		1,078,730		11,121,710
SC Ibbotson Tactical Opportunities Fund		11,274,554		118,608,306
SC Invesco Small Cap Growth Fund		560,041		6,194,056
SC Lord Abbett Growth & Income Fund		2,890,979		24,399,861
SC PIMCO Total Return Fund		4,330,889		50,151,698

	Shares (2)		Value
SC WMC Blue Chip Mid Cap Fund		1,235,154	$	18,428,494
SC WMC Large Cap Growth Fund		4,324,593		41,991,797
Sun Capital Global Real Estate Fund		2,030,616		23,230,242
Sun Capital Investment Grade Bond Fund		2,884,083		27,081,540
Total Investment Companies (Cost $527,511,489)				590,608,920
	Principal Amount (000)
SHORT TERM INVESTMENTS – 0.0%+
REPURCHASE AGREEMENTS – 0.0% +
State Street Bank and Trust Company, 0.01%, dated 12/31/10, due 1/3/11 (collateralized by $80,000 U.S. FHLMC, 0.172%, 6/20/11, with a value of $79,920, total to be received $78,079) (Amortized cost $78,079)	$	78		78,079
TOTAL INVESTMENTS – 100.0%
(Cost $527,589,568)				590,686,999
Liabilities in excess of other assets – (0.0)% +				(147,792	)
NET ASSETS – 100.0%			$	590,539,207

FHLMC Federal Home Loan Mortgage Corporation

+ Amount is less than 0.05%.

(1) Sun Capital Advisers LLC or its affiliate, MFS, serves as investment adviser to these underlying funds. These are affiliated securities.

(2) Each investment is in the Initial Class shares.

See Notes to Financial Statements.

258

SC IBBOTSON GROWTH FUND PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2010	Sun Capital Advisers Trust

(3) Fair Value Measurements †

The following table summarizes the inputs used to value the Fund’s assets and liabilities, as applicable, measured at fair value at the period end:

Assets	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Investment Companies	$	590,608,920	$	—	$	—	$	590,608,920
Short Term Investments Repurchase Agreements		—		78,079		—		78,079
Total Investments	$	590,608,920	$	78,079	$	—	$	590,686,999

† See Note 2b in the Notes to Financial Statements for additional information.

See Notes to Financial Statements.

259

STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2010	Sun Capital Advisers Trust

	SC AllianceBernstein International Value Fund		SC BlackRock International Index Fund			SC BlackRock Large Cap Index Fund		SC BlackRock Small Cap Index Fund			SC Goldman Sachs Mid Cap Value Fund
ASSETS
Investments, at value
Securities	$	74,141,285	$	54,114,704		$	106,096,582	$	180,299,231		$	272,165,370
Total Investments		74,141,285		54,114,704			106,096,582		180,299,231			272,165,370
Cash		—		—			—		—			103,330
Foreign currency, at value		164,887		505,673			—		—			—
Margin deposits with broker		25,514		145,000			368,000		379,000			—
Interest and dividends receivable		101,001		25,763			120,127		196,216			266,559
Receivable for Fund shares sold		29,527		176,899			66,934		34,108			81,057
Receivable for investments sold		1,826		—			—		—			—
Variation margin receivable		209		7,307			—		—			—
Receivable due from Adviser		—		66,126			—		—			—
Other assets		1,522		1,165			2,284		3,929			1,498
Total Assets		74,465,771		55,042,637			106,653,927		180,912,484			272,617,814
LIABILITIES
Payable for investments purchased - regular delivery		149,312		30,484			—		—			103,330
Payable for Fund shares redeemed		95		—			405		47,518			24,775
Investment advisory fee payable		13,255		—			31,860		73,912			641,679
Distribution fee (Service Class) payable		325		28			1,776		14,863			2,924
Variation margin payable		—		—			3,302		34,170			45,990
Accrued expenses and other liabilities		50,949		122,321			40,166		63,846			181
Total Liabilities		213,936		152,833			77,509		234,309			818,879
NET ASSETS	$	74,251,835	$	54,889,804		$	106,576,418	$	180,678,175		$	271,798,935
COMPOSITION OF NET ASSETS
Paid-in Capital	$	61,101,099	$	52,943,581		$	81,765,997	$	165,391,005		$	187,019,383
Accumulated undistributed net investment income (loss)		1,643,157		(26,586	)		1,345,539		791,322			3,346,874
Accumulated net realized gain (loss) on investments and foreign currency related transactions		4,091,120		(28,536	)		17,284,946		(3,544,153	)		22,471,427
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		7,416,459		2,001,345			6,179,936		18,040,001			58,961,251
	$	74,251,835	$	54,889,804		$	106,576,418	$	180,678,175		$	271,798,935
Initial Class
Net Assets	$	71,186,420	$	54,634,591		$	90,267,229	$	45,720,356		$	245,160,981
Shares of beneficial interest		7,037,858		5,265,551			9,630,076		3,485,955			25,951,851
Net asset value per share	$	10.11	$	10.38		$	9.37	$	13.12		$	9.45
Service Class
Net Assets	$	3,065,415	$	255,213		$	16,309,189	$	134,957,819		$	26,637,954
Shares of beneficial interest		303,944		24,603			1,701,470		10,424,636			2,829,735
Net asset value per share	$	10.09	$	10.37		$	9.59	$	12.95		$	9.41
Investments, at cost	$	66,723,401	$	52,136,312		$	99,971,412	$	162,308,448		$	213,198,197
Foreign currency, at cost	$	162,503	$	498,562		$	—	$	—		$	—

See Notes to Financial Statements.

260

STATEMENTS OF ASSETS AND LIABILITIES (Continued)
December 31, 2010	Sun Capital Advisers Trust

	SC Columbia Small Cap Value Fund		SC Davis Venture Value Fund		SC Invesco Small Cap Growth Fund		SC Lord Abbett Growth & Income Fund		SC WMC Blue Chip Mid Cap Fund
ASSETS
Investments, at value
Securities	$	60,933,820	$	424,008,478	$	31,022,073	$	559,022,698	$	166,763,235
Repurchase Agreements		265,198		—		336,616		—		2,142,089
Total Investments		61,199,018		424,008,478		31,358,689		559,022,698		168,905,324
Cash		900		1,185		—		—		—
Interest and dividends receivable		60,694		404,744		8,043		287,404		66,214
Receivable for Fund shares sold		6,884		3,122		31,523		4,381		111,266
Receivable for investments sold		3,484		24,586		132,547		3,086,091		84,510
Other assets		1,233		9,411		689		3,143		3,228
Total Assets		61,272,213		424,451,526		31,531,491		562,403,717		169,170,542
LIABILITIES
Payable for investments purchased - regular delivery		120,867		120,212		133,375		2,629,718		253,173
Payable for Fund shares redeemed		—		207,025		71		194,228		23,639
Investment advisory fee payable		40,717		272,268		16,368		1,117,790		104,952
Distribution fee (Service Class) payable		1,372		29,074		1,194		1,503		4,469
Accrued expenses and other liabilities		34,819		58,553		32,320		381		41,481
Total Liabilities		197,775		687,132		183,328		3,943,620		427,714
NET ASSETS	$	61,074,438	$	423,764,394	$	31,348,163	$	558,460,097	$	168,742,828
COMPOSITION OF NET ASSETS
Paid-in Capital	$	46,080,706	$	323,037,345	$	23,631,629	$	343,818,730	$	140,798,805
Accumulated undistributed net investment income		310,060		1,811,049		—		3,182,309		105,271
Accumulated net realized gain (loss) on investments and foreign currency related transactions		9,724,316		16,663,692		1,314,784		80,063,241		(3,689,686	)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		4,959,356		82,252,308		6,401,750		131,395,817		31,528,438
	$	61,074,438	$	423,764,394	$	31,348,163	$	558,460,097	$	168,742,828
Initial Class
Net Assets	$	48,781,805	$	157,651,983	$	20,586,765	$	544,716,458	$	128,115,411
Shares of beneficial interest		4,364,205		13,055,113		1,862,063		64,561,760		8,585,138
Net asset value per share	$	11.18	$	12.08	$	11.06	$	8.44	$	14.92
Service Class
Net Assets	$	12,292,633	$	266,112,411	$	10,761,398	$	13,743,639	$	40,627,417
Shares of beneficial interest		1,103,042		22,092,489		979,627		1,635,070		2,740,758
Net asset value per share	$	11.14	$	12.05	$	10.99	$	8.41	$	14.82
Investments, at cost	$	56,239,662	$	341,761,254	$	24,956,939	$	427,626,881	$	137,376,886

See Notes to Financial Statements.

261

STATEMENTS OF ASSETS AND LIABILITIES (Continued)
December 31, 2010	Sun Capital Advisers Trust

	SC WMC Large Cap Growth Fund			Sun Capital Global Real Estate Fund			SC Ibbotson Tactical Opportunities Fund		Sun Capital Investment Grade Bond Fund		Sun Capital Money Market Fund
ASSETS
Investments, at value
Securities	$	191,330,621		$	253,676,937		$	454,046,886	$	456,027,299	$	186,917,274
Repurchase Agreements		80,092			—			—		—		—
Total Investments		191,410,713			253,676,937			454,046,886		456,027,299		186,917,274
Cash		—			8,995			—		56,837		—
Foreign currency, at value		—			69,215			—		—		—
Interest and dividends receivable		105,788			988,446			253,933		2,686,068		5,723
Receivable for Fund shares sold		—			58,991			1,317,943		456,946		546,360
Receivable for investments sold		286,174			—			—		—		—
Receivable due from Adviser		—			—			—		—		32,121
Other assets		4,202			5,384			9,196		8,171		4,004
Total Assets		191,806,877			254,807,968			455,627,958		459,235,321		187,505,482
LIABILITIES
Payable for investments purchased - regular delivery		287,754			—			—		—		—
Payable for investments purchased - delayed delivery		—			—			—		85,816,862		—
Payable for Fund shares redeemed		250,552			56,712			—		34,044		969,449
Investment advisory fee payable		102,488			201,555			93,108		190,014		—
Distribution fee (Service Class) payable		2,080			15,308			—		13,561		13,047
Accrued expenses and other liabilities		43,850			53,487			111,979		66,482		36,961
Total Liabilities		686,724			327,062			205,087		86,120,963		1,019,457
NET ASSETS	$	191,120,153		$	254,480,906		$	455,422,871	$	373,114,358	$	186,486,025
COMPOSITION OF NET ASSETS
Paid-in Capital	$	156,131,735		$	288,689,051		$	434,342,766	$	360,746,804	$	186,484,427
Accumulated undistributed net investment income (loss)		591,957			(870,323	)		3,891,690		9,304		422
Accumulated net realized gain (loss) on investments, capital gains distributions from underlying funds and foreign currency related transactions		(1,930,453	)		(84,458,827	)		503,159		7,165,641		1,176
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		36,326,914			51,121,005			16,685,256		5,192,609		—
	$	191,120,153		$	254,480,906		$	455,422,871	$	373,114,358	$	186,486,025
Initial Class
Net Assets	$	172,337,679		$	111,981,279		$	455,422,871	$	245,189,777	$	67,784,791
Shares of beneficial interest		17,740,170			9,791,855			43,298,257		26,101,133		67,761,305
Net asset value per share	$	9.71		$	11.44		$	10.52	$	9.39	$	1.00
Service Class
Net Assets	$	18,782,474		$	142,499,627		$	—	$	127,924,581	$	118,701,234
Shares of beneficial interest		1,946,629			11,301,850			—		13,520,975		118,724,302
Net asset value per share	$	9.65		$	12.61		$	—	$	9.46	$	1.00
Investments, at cost	$	155,083,947		$	202,559,479		$	437,361,630	$	450,834,690	$	186,917,274
Foreign currency, at cost	$	—		$	68,581		$	—	$	—	$	—

See Notes to Financial Statements.

262

STATEMENTS OF ASSETS AND LIABILITIES (Continued)
December 31, 2010	Sun Capital Advisers Trust

	SC BlackRock Inflation Protected Bond Fund			SC Goldman Sachs Short Duration Fund		SC PIMCO High Yield Fund		SC PIMCO Total Return Fund
ASSETS
Investments, at value
Securities	$	379,556,984		$	1,300,575,199	$	170,513,322	$	942,342,923
Total Investments		379,556,984			1,300,575,199		170,513,322		942,342,923
Cash		—			201,211		284,534		88,411
Foreign currency, at value		261			—		127,303		392,226
Margin deposits with broker		—			—		—		9,000
Interest and dividends receivable		2,091,902			6,019,145		2,915,776		3,989,351
Receivable for Fund shares sold		679,632			833,275		253,317		993,420
Receivable for investments sold		—			127,525,243		—		3,654,953
Variation margin receivable		—			—		1,325		252,353
Unrealized appreciation on forward foreign currency exchange contracts		—			—		231,914		1,494,454
Unrealized appreciation on swaps		117,132			—		278,084		1,384,736
Swap premiums paid		—			—		—		3,497,538
Other assets		21,821			6,489		3,227		122,531
Total Assets		382,467,732			1,435,160,562		174,608,802		958,221,896
LIABILITIES
Forward sales contract, at value (proceeds receivable $0; $0; $0 and $1,019,258, respectively)		—			—		—		1,023,594
Payable for investments purchased - regular delivery		—			—		1,031,927		—
Payable for investments purchased - delayed delivery		—			278,966,742		495,000		192,903,775
Cash collateral received from broker		—			—		—		2,705,000
Payable for Fund shares redeemed		—			221,313		48,772		—
Investment advisory fee payable		496,160			1,636,072		235,307		998,748
Distribution fee (Service Class) payable		17,209			16,134		3,468		51,260
Variation margin payable		296,798			103,893		—		—
Options written (Premium $1,282,390; $0; $0 and $1,879,431, respectively)		1,271,483			—		—		2,816,203
Unrealized depreciation on forward foreign currency exchange contracts		638,947			—		34,765		423,073
Accrued expenses and other liabilities		94,615			789		119		4,603
Swap premiums received		—			—		207,300		645,430
Unrealized depreciation on swaps		702,330			—		—		242,722
Total Liabilities		3,517,542			280,944,943		2,056,658		201,814,408
NET ASSETS	$	378,950,190		$	1,154,215,619	$	172,552,144	$	756,407,488
COMPOSITION OF NET ASSETS
Paid-in Capital	$	368,710,266		$	1,137,017,126	$	152,755,192	$	725,637,308
Accumulated undistributed net investment income (loss)		638,947			—		366,223		(586,403	)
Accumulated net realized gain (loss) on investments and foreign currency related transactions		12,805,081			6,478,393		4,120,351		23,112,585
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(3,204,104	)		10,720,100		15,310,378		8,243,998
	$	378,950,190		$	1,154,215,619	$	172,552,144	$	756,407,488
Initial Class
Net Assets	$	217,591,260		$	1,004,463,643	$	140,327,300	$	273,150,069
Shares of beneficial interest		20,456,095			97,411,988		14,276,322		23,592,087
Net asset value per share	$	10.64		$	10.31	$	9.83	$	11.58
Service Class
Net Assets	$	161,358,930		$	149,751,976	$	32,224,844	$	483,257,419
Shares of beneficial interest		15,201,700			14,530,688		3,278,154		41,744,512
Net asset value per share	$	10.61		$	10.31	$	9.83	$	11.58
Investments, at cost	$	381,117,445		$	1,289,912,473	$	155,926,203	$	934,697,712
Foreign currency, at cost	$	256		$	—	$	126,138	$	386,129

See Notes to Financial Statements.

263

STATEMENTS OF ASSETS AND LIABILITIES (Continued)
December 31, 2010	Sun Capital Advisers Trust

	SC Ibbotson Balanced Fund		SC Ibbotson Conservative Fund		SC Ibbotson Growth Fund
ASSETS
Investments, at value
Affiliated securities	$	1,443,061,806	$	761,154,596	$	590,608,920
Repurchase Agreements		1,751,432		1,017,177		78,079
Total Investments		1,444,813,238		762,171,773		590,686,999
Interest and dividends receivable		1,203,326		901,253		265,894
Receivable for Fund shares sold		3,201,317		799,171		86,562
Other assets		30,518		16,277		12,796
Total Assets		1,449,248,399		763,888,474		591,052,251
LIABILITIES
Payable for investments purchased - regular delivery		2,954,758		1,918,430		343,973
Investment advisory fee payable		115,429		82,210		50,462
Distribution fee (Service Class) payable		155,374		81,851		64,145
Accrued expenses and other liabilities		95,499		63,726		54,464
Total Liabilities		3,321,060		2,146,217		513,044
NET ASSETS	$	1,445,927,339	$	761,742,257	$	590,539,207
COMPOSITION OF NET ASSETS
Paid-in Capital	$	1,260,863,534	$	674,363,027	$	469,199,682
Accumulated undistributed net investment income		20,455,821		10,819,968		9,256,393
Accumulated net realized gain (loss) on investments and capital gain distributions from affiliated underlying funds		57,705,151		19,404,600		48,985,701
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		106,902,833		57,154,662		63,097,431
	$	1,445,927,339	$	761,742,257	$	590,539,207
Initial Class
Net Assets	$	1,686,659	$	5,052,643	$	1,616,478
Shares of beneficial interest		136,395		428,576		129,592
Net asset value per share	$	12.37	$	11.79	$	12.47
Service Class
Net Assets	$	1,444,240,680	$	756,689,614	$	588,922,729
Shares of beneficial interest		116,921,927		64,200,943		47,227,759
Net asset value per share	$	12.35	$	11.79	$	12.47
Investments, at cost	$	1,337,910,405	$	705,017,111	$	527,589,568

See Notes to Financial Statements.

264

STATEMENTS OF OPERATIONS
For the Year Ended December 31, 2010	Sun Capital Advisers Trust

	SC AllianceBernstein International Value Fund			SC BlackRock International Index Fund*			SC BlackRock Large Cap Index Fund			SC BlackRock Small Cap Index Fund			SC Goldman Sachs Mid Cap Value Fund
INVESTMENT INCOME
Interest	$	2,780		$	751		$	388		$	20,414		$	14,427
Dividends (net of foreign withholding taxes of $187,406; $5,747; $0; $8,873 and $0, respectively)		1,975,762			50,748			2,338,816			2,723,036			5,955,368
Total investment income		1,978,542			51,499			2,339,204			2,743,450			5,969,795
EXPENSES
Investment advisory fee		452,664			26,390			737,104			1,330,326			—
Unified management fee		—			—			—			—			2,541,104
Distribution fee (Service Class)		5,661			78			34,082			330,287			56,798
Custody		149,508			69,177			46,435			199,878			—
Accounting		49,950			4,023			48,950			48,950			—
Audit		42,564			38,661			32,375			32,324			—
Legal		8,197			673			14,412			18,521			5,183
Printing		1,006			151			2,712			7,298			—
Administration		46,191			3,978			65,169			96,689			—
Transfer agent		7,186			801			9,892			9,242			—
Trustees fees		2,711			452			4,092			7,407			9,460
Insurance		1,581			57			2,187			4,980			1,829
Registration fees		814			5,925			338			—			—
Miscellaneous fees		1,699			310			2,781			5,541			—
Total expenses		769,732			150,676			1,000,529			2,091,443			2,614,374
Less: Reduction of investment advisory fees or unified           management fees		(225,183	)		(26,390	)		(12,062	)		(67,163	)		—
Reimbursement of operating expenses		—			(84,623	)		—			—			—
Net expenses		544,549			39,663			988,467			2,024,280			2,614,374
Net investment income		1,433,993			11,836			1,350,737			719,170			3,355,421
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments		4,553,162			(25,426	)		17,272,801			46,540,808			21,580,575
Futures		54,039			16,418			133,245			222,369			1,502,752
Foreign currency related transactions		154,410			(58,027	)		—			157			—
Net realized gain (loss)		4,761,611			(67,035	)		17,406,046			46,763,334			23,083,327
Change in unrealized appreciation (depreciation) on:
Investments		(572,335	)		1,978,392			(277,524	)		(7,639,312	)		23,662,060
Futures		(48,444	)		15,876			54,766			49,218			(92,106	)
Assets and liabilities in foreign currencies		6,769			7,077			—			(6	)		—
Change in unrealized appreciation (depreciation)		(614,010	)		2,001,345			(222,758	)		(7,590,100	)		23,569,954
Net realized and unrealized gain (loss)		4,147,601			1,934,310			17,183,288			39,173,234			46,653,281
Net increase (decrease) in net assets from operations	$	5,581,594		$	1,946,146		$	18,534,025		$	39,892,404		$	50,008,702

* For the period November 15, 2010 (commencement of operations) to December 31, 2010.

See Notes to Financial Statements.

265

STATEMENTS OF OPERATIONS (Continued)
For the Year Ended December 31, 2010	Sun Capital Advisers Trust

	SC Columbia Small Cap Value Fund			SC Davis Venture Value Fund			SC Invesco Small Cap Growth Fund			SC Lord Abbett Growth & Income Fund			SC WMC Blue Chip Mid Cap Fund
INVESTMENT INCOME
Interest	$	208		$	201,028		$	—		$	31,214		$	3,355
Dividends (net of foreign withholding taxes of $68; $99,773; $1,681; $30,726 and $0, respectively)		878,543			6,674,684			150,078			7,708,731			1,506,722
Total investment income		878,751			6,875,712			150,078			7,739,945			1,510,077
EXPENSES
Investment advisory fee		430,198			3,215,546			229,336			—			1,052,768
Unified management fee		—			—			—			4,527,889			—
Distribution fee (Service Class)		22,782			610,570			20,641			29,883			99,279
Custody		78,631			112,007			45,995			—			55,340
Accounting		48,950			48,950			48,950			—			48,950
Audit		32,302			32,499			32,301			—			32,499
Legal		38,756			40,800			2,978			11,039			12,170
Printing		698			6,756			348			—			1,956
Administration		34,497			213,838			23,808			—			74,078
Transfer agent		6,706			11,114			6,973			—			10,954
Trustees fees		1,894			16,971			942			20,710			5,122
Insurance		1,632			10,218			835			4,644			3,261
Registration fees		682			421			580			—			2,317
Miscellaneous fees		1,548			8,213			1,108			—			2,801
Total expenses		699,276			4,327,903			414,795			4,594,165			1,401,495
Less: Reduction of investment advisory fees or unified management fees		(126,797	)		—			(116,536	)		(36,406	)		—
Net expenses		572,479			4,327,903			298,259			4,557,759			1,401,495
Net investment income (loss)		306,272			2,547,809			(148,181	)		3,182,186			108,582
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments		10,133,367			31,586,384			1,661,528			81,512,832			15,478,126
Foreign currency related transactions		(6	)		(13,757	)		—			372			21
Net realized gain (loss)		10,133,361			31,572,627			1,661,528			81,513,204			15,478,147
Change in unrealized appreciation (depreciation) on:
Investments		(518,490	)		18,969,904			4,731,050			6,557,057			14,767,039
Assets and liabilities in foreign currencies		—			3,793			—			—			8
Change in unrealized appreciation (depreciation)		(518,490	)		18,973,697			4,731,050			6,557,057			14,767,047
Net realized and unrealized gain (loss)		9,614,871			50,546,324			6,392,578			88,070,261			30,245,194
Net increase (decrease) in net assets from operations	$	9,921,143		$	53,094,133		$	6,244,397		$	91,252,447		$	30,353,776

See Notes to Financial Statements.

266

STATEMENTS OF OPERATIONS (Continued)
For the Year Ended December 31, 2010	Sun Capital Advisers Trust

	SC WMC Large Cap Growth Fund			Sun Capital Global Real Estate Fund			SC Ibbotson Tactical Opportunities Fund*			Sun Capital Investment Grade Bond Fund		Sun Capital Money Market Fund
INVESTMENT INCOME
Interest	$	—		$	10,163		$	1,256		$	12,734,550	$	430,425
Dividends (net of foreign withholding taxes of $4,803; $209,367; $0; $0 and $0, respectively)		2,210,590			9,720,491			4,111,278			—		—
Total investment income		2,210,590			9,730,654			4,112,534			12,734,550		430,425
EXPENSES
Investment advisory fee		1,443,257			2,224,455			188,505			1,818,799		985,267
Distribution fee (Service Class)		44,595			336,586			—			231,080		293,130
Custody		88,360			120,957			10,508			83,123		49,862
Accounting		48,950			48,950			2,372			48,950		48,950
Audit		32,514			35,274			28,824			32,608		28,317
Legal		21,995			20,718			5,187			31,357		39,695
Printing		2,780			3,494			1,163			4,519		2,699
Administration		102,862			121,942			20,652			152,844		111,292
Transfer agent		12,227			12,075			724			11,969		9,257
Trustees fees		7,548			9,384			3,413			11,592		8,161
Insurance		4,418			6,425			448			5,607		6,449
Registration fees		—			2,594			44,737			13,142		—
Miscellaneous fees		3,970			4,631			1,272			6,062		3,243
Total expenses		1,813,476			2,947,485			307,805			2,451,652		1,586,322
Less: Reduction of investment advisory fees or unified management fees		(210,162	)		(35,216	)		(52,556	)		—		(985,267	)
Reimbursement of operating expenses		—			—			—			—		(323,877	)
Net expenses		1,603,314			2,912,269			255,249			2,451,652		277,178
Net investment income		607,276			6,818,385			3,857,285			10,282,898		153,247
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments		22,548,882			21,442,525			436,340			7,159,689		529
Capital gain distributions from underlying funds		—			—			101,224			—		—
Foreign currency related transactions		—			(5,355	)		—			—		—
Net realized gain (loss)		22,548,882			21,437,170			537,564			7,159,689		529
Change in unrealized appreciation (depreciation) on:
Investments		13,271,046			6,094,763			16,685,256			3,226,405		—
Assets and liabilities in foreign currencies		148			3,453			—			—		—
Change in unrealized appreciation (depreciation)		13,271,194			6,098,216			16,685,256			3,226,405		—
Net realized and unrealized gain (loss)		35,820,076			27,535,386			17,222,820			10,386,094		529
Net increase (decrease) in net assets from operations	$	36,427,352		$	34,353,771		$	21,080,105		$	20,668,992	$	153,776

* For the period November 15, 2010 (commencement of operations) to December 31, 2010.

See Notes to Financial Statements.

267

STATEMENTS OF OPERATIONS (Continued)
For the Year Ended December 31, 2010	Sun Capital Advisers Trust

	SC BlackRock Inflation Protected Bond Fund			SC Goldman Sachs Short Duration Fund			SC PIMCO High Yield Fund			SC PIMCO Total Return Fund
INVESTMENT INCOME
Interest	$	5,652,487		$	20,589,901		$	11,588,575		$	14,802,894
Dividends		—			—			46,875			337,380
Total investment income		5,652,487			20,589,901			11,635,450			15,140,274
EXPENSES
Unified management fee		1,845,566			6,703,160			1,053,564			3,821,943
Distribution fee (Service Class)		298,419			316,031			68,661			894,756
Legal		6,384			22,592			3,117			13,217
Trustees fees		10,850			42,622			5,614			22,327
Insurance		1,784			8,952			1,181			3,625
Total expenses		2,163,003			7,093,357			1,132,137			4,755,868
Less: Reduction of investment advisory fees or unified management fees		(19,019	)		—			—			(39,169	)
Net expenses		2,143,984			7,093,357			1,132,137			4,716,699
Net investment income		3,508,503			13,496,544			10,503,313			10,423,575
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments		10,600,918			6,051,627			3,110,752			8,780,149
Futures and options on futures		355,675			3,134,455			554,788			12,340,195
Written options		495,905			—			236,692			2,364,890
Swaps		3,122,485			—			838,976			5,264
Foreign currency related transactions		(678,936	)		—			(78,200	)		833,959
Net realized gain (loss)		13,896,047			9,186,082			4,663,008			24,324,457
Change in unrealized appreciation (depreciation) on:
Investments		(2,777,379	)		1,883,491			2,426,749			1,278,165
Futures and options on futures		(688,429	)		(885,020	)		(146,001	)		(350,133	)
Written options		(35,863	)		—			(76,399	)		(907,282	)
Swaps		(602,820	)		—			(711,348	)		1,169,209
Assets and liabilities in foreign currencies		(613,392	)		—			54,808			836,771
Change in unrealized appreciation (depreciation)		(4,717,883	)		998,471			1,547,809			2,026,730
Net realized and unrealized gain (loss)		9,178,164			10,184,553			6,210,817			26,351,187
Net increase (decrease) in net assets from operations	$	12,686,667		$	23,681,097		$	16,714,130		$	36,774,762

See Notes to Financial Statements.

268

STATEMENTS OF OPERATIONS (Continued)
For the Year Ended December 31, 2010	Sun Capital Advisers Trust

	SC Ibbotson Balanced Fund			SC Ibbotson Conservative Fund			SC Ibbotson Growth Fund
INVESTMENT INCOME
Dividends from affiliated underlying funds	$	17,258,394		$	9,267,418		$	7,825,259
Total investment income		17,258,394			9,267,418			7,825,259
EXPENSES
Investment advisory fee		1,233,672			710,478			660,170
Distribution fee (Service Class)		2,464,711			1,414,703			1,317,927
Custody		125,529			87,097			81,064
Accounting		32,150			32,150			32,150
Audit		26,675			26,675			26,674
Legal		80,227			49,443			43,649
Printing		14,975			8,178			7,756
Administration		463,902			275,181			259,025
Transfer agent		6,485			6,149			7,348
Trustees fees		36,745			21,507			20,923
Insurance		16,019			10,256			11,873
Miscellaneous fees		18,773			10,874			11,350
Total expenses		4,519,863			2,652,691			2,479,909
Less: Reduction of investment advisory fees or unified management fees		(81,277	)		(101,185	)		(105,710	)
Net expenses		4,438,586			2,551,506			2,374,199
Net investment income		12,819,808			6,715,912			5,451,060
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Affiliated investments		57,112,689			19,107,171			48,757,868
Capital gain distributions from affiliated underlying funds		8,243,418			4,413,270			4,058,049
Net realized gain (loss)		65,356,107			23,520,441			52,815,917
Change in unrealized appreciation (depreciation) on:
Affiliated investments		51,959,160			27,625,126			11,687,524
Change in unrealized appreciation (depreciation)		51,959,160			27,625,126			11,687,524
Net realized and unrealized gain (loss)		117,315,267			51,145,567			64,503,441
Net increase (decrease) in net assets from operations	$	130,135,075		$	57,861,479		$	69,954,501

See Notes to Financial Statements.

269

STATEMENTS OF CHANGES IN NET ASSETS
	Sun Capital Advisers Trust

	SC AllianceBernstein International Value Fund						SC BlackRock International Index Fund			SC BlackRock Large Cap Index Fund
	Year Ended December 31,						Year Ended December 31,			Year Ended December 31,
	2010			2009			2010*			2010			2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	1,433,993		$	835,605		$	11,836		$	1,350,737		$	649,627
Net realized gain (loss)		4,761,611			2,662,754			(67,035	)		17,406,046			3,853,147
Change in unrealized appreciation (depreciation)		(614,010	)		8,466,686			2,001,345			(222,758	)		7,857,708
Net increase (decrease) in net assets resulting from operations		5,581,594			11,965,045			1,946,146			18,534,025			12,360,482
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income:
Initial Class		(5,066	)		(1,184,943	)		—			—			(619,650	)
Service Class		(170	)		(32,563	)		—			—			(73,322	)
Net realized gain on investments:
Initial Class		(1,243,366	)		(1,251,599	)		—			(216,837	)		—
Service Class		(41,814	)		(37,812	)		—			(24,908	)		—
Net decrease in net assets from distributions		(1,290,416	)		(2,506,917	)		—			(241,745	)		(692,972	)
SHARE TRANSACTIONS
Net proceeds from sales		34,934,924			41,717,363			53,063,106			53,409,421			60,497,249
Net proceeds from reinvestment of distributions		1,290,416			2,506,917			—			241,745			692,972
Cost of shares redeemed		(23,677,066	)		(8,084,384	)		(119,468	)		(47,738,756	)		(3,826,640	)
Net increase (decrease) in net assets from share transactions		12,548,274			36,139,896			52,943,638			5,912,410			57,363,581
Total increase (decrease) in net assets		16,839,452			45,598,024			54,889,784			24,204,690			69,031,091
NET ASSETS
Beginning of period		57,412,383			11,814,359			20	**		82,371,728			13,340,637
End of period†	$	74,251,835		$	57,412,383		$	54,889,804		$	106,576,418		$	82,371,728
† Accumulated undistributed net investment income (loss)	$	1,643,157		$	(326,462	)	$	(26,586	)	$	1,345,539		$	936

* For the period November 15, 2010 (commencement of operations) to December 31, 2010.

** Amount represents initial seed investment.

See Notes to Financial Statements.

270

STATEMENTS OF CHANGES IN NET ASSETS (Continued)
	Sun Capital Advisers Trust

	SC BlackRock Small Cap Index Fund						SC Goldman Sachs Mid Cap Value Fund						SC Columbia Small Cap Value Fund
	Year Ended December 31,						Year Ended December 31,						Year Ended December 31,
	2010			2009			2010			2009			2010			2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	719,170		$	425,488		$	3,355,421		$	1,908,485		$	306,272		$	176,805
Net realized gain (loss)		46,763,334			(25,104,929	)		23,083,327			23,146,315			10,133,361			5,271,664
Change in unrealized appreciation (depreciation)		(7,590,100	)		83,844,844			23,569,954			36,984,630			(518,490	)		5,615,479
Net increase (decrease) in net assets resulting from operations		39,892,404			59,165,403			50,008,702			62,039,430			9,921,143			11,063,948
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income:
Initial Class		(155,615	)		(24,361	)		—			(1,781,536	)		—			(160,938	)
Service Class		(155,938	)		(70,061	)		—			(127,774	)		—			(15,265	)
Net realized gain on investments:
Initial Class		—			—			(5,643,760	)		(15,418,462	)		(3,503,453	)		(898,849	)
Service Class		—			—			(540,908	)		(1,515,089	)		(809,308	)		(181,700	)
Net decrease in net assets from distributions		(311,553	)		(94,422	)		(6,184,668	)		(18,842,861	)		(4,312,761	)		(1,256,752	)
SHARE TRANSACTIONS
Net proceeds from sales		13,269,153			26,384,791			74,814,561			82,966,501			22,139,445			43,962,372
Subscriptions in-kind		—			—			—			86,276,287			—			—
Net proceeds from reinvestment of distributions		311,553			94,422			6,184,668			18,842,861			4,312,761			1,256,752
Cost of shares redeemed		(56,251,939	)		(55,314,564	)		(62,184,412	)		(33,069,713	)		(11,469,850	)		(20,282,746	)
Net increase (decrease) in net assets from share transactions		(42,671,233	)		(28,835,351	)		18,814,817			155,015,936			14,982,356			24,936,378
Total increase (decrease) in net assets		(3,090,382	)		30,235,630			62,638,851			198,212,505			20,590,738			34,743,574
NET ASSETS
Beginning of period		183,768,557			153,532,927			209,160,084			10,947,579			40,483,700			5,740,126
End of period†	$	180,678,175		$	183,768,557		$	271,798,935		$	209,160,084		$	61,074,438		$	40,483,700
† Accumulated undistributed net investment income	$	791,322		$	414,338		$	3,346,874		$	—		$	310,060		$	—

See Notes to Financial Statements.

271

STATEMENTS OF CHANGES IN NET ASSETS (Continued)
	Sun Capital Advisers Trust

	SC Davis Venture Value Fund						SC Invesco Small Cap Growth Fund						SC Lord Abbett Growth & Income Fund
	Year Ended December 31,						Year Ended December 31,						Year Ended December 31,
	2010			2009			2010			2009			2010			2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	2,547,809		$	1,101,748		$	(148,181	)	$	(49,052	)	$	3,182,186		$	2,760,473
Net realized gain (loss)		31,572,627			(11,210,937	)		1,661,528			2,524,434			81,513,204			69,452,194
Change in unrealized appreciation (depreciation)		18,973,697			87,391,607			4,731,050			2,250,746			6,557,057			125,484,977
Net increase (decrease) in net assets resulting from operations		53,094,133			77,282,418			6,244,397			4,726,128			91,252,447			197,697,644
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income:
Initial Class		(1,027,110	)		(375,796	)		—			—			—			(2,736,418	)
Service Class		(583,899	)		(290,015	)		—			—			—			(27,899	)
Net realized gain on investments:
Initial Class		—			—			(1,478,663	)		(408,415	)		(22,281,747	)		(46,790,450	)
Service Class		—			—			(722,220	)		(201,982	)		(518,969	)		(883,699	)
Net decrease in net assets from distributions		(1,611,009	)		(665,811	)		(2,200,883	)		(610,397	)		(22,800,716	)		(50,438,466	)
SHARE TRANSACTIONS
Net proceeds from sales		101,561,755			213,128,717			9,254,259			23,398,241			87,295,175			87,024,697
Subscriptions in-kind		—			—			—			—			—			342,061,308
Net proceeds from reinvestment of distributions		1,611,009			665,811			2,200,883			610,397			22,800,716			50,438,466
Cost of shares redeemed		(113,481,100	)		(21,730,381	)		(3,746,705	)		(12,602,418	)		(128,148,494	)		(123,572,200	)
Net increase (decrease) in net assets from share transactions		(10,308,336	)		192,064,147			7,708,437			11,406,220			(18,052,603	)		355,952,271
Total increase (decrease) in net assets		41,174,788			268,680,754			11,751,951			15,521,951			50,399,128			503,211,449
NET ASSETS
Beginning of period		382,589,606			113,908,852			19,596,212			4,074,261			508,060,969			4,849,520
End of period†	$	423,764,394		$	382,589,606		$	31,348,163		$	19,596,212		$	558,460,097		$	508,060,969
† Accumulated undistributed net investment income	$	1,811,049		$	905,316		$	—		$	—		$	3,182,309		$	—

See Notes to Financial Statements.

272

STATEMENTS OF CHANGES IN NET ASSETS (Continued)
	Sun Capital Advisers Trust

	SC WMC Blue Chip Mid Cap Fund						SC WMC Large Cap Growth Fund						Sun Capital Global Real Estate Fund
	Year Ended December 31,						Year Ended December 31,						Year Ended December 31,
	2010			2009			2010			2009			2010			2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	108,582		$	65,199		$	607,276		$	554,358		$	6,818,385		$	6,369,618
Net realized gain (loss)		15,478,147			(8,248,694	)		22,548,882			(3,983,702	)		21,437,170			(91,942,249	)
Change in unrealized appreciation (depreciation)		14,767,047			33,984,929			13,271,194			37,481,869			6,098,216			155,578,275
Net increase (decrease) in net assets resulting from operations		30,353,776			25,801,434			36,427,352			34,052,525			34,353,771			70,005,644
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income:
Initial Class		(60,133	)		(16,377	)		(545,213	)		(197,983	)		(12,598,073	)		(2,511,768	)
Service Class		—			(9,615	)		(9,148	)		(33,289	)		(13,918,369	)		(3,915,725	)
Net realized gain on investments:
Initial Class		—			—			—			—			—			(514,116	)
Service Class		—			—			—			—			—			(870,300	)
Net decrease in net assets from distributions		(60,133	)		(25,992	)		(554,361	)		(231,272	)		(26,516,442	)		(7,811,909	)
SHARE TRANSACTIONS
Net proceeds from sales		65,448,862			29,411,187			54,836,305			93,346,643			40,263,351			56,809,092
Net proceeds from reinvestment of distributions		60,133			25,992			554,361			231,272			26,516,442			7,811,909
Cost of shares redeemed		(43,053,482	)		(16,198,087	)		(67,647,634	)		(10,011,918	)		(44,052,501	)		(75,577,163	)
Net increase (decrease) in net assets from share transactions		22,455,513			13,239,092			(12,256,968	)		83,565,997			22,727,292			(10,956,162	)
Total increase (decrease) in net assets		52,749,156			39,014,534			23,616,023			117,387,250			30,564,621			51,237,573
NET ASSETS
Beginning of period		115,993,672			76,979,138			167,504,130			50,116,880			223,916,285			172,678,712
End of period†	$	168,742,828		$	115,993,672		$	191,120,153		$	167,504,130		$	254,480,906		$	223,916,285
† Accumulated undistributed net investment income (loss)	$	105,271		$	63,374		$	591,957		$	554,356		$	(870,323	)	$	10,936,439

See Notes to Financial Statements.

273

STATEMENTS OF CHANGES IN NET ASSETS (Continued)
	Sun Capital Advisers Trust

	SC Ibbotson Tactical Opportunities Fund			Sun Capital Investment Grade Bond Fund						Sun Capital Money Market Fund
	Year Ended December 31			Year Ended December 31,						Year Ended December 31,
	2010*			2010			2009			2010			2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	3,857,285		$	10,282,898		$	5,291,938		$	153,247		$	340,128
Net realized gain (loss)		537,564			7,159,689			1,727,150			529			647
Change in unrealized appreciation (depreciation)		16,685,256			3,226,405			13,693,333			—			—
Net increase (decrease) in net assets resulting from operations		21,080,105			20,668,992			20,712,421			153,776			340,775
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income:
Initial Class		—			(7,412,008	)		(3,544,244	)		(153,247	)		(331,634	)
Service Class		—			(3,029,790	)		(1,634,523	)		—			(8,299	)
Net realized gain on investments:
Initial Class		—			(681,253	)		(63,545	)		—			—
Service Class		—			(313,903	)		(29,899	)		—			—
Net decrease in net assets from distributions		—			(11,436,954	)		(5,272,211	)		(153,247	)		(339,933	)
SHARE TRANSACTIONS
Net proceeds from sales		434,362,406			200,395,252			134,907,828			151,481,767			156,250,942
Net proceeds from reinvestment of distributions		—			11,436,954			5,272,211			153,247			339,933
Cost of shares redeemed		(19,650	)		(48,989,541	)		(11,711,227	)		(169,444,454	)		(156,820,840	)
Net increase (decrease) in net assets from share transactions		434,342,756			162,842,665			128,468,812			(17,809,440	)		(229,965	)
Total increase (decrease) in net assets		455,422,861			172,074,703			143,909,022			(17,808,911	)		(229,123	)
NET ASSETS
Beginning of period		10	**		201,039,655			57,130,633			204,294,936			204,524,059
End of period†	$	455,422,871		$	373,114,358		$	201,039,655		$	186,486,025		$	204,294,936
† Accumulated undistributed net investment income	$	3,891,690		$	9,304		$	183,560		$	422		$	422

* For the period November 15, 2010 (commencement of operations) to December 31, 2010.

** Amount represents initial seed investment.

See Notes to Financial Statements.

274

STATEMENTS OF CHANGES IN NET ASSETS (Continued)
	Sun Capital Advisers Trust

	SC BlackRock Inflation Protected Bond Fund						SC Goldman Sachs Short Duration Fund
	Year Ended December 31,						Year Ended December 31,
	2010			2009			2010			2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	3,508,503		$	2,025,636		$	13,496,544		$	13,047,670
Net realized gain (loss)		13,896,047			4,945,379			9,186,082			7,958,070
Change in unrealized appreciation (depreciation)		(4,717,883	)		1,384,872			998,471			7,355,401
Net increase (decrease) in net assets resulting from operations		12,686,667			8,355,887			23,681,097			28,361,141
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income:
Initial Class		(2,042,941	)		(1,172,205	)		(13,719,331	)		(12,528,695	)
Service Class		(1,190,584	)		(603,807	)		(1,542,346	)		(1,486,390	)
Net realized gain on investments:
Initial Class		(1,815,579	)		(1,626,544	)		(972,991	)		(6,192,212	)
Service Class		(1,330,938	)		(1,199,392	)		(138,662	)		(761,733	)
Net decrease in net assets from distributions		(6,380,042	)		(4,601,948	)		(16,373,330	)		(20,969,030	)
SHARE TRANSACTIONS
Net proceeds from sales		193,206,634			170,986,380			300,846,678			1,025,662,269
Net proceeds from reinvestment of distributions		6,380,042			4,601,948			16,373,330			20,969,030
Cost of shares redeemed		(12,046,006	)		(6,826,654	)		(147,289,854	)		(195,070,121	)
Net increase (decrease) in net assets from share transactions		187,540,670			168,761,674			169,930,154			851,561,178
Total increase (decrease) in net assets		193,847,295			172,515,613			177,237,921			858,953,289
NET ASSETS
Beginning of period		185,102,895			12,587,282			976,977,698			118,024,409
End of period†	$	378,950,190		$	185,102,895		$	1,154,215,619		$	976,977,698
† Accumulated undistributed net investment income	$	638,947		$	12,276		$	—		$	—

See Notes to Financial Statements.

275

STATEMENTS OF CHANGES IN NET ASSETS (Continued)
	Sun Capital Advisers Trust

	SC PIMCO High Yield Fund						SC PIMCO Total Return Fund
	Year Ended December 31,						Year Ended December 31,
	2010			2009			2010			2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	10,503,313		$	7,091,347		$	10,423,575		$	4,241,609
Net realized gain (loss)		4,663,008			3,614,164			24,324,457			6,640,956
Change in unrealized appreciation (depreciation)		1,547,809			15,503,746			2,026,730			5,713,786
Net increase (decrease) in net assets resulting from operations		16,714,130			26,209,257			36,774,762			16,596,351
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income:
Initial Class		(8,491,359	)		(5,611,869	)		(5,163,456	)		(1,777,999	)
Service Class		(1,965,640	)		(1,584,958	)		(7,131,257	)		(2,556,449	)
Net realized gain on investments:
Initial Class		(857,562	)		(2,250,992	)		(893,320	)		(1,718,228	)
Service Class		(202,216	)		(597,851	)		(1,377,736	)		(2,905,414	)
Net decrease in net assets from distributions		(11,516,777	)		(10,045,670	)		(14,565,769	)		(8,958,090	)
SHARE TRANSACTIONS
Net proceeds from sales		63,731,516			113,481,631			379,028,421			357,694,132
Net proceeds from reinvestment of distributions		11,516,777			10,045,670			14,565,769			8,958,090
Cost of shares redeemed		(24,995,144	)		(38,023,439	)		(47,950,269	)		(17,955,774	)
Net increase (decrease) in net assets from share transactions		50,253,149			85,503,862			345,643,921			348,696,448
Total increase (decrease) in net assets		55,450,502			101,667,449			367,852,914			356,334,709
NET ASSETS
Beginning of period		117,101,642			15,434,193			388,554,574			32,219,865
End of period†	$	172,552,144		$	117,101,642		$	756,407,488		$	388,554,574
† Accumulated undistributed net investment income (loss)	$	366,223		$	(93,986	)	$	(586,403	)	$	98,716

See Notes to Financial Statements.

276

STATEMENTS OF CHANGES IN NET ASSETS (Continued)
	Sun Capital Advisers Trust

	SC Ibbotson Balanced Fund						SC Ibbotson Conservative Fund						SC Ibbotson Growth Fund
	Year Ended December 31,						Year Ended December 31,						Year Ended December 31,
	2010			2009			2010			2009			2010			2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	12,819,808		$	4,471,965		$	6,715,912		$	3,739,710		$	5,451,060		$	2,412,299
Net realized gain (loss)		65,356,107			11,555,252			23,520,441			7,517,826			52,815,917			10,244,795
Change in unrealized appreciation (depreciation)		51,959,160			53,653,607			27,625,126			28,588,643			11,687,524			49,767,168
Net increase (decrease) in net assets resulting from operations		130,135,075			69,680,824			57,861,479			39,846,179			69,954,501			62,424,262
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income:
Initial Class		(16,154	)		(544	)		(34,581	)		(4,173	)		(17,891	)		(602	)
Service Class		(9,758,906	)		(70,479	)		(7,460,635	)		(82,385	)		(7,020,584	)		(56,414	)
Net realized gain on investments:
Initial Class		(7,998	)		(4	)		(14,251	)		(72	)		(12,008	)		(18	)
Service Class		(6,259,087	)		(8,075	)		(3,749,369	)		(12,037	)		(5,614,337	)		(23,977	)
Net decrease in net assets from distributions		(16,042,145	)		(79,102	)		(11,258,836	)		(98,667	)		(12,664,820	)		(81,011	)
SHARE TRANSACTIONS
Net proceeds from sales		754,316,052			458,469,983			351,389,899			294,855,518			106,923,986			355,499,350
Net proceeds from reinvestment of distributions		16,042,145			79,102			11,258,836			98,667			12,664,820			81,011
Cost of shares redeemed		(5,242,404	)		(234,989	)		(14,007,370	)		(2,224,176	)		(35,071,730	)		(2,474,598	)
Net increase (decrease) in net assets from share transactions		765,115,793			458,314,096			348,641,365			292,730,009			84,517,076			353,105,763
Total increase (decrease) in net assets		879,208,723			527,915,818			395,244,008			332,477,521			141,806,757			415,449,014
NET ASSETS
Beginning of period		566,718,616			38,802,798			366,498,249			34,020,728			448,732,450			33,283,436
End of period†	$	1,445,927,339		$	566,718,616		$	761,742,257		$	366,498,249		$	590,539,207		$	448,732,450
† Accumulated undistributed net investment income	$	20,455,821		$	9,775,011		$	10,819,968		$	7,495,179		$	9,256,393		$	7,038,432

See Notes to Financial Statements.

277

FINANCIAL HIGHLIGHTS
	Sun Capital Advisers Trust

Selected data for a share outstanding throughout each period:

	SC AllianceBernstein International Value Fund Initial Class Shares									SC AllianceBernstein International Value Fund Service Class Shares									SC BlackRock International Index Fund Initial Class Shares			SC BlackRock International Index Fund Service Class Shares
	Years Ended December 31,									Years Ended December 31,									Year Ended December 31,			Year Ended December 31,
	2010			2009			2008*			2010			2009			2008*			2010**			2010**
Net Asset Value, Beginning of Period	$	9.82		$	7.92		$	10.00		$	9.81		$	7.92		$	10.00		$	10.00		$	10.00
Income (Loss) from Investment Operations:
Net investment income (loss) (d)		0.19	†		0.22	†		0.01			0.16	†		0.21	†		0.02			0.00	†(e)		(0.00	)†(e)
Net realized and unrealized gain (loss) on investments		0.25			2.13			(2.07	)		0.27			2.11			(2.09	)		0.38			0.37
Total from Investment Operations		0.44			2.35			(2.06	)		0.43			2.32			(2.07	)		0.38			0.37
Less Distributions from:
Net investment income		(0.00	)(e)		(0.22	)		(0.02	)		(0.00	)(e)		(0.20	)		(0.01	)		—			—
Net realized gain on investments		(0.15	)		(0.23	)		—			(0.15	)		(0.23	)		—			—			—
Total distributions		(0.15	)		(0.45	)		(0.02	)		(0.15	)		(0.43	)		(0.01	)		—			—
Net Asset Value, End of Period	$	10.11		$	9.82		$	7.92		$	10.09		$	9.81		$	7.92		$	10.38		$	10.37
Total Return (b)		4.62	%		29.71	%		(20.64	)%		4.52	%		29.26	%		(20.69	)%		3.80	%		3.70	%
Ratios and Supplemental Data:
Net Assets, End of Period (000’s)	$	71,186		$	55,746		$	9,763		$	3,065		$	1,666		$	2,051		$	54,635		$	255
Ratio to average net assets:
Net expenses (a)(c)(d)		0.75	%		0.75	%		0.75	%		1.00	%		1.00	%		1.00	%		0.60	%		0.85	%
Gross expenses (a)(d)		1.06	%		1.38	%		6.64	%		1.31	%		1.69	%		4.64	%		2.27	%		5.60	%
Net investment income (loss) (a)(c)(d)		2.01	%		2.47	%		1.18	%		1.65	%		2.35	%		1.07	%		0.18	%		(0.07	)%
Portfolio turnover rate		60	%		49	%		7	%		60	%		49	%		7	%		1	%		1	%

* For the period October 1, 2008 (commencement of operations) to December 31, 2008.

** For the period November 15, 2010 (commencement of operations) to December 31, 2010.

† Based on average shares outstanding during the period.

(a) Annualized for periods of less than one year.

(b) Total returns are historical and assume changes in share price, reinvestments of all dividends and distributions, and no sales charge. Had certain expenses not been reduced during the periods shown, total returns would have been lower. Total returns for periods of less than one year are not annualized.

(c) Such percentages are after advisory fee or unified management fee waivers and expense reimbursements, as applicable.

(d) Does not include any insurance charges imposed in connection with your variable insurance contract.

(e) Amount is less than $0.005 per share.

278

FINANCIAL HIGHLIGHTS (Continued)
	Sun Capital Advisers Trust

Selected data for a share outstanding throughout each period:

	SC BlackRock Large Cap Index Fund Initial Class Shares															SC BlackRock Large Cap Index Fund Service Class Shares
	Years Ended December 31,															Years Ended December 31,
	2010			2009			2008			2007			2006			2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	8.04		$	6.70		$	10.77		$	12.37		$	10.47		$	8.25		$	6.87		$	11.03		$	12.65		$	10.70
Income (Loss) from Investment Operations:
Net investment income (loss) (c)		0.10	†		0.11	†		0.04			0.12			0.17			0.09	†		0.10	†		0.10			0.08			0.12
Net realized and unrealized gain (loss) on investments		1.25			1.30			(4.03	)		(0.84	)		1.93			1.27			1.33			(4.19	)		(0.84	)		2.00
Total from Investment Operations		1.35			1.41			(3.99	)		(0.72	)		2.10			1.36			1.43			(4.09	)		(0.76	)		2.12
Less Distributions from:
Net investment income		—			(0.07	)		(0.05	)		(0.10	)		(0.16	)		—			(0.05	)		(0.04	)		(0.08	)		(0.13	)
Net realized gain on investments		(0.02	)		—			(0.03	)		(0.78	)		(0.04	)		(0.02	)		—			(0.03	)		(0.78	)		(0.04	)
Total distributions		(0.02	)		(0.07	)		(0.08	)		(0.88	)		(0.20	)		(0.02	)		(0.05	)		(0.07	)		(0.86	)		(0.17	)
Net Asset Value, End of Period	$	9.37		$	8.04		$	6.70		$	10.77		$	12.37		$	9.59		$	8.25		$	6.87		$	11.03		$	12.65
Total Return (a)		16.76	%		21.09	%		(37.06	)%		(5.81	)%		20.07	%		16.45	%		20.85	%		(37.15	)%		(6.07	)%		19.78	%
Ratios and Supplemental Data:
Net Assets, End of Period (000’s)	$	90,267		$	70,638		$	8,366		$	5,544		$	6,183		$	16,309		$	11,734		$	4,974		$	7,808		$	5,262
Ratios to average net assets:
Net expenses (b)(c)		0.85	%		0.90	%		0.90	%		0.90	%		0.90	%		1.09	%		1.15	%		1.15	%		1.15	%		1.15	%
Gross expenses (c)		0.86	%		1.13	%		2.08	%		1.81	%		2.47	%		1.10	%		1.44	%		2.34	%		2.05	%		2.62	%
Net investment income (loss) (b)(c)		1.23	%		1.55	%		1.39	%		0.89	%		1.47	%		1.02	%		1.37	%		1.05	%		0.63	%		1.44	%
Portfolio turnover rate		235	%		109	%		189	%		63	%		135	%		235	%		109	%		189	%		63	%		135	%

† Based on average shares outstanding during the period.

(a) Total returns are historical and assume changes in share price, reinvestments of all dividends and distributions, and no sales charge. Had certain expenses not been reduced during the periods shown, total returns would have been lower.

(b) Such percentages are after advisory fee or unified management fee waivers and expense reimbursements, as applicable.

(c) Does not include any insurance charges imposed in connection with your variable insurance contract.

279

FINANCIAL HIGHLIGHTS (Continued)
	Sun Capital Advisers Trust

Selected data for a share outstanding throughout each period:

	SC BlackRock Small Cap Index Fund Initial Class Shares															SC BlackRock Small Cap Index Fund Service Class Shares
	Years Ended December 31,															Years Ended December 31,
	2010			2009			2008			2007			2006			2010			2009			2008			2007			2006*
Net Asset Value, Beginning of Period	$	10.58		$	7.74		$	12.98		$	15.02		$	13.79		$	10.45		$	7.66		$	12.85		$	14.99		$	15.56
Income (Loss) from Investment Operations:
Net investment income (loss) (d)		0.06	†		0.04	†		0.03			0.05			0.01			0.04	†		0.02	†		(0.00	)(e)		0.01			(0.01	)
Net realized and unrealized gain (loss) on investments		2.52			2.81			(4.82	)		(0.23	)		1.82			2.47			2.78			(4.77	)		(0.29	)		0.04
Total from Investment Operations		2.58			2.85			(4.79	)		(0.18	)		1.83			2.51			2.80			(4.77	)		(0.28	)		0.03
Less Distributions from:
Net investment income		(0.04	)		(0.01	)		(0.03	)		—			—			(0.01	)		(0.01	)		(0.00	)(e)		—			—
Net realized gain on investments		—			—			(0.42	)		(1.86	)		(0.60	)		—			—			(0.42	)		(1.86	)		(0.60	)
Total distributions		(0.04	)		(0.01	)		(0.45	)		(1.86	)		(0.60	)		(0.01	)		(0.01	)		(0.42	)		(1.86	)		(0.60	)
Net Asset Value, End of Period	$	13.12		$	10.58		$	7.74		$	12.98		$	15.02		$	12.95		$	10.45		$	7.66		$	12.85		$	14.99
Total Return (b)		24.46	%		36.77	%		(37.99	)%		(1.44	)%		13.60	%		24.07	%		36.50	%		(38.14	)%		(2.11	)%		0.48	%
Ratios and Supplemental Data:
Net Assets, End of Period (000’s)	$	45,720		$	48,950		$	38,435		$	72,741		$	87,215		$	134,958		$	134,819		$	115,098		$	105,377		$	25
Ratios to average net assets:
Net expenses (a)(c)(d)		0.95	%		1.00	%		1.00	%		1.00	%		1.00	%		1.20	%		1.25	%		1.25	%		1.25	%		1.25	%
Gross expenses (a)(d)		0.99	%		1.21	%		1.29	%		1.38	%		1.42	%		1.23	%		1.46	%		1.55	%		1.61	%		1.82	%
Net investment income (loss) (a)(c)(d)		0.57	%		0.45	%		0.21	%		0.31	%		0.02	%		0.34	%		0.20	%		0.04	%		(0.06	)%		(0.09	)%
Portfolio turnover rate		131	%		132	%		126	%		126	%		206	%		131	%		132	%		126	%		126	%		206	%

* For the period from May 1, 2006 (commencement of operations – Service Class Shares) through December 31, 2006.

† Based on average shares outstanding during the period.

(a) Annualized for periods of less than one year.

(b) Total returns are historical and assume changes in share price, reinvestments of all dividends and distributions, and no sales charge. Had certain expenses not been reduced during the periods shown, total returns would have been lower. Total returns for periods of less than one year are not annualized.

(c) Such percentages are after advisory fee or unified management fee waivers and expenses reimbursements, as applicable.

(d) Does not include any insurance charges imposed in connection with your variable insurance contract.

(e) Amount is less than $0.005 per share.

280

FINANCIAL HIGHLIGHTS (Continued)
	Sun Capital Advisers Trust

Selected data for a share outstanding throughout each period:

	SC Goldman Sachs Mid Cap Value Fund Initial Class  Shares									SC Goldman Sachs Mid Cap Value Fund Service Class Shares									SC Columbia Small Cap Value Fund Initial Class Shares									SC Columbia Small Cap Value Fund Service Class Shares
	Years Ended December 31,									Years Ended December 31,									Years Ended December 31,									Years Ended December 31,
	2010			2009			2008*			2010			2009			2008*			2010			2009			2008**			2010			2009			2008**
Net Asset Value, Beginning of Period	$	7.93		$	6.93		$	10.00		$	7.93		$	6.93		$	10.00		$	10.08		$	7.97		$	10.00		$	10.07		$	7.97		$	10.00
Income (Loss) from Investment Operations:
Net investment income (loss) (d)		0.12	†		0.11	†		0.05			0.10	†		0.09	†		0.07			0.07	†		0.06	†		0.01			0.05	†		0.04	†		0.01
Net realized and unrealized gain (loss) on investments		1.61			1.68			(3.06	)		1.59			1.68			(3.09	)		1.93			2.38			(2.03	)		1.92			2.36			(2.03	)
Total from Investment Operations		1.73			1.79			(3.01	)		1.69			1.77			(3.02	)		2.00			2.44			(2.02	)		1.97			2.40			(2.02	)
Less Distributions from:
Net investment income		—			(0.08	)		(0.06	)		—			(0.06	)		(0.05	)		—			(0.05	)		(0.01	)		—			(0.02	)		(0.01	)
Net realized gain on investments		(0.21	)		(0.71	)		—			(0.21	)		(0.71	)		—			(0.90	)		(0.28	)		—			(0.90	)		(0.28	)		—
Total distributions		(0.21	)		(0.79	)		(0.06	)		(0.21	)		(0.77	)		(0.05	)		(0.90	)		(0.33	)		(0.01	)		(0.90	)		(0.30	)		(0.01	)
Net Asset Value, End of Period	$	9.45		$	7.93		$	6.93		$	9.41		$	7.93		$	6.93		$	11.18		$	10.08		$	7.97		$	11.14		$	10.07		$	7.97
Total Return (b)		22.13	%		25.68	%		(30.07	)%		21.62	%		25.38	%		(30.21	)%		21.62	%		30.52	%		(20.15	)%		21.33	%		30.07	%		(20.20	)%
Ratios and Supplemental Data:
Net Assets, End of Period (000’s)	$	245,161		$	190,461		$	6,496		$	26,638		$	18,699		$	4,452		$	48,782		$	33,674		$	4,316		$	12,293		$	6,809		$	1,424
Ratio to average net assets:
Net expenses (a)(c)(d)		1.06	%		1.06	%		1.07	%		1.31	%		1.31	%		1.32	%		1.15	%		1.15	%		1.15	%		1.40	%		1.40	%		1.40	%
Gross expenses (a)(d)		1.06	%		1.06	%		1.08	%		1.31	%		1.31	%		1.32	%		1.41	%		1.54	%		8.84	%		1.67	%		1.87	%		6.68	%
Net investment income (loss) (a)(c)(d)		1.41	%		1.45	%		2.10	%		1.18	%		1.15	%		1.65	%		0.68	%		0.65	%		1.18	%		0.47	%		0.44	%		0.72	%
Portfolio turnover rate		65	%		159	%		90	%		65	%		159	%		90	%		139	%		110	%		28	%		139	%		110	%		28	%

* For the period March 7, 2008 (commencement of operations) to December 31, 2008.

** For the period October 1, 2008 (commencement of operations) to December 31, 2008.

† Based on average shares outstanding during the period.

(a) Annualized for periods of less than one year.

(b) Total returns are historical and assume changes in share price, reinvestments of all dividends and distributions, and no sales charge. Had certain expenses not been reduced during the periods shown, total returns would have been lower. Total returns for periods of less than one year are not annualized.

(c) Such percentages are after advisory fee or unified management fee waivers and expense reimbursements, as applicable.

(d) Does not include any insurance charges imposed in connection with your variable insurance contract.

281

FINANCIAL HIGHLIGHTS (Continued)
	Sun Capital Advisers Trust

Selected data for a share outstanding throughout each period:

	SC Davis Venture Value Fund Initial Class Shares															SC Davis Venture Value Fund Service Class Shares
	Years Ended December 31,															Years Ended December 31,
	2010			2009			2008			2007			2006			2010			2009			2008			2007			2006*
Net Asset Value, Beginning of Period	$	10.75		$	8.34		$	13.65		$	13.17		$	11.56		$	10.72		$	8.32		$	13.61		$	13.15		$	12.08
Income (Loss) from Investment Operations:
Net investment income (loss) (d)		0.08	†		0.06	†		0.10			0.17			0.09			0.05	†		0.04	†		0.06			0.12			0.04
Net realized and unrealized gain (loss) on investments		1.30			2.39			(5.21	)		0.39			1.61			1.31			2.37			(5.17	)		0.39			1.12
Total from Investment Operations		1.38			2.45			(5.11	)		0.56			1.70			1.36			2.41			(5.11	)		0.51			1.16
Less Distributions from:
Net investment income		(0.05	)		(0.04	)		(0.09	)		(0.08	)		(0.09	)		(0.03	)		(0.01	)		(0.07	)		(0.05	)		(0.09	)
Net realized gain on investments		—			—			(0.11	)		—			—			—			—			(0.11	)		—			—
Total distributions		(0.05	)		(0.04	)		(0.20	)		(0.08	)		(0.09	)		(0.03	)		(0.01	)		(0.18	)		(0.05	)		(0.09	)
Net Asset Value, End of Period	$	12.08		$	10.75		$	8.34		$	13.65		$	13.17		$	12.05		$	10.72		$	8.32		$	13.61		$	13.15
Total Return (b)		12.92	%		29.39	%		(37.81	)%		4.23	%		14.77	%		12.68	%		29.02	%		(37.93	)%		3.91	%		9.66	%
Ratios and Supplemental Data:
Net Assets, End of Period (000’s)	$	157,652		$	147,350		$	31,868		$	52,861		$	61,438		$	266,112		$	235,240		$	82,041		$	27,764		$	27
Ratios to average net assets:
Net expenses (a)(c)(d)		0.87	%		0.90	%		0.90	%		0.90	%		0.90	%		1.12	%		1.15	%		1.15	%		1.15	%		1.15	%
Gross expenses (a)(d)		0.87	%		0.93	%		1.11	%		1.11	%		1.16	%		1.12	%		1.18	%		1.35	%		1.35	%		1.43	%
Net investment income (loss) (a)(c)(d)		0.73	%		0.62	%		0.86	%		1.06	%		0.74	%		0.49	%		0.41	%		0.65	%		0.68	%		0.48	%
Portfolio turnover rate		39	%		17	%		19	%		10	%		16	%		39	%		17	%		19	%		10	%		16	%

* For the period from May 1, 2006 (commencement of operations – Service Class Shares) through December 31, 2006.

† Based on average shares outstanding during the period.

(a) Annualized for periods of less than one year.

(b) Total returns are historical and assume changes in share price, reinvestments of all dividends and distributions, and no sales charge. Had certain expenses not been reduced during the periods shown, total returns would have been lower. Total returns for periods of less than one year are not annualized.

(c) Such percentages are after advisory fee or unified management fee waivers and expense reimbursements, as applicable.

(d) Does not include any insurance charges imposed in connection with your variable insurance contract.

282

FINANCIAL HIGHLIGHTS (Continued)
	Sun Capital Advisers Trust

Selected data for a share outstanding throughout each period:

	SC Invesco Small Cap Growth Fund Initial Class Shares									SC Invesco Small Cap Growth Fund Service Class Shares									SC Lord Abbett Growth & Income Fund Initial Class Shares									SC Lord Abbett Growth & Income Fund Service Class Shares
	Years Ended December 31,									Years Ended December 31,									Years Ended December 31,									Years Ended December 31,
	2010			2009			2008*			2010			2009			2008*			2010			2009			2008**			2010			2009			2008**
Net Asset Value, Beginning of Period	$	9.59		$	7.51		$	10.00		$	9.55		$	7.50		$	10.00		$	7.52		$	7.08		$	10.00		$	7.51		$	7.08		$	10.00
Income (Loss) from Investment Operations:
Net investment income (loss) (d)		(0.05	)†		(0.02	)†		(0.00	)(e)		(0.08	)†		(0.04	)†		(0.01	)		0.05	†		0.05	†		0.06			0.03	†		0.04	†		0.06
Net realized and unrealized gain (loss) on investments		2.39			2.41			(2.49	)		2.39			2.40			(2.49	)		1.20			1.22			(2.92	)		1.20			1.19			(2.93	)
Total from Investment Operations		2.34			2.39			(2.49	)		2.31			2.36			(2.50	)		1.25			1.27			(2.86	)		1.23			1.23			(2.87	)
Less Distributions from:
Net investment income		—			—			—			—			—			—			—			(0.05	)		(0.06	)		—			(0.02	)		(0.05	)
Net realized gain on investments		(0.87	)		(0.31	)		—			(0.87	)		(0.31	)		—			(0.33	)		(0.78	)		—			(0.33	)		(0.78	)		—
Total distributions		(0.87	)		(0.31	)		—			(0.87	)		(0.31	)		—			(0.33	)		(0.83	)		(0.06	)		(0.33	)		(0.80	)		(0.05	)
Net Asset Value, End of Period	$	11.06		$	9.59		$	7.51		$	10.99		$	9.55		$	7.50		$	8.44		$	7.52		$	7.08		$	8.41		$	7.51		$	7.08
Total Return (b)		26.08	%		31.75	%		(24.90	)%		25.86	%		31.39	%		(25.00	)%		17.19	%		17.85	%		(28.54	)%		16.94	%		17.41	%		(28.68	)%
Ratios and Supplemental Data:
Net Assets, End of Period (000’s)	$	20,587		$	13,109		$	2,530		$	10,761		$	6,488		$	1,544		$	544,716		$	498,639		$	2,229		$	13,744		$	9,422		$	2,620
Ratio to average net assets:
Net expenses (a)(c)(d)		1.15	%		1.15	%		1.15	%		1.40	%		1.40	%		1.40	%		0.87	%		0.87	%		0.87	%		1.12	%		1.12	%		1.12	%
Gross expenses (a)(d)		1.63	%		2.17	%		11.09	%		1.88	%		2.48	%		9.42	%		0.88	%		0.88	%		0.90	%		1.13	%		1.13	%		1.14	%
Net investment income (loss) (a)(c)(d)		(0.53	)%		(0.25	)%		(0.40	)%		(0.78	)%		(0.51	)%		(0.72	)%		0.62	%		0.68	%		1.71	%		0.36	%		0.49	%		1.48	%
Portfolio turnover rate		42	%		114	%		4	%		42	%		114	%		4	%		63	%		83	%		73	%		63	%		83	%		73	%

* For the period October 1, 2008 (commencement of operations) to December 31, 2008.

** For the period March 7, 2008 (commencement of operations) to December 31, 2008.

† Based on average shares outstanding during the period.

(a) Annualized for periods of less than one year.

(b) Total returns are historical and assume changes in share price, reinvestments of all dividends and distributions, and no sales charge. Had certain expenses not been reduced during the periods shown, total returns would have been lower. Total returns for periods of less than one year are not annualized.

(c) Such percentages are after advisory fee or unified management fee waivers and expense reimbursements, as applicable.

(d) Does not include any insurance charges imposed in connection with your variable insurance contract.

(e) Amount is less than $0.005 per share.

283

FINANCIAL HIGHLIGHTS (Continued)
	Sun Capital Advisers Trust

Selected data for a share outstanding throughout each period:

	SC WMC Blue Chip Mid Cap Fund Initial Class Shares															SC WMC Blue Chip Mid Cap Fund Service Class Shares
	Years Ended December 31,															Years Ended December 31,
	2010			2009			2008			2007			2006			2010			2009			2008*
Net Asset Value, Beginning of Period	$	12.12		$	9.32		$	17.95		$	19.04		$	20.60		$	12.07		$	9.30		$	15.70
Income (Loss) from Investment Operations:
Net investment income (loss) (d)		0.02	†		0.02	†		0.01			(0.00	)(e)		0.18			(0.01	)†		(0.01	)†		0.02
Net realized and unrealized gain (loss) on investments		2.79			2.78			(5.41	)		2.87			1.87			2.76			2.78			(3.19	)
Total from Investment Operations		2.81			2.80			(5.40	)		2.87			2.05			2.75			2.77			(3.17	)
Less Distributions from:
Net investment income		(0.01	)		(0.00	)(e)		(0.03	)		(0.25	)		—			—			(0.00	)(e)		(0.03	)
Net realized gain on investments		—			—			(3.20	)		(3.71	)		(3.61	)		—			—			(3.20	)
Total distributions		(0.01	)		(0.00	)(e)		(3.23	)		(3.96	)		(3.61	)		—			(0.00	)(e)		(3.23	)
Net Asset Value, End of Period	$	14.92		$	12.12		$	9.32		$	17.95		$	19.04		$	14.82		$	12.07		$	9.30
Total Return (b)		23.17	%		30.07	%		(35.14	)%		15.41	%		11.30	%		22.78	%		29.96	%		(26.06	)%
Ratios and Supplemental Data:
Net Assets, End of Period (000’s)	$	128,115		$	75,745		$	45,842		$	85,438		$	94,632		$	40,627		$	40,249		$	31,137
Ratio to average net assets:
Net expenses (a)(c)(d)		0.99	%		1.00	%		1.00	%		1.00	%		1.00	%		1.24	%		1.25	%		1.25	%
Gross expenses (a)(d)		0.99	%		1.10	%		1.21	%		1.14	%		1.14	%		1.24	%		1.35	%		1.47	%
Net investment income (loss) (a)(c)(d)		0.17	%		0.17	%		0.05	%		(0.17	)%		0.92	%		(0.11	)%		(0.09	)%		0.02	%
Portfolio turnover rate		69	%		82	%		104	%		75	%		83	%		69	%		82	%		104	%

* For the period March 7, 2008 (commencement of operations – Service Class Shares) through December 31, 2008.

† Based on average shares outstanding during the period.

(a) Annualized for periods of less than one year.

(b) Total returns are historical and assume changes in share price, reinvestments of all dividends and distributions, and no sales charge. Had certain expenses not been reduced during the periods shown, total returns would have been lower. Total returns for periods of less than one year are not annualized.

(c) Such percentages are after advisory fee or unified management fee waivers and expense reimbursements, as applicable.

(d) Does not include any insurance charges imposed in connection with your variable insurance contract.

(e) Amount is less than $0.005 per share.

284

FINANCIAL HIGHLIGHTS (Continued)
	Sun Capital Advisers Trust

Selected data for a share outstanding throughout the period:

	SC WMC Large Cap Growth Fund Initial Class Shares												SC WMC Large Cap Growth Fund Service Class Shares
	Years Ended December 31,												Years Ended December 31,
	2010			2009			2008			2007*			2010			2009			2008			2007			2006**
Net Asset Value, Beginning of Period	$	8.15		$	5.95		$	10.65		$	9.99		$	8.10		$	5.92		$	10.63		$	9.98		$	10.00
Income (Loss) from Investment Operations:
Net investment income (loss) (d)		0.03	†		0.04	†		0.04			(0.00	)(e)		0.01	†		0.03	†		0.02			(0.02	)		(0.01	)
Net realized and unrealized gain (loss) on investments		1.55			2.17			(4.74	)		0.69			1.54			2.16			(4.73	)		0.70			(0.01	)
Total from Investment Operations		1.58			2.21			(4.70	)		0.69			1.55			2.19			(4.71	)		0.68			(0.02	)
Less Distributions from:
Net investment income		(0.02	)		(0.01	)		—			—			(0.00	)(e)		(0.01	)		—			—			—
Net realized gain on investments		—			—			(0.00	)(e)		(0.03	)		—			—			(0.00	)(e)		(0.03	)		—
Total distributions		(0.02	)		(0.01	)		(0.00	)(e)		(0.03	)		(0.00	)(e)		(0.01	)		(0.00	)(e)		(0.03	)		—
Net Asset Value, End of Period	$	9.71		$	8.15		$	5.95		$	10.65		$	9.65		$	8.10		$	5.92		$	10.63		$	9.98
Total Return (b)		19.50	%		37.23	%		(44.12	)%		6.88	%		19.19	%		37.08	%		(44.30	)%		6.78	%		(0.20	)%
Ratios and Supplemental Data:
Net Assets, End of Period (000’s)	$	172,338		$	149,621		$	34,599		$	62,680		$	18,782		$	17,883		$	15,518		$	33,064		$	3,810
Ratios to average net assets:
Net expenses (a)(c)(d)		0.81	%		0.81	%		0.81	%		0.81	%		1.06	%		1.06	%		1.06	%		1.06	%		1.06	%
Gross expenses (a)(d)		0.92	%		1.05	%		1.17	%		1.06	%		1.17	%		1.33	%		1.43	%		1.46	%		5.26	%
Net investment income (loss) (a)(c)(d)		0.34	%		0.60	%		0.43	%		0.01	%		0.09	%		0.46	%		0.17	%		(0.25	)%		(0.10	)%
Portfolio turnover rate		77	%		72	%		265	%		307	%		77	%		72	%		265	%		307	%		110	%

* For the period April 2, 2007 (commencement of operations – Initial Class Shares) through December 31, 2007.

** For the period May 1, 2006 (commencement of operations – Service Class Shares) through December 31, 2006.

† Based on average shares outstanding during the period.

(a) Annualized for periods of less than one year.

(b) Total returns are historical and assume changes in share price, reinvestments of all dividends and distributions, and no sales charge. Had certain expenses not been reduced during the periods shown, total returns would have been lower. Total returns for periods of less than one year are not annualized.

(c) Such percentage are after advisory fee or unified management fee waivers and expense reimbursements, as applicable.

(d) Does not include any insurance charges imposed in connection with your variable insurance contract.

(e) Amount is less than $0.005 per share.

285

FINANCIAL HIGHLIGHTS (Continued)
	Sun Capital Advisers Trust

Selected data for a share outstanding throughout each period:

	Sun Capital Global Real Estate Fund Initial Class Shares															Sun Capital Global Real Estate Fund Service Class Shares
	Years Ended December 31,															Years Ended December 31,
	2010			2009			2008			2007			2006			2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	11.23		$	8.99		$	18.24		$	24.60		$	18.80		$	12.25		$	9.77		$	19.66		$	26.23		$	19.97
Income (Loss) from Investment Operations:
Net investment income (loss) (c)		0.34	†		0.32	†		0.18			0.66			0.81			0.34	†		0.32	†		0.18			0.40			0.64
Net realized and unrealized gain (loss) on investments		1.28			2.35			(7.53	)		(3.70	)		6.37			1.40			2.56			(8.22	)		(3.71	)		6.94
Total from Investment Operations		1.62			2.67			(7.35	)		(3.04	)		7.18			1.74			2.88			(8.04	)		(3.31	)		7.58
Less Distributions from:
Net investment income		(1.41	)		(0.36	)		(0.39	)		(0.36	)		(0.37	)		(1.38	)		(0.33	)		(0.34	)		(0.30	)		(0.31	)
Net realized gain on investments		—			(0.07	)		(1.51	)		(2.96	)		(1.01	)		—			(0.07	)		(1.51	)		(2.96	)		(1.01	)
Total distributions		(1.41	)		(0.43	)		(1.90	)		(3.32	)		(1.38	)		(1.38	)		(0.40	)		(1.85	)		(3.26	)		(1.32	)
Net Asset Value, End of Period	$	11.44		$	11.23		$	8.99		$	18.24		$	24.60		$	12.61		$	12.25		$	9.77		$	19.66		$	26.23
Total Return (a)		15.28	%		30.09	%		(44.73	)%		(13.13	)%		38.96	%		14.94	%		29.83	%		(44.89	)%		(13.34	)%		38.64	%
Ratios and Supplemental Data:
Net Assets, End of Period (000’s)	$	111,981		$	84,988		$	45,841		$	87,441		$	121,197		$	142,500		$	138,929		$	126,838		$	173,065		$	106,954
Ratios to average net assets:
Net expenses (b)(c)		1.10	%		1.10	%		1.10	%		1.10	%		1.10	%		1.35	%		1.35	%		1.35	%		1.35	%		1.35	%
Gross expenses (c)		1.11	%		1.17	%		1.23	%		1.18	%		1.19	%		1.37	%		1.43	%		1.48	%		1.43	%		1.44	%
Net investment income (loss) (b)(c)		3.07	%		3.52	%		1.28	%		2.65	%		3.08	%		2.80	%		3.33	%		1.15	%		2.82	%		2.95	%
Portfolio turnover rate		40	%		110	%		76	%		25	%		44	%		40	%		110	%		76	%		25	%		44	%

† Based on average shares outstanding during the period.

(a) Total returns are historical and assume changes in share price, reinvestments of all dividends and distributions, and no sales charge. Had certain expenses not been reduced during the periods shown, total returns would have been lower.

(b) Such percentages are after advisory fee or unified management fee waivers and expense reimbursements, as applicable.

(c) Does not include any insurance charges imposed in connection with your variable insurance contract.

286

FINANCIAL HIGHLIGHTS (Continued)
	Sun Capital Advisers Trust

Selected data for a share outstanding throughout each period:

	SC Ibbotson Tactical Opportunities Fund			Sun Capital Investment Grade Bond Fund Initial Class Shares															Sun Capital Investment Grade Bond Fund Service Class Shares
	Year Ended December 31,			Years Ended December 31,															Years Ended December 31,
	2010*			2010			2009			2008			2007			2006			2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	10.00		$	9.06		$	7.84		$	9.48		$	9.62		$	9.72		$	9.12		$	7.90		$	9.55		$	9.69		$	9.79
Income (Loss) from Investment Operations:
Net investment income (loss) (d)		0.09	†		0.32	†		0.39	†		0.51			0.49			0.50			0.30	†		0.37	†		0.49			0.47			0.47
Net realized and unrealized gain (loss) on investments		0.43			0.37			1.23			(1.65	)		(0.14	)		0.00	(e)		0.38			1.23			(1.66	)		(0.14	)		0.01
Total from Investment Operations		0.52			0.69			1.62			(1.14	)		0.35			0.50			0.68			1.60			(1.17	)		0.33			0.48
Less Distributions from:
Net investment income		—			(0.33	)		(0.39	)		(0.50	)		(0.49	)		(0.47	)		(0.31	)		(0.37	)		(0.48	)		(0.47	)		(0.45	)
Net realized gain on investments		—			(0.03	)		(0.01	)		—			—			(0.11	)		(0.03	)		(0.01	)		—			—			(0.11	)
Capital		—			—			—			—			—			(0.02	)		—			—			—			—			(0.02	)
Total distributions		—			(0.36	)		(0.40	)		(0.50	)		(0.49	)		(0.60	)		(0.34	)		(0.38	)		(0.48	)		(0.47	)		(0.58	)
Net Asset Value, End of Period	$	10.52		$	9.39		$	9.06		$	7.84		$	9.48		$	9.62		$	9.46		$	9.12		$	7.90		$	9.55		$	9.69
Total Return (b)		5.20	%		7.67	%		21.00	%		(12.47	)%		3.75	%		5.39	%		7.49	%		20.58	%		(12.67	)%		3.51	%		5.13	%
Ratios and Supplemental Data:
Net Assets, End of Period (000’s)	$	455,423		$	245,190		$	136,827		$	35,941		$	40,696		$	45,186		$	127,925		$	64,213		$	21,189		$	25,460		$	9,393
Ratios to average net assets:
Net expenses (a)(c)(d)		0.50	%(f)		0.73	%		0.75	%		0.75	%		0.75	%		0.75	%		0.98	%		1.00	%		1.00	%		1.00	%		1.00	%
Gross expenses (a)(d)		0.60	%(f)		0.73	%		0.84	%		1.06	%		1.00	%		1.06	%		0.98	%		1.10	%		1.31	%		1.24	%		1.31	%
Net investment income (loss) (a)(c)(d)		7.56	%(f)		3.47	%		4.49	%		5.70	%		5.10	%		5.14	%		3.22	%		4.25	%		5.45	%		4.89	%		5.06	%
Portfolio turnover rate		17	%(g)		90	%		99	%		30	%		46	%		55	%		90	%		99	%		30	%		46	%		55	%

* For the period November 15, 2010 (commencement of operations) to December 31, 2010.

† Based on average shares outstanding during the period.

(a) Annualized for periods of less than one year.

(b) Total returns are historical and assume changes in share price, reinvestments of all dividends and distributions, and no sales charge. Had certain expenses not been reduced during the periods shown, total returns would have been lower. Total returns for periods of less than one year are not annualized.

(c) Such percentages are after advisory fee or unified management fee waivers and expense reimbursements, as applicable.

(d) Does not include any insurance charges imposed in connection with your variable insurance contract.

(e) Amount is less than $0.005 per share.

(f) Does not include expenses of the underlying funds in which the Fund invests.

(g) Does not include the portfolio turnover activity of the underlying funds in which the Fund invests.

287

FINANCIAL HIGHLIGHTS (Continued)
	Sun Capital Advisers Trust

Selected data for a share outstanding throughout each period:

	Sun Capital Money Market Fund Initial Class Shares															Sun Capital Money Market Fund Service Class Shares
	Years Ended December 31,															Years Ended December 31,
	2010			2009			2008			2007			2006			2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income (Loss) from Investment Operations:
Net investment income (loss) (c)		0.00	(d)†		0.00	(d)†		0.02			0.05			0.05			0.00	(d)†		0.00	(d)†		0.02			0.05			0.04
Net realized and unrealized gain (loss) on investments		0.00	(d)		0.00	(d)		0.00	(d)		0.00	(d)		—			0.00	(d)		0.00	(d)		0.00	(d)		—			—
Total from Investment Operations		0.00	(d)		0.00	(d)		0.02			0.05			0.05			0.00	(d)		0.00	(d)		0.02			0.05			0.04
Less Distributions from:
Net investment income		0.00	(d)		(0.00	)(d)		(0.02	)		(0.05	)		(0.05	)		—			(0.00	)(d)		(0.02	)		(0.05	)		(0.04	)
Total distributions		0.00	(d)		(0.00	)(d)		(0.02	)		(0.05	)		(0.05	)		—			(0.00	)(d)		(0.02	)		(0.05	)		(0.04	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return (a)		0.19	%		0.25	%		2.25	%		4.87	%		4.59	%		0.00	%		0.02	%		2.00	%		4.61	%		4.33	%
Ratios and Supplemental Data:
Net Assets, End of Period (000’s)	$	67,785		$	88,013		$	150,416		$	129,112		$	120,164		$	118,701		$	116,282		$	54,108		$	1,740		$	1,274
Ratios to average net assets:
Net expenses (b)(c)		0.03	%		0.20	%		0.50	%		0.50	%		0.50	%		0.22	%		0.38	%		0.75	%		0.75	%		0.75	%
Gross expenses (c)		0.66	%		0.72	%		0.81	%		0.76	%		0.77	%		0.91	%		0.94	%		1.10	%		1.00	%		1.02	%
Net investment income (loss) (b)(c)		0.19	%		0.25	%		2.19	%		4.76	%		4.51	%		0.00	%		0.01	%		1.34	%		4.50	%		4.31	%
Portfolio turnover rate		N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A

† Based on average shares outstanding during the period.

(a) Total returns are historical and assume changes in share price, reinvestments of all dividends and distributions, and no sales charge. Had certain expenses not been reduced during the periods shown, total returns would have been lower.

(b) Such percentages are after advisory fee or unified management fee waivers and expense reimbursements, as applicable.

(c) Does not include any insurance charges imposed in connection with your variable insurance contract.

(d) Amount is less than $0.005 per share.

288

FINANCIAL HIGHLIGHTS (Continued)
	Sun Capital Advisers Trust

Selected data for a share outstanding throughout each period:

	SC BlackRock Inflation Protected Bond Fund Initial Class Shares									SC BlackRock Inflation Protected Bond Fund Service Class Shares									SC Goldman Sachs Short Duration Fund Initial Class Shares									SC Goldman Sachs Short Duration Fund Service Class Shares
	Years Ended December 31,									Years Ended December 31,									Years Ended December 31,									Years Ended December 31,
	2010			2009			2008*			2010			2009			2008*			2010			2009			2008**			2010			2009			2008**
Net Asset Value, Beginning of Period	$	10.34		$	9.87		$	10.00		$	10.32		$	9.87		$	10.00		$	10.23		$	10.13		$	10.00		$	10.23		$	10.13		$	10.00
Income (Loss) from Investment Operations:
Net investment income (loss) (e)		0.14	†		0.24	†		(0.05	)		0.12	†		0.21	†		(0.06	)		0.14	†		0.19	†		0.16			0.11	†		0.17	†		0.14
Net realized and unrealized gain (loss) on investments		0.40			0.61			(0.05	)(c)		0.38			0.60			(0.04	)(c)		0.11			0.19			0.16			0.11			0.18			0.16
Total from Investment Operations		0.54			0.85			(0.10	)		0.50			0.81			(0.10	)		0.25			0.38			0.32			0.22			0.35			0.30
Less Distributions from:
Net investment income		(0.14	)		(0.22	)		(0.03	)		(0.11	)		(0.20	)		(0.03	)		(0.16	)		(0.21	)		(0.16	)		(0.13	)		(0.18	)		(0.14	)
Net realized gain on investments		(0.10	)		(0.16	)		—			(0.10	)		(0.16	)		—			(0.01	)		(0.07	)		(0.03	)		(0.01	)		(0.07	)		(0.03	)
Total distributions		(0.24	)		(0.38	)		(0.03	)		(0.21	)		(0.36	)		(0.03	)		(0.17	)		(0.28	)		(0.19	)		(0.14	)		(0.25	)		(0.17	)
Net Asset Value, End of Period	$	10.64		$	10.34		$	9.87		$	10.61		$	10.32		$	9.87		$	10.31		$	10.23		$	10.13		$	10.31		$	10.23		$	10.13
Total Return (b)		5.24	%		8.72	%		(0.95	)%		4.91	%		8.34	%		(0.96	)%		2.41	%		3.78	%		3.22	%		2.16	%		3.52	%		3.00	%
Ratios and Supplemental Data:
Net Assets, End of Period (000’s)	$	217,591		$	106,264		$	8,311		$	161,359		$	78,839		$	4,276		$	1,004,464		$	869,648		$	54,602		$	149,752		$	107,329		$	63,422
Ratio to average net assets:
Net expenses (a)(d)(e)		0.65	%		0.65	%		0.65	%		0.90	%		0.90	%		0.90	%		0.65	%		0.65	%		0.65	%		0.90	%		0.90	%		0.90	%
Gross expenses (a)(e)		0.66	%		0.66	%		0.68	%		0.91	%		0.91	%		0.93	%		0.65	%		0.65	%		0.68	%		0.90	%		0.90	%		0.92	%
Net investment income (loss) (a)(d)(e)		1.34	%		2.33	%		(4.63	)%		1.09	%		2.07	%		(4.60	)%		1.32	%		1.82	%		2.34	%		1.05	%		1.66	%		1.95	%
Portfolio turnover rate		388	%		278	%		85	%		388	%		278	%		85	%		122	%		231	%		333	%		122	%		231	%		333	%

* For the period October 1, 2008 (commencement of operations) to December 31, 2008.

** For the period March 7, 2008 (commencement of operations) to December 31, 2008.

† Based on average shares outstanding during the period.

(a) Annualized for periods of less than one year.

(b) Total returns are historical and assume changes in share price, reinvestments of all dividends and distributions, and no sales charge. Had certain expenses not been reduced during the periods shown, total returns would have been lower. Total returns for periods of less than one year are not annualized.

(c) The amount shown for a share outstanding does not correspond with the net realized and unrealized gain (loss) on investments for the period due to timing of sales and repurchases of Fund shares in relation to fluctuating market values of the investments of the fund.

(d) Such percentages are after advisory fee or unified management fee waivers and expense reimbursements, as applicable.

(e) Does not include any insurance charges imposed in connection with your variable insurance contract.

289

FINANCIAL HIGHLIGHTS (Continued)
	Sun Capital Advisers Trust

Selected data for a share outstanding throughout each period:

	SC PIMCO High Yield Fund Initial Class Shares									SC PIMCO High Yield Fund Service Class Shares									SC PIMCO Total Return Fund Initial Class Shares									SC PIMCO Total Return Fund Service Class Shares
	Years Ended December 31,									Years Ended December 31,									Years Ended December 31,									Years Ended December 31,
	2010			2009			2008*			2010			2009			2008*			2010			2009			2008**			2010			2009			2008**
Net Asset Value, Beginning of Period	$	9.46		$	8.07		$	10.00		$	9.46		$	8.07		$	10.00		$	11.04		$	10.55		$	10.00		$	11.04		$	10.55		$	10.00
Income (Loss) from Investment Operations:
Net investment income (loss) (d)		0.72	†		0.75	†		0.53			0.70	†		0.72	†		0.51			0.22	†		0.27	†		0.03			0.19	†		0.24	†		0.02
Net realized and unrealized gain (loss) on investments		0.44			1.62			(1.85	)		0.43			1.62			(1.85	)		0.61			0.65			0.55			0.61			0.65			0.55
Total from Investment Operations		1.16			2.37			(1.32	)		1.13			2.34			(1.34	)		0.83			0.92			0.58			0.80			0.89			0.57
Less Distributions from:
Net investment income		(0.72	)		(0.74	)		(0.55	)		(0.69	)		(0.71	)		(0.53	)		(0.25	)		(0.29	)		(0.03	)		(0.22	)		(0.26	)		(0.02	)
Net realized gain on investments		(0.07	)		(0.24	)		(0.06	)		(0.07	)		(0.24	)		(0.06	)		(0.04	)		(0.14	)		(0.00	)(e)		(0.04	)		(0.14	)		(0.00	)(e)
Total distributions		(0.79	)		(0.98	)		(0.61	)		(0.76	)		(0.95	)		(0.59	)		(0.29	)		(0.43	)		(0.03	)		(0.26	)		(0.40	)		(0.02	)
Net Asset Value, End of Period	$	9.83		$	9.46		$	8.07		$	9.83		$	9.46		$	8.07		$	11.58		$	11.04		$	10.55		$	11.58		$	11.04		$	10.55
Total Return (b)		12.68	%		30.67	%		(13.74	)%		12.40	%		30.34	%		(13.92	)%		7.53	%		8.89	%		5.82	%		7.27	%		8.62	%		5.76	%
Ratios and Supplemental Data:
Net Assets, End of Period (000’s)	$	140,327		$	92,422		$	3,134		$	32,225		$	24,680		$	12,300		$	273,150		$	144,812		$	13,823		$	483,257		$	243,743		$	18,397
Ratio to average net assets:
Net expenses (a)(c)(d)		0.75	%		0.75	%		0.75	%		1.00	%		1.00	%		1.00	%		0.65	%		0.65	%		0.65	%		0.90	%		0.90	%		0.90	%
Gross expenses (a)(d)		0.75	%		0.75	%		0.77	%		1.00	%		1.00	%		1.03	%		0.66	%		0.66	%		0.68	%		0.91	%		0.91	%		0.93	%
Net investment income (loss) (a)(c)(d)		7.42	%		8.45	%		6.74	%		7.19	%		8.19	%		7.18	%		1.93	%		2.44	%		1.19	%		1.67	%		2.15	%		0.97	%
Portfolio turnover rate		28	%		190	%		75	%		28	%		190	%		75	%		493	%		496	%		181	%		493	%		496	%		181	%

* For the period March 7, 2008 (commencement of operations) to December 31, 2008.

** For the period October 1, 2008 (commencement of operations) to December 31, 2008.

† Based on average shares outstanding during the period.

(a) Annualized for periods of less than one year.

(b) Total returns are historical and assume changes in share price, reinvestments of all dividends and distributions, and no sales charge. Had certain expenses not been reduced during the periods shown, total returns would have been lower. Total returns for periods of less than one year are not annualized.

(c) Such percentages are after advisory fee or unified management fee waivers and expense reimbursements, as applicable.

(d) Does not include any insurance charges imposed in connection with your variable insurance contract.

(e) Amount is less than $0.005 per share.

290

FINANCIAL HIGHLIGHTS (Continued)
	Sun Capital Advisers Trust

Selected data for a share outstanding throughout each period:

	SC Ibbotson Balanced Fund Initial Class Shares									SC Ibbotson Balanced Fund Service Class Shares									SC Ibbotson Conservative Fund Initial Class Shares									SC Ibbotson Conservative Fund Service Class Shares
	Years Ended December 31,									Years Ended December 31,									Years Ended December 31,									Years Ended December 31,
	2010			2009			2008*			2010			2009			2008*			2010			2009			2008*			2010			2009			2008*
Net Asset Value, Beginning of Period	$	11.21		$	9.07		$	10.00		$	11.20		$	9.06		$	10.00		$	10.94		$	9.19		$	10.00		$	10.94		$	9.18		$	10.00
Income (Loss) from Investment Operations:
Net investment income (loss) (e)		0.20	†		0.20	†		0.02			0.15	†		0.17	†		0.01			0.14	†		0.33	†		0.03			0.13	†		0.20	†		0.02
Net realized and unrealized gain (loss) on investments		1.15			1.97			(0.95	)(c)		1.16			1.97			(0.95	)(c)		0.94			1.45			(0.84	)(c)		0.92			1.56			(0.84	)(c)
Total from Investment Operations		1.35			2.17			(0.93	)		1.31			2.14			(0.94	)		1.08			1.78			(0.81	)		1.05			1.76			(0.82	)
Less Distributions from:
Net investment income		(0.13	)		(0.03	)		—			(0.10	)		(0.00	)(h)		—			(0.16	)		(0.03	)		—			(0.13	)		(0.00	)(h)		—
Net realized gain on investments		(0.06	)		(0.00	)(h)		—			(0.06	)		(0.00	)(h)		—			(0.07	)		(0.00	)(h)		—			(0.07	)		(0.00	)(h)		—
Total distributions		(0.19	)		(0.03	)		—			(0.16	)		(0.00	)(h)		—			(0.23	)		(0.03	)		—			(0.20	)		(0.00	)(h)		—
Net Asset Value, End of Period	$	12.37		$	11.21		$	9.07		$	12.35		$	11.20		$	9.06		$	11.79		$	10.94		$	9.19		$	11.79		$	10.94		$	9.18
Total Return (b)		12.18	%		23.91	%		(9.30	)%		11.82	%		23.65	%		(9.40	)%		9.92	%		19.37	%		(8.10	)%		9.64	%		19.22	%		(8.20	)%
Ratios and Supplemental Data:
Net Assets, End of Period (000’s)	$	1,687		$	442		$	56		$	1,444,241		$	566,276		$	38,747		$	5,053		$	1,708		$	46		$	756,690		$	364,790		$	33,974
Ratio to average net assets:
Net expenses (a)(d)(e)(f)		0.20	%		0.20	%		0.20	%		0.45	%		0.45	%		0.45	%		0.20	%		0.20	%		0.20	%		0.45	%		0.45	%		0.45	%
Gross expenses (a)(e)(f)		0.21	%		0.28	%		16.72	%		0.46	%		0.52	%		2.11	%		0.21	%		0.26	%		17.09	%		0.47	%		0.53	%		2.12	%
Net investment income (loss) (a)(d)(e)(f)		1.75	%		1.95	%		0.88	%		1.30	%		1.69	%		1.82	%		1.27	%		3.15	%		1.15	%		1.18	%		2.01	%		2.22	%
Portfolio turnover rate (g)		27	%		14	%		0	%		27	%		14	%		0	%		16	%		12	%		1	%		16	%		12	%		1	%

* For the period October 1, 2008 (commencement of operations) to December 31, 2008.

† Based on average shares outstanding during the period.

(a) Annualized for periods of less than one year.

(b) Total returns are historical and assume changes in share price, reinvestments of all dividends and distributions, and no sales charge. Had certain expenses not been reduced during the periods shown, total returns would have been lower. Total returns for periods of less than one year are not annualized.

(c) The amount shown for a share outstanding does not correspond with the net realized and unrealized gain (loss) on investments for the period due to timing of sales and repurchases of Fund shares in relation to fluctuating market values of the investments of the fund.

(d) Such percentages are after advisory fee or unified management fee waivers and expense reimbursements, as applicable.

(e) Does not include any insurance charges imposed in connection with your variable insurance contract.

(f) Does not include expenses of the underlying funds in which the Fund invests.

(g) Does not include the portfolio turnover activity of the underlying funds in which the Fund invests.

(h) Amount is less than $0.005.

291

FINANCIAL HIGHLIGHTS (Continued)
	Sun Capital Advisers Trust

Selected data for a share outstanding throughout each period:

	SC Ibbotson Growth Fund Initial Class Shares									SC Ibbotson Growth Fund Service Class Shares
	Years Ended December 31,									Years Ended December 31,
	2010			2009			2008*			2010			2009			2008*
Net Asset Value, Beginning of Period	$	11.25		$	8.87		$	10.00		$	11.24		$	8.87		$	10.00
Income (Loss) from Investment Operations:
Net investment income (loss) (e)		0.18	†		0.06	†		0.02			0.12	†		0.12	†		0.01
Net realized and unrealized gain (loss) on investments		1.34			2.35			(1.15	)(c)		1.38			2.25			(1.14	)(c)
Total from Investment Operations		1.52			2.41			(1.13	)		1.50			2.37			(1.13	)
Less Distributions from:
Net investment income		(0.18	)		(0.03	)		—			(0.15	)		(0.00	)(h)		—
Net realized gain on investments		(0.12	)		(0.00	)(h)		—			(0.12	)		(0.00	)(h)		—
Total distributions		(0.30	)		(0.03	)		—			(0.27	)		(0.00	)(h)		—
Net Asset Value, End of Period	$	12.47		$	11.25		$	8.87		$	12.47		$	11.24		$	8.87
Total Return (b)		13.80	%		27.17	%		(11.30	)%		13.61	%		26.75	%		(11.30	)%
Ratios and Supplemental Data:
Net Assets, End of Period (000’s)	$	1,616		$	292		$	92		$	588,923		$	448,441		$	33,191
Ratio to average net assets:
Net expenses (a)(d)(e)(f)		0.20	%		0.20	%		0.20	%		0.45	%		0.45	%		0.45	%
Gross expenses (a)(e)(f)		0.22	%		0.30	%		14.32	%		0.47	%		0.53	%		2.08	%
Net investment income (loss) (a)(d)(e)(f)		1.54	%		0.61	%		1.20	%		1.03	%		1.18	%		1.53	%
Portfolio turnover rate (g)		38	%		16	%		7	%		38	%		16	%		7	%

* For the period October 1, 2008 (commencement of operations) to December 31, 2008.

† Based on average shares outstanding during the period.

(a) Annualized for periods of less than one year.

(b) Total returns are historical and assume changes in share price, reinvestments of all dividends and distributions, and no sales charge. Had certain expenses not been reduced during the periods shown, total returns would have been lower. Total returns for periods of less than one year are not annualized.

(c) The amount shown for a share outstanding does not correspond with the net realized and unrealized gain (loss) on investments for the period due to timing of sales and repurchases of Fund shares in relation to fluctuating market values of the investments of the fund.

(d) Such percentages are after advisory fee or unified management fee waivers and expense reimbursements, as applicable.

(e) Does not include any insurance charges imposed in connection with your variable insurance contract.

(f) Does not include expenses of the underlying funds in which the Fund invests.

(g) Does not include the portfolio turnover activity of the underlying funds in which the Fund invests.

(h) Amount is less than $0.005.

292

NOTES TO FINANCIAL STATEMENTS Sun Capital Advisers Trust

1. ORGANIZATION

Sun Capital Advisers Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”) as an open-end management investment company. The Trust was established as a Delaware statutory trust under the laws of Delaware by an Agreement and Declaration of Trust dated July 13, 1998. It currently consists of twenty two funds (each referred to as a “Fund” and, collectively, as “the Funds”). Three of the Funds, SC Ibbotson Balanced Fund, SC Ibbotson Conservative Fund and SC Ibbotson Growth Fund, are affiliated “Fund-of-Funds”, which invest in other Funds of the Trust and in other mutual funds managed by MFS, an affiliate of the investment adviser to each Fund of the Trust, Sun Capital Advisers LLC (“Sun Capital”). The three Fund-of-Funds and each of the other Funds other than SC Ibbotson Tactical Opportunities Fund are offered to variable annuity and variable life insurance separate accounts established by affiliated insurance companies to fund variable annuity contracts and variable life insurance policies. SC Ibbotson Tactical Opportunities Fund, a Fund-of-exchange traded funds, is not available for investment by contract holders but serves exclusively as an investment option designed to implement a tactical strategy for the three Fund-of-Funds.

Each of the Funds is an open-end mutual fund under the 1940 Act. Each is classified as a diversified mutual fund except for the Sun Capital Global Real Estate Fund and SC BlackRock Inflation Protected Bond Fund, which are classified as non-diversified mutual funds. Each Fund, except for SC Ibbotson Tactical Opportunities Fund, offers Initial Class Shares and Service Class Shares. SC Ibbotson Tactical Opportunities Fund offers only Initial Class Shares. The Funds are:

SC AllianceBernstein International Value Fund (“AllianceBernstein International Value Fund”)

SC BlackRock International Index Fund (“BlackRock International Index Fund”)*

SC BlackRock Large Cap Index Fund (“BlackRock Large Cap Index Fund”)**,

formerly known as SC Oppenheimer Large Cap Core Fund

SC BlackRock Small Cap Index Fund (“BlackRock Small Cap Index Fund”)**,

formerly known as SC Oppenheimer Main Street Small Cap Fund

SC Goldman Sachs Mid Cap Value Fund (“Goldman Sachs Mid Cap Value Fund”)

SC Columbia Small Cap Value Fund (“Columbia Small Cap Value Fund”)

formerly known as SC Dreman Small Cap Value Fund

SC Davis Venture Value Fund (“Davis Venture Value Fund”)

SC Invesco Small Cap Growth Fund (“Invesco Small Cap Growth Fund”)

formerly known as SC AIM Small Cap Growth Fund

SC Lord Abbett Growth & Income Fund (“Lord Abbett Growth & Income Fund”)

SC WMC Blue Chip Mid Cap Fund (“WMC Blue Chip Mid Cap Fund”)

SC WMC Large Cap Growth Fund (“WMC Large Cap Growth Fund”)

Sun Capital Global Real Estate Fund (“Global Real Estate Fund”)

SC Ibbotson Tactical Opportunities Fund (“Ibbotson Tactical Opportunities Fund”)*

Sun Capital Investment Grade Bond Fund (“Investment Grade Bond Fund”)

Sun Capital Money Market Fund (“Money Market Fund”)

SC BlackRock Inflation Protected Bond Fund (“BlackRock Inflation Protected Bond Fund”)

SC Goldman Sachs Short Duration Fund (“Goldman Sachs Short Duration Fund”)

SC PIMCO High Yield Fund (“PIMCO High Yield Fund”)

SC PIMCO Total Return Fund (“PIMCO Total Return Fund”)

SC Ibbotson Balanced Fund (“Ibbotson Balanced Fund”)

SC Ibbotson Conservative Fund (“Ibbotson Conservative Fund”),

formerly known as SC Ibbotson Moderate Fund

SC Ibbotson Growth Fund (“Ibbotson Growth Fund”)

* The BlackRock International Index Fund and Ibbotson Tactical Opportunities Fund commenced operations on November 15, 2010.

293

NOTES TO FINANCIAL STATEMENTS (Continued) Sun Capital Advisers Trust

** On November 15, 2010, BlackRock Investment Management, LLC replaced OppenheimerFunds, Inc. as subadviser to the SC Oppenheimer Large Cap Core Fund and SC Oppenheimer Main Street Small Cap Fund. The Funds were renamed SC BlackRock Large Cap Index Fund and SC BlackRock Small Cap Index Fund, respectively. In connection with these changes, each of the Funds changed its investment goal and investment strategy from an active to a passive management approach, and will attempt to invest in a portfolio of assets whose performance is expected to match approximately the performance of the Standard & Poor’s 500 Index and the Russell 2000 Index, respectively.

Each Fund-of-Funds seeks to achieve its objective by investing in a portfolio of underlying affiliated funds (“underlying funds”) which, in turn, may invest in a variety of U.S. and foreign equity, fixed income, money market and derivative instruments. The Funds-of-Funds do not invest in the underlying funds for the purpose of exercising management or control; however, investments by the Funds-of-Funds, within their principal investment strategies, may represent a significant portion of the underlying funds’ net assets. Each Fund-of-Funds’ “Portfolio of Investments” lists the underlying funds held as an investment of the Fund-of-Funds as of period end, but does not include the holdings of the underlying funds. A complete list of the holdings of each underlying fund, as well as the financial statements of each underlying fund, each as of December 31, 2010, are available at the SEC’s website at www.sec.gov if not already provided in this report under the name of the underlying fund.

2. SIGNIFICANT ACCOUNTING POLICIES

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements:

a) Determination of Net Asset Value

The net asset value per share (“NAV”) of each Fund is determined as of the close of regular trading on the New York Stock Exchange (normally 4:00 p.m. New York time) on each day the New York Stock Exchange is open for business (a valuation day). If the New York Stock Exchange closes early for any reason, each Fund will accelerate the determination of its NAV to that earlier time.

b) Valuation of Investments

Valuation techniques of the Funds’ major categories of assets and liabilities are as follows:

Investments in securities and option contracts listed on the National Association of Securities Dealers Automation Quotation System (“NASDAQ”) are valued at the NASDAQ Official Closing Price on the day of valuation. Securities and option contracts listed on any other U.S. or foreign exchanges are valued at the last sale price on the exchange or system in which they are principally traded on the valuation date, or if no sales occurred on that day, at the mean between the closing bid and asked prices. Over-the-counter (OTC) equity securities not quoted on the NASDAQ are valued at the last sale price on the valuation day, or, if no sale occurs, at the mean between the last bid and asked prices. If both bid and asked prices are not available on the valuation day, the last bid price is used to value securities and purchased option contracts and the last asked price is used to value written option contracts. Debt securities are valued by a dealer or by a pricing service based upon a computerized matrix system, which considers market transactions and dealer supplied valuations. The fair value of corporate bonds is estimated using various techniques, which may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and adjusted credit default swap spreads. The fair value of asset backed and mortgage backed securities is estimated using models that consider the future cash flows of each tranche of the entity, establish a benchmark yield, and develop an estimated tranche specific spread to the benchmark yield based on

294

NOTES TO FINANCIAL STATEMENTS (Continued) Sun Capital Advisers Trust

the unique attributes of the tranche. U.S. Government and agency securities are normally valued using a model that incorporates market observable data, such as reported sales of similar securities, broker quotes, yields, bids, offers and reference data. Short-term securities maturing in 60 days or less are valued at amortized cost, which approximates market value. Investments in open end mutual funds and underlying funds are valued at their daily closing net asset value per share as reported by the investment company. Securities for which current market quotations are not readily available or are considered unreliable are stated at fair value as determined in good faith by an Internal Pricing Committee under the oversight of the Board of Trustees.

The close of foreign exchanges before the determination of each Fund’s NAV gives rise to the possibility that significant events, including broad market moves, may have occurred after these foreign exchanges close but before the Funds determine their NAVs. In consideration of this, the Board of Trustees has approved an independent pricing vendor to facilitate the fair value process of equity securities traded on particular foreign exchanges. The independent pricing service considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, futures, exchange-traded funds, and the movements of certain indexes of securities based on a statistical analysis of the historical relationship. The frequency with which this fair value process is used cannot be predicted and may be utilized to a significant extent. The value of securities used for NAV calculation under this fair value process may differ from published prices for the same securities.

Exchange traded futures and certain options on futures contracts are valued at the settlement price determined by the relevant exchange. Swap contracts and OTC options and swaptions are valued daily based upon quotations from an independent pricing vendor. Depending on the product and the terms of the transaction, the fair value of the OTC derivatives can be modeled taking into account the counterparties’ creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies used do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets. The U.S. dollar value of forward foreign currency contracts is determined using forward currency exchange rates supplied by a quotation service.

In accordance with Rule 2a-7 of the 1940 Act, the Money Market Fund values its securities initially at cost, and thereafter, securities are assumed to have a constant amortization to maturity of any discount or premium. Amortized cost approximates fair value.

U.S. GAAP defines the fair value of a financial instrument as the price that a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. In accordance with U.S. GAAP, the Funds have categorized their financial instruments, based on priority of the inputs to the valuation technique, into a three-level hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to significant unobservable inputs (Level 3). The Funds utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. If the inputs used to measure fair value for a security fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

The three-tier hierarchy of fair value measurements is summarized in the three broad levels listed below:

Level 1 – quoted prices in active markets for identical assets or liabilities

The types of assets and liabilities utilizing Level 1 valuations generally include exchange traded domestic and certain foreign equities, listed derivatives (such as warrants, rights, futures, options), investments in publicly-traded mutual funds, including exchange-traded funds (“ETF”), with quoted market prices and certain over the counter actively traded U.S. Treasury securities.

295

NOTES TO FINANCIAL STATEMENTS (Continued) Sun Capital Advisers Trust

Level 2 – significant other observable inputs, including:

a) Quoted prices for identical or similar assets or liabilities in active and non-active markets,

b) Inputs other than quoted market prices that are observable, and

c) Inputs that are derived principally from or corroborated by observable market data through correlation or other means

The types of assets and liabilities utilizing Level 2 valuations generally include debt securities such as U.S. Government Agency obligations, municipal bonds, mortgage-backed securities, asset-backed securities, collateralized mortgage obligations, corporate debt obligations, loan assignments and those securities valued at amortized cost; OTC derivatives such as swaps, options, swaptions, foreign forward currency exchange contracts and equity-linked securities; and certain foreign equity securities traded on particular foreign exchanges that close before the Funds determine their NAVs.

Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of assets or liabilities)

Generally, the types of assets and liabilities utilizing Level 3 valuations are securities whose trading has been suspended or which has been de-listed from its primary trading exchange; securities in default or bankruptcy proceedings for which there is no current market quotation; securities and certain derivatives valued by broker quotes which may include brokers’ assumptions about the assumptions a market participant would use.

The tables summarizing the inputs used to value the Fund’s assets and liabilities measured at fair value as of December 31, 2010 and transfers among levels, if any, are incorporated within each Fund’s Portfolio of Investments. During the year ended December 31, 2010, there were no significant changes to valuation techniques described above and the related inputs. There were no significant transfers between Levels 1 and 2 during the year ended December 31, 2010.

c) Investment Transactions and Income

Investment security transactions are accounted for as of trade date. Dividend income from securities and dividend and capital gain distributions from affiliated underlying funds are recorded on the ex-dividend date (net of foreign withholding taxes, as applicable). Non-cash dividends included in income, if any, are recorded at fair market value of securities received. Interest income is recorded on the accrual basis (net of foreign withholding taxes, as applicable). Discounts and premiums on debt securities are amortized using the interest method.

Upon notification from issuers some dividend income received from a real estate investment trust (“REIT”) may be redesignated as a reduction of cost of investment and/or realized gain. Realized gains and losses from security transactions are determined on the basis of identified cost for both financial statement and federal income tax purposes. Investment income, realized and unrealized gains and losses are allocated pro rata on the basis of relative net assets to both classes of shares.

d) Expenses

Expenses directly attributable to a Fund are charged to that Fund. Expenses not directly attributable to a particular Fund are allocated among the affected Funds on the basis of relative net assets. Expenses directly attributable to a particular share class of a Fund are charged directly to such class. All other expenses are borne pro rata on the basis of relative net assets by all classes of shares.

e) Foreign Currency Translation and Foreign Investments

The accounting records of the Funds are maintained in U.S. dollars. Portfolio securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars at the prevailing rates of exchange at period end. Purchases and sales of securities, income receipts and expense payments are translated into U.S.

296

NOTES TO FINANCIAL STATEMENTS (Continued) Sun Capital Advisers Trust

dollars at the prevailing exchange rate on the respective dates of transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. The effects of changes in foreign currency exchange rates on portfolio investments are included in the net realized and unrealized gains and losses on investments and assets and liabilities in foreign currencies. Net realized gains and losses on foreign currency transactions include disposition of foreign currencies, net gains or losses from assets or liabilities denominated in foreign currencies, and currency gains and losses between the accrual and receipt dates of portfolio investment income and between the trade and settlement dates of portfolio investment transactions.

f) New Accounting Pronouncement

In January 2010, the Financial Accounting Standards Board issued an Accounting Standards Update that will require reporting entities to make new disclosures about purchases, sales, issuances, and settlements in the roll forward of activity in Level 3 fair value measurements, which are effective for interim and annual reporting periods beginning after December 15, 2010. Management is currently evaluating the impact the new requirements will have on the Funds’ financial statement disclosures.

3. SECURITIES AND OTHER INVESTMENTS

a) Mortgage Dollar Roll Transactions

Certain funds may enter into mortgage dollar roll (“MDR”) transactions to take advantage of opportunities in the mortgage market. A dollar roll transaction involves a sale by the Fund of mortgage-backed securities that it holds with an agreement by the Fund to repurchase substantially similar securities at an agreed upon price on a specified future date. The Fund treats mortgage dollar rolls as two separate transactions: one involving the purchase of a security and a separate transaction involving a sale. The Fund is paid a fee for entering into a dollar roll transaction, that is accrued as income over the life of the dollar roll contract. During the period between the sale and repurchase, the Fund will not be entitled to receive interest and principal payments on the securities sold. A Fund will only enter into “covered” rolls. A “covered” roll is a specific type of dollar roll for which there is an offsetting cash position or liquid security position.

The proceeds of the sale will generally be invested in additional instruments for the Fund, and the income from these investments, together with any additional fee income received on the dollar roll transaction, will generally exceed the interest income that would have been earned on the securities sold. Dollar roll transactions involve the risk that the market value of the securities sold by the Fund may decline below the repurchase price of those similar securities which the Fund is obligated to purchase or that the return earned by the Fund with the proceeds of a dollar roll may not exceed transaction costs. As of December 31, 2010, only Investment Grade Bond Fund had open MDR transactions.

b) Real Estate Investment Trusts

Certain Funds may invest in REITs. REITs are pooled investment vehicles that invest primarily in income producing real estate or real estate related loans or interests. REITs are generally classified as equity REITs, mortgage REITs or a combination of equity and mortgage REITs. Equity REITs invest most of their assets directly in real property and derive income primarily from the collection of rents. Equity REITs can also realize capital gains by selling properties that have appreciated in value. Mortgage REITs invest most of their assets in real estate mortgages and derive income from interest payments. Each Fund will indirectly bear its proportionate share of any expenses (such as operating expenses and advisory fees) paid by REITs in which it invests in addition to the expenses paid by the Fund.

Certain risks may arise when investing in REITs. Although Global Real Estate Fund does not invest directly in real estate, it does invest primarily in real estate equity securities and does concentrate its investments in the real

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estate industry, and, therefore, an investment in the Fund may be subject to certain risks associated with the direct ownership of real estate and with the real estate industry in general. Each of the other Funds that may invest in REITs may, to a lesser degree, be subject to these risks. Risks associated with the real estate industry may include risks resulting from future economic, political and environmental conditions.

c) Repurchase Agreements

The Funds may invest in repurchase agreements. In a repurchase agreement, a Fund buys a security (“collateral”) for a relatively short period (usually not more than 7 days) subject to the obligation to sell the security back to the repurchase agreement counterparty at a fixed time and price plus accrued interest. Securities serving as collateral for each repurchase agreement must be delivered to the Trust’s custodian. The value of the collateral must at least equal 102% of the principal amount of the repurchase transaction, until the agreement matures. The value of the collateral is marked to market on a daily basis to ensure the adequacy of the collateral. In the event of default, the Funds have the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. There is the risk that the collateral may be insufficient to meet the obligation in the event of default. As of December 31, 2010, Columbia Small Cap Value Fund, Invesco Small Cap Growth Fund, WMC Blue Chip Mid Cap Fund, WMC Large Cap Growth Fund, Ibbotson Balanced Fund, Ibbotson Conservative Fund and Ibbotson Growth Fund had open repurchase agreements as listed on each Fund’s Portfolio of Investments.

d) When Issued Securities and Forward Commitments

The Funds may purchase or sell securities on a when issued or forward commitment basis. These transactions are arrangements in which the Funds purchase and sell securities with payment and delivery scheduled for a future time. Settlement dates may be a month or more after entering into these transactions and such transactions may involve a risk of loss if the value of the underlying security declines prior to the settlement date. The price of the underlying securities and the date when these securities will be delivered and paid for are fixed at the time the transaction is negotiated. If the counterparty to the purchase transaction fails to deliver the securities, the Fund is at risk to subsequently invest at less advantageous prices and yields. In connection with such purchases the Funds maintain cash or liquid assets in an amount equal to purchase commitments for such underlying securities until settlement date, and for sales commitments the Funds maintain equivalent deliverable securities as “cover” for the transactions. Unsettled sales commitments are valued at the current market value of the underlying security and marked to market daily on the Fund’s Statement of Assets and Liabilities. As of December 31, 2010, only PIMCO Total Return Fund had outstanding forward sales contracts as listed on the Fund’s Portfolio of Investments.

e) Treasury Inflation-Protected Securities

Certain Funds may invest in Treasury Inflation-Protected Securities (“TIPS”), specially structured bonds in which the principal amount is adjusted daily to reflect changes in inflation, as measured by the U.S. Consumer Pricing Index for Urban Consumers. The adjustments to principal due to inflation are reflected as increases or decreases to interest income. Such adjustments may have a significant impact on the Fund’s distributions. The repayment of the original bond principal upon maturity is guaranteed by the full faith and credit of the U.S. Government. At December 31, 2010, Investment Grade Bond Fund, BlackRock Inflation Protected Bond Fund, Goldman Sachs Short Duration Fund and PIMCO Total Return Fund held TIPS as listed on each Fund’s Portfolio of Investments.

f) Equity Linked Securities

Certain Funds may invest in equity-linked securities which are privately issued securities with investment results that are designed to correspond generally to the performance of a specified stock index or “basket” of stocks, or a single stock. These securities may be used by a Fund to gain exposure to countries that place restrictions on

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NOTES TO FINANCIAL STATEMENTS (Continued) Sun Capital Advisers Trust

direct investments by foreigners. To the extent that the Funds invest in equity-linked securities having returns that correspond to the performance of a foreign securities index or one or more foreign stocks, investing in equity-linked securities will involve risks similar to the risks of investing in foreign securities. In addition, the Funds bear the risk that the issuer of an equity-linked security may default on its obligation under the terms of the arrangement with the counterparty. At December 31, 2010, only AllianceBernstein International Value Fund held equity-linked securities as listed on the Fund’s Portfolio of Investments.

g) Loan Participations and Assignments

Certain Funds may invest in senior loans in the form of participations (“Participations”) or assignments of all or a portion of loans from third parties (“Assignments”). Loan participations typically represent direct participation in a loan owed by a corporate borrower, and generally are offered by banks, other financial institutions or lending syndicates. The Fund may participate in such syndications, or can buy part of a loan, becoming a co-lender. When purchasing loan participations, the Fund assumes the credit risk associated with the corporate borrower and may assume the credit risk associated with a financial intermediary.

Assignments typically result in the Fund having a direct contractual relationship with the borrower, and the Fund may enforce compliance by the borrower with terms of the loan agreement. All senior loans involve interest rate risk, liquidity risk and credit risk, including the potential default or insolvency of the borrower. As of December 31, 2010, only PIMCO High Yield Fund had open senior loan assignments as listed on the Fund’s Portfolio of Investments.

h) Exchange Traded Funds

The Ibbotson Tactical Opportunities Fund (“the Tactical Fund”) invests substantially all of its assets in ETFs. ETFs are investment companies, the shares of which are listed and traded on U.S. stock exchanges or otherwise traded in the over-the-counter market and may be purchased and sold at market price throughout the trading day. The market price of an underlying ETF may be different from the net asset value of such underlying ETF (i.e., an underlying ETF may trade at a discount or premium to its net asset value). The Fund’s assets may be invested in a variety of equity and fixed income ETFs. Because the Fund’s investments are focused in these underlying ETFs, the Fund’s net asset value and investment performance are directly related to the performance and risk of the underlying ETFs and the equity and bond markets in which those ETFs invest. Underlying ETFs also may change their investment objectives or policies without the approval of the Fund, causing the Fund to withdraw its investment from the underlying ETF at a time and price that is unfavorable to the Fund.

As a result of the Fund’s investment in underlying ETFs, it will indirectly bear fees and expenses charged by the underlying ETFs, in addition to the Fund’s direct fees and expenses. Therefore, the cost of investing in the Tactical Fund may be higher than the cost of investing in mutual funds that invest directly in individual stocks and bonds.

4. PRINCIPAL INVESTMENT RISKS

In the normal course of pursuing their investment objectives, the Funds may trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market or equity risk), failure of the other party to a transaction to perform or a decline in credit quality of the issuer (counterparty and credit risk), fluctuations in the value of foreign currencies (foreign currency exchange risk) and unfavorable changes in interest rates (interest rate risk). The potential loss due to any of these risks could exceed the value of the financial assets recorded in the Fund’s financial statements. Financial assets which potentially expose the Funds to credit risk consist principally of cash due from counterparties and investments. In addition, investing in foreign markets may also involve special risks and considerations not typically associated with investing in the U.S. such as high rates of inflation, repatriation restrictions on income and capital, and adverse political and

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NOTES TO FINANCIAL STATEMENTS (Continued) Sun Capital Advisers Trust

economic developments. Moreover, securities issued in these markets may be less liquid, be subject to government ownership controls, have delayed settlements, and their prices may be more volatile than those of comparable securities in the U.S.

Counterparty risk, the type of credit risk associated with a default by an institution or other entity with which the Funds have unsettled or open transactions, is managed through evaluation of each counterparty prior to entering into transactions with them. Transactions in listed securities are generally settled/paid for upon delivery using approved counterparties. The risk of loss would generally be considered low as the trades will fail if either party fails to meet its obligation.

The Funds may be subject to various Master Agreements, which govern the terms of certain transactions with select counterparties. These Master Agreements reduce the counterparty risk associated with relevant transactions by allowing a Fund to net contracts in the event of default. All amounts with the counterparty are terminated and settled on a net basis. The Fund’s overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Securities Forward Transaction Agreements (“Master Forward Agreements”) govern the considerations and factors surrounding the settlement of certain purchases and sales made on a delayed-delivery basis by and between a Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

Funds attempt to reduce exposure to counterparty credit risk by entering into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreements”) with select counterparties for certain OTC derivative and foreign exchange contract transactions. The ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Early termination could be detrimental to the Funds.

5. FINANCIAL DERIVATIVE INSTRUMENTS

The following disclosures contain information on the Funds’ objectives and strategies for using derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Funds’ financial position, results of operations, and cash flows. The derivative instruments outstanding as of December 31, 2010, as disclosed in the notes to each applicable Fund’s Portfolio of Investments, and the amount of realized and unrealized gains and losses on derivative instruments during the year ended December 31, 2010, as disclosed in each Fund’s Statement of Operations, serve as indicators of the volume of derivative activity for the Funds.

The following is a summary of the fair valuations of the Funds’ financial derivative instruments (not accounted for as hedging instruments under U.S. GAAP) categorized by risk exposure:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of December 31, 2010:

	Asset Derivatives
Fund	Derivative Type	Interest Rate		Foreign Exchange		Credit		Equity		Total
BlackRock International Index Fund	Futures Contracts(a)	$	—	$	—	$	—	$	19,576	$	19,576
	Total Value	$	—	$	—	$	—	$	19,576	$	19,576
BlackRock Large Cap Index Fund	Futures Contracts(a)	$	—	$	—	$	—	$	54,766	$	54,766
	Total Value	$	—	$	—	$	—	$	54,766	$	54,766

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	Asset Derivatives
Fund	Derivative Type	Interest Rate		Foreign Exchange		Credit		Equity		Total
BlackRock Small Cap Index Fund	Futures Contracts(a)	$	—	$	—	$	—	$	49,218	$	49,218
	Total Value	$	—	$	—	$	—	$	49,218	$	49,218
BlackRock Inflation Protected Bond	Futures Contracts(a)	$	18,750	$	—	$	—	$	—	$	18,750
	Swap Contracts(b)		117,132		—		—		—		117,132
	Total Value	$	135,882	$	—	$	—	$	—	$	135,882
Goldman Sachs Short Duration Fund	Futures Contracts(a)	$	923,499	$	—	$	—	$	—	$	923,499
	Total Value	$	923,499	$	—	$	—	$	—	$	923,499
PIMCO High Yield	Forward Foreign Currency Exchange Contracts(c)	$	—	$	231,914	$	—	$	—	$	231,914
	Futures Contracts(a)		242,475		—		—		—		242,475
	Swap Contracts(b)		—		—		278,084		—		278,084
	Total Value	$	242,475	$	231,914	$	278,084	$	—	$	752,473
PIMCO Total Return	Forward Foreign Currency Exchange Contracts(c)	$	—		1,494,454		—		—	$	1,494,454
	Futures Contracts(a)		224,025		—		—		—		224,025
	Swap Contracts(b)		119,702		—		1,265,034		—		1,384,736
	Total Value	$	343,727	$	1,494,454	$	1,265,034	$	—	$	3,103,215

(a) Statement of Assets and Liabilities location: Variation margin receivable or payable, as applicable. Amount includes cumulative appreciation (depreciation) on futures as presented in each Fund’s Portfolio of Investments.

(b) Statement of Assets and Liabilities location: Unrealized appreciation on swaps.

(c) Statement of Assets and Liabilities location: Unrealized appreciation on forward foreign currency exchange contracts.

	Liability Derivatives
Fund	Derivative Type	Interest Rate		Foreign Exchange		Credit		Equity			Total
AllianceBernstein International Value	Futures Contracts(a)	$	—	$	—	$	—	$	(6,600	)	$	(6,600	)
	Total Value	$	—	$	—	$	—	$	(6,600	)	$	(6,600	)
BlackRock International Index Fund	Futures Contracts(a)	$	—	$	—	$	—	$	(3,700	)	$	(3,700	)
	Total Value	$	—	$	—	$	—	$	(3,700	)	$	(3,700	)
Goldman Sachs Mid Cap Value	Futures Contracts(a)	$	—	$	—	$	—	$	(5,922	)	$	(5,922	)
	Total Value	$	—	$	—	$	—	$	(5,922	)	$	(5,922	)

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NOTES TO FINANCIAL STATEMENTS (Continued) Sun Capital Advisers Trust

	Liability Derivatives
Fund	Derivative Type	Interest Rate			Foreign Exchange			Credit			Equity		Total
BlackRock Inflation Protected Bond	Forward Foreign Currency Exchange Contracts(b)	$	—		$	(638,947	)	$	—		$	—	$	(638,947	)
	Futures Contracts(a)		(454,959	)		—			—			—		(454,959	)
	Swap Contracts(c)		(702,330	)		—			—			—		(702,330	)
	Written Option Contracts(d)		(1,271,483	)		—			—			—		(1,271,483	)
	Total Value	$	(2,428,772	)	$	(638,947	)	$	—		$	—	$	(3,067,719	)
Goldman Sachs Short Duration	Futures Contracts(a)	$	(866,125	)	$	—		$	—		$	—	$	(866,125	)
	Total Value	$	(866,125	)	$	—		$	—		$	—	$	(866,125	)
PIMCO High Yield	Forward Foreign Currency Exchange Contracts(b)	$	—		$	(34,765	)	$	—		$	—	$	(34,765	)
	Total Value	$	—		$	(34,765	)	$	—		$	—	$	(34,765	)
PIMCO Total Return	Forward Foreign Currency Exchange Contracts(b)	$	—		$	(423,073	)	$	—		$	—	$	(423,073	)
	Futures Contracts(a)		(904,781	)		—			—			—		(904,781	)
	Swap Contracts(c)		(168,922	)		—			(73,800	)		—		(242,722	)
	Written Option Contracts(d)		(2,816,203	)		—			—			—		(2,816,203	)
	Total Value	$	(3,889,906	)	$	(423,073	)	$	(73,800	)	$	—	$	(4,386,779	)

(a) Statement of Assets and Liabilities location: Variation margin receivable or payable, as applicable. Amount includes cumulative appreciation (depreciation) on futures, as applicable, as presented in each Fund’s Portfolio of Investments.

(b) Statement of Assets and Liabilities location: Unrealized depreciation on forward foreign currency exchange contracts.

(c) Statement of Assets and Liabilities location: Unrealized depreciation on swaps.

(d) Statement of Assets and Liabilities location: Options written.

Effect of Derivative Instruments on the Statement of Operations for the Year Ended December 31, 2010:

	Realized Gain (Loss)
Fund	Derivative Type	Interest Rate		Foreign Exchange		Credit		Equity		Total
AllianceBernstein International Value	Futures Contracts(a)	$	—	$	—	$	—	$	54,039	$	54,039
	Total Value	$	—	$	—	$	—	$	54,039	$	54,039
BlackRock International Index Fund	Futures Contracts(a)	$	—	$	—	$	—	$	16,418	$	16,418
	Total Value	$	—	$	—	$	—	$	16,418	$	16,418
BlackRock Large Cap Index Fund	Futures Contracts(a)	$	—	$	—	$	—	$	133,245	$	133,245
	Total Value	$	—	$	—	$	—	$	133,245	$	133,245

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NOTES TO FINANCIAL STATEMENTS (Continued) Sun Capital Advisers Trust

	Realized Gain (Loss)
Fund	Derivative Type	Interest Rate			Foreign Exchange			Credit		Equity		Total
BlackRock Small Cap Index Fund	Futures Contracts(a)	$	—		$	—		$	—	$	222,369	$	222,369
	Total Value	$	—		$	—		$	—	$	222,369	$	222,369
Goldman Sachs Mid Cap Value	Futures Contracts(a)	$	—		$	—		$	—	$	1,502,752	$	1,502,752
	Total Value	$	—		$	—		$	—	$	1,502,752	$	1,502,752
BlackRock Inflation Protected Bond	Forward Foreign Currency Exchange Contracts(b)	$	—		$	(413,265	)	$	—	$	—	$	(413,265	)
	Futures Contracts(a)		355,675			—			—		—		355,675
	Purchased Option Contracts(c)		314,737			—			—		—		314,737
	Swap Contracts(d)		3,122,485			—			—		—		3,122,485
	Written Option Contracts(e)		495,905			—			—		—		495,905
	Total Value	$	4,288,802		$	(413,265	)	$	—	$	—	$	3,875,537
Goldman Sachs Short Duration	Futures Contracts(a)	$	3,134,455		$	—		$	—	$	—	$	3,134,455
	Total Value	$	3,134,455		$	—		$	—	$	—	$	3,134,455
PIMCO High Yield	Futures Contracts(a)	$	554,788		$	—		$	—	$	—	$	554,788
	Forward Foreign Currency Exchange Contracts(b)		—			(34,956	)		—		—		(34,956	)
	Swap Contracts(d)		—			—			838,976		—		838,976
	Written Option Contracts(e)		236,692			—			—		—		236,692
	Total Value	$	791,480		$	(34,956	)	$	838,976	$	—	$	1,595,500
PIMCO Total Return	Futures and Options on Futures Contracts(a)	$	12,340,195		$	—		$	—	$	—	$	12,340,195
	Forward Foreign Currency Exchange Contracts(b)		—			1,194,979			—		—		1,194,979
	Swap Contracts(d)		(1,074,514	)		—			1,079,778		—		5,264
	Written Option Contracts(e)		2,225,660			124,030			15,200		—		2,364,890
	Total Value	$	13,491,341		$	1,319,009		$	1,094,978	$	—	$	15,905,328

(a) Statement of Operations location: Net realized gain (loss) from: Futures and options on futures, as applicable.

(b) Statement of Operations location: Net realized gain (loss) from: Foreign currency related transactions (Statement of Operations includes both forward foreign currency exchange contracts and foreign currency transactions).

(c) Statement of Operations location: Net realized gain (loss) from: Investments.

(d) Statement of Operations location: Net realized gain (loss) from: Swaps.

(e) Statement of Operations location: Net realized gain (loss) from: Written options.

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NOTES TO FINANCIAL STATEMENTS (Continued) Sun Capital Advisers Trust

	Change in Unrealized Appreciation (Depreciation)
Fund	Derivative Type	Interest Rate			Foreign Exchange			Credit			Equity			Total
AllianceBernstein International Value	Futures Contracts(a)	$	—		$	—		$	—		$	(48,444	)	$	(48,444	)
	Total Value	$	—		$	—		$	—		$	(48,444	)	$	(48,444	)
BlackRock International Index Fund	Futures Contracts(a)	$	—		$	—		$	—		$	15,876		$	15,876
	Total Value	$	—		$	—		$	—		$	15,876		$	15,876
BlackRock Large Cap Index Fund	Futures Contracts(a)	$	—		$	—		$	—		$	54,766		$	54,766
	Total Value	$	—		$	—		$	—		$	54,766		$	54,766
BlackRock Small Cap Index Fund	Futures Contracts(a)	$	—		$	—		$	—		$	49,218		$	49,218
	Total Value	$	—		$	—		$	—		$	49,218		$	49,218
Goldman Sachs Mid Cap Value	Futures Contracts(a)	$	—		$	—		$	—		$	(92,106	)	$	(92,106	)
	Total Value	$	—		$	—		$	—		$	(92,106	)	$	(92,106	)
BlackRock Inflation Protected Bond	Forward Foreign Currency Exchange Contracts(b)	$	—		$	(619,969	)	$	—		$	—		$	(619,969	)
	Futures Contracts(a)		(688,429	)		—			—			—			(688,429	)
	Purchased Option Contracts(c)		(80,177	)		—			—			—			(80,177	)
	Swap Contracts(d)		(602,820	)		—			—			—			(602,820	)
	Written Option Contracts(e)		(35,863	)		—			—			—			(35,863	)
	Total Value	$	(1,407,289	)	$	(619,969	)	$	—		$	—		$	(2,027,258	)
Goldman Sachs Short Duration	Futures Contracts(a)	$	(885,020	)	$	—		$	—		$	—		$	(885,020	)
	Total Value	$	(885,020	)	$	—		$	—		$	—		$	(885,020	)
PIMCO High Yield	Forward Foreign Currency Exchange Contracts(b)	$	—		$	43,282		$	—		$	—		$	43,282
	Futures Contracts(a)		(146,001	)		—			—			—			(146,001	)
	Swap Contracts(d)		—			—			(711,348	)		—			(711,348	)
	Written Option Contracts(e)		(76,399	)		—			—			—			(76,399	)
	Total Value	$	(222,400	)	$	43,282		$	(711,348	)	$	—		$	(890,466	)

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NOTES TO FINANCIAL STATEMENTS (Continued) Sun Capital Advisers Trust

	Change in Unrealized Appreciation (Depreciation)
Fund	Derivative Type	Interest Rate			Foreign Exchange		Credit		Equity		Total
PIMCO Total Return	Forward Foreign Currency Exchange Contracts(b)	$	—		$	824,295	$	—	$	—	$	824,295
	Futures and Options on Futures Contracts(a)		(350,133	)		—		—		—		(350,133	)
	Swap Contracts(d)		(20,766	)		—		1,189,975		—		1,169,209
	Written Option Contracts(e)		(909,592	)		2,310		—		—		(907,282	)
	Total Value	$	(1,280,491	)	$	826,605	$	1,189,975	$	—	$	736,089

(a) Statement of Operations location: Change in unrealized appreciation (depreciation) on: Futures and options on futures, as applicable.

(b) Statement of Operations location: Change in unrealized appreciation (depreciation) on: Assets and liabilities in foreign currencies (Statement of Operations includes both forward foreign currency exchange contracts and foreign currency transactions).

(c) Statement of Operations location: Change in unrealized appreciation (depreciation) on: Investments.

(d) Statement of Operations location: Change in unrealized appreciation (depreciation) on: Swaps.

(e) Statement of Operations location: Change in unrealized appreciation (depreciation) on: Written options.

a) Swap Agreements

Certain Funds may invest in swap agreements. Swap agreements are privately negotiated contracts between a Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. A Fund may enter into credit default, cross-currency, interest rate, total return and other forms of swap agreements to manage its exposure to credit, currency and interest rate risks. In connection with these agreements, securities or cash may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. The amount of collateral posted or received by a Fund, as noted on each applicable Fund’s Portfolio of Investments, is generally subject to certain minimum requirements as determined between the Fund and each counterparty.

The value of the swap is adjusted daily based upon quotations from an independent pricing vendor and is recorded as unrealized appreciation or depreciation on the Fund’s Statement of Assets and Liabilities. Upfront swap premium payments paid or received by the Fund, if any, are recorded as such on the Fund’s Statement of Assets and Liabilities and represent payments paid or received upon entering into the swap contract to compensate for differences between stated terms of the swap contract and prevailing market conditions (credit spreads, currency exchange rates, interest rates and other relevant factors). These upfront payments are recorded as realized gain or loss on the Fund’s Statement of Operations upon termination or maturity of the swap contract. Under the terms of the swap contracts, the Fund receives or makes net periodic payments which are included as part of realized gains or losses on the Fund’s Statement of Operations. Liquidation payments received or made upon termination of the swap contract are recorded as realized gain or loss in the Fund’s Statement of Operations.

Entering into swap agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Fund’s Statement of Operations. Swap agreements are also subject to risks related to the counterparty’s ability to perform, and may decline in value if the counterparty’s creditworthiness deteriorates. A Fund may also suffer losses if it is unable to terminate outstanding swap

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NOTES TO FINANCIAL STATEMENTS (Continued) Sun Capital Advisers Trust

agreements or reduce its exposure through offsetting transactions. Swap agreements also bear the risk that the Fund will not be able to meet its obligations to the counterparty.

The Funds may enter into certain interest rate, total return and credit default swap contracts that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in a Fund’s net assets below a certain level, which may result in a payment by the Funds for those swaps in a net liability position.

(i) Credit Default Swap Agreements

Certain Funds may enter into credit default swap agreements. A Fund may buy or sell credit default swap contracts to seek to increase the Fund’s income, to provide comparable exposure to fixed income securities that might not be available in primary markets, to add leverage to the portfolio, or to hedge the risk of default on other securities held by the Fund. A credit default swap is a contract between a buyer and a seller of protection against a predefined credit event. As a seller in the credit default swap contract, the Fund would be required to pay the par (or other agreed-upon) value of certain third party debt obligations to the counterparty in the event of a credit event (generally including the occurrence of a bankruptcy, failure to make payments in respect of debt obligations, or debt restructurings) in respect of such third party, such as a U.S. or foreign corporate issuer. Such a payment would likely result in a loss to the Fund. In return, the Fund would receive from the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Fund would keep the stream of payments and would have no payment obligations. The Fund may also buy credit default swap contracts in order to hedge against the risk of default of debt securities or to take a view as to the likelihood of default of debt securities. This would involve the risk that the contract may expire worthless if a credit event does not occur during the term of the transaction. It would also involve credit risk that the seller may fail to satisfy its payment obligations to the Fund in the event of a credit event.

Credit default swap agreements on corporate and sovereign issues involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a credit event. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event). A Fund may use credit default swaps on corporate and sovereign issues to provide a measure of protection against credit events in respect of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of the occurrence of a credit event in respect of a particular issuer.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of certain credit events in respect of or default of all or part of the referenced entities comprising the credit index. A credit index is a list or a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. Index credit default swaps that reference asset-backed or mortgage-backed instruments may require payments in the event of a write-down, principal or interest shortfall in respect of the underlying instruments. Index credit default swaps that reference corporate entities or instruments generally include the same credit events that would be contained in a single-name credit default swap on the relevant corporate entity or instruments. An index credit default swap references all the entities in the index, and if there is a credit event, the credit event is settled based on that entity’s weight in the index. A Fund may use credit default swaps on credit indices to hedge a portfolio of credit default swaps or bonds which is less expensive than it would be to buy many individual credit default swaps to achieve a similar effect.

The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the

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NOTES TO FINANCIAL STATEMENTS (Continued) Sun Capital Advisers Trust

agreement. Notional amounts of all credit default swap agreements outstanding as of December 31, 2010 for which a Fund is the seller of protection are disclosed in each Fund’s Portfolio of Investments. At December 31, 2010, PIMCO High Yield Fund and PIMCO Total Return Fund had open credit default swap contracts and were the sellers of protection. As disclosed in the notes to the PIMCO High Yield Fund’s Portfolio of Investments and PIMCO Total Return Fund’s Portfolio of Investments, the aggregate market values of credit default swap contracts in net liability positions where each Fund is a seller of protection as of December 31, 2010 were $(4,446) and $(324,625), respectively. If a defined credit event had occurred as of December 31, 2010, the swaps’ credit-risk-contingent features would have been triggered and PIMCO High Yield Fund and PIMCO Total Return Fund would have been required to pay $300,000 and $34,700,000, respectively, representing 0.2% and 4.6%, respectively, of each Fund’s net assets on December 31, 2010 to settle these swaps. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

(ii) Interest Rate Swap Agreements

Certain Funds may enter into interest rate swap agreements to manage the interest rate risk inherent in the Fund’s underlying investments such as fixed rate bonds. The value of these bonds may decrease if interest rates rise. In an interest rate swap, the Fund would agree to pay the other party to the interest rate swap (the “counterparty”) a fixed rate payment in exchange for the counterparty agreeing to pay to the Fund a variable rate payment, or the Fund would agree to receive from the counterparty a fixed rate payment in exchange for the counterparty agreeing to receive from the Fund a variable rate payment. The payment obligations would be based on the notional amount of the swap.

As of December 31, 2010, BlackRock Inflation Protected Bond Fund and PIMCO Total Return Fund had open interest rate swap agreements as listed on each Fund’s Portfolio of Investments.

(iii) Total Return Swap Agreements

Certain Funds may enter into total return swap agreements to obtain exposure to a security or market without owning or taking physical custody of such security or investing directly in such market. Total return swap agreements are contracts in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include a specified security, basket of securities or securities indices during the specific period, in return for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, a Fund will receive a payment from or make a payment to the counterparty.

As of December 31, 2010, only BlackRock Inflation Protected Bond Fund had outstanding total return swap agreements as listed on the Fund’s Portfolio of Investments.

b) Forward Foreign Currency Exchange and Spot Contracts

Certain Funds may engage in forward foreign currency exchange and spot contracts in an effort to enhance total return, to facilitate transactions in foreign securities and to reduce exposure to foreign currency exchange rates. Forward foreign currency exchange contracts are agreements to purchase or sell a specified currency on a specified future date at a price set at the time of the contract. The use of forward foreign currency exchange and spot contracts does not eliminate fluctuations in the underlying prices of the Fund’s securities, but it does establish a rate of exchange on a particular date. When a contract is used to hedge against movements in exchange rates, it will limit the risk of loss due to a decline in the value of the hedged currency during the

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NOTES TO FINANCIAL STATEMENTS (Continued) Sun Capital Advisers Trust

relevant period, but will also limit any potential gain that might result should the value of the currency increase during that period. In addition, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts. The Funds may segregate liquid assets to cover their obligations under these contracts.

The value of forward foreign currency exchange contracts is translated into U.S. dollars. The change in market values of forward foreign currency exchange contracts is recorded as unrealized appreciation (depreciation) on assets and liabilities in foreign currencies on the Fund’s Statement of Assets and Liabilities. When the contract is closed, the Fund records a realized gain or loss from foreign currency related transactions equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed which is included in realized gain/(loss) on foreign currency related transactions on the Fund’s Statement of Operations.

As of December 31, 2010, BlackRock Inflation Protected Bond Fund, PIMCO High Yield Fund and PIMCO Total Return Fund had open forward foreign currency exchange contracts as listed on each Fund’s Portfolio of Investments.

c) Futures

Certain Funds may enter into futures contracts. A Fund may enter into futures contracts as a hedge against changes in interest rates or securities prices, for duration management, and return enhancement purposes. A futures contract is an agreement between a buyer or seller and an established futures exchange or its clearinghouse, regulated and approved by the Commodity Futures Trading Commission, in which the buyer or seller agrees to take or make a delivery of a specific amount of a financial instrument at a specified price on a specific date (the “settlement date”). Certain risks may arise upon entering into futures contracts, including the risk that an illiquid commodity market will limit the Fund’s ability to close out a futures contract prior to the settlement date and that a change in the value of a futures contract may not correlate exactly with the changes in the value of the securities. The Funds segregate liquid assets or engage in other appropriate measures to cover their obligations under these contracts, as noted on each applicable Fund’s Portfolio of Investments.

Upon entering into a futures contract, the Fund is required to deposit with a financial intermediary an amount (“initial margin”) equal to a certain percentage of the face value indicated in the futures contract. Subsequent payments (“variation margin”) made or received by the Fund are dependent upon the daily fluctuations in the value of the underlying security and are recorded as unrealized gains or losses in the Fund’s Statement of Operations. The value of futures contracts will be the sum of the initial margin plus or minus the difference between the value of the futures contract on the valuation date and the value on the date the futures contract is originated. Futures contracts involve, to a varying degree, risk of loss in excess of the variation margin disclosed on the Statement of Assets and Liabilities.

As of December 31, 2010, AllianceBerstein International Value Fund, BlackRock International Index Fund, BlackRock Large Cap Index Fund, BlackRock Small Cap Index Fund, Goldman Sachs Mid Cap Value Fund, BlackRock Inflation Protected Bond Fund, Goldman Sachs Short Duration Fund, PIMCO High Yield Fund and PIMCO Total Return Fund had open futures contracts as listed on each Fund’s Portfolio of Investments.

d) Options

Certain Funds may enter into call and put option contracts on 1) securities, futures, commodities, currencies or swaps (“swaptions”) it owns or in which it may invest, 2) forward volatility agreements and 3) inflation floors. The Fund may enter into option contracts in order to hedge against potential adverse price movements in the value of portfolio investments; as a temporary substitute for purchasing or selling selected investments; to lock in the purchase price of a security or currency which it expects to purchase in the near future; or to enhance total return. An option contract is a contract in which the writer of the option grants the buyer of the option the right to purchase from (a “call option”), or sell to (a “put option”) the writer a designated instrument at a specified price

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NOTES TO FINANCIAL STATEMENTS (Continued) Sun Capital Advisers Trust

within a specified period of time. Writing put options tends to increase a Fund’s exposure to the underlying instrument. Writing call options tends to decrease a Fund’s exposure to the underlying instruments. Swaptions are similar to options on securities except that instead of selling or purchasing the right to buy or sell a security, the writer or purchaser of the swap option is granting or buying the right to enter into a previously agreed upon swap agreement at any time before or upon the expiration of the option. Certain options will require cash settlement by the Fund if the option is exercised. The purpose of an inflation cap is to protect the buyer from inflation erosion above a certain rate on a given notional exposure. A floor can be used to give downside protection to investments in inflation-linked products. A forward volatility agreement hedges against the amount of volatility of an underlying instrument’s value, rate, or movement of a related index.

Certain risks may arise upon entering into option contracts including the risk that an illiquid secondary market will limit the Fund’s ability to close out an option contract prior to the expiration date and that a change in the value of the option contract may not correlate exactly with changes in the value of the securities or currencies hedged. The Fund’s maximum exposure to purchased options is limited to the premium initially paid. If a Fund writes a put option, it accepts the risk of a decline in the value of the underlying security below the exercise price. OTC options have the risk of the potential inability of counterparties to meet the terms of their contracts. The Funds may segregate liquid assets to cover their obligations under option contracts.

The Fund pays a premium as cost for a purchased put or call option, which is disclosed in the Fund’s Portfolio of Investments and subsequently marked to market to reflect the current value of the option. When a Fund writes an inflation cap and a call or put option, an amount equal to the premium received is recorded as a liability on the Statement of Assets and Liabilities and subsequently marked to market to reflect the current value of the option written. Certain forward volatility agreements may be written with premiums on the underlying instruments to be determined on a future date, based upon implied volatility parameters at specified terms. Realized gain or loss is recognized on the Fund’s Statement of Operations when the option contract expires or is closed.

As of December 31, 2010, BlackRock Inflation Protected Bond Fund and PIMCO Total Return Fund had open written option, swaption, forward volatility, and inflation floor contracts as listed on each Fund’s Portfolio of Investments.

Transactions in all types of options written during the year ended December 31, 2010 were as follows:

BlackRock Inflation Protected Bond Fund	Number of Contracts			Swaptions Notional Par			Premium Amount
Beginning of period		270		$	6,600,000		$	391,727
Written		270			41,600,000			1,474,151
Bought back		(448	)		(5,100,000	)		(169,618	)
Expired		(92	)		(11,700,000	)		(413,870	)
Exercised		—			—			—
End of period		—		$	31,400,000		$	1,282,390
PIMCO High Yield Fund	Number of Contracts			Swaptions Notional Par			Premium Amount
Beginning of period		8		$	26,100,000		$	236,692
Written		—			—			—
Bought back		(8	)		(16,100,000	)		(149,307	)
Expired		—			(10,000,000	)		(87,385	)
Exercised		—			—			—
End of period		—		$	—		$	—

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NOTES TO FINANCIAL STATEMENTS (Continued) Sun Capital Advisers Trust

PIMCO Total Return Fund	Number of Contracts			Swaptions Notional Par			Premium Amount
Beginning of period		2,200,314		$	87,900,000		$	997,851
Written		13,101,123			415,400,000			3,515,884
Bought back		(2,200,496	)		(107,300,000	)		(1,119,178	)
Expired		(13,100,551	)		(205,300,000	)		(1,515,126	)
Exercised		(22	)		—			—
End of period		368		$	190,700,000		$	1,879,431

6. INVESTMENT ADVISORY AND OTHER RELATED PARTY AGREEMENTS

a) Investment Advisory Agreement

Sun Capital (the “Adviser”) is the investment adviser to each of the Funds under separate investment advisory or investment advisory and management agreements with the Trust. The Adviser is a direct wholly-owned subsidiary of Sun Life Assurance Company of Canada U.S. Operations Holdings, Inc. (“Sun Life U.S. Ops Holdco”), a holding company. Sun Life Financial Inc. (“Sun Life Financial”), a publicly traded holding company, is the ultimate parent of Sun Life U.S. Ops Holdco and the Adviser. The Adviser, at its own cost, has retained AllianceBernstein L.P., as subadviser for the AllianceBernstein International Value Fund; BlackRock Investment Management, LLC, as subadviser for the BlackRock International Index Fund, BlackRock Large Cap Index Fund and BlackRock Small Cap Index Fund; BlackRock Financial Management, Inc., as subadviser for the BlackRock Inflation Protected Bond Fund; Goldman Sachs Asset Management, L.P., as subadviser for the Goldman Sachs Mid Cap Value Fund and the Goldman Sachs Short Duration Fund; Columbia Management Investment Advisers, LLC, as subadviser for the Columbia Small Cap Value Fund; Davis Selected Advisers, L.P., as subadviser for the Davis Venture Value Fund; Invesco Advisers, Inc., as subadviser for Invesco Small Cap Growth Fund; Lord, Abbett & Co. LLC, as subadviser for the Lord Abbett Growth & Income Fund; Wellington Management Company, LLP, as subadviser for the WMC Blue Chip Mid Cap Fund and WMC Large Cap Growth Fund; Ibbotson Associates, Inc., as subadviser for the Ibbotson Tactical Opportunities Fund, Ibbotson Balanced Fund, Ibbotson Conservative Fund, and Ibbotson Growth Fund; and Pacific Investment Management Company LLC, as subadviser for PIMCO High Yield Fund and PIMCO Total Return Fund.

As compensation for all services rendered, facilities provided and expenses paid or assumed by the Adviser under the advisory agreements, the following sixteen Funds pay an investment advisory fee monthly to the Adviser at the following annual rates based on the average daily net assets of each Fund taken separately:

Fund	Asset Level	Fee
AllianceBernstein International Value	All		0.63%
BlackRock International Index	$0-$500 million over $500 million		0.40% 0.375%
BlackRock Large Cap Index*	$0-$500 million over $500 million		0.35% 0.325%
BlackRock Small Cap Index**	$0-$500 million over $500 million		0.375% 0.35%
Columbia Small Cap Value	$0-$250 million over $250 million		0.90% 0.85%

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NOTES TO FINANCIAL STATEMENTS (Continued) Sun Capital Advisers Trust

Fund	Asset Level	Fee
Davis Venture Value	$0-$500 million over $500 million		0.75% 0.70%
Invesco Small Cap Growth	$0-$250 million over $250 million		0.95% 0.90%
WMC Blue Chip Mid Cap	$0-$300 million over $300 million		0.80% 0.75%
WMC Large Cap Growth	$0-$750 million over $750 million		0.75% 0.70%
Global Real Estate	All		0.95%
Ibbotson Tactical Opportunities	$0-$250 million $250 million-$500 million $500 million-$750 million $750 million-$1billion over $1 billion		0.375% 0.36% 0.34% 0.32% 0.30%
Investment Grade Bond	All		0.60%
Money Market	All		0.50%
Ibbotson Balanced	All		0.125%
Ibbotson Conservative	All		0.125%
Ibbotson Growth	All		0.125%

* Prior to November 15, 2010, the advisory fee for BlackRock Large Cap Index Fund was 0.70%.

** Prior to November 15, 2010, the advisory fee for BlackRock Small Cap Index Fund was 0.80% (assets $0-$400 million), 0.75% (assets $400 million-$800 million), and 0.70% (assets over $800 million).

Under the investment advisory and management agreements, the following six Funds pay a unified management fee to the Adviser on a quarterly basis for its advisory and management services. Out of a unified management fee, the Adviser pays for all of the ordinary expenses of managing and operating the Funds. Each fee is calculated based on the annual stated percentage of average daily net assets for each Fund taken separately, as follows:

Fund	Asset Level	Fee
Goldman Sachs Mid Cap Value	All		1.05%
Lord Abbett Growth & Income	All		0.87%
BlackRock Inflation Protected Bond	All		0.65%
Goldman Sachs Short Duration	All		0.64%
PIMCO High Yield	All		0.74%
PIMCO Total Return	All		0.65%

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NOTES TO FINANCIAL STATEMENTS (Continued) Sun Capital Advisers Trust

b) Limitations

The Adviser has contractually agreed (until at least April 30, 2012 except as indicated below) to reduce its advisory or unified management fee and to reimburse each Fund’s other operating expenses to reduce each Fund’s total annual operating expenses to:

	Contractual Expense Limitations
Fund	Initial Class			Service Class
AllianceBernstein International Value		0.75	%		1.00	%
BlackRock International Index		0.60	%		0.85	%
BlackRock Large Cap Index*		0.50	%		0.75	%
BlackRock Small Cap Index**		0.60	%		0.85	%
Goldman Sachs Mid Cap Value***		1.07	%		1.32	%
Columbia Small Cap Value		1.15	%		1.40	%
Davis Venture Value		0.90	%		1.15	%
Invesco Small Cap Growth		1.15	%		1.40	%
Lord Abbett Growth & Income***		0.87	%		1.12	%
WMC Blue Chip Mid Cap		1.00	%		1.25	%
WMC Large Cap Growth		0.81	%		1.06	%
Global Real Estate		1.10	%		1.35	%
Ibbotson Tactical Opportunities		0.50	%		N/A
Investment Grade Bond		0.75	%		1.00	%
Money Market		0.50	%		0.75	%
BlackRock Inflation Protected Bond***		0.65	%		0.90	%
Goldman Sachs Short Duration***		0.65	%		0.90	%
PIMCO High Yield***		0.75	%		1.00	%
PIMCO Total Return***		0.65	%		0.90	%
Invesco Small Cap Growth		1.15	%		1.40	%
Ibbotson Balanced		0.20	%		0.45	%
Ibbotson Conservative		0.20	%		0.45	%
Ibbotson Growth		0.20	%		0.45	%

* Prior to November 15, 2010, the expense limitations for BlackRock Large Cap Index Fund were 0.90% and 1.15% for Initial Class and Service Class, respectively.

** Prior to November 15, 2010, the expense limitations for BlackRock Small Cap Index Fund were 1.00% and 1.25% for Initial Class and Service Class, respectively.

*** Contractual expense limitations expire on April 30, 2011.

To the extent that a Fund’s total expense ratio falls below the expense limit stated above in future years, the Adviser reserves the right to be reimbursed for advisory or unified management fees waived and fund expenses paid on behalf of each fund during the prior two fiscal years. For each of the periods below, the Adviser waived all or part of its investment advisory fee and reimbursed certain operating expenses in the following amounts:

	Year Ended December 31, 2010						Two-year period ended December 31, 2010
Fund	Advisory Fees Waived			Expenses Reimbursed			Advisory Fees Waived			Expenses Reimbursed
AllianceBernstein International Value	$	225,183		$	—		$	438,713		$	2,254
BlackRock International Index		26,390	*		84,623	*		26,390	*		84,623	*
BlackRock Large Cap Index		12,062			—			113,409			—
BlackRock Small Cap Index		67,163			—			400,968			—

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NOTES TO FINANCIAL STATEMENTS (Continued) Sun Capital Advisers Trust

	Year Ended December 31, 2010						Two-year period ended December 31, 2010
Fund	Advisory Fees Waived			Expenses Reimbursed			Advisory Fees Waived			Expenses Reimbursed
Goldman Sachs Mid Cap Value	$	—		$	—		$	—		$	—
Columbia Small Cap Value		126,797			—			241,926			—
Davis Venture Value		—			—			69,717			—
Invesco Small Cap Growth		116,536			—			261,332			13,392
Lord Abbett Growth & Income		36,406			—			80,629			—
WMC Blue Chip Mid Cap		—			—			91,879			—
WMC Large Cap Growth		210,162			—			441,658			—
Global Real Estate		35,216			—			175,999			—
Ibbotson Tactical Opportunities		52,556	*		—	*		52,556	*		—	*
Investment Grade Bond		—			—			114,948			—
Money Market		985,267			323,877			2,091,212			404,567
BlackRock Inflation Protected Bond		19,019			—			28,152			—
Goldman Sachs Short Duration		—			—			15,758			—
PIMCO High Yield		—			—			1,464			—
PIMCO Total Return		39,169			—			58,110			—
Ibbotson Balanced		81,277			—			257,266			—
Ibbotson Conservative		101,185			—			258,110			—
Ibbotson Growth		105,710			—			271,325			—

* For the period November 15, 2010 (commencement of operations) to December 31, 2010.

On November 15, 2010, the Board of Trustees approved the following changes to the expense limitation arrangements between Sun Capital and the Funds of the Trust effective May 1, 2011: i) the following items of expenses will no longer be covered by the expense limitation arrangements: independent trustee compensation and expenses in performance of their duties, independent trustee legal counsel fees and related expenses, independent trustee liability insurance premiums, fees and expenses associated with electronic delivery of Board materials, fees and expenses associated with obtaining third party data to assist the Board with quarterly performance and annual contract reviews and such other expenses as are determined to be extraordinary expenses by the independent trustees; ii) there will be no expense limitation applicable to the six Funds of the Trust that have unified management fees, and iii) the expense limitation for the WMC Large Cap Growth Fund will be changed from 0.81% to 0.90% for the Initial Class shares and from 1.06% to 1.15% for the Service Class shares.

c) Distribution and Service Plan

The Trust has adopted a plan of distribution and service pursuant to Rule 12b-1 under the 1940 Act with respect to its Service Class Shares (the “Plan”), pursuant to which distribution and service fees are paid to the Trust’s underwriter, Clarendon Insurance Agency, Inc. (“Clarendon”), which is a wholly-owned subsidiary of Sun Life Assurance Company of Canada (U.S.) (“Sun Life (U.S.)”). The fees of the Trust payable to Clarendon under the Plan are accrued daily at a rate with respect to each Fund which may not exceed 0.25% of the Fund’s average daily net assets attributable to Service Class Shares regardless of the level of expenses actually incurred by Clarendon and others. Clarendon uses the service and distribution fees to compensate Sun Life (U.S.) and Sun Life Insurance and Annuity Company of New York (“Sun Life (N.Y.)”) for services rendered in connection with maintenance and distribution of the variable contracts issued by Sun Life (U.S.) and Sun Life (N.Y.).

d) Trustees’ Compensation

Each independent trustee of the Trust is compensated by the Funds. The aggregate remuneration accrued and paid by the Funds to the independent trustees for the year ended December 31, 2010 was $270,447 and $290,605, respectively, including out of pocket expenses. The Trust pays no compensation directly to those of its Trustees

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NOTES TO FINANCIAL STATEMENTS (Continued) Sun Capital Advisers Trust

or officers who are affiliated with the Adviser, or its affiliates, all of whom receive remuneration for their services to the Trust from the Adviser, or its affiliates. Certain officers and Trustees of the Trust are also officers and directors of the Adviser, and/or other companies affiliated with the Adviser.

7. INVESTMENT TRANSACTIONS

Cost of purchases and proceeds from sales and maturities of investments, excluding short-term securities, for the year ended December 31, 2010, were as follows:

Fund	Non- Government Purchases		Government Purchases		Non- Government Sales		Government Sales
AllianceBernstein International Value	$	55,026,765	$	—	$	41,278,019	$	—
BlackRock International Index		51,700,511		—		723,073		—
BlackRock Large Cap Index		259,021,998		—		253,410,059		—
BlackRock Small Cap Index		229,722,089		—		275,586,413		—
Goldman Sachs Mid Cap Value		169,354,733		—		152,482,648		—
Columbia Small Cap Value		76,157,035		—		64,918,728		—
Davis Venture Value		158,748,755		—		162,683,301		—
Invesco Small Cap Growth		15,479,444		—		9,800,564		—
Lord Abbett Growth & Income		317,234,943		—		351,218,949		—
WMC Blue Chip Mid Cap		113,264,319		—		89,400,759		—
WMC Large Cap Growth		144,526,396		—		155,695,261		—
Global Real Estate		94,664,638		—		91,021,037		—
Ibbotson Tactical Opportunities		499,348,571		—		63,677,044		—
Investment Grade Bond		377,628,183		99,976,422		251,054,330		5,940,508
BlackRock Inflation Protected Bond		113,137,618		1,044,007,098		100,538,855		884,340,898
Goldman Sachs Short Duration		362,061,489		1,039,461,530		285,407,841		923,634,731
PIMCO High Yield		82,523,551		—		37,036,650		—
PIMCO Total Return		235,146,763		3,080,922,639		91,583,844		2,593,681,965
Ibbotson Balanced*		1,038,120,335		—		269,124,245		—
Ibbotson Conservative*		437,327,400		—		88,276,343		—
Ibbotson Growth*		280,079,491		—		197,796,054		—

* Affiliated investment transactions.

Purchases and sales, including maturities, of short-term securities by the Money Market Fund for the year ended December 31, 2010 were $1,591,372,172 and $1,608,695,566, respectively.

8. AFFILIATED COMPANY SECURITIES

The term “affiliated securities” includes securities issued by any company that is under common control with the Fund. At December 31, 2010, the Adviser or its affiliate, MFS, served as investment adviser to the underlying funds of Ibbotson Balanced Fund, Ibbotson Conservative Fund and Ibbotson Growth Fund. Purchases and proceeds from sales of affiliated investments are disclosed in Note 7 – Investment Transactions. Dividend and capital gains distributions from affiliated underlying funds are presented in each Fund’s Statement of Operations. Underlying funds managed by MFS seek to achieve capital appreciation by investing primarily in U.S. and foreign equity securities, including those in emerging markets.

9. LINE OF CREDIT

The Trust has entered into a $20 million committed unsecured revolving line of credit (the “Agreement”) primarily for temporary or emergency purposes. The Money Market Fund is not a party to this Agreement.

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NOTES TO FINANCIAL STATEMENTS (Continued) Sun Capital Advisers Trust

Interest is charged to each Fund based on its borrowings at a rate equal to a variable lending rate. In addition, a commitment fee on the daily unused portion of the $20 million committed line is allocated among the participating Funds at the end of each calendar quarter. During the year ended December 31, 2010, the following Funds had borrowings and incurred commitment fees under this Agreement as follows:

Fund Name	Maximum Loan		Average Daily Amount of Loan		Weighted Average Interest Rate			Commitment Fee
AllianceBernstein International Value Fund	$	—	$	—		—	%	$	342
BlackRock International Index Fund*		—		—		—			24
BlackRock Large Cap Index Fund		243,000		830		1.49			536
BlackRock Small Cap Index Fund		9,349,000		108,397		1.50			792
Goldman Sachs Mid Cap Value Fund		—		—		—			1,070
Columbia Small Cap Value Fund		972,000		11,526		1.52			216
Davis Venture Value Fund		3,626,000		45,529		1.49			1,953
Invesco Small Cap Growth Fund		448,000		11,236		1.49			110
Lord Abbett Growth & Income Fund		5,583,000		61,170		1.50			2,326
WMC Blue Chip Mid Cap Fund		1,622,000		5,397		1.49			601
WMC Large Cap Growth Fund		921,000		10,200		1.51			890
Global Real Estate Fund		872,000		6,225		1.48			1,048
Ibbotson Tactical Opportunities Fund*		—		—		—			148
Investment Grade Bond Fund		—		—		—			1,418
BlackRock Inflation Protected Bond Fund		422,000		3,468		1.48			1,191
Goldman Sachs Short Duration Fund		556,000		1,523		1.43			4,764
PIMCO High Yield Fund		38,000		104		1.43			622
PIMCO Total Return Fund		12,702,000		36,230		1.52			2,468
Ibbotson Balanced Fund		2,835,000		23,301		1.42			4,575
Ibbotson Conservative Fund		5,284,000		38,345		1.51			2,635
Ibbotson Growth Fund		6,228,000		142,019		1.51			2,390

* For the period November 15, 2010 (commencement of operations) to December 31, 2010.

As of December 31, 2010, there were no outstanding borrowings under this Agreement.

10. SHARE TRANSACTIONS

Each of the Funds is authorized to issue an unlimited number of shares without par value. Transactions in classes of each Fund were as follows:

	Initial Class Shares						Service Class Shares
	Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2010			Year Ended December 31, 2009
AllianceBernstein International Value Fund (shares)
Shares sold		3,567,009			4,771,893			174,698			184,843
Shares issued as reinvestment of distributions		133,237			246,823			4,490			7,134
Shares redeemed		(2,340,618	)		(573,626	)		(45,024	)		(281,329	)
Net increase (decrease) in shares outstanding		1,359,628			4,445,090			134,164			(89,352	)
Beginning of period		5,678,230			1,233,140			169,780			259,132
End of period		7,037,858			5,678,230			303,944			169,780

315

NOTES TO FINANCIAL STATEMENTS (Continued) Sun Capital Advisers Trust

	Initial Class Shares						Service Class Shares
	Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2010			Year Ended December 31, 2009
AllianceBernstein International Value Fund ($)
Net proceeds from sales	$	33,291,819		$	40,083,978		$	1,643,105		$	1,633,385
Net proceeds on reinvestment of distributions		1,248,432			2,436,542			41,984			70,375
Shares redeemed		(23,253,856	)		(5,181,425	)		(423,210	)		(2,902,959	)
Net increase (decrease) in net assets	$	11,286,395		$	37,339,095		$	1,261,879		$	(1,199,199	)
BlackRock International Index Fund (shares)(a)
Shares sold		5,277,325						24,602
Shares redeemed		(11,775	)					—
Net increase (decrease) in shares outstanding		5,265,550						24,602
Beginning of period		1						1
End of period		5,265,551						24,603
BlackRock International Index Fund ($)(a)
Net proceeds from sales	$	52,817,033					$	246,073
Shares redeemed		(119,468	)					—
Net increase (decrease) in net assets	$	52,697,565					$	246,073
BlackRock Large Cap Index Fund (shares)
Shares sold		5,938,764			7,834,541			528,690			850,101
Shares issued as reinvestment of distributions		26,219			76,567			2,941			8,853
Shares redeemed		(5,116,303	)		(378,097	)		(253,110	)		(160,112	)
Net increase (decrease) in shares outstanding		848,680			7,533,011			278,521			698,842
Beginning of period		8,781,396			1,248,385			1,422,949			724,107
End of period		9,630,076			8,781,396			1,701,470			1,422,949
BlackRock Large Cap Index Fund ($)
Net proceeds from sales	$	48,839,087		$	54,434,294		$	4,570,334		$	6,062,955
Net proceeds on reinvestment of distributions		216,837			619,650			24,908			73,322
Shares redeemed		(45,548,229	)		(2,749,134	)		(2,190,527	)		(1,077,506	)
Net increase (decrease) in net assets	$	3,507,695		$	52,304,810		$	2,404,715		$	5,058,771
BlackRock Small Cap Index Fund (shares)
Shares sold		491,327			1,248,829			694,478			2,693,263
Shares issued as reinvestment of distributions		14,108			2,426			14,319			7,063
Shares redeemed		(1,644,466	)		(1,594,457	)		(3,188,604	)		(4,830,748	)
Net increase (decrease) in shares outstanding		(1,139,031	)		(343,202	)		(2,479,807	)		(2,130,422	)
Beginning of period		4,624,986			4,968,188			12,904,443			15,034,865
End of period		3,485,955			4,624,986			10,424,636			12,904,443

316

NOTES TO FINANCIAL STATEMENTS (Continued) Sun Capital Advisers Trust

	Initial Class Shares						Service Class Shares
	Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2010			Year Ended December 31, 2009
BlackRock Small Cap Index Fund ($)
Net proceeds from sales	$	5,730,919		$	10,256,665		$	7,538,234		$	16,128,126
Net proceeds on reinvestment of distributions		155,615			24,361			155,938			70,061
Shares redeemed		(18,747,647	)		(13,291,807	)		(37,504,292	)		(42,022,757	)
Net increase (decrease) in net assets	$	(12,861,113	)	$	(3,010,781	)	$	(29,810,120	)	$	(25,824,570	)
Goldman Sachs Mid Cap Value Fund (shares)
Shares sold		7,670,260			10,009,062			1,195,388			1,857,700
Subscriptions in-kind (b)		—			15,162,792			—			—
Shares issued as reinvestment of distributions		677,522			2,136,646			65,091			204,336
Shares redeemed		(6,401,931	)		(4,239,802	)		(789,814	)		(345,461	)
Net increase (decrease) in shares outstanding		1,945,851			23,068,698			470,665			1,716,575
Beginning of period		24,006,000			937,302			2,359,070			642,495
End of period		25,951,851			24,006,000			2,829,735			2,359,070
Goldman Sachs Mid Cap Value Fund ($)
Net proceeds from sales	$	64,672,510		$	69,508,915		$	10,142,051		$	13,457,586
Subscriptions in-kind (b)		—			86,276,287			—			—
Net proceeds on reinvestment of distributions		5,643,760			17,199,998			540,908			1,642,863
Shares redeemed		(55,491,591	)		(30,422,726	)		(6,692,821	)		(2,646,987	)
Net increase (decrease) in net assets	$	14,824,679		$	142,562,474		$	3,990,138		$	12,453,462
Columbia Small Cap Value Fund (shares)
Shares sold		1,544,629			4,559,288			569,073			660,894
Shares issued as reinvestment of distributions		377,528			103,698			87,398			19,272
Shares redeemed		(900,177	)		(1,862,200	)		(229,432	)		(182,795	)
Net increase (decrease) in shares outstanding		1,021,980			2,800,786			427,039			497,371
Beginning of period		3,342,225			541,439			676,003			178,632
End of period		4,364,205			3,342,225			1,103,042			676,003
Columbia Small Cap Value Fund ($)
Net proceeds from sales	$	16,293,217		$	38,421,162		$	5,846,228		$	5,541,210
Net proceeds on reinvestment of distributions		3,503,453			1,059,787			809,308			196,965
Shares redeemed		(9,044,675	)		(18,513,699	)		(2,425,175	)		(1,769,047	)
Net increase (decrease) in net assets	$	10,751,995		$	20,967,250		$	4,230,361		$	3,969,128
Davis Venture Value Fund (shares)
Shares sold		7,288,612			10,680,746			2,157,750			13,579,231
Shares issued as reinvestment of distributions		96,261			37,207			54,826			28,743
Shares redeemed		(8,039,035	)		(828,912	)		(2,060,829	)		(1,526,348	)
Net increase (decrease) in shares outstanding		(654,162	)		9,889,041			151,747			12,081,626
Beginning of period		13,709,275			3,820,234			21,940,742			9,859,116
End of period		13,055,113			13,709,275			22,092,489			21,940,742

317

NOTES TO FINANCIAL STATEMENTS (Continued) Sun Capital Advisers Trust

	Initial Class Shares						Service Class Shares
	Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2010			Year Ended December 31, 2009
Davis Venture Value Fund ($)
Net proceeds from sales	$	78,342,507		$	98,509,305		$	23,219,248		$	114,619,412
Net proceeds on reinvestment of distributions		1,027,110			375,796			583,899			290,015
Shares redeemed		(90,371,562	)		(7,382,976	)		(23,109,538	)		(14,347,405	)
Net increase (decrease) in net assets	$	(11,001,945	)	$	91,502,125		$	693,609		$	100,562,022
Invesco Small Cap Growth Fund (shares)
Shares sold		495,380			2,139,249			438,169			642,199
Shares issued as reinvestment of distributions		157,640			42,061			77,408			20,866
Shares redeemed		(158,170	)		(1,151,197	)		(214,999	)		(189,830	)
Net increase (decrease) in shares outstanding		494,850			1,030,113			300,578			473,235
Beginning of period		1,367,213			337,100			679,049			205,814
End of period		1,862,063			1,367,213			979,627			679,049
Invesco Small Cap Growth Fund ($)
Net proceeds from sales	$	4,927,667		$	17,852,894		$	4,326,592		$	5,545,347
Net proceeds on reinvestment of distributions		1,478,663			408,415			722,220			201,982
Shares redeemed		(1,570,015	)		(10,858,399	)		(2,176,690	)		(1,744,019	)
Net increase (decrease) in net assets	$	4,836,315		$	7,402,910		$	2,872,122		$	4,003,310
Lord Abbett Growth & Income Fund (shares)
Shares sold		11,085,638			14,884,765			760,127			928,732
Subscriptions in-kind (b)		—			61,521,818			—			—
Shares issued as reinvestment of distributions		2,990,839			6,551,173			69,848			120,741
Shares redeemed		(15,813,249	)		(16,973,942	)		(449,032	)		(165,243	)
Net increase (decrease) in shares outstanding		(1,736,772	)		65,983,814			380,943			884,230
Beginning of period		66,298,532			314,718			1,254,127			369,897
End of period		64,561,760			66,298,532			1,635,070			1,254,127
Lord Abbett Growth & Income Fund ($)
Net proceeds from sales	$	81,259,922		$	80,394,556		$	6,035,253		$	6,630,141
Subscriptions in-kind (b)		—			342,061,308			—			—
Net proceeds on reinvestment of distributions		22,281,747			49,526,868			518,969			911,598
Shares redeemed		(124,677,960	)		(122,254,652	)		(3,470,534	)		(1,317,548	)
Net increase (decrease) in net assets	$	(21,136,291	)	$	349,728,080		$	3,083,688		$	6,224,191
WMC Blue Chip Mid Cap Fund (shares)
Shares sold		4,678,564			2,493,643			263,704			429,406
Shares issued as reinvestment of distributions		4,691			1,443			—			850
Shares redeemed		(2,346,045	)		(1,168,027	)		(858,621	)		(444,353	)
Net increase (decrease) in shares outstanding		2,337,210			1,327,059			(594,917	)		(14,097	)
Beginning of period		6,247,928			4,920,869			3,335,675			3,349,772
End of period		8,585,138			6,247,928			2,740,758			3,335,675

318

NOTES TO FINANCIAL STATEMENTS (Continued) Sun Capital Advisers Trust

	Initial Class Shares						Service Class Shares
	Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2010			Year Ended December 31, 2009
WMC Blue Chip Mid Cap Fund ($)
Net proceeds from sales	$	62,074,414		$	25,342,933		$	3,374,448		$	4,068,254
Net proceeds on reinvestment of distributions		60,133			16,377			—			9,615
Shares redeemed		(31,559,949	)		(11,534,225	)		(11,493,533	)		(4,663,862	)
Net increase (decrease) in net assets	$	30,574,598		$	13,825,085		$	(8,119,085	)	$	(585,993	)
WMC Large Cap Growth Fund (shares)
Shares sold		6,364,356			13,334,566			415,338			247,637
Shares issued as reinvestment of distributions		65,688			26,292			1,109			4,445
Shares redeemed		(7,040,501	)		(829,734	)		(678,065	)		(664,821	)
Net increase (decrease) in shares outstanding		(610,457	)		12,531,124			(261,618	)		(412,739	)
Beginning of period		18,350,627			5,819,503			2,208,247			2,620,986
End of period		17,740,170			18,350,627			1,946,629			2,208,247
WMC Large Cap Growth Fund ($)
Net proceeds from sales	$	51,480,956		$	91,673,236		$	3,355,349		$	1,673,407
Net proceeds on reinvestment of distributions		545,213			197,983			9,148			33,289
Shares redeemed		(61,907,003	)		(5,576,567	)		(5,740,631	)		(4,435,351	)
Net increase (decrease) in net assets	$	(9,880,834	)	$	86,294,652		$	(2,376,134	)	$	(2,728,655	)
Global Real Estate Fund (shares)
Shares sold		2,802,255			4,108,295			755,136			3,685,040
Shares issued as reinvestment of distributions		1,175,193			287,905			1,176,532			417,264
Shares redeemed		(1,750,396	)		(1,930,311	)		(1,968,579	)		(5,741,347	)
Net increase (decrease) in shares outstanding		2,227,052			2,465,889			(36,911	)		(1,639,043	)
Beginning of period		7,564,803			5,098,914			11,338,761			12,977,804
End of period		9,791,855			7,564,803			11,301,850			11,338,761
Global Real Estate Fund ($)
Net proceeds from sales	$	31,073,659		$	34,655,047		$	9,189,692		$	22,154,045
Net proceeds on reinvestment of distributions		12,598,073			3,025,884			13,918,369			4,786,025
Shares redeemed		(19,588,315	)		(17,463,407	)		(24,464,186	)		(58,113,756	)
Net increase (decrease) in net assets	$	24,083,417		$	20,217,524		$	(1,356,125	)	$	(31,173,686	)
Ibbotson Tactical Opportunities Fund (shares)(a)
Shares sold		43,300,126
Shares redeemed		(1,870	)
Net increase (decrease) in shares outstanding		43,298,256
Beginning of period		1
End of period		43,298,257

319

NOTES TO FINANCIAL STATEMENTS (Continued) Sun Capital Advisers Trust

	Initial Class Shares						Service Class Shares
	Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2010			Year Ended December 31, 2009
Ibbotson Tactical Opportunities Fund ($)(a)
Net proceeds from sales	$	434,362,406
Shares redeemed		(19,650	)
Net increase (decrease) in net assets	$	434,342,756
Investment Grade Bond Fund (shares)
Shares sold		14,965,112			11,185,943			6,497,983			4,491,182
Shares issued as reinvestment of distributions		862,977			416,021			353,970			191,092
Shares redeemed		(4,833,373	)		(1,077,204	)		(370,097	)		(324,991	)
Net increase (decrease) in shares outstanding		10,994,716			10,524,760			6,481,856			4,357,283
Beginning of period		15,106,417			4,581,657			7,039,119			2,681,836
End of period		26,101,133			15,106,417			13,520,975			7,039,119
Investment Grade Bond Fund ($)
Net proceeds from sales	$	139,297,497		$	95,812,537		$	61,097,755		$	39,095,291
Net proceeds on reinvestment of distributions		8,093,261			3,607,789			3,343,693			1,664,422
Shares redeemed		(45,521,961	)		(9,011,151	)		(3,467,580	)		(2,700,076	)
Net increase (decrease) in net assets	$	101,868,797		$	90,409,175		$	60,973,868		$	38,059,637
Money Market Fund (shares)
Shares sold		59,695,332			50,417,264			91,786,435			105,833,678
Shares issued as reinvestment of distributions		153,247			331,634			—			8,299
Shares redeemed		(80,077,232	)		(113,149,690	)		(89,367,222	)		(43,671,150	)
Net increase (decrease) in shares outstanding		(20,228,653	)		(62,400,792	)		2,419,213			62,170,827
Beginning of period		87,989,958			150,390,750			116,305,089			54,134,262
End of period		67,761,305			87,989,958			118,724,302			116,305,089
Money Market Fund ($)
Net proceeds from sales	$	59,695,332		$	50,417,264		$	91,786,435		$	105,833,678
Net proceeds on reinvestment of distributions		153,247			331,634			—			8,299
Shares redeemed		(80,077,232	)		(113,149,690	)		(89,367,222	)		(43,671,150	)
Net increase (decrease) in net assets	$	(20,228,653	)	$	(62,400,792	)	$	2,419,213		$	62,170,827
BlackRock Inflation Protected Bond Fund (shares)
Shares sold		10,086,435			9,577,023			8,182,656			7,285,641
Shares issued as reinvestment of distributions		362,109			272,217			237,149			175,494
Shares redeemed		(272,165	)		(411,460	)		(860,104	)		(252,520	)
Net increase (decrease) in shares outstanding		10,176,379			9,437,780			7,559,701			7,208,615
Beginning of period		10,279,716			841,936			7,641,999			433,384
End of period		20,456,095			10,279,716			15,201,700			7,641,999

320

NOTES TO FINANCIAL STATEMENTS (Continued) Sun Capital Advisers Trust

	Initial Class Shares						Service Class Shares
	Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2010			Year Ended December 31, 2009
BlackRock Inflation Protected Bond Fund ($)
Net proceeds from sales	$	106,668,556		$	96,862,111		$	86,538,078		$	74,124,269
Net proceeds on reinvestment of distributions		3,858,520			2,798,749			2,521,522			1,803,199
Shares redeemed		(2,890,510	)		(4,267,952	)		(9,155,496	)		(2,558,702	)
Net increase (decrease) in net assets	$	107,636,566		$	95,392,908		$	79,904,104		$	73,368,766
Goldman Sachs Short Duration Fund (shares)
Shares sold		24,391,949			95,717,794			4,779,074			5,195,337
Shares issued as reinvestment of distributions		1,423,197			1,824,407			162,967			219,420
Shares redeemed		(13,380,910	)		(17,954,165	)		(905,179	)		(1,182,738	)
Net increase (decrease) in shares outstanding		12,434,236			79,588,036			4,036,862			4,232,019
Beginning of period		84,977,752			5,389,716			10,493,826			6,261,807
End of period		97,411,988			84,977,752			14,530,688			10,493,826
Goldman Sachs Short Duration Fund ($)
Net proceeds from sales	$	251,573,909		$	972,599,536		$	49,272,769		$	53,062,733
Net proceeds on reinvestment of distributions		14,692,322			18,720,907			1,681,008			2,248,123
Shares redeemed		(137,964,965	)		(183,043,674	)		(9,324,889	)		(12,026,447	)
Net increase (decrease) in net assets	$	128,301,266		$	808,276,769		$	41,628,888		$	43,284,409
PIMCO High Yield Fund (shares)
Shares sold		5,534,887			12,167,657			1,052,578			1,535,138
Shares issued as reinvestment of distributions		965,971			863,319			224,053			242,170
Shares redeemed		(1,992,484	)		(3,651,290	)		(606,972	)		(692,874	)
Net increase (decrease) in shares outstanding		4,508,374			9,379,686			669,659			1,084,434
Beginning of period		9,767,948			388,262			2,608,495			1,524,061
End of period		14,276,322			9,767,948			3,278,154			2,608,495
PIMCO High Yield Fund ($)
Net proceeds from sales	$	53,529,410		$	100,264,761		$	10,202,106		$	13,216,870
Net proceeds on reinvestment of distributions		9,348,921			7,862,861			2,167,856			2,182,809
Shares redeemed		(19,168,429	)		(31,827,180	)		(5,826,715	)		(6,196,259	)
Net increase (decrease) in net assets	$	43,709,902		$	76,300,442		$	6,543,247		$	9,203,420
PIMCO Total Return Fund (shares)
Shares sold		12,666,177			12,682,052			20,371,783			20,320,071
Shares issued as reinvestment of distributions		521,269			318,228			732,251			496,571
Shares redeemed		(2,711,374	)		(1,194,947	)		(1,439,317	)		(481,250	)
Net increase (decrease) in shares outstanding		10,476,072			11,805,333			19,664,717			20,335,392
Beginning of period		13,116,015			1,310,682			22,079,795			1,744,403
End of period		23,592,087			13,116,015			41,744,512			22,079,795

321

NOTES TO FINANCIAL STATEMENTS (Continued) Sun Capital Advisers Trust

	Initial Class Shares						Service Class Shares
	Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2010			Year Ended December 31, 2009
PIMCO Total Return Fund ($)
Net proceeds from sales	$	145,027,137		$	137,256,966		$	234,001,284		$	220,437,166
Net proceeds on reinvestment of distributions		6,056,776			3,496,227			8,508,993			5,461,863
Shares redeemed		(31,454,819	)		(12,737,635	)		(16,495,450	)		(5,218,139	)
Net increase (decrease) in net assets	$	119,629,094		$	128,015,558		$	226,014,827		$	220,680,890
Ibbotson Balanced Fund (shares)
Shares sold		137,449			44,827			65,391,657			46,286,079
Shares issued as reinvestment of distributions		2,104			51			1,396,512			7,328
Shares redeemed		(42,608	)		(11,574	)		(421,503	)		(14,111	)
Net increase (decrease) in shares outstanding		96,945			33,304			66,366,666			46,279,296
Beginning of period		39,450			6,146			50,555,261			4,275,965
End of period		136,395			39,450			116,921,927			50,555,261
Ibbotson Balanced Fund ($)
Net proceeds from sales	$	1,590,393		$	456,674		$	752,725,659		$	458,013,309
Net proceeds on reinvestment of distributions		24,152			548			16,017,993			78,554
Shares redeemed		(495,419	)		(107,698	)		(4,746,985	)		(127,291	)
Net increase (decrease) in net assets	$	1,119,126		$	349,524		$	763,996,667		$	457,964,572
Ibbotson Conservative Fund (shares)
Shares sold		301,852			155,902			31,046,199			29,858,809
Shares issued as reinvestment of distributions		4,356			403			999,109			8,950
Shares redeemed		(33,787	)		(5,200	)		(1,194,488	)		(217,241	)
Net increase (decrease) in shares outstanding		272,421			151,105			30,850,820			29,650,518
Beginning of period		156,155			5,050			33,350,123			3,699,605
End of period		428,576			156,155			64,200,943			33,350,123
Ibbotson Conservative Fund ($)
Net proceeds from sales	$	3,469,227		$	1,610,584		$	347,920,672		$	293,244,934
Net proceeds on reinvestment of distributions		48,832			4,245			11,210,004			94,422
Shares redeemed		(384,667	)		(55,236	)		(13,622,703	)		(2,168,940	)
Net increase (decrease) in net assets	$	3,133,392		$	1,559,593		$	345,507,973		$	291,170,416
Ibbotson Growth Fund (shares)
Shares sold		129,754			27,376			9,249,698			36,360,653
Shares issued as reinvestment of distributions		2,641			58			1,115,174			7,506
Shares redeemed		(28,749	)		(11,861	)		(3,020,369	)		(226,939	)
Net increase (decrease) in shares outstanding		103,646			15,573			7,344,503			36,141,220
Beginning of period		25,946			10,373			39,883,256			3,742,036
End of period		129,592			25,946			47,227,759			39,883,256

322

NOTES TO FINANCIAL STATEMENTS (Continued) Sun Capital Advisers Trust

	Initial Class Shares						Service Class Shares
	Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2010			Year Ended December 31, 2009
Ibbotson Growth Fund ($)
Net proceeds from sales	$	1,499,274		$	273,347		$	105,424,712		$	355,226,003
Net proceeds on reinvestment of distributions		29,899			620			12,634,921			80,391
Shares redeemed		(334,194	)		(125,048	)		(34,737,536	)		(2,349,550	)
Net increase (decrease) in net assets	$	1,194,979		$	148,919		$	83,322,097		$	352,956,844

(a) The BlackRock International Index Fund and the Ibbotson Tactical Opportunities Fund commenced operations on November 15, 2010 and share activity presented is for the period November 15, 2010 to December 31, 2010.

(b) During the year ended December 31, 2009, Goldman Sachs Mid Cap Value Fund and Lord Abbett Growth & Income Fund received securities with a value of $86,276,287 and $342,061,308, respectively, in exchange for 15,162,792 and 61,521,818 fund shares, respectively. Pursuant to a substitution order granted by the Securities and Exchange Commission, these assets were transferred from other third party funds that serve as investment options for certain Sun Life variable insurance products.

11. FEDERAL INCOME TAX INFORMATION

Each Fund is treated as a separate entity for Federal tax purposes. Each Fund intends to elect or has elected to be treated and intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended (“the Code”). By so qualifying, the Funds will not be subject to Federal income taxes to the extent that they distribute all of their taxable income, including realized capital gains, for the fiscal year. In addition, by distributing during each calendar year substantially all of their net investment income, capital gains and certain other amounts, if any, the Funds will not be subject to a Federal excise tax. As a result, no provision for income taxes is required.

There are no unrecognized tax benefits in the accompanying financial statements in connection with the tax positions taken by each Fund. Each of the Fund’s federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or results of operations. Temporary book-tax differences will reverse in a subsequent period.

Book-tax differences are primarily due to treatment of derivatives, distributions received from REIT securities, currency gain (loss), Passive Foreign Investment Companies, capital loss carryforwards, and losses deferred due to wash sales.

As of December 31, 2010, the components of distributable earnings on a tax basis were as follows:

Fund Name	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Net Unrealized Appreciation/ (Depreciation)
AllianceBernstein International Value	$	3,470,180	$	3,136,768	$	6,543,788
BlackRock International Index		17,973		13,336		1,914,914
BlackRock Large Cap Index		12,869,483		6,148,421		5,792,517
BlackRock Small Cap Index		721,272		—		17,166,436
Goldman Sachs Mid Cap Value		11,707,801		14,560,923		58,510,828
Columbia Small Cap Value		10,446,775		445,962		4,100,995

323

NOTES TO FINANCIAL STATEMENTS (Continued) Sun Capital Advisers Trust

Fund Name	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Net Unrealized Appreciation/ (Depreciation)
Davis Venture Value	$	3,350,920	$	17,824,141	$	79,551,988
Invesco Small Cap Growth		678,054		863,692		6,174,788
Lord Abbett Growth & Income		21,095,654		63,730,740		129,814,973
WMC Blue Chip Mid Cap		105,271		—		30,928,781
WMC Large Cap Growth		591,957		—		34,955,715
Global Real Estate		13,028,034		—		33,267,220
Ibbotson Tactical Opportunities		4,589,381		66,819		16,423,905
Investment Grade Bond		5,717,207		1,598,718		5,051,629
Money Market		1,598		—		—
BlackRock Inflation Protected Bond		10,494,179		2,865,839		(3,120,094	)
Goldman Sachs Short Duration		2,690,103		4,395,034		10,113,356
PIMCO High Yield		2,877,545		2,057,800		14,861,607
PIMCO Total Return		16,764,173		8,333,062		6,006,532
Ibbotson Balanced		24,163,483		54,014,002		106,886,320
Ibbotson Conservative		11,965,670		18,266,477		57,147,083
Ibbotson Growth		10,493,459		47,750,205		63,095,861

At December 31, 2010, the following Funds had available for federal income tax purposes capital loss carryovers which can be used to offset certain future realized capital gains.

Fund Name	Expires December 31, 2017
BlackRock Small Cap Index	$	2,600,538
WMC Blue Chip Mid Cap		3,090,029
WMC Large Cap Growth		559,254
Global Real Estate		80,503,399

Net capital loss carryforwards may be applied against any net realized taxable gains in succeeding years, subject to the carryforward period limitations, where applicable. Effective for taxable years beginning after December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”) changed the capital loss carryforward rules. Capital losses generated in tax years beginning after the date of enactment may now be carried forward indefinitely, and retain the character of the original loss. Under pre-enactment law, capital losses could be carried forward for up to eight tax years as short-term capital losses. The provisions affecting the utilization of capital loss carryforwards under the Modernization Act also require the utilization of post-enactment losses prior to the utilization of pre-enactment losses. Net capital loss carryforwards for the Funds shown in the above table are from pre-enactment years and are, therefore, subject to the eight-year carryforward period and possible expiration.

The following Funds utilized capital loss carryforwards during the year ended December 31, 2010, as follows:

Fund Name	Amount
BlackRock Small Cap Index	$	44,050,638
Davis Venture Value		9,362,329
WMC Blue Chip Mid Cap		15,195,309
WMC Large Cap Growth		20,929,423
Global Real Estate		9,868,723

324

NOTES TO FINANCIAL STATEMENTS (Continued) Sun Capital Advisers Trust

Under current tax law, certain capital or currency losses realized after October 31 within a taxable year may be deferred and treated as occurring on the first day of the following tax year. For the tax period ended December 31, 2010, the following Funds elected to defer net losses arising between November 1, 2010 and December 31, 2010.

Fund Name	Capital Loss Deferral
PIMCO Total Return	$	333,587

The Investment Grade Bond Fund, Money Market Fund, BlackRock Inflation Protected Bond Fund, Goldman Sachs Short Duration Fund, PIMCO High Yield Fund and PIMCO Total Return Fund declare dividends from net investment income, if any, daily and pay dividends monthly. Each of the remaining Funds in the Trust declare and pay dividends from net investment income, if any, at least annually. Each Fund distributes its net realized capital gains, if any, at least annually. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP.

The tax character of distributions paid during the year ended December 31, 2010, was as follows:

Fund Name	Ordinary Income		Long-Term Capital Gains
AllianceBernstein International Value	$	1,251,307	$	39,109
BlackRock Large Cap Index		241,745		—
BlackRock Small Cap Index		311,553		—
Goldman Sachs Mid Cap Value		5,547,330		637,338
Columbia Small Cap Value		3,987,622		325,139
Davis Venture Value		1,611,009		—
Invesco Small Cap Growth		1,862,909		337,974
Lord Abbett Growth & Income		22,800,716		—
WMC Blue Chip Mid Cap		60,133		—
WMC Large Cap Growth		554,361		—
Global Real Estate		26,516,442		—
Investment Grade Bond		11,436,954		—
Money Market		153,247		—
BlackRock Inflation Protected Bond		6,035,581		344,461
Goldman Sachs Short Duration		16,012,555		360,775
PIMCO High Yield		11,470,465		46,312
PIMCO Total Return		14,472,398		93,371
Ibbotson Balanced		15,191,811		850,334
Ibbotson Conservative		10,796,952		461,884
Ibbotson Growth		11,613,647		1,051,173

325

NOTES TO FINANCIAL STATEMENTS (Continued) Sun Capital Advisers Trust

The tax character of distributions paid during the year ended December 31, 2009, was as follows:

Fund	Ordinary Income		Long-Term Capital Gain
AllianceBernstein International Value	$	2,506,917	$	—
BlackRock Large Cap Index		692,972		—
BlackRock Small Cap Index		94,422		—
Goldman Sachs Mid Cap Value		18,842,861		—
Columbia Small Cap Value		1,256,752		—
Davis Venture Value		665,811		—
Invesco Small Cap Growth		545,255		65,142
Lord Abbett Growth & Income		50,438,466		—
WMC Blue Chip Mid Cap		25,992		—
WMC Large Cap Growth		231,272		—
Global Real Estate		6,427,509		1,384,400
Investment Grade Bond		5,245,640		26,571
Money Market		339,933		—
BlackRock Inflation Protected Bond		4,545,855		56,093
Goldman Sachs Short Duration		18,976,898		1,992,132
PIMCO High Yield		9,989,286		56,384
PIMCO Total Return		8,084,038		874,052
Ibbotson Balanced		71,023		8,079
Ibbotson Conservative		86,730		11,937
Ibbotson Growth		79,203		1,808

The identified cost of investments and their respective gross unrealized appreciation and depreciation for federal income tax purposes at December 31, 2010 were as follows:

Fund Name	Identified Cost		Gross Unrealized					Net Appreciation/ (Depreciation)
			Appreciation		(Depreciation)
AllianceBernstein International Value	$	67,594,246	$	8,055,551	$	(1,508,512	)	$	6,547,039
BlackRock International Index		52,204,961		2,595,786		(686,043	)		1,909,743
BlackRock Large Cap Index		100,304,064		6,551,309		(758,791	)		5,792,518
BlackRock Small Cap Index		163,132,795		19,250,573		(2,084,137	)		17,166,436
Goldman Sachs Mid Cap Value		213,654,542		60,007,661		(1,496,833	)		58,510,828
Columbia Small Cap Value		57,098,023		5,435,600		(1,334,605	)		4,100,995
Davis Venture Value		344,461,574		80,148,904		(602,000	)		79,546,904
Invesco Small Cap Growth		25,183,901		6,328,947		(154,159	)		6,174,788
Lord Abbett Growth & Income		429,207,725		131,079,875		(1,264,902	)		129,814,973
WMC Blue Chip Mid Cap		137,976,543		32,061,021		(1,132,240	)		30,928,781
WMC Large Cap Growth		156,455,146		36,318,565		(1,362,998	)		34,955,567
Global Real Estate		220,413,264		37,276,080		(4,012,407	)		33,263,673
Ibbotson Tactical Opportunities		437,622,981		16,770,628		(346,723	)		16,423,905
Investment Grade Bond		450,975,670		9,299,138		(4,247,509	)		5,051,629
Money Market		186,917,274		—		—			—
BlackRock Inflation Protected Bond		381,899,640		3,462,641		(5,805,297	)		(2,342,656	)
Goldman Sachs Short Duration		1,290,461,843		12,437,758		(2,324,402	)		10,113,356
PIMCO High Yield		155,935,350		15,645,503		(1,067,531	)		14,577,972
PIMCO Total Return		936,863,877		14,241,058		(8,762,012	)		5,479,046
Ibbotson Balanced		1,337,926,918		106,886,320		—			106,886,320
Ibbotson Conservative		705,024,690		57,147,083		—			57,147,083
Ibbotson Growth		527,591,138		63,095,861		—			63,095,861

326

NOTES TO FINANCIAL STATEMENTS (Continued) Sun Capital Advisers Trust

12. INDEMNIFICATION

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into agreements with service providers that may contain indemnification clauses. The Trust’s maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

13. EVALUATION OF SUBSEQUENT EVENTS

Management has determined that there are no material events through the issuance date of the financial statements that would require additional disclosure in the Funds’ financial statements.

327

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustees and the Shareholders of Sun Capital Advisers Trust:

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments of SC AllianceBernstein International Value Fund, SC BlackRock International Index Fund, SC BlackRock Large Cap Index Fund (formerly known as SC Oppenheimer Large Cap Core Fund), SC BlackRock Small Cap Index Fund (formerly known as SC Oppenheimer Main Street Small Cap Fund), SC Goldman Sachs Mid Cap Value Fund, SC Columbia Small Cap Value Fund (formerly known as SC Dreman Small Cap Value Fund), SC Davis Venture Value Fund, SC Invesco Small Cap Growth Fund (formerly known as SC AIM Small Cap Growth Fund), SC Lord Abbett Growth & Income Fund, SC WMC Blue Chip Mid Cap Fund, SC WMC Large Cap Growth Fund, Sun Capital Global Real Estate Fund, SC Ibbotson Tactical Opportunities Fund, Sun Capital Investment Grade Bond Fund, Sun Capital Money Market Fund, SC BlackRock Inflation Protected Bond Fund, SC Goldman Sachs Short Duration Fund, SC PIMCO High Yield Fund, SC PIMCO Total Return Fund, SC Ibbotson Balanced Fund, SC Ibbotson Conservative Fund (formerly known as SC Ibbotson Moderate Fund), and SC Ibbotson Growth Fund (collectively the “Funds”) (each a Fund of Sun Capital Advisers Trust, the “Trust”) as of December 31, 2010, and the related statements of operations, statements of changes in net assets and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2010, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the Funds constituting Sun Capital Advisers Trust as of December 31, 2010, the results of their operations, the changes in their net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

February 28, 2011

328

OTHER INFORMATION (Unaudited)

PROXY VOTING POLICIES AND PROCEDURES AND VOTING RECORDS

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 are available (i) without charge, upon request, by calling (800) 432-1102 x 3330 and (ii) on the U.S. Securities and Exchange Commission’s website at www.sec.gov.

QUARTERLY FILING OF PORTFOLIO HOLDINGS

The Funds file their complete schedule of investments with the U.S. Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Form N-Q are (i) available on the SEC’s website at www.sec.gov; and (ii) available for review and copying at the SEC’s Public Reference Room in Washington, D.C. Information about the operations of the Public Reference Room may be obtained by calling (800) SEC-0330.

TAX INFORMATION

For the year ended December 31, 2010, the following Funds paid distributions which were designated as long-term capital gains dividends:

Fund	Amount
AllianceBernstein International Value	$	39,109
Goldman Sachs Mid Cap Value		637,338
Columbia Small Cap Value		325,139
Invesco Small Cap Growth		337,974
BlackRock Inflation Protected Bond		344,461
Goldman Sachs Short Duration		360,775
PIMCO High Yield		46,312
PIMCO Total Return		93,371
Ibbotson Balanced		850,334
Ibbotson Conservative		461,884
Ibbotson Growth		1,051,173

For federal tax purposes, the following information is furnished with respect to the distributions of the Trust for its fiscal year ended December 31, 2010:

Percentage of distributions which qualify for the corporate dividends received deduction:

Fund	Percentage
BlackRock Large Cap Index		100.00	%
BlackRock Small Cap Index		100.00	%
Goldman Sachs Mid Cap Value		9.47	%
Columbia Small Cap Value		8.12	%
Davis Venture Value		100.00	%
Invesco Small Cap Growth		5.45	%
Lord Abbett Growth & Income		7.91	%
WMC Blue Chip Mid Cap		100.00	%
WMC Large Cap Growth		100.00	%
Global Real Estate		0.84	%
PIMCO High Yield		0.37	%
PIMCO Total Return		1.01	%
Ibbotson Balanced		6.45	%
Ibbotson Conservative		4.88	%
Ibbotson Growth		8.49	%

329

OTHER INFORMATION (Unaudited) (Continued)

The following Funds designate as income received from foreign sources and taxes paid to foreign countries the following amounts:

Fund	Foreign Source Income		Foreign Taxes Paid
AllianceBernstein International Value	$	2,160,437	$	136,394
BlackRock International Index		56,820		5,747
Global Real Estate		5,206,638		161,573

ADVISORY CONTRACT APPROVALS AND RENEWALS

Funds Having New Subadvisory Agreements Approved in August 2010:

SC BlackRock Small Cap Index Fund

SC BlackRock Large Cap Index Fund

Factors Considered by the Board of Trustees (the “Board”) in Connection with Approval of each Subadvisory Agreement.

The Trust’s Board approved a new subadvisory agreement for each Fund listed above at an in-person meeting held in August 2010. In terms of the process that the Trustees followed prior to approving each subadvisory agreement (together, the “subadvisory agreements”), Variable Contract Owners¹ should know that:

* At present, all but one of the Trust’s Trustees, including the Board’s chairman, are independent of Sun Capital, which serves as investment adviser to each Fund, BlackRock Investment Management, LLC (“BIM”), which serves as subadviser to each Fund listed above, and their respective affiliates (“Independent Trustees”).

* The Board engaged in a thorough review of each Fund’s subadvisory agreement. In this connection, the Board reviewed a wide range of materials furnished by Sun Capital and BIM, and met with and was advised by its independent legal counsel prior to reaching these decisions. In addition, the Board considered information furnished by Sun Capital in connection with the Board’s 2009 and 2010 contract reviews.

In determining to approve each Fund’s subadvisory agreements, the Board considered all factors that it believed relevant to the interests of the Fund and Variable Contract Owners, including but not limited to:

• Fees and expenses. The proposed subadvisory fee schedules for each Fund, including (i) comparative information provided by Lipper regarding investment advisory and subadvisory fee rates paid to other advisers by similar funds; and (ii) as applicable, fee rates to be paid to BIM by each Fund relative to those paid by similar funds and institutional accounts advised by BIM. The Board also received and considered information regarding the differences in the type and level of services required for the Funds and institutional accounts more generally. The Board noted that the investment subadvisory fees to be paid to BIM will be paid by Sun Capital out of its fee, not by the Fund. The Board also noted that the subadvisory fee rate to be paid to BIM would be significantly less than the fee rate paid to the Funds’ prior subadviser, since the Fund would now employ a passive strategy, and that Sun Capital had in turn agreed to reduce its fee rate payable by the Fund. Taking into account the foregoing, the Board concluded that the proposed subadvisory fee schedules for each Fund represent reasonable compensation in light of the nature, extent and quality of the investment services expected to be provided to each such Fund.

¹ Shares of the Funds will principally be owned by Sun Life (U.S.) and Sun Life (N.Y.) for the benefit of the owners of variable annuities and variable life insurance policies (“Variable Contract Owners”) issued by Sun Life (U.S.) or Sun Life (N.Y.).

330

OTHER INFORMATION (Unaudited) (Continued)

• Economies of scale. The Trustees observed that each Fund’s proposed subadvisory fee schedules contain breakpoints. The Board concluded that, to the extent economies of scale exist in the management of a Fund at its current asset level, each Fund’s fee schedule represents an appropriate sharing of such economies of scale among the Fund, Sun Capital and BIM.

• Profitability; Other benefits to Sun Capital. The Trustees noted that they had considered Sun Capital’s profitability from managing the Funds in connection with the Trust’s 2010 annual contract review. In analyzing Sun Capital’s costs and profits and its affiliates’ costs in connection with its annual contract review, the Trustees also review the fees paid to and services provided by Sun Capital and its affiliates to each Fund for non-advisory services, such as distribution (including fees paid pursuant to Rule 12b-1 plans). The Trustees also consider other potential benefits to Sun Capital and its affiliates from their relationships with the Funds, including the roles of the Funds in supporting the variable contracts issued by Sun Life (U.S.) and Sun Life (N.Y.), both of which are affiliates of Sun Capital.

• Investment performance. The Board considered BIM’s scale and focus on tracking error, transaction costs, and trading. The Board also considered BIM’s experience managing other similar funds and/or accounts.

• Nature, quality and extent of services. The Board considered, among other things, BIM’s personnel (including particularly those personnel with responsibilities for providing services to the Funds), resources, policies and investment processes. In addition to meeting with representatives of Sun Capital and BIM, the Board also considered, among other things, Sun Capital’s representation that it was satisfied with the resources, compliance program and level of commitment expected to be put forth by BIM and its recommendation that each subadvisory agreement be approved. The Board also considered that the types of services to be provided under the subadvisory agreements were comparable to those typically found in agreements of such type. The Board concluded that the quality and range of services expected to be provided by BIM should benefit each Fund and its Variable Contract Owners.

• Brokerage practices. The Board considered BIM’s practices regarding the selection and compensation of brokers and dealers executing portfolio transactions for the Funds, including the brokers’ and dealers’ provision of brokerage and research services to BIM.

• Compliance. The Board considered BIM’s commitment to and record of compliance, including its written compliance policies and procedures. In this regard, the Board considered Sun Capital’s continued commitment of attention and resources to compliance functions relevant to the Funds’ operations, including the oversight of subadvisers.

After due consideration of these and other factors that it considered relevant, the Board determined to approve each Fund’s subadvisory agreement, and concluded that the approval of such agreements was in the best interest of each Fund and the Variable Contract Owners.

In reaching this conclusion, the Board did not give particular weight to any single factor noted above. The Board considered these and other factors over the course of multiple meetings, certain of which were held in executive session with only the Independent Trustees and their counsel present. It is possible that individual Trustees may have weighed these factors differently in reaching their individual decisions to approve the subadvisory agreements.

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OTHER INFORMATION (Unaudited) (Continued)

Funds Having Investment Advisory and Subadvisory Agreements Approved Initially in August 2010:

SC BlackRock International Index Fund

SC Ibbotson Tactical Opportunities Fund

Factors Considered by the Board of Trustees (the “Board”) in Connection with Initial Approval of each Investment Advisory Agreement.

The Trust’s Board approved the initial investment advisory agreement and subadvisory agreement for each Fund listed above at an in-person meeting held in August 2010. In terms of the process that the Trustees followed prior to approving each investment advisory and subadvisory agreement (together, the “investment advisory agreements”), Variable Contract Owners² should know that:

* At present, all but one of the Trust’s Trustees, including the Board’s chairman, are independent of Sun Capital, which serves as investment adviser to each Fund, each subadviser, and their respective affiliates (“Independent Trustees”).

* In connection with reviewing the Funds’ investment advisory agreements, the Independent Trustees met on multiple occasions to discuss and consider the proposed arrangements, and were advised by, and held private meetings with, their independent legal counsel.

* The Board engaged in a thorough review of each Fund’s investment advisory agreements. In this connection, the Board reviewed a wide range of materials furnished by Sun Capital and each subadviser prior to reaching these decisions.

In determining to approve each Fund’s investment advisory agreements, the Board considered all factors that it believed relevant to the interests of the Fund and Variable Contract Owners, including but not limited to:

• Fees and expenses. The proposed investment advisory and investment subadvisory fee schedules for each Fund, including (i) comparative information provided by Lipper regarding investment advisory fee rates paid to other advisers by similar funds; and (ii) as applicable, fee rates to be paid to Sun Capital and each subadviser by each Fund relative to those paid by similar funds and institutional accounts advised by such firms. The Board also received and considered information regarding the differences in the type and level of services required for the Funds and institutional accounts more generally. The Board noted that the investment subadvisory fees paid to each Fund’s subadviser will be paid by Sun Capital out of its fee, not by the Fund. Taking into account the foregoing, the Board concluded that the proposed fee schedules for each Fund represent reasonable compensation in light of the nature, extent and quality of the investment services expected to be provided to each such Fund.

• Economies of scale. Given the uncertainty regarding each Fund’s size and related operating costs, the Board deferred its evaluation of economies of scale to a future date.

• Profitability; Other benefits to Sun Capital. Because the Funds had not yet commenced operations, no information regarding Sun Capital’s costs and profits from providing investment advisory services to the Funds could be considered by the Board. The Board did review and consider the fees to be paid to and services to be provided by Sun Capital and its affiliates to each Fund for non-advisory services, such as distribution (including fees paid pursuant to Rule 12b-1 plans). The Board also considered other potential

² Shares of the SC BlackRock International Index Fund will principally be owned by Sun Life (U.S.) and Sun Life (N.Y.) for the benefit of the owners of variable annuities and variable life insurance policies (“Variable Contract Owners”) issued by Sun Life (U.S.) or Sun Life (N.Y.). Shares of SC Ibbotson Tactical Opportunities Fund are owned exclusively by SC Ibbotson Balanced Fund, SC Ibbotson Conservative Fund and SC Ibbotson Growth Fund, which are also series of the Trust.

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OTHER INFORMATION (Unaudited) (Continued)

benefits to Sun Capital and its affiliates from their relationships with the Funds, including the role of the Funds in supporting the variable contracts issued by Sun Life (U.S.) and Sun Life (N.Y.), both of which are affiliates of Sun Capital. The Board also considered the entrepreneurial risk associated with launching new funds.

• Investment performance. Because the Funds had not yet commenced operations, no information relating to the Funds’ past performance could be considered by the Board. The Board did consider Sun Capital’s experience with overseeing the management of other funds, and each subadviser’s experience with managing other similar funds and/or accounts.

• Nature, quality and extent of services. The Board considered, among other things, Sun Capital’s and each subadviser’s personnel (including particularly those personnel with responsibilities for providing services to the Funds), resources, policies and investment processes. In addition to meeting with representatives of Sun Capital and each subadviser, the Board also considered, among other things, Sun Capital’s representation that it was satisfied with the resources, compliance program and level of commitment expected to be put forth by each subadviser and its recommendation that each subadvisory agreement be approved. The Board also considered that the types of services to be provided under the advisory agreements were comparable to those typically found in agreements of such type. The Board concluded that the quality and range of services expected to be provided by Sun Capital and each subadviser should benefit each Fund and its Variable Contract Owners.

• Brokerage practices. The Board considered the practices of Sun Capital and each subadviser regarding the selection and compensation of brokers and dealers executing portfolio transactions for the Funds, including the brokers’ and dealers’ provision of brokerage and research services to Sun Capital and each subadviser.

• Compliance. The Board considered Sun Capital’s and each subadviser’s commitment to and record of compliance, including its written compliance policies and procedures. In this regard, the Board considered Sun Capital’s continued commitment of attention and resources to compliance functions relevant to the Funds’ operations, including the oversight of subadvisers. The Board also considered the Sun Life organization’s commitment of resources to its U.S. business more generally.

After due consideration of these and other factors that it considered relevant, the Board determined to approve each Fund’s investment advisory agreement and investment subadvisory agreement, and concluded that the approval of such agreements was in the best interest of each Fund and the Variable Contract Owners.

In reaching this conclusion, the Board did not give particular weight to any single factor noted above. The Board considered these and other factors over the course of multiple meetings, certain of which were held in executive session with only the Independent Trustees and their counsel present. It is possible that individual Trustees may have weighed these factors differently in reaching their individual decisions to approve the investment advisory agreements.

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OTHER INFORMATION (Unaudited) (Continued)

Funds Having Investment Advisory and/or Subadvisory Agreements Renewed in November 2010:

Sun Capital Global Real Estate Fund

Sun Capital Investment Grade Bond Fund

Sun Capital Money Market Fund

SC AllianceBernstein International Value Fund

SC BlackRock Inflation Protected Bond Fund

SC BlackRock Large Cap Index Fund

SC BlackRock Small Cap Index Fund

SC Columbia Small Cap Value Fund

SC Davis Venture Value Fund

SC Goldman Sachs Mid Cap Value Fund

SC Goldman Sachs Short Duration Fund

SC Ibbotson Balanced Fund

SC Ibbotson Growth Fund

SC Ibbotson Conservative Fund

SC Invesco Small Cap Growth Fund

SC Lord Abbett Growth & Income Fund

SC PIMCO High Yield Fund

SC PIMCO Total Return Fund

SC WMC Blue Chip Mid Cap Fund

SC WMC Large Cap Growth Fund

Factors Considered by the Board of Trustees (the “Board”) in Approving the Continuation of each Investment Advisory Agreement.

The Trust’s Board approved the continuation of each above-referenced Fund’s current investment advisory agreement (including, in the case of all Funds other than Sun Capital Global Real Estate Fund, Sun Capital Investment Grade Bond Fund, Sun Capital Money Market Fund, SC BlackRock Large Cap Index Fund, BlackRock Small Cap Index Fund³ and SC Columbia Small Cap Value Fund⁴, each Fund’s subadvisory agreement) for an additional twelve-month period at an in-person meeting held in November 2010.

In terms of the process that the Trustees followed prior to approving the continuation of each investment advisory and subadvisory agreement (together, the “investment advisory agreements”), Variable Contract Owners⁵ should know that:

* At present, all but one of the Trust’s Trustees, including the Board’s chairman, are independent of Sun Capital Advisers LLC (“Sun Capital”), which serves as investment adviser to each of the Funds, each subadviser, and their respective affiliates (“Independent Trustees”).

³ The Trust’s Board approved new subadvisory agreements for SC BlackRock Large Cap Index Fund and BlackRock Small Cap Index Fund as discussed above.

⁴ The subadvisory agreement for SC Columbia Small Cap Value Fund was approved separately at an in-person meeting held in February 2010. For information regarding the approval process for that subadvisory agreement, please see the Funds’ semi-annual report dated June 30, 2010.

⁵ Shares of the Funds will principally be owned by Sun Life (U.S.) and Sun Life (N.Y.) for the benefit of the owners of variable annuities and variable life insurance policies (“Variable Contract Owners”) issued by Sun Life (U.S.) or Sun Life (N.Y.).

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OTHER INFORMATION (Unaudited) (Continued)

* In connection with the Board’s 2010 contract review, the Independent Trustees met on multiple occasions to discuss and consider contract review matters, and were advised by, and held private meetings with, their independent legal counsel.

* The Board engaged in a thorough review of each Fund’s investment advisory agreement(s). In this connection, the Board reviewed a wide range of materials furnished by Sun Capital and, as applicable, each subadviser, prior to reaching these decisions.

In determining to approve the continuation of each Fund’s investment advisory agreement(s), the Board considered all factors that it believed relevant to the interests of the Fund and Variable Contract Owners, including but not limited to:

• Fees and expenses. The investment advisory and, as applicable, investment subadvisory fee schedules for each Fund, including (i) comparative information provided by Lipper regarding investment advisory fee rates paid to other advisers by similar funds; and (ii) fee rates paid to Sun Capital and each subadviser by each Fund relative to those paid by similar funds and institutional accounts advised by such firms. The Board considered that Sun Capital currently does not manage any institutional accounts in a manner similar to a Fund. The Board also received and considered information regarding the differences in the type and level of services required for the Funds and institutional accounts more generally. In the case of each subadvised Fund, the Board noted that the investment subadvisory fees paid to each subadviser are paid by Sun Capital out of its fee, not by the Fund. The Board also considered that, with respect to each of the SC Lord Abbett Growth & Income Fund, SC Goldman Sachs Mid Cap Value Fund, SC Goldman Sachs Short Duration Fund, SC PIMCO High Yield Fund, SC PIMCO Total Return Fund and SC BlackRock Inflation Protected Bond Fund (collectively, the “Unified Fee Funds”), because Sun Capital provides a broader range of services and bears additional categories of expenses in return for the “unified” investment management fee it receives than would be the case under a typical investment advisory agreement, it was most appropriate to examine and compare each such Fund’s total operating expense ratio relative to the total operating expense ratios of other similar funds. With respect to the Sun Capital Global Real Estate Fund, in addition to comparative information provided by Lipper, the Board also considered comparative information regarding the advisory and administration fees and total expense ratios of a group of domestic and global real estate funds considered by Sun Capital to be the Fund’s primary competitors. With respect to the SC BlackRock Large Cap Index Fund and SC BlackRock Small Cap Index Fund, the Board also considered that the investment advisory agreements with Sun Capital had been amended in August 2010 to reduce the fee rate payable to Sun Capital in conjunction with changes to such Funds’ investment programs, and that Sun Capital had represented that there would be no reduction in the quality or quantity of services that Sun Capital provides to each fund as a result of, or otherwise in connection with, such fee reductions. Taking into account the foregoing, the Board concluded that the fee schedules in effect for each Fund represent reasonable compensation in light of the nature, extent and quality of the investment services being provided to such Fund.

• Economies of scale. The extent to which economies of scale would be realized as each Fund grows. In this regard, the Board observed that the advisory fees charged to the SC BlackRock Small Cap Index Fund, SC BlackRock Large Cap Index Fund, SC Columbia Small Cap Value Fund, SC Davis Venture Value Fund, SC WMC Large Cap Growth Fund, SC WMC Blue Chip Mid Cap Fund and SC Invesco Small Cap Growth Fund contain breakpoints. In addition, the Board considered Sun Capital’s commitment to consider initial and/or additional breakpoints for each Fund to the extent the Fund’s assets under management increase to more substantial, scalable levels in the future. The Board concluded that, to the extent economies of scale exist in the management of a Fund at its current asset level, each Fund’s fee schedule represents an appropriate sharing of such economies of scale between the Fund and its investment adviser(s).

• Profitability; Other benefits to Sun Capital. The costs of the services to be provided, and profits realized, by Sun Capital and its affiliates from their relationship with each Fund. In this regard, the Board observed that

335

OTHER INFORMATION (Unaudited)(Continued)

Sun Capital reported that it was operating several Funds at a net loss (suggesting that Sun Capital had assumed considerable economic risk in contracting with the Funds), and had committed to total operating expense caps applicable to each Fund (other than the Unified Fee Funds) through at least April 30, 2012. In analyzing Sun Capital’s costs and profits and its affiliates’ costs, the Board also reviewed the fees paid to and services provided by Sun Capital and its affiliates to each Fund for non-advisory services, such as distribution (including fees paid pursuant to Rule 12b-1 plans). The Board also considered other potential benefits to Sun Capital and its affiliates from their relationships with the Funds, including the roles of the Funds in supporting the variable contracts issued by Sun Life (U.S.) and Sun Life (N.Y.), both of which are affiliates of Sun Capital. The Board concluded that each Fund’s investment advisory fee schedule represented reasonable compensation in light of, among other factors, the costs incurred by the adviser and its affiliates in providing services to each Fund.

• Investment performance. The investment performance of each Fund, both absolute and relative to various benchmarks and industry peer groups, including comparative information provided by Lipper regarding each Fund’s performance relative to other similar Funds. With respect to the Global Real Estate Fund, the Board also considered the Fund’s performance since its transition to a global real estate fund relative to peer global real estate funds managed by the Fund’s primary competitors. With respect to the AllianceBernstein International Value Fund, the Board noted while the Fund has underperformed since inception, the Fund’s subadviser has a strong long-term record managing assets in this strategy.

• Nature, quality and extent of services. The nature, scope and quality of the services that Sun Capital and each subadviser provide to the Funds. In this regard, the Board considered, among other things, Sun Capital’s and each subadviser’s personnel (including particularly those personnel with responsibilities for providing services to the Funds), resources, policies and investment processes. In addition to meeting with representatives of Sun Capital and each subadviser, the Board also considered, among other things, Sun Capital’s representation that it was satisfied with the resources, compliance program and level of commitment put forth by each subadviser and its recommendation that each subadvisory agreement be continued. The Board considered that the types of services to be provided under the investment advisory agreements were comparable to (or, in the case of the Unified Fee Funds, broader than) those typically found in agreements of such type. In this regard, the Board concluded that the quality and range of services provided by Sun Capital and, as applicable, each subadviser, have benefited and should continue to benefit each Fund and its Variable Contract Owners.

• Brokerage practices. The practices of Sun Capital and each subadviser regarding the selection and compensation of brokers and dealers executing portfolio transactions for the Funds, including the brokers’ and dealers’ provision of brokerage and research services to Sun Capital and each subadviser.

• Compliance. Sun Capital’s and each subadviser’s commitment to and record of compliance, including its written compliance policies and procedures. In this regard, the Board considered Sun Capital’s continued commitment of attention and resources to compliance functions relevant to the Funds’ operations, including the oversight of subadvisers. The Board also considered the Sun Life organization’s commitment of resources to its U.S. business more generally.

After due consideration of these and other factors that it considered relevant, the Board determined to approve the continuation of each Fund’s investment advisory agreement and, as applicable, investment subadvisory agreement, and concluded that the continuation of such agreements was in the best interest of the Fund and the Variable Contract Owners.

In reaching this conclusion, the Board did not give particular weight to any single factor noted above. The Board considered these and other factors over the course of multiple meetings, certain of which were held in executive session with only the Independent Trustees and their counsel present. It is possible that individual Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the investment advisory agreements.

336

OTHER INFORMATION (Unaudited) (Continued) Sun Capital Advisers Trust

Each Fund’s business is managed by the Trustees. Several of the Funds’ Trustees and Officers are also Directors and Officers of Sun Life Assurance Company of Canada or the Adviser. The table below provides more information about the Funds’ Trustees and certain Officers.

Name, address and age	Position with  the Trust	Length of Time  Served	Principal occupation past  5 years	Number of Funds Within  Fund Complex Overseen by Trustee	Other  Directorships Held Outside of the Fund Complex by Trustee
Michael P. Castellano c/o Sun Capital Advisers Trust One Sun Life Executive Park Wellesley Hills, MA 02481 Year of birth: 1941	Trustee	Since February 2005	Retired	22	None
Dawn-Marie Driscoll c/o Sun Capital Advisers Trust One Sun Life Executive Park Wellesley Hills, MA 02481 Year of birth: 1946	Trustee	Since June 2007	President, Driscoll Associates (consulting firm); Executive Fellow, Center for Business Ethics, Bentley University; Directorships: Advisory Board, Center for Business Ethics, Bentley University; Trustee, Southwest Florida Community Foundation (charitable organization), Director, ICI Mutual; Former Directorships: Investment Company Institute; Former Memberships: Executive Committee of the Independent Directors Council of the Investment Company Institute.	22	Trustee, DWS Funds Board (123 mutual funds) since 1987.
William N. Searcy, Jr. c/o Sun Capital Advisers Trust One Sun Life Executive Park Wellesley Hills, MA 02481 Year of birth: 1946	Chairman and Trustee	Chairman since 2005 Trustee since October 1998	Private investor. Pension and Savings Trust Officer, Sprint Corp. (wireless and wireline communications services) 1989-2003.	22	Trustee, DWS Funds Board (123 mutual funds) since 1993.
John T. Donnelly* One Sun Life Executive Park Wellesley Hills, MA 02481 Year of birth: 1958	President, Chief Executive Officer and Trustee	Since May 2009	Senior Managing Director, Investment Operations, Sun Life Assurance Company of Canada. President and Manager, Sun Capital Advisers LLC, since 2009. Associated with Sun Life Financial since 1991.	22	Director, Crosspointe Shops I LLC since 2009; Director, Crosspointe Shops II LLC since 2009; Director, Sun Life Insurance and Annuity Company of New York since 2008; Director and Chairman, Sun Life Investments LLC since 2005; Director, Sun Life

337

OTHER INFORMATION (Unaudited) (Continued) Sun Capital Advisers Trust

Name, address and age	Position with  the Trust	Length of Time  Served	Principal occupation past  5 years	Number of Funds Within  Fund Complex Overseen by Trustee	Other  Directorships Held Outside of the Fund Complex by Trustee
					Financial Global Funding, L.L.C. since 2004; Director, Sun Life Financial Global Funding, U.L.C. since 2004; Director, Sun Life Financial Global Funding II, L.L.C. since 2006; Director, Sun Life Financial Global Funding II, U.L.C. since 2006; Director, Sun Life Financial Global Funding III, L.L.C. since 2006; Director, Sun Life Financial Global Funding III U.L.C. since 2006.
Lena Metelitsa* One Sun Life Executive Park Wellesley Hills, MA 02481 Year of birth: 1967	Chief Financial Officer and Treasurer	Since May 2010; Serves at the discretion of the Trustees.	Managing Director and Chief Financial Officer, Sun Capital Advisers LLC since 2010. Senior Director, Sun Capital Advisers LLC, 2008-2010. Associated with Sun Life Financial since 2005.	N/A	N/A
Maura A. Murphy, Esq.* One Sun Life Executive Park Wellesley Hills, MA 02481 Year of birth: 1960	Secretary and Chief Legal Officer	Since October 1998; Serves at the discretion of the Trustees.	Managing Director and General Counsel since 2000, and Secretary since 1998, Sun Capital Advisers LLC. Assistant Vice President and Senior Counsel, Sun Life Financial. Associated with Sun Life Financial since 1998.	N/A	N/A
Andrew S. Harris* One Sun Life Executive Park Wellesley Hills, MA 02481 Born: 1974	Chief Compliance Officer	Since August 2010; Serves at the discretion of the Trustees.	Chief Compliance Officer, Sun Capital Advisers LLC since 2010. Fund Compliance Officer, SEI Investments 2008-2010. Director of Corporate Compliance, Nationwide Funds Group 2004-2008.	N/A	N/A

* An interested person of the Funds for purposes of Section 2(a)(19) of the 1940 Act.

The Statement of Additional Information (SAI) includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling 1-800-432-1102 x3330.

338

Sun Capital Advisers Trust

TRUSTEES AND OFFICERS

Michael P. Castellano, Trustee

Dawn-Marie Driscoll, Trustee

William N. Searcy, Jr., Chairman, Trustee

John T. Donnelly, President, Chief Executive Officer and Trustee

Lena Metelitsa, Chief Financial Officer and Treasurer

Maura A. Murphy, Secretary and Chief Legal Officer

Andrew S. Harris, Chief Compliance Officer

INVESTMENT ADVISER

Sun Capital Advisers LLC

One Sun Life Executive Park

Wellesley Hills, MA 02481

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116

ADMINISTRATOR, CUSTODIAN, TRANSFER AGENT

State Street Bank & Trust Company

One Lincoln Street

Boston, MA 02111

LEGAL COUNSEL

Dechert LLP

200 Clarendon Street

Boston, MA 02116

This report must be preceded or accompanied by a prospectus for Sun Capital Advisers Trust which includes more information about charges and expenses. Please read the prospectus carefully before you invest or send money.

Item 2. Code of Ethics.

Registrant has adopted a code of ethics that applies to registrant’s principal executive officer and principal financial officer. This code of ethics is available without charge, upon request, by calling 1-800-432-1102 x3330. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers granted to this code of ethics during the period covered by this report.

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Trustees has determined that the registrant has at least one financial expert, Michael P. Castellano, serving on its Audit Committee. Mr. Castellano is considered “independent” for purposes of Item 3(a)(2) of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Aggregate fees billed for professional services rendered to the registrant for the last two fiscal years by the registrant’s principal accountant were as follows:

(a) Audit Fees: Includes amounts related to the audit of the registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings.

FY 2010	FY 2009
$765,705	$	692,782

(b) Audit-related Fees: Includes amounts related to assurance and related services that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item.

FY 2010	FY 2009
None		None

(c) Tax Fees: Includes amounts related to tax compliance, tax planning and tax advice.

FY 2010	FY 2009
$69,620	$	81,160

(d) All Other Fees: Includes amounts related to products and services provided to the registrant by the registrant’s principal accountant, other than the services reported in paragraphs (a) through (c) of this Item.

FY 2010	FY 2009
None		None

(e)(1) The registrant’s Audit Committee has adopted a policy whereby audit and non-audit services performed by the registrant’s principal accountant for the registrant require pre-approval. In addition, non-audit services performed by the registrant’s principal accountant for the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant also require pre-approval if the services provided to those entities are related directly to the operations and financial reporting of the registrant.

The policy includes a list of specified services that are deemed to be pre-approved, subject to stated dollar limits, by the Audit Committee. The Audit Committee must provide specific advance approval for any service that is not included in the list of pre-approved services, or for any pre-approved service that exceeds the dollar limit set forth in the policy. In determining whether to approve services, the Audit Committee considers whether the services are consistent with maintaining the principal accountant’s independence.

(e)(2) No services included in this Item 4 (b) through (d) were approved pursuant to the “de minimis exception” set forth in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable

(g) During the registrant’s fiscal years ended December 31, 2010 and December 31, 2009, the aggregate fees billed by the registrant’s principal accountant for non-audit services rendered to the registrant, the registrant’s investment adviser, or to any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant were $69,620 and $81,160^, respectively, and represent tax fees included under item 4(c) above.

^ Reflects current period presentation.

(h) Not applicable

Item 5. Audit Committee of Listed Registrants.

Not applicable

Item 6. Schedule of Investments.

Included in stockholder report filed under Item 1.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not Applicable

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not Applicable

Item 10. Submission of Matters to a Vote of Security Holders.

No material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees have been implemented since the registrant’s most recent disclosure to this Item.

Item 11. Controls and Procedures.

(a) Based upon their evaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this Form N-CSR, the registrant’s principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There have been no significant changes in the registrant’s internal control over financial reporting during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a) (1)  The code of ethics as required by Form N-CSR Item 2 is filed herewith.

(a) (2)  A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are filed herewith.

(a) (3)  A combined certification by the principal executive and principal financial officers of the registrant as required by Rule 30a-2(b), under the Investment Company Act of 1940, as amended, is filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	SUN CAPITAL ADVISERS TRUST
By (Signature and Title)*	/s/ JOHN T. DONNELLY
	John T. Donnelly, President

Date: February 28, 2011

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ JOHN T. DONNELLY
	John T. Donnelly, President
	(Chief Executive Officer)

Date: February 28, 2011

By (Signature and Title)*	/s/ LENA METELITSA
	Lena Metelitsa, Treasurer
	(Chief Financial Officer)

Date: February 28, 2011

* Print name and title of each signing officer under his or her signature.

EX-99.(CODE)

Sun Capital Advisers Trust

CODE OF BUSINESS CONDUCT AND ETHICS

Effective Date

June 25, 2003

Revised Date

August 2010

Table of Contents

		Page
I.	Overview		1
II.	Purposes of the Code		1
III.	Incorporation of Sun Life Financial Code of Business Conduct		2
IV.	Amendments to the Code		2
V.	Acknowledgement and Certification of Adherence to the Code		2
VI.	Recordkeeping		2
Appendices
Appendix A: Sun Life Financial Code of Business Conduct			A-1
Appendix B: Form of Certification			B-1

ii

I. Overview

This Code of Business Conduct and Ethics (the “Code”) sets forth the legal and ethical standards of conduct for the principal executive officer and principal financial officer (the “Covered Officers”) of Sun Capital Advisers Trust (the “Trust”). John Donnelly serves as the President of the Trust and Lena Metelitsa serves as the Treasurer and Chief Financial Officer of the Trust. Mr. Donnelly and Ms. Metelitsa are the Trust’s Covered Officers.

Pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 and the Securities and Exchange Commission’s (the “SEC”) rules thereunder, the Board of Trustees of the Trust (the “Board”) has implemented the Code to promote and demonstrate honest and ethical conduct in its Covered Officers.

The Covered Officers are also personnel of Sun Capital Advisers LLC (the “Adviser”). In addition to adhering to the Code, these individuals must comply with other Trust and Adviser policies and procedures, including the Trust’s code of ethics governing personal trading activities, as adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended (the “Investment Company Act”).

Andrew Harris serves as the Chief Compliance Officer (“CCO”) primarily responsible for implementing and enforcing this Code. The CCO has the authority to interpret the Code and its applicability to particular circumstances. Any questions about the Code should be directed to the CCO. The CCO is not a Covered Officer under this Code.

II. Purposes of the Code

The purposes of the Code are to deter wrongdoing and to:

• promote honest and ethical conduct among Covered Officers, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

• promote full, fair, accurate, timely and understandable disclosures in reports and documents that the Trust files with or submits to the SEC (and in other public communications from the Trust or any series of the Trust) and that are within the Covered Officers’ responsibilities;

• promote compliance with applicable laws, rules and regulations;

• encourage the prompt internal reporting of violations of the Code to the Compliance Review Officer; and

• establish accountability for adherence to the Code.

1

III. Incorporation of Sun Life Financial Code of Business Conduct

The provisions of the Sun Life Financial Code of Business Conduct, which is attached as Appendix A hereto, are incorporated herein and made applicable to each Covered Officer hereunder by reference as the Trust’s Code. Each Covered Officer is subject to both the Sun Life Financial Code of Business Conduct and this Code. A violation of the Sun Life Financial Code of Business Conduct shall constitute a violation of this Code.

IV. Amendments to the Code

The CCO may amend the Code as appropriate. The CCO will obtain Board approval or ratification of any material Code amendments. The CCO will apprise the Board regarding other Code amendments at the next Board meeting following the adoption of such amendments.

V. Acknowledgement and Certification of Adherence to the Code

Each Covered Officer must sign a statement annually acknowledging that he or she has received a copy of the Code, as amended or updated, and confirming that he or she has complied with it (see Appendix B: Code Acknowledgement and Certification Form).

VI. Recordkeeping

The Chief Compliance Officer will create and maintain appropriate records regarding the implementation and operation of the Code, including records relating to conflicts of interest determinations and investigations of possible Code violations.

2

Appendix A

Acting Ethically

Code of Business Conduct

A-1

Table of Contents

Message from the CEO	1
Mission, Vision and Values	2
Applying the Code	3
Does the Code apply to me?	3
Annual Code Acknowledgement	3
How do I apply the Code in my business dealings?	4
Reporting Code breaches	5
How do I report a breach of the Code?	5
What happens when I report a breach?	6
Other obligations	7
Complying with the law	8
Deterring fraud	9
Combatting money laundering and terrorist financing	10
Avoiding conflicts of interest	11
Trading in securities	12
Rejecting corruption and bribery	13
Accepting and giving gifts and entertainment	14
Respecting privacy and confidentiality	15
Personal information	15
Information about Sun Life	16
Promoting fairness in the workplace	17
Engaging in outside activities or employment	18
Sustainability	19
Competing fairly	19
Dealing with Sun Life assets	20
Using technology appropriately	20
Using and protecting Sun Life assets	21
Expenses	21
Keeping books and records	22
Maintaining appropriate controls	23
Dealing with regulators, auditors and others	25
Need help?	26

Message from the CEO

Longevity is one measure of the consistent, high standard of business practice that underpins a financial services company’s reputation. We at Sun Life Financial take pride in our history, which dates back more than 140 years.

Our success as a company is founded on our values, our rigorous governance practices and transparency in all our business dealings. Our Code of Business Conduct outlines these values and explains how we put them into practice every day. This is asked of each of us throughout our organization, regardless of rank or position.

At Sun Life, we come to work every day committed to the highest standards of professionalism, honesty and integrity. This applies in the way we treat our employees and serve our customers. Acting ethically is more than how we work. It’s how we think.

Now more than ever, we must renew our focus on business ethics and conduct. Our industry has been buffeted by economic turbulence on a global scale. In the midst of this, our brand and our reputation have remained steadfast. I am asking all of you to work with me to build on these strengths.

Our Code of Business Conduct is our guide.

Donald A. Stewart

“We come to work every day with a commitment to the highest standards of honesty and integrity in the way we treat our employees and serve our customers. Acting ethically is more than how we work. It’s how we think.”

Donald Stewart, Chief Executive Officer

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Mission, Vision and Values

Mission

To help customers achieve lifetime financial security.

Vision

To be an international leader in protection and wealth management.

Values

Integrity

We are committed to the highest standards of business ethics and good governance.

Engagement

We value our diverse, talented workforce and encourage, support and reward them in contributing to the full extent of their potential.

Customer focus

We provide sound financial solutions for our customers and always work with their interests in mind.

Excellence

We pursue operational excellence through our dedicated people, our quality products and services, and our value-based risk management.

Value

We deliver value to the customers and shareholders we serve and to the communities in which we operate.

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Applying the Code

Does the Code apply to me?

The Sun Life Financial Code of Business Conduct applies to all people on Sun Life’s payroll and all directors of Sun Life Financial Inc., its subsidiaries and joint venture companies, other than those companies that have adopted a code of business conduct that is consistent with the spirit of the Code. Compliance with the Code is mandatory and a condition of your employment.

We are all responsible for:

• reading, understanding and complying with the Code and any policies or supplementary codes of business conduct that may apply to us,

• asking for guidance when necessary, and

• reporting suspected violations.

Annual Code Acknowledgement

Each year, you will be asked to reaffirm your commitment to comply with the Code and to confirm you have complied with it over the last year by completing the Annual Code Acknowledgement. At that time you will also be asked to report any Code breaches of which you are aware (even if you previously reported them to management).

You must read, understand and comply with the Code.

Q. I have been hired by Sun Life as a temporary employee. Am I required to complete the Annual Code Acknowledgment?

Yes. All employees, including temporary employees and contract employees, on Sun Life’s payroll system are required to complete the Annual Code Acknowledgement. This confirms that you have complied with the Code while you have been employed by Sun Life and reaffirms your commitment to do so for the remainder of your contract.

Q. Where can I find a copy of the Annual Code Acknowledgement form and how do I complete it?

Most employees receive the Annual Code Acknowledgement by email in early December and complete it on-line by early January. If you do not have computer access, a hard copy will be provided to you. Employees on leave will be asked to complete the Annual Code Acknowledgement when they return to work.

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How do I apply the Code in my business dealings?

Our reputation is one of our most important assets. Our customers may own our products for decades before they make a claim. They expect us to operate with integrity and maintain our sound reputation.

While the Code does not provide specific guidance on all situations you may encounter at work, you should keep in mind the importance of our reputation and not do or condone any activity that could damage it. If you encounter a difficult situation, ask yourself the following questions:

• Is this legal?

• Is this fair and ethical?

• Am I confident that Sun Life would not be embarrassed if this situation became public knowledge?

• Would I approve of this situation if I were a co-worker, a customer or a shareholder?

You should be able to answer “Yes” to each question. Use your best judgment and common sense, keeping in mind that you are required to comply with both the content and spirit of the Code. If you have any questions as to how to apply the Code in any situation, consult your manager, human resources, a compliance officer or a member of the law department.

Apply the spirit of the Code to situations you encounter at work.

Q. Where can I find more information about the Code and how to apply it?

If you are unsure how to apply the Code in any situation:

• Discuss the matter with your manager, human resources, a compliance officer, someone in the law department or an appropriate person identified in the Contact Lists on The Source.

• Review additional information about the Sun Life Financial Code of Business Conduct on The Source if you have access to the Company intranet.

• Email

SLF_Code_of_Business_Conduct@sunlife.com.

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Reporting Code breaches

We must all take an active role in ensuring the Code is applied throughout Sun Life.

How do I report a breach of the Code?

Advise your manager, human resources, a compliance officer or someone in the law department if you believe YOU may have contravened the Code.

If you know or suspect that SOMEONE ELSE has contravened the Code or you feel you are being pressured to violate the law or your ethical responsibilities, advise your manager, human resources, the general counsel or senior compliance officer in your business group, or the chief compliance officer. If you would prefer to report the situation anonymously, or if you feel that someone has not responded appropriately to your report, use the Employee Ethics Hotline. You can access the hotline either by telephone or through the Internet. It is provided by an outside service provider, and is available to all employees, seven days a week, 24 hours a day.

If you suspect a breach has taken place, do not attempt to deal with the situation yourself. Your identity in any follow-up discussions or inquiries will be kept in confidence to the extent appropriate or permitted by law.

“It’s good to know I can report my concerns in confidence.”  

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What happens when I report a breach?

Sun Life takes violations of the Code seriously and investigates all reports and allegations. Investigations are handled discreetly to the extent permitted by policy or law.

Sun Life strictly prohibits any form of retaliation against employees for reporting concerns in good faith. If you report a breach in good faith, no action will be taken against you even if we cannot corroborate your concern. However, a mischievous or malicious allegation of a breach is itself a breach of the Code.

Violations of the Code may result in disciplinary action, including termination of employment. Any breach of the Code that violates the law may also result in civil or criminal proceedings.

Sun Life does not tolerate retaliation.

Q. Can my employment really be terminated for violating the Code or any of Sun Life’s other policies?

Yes. You may be disciplined and your employment may be terminated, regardless of your position.

Q. What happens when I use the Employee Ethics Hotline?

If you use the Employee Ethics Hotline:

• Specially trained employees from an external service provider will create a confidential report based on your call or on-line submission. You do not need to give your name if you’d rather remain anonymous.

• You will be asked to identify what country you’re reporting from so the report can be forwarded to your local compliance officer for investigation. There’s no direct contact between you and the compliance officer.

• A senior compliance officer will complete a follow-up report. The service provider will give you a report number so you can call or check back on-line for a status update or to add more details to your report later.

Note: for technical reasons Sun Life employees in the United Kingdom who wish to remain anonymous should use the Employee Ethics Hotline telephone service rather than the Internet.

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Other obligations

As a result of your specific position within Sun Life or your professional background, you may be required to comply with other obligations, such as:

• supplementary codes of business conduct relating to specific activities, companies or business units within Sun Life,

• rules of conduct governing members of your professional group or association, and

• Sun Life standards governing specific situations you may encounter in your work.

A list of Sun Life policies and standards that relate to various Code sections is set out at the back of the Code.

If you have any questions about whether a supplementary code of business conduct, policy or standard applies to you, please talk to your manager.

If you are a manager you should:

• act ethically and foster a work environment that reflects the content and the spirit of the Code,

• encourage employees to act ethically in all dealings,

• understand the Code and champion it with your team members,

• answer employee questions about the Code or direct them to where they can find the information they need,

• take steps to prevent breaches of the Code and to report and respond to any violations, and

• support and protect those who report breaches.

Managers, by virtue of their positions of authority, must act as ethical role models for others.

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We all have many stakeholders – customers, co-workers, regulators, shareholders, our industry and our communities. They expect us to reflect Sun Life’s values in our actions and act with integrity. The Code sets out some specific ways we show our stakeholders that we are an ethical organization.

Complying with the law

Acting ethically requires each of us to take all reasonable steps to understand and comply with the laws, rules and regulations that apply to our positions within Sun Life. It also requires us to work to the spirit of the law.

You should comply with the most restrictive policy or law in situations where a supplemental policy and/or law appears to conflict with the Code. Please advise your manager, a compliance officer, or the person in the law department primarily responsible for advising your business unit or function of the conflict.

“It’s not enough to know my job. I also need to know the laws affecting my job.”

Q. My job is very technical and many different laws apply to the work I do. How can I be sure that I won’t violate an aspect of one of these laws?

Your manager and the person in the law department primarily responsible for advising your business unit or function will be familiar with the laws that apply to your work. Do not hesitate to contact either of them if you need clarification.

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Deterring fraud

Our stakeholders expect us to conduct ourselves honestly and with integrity. None of us should participate in any type of dishonest or fraudulent behaviour that may affect Sun Life, our customers or our co-workers. Some examples of fraud are listed in the Fraud Risk Management Standard.

Sun Life does not tolerate fraud. You can help to ensure that we continue to operate ethically by reporting any suspected fraud incidents, whether committed by a co-worker or a third party, to your fraud reporting officer or through the Employee Ethics Hotline. Ask your manager or refer to the Contact Lists on The Source for the name of the fraud reporting officer in your area.

Report any suspected fraud immediately.

“I need to be aware of what’s going on around me.”  

Q. I am concerned that my colleague may be committing fraud against Sun Life, but I am not really sure. What should I do?

Call your fraud reporting officer or use the Employee Ethics Hotline to report your concern.

Q. What do people mean when they talk about fraud?

Fraud is any dishonest act or omission intended to deprive or mislead others for personal or corporate gain. Fraud includes criminal deception, the use of false representations to gain unjust advantage, and dishonest schemes or tricks. Examples of fraud include misappropriating customers’ funds, submitting dishonest claims and identity theft.

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Combatting money laundering and terrorist financing

Money laundering is the act of turning “dirty money” into “clean money” through a series of financial transactions so that the criminal origin of the funds becomes difficult to trace. Terrorist financing focuses on the destination and use of funds that may come from legitimate or criminal sources. We must all actively protect Sun Life’s products and services from being used for money laundering or for financing terrorist or other criminal activity.

Detecting money laundering and terrorist financing activity requires us to properly identify and authenticate our customers. You should report any suspicious premium payments, surrenders or other activities to your money laundering reporting officer. If you fail to do so Sun Life may be exposed to the risk of legal sanction, financial penalties and reputational damage. Ask your manager or refer to the Contact Lists on The Source for the name of the money laundering reporting officer in your area.

You must actively protect Sun Life’s products and services from being used for money laundering, terrorist financing or other criminal activity.

Q. What are some signs of money laundering?

Pay close attention to customer transaction requests or behaviour that seems out of the ordinary, such as:

• reluctance to have information sent to a home address,

• repeatedly using an address but frequently changing the name attached to it,

• keen interest in internal systems, controls and policies,

• providing inconsistent information about a transaction,

• greater interest in liquidity than other features of a product,

• giving an incorrect telephone number or disconnecting telephone service just after a transaction,

• the use of aliases and a variety of similar but different addresses,

• reluctance to present proper ID for identity verification,

• refusing to disclose beneficial owners,

• offers of money for providing services that appear unusual or suspicious, and

• admissions or statements about involvement in criminal activities.

Consult the Anti-Money Laundering and Anti-Terrorist Financing Policy for more information.

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Avoiding conflicts of interest

One important way we demonstrate our integrity is by ensuring that we do not put our interests ahead of those of our customers or shareholders, and do not appear to do so. Many situations could give rise to a potential conflict of interest. Actions we take on behalf of Sun Life must not be influenced by the possibility of gain for ourselves or for anyone personally associated with us. It is also important to avoid any appearance of a conflict.

Other sections of the Code set out some of the more common conflicts, but they are not exhaustive. If you have questions, speak to your manager or a compliance officer.

You must avoid any conflict or appearance of a conflict between your personal interests and those of Sun Life.

“When it comes to contracting out, business and family don’t mix.”  

Q. May I hire my brother to do some contract work for Sun Life if his rates are the best rates available?

No. Sun Life generally prohibits business dealings with employees’ family members. Regardless of your brother’s rates, Sun Life will not hire him to perform services under a contract if he will be working under your supervision or if you have any influence over the decision to employ him. Consult human resources for more information.

Q. My husband has just become an executive sales manager for a company that services the computers in my department. Do I need to tell anyone about this?

Yes. One of your husband’s competitors or a co-worker could claim that your husband is getting Sun Life’s business because you are a Sun Life employee. You should ensure that you are independent, and are seen to be independent, from any business organization that provides goods or services to Sun Life. Notify your manager and make sure you are not involved in any decisions regarding retaining or overseeing your husband’s company.

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Trading in securities

When we invest in the stock market our decisions must not be based on material non-public information we learn through our employment or relationship with Sun Life. You must not trade in Sun Life securities, or in any securities of another company, no matter how small or large the trade, if this decision is based on material information that is not generally available to the public. You also may not “tip” or pass this information on to others, or even share it with co-workers, other than those who have a need to know it to carry out their jobs at Sun Life.

If someone asks you for information about Sun Life that is not generally available to the public, please direct that inquiry to Public and Corporate Affairs or a member of the law department.

“Material information” is any information that a reasonable investor would consider important in deciding whether to buy, hold or sell the securities of a publicly traded company. There are also certain types of information that may become material over time (e.g., proposed business transactions). Consult the Disclosure Policy, Securities Trading Policy or someone in the law department as to whether information is material.

You may be subject to additional requirements depending on your specific employment at Sun Life. These may include pre-clearing your personal investments, trading public company securities only during specified periods, and filing insider-trading reports.

Q. I overheard in the elevator that Sun Life is planning to acquire XYZ, a large public company. May I trade XYZ shares?

No, and you also must not trade in Sun Life securities. The prohibition on trading is not affected by how you obtained the information. Please refer to the Securities Trading Policy for assistance.

Q. I am part of a team that supports the release of our quarterly financial results. In the days leading up to the release, I see draft documents setting out the results. Is it okay for me to discuss this information in general with people outside of Sun Life if I don’t refer to specific financial results?

No. This information is not yet public and should be treated as confidential. If you disclose any material information you may also be breaking securities laws.

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Rejecting corruption and bribery

We do not, directly or indirectly, engage in bribery, kickbacks, payoffs or other corrupt business practices in our business relationships including with suppliers, customers and government representatives.

Many countries in which Sun Life operates have specific anti-corruption legislation. These generally prohibit companies from giving or offering anything of value to a government representative to influence a decision or assist the company in doing business.

Although you may make certain payments to facilitate routine government actions such as obtaining visas, it can be difficult to determine what is allowed. For this reason, other than for legally prescribed fees and similar payments, you should obtain advance approval from your business group general counsel or senior compliance officer before you give any business-related gift to a government representative.

“Sun Life’s track record of integrity makes me proud.”  

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Accepting and giving gifts and entertainment

From time to time many of us are offered, or may provide, gifts, favours, benefits or entertainment in the course of our work.

You should not accept any benefit that could in any way influence, or appear to influence, your ability to make objective business decisions. You should not offer gifts, favours, benefits or entertainment that might be perceived as inappropriately influencing another company’s business dealings with Sun Life. Consider the following criteria when accepting or offering benefits:

• is the value involved nominal? (Check local policies or speak to your manager for guidance on what constitutes nominal in your business group as this can vary.)

• does this occur frequently?

• does the exchange create a sense of obligation on either party?

• would it embarrass Sun Life or the recipient if publicly disclosed?

• does it violate anti-corruption laws?

Depending on your position at Sun Life you may also have an obligation to report or seek pre-approval of gifts. Unless specifically provided under the terms of your employment or engagement you may not receive a commission or other compensation related to the sale of any Sun Life product or service.

Talk to your manager or compliance officer if you are unsure about whether you should accept or give a gift.

Q. I work in strategic sourcing at Sun Life and recently received a call from a potential supplier offering me the use of his luxury condominium. He indicated that it would not be in use at the time and that it would be a shame to have it empty. Should I accept the invitation?

No. The supplier’s offer is too generous. You should decline the offer because it may influence your decision as to whether to use the supplier or, at the very least, it could appear to influence your decision.

Q. I’m a communications consultant in a business unit. From time to time I hire outside graphic design firms to assist me with projects. These firms usually send me a bottle of wine when a big project wraps up. I believe it’s a fairly common practice. Am I allowed to accept it?

Yes. The gift is provided infrequently and the value is nominal. If however there were several gifts from the same firm you would need to consider if a conflict of interest exists. Speak to your manager if you have any questions.

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Respecting privacy and confidentiality

We are all responsible for protecting confidential information – whether about Sun Life or our customers or co-workers – against theft, loss, unauthorized access, disclosure, destruction or misuse.

Personal information

Respecting our customers’ and employees’ privacy is critical to maintaining our ethical reputation and building strong business relationships. We accumulate a great deal of information about our customers and employees, and have an obligation to limit the collection, access, use and disclosure of this information as outlined in the Sun Life worldwide privacy commitment.

Specifically, we must collect, use or disclose personal information lawfully and fairly, and disclose it only with the permission of the person to whom it relates unless otherwise permitted or required by law. In certain jurisdictions, our customers have the right to ask if we hold any personal information about them and, if so, to review it. They may also have the right to know how we collected the information, how we use it, and to whom we have disclosed it.

We must respect and maintain the confidentiality of our employees’ personal information such as salaries, performance reviews or disabilities. Do not share this information with anyone unless it is directly related to performing your job.

Access to personal information within Sun Life is generally restricted to those employees who have a legitimate business reason to access it. In some cases, we may communicate or transfer personal information to employees, agents and service providers (even in other countries). In this case, the information may be subject to the laws of those jurisdictions. All of these persons, wherever they are located, must be required to protect the confidentiality of this personal information.

You must protect personal information about Sun Life customers and employees.

Q. I am a call centre employee and recently received a call from someone asking whether his former spouse (our client) had removed him as the beneficiary of her policy. Should I answer his questions?

No. All policyholder, customer and employee information must be kept confidential. Our client is the policyholder not the beneficiary, and only the policyholder can grant permission to share her confidential information.

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Information about Sun Life

Other than information produced and disclosed in the ordinary course of business, all information about Sun Life and its business is confidential and should not be disclosed to anyone outside Sun Life, including family and friends, or to your co-workers unless they need to know the information to carry out their employment. You are expected to keep confidential any information you acquire about Sun Life during your employment, even after you leave the company.

You should not speak for Sun Life, or imply you are doing so, unless you are specifically authorized. Some external communications such as articles for publication, presentations and remarks made on behalf of Sun Life may require review prior to release. Consult the law department or communications for more information.

In addition to everyday communications with outside persons and organizations, you may on occasion be asked to express your views to the media. Please immediately contact the communications representative in your area if the media approach you. As a general rule, public and corporate affairs will respond to questions about Sun Life’s positions on public policy or industry issues.

Only authorized people may speak for Sun Life.

Q. How about social networking? Can I blog about Sun Life?

We support the use of social media and believe it will be an integral part of the way we do business in the future. We must, however, take a balanced approach in the use of social media when it relates to any aspect of our business.

You must ensure that you have appropriate managerial approval to use social media for business purposes. In your personal use, you should not represent or imply that any personal opinions are approved or endorsed by Sun Life. As with any other communication, you should refrain from discussing or commenting on Sun Life’s internal business matters or affairs on social media sites or pages. Depending on your position with Sun Life, there may be additional restrictions on your use of social media. If you’re not sure, ask your manager or someone in the law department.

Q. What may I talk about when in trade association and industry meetings?

Trade association members are also our competitors, and if you are appointed to represent Sun Life in a trade association or other organization, your contributions must respect the confidentiality of Sun Life’s information. Consult with someone in the law department or public and corporate affairs for more information.

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Promoting fairness in the workplace

Our employees are critical to our success. We are committed to fairness in the workplace and recognize that a diverse workforce allows us to serve our customers most effectively. We will not tolerate unlawful discrimination, harassment or violence at work.

Specifically, we do not unlawfully discriminate against co-workers, customers or anyone else we encounter in the course of our work on the basis of their race, colour, religion, sex, sexual orientation, national origin, citizenship, creed, age, marital status, family status, disability, or other grounds included in human rights legislation. We do not engage in threatening, intimidating or violent acts against co-workers, customers or anyone else encountered in our work. Sexual or other harassment, or offensive behaviour such as verbal abuse or unnecessary physical contact, are also prohibited.

At all times treat your co-workers, customers and others with respect and dignity.

“It’s fun to work with people from so many different backgrounds.”  

Q. I’m looking to fill a senior position on my team from a pool of qualified candidates. May I offer the job to a man instead of a woman if I believe the woman is likely to start a family soon?

No. All employment decisions must be based on job-related criteria, skills and performance. Contact human resources for more information, or check local human resources standards.

Q. My teammates sometimes tease me about my national origin. I don’t think they mean any harm by it, but it makes me feel uncomfortable. Should I report them?

Yes. This behaviour violates the Code. You can advise the employees that their comments are not acceptable if you feel comfortable doing so. You should also promptly report this to your manager, compliance officer or human resources. A report can also be made using the Employee Ethics Hotline.

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Engaging in outside activities or employment

An important component of employee engagement relates to our ability to participate in our communities. We encourage you to be involved with outside organizations provided this does not create or appear to create a conflict of interest or interfere with your responsibilities at Sun Life.

To reduce the possibility of a conflict of interest, you may not engage in any work for, or serve on the board of, any organization that is publically traded or competes with or has a business relationship with Sun Life without written approval from your manager and your business group’s general counsel. You should also consult with the law department before you join the board of directors of any company other than a charity, non-profit organization, condominium or family businesses.

Do not speak for Sun Life or imply you are doing so in the course of your outside activities unless this has been specifically authorized in advance. Consult the human resources department or a person in the law department, who will arrange to seek the appropriate approval.

Our funds, facilities or services may not be used for the benefit of political parties or their candidates except as specifically authorized in advance. We also have a process for dealing with charitable and philanthropic spending. Please consult public and corporate affairs for information about these types of contributions.

“Sometimes I think nothing would get done at my condo if I weren’t on the board.”

Q. May I work for another company if the hours don’t conflict with those I’m required to work at Sun Life?

That depends. You may not take on another job that creates a conflict of interest with your position at Sun Life.

A second job must be kept completely separate from your Sun Life position and must not interfere with your responsibilities and performance as a Sun Life employee.

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Sustainability

We are committed to the principle of sustainability in the conduct of our business. This means ensuring that we meet the needs of the present in an responsible manner, so that we do not compromise the ability of future generations to meet their needs. We must all strive to conduct our business in a way that helps to reduce our environmental footprint. If you have any suggestions to improve the sustainability of our business practices, please submit them to the Sustainability Program on The Source.

Competing fairly

One of our obligations as an ethical company is to support our industry and encourage fair competition. Although we compete vigorously in every market in which we participate, we are committed to conducting business in compliance with all competition or antitrust laws. As specific prohibitions imposed by these laws vary, competing fairly and ethically in all our business activities is the most effective way to avoid contravening these rules.

Antitrust or competition laws prohibit Sun Life from engaging in activities intended to lessen competition. This means we cannot make agreements with competitors to fix prices or allocate sales, customers or territories. We may also not discuss with outsiders strategic information on topics such as pricing, product development and customer lists. Even if we do not intend these discussions to result in actions that restrict competition, they could be interpreted that way, and could be illegal whether or not they lead to a restriction of competition.

Q. Sun Life recently hired an executive from another financial services company. In his role at our competitor he had access to important proprietary information that would be quite helpful. May we ask him to share this information?

No. The new employee has an obligation to protect the confidentiality of his former company’s information. You may only obtain information about competitors through publicly available information such as annual reports, expert analyses, press releases, the Internet, trade journals and so on.

Q. At a recent meeting of industry professionals an attendee representing another company asked me if there would be any interest on Sun Life’s part in entering into an agreement not to compete against each other in certain markets. He explained this would put a lot of pressure on a mutual competitor of ours. I told him it didn’t sound ethical to me and avoided conversations with him for the rest of the event. Do I need to report this to someone?

Yes. The proposal was in violation of competition law and you must report it to someone in the law department responsible for advising your business unit or function.

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Dealing with Sun Life assets

Using technology appropriately

The Internet, our intranets and email are important business resources and provide broad access to information. It is important that we use this technology appropriately.

Sun Life’s electronic communications systems are its property and should be used primarily for Sun Life business purposes. Incidental appropriate personal use is permitted provided it does not interfere with your business activity or Sun Life’s business applications.

Keep in mind that email records are more permanent than you might think – they can be retrieved even after they appear to have been deleted. If Sun Life becomes involved in litigation or an investigation, all correspondence may have to be turned over to third parties. Be careful when using email and avoid careless, exaggerated or inaccurate statements that could be misunderstood or used against you or Sun Life in a legal proceeding.

To monitor personal use, certain employees are authorized to check individual activity periodically. You should not expect that any of your email or Internet communications are private.

Q. I sometimes receive funny emails at my Sun Life address. Some of them could be offensive – have I breached the Code simply by reading these emails?

No, but you should ask these people not to send you any more of these emails. It is not appropriate for you to receive or send jokes that are potentially offensive to others. You need to be aware that email is not private and may be monitored, and that you are responsible for taking reasonable steps to ensure the emails you send and receive do not violate the Internet/E-communication Access and Use Policy.

Q. My friend gave me software that could help me prepare a presentation for an upcoming sales conference. Am I allowed to install it on my Sun Life computer?

No. You should not load any type of software onto Sun Life’s equipment. Consult the Internet/E-communication Access and Use Policy for more information.

2010 - CODE OF BUSINESS CONDUCT 20

Using and protecting Sun Life assets

We must all take reasonable steps to use Sun Life assets only for legitimate business purposes and to protect those asset against loss, theft, damage and misuse.

Do not remove furniture, equipment, supplies, or files and other information from Sun Life premises without authorization. If you are authorized to work at home or off-site, you are expected to keep Sun Life assets safe.

Be careful not to:

• breach any copyright laws or regulations when making copies of documents or software, or

• permit others to use Sun Life’s assets, such as its trademarks, without appropriate consent.

Expenses

We can be reimbursed only for reasonable expenses related to Sun Life business activities. Ensure expenses are documented and approved in keeping with expense reimbursement standards.

You are responsible for keeping confidential information safe.

“I need to be careful not to disclose sensitive information when using public transit.”  

Q. Is it okay for me to download music from the Internet to my Sun Life computer?

No, this is not appropriate for many reasons. Copyrightable material may not be downloaded without the consent of its owner or publisher. This could also expose our network to viruses.

2010 - CODE OF BUSINESS CONDUCT 21

Keeping books and records

Sun Life is required to maintain accurate, reliable and complete records to meet its legal and financial obligations and to manage its affairs. These books and records should reflect accurately all business transactions and be retained in accordance with Sun Life’s Records Management Operating Guideline. Failing to disclose or record revenues, expenses, assets or liabilities is prohibited.

Each of us is responsible for the integrity of books and records under our control. If you are responsible for creating, receiving or maintaining records, be diligent in enforcing proper practices. Keep in mind that you must preserve documents that could be potentially relevant to any litigation or any pending, threatened or reasonably foreseeable government investigation.

You must ensure that your accounting and financial records meet the highest standards.

“Even though I’m not a manager or executive, my emails could be important.”

Q. The Sun Life Records Retention Schedule requires me to retain certain types of documents in my business area for a set number of years. How do these retention periods apply if a document might be relevant to a suspected violation of law or an investigation?

You must retain all documents relating to suspected violations of law, or imminent or reasonably foreseeable investigations or litigation. For more information consult the Records Management Operating Guideline, your records officer or someone in the law department responsible for advising your business unit or function.

Q. I regularly clean out my email inbox. Are there any rules as to which messages should be kept and which should be deleted?

Some emails are business records and should be retained for the same duration as similar paper records. See the Records Management Operating Guideline for more information.

2010 - CODE OF BUSINESS CONDUCT 22

Maintaining appropriate controls

We all participate in Sun Life’s internal control framework. Internal controls help us achieve our business objectives, mitigate risks and meet our ethical obligations to our customers and other stakeholders. Our internal controls are designed to provide reasonable assurance that:

• our operations are effective and efficient,

• our financial reporting is reliable, and

• we comply with laws and regulations.

Our commitment to internal control is reflected in Sun Life’s strong control environment, which includes:

• the Sun Life Audit Committee, which provides oversight and guidance over internal control practices and Sun Life’s financial reporting,

• a commitment to acting ethically as set out in the Code,

• a sound organizational structure reflecting clear and appropriate accountabilities and authorities, and

• competent and appropriately compensated employees.

“I didn’t realize how important internal controls were in helping us achieve our business goals.”  

2010 - CODE OF BUSINESS CONDUCT 23

We are all responsible for Sun Life’s internal controls and we should understand how they relate to our roles. Working with your manager, you should:

• clearly understand your department’s objectives and how your role contributes to achieving them,

• establish and maintain control activities appropriate to achieving your objectives and mitigating associated risks,

• be aware of changes in your business or business environment affecting your role, and adapt your control activities appropriately, and

• continually monitor the appropriateness and effectiveness of internal controls for which you are responsible, and resolve related problems on a timely basis.

Be sure to inform your manager and other affected areas when problems occur – regularly communication maintains control awareness. If you are unsure how your role is affected by or contributes to internal control you should speak to your manager.

Q. What is a control activity?

Control activities are processes we put in place to support our business objectives, to minimize risks and to help detect when things go wrong. Examples include:

• company policies, standards and guidelines,

• segregation of duties,

• management reviews of key documents and information,

• automated controls over information processing (validation checks, approval limits, exception reports), and

• controls over access and changes to computer applications.

While control activities do not guarantee protection from risks, they should provide reasonable assurance that these risks are appropriately mitigated.

2010 - CODE OF BUSINESS CONDUCT 24

Dealing with regulators, auditors and others

Our reputation is built on our daily interaction with our customers, our shareholders and the public. We can all build Sun Life’s value by meeting the highest standards of professional conduct.

Specifically, we cooperate with lawful investigations and inquiries by regulators, law enforcement agencies, external and internal auditors and other investigators. We provide accurate and factual information to them, and do not mislead or attempt to improperly influence them. You should not tamper with any document to obscure the true nature of a transaction in Sun Life’s records or to impede or influence an audit, regulatory review or investigation. If you suspect information is not being provided as required, report your concerns to your compliance officer or someone in the law department.

Advise your compliance officer or senior manager in your business group of any requests that are outside the normal course of business, such as special audits, questionnaires or inquiries related to industry-wide investigations, as well as any regulatory complaint, fine or disciplinary action.

“I know who to contact if a regulator needs information.”  

2010 - CODE OF BUSINESS CONDUCT 25

Need help?

The Code is a reference tool; it does not replace Sun Life standards or more detailed guidance. If you are not sure how to apply the Code in any situation:

• talk to your manager,

• contact someone identified in the Contact Lists on The Source, or

• send an email to SLF_Code_of_Business_Conduct@sunlife.com.

You may access Sun Life policies and standards through the following links or directly through The Source. Speak to your manager if you do not have access to The Source.

Issue	Page	Relevant policy or standard/contact
Anti-money laundering and anti-terrorist financing	10	Anti-Money Laundering and Anti-Terrorist Financing Policy
Books and records	22	Fraud Risk Management Standard; Records Management Operating Guideline
Communicating with others	15, 20, 25	Disclosure Policy; Internet/E-communication Access and Use Policy; Privacy Commitment
Company assets	20	Internet/E-communication Access and Use Policy; Security Policy
Competing fairly	19	Someone in the law department responsible for advising your business unit or function
Complying with the law	8	Someone in the law department responsible for advising your business unit or function
Confidential information	12, 15	Disclosure Policy; Privacy Commitment; Securities Trading Policy; Security Policy; Supplementary Code of Conduct for Investment Operations
Directorships	18	Someone in the law department responsible for advising your business unit or function
Expenses	21	Local travel and expense reimbursement standards
Fairness in the workplace	17	Local human resources standards

2010 - CODE OF BUSINESS CONDUCT 26

Issue	Page		Relevant policy or standard/contact
Fraud		9	Fraud Risk Management Standard
Gifts and entertainment		14	Supplementary Code of Conduct for Investment Operations
Media communications		16	Disclosure Policy
Outside activities or employment		18	Someone in the law department responsible for advising your business unit or function
Personal relationships		11	Local human resources standards
Personal safety		17	Security Policy
Privacy		15	Disclosure Policy; Internet/E-communication Access and Use Policy; Privacy Commitment; Security Policy
Regulatory investigations		25	Compliance officer or someone in the law department responsible for advising your business unit or function
Reporting Code breaches		5	Your manager, a compliance officer, the general counsel or senior compliance officer within your business group, the chief compliance officer, Employee Ethics Hotline, SLF_Code_of_Business_Conduct@sunlife.com
Securities trading		12	Securities Trading Policy
Sustainability		19	Sustainability Program
Technology		16, 20	Information Security Policy; Internet/E-communication Access and Use Policy; Security Policy

There may be local standards that correspond to the above enterprise-wide policies. Please check your local intranet or ask your manager.

2010 - CODE OF BUSINESS CONDUCT 27

Notes

2010 - CODE OF BUSINESS CONDUCT 28

^© Sun Life Assurance Company of Canada 2010 03/10

Appendix B

CERTIFICATION

Annual Acknowledgement and Certification of Obligations under the Code of Business Conduct and Ethics

1. I acknowledge and certify that I am a Covered Officer under the Sun Capital Advisers Trust Code of Business Conduct and Ethics (the “Code”) and therefore subject to all of its requirements and provisions.

2. I have read and understand the requirements and provisions set forth in the Code.

3. I have adhered to the Code and will continue to adhere to the Code.

Signature	Date
Print Name	Title

B-1

EX-99.(CERT)

SUN CAPITAL ADVISERS TRUST

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

I, John T. Donnelly, certify that:

1. I have reviewed this report on Form N-CSR of Sun Capital Advisers Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	February 28, 2011	/s/ JOHN T. DONNELLY
		John T. Donnelly, President
		(Chief Executive Officer)

SUN CAPITAL ADVISERS TRUST

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

I, Lena Metelitsa, certify that:

1. I have reviewed this report on Form N-CSR of Sun Capital Advisers Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	February 28, 2011	/s/ LENA METELITSA
		Lena Metelitsa, Treasurer
		(Chief Financial Officer)

EX-99.(906CT)

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT

In connection with the Annual Report on Form N-CSR of Sun Capital Advisers Trust (the “Company”) for the period ended December 31, 2010 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, John T. Donnelly, Chief Executive Officer of the Company, and Lena Metelitsa, Chief Financial Officer of the Company, each hereby certifies, pursuant to 18 U.S.C. Section 1350, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated:	February 28, 2011	/s/ JOHN T. DONNELLY
		John T. Donnelly, President
		(Principal Executive Officer)
Dated:	February 28, 2011	/s/ LENA METELITSA
		Lena Metelitsa, Treasurer
		(Principal Financial Officer)

A SIGNED ORIGINAL OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906 HAS BEEN PROVIDED TO THE REGISTRANT AND WILL BE RETAINED BY THE REGISTRANT AND FURNISHED TO THE SECURITIES AND EXCHANGE COMMISSION OR ITS STAFF UPON REQUEST.