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: June 30, 2011

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^®

Semi-Annual Report June 30, 2011

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	10
SC BlackRock Small Cap Index Fund	14
SC Goldman Sachs Mid Cap Value Fund	18
SC Columbia Small Cap Value Fund	22
SC Davis Venture Value Fund	27
SC Invesco Small Cap Growth Fund	31
SC Lord Abbett Growth & Income Fund	36
SC WMC Blue Chip Mid Cap Fund	41
SC WMC Large Cap Growth Fund	46
Sun Capital Global Real Estate Fund	50
SC Ibbotson Tactical Opportunities Fund	54
Sun Capital Investment Grade Bond Fund	57
Sun Capital Money Market Fund	61
SC BlackRock Inflation Protected Bond Fund	65
SC Goldman Sachs Short Duration Fund	70
SC PIMCO High Yield Fund	75
SC PIMCO Total Return Fund	80
SC Ibbotson Balanced Fund	85
SC Ibbotson Conservative Fund	85
SC Ibbotson Growth Fund	85
Expense Information	96
Portfolios of Investments
SC AllianceBernstein International Value Fund	98
SC BlackRock International Index Fund	106
SC BlackRock Large Cap Index Fund	123
SC BlackRock Small Cap Index Fund	133
SC Goldman Sachs Mid Cap Value Fund	165
SC Columbia Small Cap Value Fund	171
SC Davis Venture Value Fund	177
SC Invesco Small Cap Growth Fund	182
SC Lord Abbett Growth & Income Fund	186
SC WMC Blue Chip Mid Cap Fund	189
SC WMC Large Cap Growth Fund	192
Sun Capital Global Real Estate Fund	195
SC Ibbotson Tactical Opportunities Fund	198
Sun Capital Investment Grade Bond Fund	199
Sun Capital Money Market Fund	206
SC BlackRock Inflation Protected Bond Fund	209
SC Goldman Sachs Short Duration Fund	214
SC PIMCO High Yield Fund	223
SC PIMCO Total Return Fund	240
SC Ibbotson Balanced Fund	267
SC Ibbotson Conservative Fund	268
SC Ibbotson Growth Fund	269
Financial Statements
Statements of Assets and Liabilities	270
Statements of Operations	275
Statements of Changes in Net Assets	280
Financial Highlights	288
Notes to Financial Statements	310
Other Information	344
Proxy Voting Policies and Procedures and Voting Records	344
Quarterly Filing of Portfolio Holdings	344

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 June 30, 2011, 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 June 30, 2011.

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.

SC ^SM ALLIANCEBERNSTEIN INTERNATIONAL VALUE FUND

(subadvised by AllianceBernstein L.P.)

MANAGEMENT’S DISCUSSION & ANALYSIS:

How did the Fund perform during the period ended June 30, 2011?

For the six months ended June 30, 2011, the Initial and Service Class shares of SC AllianceBernstein International Value Fund (the “Fund”) returned 3.76% and 3.47%, respectively, underperforming the benchmark, the MSCI EAFE Index (the “Index”), which returned 4.98% for the same period.

What economic and market factors most influenced the global equity markets as a whole during the period ended June 30, 2011?

Global equity markets were volatile in the first half of the year. Early year optimism was interrupted by the Japanese earthquake and resulting tsunami in March and rising tensions in the Middle East that put upward pressure on oil prices. Although concerns about the global economic recovery and European sovereign debt problems compounded this volatility during the period, international equity markets ended the first half of the year up 4.98% in U.S. dollar terms, as measured by the Index.

Sector performance was mixed with the Health Care, Telecommunications, Consumer Discretionary, Consumer Staples and Energy sectors posting positive returns. In contrast, the Materials, Utilities and Information Technology sectors declined most.

How did the country allocations affect relative Fund performance during the period ended June 30, 2011?

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, with the United Kingdom (U.K.), Hong Kong and Germany detracting the most from the Fund’s performance. Country selection had a relatively neutral affect on the Fund’s performance, where underweights in Israel, Australia and Finland contributed positively and an underweight in Spain and overweight positions in the U.S. and Netherlands detracted from the Fund’s performance. Currency selection in the Fund also detracted from performance as the Fund was overweight to the U.S. dollar which depreciated relative to other world currencies during the period.

Which stocks contributed most to the Fund’s returns during the period ended June 30, 2011?

The stocks that contributed the most to Fund performance were Arkema, Inc., AstraZeneca PLC and Nissan Motor Co., Ltd. French-based chemicals maker Arkema, Inc. outperformed as a result of strong earnings that topped analyst expectations and as the company offered an upbeat forecast for the remainder of the year. Pharmaceutical company AstraZeneca PLC outperformed, after the U.K-based company announced the sale of a non-pharmaceuticals business, opening the door to further share buybacks. Shares of Japanese automaker Nissan Motor Co., Ltd. advanced on news that post earthquake and tsunami production was recovering more quickly than initially anticipated.

The Fund utilized currency futures contracts to manage currency exposure. During the first half of the year, explicit currency management detracted from relative returns. An overweight to the Canadian dollar contributed positively on strong Canadian dollar appreciation, but was offset by overweight positions to the U.S. dollar and Japanese yen that both depreciated against major world currencies during the period.

Which stocks detracted from the Fund’s performance results during the period ended June 30, 2011?

Shares of The Tokyo Electric Power Co., Inc. (TEPCO) collapsed as the company battled to contain a nuclear emergency at its Fukushima Dai-Ichi power plant. A portion of the value of the stock has been permanently impaired by the earthquake; however, TEPCO has a monopoly for electrical generation in Tokyo that is expected to continue to generate free cash flow. The Fund continues to hold the stock with the conviction that the current

1

SC ^SM ALLIANCEBERNSTEIN INTERNATIONAL VALUE FUND (Continued)

stock price accounts for the uncertainty over how the company will emerge from this crisis. The stock offers upside potential from its current valuation; albeit with a continuing downside risk, that has limited the Fund’s holding to a relatively small position to appropriately balance this return potential with the near-term uncertainty. Shares of Japanese Industrial company Sony Corp. struggled in unison with the Japanese market and were also pressured by the well-publicized hacking of its PlayStation Network. Esprit Holdings Ltd., the Hong Kong-listed clothing maker, underperformed as its exposure to troubled European markets led investors to avoid the stock.

Did the fund experience major changes to its top ten holdings during the period ended June 30, 2011?

There were no material changes to the June 30, 2011 top ten holdings list relative to the December 31, 2010 top ten holdings list.

How was the Fund positioned relative to its benchmark index at June 30, 2011?

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. The resulting sector weights are indicative of sectors where there are currently attractively valued stocks or those where relatively fewer value opportunities exist.

At the end of the period, the Fund was positioned such that its top three overweight positions compared to the Index were to the Materials, Energy and Consumer Discretionary sectors. The Fund’s largest underweight positions at the end of the period were in the Consumer Staples, Industrials and Information Technology sectors.

The Fund’s largest overweight country allocation versus the Index was to Canada. The benchmark does not include Canada. The Fund’s exposure to Canada is concentrated mainly in several energy stocks that offer company specific attributes that make them attractive value opportunities at current prices. Following the earthquake and tsunami in Japan, the Fund moved to increase certain Japanese stocks that the Fund believed had overreacted to the downside and were offering even greater value opportunities. Lastly, in the United Kingdom the Fund’s exposure is diversified across attractively valued companies in a number of sectors, including Industrial Commodities, Pharmaceuticals, Financials, and Telecommunications, where the companies that the Fund holds are attractively valued with strong cash flows.

The Fund’s largest underweight country allocations were to Australia, Sweden and Switzerland, where valuations overall are less attractive than in other areas of the world. The Fund does hold overweight positions in a number of individual stocks in Australia and Switzerland, in particular, but as a whole there are more prevalent value opportunities elsewhere. The Fund’s holdings in Australia are centered mainly in several financial stocks, while the Fund holds overweight positions in Swiss pharmaceutical companies.

2

SC ^SM ALLIANCEBERNSTEIN INTERNATIONAL VALUE FUND (Continued)

COUNTRY ALLOCATIONS AT JUNE 30, 2011*

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 22 countries with an allocation of less than 2% individually.

TOP TEN EQUITY HOLDINGS AT JUNE 30, 2011

	% of Net Assets			Industry
Royal Dutch Shell PLC, A Shares		2.5	%	Oil, Gas & Consumable Fuels
Rio Tinto PLC		2.1		Metals & Mining
Novartis AG		1.8		Pharmaceuticals
AstraZeneca PLC		1.7		Pharmaceuticals
Societe Generale		1.7		Commercial Banks
Vodafone Group PLC		1.6		Wireless Telecommunication Services
Nestle SA		1.6		Food Products
Toyota Motor Corp.		1.5		Automobiles
Roche Holding AG		1.5		Pharmaceuticals
ING Groep NV–CVA		1.5		Diversified Financial Services

3

SC ^SM 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 ^SM ALLIANCEBERNSTEIN INTERNATIONAL VALUE FUND (Continued)

Average Annual Total Returns for Periods Ended June 30, 2011**

	Six Months±			One Year			Life of Fund***
SC AllianceBernstein International Value Fund–Initial Class Shares		3.76	%		29.52	%		4.12	%
SC AllianceBernstein International Value Fund–Service Class Shares		3.47	%		29.07	%		3.83	%
MSCI EAFE Index*		4.98	%		30.36	%		6.63	%

*The performance data of the indices 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 the 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 is no guarantee of future results. Performance may have changed materially since June 30, 2011. 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 June 30, 2011.

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

5

SC ^SM BLACKROCK INTERNATIONAL INDEX FUND

(subadvised by BlackRock Investment Management, LLC)

MANAGEMENT’S DISCUSSION & ANALYSIS:

How did the Fund perform during the period ended June 30, 2011?

For the six months ended June 30, 2011, the Initial and Service Class shares of SC BlackRock International Index Fund (the “Fund”) returned 5.20% and 5.11%, respectively, outperforming the benchmark, the MSCI EAFE Index (the “Index”), which returned 4.98% for the same period.

What economic and market factors most influenced the global equity markets as a whole during the period ended June 30, 2011?

International equities, as represented by the Index, advanced for the six months ended June 30, 2011. Stocks moved higher during the first four months despite volatility from significant global events. The period began with political turmoil spreading across the Middle East/North Africa region and a sharp rise in oil and other commodity prices. March brought devastating natural disasters that left Japan with massive infrastructure damage and a nuclear crisis. In April, Standard & Poor’s changed its ratings outlook for long-term U.S. and Japanese debt from stable to negative, however, equity markets charged forward as investors chose to focus on the continuing stream of strong corporate earnings reports.

Meanwhile, longer-term headwinds had been developing as inflationary pressures intensified in emerging economies, many of which were overheating, and the European debt crisis continued. Financial markets were met with a sharp reversal in May when political unrest in Greece pushed the nation closer to defaulting on its debt. This development reignited fears about the broader sovereign debt crisis in Europe and its further contagion among peripheral countries. Concurrently, it became evident that the pace of global economic growth had slowed. The impact of higher oil prices and supply chain disruptions in Japan finally surfaced in weak economic data. Investors pulled back from riskier assets amid heightened uncertainty and equity markets experienced a correction throughout most of May and June. The last week of June brought a sharp rally on encouraging data from the U.S. manufacturing sector and Germany’s decision to support the refinancing of Greece’s public debt. Stock markets in most countries within the Index posted gains for the period.

How did the country allocations affect Fund performance during the period ended June 30, 2011?

The top contributors to the Fund’s performance were France, the United Kingdom and Germany while the top detractors were Japan, Hong Kong and Israel.

Which sectors contributed most to the Fund’s performance results during the period ended June 30, 2011?

The top contributors to the Fund’s performance were the Financials, Health Care and Consumer Staples sectors.

Which sectors detracted most from the Fund’s performance results during the period ended June 30, 2011?

The top detractors from the Fund’s performance were the Information Technology and Utilities sectors.

6

SC ^SM BLACKROCK INTERNATIONAL INDEX FUND (Continued)

COUNTRY ALLOCATIONS AT JUNE 30, 2011*

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 20 countries with an allocation of less than 2% individually.

TOP TEN EQUITY HOLDINGS AT JUNE 30, 2011

	% of Net Assets			Industry
Nestle SA		1.8	%	Food Products
HSBC Holdings PLC		1.5		Commercial Banks
BHP Billiton Ltd.		1.3		Metals & Mining
Novartis AG		1.2		Pharmaceuticals
BP PLC		1.2		Oil, Gas & Consumable Fuels
Vodafone Group PLC		1.2		Wireless Telecommunication Services
Royal Dutch Shell PLC, Class A		1.0		Oil, Gas & Consumable Fuels
Total SA		1.0		Oil, Gas & Consumable Fuels
Roche Holding AG		1.0		Pharmaceuticals
Toyota Motor Corp.		0.9		Automobiles

7

SC ^SM BLACKROCK INTERNATIONAL INDEX FUND (Continued)

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

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

8

SC ^SM BLACKROCK INTERNATIONAL INDEX FUND (Continued)

Total Returns for Periods Ended June 30, 2011**

	Six Months±			Life of Fund***±
SC BlackRock International Index Fund–Initial Class Shares		5.20	%		9.20	%
SC BlackRock International Index Fund–Service Class Shares		5.11	%		9.00	%
MSCI EAFE Index*		4.98	%		6.94	%

*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 is no guarantee of future results. Performance may have changed materially since June 30, 2011. 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 June 30, 2011.

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

9

SC ^SM BLACKROCK LARGE CAP INDEX FUND

(subadvised by BlackRock Investment Management, LLC)

MANAGEMENT’S DISCUSSION & ANALYSIS:

How did the Fund perform during the period ended June 30, 2011?

For the six months ended June 30, 2011, the Initial and Service Class shares of SC BlackRock Large Cap Index Fund (the “Fund”) returned 5.76% and 5.53%, respectively, underperforming the benchmark, the S&P 500 (the “Index”), which returned 6.02% for the same period.

What economic and market factors most influenced the equity markets as a whole during the period ended June 30, 2011?

U.S. equity markets began the year on an upswing as confidence levels were improving and the economy was recovering leading investors to increase their holdings in riskier assets. U.S. stocks moved higher during the first four months of 2011 despite volatility fueled by significant global events. The period began with political turmoil spreading across the Middle East/North Africa region and a sharp rise in oil and other commodity prices. March brought devastating natural disasters that left Japan with massive infrastructure damage and a nuclear crisis. In April, Standard & Poor’s changed its ratings outlook for long-term U.S. and Japanese debt from stable to negative, however equity markets charged forward as investors chose to focus on the continuing stream of strong corporate earnings reports.

Meanwhile, longer-term headwinds had been developing as inflationary pressures intensified in emerging economies, many of which were overheating, and the European debt crisis continued. Financial markets were met with a sharp reversal in May when political unrest in Greece pushed the nation closer to defaulting on its debt. This development reignited fears about the broader sovereign debt crisis in Europe and its further contagion among peripheral countries. Concurrently, it became evident that the pace of U.S. and global economic growth had slowed. The impact of higher oil prices and supply chain disruptions in Japan finally surfaced in weak economic data. Investors pulled back from riskier assets amid heightened uncertainty and equity markets experienced a correction throughout most of May and June. The last week of June brought a sharp rally on encouraging data from the U.S. manufacturing sector and Germany’s decision to support the refinancing of Greece’s public debt.

Despite market weakness in the final two months of the period, US stocks advanced year-to-date. Large cap stocks, as represented by the Index, gained 6.02%. Large cap growth stocks outperformed their value counterparts as the S&P 500 Growth Index moved up 6.79%, while the S&P 500 Value Index returned 5.23%. Small cap stocks, as represented by the Russell 2000 Index, climbed 6.21% for the period. The disparity between growth and value stocks was more pronounced within small caps as the Russell 2000 Growth Index advanced 8.59%, while the Russell 2000 Value Index returned 3.77%.

Which sectors contributed most to the Fund’s performance results during the period ended June 30, 2011?

The Health Care sector was the strongest contributor during the period, followed by the Energy and Industrials sectors.

Which sectors detracted most from the Fund’s performance results during the period ended June 30, 2011?

The Financials sector was the only detractor during the period.

10

SC ^SM BLACKROCK LARGE CAP INDEX FUND (Continued)

SECTOR ALLOCATIONS AT JUNE 30, 2011*

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 JUNE 30, 2011

	% of Net Assets			Industry
Exxon Mobil Corp.		3.2	%	Oil, Gas & Consumable Fuels
Apple, Inc.		2.5		Computers & Peripherals
International Business Machines Corp.		1.7		IT Services
Chevron Corp.		1.7		Oil, Gas & Consumable Fuels
General Electric Co.		1.6		Industrial Conglomerates
Microsoft Corp.		1.5		Software
AT&T, Inc.		1.5		Diversified Telecommunication Services
Johnson & Johnson		1.5		Pharmaceuticals
The Procter & Gamble Co.		1.4		Household Products
Pfizer, Inc.		1.3		Pharmaceuticals

11

SC ^SM 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

12

SC ^SM BLACKROCK LARGE CAP INDEX FUND (Continued)

Average Annual Total Returns for Periods Ended June 30, 2011**

Initial Class Shares	Six Months±			One Year			Three Years			Five Years			Life of Fund***
SC BlackRock Large Cap Index Fund		5.76	%		29.62	%		2.99	%		0.35	%		4.29	%
S&P 500 Index*		6.02	%		30.69	%		3.34	%		2.94	%		4.29	%
Service Class Shares
SC BlackRock Large Cap Index Fund		5.53	%		29.32	%		2.72	%		0.12	%		2.23	%
S&P 500 Index*		6.02	%		30.69	%		3.34	%		2.94	%		4.20	%

*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 500 Index is a market-value weighted index of the stock performance of 500 industrial, transportation, utility and financial companies.

**Performance data is historical and includes changes in share price and reinvestment of income dividends and capital gains distributions. Past performance is no guarantee of future results. Performance may have changed materially since June 30, 2011. 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 June 30, 2011. Service Class Shares for the period from February 1, 2004 (commencement of operations) to June 30, 2011.

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

13

SC ^SM BLACKROCK SMALL CAP INDEX FUND

(subadvised by BlackRock Investment Management, LLC)

MANAGEMENT’S DISCUSSION & ANALYSIS:

How did the Fund perform during the period ended June 30, 2011?

For the six months ended June 30, 2011, the Initial and Service Class shares of SC BlackRock Small Cap Index Fund (the “Fund”) returned 5.79% and 5.71%, respectively, underperforming the benchmark, the Russell 2000 Index (the “Index”), which returned 6.21% for the same period.

What economic and market factors most influenced the equity markets as a whole during the period ended June 30, 2011?

U.S. equity markets began the year on an upswing as confidence levels were improving and the economy was recovering leading investors to increase their holdings in riskier assets. U.S. stocks moved higher during the first four months of 2011 despite volatility fueled by significant global events. The period began with political turmoil spreading across the Middle East/North Africa region and a sharp rise in oil and other commodity prices. March brought devastating natural disasters that left Japan with massive infrastructure damage and a nuclear crisis. In April, Standard & Poor’s changed its ratings outlook for long-term U.S. and Japanese debt from stable to negative, however equity markets charged forward as investors chose to focus on the continuing stream of strong corporate earnings reports.

Meanwhile, longer-term headwinds had been developing as inflationary pressures intensified in emerging economies, many of which were overheating, and the European debt crisis continued. Financial markets were met with a sharp reversal in May when political unrest in Greece pushed the nation closer to defaulting on its debt. This development reignited fears about the broader sovereign debt crisis in Europe and its further contagion among peripheral countries. Concurrently, it became evident that the pace of U.S. and global economic growth had slowed. The impact of higher oil prices and supply chain disruptions in Japan finally surfaced in weak economic data. Investors pulled back from riskier assets amid heightened uncertainty and equity markets experienced a correction throughout most of May and June. The last week of June brought a sharp rally on encouraging data from the U.S. manufacturing sector and Germany’s decision to support the refinancing of Greece’s public debt.

Despite market weakness in the final two months of the period, U.S. stocks advanced year-to-date. Large cap stocks, as represented by the S&P 500 Index, gained 6.02%. Large cap growth stocks outperformed their value counterparts as the S&P 500 Growth Index moved up 6.79%, while the S&P 500 Value Index returned 5.23%. Small cap stocks, as represented by the Index, climbed 6.21% for the period. The disparity between growth and value stocks was more pronounced within small caps as the Russell 2000 Growth Index advanced 8.59%, while the Russell 2000 Value Index returned 3.77%.

Which sectors contributed most to the Fund’s performance results during the period ended June 30, 2011?

The Health Care sector was the strongest contributor to the Fund’s performance during the period, followed by the Information Technology and Energy sectors.

Which sectors detracted most from the Fund’s performance results during the period ended June 30, 2011?

There were no detractors during the six months ended June 30, 2011 since all sectors achieved positive returns for the period.

14

SC ^SM BLACKROCK SMALL CAP INDEX FUND (Continued)

SECTOR ALLOCATIONS AT JUNE 30, 2011*

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 JUNE 30, 2011^{^}

	% of Net Assets			Industry
Healthspring, Inc.		0.2	%	Health Care Providers & Services
Sotheby’s		0.2		Diversified Consumer Services
MFA Financial, Inc.		0.2		Real Estate Investment Trusts
Netlogic Microsystems, Inc.		0.2		Semiconductors & Semiconductor Equipment
Berry Petroleum Co.		0.2		Oil, Gas & Consumable Fuels
Parametric Technology Corp.		0.2		Software
Rosetta Resources, Inc.		0.2		Oil, Gas & Consumable Fuels
CBL & Associates Properties, Inc.		0.2		Real Estate Investment Trusts
Dana Holding Corp.		0.2		Auto Components
Tenneco, Inc.		0.2		Auto Components

^ As a result of the Russell Index reconstitution which took place on June 24, 2011, 9 of the Fund’s top ten holdings changed when compared to the Fund’s top ten holdings at December 31, 2010.

15

SC ^SM 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

16

SC ^SM BLACKROCK SMALL CAP INDEX FUND (Continued)

Average Annual Total Returns for Periods Ended June 30, 2011**

Initial Class Shares	Six Months±			One Year			Three Years			Five Years			Ten Years			Life of Fund***
SC BlackRock Small Cap Index Fund		5.79	%		33.57	%		7.28	%		3.17	%		5.73	%		7.93	%
Russell 2000 Index*		6.21	%		37.41	%		7.77	%		4.08	%		6.27	%		5.30	%
Service Class Shares
SC BlackRock Small Cap Index Fund		5.71	%		33.20	%		7.02	%		2.83	%		—			1.67	%
Russell 2000 Index*		6.21	%		37.41	%		7.77	%		4.08	%		—			2.92	%

*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 is no guarantee of future results. Performance may have changed materially since June 30, 2011. 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 June 30, 2011. Service Class Shares for the period from May 1, 2006 (commencement of operations) to June 30, 2011.

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

17

SC ^SM 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 period ended June 30, 2011?

For the six months ended June 30, 2011, the Initial and Service Class shares of SC Goldman Sachs Mid Cap Value Fund (the “Fund”) returned 9.31% and 9.25%, respectively, outperforming the benchmark, the Russell Midcap Value Index (the “Index”), which returned 6.69% for the same period.

What economic and market factors most influenced the equity markets as a whole during the period ended June 30, 2011?

Overall, global stock markets were positive during the six months ended June 30, 2011. Most of the gains were generated during the first calendar quarter of 2011 when economic data remained relatively strong. However, as the quarter progressed, risks to the global economy proliferated. Political unrest emerged in Tunisia, followed by Egypt and the broader Middle East and North African region. Oil prices peaked around $125 per barrel on concerns about potential supply disruptions. In March, Japan was struck by the Tohoku earthquake and tsunami, leading to a nuclear emergency at the Fukushima Daiichi plant. In Europe, as policymakers struggled to avert debt restructures, Ireland and Portugal joined Greece as recipients of European Union bailouts. In April, the European Central Bank delivered its first interest-rate hike since the financial crisis in response to escalating inflation pressures.

The global equity markets experienced a much more volatile second quarter. Investors generally remained defensive, but the economic headwinds had begun to shift. Oil prices started to moderate in April, helped in June by the International Energy Agency’s agreement to release global strategic reserves. Expectations ran high for strong corporate profit growth. Japanese industrial output improved substantially toward the end of the period, and the subsequent boost in U.S. manufacturing figures suggested that Japan’s recovery, even at these early stages, is repairing significant gaps in the global supply chain.

Alongside these modest improvements and widespread risks, market confidence continued at the end of the period. U.S. labor markets had yet to show any consistent strength, and Eurozone policymakers were still working toward a detailed resolution for the peripheral European nations’ severe debt and fiscal problems. Moreover, fiscal pressures were mounting in the U.S., where lawmakers continued to disagree on terms for raising the country’s debt ceiling ahead of an August 2, 2011 payment deadline.

Were there any significant sector under/over weights that materially affected Fund performance relative to the benchmark during the period ended June 30, 2011?

There were no significant sector under/over weights that materially affected Fund performance relative to the Index during the six months ended June 30, 2011. Within sectors, stock selection was positive overall. Holdings in the Consumer Staples and Information Technology sectors outpaced their peers in the benchmark most. Meanwhile, stock selections in the Telecommunication Services sector lagged their peers in the benchmark most.

Which stocks contributed most to the Fund’s returns during the period ended June 30, 2011?

Returns to the investment themes were positive overall for the period. Profitability contributed most positively to excess returns, followed by Quality, Management and Momentum. Conversely, Valuation detracted most from relative performance, while Sentiment was relatively flat. Valuation and Profitability summarize results from the balance sheet and income statement, whereas Quality and Management measure the operating, investing, and financing activities from a company’s statement of cash flows. Momentum measures information about a wide variety of investment-relevant events that are sufficiently complex, in many cases, that it takes time for the market to fully appreciate their implications for security values. The sixth theme, Sentiment, is based on the detailed research of stock analysts, research that includes the evaluation of financial statements, discussions with management, and the study of industry trends. Sentiment allows us to incorporate a wide range of qualitative information on companies and their industries into our quantitative evaluation of stocks.

18

SC ^SM GOLDMAN SACHS MID CAP VALUE FUND (Continued)

Overweight positions in media company DISH Network Corp., tobacco company Lorillard, Inc. and Real Estate Investment Trust Rayonier, Inc. were most successful for the period, as all three stocks had positive absolute returns. The Fund was overweight DISH Network Corp. as the company used capital to enhance shareholder value. The overweight positions in Lorillard, Inc. and Rayonier, Inc. were a result of their strong profit margins.

Which stocks detracted from the Fund’s performance results during the period ended June 30, 2011?

An underweight position in media company CBS Corp. as well as overweight positions in thrift and mortgage finance company Hudson City Bancorp, Inc. and energy company Exterran Holdings, Inc. detracted most from relative performance. CBS Corp. had a positive absolute return whereas the other stocks had negative absolute returns. The underweight position in CBS Corp. was a result of weak momentum characteristics and the Fund sold the position during the period. Meanwhile, the overweight position in Hudson City Bancorp, Inc. was driven by a sustainable source of earnings and the overweight position in Exterran Holdings, Inc. was a result of strong momentum characteristics.

Did the Fund experience major changes to its top ten holdings during the period ended June 30, 2011?

There were no material changes to the June 30, 2011 top ten holdings list relative to the December 31, 2010 top ten holdings list.

How was the Fund positioned relative to its benchmark index at June 30, 2011?

As of June 30, 2011, the Fund was modestly overweight in the Energy, Consumer Staples, Consumer Discretionary and Materials sectors relative to the Index. In contrast, the Fund was modestly underweight in the Telecommunication Services, Industrials, Information Technology and Financials sectors, while it was relatively neutral in the Utilities and Healthcare sectors.

SECTOR ALLOCATIONS AT JUNE 30, 2011*

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.

19

SC ^SM GOLDMAN SACHS MID CAP VALUE FUND (Continued)

TOP TEN EQUITY HOLDINGS AT JUNE 30, 2011

	% of Net Assets			Industry
Lorillard, Inc.		3.9	%	Tobacco
Valero Energy Corp.		3.5		Oil, Gas & Consumable Fuels
DISH Network Corp., Class A		2.5		Media
Rayonier, Inc.		2.2		Real Estate Investment Trusts
AvalonBay Communities, Inc.		2.0		Real Estate Investment Trusts
Tesoro Corp.		1.6		Oil, Gas & Consumable Fuels
Humana, Inc.		1.6		Health Care Providers & Services
Integrys Energy Group, Inc.		1.5		Multi-Utilities
NiSource, Inc.		1.4		Multi-Utilities
Unum Group		1.4		Insurance

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

20

SC ^SM GOLDMAN SACHS MID CAP VALUE FUND (Continued)

Average Annual Total Returns for Periods Ended June 30, 2011**

	Six Months±			One Year			Three Years			Life of Fund***
SC Goldman Sachs Mid Cap Value Fund–Initial Class Shares		9.31	%		35.20	%		4.30	%		4.94	%
SC Goldman Sachs Mid Cap Value Fund–Service Class Shares		9.25	%		34.90	%		4.02	%		4.65	%
Russell Midcap Value Index*		6.69	%		34.28	%		6.35	%		6.26	%

*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 is no guarantee of future results. Performance may have changed materially since June 30, 2011. 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 June 30, 2011.

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

21

SC ^SM COLUMBIA SMALL CAP VALUE FUND

(subadvised by Columbia Management Investment Advisers, LLC)

MANAGEMENT’S DISCUSSION & ANALYSIS:

How did the Fund perform during the period ended June 30, 2011?

For the six months ended June 30, 2011, the Initial and Service Class shares of SC Columbia Small Cap Value Fund (the “Fund”) returned 3.13% and 3.05%, respectively, underperforming the benchmark, the Russell 2000 Value Index (the “Index”), which returned 3.77% for the same period.

What economic and market factors most influenced the equity markets as a whole during the period ended June 30, 2011?

As the impact of Japan’s natural disasters worked its way through the global supply chain, deadly storms cut a wide swath of disaster across the Midwestern and the Southern United States and Europe scrambled again to support debtor nations, most notably, Greece. The pace of economic growth slowed, as weakening economic data and rising inflation pointed to a loss of momentum both at home and abroad. In the United States, income growth barely kept pace with spending because of inflation. Declining sales activity, tighter mortgage standards and weak prices continued to hold back a recovery in the housing market. On the employment front, the May new jobs report was disappointing, and the unemployment rate rose, weighing on consumer confidence, however, the average number of jobs added over the most recent quarter showed signs of modest progress. Manufacturing activity slowed from fast to moderate as supply disruptions and adverse weather conditions in the Midwest, where much of U.S. manufacturing activity is located, took their toll. Rising energy prices also hampered demand. However, a key manufacturing measure bounced back strongly in June, suggesting that the earlier falloff in manufacturing was not a fundamental shift but the result of some temporary factors and a slightly slower pace.

In Washington, Congress wrangled over the U.S. debt ceiling, as a summer deadline loomed. On June 30, the Federal Reserve Board’s (the Fed) large-scale asset purchase program came to an end, leaving the Fed with no new tools to stimulate the economy and build confidence among investors.

The U.S. equity markets reflected changing news throughout the period. As commodity prices declined early in April and expectations ran high for strong corporate profit growth, stock prices rose to a three-year high. Economic data weakened in May and June, and concerns about Greece’s debt crisis resurfaced and pressured the U.S. stock market. However, investors seemed comforted by news of an austerity plan to help alleviate Greece’s debt problems and stocks rallied strongly in the final week of June.

Were there any significant sector under/over weights that materially affected Fund performance relative to the benchmark during the period ended June 30, 2011?

The Fund’s strategic overweight positions in the Health Care and Telecommunication sectors and underweight positions in the Financials sector added to relative performance during the period. The Fund’s increased positioning in the Healthcare sector over the second half of the period was beneficial as the Health Care sector outperformed the Index with continued upside opportunities for a number of companies as the sector is still generally discounted in the market. The Fund has focused on health care companies which deliver health care efficiently, including managed care and generic drugs, as well as those who benefit from the aging of America.

The Telecommunication Services sector also added to the Fund’s relative performance during the period. The Fund has an overweight position to the Telecommunication sector, in belief that there is a correlation between small business formation and growth within the Telecommunication sector. Small business formation has lagged thus far in the economic recovery; however it appears that it may be poised for improvement. Strong dividend yields and cheap valuations helped attract investors as this sector was the second strongest in the Index for the period.

22

SC ^SM COLUMBIA SMALL CAP VALUE FUND (Continued)

The Fund’s underweight position in the Financials sector, particularly in banks, contributed to performance during the period. Continued credit pressures and revenue compression tied to a lack of loan growth created underperformance in the banking industry. Although loan activity has been improving, the high cost of carrying foreclosed properties and non-performing loans continue to weigh on expenses and there has been little traction on loan growth in the industry.

The Fund’s underweight exposure to the Utilities sector detracted from relative performance during the period as uncertainty over the direction of the market favored this more defensive sector.

Which stocks contributed most to the Fund’s returns during the period ended June 30, 2011?

Stocks that contributed most to the Fund’s performance during the period were Healthspring, Inc., International Coal Group, Inc., and Varian Semiconductor Equipment Associates, Inc. The solid performance of a health care insurance company Healthspring, Inc. was a result of a recent accretive acquisition of a competitor combined with strong organic growth in their Medicare Advantage platform. Shares of Cash America International, Inc., a pawn shop owner and operator, increased in value as the company’s exposure to gold, rebounding sales in their retail operation and improvement in their Mexican operations drove positive earnings growth.

The Fund also benefited from a couple of announced acquisitions during the first half of the year. International Coal Group, Inc., an Oil, Gas and Consumable Fuels company, and Varian Semiconductor Equipment Associates, Inc., a Semiconductors and Semiconductor Equipment company, both announced agreements to be acquired by competitor firms for significant premiums. Both companies were sold by the Fund after the announcements and proceeds were reinvested into more attractive opportunities. TGC Industries, Inc. also announced its intention to merge with the larger Dawson Geophysical Co. during the period. The Fund exited the Dawson Geophysical Co. position and continues to hold the TGC Industries, Inc. The benefit of holding both companies was a significant positive factor for the Fund during the period.

Which stocks detracted from the Fund’s performance results during the period ended June 30, 2011?

OfficeMax, Inc., an office retail superstore, detracted from the Fund’s performance, based upon disappointing first quarter earnings results attributable to slowing employment trends in the U.S. The Fund had exposure to the company in the belief that there is a positive correlation with job formation and small business formation. Specialty retailer, Pacific Sunware of California, Inc., also detracted from the Fund’s performance in the first half of the year based upon inconsistent profit margins across their product mix in the boy’s and girl’s segments. Universal Forest Products, Inc., a building products company, detracted from the Fund’s performance during the period since the company’s 2011 guidance was cut significantly when the new home building season failed to materialize this year. We have continued conviction in all the aforementioned stocks and the Fund continues to hold these companies.

Did the Fund experience major changes to its top ten holdings during the period ended June 30, 2011?

There were no material changes to the June 30, 2011 top ten holdings list relative to the December 31, 2010 top ten holdings list.

How was the Fund positioned relative to its benchmark index at June 30, 2011?

At June 30, 2011, the Fund maintained an economically-sensitive bias with an overweight in the Technology, Industrials, Energy and Materials sectors. The Fund was also overweight in the Health Care and Telecommunication sectors which we believe have attractive stable growth characteristics.

23

SC ^SM COLUMBIA SMALL CAP VALUE FUND (Continued)

Within the Healthcare sector, the Fund increased its exposure to the pharmaceutical industry as there are undervalued companies that offer attractive exposure to generic as well as branded sales. The Fund continues to add opportunities within the small cap specialty retail, apparel and restaurants sectors with high free cash flow yields and improving top line momentum. The Fund added to its Technology sector holdings, specifically in the semiconductor space. These opportunities were funded primarily by exiting certain positions in the Energy sector that have reached fair value targets or those that had appreciated into mid cap and no longer met the small cap investment criteria.

SECTOR ALLOCATIONS AT JUNE 30, 2011*

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.

24

SC ^SM COLUMBIA SMALL CAP VALUE FUND (Continued)

TOP TEN EQUITY HOLDINGS AT JUNE 30, 2011

	% of Net Assets			Industry
Healthspring, Inc.		1.2	%	Health Care Providers & Services
OM Group, Inc.		1.2		Chemicals
Global Indemnity PLC		1.0		Insurance
Cash America International, Inc.		0.9		Consumer Finance
Greif, Inc., Class B		0.9		Containers & Packaging
Rent-A-Center, Inc.		0.8		Specialty Retail
Robbins & Myers, Inc.		0.8		Machinery
Stone Energy Corp.		0.8		Oil, Gas & Consumable Fuels
Hancock Holding Co.		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

25

SC ^SM COLUMBIA SMALL CAP VALUE FUND (Continued)

Average Annual Total Returns for Periods Ended June 30, 2011**

	Six Months±			One Year			Life of Fund***
SC Columbia Small Cap Value Fund–Initial Class Shares		3.13	%		30.61	%		10.24	%
SC Columbia Small Cap Value Fund–Service Class Shares		3.05	%		30.34	%		9.95	%
Russell 2000 Value Index*		3.77	%		31.35	%		5.88	%

*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 is no guarantee of future results. Performance may have changed materially since June 30, 2011. 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 June 30, 2011.

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

26

SC ^SM DAVIS VENTURE VALUE FUND

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

MANAGEMENT’S DISCUSSION & ANALYSIS:

How did the Fund perform during the period ended June 30, 2011?

For the six months ended June 30, 2011, the Initial and Service class shares of SC Davis Venture Value Fund (the “Fund”) returned 2.81% and 2.66%, respectively, underperforming the benchmark, the S&P 500 Index (the “Index”), which returned 6.02% for the same period.

What economic and market factors most influenced the equity markets as a whole during the period ended June 30, 2011?

During the first six months of 2011, the unemployment rate increased from 9.0% in January to 9.2% at the end of June. The number of unemployed persons increased to 14.1 million. The trend of government downsizing that began in 2008, continued to fall at state and local levels in the first half of 2011. The 10-Year Treasury yield was down from its high during the first six months of 2011 (a high of 3.73%) and maintained a range of around 3.00%.

Each sector within the Index, with the exception of the Financials sector, delivered positive returns during the period. The sectors within the Index that provided the strongest performance over the six-month period were Health Care and Energy. The sectors within the Index that were the weakest performers over the six-month period were the Financials and Information Technology.

Were there any significant sector under/over weights that materially affected the Fund’s performance relative to the benchmark during the period ended June 30, 2011?

The Fund was overweight in the poorly performing Financials sector, however, the Fund’s favorable stock selection within this sector largely offset the negative impact of this sector overweight position.

Which stocks contributed most to the Fund’s returns during the period ended June 30, 2011?

The Fund benefitted the most from its allocation to a Financial company, American Express Co., a Consumer Staples company, Costco Wholesale Corp., an Industrial company, Iron Mountain, Inc., an Energy company, EOG Resources Inc., and a HealthCare company, Pfizer, Inc.

Which stocks detracted from the Fund’s performance results during the period ended June 30, 2011?

Sino-Forest Corp. was the single most important detractor from the Fund’s performance as the company’s stock price declined by approximately 85.85% during the period, detracting from overall Fund performance by approximately 1.30%. Listed on the Toronto Stock Exchange but operating predominantly in mainland China, Sino-Forest Corp. is a commercial timber plantation manager that enters into long-term leases with Chinese provincial cooperatives and obtains the rights to harvest, sell and replant trees. Sino-Forest Corp. became the target of a short seller that accused the company of fraud. The Fund’s subadviser, Davis Selected Advisers, L.P., continues to monitor and evaluate the situation.

Information Technology company Google, Inc., Financial companies Bank of New York Mellon Corp., Wells Fargo & Co., and Julius Baer Group, Ltd. were other main detractors from the Fund’s performance.

Did the Fund experience major changes to its top ten holdings during the period ended June 30, 2011?

There were no material changes to the June 30, 2011 top ten holdings list relative to the December 31, 2010 top ten holdings list.

27

SC ^SM DAVIS VENTURE VALUE FUND (Continued)

How was the Fund positioned relative to its benchmark index at the end of the period?

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. 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. At June 30, 2011, the Fund continued to remain overweight compared to the Index in Financials, Consumer Staples, and Energy sectors and underweight in the Industrials, Consumer Discretionary, and Information Technology sectors.

SECTOR ALLOCATIONS AT JUNE 30, 2011*

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 JUNE 30, 2011

	% of Net Assets			Industry
Costco Wholesale Corp.		5.3	%	Food & Staples Retailing
American Express Co.		5.1		Consumer Finance
Wells Fargo & Co.		4.1		Commercial Banks
CVS Caremark Corp.		4.0		Food & Staples Retailing
EOG Resources, Inc.		3.8		Oil, Gas & Consumable Fuels
Bank of New York Mellon Corp.		3.5		Capital Markets
Occidental Petroleum Corp.		3.2		Oil, Gas & Consumable Fuels
Loews Corp.		3.2		Insurance
Merck & Co., Inc.		3.0		Pharmaceuticals
Devon Energy Corp.		2.9		Oil, Gas & Consumable Fuels

28

SC ^SM 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

29

SC ^SM DAVIS VENTURE VALUE FUND (Continued)

Average Annual Total Returns for Periods Ended June 30, 2011**

Initial Class Shares	Six Months±			One Year			Three Years			Five Years			Ten Years			Life of Fund***
SC Davis Venture Value Fund		2.81	%		25.06	%		1.52	%		1.64	%		3.79	%		2.63	%
S&P 500 Index*		6.02	%		30.69	%		3.34	%		2.94	%		2.72	%		0.64	%
Service Class Shares
SC Davis Venture Value Fund		2.66	%		24.75	%		1.27	%		1.38	%		—			1.05	%
S&P 500 Index*		6.02	%		30.69	%		3.34	%		2.94	%		—			2.29	%

*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 the stock performance of 500 industrial, transportation, utility and financial companies.

**Performance data is historical and includes changes in share price and reinvestment of income dividends and capital gains distributions. Past performance is no guarantee of future results. Performance may have changed materially since June 30, 2011. 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 June 30, 2011. Service Class Shares for the period from May 1, 2006 (commencement of operations) to June 30, 2011.

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

30

SC ^SM INVESCO SMALL CAP GROWTH FUND

(subadvised by Invesco Advisers, Inc.)

MANAGEMENT’S DISCUSSION & ANALYSIS:

How did the Fund perform during the period ended June 30, 2011?

For the six months ended June 30, 2011, the Initial and Service Class shares of the SC Invesco Small Cap Growth Fund (the “Fund”) returned 11.84% and 11.65%, respectively, outperforming the benchmark, the Russell 2000 Growth Index (the “Index”), which returned 8.59% for the same period.

What economic and market factors most influenced the equity markets as a whole during the period ended June 30, 2011?

Equity markets started the period on an upward trend, but market volatility drastically increased due to civil unrest in Egypt and Libya and the devastating earthquake and tsunami in Japan. In June new fears erupted with concern over Greece’s solvency and the potential contagion across the developed nations in Europe. In the second half of the reporting period, economic data points such as employment, housing, consumer spending and manufacturing stalled, indicating that the U.S. economic growth was once again slowing to a sub-par rate. Rising food and energy prices, reflected in an elevated consumer price index, also signaled that inflation had begun to accelerate, a development that could potentially dampen future economic growth. Despite these headwinds, equity markets generally ended the period in positive territory. Within the Index, sector returns were mixed, with sectors such as Telecommunications and Consumer Staples having the highest returns and Utilities posting negative returns.

Were there any significant sector under/over weights that materially affected Fund performance relative to the benchmark during the period ended June 30, 2011?

There were no significant sector under/over weights that materially affected Fund performance relative to the Index during the six months ended June 30, 2011. Security selection was the primary driver of performance during the reporting period. The Fund’s outperformance versus the Index was driven largely by stock selection in several sectors, including Consumer Discretionary, Health Care, Energy, Information Technology, Materials and Consumer Staples.

Which stocks contributed most to the Fund’s returns during the period ended June 30, 2011?

The Fund’s top five contributors to absolute performance included Weight Watchers International Inc., Frontier Oil Corp., Valeant Pharmaceuticals International Inc., Polycom, Inc. and TransDigm Group, Inc.

Consumer Discretionary company Weight Watchers International Inc., was the leading contributor to the Fund’s performance during the period. This company continued to benefit from growth in its on-line subscription services, as well as its group-meeting service offering, resulting in solid revenue and earnings growth. Frontier Oil Corp., a mid-west oil refiner, also made a strong contribution to performance benefiting from excess local supply of crude which has driven its crack spreads (the difference between the purchase of oil futures and the offsetting sale of gasoline or heating oil futures) significantly wider. Valeant Pharmaceuticals International Inc. benefited from strong demand for its products, as well as cost savings achieved from a significant acquisition, resulting in revenue and earnings growth. The Fund’s position was sold during the period as the company reached its price target. Polycom, Inc., a video conferencing provider, had strong performance during the period on increased demand resulting from strong sales force productivity, expanding strategic partnerships, and growing sales of the firm’s core network infrastructure solutions. Lastly, aircraft components maker TransDigm Group, Inc. also made a strong contribution to the Fund’s performance during the period driven by revenue and earnings growth.

31

SC ^SM INVESCO SMALL CAP GROWTH FUND (Continued)

Which stocks detracted from the Fund’s performance results during the period ended June 30, 2011?

The Fund’s top five detractors from absolute performance included Finisar Corp., Greenhill & Co., Inc., WMS Industries, Inc., Quest Software, Inc. and Meritor, Inc.

The leading detractor from Fund performance during the period was Finisar Corp., a maker of optical components for use in networks. The stock had weak performance driven by reports of rising industry inventory levels. The Fund continues to own the stock as the Fund’s subadviser, Invesco Advisers, Inc. (“Invesco”) believes its long-term investment thesis remains intact. Boutique investment banking holding Greenhill & Co., Inc. also detracted from performance as the company was negatively affected by lower than expected merger and acquisition activity. The Fund continues to own the stock based on Invesco’s belief that the company is well positioned to gain market share and drive meaningful earnings growth as merger and acquisition volumes recover. Gaming equipment maker WMS Industries, Inc. had weak performance as the equipment replacement cycle has advanced at a slower than expected pace. The Fund continues to own the stock, with Invesco looking favorably upon the company’s innovative products, growth opportunities abroad, and eventual benefits as the replacement cycle picks up speed. Information Technology company, Quest Software, Inc. also detracted from the Fund’s performance. The company had strong revenue growth, but targeted investments resulted in lower profit margins during the period. Meritor, Inc., a manufacturer of parts for medium and heavy duty trucks, trailers and light vehicles, had weak performance as profit margins narrowed due to rising steel costs during the period.

Did the Fund experience major changes to its top ten holdings during the period ended June 30, 2011?

Four of the Fund’s top ten holdings as of December 31, 2010 remained among the Fund’s top ten holdings at June 30, 2011. Several top ten holdings as of December 31, 2010 remain as holdings by the Fund at June 30, 2011, but fell out of the top ten holdings due to market fluctuation and/or a reduction in position size. Regal-Beloit Corp. was the lone holding in the top ten holdings as of December 31, 2010 that was completely sold during the period. There were several holdings held by the Fund at December 31, 2010 that were not in the top ten holdings, but during the course of the period, their position size expanded due to market fluctuation and/or additional purchases, such that they moved into the top ten holdings at June 30, 2011. Weight Watchers International Inc. and Vitamin Shoppe Inc. are the two holdings on the June 30, 2011 top ten holdings list that were newly added during the period.

How was the Fund positioned relative to its benchmark index at the end of June 30, 2011?

Sector weights are a result of the Fund’s bottom-up stock selection process. As of June 30, 2011, the Fund’s largest overweight positions were in more economically sensitive areas such as the retail, capital goods and consumer services industry groups. The largest underweight positions were in real estate, pharmaceuticals and commercial & professional services industry groups.

32

SC ^SM INVESCO SMALL CAP GROWTH FUND (Continued)

SECTOR ALLOCATIONS AT JUNE 30, 2011*

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 JUNE 30, 2011

	% of Net Assets			Industry
TransDigm Group, Inc.		1.9	%	Aerospace & Defense
Informatica Corp.		1.4		Software
Weight Watchers International, Inc.		1.3		Diversified Consumer Services
Frontier Oil Corp.		1.3		Oil, Gas & Consumable Fuels
TRW Automotive Holdings Corp.		1.1		Auto Components
Commvault Systems, Inc.		1.1		Software
Tractor Supply Co.		1.1		Specialty Retail
Vitamin Shoppe, Inc.		1.0		Specialty Retail
Polycom, Inc.		1.0		Communications Equipment
Rockwood Holdings, Inc.		1.0		Chemicals

33

SC ^SM 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

34

SC ^SM INVESCO SMALL CAP GROWTH FUND (Continued)

Average Annual Total Returns for Periods Ended June 30, 2011**

	Six Months±			One Year			Life of Fund***
SC Invesco Small Cap Growth Fund–Initial Class Shares		11.84	%		44.01	%		12.88	%
SC Invesco Small Cap Growth Fund–Service Classs Shares		11.65	%		43.52	%		12.57	%
Russell 2000 Growth Index*		8.59	%		43.50	%		12.06	%

*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 is no guarantee of future results. Performance may have changed materially since June 30, 2011. 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 June 30, 2011.

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

35

SC ^SM LORD ABBETT GROWTH & INCOME FUND

(subadvised by Lord, Abbett & Co. LLC)

MANAGEMENT’S DISCUSSION & ANALYSIS:

How did the Fund perform during the six-month period ended June 30, 2011?

For the six months ended June 30, 2011, the Initial and Service Class shares of SC Lord Abbett Growth & Income Fund (the “Fund”) returned 2.61% and 2.50%, respectively, underperforming the benchmark, the Russell 1000 Value Index (the “Index”), which returned 5.92% for the same period.

What economic and market factors most influenced the equity markets as a whole during the six-month period ended June 30, 2011?

The first half of 2011 was marked by political unrest in the Middle East and Northern Africa, the earthquake and tsunami in Japan, sovereign debt difficulties in Europe, and a slowing rate of growth in the U.S. economy.

U.S. Gross Domestic Product rose 1.9% (final estimate) in the first quarter, down from 3.1% in the previous quarter. Among the factors contributing most to first-quarter growth were stronger exports, additions to business inventories, and improved motor vehicle production. Slowing the rate of growth were imports, which rose during the first quarter, and a decline in spending by federal, state, and local governments.

Despite the sluggish economy, inflation rose during the first quarter, mostly due to higher energy prices. During the quarter, gasoline prices rose more than 33% over prior year prices. Some economic indicators suggested the slow pace of growth would continue. The Institute of Supply Management’s purchasing managers index, for example, declined significantly in May 2011, though it remained above the critical 50% threshold that indicates the manufacturing sector is expanding. Until May, the index had exceeded 60% for four straight months.

In the consumer sector, the housing market continued to struggle. Although sales of previously owned homes improved over the second half of 2010, prices through the first quarter of 2011 continued to fall. Retail sales rose, however, marking 10 straight monthly improvements through April 2011, with some of the increase attributed to higher prices for food and energy.

Job creation, although inconsistent in the first half of 2011, still improved from the second half of 2010. In the first quarter, the unemployment rate fell below 9% for the first time since mid-2009, but in the second quarter, it rose above 9% again. The Federal Reserve (the “Fed”) continued its accommodative monetary policy, leaving the fed funds rate unchanged at 0% to 0.25%, where it has been since December 2008. The Fed continued the government bond-purchasing program known as “quantitative easing,” which is designed to lower longer-term interest rates and inject money into the financial system. The program ended on June 30, 2011. Concerns about the health of the economic recovery led to higher prices and lower yields on U.S. Treasury notes through May 2011. Concerns about the European debt crisis also contributed to increased demand for U.S. Treasuries, driving yields lower.

Were there any significant sector under/over weights that materially affected Fund performance relative to the benchmark during the period ended June 30, 2011?

Overall, sector weighting increased the relative performance of the Fund during the period. The underweight position within the Financials sector provided positive contribution to the Fund’s performance, most notably due to underweight positions within the underperforming Diversified Financial Services and Insurance industries. The overweight position within the Health Care sector, specifically, within the strong-performing Health Care providers & services industry, also benefitted the Fund’s relative performance for the period.

The underweight position within the Utilities sector and the overweight position within the Information Technology sector detracted from relative performance. The Utilities sector showed solid gains while the Information Technology sector returns lagged the Index results.

36

SC ^SM LORD ABBETT GROWTH & INCOME FUND (Continued)

Which stocks contributed most to the Fund’s returns during the period ended June 30, 2011?

Within the Health Care sector, UnitedHealth Group, Inc. contributed positively to performance for the period. The company posted strong period earnings reports that exceeded consensus expectations. The company also reported revenues, consolidated medical loss ratio and membership growth all of which were better than expected.

Favorable stock selection within the Information Technology sector, in particular Mastercard, Inc., contributed to performance during the period. Shares of the credit transaction processor rose sharply during the latter half of the period, following the approval of the final rule on Durbin’s Interchange Amendment. The ruling resulted in favorable operating conditions and pricing power for the company. Also within this sector, EMC Corp. boosted the Fund’s returns on strong period earnings, which met or beat analyst expectations; as well as unexpected revenue growth driven by sales of high margin products.

Which stocks detracted from the Fund’s performance results during the period ended June 30, 2011?

Within the Consumer Discretionary sector, Ford Motor Co. detracted from relative performance as shares declined sharply after the company missed analysts’ earnings estimates for the first time in two years. The shortfall was driven by the impact of a lower inventory build in North America and higher-than-expected structural costs, resulting from increased product launches.

Within the Health Care sector, Teva Pharmaceutical Industries, Ltd. detracted from the Fund’s performance during the period based upon reported earnings below analysts’ expectations. This was attributed to weakness in North American market demand, higher operating expenses and concern over a competitor’s potential offering of a new multiple-sclerosis (MS) drug which could impact the company’s existing MS drug franchise.

Within the Industrials sector, shares of Delta Airlines, Inc. declined following the company’s first quarter earnings report that missed analysts’ expectations. Higher fuel costs, weather-related flight cancellations, higher interest expense, and higher-than-expected profit-sharing costs all hurt the company’s operating margin. These factors were reflected in the stock’s devaluation.

Did the Fund experience major changes to its top ten holdings during the period ended June 30, 2011?

There were no material changes to the June 30, 2011 top ten holdings list relative to the December 31, 2010 top ten holdings list.

How was the Fund positioned relative to its benchmark index at June 30, 2011?

At June 30, 2011, the Health Care sector was the Fund’s largest overweight position, which shifted from a market weight to a significant overweight position. The Fund has maintained an emphasis within the health care providers & services and biotechnology segments opening or increasing several positions during the period. Energy was the second largest overweight position in the Fund relative to the Index. The Oil, Gas & Consumable Fuels and the Energy Equipment & Services industries remained in overweight positions relative to the Index. The second largest increases in active weight occurred within the Consumer Staples sector, which shifted from a large underweight to an overweight when positions within the Food and Staples Retailing and the Beverage industries were initiated. The Financials sector experienced the largest reduction in active weight during the period and as of June 30, 2011 is the largest underweight position, as the Fund closed certain positions in commercial banks, capital markets firms, and diversified financial services companies. The Utilities sector remained the second largest underweight position in the Fund due to a shortage of opportunities here.

37

SC ^SM LORD ABBETT GROWTH & INCOME FUND (Continued)

SECTOR ALLOCATIONS AT JUNE 30, 2011*

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 JUNE 30, 2011

	% of Net Assets			Industry
Chevron Corp.		3.2	%	Oil, Gas & Consumable Fuels
Exxon Mobil Corp.		3.1		Oil, Gas & Consumable Fuels
UnitedHealth Group, Inc.		2.9		Health Care Providers & Services
Comcast Corp., Class A		2.5		Media
Thermo Fisher Scientific, Inc.		2.5		Life Sciences Tools & Services
State Street Corp.		2.2		Capital Markets
Anadarko Petroleum Corp.		2.1		Oil, Gas & Consumable Fuels
Time Warner, Inc.		2.0		Media
Schlumberger, Ltd.		2.0		Energy Equipment & Services
Bunge, Ltd.		2.0		Food Products

38

SC ^SM LORD ABBETT GROWTH & INCOME FUND (Continued)

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

39

SC ^SM LORD ABBETT GROWTH & INCOME FUND (Continued)

Average Annual Total Returns for Periods Ended June 30, 2011**

	Six Months±			One Year			Three Years			Life of Fund***
SC Lord Abbett Growth & Income Fund–Initial Class Shares		2.61	%		26.82	%		2.11	%		0.38	%
SC Lord Abbett Growth & Income Fund–Service Class Shares		2.50	%		26.42	%		1.85	%		0.11	%
Russell 1000 Value Index*		5.92	%		28.94	%		2.28	%		0.96	%

*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 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 is no guarantee of future results. Performance may have changed materially since June 30, 2011. 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 June 30, 2011.

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

40

SC ^SM WMC BLUE CHIP MID CAP FUND

(subadvised by Wellington Management Co., LLP)

MANAGEMENT’S DISCUSSION & ANALYSIS:

How did the Fund perform during the period ended June 30, 2011?

For the six months ended June 30, 2011, the Initial and Service Class shares of SC WMC Blue Chip Mid Cap Fund (the “Fund”) returned 6.70% and 6.61%, respectively, underperforming the benchmark, the S&P MidCap 400 Index (the “Index”), which returned 8.56% for the same period.

What economic and market factors most influenced the equity markets as a whole during the period ended June 30, 2011?

U.S. equities moved higher during the first quarter despite a high degree of volatility caused by mounting concerns about unrest in North Africa and the Middle East and the devastating earthquake and nuclear crisis in Japan. The fears of a global economic slowdown due to Japanese supply disruptions and concerns about heightened geopolitical risks were not enough to offset strong corporate earnings, generally solid economic data, and a continued accommodative Federal Reserve (the “Fed”) monetary policy.

U.S. equities were relatively flat during the second quarter as fears about continuing inflationary pressures and the end of the Fed’s quantitative easing program were tempered by better-than-expected corporate earnings.

All ten sectors in the Index rose during the period. The Consumer Staples, Health Care, and Utilities sectors advanced the most, while the Telecommunication Services and Financials sectors gained the least.

Were there any significant sector under/over weights that materially affected Fund performance relative to the benchmark during the period ended June 30, 2011?

Sector positioning driven by bottom-up security selection detracted slightly from benchmark-relative returns during the period, primarily due to an underweight to the Consumer Staples and an overweight to Information Technology sectors. An underweight to the Financials sector contributed positively to relative returns.

Which stocks contributed most to the Fund’s returns during the period ended June 30, 2011?

Top contributors to the Fund’s performance were Tempur-Pedic International, Inc., Polycom, Inc. and Watson Pharmaceuticals, Inc. Shares of Tempur-Pedic International, Inc. a leading global manufacturer of premium mattresses and pillows, rose as the company’s sales and profits exceeded expectations and the firm made progress in enhancing its product range and consumer marketing efforts. Manufacturing and productivity initiatives continued to deliver significant benefits, which helped improve gross margins on a sequential basis. Polycom, Inc., a voice and videoconferencing equipment and services company, benefitted as the company’s business results exceeded market expectations with product momentum and revenue growth across major geographies and product categories. The company experienced improving sales force productivity, expanding strategic partnerships, and growing sales of the firm’s core network infrastructure solutions. Shares of Watson Pharmaceuticals, Inc., a specialty pharmaceutical company with a portfolio of branded and generic products, rose as the company reported results that topped expectations as the firm’s global generic drug business benefited from solid organic growth and margin expansion. In addition, a recently completed acquisition of a leading Pan-European generic drug development company enhanced the firm’s presence in Europe and expanded its global supply chain.

41

SC ^SM WMC BLUE CHIP MID CAP FUND (Continued)

Which stocks detracted from the Fund’s performance results during the period ended June 30, 2011?

Top detractors from the Fund’s performance were PACCAR, Inc., NVIDIA Corp., and Skyworks Solutions, Inc. Shares of PACCAR, Inc., a worldwide manufacturer of light, medium, and heavy-duty trucks and after-market parts, declined after management reined in estimates by stating that commodity price increases and higher emissions equipment installation costs would “moderate” 2011 operating margins. Shares of NVIDIA Corp., a provider of visual computing technologies for graphics on personal computers, game consoles, and mobile devices, fell despite delivering solid earnings results as some investors were disappointed by the company’s margin guidance. Shares of Skyworks Solutions, Inc., a producer of standard and custom linear semiconductor products, declined on concerns about potential competitive pressures.

Did the Fund experience major changes to its top ten holdings during the period ended June 30, 2011?

There were no material changes to the June 30, 2011 top ten holdings list relative to the December 31, 2010 top ten holdings list.

How was the Fund positioned relative to its benchmark index at June 30, 2011?

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

42

SC ^SM WMC BLUE CHIP MID CAP FUND (Continued)

SECTOR ALLOCATIONS AT JUNE 30, 2011*

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 JUNE 30, 2011

	% of Net Assets			Industry
Watson Pharmaceuticals, Inc.		2.0	%	Pharmaceuticals
VeriSign, Inc.		1.8		Internet Software & Services
AmerisourceBergen Corp.		1.8		Health Care Providers & Services
Harley-Davidson, Inc.		1.7		Automobiles
M&T Bank Corp.		1.7		Commercial Banks
PACCAR, Inc.		1.6		Machinery
Lincare Holdings, Inc.		1.6		Health Care Providers & Services
Lennox International, Inc.		1.6		Building Products
SEI Investments Co.		1.5		Capital Markets
Northeast Utilities		1.5		Electric Utilities

43

SC ^SM 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

44

SC ^SM WMC BLUE CHIP MID CAP FUND (Continued)

Average Annual Total Returns for Periods Ended June 30, 2011**

Initial Class Shares	Six Months±			One Year			Three Years			Five Years			Ten Years			Life of Fund***
SC WMC Blue Chip Mid Cap Fund		6.70	%		32.85	%		4.64	%		6.68	%		8.31	%		10.99	%
S&P MidCap 400 Index*		8.56	%		39.38	%		7.82	%		6.60	%		7.94	%		9.40	%
Service Class Shares
SC WMC Blue Chip Mid Cap Fund		6.61	%		32.55	%		4.39	%		—			—			7.16	%
S&P MidCap 400 Index*		8.56	%		39.38	%		7.82	%		—			—			9.60	%

*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 market cap weighted mid cap index broadly representing the mid cap market in the United States.

**Performance data is historical and includes changes in share price and reinvestment of income dividends and capital gains distributions. Past performance is no guarantee of future results. Performance may have changed materially since June 30, 2011. 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 June 30, 2011. Service Class Shares for the period from March 7, 2008 (commencement of operations) to June 30, 2011.

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

45

SC ^SM WMC LARGE CAP GROWTH FUND

(subadvised by Wellington Management Co., LLP)

MANAGEMENT’S DISCUSSION & ANALYSIS:

How did the Fund perform during the period ended June 30, 2011?

For the six months ended June 30, 2011, the Initial and Service Class shares of SC WMC Large Cap Growth Fund (the “Fund”) returned 5.05% and 4.87%, respectively, underperforming the benchmark, the Russell 1000 Growth Index (the “Index”), which returned 6.83% for the same period.

What economic and market factors most influenced the equity markets as a whole during the period ended June 30, 2011?

During the first quarter, the market’s increase reflected optimism regarding an inevitable cyclical recovery in the U.S. economy. This positive sentiment, based upon historical cyclical behavior of the U.S. economy, overwhelmed the impediments of high unemployment, rising inflation, increased regulation, and rising deficits. In January when a new Congress was sworn in, investors had reason to believe that massive government spending would be curtailed by the new leadership team. However, the second quarter market increase was tempered and characterized by volatility, as the positive sentiment could not stay ahead of persistent negative economic news including extremely weak jobs data, the continued decline in housing prices, anemic GDP results, and fear over excessive government spending.

Both small and large cap stocks trailed mid cap stocks for the period: the S&P Mid Cap 400 Index increased 8.56%, the Russell 2000 Index increased 6.21%, while the S&P 500 Index increased only 6.02%. Growth stocks increased more than Value stocks during the period with the Russell 1000 Growth Index up 6.83% compared to 5.92% for the Russell 1000 Value Index. All ten sectors in the Index produced positive returns during the period. Utilities, Energy, and Health Care increased the most, while Telecommunication Services and Materials increased the least.

Were there any significant sector under/over weights that materially affected Fund performance relative to the benchmark during the period ended June 30, 2011?

Sector positioning detracted from benchmark-relative returns during the period, primarily due to an overweight position to the lagging Information Technology sector and an underweight position in the positively performing Energy sector. The Fund’s underweight positions in the Telecommunication Services and Materials sectors benefited relative returns.

Which stocks contributed most to the Fund’s returns during the period ended June 30, 2011?

Top contributors to the Fund’s performance included Altera Corp., UnitedHealth Group, Inc. and EMC Corp. Altera Corp., a programmable logic semiconductor company, continued to extend its market share position in the leading edge 40 nanometer market. UnitedHealth Group, Inc., the largest Health Management Organization, has begun to perform well after years of weak performance, management turmoil, and massive regulatory hurdles. Shares of EMC Corp., a global manufacturer and developer of information storage systems, software, and networks, rose during the period as the company continued to benefit from favorable storage trends.

Which stocks detracted from the Fund’s performance results during the period ended June 30, 2011?

Top detractors from the Fund’s performance were Cisco Systems Inc., Intersil Corp., and Emulex Corp. Shares of Cisco Systems Inc., a leading supplier of networking equipment and network management for the Internet, moved lower due to sharp decline in gross margins due to higher sales of lower margin products. Shares of Intersil Corp., an analog and mixed-signal integrated circuit producer, fell after the company issued first quarter

46

SC ^SM WMC LARGE CAP GROWTH FUND (Continued)

2011 earnings guidance below analysts’ expectations. Shares of Emulex Corp., a California-based high-performance storage networking company, lagged after the company issued fourth quarter 2011 guidance for earning per share that was below analysts’ estimates.

Did the Fund experience major changes to its top ten holdings during the period ended June 30, 2011?

There were no material changes to the June 30, 2011 top ten holdings list relative to the December 31, 2010 top ten holdings list.

How was the Fund positioned relative to its benchmark index at June 30, 2011?

As of June 30, 2011, the Fund’s largest overweight positions relative to the Index were to the Information Technology and Industrials sectors, while the largest underweight positions were to Consumer Staples, Financials, and Consumer Discretionary sectors.

SECTOR ALLOCATIONS AT JUNE 30, 2011*

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.

47

SC ^SM WMC LARGE CAP GROWTH FUND (Continued)

TOP TEN EQUITY HOLDINGS AT JUNE 30, 2011

	% of Net Assets			Industry
International Business Machines Corp.		4.8	%	IT Services
Apple, Inc.		4.2		Computers & Peripherals
EMC Corp.		3.4		Computers & Peripherals
Altera Corp.		3.4		Semiconductors & Semiconductor Equipment
Cisco Systems, Inc.		3.4		Communications Equipment
Oracle Corp.		3.3		Software
Microsoft Corp.		2.9		Software
Caterpillar, Inc.		2.6		Machinery
UnitedHealth Group, Inc.		2.1		Health Care Providers & Services
Exxon Mobil Corp.		2.0		Oil, Gas & Consumable Fuels

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

48

SC ^SM WMC LARGE CAP GROWTH FUND (Continued)

Average Annual Total Returns for Periods Ended June 30, 2011**

Initial Class Shares	Six Months±			One Year			Three Years			Five Years			Life of Fund***
SC WMC Large Cap Growth Fund		5.05	%		33.73	%		3.86	%		—			0.67	%
Russell 1000 Growth Index*		6.83	%		35.01	%		5.01	%		—			3.56	%
Service Class Shares
SC WMC Large Cap Growth Fund		4.87	%		33.40	%		3.62	%		1.89	%		0.33	%
Russell 1000 Growth Index*		6.83	%		35.01	%		5.01	%		5.33	%		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 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 is no guarantee of future results. Performance may have changed materially since June 30, 2011. 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 June 30, 2011. Service Class Shares for the period from May 1, 2006 (commencement of operations) to June 30, 2011.

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

49

SUN CAPITAL GLOBAL REAL ESTATE FUND

(subadvised by Massachusetts Financial Services Company)

MANAGEMENT’S DISCUSSION & ANALYSIS:

How did the Fund perform during the period ended June 30, 2011?

Effective May 1, 2011, Massachusetts Financial Services Company (“MFS”) was appointed as subadviser to the Sun Capital Global Real Estate Fund (the “Fund”). For the six months ended June 30, 2011, the Initial and Service Class shares of the Fund returned 5.68% and 5.55%, respectively, underperforming the benchmark, FTSE/EPRA NAREIT Developed Real Estate Index (the “Index”), which returned 6.07% for the same period.

What economic and market factors most influenced the global real estate equity markets as a whole during the period ended June 30, 2011?

The earthquake in Japan and the accompanying tsunami and nuclear reactor crisis were first quarter events, poised to influence the economy and the capital markets in the near future. Owners of high quality real estate may eventually receive the long term benefits of rebuilding efforts as tenants seek state-of-the-art construction. In Hong Kong, a combination of rising bank mortgage rates and government measures intended to slow the housing market reduced the volume of condo sales and limited price increases, hurting Hong Kong developers. In mainland China, the government was also effective at slowing the housing market, which has had a negative impact on developers, many of which are Singapore and Hong Kong listed real estate companies.

Sovereign credit concerns in Europe and in the United Kingdom (U.K.) have been front-page news, but the real estate equity markets have performed well, as real estate is commonly viewed as an inflation hedge. Global flows into direct real estate have also helped move the values of real estate equities higher in Europe, the U.K., and in the U.S. Continued low interest rates, and the search for relative yield and stable income have combined to create very strong underlying demand for direct real estate, which has helped push real estate values higher.

How did the Fund’s country allocations affect relative performance during the period ended June 30, 2011?

The Fund’s underweight position in Canada negatively affected the Fund’s performance during the period as this country outperformed the Index due to the high dividend yield of the Canadian REITs as well as the overall strength of the economy. The Fund’s view of valuation and low growth potential for Canadian REITs relative to alternative countries were the drivers for the underweight investment. The slight overweight in the United States, which outperformed the Index, benefited relative performance. The Fund’s slight overweight position to Japan detracted from performance. As Japanese companies begin to understand the financial impact of the disaster, it is becoming clear that the recovery has been more rapid than expected. The depressed value of real estate stocks relative to non-REIT equities in Japan led to opportunities to add to or increase holdings and relative weighting in Japan to a slight overweight position at relatively cheaper valuations.

Which stocks contributed most to the Fund’s returns during the period ended June 30, 2011?

Weyerhaueser (U.S. Timber), Segro PLC (U.K. Industrial), Atrium European Real Estate Ltd. (Central and Eastern Europe Retail), Capital & Counties Properties PLC (U.K. Diversified), and Digital Realty Trust, Inc. (U.S. Datacenters) were the largest contributors to the Fund’s returns during the six months ended June 30, 2011. A mix of positive company specific news and performance drove the appreciation of each stock. Avoiding Sumitomo Realty & Development Co., Ltd. (Japan Real Estate), which underperformed the Index, also aided relative Fund’s performance.

50

SUN CAPITAL GLOBAL REAL ESTATE FUND (Continued)

Which stocks detracted from the Fund’s performance results during the period ended June 30, 2011?

Asian/Pacific stocks were the largest detractors from the Fund’s performance, led by Tokyo Tatemono Co., Ltd. (Japan), Capitaland Ltd. (Singapore), NTT Urban Development Corp. (Japan) and Sun Hung Kai Properties Ltd. (Hong Kong). The disaster in Japan, and the housing slowdown imposed by the government in Hong Kong and mainland China, were the drivers for the underperformance.

Did the Fund experience major changes to its top ten holdings during the period ended June 30, 2011?

There were no material changes to the June 30, 2011 top ten holdings relative to the December 31, 2010 to ten holdings list.

How was the Fund positioned relative to its benchmark index at June 30, 2011?

At June 30, 2011, the Fund had the most overweight positions in Brazil, Austria, the United Kingdom, Italy, the U.S., and Australia. The Fund had the most underweight positions in Canada, China, Singapore, Sweden, and Germany. Overall, the Fund had a higher U.S. weight and a lower international weight (ex-U.S.) as compared to the Index.

The Fund was closely aligned to the benchmark at the regional level. At the end of the period there were four non-index holdings accounting for approximately 7.6% of the Fund: BR Malls Participacoes SA, Atrium European Real Estate Ltd., Plum Creek Timber Co., Inc., and Weyerhaeuser Co.

COUNTRY ALLOCATIONS AT JUNE 30, 2011*

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.

51

SUN CAPITAL GLOBAL REAL ESTATE FUND (Continued)

TOP TEN EQUITY HOLDINGS AT JUNE 30, 2011

	% of Net Assets			Industry
Simon Property Group, Inc.		3.9	%	Retail
Sun Hung Kai Properties Ltd.		3.6		Diversified Real Estate Activities
Segro PLC		2.7		Industrial
BR Malls Participacoes SA		2.7		Real Estate Operating Companies
Mitsubishi Estate Co. Ltd.		2.6		Diversified Real Estate Activities
Atrium European Real Estate Ltd.		2.6		Real Estate Operating Companies
Mitsui Fudosan Co., Ltd.		2.5		Diversified Real Estate Activities
Unibail-Rodamco		2.4		Retail
Westfield Group		2.4		Retail
The Link REIT		2.3		Retail

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

52

SUN CAPITAL GLOBAL REAL ESTATE FUND (Continued)

Average Annual Total Returns for Periods Ended June 30, 2011**

Initial Class Shares	Six Months±			One Year			Three Years			Five Years			Ten Years			Life of Fund***
Sun Capital Global Real Estate Fund		5.68	%		31.43	%		(3.72	)%		(-1.71	)%		8.56	%		9.37	%
FTSE EPRA/NAREIT Developed Real Estate Index*		6.07	%		33.36	%		2.27	%		1.49	%		10.40	%		10.07	%
Service Class Shares
Sun Capital Global Real Estate Fund		5.55	%		31.06	%		(3.95	)%		(1.96	)%		—			5.21	%
FTSE EPRA/NAREIT Developed Real Estate Index*		6.07	%		33.36	%		2.27	%		1.49	%		—			8.73	%

*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 is no guarantee of future results. Performance may have changed materially since June 30, 2011. 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 June 30, 2011. Service Class Shares for the period from February 1, 2004 (commencement of operations) to June 30, 2011.

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

53

SC ^SM IBBOTSON TACTICAL OPPORTUNITIES FUND

(subadvised by Ibbotson Associates, Inc.)

MANAGEMENT’S DISCUSSION & ANALYSIS:

How did the Fund perform during the period ended June 30, 2011?

For the six months ended June 30, 2011, the Initial Class shares of the SC Ibbotson Tactical Opportunities Fund (the “Fund”) returned 5.70%, underperforming the benchmark, the S&P 500 Index (the “Index”), which returned 6.02% for the same period.

What key factors influenced management’s tactical opportunities allocation strategy during the period ended June 30, 2011?

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 will 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), a blend of 90% equity and 10% fixed income, which represents the neutral position of the Model without any over or under weights. During the six months ended June 30, 2011, the Model over-weighted equity by approximately 10% relative to the SAA Model. Within equity, the Model’s greatest over-weights were Mid Cap Growth, Emerging Markets, Small Cap Growth, and Real Estate due to positive momentum signals within each asset class. Conversely, the Model’s greatest under-weights were Large Cap and Mid Cap Value due to negative momentum signals during the period. During the period, the Model maintained a 0% allocation to fixed income resulting in no fixed income Exchange Traded Fund (“ETF”) holdings for the six months ended June 30, 2011. The Model’s 0% weight to fixed income reflects greater momentum signals within equity.

What tactical asset allocation decisions were most responsible for the Fund’s performance during the period ended June 30, 2011?

The performance of the Fund’s tactical asset allocation decisions are measured against the SAA Model which represents the neutral position of the Model without any over or under weights and the S&P 500 Index, a basic benchmark. Relative to the SAA Model, the underweight in the U.S. value equity style of investing detracted from performance. Specifically, Mid Cap Growth, REITS, and Small Cap Growth contributed the most to performance. The greatest detractors from the Model, due to the over/under weight positions, were Large Cap Value, Mid Cap Value, and Small Cap Value. Relative to the Index, the SAA’s REITS, Mid Cap Growth, and Small Cap Growth exposure contributed to performance. Conversely, the SAA’s U.S. Short Term Bonds, U.S. Aggregate Bonds, and Emerging Markets exposure underperformed the Index.

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, Small Cap Value detracted from the Model’s performance during the period. The greatest contributors were Mid Cap Growth, International, and Large Cap Growth.

Which Exchange Traded Fund (“ETF”) investments contributed most to the Fund’s returns during the period ended June 30, 2011?

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 expenses and any trade-related impact. Based on that, the greatest contributors to the Fund’s performance during the six months

54

SC ^SM IBBOTSON TACTICAL OPPORTUNITIES FUND (Continued)

ended June 30, 2011 were iShares S&P 500 Index, iShares Russell MidCap Growth Index, and Vanguard REIT 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. 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 during the period. The highest contributors relative to the Index were iShares S&P MidCap 400 Growth Index, Vanguard REIT Index, and iShares Russell Midcap Growth Index.

Which ETF investments detracted from the Fund’s performance results during the period ended June 30, 2011?

The greatest detractors from the Fund’s performance during the period were the iShares Russell 2000 Value Index and iShares Russell MidCap 400 Index. The largest detractors relative to the Index were the Vanguard Emerging Markets Stock, Vanguard Total Bond Market, and iShares Russell 2000 Value Index.

PORTFOLIO COMPOSITION AT JUNE 30, 2011*

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 JUNE 30, 2011

	% of Net Assets			Category
iShares S&P 500 Index Fund		16.0	%	Domestic Equity
SPDR S&P 500 ETF Trust		15.2		Domestic Equity
iShares Russell Midcap Growth Index Fund		12.7		Domestic Equity
iShares S&P MidCap 400 Index Fund		11.7		Domestic Equity
Vanguard Europe Pacific ETF		10.7		International Equity
iShares Russell 2000 Value Index Fund		6.8		Domestic Equity
iShares Russell 2000 Index Fund		5.5		Domestic Equity
Vanguard Emerging Markets ETF		5.2		International Equity
Vanguard REIT ETF		5.2		Specialty Equity
iShares Russell 2000 Growth Index Fund		3.3		Domestic Equity

55

SC ^SM IBBOTSON TACTICAL OPPORTUNITIES FUND (Continued)

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

Total Returns for Periods Ended June 30, 2011**

	Six Months±			Life of Fund***±
SC Ibbotson Tactical Opportunities Fund-Initial Class Shares		5.70	%		11.20	%
S&P 500 Index*		6.02	%		11.62	%

*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 S&P 500 Index is a market-value weighted index of the stock performance of 500 industrial, transportation, utility and financial companies.

**Performance data is historical and includes changes in share price and reinvestment of income dividends and capital gains distributions. Past performance is no guarantee of future results. Performance may have changed materially since June 30, 2011. 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 June 30, 2011.

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

56

SUN CAPITAL INVESTMENT GRADE BOND FUND^®

MANAGEMENT’S DISCUSSION & ANALYSIS:

How did the Fund perform during the period ended June 30, 2011?

For the six months ended June 30, 2011, the Initial and Service Class shares of Sun Capital Investment Grade Bond Fund (the “Fund”) returned 3.86% and 3.72%, respectively, outperforming the benchmark, the Barclays Capital U.S. Aggregate Bond Index (the “Index”), which returned 2.72% for the same period.

What economic and market factors most influenced the fixed income markets as a whole during the quarter ended June 30, 2011?

Risk assets took a step back in the second quarter of 2011 after a strong first quarter. The still unresolved fiscal crisis in peripheral Europe, particularly in Greece and Portugal, dominated market sentiment. Recent U.S. economic reports have been less than inspiring, particularly data on the labor market. The U.S. budget deficit debate consumed the markets and investors focus as the potential breach of the debt ceiling (the U.S. government’s ability to issue debt to fund other government obligations) was fast approaching. For the period, overall fixed income returns were positive; U.S. Treasury prices were lifted by a flight to quality during the latter stage of the period as investors became fearful of risky assets. While credit spreads experienced moderate tightening causing prices to rise and yields to decline, the Credit sector still provided marginal excess yield and outperformed U.S. Treasuries. Riskier assets, such as high yield and commercial mortgage backed securities (CMBS), also outperformed, particularly early in the period.

Economic data domestically has softened from 2010. Payroll growth, though positive each month since October 2010, has been uninspiring and has not been strong enough to keep the unemployment rate below 9%. This has proved to be a hindrance to consumer confidence and spending, thus impeding an economic recovery. The Institute for Supply Management manufacturing Index which had depicted reasonably strong expansion of the industrial sector has softened in recent months. Retail Sales and Personal Consumption have actually held up reasonably well. Residential housing continues to be a concern; both new and existing sales remain disappointing despite depressed valuations and low interest rates. In fact, the monthly back log of unsold homes has climbed back to over 11 months after reaching a low of 7.7 months in January 2011. Gross Domestic Product was reported much lower in the first quarter of 2011 (+1.90) than initial estimates and forecasts for the second quarter and the remainder of 2011 continue to be revised downward.

Corporate earnings and strong balance sheets have been consistent bright spots over the past several quarters. With the first quarter 2011 earnings reported, many of the S&P 500 companies reported positive earnings per share in addition to positive sales growth which have consistently beaten analyst expectations. Balance sheets are still strong, though there has been a marked increase in merger and acquisition activity, dividend increases and announced share buybacks. The earnings season for the second quarter 2011 is just underway and expectations are for another healthy season.

The economic recovery in the U.S., though fragile is still on track. The most recent Federal Reserve Beige Book stated that “economic activity generally continued to expand,” unlike the previous report, which highlighted that, “a few districts indicated some deceleration.” Limited improvements in job growth, consumer activity and growth in manufacturing were common themes in the report. Residential real estate remained weak, but commercial real estate continued to show signs of recovery. Consumer loan activity also showed signs of accelerated activity.

What key strategies were most responsible for the Fund’s performance during the period ended June 30, 2011?

Positively affecting the Fund’s performance for the period was the Fund’s overweight allocation to the Credit sector, which outperformed the Credit allocation within the Index. Also, the Fund’s yield curve positioning produced out-performance when compared to the Index. Negatively affecting performance for the period was the Fund’s underweight position in the U.S. Agency sector that outperformed the duration weighted U.S. Treasuries.

57

SUN CAPITAL INVESTMENT GRADE BOND FUND^® (Continued)

What changes did you make to the Fund’s sector allocations during the period ended June 30, 2011 and how did these affect performance during the reporting period?

The Fund’s allocation to the Credit and mortgage backed securities (MBS) sectors decreased during the period, while allocations to U.S. Treasuries, CMBS and short term investments increased. Though the allocation to Credit was reduced, the Fund remains overweight when compared to the Index. These overweight positions, along with positive returns generated by security selection within these sectors, contributed positively to the Fund’s performance. The Fund’s U.S. Treasury sector allocation also enhanced the Fund’s returns as it outperformed the U.S. Treasury sector in the Index.

Did the Fund experience major changes to its top ten issuers during the period ended June 30, 2011?

There were no material changes to the June 30, 2011 top ten issuers list relative to the December 31, 2010 top ten issuers list.

How was the Fund positioned relative to its benchmark index at June 30, 2011?

As of June 30, 2011, the Fund was overweight compared to the Index in Credit, CMBS and short-term investments, while underweight in U.S. Treasuries, U.S. Government Agencies, MBS 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 and CMBS relative to the Index. The Fund’s exposure to the high yield corporate sector is a non-Index asset allocation. Given the positive outlook for earnings, solid balance sheets and a shortage of corporate supply, we believe that additional spread tightening for corporate credit seems reasonable. We believe that the high yield corporate sector remains an attractive sector with security selection continuing to be of paramount importance.

PORTFOLIO COMPOSITION AT JUNE 30, 2011*

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.

58

SUN CAPITAL INVESTMENT GRADE BOND FUND^® (Continued)

TOP TEN ISSUERS AT JUNE 30, 2011

	% of Net Assets			Category
Federal National Mortgage Association		18.2	%	U.S. Government Agency
U.S. Treasury		12.5		U.S. Treasury
Federal Home Loan Mortgage Corp.		9.8		U.S. Government Agency
Morgan Stanley Capital I		3.3		Commercial Mortgage Backed Securities
ING Bank NV		2.3		Corporate Debt – Banks
Commonwealth Bank of Australia		1.7		Corporate Debt – Banks
Teck Resources, Ltd.		1.5		Corporate Debt – Metals & Mining
Bank of America Corp.		1.4		Corporate Debt – Banks
DIRECTV Holdings LLC		1.3		Corporate Debt – Cable
National Credit Union Administration		1.3		U.S. Government Guaranteed Notes

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

59

SUN CAPITAL INVESTMENT GRADE BOND FUND^® (Continued)

Average Annual Total Returns for Periods Ended June 30, 2011**

Initial Class Shares	Six Months±			One Year			Three Years			Five Years			Ten Years			Life of Fund***
Sun Capital Investment Grade Bond Fund		3.86	%		7.30	%		5.85	%		5.42	%		5.28	%		5.24	%
Barclays Capital U.S. Aggregate Bond Index*		2.72	%		3.90	%		6.46	%		6.52	%		5.74	%		5.70	%
Service Class Shares
Sun Capital Investment Grade Bond Fund		3.72	%		7.01	%		5.62	%		5.15	%		—			4.29	%
Barclays Capital U.S. Aggregate Bond Index*		2.72	%		3.90	%		6.46	%		6.52	%		—			5.07	%

*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. Treasuries, agencies, credit, asset-backed securities, commercial mortgage-backed securities and mortgage-backed securities.

**Performance data is historical and includes changes in share price and reinvestment of income dividends and capital gains distributions. Past performance is no guarantee of future results. Performance may have changed materially since June 30, 2011. 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 June 30, 2011. Service Class Shares for the period from February 1, 2004 (commencement of operations) to June 30, 2011.

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

60

SUN CAPITAL MONEY MARKET FUND^®

MANAGEMENT’S DISCUSSION & ANALYSIS:

How did the Fund perform during the period ended June 30, 2011?

For the six months ended June 30, 2011, Initial and Service Class shares of Sun Capital Money Market Fund (the “Fund”) returned 0.09% 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 0.08% for the same period.

What economic and market factors most influenced the money markets as a whole during the period ended June 30, 2011?

Economic data was less than inspiring during the first six months of 2011, having slowed a bit from the data released in 2010. Nonfarm and private payrolls posted consistent gains during the period, but have been much less robust in recent months. Unemployment declined modestly during the first quarter, but then moved back up to close June at 9.2%. The manufacturing sector showed positive signs early on, with Institute for Supply Management reaching a seven year high during the period. But supply disruptions caused by the Japanese earthquake had a negative impact on more recent data. Although household spending and business spending on equipment and software have held up reasonably well, higher food and oil prices, a depressed housing market, and concerns about employment have weighed on consumer confidence.

The zero interest rate policy of the Federal Reserve (the “Fed”), now in place for more than two years, has left the Fed Funds Rate at historically low levels, at the 0.00% to 0.25% range. The 0.75% discount rate put in place in February of 2010 is still in effect, and U.S. Treasury Bills and commercial paper yields remain low. Three month-Treasury Bills traded in a very tight range, beginning the year at 0.13%, reaching a high of 0.17% in mid-January, and then closing the period at 0.02%; one basis point off the six-month low. The London Inter-Bank Offering Rate (LIBOR) began the year at 0.30%, rose to a high of 0.31% on February 14^th, and then declined steadily to close June at 0.25%. The Federal Funds effective rate declined over the course of six months, beginning the year at 0.19% and closing June at 0.07%. Though the fiscal crisis in peripheral Europe and the heated debate on the U.S. budget deficit and uncertainty surrounding the debt ceiling have dominated sentiment in the financial markets as a whole, there has been little change in money market yields and spreads.

At the four Federal Open Market Committee meetings held during the first half of the year, the Fed reiterated continuation of 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 (quantitative easing) by the end of the second quarter of 2011. While a third round of quantitative easing is not expected, the Fed indicated in its June 22^nd statement that it would continue to “monitor the economic outlook and financial developments” and “act as needed to best foster maximum employment and price stability,” leaving the door open for further action if necessary.

Commercial paper issuance increased $66 billion in the first six months of 2011. By June 29th, commercial paper supply had risen 4.6% to $1.1 trillion on the year. Tier-2 securities and industrial commercial paper posted the greatest six-month increases, rising 94.3% to $73.6 billion and 44.5% to $173.8 billion, respectively.

Investors continue to show a greater tolerance for risk, and the shift away from money market funds in favor of global stock and fixed income funds has persisted. AMG Data Services reported that almost $138 billion was withdrawn from money market funds during the first half of 2011. This shift has thus far had little impact in driving yields higher.

What key factors were most responsible for the Fund’s performance during the period ended June 30, 2011?

The Fed’s zero interest rate policy and the market’s persistent demand for quality remain the most influential factors on the 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.

61

SUN CAPITAL MONEY MARKET FUND^® (Continued)

How did you manage the Fund’s weighted average maturity during the period ended June 30, 2011?

The Fund’s average maturity ranged from 25 to 41 days during the first half of the year, slightly shorter than the market average. On June 30, 2011, the Fund had a weighted average maturity of 34 days, 7 days shorter than the average taxable money market fund maturity of 41 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 8 basis points for the period; offering little compensation to invest in longer dated securities.

How was the Fund invested during the period ended June 30, 2011?

During the period, the Fund was invested in commercial paper, U.S. Treasury Bills, U.S. Government Guaranteed Notes, mutual funds, U.S. agency discount paper, and in corporate floating rate notes.

Holdings in commercial paper increased 20.4% year-to-date, while U.S. Government agency discount notes and U.S. Treasury Bills decreased 6.0% and 3.2%, respectively, as these asset types ceased to provide competitive yields. U.S. Government Guaranteed Temporary Liquidity Guarantee Program paper matured during the first quarter.

As of June 30, 2011, the Fund had no exposure to Portugal, Ireland, Italy, Greece, Spain or France.

PORTFOLIO COMPOSITION AT JUNE 30, 2011*

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.

62

SUN CAPITAL MONEY MARKET FUND^® (Continued)

TOP TEN ISSUERS AT JUNE 30, 2011

	% of Net Assets			Category
U.S. Treasury		8.6	%	U.S. Treasury
Government of Canada		4.5		Foreign Government
Wal-Mart Stores, Inc.		3.6		Commercial Paper
Coca-Cola Co.		3.6		Commercial Paper
Nestle Capital Corp.		3.2		Commercial Paper
Government of Germany		3.1		Foreign Government Sponsored Commercial Paper
Chevron Corp.		2.6		Commercial Paper
Pfizer, Inc.		2.6		Commercial Paper
Archer-Daniels-Midland Co.		2.6		Commercial Paper
Cisco Systems, Inc.		2.6		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

63

SUN CAPITAL MONEY MARKET FUND^® (Continued)

Average Annual Total Returns for Periods Ended June 30, 2011**

Initial Class Shares	Six Months±			One Year			Three Years			Five Years			Ten Years			Life of Fund***
Sun Capital Money Market Fund		0.09	%		0.15	%		0.46	%		2.00	%		1.85	%		2.51	%
BofA Merrill Lynch U.S. 3-Month Treasury Bill Index*		0.08	%		0.16	%		0.42	%		2.00	%		2.13	%		2.80	%
Service Class Shares
Sun Capital Money Market Fund		0.00	%		0.00	%		0.25	%		1.77	%		—			2.07	%
BofA Merrill Lynch U.S. 3-Month Treasury Bill Index*		0.08	%		0.16	%		0.42	%		2.00	%		—			2.35	%

*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 is no guarantee of future results. Performance may have changed materially since June 30, 2011. 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 June 30, 2011. Service Class Shares for the period from April 25, 2005 (commencement of operations) to June 30, 2011.

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

64

SC ^SM BLACKROCK INFLATION PROTECTED BOND FUND

(subadvised by BlackRock Financial Management, Inc.)

MANAGEMENT’S DISCUSSION & ANALYSIS:

How did the Fund perform during the period ended June 30, 2011?

For the six months ended June 30, 2011, the Initial and Service Class shares of the SC BlackRock Inflation Protected Bond Fund (the “Fund”) returned 5.28% and 5.17%, respectively, underperforming the benchmark, the Barclays Capital Global Real Index: U.S. TIPS (the “Index”), which returned 5.81% for the same period.

What economic and market factors most influenced the fixed income markets as a whole during the period ended June 30, 2011?

Despite military intervention by NATO in Libya, a devastating earthquake in Japan, and on-going fiscal imbalances in peripheral Europe, the fixed income markets were surprisingly resilient during the first quarter of 2011. Despite these external geopolitical concerns, U.S. economic data remained largely positive during the quarter.

During the second quarter, U.S. economic data had a disappointing streak as gas prices topped $4 per gallon, the industrial supply chain was disrupted by the Japanese disaster, and horrific weather ripped through the U.S. Despite the threat of the failure of Congress to raise the Treasury’s debt ceiling and S&P’s lowering the U.S. credit outlook from stable to negative, U.S. Treasuries remained a safe haven for investors looking for high quality securities. Since the second round of quantitative easing or QE2 (U.S. Treasury bond purchases by the Federal Reserve (the “Fed”)) began in November 2010, the Fed purchased $600 billion of Treasury securities while keeping the target federal funds rate at 0%.

What key strategies were most responsible for the Fund’s performance during the period ended June 30, 2011?

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 difference 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. Key strategies include active positioning along the real yield curve and duration management.

The two main drivers of performance were real curve flattening bias and a short position in the 2-year nominal Treasury through the use of futures contracts. A curve flattening bias typically involves the Fund establishing a position on the yield curve such that interest rate volatility is minimized for a given time period. The real curve flattening bias between the 10-year and 30-year points on the yield curve detracted from performance as weaker economic data during the period pushed real yields lower, led by the front and intermediate portions of the curve. While the Fund’s overall short duration compared to the benchmark detracted from performance, the position has been maintained as it is anticipated that a rebound in growth will occur in the second half of the year. Towards the end of the second quarter the Fund’s positioning benefited performance as U.S. economic data came in stronger than expected and the Greek debt crisis fears subsided, pushing real yields higher, led by the 10-year portion of the curve, and nominal yields higher across the curve. The Fund has maintained a real curve flattening bias as inflation insurance continues to appear cheaper on the long-term end of the curve. In order to partially hedge the real curve flattening bias given uncertainty surrounding debt ceiling negotiations, the Fund added nominal curve exposure between the 10-year and 30-year points on the yield curve.

65

SC ^SM BLACKROCK INFLATION PROTECTED BOND FUND (Continued)

The Fund used interest rate derivatives such as futures, options, swaps and swaptions to manage duration and convexity risk in the Fund during the period. In addition, 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 period ended June 30, 2011 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 is not a central tenet of the portfolio management team’s management style. The Fund is mainly limited to TIPS, 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.

In order to partially hedge the real curve flattening bias given uncertainty surrounding debt ceiling negotiations, the Fund added a nominal curve steepener between the 10-year and 30-year points on the yield curve. The Fund’s short-term position at period end was approximately 13%, which was increased during the reporting period for defensive purposes.

Did the fund experience major changes to its top ten issuers during the period ended June 30, 2011?

There were no material changes to the June 30, 2011 top ten issuers list relative to the December 31, 2010 top ten issuers list.

How was the Fund positioned relative to its benchmark index at June 30, 2011?

At period end, the Fund’s duration was 7.47, slightly shorter than the benchmark. The Fund had a real curve flattening bias in place by holding an underweight position in TIPs on the 10-year portion of the yield curve and an overweight position in TIPs on the 30-year portion of the curve. Additionally, the Fund established a short position on the 2-year portion of the yield curve through the use of futures contracts.

66

SC ^SM BLACKROCK INFLATION PROTECTED BOND FUND (Continued)

PORTFOLIO COMPOSITION AT JUNE 30, 2011*

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 ISSUERS AT JUNE 30, 2011

	% of Net Assets			Category
U.S. Treasury		53.0	%	U.S. Treasury
Federal Home Loan Mortgage Corp.		8.0		U.S. Government Agency
Government National Mortgage Association		7.9		U.S. Government Agency
Federal National Mortgage Association		7.9		U.S. Government Agency
Government of France		5.3		Foreign Government
Government of Germany		5.2		Foreign Government
Government of Greece		0.1		Foreign Government
Bank of America Credit Card Trust		0.0	*	Asset Backed Securities

* Amount is less than 0.05%.

67

SC ^SM BLACKROCK INFLATION PROTECTED BOND FUND (Continued)

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

68

SC ^SM BLACKROCK INFLATION PROTECTED BOND FUND (Continued)

Average Annual Total Returns for Periods Ended June 30, 2011**

	Six Months±			One Year			Life of Fund***
SC BlackRock Inflation Protected Bond Fund–Initial Class Shares		5.28	%		7.09	%		6.64	%
SC BlackRock Inflation Protected Bond Fund–Service Class Shares		5.17	%		6.76	%		6.33	%
Barclays Capital Global Real Index: U.S. TIPS*		5.81	%		7.74	%		7.16	%

*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 is no guarantee of future results. Performance may have changed materially since June 30, 2011. 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 June 30, 2011.

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

69

SC ^SM GOLDMAN SACHS SHORT DURATION FUND

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

MANAGEMENT’S DISCUSSION & ANALYSIS:

How did the Fund perform during the period ended June 30, 2011?

Effective May 1, 2011, the SC Goldman Sachs Short Duration Fund (the “Fund”) changed its benchmark from the BofA Merrill Lynch 1-3 Year U.S. Treasury Index to the Barclays Capital 1-3 Year U.S. Government/Credit Index (the “Index”). For the six months ended June 30, 2011, the Initial and Service Class shares of the Fund returned 0.77% and 0.65%, respectively, underperforming both the former benchmark, the BofA Merrill Lynch 1-3 Year U.S. Treasury Index and the Index, which returned 0.86% and 1.05% respectively for the same period.

What economic and market factors most influenced the fixed income markets as a whole during the period ended June 30, 2011?

In the first quarter, global growth remained strong, but new challenges emerged. Political upheaval across the Middle East and North Africa drove oil prices higher and Japan’s devastating earthquake raised concerns about a disruption in the global supply chain. Defensive buying of benchmark government bonds interrupted the rise in their yields, though demand for risk assets eased only slightly. Economic data remained robust, with manufacturing indexes in the U.S., United Kingdom (U.K.) and Germany hitting new cyclical highs. Global investment began to respond to low interest rates and healthy corporate balance sheets, with a revival in hiring and demand for credit from consumers and businesses. In China, growth momentum slowed somewhat on further policy tightening to combat inflation. Inflation concerns intensified in major developed economies. The European Central Bank surprised markets in March by signalling an imminent rate hike, as European Union leaders struggled for consensus on policies to address the Eurozone’s troubled peripheral economies. In the U.K., inflation reached more than double the official 2% target. By contrast, U.S. inflation remained modest, and the Federal Reserve Board (the “Fed”) showed no intention to raise interest rates.

Activity slowed in the second quarter, but economic data pointed to continued growth in the world’s largest economies. Disruptions in the global supply chain, following Japan’s earthquake and higher energy costs, contributed to declines in leading indicators. Lower growth expectations and fears of a sovereign debt restructure in the Eurozone’s troubled peripheries, drove safe-haven trades in global markets. Benchmark government yields slid, and risk premiums rose across spread sectors, though these moves reversed somewhat in June. Oil prices eased back from their peaks, and markets have scaled back rate hike expectations, though inflation pressures have increased.

What key strategies were most responsible for the Fund’s performance during the period ended June 30, 2011?

A combination of top-down and bottom-up strategies influenced the Fund’s performance during the period. Top-down strategies included a duration strategy and cross-sector exposures. Duration is a measure of the Fund’s sensitivity to changes in interest rates. The cross-sector strategy is one in which the Fund invests assets across a variety of fixed income sectors, including some that may not be included in the Fund’s benchmark. Tactical management of the Fund’s duration and term structure detracted from performance over the period. Underweight positioning in the 3- and 5- year nodes of the yield curve had a negative impact as yields decreased as a result of weaker global economic data, supply chain disruptions resulting from Japan’s earthquake, and concerns about the Eurozone’s solvency. The Fund’s cross-sector positioning, including overweight exposure to the corporate and agency mortgage sectors, relative to its benchmark, contributed to performance over the period. Corporate credit markets extended their robust performance into the first quarter of 2011, registering only a modest impact from escalating political unrest in the Middle East and North Africa and the natural disaster in Japan. The corporate sector was also strong early in the second quarter, as first quarter earnings suggested a continuation of recent

70

SC ^SM GOLDMAN SACHS SHORT DURATION FUND (Continued)

trends in the corporate sector, including higher cash, solid profit growth and increasing business investment. The mortgage market did well, particularly late in the period, and was supported by better-than-expected data on house prices, pending home sales, and manufacturing, in addition to modest progress on the European debt crisis. Within the Fund’s security selection strategies, holdings of short-maturity corporate bonds, agency debentures, Treasury Inflation-Protected Securities (TIPS), and other government securities added to the Fund’s performance.

What changes did you make to the Fund’s sector allocations during the period ended June 30, 2011 and how did these affect performance during the reporting period?

The Fund slightly decreased exposure to U.S. Treasuries and agency debentures. The Fund also increased exposure to investment grade corporate securities but reduced the allocation to agency mortgages. Both of these adjustments to the Fund’s sector allocations contributed to the Fund’s performance.

Did the fund experience major changes to its top ten issuers during the period ended June 30, 2011?

There were no material changes to the June 30, 2011 top ten issuers list relative to the December 31, 2010 top ten issuers list.

How was the Fund positioned relative to its benchmark index at June 30, 2011?

At June 30, 2011, the Fund continued to hold a slight short duration position relative to the benchmark. The Fund held overweight positions in investment grade corporate bonds, agency Mortgage Backed Securities, 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), municipal bonds, and consumer Asset Backed Securities. Investment grade credit fundamentals are strong and improving in many sectors, with profit margins near all-times highs, and companies holding healthy cash balances. The Fund continues to favor covered bonds as a high-quality spread sector, but with caution in mind in the short run due to European sovereign debt concerns and their potential effect on overall market liquidity. With respect to ABS, Federal Family Education Loan Program student loans may offer attractive spread pick-up and we value the high credit quality of these assets relative to other ABS sectors (such as credit cards and autos). ABS, RMBS (residential mortgage backed securities), covered bonds and municipal bonds are not held within the benchmark.

From a duration perspective, the Fund is targeting a substantial underweight position in duration under the thesis that markets have overestimated the deterioration in the U.S. economy, and that the recent weakness is a mid-cycle slowdown on mainly temporary factors.

71

SC ^SM GOLDMAN SACHS SHORT DURATION FUND (Continued)

PORTFOLIO COMPOSITION AT JUNE 30, 2011*

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 ISSUERS AT JUNE 30, 2011

	% of Net Assets			Category
U.S. Treasury		20.9	%	U.S. Treasury
Federal National Mortgage Association		6.5		U.S. Government Agency
General Electric Capital Corp.		3.1		Corporate Debt – Financial & TLGP
Citigroup, Inc.		2.8		Corporate Debt – Banks & TLGP
Landwirtschaftliche Rentenbank		2.5		Corporate Debt – Special Purpose Banks
National Credit Union Administration		2.5		U.S. Government Guaranteed Notes
Brazos Higher Education Authority		2.1		Asset Backed Securities
Federal Home Loan Mortgage Corp.		1.9		U.S. Government Agency
Kreditanstalt fuer Wiederaufbau		1.5		Corporate Debt – Special Purpose Banks
Sparebank 1 Boligkreditt		1.5		Corporate Debt – Banks

72

SC ^SM GOLDMAN SACHS SHORT DURATION FUND (Continued)

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

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

73

SC ^SM GOLDMAN SACHS SHORT DURATION FUND (Continued)

Average Annual Total Returns for Periods Ended June 30, 2011***

	Six Months±			One Year			Three Years			Life of Fund****
SC Goldman Sachs Short Duration Fund-Initial Class Shares		0.77	%		1.36	%		3.68	%		3.07	%
SC Goldman Sachs Short Duration Fund-Service Class Shares		0.65	%		1.21	%		3.45	%		2.81	%
BofA Merrill Lynch 1-3 Year U.S. Treasury Index*		0.86	%		1.34	%		2.80	%		2.29	%
Barclays Capital 1-3 Year U.S. Government/Credit Index**		1.05	%		1.90	%		3.52	%		2.73	%

*The performance data of the indices 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 indices are 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.

**The Barclays Capital 1-3 Year U.S. Government/Credit Index includes all medium and larger issues of U.S. government, investment-grade corporate, and investment-grade international dollar-denominated bonds that have maturities of between one and three years and are publicly issued.

***Performance data is historical and includes changes in share price and reinvestment of income dividends and capital gains distributions. Past performance is no guarantee of future results. Performance may have changed materially since June 30, 2011. 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 June 30, 2011.

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

74

SC ^SM PIMCO HIGH YIELD FUND

(subadvised by Pacific Investment Management Company LLC)

MANAGEMENT’S DISCUSSION & ANALYSIS:

How did the Fund perform during the period ended June 30, 2011?

For the six months ended June 30, 2011, the Initial and Service Class shares of SC PIMCO High Yield Fund (the “Fund”) returned 4.21% and 4.08%, respectively, underperforming the benchmark, the BofA Merrill Lynch BB-B U.S. High Yield Constrained Index (the “Index”), which returned 4.81% for the same period.

What economic and market factors most influenced the fixed income markets as a whole during the period ended June 30, 2011?

Concern about political unrest across the Middle East/North Africa region, the strongest earthquake on record in Japan and the sovereign debt crisis in the Eurozone sparked a flight to safety and boosted demand for U.S. Treasuries (Treasuries) during the first half of the 2011.

The rally in Treasuries stalled late during the final days of the first half of the year as Greece’s parliament approved austerity measures, easing concerns (at least temporarily) about the potential for the Euro area’s first sovereign default. In addition, U.S. manufacturing businesses unexpectedly expanded at a faster pace in June, suggesting that the supply chain disruption from the Japanese earthquake was improving.

Another indicator that raised hopes for stronger growth in the second half of 2011 was falling commodity prices. Lower retail fuel prices relieved some stress on consumers coping with an official unemployment rate over 9% and continued weakness in residential real estate markets. On June 30, the Federal Reserve (Fed) ended its $600 billion program of buying Treasuries known as QE2 (quantitative easing round two), and indicated its intent to continue buying Treasuries with proceeds from maturing debt on its $2.9 trillion balance sheet. The Fed also reiterated its “extended period” language for a near-zero federal funds rate.

Despite periods of increased risk aversion stemming from global events, high yield instruments continued to benefit from strong fundamentals and favorable technical indicators, advancing during the period. Technical indicators remained relatively supportive as investors continued to seek higher yielding asset classes in a generally low yield environment, however they became increasingly challenged by the end of the period.

Alongside elevated risk aversion, primarily spurred by sovereign credit concerns towards the end of the period, retail mutual funds flows to the high yield sector increased by approximately $7.9 billion. While retail investor sentiment was less enthusiastic, institutional demand remained relatively strong and in some cases turned opportunistic in the face of a robust new issuance. Merger and acquisition, and refinancing activity increased alongside improved quality of corporate balance sheets.

What key strategies were most responsible for the Fund’s performance during the period ended June 30, 2011?

The following strategies contributed to performance during the period:

• An underweight allocation to Building Materials and Consumer Cyclical added to the Fund’s performance, as these sectors underperformed the broader market.

• An overweight to the Financials sector, particularly among life insurance credits where returns were strong, added to performance.

The following strategies detracted from performance during the period:

• Security selection within the Automotive sector detracted from performance as both auto part credits and captive finance companies significantly underperformed automotive manufacturers.

75

SC ^SM PIMCO HIGH YIELD FUND (Continued)

• An underweight allocation to the Energy sector detracted from performance, as this sector outperformed the broader market.

• Security selection to single-B rated healthcare issues detracted from performance as these issues underperformed both double-B and triple-C issues.

What changes did you make to the Fund’s sector allocations during the period ended June 30, 2011 and how did these affect performance during the reporting period?

During the period, the Fund increased its U.S duration-weighted exposure which contributed to the Fund’s performance as rates declined. Additionally, the Fund increased exposure within the Chemicals, Medical, and Energy-related sectors which had a neutral impact on performance.

Did the fund experience major changes to its top ten issuers during the period ended June 30, 2011?

There were no material changes to the June 30, 2011 top ten issuers list relative to the December 31, 2010 top ten issuers list.

How was the Fund positioned relative to its benchmark index at June 30, 2011?

At the end of the period, the Fund was positioned with an overall underweight to duration coupled with a slight bias towards a flattening yield curve. From a sector perspective, the Fund was overweight higher quality and investment grade credit versus the benchmark. The Fund was also overweight Banks/Financials, Paper and Packaging, and Chemicals while underweight in the Building and Telecommunications sectors.

76

SC ^SM PIMCO HIGH YIELD FUND (Continued)

PORTFOLIO COMPOSITION AT JUNE 30, 2011*

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 JUNE 30, 2011

	% of Net Assets			Category
Ford Motor Credit Co. LLC		2.4	%	Corporate Debt – Automotive
HCA Holdings, Inc.		2.3		Corporate Debt – Health Care
Sprint Nextel Corp.		1.7		Corporate Debt – Telecommunications
Ally Financial, Inc.		1.7		Corporate Debt – Banks
CIT Group, Inc.		1.6		Corporate Debt – Financials
Biomet, Inc.		1.6		Corporate Debt – Health Care – Facilities
Wells Fargo & Co.		1.5		Corporate Debt & Convertible Preferred Stocks – Banks
International Lease Finance Corp.		1.5		Corporate Debt – Financials
Reynolds Group Issuer, Inc.		1.4		Corporate Debt – Holding Companies
MGM Resorts International		1.3		Corporate Debt – Gaming

77

SC ^SM 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

78

SC ^SM PIMCO HIGH YIELD FUND (Continued)

Average Annual Total Returns for Periods Ended June 30, 2011**

	Six Months±			One Year			Three Years			Life of Fund***
SC PIMCO High Yield Fund-Initial Class Shares		4.21	%		13.06	%		9.07	%		8.81	%
SC PIMCO High Yield Fund-Service Class Shares		4.08	%		12.78	%		8.80	%		8.54	%
BofA Merrill Lynch BB-B U.S. High Yield Constrained Index*		4.81	%		14.56	%		10.52	%		9.95	%

*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 is no guarantee of future results. Performance may have changed materially since June 30, 2011. 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 June 30, 2011.

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

79

SC ^SM PIMCO TOTAL RETURN FUND

(subadvised by Pacific Investment Management Company LLC)

MANAGEMENT’S DISCUSSION & ANALYSIS:

How did the Fund perform during the period ended June 30, 2011?

For the six months ended June 30, 2011, the Initial and Service Class shares of SC PIMCO Total Return Fund (the “Fund”) returned 2.63% and 2.50%, respectively, underperforming the benchmark, the Barclays Capital U.S. Aggregate Bond Index (the “Index”), which returned 2.72% for the same period.

What economic and market factors most influenced the fixed income markets as a whole during the period ended June 30, 2011?

Concern about political unrest across the Middle East/North Africa region, the strongest earthquake on record in Japan, and the sovereign debt crisis in the Eurozone sparked a flight to safety and boosted demand for U.S. Treasuries (Treasuries) during the first half of the 2011. Treasuries generally underperformed other developed sovereign bond markets on a hedged basis for the first quarter of 2011, but outperformed in the second quarter as investors grew increasingly bullish on U.S. government debt in response to poor economic data, low inflation and continued distress in Eurozone peripheral countries.

The rally in Treasuries stalled late during the final days of the first half of the year as Greece’s parliament approved austerity measures, easing concerns (at least temporarily) about the potential for the Euro area’s first sovereign default. In addition, U.S. manufacturing businesses unexpectedly expanded at a faster pace in June, suggesting that the supply chain disruption from the Japanese earthquake was improving.

Another indicator that raised hopes for stronger growth in the second half of 2011 was falling commodity prices. Lower retail fuel prices relieved some stress on consumers coping with an official unemployment rate over 9% and continued weakness in residential real estate markets. On June 30, the Federal Reserve (Fed) ended its $600 billion program of buying Treasuries known as QE2 (quantitative easing round two), and indicated its intent to continue buying Treasuries with proceeds from maturing debt on its $2.9 trillion balance sheet. The Fed also reiterated its “extended period” language for a near-zero federal funds rate.

Agency mortgage-backed securities (MBS) outperformed like-duration Treasuries during the period as measured by the Barclays Capital MBS Fixed rate Mortgage Index. Subdued prepayment speeds and strong demand from foreign investors, banks and mortgage Real Estate Investment Trusts (REITs) contributed to Agency MBS outperformance. Non-Agency mortgages and commercial mortgage-backed securities (CMBS) also outperformed like-duration Treasuries although European sovereign debt concerns resulted in risk aversion across the commercial and residential mortgage sectors during the latter half of the period.

Corporate bonds generally outperformed like-duration Treasuries during the period as measured by the Barclays Capital Investment Grade Credit Index. High yield credits outperformed Treasuries in the first quarter of 2011, but tended to lag Treasuries in the second quarter as weaker economic sentiment contributed to increased risk aversion in broader markets. Corporate fundamentals were favorable as most companies reported growing revenues, strong profit margins and increasing cash reserves.

Municipal bonds, both tax-exempt and taxable Build America Bonds (BABs), posted strong returns during the period as measured by the Barclays Capital Municipal Bond Index. Tax-exempt municipal bond performance was driven by a significant decline in municipal issuance and stabilization of mutual fund outflows. BABs performed well during the period, both on an absolute basis and relative to like-duration Treasuries. Technical factors continue to positively impact BABs performance, following a large volume of new issuance in late 2010. Since the BABs program was not extended past 2010, investors have been forced to buy in the secondary market, resulting in tightening spreads. Demand for these securities remains strong as BABs continue to provide attractive risk-adjusted yields versus similarly rated corporate bonds.

80

SC ^SM PIMCO TOTAL RETURN FUND (Continued)

Treasury Inflation-Protected Securities (TIPS) outperformed nominal Treasuries for the period as inflation accruals were strong on the back of higher energy prices as measured by the Barclays Capital U.S. TIPS 1-10 Year Index. This led TIPS to outperform their nominal counterparts.

Emerging Market (EM) fixed income assets outperformed Treasuries during the first half of 2011 as measured by the JP Morgan GBI Global ex-U.S. U.S.D Hedged Index. EM bonds benefitted from stronger initial conditions against a backdrop of an increasingly uncertain economic outlook in developed countries, ongoing fiscal challenges in Greece and the end of QE2.

What key strategies were most responsible for the Fund’s performance during the period ended June 30, 2011?

The following strategies contributed to performance for the period:

• Exposure to non-U.S. developed interest rates, particularly core Europe, where rates fell on fears of a global economic slowdown.

• A focus on shorter maturity securities as the yield curve steepened, measured by the difference between the 2 and 30-year Treasury yields.

• An emerging markets overweight, especially debt in Brazil; exposure to a select basket of EM currencies also enhanced performance.

• An overweight to bonds of financial companies, which benefitted from stronger balance sheets and higher cash reserves.

• Exposure to BABs, given the limited supply and reduced negative headlines for municipal bond issuances.

• Positions in real return bonds, which outperformed nominal bonds due to strong inflation accruals.

The following strategies detracted from performance for the period:

• An underweight to U.S. duration as interest rates declined during the period.

• An underweight to Agency MBS, which outperformed like-duration Treasuries.

What changes did you make to the Fund’s sector allocations during the period ended June 30, 2011 and how did these affect performance during the reporting period?

During the period, the Fund, after increasing its duration underweight in the first quarter, reduced this underweight in the second quarter as compared to the Index. Overall, duration positioning was a detractor as interest rates declined during the period. During the period, the Fund decreased its Treasury exposure in favor of certain spread sectors which provide yields in excess of Treasuries of similar duration which detracted from performance as yields declined during the period. Overall, the Fund’s underweight duration positioning versus the benchmark was achieved through its underweight to U.S. government-related securities compared to the benchmark. The Fund also increased its TIPS overweight which was beneficial for performance as the asset class outperformed like-duration Treasuries. Short-term investments increased during the period as the Fund’s Eurodollar exposure increased as the Fed has indicated it will maintain low short-term rates for an extended period of time.

Did the Fund experience major changes to its top ten issuers during the period ended June 30, 2011?

The Fund made a number of tactical shifts during the period ended June 30, 2011 which led to an underweight of U.S. duration and a focus on securities which offered attractive risk-adjusted yields compared to Treasuries.

81

SC ^SM PIMCO TOTAL RETURN FUND (Continued)

There were five issuers on the top ten issuers list as of December 31, 2010 that were still on the Fund’s top ten issuers list as of June 30, 2011. Except for Government National Mortgage Association (GNMA), the four issuers which are no longer on the Fund’s top ten issuers list when compared to the December 31, 2010 top ten issuers list were still held by the Fund as of June 30, 2011 but in reduced positions. The Fund’s position in GNMA was eliminated during the period. As discussed above, the Fund decreased its exposure to Treasuries and Agency obligations in favor of certain spread sectors. Federal Home Loan Bank, Kells Funding LLC, Lloyds Banking Group PLC and Barclays Bank PLC, were four new issuers on the Fund’s June 30, 2011 top ten issuers list that were held by the Fund at December 31, 2010 that were not in the top ten issuers list, but during the period, their position size expanded due to market fluctuations and/or additional purchases such that they moved into the top ten issuers list. The Government of Spain was a new issuer on the top ten issuer list as of June 30, 2011 that the Fund invested in during the period.

How was the Fund positioned relative to its benchmark index at June 30, 2011?

With respect to interest rate positioning, the Fund ended the period with an underweight to duration and a bias towards a steepening yield curve. Regarding the Fund’s sector positioning, it was underweight U.S. duration, underweight mortgages and overweight select municipal bonds. Within the investment grade credit allocation, the Fund was overweight in the Banks/Financials sector. The Fund’s emerging markets allocation was also an overweight position relative to the benchmark.

PORTFOLIO COMPOSITION AT JUNE 30, 2011*

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%.

82

SC ^SM PIMCO TOTAL RETURN FUND (Continued)

TOP TEN ISSUERS AT JUNE 30, 2011

	% of Net Assets			Category
Federal National Mortgage Association		20.8	%	U.S. Government Agency
Federal Home Loan Bank		11.4		U.S. Government Agency
Kells Funding LLC		6.2		Short Term Investments – Commercial Paper
U.S. Treasury		4.8		U.S. Treasury Obligations
Federal Home Loan Mortgage Corp.		4.5		U.S. Government Agency
Lloyds Banking Group PLC		2.6		Corporate Debt – Banks
Province of Ontario		1.8		Foreign Government
Barclays Bank PLC		1.8		Corporate Debt – Banks
Citigroup, Inc.		1.5		Corporate Debt & Preferred Stocks – Banks
Government of Spain		1.2		Foreign Government

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

83

SC ^SM PIMCO TOTAL RETURN FUND (Continued)

Average Annual Total Returns for Periods Ended June 30, 2011**

	Six Months±			One Year			Life of Fund***
SC PIMCO Total Return Fund–Initial Class Shares		2.63	%		4.85	%		9.14	%
SC PIMCO Total Return Fund–Service Class Shares		2.50	%		4.58	%		8.87	%
Barclays Capital U.S. Aggregate Bond Index*		2.72	%		3.90	%		7.26	%

*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. Treasuries, agencies, credit, asset-backed securities, commercial mortgage-backed securities and mortgage-backed securities.

**Performance data is historical and includes changes in share price and reinvestment of income dividends and capital gains distributions. Past performance is no guarantee of future results. Performance may have changed materially since June 30, 2011. 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 June 30, 2011.

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

84

SC ^SM IBBOTSON BALANCED, CONSERVATIVE AND GROWTH FUNDS

(subadvised by Ibbotson Associates, Inc.)

MANAGEMENT’S DISCUSSION & ANALYSIS:

How did the Funds perform during the period ended June 30, 2011?

For the six months ended June 30, 2011, the Initial and Service Class shares of SC Ibbotson Balanced Fund (the “Balanced Fund”) returned 4.45% and 4.37%, respectively, underperforming the benchmark, the Dow Jones Moderate U.S. Relative Risk Portfolio Index (the “Index”), which returned 5.19% for the same period.

For the six months ended June 30, 2011, the Initial and Service Class shares of SC Ibbotson Conservative Fund (the “Conservative Fund”) returned 3.99% and 3.82%, respectively, underperforming the benchmark, the Dow Jones Moderately Conservative U.S. Relative Risk Portfolio Index (the “Index”), which returned 4.19% for the same period.

For the six months ended June 30, 2011, the Initial and Service Class shares of SC Ibbotson Growth Fund (the “Growth Fund”) returned 4.81% and 4.65%, respectively, underperforming the benchmark, the Dow Jones Moderately Aggressive U.S. Relative Risk Portfolio Index (the “Index”), which returned 6.14% 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 period ended June 30, 2011?

Although the first half of 2011 was a turbulent period, the majority of asset classes ended in positive territory. From an economic standpoint, the second quarter of 2011 saw a deceleration in the rate of expansion of global economic activity, following moderate growth in the first quarter. Data through the end of June did not clarify whether the global economy is approaching the tail end of a temporary slump, has reached an enduring phase of low growth, or is making a gradual transition towards an economic contraction.

U.S. stock prices increased in January and February on the back of positive economic data, positive earnings announcements, and continued appetite for risk. The earthquake in Japan and accompanying tsunami spurred large losses, with the S&P 500 losing approximately 5% of its value between March 10 and March 16, before recovering these losses to close the first quarter with a 4.6% gain. Emerging market equities underperformed developed market equities in January and February. Strong growth and rising commodity prices forced policymakers to put in place inflation-fighting policies.

In the second quarter of 2011, risky assets reversed course and performed poorly as the global economy slowed down and markets feared the consequences of sovereign debt defaults in the Eurozone. Consequently, AAA-rated sovereign debt appreciated, credit spreads widened, developed market equities ended the quarter either flat or with small losses, and emerging market asset classes underperformed their developed market counterparts as they did in the first quarter. Commodity prices fell, with the exception of oil, which suffered from the loss of Libyan output and OPEC’s decision not to increase production. Real Estate Investment Trusts (REITs) outperformed equities, in a rally that left their valuations very extended.

For most of the period, the Funds were positioned neutrally relative to strategic targets in expectation that stock and bond performance would be in-line with forecasts. At the end of June, the Ibbotson Policy Committee (IPC) deemed the recent outperformance of U.S. property stocks left them with stretched valuation ratios that are hard to justify by fundamentals, while large-cap stocks exhibited the cheapest valuation within the U.S. equity space. As a result, the IPC recommended to underweight U.S. REITs and overweight U.S. large cap equities.

What changes did you make to the Funds’ allocations during the reporting period and how did it affect performance during the period ended June 30, 2011?

At the beginning of June, the IPC conducted their annual review of the strategic asset allocations, which serve as the long-term, neutral targets for future investing and adjusted the underlying fund exposures accordingly. The

85

SC ^SM IBBOTSON BALANCED, CONSERVATIVE AND GROWTH FUNDS (Continued)

IPC initiated 1% allocations to the SC BlackRock Small Cap Index Fund in the Conservative and Balanced Funds by reducing exposure to the SC Goldman Sachs Mid Cap Value Fund. In the Growth Fund, the strategic exposure to small- and mid-cap equities was raised at the expense of large cap equities. SC BlackRock Small Cap Index, SC Invesco Small Cap Growth and SC WMC Blue Chip Mid Cap Funds increased by 1% each, whereas SC Lord Abbett Growth & Income and MFS Value Funds were reduced by 2% and 1%, respectively. These moves contributed positively to performance in the Funds since small cap equities outperformed mid cap equities which, in turn, outperformed large cap equities in that time period.

At the end of June, the IPC initiated a dynamic move to underweight REITs and overweight U.S. large cap equities which contributed positively to performance for the brief period ended June 30, 2011.

What key factors were responsible for the Funds’ performance during the period ended June 30, 2011?

Among equity asset classes, U.S. equities outperformed non-U.S. developed and emerging market equities, growth stocks outperformed value stocks, and small- and mid-cap equities outperformed large cap equities. Among fixed income asset classes, TIPS and high yield bonds outperformed investment-grade bonds. Relative to basic, blended benchmarks of the S&P 500 and Barclays Capital U.S. Aggregate Bond indices, the Funds’ asset allocations and asset class diversification contributed positively to performance. The Balanced and Conservative Funds benefitted from their strategic exposures to high yield bonds and TIPS. The Balanced and Growth Funds benefitted from their strategic exposures to small- and mid-cap equities, particularly mid cap growth equities. Short-term bonds, and non-U.S. equities, particularly, emerging markets, hampered performance relative to the basic benchmark.

In the Balanced, Conservative and Growth Funds, underlying fund-level performance detracted from overall performance relative to a weighted-average of indices representing our targeted asset class exposure across all Funds. The SC Lord Abbett Growth & Income, SC Davis Venture Value and SC WMC Blue Chip Mid Cap funds experienced the largest underperformance relative to their respective benchmarks during the period ended June 30, 2011.

Which underlying funds were the most significant contributors/detractors to the Funds’ performance for the period ended June 30, 2011?

Balanced Fund

The SC Ibbotson Tactical Opportunities, SC Goldman Sachs Mid Cap Value, SC BlackRock Inflation Protected Bond, MFS Value, and Sun Capital Investment Grade Bond Funds were the most significant contributors to the Fund’s absolute performance. There were no detractors to the Fund’s absolute performance since all funds achieved positive returns for the period.

Conservative Fund

The SC BlackRock Inflation Protected Bond, SC Ibbotson Tactical Opportunities, Sun Capital Investment Grade Bond, SC Goldman Sachs Mid Cap Value, and SC PIMCO Total Return Funds were the most significant contributors to the Fund’s absolute performance. There were no detractors to the Fund’s absolute performance since all funds achieved positive returns for the period.

Growth Fund

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

86

SC ^SM IBBOTSON BALANCED FUND

PORTFOLIO COMPOSITION AT JUNE 30, 2011*

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 JUNE 30, 2011

	% of Net Assets			Category
SC Ibbotson Tactical Opportunities Fund		20.1	%	Fund of ETFs
SC Goldman Sachs Short Duration Fund		10.8		Fixed Income
SC PIMCO Total Return Fund		8.8		Fixed Income
SC BlackRock Inflation Protected Bond Fund		6.9		Fixed Income
Sun Capital Investment Grade Bond Fund		6.9		Fixed Income
MFS Value Portfolio		5.1		Domestic Equity
SC WMC Large Cap Growth Fund		4.3		Domestic Equity
MFS International Growth Portfolio		4.0		International Equity
SC Davis Venture Value Fund		4.0		Domestic Equity
SC PIMCO High Yield Fund		3.9		Fixed Income

87

SC ^SM 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

88

SC ^SM IBBOTSON BALANCED FUND (Continued)

Average Annual Total Returns for Periods Ended June 30, 2011**

	Six Months±			One Year			Life of Fund***
SC Ibbotson Balanced Fund–Initial Class Shares		4.45	%		20.06	%		10.54	%
SC Ibbotson Balanced Fund–Service Class Shares		4.37	%		19.70	%		10.25	%
Dow Jones Moderate U.S. Relative Risk Portfolio Index*		5.19	%		21.20	%		9.68	%

*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 is no guarantee of future results. Performance may have changed materially since June 30, 2011. 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 June 30, 2011.

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

89

SC ^SM IBBOTSON CONSERVATIVE FUND

PORTFOLIO COMPOSITION AT JUNE 30, 2011*

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 JUNE 30, 2011

	% of Net Assets			Category
SC Goldman Sachs Short Duration Fund		18.7	%	Fixed Income
SC BlackRock Inflation Protected Bond Fund		12.0		Fixed Income
SC PIMCO Total Return Fund		11.8		Fixed Income
Sun Capital Investment Grade Bond Fund		10.8		Fixed Income
SC Ibbotson Tactical Opportunities Fund		10.2		Fund of ETFs
SC PIMCO High Yield Fund		5.0		Fixed Income
MFS Value Portfolio		4.5		Domestic Equity
SC WMC Large Cap Growth Fund		4.1		Domestic Equity
SC WMC Blue Chip Mid Cap Fund		3.0		Domestic Equity
MFS International Growth Portfolio		3.0		International Equity

90

SC ^SM 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

91

SC ^SM IBBOTSON CONSERVATIVE FUND (Continued)

Average Annual Total Returns for Periods Ended June 30, 2011**

	Six Months±			One Year			Life of Fund***
SC Ibbotson Conservative Fund–Initial Class Shares		3.99	%		14.93	%		8.58	%
SC Ibbotson Conservative Fund–Service Class Shares		3.82	%		14.67	%		8.32	%
Dow Jones Moderately Conservative U.S. Relative Risk Portfolio Index*		4.19	%		14.30	%		8.90	%

*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 is no guarantee of future results. Performance may have changed materially since June 30, 2011. 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 June 30, 2011.

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

92

SC ^SM IBBOTSON GROWTH FUND

PORTFOLIO COMPOSITION AT JUNE 30, 2011*

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 JUNE 30, 2011

	% of Net Assets			Category
SC Ibbotson Tactical Opportunities Fund		20.2	%	Fund of ETFs
SC Davis Venture Value Fund		7.9		Domestic Equity
SC PIMCO Total Return Fund		7.9		Fixed Income
SC WMC Large Cap Growth Fund		7.1		Domestic Equity
MFS International Growth Portfolio		6.1		International Equity
MFS Value Portfolio		6.0		Domestic Equity
SC Goldman Sachs Mid Cap Value Fund		5.5		Domestic Equity
SC WMC Blue Chip Mid Cap Fund		4.9		Domestic Equity
SC BlackRock Large Cap Index Fund		4.1		Domestic Equity
Sun Capital Global Real Estate Fund		4.0		Specialty Equity

93

SC ^SM 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

94

SC ^SM IBBOTSON GROWTH FUND (Continued)

Average Annual Total Returns for Periods Ended June 30, 2011**

	Six Months±			One Year			Life of Fund***
SC Ibbotson Growth Fund–Initial Class Shares		4.81	%		24.71	%		11.40	%
SC Ibbotson Growth Fund–Service Class Shares		4.65	%		24.43	%		11.14	%
Dow Jones Moderately Aggressive U.S. Relative Risk Portfolio Index*		6.14	%		28.19	%		10.17	%

*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 is no guarantee of future results. Performance may have changed materially since June 30, 2011. 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 June 30, 2011.

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

95

EXPENSE INFORMATION

June 30, 2011 (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, January 1, 2011 to June 30, 2011. 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 1/1/11		Actual Ending Account Value 6/30/11		Hypothetical Ending Account Value 6/30/11		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	$	1,037.60	$	1,021.08	$	3.79	$	3.76		0.75	%
Service Class		1,000.00		1,034.70		1,019.84		5.04		5.01		1.00
SC BlackRock International Index Fund
Initial Class		1,000.00		1,052.00		1,021.82		3.05		3.01		0.60
Service Class		1,000.00		1,051.10		1,020.58		4.32		4.26		0.85
SC BlackRock Large Cap Index Fund
Initial Class		1,000.00		1,057.60		1,022.32		2.55		2.51		0.50
Service Class		1,000.00		1,055.30		1,021.08		3.82		3.76		0.75
SC BlackRock Small Cap Index Fund
Initial Class		1,000.00		1,057.90		1,021.82		3.06		3.01		0.60
Service Class		1,000.00		1,057.10		1,020.58		4.34		4.26		0.85
SC Goldman Sachs Mid Cap Value Fund
Initial Class		1,000.00		1,093.10		1,019.54		5.50		5.31		1.06
Service Class		1,000.00		1,092.50		1,018.30		6.80		6.56		1.31
SC Columbia Small Cap Value Fund
Initial Class		1,000.00		1,031.30		1,019.09		5.79		5.76		1.15
Service Class		1,000.00		1,030.50		1,017.85		7.05		7.00		1.40

* 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 181/365 to reflect the most recent six-month period.

96

EXPENSE INFORMATION (Continued)

June 30, 2011 (Unaudited)

	Beginning Account Value 1/1/11		Actual Ending Account Value 6/30/11		Hypothetical Ending Account Value 6/30/11		Actual Expenses Paid During Period*		Hypothetical Expenses Paid During Period*		Net Expense Ratio During Period
SC Davis Venture Value Fund
Initial Class	$	1,000.00	$	1,028.10	$	1,020.48	$	4.37	$	4.36		0.87	%
Service Class		1,000.00		1,026.60		1,019.24		5.63		5.61		1.12
SC Invesco Small Cap Growth Fund
Initial Class		1,000.00		1,118.40		1,019.09		6.04		5.76		1.15
Service Class		1,000.00		1,116.50		1,017.85		7.35		7.00		1.40
SC Lord Abbett Growth & Income Fund
Initial Class		1,000.00		1,026.10		1,020.48		4.37		4.36		0.87
Service Class		1,000.00		1,025.00		1,019.24		5.62		5.61		1.12
SC WMC Blue Chip Mid Cap Fund
Initial Class		1,000.00		1,067.00		1,020.03		4.92		4.81		0.96
Service Class		1,000.00		1,066.10		1,018.79		6.20		6.06		1.21
SC WMC Large Cap Growth Fund
Initial Class		1,000.00		1,050.50		1,020.63		4.27		4.21		0.84
Service Class		1,000.00		1,048.70		1,019.39		5.54		5.46		1.09
Sun Capital Global Real Estate Fund
Initial Class		1,000.00		1,056.80		1,019.34		5.61		5.51		1.10
Service Class		1,000.00		1,055.50		1,018.10		6.88		6.76		1.35
SC Ibbotson Tactical Opportunities Fund
Initial Class		1,000.00		1,057.00		1,022.51		2.35		2.31		0.46
Sun Capital Investment Grade Bond Fund
Initial Class		1,000.00		1,038.60		1,021.22		3.64		3.61		0.72
Service Class		1,000.00		1,037.20		1,019.98		4.90		4.86		0.97
Sun Capital Money Market Fund
Initial Class		1,000.00		1,000.90		1,024.75		0.05		0.05		0.01
Service Class		1,000.00		1,000.00		1,023.90		0.89		0.90		0.18
SC BlackRock Inflation Protected Bond Fund
Initial Class		1,000.00		1,052.80		1,021.57		3.31		3.26		0.65
Service Class		1,000.00		1,051.70		1,020.33		4.58		4.51		0.90
SC Goldman Sachs Short Duration Fund
Initial Class		1,000.00		1,007.70		1,021.57		3.24		3.26		0.65
Service Class		1,000.00		1,006.50		1,020.33		4.48		4.51		0.90
SC PIMCO High Yield Fund
Initial Class		1,000.00		1,042.10		1,021.08		3.80		3.76		0.75
Service Class		1,000.00		1,040.80		1,019.84		5.06		5.01		1.00
SC PIMCO Total Return Fund
Initial Class		1,000.00		1,026.30		1,021.57		3.27		3.26		0.65
Service Class		1,000.00		1,025.00		1,020.33		4.52		4.51		0.90
SC Ibbotson Balanced Fund
Initial Class		1,000.00		1,044.50		1,023.80		1.01		1.00		0.20
Service Class		1,000.00		1,043.70		1,022.56		2.28		2.26		0.45
SC Ibbotson Conservative Fund
Initial Class		1,000.00		1,039.90		1,023.80		1.01		1.00		0.20
Service Class		1,000.00		1,038.20		1,022.56		2.27		2.26		0.45
SC Ibbotson Growth Fund
Initial Class		1,000.00		1,048.10		1,023.80		1.02		1.00		0.20
Service Class		1,000.00		1,046.50		1,022.56		2.28		2.26		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 181/365 to reflect the most recent six-month period.

97

SC ^SM ALLIANCEBERNSTEIN INTERNATIONAL VALUE FUND

PORTFOLIO OF INVESTMENTS June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**		Shares		Value
COMMON STOCKS – 98.1%
AEROSPACE & DEFENSE – 0.9%
BAE Systems PLC		GB		97,500	$	498,777
Saab AB, Class B		SE		12,100		277,005
						775,782
AIRLINES – 0.7%
Cathay Pacific Airways Ltd.		HK		137,000		317,991
International Consolidated Airlines Group SA*		ES		81,400		332,276
						650,267
AUTO COMPONENTS – 2.9%
Bridgestone Corp.		JP		26,600		612,878
Faurecia		FR		7,400		317,350
GKN PLC		GB		112,200		418,312
Magna International, Inc.		CA		10,900		589,388
NGK Spark Plug Co., Ltd.		JP		20,000		276,349
Sumitomo Rubber Industries Ltd.		JP		27,900		337,621
						2,551,898
AUTOMOBILES – 4.2%
Bayerische Motoren Werke AG		DE		2,700		269,619
Daimler AG		DE		5,800		437,387
Nissan Motor Co., Ltd.		JP		91,200		958,440
Renault SA		FR		12,500		741,629
Toyota Motor Corp.		JP		31,600		1,301,262
						3,708,337
BEVERAGES – 0.5%
Asahi Breweries Ltd.		JP		20,400		410,928
BUILDING PRODUCTS – 0.7%
Asahi Glass Co., Ltd.		JP		53,000		620,220
CAPITAL MARKETS – 1.5%
Credit Suisse Group AG*		CH		8,600		335,161
Deutsche Bank AG		DE		10,500		619,715
Macquarie Group Ltd.		AU		10,600		357,596
						1,312,472
CHEMICALS – 4.4%
Agrium, Inc.		CA		4,100		360,028
Air Water, Inc.		JP		25,000		301,166

	Country Code**		Shares		Value
BASF SE		DE		6,600	$	646,940
Clariant AG*		CH		15,000		286,971
Daicel Chemical Industries Ltd.		JP		39,000		257,646
DIC Corp.		JP		80,000		189,496
JSR Corp.		JP		15,400		298,500
K+S AG		DE		2,200		168,934
Koninklijke DSM NV		NL		7,500		486,723
Linde AG		DE		1,100		192,991
Mitsubishi Gas Chemical Co., Inc.		JP		22,000		161,184
Syngenta AG*		CH		727		244,971
Ube Industries Ltd.		JP		73,000		219,777
						3,815,327
COMMERCIAL BANKS – 14.7%
Australia & New Zealand Banking Group Ltd.		AU		31,300		741,961
Banco Bilbao Vizcaya Argentaria SA		ES		29,000		340,425
Banco do Brasil SA		BR		8,100		145,324
Banco Santander SA		ES		40,400		465,414
Bank of Queensland Ltd.		AU		26,511		233,111
Barclays PLC		GB		155,400		637,505
Bendigo and Adelaide Bank Ltd.		AU		22,800		217,422
BNP Paribas		FR		10,519		811,109
Commerzbank AG*		DE		45,500		195,976
Credit Agricole SA		FR		21,790		327,837
Danske Bank A/S*		DK		22,133		409,635
DnB NOR ASA		NO		32,800		456,953
HSBC Holdings PLC		GB		80,125		794,418
KB Financial Group, Inc. ADR		KR		2,247		107,407
KBC GROEP NV		BE		9,800		384,542
Lloyds Banking Group PLC*		GB		810,700		637,075
Mitsubishi UFJ Financial Group, Inc.		JP		158,800		773,886
Mizuho Financial Group, Inc.		JP		175,200		287,964
National Australia Bank, Ltd.		AU		35,900		992,543
National Bank of Canada		CA		5,000		405,516
Royal Bank of Scotland Group PLC*		GB		426,900		264,064
Societe Generale		FR		25,064		1,484,441

See Notes to Financial Statements.

98

SC ^SM ALLIANCEBERNSTEIN INTERNATIONAL VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**		Shares		Value
Sumitomo Mitsui Financial Group, Inc.		JP		16,000	$	493,355
Turkiye Is Bankasi, C Shares		TR		30,700		94,230
UniCredit SpA		IT		299,568		634,100
Westpac Banking Corp.		AU		22,000		527,819
						12,864,032
COMMERCIAL SERVICES & SUPPLIES – 0.3%
Rentokil Initial PLC*		GB		176,200		268,831
COMMUNICATIONS EQUIPMENT – 0.6%
Nokia OYJ		FI		28,500		183,845
Telefonaktiebolaget LM Ericsson		SE		22,309		321,149
						504,994
COMPUTERS & PERIPHERALS – 1.0%
Fujitsu Ltd.		JP		69,000		394,397
Toshiba Corp.		JP		98,000		516,690
						911,087
CONSTRUCTION & ENGINEERING – 1.0%
Bouygues SA		FR		16,300		716,779
Hochtief AG		DE		2,200		183,834
						900,613
CONTAINERS & PACKAGING – 0.3%
Smurfit Kappa Group PLC*		IE		20,600		245,980
DISTRIBUTORS – 0.3%
Inchcape PLC		GB		43,900		294,794
DIVERSIFIED FINANCIAL SERVICES – 2.1%
Challenger Financial Services Group Ltd.		AU		37,800		199,136
ING Groep NV – CVA*		NL		104,100		1,282,877
Orix Corp.		JP		4,060		394,923
						1,876,936
DIVERSIFIED TELECOMMUNICATION SERVICES – 4.1%
BT Group PLC		GB		56,850		184,331
France Telecom SA		FR		26,300		559,230
Nippon Telegraph & Telephone Corp.		JP		15,600		752,416
Telecom Italia SpA		IT		512,400		712,743
Telecom Italia SpA RSP		IT		163,600		190,328
Telefonica SA		ES		17,700		432,300

	Country Code**		Shares		Value
Telenor ASA		NO		16,500	$	270,027
Telstra Corp., Ltd.		AU		146,200		454,300
						3,555,675
ELECTRIC UTILITIES – 3.1%
E.ON AG		DE		38,200		1,085,811
EDP – Energias de Portugal SA		PT		102,000		361,982
Enel SpA		IT		47,928		313,170
Iberdrola SA		ES		24,800		220,640
Kyushu Electric Power Co., Inc.		JP		10,500		189,059
The Kansai Electric Power Co., Inc.		JP		11,300		225,025
The Tokyo Electric Power Co., Inc.		JP		71,500		289,442
						2,685,129
ELECTRICAL EQUIPMENT – 1.4%
Furukawa Electric Co., Ltd.		JP		54,000		225,455
Mitsubishi Electric Corp.		JP		38,000		441,412
Sumitomo Electric Industries Ltd.		JP		37,800		551,337
						1,218,204
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.5%
AU Optronics Corp. ADR*		TW		7,374		50,733
Hitachi Ltd.		JP		41,000		243,335
LG Display Co., Ltd. ADR		KR		7,700		108,185
						402,253
ENERGY EQUIPMENT & SERVICES – 0.6%
Precision Drilling Corp.*		CA		20,800		298,699
Transocean Ltd.		CH		3,100		202,381
						501,080
FOOD & STAPLES RETAILING – 1.3%
Carrefour SA		FR		3,600		147,994
Delhaize Group		BE		6,135		460,343
Koninklijke Ahold NV		NL		36,600		492,097
						1,100,434
FOOD PRODUCTS – 2.5%
Ajinomoto Co., Inc.		JP		27,000		320,540

See Notes to Financial Statements.

99

SC ^SM ALLIANCEBERNSTEIN INTERNATIONAL VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**		Shares		Value
CSM NV		NL		7,600	$	256,031
Goodman Fielder Ltd.		AU		193,300		220,200
Nestle SA		CH		22,085		1,374,316
						2,171,087
GAS UTILITIES – 0.9%
Gas Natural SDG SA		ES		26,200		548,764
Tokyo Gas Co., Ltd.		JP		61,000		275,315
						824,079
HEALTH CARE EQUIPMENT & SUPPLIES – 0.3%
Smith & Nephew PLC		GB		23,500		251,842
HEALTH CARE PROVIDERS & SERVICES – 0.3%
Medipal Holdings Corp.		JP		33,600		297,806
HOTELS, RESTAURANTS & LEISURE – 0.4%
Thomas Cook Group PLC		GB		42,500		90,824
Tui Travel PLC		GB		81,600		293,694
						384,518
HOUSEHOLD DURABLES – 1.4%
Sharp Corp.		JP		52,000		474,554
Sony Corp.		JP		22,500		593,668
Taylor Wimpey PLC*		GB		332,800		201,709
						1,269,931
INDUSTRIAL CONGLOMERATES – 1.9%
Cookson Group PLC		GB		24,900		268,989
Hutchison Whampoa Ltd.		HK		16,000		173,359
Koninklijke Philips Electronics NV		NL		6,820		175,274
SembCorp Industries Ltd.		SG		67,000		272,840
Siemens AG		DE		5,700		783,298
						1,673,760
INSURANCE – 4.5%
Aegon NV*		NL		75,500		514,458
Allianz SE		DE		7,750		1,080,713
Aviva PLC		GB		79,300		558,196
Catlin Group, Ltd.		BM		43,500		280,455
Hannover Rueckversicherung AG		DE		3,900		202,823
Industrial Alliance Insurance and Financial Services, Inc.		CA		807		33,554

	Country Code**		Shares		Value
Insurance Australia Group Ltd.		AU		44,800	$	163,787
Muenchener Rueckversicherungs AG		DE		3,850		587,722
Prudential PLC		GB		19,000		219,389
Zurich Financial Services AG*		CH		1,070		270,752
						3,911,849
LEISURE EQUIPMENT & PRODUCTS – 0.1%
Namco Bandai Holdings, Inc.		JP		10,600		127,596
MEDIA – 1.1%
Informa PLC		JE		49,200		341,503
Vivendi		FR		23,690		660,310
						1,001,813
METALS & MINING – 8.3%
Anglo American PLC		GB		6,200		307,482
BHP Billiton Ltd.		AU		5,000		236,304
BHP Billiton PLC		GB		28,800		1,131,661
Dowa Holdings Co., Ltd.		JP		35,000		217,223
Glencore International PLC		JE		43,900		345,945
Hindalco Industries, Ltd. GDR (1)		IN		26,390		106,587
JFE Holdings, Inc.		JP		18,700		514,281
KGHM Polska Miedz SA		PL		3,000		215,467
Mitsubishi Materials Corp.		JP		79,000		247,289
New Gold, Inc.*		CA		25,300		261,014
OneSteel Ltd.		AU		122,000		243,633
Rio Tinto PLC		GB		24,900		1,797,923
ThyssenKrupp AG		DE		12,600		654,666
Vale SA ADR		BR		4,100		118,736
Xstrata PLC		GB		41,227		908,041
						7,306,252
MULTI-LINE RETAIL – 0.3%
PPR		FR		1,500		267,158
MULTI-UTILITIES – 0.7%
Centrica PLC		GB		33,700		174,986
GDF Suez		FR		8,300		303,345
RWE AG		DE		3,250		180,560
						658,891

See Notes to Financial Statements.

100

SC ^SM ALLIANCEBERNSTEIN INTERNATIONAL VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**		Shares		Value
OFFICE ELECTRONICS – 0.3%
Konica Minolta Holdings, Inc.		JP		29,500	$	246,398
OIL, GAS & CONSUMABLE FUELS – 9.8%
BG Group PLC		GB		6,000		136,236
BP PLC		GB		142,500		1,049,226
Caltex Australia Ltd.		AU		20,900		265,187
China Petroleum & Chemical Corp.		CN		142,000		144,511
Eni SpA		IT		29,500		699,119
Gazprom OAO ADR		RU		7,400		107,670
JX Holdings, Inc.		JP		51,400		345,719
Lukoil ADR		RU		2,100		134,091
Nexen, Inc.		CA		27,260		614,477
OMV AG		AT		10,900		476,182
Penn West Petroleum Ltd.		CA		18,421		425,357
Petroleo Brasileiro SA ADR		BR		4,200		128,856
Royal Dutch Shell PLC, A Shares		GB		60,516		2,148,843
Statoil ASA		NO		8,650		218,983
Suncor Energy, Inc.		CA		6,796		266,358
Tatneft ADR		RU		3,200		137,920
Thai Oil PCL NVDR		TH		51,800		126,077
Total SA		FR		19,400		1,121,581
						8,546,393
PAPER & FOREST PRODUCTS – 1.0%
Mondi PLC		GB		33,200		330,449
Oji Paper Co., Ltd.		JP		55,000		263,784
UPM-Kymmene OYJ		FI		13,800		252,487
						846,720
PHARMACEUTICALS – 7.9%
AstraZeneca PLC		GB		30,500		1,524,429
Bayer AG		DE		5,800		465,836
GlaxoSmithKline PLC		GB		23,300		499,418
Novartis AG		CH		25,210		1,545,048
Novo Nordisk AS		DK		2,750		344,518
Otsuka Holdings Co., Ltd.		JP		13,300		351,926
Roche Holding AG		CH		7,700		1,289,140
Sanofi-Aventis SA		FR		10,949		880,744
						6,901,059
REAL ESTATE MANAGEMENT & DEVELOPMENT – 1.1%
Evergrande Real Estate Group Ltd.		KY		131,000		86,295

	Country Code**		Shares		Value
Mitsui Fudosan Co., Ltd.		JP		15,000	$	258,343
New World Development, Ltd.		HK		188,939		286,851
Sumitomo Realty & Development Co., Ltd.		JP		14,000		312,895
						944,384
ROAD & RAIL – 1.2%
East Japan Railway Co.		JP		8,400		481,075
FirstGroup PLC		GB		43,700		239,331
Nippon Express Co., Ltd.		JP		79,000		320,117
						1,040,523
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 0.6%
Advanced Semiconductor Engineering, Inc. ADR		TW		21,900		123,516
Samsung Electronics Co., Ltd. GDR		KR		300		116,431
Sumco Corp.*		JP		16,500		279,352
						519,299
SPECIALTY RETAIL – 0.5%
Esprit Holdings Ltd.		BM		83,207		259,980
Kingfisher PLC		GB		39,200		168,387
						428,367
TOBACCO – 2.0%
British American Tobacco PLC		GB		4,700		206,102
Imperial Tobacco Group PLC		GB		18,800		625,899
Japan Tobacco, Inc.		JP		232		895,537
						1,727,538
TRADING COMPANIES & DISTRIBUTORS – 2.3%
Marubeni Corp.		JP		29,000		192,728
Mitsubishi Corp.		JP		24,500		611,957
Mitsui & Co., Ltd.		JP		26,000		449,543
Rexel SA		FR		18,893		468,044
Sumitomo Corp.		JP		18,900		257,121
						1,979,393

See Notes to Financial Statements.

101

SC ^SM ALLIANCEBERNSTEIN INTERNATIONAL VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**		Shares		Value
WIRELESS TELECOMMUNICATION SERVICES – 1.6%
Vodafone Group PLC		GB		538,800	$	1,428,704
Total Common Stocks (Cost $79,403,858)						85,930,633
EQUITY LINKED SECURITIES – 0.4%
COMMERCIAL BANKS – 0.1%
Hana Financial Group, Inc. (Deutsche Bank AG), expires 11/18/19* (1)		DE		3,400		118,784
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.2%
AU Optronics Corp., (Credit Suisse Group AG), expires 2/17/12* (1)		CH		19,947		13,604
LG Electronics, Inc., (Deutsche Bank AG), expires 5/21/18* (1)		DE		1,400		108,706
						122,310

	Country Code**		Shares		Value
METALS & MINING – 0.1%
Tata Steel Ltd., (Merrill Lynch & Co., Inc.), expires 12/23/14* (1)				7,300	$	99,660
Total Equity Linked Securities (Cost $338,674)						340,754
PREFERRED STOCKS – 0.3%
AUTOMOBILES – 0.3%
Volkswagen AG (Cost $176,760)		DE		1,100		227,475
SHORT TERM INVESTMENTS – 2.3%
MUTUAL FUNDS – 2.3%
AllianceBernstein Government Short Term Investment Fund (Cost $2,066,246)				2,066,246		2,066,246
TOTAL INVESTMENTS – 101.1%
(Cost $81,985,538)						88,565,108
Liabilities in excess of other assets – (1.1)%						(959,002	)
NET ASSETS – 100.0%					$	87,606,106

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
NVDR	Non-Voting Depository 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
IN	India
IT	Italy

JE	Jersey
JP	Japan
KR	Korea, Republic of
KY	Cayman Islands
NL	Netherlands
NO	Norway
PL	Poland
PT	Portugal
RU	Russia
SE	Sweden
SG	Singapore
TH	Thailand
TR	Turkey
TW	Taiwan, Province of China

See Notes to Financial Statements.

102

SC SM ALLIANCEBERNSTEIN INTERNATIONAL VALUE FUND PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2011 (Unaudited)	Sun Capital Advisers Trust

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.

Japan	22.9	%
Great Britain	21.2
France	10.1
Germany	9.4
Switzerland	6.3
Australia	5.5
Canada	3.7
Netherlands	3.7
Italy	2.9
Spain	2.8
United States	2.5
Other (individually less than 2%)	10.1

* 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 $447,341, representing 0.5% of net assets.

(2) At the period end, cash of $27,247 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	DJ Euro Stoxx 50 Index September Futures	9/16/11		9		360,364		371,702		11,338

(3) 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) ($)
State Street Bank and Trust Co.	CAD	1,105,000		USD	1,139,434		8/15/11		(5,141	)
State Street Bank and Trust Co.	CAD	1,651,000		USD	1,700,064		8/15/11		(10,065	)
State Street Bank and Trust Co.	JPY	161,928,000		USD	1,948,827		8/15/11		(63,085	)
State Street Bank and Trust Co.	USD	1,177,525		JPY	95,827,000		8/15/11		13,100
State Street Bank and Trust Co.	USD	820,947		JPY	66,101,000		8/15/11		340
Net unrealized depreciation									(64,851	)

CAD	—	Canadian Dollar
JPY	—	Japanese Yen
USD	—	United States Dollar

See Notes to Financial Statements.

103

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

(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
Aerospace & Defense	$	—	$	775,782	$	—	$	775,782
Airlines		—		650,267		—		650,267
Auto Components		589,388		1,962,510		—		2,551,898
Automobiles		—		3,708,337		—		3,708,337
Beverages		—		410,928		—		410,928
Building Products		—		620,220		—		620,220
Capital Markets		—		1,312,472		—		1,312,472
Chemicals		360,028		3,455,299		—		3,815,327
Commercial Banks		658,247		12,205,785		—		12,864,032
Commercial Services & Supplies		—		268,831		—		268,831
Communications Equipment		—		504,994		—		504,994
Computers & Peripherals		—		911,087		—		911,087
Construction & Engineering		—		900,613		—		900,613
Containers & Packaging		—		245,980		—		245,980
Distributors		—		294,794		—		294,794
Diversified Financial Services		—		1,876,936		—		1,876,936
Diversified Telecommunication Services		—		3,555,675		—		3,555,675
Electric Utilities		—		2,685,129		—		2,685,129
Electrical Equipment		—		1,218,204		—		1,218,204
Electronic Equipment, Instruments & Components		158,918		243,335		—		402,253
Energy Equipment & Services		298,699		202,381		—		501,080
Food & Staples Retailing		—		1,100,434		—		1,100,434
Food Products		—		2,171,087		—		2,171,087
Gas Utilities		—		824,079		—		824,079
Health Care Equipment & Supplies		—		251,842		—		251,842
Health Care Providers & Services		—		297,806		—		297,806
Hotels, Restaurants & Leisure		—		384,518		—		384,518
Household Durables		—		1,269,931		—		1,269,931
Industrial Conglomerates		—		1,673,760		—		1,673,760
Insurance		33,554		3,878,295		—		3,911,849
Leisure Equipment & Products		—		127,596		—		127,596
Media		—		1,001,813		—		1,001,813
Metals & Mining		379,750		6,926,502		—		7,306,252
Multi-Line Retail		—		267,158		—		267,158
Multi-Utilities		—		658,891		—		658,891
Office Electronics		—		246,398		—		246,398
Oil, Gas & Consumable Fuels		1,680,638		6,865,755		—		8,546,393
Paper & Forest Products		—		846,720		—		846,720

See Notes to Financial Statements.

104

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) 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
Pharmaceuticals	$	—	$	6,901,059		$	—	$	6,901,059
Real Estate Management & Development		—		944,384			—		944,384
Road & Rail		—		1,040,523			—		1,040,523
Semiconductors & Semiconductor Equipment		123,516		395,783			—		519,299
Specialty Retail		—		428,367			—		428,367
Tobacco		—		1,727,538			—		1,727,538
Trading Companies & Distributors		—		1,979,393			—		1,979,393
Wireless Telecommunication Services		—		1,428,704			—		1,428,704
Total Common Stocks		4,282,738		81,647,895			—		85,930,633
Equity Linked Securities (a)		—		340,754			—		340,754
Preferred Stocks (a)		—		227,475			—		227,475
Short Term Investments
Mutual Funds		2,066,246		—			—		2,066,246
Total Investments		6,348,984		82,216,124			—		88,565,108
Financial Derivative Instruments
Futures Contracts		—		11,338			—		11,338
Forward Foreign Currency Exchange Contracts		—		13,440			—		13,440
Total Financial Derivative Instruments	$	—	$	24,778		$	—	$	24,778
Liabilities
Financial Derivative Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(78,291	)	$	—	$	(78,291	)
Total Financial Derivative Instruments	$	—	$	(78,291	)	$	—	$	(78,291	)

† 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.

105

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PORTFOLIO OF INVESTMENTS June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**		Shares		Value
COMMON STOCKS – 97.9%
AEROSPACE & DEFENSE – 0.6%
BAE Systems PLC		GB		20,653	$	105,654
Cobham PLC		GB		6,926		23,506
Elbit Systems Ltd.		IL		153		7,274
European Aeronautic Defense and Space Co., NV		NL		2,465		82,497
Finmeccanica SpA		IT		2,341		28,325
Rolls-Royce Holdings PLC*		GB		11,075		114,691
Safran SA		FR		991		42,287
Singapore Technologies Engineering Ltd.		SG		9,000		22,100
Thales SA		FR		563		24,247
						450,581
AIR FREIGHT & LOGISTICS – 0.3%
Deutsche Post AG		DE		5,141		98,834
PostNL NV		NL		1,964		16,642
TNT Express NV*		NL		2,162		22,423
Toll Holdings Ltd.		AU		3,741		19,516
Yamato Holdings Co., Ltd.		JP		2,300		36,181
						193,596
AIRLINES – 0.2%
Air France-KLM*		FR		787		12,087
All Nippon Airways Co., Ltd.		JP		5,000		16,310
Cathay Pacific Airways Ltd.		HK		7,000		16,248
Deutsche Luftansa AG		DE		1,352		29,448
International Consolidated Airlines Group SA*		ES		5,615		22,791
Qantas Airways Ltd.*		AU		6,464		12,825
Ryanair Holdings PLC ADR		IE		303		8,890
Singapore Airlines Ltd.		SG		3,000		34,781
						153,380
AUTO COMPONENTS – 0.8%
Aisin Seiki Co., Ltd.		JP		1,200		46,435
Bridgestone Corp.		JP		4,000		92,162
Compagnie Generale Des Etablissements Michelin		FR		1,070		104,796
Continental AG*		DE		464		48,895
Denso Corp.		JP		2,900		107,858
Koito Manufacturing Co., Ltd.		JP		1,000		17,475

	Country Code**		Shares		Value
NGK Spark Plug Co., Ltd.		JP		1,000	$	13,817
NHK Spring Co., Ltd.		JP		1,000		10,226
NOK Corp.		JP		600		10,283
Nokian Renkaat OYJ		FI		648		32,538
Pirelli & C. SpA		IT		1,386		14,988
Stanley Electric Co., Ltd.		JP		800		14,044
Sumitomo Rubber Industries Ltd.		JP		1,000		12,101
Toyoda Gosei Co., Ltd.		JP		400		9,084
Toyota Boshoku Corp.		JP		400		6,646
Toyota Industries Corp.		JP		1,100		36,317
						577,665
AUTOMOBILES – 3.2%
Bayerische Motoren Werke AG		DE		1,983		198,020
Daihatsu Motor Co., Ltd.		JP		1,000		17,019
Daimler AG		DE		5,423		408,957
Fiat SpA		IT		4,497		49,413
Fuji Heavy Industries Ltd.		JP		4,000		31,084
Honda Motor Co., Ltd.		JP		9,800		377,564
Isuzu Motors Ltd.		JP		7,000		33,138
Mazda Motor Corp.*		JP		9,000		23,717
Mitsubishi Motors Corp.*		JP		23,000		28,060
Nissan Motor Co., Ltd.		JP		14,800		155,536
Peugeot SA		FR		903		40,510
Renault SA		FR		1,169		69,357
Suzuki Motor Corp.		JP		2,000		45,083
Toyota Motor Corp.		JP		16,500		679,457
Volkswagen AG		DE		176		32,375
Yamaha Motor Co., Ltd.*		JP		1,600		29,388
						2,218,678
BEVERAGES – 2.0%
Anheuser-Busch Inbev NV		BE		4,805		278,870
Asahi Breweries Ltd.		JP		2,400		48,344
Carlsberg A/S, Class B		DK		631		68,705
Coca-Cola Amatil Ltd.		AU		3,368		41,325
Coca-Cola Hellenic Bottling Co. SA*		GR		1,059		28,446
Coca-Cola West Co., Ltd.		JP		400		7,664
Diageo PLC		GB		14,992		306,720
Foster’s Group Ltd.		AU		11,383		62,875

See Notes to Financial Statements.

106

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**		Shares		Value
Heineken Holding NV		NL		661	$	33,839
Heineken NV		NL		1,574		94,734
Kirin Holdings Co., Ltd.		JP		5,000		69,705
Pernod-Ricard SA		FR		1,196		117,957
SABMiller PLC		GB		5,700		208,053
						1,367,237
BIOTECHNOLOGY – 0.2%
Actelion Ltd.*		CH		639		31,531
CSL Ltd.		AU		3,281		116,626
Grifols SA		ES		806		16,169
						164,326
BUILDING PRODUCTS – 0.6%
Asahi Glass Co., Ltd.		JP		6,000		70,214
Assa Abloy AB		SE		1,822		48,972
Compagnie de Saint-Gobain		FR		2,390		154,915
Daikin Industries Ltd.		JP		1,400		49,625
Geberit AG*		CH		227		53,853
JS Group Corp.		JP		1,600		41,269
Nippon Sheet Glass Co., Ltd.		JP		5,000		15,546
TOTO Ltd.		JP		2,000		15,566
						449,960
CAPITAL MARKETS – 2.1%
3i Group PLC		GB		5,742		25,930
Credit Suisse Group AG*		CH		6,747		262,946
Daiwa Securities Group, Inc.		JP		10,000		44,059
Deutsche Bank AG		DE		5,565		328,449
GAM Holding AG*		CH		1,155		19,004
ICAP PLC		GB		3,315		25,142
Investec PLC		GB		2,747		22,297
Julius Baer Group, Ltd.*		CH		1,273		52,585
Macquarie Group Ltd.		AU		2,036		68,685
Man Group PLC		GB		11,101		42,226
Mediobanca SpA		IT		3,001		30,391
Mizuho Securities Co., Ltd.*		JP		3,000		7,230
Nomura Holdings, Inc.		JP		21,000		103,629
Ratos AB		SE		1,112		21,374
SBI Holdings, Inc.		JP		117		10,873
Schroders PLC		GB		646		16,039
UBS AG*		CH		21,790		397,658
						1,478,517

	Country Code**		Shares		Value
CHEMICALS – 3.7%
Air Liquide SA		FR		1,702	$	243,832
Air Water, Inc.		JP		1,000		12,047
Akzo Nobel NV		NL		1,366		86,305
Arkema SA		FR		321		33,015
Asahi Kasei Corp.		JP		8,000		53,912
BASF SE		DE		5,500		539,117
Daicel Chemical Industries Ltd.		JP		2,000		13,213
Denki Kagaku Kogyo KK		JP		3,000		14,463
Givaudan SA*		CH		49		51,835
Hitachi Chemical Co., Ltd.		JP		600		11,904
Incitec Pivot Ltd.		AU		9,632		40,115
Israel Chemicals Ltd.		IL		2,633		42,018
Johnson Matthey PLC		GB		1,282		40,484
JSR Corp.		JP		1,000		19,383
K+S AG		DE		1,041		79,937
Kaneka Corp.		JP		2,000		13,141
Kansai Paint Co., Ltd.		JP		1,000		9,111
Koninklijke DSM NV		NL		942		61,132
Kuraray Co., Ltd.		JP		2,000		29,300
Lanxess AG		DE		496		40,686
Linde AG		DE		1,013		177,727
Makhteshim-Agan Industries Ltd.*		IL		1,491		8,331
Mitsubishi Chemical Holdings Corp.		JP		8,000		56,689
Mitsubishi Gas Chemical Co., Inc.		JP		2,000		14,653
Mitsui Chemicals, Inc.		JP		5,000		18,219
Nitto Denko Corp.		JP		1,000		50,811
Novozymes A/S, Class B		DK		273		44,482
Orica Ltd.		AU		2,222		64,419
Shin-Etsu Chemical Co., Ltd.		JP		2,500		134,004
Showa Denko KK		JP		9,000		18,643
Sika AG		CH		12		28,967
Solvay SA		BE		348		53,730
Sumitomo Chemical Co., Ltd.		JP		10,000		49,931
Syngenta AG*		CH		567		191,618
Taiyo Nippon Sanso Corp.		JP		2,000		15,928
Teijin Ltd.		JP		6,000		26,447
The Israel Corporation Ltd.		IL		13		14,213
Toray Industries Inc.		JP		9,000		66,458

See Notes to Financial Statements.

107

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**		Shares		Value
Tosoh Corp.		JP		3,000	$	12,047
Ube Industries Ltd.		JP		6,000		18,064
Umicore		BE		686		37,416
Wacker Chemie AG		DE		87		18,792
Yara International ASA		NO		1,115		62,647
						2,619,186
COMMERCIAL BANKS – 12.2%
Alpha Bank AE*		GR		3,104		15,631
Aozora Bank Ltd.		JP		3,000		6,954
Australia & New Zealand Banking Group Ltd.		AU		15,544		368,468
Banca Carige SpA		IT		3,775		8,549
Banca Monte dei Paschi di Siena SpA		IT		25,036		18,950
Banco Bilbao Vizcaya Argentaria SA		ES		25,544		299,855
Banco Comercial Portugues, SA*		PT		17,390		10,344
Banco De Sabadell SA		ES		6,450		26,607
Banco Espirito Santo SA		PT		3,060		11,408
Banco Popolare SC		IT		10,248		23,601
Banco Popular Espanol SA		ES		5,570		31,340
Banco Santander SA		ES		50,538		582,205
Bank Hapoalim BM*		IL		6,264		31,311
Bank Leumi Le-Israel		IL		7,345		34,730
Bank of Cyprus Public Co., Ltd.		CY		4,950		14,595
Bankinter SA		ES		1,360		9,226
Barclays PLC		GB		66,779		273,951
Bendigo and Adelaide Bank Ltd.		AU		2,031		19,368
BNP Paribas		FR		5,742		442,760
BOC Hong Kong Holdings Ltd.		HK		23,000		66,850
Chuo Mitsui Trust Holdings, Inc.		JP		18,000		62,653
Commerzbank AG*		DE		21,105		90,903
Commonwealth Bank of Australia		AU		9,275		522,370
Credit Agricole SA		FR		5,801		87,150
Danske Bank A/S*		DK		3,961		73,310
DBS Group Holdings Ltd.		SG		10,000		119,623
Dexia SA*		BE		3,384		10,537
DnB NOR ASA		NO		5,775		80,454
EFG Eurobank Ergasias SA*		GR		1,985		9,311

	Country Code**		Shares		Value
Erste Group Bank AG		AT		1,163	$	60,910
Fukuoka Financial Group, Inc.		JP		5,000		20,898
Hang Seng Bank Ltd.		HK		4,600		73,583
Hokuhoku Financial Group, Inc.		JP		7,000		13,866
HSBC Holdings PLC		GB		106,025		1,051,210
Intesa Sanpaolo		IT		60,730		161,710
Intesa Sanpaolo RSP		IT		5,436		11,718
Israel Discount Bank, Class A*		IL		4,761		9,386
KBC GROEP NV		BE		967		37,944
Lloyds Banking Group PLC*		GB		244,537		192,165
Mitsubishi UFJ Financial Group, Inc.		JP		76,300		371,835
Mizrahi Tefahot Bank Ltd.		IL		788		8,387
Mizuho Financial Group, Inc.		JP		122,900		202,002
Mizuho Trust & Banking Co., Ltd.		JP		9,000		7,974
National Australia Bank, Ltd.		AU		12,990		359,140
National Bank of Greece SA*		GR		5,525		39,730
Natixis		FR		5,031		25,243
Nordea Bank AB		SE		15,792		169,606
Oversea-Chinese Banking Corp., Ltd.		SG		15,000		114,575
Raiffeisen Bank International AG		AT		285		14,681
Resona Holdings, Inc.		JP		11,000		51,753
Royal Bank of Scotland Group PLC*		GB		107,197		66,308
Seven Bank Ltd.		JP		3		5,995
Shinsei Bank Ltd.		JP		8,000		8,002
Skandinaviska Enskilda Banken AB, Class A		SE		8,585		70,195
Societe Generale		FR		3,799		225,000
Standard Chartered PLC		GB		14,060		369,323
Sumitomo Mitsui Financial Group, Inc.		JP		8,000		246,677
Suruga Bank Ltd.		JP		1,000		8,718
Svenska Handelsbanken AB		SE		2,950		90,956
Swedbank AB, Class A		SE		4,895		82,314

See Notes to Financial Statements.

108

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**		Shares		Value
The Bank of East Asia Ltd.		HK		9,000	$	37,169
The Bank of Kyoto Ltd.		JP		2,000		18,415
The Bank of Yokohama Ltd.		JP		8,000		39,992
The Chiba Bank Ltd.		JP		5,000		31,291
The Chugoku Bank Ltd.		JP		1,000		12,372
The Gunma Bank Ltd.		JP		3,000		15,856
The Hachijuni Bank Ltd.		JP		3,000		16,857
The Hiroshima Bank Ltd.		JP		3,000		13,092
The Iyo Bank Ltd.		JP		1,000		9,206
The Joyo Bank Ltd.		JP		4,000		16,805
The Nishi-Nippon City Bank Ltd.		JP		4,000		11,815
The Shizuoka Bank Ltd.		JP		4,000		36,780
UniCredit SpA		IT		80,838		171,111
Unione Di Banche Italiane SCPA		IT		4,747		26,720
United Overseas Bank Ltd.		SG		7,000		112,386
Westpac Banking Corp.		AU		18,015		432,212
Wing Hang Bank Ltd.		HK		1,000		10,986
Yamaguchi Financial Group, Inc.		JP		2,000		18,659
						8,556,542
COMMERCIAL SERVICES & SUPPLIES – 0.6%
Aggreko PLC		GB		1,594		49,386
Babcock International Group PLC		GB		2,037		23,294
Brambles Ltd.		AU		8,888		69,106
Dai Nippon Printing Co., Ltd.		JP		3,000		33,811
Edenred		FR		942		28,722
G4S PLC		GB		8,732		39,253
Secom Co., Ltd.		JP		1,300		62,330
Securitas AB		SE		1,739		18,412
Serco Group PLC		GB		2,906		25,778
Societe BIC SA		FR		168		16,229
Toppan Printing Co., Ltd.		JP		3,000		23,276
						389,597
COMMUNICATIONS EQUIPMENT – 0.7%
Alcatel-lucent*		FR		13,698		79,046
Nokia OYJ		FI		22,498		145,128
Telefonaktiebolaget LM Ericsson		SE		18,031		259,565
						483,739

	Country Code**		Shares		Value
COMPUTERS & PERIPHERALS – 0.3%
Fujitsu Ltd.		JP		11,000	$	62,875
NEC Corp.*		JP		15,000		34,254
Seiko Epson Corp.		JP		800		13,867
Toshiba Corp.		JP		24,000		126,536
						237,532
CONSTRUCTION & ENGINEERING – 0.8%
Acs Actividades De Construccion Y Servicios SA		ES		849		40,071
Balfour Beatty PLC		GB		3,810		18,890
Bouygues SA		FR		1,453		63,894
Chiyoda Corp.		JP		1,000		11,527
Eiffage SA		FR		236		15,600
Ferrovial SA		ES		2,128		26,888
Fomento de Construcciones y Contratas SA		ES		313		9,549
Hochtief AG		DE		246		20,556
JGC Corp.		JP		1,000		27,397
Kajima Corp.		JP		5,000		14,345
Kinden Corp.		JP		1,000		8,556
Koninklijke Boskalis Westminster NV		NL		395		18,690
Leighton Holdings Ltd.		AU		835		18,836
Obayashi Corp.		JP		4,000		17,471
Shimizu Corp.		JP		4,000		16,670
Skanska AB, Class B		SE		2,336		41,875
Taisei Corp.		JP		6,000		13,769
Vinci SA		FR		2,663		170,905
						555,489
CONSTRUCTION MATERIALS – 0.6%
Boral Ltd.		AU		4,023		19,074
Cimpor Cimentos de Portugal SGPS SA		PT		1,234		9,421
CRH PLC		IE		4,301		95,876
Fletcher Building Ltd.		NZ		3,999		28,615
HeidelbergCement AG		DE		860		55,002
Holcim Ltd.*		CH		1,451		109,732
Imerys SA		FR		210		14,773
James Hardie Industries SE CDI*		IE		2,541		16,099
Lafarge SA		FR		1,214		77,355
						425,947
CONSUMER FINANCE – 0.0% +
Aeon Credit Service Co., Ltd.		JP		400		5,479
Credit Saison Co., Ltd.		JP		900		15,150
						20,629

See Notes to Financial Statements.

109

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**		Shares		Value
CONTAINERS & PACKAGING – 0.1%
Amcor Ltd.		AU		7,135	$	55,289
Rexam PLC		GB		5,036		30,961
Toyo Seikan Kaisha Ltd.		JP		900		15,153
						101,403
DISTRIBUTORS – 0.1%
Jardine Cycle & Carriage Ltd.		SG		1,000		35,089
Li & Fung Ltd.		BM		34,000		67,956
						103,045
DIVERSIFIED CONSUMER SERVICES – 0.0%+
Benesse Holdings, Inc.		JP		400		17,185
DIVERSIFIED FINANCIAL SERVICES – 1.3%
ASX Ltd.		AU		1,007		32,993
CaixaBank		ES		5,000		34,817
Deutsche Boerse AG		DE		1,152		87,471
Eurazeo		FR		176		12,835
Exor SpA		IT		399		12,479
Groupe Bruxelles Lambert SA		BE		474		42,108
Hong Kong Exchanges and Clearing Ltd.		HK		6,200		130,633
Industrivarden AB		SE		686		11,351
ING Groep NV – CVA*		NL		22,933		282,615
Investor AB		SE		2,769		63,502
Kinnevik Investment AB, Class B		SE		1,193		26,499
London Stock Exchange Group PLC		GB		869		14,805
Mitsubishi UFJ Lease & Finance Co., Ltd.		JP		340		13,158
Orix Corp.		JP		630		61,281
Pargesa Holding SA		CH		157		14,551
Pohjola Bank PLC		FI		811		10,491
Singapore Exchange Ltd.		SG		5,000		30,725
						882,314
DIVERSIFIED TELECOMMUNICATION SERVICES – 3.4%
Belgacom SA		BE		949		33,815
Bezeq Israeli Telecommunication Corp Ltd.		IL		10,141		25,674
BT Group PLC		GB		46,565		150,983
Deutsche Telekom AG		DE		16,818		262,430
Elisa OYJ		FI		856		18,423

	Country Code**		Shares		Value
France Telecom SA		FR		11,101	$	236,046
Hellenic Telecommunications Organization SA		GR		1,430		13,342
Iliad SA		FR		111		14,896
Inmarsat PLC		GB		2,636		23,552
Koninklijke KPN NV		NL		9,478		137,857
Nippon Telegraph & Telephone Corp.		JP		2,900		139,872
PCCW Ltd.		HK		24,000		10,387
Portugal Telecom SGPS SA		PT		3,903		38,369
Singapore Telecommunications Ltd.		SG		49,000		125,855
Swisscom AG		CH		142		65,098
TDC A/S*		DK		2,159		19,704
Tele2 AB, Class B		SE		1,868		36,871
Telecom Corp. of New Zealand Ltd.		NZ		10,903		22,222
Telecom Italia SpA		IT		55,368		77,016
Telecom Italia SpA RSP		IT		35,210		40,963
Telefonica SA		ES		24,595		600,702
Telekom Austria AG		AT		1,946		24,834
Telenor ASA		NO		4,517		73,922
TeliaSonera AB		SE		12,833		94,137
Telstra Corp., Ltd.		AU		26,263		81,609
						2,368,579
ELECTRIC UTILITIES – 2.5%
Acciona S.A		ES		148		15,713
Cheung Kong Infrastructure Holdings Ltd.		BM		3,000		15,569
Chubu Electric Power Co., Inc.		JP		4,200		82,021
CLP Holdings Ltd.		HK		11,500		102,091
Contact Energy Ltd.*		NZ		2,068		9,189
E.ON AG		DE		10,783		306,500
EDP – Energias de Portugal SA		PT		11,210		39,783
Electricite de France		FR		1,476		57,866
Enel SpA		IT		39,410		257,512
Fortum OYJ		FI		2,608		75,620
Hokkaido Electric Power Co.		JP		1,100		18,297
Hokuriku Electric Power Co.		JP		1,000		19,083
Hongkong Electric Holdings Ltd.		HK		8,500		64,096

See Notes to Financial Statements.

110

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**		Shares		Value
Iberdrola SA		ES		22,658	$	201,584
Kyushu Electric Power Co., Inc.		JP		2,500		45,014
Public Power Corp. SA		GR		700		10,037
Red Electrica Corp. SA		ES		646		38,970
Scottish & Southern Energy PLC		GB		5,577		124,733
Shikoku Electric Power Co., Inc.		JP		1,100		24,980
SP Ausnet		AU		8,617		8,740
Terna Rete Elettrica Nazionale SpA		IT		6,900		32,082
The Chugoku Electric Power Co., Inc.		JP		1,700		29,435
The Kansai Electric Power Co., Inc.		JP		4,600		91,603
The Tokyo Electric Power Co., Inc.		JP		9,000		36,433
Tohoku Electric Power Co., Inc.		JP		2,600		37,520
Verbund AG		AT		410		17,850
						1,762,321
ELECTRICAL EQUIPMENT – 1.6%
ABB Ltd.*		CH		13,125		341,018
Alstom SA		FR		1,246		76,747
Bekaert NV		BE		216		16,448
Fuji Electric Holdings Co., Ltd.		JP		3,000		9,372
Furukawa Electric Co., Ltd.		JP		4,000		16,700
GS Yuasa Corp.		JP		2,000		13,348
Legrand SA		FR		1,146		48,238
Mabuchi Motor Co., Ltd.		JP		200		10,094
Mitsubishi Electric Corp.		JP		12,000		139,393
Nidec Corp.		JP		700		65,352
Prysmian SpA		IT		1,186		23,874
Schneider Electric SA		FR		1,466		244,781
Sumitomo Electric Industries Ltd.		JP		4,700		68,552
Ushio, Inc.		JP		600		11,863
Vestas Wind Systems A/S*		DK		1,196		27,764
						1,113,544
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 1.1%
Citizen Holdings Co., Ltd.		JP		1,600		9,578

	Country Code**		Shares		Value
Foxconn International Holdings Ltd.*		KY		14,000	$	6,195
FUJIFILM Holdings Corp.		JP		2,900		90,448
Hamamatsu Photonics KK		JP		400		17,295
Hirose Electric Co., Ltd.		JP		200		20,502
Hitachi High-Technologies Corp.		JP		400		8,764
Hitachi Ltd.		JP		27,000		160,245
Hoya Corp.		JP		2,600		57,560
Ibiden Co., Ltd.		JP		700		21,916
Keyence Corp.		JP		200		56,786
Kyocera Corp.		JP		900		91,636
Murata Manufacturing Co., Ltd.		JP		1,200		80,230
Nippon Electric Glass Co., Ltd.		JP		2,000		25,662
Omron Corp.		JP		1,200		33,370
Shimadzu Corp.		JP		1,000		9,159
TDK Corp.		JP		800		44,129
Yaskawa Electric Corp.		JP		1,000		11,227
Yokogawa Electric Corp.*		JP		1,300		11,095
						755,797
ENERGY EQUIPMENT & SERVICES – 0.9%
Aker Solutions ASA		NO		924		18,461
Amec PLC		GB		2,001		34,965
Compagnie Generale de Geophysique-Veritas*		FR		825		30,236
Fugro NV		NL		430		30,972
Petrofac Ltd.		JE		1,543		37,521
Saipem SpA		IT		1,565		80,817
SBM Offshore NV		NL		1,001		26,467
Seadrill Ltd.		BM		1,892		66,520
Subsea 7 SA*		LU		1,652		42,254
Technip SA		FR		603		64,636
Tenaris SA		LU		2,779		63,525
Transocean Ltd.		CH		1,887		123,191
Worleyparsons Ltd.		AU		1,149		34,984
						654,549
FOOD & STAPLES RETAILING – 2.2%
Aeon Co., Ltd.		JP		3,600		43,453
Carrefour SA		FR		3,480		143,061
Casino Guichard-Perrachon SA		FR		316		29,783
Colruyt SA		BE		481		24,065

See Notes to Financial Statements.

111

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**		Shares		Value
Delhaize Group		BE		589	$	44,196
FamilyMart Co., Ltd.		JP		400		14,687
J Sainsbury PLC		GB		7,238		38,342
Jeronimo Martins SGPS SA		PT		1,268		24,353
Kesko OYJ, Class B		FI		377		17,533
Koninklijke Ahold NV		NL		7,172		96,429
Lawson, Inc.		JP		400		20,984
Metcash Ltd.		AU		4,345		19,391
Metro AG		DE		755		45,721
Olam International Ltd.		SG		9,000		20,007
Seven & I Holdings Co., Ltd.		JP		4,600		123,712
Tesco PLC		GB		48,178		311,277
Wesfarmers Ltd.		AU		6,018		206,248
Wesfarmers Ltd. PPS		AU		877		30,413
William Morrison Supermarkets PLC		GB		13,753		65,780
Woolworths Ltd.		AU		7,262		216,674
						1,536,109
FOOD PRODUCTS – 3.6%
Ajinomoto Co., Inc.		JP		4,000		47,487
Aryzta AG		CH		479		25,726
Associated British Foods PLC		GB		2,212		38,484
Golden Agri-resources Ltd.		MU		41,000		22,778
Groupe Danone		FR		3,491		260,614
Kerry Group PLC, Class A		IE		804		33,328
Kikkoman Corp.		JP		1,000		10,539
Lindt & Spruengli AG		CH		6		52,102
MEIJI Holdings Co., Ltd.		JP		400		16,865
Nestle SA		CH		20,748		1,291,117
Nippon Meat Packers, Inc.		JP		1,000		14,345
Nisshin Seifun Group Inc.		JP		1,000		12,499
Nissin Foods Holdings Co., Ltd.		JP		400		14,571
Parmalat SpA*		IT		7,047		26,509
Suedzucker AG		DE		386		13,744
Toyo Suisan Kaisha Ltd.		JP		1,000		23,658
Unilever NV		NL		9,753		320,100
Unilever PLC		GB		7,684		247,932
Wilmar International Ltd.		SG		12,000		53,088
Yakult Honsha Co., Ltd.		JP		600		17,356
Yamazaki Baking Co., Ltd.		JP		1,000		13,389
						2,556,231

	Country Code**		Shares		Value
GAS UTILITIES – 0.5%
Enagas		ES		1,005	$	24,335
Gas Natural SDG SA		ES		1,997		41,828
Hong Kong & China Gas Co., Ltd.		HK		29,500		67,110
Osaka Gas Co., Ltd.		JP		12,000		45,517
Snam Rete Gas SpA		IT		9,851		58,308
Toho Gas Co., Ltd.		JP		3,000		16,235
Tokyo Gas Co., Ltd.		JP		15,000		67,700
						321,033
HEALTH CARE EQUIPMENT & SUPPLIES – 0.7%
Cochlear Ltd.		AU		336		26,005
Coloplast A/S, Class B		DK		129		19,617
Essilor International SA		FR		1,223		99,233
Getinge AB, Class B		SE		1,163		31,275
Olympus Corp.		JP		1,300		43,865
Smith & Nephew PLC		GB		5,288		56,670
Sonova Holding AG*		CH		285		26,610
Straumann Holding AG		CH		46		11,093
Synthes, Inc. (1)				397		69,916
Sysmex Corp.		JP		400		15,045
Terumo Corp.		JP		1,000		54,134
William Demant Holding A/S*		DK		136		12,282
						465,745
HEALTH CARE PROVIDERS & SERVICES – 0.4%
Alfresa Holdings Corp.		JP		200		7,773
Celesio AG		DE		496		9,904
Fresenius Medical Care AG & Co.		DE		1,182		88,407
Fresenius SE		DE		690		72,023
Medipal Holdings Corp.		JP		900		7,977
Miraca Holdings, Inc.		JP		300		12,155
Ramsay Health Care Ltd.		AU		765		14,945
Sonic Healthcare Ltd.		AU		2,328		32,216
Suzuken Co., Ltd.		JP		400		9,228
						254,628
HOTELS, RESTAURANTS & LEISURE – 0.9%
Accor SA		FR		912		40,801
Autogrill SpA		IT		707		9,284
Carnival PLC		GB		1,071		41,499
Compass Group PLC		GB		11,185		107,847
Crown Ltd.		AU		2,566		24,666
Echo Entertainment Group, Ltd.*		AU		3,926		17,307
Galaxy Entertainment Group Ltd.*		HK		7,000		14,985

See Notes to Financial Statements.

112

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**		Shares		Value
Genting Singapore PLC*		IM		37,000	$	58,335
Intercontinental Hotels Group PLC		GB		1,662		34,023
McDonald’s Holdings Co. Japan Ltd.		JP		400		10,170
OPAP SA		GR		1,300		20,303
Oriental Land Co., Ltd.		JP		300		25,448
Sands China Ltd.*		KY		14,000		37,767
Shangri-La Asia Ltd.		BM		8,500		20,911
SJM Holdings Ltd.		HK		10,000		23,866
Sky City Entertainment Group Ltd.		NZ		3,428		10,303
Sodexo		FR		560		43,867
Tabcorp Holdings Ltd.		AU		3,926		13,889
Tatts Group Ltd.		AU		7,381		19,057
Tui AG*		DE		881		9,576
Tui Travel PLC		GB		2,677		9,635
Whitbread PLC		GB		1,027		26,628
Wynn Macau Ltd.		KY		8,800		28,875
						649,042
HOUSEHOLD DURABLES – 0.7%
Casio Computer Co., Ltd.		JP		1,400		9,880
Electrolux AB, Series B		SE		1,427		34,129
Husqvarna AB		SE		2,597		17,207
Panosonic Corp.		JP		13,300		162,649
Rinnai Corp.		JP		200		14,443
Sekisui Chemical Co., Ltd.		JP		3,000		25,632
Sekisui House Ltd.		JP		3,000		27,933
Sharp Corp.		JP		6,000		54,756
Sony Corp.		JP		6,100		160,950
						507,579
HOUSEHOLD PRODUCTS – 0.4%
Henkel AG & Co. KGaA		DE		767		44,019
Reckitt Benckiser Group PLC		GB		3,695		204,082
Unicharm Corp.		JP		700		30,583
						278,684
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS – 0.2%
EDP Renovaveis SA*		ES		1,344		8,866
Electric Power Development Co., Ltd.		JP		700		18,921

	Country Code**		Shares		Value
Enel Green Power SPA		IT		10,170	$	28,049
Iberdrola Renovables SA		ES		4,754		21,000
International Power PLC		GB		8,964		46,297
						123,133
INDUSTRIAL CONGLOMERATES – 1.8%
Delek Group Ltd.		IL		28		6,293
Fraser and Neave Ltd.		SG		6,000		28,349
Hutchison Whampoa Ltd.		HK		13,000		140,854
Keppel Corp Ltd.		SG		8,700		78,715
Koninklijke Philips Electronics NV		NL		5,945		152,787
NWS Holdings Ltd.		BM		8,000		10,725
Orkla ASA		NO		4,535		43,176
SembCorp Industries Ltd.		SG		6,000		24,433
Siemens AG		DE		4,927		677,072
Smiths Group PLC		GB		2,285		44,076
Wendel		FR		191		23,455
						1,229,935
INSURANCE – 4.5%
Admiral Group PLC		GB		1,151		30,694
Aegon NV*		NL		10,195		69,469
Ageas		BE		12,669		34,316
AIA Group Ltd.*		HK		47,200		164,609
Allianz SE		DE		2,718		379,016
AMP Ltd.		AU		16,621		87,408
Assicurazioni Generali SpA		IT		7,014		147,872
Aviva PLC		GB		17,012		119,748
AXA SA		FR		10,418		236,490
Baloise Holding AG		CH		286		29,511
CNP Assurances		FR		825		17,961
Delta Lloyd NV		NL		586		13,919
Gjensidige Forsikring ASA		NO		1,165		14,360
Hannover Rueckversicherung AG		DE		335		17,422
Insurance Australia Group Ltd.		AU		12,237		44,738
Legal & General Group PLC		GB		34,546		65,445
Mapfre SA		ES		4,370		16,214
MS&AD Insurance Group Holdings, Inc.		JP		3,400		79,583

See Notes to Financial Statements.

113

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	Country Code**		Shares		Value
Muenchener Rueckversicherungs AG		DE		1,129	$	172,347
NKSJ Holdings, Inc.		JP		9,000		59,402
Old Mutual PLC		GB		31,924		68,337
Prudential PLC		GB		15,240		175,973
QBE Insurance Group Ltd.		AU		6,374		118,302
Resolution Ltd.		GG		8,647		40,763
Rsa Insurance Group PLC		GB		20,594		44,545
Sampo OYJ, Class A		FI		2,536		81,874
SCOR SE		FR		1,002		28,441
Sony Financial Holdings, Inc.		JP		1,000		18,080
Standard Life PLC		GB		13,395		45,274
Suncorp Group Ltd.		AU		7,539		65,897
Swiss Life Holding AG*		CH		176		28,864
Swiss Re Ltd.*		CH		2,135		119,885
T&D Holdings, Inc.		JP		1,750		41,654
The Dai-ichi Life Insurance Co., Ltd.		JP		54		75,726
Tokio Marine Holdings, Inc.		JP		4,300		120,376
Tryg A/S		DK		157		9,066
Vienna Insurance Group AG Wiener Versicherung Gruppe		AT		224		12,305
Zurich Financial Services AG*		CH		872		220,651
						3,116,537
INTERNET & CATALOG RETAIL – 0.1%
Home Retail Group PLC		GB		4,721		12,411
Rakuten, Inc.		JP		44		45,541
						57,952
INTERNET SOFTWARE & SERVICES – 0.1%
Dena Co., Ltd.		JP		600		25,804
Gree, Inc.*		JP		500		10,930
United Internet AG		DE		682		14,338
Yahoo Japan Corp.		JP		83		28,564
						79,636
IT SERVICES – 0.3%
Amadeus IT Holding SA, Class A*		ES		1,430		29,724
Atos Origin SA		FR		285		16,099

	Country Code**		Shares		Value
Cap Gemini SA		FR		866	$	50,711
Computershare Ltd.		AU		2,680		25,599
Indra Sistemas SA		ES		574		11,840
Itochu Techno-Solutions Corp.		JP		200		7,100
Nomura Research Institute Ltd.		JP		600		13,142
NTT Data Corp.		JP		8		26,587
Otsuka Corp.		JP		100		6,226
						187,028
LEISURE EQUIPMENT & PRODUCTS – 0.2%
Namco Bandai Holdings, Inc.		JP		1,200		14,445
Nikon Corp.		JP		2,000		47,297
Sankyo Co., Ltd.		JP		300		15,500
Sega Sammy Holdings, Inc.		JP		1,200		23,197
Shimano, Inc.		JP		500		27,507
Yamaha Corp.		JP		1,000		11,404
						139,350
LIFE SCIENCES TOOLS & SERVICES – 0.1%
Lonza Group AG*		CH		291		22,798
QIAGEN NV*		NL		1,355		25,984
						48,782
MACHINERY – 3.0%
Alfa Laval AB		SE		2,010		43,348
Amada Co., Ltd.		JP		2,000		15,378
Atlas Copco AB, Shares A		SE		3,978		104,766
Atlas Copco AB, Shares B		SE		2,404		56,713
Cosco Corp. Singapore Ltd.		SG		6,000		9,566
FANUC Corp.		JP		1,100		183,945
Fiat Industrial SPA*		IT		4,550		58,766
GEA Group AG		DE		1,015		36,350
Hexagon AB, Class B		SE		1,576		38,804
Hino Motors Ltd.		JP		2,000		11,679
Hitachi Construction Machinery Co., Ltd.		JP		600		13,451
IHI Corp.		JP		8,000		20,672
Invensys PLC		GB		4,791		24,782
JTEKT Corp.		JP		1,300		19,155
Kawasaki Heavy Industries Ltd.		JP		9,000		35,858
Komatsu Ltd.		JP		5,700		177,972
Kone OYJ, Class B		FI		907		56,981

See Notes to Financial Statements.

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	Country Code**		Shares		Value
Kubota Corp.		JP		7,000	$	62,101
Kurita Water Industries Ltd.		JP		700		20,883
Makita Corp.		JP		700		32,619
Man AG		DE		625		83,250
Metso Corp.		FI		757		43,034
Minebea Co., Ltd.		JP		2,000		10,671
Mitsubishi Heavy Industries, Ltd.		JP		18,000		84,640
Mitsui Engineering & Shipbuilding Co., Ltd.		JP		4,000		8,734
Nabtesco Corp.		JP		600		14,535
NGK Insulators Ltd.		JP		2,000		37,259
NSK Ltd.		JP		3,000		29,950
NTN Corp.		JP		3,000		17,090
Sandvik AB		SE		6,070		106,342
Scania AB, Class A		SE		1,893		43,942
Schindler Holding AG		CH		428		52,043
Sembcorp Marine Ltd.		SG		5,000		21,638
SKF AB, Class B		SE		2,367		68,536
SMC Corp.		JP		300		54,081
Sulzer AG		CH		140		22,827
Sumitomo Heavy Industries Ltd.		JP		3,000		20,940
The Japan Steel Works Ltd.		JP		2,000		13,710
The Weir Group PLC		GB		1,255		42,842
THK Co., Ltd.		JP		700		17,890
Vallourec SA		FR		677		82,537
Volvo AB		SE		8,252		144,462
Wartsila OYJ		FI		974		32,936
Yangzijiang Shipbuilding Holdings Ltd.		SG		12,000		14,317
Zardoya Otis SA		ES		814		11,960
						2,103,955
MARINE – 0.3%
AP Moller – Maersk A/S, Class A		DK		3		24,851
AP Moller – Maersk A/S, Class B		DK		8		69,064
Kawasaki Kisen Kaisha Ltd.		JP		4,000		13,985
Kuehne & Nagel International AG		CH		318		48,312
Mitsui Osk Lines Ltd.		JP		7,000		37,665
Neptune Orient Lines Ltd.		SG		5,000		6,254
Nippon Yusen KK		JP		9,000		33,438
Orient Overseas International Ltd.		BM		1,500		9,727
						243,296

	Country Code**		Shares		Value
MEDIA – 1.5%
Axel Springer AG		DE		213	$	10,532
British Sky Broadcasting Group PLC		GB		6,868		93,241
Dentsu, Inc.		JP		1,100		32,561
Eutelsat Communications		FR		559		25,166
Fairfax Media Ltd.		AU		13,012		13,736
Hakuhodo Dy Holdings, Inc.		JP		150		8,011
ITV PLC*		GB		21,130		24,262
JC Decaux SA*		FR		387		12,419
Jupiter Telecommunications Co., Ltd.		JP		10		11,188
Kabel Deutschland Holding AG*		DE		418		25,749
Lagardere SCA		FR		674		28,522
Mediaset Espana Comunicacion SA		ES		876		7,617
Mediaset SpA		IT		4,190		19,697
Metropole Television SA		FR		309		7,153
Modern Times Group, Class B		SE		277		18,320
Pearson PLC		GB		4,925		93,168
Publicis Groupe SA		FR		742		41,421
Reed Elsevier NV		NL		4,006		53,816
Reed Elsevier PLC		GB		7,159		65,178
Sanoma OYJ		FI		494		9,166
SES SA		LU		1,759		49,413
Singapore Press Holdings Ltd.		SG		8,000		25,424
Societe Television Francaise 1		FR		684		12,477
Toho Co., Ltd.		JP		700		11,623
Vivendi		FR		7,408		206,483
Wolters Kluwer NV		NL		1,787		39,619
WPP PLC		JE		7,653		95,876
						1,041,838
METALS & MINING – 6.4%
Acerinox SA		ES		587		10,704
Alumina Ltd.		AU		14,647		33,546
Anglo American PLC		GB		7,905		392,040
Antofagasta PLC		GB		2,292		51,291
ArcelorMittal		LU		5,147		178,994
BHP Billiton Ltd.		AU		19,230		908,827
BHP Billiton PLC		GB		13,066		513,412
BlueScope Steel Ltd.		AU		11,309		14,717

See Notes to Financial Statements.

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	Country Code**		Shares		Value
Boliden AB		SE		1,724	$	31,840
Daido Steel Co., Ltd.		JP		2,000		13,379
Eramet		FR		32		10,587
Eurasian Natural Resources Corp.		GB		1,428		17,918
Fortescue Metals Group Ltd.		AU		7,247		49,725
Fresnillo PLC		GB		1,077		24,261
Glencore International PLC		JE		4,823		38,007
Hitachi Metals Ltd.		JP		1,000		14,131
Iluka Resources Ltd.		AU		2,431		43,975
JFE Holdings, Inc.		JP		2,900		79,755
Kazakhmys PLC		GB		1,263		27,997
Kobe Steel Ltd.		JP		15,000		34,111
Lonmin PLC		GB		967		22,566
Lynas Corp., Ltd.*		AU		9,826		20,867
Macarthur Coal Ltd.		AU		1,006		11,868
Maruichi Steel Tube Ltd.		JP		300		7,437
Mitsubishi Materials Corp.		JP		7,000		22,055
Newcrest Mining Ltd.		AU		4,581		185,621
Nippon Steel Corp.		JP		31,000		100,569
Nisshin Steel Co., Ltd.		JP		4,000		7,650
Norsk Hydro ASA		NO		5,511		42,187
OneSteel Ltd.		AU		7,302		14,582
Outokumpu OYJ		FI		752		9,965
OZ Minerals Ltd.		AU		1,889		26,880
Randgold Resources Ltd.		JE		536		45,147
Rautaruukki OYJ		FI		491		11,098
Rio Tinto Ltd.		AU		2,609		233,528
Rio Tinto PLC		GB		8,662		625,446
Salzgitter AG		DE		227		17,308
Sims Metal Management Ltd.		AU		930		17,683
SSAB AB, Class A		SE		908		13,565
Sumitomo Metal Industries Ltd.		JP		20,000		44,929
Sumitomo Metal Mining Co., Ltd.		JP		3,000		49,288
ThyssenKrupp AG		DE		2,019		104,902
Vedanta Resources PLC		GB		713		23,968
Voestalpine AG		AT		637		35,134
Xstrata PLC		GB		12,425		273,665
Yamato Kogyo Co., Ltd.		JP		300		9,342
						4,466,467

	Country Code**		Shares		Value
MULTI-LINE RETAIL – 0.4%
Harvey Norman Holdings Ltd.		AU		3,321	$	8,893
Isetan Mitsukoshi Holdings Ltd.		JP		2,100		20,573
J Front Retailing Co., Ltd.		JP		3,000		13,253
Lifestyle International Holdings Ltd.		KY		3,500		10,330
Marks & Spencer Group PLC		GB		9,725		56,375
Marui Group Co., Ltd.		JP		1,400		10,633
Next PLC		GB		1,117		41,733
PPR		FR		461		82,106
Takashimaya Co., Ltd.		JP		2,000		13,798
						257,694
MULTI-UTILITIES – 1.4%
A2A SpA		IT		6,481		10,095
AGL Energy Ltd.		AU		2,723		42,861
Centrica PLC		GB		30,873		160,307
GDF Suez		FR		7,410		270,818
National Grid PLC		GB		21,003		206,758
RWE AG		DE		2,523		140,170
Suez Environnement Co.		FR		1,622		32,323
United Utilities Group PLC		GB		4,071		39,155
Veolia Environnement		FR		2,056		57,925
						960,412
OFFICE ELECTRONICS – 0.6%
Brother Industries Ltd.		JP		1,400		20,708
Canon, Inc.		JP		6,800		323,451
Konica Minolta Holdings, Inc.		JP		3,000		25,057
Neopost SA		FR		185		15,895
Ricoh Co., Ltd.		JP		4,000		44,374
						429,485
OIL, GAS & CONSUMABLE FUELS – 7.0%
BG Group PLC		GB		20,286		460,612
BP PLC		GB		112,563		828,800
Cairn Energy PLC*		GB		8,177		54,532
Caltex Australia Ltd.		AU		787		9,986
Cosmo Oil Co., Ltd.		JP		4,000		11,388
Eni SpA		IT		14,389		341,004
Essar Energy Ltd.*		GB		1,898		12,450
Galp Energia SGPS SA		PT		1,345		32,078

See Notes to Financial Statements.

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	Country Code**		Shares		Value
Idemitsu Kosan Co., Ltd.		JP		100	$	10,672
Inpex Corp.		JP		13		96,111
Japan Petroleum Exploration Co., Ltd.		JP		200		9,389
JX Holdings, Inc.		JP		13,600		91,474
Neste Oil OYJ		FI		747		11,719
OMV AG		AT		957		41,808
Origin Energy Ltd.		AU		6,389		108,631
Paladin Energy Ltd.*		AU		3,884		10,587
Repsol YPF SA		ES		4,761		165,138
Royal Dutch Shell PLC, Class A		GB		21,340		759,353
Royal Dutch Shell PLC, Class B		GB		16,142		576,042
Santos Ltd.		AU		5,303		77,321
Showa Shell Sekiyu KK		JP		1,100		10,216
Statoil ASA		NO		6,686		169,263
Tonengeneral Sekiyu KK		JP		2,000		24,601
Total SA		FR		12,662		732,034
Tullow Oil PLC		GB		5,337		106,282
Woodside Petroleum Ltd.		AU		3,740		164,998
						4,916,489
PAPER & FOREST PRODUCTS – 0.3%
Holmen AB, Class B		SE		311		9,698
Nippon Paper Group, Inc.		JP		600		13,313
Oji Paper Co., Ltd.		JP		5,000		23,980
Stora Enso OYJ		FI		3,611		37,920
Svenska Cellulosa AB, Class A		SE		3,332		46,980
UPM-Kymmene OYJ		FI		3,166		57,926
						189,817
PERSONAL PRODUCTS – 0.5%
Beiersdorf AG		DE		599		38,918
Kao Corp.		JP		3,200		84,141
L’oreal SA		FR		1,436		186,356
Shiseido Co., Ltd.		JP		2,100		39,199
						348,614
PHARMACEUTICALS – 7.3%
Astellas Pharma, Inc.		JP		2,700		104,763
AstraZeneca PLC		GB		8,330		416,344
Bayer AG		DE		4,952		397,727
Chugai Pharmaceutical Co., Ltd.		JP		1,300		21,317

	Country Code**		Shares		Value
Daiichi Sankyo Co., Ltd.		JP		4,100	$	80,118
Dainippon Sumitomo Pharma Co., Ltd.		JP		1,000		9,503
Eisai Co., Ltd.		JP		1,500		58,524
Elan Corp. PLC*		IE		3,090		35,552
GlaxoSmithKline PLC		GB		31,057		665,684
Hisamitsu Pharmaceutical Co., Inc.		JP		400		17,040
Kyowa Hakko Kirin Co., Ltd.		JP		2,000		19,078
Merck KGaA		DE		385		41,861
Mitsubishi Tanabe Pharma Corp.		JP		1,300		21,758
Novartis AG		CH		13,974		856,426
Novo Nordisk AS		DK		2,507		314,075
Ono Pharmaceutical Co., Ltd.		JP		500		26,749
Orion OYJ, Class B		FI		546		14,083
Otsuka Holdings Co., Ltd.		JP		1,500		39,691
Roche Holding AG		CH		4,207		704,339
Sanofi-Aventis SA		FR		6,672		536,700
Santen Pharmaceutical Co., Ltd.		JP		500		20,270
Shionogi & Co.		JP		1,700		27,838
Shire PLC		JE		3,401		106,338
Taisho Pharmaceutical Co., Ltd.		JP		1,000		22,529
Takeda Pharmaceutical Co., Ltd.		JP		4,800		221,841
Teva Pharmaceutical Industries Ltd.		IL		5,626		271,338
Tsumura & Co.		JP		400		12,788
UCB SA		BE		575		25,838
						5,090,112
PROFESSIONAL SERVICES – 0.5%
Adecco SA*		CH		769		49,359
Bureau Veritas SA		FR		327		27,614
Capita Group PLC		GB		3,633		41,726
Experian PLC		JE		6,090		77,574
Intertek Group PLC		GB		923		29,252
Randstad Holding NV		NL		681		31,488
SGS SA		CH		32		60,785
						317,798
REAL ESTATE INVESTMENT TRUSTS – 1.4%
Ascendas Real Estate Investment Trust		SG		10,000		16,633
British Land Co. PLC		GB		4,880		47,712

See Notes to Financial Statements.

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	Country Code**		Shares		Value
Capital Shopping Centres Group PLC		GB		3,247	$	20,832
CapitaMall Trust		SG		11,000		16,767
CFS Retail Property Trust		AU		10,709		20,875
Corio NV		NL		331		21,921
Dexus Property Group		AU		29,042		27,514
Fonciere Des Regions		FR		158		16,737
Gecina SA		FR		128		17,884
Goodman Group		AU		40,799		30,930
GPT Group		AU		10,960		37,256
Hammerson PLC		GB		4,053		31,335
ICADE		FR		135		16,630
Japan Prime Realty Investment Corp.		JP		4		10,593
Japan Real Estate Investment Corp.		JP		3		29,517
Japan Retail Fund Investment Corp.		JP		10		15,410
Klepierre		FR		662		27,333
Land Securities Group PLC		GB		4,672		63,913
Mirvac Group		AU		20,514		27,591
Nippon Building Fund, Inc.		JP		3		29,316
Nomura Real Estate Office Fund, Inc.		JP		2		13,241
Segro PLC		GB		4,140		20,757
Stockland		AU		13,860		50,838
The Link REIT		HK		13,000		44,491
Unibail-Rodamco		FR		553		127,771
Westfield Group		AU		13,137		122,444
Westfield Retail Trust		AU		17,745		51,726
						957,967
REAL ESTATE MANAGEMENT & DEVELOPMENT – 1.6%
Aeon Mall Co., Ltd.		JP		400		9,690
Capitaland Ltd.		SG		15,000		35,634
CapitaMalls Asia Ltd.		SG		9,000		10,805
Cheung Kong Holdings Ltd.		HK		8,000		117,480
City Developments Ltd.		SG		3,000		25,473
Daito Trust Construction Co., Ltd.		JP		400		33,960
Daiwa House Industry Co., Ltd.		JP		3,000		37,856
Global Logistic Properties Ltd.*		SG		11,000		18,480
Hang Lung Group, Ltd.		HK		5,000		31,748

	Country Code**		Shares		Value
Hang Lung Properties Ltd.		HK		15,000	$	61,868
Henderson Land Development Co., Ltd.		HK		7,000		45,401
Hopewell Holdings Ltd.		HK		3,500		11,103
Hysan Development Co., Ltd.		HK		4,000		19,921
Immofinanz AG*		AT		5,452		23,246
Keppel Land Ltd.		SG		4,000		11,819
Kerry Properties Ltd.		BM		4,000		19,360
Lend Lease Group		AU		3,118		30,112
Mitsubishi Estate Co. Ltd.		JP		7,000		122,850
Mitsui Fudosan Co., Ltd.		JP		5,000		86,114
New World Development, Ltd.		HK		14,000		21,255
Nomura Real Estate Holdings, Inc.		JP		500		8,336
NTT Urban Development Corp.		JP		6		5,147
Sino Land Co., Ltd.		HK		16,000		25,816
Sumitomo Realty & Development Co., Ltd.		JP		2,000		44,699
Sun Hung Kai Properties Ltd.		HK		8,000		116,631
Swire Pacific Ltd., Class A		HK		4,500		66,369
Tokyu Land Corp.		JP		3,000		12,746
UOL Group Ltd.		SG		3,000		12,182
Wharf Holdings Ltd.		HK		8,700		60,670
Wheelock & Co., Ltd.		HK		6,000		24,212
						1,150,983
ROAD & RAIL – 0.8%
Asciano Group		AU		16,836		29,766
Central Japan Railway Co.		JP		9		70,752
ComfortDelGro Corp., Ltd.		SG		11,000		13,093
DSV A/S		DK		1,225		29,406
East Japan Railway Co.		JP		2,100		120,269
Keikyu Corp.		JP		3,000		21,633
Keio Corp.		JP		4,000		22,062
Keisei Electric Railway Co., Ltd.		JP		2,000		11,836
Kintetsu Corp.		JP		10,000		32,114
MTR Corp.		HK		8,500		30,232

See Notes to Financial Statements.

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	Country Code**		Shares		Value
Nippon Express Co., Ltd.		JP		5,000	$	20,261
Odakyu Electric Railway Co., Ltd.		JP		4,000		31,760
QR National Ltd.*		AU		10,593		38,550
Tobu Railway Co., Ltd.		JP		6,000		25,256
Tokyu Corp.		JP		7,000		29,102
West Japan Railway Co.		JP		1,000		39,039
						565,131
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 0.6%
Advantest Corp.		JP		900		16,568
ARM Holdings PLC		GB		8,128		76,433
Asm Pacific Technology Ltd.		KY		1,100		15,125
Asml Holding NV		NL		2,559		94,388
Elpida Memory, Inc.*		JP		1,100		12,957
Infineon Technologies AG		DE		6,592		74,070
Renewable Energy Corp ASA*		NO		3,232		5,541
Rohm Co., Ltd.		JP		600		34,423
STMicroelectronics NV		NL		3,752		37,346
Sumco Corp.*		JP		700		11,851
Tokyo Electron Ltd.		JP		1,000		54,683
						433,385
SOFTWARE – 0.9%
Autonomy Corp. PLC*		GB		1,339		36,678
Dassault Systemes SA		FR		352		29,934
Konami Corp.		JP		500		11,843
NICE Systems Ltd.*		IL		358		12,944
Nintendo Co., Ltd.		JP		600		112,673
Oracle Corp.		JP		200		8,716
SAP AG		DE		5,509		334,001
Square Enix Holdings Co., Ltd.		JP		400		7,199
The Sage Group PLC		GB		8,189		37,965
Trend Micro, Inc.		JP		600		18,640
						610,593
SPECIALTY RETAIL – 0.8%
ABC-Mart, Inc.		JP		200		8,111
Esprit Holdings Ltd.		BM		7,200		22,496
Fast Retailing Co., Ltd.		JP		300		48,519
Hennes & Mauritz AB		SE		6,122		211,346
Industria de Diseno Textil SA		ES		1,291		117,628

	Country Code**		Shares		Value
Kingfisher PLC		GB		14,430	$	61,985
Nitori Holdings Co., Ltd.		JP		250		23,727
Shimamura Co., Ltd.		JP		100		9,533
USS Co., Ltd.		JP		130		10,085
Yamada Denki Co., Ltd.		JP		490		39,925
						553,355
TEXTILES, APPAREL & LUXURY GOODS – 1.2%
Adidas AG		DE		1,271		100,767
Asics Corp.		JP		1,000		14,926
Burberry Group PLC		GB		2,546		59,206
Christian Dior SA		FR		317		49,815
Compagnie Financiere Richemont SA		CH		3,125		204,791
Luxottica Group SpA		IT		656		21,062
LVMH Moet Hennessy Louis Vuitton SA		FR		1,469		263,975
Pandora A/S		DK		366		11,549
Swatch Group AG		CH		433		116,084
Yue Yuen Industrial Holdings Ltd.		BM		4,500		14,314
						856,489
TOBACCO – 1.2%
British American Tobacco PLC		GB		11,956		524,290
Imperial Tobacco Group PLC		GB		6,097		202,984
Japan Tobacco, Inc.		JP		27		104,222
Swedish Match AB		SE		1,273		42,742
						874,238
TRADING COMPANIES & DISTRIBUTORS – 1.2%
Brenntag AG		DE		202		23,494
Bunzl PLC		GB		2,092		26,197
ITOCHU Corp.		JP		9,100		94,648
Marubeni Corp.		JP		10,000		66,458
Mitsubishi Corp.		JP		8,200		204,818
Mitsui & Co., Ltd.		JP		10,500		181,546
Noble Group Ltd.		BM		22,000		35,428
Sojitz Corp.		JP		7,300		13,674
Sumitomo Corp.		JP		6,700		91,149
Toyota Tsusho Corp.		JP		1,200		20,596
Wolseley PLC		JE		1,679		54,805
						812,813
TRANSPORTATION INFRASTRUCTURE – 0.4%
Abertis Infraestructuras SA		ES		2,145		47,876

See Notes to Financial Statements.

119

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	Country Code**		Shares		Value
Aeroports de Paris (ADP)		FR		197	$	18,525
Atlantia SpA		IT		1,883		40,097
Auckland International Airport Ltd.		NZ		5,493		10,142
Fraport AG		DE		213		17,114
Groupe Eurotunnel SA		FR		3,049		34,118
Hutchison Port Holdings Trust*		SG		31,000		26,195
Kamigumi Co., Ltd.		JP		1,000		9,346
Koninklijke Vopak NV		NL		393		19,247
MAP Group		AU		2,431		8,730
Mitsubishi Logistics Corp.		JP		1,000		11,249
Transurban Group		AU		7,668		43,072
						285,711
WATER UTILITIES – 0.0% +
Severn Trent PLC		GB		1,427		33,714
WIRELESS TELECOMMUNICATION SERVICES – 2.0%
Cellcom Israel Ltd.		IL		319		8,901
KDDI Corp.		JP		17		122,314
Millicom International Cellular SA		LU		449		47,041
Mobistar SA		BE		175		13,275
NTT DOCOMO, Inc.		JP		91		162,521
Partner Communications Co., Ltd.		IL		525		7,917
Softbank Corp.		JP		5,200		196,936
StarHub Ltd.		SG		4,000		9,096
Vodafone Group PLC		GB		310,038		822,109
						1,390,110
Total Common Stocks (Cost $64,701,964)						68,543,208
PREFERRED STOCKS – 0.5%
AUTOMOBILES – 0.4%
Bayerische Motoren Werke AG		DE		299		19,014
Porsche Automobil Holding SE		DE		909		72,104
Volkswagen AG		DE		866		179,085
						270,203
HOUSEHOLD PRODUCTS – 0.1%
Henkel AG & Co. KGaA		DE		1,046		72,737
MEDIA – 0.0% +
ProSiebenSat.1 Media AG*		DE		450		12,811

	Country Code**		Shares		Value
MULTI-UTILITIES – 0.0% +
RWE AG		DE		227	$	11,603
Total Preferred Stocks (Cost $299,260)						367,354
RIGHTS – 0.0% +
COMMERCIAL BANKS – 0.0% +
Banco Popular Espanol SA, expires 12/31/49*		ES		5,570		404
CaixaBank, expires 7/15/11*		ES		5,000		377
						781
MACHINERY – 0.0% +
Zardoya Otis SA, expires 7/6/11*		ES		814		617
Total Rights (Cost $1,373)						1,398
SHORT TERM INVESTMENTS – 1.1%
MUTUAL FUNDS – 1.1%
State Street Institutional U.S. Government Money Market Fund (Cost $794,429)				794,429		794,429
TOTAL INVESTMENTS – 99.5%
(Cost $65,797,026)						69,706,389
Other assets less liabilities – 0.5%						333,031
NET ASSETS – 100.0%					$	70,039,420

ADR	American Depositary Receipt
CDI	Chess Depository Interest
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

See Notes to Financial Statements.

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GG	Guernsey
GR	Greece
HK	Hong Kong
IE	Ireland
IL	Israel
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.

Great Britain	20.1	%
Japan	19.9
France	9.8
Germany	8.8
Australia	8.5
Switzerland	8.1
Spain	3.5
Sweden	3.0
Netherlands	2.7
Italy	2.6
Hong Kong	2.3
Other (individually less than 2%)	10.2

* 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 $69,916, representing 0.1% of net assets.

(2) At the period end, cash of $164,000 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	ASX SPI 200 Index September Futures	9/15/11		1		121,415		123,370		1,955
Long	DJ Euro Stoxx 50 Index September Futures	9/16/11		5		201,365		206,501		5,136
Long	FTSE 100 Index September Futures	9/16/11		1		92,214		94,732		2,518
Long	MSCI EAFE E-Mini Index September Futures	9/16/11		5		412,680		428,975		16,295
Long	Topix Index September Futures	9/9/11		1		102,856		105,521		2,665
Net unrealized appreciation										28,569

See Notes to Financial Statements.

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(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 (a)	$	8,890	$	68,534,318	$	—	$	68,543,208
Preferred Stocks (b)		—		367,354		—		367,354
Rights (b)		—		1,398		—		1,398
Short Term Investments Mutual Funds		794,429		—		—		794,429
Total Investments		803,319		68,903,070		—		69,706,389
Financial Derivative Instruments Futures Contracts		16,295		12,274		—		28,569
Total Financial Derivative Instruments	$	16,295	$	12,274	$	—	$	28,569

† 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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	Country Code**	Shares		Value
COMMON STOCKS – 96.1%
AEROSPACE & DEFENSE – 2.7%
General Dynamics Corp.			3,914	$	291,671
Goodrich Corp.			1,314		125,487
Honeywell International, Inc.			8,280		493,405
ITT Corp.			1,937		114,147
L-3 Communications Holdings, Inc.			1,116		97,594
Lockheed Martin Corp.			2,996		242,586
Northrop Grumman Corp.			3,079		213,529
Precision Castparts Corp.			1,514		249,280
Raytheon Co.			3,747		186,788
Rockwell Collins, Inc.			1,621		100,000
Textron, Inc.			2,905		68,587
The Boeing Co.			7,767		574,214
United Technologies Corp.			9,629		852,263
					3,609,551
AIR FREIGHT & LOGISTICS – 1.0%
C.H. Robinson Worldwide, Inc.			1,714		135,132
Expeditors International of Washington, Inc.			2,234		114,358
FedEx Corp.			3,321		314,997
United Parcel Services, Inc., Class B			10,375		756,649
					1,321,136
AIRLINES – 0.1%
Southwest Airlines Co.			8,328		95,106
AUTO COMPONENTS – 0.3%
Johnson Controls, Inc.			7,137		297,327
The Goodyear Tire & Rubber Co.*			2,522		42,294
					339,621
AUTOMOBILES – 0.5%
Ford Motor Co.*			39,959		551,035
Harley-Davidson, Inc.			2,485		101,810
					652,845
BEVERAGES – 2.4%
Brown-Forman Corp., Class B			1,084		80,964

	Country Code**		Shares		Value
Coca-Cola Enterprises, Inc.				3,419	$	99,766
Constellation Brands, Inc., Class A*				1,834		38,184
Dr Pepper Snapple Group, Inc.				2,329		97,655
Molson Coors Brewing Co., Class B				1,673		74,850
PepsiCo, Inc.				16,629		1,171,181
The Coca-Cola Co.				24,084		1,620,612
						3,183,212
BIOTECHNOLOGY – 1.2%
Amgen, Inc.*				9,781		570,721
Biogen Idec, Inc.*				2,542		271,791
Celgene Corp.*				4,869		293,698
Cephalon, Inc.*				819		65,438
Gilead Sciences, Inc.*				8,280		342,875
						1,544,523
BUILDING PRODUCTS – 0.0% +
Masco Corp.				3,709		44,619
CAPITAL MARKETS – 2.2%
Ameriprise Financial, Inc.				2,549		147,026
Bank of New York Mellon Corp.				13,063		334,674
BlackRock, Inc.				1,011		193,920
E*TRADE Financial Corp.*				2,702		37,288
Federated Investors, Inc., Class B				1,008		24,031
Franklin Resources, Inc.				1,517		199,167
Invesco, Ltd.		BM		4,861		113,747
Janus Capital Group, Inc.				1,866		17,615
Legg Mason, Inc.				1,565		51,269
Morgan Stanley				16,250		373,913
Northern Trust Corp.				2,544		116,922
State Street Corp.				5,303		239,112
T Rowe Price Group, Inc.				2,733		164,909
The Charles Schwab Corp.				10,537		173,334
The Goldman Sachs Group, Inc.				5,447		724,941
						2,911,868

See Notes to Financial Statements.

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	Country Code**	Shares		Value
CHEMICALS – 2.1%
Air Products & Chemicals, Inc.			2,229	$	213,048
Airgas, Inc.			741		51,900
CF Industries Holdings, Inc.			752		106,536
E.I. du Pont de Nemours & Co.			9,770		528,068
Eastman Chemical Co.			756		77,165
Ecolab, Inc.			2,441		137,624
FMC Corp.			755		64,945
International Flavors & Fragrances, Inc.			859		55,182
Monsanto Co.			5,639		409,053
PPG Industries, Inc.			1,664		151,074
Praxair, Inc.			3,199		346,740
Sigma-Aldrich Corp.			1,281		94,000
The Dow Chemical Co.			12,368		445,248
The Sherwin-Williams Co.			930		77,999
					2,758,582
COMMERCIAL BANKS – 2.6%
BB&T Corp.			7,327		196,657
Comerica, Inc.			1,859		64,265
Fifth Third Bancorp			9,665		123,229
First Horizon National Corp.			2,727		26,015
Huntington Bancshares, Inc.			9,146		59,998
KeyCorp			10,002		83,317
M&T Bank Corp.			1,320		116,094
Marshall & Ilsley Corp.			5,576		44,441
PNC Financial Services Group, Inc.			5,537		330,060
Regions Financial Corp.			13,229		82,020
SunTrust Banks, Inc.			5,648		145,718
U.S. Bancorp			20,269		517,062
Wells Fargo & Co.			55,644		1,561,371
Zions Bancorporation			1,970		47,300
					3,397,547
COMMERCIAL SERVICES & SUPPLIES – 0.5%
Avery Dennison Corp.			1,099		42,454
Cintas Corp.			1,330		43,930
Iron Mountain, Inc.			2,138		72,885
Pitney Bowes, Inc.			2,177		50,049
R.R. Donnelley & Sons Co.			1,973		38,691

	Country Code**	Shares		Value
Republic Services, Inc.			3,192	$	98,473
Stericycle, Inc.*			903		80,475
Waste Management, Inc.			4,989		185,940
					612,897
COMMUNICATIONS EQUIPMENT – 1.9%
Cisco Systems, Inc.			57,865		903,273
F5 Networks, Inc.*			853		94,043
Harris Corp.			1,339		60,335
JDS Uniphase Corp.*			2,327		38,768
Juniper Networks, Inc.*			5,608		176,652
Motorola Mobility Holdings, Inc.*			3,103		68,390
Motorola Solutions, Inc.*			3,572		164,455
QUALCOMM, Inc.			17,564		997,460
Tellabs, Inc.			3,869		17,836
					2,521,212
COMPUTERS & PERIPHERALS – 4.1%
Apple, Inc.*			9,729		3,265,734
Dell, Inc.*			17,272		287,924
EMC Corp.*			21,647		596,375
Hewlett-Packard Co.			21,821		794,284
Lexmark International, Inc., Class A*			851		24,900
NetApp, Inc.*			3,870		204,259
SanDisk Corp.*			2,508		104,082
Western Digital Corp.*			2,445		88,949
					5,366,507
CONSTRUCTION & ENGINEERING – 0.2%
Fluor Corp.			1,833		118,522
Jacobs Engineering Group, Inc.*			1,334		57,695
Quanta Services, Inc.*			2,315		46,763
					222,980
CONSTRUCTION MATERIALS – 0.0% +
Vulcan Materials Co.			1,374		52,940
CONSUMER FINANCE – 0.8%
American Express Co.			11,003		568,855
Capital One Financial Corp.			4,830		249,566
Discover Financial Services			5,738		153,492
SLM Corp.			5,548		93,262
					1,065,175

See Notes to Financial Statements.

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	Country Code**	Shares		Value
CONTAINERS & PACKAGING – 0.1%
Ball Corp.			1,769	$	68,036
Bemis Co.			1,115		37,665
Owens- Ilinois, Inc.*			1,692		43,670
Sealed Air Corp.			1,647		39,182
					188,553
DISTRIBUTORS – 0.1%
Genuine Parts Co.			1,655		90,032
DIVERSIFIED CONSUMER SERVICES – 0.1%
Apollo Group, Inc., Class A*			1,281		55,954
DeVry, Inc.			644		38,080
H&R Block, Inc.			3,245		52,050
					146,084
DIVERSIFIED FINANCIAL SERVICES – 3.6%
Bank of America Corp.			106,604		1,168,380
Citigroup, Inc.			30,727		1,279,472
CME Group, Inc.			705		205,571
IntercontinentalExchange, Inc.*			773		96,401
JP Morgan Chase & Co.			41,806		1,711,538
Leucadia National Corp.			2,099		71,576
Moody’s Corp.			2,085		79,960
NASDAQ OMX Group, Inc.*			1,540		38,962
NYSE Euronext			2,754		94,379
					4,746,239
DIVERSIFIED TELECOMMUNICATION SERVICES – 2.6%
AT&T, Inc.			62,303		1,956,937
CenturyLink, Inc.			6,318		255,437
Frontier Communications Corp.			10,469		84,485
Verizon Communications, Inc.			29,763		1,108,076
Windstream Corp.			5,419		70,230
					3,475,165
ELECTRIC UTILITIES – 1.8%
American Electric Power Co., Inc.			5,068		190,962
Duke Energy Corp.			14,006		263,733
Edison International			3,427		132,796
Entergy Corp.			1,872		127,820

	Country Code**		Shares		Value
Exelon Corp.				6,968	$	298,509
FirstEnergy Corp.				4,400		194,260
NextEra Energy, Inc.				4,439		255,065
Northeast Utilities				1,859		65,381
Pepco Holdings, Inc.				2,337		45,876
Pinnacle West Capital Corp.				1,128		50,286
PPL Corp.				6,072		168,984
Progress Energy, Inc.				3,098		148,735
Southern Co.				8,933		360,715
						2,303,122
ELECTRICAL EQUIPMENT – 0.5%
Emerson Electric Co.				7,908		444,825
Rockwell Automation, Inc.				1,518		131,701
Roper Industries, Inc.				1,009		84,050
						660,576
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.4%
Amphenol Corp., Class A				1,853		100,043
Corning, Inc.				16,516		299,765
Flir Systems, Inc.				1,698		57,240
Jabil Circuit, Inc.				2,028		40,966
Molex, Inc.				1,440		37,109
						535,123
ENERGY EQUIPMENT & SERVICES – 2.4%
Alpha Natural Resources, Inc.*				2,383		108,284
Baker Hughes, Inc.				4,572		331,744
Cameron International Corp.*				2,578		129,648
Diamond Offshore Drilling, Inc.				744		52,385
FMC Technologies, Inc.*				2,528		113,229
Halliburton Co.				9,626		490,926
Helmerich & Payne, Inc.				1,134		74,980
Nabors Industries, Ltd.*		BM		3,046		75,053
National-Oilwell Varco, Inc.				4,451		348,113
Noble Corp.		CH		2,653		104,555
Rowan Cos., Inc.*				1,359		52,743
Schlumberger, Ltd.		AN		14,276		1,233,446
						3,115,106

See Notes to Financial Statements.

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	Country Code**	Shares		Value
FOOD & STAPLES RETAILING – 2.2%
Costco Wholesale Corp.			4,596	$	373,379
CVS Caremark Corp.			14,265		536,079
Kroger Co.			6,380		158,224
Safeway, Inc.			3,725		87,053
SUPERVALU, Inc.			2,191		20,617
Sysco Corp.			6,138		191,383
Wal-Mart Stores, Inc.			20,093		1,067,742
Walgreen Co.			9,631		408,932
Whole Foods Market, Inc.			1,571		99,680
					2,943,089
FOOD PRODUCTS – 1.7%
Archer-Daniels-Midland Co.			7,175		216,326
Campbell Soup Co.			1,928		66,612
ConAgra Foods, Inc.			4,301		111,009
Dean Foods Co.*			1,855		22,761
General Mills, Inc.			6,716		249,970
HJ Heinz Co.			3,386		180,406
Hormel Foods Corp.			1,429		42,598
Kellogg Co.			2,634		145,713
Kraft Foods, Inc., Class A			18,494		651,544
McCormick & Co., Inc.			1,394		69,101
Mead Johnson Nutrition Co., Class A			2,150		145,232
Sara Lee Corp.			6,155		116,883
The Hershey Co.			1,613		91,699
The J. M. Smucker Co.			1,220		93,257
Tyson Foods, Inc., Class A			3,154		61,251
					2,264,362
GAS UTILITIES – 0.1%
Nicor, Inc.			454		24,852
ONEOK, Inc.			1,127		83,409
					108,261
HEALTH CARE EQUIPMENT & SUPPLIES – 1.9%
Bard (C.R.), Inc.			901		98,984
Baxter International, Inc.			6,001		358,200
Becton, Dickinson & Co.			2,301		198,277
Boston Scientific Corp.*			16,076		111,085

	Country Code**		Shares		Value
CareFusion Corp.*				2,350	$	63,850
Covidien PLC		IE		5,215		277,594
Dentsply International, Inc.				1,481		56,396
Edwards Lifesciences Corp.*				1,206		105,139
Intuitive Surgical, Inc.*				414		154,054
Medtronic, Inc.				11,250		433,462
St. Jude Medical, Inc.				3,459		164,925
Stryker Corp.				3,510		206,002
Varian Medical Systems, Inc.*				1,233		86,335
Zimmer Holdings, Inc.*				2,019		127,601
						2,441,904
HEALTH CARE PROVIDERS & SERVICES – 2.1%
Aetna, Inc.				3,992		176,007
AmerisourceBergen Corp.				2,882		119,315
Cardinal Health, Inc.				3,688		167,509
CIGNA Corp.				2,846		146,370
Coventry Health Care, Inc.*				1,559		56,857
DaVita, Inc.*				1,005		87,043
Express Scripts, Inc.*				5,570		300,669
Humana, Inc.				1,771		142,636
Laboratory Corp. of America Holdings*				1,054		102,017
McKesson Corp.				2,652		221,840
Medco Health Solutions, Inc.*				4,206		237,723
Patterson Cos., Inc.				1,009		33,186
Quest Diagnostics, Inc.				1,655		97,810
Tenet Healthcare Corp.*				5,028		31,375
UnitedHealth Group, Inc.				11,398		587,909
WellPoint, Inc.				3,863		304,288
						2,812,554
HEALTH CARE TECHNOLOGY – 0.1%
Cerner Corp.*				1,522		93,009
HOTELS, RESTAURANTS & LEISURE – 1.7%
Carnival Corp.		PA		4,543		170,953
Chipotle Mexican Grill, Inc.*				327		100,778
Darden Restaurants, Inc.				1,435		71,406
International Game Technology				3,205		56,344

See Notes to Financial Statements.

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	Country Code**		Shares		Value
Marriott International, Inc., Class A				2,987	$	106,009
McDonald’s Corp.				10,916		920,437
Starbucks Corp.				7,886		311,418
Starwood Hotels & Resorts Worldwide, Inc.				2,052		114,994
Wyndham Worldwide Corp.				1,811		60,940
Wynn Resorts, Ltd.				801		114,976
Yum! Brands, Inc.				4,898		270,565
						2,298,820
HOUSEHOLD DURABLES – 0.3%
D.R. Horton, Inc.				2,954		34,030
Fortune Brands, Inc.				1,622		103,435
Harman International Industries, Inc.				734		33,448
Leggett & Platt, Inc.				1,528		37,253
Lennar Corp., Class A				1,696		30,782
Newell Rubbermaid, Inc.				3,063		48,334
Pulte Homes, Inc.*				3,613		27,676
Whirlpool Corp.				802		65,219
						380,177
HOUSEHOLD PRODUCTS – 2.0%
Clorox Co.				1,403		94,618
Colgate-Palmolive Co.				5,143		449,550
Kimberly-Clark Corp.				4,133		275,092
The Procter & Gamble Co.				29,366		1,866,797
						2,686,057
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS – 0.2%
AES Corp.*				6,910		88,033
Constellation Energy Group				2,130		80,855
NRG Energy, Inc.*				2,498		61,401
						230,289
INDUSTRIAL CONGLOMERATES – 2.3%
3m Co.				7,476		709,099
General Electric Co.				111,576		2,104,323
Tyco International Ltd.		CH		4,933		243,838
						3,057,260
INSURANCE – 3.6%
ACE Ltd.		CH		3,550		233,661

	Country Code**		Shares		Value
Aflac, Inc.				4,920	$	229,666
American International Group, Inc.*				4,589		134,549
Aon Corp.				3,477		178,370
Assurant, Inc.				1,003		36,379
Berkshire Hathaway, Inc., Class B*				18,214		1,409,581
Cincinnati Financial Corp.				1,748		51,007
Genworth Financial Inc., Class A*				5,160		53,045
Lincoln National Corp.				3,297		93,932
Loews Corp.				3,269		137,592
Marsh & McLennan Cos., Inc.				5,762		179,717
MetLife, Inc.				11,120		487,834
Prudential Financial, Inc.				5,134		326,471
The Allstate Corp.				5,501		167,945
The Chubb Corp.				3,078		192,714
The Hartford Financial Services Group, Inc.				4,684		123,517
The Principal Financial Group, Inc.				3,380		102,820
The Progressive Corp.				6,877		147,030
Torchmark Corp.				792		50,799
Travelers Cos., Inc.				4,407		257,281
Unum Group				3,238		82,504
XL Group PLC		IE		3,255		71,545
						4,747,959
INTERNET & CATALOG RETAIL – 0.9%
Amazon.com, Inc.*				3,757		768,269
Expedia, Inc.				2,068		59,951
Netflix, Inc.*				458		120,312
Priceline.com, Inc.*				523		267,740
						1,216,272
INTERNET SOFTWARE & SERVICES – 1.6%
Akamai Technologies, Inc.*				1,964		61,807
eBay, Inc.*				12,016		387,756
Google, Inc., Class A*				2,645		1,339,375
Monster Worldwide, Inc.*				1,313		19,249
VeriSign, Inc.				1,772		59,291
Yahoo!, Inc.*				13,707		206,153
						2,073,631

See Notes to Financial Statements.

127

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**	Shares		Value
IT SERVICES – 3.1%
Automatic Data Processing, Inc.			5,257	$	276,939
Cognizant Technology Solutions Corp., Class A*			3,201		234,761
Computer Sciences Corp.			1,631		61,913
Fidelity National Information Services, Inc.			2,831		87,166
Fiserv, Inc.*			1,511		94,634
International Business Machines Corp.			12,743		2,186,062
MasterCard, Inc., Class A			991		298,628
Paychex, Inc.			3,388		104,079
SAIC, Inc.*			2,935		49,367
Teradata Corp.*			1,776		106,915
The Western Union Co.			6,651		133,220
Total System Services, Inc.			1,719		31,939
Visa, Inc., Class A			5,039		424,586
					4,090,209
LEISURE EQUIPMENT & PRODUCTS – 0.1%
Hasbro, Inc.			1,451		63,742
Mattel, Inc.			3,656		100,504
					164,246
LIFE SCIENCES TOOLS & SERVICES – 0.5%
Agilent Technologies, Inc.*			3,661		187,114
Life Technologies Corp.*			1,881		97,944
PerkinElmer, Inc.			1,186		31,915
Thermo Fisher Scientific, Inc.*			4,032		259,620
Waters Corp.*			964		92,293
					668,886
MACHINERY – 2.4%
Caterpillar, Inc.			6,780		721,799
Cummins, Inc.			2,064		213,603
Danaher Corp.			5,729		303,580
Deere & Co.			4,415		364,017
Dover Corp.			1,963		133,091
Eaton Corp.			3,589		184,654
Flowserve Corp.			578		63,516

	Country Code**		Shares		Value
Illinois Tool Works, Inc.				5,261	$	297,194
Ingersoll-Rand PLC		IE		3,485		158,254
Joy Global, Inc.				1,105		105,240
PACCAR, Inc.				3,845		196,441
Pall Corp.				1,221		68,657
Parker Hannifin Corp.				1,706		153,097
Snap-On, Inc.				610		38,113
Stanley Black & Decker, Inc.				1,768		127,384
						3,128,640
MEDIA – 3.2%
Cablevision Systems Corp., Class A				2,421		87,664
CBS Corp., Class B				7,036		200,456
Comcast Corp., Class A				29,102		737,445
DIRECTV, Class A*				8,077		410,473
Discovery Communications, Inc., Class A*				2,930		120,013
Gannett Co., Inc.				2,505		35,872
News Corp., Class A				24,041		425,526
Omnicom Group, Inc.				2,957		142,409
Scripps Networks Interactive, Inc., Class A				942		46,045
The Interpublic Group of Cos., Inc.				5,140		64,250
The McGraw-Hill Cos., Inc.				3,205		134,321
The Walt Disney Co.				19,885		776,310
The Washington Post Co., Class B				54		22,623
Time Warner Cable, Inc.				3,539		276,184
Time Warner, Inc.				11,265		409,708
Viacom, Inc.				6,156		313,956
						4,203,255
METALS & MINING – 1.1%
AK Steel Holding Corp.				1,119		17,635
Alcoa, Inc.				11,190		177,473
Allegheny Technologies, Inc.				1,116		70,833
Cliffs Natural Resources, Inc.				1,522		140,709
Freeport-McMoRan Copper & Gold, Inc.				9,966		527,201
Newmont Mining Corp.				5,194		280,320

See Notes to Financial Statements.

128

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**	Shares		Value
Nucor Corp.			3,325	$	137,057
Titanium Metals Corp.			933		17,093
United States Steel Corp.			1,512		69,612
					1,437,933
MULTI-LINE RETAIL – 0.7%
Big Lots, Inc.*			805		26,686
Family Dollar Stores, Inc.			1,286		67,592
J.C. Penney Co., Inc.			2,243		77,473
Kohl’s Corp.			2,957		147,880
Macy’s, Inc.			4,489		131,258
Nordstrom, Inc.			1,765		82,849
Sears Holdings Corp.*			457		32,648
Target Corp.			7,250		340,098
					906,484
MULTI-UTILITIES – 1.2%
Ameren Corp.			2,539		73,225
Centerpoint Energy, Inc.			4,475		86,591
CMS Energy Corp.			2,685		52,868
Consolidated Edison, Inc.			3,078		163,873
Dominion Resources, Inc.			6,058		292,420
DTE Energy Co.			1,781		89,086
Integrys Energy Group, Inc.			819		42,457
NiSource, Inc.			2,966		60,061
PG&E Corp.			4,186		175,937
Public Service Enterprise Group, Inc.			5,322		173,710
SCANA Corp.			1,179		46,417
Sempra Energy			2,519		133,205
TECO Energy, Inc.			2,218		41,898
Wisconsin Energy Corp.			2,473		77,528
Xcel Energy, Inc.			5,093		123,760
					1,633,036
OFFICE ELECTRONICS – 0.1%
Xerox Corp.			14,740		153,443
OIL, GAS & CONSUMABLE FUELS – 9.8%
Anadarko Petroleum Corp.			5,234		401,762
Apache Corp.			4,034		497,755
Cabot Oil & Gas Corp.			1,099		72,875

	Country Code**	Shares		Value
Chesapeake Energy Corp.			6,919	$	205,425
Chevron Corp.			21,149		2,174,963
ConocoPhillips			14,871		1,118,150
Consol Energy, Inc.			2,384		115,576
Denbury Resources, Inc.*			4,179		83,580
Devon Energy Corp.			4,450		350,704
El Paso Corp.			8,090		163,418
EOG Resources, Inc.			2,824		295,249
EQT Corp.			1,572		82,561
Exxon Mobil Corp.			51,826		4,217,600
Hess Corp.			3,181		237,812
Marathon Oil Corp.			7,491		394,626
Murphy Oil Corp.			2,035		133,618
Newfield Exploration Co.*			1,391		94,616
Noble Energy, Inc.			1,856		166,353
Occidental Petroleum Corp.			8,552		889,750
Peabody Energy Corp.			2,848		167,776
Pioneer Natural Resources Co.			1,228		109,992
QEP Resources, Inc.			1,859		77,762
Range Resources Corp.			1,695		94,073
Southwestern Energy Co.*			3,660		156,941
Spectra Energy Corp.			6,838		187,430
Sunoco, Inc.			1,293		53,931
Tesoro Corp.*			1,501		34,388
The Williams Cos., Inc.			6,187		187,157
Valero Energy Corp.			5,999		153,394
					12,919,237
PAPER & FOREST PRODUCTS – 0.1%
International Paper Co.			4,600		137,172
MeadWestvaco Corp.			1,798		59,891
					197,063
PERSONAL PRODUCTS – 0.2%
Avon Products, Inc.			4,525		126,700
The Estee Lauder Cos., Inc., Class A			1,199		126,123
					252,823
PHARMACEUTICALS – 5.5%
Abbott Laboratories			16,352		860,442
Allergan, Inc.			3,206		266,900
Bristol-Myers Squibb Co.			17,948		519,774

See Notes to Financial Statements.

129

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**	Shares		Value
Eli Lilly & Co.			10,718	$	402,247
Forest Laboratories, Inc.*			3,010		118,413
Hospira, Inc.*			1,765		100,005
Johnson & Johnson			28,838		1,918,304
Merck & Co., Inc.			32,473		1,145,972
Mylan, Inc.*			4,621		114,000
Pfizer, Inc.			83,125		1,712,375
Watson Pharmaceuticals, Inc.*			1,330		91,411
					7,249,843
PROFESSIONAL SERVICES – 0.1%
Equifax, Inc.			1,320		45,830
Robert Half International, Inc.			1,508		40,761
The Dun & Bradstreet Corp.			514		38,828
					125,419
REAL ESTATE INVESTMENT TRUSTS – 1.6%
Apartment Investment & Management Co.			1,251		31,938
AvalonBay Communities, Inc.			919		118,000
Boston Properties, Inc.			1,532		162,637
Equity Residential			3,100		186,000
HCP, Inc.			4,271		156,703
Health Care REIT, Inc.			1,859		97,467
Host Hotels & Resorts, Inc.			7,218		122,345
Kimco Realty Corp.			4,280		79,779
Plum Creek Timber Co., Inc.			1,703		69,040
Prologis, Inc.			4,779		171,279
Public Storage			1,472		167,823
Simon Property Group, Inc.			3,086		358,686
Ventas, Inc.			1,719		90,608
Vornado Realty Trust			1,725		160,736
Weyerhaeuser Co.			5,666		123,859
					2,096,900
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.1%
CB Richard Ellis Group, Inc., Class A*			3,070		77,088
ROAD & RAIL – 0.9%
CSX Corp.			11,601		304,178
Norfolk Southern Corp.			3,716		278,440

	Country Code**	Shares		Value
Ryder System, Inc.			540	$	30,699
Union Pacific Corp.			5,160		538,704
					1,152,021
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 2.3%
Advanced Micro Devices, Inc.*			6,204		43,366
Altera Corp.			3,390		157,127
Analog Devices, Inc.			3,152		123,369
Applied Materials, Inc.			13,868		180,423
Broadcom Corp., Class A*			5,019		168,839
First Solar, Inc.*			571		75,526
Intel Corp.			55,780		1,236,085
Kla-Tencor Corp.			1,766		71,488
Linear Technology Corp.			2,410		79,578
LSI Corp.*			6,370		45,354
MEMC Electronic Materials, Inc.*			2,526		21,547
Microchip Technology, Inc.			2,026		76,806
Micron Technology, Inc.*			9,079		67,911
National Semiconductor Corp.			2,548		62,706
Novellus Systems, Inc.*			946		34,188
NVIDIA Corp.*			6,315		100,630
Teradyne, Inc.*			1,969		29,141
Texas Instruments, Inc.			12,216		401,051
Xilinx, Inc.			2,794		101,897
					3,077,032
SOFTWARE – 3.6%
Adobe Systems, Inc.*			5,307		166,905
Autodesk, Inc.*			2,436		94,030
BMC Software, Inc.*			1,860		101,742
CA, Inc.			3,993		91,200
Citrix Systems, Inc.*			1,978		158,240
Compuware Corp.*			2,390		23,326
Electronic Arts, Inc.*			3,498		82,553
Intuit, Inc.*			2,878		149,253
Microsoft Corp.			78,072		2,029,872
Oracle Corp.			40,994		1,349,112
Red Hat, Inc.*			2,031		93,223
Salesforce.com, Inc.*			1,268		188,907
Symantec Corp.*			7,948		156,735
					4,685,098

See Notes to Financial Statements.

130

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**	Shares		Value
SPECIALTY RETAIL – 1.8%
Abercrombie & Fitch Co., Class A			922	$	61,700
AutoNation, Inc.*			643		23,540
AutoZone, Inc.*			266		78,430
Bed Bath & Beyond, Inc.*			2,621		152,988
Best Buy Co., Inc.			3,394		106,606
CarMax, Inc.*			2,376		78,574
GameStop Corp., Class A*			1,488		39,685
Limited Brands, Inc.			2,653		102,008
Lowe’s Cos., Inc.			13,698		319,300
O’Reilly Automotive, Inc.*			1,450		94,990
Ross Stores, Inc.			1,230		98,548
Staples, Inc.			7,502		118,532
The Gap, Inc.			4,111		74,409
The Home Depot, Inc.			16,751		606,721
Tiffany & Co.			1,343		105,452
TJX Cos., Inc.			4,062		213,377
Urban Outfitters, Inc.*			1,323		37,242
					2,312,102
TEXTILES, APPAREL & LUXURY GOODS – 0.6%
Coach, Inc.			3,089		197,480
Nike, Inc., Class B			3,990		359,020
Polo Ralph Lauren Corp.			677		89,777
VF Corp.			921		99,984
					746,261
THRIFT & MORTGAGE FINANCE – 0.1%
Hudson City Bancorp, Inc.			5,646		46,241
People’s United Financial, Inc.			3,693		49,634
					95,875
TOBACCO – 1.6%
Altria Group, Inc.			22,023		581,627
Lorillard, Inc.			1,512		164,611
Philip Morris International, Inc.			18,710		1,249,267
Reynolds American, Inc.			3,556		131,750
					2,127,255

	Country Code**	Shares		Value
TRADING COMPANIES & DISTRIBUTORS – 0.2%
Fastenal Co.			3,102	$	111,641
W.W. Grainger, Inc.			612		94,034
					205,675
WIRELESS TELECOMMUNICATION SERVICES – 0.3%
American Tower Corp., Class A*			4,173		218,373
MetroPCS Communications, Inc.*			2,750		47,328
Sprint Nextel Corp.*			31,472		169,634
					435,335
Total Common Stocks (Cost $115,032,405)					126,455,124
SHORT TERM INVESTMENTS – 6.3%
MUTUAL FUNDS – 6.3%
State Street Institutional Treasury Plus Money Market Fund (Cost $8,244,515)			8,244,515		8,244,515
TOTAL INVESTMENTS – 102.4%
(Cost $123,276,920)					134,699,639
Liabilities in excess of other assets – (2.4)%					(3,094,285	)
NET ASSETS – 100.0%				$	131,605,354

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.

131

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June 30, 2011 (Unaudited)	Sun Capital Advisers Trust

(1) At the period end, cash of $398,000 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 September Futures	9/16/11		73		4,703,054		4,801,575		98,521

(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.

132

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PORTFOLIO OF INVESTMENTS June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**	Shares		Value
COMMON STOCKS – 95.4%
AEROSPACE & DEFENSE – 1.8%
AAR Corp.			6,639	$	179,851
AeroVironment, Inc.*			2,818		99,616
American Science & Engineering, Inc.			1,520		121,600
Astronics Corp.*			1,556		47,925
Ceradyne, Inc.*			4,156		162,042
Cubic Corp.			2,636		134,410
Curtiss-Wright Corp.			7,778		251,774
DigitalGlobe, Inc.*			5,891		149,690
Ducommun, Inc.			1,759		36,183
Esterline Technologies Corp.*			5,090		388,876
GenCorp, Inc.*			9,828		63,096
Geoeye, Inc.*			3,696		138,230
Heico Corp.			6,968		381,428
Hexcel Corp.*			16,382		358,602
Kratos Defense & Security Solutions, Inc.*			3,970		48,275
LMI Aerospace, Inc.*			1,481		36,181
Moog, Inc.*			7,582		329,969
National Presto Industries, Inc.			807		81,902
Orbital Sciences Corp.*			9,774		164,692
Taser International, Inc.*			10,189		46,360
Teledyne Technologies, Inc.*			6,136		309,009
The Keyw Holding Corp.*			2,988		37,021
Triumph Group, Inc.			3,138		312,482
					3,879,214
AIR FREIGHT & LOGISTICS – 0.4%
Air Transport Services Group, Inc.*			8,989		61,574
Atlas Air Worldwide Holdings, Inc.*			4,388		261,130
Forward Air Corp.			4,922		166,314
HUB Group, Inc.*			6,151		231,647
Pacer International, Inc.*			5,857		27,645
Park-Ohio Holdings Corp.*			1,413		29,871
					778,181
AIRLINES – 0.6%
Alaska Air Group, Inc.*			5,997		410,555
Allegiant Travel Co.*			2,499		123,701

	Country Code**	Shares		Value
Hawaiian Holdings, Inc.*			8,482	$	48,347
JetBlue Airways Corp.*			41,232		251,515
Republic Airways Holdings, Inc.*			8,009		43,729
SkyWest, Inc.			8,854		133,341
Spirit Airlines, Inc.*			2,613		31,330
US Airways Group, Inc.*			27,095		241,416
					1,283,934
AUTO COMPONENTS – 0.9%
American Axle & Manufacturing Holdings, Inc.*			11,171		127,126
Amerigon, Inc.*			3,706		64,410
Cooper Tire & Rubber Co.			10,378		205,381
Dana Holding Corp.*			24,416		446,813
Dorman Products, Inc.*			1,801		71,284
Drew Industries, Inc.			3,208		79,302
Exide Technologies*			12,889		98,472
Fuel Systems Solutions, Inc.*			2,775		69,236
Modine Manufacturing Co.*			7,779		119,563
Motorcar Parts of America, Inc.*			2,016		30,260
Shiloh Industries, Inc.			703		7,578
Spartan Motors, Inc.			5,538		29,905
Standard Motor Products, Inc.			3,281		49,970
Stoneridge, Inc.*			4,399		64,841
Superior Industries International, Inc.			3,915		86,561
Tenneco, Inc.*			10,091		444,710
Tower International, Inc.*			1,080		19,105
					2,014,517
AUTOMOBILES – 0.0% +
Winnebago Industries, Inc.*			4,895		47,286
BEVERAGES – 0.2%
Boston Beer Co., Inc.*			1,386		124,186
Central European Distribution Corp.*			12,168		136,282
Coca-Cola Bottling Co. Consolidated			761		51,489

See Notes to Financial Statements.

133

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**	Shares		Value
Craft Brewers Alliance, Inc.*			1,678	$	14,448
Heckmann Corp.*			15,505		93,650
MGP Ingredients, Inc.			1,937		16,871
National Beverage Corp.			1,837		26,912
Primo Water Corp.*			2,004		28,837
					492,675
BIOTECHNOLOGY – 3.5%
Achillion Pharmaceuticals, Inc.*			6,628		49,312
Acorda Therapeutics, Inc.*			6,586		212,794
Affymax, Inc.*			5,926		40,712
Alkermes, Inc.*			15,938		296,447
Allos Therapeutics, Inc.*			13,188		28,222
Alnylam Pharmaceuticals, Inc.*			6,169		57,804
AMAG Pharmaceuticals, Inc.*			3,536		66,477
Amicus Therapeutics, Inc.*			2,611		15,509
Anacor Pharmaceuticals, Inc.*			1,785		11,531
Anthera Pharmaceuticals, Inc.*			2,757		22,525
Ardea Biosciences, Inc.*			2,800		71,288
Arena Pharmaceuticals, Inc.*			24,495		33,313
Ariad Pharmaceuticals, Inc.*			22,031		249,611
ArQule, Inc.*			8,932		55,825
Array Biopharma, Inc.*			9,571		21,439
Aveo Pharmaceuticals, Inc.*			4,426		91,220
AVI Biopharma, Inc.*			22,643		32,379
BioCryst Pharmaceuticals, Inc.*			4,816		18,397
BioMimetic Therapeutics, Inc.*			3,227		16,522
BioSante Pharmaceuticals, Inc.*			15,583		42,853
BioSpecifics Technologies Corp.*			800		17,920
BioTime, Inc.*			4,237		21,736
Cell Therapeutics, Inc.*			27,987		44,080
Celldex Therapeutics, Inc.*			7,385		26,217

	Country Code**	Shares		Value
Cepheid, Inc.*			10,309	$	357,104
Chelsea Therapeutics International, Ltd.*			8,921		45,497
Cleveland Biolabs, Inc.*			4,072		13,886
Codexis, Inc.*			4,104		39,521
Cubist Pharmaceuticals, Inc.*			10,008		360,188
Curis, Inc.*			12,765		45,699
Cytori Therapeutics, Inc.*			8,088		38,742
DUSA Pharmaceuticals, Inc.*			3,949		24,563
Dyax Corp.*			16,491		32,652
Dynavax Technologies Corp.*			19,503		53,633
Emergent Biosolutions, Inc.*			4,065		91,666
Enzon Pharmaceuticals, Inc.*			6,898		69,325
Exact Sciences Corp.*			8,698		74,803
Exelixis, Inc.*			21,343		191,233
Genomic Health, Inc.*			2,828		78,929
Geron Corp.*			21,591		86,580
GTx, Inc.*			3,052		14,619
Halozyme Therapeutics, Inc.*			13,717		94,784
Idenix Pharmaceuticals, Inc.*			9,159		45,795
ImmunoGen, Inc.*			12,552		153,009
Immunomedics, Inc.*			10,996		44,754
Incyte Corp.*			14,756		279,479
Infinity Pharmaceuticals, Inc.*			3,176		26,234
Inhibitex, Inc.*			10,626		41,654
Insmed, Inc.*			4,114		49,327
InterMune, Inc.*			8,166		292,751
Ironwood Pharmaceuticals, Inc.*			8,435		132,598
Isis Pharmaceuticals, Inc.*			16,645		152,468
Keryx Biopharmaceuticals, Inc.*			11,573		54,740
Lexicon Genetics, Inc.*			28,530		50,213
Ligand Pharmaceuticals, Inc.*			3,308		39,531
Mannkind Corp.*			12,914		49,073
Maxygen, Inc.			4,985		27,268
Medivation, Inc.*			5,223		111,929
Metabolix, Inc.*			5,730		40,912
Micromet, Inc.*			15,282		87,719

See Notes to Financial Statements.

134

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	Country Code**		Shares		Value
Momenta Pharmaceuticals, Inc.*				7,700	$	149,842
Nabi Biopharmaceuticals*				7,155		38,494
Neurocrine Biosciences, Inc.*				8,272		66,590
Novavax, Inc.*				16,065		32,451
NPS Pharmaceuticals, Inc.*				14,355		135,655
Nymox Pharmaceutical Corp.*		CA		3,272		27,321
OncoGenex Pharmaceutical, Inc.*				1,566		26,669
Oncothyreon, Inc.*				6,934		63,723
Onyx Pharmaceuticals, Inc.*				10,572		373,192
Opko Health, Inc.*				18,094		66,767
Orexigen Therapeutics, Inc.*				4,943		7,859
Osiris Therapeutics, Inc.*				2,704		20,929
PDL BioPharma, Inc.				23,519		138,057
Peregrine Pharmaceuticals, Inc.*				11,625		21,622
Pharmacyclics, Inc.*				7,653		79,897
PharmAthene, Inc.*				6,236		18,334
Progenics Pharmaceuticals, Inc.*				5,018		36,029
Raptor Pharmaceutical Corp.*				5,421		33,556
Rigel Pharmaceuticals, Inc.*				11,464		105,125
Sangamo BioSciences, Inc.*				8,752		51,549
Savient Pharmaceuticals, Inc.*				11,895		89,094
SciClone Pharmaceuticals, Inc.*				5,686		34,343
Seattle Genetics, Inc.*				16,098		330,331
Siga Technologies, Inc.*				5,733		55,839
Spectrum Pharmaceuticals, Inc.*				8,682		80,439
Sunesis Pharmaceuticals, Inc.*				4,968		10,383
SuperGen, Inc.*				9,410		28,042
Synta Pharmaceuticals, Corp.*				3,935		19,793
Targacept, Inc.*				4,596		96,838
Theravance, Inc.*				11,505		255,526
Transcept Pharmaceuticals, Inc.*				838		9,176

	Country Code**	Shares		Value
Trius Therapeutics, Inc.*			1,032	$	8,173
Vanda Pharmaceuticals, Inc.*			4,674		33,372
Vical, Inc.*			12,011		49,485
Zalicus, Inc.*			12,364		29,426
Ziopharm Oncology, Inc.*			9,763		59,750
Zogenix, Inc.*			1,819		7,294
					7,627,976
BUILDING PRODUCTS – 0.6%
Aaon, Inc.			3,165		69,113
Ameresco, Inc. Class A*			2,939		41,675
American Woodmark Corp.			1,517		26,274
Ameron International Corp.			1,532		100,622
Apogee Enterprises, Inc.			4,720		60,463
Builders FirstSource, Inc.*			7,550		16,232
Gibraltar Industries, Inc.*			5,070		57,392
Griffon Corp.*			7,973		80,368
Insteel Industries, Inc.			2,976		37,319
NCI Building Systems, Inc.*			3,297		37,553
Quanex Building Products Corp.			6,376		104,503
Simpson Manufacturing Co., Inc.			6,973		208,284
Smith A O Corp.			6,357		268,901
Trex Co., Inc.*			2,604		63,746
Universal Forest Products, Inc.			3,269		78,325
USG Corp.*			11,926		171,019
					1,421,789
CAPITAL MARKETS – 2.0%
Apollo Investment Corp.			32,641		333,265
Arlington Asset Investment Corp., Class A			1,058		33,211
Artio Global Investors, Inc.			5,352		60,478
BGC Partners, Inc.			12,688		98,078

See Notes to Financial Statements.

135

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**	Shares		Value
BlackRock Kelso Capital Corp.			12,262	$	109,990
Calamos Asset Management, Inc.			3,197		46,420
Capital Southwest Corp.			488		45,028
CIFC Deerfield Corp.*			1,816		12,440
Cohen & Steers, Inc.			2,999		99,417
Cowen Group, Inc., Class A*			11,158		41,954
Diamond Hill Investment Group			432		35,117
Duff & Phelps Corp., Class A			5,144		65,998
Edelman Financial Group, Inc.			3,233		25,508
Epoch Holding Corp.			2,490		44,446
Evercore Partners, Inc.			3,298		109,889
FBR & Co.*			8,552		29,077
Fifth Street Finance Corp.			11,193		129,839
Financial Engines, Inc.*			6,387		165,551
FXCM, Inc., Class A			2,824		28,014
GAMCO Investors, Inc.			1,139		52,724
GFI Group, Inc.			11,966		54,924
Gladstone Capital Corp.			3,578		33,061
Gladstone Investment Corp.			3,723		26,582
Gleacher & Co., Inc.*			13,234		26,997
Golub Capital BDC, Inc.			1,640		24,485
Harris & Harris Group, Inc.*			5,219		26,773
Hercules Technology Growth Capital, Inc.			7,358		77,406
HFF, Inc. Class A*			4,903		73,986
ICG Group, Inc.*			6,161		75,349
INTL FCStone, Inc.*			2,185		52,899
Investment Technology Group, Inc.*			6,927		97,117
JMP Group, Inc.			2,385		16,767
KBW, Inc.			6,075		113,602
Knight Capital Group, Inc.*			16,824		185,400
Kohlberg Capital Corp.			3,190		25,360
Ladenburg Thalmann Financial Services, Inc.*			18,121		25,007
Main Street Capital Corp.			3,362		63,710

	Country Code**	Shares		Value
MCG Capital Corp.			12,921	$	78,560
Medallion Financial Corp.			2,409		23,488
Medley Capital Corp.			1,836		21,555
MF Global Holdings Ltd.*			27,405		212,115
MVC Capital, Inc.			4,054		53,634
New Mountain Finance Corp.*			1,303		16,548
NGP Capital Resources Co.			3,633		29,791
Oppenheimer Holdings, Inc., Class A			1,730		48,803
optionsXpress Holdings, Inc.			7,156		119,362
PennantPark Investment Corp.			7,672		86,003
Piper Jaffray Cos., Inc.*			2,642		76,116
Prospect Capital Corp.			16,352		165,319
Pzena Investment Management, Inc. Class A			1,359		7,719
Safeguard Scientifics, Inc.*			3,450		65,136
Solar Capital Ltd.			6,129		151,325
Solar Senior Capital Ltd.			1,284		23,048
Stifel Financial Corp.*			8,976		321,879
SWS Group, Inc.			4,937		29,573
ThL Credit, Inc.			1,435		18,655
TICC Capital Corp.			5,436		52,186
Triangle Capital Corp.			3,090		57,041
Virtus Investment Partners, Inc.*			914		55,480
Westwood Holdings Group, Inc.			1,038		39,548
					4,318,753
CHEMICALS – 2.1%
American Vanguard Corp.			3,729		48,365
Arch Chemicals, Inc.			3,836		132,112
Balchem Corp.			4,814		210,757
Calgon Carbon Corp.*			9,457		160,769
Chase Corp.			940		15,754
Chemtura Corp.*			16,081		292,674
Ferro Corp.*			14,470		194,477
Flotek Industries, Inc.*			8,330		70,972
Fuller H B Co.			8,281		202,222
FutureFuel Corp.			3,117		37,747
Georgia Gulf Corp.*			5,682		137,163

See Notes to Financial Statements.

136

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**		Shares		Value
Hawkins, Inc.				1,454	$	52,664
Innophos Holdings, Inc.				3,628		177,046
Innospec, Inc.*				3,952		132,827
KMG Chemicals, Inc.				1,194		20,107
Koppers Holdings, Inc.				3,448		130,783
Kraton Performance Polymers, Inc.*				5,317		208,267
Landec Corp.*				4,412		29,119
LSB Industries, Inc.*				3,066		131,593
Minerals Technologies, Inc.				3,053		202,383
NewMarket Corp.				1,508		257,431
NL Industries, Inc.				1,118		20,526
Olin Corp.				13,342		302,330
OM Group, Inc.*				5,176		210,353
Omnova Solutions, Inc.*				7,561		52,625
PolyOne Corp.				15,611		241,502
Quaker Chemical Corp.				2,149		92,428
Schulman A, Inc.				5,171		130,257
Senomyx, Inc.*				6,643		34,145
Sensient Technologies Corp.				8,402		311,462
Spartech Corp.*				5,139		31,297
Stepan Co.				1,356		96,140
STR Holdings, Inc.*				5,075		75,719
TPC Group, Inc.*				2,206		86,519
Zagg, Inc.*				3,320		44,488
Zep, Inc.				3,684		69,628
Zoltek Cos., Inc.*				4,650		48,965
						4,693,616
COMMERCIAL BANKS – 5.4%
1st Source Corp.				2,679		55,562
1st United Bancorp, Inc.*				4,615		28,705
Alliance Financial Corp.				767		23,417
Ameris Bancorp*				4,082		36,207
Ames National Corp.				1,319		23,953
Arrow Financial Corp.				1,746		42,725
Bancfirst Corp.				1,210		46,706
Banco Latinoamericano de Comercio Exterior SA, Class E		PA		4,721		81,768
Bancorp Rhode Island, Inc.				647		29,322
BancorpSouth, Inc.				14,149		175,589
Bank Of Kentucky Financial Corp.				949		21,134

	Country Code**	Shares		Value
Bank of Marin Bancorp			971	$	34,344
Bank Of The Ozarks, Inc.			2,398		124,840
Banner Corp.			2,799		48,983
Boston Private Financial Holdings, Inc.			13,132		86,409
Bridge Bancorp, Inc.			1,076		22,897
Bridge Capital Holdings*			1,415		15,678
Bryn Mawr Bank Corp.			1,665		33,716
Camden National Corp.			1,354		44,425
Cape Bancorp, Inc.*			1,746		17,460
Capital Bank Corp.*			2,292		7,999
Capital City Bank Group, Inc.			1,844		18,919
Cardinal Financial Corp.			5,040		55,188
Cascade Bancorp*			1,019		10,292
Cathay General Bancorp			13,214		216,577
Center Bancorp, Inc.			1,889		19,721
Center Financial Corp.*			6,097		38,716
Centerstate Banks, Inc.			5,231		36,199
Central Pacific Financial Corp.*			2,482		34,748
Century Bancorp, Inc., Class A			443		11,722
Chemical Financial Corp.			4,763		89,354
Citizens & Northern Corp.			2,123		31,994
City Holding Co.			2,661		87,893
CNB Financial Corp.			1,988		27,613
Cobiz Financial, Inc.			5,715		37,376
Columbia Banking System, Inc.			6,688		115,167
Community Banking Systems, Inc.			6,267		155,359
Community Trust Bancorp, Inc.			2,445		67,775
CVB Financial Corp.			15,220		140,785
Danvers Bancorp, Inc.			3,495		76,086
Eagle Bancorp, Inc.*			2,912		38,730
Encore Bancshares, Inc.*			1,337		16,071
Enterprise Bancorp, Inc.			924		13,925
Enterprise Financial Services Corp.			2,729		36,923
F.N.B. Corp.			21,459		222,101

See Notes to Financial Statements.

137

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**	Shares		Value
Financial Institutions, Inc.			2,376	$	39,014
First Bancorp			2,673		27,372
First Bancorp, Inc.			1,339		19,898
First Busey Corp.			13,302		70,368
First Commonwealth Financial Corp.			17,917		102,844
First Community Bancshares, Inc.			2,768		38,752
First Financial Bancorp			9,905		165,314
First Financial Bankshares, Inc.			5,376		185,203
First Interstate BancSystem, Inc.			2,698		39,769
First Merchants Corp.			4,347		38,862
First Midwest Bancorp, Inc.			12,592		154,756
FirstMerit Corp.			18,476		305,039
German American Bancorp, Inc.			2,069		34,304
Glacier Bancorp, Inc.			12,198		164,429
Great Southern Bancorp, Inc.			1,789		33,902
Hampton Roads Bankshares, Inc.*			1,759		17,414
Hancock Holding Co.			7,194		222,870
Hanmi Financial Corp.*			26,607		28,469
Heartland Financial USA, Inc.			2,380		34,629
Heritage Commerce Corp.*			3,519		17,982
Heritage Financial Corp.			2,501		32,338
Home Bancshares, Inc.			3,867		91,416
Hudson Valley Holding Corp.			2,490		48,082
IBERIABANK Corp.			4,567		263,242
Independent Bank Corp. Massachusetts			3,674		96,442
International Bancshares Corp.			9,005		150,654
Investors Bancorp, Inc.*			7,876		111,839
Lakeland Bancorp, Inc.			3,826		38,183
Lakeland Financial Corp.			2,842		63,263
MainSource Financial Group, Inc.			3,446		28,602
MB Financial, Inc.			9,159		176,219
Merchants Bancshares, Inc.			767		18,768

	Country Code**		Shares		Value
Metro Bancorp, Inc.*				2,333	$	26,643
MidSouth Bancorp, Inc.				1,165		15,879
Nara Bancorp, Inc.*				6,443		52,382
National Bankshares, Inc.				1,138		28,496
National Penn Bancshares, Inc.				20,891		165,666
NBT Bancorp, Inc.				5,924		131,098
Northfield Bancorp, Inc.				3,087		43,403
Old National Bancorp				16,097		173,848
OmniAmerican Bancorp, Inc.*				1,974		29,551
Oriental Financial Group		PR		7,659		98,725
Orrstown Financial Services, Inc.				1,291		33,966
Pacific Capital Bancorp*				765		24,319
Pacific Continental Corp.				3,275		29,966
PacWest Bancorp				5,125		105,421
Park National Corp.				2,211		145,616
Park Sterling Corp.*				4,879		24,200
Penns Woods Bancorp, Inc.				601		20,650
Peoples Bancorp, Inc.				1,854		20,895
Pinnacle Financial Partners, Inc.*				5,743		89,361
PrivateBancorp, Inc.				10,100		139,380
Prosperity Bancshares, Inc.				7,893		345,871
Renasant Corp.				4,308		62,423
Republic Bancorp, Inc.				1,717		34,168
S&T Bancorp, Inc.				4,835		89,883
S.Y. Bancorp, Inc.				2,187		50,848
Sandy Spring Bancorp, Inc.				4,093		73,633
SCBT Financial Corp.				2,434		69,807
Seacoast Banking Corp of Florida*				12,554		18,831
Sierra Bancorp				1,912		21,644
Signature Bank*				6,942		397,082
Simmons First National Corp., Class A				3,012		77,288
Southside Bancshares, Inc.				2,831		56,195
Southwest Bancorp, Inc.*				3,349		32,787
State Bancorp, Inc.				2,620		34,951

See Notes to Financial Statements.

138

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**	Shares		Value
State Bank Financial Corp.*			5,358	$	87,710
Stellarone Corp.			3,973		48,113
Sterling Bancorp			5,459		51,806
Sterling Bancshares, Inc.			17,291		141,095
Sterling Financial Corp.*			4,568		73,408
Suffolk Bancorp			1,727		24,109
Sun Bancorp, Inc.*			6,551		23,911
Susquehanna Bancshares, Inc.			21,839		174,712
SVB Financial Group*			7,196		429,673
Taylor Capital Group, Inc.*			1,757		14,337
Texas Capital Bancshares Inc*			6,287		162,393
The Bancorp, Inc.*			4,976		51,999
The First of Long Island Corp.			1,389		38,739
Tompkins Financial Corp.			1,412		55,407
Tower Bancorp, Inc.			1,748		47,895
TowneBank			4,192		56,089
Trico Bancshares			2,524		36,850
Trustmark Corp.			10,875		254,584
UMB Financial Corp.			5,431		227,450
Umpqua Holdings Corp.			19,373		224,146
Union First Market Bankshares Corp.			3,506		42,703
United Bankshares, Inc.			5,778		141,445
United Community Banks, Inc.*			3,363		35,513
Univest Corp. Of Pennsylvania			2,959		46,249
Virginia Commerce Bancorp, Inc.*			3,758		22,210
Washington Banking Co.			2,748		36,329
Washington Trust Bancorp, Inc.			2,463		56,575
Webster Financial Corp.			12,095		254,237
WesBanco, Inc.			3,989		78,424
West Bancorporation			2,410		21,232
West Coast Bancorp*			2,789		46,744
Westamerica Bancorporation			4,933		242,950
Western Alliance Bancorp*			11,781		83,645

	Country Code**	Shares		Value
Wilshire Bancorp, Inc.*			9,495	$	27,915
Wintrust Financial Corp.			5,880		189,218
					11,776,002
COMMERCIAL SERVICES & SUPPLIES – 2.5%
ABM Industries, Inc.			8,862		206,839
Acco Brands Corp.*			9,210		72,298
American Reprographics Co.*			6,214		43,933
APAC Customer Services, Inc.*			5,256		28,014
AT Cross Co., Class A*			1,508		17,176
Casella Waste Systems, Inc., Class A*			4,310		26,291
Cenveo, Inc.*			9,184		58,778
Clean Harbors, Inc.*			3,916		404,327
Consolidated Graphics, Inc.*			1,501		82,480
Courier Corp.			1,737		19,194
Deluxe Corp.			8,605		212,630
EnergySolutions, Inc.			13,371		66,053
Enernoc, Inc.*			3,883		61,118
Ennis, Inc.			4,382		76,247
Fuel Tech, Inc.*			3,120		20,686
G&K Services, Inc.			3,134		106,117
Geo Group, Inc.*			10,826		249,323
Healthcare Services Group, Inc.			11,128		180,830
Heritage-Crystal Clean, Inc.*			778		14,922
Herman Miller, Inc.			9,564		260,332
Higher One Holdings, Inc.*			5,113		96,738
HNI Corp.			7,496		188,300
Innerworkings, Inc.*			4,308		35,929
Interface, Inc.			8,784		170,146
Intersections, Inc.			1,565		28,483
Kimball International, Inc.			5,219		33,558
Knoll, Inc.			8,014		160,841
M&F Worldwide Corp.*			1,741		44,987
McGrath Rentcorp.			4,084		114,679
Metalico, Inc.*			6,663		39,312
Mine Safety Appliances Co.			4,549		169,860
Mobile Mini, Inc.*			6,141		130,128
Multi-color Corp.			1,902		46,960
Quad Graphics, Inc.			4,188		162,746

See Notes to Financial Statements.

139

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**	Shares		Value
Rollins, Inc.			10,665	$	217,353
Schawk, Inc.			1,994		33,021
Standard Parking Corp.*			2,625		41,921
Steelcase, Inc., Class A			13,311		151,612
Swisher Hygiene, Inc.*			14,195		79,918
SYKES Enterprises, Inc.*			6,982		150,322
Team, Inc.*			3,250		78,422
Tetra Tech, Inc.*			10,429		234,652
The Brink’s Co.			7,815		233,121
TMS International Corp., Class A*			2,201		28,723
TRC Companies, Inc.*			3,039		18,994
UniFirst Corp.			2,367		133,002
United Stationers, Inc.			7,675		271,925
US Ecology, Inc.			3,121		53,369
Viad Corp.			3,411		76,031
WCA Waste Corp.*			2,537		14,613
					5,447,254
COMMUNICATIONS EQUIPMENT – 2.3%
ADTRAN, Inc.			10,817		418,726
Anaren, Inc.*			2,515		53,444
Arris Group, Inc.*			20,683		240,130
Aruba Networks, Inc.*			14,249		421,058
Aviat Networks, Inc.*			10,083		39,727
Bel Fuse, Inc., Class B			1,748		37,914
Bigband Networks*			7,325		15,895
Black Box Corp.			3,006		93,998
Blue Coat Systems, Inc.*			7,269		158,900
Calix, Inc.*			6,279		130,729
Communications Systems, Inc.			1,060		19,006
Comtech Telecommunications Corp.			4,446		124,666
DG Fastchannel, Inc.*			4,580		146,789
Dialogic, Inc.*			2,474		11,133
Digi International, Inc.*			4,239		55,107
Emcore Corp.*			14,643		40,122
EMS Technologies, Inc.*			2,548		84,008
Emulex Corp.*			14,740		126,764
Extreme Networks, Inc.*			15,423		49,971
Finisar Corp.*			14,974		269,981
Globecomm Systems Inc*			3,733		58,085

	Country Code**	Shares		Value
Harmonic, Inc.*			19,180	$	138,671
Infinera Corp.*			17,473		120,738
Interdigital, Inc.			7,574		309,398
Ixia*			6,434		82,355
KVH Industries, Inc.*			2,495		26,522
Loral Space & Communications, Inc.*			1,821		126,505
Meru Networks, Inc.*			1,862		22,363
NETGEAR, Inc.*			6,113		267,260
NumereX Corp.*			1,451		14,118
Oclaro, Inc.*			8,438		56,703
Oplink Communications, Inc.*			3,444		64,162
Opnext, Inc.*			7,628		17,392
Orbcomm, Inc.*			5,631		17,625
Plantronics, Inc.			8,053		294,176
Powerwave Technologies, Inc.*			28,263		83,376
Procera Networks, Inc.*			1,800		19,314
Seachange International, Inc.*			4,426		47,712
Shoretel, Inc.*			7,868		80,254
Sonus Networks, Inc.*			35,253		114,220
Sycamore Networks, Inc.			3,327		73,992
Symmetricom, Inc.*			7,228		42,139
Tekelec, Inc.*			10,325		94,267
Viasat, Inc.*			6,050		261,784
Westell Technologies, Inc., Class A*			8,569		30,591
					5,001,790
COMPUTERS & PERIPHERALS – 0.7%
Avid Technology, Inc.*			4,952		93,296
Cray, Inc.*			6,031		38,598
Dot Hill Systems Corp.*			9,598		27,258
Eletronics for Imaging, Inc.*			7,800		134,316
Hypercom Corp.*			9,212		90,554
Imation Corp.*			4,972		46,936
Immersion Corp.*			4,764		40,637
Intermec, Inc.*			9,954		109,892
Intevac, Inc.*			3,840		39,206
Novatel Wireless, Inc.*			5,324		29,176
OCZ Technology Group, Inc.*			8,580		68,640
Quantum Corp.*			37,675		124,328
Rimage Corp.			1,513		20,320

See Notes to Financial Statements.

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	Country Code**		Shares		Value
Silicon Graphics International Corp.*				5,177	$	89,044
STEC, Inc.*				6,874		116,927
Stratasys, Inc.*				3,533		119,062
Super Micro Computer, Inc.*				4,487		72,196
Synaptics, Inc.*				5,737		147,670
Xyratex, Ltd.*		BM		5,163		52,972
						1,461,028
CONSTRUCTION & ENGINEERING – 0.7%
Argan, Inc.*				1,138		11,539
Comfort Systems USA, Inc.				6,370		67,586
Dycom Industries, Inc.*				5,888		96,210
EMCOR Group, Inc.*				11,167		327,305
Furmanite Corp.*				6,191		49,157
Granite Construction, Inc.				6,475		158,832
Great Lakes Dredge & Dock Co.				9,854		54,985
Insituform Technologies, Inc., Class A*				6,593		138,255
Layne Christensen Co.*				3,272		99,272
Mastec, Inc.*				9,460		186,551
Michael Baker Corp.*				1,398		29,526
Myr Group, Inc.*				3,358		78,577
Northwest Pipe Co.*				1,538		40,080
Orion Marine Group, Inc.*				4,537		42,693
Pike Electric Corp.*				2,710		23,956
Primoris Services Corp.				4,457		57,495
Sterling Construction Co., Inc.*				2,753		37,909
Tutor Perini Corp.				5,203		99,794
UniTek Global Services, Inc.*				1,703		13,471
						1,613,193
CONSTRUCTION MATERIALS – 0.2%
Eagle Materials, Inc.				7,467		208,105
Headwaters, Inc.*				10,118		31,669
Texas Industries, Inc.				3,811		158,652
United States Lime & Minerals, Inc.*				366		15,010
						413,436
CONSUMER FINANCE – 0.7%
Advance America Cash Advance Centers, Inc.				9,351		64,428

	Country Code**		Shares		Value
Cash America International, Inc.				4,933	$	285,473
Credit Acceptance Corp.*				1,125		95,029
Dollar Financial Corp.*				7,286		157,742
EZCORP, Inc., Class A*				7,872		280,046
First Cash Financial Services, Inc.*				5,258		220,783
Imperial Holdings, Inc.*				2,895		29,413
Nelnet, Inc., Class A				4,349		95,939
Netspend Holdings, Inc.*				5,038		50,380
Nicholas Financial, Inc.*		CA		1,636		19,436
The First Marblehead Corp.*				9,399		16,636
World Acceptance Corp.*				2,657		174,220
						1,489,525
CONTAINERS & PACKAGING – 0.2%
AEP Industries, Inc.*				748		21,834
Boise, Inc.				17,450		135,936
Graham Packaging Co., Inc.*				4,009		101,107
Graphic Packaging Holding Co.*				26,677		145,123
Myers Industries, Inc.				5,322		54,710
						458,710
DISTRIBUTORS – 0.2%
Audiovox Corp., Class A*				2,798		21,153
Core-Mark Holding Co., Inc.*				1,884		67,259
Pool Corp.				8,061		240,298
Weyco Group, Inc.				1,088		26,765
						355,475
DIVERSIFIED CONSUMER SERVICES – 1.2%
American Public Education, Inc.*				2,987		132,951
Archipelago Learning, Inc.*				2,179		21,485
Bridgepoint Education, Inc.*				2,986		74,650
Cambium Learning Group, Inc.*				2,133		7,188
Capella Education Co.*				2,635		110,275
Coinstar, Inc.*				5,240		285,790
Corinthian Colleges, Inc.*				13,019		55,461
Grand Canyon Education, Inc.*				4,809		68,192
Hillenbrand, Inc.				10,500		248,325
K12, Inc.*				4,337		143,728

See Notes to Financial Statements.

141

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	Country Code**		Shares		Value
Lincoln Educational Services Corp.				3,787	$	64,947
Mac-Gray Corp.				1,923		29,710
Matthews International Corp.				4,941		198,381
National American University Holdings, Inc.				1,337		12,581
Pre-Paid Legal Services, Inc.*				1,225		81,450
Regis Corp.				9,683		148,344
Sotheby’s				11,289		491,071
Steiner Leisure, Ltd.*		BS		2,516		114,931
Stewart Enterprises, Inc., Class A				13,272		96,886
Strayer Education, Inc.				2,053		259,479
Universal Technical Institute, Inc.				3,607		71,310
						2,717,135
DIVERSIFIED FINANCIAL SERVICES – 0.4%
California First National Bancorp				144		2,206
Compass Diversified Holding				6,753		111,357
Encore Capital Group, Inc.*				2,708		83,190
Gain Capital Holdings, Inc.*				1,314		8,949
Marketaxess Holdings, Inc.				4,804		120,388
Marlin Business Services Corp.*				1,350		17,078
Newstar Financial, Inc.*				4,596		49,085
PHH Corp.*				9,389		192,662
Pico Holdings, Inc.*				3,827		110,983
Portfolio Recovery Associates, Inc.*				2,870		243,347
Primus Guaranty Ltd.*		BM		4,077		21,404
						960,649
DIVERSIFIED TELECOMMUNICATION SERVICES – 0.8%
8x8, Inc.*				10,342		50,572
AboveNet, Inc.				3,881		273,455
Alaska Communications Systems, Inc.				7,573		67,173
Atlantic Tele-network, Inc.				1,579		60,570

	Country Code**		Shares		Value
Cbeyond, Inc.*				4,687	$	62,009
Cincinnati Bell, Inc.*				33,371		110,792
Cogent Communications Group, Inc.*				7,640		129,956
Consolidated Communications Holdings, Inc.				4,368		84,914
FairPoint Communications, Inc.*				3,569		32,870
General Communication, Inc. Class A*				6,895		83,223
Global Crossing Ltd.*		BM		5,118		196,429
Globalstar, Inc.*				17,284		21,259
HickoryTech Corp.				2,137		25,388
IDT Corp., Class B				2,319		62,659
inContact, Inc.*				5,248		24,928
Iridium Communications, Inc.*				7,260		62,799
Neutral Tandem, Inc.*				5,768		100,479
PAETEC Holding Corp.*				20,879		100,010
Premiere Global Services, Inc.*				8,747		69,801
SureWest Communications				2,366		39,560
Towerstream Corp.*				5,471		27,300
Vonage Holdings Corp.*				23,153		102,105
						1,788,251
ELECTRIC UTILITIES – 1.2%
ALLETE, Inc.				5,331		218,784
Central Vermont Public Service Corp.				2,232		80,687
Cleco Corp.				10,207		355,714
El Paso Electric Co.				7,007		226,326
IDACORP, Inc.				8,291		327,495
MGE Energy, Inc.				3,895		157,864
Otter Tail Corp.				6,032		127,275
PNM Resources, Inc.				14,488		242,529
Portland General Electric Co.				12,593		318,351
The Empire District Electric Co.				7,006		134,936
UIL Holdings Corp.				8,445		273,196
Unisource Energy Corp.				6,128		228,758
Unitil Corp.				1,813		47,682
						2,739,597

See Notes to Financial Statements.

142

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**	Shares		Value
ELECTRICAL EQUIPMENT – 1.3%
A123 Systems, Inc.*			14,779	$	78,624
Active Power, Inc.*			12,915		31,642
Acuity Brands, Inc.			7,252		404,517
American Superconductor Corp.*			7,487		67,682
AZZ, Inc.			2,090		95,722
Belden, Inc.			7,920		276,091
Brady Corp., Class A			7,954		255,005
Broadwind Energy, Inc.*			17,811		25,826
Capstone Turbine Corp.*			41,174		62,996
Coleman Cable, Inc.*			1,408		20,683
Encore Wire Corp.			3,091		74,864
Ener1, Inc.*			11,706		12,877
EnerSys*			8,387		288,681
Franklin Electric Co., Inc.			3,876		181,978
FuelCell Energy, Inc.*			20,797		27,244
Generac Holdings, Inc.*			4,149		80,491
Global Power Equipment Group, Inc.*			2,609		69,191
II-VI, Inc.*			8,635		221,056
LSI Industries, Inc.			3,267		25,940
Powell Industries, Inc.*			1,462		53,363
Powersecure International, Inc.*			3,149		22,736
Preformed Line Products Co.			411		29,255
Satcon Technology Corp.*			15,129		36,158
Thermon Group Holdings, Inc.*			1,671		20,052
Valence Technology, Inc.*			11,597		13,684
Vicor Corp.			3,304		53,426
Woodward Governor Co.			10,277		358,256
					2,888,040
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 2.4%
Aeroflex Holding Corp.*			3,298		59,859
Agilysys, Inc.*			3,093		25,796
Anixter International, Inc.			4,841		316,311
Benchmark Electronics, Inc.*			10,134		167,211

	Country Code**		Shares		Value
Brightpoint, Inc.*				11,407	$	92,511
Checkpoint Systems, Inc.*				6,705		119,885
Cognex Corp.				6,931		245,565
Coherent, Inc.*				4,184		231,250
CTS Corp.				5,779		55,883
Daktronics, Inc.				5,814		62,733
DDI Corp.				2,503		23,879
DTS, Inc.*				2,906		117,838
Echelon Corp.*				5,878		53,431
Electro Rent Corp.				3,176		54,373
Electro Scientific Industries, Inc.*				3,760		72,568
eMagin Corp.*				2,987		18,131
Fabrinet*		KY		3,409		82,770
FARO Technologies, Inc.*				2,726		119,399
Gerber Scientific, Inc.*				4,184		46,568
GSI Group, Inc.*		CA		4,305		51,875
Identive Group, Inc.*				6,740		15,637
Insight Enterprises, Inc.*				7,783		137,837
KEMET Corp.*				7,366		105,260
L-1 Identity Solutions, Inc.*				12,429		146,041
LeCroy Corp.*				2,669		32,135
Littelfuse, Inc.				3,792		222,666
Maxwell Technologies, Inc.*				4,661		75,462
Measurement Specialties, Inc.*				2,492		88,964
Mercury Computer Systems, Inc.*				5,045		94,241
Methode Electronics, Inc.				6,212		72,121
Microvision, Inc.*				17,659		21,544
MTS Systems Corp.				2,614		109,344
Multi Fineline Electronix, Inc.*				1,505		32,523
NePhotonics Corp.*				1,460		10,103
Newport Corp.*				6,251		113,581
OSI Systems, Inc.*				3,174		136,482
Park Electrochemical Corp.				3,474		97,098
PC Connection, Inc.*				1,371		11,352
Plexus Corp.*				6,280		218,607
Power-One, Inc.*				11,386		92,227
Pulse Electronics Corp.				6,970		30,807
RadiSys Corp.*				3,257		23,744
Richardson Electronics, Ltd.				2,469		33,554

See Notes to Financial Statements.

143

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	Country Code**		Shares		Value
Rofin-Sinar Technologies, Inc.*				4,750	$	162,212
Rogers Corp.*				2,670		123,354
Sanmina-SCI Corp.*				13,436		138,794
ScanSource, Inc.*				4,509		168,997
SMART Modular Technologies, Inc.*		KY		10,870		99,569
SYNNEX Corp.*				4,171		132,221
TTM Technologies, Inc.*				8,667		138,845
Universal Display Corp.*				6,418		225,208
Viasystems Group, Inc.*				458		10,300
Vishay Precision Group, Inc.*				1,992		33,625
X-Rite, Inc.*				4,324		21,490
Zygo Corp.*				2,659		35,152
						5,228,933
ENERGY EQUIPMENT & SERVICES – 2.1%
Basic Energy Services, Inc.*				4,016		126,384
Bristow Group, Inc.				6,062		309,283
Cal Dive International, Inc.*				15,936		95,297
Complete Production Services, Inc.*				13,185		439,852
Dawson Geophysical Co.*				1,318		45,010
Dril-Quip, Inc.*				5,744		389,616
Exterran Holdings, Inc.*				10,654		211,269
Geokinetics, Inc.*				1,786		14,074
Global Geophysical Services, Inc.*				3,016		53,685
Global Industries, Ltd.*				16,913		92,683
Gulf Island Fabrication, Inc.				2,395		77,311
Gulfmark Offshore, Inc., Class A*				3,957		174,860
Helix Energy Solutions Group, Inc.*				17,711		293,294
Hercules Offshore, Inc.*				19,232		105,968
Hornbeck Offshore Services, Inc.*				3,816		104,940
Ion Geophysical Corp.*				21,953		207,675
Key Energy Services, Inc.*				20,803		374,454

	Country Code**		Shares		Value
Lufkin Industries, Inc.				5,090	$	437,994
Matrix Service Co.*				4,425		59,207
Mitcham Industries, Inc.*				1,601		27,697
Natural Gas Services Group, Inc.*				2,056		33,225
Newpark Resources*				15,142		137,338
OYO Geospace Corp.*				722		72,200
Parker Drilling Co.*				19,526		114,227
Phi, Inc.*				2,169		47,132
Pioneer Drilling Co.*				9,079		138,364
RigNet, Inc.*				964		16,388
Tesco Corp.*		CA		5,042		97,865
TETRA Technologies, Inc.*				12,855		163,644
Union Drilling, Inc.*				2,598		26,733
Vantage Drilling Co.*		KY		28,918		52,631
Willbros Group, Inc.*				6,504		55,544
						4,595,844
FOOD & STAPLES RETAILING – 0.9%
Arden Group, Inc., Class A				178		16,380
Casey’s General Stores, Inc.				6,367		280,148
Ingles Markets, Inc.				2,068		34,225
Nash Finch Co.				2,012		72,050
PriceSmart, Inc.				2,958		151,538
Rite Aid Corp.*				98,452		130,941
Ruddick Corp.				8,237		358,639
Spartan Stores, Inc.				3,768		73,589
Susser Holdings Corp.*				1,267		19,917
The Andersons, Inc.				3,107		131,271
The Fresh Market, Inc.*				4,712		182,260
The Pantry, Inc.*				3,821		71,797
United Natural Foods, Inc.*				8,083		344,902
Village Super Market, Inc.				1,036		28,708
Weis Markets, Inc.				1,880		76,572
Winn-Dixie Stores, Inc.*				9,350		79,007
						2,051,944
FOOD PRODUCTS – 1.3%
Alico, Inc.				530		13,579
B&G Foods, Inc., Class A				8,017		165,310
Cal-Maine Foods, Inc.				2,386		76,256
Calavo Growers, Inc.				2,001		42,141

See Notes to Financial Statements.

144

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**		Shares		Value
Chiquita Brands International, Inc.*				7,588	$	98,796
Darling International, Inc.*				19,541		345,876
Diamond Foods, Inc.				3,672		280,320
Dole Food Co., Inc.*				5,971		80,728
Farmer Brothers Co.				1,007		10,211
Fresh Del Monte Produce, Inc.		KY		6,094		162,527
Griffin Land & Nurseries, Inc.				345		11,209
Hain Celestial Group, Inc.*				5,987		199,726
Harbinger Group, Inc.*				1,410		8,615
Imperial Sugar Co.				2,033		40,660
J & J Snack Foods Corp.				2,415		120,388
Lancaster Colony Corp.				3,156		191,948
Lifeway Foods, Inc.*				626		6,999
Limoneira Co.				1,322		29,864
Omega Protein Corp.*				3,237		44,671
Pilgrim’s Pride Corp.*				8,458		45,758
Sanderson Farms, Inc.				3,710		177,264
Seneca Foods Corp.*				1,548		39,598
Smart Balance, Inc.*				9,940		51,489
Snyders-Lance, Inc.				7,915		171,201
Tootsie Roll Industries, Inc.				4,042		118,269
TreeHouse Foods, Inc.*				5,931		323,892
						2,857,295
GAS UTILITIES – 1.1%
Chesapeake Utilities Corp.				1,623		64,969
New Jersey Resources Corp.				6,988		311,735
Nicor, Inc.				7,031		384,877
Northwest Natural Gas Co.				4,527		204,304
Piedmont Natural Gas Co.				12,121		366,781
South Jersey Industries, Inc.				5,059		274,754
Southwest Gas Corp.				7,725		298,262
The Laclede Group, Inc.				3,781		143,035
WGL Holdings, Inc.				8,640		332,554
						2,381,271
HEALTH CARE EQUIPMENT & SUPPLIES – 3.0%
Abaxis, Inc.*				3,765		102,596
ABIOMED, Inc.*				5,284		85,601

	Country Code**	Shares		Value
Accuray, Inc.*			11,426	$	91,522
Align Technology, Inc.*			10,237		233,404
Alimera Sciences, Inc.*			1,887		15,379
Alphatec Holdings, Inc.*			8,770		30,520
Analogic Corp.			2,100		110,439
Angiodynamics, Inc.*			4,159		59,183
Antares Pharma, Inc.*			14,220		31,426
Arthrocare Corp.*			4,564		152,757
AtriCure, Inc.*			2,389		30,818
Atrion Corp.			266		52,615
Bacterin International Holdings, Inc.*			3,505		9,954
BioLase Technology, Inc.*			4,659		23,947
Cantel Medical Corp.			2,202		59,256
Cardiovascular Systems, Inc.*			2,177		31,697
Cerus Corp.*			8,163		24,489
Conceptus, Inc.*			5,214		60,847
Conmed Corp.*			4,720		134,426
Cryolife, Inc.*			4,685		26,236
Cyberonics, Inc.*			4,728		132,148
Cynosure, Inc., Class A*			1,544		18,682
Delcath Systems, Inc.*			7,233		37,322
Dexcom, Inc.*			11,196		162,230
Dynavox, Inc., Class A*			1,495		11,362
Endologix, Inc.*			8,157		75,860
Exactech, Inc.*			1,350		24,314
Greatbatch, Inc.*			3,888		104,276
Haemonetics Corp.*			4,293		276,340
Hansen Medical, Inc.*			7,600		25,916
Heartware International, Inc.*			1,993		147,641
ICU Medical, Inc.*			2,027		88,580
Immucor, Inc.*			10,112		206,487
Insulet Corp.*			7,658		169,778
Integra Lifesciences Holdings Corp.*			3,474		166,092
Invacare Corp.			4,775		158,482
Iris International, Inc.*			2,989		29,860
Kensey Nash Corp.*			1,424		35,928
Mako Surgical Corp.*			5,328		158,401
Masimo Corp.			8,781		260,620
Medical Action Industries, Inc.*			2,689		21,915
Meridian Bioscience, Inc.			6,872		165,684

See Notes to Financial Statements.

145

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**		Shares		Value
Merit Medical Systems, Inc.*				6,051	$	108,736
Natus Med, Inc.*				4,845		73,402
Neogen Corp.*				3,876		175,234
Neoprobe Corp.*				14,770		49,036
NuVasive, Inc.*				6,617		217,567
Nxstage Medical, Inc.*				7,447		155,047
OraSure Technologies, Inc.*				7,805		66,577
Orthofix International NV*		AN		3,009		127,792
Palomar Medical Technologies, Inc.*				3,186		35,938
Quidel Corp.*				4,760		72,114
Rockwell Medical Technologies, Inc.*				2,662		34,180
RTI Biologics, Inc.*				9,343		25,320
Solta Medical, Inc.*				10,342		28,544
Sonosite, Inc.*				2,303		80,997
Spectranetics Corp.*				5,582		34,720
Staar Surgical Co.*				5,981		31,699
Stereotaxis, Inc.*				7,572		26,578
STERIS Corp.				9,919		346,967
Surmodics, Inc.*				2,570		28,527
Symmetry Medical, Inc.*				6,101		54,726
Synergetics USA, Inc.*				3,680		20,277
Synovis Life Technologies, Inc.*				1,913		33,324
Tornier NV*		NL		1,755		47,297
Unilife Corp.*				9,523		49,329
Uroplasty, Inc.*				3,312		24,840
Vascular Solutions, Inc.*				2,830		35,092
Volcano Corp.*				8,696		280,794
West Pharmaceutical Services, Inc.				5,608		245,406
Wright Medical Group, Inc.*				6,523		97,845
Young Innovations, Inc.				957		27,294
Zoll Medical Corp.*				3,655		207,092
						6,687,321
HEALTH CARE PROVIDERS & SERVICES – 3.0%
Accretive Health, Inc.*				6,675		192,173
Air Methods Corp.*				1,891		141,333
Alliance Healthcare Services, Inc.*				3,866		14,691
Almost Family, Inc.*				1,370		37,538
Amedisys, Inc.*				4,934		131,392

	Country Code**	Shares		Value
American Dental Partners, Inc.*			2,540	$	32,918
AMN Healthcare Services, Inc.*			6,622		55,095
AmSurg Corp.*			5,227		136,582
Assisted Living Concepts, Inc., Class A			3,285		55,122
Bio-Reference Labs, Inc.*			4,115		86,004
Bioscrip, Inc.*			6,788		44,054
Capital Senior Living Corp.*			4,621		42,929
CardioNet, Inc.*			4,021		21,352
Centene Corp.*			8,357		296,924
Chemed Corp.			3,567		233,710
Chindex International, Inc.*			1,894		25,796
Continucare Corp.*			5,027		31,067
Corvel Corp.*			1,061		49,761
Cross Country Healthcare, Inc.*			4,646		35,310
Emeritus Corp.*			5,088		108,120
ExamWorks Group, Inc.*			4,519		114,737
Five Star Quality Care, Inc.*			5,269		30,613
Gentiva Health Services, Inc.*			5,099		106,212
Hanger Orthopedic Group, Inc.*			5,592		136,836
HEALTHSOUTH Corp.*			15,848		416,010
Healthspring, Inc.*			11,314		521,689
Healthways, Inc.*			5,692		86,405
HMS Holdings Corp.*			4,711		362,135
IPC The Hospitalist Co.*			2,732		126,628
Kindred Healthcare, Inc.*			8,680		186,360
Landauer, Inc.			1,583		97,497
LHC Group, Inc.*			2,643		60,948
Magellan Health Services, Inc.*			5,360		293,406
Medcath Corp.*			3,379		45,921
MedQuist Holdings, Inc.*			5,269		68,076
Metropolitan Health Networks, Inc.*			6,941		33,247
Molina Healthcare, Inc.*			4,685		127,057

See Notes to Financial Statements.

146

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**		Shares		Value
MWI Veterinary Supply, Inc.*				2,094	$	169,132
National Healthcare Corp.				1,718		85,161
National Research Corp.				266		9,717
Owens & Minor, Inc.				10,649		367,284
Pharmerica Corp.*				4,892		62,422
Providence Service Corp.*				2,148		27,172
PSS World Medical, Inc.*				9,264		259,485
Radnet Inc*				5,201		22,884
Select Medical Holdings Corp.*				7,514		66,649
Skilled Healthcare Group, Inc., Class A*				3,157		29,865
Sun Healthcare Group, Inc.*				4,154		33,315
Sunrise Senior Living, Inc.*				9,605		91,536
Team Health Holdings, Inc.*				4,435		99,832
The Ensign Group, Inc.				2,722		82,722
Triple-S Management Corp., Class B*		PR		3,274		71,144
U.S. Physical Therapy, Inc.				1,977		48,891
Universal American Corp.				5,397		59,097
WellCare Health Plans, Inc.*				7,108		365,422
						6,537,378
HEALTH CARE TECHNOLOGY – 0.5%
athenahealth, Inc.*				5,812		238,873
Computer Programs and Systems, Inc.				1,852		117,565
ePocrates, Inc.*				1,095		20,192
HealthStream, Inc.*				2,497		33,135
MedAssets, Inc.*				7,955		106,279
Medidata Solutions, Inc.*				3,495		83,426
Merge Healthcare, Inc.*				8,639		44,923
Omnicell, Inc.*				5,533		86,259
Quality Systems, Inc.				3,238		282,677
Transcend Services, Inc.*				1,456		42,792
						1,056,121

	Country Code**	Shares		Value
HOTELS, RESTAURANTS & LEISURE – 2.6%
AFC Enterprises, Inc.*			4,150	$	68,267
Ambassadors Group, Inc.			3,004		26,525
Ameristar Casinos, Inc.			5,539		131,330
Benihana, Inc., Class A*			2,128		22,323
Biglari Holdings, Inc.*			203		79,383
BJ’s Restaurants, Inc.*			4,015		210,225
Bob Evans Farms, Inc.			5,084		177,787
Boyd Gaming Corp.*			9,461		82,311
Bravo Brio Restaurant Group, Inc.*			3,216		78,567
Buffalo Wild Wings, Inc.*			3,058		202,776
California Pizza Kitchen, Inc.*			3,247		59,972
Caribou Coffee Co, Inc.*			2,228		29,499
Carrols Restaurant Group, Inc.*			2,067		21,579
CEC Entertainment, Inc.			3,329		133,526
Churchill Downs, Inc.			2,095		94,443
Cracker Barrel Old Country Store, Inc.			3,842		189,449
Dennys Corp.*			16,604		64,424
DineEquity, Inc.*			2,580		134,857
Domino’s Pizza, Inc.*			10,322		260,527
Einstein Noah Restaurant Group, Inc.			983		14,715
Gaylord Entertainment Co.*			6,083		182,490
International Speedway Corp., Class A			4,947		140,544
Interval Leisure Group, Inc.*			6,739		92,257
Isle of Capri Casinos, Inc.*			3,689		32,648
Jack In The Box, Inc.*			8,313		189,370
Jamba, Inc.*			10,972		23,480
Krispy Kreme Doughnuts, Inc.*			9,790		93,103
Life Time Fitness, Inc.*			7,070		282,164
Luby’s, Inc.*			2,830		15,622
Marcus Corp.			3,681		36,368
McCormick & Schmicks Seafood Restaurants, Inc.*			2,247		19,302
Monarch Casino & Resort, Inc.*			1,802		18,813

See Notes to Financial Statements.

147

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**		Shares		Value
Morgans Hotel Group*				4,009	$	28,825
Multimedia Games Holding Company, Inc.*				4,310		19,610
O’Charley’s, Inc.*				3,084		22,544
Orient-Express Hotels, Ltd.*		BM		16,322		175,461
P.F. Chang’s China Bistro, Inc.				3,820		153,717
Papa John’s International, Inc.*				3,302		109,825
Peet’s Coffee & Tea, Inc.*				2,148		123,940
Pinnacle Entertainment, Inc.*				10,566		157,433
Red Lion Hotels Corp.*				2,779		21,954
Red Robin Gourmet Burgers, Inc.*				2,167		78,835
Ruby Tuesday, Inc.*				10,906		117,567
Ruth’s Chris Steak House, Inc.*				5,878		32,976
Scientific Games Corp., Class A*				9,723		100,536
Shuffle Master, Inc.*				9,071		84,859
Six Flags Entertainment Corp.				6,948		260,203
Sonic Corp.*				10,359		110,116
Speedway Motorsports, Inc.				1,994		28,275
Texas Roadhouse, Inc., Class A				10,529		184,626
The Cheesecake Factory, Inc.*				9,666		303,222
Town Sports International Holdings, Inc.*				3,513		26,734
Vail Resorts, Inc.				6,063		280,232
						5,630,136
HOUSEHOLD DURABLES – 0.8%
American Greetings Corp.				6,764		162,607
Beazer Homes USA, Inc.*				12,724		43,134
Blyth, Inc.				873		43,956
Cavco Industries, Inc.*				1,139		51,255
CSS Industries, Inc.				1,303		27,272
Ethan Allen Interiors, Inc.				4,056		86,352
Furniture Brands International, Inc.*				6,999		28,976

	Country Code**		Shares		Value
Helen of Troy, Ltd.*		BM		5,159	$	178,140
Hovnanian Enterprises, Inc., Class A*				10,336		24,910
Irobot Corp.*				3,965		139,925
KB Home				12,910		126,260
La-Z-Boy, Inc.*				8,681		85,681
Libbey, Inc.*				3,311		53,704
Lifetime Brands, Inc.				1,533		17,997
M.D.C. Holdings, Inc.				6,287		154,912
M/I Homes, Inc.*				3,126		38,325
Meritage Homes Corp.*				4,677		105,513
Ryland Group, Inc.				7,456		123,248
Sealy Corp.*				8,359		21,148
Skyline Corp.				1,096		19,180
Standard Pacific Corp.*				17,848		59,791
Universal Electronics, Inc.*				2,497		63,074
						1,655,360
HOUSEHOLD PRODUCTS – 0.1%
Central Garden And Pet Co., Class A*				7,925		80,439
Oil-Dri Corp of America				648		13,880
Spectrum Brands Holdings, Inc.*				2,783		89,056
WD-40 Co.				2,856		111,498
						294,873
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS – 0.2%
Atlantic Power Corp.		CA		11,467		174,528
Dynegy, Inc.*				17,112		105,923
Ormat Technologies, Inc.				3,008		66,206
						346,657
INDUSTRIAL CONGLOMERATES – 0.2%
Raven Industries, Inc.				3,023		168,412
Seaboard Corp.				52		125,736
Standex International Corp.				2,097		64,315
Tredegar Corp.				4,029		73,932
United Capital Corp.*				260		7,787
						440,182
INSURANCE – 2.3%
Alterra Capital Holdings, Ltd.		BM		15,257		340,231
American Equity Investment Life Holding Co.				9,966		126,668

See Notes to Financial Statements.

148

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**		Shares		Value
American Safety Insurance Holdings, Ltd.*		BM		1,812	$	34,682
AMERISAFE, Inc.*				3,155		71,366
Amtrust Financial Services, Inc.				4,124		93,945
Argo Group International Holdings, Inc.		BM		4,660		138,495
Baldwin & Lyons, Inc., Class B				1,557		36,076
Citizens, Inc.*				6,394		43,607
CNO Financial Group, Inc.*				37,018		292,812
Crawford & Co., Class B				4,423		31,271
Delphi Financial Group, Inc.				8,090		236,309
Donegal Group, Inc.				1,460		18,688
eHealth, Inc.*				3,646		48,711
EMC Insurance Group, Inc.				900		17,190
Enstar Group, Ltd.*		BM		1,154		120,582
FBL Financial Group, Inc.				2,155		69,283
First American Financial Corp.				17,738		277,600
Flagstone Reinsurance Holdings SA		LU		8,907		75,086
Fortegra Financial Corp.*				941		7,377
FPIC Insurance Group, Inc.*				1,429		59,561
Global Indemnity PLC*		IE		2,310		51,236
Greenlight Capital Re, Ltd., Class A*		KY		4,738		124,562
Hallmark Financial Services, Inc.*				2,013		15,842
Harleysville Group, Inc.				2,196		68,449
Hilltop Holdings, Inc.*				6,925		61,217
Horace Mann Educators Corp.				6,776		105,773
Independence Holding Co.				1,085		11,327
Infinity Property & Casualty Corp.				2,134		116,644
Kansas City Life Insurance Co.				637		19,843
Maiden Holdings Ltd.		BM		8,631		78,542
Meadowbrook Insurance Group, Inc.				9,187		91,043
Montpelier Re Holdings Ltd.		BM		10,588		190,584

	Country Code**		Shares		Value
National Financial Partners Corp.*				7,397	$	85,361
National Interstate Corp.				1,295		29,656
National Western Life Insurance Co.				361		57,569
Navigators Group, Inc.*				2,309		108,523
OneBeacon Insurance Group Ltd., Class A		BM		3,839		51,404
Phoenix Cos., Inc.*				19,376		47,665
Platinum Underwriters Holdings, Ltd.		BM		6,319		210,044
Presidential Life Corp.				3,658		38,190
Primerica, Inc.				5,705		125,339
ProAssurance Corp.*				5,164		361,480
RLI Corp.				3,159		195,605
Safety Insurance Group, Inc.				2,208		92,824
SeaBright Insurance Holdings, Inc.				3,549		35,135
Selective Insurance Group, Inc.				9,257		150,611
State Auto Financial Corp.				2,596		45,248
Stewart Information Services Corp.				3,094		31,033
Symetra Financial Corp.				11,333		152,202
Tower Group, Inc.				6,249		148,851
United Fire & Casualty Co.				3,727		64,738
Universal Insurance Holdings, Inc.				3,334		15,570
						5,121,650
INTERNET & CATALOG RETAIL – 0.4%
1-800-Flowers.com, Inc., Class A*				4,057		12,577
Blue Nile, Inc.*				2,152		94,645
Geeknet, Inc.*				748		19,986
HSN, Inc.*				6,676		219,774
NutriSystem, Inc.				4,544		63,889
Orbitz Worldwide, Inc.*				3,552		8,844
Overstock.com, Inc.*				1,945		29,603
PetMed Express Common, Inc.				3,660		43,371
Shutterfly, Inc.*				4,961		284,861
US Auto Parts Network, Inc.*				2,453		18,790

See Notes to Financial Statements.

149

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**	Shares		Value
ValueVsion Media, Inc., Class A*			6,822	$	52,188
					848,528
INTERNET SOFTWARE & SERVICES – 1.9%
Active Network, Inc.*			2,040		35,904
Ancestry.com, Inc.*			5,272		218,208
Boingo Wireless, Inc.*			981		8,907
ComScore, Inc.*			5,291		137,037
Constant Contact, Inc.*			4,918		124,819
Cornerstone OnDemand, Inc.*			1,867		32,953
DealerTrack Holdings, Inc.*			6,871		157,689
Demand Media, Inc.*			1,248		16,910
Dice Holdings, Inc.*			8,097		109,471
Digital River, Inc.*			6,604		212,385
Earthlink, Inc.			18,298		140,803
Envestnet, Inc.*			3,247		48,218
FriendFinder Networks, Inc.*			807		3,276
InfoSpace, Inc.*			6,125		55,860
Internap Network Services Corp.*			8,723		64,114
Intralinks Holdings, Inc.*			5,326		92,033
j2 Global Communications, Inc.*			7,648		215,903
Keynote Systems, Inc.			2,328		50,355
Kit Digital, Inc.*			5,864		70,016
Limelight Networks, Inc.*			11,275		51,414
Liquidity Services, Inc.*			3,170		74,844
LivePerson Inc.*			8,757		123,824
Logmein, Inc.*			3,385		130,559
Loopnet, Inc.*			2,744		50,435
Marchex, Inc., Class B			3,692		32,785
Mediamind Technologies, Inc.*			1,290		28,303
Moduslink Global Solutions, Inc.			7,165		32,099
Move, Inc.*			26,383		57,779
NIC, Inc.			10,664		143,537
Opentable, Inc.*			3,923		326,080
Openwave Systems, Inc.*			14,350		32,862
Perficient, Inc.*			3,999		41,030
Quepasa Corp.*			1,202		8,715

	Country Code**	Shares		Value
Quinstreet, Inc.*			4,586	$	59,526
RealNetworks, Inc.*			13,993		47,576
Responsys, Inc.*			1,536		27,233
Rightnow Technologies, Inc.*			4,105		133,002
Saba Software, Inc.*			4,674		42,206
SAVVIS, Inc.*			7,510		296,870
SciQuest, Inc.*			2,017		34,471
SPS Commerce, Inc.*			1,418		25,226
Stamps.com, Inc.			1,761		23,492
Support.com, Inc.*			8,113		38,942
TechTarget, Inc.*			2,386		18,062
Travelzoo, Inc.*			918		59,340
United Online, Inc.			14,737		88,864
ValueClick, Inc.*			13,109		217,609
Vocus, Inc.*			2,932		89,749
Web.com Group, Inc.*			4,814		59,309
XO Group, Inc.*			5,228		52,019
Zix Corp.*			11,063		42,482
					4,285,105
IT SERVICES – 1.9%
Acxiom Corp.*			13,578		178,008
CACI International, Inc., Class A*			5,024		316,914
Cardtronics, Inc.*			7,173		168,207
Cass Information Systems, Inc.			1,414		53,393
Ciber, Inc.*			10,642		59,063
Computer Task Group, Inc.*			2,550		33,583
Convergys Corp.*			17,576		239,737
CSG Systems International, Inc.*			5,786		106,925
Dynamics Research Corp.*			1,422		19,396
Echo Global Logistics, Inc.*			1,791		31,790
Euronet Worldwide, Inc.*			8,545		131,678
Exlservice Holdings, Inc.*			2,699		62,347
Forrester Research, Inc.			2,474		81,543
Heartland Payment Systems, Inc.			6,433		132,520
iGATE Corp.			5,174		84,440
Integral Systems, Inc.*			2,599		31,630
Jack Henry & Associates, Inc.			14,419		432,714
Lionbridge Technologies, Inc.*			10,380		33,008

See Notes to Financial Statements.

150

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**	Shares		Value
Mantech International Corp., Class A			3,879	$	172,305
MAXIMUS, Inc.			2,902		240,082
Moneygram International, Inc.*			14,287		47,433
NCI, Inc., Class A*			1,087		24,697
Ness Technologies, Inc.*			5,522		41,802
PRGX Global, Inc.*			3,289		23,516
Sapient Corp.*			18,268		274,568
ServiceSource International, Inc.*			1,670		37,107
SRA International, Inc., Class A*			7,598		234,930
Stream Global Services, Inc.*			1,186		3,914
Syntel, Inc.			2,573		152,116
Teletech Holdings, Inc.*			4,231		89,189
The Hackett Group, Inc.*			5,134		26,132
TNS, Inc.*			4,253		70,600
Unisys Corp.*			7,196		184,937
Virtusa Corp.*			2,508		47,527
Wright Express Corp.*			6,453		336,008
					4,203,759
LEISURE EQUIPMENT & PRODUCTS – 0.4%
Arctic Cat, Inc.*			2,036		27,344
Black Diamond, Inc.*			2,080		16,390
Brunswick Corp.			14,880		303,552
Callaway Golf Co.			10,812		67,251
Eastman Kodak Co.*			45,045		161,261
Jakks Pacific, Inc.*			4,526		83,324
Johnson Outdoors, Inc., Class A*			704		12,052
Leapfrog Enterprises, Inc.*			6,945		29,308
Marine Products Corp.*			1,510		10,147
Smith & Wesson Holding Corp.*			9,946		29,838
Steinway Musical Instruments, Inc.*			1,097		28,182
Sturm Ruger & Co., Inc.			3,164		69,450
Summer Infant, Inc.*			2,134		17,328
					855,427
LIFE SCIENCES TOOLS & SERVICES – 0.4%
Affymetrix, Inc.*			11,807		93,630

	Country Code**	Shares		Value
Albany Molecular Research, Inc.*			3,625	$	17,436
BG Medicine, Inc.*			1,102		8,772
Caliper Life Sciences, Inc.*			7,876		63,874
Cambrex Corp.*			4,873		22,513
Complete Genomics, Inc.*			1,614		24,662
Enzo Biochem, Inc.*			6,426		27,311
eResearchTechnology, Inc.*			8,241		52,495
Fluidigm Corp.*			1,100		18,447
Furiex Pharmaceuticals, Inc.*			1,602		28,500
Harvard Bioscience, Inc.*			3,730		19,881
Kendle International, Inc.*			2,494		37,610
Luminex Corp.*			6,319		132,067
MEDTOX Scientific, Inc.			1,215		21,226
Pacific Biosciences Of California, Inc.*			5,662		66,245
Parexel International Corp.*			9,833		231,665
Sequenom, Inc.*			16,532		124,817
					991,151
MACHINERY – 3.1%
3d Systems Corp.*			6,995		137,871
Accuride Corp.*			6,740		85,126
Actuant Corp., Class A			11,467		307,660
Alamo Group, Inc.			1,124		26,639
Albany International Corp.			4,636		122,344
Altra Holdings, Inc.*			4,480		107,475
American Railcar Industries, Inc.*			1,594		37,379
Ampco-Pittsburgh Corp.			1,433		33,604
Astec Industries, Inc.*			3,338		123,439
Badger Meter, Inc.			2,531		93,622
Barnes Group, Inc.			9,120		226,267
Blount International, Inc.*			8,125		141,944
Briggs & Stratton Corp.			8,456		167,936
Cascade Corp.			1,540		73,258
Chart Industries, Inc.*			4,902		264,610
CIRCOR International, Inc.			2,877		123,222

See Notes to Financial Statements.

151

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**	Shares		Value
Clarcor, Inc.			8,439	$	398,996
Colfax Corp.*			4,110		101,928
Columbus Mckinnon Corp.*			3,220		57,831
Commercial Vehicle Group, Inc.*			4,793		68,013
Douglas Dynamics, Inc.			3,139		49,565
Dynamic Materials Corp.			2,231		50,019
Energy Recovery, Inc.*			7,672		25,087
EnPro Industries, Inc.*			3,451		165,890
Esco Technologies, Inc.			4,453		163,870
Federal Signal Corp.			10,462		68,631
Flow International Corp.*			7,938		28,259
Force Protection, Inc.*			11,842		58,796
FreightCar America, Inc.*			2,008		50,883
Gorman-rupp Co.			2,556		84,203
Graham Corp.			1,642		33,497
Hurco Companies., Inc.*			1,095		35,270
John Bean Technologies Corp.			4,817		93,064
Kadant, Inc.*			2,054		64,722
Kaydon Corp.			5,470		204,140
LB Foster Co.			1,581		52,031
Lindsay Corp.			2,099		144,411
Lydall, Inc.*			2,887		34,529
Meritor, Inc.*			15,788		253,239
Met-Pro Corp.			2,554		29,065
Middleby Corp.*			3,126		293,969
Miller Industries, Inc.			1,998		37,343
Mueller Industries, Inc.			6,326		239,819
Mueller Water Products, Inc., Class A			26,095		103,858
NACCO Industries, Inc., Class A			974		94,303
NN, Inc.*			2,795		41,813
Omega Flex, Inc.*			287		4,027
Pmfg, Inc.*			2,938		58,319
RBC Bearings, Inc.*			3,664		138,353
Robbins & Myers, Inc.			6,585		348,017
Sauer- Danfoss, Inc.*			1,931		97,303
Sun Hydraulics, Inc.			2,239		107,024
Tecumseh Products Co., Class A*			3,057		31,181
Tennant Co.			3,217		128,455
The Greenbrier Cos., Inc*			3,091		61,078

	Country Code**		Shares		Value
Titan International, Inc.				7,040	$	170,790
Trimas Corp.*				4,252		105,237
Twin Disc, Inc.				1,413		54,584
Wabash National Corp.*				11,463		107,408
Watts Water Technologies, Inc., Class A				5,040		178,466
Xerium Technologies, Inc.*				1,825		33,854
						6,823,536
MARINE – 0.1%
Baltic Trading, Ltd.		MH		2,686		15,418
Eagle Bulk Shipping, Inc.*		MH		10,362		25,698
Excel Maritime Carriers Ltd.*		LR		7,527		23,334
Genco Shipping & Trading Ltd.*		MH		4,942		37,164
International Shipholding Corp.				884		18,811
Ultrapetrol Bahamas Ltd.*		BS		3,395		16,771
						137,196
MEDIA – 1.4%
AH Belo Corp.				3,091		22,997
Arbitron, Inc.				4,543		187,762
Ascent Media Corp., Class A*				2,384		126,281
Belo Corp., Class A*				15,487		116,617
Central European Media Enterprises Ltd., Class A*		BM		6,103		120,534
Cinemark Holdings, Inc.				15,491		320,819
Crown Media Holdings, Inc., Class A*				5,611		10,717
Cumulus Media, Inc., Class A*				3,713		12,996
Entercom Communications Corp., Class A*				4,045		35,111
Entravision Communications Corp., Class A*				8,397		15,534
Fisher Communications, Inc.*				1,441		42,971
Global Sources Ltd.*		BM		1,885		17,323
Global Traffic Network, Inc.*				2,304		26,473

See Notes to Financial Statements.

152

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	Country Code**		Shares		Value
Gray Television, Inc.*				8,430	$	22,255
Harte-Hanks, Inc.				7,479		60,730
interCLICK, Inc.*				3,264		25,981
Journal Communications, Inc., Class A*				7,279		37,632
Knology, Inc.*				5,005		74,324
LIN TV Corp., Class A*				5,124		24,954
Lions Gate Entertainment Corp.*		CA		7,454		49,346
Live Nation, Inc.*				23,528		269,866
Martha Stewart Living Omnimedia, Inc., Class A*				4,718		20,476
McClatchy Co., Class A*				9,575		26,906
MDC Partners, Inc., Class A		CA		4,182		75,527
Meredith Corp.				6,103		189,986
National CineMedia, Inc.				9,217		155,859
Nexstar Broadcasting Group, Inc., Class A*				1,888		15,500
Outdoor Channel Holdings, Inc.*				2,273		15,547
PRIMEDIA, Inc.				2,911		20,523
ReachLocal, Inc.*				1,638		34,120
Rentrak Corp.*				1,568		27,816
Saga Communications, Inc., Class A*				603		22,311
Scholastic Corp.				4,443		118,184
Sinclair Broadcast Group, Inc.				8,432		92,583
The E.W. Scripps Co., Class A*				5,707		55,187
The New York Times Co., Class A*				22,928		199,932
Valassis Communications, Inc.*				8,209		248,733
Value Line, Inc.				144		1,931
Warner Music Group Corp.*				9,623		79,101
Westwood One, Inc.*				687		3,545
World Wrestling Entertainment, Inc.				4,569		43,543
						3,068,533
METALS & MINING – 1.7%
AMCOL International Corp.				4,074		155,464

	Country Code**		Shares		Value
Castle AM Co.*				2,785	$	46,259
Century Aluminum Co.*				8,612		134,778
Coeur D’Alene Mines Corp.*				14,961		362,954
General Moly Inc.*				11,266		50,246
Globe Specialty Metals, Inc.				10,511		235,657
Gold Resource Corp.				4,721		117,695
Golden Minerals Co.*				2,059		36,609
Golden Star Resources Ltd.*		CA		43,318		95,300
Handy & Harman Ltd.*				923		14,205
Haynes International, Inc.				2,036		126,089
Hecla Mining Co.*				46,690		359,046
Horsehead Holding Corp.*				7,297		97,196
Jaguar Mining, Inc.*		CA		14,179		67,776
Kaiser Aluminum Corp.				2,713		148,184
Materion Corp.*				3,408		125,994
Metals USA Holdings Corp.*				1,944		28,966
Midway Gold Corp.*		CA		13,072		25,621
Noranda Aluminum Holding Corp.*				3,796		57,471
Olympic Steel, Inc.				1,515		41,708
Paramount Gold And Silver Corp.*				19,543		63,710
Redcorp Ventures Ltd.*(1)		CA		91,400		—
Revett Minerals, Inc.*		CA		4,164		18,780
RTI International Metals, Inc.*				5,044		193,538
Stillwater Mining Co.*				17,216		378,924
Thompson Creek Metals Co., Inc.*		CA		25,536		254,849
Universal Stainless & Alloy*				1,178		55,083
US Energy Corp.*				4,016		17,148
US Gold Corp.*				17,639		106,363
Vista Gold Corp.*		CA		11,777		33,329
Worthington Industries, Inc.				9,625		222,337
						3,671,279
MULTI-LINE RETAIL – 0.2%
99 Cents Only Stores*				7,833		158,540
Bon-Ton Stores, Inc.				2,007		19,508
Fred’s, Inc.				6,588		95,065

See Notes to Financial Statements.

153

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**		Shares		Value
Gordmans Stores, Inc.*				924	$	16,068
Saks, Inc.*				19,288		215,447
Tuesday Morning Corp.*				7,140		33,201
						537,829
MULTI-UTILITIES – 0.4%
Avista Corp.				9,629		247,369
Black Hills Corp.				6,575		197,842
CH Energy Group, Inc.				2,598		138,370
NorthWestern Corp.				6,075		201,143
						784,724
OIL, GAS & CONSUMABLE FUELS – 4.6%
Abraxas Petroleum Corp.*				13,714		52,525
Alon USA Energy, Inc.				1,936		21,819
Amyris, Inc.*				2,938		82,528
Apco Oil And Gas International, Inc.		KY		1,524		132,481
Approach Resources, Inc.*				3,732		84,604
ATP Oil & Gas Corp.*				7,428		113,723
Berry Petroleum Co.				8,614		457,662
Bill Barrett Corp.*				7,888		365,609
BPZ Resources, Inc.*				17,028		55,852
Callon Petroleum Co.*				6,560		46,051
CAMAC Energy, Inc.*				9,876		13,135
Carrizo Oil & Gas, Inc.*				6,495		271,166
Cheniere Energy, Inc.*				11,723		107,383
Clayton Williams Energy, Inc.*				980		58,849
Clean Energy Fuels Corp.*				8,282		108,908
Cloud Peak Energy, Inc.*				10,183		216,898
Comstock Resources, Inc.*				7,965		229,312
Contango Oil & Gas Co.*				2,034		118,867
Crimson Exploration, Inc.*				3,374		11,978
Crosstex Energy, Inc.				6,760		80,444
CVR Energy, Inc.*				14,648		360,634
Delek US Holdings, Inc.				2,325		36,502
DHT Maritime, Inc.		MH		10,873		41,644
Endeavour International Corp.*				6,199		93,419

	Country Code**		Shares		Value
Energy Partners, Ltd.*				4,846	$	71,769
Energy XXi Bermuda, Ltd.*		BM		12,569		417,542
Evolution Petroleum Corp.*				2,619		18,595
Frontline Ltd.		BM		8,641		127,368
FX Energy, Inc.*				8,737		76,711
Gastar Exploration, Ltd.*		CA		9,729		33,370
General Maritime Corp.		MH		19,577		26,429
Georesources, Inc.*				3,343		75,184
Gevo, Inc.*				967		15,211
GMX Resources, Inc.*				10,048		44,714
Golar Lng, Ltd.		BM		6,108		213,108
Goodrich Petroleum Corp.*				4,331		79,734
Green Plains Renewable Energy, Inc.*				3,405		36,740
Gulfport Energy Corp.*				6,493		192,777
Hallador Energy Co.				556		5,332
Harvest Natural Resources, Inc.*				5,676		62,606
Houston American Energy Corp.				2,765		50,129
Hyperdynamics Corp.*				25,947		111,572
Isramco, Inc.*				157		10,375
James River Coal Co.*				5,931		123,483
Knightsbridge Tankers Ltd.		BM		3,687		81,225
Kodiak Oil & Gas Corp.*		CA		29,927		172,679
L&L Energy, Inc.*				3,700		18,981
Magnum Hunter Resources Corp.*				18,612		125,817
McMoRan Exploration Co.*				16,409		303,238
Miller Energy Resources, Inc.*				5,084		32,538
Nordic American Tanker Shipping, Ltd.		BM		7,924		180,192
Northern Oil And Gas, Inc.*				10,542		233,505
Oasis Petroleum, Inc.*				9,939		294,989
Overseas Shipholding Group, Inc.				4,446		119,775
Panhandle Oil & Gas, Inc., Class A				1,149		33,884
Patriot Coal Corp.*				15,244		339,331
Penn Virginia Corp.				7,652		101,083
Petroleum Development Corp.*				3,920		117,247

See Notes to Financial Statements.

154

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**		Shares		Value
PetroQuest Energy, Inc.*				9,405	$	66,023
Rentech, Inc.*				37,230		39,464
Resolute Energy Corp.*				7,700		124,432
REX American Resources Corp.*				1,076		17,862
Rex Energy Corp.*				5,823		59,802
Rosetta Resources, Inc.*				8,847		455,974
Scorpio Tankers, Inc.*		MH		4,222		42,178
SemGroup Corp., Class A*				6,906		177,277
Ship Finance International Ltd.		BM		7,551		136,069
Solazyme, Inc.*				1,801		41,369
Stone Energy Corp.*				8,188		248,833
Swift Energy Co.*				7,095		264,431
Syntroleum Corp.*				12,634		18,572
Targa Resources Corp.				2,717		90,911
Teekay Tankers Ltd., Class A		MH		7,125		66,975
Triangle Petroleum Corp.*				7,204		46,538
Ur-Energy, Inc.*		CA		16,808		26,893
Uranerz Energy Corp.*				10,737		32,426
Uranium Energy Corp.*				11,898		36,408
Uranium Resources, Inc.*				15,288		25,531
USEC, Inc.*				19,354		64,642
Vaalco Energy, Inc.*				8,613		51,850
Venoco, Inc.*				4,943		62,974
Voyager Oil & Gas, Inc.*				8,096		24,045
W&T Offshore, Inc.				5,838		152,489
Warren Resources, Inc.*				11,960		45,568
Western Refining, Inc.*				8,787		158,781
Westmoreland Coal Co.*				1,693		30,051
World Fuel Services Corp.				11,801		424,010
Zion Oil & Gas, Inc.*				4,206		25,026
						10,166,630
PAPER & FOREST PRODUCTS – 0.5%
Buckeye Technologies, Inc.				6,663		179,768
Clearwater Paper Corp.*				1,917		130,893
Deltic Timber Corp.				1,816		97,501

	Country Code**	Shares		Value
Glatfelter			7,717	$	118,687
KapStone Paper and Packaging Corp.*			6,516		107,970
Louisiana-Pacific Corp.*			22,098		179,878
Neenah Paper, Inc.			2,503		53,264
Schweitzer-Mauduit International, Inc.			2,942		165,193
Verso Paper Corp.*			2,417		6,477
Wausau Paper Corp.			8,278		55,794
					1,095,425
PERSONAL PRODUCTS – 0.4%
Elizabeth Arden, Inc.*			4,083		118,530
Inter Parfums, Inc.			2,716		62,549
Medifast, Inc.*			2,321		55,077
Natures Sunshine Products, Inc.*			1,823		35,512
Nu Skin Enterprises, Inc.			9,175		344,521
Nutraceutical International Corp.*			1,431		22,009
Prestige Brands Holdings, Inc.*			8,415		108,049
Revlon, Inc., Class A*			1,886		31,685
Schiff Nutrition International, Inc.			1,980		22,156
Synutra International, Inc.*			2,938		28,851
The Female Health Co.			2,856		14,280
USANA Health Sciences, Inc.*			1,150		35,972
					879,191
PHARMACEUTICALS – 1.5%
Acura Pharmaceuticals, Inc.*			1,789		6,923
Aegerion Pharmaceuticals, Inc.*			1,329		20,932
Akorn, Inc.*			9,382		65,674
Ampio Pharmaceuticals, Inc.*			3,377		26,307
Auxilium Pharmaceuticals, Inc.*			8,002		156,839
Avanir Pharmaceuticals, Inc., Class A*			20,747		69,710
Cadence Pharmaceuticals, Inc.*			6,362		58,530
Columbia Laboratories, Inc.*			12,230		37,791

See Notes to Financial Statements.

155

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**	Shares		Value
Corcept Therapeutics, Inc.*			6,617	$	26,402
Cornerstone Therapeutics, Inc.*			1,132		10,143
Depomed, Inc.*			8,978		73,440
Durect Corp.*			13,720		27,852
Endocyte, Inc.*			2,349		33,638
Hi-Tech Pharmacal Co., Inc.*			1,740		50,338
Impax Laboratories, Inc.*			10,915		237,838
ISTA Pharmaceuticals, Inc.*			4,299		32,866
Jazz Pharmaceuticals, Inc.*			3,683		122,828
KV Pharmaceutical Co., Class A*			8,418		22,897
Lannett Co, Inc.*			2,688		13,386
Map Pharmaceuticals, Inc.*			3,643		58,179
Medicis Pharmaceutical Corp., Class A			10,336		394,525
Nektar Therapeutics*			19,095		138,821
NeoStem, Inc.*			6,576		9,732
Obagi Medical Products, Inc.*			3,145		29,657
Optimer Pharmaceuticals, Inc.*			7,739		92,017
Pacira Pharmaceuticals, Inc.*			839		10,068
Pain Therapeutics, Inc.*			6,207		24,021
Par Pharmaceutical Cos., Inc.*			6,062		199,925
Pernix Therapeutics Holdings, Inc.*			478		4,068
Pozen, Inc.*			4,448		18,682
Questcor Pharmaceuticals, Inc.*			8,861		213,550
Sagent Pharmaceuticals, Inc.*			1,098		29,624
Salix Pharmaceuticals Ltd.*			9,756		388,581
Santarus Inc.*			8,907		30,017
Sucampo Pharmaceuticals, Inc., Class A*			1,785		7,318
The Medicines Co.*			9,000		148,590
ViroPharma, Inc.*			12,689		234,746
Vivus, Inc.*			13,716		111,648
Xenoport, Inc.*			5,946		42,336
					3,280,439

	Country Code**	Shares		Value
PROFESSIONAL SERVICES – 1.3%
Acacia Research – Acacia Technologies*			7,135	$	261,783
Barrett Business Services, Inc.			1,158		16,583
CBIZ, Inc.*			6,573		48,377
CDI Corp.			2,138		28,414
Costar Group, Inc.*			4,221		250,221
CRA International, Inc.*			1,810		49,033
Dolan Co.*			5,071		42,951
Exponent, Inc.*			2,334		101,552
Franklin Covey Co.*			2,038		19,728
FTI Consulting, Inc.*			7,021		266,377
GP Strategies Corp.*			2,475		33,808
Heidrick & Struggles International, Inc.			2,979		67,445
Hill International, Inc.*			4,210		24,250
Hudson Highland Group, Inc.*			5,553		29,709
Huron Consulting Group, Inc.*			3,695		111,626
ICF International, Inc.*			3,266		82,891
Insperity, Inc.			3,850		113,998
Kelly Services, Inc., Class A*			4,430		73,095
Kforce, Inc.*			5,639		73,758
Korn / Ferry International*			7,856		172,753
Mistras Group, Inc.*			2,463		39,901
Navigant Consulting, Inc.*			8,634		90,571
Odyssey Marine Exploration, Inc.*			11,138		34,862
On Assignment, Inc.*			6,182		60,769
Resources Connection, Inc.			7,765		93,491
RPX Corp.*			1,583		44,371
School Specialty, Inc.*			2,661		38,292
SFN Group, Inc.*			8,471		77,001
The Advisory Board Co.*			2,647		153,208
The Corporate Executive Board Co.			5,787		252,603
Trueblue, Inc.*			7,426		107,528
VSE Corp.			644		16,036
					2,876,985
REAL ESTATE INVESTMENT TRUSTS – 7.6%
Acadia Realty Trust			6,964		141,578
Agree Realty Corp.			1,771		39,546

See Notes to Financial Statements.

156

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**	Shares		Value
Alexander’s, Inc.			354	$	140,538
American Assets Trust, Inc.			5,478		122,981
American Campus Communities, Inc.			11,529		409,510
Anworth Mortgage Asset Corp.			22,283		167,345
Apollo Commercial Real Estate Finance, Inc.			3,140		50,617
ARMOUR Residential REIT, Inc.			8,568		62,975
Ashford Hospitality Trust, Inc.			7,864		97,907
Associated Estates Realty Corp.			7,134		115,927
BioMed Realty Trust, Inc.			22,145		426,070
Campus Crest Communities, Inc.			5,135		66,447
CapLease, Inc.			11,657		57,236
Capstead Mortgage Corp.			13,402		179,587
CBL & Associates Properties, Inc.			24,875		450,984
Cedar Shopping Centers, Inc.			9,644		49,667
Chatham Lodging Trust			2,546		41,016
Chesapeake Lodging Trust			5,681		96,918
Cogdell Spencer, Inc.			7,808		46,770
Colonial Properties Trust			14,101		287,660
Colony Financial, Inc.			5,702		103,035
Commercial Net Lease Realty			14,497		355,321
Coresite Realty Corp.			3,328		54,579
Cousins Properties, Inc.			15,764		134,625
CreXus Investment Corp.			10,182		113,122
Cypress Sharpridge Investments, Inc.			14,093		180,531
DCT Industrial Trust, Inc.			41,938		219,336
DiamondRock Hospitality Co.			28,328		303,959
DuPont Fabros Technology, Inc.			9,925		250,110
Dynex Capital, Inc.			7,011		67,866
EastGroup Properties, Inc.			4,665		198,309

	Country Code**	Shares		Value
Education Realty Trust, Inc.			12,477	$	106,928
Entertainment Properties Trust			7,881		368,043
Equity Lifestyle Properties, Inc.			4,352		271,739
Equity One, Inc.			9,376		174,769
Excel Trust, Inc.			2,884		31,811
Extra Space Storage, Inc.			15,896		339,062
FelCor Lodging Trust, Inc.*			21,011		111,989
First Industrial Realty Trust, Inc.*			13,130		150,338
First Potomac Realty Trust			8,695		133,120
Franklin Street Properties Corp.			12,228		157,863
Getty Realty Corp.			4,457		112,450
Gladstone Commercial Corp.			1,759		30,483
Glimcher Realty Trust			16,964		161,158
Government Properties Income Trust			5,288		142,882
Hatteras Financial Corp.			12,729		359,340
Healthcare Realty Trust, Inc.			12,454		256,926
Hersha Hospitality Trust			23,974		133,535
Highwoods Properties, Inc.			2,520		83,488
Home Properties, Inc.			6,631		403,695
Hudson Pacific Properties, Inc.			3,832		59,511
Inland Real Estate Corp.			13,410		118,410
Invesco Mortgage Capital, Inc.			12,454		263,153
Investors Real Estate Trust			14,107		122,167
iStar Financial, Inc.*			15,482		125,559
Kilroy Realty Corp.			9,922		391,820
Kite Realty Group Trust			9,832		48,963
LaSalle Hotel Properties			14,375		378,637
Lexington Realty Trust			20,315		185,476
LTC Properties, Inc.			5,335		148,420
Medical Properties Trust, Inc.			19,081		219,431

See Notes to Financial Statements.

157

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**	Shares		Value
MFA Financial, Inc.			60,596	$	487,192
Mid-America Apartment Communities, Inc.			6,232		420,473
Mission West Properties, Inc.			3,342		29,343
Monmouth Real Estate Investment Corp., Class A			6,502		54,942
MPG Office Trust, Inc.*			8,474		24,236
National Health Investors, Inc.			4,234		188,117
Newcastle Investment Corp.*			13,384		77,360
Northstar Realty Finance Corp.			16,093		64,855
Omega Healthcare Investors, Inc.			17,213		361,645
One Liberty Properties, Inc.			1,998		30,849
Parkway Properties, Inc.			3,771		64,333
Pebblebrook Hotel Trust			8,701		175,673
Pennsylvania Real Estate Investment			9,405		147,658
Pennymac Mortgage Investment Trust			4,928		81,657
Post Properties, Inc.			8,453		344,544
Potlatch Corp.			6,866		242,164
PS Business Parks, Inc.			3,236		178,304
RAIT Investment Trust			19,306		40,543
Ramco-Gershenson Properties Trust			6,667		82,537
Redwood Trust, Inc.			13,373		202,200
Resource Capital Corp.			12,165		76,883
Retail Opportunity Investments Corp.			7,070		76,073
RLJ Lodging Trust*			4,737		82,282
Sabra Health Care REIT, Inc.			4,300		71,853
Saul Centers, Inc.			1,305		51,378
Sovran Self Storage, Inc.			4,753		194,873
STAG Industrial, Inc.			2,702		33,099
Starwood Property Trust, Inc.			15,898		326,068
Strategic Hotels & Resorts, Inc.*			29,362		207,883
Sun Communities, Inc.			3,649		136,144

	Country Code**	Shares		Value
Sunstone Hotel Investors, Inc.*			19,989	$	185,298
Tanger Factory Outlet Centers, Inc.			13,868		371,246
Terreno Realty Corp.			1,729		29,410
Two Harbors Investment Corp.			15,396		165,507
U-Store-It Trust			16,894		177,725
UMH Properties, Inc.			1,716		18,361
Urstadt Biddle Properties, Inc., Class A			4,079		73,871
Walter Investment Management Corp.			4,342		96,349
Washington Real Estate Investment Trust			11,240		365,525
Whitestone REIT, Class B			1,325		16,854
Winthrop Realty Trust			5,223		62,363
					16,740,908
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.1%
Avatar Holdings, Inc.*			1,463		22,252
Consolidated-Tomoka Land Co.			698		19,963
Forestar Group, Inc.*			5,922		97,298
Kennedy-wilson Holdings, Inc.*			3,952		48,412
Tejon Ranch Co.*			2,377		81,056
					268,981
ROAD & RAIL – 1.2%
Amerco*			1,446		139,033
Arkansas Best Corp.			4,253		100,924
Avis Budget Group, Inc.*			17,533		299,639
Celadon Group, Inc.*			3,366		46,989
Covenant Transport Group, Inc., Class A*			1,175		9,106
Dollar Thrifty Automotive Group*			4,832		356,312
Genesee & Wyoming, Inc., Class A*			6,627		388,607
Heartland Express, Inc.			8,531		141,273
Knight Transportation, Inc.			10,299		174,980
Marten Transport Ltd.			2,604		56,246
Old Dominion Freight Line, Inc.*			7,923		295,528

See Notes to Financial Statements.

158

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**		Shares		Value
Patriot Transportation Holding, Inc.*				976	$	21,833
Quality Distribution, Inc.*				2,435		31,704
Railamerica, Inc.*				3,582		53,730
Roadrunner Transportation Systems, Inc.*				1,536		23,163
Saia, Inc.*				2,640		44,748
Swift Transportation Co.*				13,227		179,226
Universal Truckload Services, Inc.*				759		13,002
Werner Enterprises, Inc.				7,367		184,543
Zipcar, Inc.*				1,697		34,636
						2,595,222
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 4.0%
Advanced Analogic Technologies, Inc.*				7,168		43,402
Advanced Energy Industries, Inc.*				7,268		107,494
Alpha & Omega Semiconductor Ltd.*		BM		2,442		32,357
Amkor Technology, Inc.*				17,639		108,833
Amtech Systems, Inc.*				1,572		32,446
Anadigics, Inc.*				11,252		36,119
Applied Micro Circuits Corp.*				10,601		93,925
ATMI, Inc.*				5,286		107,993
Axcelis Technologies, Inc.*				17,700		29,028
AXT, Inc.*				5,323		45,139
Brooks Automation, Inc.*				11,051		120,014
Cabot Microelectronics Corp.*				3,919		182,116
Cavium, Inc.*				8,076		352,033
Ceva, Inc.*				3,840		116,966
Cirrus Logic, Inc.*				11,085		176,252
Cohu, Inc.				4,032		52,860
Cymer, Inc.*				5,095		252,253
Diodes, Inc.*				5,893		153,807
DSP Group, Inc.*				3,875		33,713
Entegris, Inc.*				22,437		227,062
Entropic Communications, Inc.*				14,296		127,091
Exar Corp.*				6,073		38,442

	Country Code**	Shares		Value
FEI Co.*			6,455	$	246,516
Formfactor, Inc.*			8,455		76,602
FSI International, Inc.*			6,681		18,306
GSI Technology, Inc.*			3,392		24,422
GT Solar International, Inc.*			21,011		340,378
Hittite Microwave Corp.*			5,228		323,666
Inphi, Corp.*			3,423		59,560
Integrated Device Technology, Inc.*			24,763		194,637
Integrated Silicon Solution, Inc.*			4,455		43,080
IXYS Corp.*			4,031		60,384
Kopin Corp.*			10,786		50,802
Kulicke & Soffa Industries, Inc.*			12,029		134,003
Lattice Semiconductor Corp.*			19,696		128,418
LTX-Credence Corp.*			8,282		74,041
MaxLinear, Inc., Class A*			2,685		23,252
Micrel, Inc.			8,483		89,750
Microsemi Corp.*			14,422		295,651
Mindspeed Technologies, Inc.*			5,597		44,776
MIPS Technologies, Inc.*			8,827		60,995
MKS Instruments, Inc.			8,724		230,488
Monolithic Power Systems, Inc.*			5,003		77,146
MoSys, Inc.*			5,400		31,050
Nanometrics, Inc.*			3,356		63,730
Netlogic Microsystems, Inc.*			11,400		460,788
Nve Corp.*			795		46,468
Omnivision Technologies, Inc.*			9,684		337,100
PDF Solutions, Inc.*			3,946		23,518
Pericom Semiconductor Corp.*			4,187		37,432
Photronics, Inc.*			9,050		76,654
PLX Technology, Inc.*			7,447		25,841
Power Integrations, Inc.			4,818		185,156
Rambus, Inc.*			16,407		240,855
RF Micro Devices, Inc.*			46,124		282,279
Rubicon Technology, Inc.*			2,923		49,282
Rudolph Technologies, Inc.*			5,289		56,645

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**	Shares		Value
Semtech Corp.*			10,892	$	297,787
Sigma Designs, Inc.*			5,289		40,408
Silicon Image, Inc.*			13,270		85,724
Spansion, Inc. Class A*			8,383		161,540
Standard Microsystems Corp.*			3,829		103,345
Supertex, Inc.*			1,845		41,328
Tessera Technologies, Inc.*			8,540		146,376
Triquint Semiconductor, Inc.*			27,433		279,542
Ultra Clean Holdings*			3,785		34,368
Ultratech, Inc.*			4,195		127,444
Veeco Instruments, Inc.*			6,802		329,285
Volterra Semiconductor Corp.*			4,100		101,106
Zoran Corp.*			8,339		70,048
					8,801,317
SOFTWARE – 4.4%
Accelrys, Inc.*			9,257		65,817
ACI Worldwide, Inc.*			5,578		188,369
Actuate Corp.*			6,016		35,194
Advent Software, Inc.*			5,482		154,428
American Software, Inc., Class A			3,756		31,212
Aspen Technology, Inc.*			14,118		242,547
Blackbaud, Inc.			7,453		206,597
Blackboard, Inc.*			6,277		272,359
Bottomline Technologies, Inc.*			5,683		140,427
BroadSoft, Inc.*			3,759		143,331
Callidus Software, Inc.*			4,867		28,472
Commvault Systems, Inc.*			7,351		326,752
Concur Technologies, Inc.*			7,452		373,122
Convio, Inc.*			2,040		22,052
Deltek, Inc.*			3,670		27,488
DemandTec, Inc.*			5,389		49,040
Digimarc Corp.*			1,034		36,221
Ebix, Inc.*			5,074		96,660
Ellie Mae, Inc.*			1,306		7,496
Epiq Systems, Inc.			5,240		74,513
ePlus, Inc.*			583		15,414
Fair Issac Corp.			6,655		200,981
FalconStor Software, Inc.*			5,177		23,193

	Country Code**	Shares		Value
Glu Mobile, Inc.*			6,991	$	36,843
Guidance Software, Inc.*			2,237		18,232
Interactive Intelligence, Inc.*			2,376		83,279
JDA Software Group, Inc.*			7,063		218,176
Kenexa Corp.*			4,406		105,656
Lawson Software, Inc.*			27,469		308,202
Magma Design Automation, Inc.*			11,143		89,033
Manhattan Associates, Inc.*			3,637		125,258
Mentor Graphics Corp.*			16,078		205,959
Microstrategy, Inc.*			1,333		216,852
Monotype Imaging Holdings, Inc.*			5,976		84,441
Motricity, Inc.*			6,189		47,841
Netscout Systems, Inc.*			6,230		130,145
Netsuite, Inc.*			4,540		177,968
Opnet Technologies, Inc.			2,405		98,461
Parametric Technology Corp.*			19,900		456,307
Pegasystems, Inc.			2,774		129,130
Progress Software Corp.*			11,198		270,208
PROS Holdings, Inc.*			3,590		62,789
QAD, Inc., Class A*			994		10,159
Qlik Technologies, Inc.*			11,749		400,171
Quest Software, Inc.*			10,219		232,278
Radiant Systems, Inc.*			6,716		140,364
Reald, Inc.*			6,481		151,591
Realpage, Inc.*			5,055		133,806
Renaissance Learning, Inc.			2,265		28,403
Rosetta Stone, Inc.*			1,846		29,794
S1 Corp.*			8,922		66,737
Smith Micro Software, Inc.*			5,997		25,247
Solarwinds, Inc.*			9,515		248,722
Sourcefire, Inc.*			4,743		140,962
SRS Labs, Inc.*			1,950		18,700
SS&C Technologies Holdings, Inc.*			4,211		83,673
SuccessFactors, Inc.*			13,187		387,698
Synchronoss Technologies, Inc.*			4,408		139,866

See Notes to Financial Statements.

160

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**	Shares		Value
Take-Two Interactive Software, Inc.*			12,283	$	187,684
Taleo Corp.*			6,849		253,618
Telecommunication Systems, Inc.*			7,720		37,288
TeleNav, Inc.*			2,734		48,474
THQ, Inc.*			11,358		41,116
Tivo, Inc.*			19,931		205,090
Tyler Technologies, Inc.*			5,351		143,300
Ultimate Software Group, Inc.*			4,310		234,593
Vasco Data Security International*			4,516		56,224
Verint Systems, Inc.*			3,525		130,566
Virnetx Holding Corp.*			6,791		196,531
Wave Systems Corp.*			13,843		39,037
Websense, Inc.*			6,675		173,350
					9,611,507
SPECIALTY RETAIL – 3.1%
Aeropostale, Inc.*			13,505		236,338
America’s Car-Mart, Inc.*			1,528		50,424
Ann, Inc.*			8,699		227,044
Asbury Automotive Group, Inc.*			4,850		89,871
Ascena Retail Group, Inc.*			10,485		357,014
Barnes & Noble, Inc.			4,863		80,629
Bebe Stores, Inc.			6,438		39,336
Big 5 Sporting Goods Corp.			3,709		29,153
Body Central Corp.*			1,962		46,166
Brown Shoe Co., Inc.			7,421		79,034
Build-A-Bear Workshop, Inc.*			2,756		17,942
Cabela’s, Inc.*			7,228		196,240
Casual Male Retail Group, Inc.*			7,025		29,154
Charming Shoppes, Inc.*			19,357		80,525
Children’s Place Retail Stores, Inc.*			4,357		193,843
Christopher & Banks Corp.			6,029		34,667
Citi Trends, Inc.*			2,500		37,700
Coldwater Creek, Inc.*			9,606		13,448
Collective Brands, Inc.*			10,283		151,057
Conn’s, Inc.*			2,465		21,322

	Country Code**	Shares		Value
Cost Plus, Inc.*			3,115	$	31,150
Destination Maternity Corp.			1,776		35,484
Express, Inc.			9,226		201,127
Finish Line, Inc., Class A			8,658		185,281
Genesco, Inc.*			3,952		205,899
GNC Acquisition Holdings, Inc., Class A*			3,830		83,532
Group 1 Automotive, Inc.			4,008		165,049
Haverty Furniture Cos., Inc.			3,184		36,648
hhgregg, Inc.*			3,035		40,669
Hibbett Sports, Inc.*			4,579		186,411
Hot Topic, Inc.			7,478		55,636
JOS A Bank Clothiers, Inc.*			4,610		230,546
Kirkland’s, Inc.*			2,814		33,824
Lithia Motors, Inc.			3,672		72,081
Lumber Liquidators Holdings, Inc.*			3,869		98,273
Marinemax, Inc.*			3,884		34,024
Monro Muffler, Inc.			5,108		190,477
New York & Co., Inc.*			4,696		23,245
Office Depot, Inc.*			46,403		195,821
OfficeMax, Inc.*			14,384		112,914
Pacific Sunwear of California, Inc.*			7,834		20,447
Penske Automotive Group, Inc.			7,438		169,140
Pier 1 Imports, Inc.*			17,798		205,923
Rent-A-Center, Inc.			10,628		324,792
Rue21, Inc.*			2,499		81,218
Select Comfort Corp.*			9,289		167,016
Shoe Carnival, Inc.*			1,516		45,707
Sonic Automotive, Inc., Class A			6,718		98,419
Stage Stores, Inc.			6,038		101,438
Stein Mart, Inc.			4,594		44,286
Syms Corp.*			973		10,489
Systemax, Inc.*			1,827		27,295
Talbots, Inc.*			11,758		39,272
The Buckle, Inc.			4,507		192,449
The Cato Corp.			4,627		133,258
The Men’s Wearhouse, Inc.			8,603		289,921
The Pep Boys – Manny, Moe & Jack			8,841		96,632

See Notes to Financial Statements.

161

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**	Shares		Value
The Wet Seal, Inc., Class A*			16,937	$	75,708
Vitamin Shoppe, Inc.*			4,141		189,492
West Marine, Inc.*			2,429		25,189
Winmark Corp.			364		15,772
Zale Corp.*			5,303		29,697
Zumiez, Inc.*			3,542		88,444
					6,701,002
TEXTILES, APPAREL & LUXURY GOODS – 1.6%
Carter’s, Inc.*			8,221		252,878
Cherokee, Inc.			1,459		25,036
Columbia Sportswear Co.			2,034		128,956
Crocs, Inc.*			14,279		367,684
Delta Apparel, Inc.*			1,136		19,312
G-III Apparel Group Ltd.*			2,753		94,924
Iconix Brand Group, Inc.*			12,178		294,708
K-Swiss, Inc., Class A*			4,401		46,783
Kenneth Cole Productions, Inc., Class A*			1,174		14,663
Liz Claiborne, Inc.*			15,833		84,707
Maidenform Brands, Inc.*			3,914		108,261
Movado Group, Inc.			2,891		49,465
Oxford Industries, Inc.			2,153		72,685
Perry Ellis International, Inc.*			2,161		54,565
Quiksilver, Inc.*			21,701		101,995
R.G. Barry Corp.			1,279		14,427
Skechers U.S.A., Inc., Class A*			6,282		90,963
Steven Madden Ltd.*			6,316		236,913
The Jones Group, Inc.			14,653		158,985
Timberland Co., Class A*			6,642		285,407
True Religion Apparel, Inc.*			4,312		125,393
Unifi, Inc.*			2,314		31,933
Vera Bradley, Inc.*			3,306		126,289
Warnaco Group, Inc.*			7,355		384,299
Wolverine World Wide, Inc.			8,311		346,984
					3,518,215
THRIFT & MORTGAGE FINANCE – 1.2%
Abington Bancorp, Inc.			3,551		37,037
Astoria Financial Corp.			14,793		189,202

	Country Code**		Shares		Value
Bank Mutual Corp.				7,987	$	29,312
BankFinancial Corp.				3,761		31,856
Beneficial Mutual Bancorp, Inc.*				5,814		47,762
Berkshire Hills Bancorp, Inc.				2,890		64,707
BofI Holding, Inc.*				1,471		21,197
Brookline Bancorp, Inc.				5,540		51,356
Charter Financial Corp.				1,006		9,959
Clifton Savings Bancorp, Inc.				1,300		14,352
Dime Community Bancshares				5,342		77,673
Doral Financial Corp.*		PR		21,392		41,928
ESB Financial Corp.				2,031		26,241
ESSA Bancorp, Inc.				2,043		25,374
Federal Agricultural Mortgage Corp., Class C				1,638		36,233
First Defiance Financial Corp.*				1,546		22,711
First Financial Corp.				4,762		88,781
First PacTrust Bancorp, Inc.				1,434		21,309
Flagstar Bancorp, Inc.*				32,938		39,196
Flushing Financial Corp.				5,418		70,434
Fox Chase Bancorp.				2,458		33,306
Franklin Financial Corp.*				2,399		28,932
Home Federal Bancorp, Inc.				2,916		32,047
Kearny Financial Corp.				2,186		19,914
Meridian Interstate Bancorp, Inc.*				1,356		18,564
MGIC Investment Corp.*				31,559		187,776
Northwest Bancshares, Inc.				17,943		225,723
Oceanfirst Financial Corp.				2,648		34,292
Ocwen Financial Corp.*				12,565		160,329
Oritani Financial Corp.				9,496		121,454
Provident Financial Services				10,328		147,897
Provident New York Bancorp				6,620		55,343
Radian Group, Inc.				22,395		94,731
Rockville Financial, Inc.				4,940		48,906

See Notes to Financial Statements.

162

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**		Shares		Value
Roma Financial Corp.				1,138	$	11,949
Territorial Bancorp, Inc.				2,140		44,341
The PMI Group, Inc.*				25,860		27,670
TrustCo Bank Corp. NY				13,682		67,042
United Financial Bancorp, Inc.				2,868		44,253
Viewpoint Financial Group				5,962		82,276
Walker & Dunlop, Inc.*				1,896		25,217
Westfield Financial, Inc.				4,979		40,429
WSFS Financial Corp.				1,111		44,051
						2,543,062
TOBACCO – 0.2%
Alliance One International, Inc.*				14,405		46,528
Star Scientific, Inc.*				17,887		80,492
Universal Corp.				3,875		145,971
Vector Group, Ltd.				7,681		136,645
						409,636
TRADING COMPANIES & DISTRIBUTORS – 1.0%
Aceto Corp.				4,483		30,081
Aircastle Ltd.		BM		9,696		123,333
Applied Industrial Technologies, Inc.				7,097		252,724
Beacon Roofing Supply, Inc.*				7,678		175,212
Cai International, Inc.*				2,014		41,609
DXP Enterprises, Inc.*				1,433		36,327
Essex Rental Corp.*				2,683		17,681
H & E Equipment Services, Inc.*				4,782		66,900
Houston Wire & Cable Co.				2,976		46,277
Interline Brands, Inc.*				5,578		102,468
Kaman Corp.				4,396		155,926
Lawson Products, Inc.				496		9,756
RSC Holdings, Inc.*				11,323		135,423
Rush Enterprises, Inc.*				5,398		102,724
SeaCube Container Leasing Ltd.		BM		1,907		32,762
TAL International Group, Inc.				3,335		115,158
Textainer Group Holdings Ltd.		BM		1,903		58,498
Titan Machinery, Inc.*				2,565		73,821

	Country Code**		Shares		Value
United Rentals, Inc.*				10,438	$	265,125
Watsco, Inc.				4,699		319,485
						2,161,290
WATER UTILITIES – 0.2%
American States Water Co.				3,184		110,357
Artesian Resources Corp.				823		14,830
Cadiz, Inc.*				1,991		21,622
California Water Service Group				7,141		133,608
Connecticut Water Service, Inc.				1,501		38,396
Consolidated Water Co., Ltd.		KY		2,582		23,987
Middlesex Water Co.				2,727		50,668
Pennichuck Corp.				720		20,700
SJW Corp.				2,447		59,315
York Water Co.				2,281		37,751
						511,234
WIRELESS TELECOMMUNICATION SERVICES – 0.2%
ICO Global Communications (Holdings), Ltd.*				25,448		70,491
Leap Wireless International, Inc.*				10,187		165,335
NTELOS Holdings Corp.				5,049		103,101
Shenandoah Telecommunications Co.				4,014		68,318
USA Mobility, Inc.				3,781		57,698
						464,943
Total Common Stocks (Cost $189,137,220)						209,386,045
SHORT TERM INVESTMENTS – 4.1%
MUTUAL FUNDS – 4.1%
State Street Institutional Treasury Plus Money Market Fund (Cost $8,938,771)				8,938,771		8,938,771
TOTAL INVESTMENTS – 99.5%
(Cost $198,075,991)						218,324,816
Other assets less liabilities – 0.5%						1,116,900
NET ASSETS – 100.0%					$	219,441,716

See Notes to Financial Statements.

163

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

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

* 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) At the period end, cash of $449,000 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 September Futures	9/16/11		127		10,032,982		10,482,580		449,598

(3) 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.

164

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PORTFOLIO OF INVESTMENTS June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**		Shares		Value
COMMON STOCKS – 97.5%
AEROSPACE & DEFENSE – 1.0%
BE Aerospace, Inc.*				6,616	$	269,999
Goodrich Corp.				2,886		275,613
L-3 Communications Holdings, Inc.				15,055		1,316,560
Rockwell Collins, Inc.				16,779		1,035,096
						2,897,268
AIR FREIGHT & LOGISTICS – 0.4%
C.H. Robinson Worldwide, Inc.				5,091		401,374
UTI Worldwide, Inc.		VG		33,849		666,487
						1,067,861
AIRLINES – 1.0%
Alaska Air Group, Inc.*				30,886		2,114,456
Copa Holdings SA		PA		9,054		604,264
						2,718,720
AUTO COMPONENTS – 0.7%
Autoliv, Inc.				22,692		1,780,187
Federal-Mogul Corp.*				10,371		236,770
						2,016,957
BEVERAGES – 0.1%
Dr Pepper Snapple Group, Inc.				4,720		197,910
BIOTECHNOLOGY – 0.8%
Alexion Pharmaceuticals, Inc.*				19,870		934,486
Cephalon, Inc.*				16,978		1,356,542
						2,291,028
BUILDING PRODUCTS – 0.4%
Armstrong World Industries, Inc.				24,214		1,103,190
CAPITAL MARKETS – 0.9%
Ameriprise Financial, Inc.				3,683		212,435
Federated Investors, Inc., Class B				49,962		1,191,094
Legg Mason, Inc.				17,622		577,297
Raymond James Financial, Inc.				9,646		310,119
T. Rowe Price Group, Inc.				3,562		214,931
						2,505,876

	Country Code**		Shares		Value
CHEMICALS – 2.7%
Ashland, Inc.				6,764	$	437,090
Cabot Corp.				26,979		1,075,653
Eastman Chemical Co.				23,773		2,426,510
Huntsman Corp.				117,312		2,211,331
PPG Industries, Inc.				2,914		264,562
Scotts Miracle-Gro Co., Class A				2,238		114,832
The Sherwin-Williams Co.				11,107		931,544
						7,461,522
COMMERCIAL BANKS – 3.8%
Bank of Hawaii Corp.				5,123		238,322
CIT Group, Inc.*				9,500		420,470
Comerica, Inc.				26,652		921,360
Fifth Third Bancorp				17,780		226,695
First Republic Bank*				8,968		289,487
Fulton Financial Corp.				130,578		1,398,490
KeyCorp				110,979		924,455
M&T Bank Corp.				28,467		2,503,673
Popular, Inc.*		PR		305,621		843,514
SunTrust Banks, Inc.				71,770		1,851,666
TCF Financial Corp.				69,356		957,113
						10,575,245
COMMERCIAL SERVICES & SUPPLIES – 0.6%
Cintas Corp.				11,552		381,563
R.R. Donnelley & Sons Co.				58,225		1,141,792
						1,523,355
COMMUNICATIONS EQUIPMENT – 0.4%
EchoStar Corp., Class A*				12,497		455,266
Tellabs, Inc.				116,784		538,374
						993,640
COMPUTERS & PERIPHERALS – 0.2%
Lexmark International, Inc., Class A*				3,668		107,326
Western Digital Corp.*				14,584		530,566
						637,892
CONSTRUCTION & ENGINEERING – 0.6%
Fluor Corp.				5,785		374,058
KBR, Inc.				21,088		794,807
URS Corp.*				11,434		511,557
						1,680,422

See Notes to Financial Statements.

165

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**	Shares		Value
CONSUMER FINANCE – 0.7%
Discover Financial Services			69,983	$	1,872,045
CONTAINERS & PACKAGING – 0.3%
Sealed Air Corp.			6,104		145,214
Silgan Holdings, Inc.			3,021		123,771
Sonoco Products Co.			13,643		484,872
					753,857
DISTRIBUTORS – 0.3%
Genuine Parts Co.			13,768		748,979
DIVERSIFIED CONSUMER SERVICES – 0.2%
Apollo Group, Inc., Class A*			14,248		622,353
DIVERSIFIED FINANCIAL SERVICES – 0.5%
IntercontinentalExchange, Inc.*			1,630		203,277
Leucadia National Corp.			15,842		540,212
Moody’s Corp.			13,557		519,911
NASDAQ OMX Group, Inc.*			3,756		95,027
NYSE Euronext			3,532		121,042
					1,479,469
DIVERSIFIED TELECOMMUNICATION SERVICES –0.2%
CenturyLink, Inc.			14,136		571,518
ELECTRIC UTILITIES – 3.9%
DPL, Inc.			50,094		1,510,835
Edison International (1)			39,880		1,545,350
Entergy Corp.			11,219		766,033
Great Plains Energy, Inc.			12,617		261,551
Northeast Utilities			17,258		606,964
Pepco Holdings, Inc.			50,501		991,335
Pinnacle West Capital Corp.			49,376		2,201,182
Progress Energy, Inc.			58,737		2,819,963
Westar Energy, Inc.			5,601		150,723
					10,853,936
ELECTRICAL EQUIPMENT – 1.1%
General Cable Corp.*			14,738		627,544
Rockwell Automation, Inc.			24,585		2,132,995
Thomas & Betts Corp.*			4,225		227,516
					2,988,055

	Country Code**	Shares		Value
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 1.7%
Arrow Electronics, Inc.*			10,677	$	443,096
Avnet, Inc.*			4,081		130,102
Ingram Micro, Inc., Class A*			75,721		1,373,579
National Instruments Corp.			7,197		213,679
Vishay Intertechnology, Inc.*			169,825		2,554,168
					4,714,624
ENERGY EQUIPMENT & SERVICES – 1.3%
Exterran Holdings, Inc.*			91,176		1,808,020
Oil States International, Inc.*			10,559		843,769
SEACOR Holdings, Inc.			10,082		1,007,797
					3,659,586
FOOD & STAPLES RETAILING – 0.4%
Safeway, Inc.			4,985		116,499
Whole Foods Market, Inc.			13,870		880,052
					996,551
FOOD PRODUCTS – 3.3%
Campbell Soup Co.			19,587		676,731
Flowers Foods, Inc.			6,018		132,637
HJ Heinz Co.			11,244		599,080
Hormel Foods Corp.			84,388		2,515,606
Lancaster Colony Corp.			9,969		606,315
Sara Lee Corp.			5,066		96,203
Smithfield Foods, Inc.*			26,332		575,881
The Hershey Co.			6,125		348,206
Tyson Foods, Inc., Class A			178,750		3,471,325
					9,021,984
GAS UTILITIES – 0.1%
Atmos Energy Corp.			11,981		398,368
HEALTH CARE EQUIPMENT & SUPPLIES – 1.6%
Bard (C.R.), Inc.			827		90,854
Boston Scientific Corp.*			218,085		1,506,967

See Notes to Financial Statements.

166

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**	Shares		Value
CareFusion Corp.*			21,832	$	593,175
Dentsply International, Inc.			7,685		292,645
Hill-Rom Holdings, Inc.			33,625		1,548,095
Zimmer Holdings, Inc.*			5,438		343,682
					4,375,418
HEALTH CARE PROVIDERS & SERVICES – 3.7%
AmerisourceBergen Corp.			2,350		97,290
Coventry Health Care, Inc.*			79,748		2,908,409
Health Net, Inc.*			53,384		1,713,093
Humana, Inc.			55,452		4,466,104
WellCare Health Plans, Inc.*			17,608		905,227
					10,090,123
HOTELS, RESTAURANTS & LEISURE – 0.5%
Chipotle Mexican Grill, Inc.*			2,680		825,949
Choice Hotels International, Inc.			13,916		464,238
Wendy’s/Arby’s Group, Inc., Class A			26,735		135,546
					1,425,733
HOUSEHOLD DURABLES – 2.5%
Harman International Industries, Inc.			37,513		1,709,467
Leggett & Platt, Inc.			58,738		1,432,032
Mohawk Industries, Inc.*			50,825		3,048,992
Tempur-Pedic International, Inc.*			3,802		257,852
Whirlpool Corp. (1)			4,282		348,212
					6,796,555
HOUSEHOLD PRODUCTS – 0.1%
Clorox Co.			3,680		248,179
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS – 1.0%
Constellation Energy Group			20,612		782,432
NRG Energy, Inc.*			80,754		1,984,933
					2,767,365

	Country Code**		Shares		Value
INDUSTRIAL CONGLOMERATES – 0.0% +
Carlisle Cos., Inc.				1,875	$	92,306
INSURANCE – 7.7%
Allied World Assurance Co. Holdings, Ltd.		CH		16,546		952,719
American Financial Group, Inc.				8,991		320,889
American National Insurance				2,361		182,978
Aon Corp.*				7,080		363,204
Aspen Insurance Holdings, Ltd.		BM		72,408		1,863,058
Assurant, Inc.				30,519		1,106,924
CNA Financial Corp.				31,051		902,032
Endurance Specialty Holdings, Ltd.		BM		3,293		136,100
Everest Re Group, Ltd.		BM		25,924		2,119,287
HCC Insurance Holdings, Inc.				3,276		103,194
Lincoln National Corp.				40,184		1,144,842
Mercury General Corp.				17,092		674,963
PartnerRe, Ltd.		BM		9,131		628,669
Protective Life Corp.				5,100		117,963
StanCorp Financial Group, Inc.				4,278		180,489
The Progressive Corp. (1)				74,267		1,587,828
Torchmark Corp.				2,016		129,306
Unum Group (1)				153,787		3,918,493
W.R. Berkley Corp.				67,164		2,178,800
White Mountains Insurance Group, Ltd.		BM		3,915		1,644,926
XL Group PLC		IE		44,588		980,044
						21,236,708
INTERNET & CATALOG RETAIL – 0.7%
Liberty Media Corp. –Interactive, Series A*				108,850		1,825,415
INTERNET SOFTWARE & SERVICES – 0.3%
AOL, Inc.*				34,383		682,847
VeriSign, Inc.				6,046		202,299
						885,146
IT SERVICES – 1.5%
Amdocs, Ltd.*		GG		36,735		1,116,377
Computer Sciences Corp.				10,281		390,267

See Notes to Financial Statements.

167

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**		Shares		Value
Fidelity National Information Services, Inc.				10,392	$	319,970
Fiserv, Inc.*				2,148		134,529
SAIC, Inc.*				10,893		183,220
SRA International, Inc., Class A*				7,858		242,969
Teradata Corp.*				29,203		1,758,021
						4,145,353
LEISURE EQUIPMENT & PRODUCTS – 0.1%
Polaris Industries, Inc.				2,391		265,807
MACHINERY – 2.8%
AGCO Corp.*				3,755		185,347
Dover Corp.				3,727		252,690
Eaton Corp.				40,324		2,074,670
Harsco Corp.				2,865		93,399
Ingersoll-Rand PLC		IE		10,594		481,073
Kennametal, Inc.				5,266		222,278
Lincoln Electric Holdings, Inc.				6,334		227,074
Oshkosh Corp.*				7,651		221,420
Parker Hannifin Corp.				14,623		1,312,268
The Timken Co.				48,838		2,461,435
WABCO Holdings, Inc.*				1,313		90,676
						7,622,330
MEDIA – 4.0%
Cablevision Systems Corp., Class A				32,197		1,165,853
Clear Channel Outdoor Holdings, Inc., Class A*				12,827		162,903
DISH Network Corp., Class A*				221,771		6,801,717
Liberty Global, Inc., Class A*				24,796		1,116,812
Liberty Media-Starz, Series A*				4,724		355,434
Virgin Media, Inc.				45,939		1,374,954
						10,977,673
METALS & MINING – 0.7%
Reliance Steel & Aluminum Co.				35,404		1,757,809
Titanium Metals Corp.				12,889		236,126
						1,993,935

	Country Code**	Shares		Value
MULTI-LINE RETAIL – 0.5%
Dollar Tree, Inc.*			7,596	$	506,046
Family Dollar Stores, Inc.			17,727		931,731
					1,437,777
MULTI-UTILITIES – 7.2%
Ameren Corp.			107,905		3,111,980
Consolidated Edison, Inc.			16,077		855,939
DTE Energy Co.			27,993		1,400,210
Integrys Energy Group, Inc.			77,469		4,015,993
MDU Resources Group, Inc.			80,631		1,814,198
NiSource, Inc.			196,457		3,978,254
Sempra Energy			67,138		3,550,257
TECO Energy, Inc.			62,976		1,189,617
					19,916,448
OIL, GAS & CONSUMABLE FUELS – 8.8%
Cimarex Energy Co.			34,539		3,105,747
Energen Corp.			22,150		1,251,475
Frontier Oil Corp.			34,468		1,113,661
Murphy Oil Corp.			14,813		972,622
QEP Resources, Inc.			4,127		172,632
SM Energy Co.			1,386		101,843
Spectra Energy Corp.			5,401		148,041
Sunoco, Inc.			76,234		3,179,720
Tesoro Corp.*			196,249		4,496,065
Valero Energy Corp.			381,744		9,761,194
					24,303,000
PAPER & FOREST PRODUCTS – 1.1%
Domtar Corp.			16,542		1,566,858
MeadWestvaco Corp.			42,002		1,399,087
					2,965,945
PHARMACEUTICALS – 0.9%
Forest Laboratories, Inc.*			60,516		2,380,699
PROFESSIONAL SERVICES – 0.7%
Manpower, Inc.			37,136		1,992,346
REAL ESTATE INVESTMENT TRUSTS – 13.0%
AvalonBay Communities, Inc.			43,427		5,576,027
Boston Properties, Inc.			11,522		1,223,176
BRE Properties, Inc.			66,761		3,330,039
Equity Residential			13,937		836,220

See Notes to Financial Statements.

168

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**	Shares		Value
Federal Realty Investment Trust			21,017	$	1,790,228
HCP, Inc.			84,975		3,117,733
Host Hotels & Resorts, Inc.			5,694		96,513
Liberty Property Trust			64,277		2,094,145
Mack-Cali Realty Corp.			11,754		387,177
Nationwide Health Properties, Inc.			59,708		2,472,508
Plum Creek Timber Co., Inc.			50,712		2,055,864
Prologis, Inc.			17,167		615,265
Rayonier, Inc.			92,056		6,015,860
Realty Income Corp.			34,515		1,155,907
Regency Centers Corp.			27,282		1,199,590
Senior Housing Properties Trust			63,598		1,488,829
Ventas, Inc.			18,706		985,993
Weyerhaeuser Co.			64,369		1,407,106
					35,848,180
ROAD & RAIL – 0.3%
Ryder System, Inc.			3,813		216,769
Werner Enterprises, Inc.			24,394		611,070
					827,839
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 1.2%
Advanced Micro Devices, Inc.*			30,349		212,140
Fairchild Semiconductor International, Inc.*			63,349		1,058,562
Integrated Device Technology, Inc.*			146,025		1,147,756
LSI Corp.*			98,115		698,579
Micron Technology, Inc.*			29,227		218,618
					3,335,655
SOFTWARE – 0.3%
Activision Blizzard, Inc.			14,835		173,273
Synopsys, Inc.*			30,696		789,194
					962,467
SPECIALTY RETAIL – 1.8%
AutoNation, Inc.*			58,486		2,141,172
Bed Bath & Beyond, Inc.*			2,486		145,108

	Country Code**	Shares		Value
Best Buy Co., Inc.			8,572	$	269,247
Foot Locker, Inc.			6,191		147,098
Limited Brands, Inc.			56,813		2,184,460
					4,887,085
TEXTILES, APPAREL & LUXURY GOODS – 0.6%
Fossil, Inc.*			11,704		1,377,795
Lululemon Athletica, Inc.*			1,801		201,388
					1,579,183
THRIFT & MORTGAGE FINANCE – 1.3%
Hudson City Bancorp, Inc.			149,365		1,223,299
New York Community Bancorp, Inc.			103,334		1,548,977
Washington Federal, Inc.			45,248		743,425
					3,515,701
TOBACCO – 3.9%
Lorillard, Inc.			99,559		10,838,988
TRADING COMPANIES & DISTRIBUTORS – 0.7%
Watsco, Inc.			19,083		1,297,453
WESCO International, Inc.*			12,390		670,175
					1,967,628
WIRELESS TELECOMMUNICATION SERVICES – 0.4%
Telephone & Data Systems, Inc.			10,092		313,659
US Cellular Corp.*			17,844		864,007
					1,177,666
Total Common Stocks (Cost $202,555,202)					269,036,864
SHORT TERM INVESTMENTS – 2.6%
MUTUAL FUNDS – 2.6%
State Street Institutional Liquid Reserves Fund (Cost $7,084,123)			7,084,123		7,084,123
TOTAL INVESTMENTS – 100.1%
(Cost $209,639,325)					276,120,987
Liabilities in excess of other assets – (0.1)%					(155,257	)
NET ASSETS –100.0%				$	275,965,730

See Notes to Financial Statements.

169

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

BM	Bermuda
CH	Switzerland
GG	Guernsey
IE	Ireland
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 $948,871 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	S&P MidCap 400 E-Mini Index September Futures	9/16/11		47		4,360,977		4,589,550		228,573

(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.

170

SC ^SM COLUMBIA SMALL CAP VALUE FUND

PORTFOLIO OF INVESTMENTS June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**	Shares		Value
COMMON STOCKS – 99.6%
AEROSPACE & DEFENSE – 1.4%
AAR Corp.			9,840	$	266,566
Ceradyne, Inc.*			10,490		409,005
Curtiss-Wright Corp.			9,850		318,844
					994,415
BUILDING PRODUCTS – 1.0%
Ameron International Corp.			4,670		306,726
Smith A O Corp.			4,870		206,001
Universal Forest Products, Inc.			8,370		200,545
					713,272
CAPITAL MARKETS – 2.4%
GFI Group, Inc.			57,880		265,669
INTL FCStone, Inc.*			14,089		341,095
Investment Technology Group, Inc.*			20,029		280,807
Knight Capital Group, Inc.*			36,090		397,712
Medallion Financial Corp.			16,620		162,045
Piper Jaffray Cos., Inc.*			8,730		251,511
					1,698,839
CHEMICALS – 2.8%
Chemtura Corp.*			15,650		284,830
Fuller H B Co.			18,950		462,759
Minerals Technologies, Inc.			6,370		422,267
OM Group, Inc.*			20,672		840,110
					2,009,966
COMMERCIAL BANKS – 6.5%
Ameris Bancorp*			25,223		223,728
Bancfirst Corp.			6,770		261,322
BancTrust Financial Group, Inc.*			17,727		45,558
Bryn Mawr Bank Corp.			13,376		270,864
Chemical Financial Corp.			16,340		306,538
Columbia Banking System, Inc.			17,520		301,694
Community Trust Bancorp, Inc.			10,700		296,604
First Citizens BancShares, Inc.			1,678		314,155

	Country Code**		Shares		Value
First Commonwealth Financial Corp.				58,500	$	335,790
First Financial Corp.				11,992		392,618
First National Bank Alaska				100		165,750
Hancock Holding Co.				15,620		483,908
Investors Bancorp, Inc.*				17,940		254,748
Merchants Bancshares, Inc.				10,680		261,340
Northfield Bancorp, Inc.				14,562		204,742
Northrim Bancorp, Inc.				13,738		260,610
West Coast Bancorp*				13,700		229,612
						4,609,581
COMMERCIAL SERVICES & SUPPLIES – 2.4%
ABM Industries, Inc.				13,290		310,189
Consolidated Graphics, Inc.*				5,040		276,948
Ennis, Inc.				11,530		200,622
G&K Services, Inc.				6,986		236,546
UniFirst Corp.				5,350		300,616
United Stationers, Inc.				9,800		347,214
						1,672,135
COMMUNICATIONS EQUIPMENT – 2.0%
Anaren, Inc.*				10,978		233,282
Bel Fuse, Inc., Class B				7,630		165,495
Black Box Corp.				8,100		253,287
Plantronics, Inc.				5,630		205,664
Symmetricom, Inc.*				29,840		173,967
Tekelec, Inc.*				20,260		184,974
Tellabs, Inc.				45,750		210,908
						1,427,577
CONSTRUCTION & ENGINEERING – 2.1%
Comfort Systems USA, Inc.				16,960		179,946
Dycom Industries, Inc.*				23,750		388,075
EMCOR Group, Inc.*				6,770		198,429
KHD Humboldt Wedag International AG*		DE		12,389		109,592
Layne Christensen Co.*				8,250		250,305
Pike Electric Corp.*				23,140		204,557
Sterling Construction Co., Inc.*				13,690		188,511
						1,519,415
CONSUMER FINANCE – 0.9%
Cash America International, Inc.				10,890		630,204

See Notes to Financial Statements.

171

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**	Shares		Value
CONTAINERS & PACKAGING – 1.6%
Greif, Inc., Class A			4,557	$	296,342
Greif, Inc., Class B			10,418		627,685
Packaging Corp. of America			8,560		239,594
					1,163,621
DIVERSIFIED CONSUMER SERVICES – 0.6%
Lincoln Educational Services Corp.			11,591		198,786
Regis Corp.			14,350		219,842
					418,628
DIVERSIFIED FINANCIAL SERVICES – 0.2%
Pico Holdings, Inc.*			5,384		156,136
DIVERSIFIED TELECOMMUNICATION SERVICES – 0.7%
Cbeyond, Inc.*			24,994		330,671
Warwick Valley Telephone Co.			13,062		188,615
					519,286
ELECTRIC UTILITIES – 1.5%
ALLETE, Inc.			10,190		418,198
IDACORP, Inc.			7,430		293,485
MGE Energy, Inc.			8,300		336,399
					1,048,082
ELECTRICAL EQUIPMENT – 1.8%
Belden, Inc.			7,330		255,524
Brady Corp., Class A			8,030		257,442
Broadwind Energy, Inc.*			146,629		212,612
GrafTech International Ltd.*			15,410		312,361
Powell Industries, Inc.*			5,895		215,167
					1,253,106
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 3.3%
Anixter International, Inc.			5,599		365,838
Benchmark Electronics, Inc.*			19,350		319,275
Brightpoint, Inc.*			27,445		222,579
CTS Corp.			15,136		146,365
Electro Scientific Industries, Inc.*			12,690		244,917
Littelfuse, Inc.			6,350		372,872

	Country Code**		Shares		Value
Methode Electronics, Inc.				14,680	$	170,435
MTS Systems Corp.				6,160		257,673
Nam Tai Electronics, Inc.		VG		38,910		214,783
						2,314,737
ENERGY EQUIPMENT & SERVICES – 2.5%
Cal Dive International, Inc.*				46,660		279,027
Gulf Island Fabrication, Inc.				12,430		401,240
Matrix Service Co.*				18,260		244,319
TGC Industries, Inc.*				30,341		193,879
Tidewater, Inc.				5,300		285,193
Union Drilling, Inc.*				32,066		329,959
						1,733,617
FOOD & STAPLES RETAILING – 1.4%
Ruddick Corp.				8,600		374,444
Spartan Stores, Inc.				14,590		284,943
The Andersons, Inc.				7,460		315,185
						974,572
FOOD PRODUCTS – 0.7%
Chiquita Brands International, Inc.*				2,908		37,862
Fresh Del Monte Produce, Inc.		KY		15,990		426,453
						464,315
GAS UTILITIES – 0.4%
The Laclede Group, Inc.				7,820		295,831
HEALTH CARE EQUIPMENT & SUPPLIES – 3.1%
Analogic Corp.				3,850		202,472
Angiodynamics, Inc.*				14,453		205,666
Cantel Medical Corp.				11,240		302,468
ICU Medical, Inc.*				5,625		245,813
Kensey Nash Corp.*				9,484		239,281
Medical Action Industries, Inc.*				22,055		179,748
Orthofix International NV*		AN		5,359		227,597
Quidel Corp.*				16,263		246,385
Symmetry Medical, Inc.*				21,170		189,895
Young Innovations, Inc.				5,570		158,856
						2,198,181
HEALTH CARE PROVIDERS & SERVICES – 4.8%
AmSurg Corp.*				13,140		343,348

See Notes to Financial Statements.

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	Country Code**		Shares		Value
Centene Corp.*				9,670	$	343,575
Healthspring, Inc.*				18,950		873,785
Kindred Healthcare, Inc.*				19,030		408,574
Magellan Health Services, Inc.*				7,000		383,180
Medcath Corp.*				21,400		290,826
Owens & Minor, Inc.				8,810		303,857
Triple-S Management Corp., Class B*		PR		9,430		204,914
U.S. Physical Therapy, Inc.				9,330		230,731
						3,382,790
HOTELS, RESTAURANTS & LEISURE – 1.5%
Benihana, Inc.*				18,461		193,656
Bob Evans Farms, Inc.				10,240		358,093
P.F. Chang’s China Bistro, Inc.				6,270		252,305
Red Robin Gourmet Burgers, Inc.*				6,890		250,658
						1,054,712
HOUSEHOLD DURABLES – 1.0%
American Greetings Corp.				10,970		263,719
Cavco Industries, Inc.*				5,837		262,665
CSS Industries, Inc.				10,239		214,302
						740,686
INSURANCE – 7.9%
Allied World Assurance Co. Holdings, Ltd.		CH		4,480		257,958
American Safety Insurance Holdings, Ltd.*		BM		15,670		299,924
Argo Group International Holdings, Inc.		BM		11,850		352,182
Baldwin & Lyons, Inc., Class B				10,685		247,571
eHealth, Inc.*				25,914		346,211
EMC Insurance Group, Inc.				11,950		228,245
Endurance Specialty Holdings, Ltd.		BM		4,710		194,664
FBL Financial Group, Inc.				11,370		365,545
Global Indemnity PLC*		IE		31,067		689,066
Hanover Insurance Group, Inc.				7,491		282,486
Harleysville Group, Inc.				5,180		161,461

	Country Code**	Shares		Value
Horace Mann Educators Corp.			19,150	$	298,932
National Western Life Insurance Co.			1,310		208,906
Navigators Group, Inc.*			6,630		311,610
Old Republic International Corp.			16,320		191,760
Safety Insurance Group, Inc.			8,400		353,136
Stewart Information Services Corp.			18,668		187,240
Symetra Financial Corp.			18,935		254,297
United Fire & Casualty Co.			18,900		328,293
					5,559,487
INTERNET SOFTWARE & SERVICES – 1.3%
InfoSpace, Inc.*			22,016		200,786
j2 Global Communications, Inc.*			7,386		208,507
United Online, Inc.			38,590		232,697
ValueClick, Inc.*			15,130		251,158
					893,148
IT SERVICES – 3.5%
Acxiom Corp.*			14,340		187,997
CACI International, Inc., Class A*			6,790		428,313
Convergys Corp.*			22,993		313,625
CSG Systems International, Inc.*			12,720		235,066
Global Cash Access Holdings, Inc.*			74,517		236,964
Jack Henry & Associates, Inc.			5,420		162,654
MAXIMUS, Inc.			3,600		297,828
Moneygram International, Inc.*			50,975		169,237
Teletech Holdings, Inc.*			19,990		421,389
					2,453,073
LEISURE EQUIPMENT & PRODUCTS – 0.4%
Jakks Pacific, Inc.*			16,740		308,183
MACHINERY – 4.3%
Astec Industries, Inc.*			7,450		275,501
CIRCOR International, Inc.			6,900		295,527
EnPro Industries, Inc.*			9,050		435,033
FreightCar America, Inc.*			8,690		220,205

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**		Shares		Value
Harsco Corp.				7,790	$	253,954
Kadant, Inc.*				12,410		391,039
LB Foster Co.				6,470		212,928
Mueller Industries, Inc.				10,900		413,219
Robbins & Myers, Inc.				10,375		548,319
						3,045,725
MARINE – 0.3%
Diana Shipping, Inc.*		MH		19,330		211,857
METALS & MINING – 2.1%
Haynes International, Inc.				5,460		338,138
Olympic Steel, Inc.				10,380		285,762
RTI International Metals, Inc.*				9,760		374,491
Terra Nova Royalty Corp.		CA		23,000		174,340
Thompson Creek Metals Co., Inc.*		CA		34,940		348,701
						1,521,432
MULTI-UTILITIES – 1.4%
Avista Corp.				18,020		462,934
CH Energy Group, Inc.				4,530		241,268
NorthWestern Corp.				9,110		301,632
						1,005,834
OIL, GAS & CONSUMABLE FUELS – 4.7%
Berry Petroleum Co.				7,640		405,913
Bill Barrett Corp.*				8,690		402,781
Cloud Peak Energy, Inc.*				13,700		291,810
James River Coal Co.*				15,640		325,625
Nordic American Tanker Shipping, Ltd.		BM		14,860		337,916
Stone Energy Corp.*				17,525		532,585
Swift Energy Co.*				11,000		409,970
Vaalco Energy, Inc.*				37,625		226,503
World Fuel Services Corp.				10,240		367,923
						3,301,026
PAPER & FOREST PRODUCTS – 0.4%
Wausau Paper Corp.				42,041		283,356
PHARMACEUTICALS – 1.8%
Impax Laboratories, Inc.*				10,640		231,846
Medicis Pharmaceutical Corp., Class A				10,690		408,037

	Country Code**	Shares		Value
Par Pharmaceutical Cos., Inc.*			7,670	$	252,956
ViroPharma, Inc.*			20,560		380,360
					1,273,199
PROFESSIONAL SERVICES – 1.3%
CDI Corp.			9,324		123,916
FTI Consulting, Inc.*			8,880		336,907
Korn / Ferry International*			12,950		284,770
Navigant Consulting, Inc.*			19,120		200,569
					946,162
REAL ESTATE INVESTMENT TRUSTS – 5.4%
Chesapeake Lodging Trust			21,056		359,215
Cousins Properties, Inc.			38,790		331,267
DiamondRock Hospitality Co.			45,030		483,172
Franklin Street Properties Corp.			18,880		243,741
Getty Realty Corp.			8,140		205,372
National Health Investors, Inc.			6,510		289,239
Potlatch Corp.			11,970		422,182
Starwood Property Trust, Inc.			18,630		382,101
Sunstone Hotel Investors, Inc.*			43,650		404,636
Terreno Realty Corp.			18,245		310,347
Universal Health Realty Income Trust			4,770		190,705
Urstadt Biddle Properties, Inc., Class A			11,040		199,934
					3,821,911
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.2%
Avatar Holdings, Inc.*			11,056		168,162
ROAD & RAIL – 1.4%
Heartland Express, Inc.			12,550		207,828
Ryder System, Inc.			5,200		295,620
Werner Enterprises, Inc.			18,600		465,930
					969,378
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 3.0%
Amkor Technology, Inc.*			39,640		244,579

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**	Shares		Value
ATMI, Inc.*			11,550	$	235,966
Cabot Microelectronics Corp.*			5,550		257,908
Entegris, Inc.*			32,660		330,519
Integrated Device Technology, Inc.*			33,260		261,424
MKS Instruments, Inc.			11,430		301,981
Novellus Systems, Inc.*			6,891		249,041
Tessera Technologies, Inc.*			12,354		211,747
					2,093,165
SOFTWARE – 1.4%
Compuware Corp.*			21,230		207,205
Monotype Imaging Holdings, Inc.*			18,150		256,460
Parametric Technology Corp.*			9,540		218,752
Progress Software Corp.*			11,750		283,527
					965,944
SPECIALTY RETAIL – 5.2%
Aaron’s, Inc.			10,740		303,512
America’s Car-Mart, Inc.*			8,980		296,340
Children’s Place Retail Stores, Inc.*			4,640		206,434
Finish Line, Inc., Class A			17,440		373,216
GameStop Corp., Class A*			10,086		268,994
hhgregg, Inc.*			17,251		231,163
OfficeMax, Inc.*			33,710		264,623
Pacific Sunwear of California, Inc.*			68,447		178,647
RadioShack Corp.			15,850		210,964
Rent-A-Center, Inc.			18,700		571,472
Shoe Carnival, Inc.*			10,915		329,087
The Men’s Wearhouse, Inc.			12,300		414,510
					3,648,962
TEXTILES, APPAREL & LUXURY GOODS – 0.9%
Movado Group, Inc.			16,588		283,821
The Jones Group, Inc.			30,880		335,048
					618,869
THRIFT & MORTGAGE FINANCE – 4.4%
Bank Mutual Corp.			60,749		222,949
BankFinancial Corp.			34,148		289,233

	Country Code**	Shares		Value
Beneficial Mutual Bancorp, Inc.*			36,220	$	297,547
Brookline Bancorp, Inc.			39,083		362,299
Clifton Savings Bancorp, Inc.			19,695		217,433
ESSA Bancorp, Inc.			16,559		205,663
Home Federal Bancorp, Inc.			27,242		299,390
MGIC Investment Corp.*			34,662		206,239
TrustCo Bank Corp. NY			34,561		169,349
United Financial Bancorp, Inc.			13,068		201,639
Washington Federal, Inc.			20,510		336,979
Westfield Financial, Inc.			32,972		267,733
					3,076,453
TRADING COMPANIES & DISTRIBUTORS – 0.9%
Applied Industrial Technologies, Inc.			8,300		295,563
Kaman Corp.			9,850		349,379
					644,942
WIRELESS TELECOMMUNICATION SERVICES – 0.8%
NTELOS Holdings Corp.			16,930		345,711
Shenandoah Telecommunications Co.			13,201		224,681
					570,392
Total Common Stocks (Cost $65,405,381)					70,374,364
TOTAL INVESTMENTS – 99.6%
(Cost $65,405,381)					70,374,364
Other assets less liabilities – 0.4%					291,056
NET ASSETS – 100.0%				$	70,665,420

AN	Netherlands Antilles
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.

See Notes to Financial Statements.

175

SC SM COLUMBIA SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2011 (Unaudited)	Sun Capital Advisers Trust

** 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)	$	70,264,772	$	109,592	$	—	$	70,374,364
Total Investments	$	70,264,772	$	109,592	$	—	$	70,374,364

† 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.

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PORTFOLIO OF INVESTMENTS June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**		Shares		Value
COMMON STOCKS – 95.5%
AEROSPACE & DEFENSE – 0.8%
Lockheed Martin Corp.				43,640	$	3,533,531
AUTOMOBILES – 1.2%
Harley-Davidson, Inc.				124,586		5,104,288
BEVERAGES – 4.0%
Diageo PLC ADR		GB		73,497		6,017,199
Heineken Holding NV		NL		108,459		5,552,386
The Coca-Cola Co.				87,440		5,883,838
						17,453,423
CAPITAL MARKETS – 7.1%
Ameriprise Financial, Inc.				76,705		4,424,344
Bank of New York Mellon Corp.				594,420		15,229,041
GAM Holding AG*		CH		27,030		444,735
Julius Baer Group, Ltd.		CH		204,200		8,435,099
The Charles Schwab Corp.				15,400		253,330
The Goldman Sachs Group, Inc.				16,121		2,145,544
						30,932,093
CHEMICALS – 2.2%
Air Products & Chemicals, Inc.				22,680		2,167,754
Monsanto Co.				66,740		4,841,320
Potash Corp. of Saskatchewan, Inc.		CA		27,625		1,574,349
Praxair, Inc.				9,500		1,029,705
						9,613,128
COMMERCIAL BANKS – 4.1%
Wells Fargo & Co.				625,723		17,557,787
COMMERCIAL SERVICES & SUPPLIES – 2.2%
Iron Mountain, Inc.				278,224		9,484,656
COMPUTERS & PERIPHERALS – 0.7%
Hewlett-Packard Co.				87,080		3,169,712
CONSTRUCTION MATERIALS – 0.7%
Martin Marietta Materials, Inc.				36,520		2,920,504
CONSUMER FINANCE – 5.1%
American Express Co.				430,175		22,240,047

	Country Code**		Shares		Value
CONTAINERS & PACKAGING – 1.9%
Sealed Air Corp.				347,403	$	8,264,717
DIVERSIFIED FINANCIAL SERVICES – 0.1%
JP Morgan Chase & Co.				10,136		414,968
ENERGY EQUIPMENT & SERVICES – 1.0%
Schlumberger, Ltd.		AN		11,600		1,002,240
Transocean, Ltd.		CH		48,582		3,136,454
						4,138,694
FOOD & STAPLES RETAILING – 9.3%
Costco Wholesale Corp.				285,035		23,156,243
CVS Caremark Corp.				458,722		17,238,773
						40,395,016
FOOD PRODUCTS – 1.3%
Kraft Foods, Inc., Class A				97,900		3,449,017
Nestle SA		CH		8,230		512,140
Unilever NV		NL		54,750		1,798,538
						5,759,695
HEALTH CARE EQUIPMENT & SUPPLIES – 1.8%
Baxter International, Inc.				53,060		3,167,151
Becton, Dickinson & Co.				54,400		4,687,648
						7,854,799
HEALTH CARE PROVIDERS & SERVICES – 1.7%
Express Scripts, Inc.*				139,311		7,520,008
HOUSEHOLD DURABLES – 0.2%
Hunter Douglas NV		AN		14,850		726,797
HOUSEHOLD PRODUCTS – 0.2%
The Procter & Gamble Co.				16,485		1,047,951
INSURANCE – 9.6%
ACE Ltd.		CH		33,620		2,212,869
Aon Corp.				11,690		599,697
Berkshire Hathaway, Inc., Class A*				49		5,689,145
Everest Re Group, Ltd.		BM		5,950		486,413
Fairfax Financial Holdings Ltd.		CA		5,200		2,085,928
Fairfax Financial Holdings Ltd. (1)		CA		1,960		784,447

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**		Shares		Value
Loews Corp.				331,870	$	13,968,408
Markel Corp.*				1,263		501,171
The Progressive Corp.				506,819		10,835,790
Transatlantic Holdings, Inc.				85,620		4,196,236
						41,360,104
INTERNET & CATALOG RETAIL – 0.8%
Expedia, Inc.				60,140		1,743,459
Liberty Media Corp. – Interactive, Series A*				101,282		1,698,499
						3,441,958
INTERNET SOFTWARE & SERVICES – 2.0%
Google, Inc., Class A*				16,860		8,537,567
IT SERVICES – 0.3%
Visa, Inc., Class A				17,010		1,433,263
LIFE SCIENCES TOOLS & SERVICES – 0.5%
Agilent Technologies, Inc.*				42,038		2,148,562
MARINE – 1.4%
China Shipping Development Co., Ltd.		CN		1,173,800		1,083,259
Kuehne & Nagel International AG		CH		32,086		4,874,665
						5,957,924
MEDIA – 0.9%
Grupo Televisa SA ADR		MX		42,276		1,039,990
Liberty Media-Starz, Series A*				8,177		615,237
The Walt Disney Co.				54,550		2,129,632
						3,784,859
METALS & MINING – 1.6%
BHP Billiton PLC		GB		85,600		3,363,548
Rio Tinto PLC		GB		46,472		3,355,545
						6,719,093
OIL, GAS & CONSUMABLE FUELS – 13.9%
Canadian Natural Resources, Ltd.		CA		281,102		11,766,930

	Country Code**		Shares		Value
China Coal Energy Co., Ltd.		CN		2,419,300	$	3,276,740
Devon Energy Corp.				158,721		12,508,802
EOG Resources, Inc.				157,353		16,451,256
Occidental Petroleum Corp.				134,350		13,977,774
OGX Petroleo e Gas Participacoes SA*		BR		246,100		2,300,707
						60,282,209
PAPER & FOREST PRODUCTS – 0.2%
Sino-Forest Corp.* (1)		CA		6,300		20,903
Sino-Forest Corp.*		CA		280,530		930,786
						951,689
PERSONAL PRODUCTS – 0.2%
Natura Cosmeticos SA		BR		28,600		714,702
PHARMACEUTICALS – 7.9%
Johnson & Johnson				180,690		12,019,499
Merck & Co., Inc.				370,033		13,058,464
Pfizer, Inc.				209,160		4,308,696
Roche Holding AG		CH		28,700		4,804,974
						34,191,633
PROFESSIONAL SERVICES – 0.0% +
The Dun & Bradstreet Corp.				800		60,432
REAL ESTATE MANAGEMENT & DEVELOPMENT – 1.8%
Brookfield Asset Management, Inc., Class A		CA		102,900		3,413,193
Hang Lung Group, Ltd.		HK		669,900		4,253,656
						7,666,849
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 1.8%
Intel Corp.				44,130		977,921
Texas Instruments, Inc.				211,955		6,958,482
						7,936,403
SOFTWARE – 1.3%
Activision Blizzard, Inc.				204,920		2,393,466

See Notes to Financial Statements.

178

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**		Shares		Value
Microsoft Corp.				120,440	$	3,131,440
						5,524,906
SPECIALTY RETAIL – 2.6%
Bed Bath & Beyond, Inc.*				148,880		8,690,126
CarMax, Inc.*				75,187		2,486,434
						11,176,560
TOBACCO – 1.3%
Philip Morris International, Inc.				81,528		5,443,625
TRANSPORTATION INFRASTRUCTURE – 1.5%
China Merchants Holdings International Co., Ltd.		HK		1,622,335		6,305,682
LLX Logistica SA*		BR		58,500		179,925
PortX Operacoes Portuarias SA*		BR		58,500		128,571
						6,614,178

	Country Code**		Shares		Value
WIRELESS TELECOMMUNICATION SERVICES – 0.3%
America Movil SAB de C.V. ADR, Series L		MX		26,150	$	1,408,962
Total Common Stocks (Cost $329,927,293)						413,487,292
			Principal Amount (000)
SHORT TERM INVESTMENTS – 4.2%
COMMERCIAL PAPER (2) – 4.2%
Intesa Funding LLC 0.08%, 7/1/11 (Amortized cost $18,287,000)			$	18,287		18,287,000
TOTAL INVESTMENTS – 99.7%
(Cost $348,214,293)						431,774,292
Other assets less liabilities – 0.3%						1,495,681
NET ASSETS – 100.0%					$	433,269,973

ADR	American Depositary Receipt
AN	Netherlands Antilles
BM	Bermuda
BR	Brazil
CA	Canada
CH	Switzerland
CN	China
GB	Great Britain
HK	Hong Kong
MX	Mexico
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) 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 $805,350, representing 0.2% of net assets.

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

See Notes to Financial Statements.

179

SC SM DAVIS VENTURE VALUE FUND PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2011 (Unaudited)	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	$	3,533,531	$	—	$	—	$	3,533,531
Automobiles		5,104,288		—		—		5,104,288
Beverages		11,901,037		5,552,386		—		17,453,423
Capital Markets		22,052,259		8,879,834		—		30,932,093
Chemicals		9,613,128		—		—		9,613,128
Commercial Banks		17,557,787		—		—		17,557,787
Commercial Services & Supplies		9,484,656		—		—		9,484,656
Computers & Peripherals		3,169,712		—		—		3,169,712
Construction Materials		2,920,504		—		—		2,920,504
Consumer Finance		22,240,047		—		—		22,240,047
Containers & Packaging		8,264,717		—		—		8,264,717
Diversified Financial Services		414,968		—		—		414,968
Energy Equipment & Services		4,138,694		—		—		4,138,694
Food & Staples Retailing		40,395,016		—		—		40,395,016
Food Products		5,247,555		512,140		—		5,759,695
Health Care Equipment & Supplies		7,854,799		—		—		7,854,799
Health Care Providers & Services		7,520,008		—		—		7,520,008
Household Durables		—		726,797		—		726,797
Household Products		1,047,951		—		—		1,047,951
Insurance		41,360,104		—		—		41,360,104
Internet & Catalog Retail		3,441,958		—		—		3,441,958
Internet Software & Services		8,537,567		—		—		8,537,567
IT Services		1,433,263		—		—		1,433,263
Life Sciences Tools & Services		2,148,562		—		—		2,148,562
Marine		—		5,957,924		—		5,957,924
Media		3,784,859		—		—		3,784,859
Metals & Mining		—		6,719,093		—		6,719,093
Oil, Gas & Consumable Fuels		57,005,469		3,276,740		—		60,282,209
Paper & Forest Products		930,786		20,903		—		951,689
Personal Products		714,702		—		—		714,702
Pharmaceuticals		29,386,659		4,804,974		—		34,191,633
Professional Services		60,432		—		—		60,432
Real Estate Management & Development		3,413,193		4,253,656		—		7,666,849
Semiconductors & Semiconductor Equipment		7,936,403		—		—		7,936,403
Software		5,524,906		—		—		5,524,906
Specialty Retail		11,176,560		—		—		11,176,560
Tobacco		5,443,625		—		—		5,443,625
Transportation Infrastructure		308,496		6,305,682		—		6,614,178
Wireless Telecommunication Services		1,408,962		—		—		1,408,962
Total Common Stocks		366,477,163		47,010,129		—		413,487,292

See Notes to Financial Statements.

180

SC SM DAVIS VENTURE VALUE FUND PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2011 (Unaudited)	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
Short Term Investments
Commercial Paper	$	—	$	18,287,000	$	—	$	18,287,000
Total Investments	$	366,477,163	$	65,297,129	$	—	$	431,774,292

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

See Notes to Financial Statements.

181

SC ^SM INVESCO SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**	Shares		Value
COMMON STOCKS – 96.7%
AEROSPACE & DEFENSE – 2.6%
Hexcel Corp.*			15,734	$	344,417
TransDigm Group, Inc.*			9,489		865,302
					1,209,719
AIR FREIGHT & LOGISTICS – 1.5%
Forward Air Corp.			9,712		328,168
HUB Group, Inc.*			9,712		365,754
					693,922
AUTO COMPONENTS – 1.9%
Tenneco, Inc.*			8,093		356,659
TRW Automotive Holdings Corp.*			8,943		527,905
					884,564
BIOTECHNOLOGY – 1.8%
Acorda Therapeutics, Inc.*			7,295		235,701
BioMarin Pharmaceutical, Inc.*			13,908		378,437
United Therapeutics Corp.*			4,515		248,777
					862,915
CAPITAL MARKETS – 1.8%
Affiliated Managers Group, Inc.*			4,245		430,655
Greenhill & Co., Inc.			3,688		198,488
Stifel Financial Corp.*			5,864		210,283
					839,426
CHEMICALS – 3.1%
Intrepid Potash, Inc.*			8,997		292,402
Olin Corp.			15,492		351,049
Rockwood Holdings, Inc.*			8,069		446,135
Solutia, Inc.*			14,660		334,981
					1,424,567
COMMERCIAL BANKS – 2.0%
City National Corp.			4,758		258,121
Huntington Bancshares, Inc.			41,026		269,131
SVB Financial Group*			7,113		424,717
					951,969

	Country Code**	Shares		Value
COMMERCIAL SERVICES & SUPPLIES – 1.5%
Corrections Corporation of America*			14,436	$	312,539
Fuel Tech, Inc.*			15,027		99,629
Tetra Tech, Inc.*			12,567		282,758
					694,926
COMMUNICATIONS EQUIPMENT – 3.5%
Ciena Corp.*			13,152		241,734
Finisar Corp.*			13,640		245,929
Harmonic, Inc.*			34,493		249,384
NETGEAR, Inc.*			9,402		411,056
Polycom, Inc.*			7,276		467,847
					1,615,950
CONTAINERS & PACKAGING – 0.9%
Greif, Inc., Class A			6,452		419,574
DISTRIBUTORS – 0.6%
Pool Corp.			10,153		302,661
DIVERSIFIED CONSUMER SERVICES – 1.3%
Weight Watchers International, Inc.			8,191		618,175
ELECTRIC UTILITIES – 0.7%
ITC Holdings Corp.			4,796		344,209
ELECTRICAL EQUIPMENT – 1.4%
General Cable Corp.*			7,704		328,036
Thomas & Betts Corp.*			5,970		321,485
					649,521
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 1.6%
Coherent, Inc.*			7,107		392,804
Littelfuse, Inc.			6,190		363,477
					756,281
ENERGY EQUIPMENT & SERVICES – 3.8%
Dresser-Rand Group, Inc.*			7,176		385,710
Dril-Quip, Inc.*			4,313		292,551
FMC Technologies, Inc.*			7,395		331,222
Lufkin Industries, Inc.			4,465		384,213
Patterson-UTI Energy, Inc.			12,483		394,588
					1,788,284

See Notes to Financial Statements.

182

SC ^SM INVESCO SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**	Shares		Value
FOOD PRODUCTS – 1.7%
B&G Foods, Inc.			11,715	$	241,563
Diamond Foods, Inc.			5,351		408,496
Lancaster Colony Corp.			2,478		150,712
					800,771
HEALTH CARE EQUIPMENT & SUPPLIES – 3.5%
Insulet Corp.*			12,303		272,758
Masimo Corp.			9,713		288,282
Meridian Bioscience, Inc.			10,786		260,050
Sirona Dental Systems, Inc.*			7,105		377,275
Zoll Medical Corp.*			7,297		413,448
					1,611,813
HEALTH CARE PROVIDERS & SERVICES – 3.5%
Centene Corp.*			1,771		62,924
Chemed Corp.			5,943		389,385
Health Management Associates, Inc., Class A*			29,217		314,959
MEDNAX, Inc.*			4,408		318,213
PSS World Medical, Inc.*			11,274		315,785
VCA Antech, Inc.*			10,789		228,727
					1,629,993
HEALTH CARE TECHNOLOGY – 1.5%
Allscripts Healthcare Solutions, Inc.*			18,164		352,745
Quality Systems, Inc.			4,162		363,342
					716,087
HOTELS, RESTAURANTS & LEISURE – 5.4%
Buffalo Wild Wings, Inc.*			5,310		352,106
Choice Hotels International, Inc.			7,519		250,834
Darden Restaurants, Inc.			6,255		311,249
Jack In The Box, Inc.*			12,196		277,825
Life Time Fitness, Inc.*			8,679		346,379
P.F. Chang’s China Bistro, Inc.			8,614		346,627
Penn National Gaming, Inc.*			10,494		423,328
WMS Industries, Inc.*			6,583		202,230
					2,510,578

	Country Code**		Shares		Value
INSURANCE – 1.2%
Brown & Brown, Inc.				8,439	$	216,545
ProAssurance Corp.*				5,181		362,670
						579,215
INTERNET SOFTWARE & SERVICES – 2.7%
Open Text Corp.*		CA		5,962		381,687
ValueClick, Inc.*				22,393		371,724
VistaPrint NV*		NL		5,269		252,122
WebMD Health Corp., Class A*				5,370		244,764
						1,250,297
IT SERVICES – 1.4%
Alliance Data Systems Corp.*				3,821		359,441
Global Payments, Inc.				5,345		272,595
						632,036
LIFE SCIENCES TOOLS & SERVICES – 2.6%
Bruker Corp.*				16,039		326,554
Parexel International Corp.*				11,225		264,461
PerkinElmer, Inc.				11,544		310,649
Techne Corp.				3,744		312,137
						1,213,801
MACHINERY – 4.9%
Crane Co.				7,134		352,491
Kennametal, Inc.				7,842		331,011
Lincoln Electric Holdings, Inc.				8,942		320,571
Lindsay Corp.				4,245		292,056
Meritor, Inc.*				19,502		312,812
Terex Corp.*				9,654		274,656
Wabtec Corp.				6,452		424,025
						2,307,622
MEDIA – 0.8%
DreamWorks Animation SKG, Inc., Class A*				5,982		120,238
National CineMedia, Inc.				14,462		244,553
						364,791
METALS & MINING – 1.4%
Allied Nevada Gold Corp.*				3,424		121,107
Carpenter Technology Corp.				7,038		405,952

See Notes to Financial Statements.

183

SC ^SM INVESCO SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**		Shares		Value
Detour Gold Corp.*		CA		4,132	$	119,746
						646,805
OIL, GAS & CONSUMABLE FUELS – 4.2%
Bill Barrett Corp.*				6,760		313,326
Carrizo Oil & Gas, Inc.*				9,078		379,007
Frontier Oil Corp.				18,052		583,260
James River Coal Co.*				12,476		259,750
SandRidge Energy, Inc.*				38,793		413,533
						1,948,876
PERSONAL PRODUCTS – 0.8%
Nu Skin Enterprises, Inc.				9,838		369,417
PHARMACEUTICALS – 2.5%
Medicis Pharmaceutical Corp., Class A				10,219		390,059
Perrigo Co.				4,657		409,211
Salix Pharmaceuticals Ltd.*				9,027		359,545
						1,158,815
PROFESSIONAL SERVICES – 0.9%
Costar Group, Inc.*				7,152		423,971
REAL ESTATE INVESTMENT TRUSTS – 0.4%
Colonial Properties Trust				8,295		169,218
ROAD & RAIL – 0.7%
Knight Transportation, Inc.				20,068		340,955
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 6.3%
Cymer, Inc.*				6,606		327,063
Hittite Microwave Corp.*				5,957		368,798
Microsemi Corp.*				18,030		369,615
ON Semiconductor Corp.*				30,040		314,519
Power Integrations, Inc.				6,613		254,137
Semtech Corp.*				12,461		340,684
Teradyne, Inc.*				22,907		339,024
Veeco Instruments, Inc.*				6,901		334,077
Volterra Semiconductor Corp.*				11,208		276,389
						2,924,306
SOFTWARE – 10.5%
ANSYS, Inc.*				5,925		323,920
Aspen Technology, Inc.*				21,525		369,800
BroadSoft, Inc.*				5,600		213,528

	Country Code**		Shares		Value
Commvault Systems, Inc.*				11,226	$	498,996
Fair Issac Corp.				9,555		288,561
Informatica Corp.*				10,985		641,854
Lawson Software, Inc.*				8,918		100,060
Manhattan Associates, Inc.*				9,905		341,128
MICROS Systems, Inc.*				7,942		394,797
Nice Systems, Ltd. ADR*		IL		10,787		392,215
Parametric Technology Corp.*				12,512		286,900
Quest Software, Inc.*				14,382		326,903
Solarwinds, Inc.*				14,574		380,964
Websense, Inc.*				13,188		342,492
						4,902,118
SPECIALTY RETAIL – 6.2%
Dick’s Sporting Goods, Inc.*				9,048		347,896
DSW, Inc., Class A*				8,031		406,449
Foot Locker, Inc.				16,851		400,380
Group 1 Automotive, Inc.				8,505		350,236
Tractor Supply Co.				7,363		492,437
Vitamin Shoppe, Inc.*				10,358		473,982
Williams-Sonoma, Inc.				11,715		427,480
						2,898,860
TEXTILES, APPAREL & LUXURY GOODS – 1.4%
Maidenform Brands, Inc.*				9,228		255,246
Steven Madden Ltd.*				10,804		405,258
						660,504
TRADING COMPANIES & DISTRIBUTORS – 1.3%
Watsco, Inc.				3,814		259,314
WESCO International, Inc.*				6,053		327,407
						586,721
WIRELESS TELECOMMUNICATION SERVICES – 0.9%
SBA Communications Corp.*				10,789		412,032
Total Common Stocks (Cost $36,058,172)						45,116,265

See Notes to Financial Statements.

184

SC ^SM INVESCO SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Value
TOTAL INVESTMENTS – 96.7%
(Cost $36,058,172)	$	45,116,265
Other assets less liabilities – 3.3%		1,535,382
NET ASSETS – 100.0%	$	46,651,647

ADR	American Depositary Receipt
CA	Canada
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

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.

185

SC ^SM LORD ABBETT GROWTH & INCOME FUND

PORTFOLIO OF INVESTMENTS June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**		Shares		Value
COMMON STOCKS – 97.8%
AEROSPACE & DEFENSE – 3.2%
Goodrich Corp.				29,170	$	2,785,735
Rockwell Collins, Inc.				92,600		5,712,494
United Technologies Corp.				92,170		8,157,967
						16,656,196
AIRLINES – 0.9%
Delta Air Lines, Inc.*				293,761		2,693,788
Southwest Airlines Co.				190,980		2,180,992
						4,874,780
AUTOMOBILES – 1.4%
Ford Motor Co.*				549,627		7,579,356
BEVERAGES – 2.9%
Diageo PLC ADR		GB		54,340		4,448,816
PepsiCo, Inc.				75,300		5,303,379
The Coca-Cola Co.				79,960		5,380,508
						15,132,703
BIOTECHNOLOGY – 3.5%
Amgen, Inc.*				159,200		9,289,320
Celgene Corp.*				151,140		9,116,765
						18,406,085
CAPITAL MARKETS – 4.4%
Invesco, Ltd.		BM		178,080		4,167,072
State Street Corp.				256,070		11,546,196
The Charles Schwab Corp.				239,500		3,939,775
The Goldman Sachs Group, Inc.				23,900		3,180,851
						22,833,894
CHEMICALS – 3.4%
LyondellBasell Industries NV, Class A		NL		169,780		6,539,926
The Dow Chemical Co.				199,620		7,186,320
The Mosaic Co.				61,021		4,132,952
						17,859,198
COMMERCIAL BANKS – 4.0%
M&T Bank Corp.				55,000		4,837,250
PNC Financial Services Group, Inc.				134,970		8,045,562
Wells Fargo & Co.				287,117		8,056,503
						20,939,315

	Country Code**		Shares		Value
COMMUNICATIONS EQUIPMENT – 0.4%
QUALCOMM, Inc.				39,920	$	2,267,057
COMPUTERS & PERIPHERALS – 0.6%
EMC Corp.*				117,020		3,223,901
DIVERSIFIED FINANCIAL SERVICES – 2.7%
Citigroup, Inc.				89,782		3,738,522
JP Morgan Chase & Co.				249,692		10,222,391
						13,960,913
DIVERSIFIED TELECOMMUNICATION SERVICES – 1.6%
AT&T, Inc.				61,963	$	1,946,258
Verizon Communications, Inc.				171,530		6,386,062
						8,332,320
ELECTRIC UTILITIES – 1.4%
NextEra Energy, Inc.				126,510		7,269,265
ELECTRICAL EQUIPMENT – 0.5%
Emerson Electric Co.				50,780		2,856,375
ENERGY EQUIPMENT & SERVICES – 4.0%
Baker Hughes, Inc.				43,670		3,168,695
Halliburton Co.				142,002		7,242,102
Schlumberger, Ltd.		AN		121,760		10,520,064
						20,930,861
FOOD & STAPLES RETAILING – 1.7%
CVS Caremark Corp.				179,010		6,727,196
Kroger Co.				80,992		2,008,601
						8,735,797
FOOD PRODUCTS – 4.0%
Archer-Daniels-Midland Co.				340,390		10,262,758
Bunge, Ltd.		BM		152,540		10,517,633
						20,780,391
HEALTH CARE EQUIPMENT & SUPPLIES – 2.9%
Covidien PLC		IE		74,900		3,986,927
St. Jude Medical, Inc.				131,380		6,264,198
Zimmer Holdings, Inc.*				80,730		5,102,136
						15,353,261
HEALTH CARE PROVIDERS & SERVICES – 8.1%
CIGNA Corp.				158,630		8,158,341
Express Scripts, Inc.*				146,710		7,919,406

See Notes to Financial Statements.

186

SC ^SM LORD ABBETT GROWTH & INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**		Shares		Value
HCA Holdings, Inc.*				122,829	$	4,053,357
Humana, Inc.				38,680		3,115,287
McKesson Corp.				48,460		4,053,679
UnitedHealth Group, Inc.				292,300		15,076,834
						42,376,904
HOTELS, RESTAURANTS & LEISURE – 0.3%
Hyatt Hotels Corp., Class A*				38,897		1,587,776
HOUSEHOLD PRODUCTS – 1.1%
Colgate-Palmolive Co.				67,750		5,922,028
INSURANCE – 4.2%
Berkshire Hathaway, Inc., Class B*				124,830		9,660,593
Marsh & McLennan Cos., Inc.				269,020		8,390,734
MetLife, Inc.				86,147		3,779,269
						21,830,596
INTERNET & CATALOG RETAIL – 0.9%
HSN, Inc.*				148,530		4,889,608
IT SERVICES – 1.0%
MasterCard, Inc., Class A				16,870		5,083,606
LIFE SCIENCES TOOLS & SERVICES – 2.4%
Thermo Fisher Scientific, Inc.*				195,280		12,574,079
MACHINERY – 2.0%
Dover Corp.				49,850		3,379,830
Eaton Corp.				135,070		6,949,351
						10,329,181
MEDIA – 6.9%
Comcast Corp., Class A				523,150		13,256,621
Omnicom Group, Inc.				64,910		3,126,066
The Walt Disney Co.				107,340		4,190,554
Time Warner Cable, Inc.				64,736		5,051,997
Time Warner, Inc.				295,370		10,742,607
						36,367,845
METALS & MINING – 1.1%
Barrick Gold Corp.		CA		129,660		5,872,301

	Country Code**		Shares		Value
OIL, GAS & CONSUMABLE FUELS – 15.7%
Anadarko Petroleum Corp.				143,590	$	11,021,969
Apache Corp.				22,170		2,735,556
Chevron Corp.				162,948		16,757,572
Consol Energy, Inc.				38,780		1,880,054
Devon Energy Corp.				62,740		4,944,539
El Paso Corp.				331,050		6,687,210
Exxon Mobil Corp.				202,410		16,472,126
Hess Corp.				64,080		4,790,621
Imperial Oil, Ltd.		CA		92,970		4,331,472
Range Resources Corp.				93,940		5,213,670
Southwestern Energy Co.*				76,578		3,283,665
Suncor Energy, Inc.		CA		103,330		4,040,203
						82,158,657
PAPER & FOREST PRODUCTS – 1.8%
International Paper Co.				311,450		9,287,439
PHARMACEUTICALS – 3.3%
Merck & Co., Inc.				111,068		3,919,590
Teva Pharmaceutical Industries, Ltd. ADR		IL		207,510		10,006,132
Watson Pharmaceuticals, Inc.*				48,140		3,308,662
						17,234,384
ROAD & RAIL – 1.5%
Hertz Global Holdings, Inc.*				496,540		7,885,055
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 1.6%
Intel Corp.				242,330		5,370,033
Texas Instruments, Inc.				95,930		3,149,382
						8,519,415
SOFTWARE – 2.4%
Adobe Systems, Inc.*				191,020		6,007,579
Oracle Corp.				200,360		6,593,848
						12,601,427
Total Common Stocks (Cost $429,520,338)						512,511,969

See Notes to Financial Statements.

187

SC ^SM LORD ABBETT GROWTH & INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Shares		Value
SHORT TERM INVESTMENTS – 1.9%
MUTUAL FUNDS – 1.9%
State Street Institutional Liquid Reserves Fund (Cost $9,814,787)		9,814,787	$	9,814,787
TOTAL INVESTMENTS – 99.7%
(Cost $439,335,125)				522,326,756
Other assets less liabilities – 0.3%				1,737,325
NET ASSETS – 100.0%			$	524,064,081

ADR	American Depositary Receipt
AN	Netherlands Antilles
BM	Bermuda
CA	Canada
GB	Great Britain
IE	Ireland
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

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.

188

SC ^SM WMC BLUE CHIP MID CAP FUND

PORTFOLIO OF INVESTMENTS June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**		Shares		Value
COMMON STOCKS – 98.4%
AEROSPACE & DEFENSE – 1.4%
Rockwell Collins, Inc.				45,265	$	2,792,398
AIR FREIGHT & LOGISTICS – 2.2%
C.H. Robinson Worldwide, Inc.				21,775		1,716,741
Expeditors International of Washington, Inc.				50,750		2,597,892
						4,314,633
AUTOMOBILES – 1.7%
Harley-Davidson, Inc.				83,025		3,401,534
BEVERAGES – 1.1%
Molson Coors Brewing Co., Class B				49,325		2,206,801
BIOTECHNOLOGY – 2.4%
Amylin Pharmaceuticals, Inc.*				118,385		1,581,624
Incyte Corp.*				31,500		596,610
Ironwood Pharmaceuticals, Inc.*				24,125		379,245
Regeneron Pharmaceuticals, Inc.*				26,800		1,519,828
Seattle Genetics, Inc.*				33,450		686,394
						4,763,701
BUILDING PRODUCTS – 1.6%
Lennox International, Inc.				71,350		3,073,045
CAPITAL MARKETS – 3.8%
CETIP SA		BR		60,800		940,839
CETIP SA–Receipts*		BR		550		8,239
Greenhill & Co., Inc.				30,850		1,660,347
LPL Investment Holdings, Inc.*				10,100		345,521
SEI Investments Co.				131,025		2,949,373
Stifel Financial Corp.*				24,500		878,570
T Rowe Price Group, Inc.				10,700		645,638
						7,428,527
CHEMICALS – 2.3%
CF Industries Holdings, Inc.				10,375		1,469,826
FMC Corp.				18,235		1,568,575

	Country Code**		Shares		Value
The Sherwin-Williams Co.				18,005	$	1,510,079
						4,548,480
COMMERCIAL BANKS – 3.1%
Cullen/Frost Bankers, Inc.				17,020		967,587
Huntington Bancshares, Inc.				278,750		1,828,600
M&T Bank Corp.				38,325		3,370,684
						6,166,871
COMMERCIAL SERVICES & SUPPLIES – 0.6%
HNI Corp.				19,625		492,980
Ritchie Bros. Auctioneers, Inc.		CA		21,930		602,856
						1,095,836
COMMUNICATIONS EQUIPMENT – 2.5%
ADTRAN, Inc.				64,775		2,507,440
Polycom, Inc.*				36,450		2,343,735
						4,851,175
CONSTRUCTION & ENGINEERING – 1.3%
Foster Wheeler AG*		CH		20,050		609,119
Jacobs Engineering Group, Inc.*				46,325		2,003,556
						2,612,675
CONTAINERS & PACKAGING – 0.5%
Silgan Holdings, Inc.				25,200		1,032,444
DIVERSIFIED CONSUMER SERVICES – 1.8%
DeVry, Inc.				33,175		1,961,638
Strayer Education, Inc.				11,775		1,488,242
						3,449,880
ELECTRIC UTILITIES – 1.5%
Northeast Utilities				82,350		2,896,250
ELECTRICAL EQUIPMENT – 1.1%
Ametek, Inc.				47,800		2,146,220
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.9%
National Instruments Corp.				57,000		1,692,330
ENERGY EQUIPMENT & SERVICES – 1.2%
Atwood Oceanics, Inc.*				1,900		83,847
ENSCO PLC ADR		GB		42,550		2,267,915
						2,351,762

See Notes to Financial Statements.

189

SC ^SM WMC BLUE CHIP MID CAP FUND

PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**		Shares		Value
GAS UTILITIES – 1.2%
UGI Corp.				76,675	$	2,445,166
HEALTH CARE EQUIPMENT & SUPPLIES – 1.0%
ResMed, Inc.*				63,550		1,966,873
HEALTH CARE PROVIDERS & SERVICES – 7.2%
AmerisourceBergen Corp.				84,075		3,480,705
Cardinal Health, Inc.				51,300		2,330,046
Lincare Holdings, Inc.				108,000		3,161,160
Patterson Cos., Inc.				78,200		2,571,998
Universal Health Services, Inc., Class B				50,650		2,609,994
						14,153,903
HOUSEHOLD DURABLES – 2.6%
NVR, Inc.*				3,891		2,822,843
Tempur-Pedic International, Inc.*				34,200		2,319,444
						5,142,287
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS – 0.8%
NRG Energy, Inc.*				64,950		1,596,471
INDUSTRIAL CONGLOMERATES – 1.2%
Carlisle Cos., Inc.				48,875		2,406,116
INSURANCE – 3.2%
Brown & Brown, Inc.				77,725		1,994,423
Genworth Financial Inc., Class A*				112,350		1,154,958
Unum Group				74,320		1,893,674
W.R. Berkley Corp.				37,846		1,227,724
						6,270,779
INTERNET & CATALOG RETAIL – 1.1%
Netflix, Inc.*				8,025		2,108,087
INTERNET SOFTWARE & SERVICES – 1.8%
VeriSign, Inc.				108,425		3,627,900
IT SERVICES – 5.9%
Gartner, Inc.*				49,575		1,997,377
Genpact, Ltd.*		BM		162,150		2,795,466
Global Payments, Inc.				51,150		2,608,650
Teradata Corp.*				31,275		1,882,755
The Western Union Co.				117,600		2,355,528
						11,639,776
LEISURE EQUIPMENT & PRODUCTS – 1.0%
Hasbro, Inc.				45,750		2,009,798

	Country Code**		Shares		Value
LIFE SCIENCES TOOLS & SERVICES – 2.2%
Qiagen NV*		NL		102,860	$	1,956,397
Waters Corp.*				25,425		2,434,190
						4,390,587
MACHINERY – 3.1%
IDEX Corp.				60,750		2,785,387
PACCAR, Inc.				63,275		3,232,720
						6,018,107
MEDIA – 1.7%
Discovery Communications, Inc., Class A*				38,150		1,562,624
DreamWorks Animation SKG, Inc., Class A*				59,025		1,186,403
Liberty Global, Inc., Class A*				13,350		601,284
						3,350,311
METALS & MINING – 2.1%
Carpenter Technology Corp.				30,725		1,772,218
Steel Dynamics, Inc.				28,800		468,000
Walter Energy, Inc.				16,800		1,945,440
						4,185,658
MULTI-UTILITIES – 1.0%
Wisconsin Energy Corp.				65,475		2,052,641
OIL, GAS & CONSUMABLE FUELS – 5.8%
Alpha Natural Resources, Inc.*				44,450		2,019,808
Cobalt International Energy, Inc.*				90,975		1,239,989
Denbury Resources, Inc.*				83,975		1,679,500
Pioneer Natural Resources Co.				30,875		2,765,474
Ultra Petroleum Corp.*		CA		43,925		2,011,765
Whiting Petroleum Corp.*				29,345		1,670,024
						11,386,560
PHARMACEUTICALS – 3.3%
Mylan, Inc.*				104,025		2,566,297
Watson Pharmaceuticals, Inc.*				56,975		3,915,891
						6,482,188

See Notes to Financial Statements.

190

SC ^SM WMC BLUE CHIP MID CAP FUND

PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**	Shares		Value
PROFESSIONAL SERVICES – 2.4%
Manpower, Inc.			43,775	$	2,348,529
Robert Half International, Inc.			89,775		2,426,618
					4,775,147
REAL ESTATE INVESTMENT TRUSTS – 1.0%
Alexandria Real Estate Equities, Inc.			25,475		1,972,275
ROAD & RAIL – 2.8%
Con-Way, Inc.			41,800		1,622,258
JB Hunt Transport Services, Inc.			50,875		2,395,703
Kansas City Southern*			23,875		1,416,504
					5,434,465
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 6.5%
Altera Corp.			42,050		1,949,018
Analog Devices, Inc.			51,900		2,031,366
Maxim Integrated Products, Inc.			78,225		1,999,431
NVIDIA Corp.*			142,785		2,275,279
Skyworks Solutions, Inc.*			105,000		2,412,900
Xilinx, Inc.			58,250		2,124,377
					12,792,371
SOFTWARE – 2.6%
Citrix Systems, Inc.*			32,800		2,624,000
FactSet Research Systems, Inc.			16,875		1,726,650
Qlik Technologies, Inc.*			24,575		837,024
					5,187,674

	Country Code**		Shares		Value
SPECIALTY RETAIL – 2.1%
JOS A Bank Clothiers, Inc.*				12,300	$	615,123
O’Reilly Automotive, Inc.*				16,125		1,056,349
Penske Automotive Group, Inc.				77,355		1,759,052
Signet Jewelers, Ltd.*		BM		16,032		750,458
						4,180,982
TEXTILES, APPAREL & LUXURY GOODS – 1.3%
Lululemon Athletica, Inc.*				12,350		1,380,977
Timberland Co., Class A*				27,840		1,196,285
						2,577,262
THRIFT & MORTGAGE FINANCE – 0.5%
BankUnited				40,750		1,081,505
TRADING COMPANIES & DISTRIBUTORS – 0.8%
MSC Industrial Direct Co., Inc., Class A				22,875		1,516,841
WIRELESS TELECOMMUNICATION SERVICES – 1.2%
American Tower Corp., Class A*				45,350		2,373,166
Total Common Stocks (Cost $167,098,769)						193,949,458
TOTAL INVESTMENTS – 98.4%
(Cost $167,098,769)						193,949,458
Other assets less liabilities – 1.6%						3,080,417
NET ASSETS – 100.0%					$	197,029,875

ADR	American Depositary Receipt
BM	Bermuda
BR	Brazil
CA	Canada
CH	Switzerland
GB	Great Britain
NL	Netherlands

* 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.

191

SC ^SM WMC LARGE CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**		Shares		Value
COMMON STOCKS – 95.0%
AEROSPACE & DEFENSE – 2.5%
Honeywell International, Inc.				46,316	$	2,759,970
The Boeing Co.				31,730		2,345,799
						5,105,769
AIR FREIGHT & LOGISTICS – 0.5%
C.H. Robinson Worldwide, Inc.				13,489		1,063,473
AUTOMOBILES – 0.4%
Ford Motor Co.*				65,627		904,996
BIOTECHNOLOGY – 1.2%
Amgen, Inc.*				43,887		2,560,806
CHEMICALS – 0.8%
The Sherwin-Williams Co.				18,617		1,561,408
COMMUNICATIONS EQUIPMENT – 4.7%
Alcatel-Lucent ADR*		FR		108,658		626,957
Cisco Systems, Inc.				447,908		6,991,844
Emulex Corp.*				126,449		1,087,461
Riverbed Technology, Inc.*				22,590		894,338
						9,600,600
COMPUTERS & PERIPHERALS – 11.2%
Apple, Inc.*				25,847		8,676,062
Dell, Inc.*				139,289		2,321,948
EMC Corp.*				256,749		7,073,435
NetApp, Inc.*				48,341		2,551,438
QLogic Corp.*				160,254		2,551,244
						23,174,127
CONSUMER FINANCE – 0.9%
American Express Co.				36,150		1,868,955
DIVERSIFIED CONSUMER SERVICES – 2.0%
Apollo Group, Inc., Class A*				39,556		1,727,806
ITT Educational Services, Inc.*				31,136		2,436,081
						4,163,887
ELECTRICAL EQUIPMENT – 0.7%
Emerson Electric Co.				26,702		1,501,988
ENERGY EQUIPMENT & SERVICES – 3.4%
Baker Hughes, Inc.				20,842		1,512,296

	Country Code**		Shares		Value
Cameron International Corp.*				32,718	$	1,645,388
Core Laboratories NV		NL		4,389		489,549
Diamond Offshore Drilling, Inc.				29,251		2,059,563
Oceaneering International, Inc.				30,222		1,223,991
						6,930,787
FOOD PRODUCTS – 0.2%
Kraft Foods, Inc., Class A				14,629		515,380
HEALTH CARE EQUIPMENT & SUPPLIES – 1.7%
Hologic, Inc.*				88,723		1,789,543
Intuitive Surgical, Inc.*				4,054		1,508,534
Stryker Corp.				4,124		242,037
						3,540,114
HEALTH CARE PROVIDERS & SERVICES – 5.1%
AmerisourceBergen Corp.				33,623		1,391,992
Cardinal Health, Inc.				41,392		1,880,025
Express Scripts, Inc.*				26,100		1,408,878
Laboratory Corp. of America Holdings*				15,640		1,513,795
UnitedHealth Group, Inc.				82,798		4,270,721
						10,465,411
HOTELS, RESTAURANTS & LEISURE – 0.8%
Ctrip.com International, Ltd. ADR*		KY		8,962		386,083
Starbucks Corp.				31,908		1,260,047
						1,646,130
INDUSTRIAL CONGLOMERATES – 2.1%
General Electric Co.				191,415		3,610,087
Tyco International Ltd.		CH		16,685		824,740
						4,434,827
INTERNET & CATALOG RETAIL – 1.1%
Amazon.com, Inc.*				4,482		916,524
Priceline.com, Inc.*				2,523		1,291,600
						2,208,124
INTERNET SOFTWARE & SERVICES – 1.9%
eBay, Inc.*				48,136		1,553,349

See Notes to Financial Statements.

192

SC ^SM WMC LARGE CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**		Shares		Value
IAC/InterActiveCorp.*				59,980	$	2,289,436
						3,842,785
IT SERVICES – 5.4%
Cognizant Technology Solutions Corp., Class A*				17,757		1,302,298
International Business Machines Corp.				57,832		9,921,080
						11,223,378
LIFE SCIENCES TOOLS & SERVICES – 1.9%
Bruker Corp.*				33,588		683,852
Waters Corp.*				33,910		3,246,543
						3,930,395
MACHINERY – 7.5%
Caterpillar, Inc.				50,326		5,357,706
Cummins, Inc.				13,809		1,429,093
Dover Corp.				28,747		1,949,047
Illinois Tool Works, Inc.				29,351		1,658,038
Joy Global, Inc.				21,220		2,020,993
Parker Hannifin Corp.				33,327		2,990,765
						15,405,642
MEDIA – 3.2%
DIRECTV, Class A*				27,884		1,417,065
News Corp., Class A				98,844		1,749,539
Omnicom Group, Inc.				58,960		2,839,513
Sirius XM Radio, Inc.*				237,190		519,446
						6,525,563
METALS & MINING – 4.0%
Cliffs Natural Resources, Inc.				17,458		1,613,992
Freeport-McMoRan Copper & Gold, Inc.				19,036		1,007,004
Nucor Corp.				25,971		1,070,525
Rio Tinto PLC ADR		GB		22,927		1,658,081
Teck Resources, Ltd., Class B		CA		29,067		1,474,859
Walter Energy, Inc.				13,052		1,511,422
						8,335,883
OIL, GAS & CONSUMABLE FUELS – 7.8%
Anadarko Petroleum Corp.				27,561		2,115,582
BP PLC ADR		GB		29,459		1,304,739

	Country Code**		Shares		Value
Canadian Natural Resources, Ltd.		CA		42,996	$	1,799,813
Exxon Mobil Corp.				51,024		4,152,333
Occidental Petroleum Corp.				28,743		2,990,422
Petrohawk Energy Corp.*				30,294		747,353
Valero Energy Corp.				117,642		3,008,106
						16,118,348
PHARMACEUTICALS – 0.4%
Abbott Laboratories				15,844		833,711
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 7.0%
Altera Corp.				152,161		7,052,662
Analog Devices, Inc.				57,843		2,263,975
Intersil Corp.				158,612		2,038,164
MEMC Electronic Materials, Inc.*				60,183		513,361
Xilinx, Inc.				69,603		2,538,422
						14,406,584
SOFTWARE – 10.9%
Adobe Systems, Inc.*				46,447		1,460,758
Autodesk, Inc.*				46,124		1,780,386
BMC Software, Inc.*				33,016		1,805,975
Check Point Software Technologies Ltd.*		IL		32,101		1,824,942
Citrix Systems, Inc.*				26,396		2,111,680
Longtop Financial Technologies, Ltd. ADR*		KY		10,962		103,755
Microsoft Corp.				231,325		6,014,450
Oracle Corp.				207,123		6,816,418
Red Hat, Inc.*				13,985		641,912
						22,560,276
SPECIALTY RETAIL – 2.4%
Advanced Auto Parts, Inc.				16,175		946,075
Ross Stores, Inc.				21,890		1,753,827
The Buckle, Inc.				21,344		911,389
TJX Cos., Inc.				24,362		1,279,736
						4,891,027
TEXTILES, APPAREL & LUXURY GOODS – 2.4%
Coach, Inc.				29,121		1,861,705
Deckers Outdoor Corp.*				6,534		575,907

See Notes to Financial Statements.

193

SC ^SM WMC LARGE CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**		Shares		Value
Fossil, Inc.*				2,753	$	324,083
Lululemon Athletica, Inc.*				9,152		1,023,377
Polo Ralph Lauren Corp.				8,641		1,145,883
						4,930,955
WIRELESS TELECOMMUNICATION SERVICES – 0.9%
Vodafone Group PLC, ADR		GB		66,031		1,764,348
Total Common Stocks (Cost $165,298,006)						196,015,677
TOTAL INVESTMENTS – 95.0%
(Cost $165,298,006)						196,015,677
Other assets less liabilities – 5.0%						10,316,735
NET ASSETS – 100.0%					$	206,332,412

ADR	American Depositary Receipt
CA	Canada
CH	Switzerland
FR	France
GB	Great Britain
IL	Israel
KY	Cayman Islands
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)	$	195,911,922	$	103,755	$	—	$	196,015,677
Total Investments	$	195,911,922	$	103,755	$	—	$	196,015,677

† 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 Software industry in the Portfolio of Investments.

See Notes to Financial Statements.

194

SUN CAPITAL GLOBAL REAL ESTATE FUND

PORTFOLIO OF INVESTMENTS June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**		Shares		Value
COMMON STOCKS – 89.5%
REAL ESTATE INVESTMENT TRUSTS – 63.8%
DIVERSIFIED – 7.6%
British Land Co. PLC		GB		274,731	$	2,686,062
Cousins Properties, Inc.				247,209		2,111,165
Land Securities Group PLC		GB		276,342		3,780,371
Stockland		AU		1,567,624		5,750,010
Vornado Realty Trust				55,906		5,209,321
						19,536,929
INDUSTRIAL – 6.6%
DuPont Fabros Technology, Inc.				127,296		3,207,859
Goodman Group		AU		3,654,058		2,770,154
ProLogis, Inc.				114,030		4,086,835
Segro PLC		GB		1,411,784		7,078,472
						17,143,320
MORTGAGE – 0.6%
Starwood Property Trust, Inc.				70,211		1,440,028
OFFICE – 11.3%
Alexandria Real Estate Equities, Inc.				22,548		1,745,666
BioMed Realty Trust, Inc.				293,664		5,650,095
Boston Properties, Inc.				39,141		4,155,209
Digital Realty Trust, Inc.				70,834		4,376,124
Douglas Emmett, Inc.				82,520		1,641,323
Duke Realty Corp.				116,116		1,626,785
Mack-Cali Realty Corp.				56,320		1,855,181
Nippon Building Fund, Inc.		JP		259		2,530,968
Parkway Properties, Inc.				239,515		4,086,126
SL Green Realty Corp.				17,761		1,471,854
						29,139,331
RESIDENTIAL – 5.5%
Associated Estates Realty Corp.				34,703		563,924

	Country Code**		Shares		Value
Boardwalk Real Estate Investment Trust		CA		1,885	$	94,382
Equity Lifestyle Properties, Inc.				58,383		3,645,435
Equity Residential				25,979		1,558,740
Home Properties, Inc.				63,463		3,863,627
Mid-America Apartment Communities, Inc.				67,756		4,571,497
						14,297,605
RETAIL – 20.7%
CFS Retail Property Trust		AU		2,231,813		4,350,474
Corio NV		NL		63,157		4,182,689
Federal Realty Investment Trust				14,767		1,257,853
Japan Retail Fund Investment Corp.		JP		884		1,362,273
Kimco Realty Corp.				106,910		1,992,802
Klepierre		FR		84,049		3,470,264
Ramco-Gershenson Properties Trust				175,417		2,171,662
Simon Property Group, Inc.				87,197		10,134,907
Tanger Factory Outlet Centers, Inc.				63,938		1,711,620
Taubman Centers, Inc.				42,464		2,513,869
The Link REIT		HK		1,746,101		5,975,890
Unibail-Rodamco		FR		26,715		6,172,518
Westfield Group		AU		656,892		6,122,586
Westfield Retail Trust		AU		656,690		1,914,217
						53,333,624
SPECIALIZED – 11.5%
Big Yellow Group PLC		GB		454,058		2,244,268
Entertainment Properties Trust				78,018		3,643,441
HCP, Inc.				31,161		1,143,297
Host Hotels & Resorts, Inc.				184,191		3,122,037
Medical Properties Trust, Inc.				450,929		5,185,684
Nationwide Health Properties, Inc.				28,215		1,168,383

See Notes to Financial Statements.

195

SUN CAPITAL GLOBAL REAL ESTATE FUND

PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**		Shares		Value
Plum Creek Timber Co., Inc.				56,442	$	2,288,159
Public Storage				43,815		4,995,348
Ventas, Inc.				42,447		2,237,381
Weyerhaeuser Co.				168,888		3,691,892
						29,719,890
						164,610,727
REAL ESTATE MANAGEMENT & DEVELOPMENT – 25.7%
DIVERSIFIED REAL ESTATE ACTIVITIES – 17.2%
Beni Stabili S.p.A		IT		2,103,215		2,123,619
Capitaland Ltd.		SG		1,904,367		4,524,082
Hang Lung Properties Ltd.		HK		796,944		3,287,024
Henderson Land Development Co., Ltd.		HK		453,015		2,938,204
Mitsubishi Estate Co. Ltd.		JP		382,069		6,705,291
Mitsui Fudosan Co., Ltd.		JP		368,075		6,339,314
New World Development, Ltd.		HK		1,056,602		1,604,154
Sun Hung Kai Properties Ltd.		HK		641,254		9,348,758
Tokyo Tatemono Co., Ltd.		JP		822,571		3,001,261
Wharf Holdings Ltd.		HK		629,893		4,392,570
						44,264,277

	Country Code**		Shares		Value
REAL ESTATE OPERATING COMPANIES – 8.5%
Atrium European Real Estate Ltd.		JE		1,017,024	$	6,697,477
BR Malls Participacoes SA		BR		614,123		7,024,057
Capital & Counties Properties PLC		GB		758,713		2,398,460
Global Logistic Properties Ltd.*		SG		1,771,586		2,976,210
NTT Urban Development Corp.		JP		3,292		2,823,922
						21,920,126
						66,184,403
Total Common Stocks (Cost $177,118,009)						230,795,130
SHORT TERM INVESTMENTS – 1.2%
MUTUAL FUNDS – 1.2%
State Street Institutional Liquid Reserves Fund (Cost $3,069,246)				3,069,246		3,069,246
TOTAL INVESTMENTS – 90.7%
(Cost $180,187,255)						233,864,376
Other assets less liabilities – 9.3%						23,975,410
NET ASSETS – 100.0%					$	257,839,786

REIT	Real Estate Investment Trust
AU	Australia
BR	Brazil
CA	Canada
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.

United States	41.6	%
Hong Kong	10.7
Japan	8.8
Australia	8.1
Great Britain	7.1
France	3.7
Singapore	2.9
Brazil	2.7
Jersey	2.6
Other (individually less than 2%)	2.5

See Notes to Financial Statements.

196

SUN CAPITAL GLOBAL REAL ESTATE FUND

PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) 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	$	7,320,486	$	12,216,443	$	—	$	19,536,929
Industrial		7,294,694		9,848,626		—		17,143,320
Mortgage		1,440,028		—		—		1,440,028
Office		26,608,363		2,530,968		—		29,139,331
Residential		14,297,605		—		—		14,297,605
Retail		19,782,713		33,550,911		—		53,333,624
Specialized		27,475,622		2,244,268		—		29,719,890
Total Real Estate Investment Trusts		104,219,511		60,391,216		—		164,610,727
Real Estate Management & Development
Diversified Real Estate Activities		—		44,264,277		—		44,264,277
Real Estate Operating Companies		7,024,057		14,896,069		—		21,920,126
Total Real Estate Management & Development		7,024,057		59,160,346		—		66,184,403
Total Common Stocks		111,243,568		119,551,562		—		230,795,130
Short Term Investments
Mutual Funds		3,069,246		—		—		3,069,246
Total Investments	$	114,312,814	$	119,551,562	$	—	$	233,864,376

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

See Notes to Financial Statements.

197

SC ^SM IBBOTSON TACTICAL OPPORTUNITIES FUND

PORTFOLIO OF INVESTMENTS June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Shares		Value
EXCHANGE TRADED FUNDS – 99.9%
iShares Russell 1000 Value Index Fund		58,819	$	4,016,161
iShares Russell 2000 Growth Index Fund		197,982		18,778,593
iShares Russell 2000 Index Fund		380,900		31,538,520
iShares Russell 2000 Value Index Fund		536,466		39,381,969
iShares Russell MidCap Growth Index Fund		1,188,275		73,471,043
iShares S&P 500 Index Fund		695,935		92,155,713
iShares S&P MidCap 400 Growth Index Fund		46,293		5,136,208
iShares S&P MidCap 400 Index Fund		691,823		67,591,107
SPDR S&P 500 ETF Trust		663,433		87,553,253
Vanguard Emerging Markets ETF		616,205		29,959,887
Vanguard Europe Pacific ETF		1,625,495		61,898,850
Vanguard FTSE All-World Ex-US Index Fund		350,337		17,450,286
Vanguard REIT ETF		494,865		29,741,386
Vanguard Small-Cap ETF		220,120		17,189,171
Total Exchange Traded Funds (Cost $550,937,615)				575,862,147
SHORT TERM INVESTMENTS – 1.0%
MUTUAL FUNDS – 1.0%
State Street Institutional Liquid Reserves Fund (Cost $5,997,403)		5,997,403	$	5,997,403
TOTAL INVESTMENTS – 100.9%
(Cost $556,935,018)				581,859,550
Liabilities in excess of other assets – (0.9)%				(5,394,277	)
NET ASSETS – 100.0%			$	576,465,273

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.

198

SUN CAPITAL INVESTMENT GRADE BOND FUND^®

PORTFOLIO OF INVESTMENTS June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code*	Principal Amount (000)		Value
ASSET BACKED SECURITIES – 0.1%
Airplanes Pass Through Trust, Series D 10.88%, 3/15/19 (1)		$	494	$	—	**
SLM Student Loan Trust, Series 2008-5, Class A2 1.37%, 10/25/16 (2)			128		128,915
SLM Student Loan Trust, Series 2008-5, Class A4 1.97%, 7/25/23 (2)			215		224,671
Total Asset Backed Securities (Cost $606,452)					353,586
COLLATERALIZED MORTGAGE OBLIGATIONS – 0.2%
Federal National Mortgage Association, Series 2001-80, Class ZB 6.00%, 1/25/32			548		610,889
Federal National Mortgage Association, Series 2002-53, Class PD 6.00%, 1/25/32			67		68,273
Total Collateralized Mortgage Obligations (Cost $573,683)					679,162
COMMERCIAL MORTGAGE BACKED SECURITIES – 4.7%
Banc of America Mortgage Securities, Inc., Series 2003-H, Class 2A3 3.11%, 9/25/33 (2)			646		623,843
Bear Stearns Commercial Mortgage Securities, Series 2007-T28, Class A3 5.79%, 9/11/42			1,000		1,063,822
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2005-C1, Class A3 5.39%, 7/15/44 (2)			750		770,040

	Country Code*	Principal Amount (000)		Value
Commercial Mortgage Asset Trust, Series 1999-C1, Class F 6.25%, 1/17/32 (3)		$	400	$	347,626
GMAC Commercial Mortgage Securities, Inc., Series 2003-C1, Class A2 4.08%, 5/10/36			800		830,872
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP5 Mortgage Certificate, Class A3 5.40%, 12/15/44 (2)			550		581,109
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2006-LDP7 Mortgage Certificate, Class AM 6.07%, 4/15/45 (2)			500		518,069
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2011-C4, Class A2 3.34%, 7/15/46 (3)			1,500		1,500,761
Morgan Stanley Capital I, Series 2003-IQ4, Class A2 4.07%, 5/15/40			4,085		4,202,414
Morgan Stanley Capital I, Series 2004-T15, Class B 5.46%, 6/13/41 (2)			1,500		1,565,885
Morgan Stanley Capital I, Series 2007-T27, Class A4 5.79%, 6/11/42 (2)			2,707		2,996,890
Morgan Stanley Capital I, Series 2011-C1, Class A3 4.70%, 9/15/47 (3)			5,000		5,162,753
Total Commercial Mortgage Backed Securities (Cost $19,883,212)					20,164,084

See Notes to Financial Statements.

199

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code*		Principal Amount (000)		Value
CORPORATE DEBT OBLIGATIONS – 46.9%
AEROSPACE & DEFENSE – 0.7%
L-3 Communications Corp. 6.38%, 10/15/15			$	3,000	$	3,082,500
AIRLINES – 0.8%
AMR Corp., Series A 5.25%, 1/31/21				3,500		3,421,250
AUTOMOTIVE – 1.7%
Ford Motor Credit Co. LLC 5.63%, 9/15/15				3,000		3,105,567
Hyundai Capital Services, Inc. 4.38%, 7/27/16 (3)		KR		4,000		4,101,692
						7,207,259
BANKS – 8.6%
Ally Financial, Inc. 4.50%, 2/11/14				5,000		5,000,000
Commonwealth Bank of Australia 3.75%, 10/15/14 (3)		AU		7,000		7,354,487
Countrywide Financial Corp. 6.25%, 5/15/16				325		342,493
Huntington Capital 6.65%, 5/15/37 (2)				300		292,500
ING Bank NV
2.00%, 10/18/13 (3)		NL		5,000		4,983,865
2.38%, 6/9/14 (3)		NL		5,000		4,976,835
Lloyds Banking Group PLC 5.92%, 10/1/15 (2)(3)		GB		500		367,500
Lloyds TSB Bank PLC 6.50%, 9/14/20 (3)		GB		4,050		3,820,300
Merrill Lynch & Co., Inc.
5.70%, 5/2/17				400		416,640
6.05%, 5/16/16				3,500		3,669,365
Nordea Bank AB 4.88%, 5/13/21 (3)		SE		3,500		3,361,298
Royal Bank of Scotland PLC 0.99%, 9/29/15 (2)		GB		2,500		2,178,135
						36,763,418
BUILDING MATERIALS – 0.1%
C10 Capital SPV., Ltd. 6.72%, 12/31/16 (2)(3)		VG		650		481,000

	Country Code*		Principal Amount (000)		Value
CABLE – 2.6%
DIRECTV Holdings LLC 7.63%, 5/15/16			$	5,000	$	5,450,000
Shaw Communications, Inc. 6.75%, 11/9/39		CA		5,000		5,046,762
Time Warner Entertainment Co. 10.15%, 5/1/12				500		537,860
						11,034,622
CONSUMER PRODUCTS – 0.7%
Jarden Corp. 6.13%, 11/15/22				3,200		3,172,000
DIVERSIFIED – 0.7%
Noble Group Ltd. 4.88%, 8/5/15 (3)		BM		3,000		3,135,000
ELECTRIC UTILITIES – 4.0%
Allegheny Energy Supply Co. LLC 8.25%, 4/15/12 (3)				750		790,674
Ameren Corp. 8.88%, 5/15/14				4,000		4,634,096
CMS Energy Corp. 5.05%, 2/15/18				5,000		5,138,485
PPL WEM Holdings PLC 5.38%, 5/1/21 (3)		GB		4,000		4,143,784
Toledo Edison Co. 7.25%, 5/1/20				1,850		2,229,102
						16,936,141
ELECTRONIC EQUIPMENT & INSTRUMENTS – 1.8%
Arrow Electronics, Inc. 5.13%, 3/1/21				3,500		3,488,433
Jabil Circuit, Inc.
5.63%, 12/15/20				3,000		2,940,000
7.75%, 7/15/16				1,000		1,107,500
						7,535,933
FINANCIALS – 4.5%
Caisse centrale Desjardins du Quebec 1.70%, 9/16/13 (3)		CA		5,000		5,028,480
Discover Financial Services 6.45%, 6/12/17				4,150		4,603,296
International Lease Finance Corp. 5.75%, 5/15/16				4,000		3,938,868

See Notes to Financial Statements.

200

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code*		Principal Amount (000)		Value
Lazard Group LLC 6.85%, 6/15/17			$	2,100	$	2,315,966
SLM Corp. 6.25%, 1/25/16				3,000		3,112,500
						18,999,110
GAMING – 0.3%
Mashantucket Western Pequot Tribe
8.50%, 11/15/15 (1)(3)				1,000		90,000
Wynn Las Vegas Capital Corp. 7.75%, 8/15/20				1,000		1,086,250
						1,176,250
GAS & PIPELINE UTILITIES – 1.0%
Enterprise Products Operating LP 7.03%, 1/15/68 (2)				3,000		3,153,750
Southern Union Co. 7.20%, 11/1/66 (2)				380		353,400
TransCanada PipeLines Ltd. 6.35%, 5/15/67 (2)		CA		600		603,159
						4,110,309
HOTELS, RESTAURANTS & LEISURE – 1.0%
Wyndham Worldwide Corp. 5.75%, 2/1/18				4,000		4,130,364
INSURANCE – 4.0%
Assured Guaranty US Holdings, Inc. 6.40%, 12/15/66 (2)				600		468,000
CNA Financial Corp. 5.88%, 8/15/20				3,000		3,119,208
Humana, Inc. 6.45%, 6/1/16				500		569,574
Liberty Mutual Group, Inc.
6.50%, 3/15/35 (3)				3,000		2,788,479
7.80%, 3/15/37 (3)				750		748,125
Metropolitan Life Global Funding I 3.13%, 1/11/16 (3)				5,000		5,062,080
Unitrin, Inc. 6.00%, 11/30/15				4,000		4,275,224
						17,030,690

	Country Code*		Principal Amount (000)		Value
MACHINERY – 0.3%
Case New Holland, Inc. 7.75%, 9/1/13			$	1,000	$	1,082,500
MANUFACTURING – DIVERSIFIED – 1.6%
Bombardier, Inc. 7.75%, 3/15/20 (3)		CA		3,500		3,937,500
Textron, Inc.
7.25%, 10/1/19				2,500		2,939,183
						6,876,683
METALS & MINING – 2.5%
ArcelorMittal
5.50%, 3/1/21		LU		3,000		3,004,683
Teck Resources, Ltd.
6.25%, 7/15/41		CA		3,000		3,028,836
10.75%, 5/15/19		CA		2,500		3,159,375
United States Steel Corp.
6.65%, 6/1/37				1,880		1,649,700
						10,842,594
OIL & GAS – EXPLORATION & PRODUCTION – 1.0%
Petrobras International Finance Co.
5.38%, 1/27/21		KY		4,000		4,107,236
PIPELINES – 1.2%
Kinder Morgan Finance Co., LLC
6.00%, 1/15/18 (3)				5,000		5,187,500
REAL ESTATE INVESTMENT TRUSTS – 4.7%
Dexus Property Group
7.13%, 10/15/14 (3)		AU		4,400		4,963,323
Digital Realty Trust LP
5.25%, 3/15/21				5,000		4,974,050
Goodman Funding Property Ltd.
6.38%, 4/15/21 (3)		AU		4,000		4,106,720
National Retail Properties, Inc.
6.25%, 6/15/14				550		598,808
Reckson Operating Partnership LP
7.75%, 3/15/20				4,000		4,582,604
Simon Property Group LP
5.75%, 5/1/12				550		563,675
						19,789,180
RETAIL – 0.7%
Controladora Comercial Mexicana S.A. de C.V., Series AI 7.00%, 6/30/18		MX		371		362,579

See Notes to Financial Statements.

201

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code*	Principal Amount (000)		Value
QVC, Inc.
7.13%, 4/15/17 (3)		$	2,500	$	2,625,000
					2,987,579
TELECOMMUNICATIONS – 2.4%
American Tower Corp.
7.25%, 5/15/19			4,000		4,512,652
Frontier Communications Corp.
8.25%, 4/15/17			2,500		2,718,750
Nextel Communications, Inc. Series C
5.95%, 3/15/14			3,000		2,996,250
					10,227,652
Total Corporate Debt Obligations
(Cost $195,510,579)					199,316,770
RESIDENTIAL NON-AGENCY MORTGAGE BACKED SECURITIES – 1.5%
JP Morgan Mortgage Trust, Series 2003-A1, Class 1A1 2.13%, 10/25/33 (2)			865		861,512
JP Morgan Mortgage Trust, Series 2005-A3, Class 7CA1 2.66%, 6/25/35 (2)			34		29,787
JP Morgan Mortgage Trust, Series 2005-A5, Class TA1 5.43%, 8/25/35 (2)			550		534,718
Master Adjustable Rate Mortgage Trust, Series 2006-2, Class 3A1 2.95%, 1/25/36 (2)			151		121,997
MLCC Mortgage Investors, Inc., Series 2006-2, Class 2A 2.23%, 5/25/36 (2)			1,718		1,581,453
Residential Accredited Loans, Inc., Series 2005-QA7, Class A22 3.11%, 7/25/35 (2)			751		519,750
Wamu Mortgage Pass Through Certificates, Series 2003-AR10, Class A7 2.62%, 10/25/33 (2)			343		337,752

	Country Code*	Principal Amount (000)		Value
Wamu Mortgage Pass Through Certificates, Series 2004-AR14, Class A1 2.58%, 1/25/35 (2)		$	1,121	$	1,076,186
Wamu Mortgage Pass Through Certificates, Series AR18, Class 3A2 5.52%, 1/25/36 (2)			194		83,155
Wells Fargo Mortgage Backed Securities Trust, Series 2004-AA, Class A1 4.98%, 12/25/34 (2)			569		541,117
Wells Fargo Mortgage Backed Securities Trust, Series 2004-K, Class 1A2 2.80%, 7/25/34 (2)			814		818,747
Total Residential Non-Agency Mortgage Backed Securities
(Cost $6,397,092)					6,506,174
U.S. GOVERNMENT GUARANTEED NOTES – 1.6%
FDIC Structured Sale Guaranteed Notes, Series 2010-S1, Class 1A 0.74%, 2/25/48 (2)(3)			1,403		1,404,006
NCUA Guaranteed Notes, Series 2010-C1, Class A2 2.90%, 10/29/20			2,000		1,996,264
NCUA Guaranteed Notes, Series 2010-R3, Class 3A 2.40%, 12/8/20			3,321		3,322,349
Total U.S. Government Guaranteed Notes (Cost $6,710,222)					6,722,619
U.S. GOVERNMENT AGENCY OBLIGATIONS – 28.8%
Federal Home Loan Mortgage Corp.
2.60%, 8/1/32 (2)			34		34,474
4.50%, 3/1/23			3,165		3,359,105
5.00%, 9/1/19			122		132,124

See Notes to Financial Statements.

202

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code*	Principal Amount (000)		Value
5.00%, 11/1/19		$	236	$	255,139
5.00%, 7/1/35 (4)			20,056		21,412,329
5.00%, TBA (4)			13,900		14,747,038
5.50%, 10/1/17			63		67,829
5.50%, 11/1/17			127		137,657
5.50%, 6/1/33			124		134,632
5.50%, 9/1/37			496		536,765
5.50%, 5/1/38			90		97,186
5.50%, 2/1/39			131		141,162
6.00%, 1/1/17			44		47,536
6.00%, 2/1/29			11		12,104
6.00%, 8/1/37			325		357,789
6.50%, 10/1/16			30		32,502
6.50%, 11/1/16			3		3,140
6.50%, 9/1/34			206		232,690
7.00%, 11/1/29			15		17,435
7.00%, 1/1/31			4		4,980
7.00%, 4/1/31			3		4,028
7.50%, 3/1/30			4		4,184
7.50%, 12/1/30			16		18,554
Federal National Mortgage Association
4.50%, 6/1/19			534		570,845
4.50%, 5/1/39			6,335		6,595,721
4.50%, TBA (4)			18,000		18,621,558
5.00%, 6/1/18			165		178,085
5.00%, 7/1/20			358		387,520
5.00%, 10/1/20			167		180,471
5.00%, 12/1/20			85		91,864
5.00%, 10/1/35			22		23,518
5.00%, 5/1/36			1,111		1,171,364
5.00%, 7/1/36			271		289,024
5.00%, 9/1/39			9,563		10,177,038
5.00%, TBA (4)			28,000		29,750,000
5.50%, 3/1/22			127		137,240
5.50%, 12/1/32			553		602,136
5.50%, 6/1/35			590		641,088
5.50%, 8/1/35			346		376,742
5.50%, 6/1/37			858		929,505
5.50%, 11/1/38			4,578		4,959,554
6.00%, 12/1/13			1		1,440
6.00%, 11/1/16			9		10,056
6.00%, 12/1/36			334		367,586
6.00%, 11/1/37			233		256,568
6.00%, 10/1/38			159		175,207
6.00%, TBA (4)			300		329,531
8.00%, 8/1/30			3		3,110
Government National Mortgage Association
5.50%, 12/15/38			3,294		3,628,646

	Country Code*		Principal Amount (000)		Value
6.00%, 8/15/16			$	20	$	21,833
6.50%, 9/15/31				45		51,574
6.50%, 3/15/32				33		37,854
6.50%, 9/15/32				67		76,540
6.50%, 10/15/32				116		132,798
7.00%, 12/15/14				12		12,764
7.00%, 2/15/28				11		12,769
7.50%, 3/15/30				3		3,369
7.50%, 9/15/30				11		13,356
Total U.S. Government Agency Obligations (Cost $120,438,407)						122,608,656
U.S. TREASURY OBLIGATIONS – 12.5%
U.S. Treasury Inflation Indexed Bonds
0.50%, 4/15/15				6,226		6,493,045
1.88%, 7/15/15				1,156		1,274,692
2.00%, 1/15/14				6,389		6,883,024
U.S. Treasury Notes
2.38%, 3/31/16				5,000		5,173,045
2.38%, 5/31/18				8,000		7,957,520
2.63%, 4/30/18				7,500		7,593,750
3.50%, 5/15/20				7,780		8,122,165
4.25%, 11/15/14				5,000		5,537,890
4.25%, 11/15/40				4,000		3,910,000
Total U.S. Treasury Obligations (Cost $52,120,482)						52,945,131
SHORT TERM INVESTMENTS – 23.0%
COMMERCIAL PAPER (5) – 16.6%
Bank of Montreal
0.11%, 7/27/11		CA		3,500		3,499,722
BlackRock, Inc.
0.20%, 7/18/11 (3)				5,000		4,999,528
Cisco Systems, Inc.
0.06%, 7/14/11 (3)				5,000		4,999,892
Citigroup Funding, Inc.
0.22%, 10/3/11				3,000		2,998,947
Coca-Cola Co.
0.12%, 8/10/11 (3)				5,000		4,999,333
FCAR Owner Trust
0.23%, 9/8/11				5,000		4,998,182
Hewlett-Packard Co.
0.08%, 7/15/11 (3)				2,500		2,499,922
HSBC Finance Corp.
0.30%, 10/25/11				2,000		1,998,258
International Business Machines Corp.
0.05%, 7/25/11 (3)				1,490		1,489,950
0.06%, 7/25/11 (3)				3,500		3,499,860

See Notes to Financial Statements.

203

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code*		Principal Amount (000)		Value
Nestle Finance International Ltd.
0.10%, 8/24/11		LU	$	3,000	$	2,999,550
PepsiCo, Inc.
0.10%, 7/25/11 (3)				2,000		1,999,867
0.10%, 8/5/11 (3)				3,000		2,999,708
Pfizer, Inc.
0.06%, 7/6/11 (3)				1,600		1,599,987
Procter & Gamble International Funding SCA
0.08%, 7/15/11 (3)		LU		2,600		2,599,919
0.08%, 7/20/11 (3)		LU		2,400		2,399,899
State Street Corp.
0.12%, 7/14/11				3,000		2,999,870
Thunder Bay Funding LLC
0.19%, 7/25/11 (3)				2,300		2,299,709
0.20%, 7/11/11 (3)				2,700		2,699,850
Toyota Motor Credit Corp.
0.11%, 8/3/11				5,000		4,999,496
UBS Finance Delaware LLC
0.11%, 7/11/11				3,552		3,551,891
Wal-Mart Stores, Inc.
0.06%, 7/13/11 (3)				1,800		1,799,964
0.07%, 7/19/11 (3)				1,800		1,799,937
Total Commercial Paper (Cost $70,731,993)						70,733,241

	Country Code*		Principal Amount (000)		Value
FOREIGN GOVERNMENT SPONSORED COMMERCIAL PAPER (5) – 1.2%
Kreditanstalt fuer Wiederaufbau
0.14%, 8/23/11 (3)		DE	$	1,500	$	1,499,691
0.15%, 8/19/11 (3)		DE		2,500		2,499,489
0.16%, 7/28/11 (3)		DE		1,000		999,880
Total Foreign Government Sponsored Commercial Paper (Amortized cost $4,999,060)						4,999,060
			Shares
MUTUAL FUNDS – 5.2%
Federated Prime Obligation Fund				10,269,404		10,269,404
State Street Institutional Liquid Reserves Fund				11,864,525		11,864,525
Total Mutual Funds (Cost $22,133,929)						22,133,929
Total Short Term Investments (Cost $97,864,982)						97,866,230
TOTAL INVESTMENTS – 119.3%
(Cost $500,105,111)						507,162,412
Liabilities in excess of other assets – (19.3)%						(82,095,340	)
NET ASSETS – 100.0%					$	425,067,072

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 $63,448,127 which represents approximately 14.9% of net assets.
AU	Australia
BM	Bermuda
CA	Canada
DE	Germany
GB	Great Britain
KR	Korea, Republic of
KY	Cayman Islands
LU	Luxembourg
MX	Mexico
NL	Netherlands
SE	Sweden
VG	British Virgin Islands

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

** Security is fair valued by management.

(1) Security is in default and is non-income producing.

See Notes to Financial Statements.

204

SUN CAPITAL INVESTMENT GRADE BOND FUND® PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2011 (Unaudited)	Sun Capital Advisers Trust

(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 $128,155,173, representing 30.1% 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	$	—	$	353,586	$	—	*	$	353,586
Collateralized Mortgage Obligations		—		679,162		—			679,162
Commercial Mortgage Backed Securities		—		20,164,084		—			20,164,084
Corporate Debt Obligations (a)		—		199,316,770		—			199,316,770
Residential Non-Agency Mortgage Backed Securities		—		6,506,174		—			6,506,174
U.S. Government Guaranteed Notes		—		6,722,619		—			6,722,619
U.S. Government Agency Obligations		—		122,608,656		—			122,608,656
U.S. Treasury Obligations		52,945,131		—		—			52,945,131
Short Term Investments
Commercial Paper		—		70,733,241		—			70,733,241
Foreign Government Sponsored Commercial Paper		—		4,999,060		—			4,999,060
Mutual Funds		22,133,929		—		—			22,133,929
Total Short Term Investments		22,133,929		75,732,301		—			97,866,230
Total Investments	$	75,079,060	$	432,083,352	$	—	*	$	507,162,412

† 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, 2010 and June 30, 2011.

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

See Notes to Financial Statements.

205

SUN CAPITAL MONEY MARKET FUND^®

PORTFOLIO OF INVESTMENTS June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code*		Principal Amount (000)		Value
COMMERCIAL PAPER (1) – 66.7%
Archer-Daniels-Midland Co.
0.07%, 7/12/11 (2)			$	5,000	$	4,999,893
Bank of America Corp.
0.19%, 8/15/11				1,400		1,400,000
0.19%, 8/29/11				1,600		1,599,502
Bank of Montreal
0.11%, 7/27/11		CA		2,500		2,499,801
Barclays U.S. Funding LLC
0.21%, 10/26/11				1,000		999,318
0.22%, 7/25/11				1,000		999,853
0.23%, 9/6/11				2,000		1,999,144
BlackRock, Inc.
0.15%, 8/18/11 (2)				1,500		1,499,700
0.20%, 7/18/11 (2)				3,500		3,499,669
Caterpillar Financial Services Corp.
0.10%, 8/9/11				750		749,919
Chevron Corp.
0.02%, 7/11/11				2,000		1,999,989
0.03%, 7/12/11				3,000		2,999,973
Cisco Systems, Inc.
0.06%, 7/14/11 (2)				5,000		4,999,892
Citigroup Funding, Inc.
0.14%, 7/8/11				1,000		999,973
0.15%, 7/14/11				2,000		1,999,892
0.22%, 10/3/11				2,000		1,998,851
Coca-Cola Co.
0.10%, 7/18/11 (2)				500		499,976
0.13%, 9/14/11 (2)				1,000		999,729
0.16%, 9/16/11 (2)				2,400		2,399,179
0.17%, 10/4/11 (2)				2,500		2,498,879
0.20%, 8/4/11 (2)				600		599,887
FCAR Owner Trust
0.23%, 9/8/11				1,200		1,199,471
0.27%, 10/4/11				500		499,644
0.28%, 9/7/11				2,000		1,998,942
0.38%, 11/7/11				1,000		998,638
0.42%, 12/15/11				300		299,416
General Electric Capital Corp.
0.09%, 8/3/11				2,400		2,399,802
Hewlett-Packard Co.
0.08%, 7/15/11 (2)				4,300		4,299,866
0.09%, 7/18/11 (2)				700		699,970
HSBC Finance Corp.
0.30%, 10/25/11				5,000		4,995,167
International Business Machines Corp.
0.06%, 7/12/11 (2)				2,470		2,469,955

	Country Code*		Principal Amount (000)		Value
0.06%, 7/20/11 (2)			$	1,030	$	1,029,967
0.07%, 7/13/11 (2)				1,500		1,499,965
JP Morgan Chase & Co.
0.05%, 7/1/11				500		500,000
0.15%, 7/19/11				1,000		999,925
0.15%, 8/1/11				1,000		999,871
0.15%, 8/19/11				1,000		999,796
0.15%, 8/29/11				1,000		999,754
Nestle Capital Corp.
0.08%, 9/22/11 (2)				2,000		1,999,631
0.10%, 8/15/11 (2)				450		449,944
0.12%, 8/10/11 (2)				2,000		1,999,733
0.17%, 8/2/11 (2)				600		599,909
0.17%, 10/14/11 (2)				450		449,777
0.19%, 9/9/11 (2)				650		649,760
PepsiCo, Inc.
0.10%, 7/21/11 (2)				500		499,972
0.10%, 8/5/11 (2)				3,000		2,999,708
0.11%, 8/22/11 (2)				1,500		1,499,762
Pfizer, Inc.
0.06%, 7/6/11 (2)				5,000		4,999,958
Procter & Gamble International Funding SCA
0.08%, 7/15/11 (2)		LU		2,400		2,399,925
0.08%, 7/20/11 (2)		LU		2,600		2,599,890
Rabobank USA Financial Corp.
0.27%, 7/5/11				5,000		4,999,850
State Street Corp.
0.12%, 7/14/11				5,000		4,999,783
The Goldman Sachs Group, Inc.
0.23%, 7/7/11				5,000		4,999,808
Thunder Bay Funding LLC
0.19%, 7/25/11 (2)				950		949,880
0.20%, 7/11/11 (2)				2,300		2,299,872
0.21%, 7/8/11 (2)				1,500		1,499,939
0.22%, 7/8/11 (2)				250		249,989
Toyota Motor Credit Corp.
0.11%, 8/3/11				5,000		4,999,496
UBS Finance Delaware LLC
0.16%, 9/6/11				1,990		1,989,407
0.21%, 10/24/11				2,800		2,798,122
United Parcel Service, Inc.
0.06%, 7/1/11 (2)				3,000		3,000,000
Wal-Mart Stores, Inc.
0.06%, 7/13/11 (2)				1,000		999,980
0.07%, 7/19/11 (2)				2,300		2,299,920
0.07%, 7/26/11 (2)				3,000		2,999,854
0.08%, 7/13/11 (2)				700		699,981
Total Commercial Paper (Amortized cost $130,067,018)						130,067,018

See Notes to Financial Statements.

206

SUN CAPITAL MONEY MARKET FUND^®

PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code*		Principal Amount (000)		Value
CORPORATE DEBT OBLIGATIONS – 1.3%
BANKS – 1.3%
Morgan Stanley 0.54%, 1/9/12 (3) (Amortized cost $2,700,018)			$	2,700	$	2,700,018
FOREIGN GOVERNMENT OBLIGATIONS (1) – 9.6%
Canadian Wheat Board
0.10%, 8/2/11		CA		4,000		3,999,644
Export Development Canada
0.05%, 7/8/11		CA		1,700		1,699,984
Government of Canada
0.06%, 7/21/11		CA		3,000		2,999,900
Province of Ontario
0.07%, 9/30/11		CA		5,000		4,999,115
Province of Quebec
0.12%, 7/28/11 (2)		CA		3,000		2,999,730
0.22%, 10/11/11 (2)		CA		2,000		1,998,755
Total Foreign Government Obligations (Amortized cost $18,697,128)						18,697,128
FOREIGN GOVERNMENT SPONSORED COMMERCIAL PAPER (1) – 3.1%
Kreditanstalt fuer Wiederaufbau
0.11%, 8/9/11 (2)		DE		500		499,941
0.14%, 8/23/11 (2)		DE		1,950		1,949,598
0.15%, 8/19/11 (2)		DE		1,000		999,796
0.15%, 8/24/11 (2)		DE		425		424,904
0.16%, 7/6/11 (2)		DE		400		399,991
0.16%, 7/14/11 (2)		DE		500		499,971
0.18%, 8/11/11 (2)		DE		1,250		1,249,744
Total Foreign Government Sponsored Commercial Paper (Amortized cost $6,023,945)						6,023,945

	Country Code*	Principal Amount (000)		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (1) – 2.5%
Federal Home Loan Mortgage Corp. Discount Notes
0.01%, 7/15/11		$	100	$	100,000
0.01%, 7/29/11			200		199,998
0.04%, 7/11/11			2,000		1,999,978
Federal National Mortgage Association Discount Notes
0.01%, 7/8/11			100		100,000
0.05%, 7/6/11			364		363,997
0.07%, 7/6/11			2,100		2,099,981
Total U.S. Government Agency Obligations (Amortized cost $4,863,954)					4,863,954
U.S. TREASURY OBLIGATIONS (1) – 8.6%
U.S. Treasury Bills
0.01%, 7/28/11			6,000		5,999,977
0.01%, 8/25/11			3,000		2,999,977
0.02%, 7/14/11			2,750		2,749,976
0.04%, 8/4/11			5,000		4,999,835
Total U.S. Treasury Obligations (Amortized cost $16,749,765)					16,749,765
		Shares
MUTUAL FUNDS – 7.9%
Federated Prime Obligation Fund			7,690,000		7,690,000
State Street Institutional Liquid Reserves Fund			7,730,366		7,730,366
Total Mutual Funds (Cost $15,420,366)					15,420,366
TOTAL INVESTMENTS – 99.7%
(Cost $194,522,194)					194,522,194
Other assets less liabilities – 0.3%					519,596
NET ASSETS – 100.0%				$	195,041,790

CA	Canada
DE	Germany
LU	Luxembourg

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

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

See Notes to Financial Statements.

207

SUN CAPITAL MONEY MARKET FUND® PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2011 (Unaudited)	Sun Capital Advisers Trust

(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 $79,166,341, representing 40.6% of net assets.

(3) Variable rate security. The interest rate shown reflects the rate in effect at the period end.

(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	$	—	$	130,067,018	$	—	$	130,067,018
Corporate Debt Obligations (a)		—		2,700,018		—		2,700,018
Foreign Government Obligations		—		18,697,128		—		18,697,128
Foreign Government Sponsored Commercial Paper		—		6,023,945		—		6,023,945
U.S. Government Agency Obligations		—		4,863,954		—		4,863,954
U.S. Treasury Obligations		—		16,749,765		—		16,749,765
Mutual Funds		15,420,366		—		—		15,420,366
Total Investments	$	15,420,366	$	179,101,828	$	—	$	194,522,194

† 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.

208

SC ^SM BLACKROCK INFLATION PROTECTED BOND FUND

PORTFOLIO OF INVESTMENTS June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code*		Principal Amount (000)		Value
ASSET BACKED SECURITIES – 0.0%+
Bank of America Credit Card Trust, Series 2008-A5, Class A5 1.39%, 12/16/13 (1) (Cost $143,637)			$	143	$	143,064
FOREIGN GOVERNMENT OBLIGATIONS – 10.6%
Deutsche Bundesrepublik Inflation Linked Bond 1.50%, 4/15/16		DE		16,627		25,076,420
French Government Inflation Linked Bond 1.60%, 7/25/15		FR		17,106		25,794,295
Hellenic Republic Government Inflation Linked Bond 2.30%, 7/25/30		GR		771		429,887
Total Foreign Government Obligations (Cost $50,570,771)						51,300,602
U.S. GOVERNMENT AGENCY OBLIGATIONS – 23.8%
Federal Home Loan Mortgage Corp. 5.50%, 8/1/38				35,629		38,631,419
Federal National Mortgage Association 4.50%, 6/1/41				37,100		38,441,601
Government National Mortgage Association 4.50%, 5/20/41				36,526		38,521,327
Total U.S. Government Agency Obligations (Cost $116,102,862)						115,594,347
U.S. TREASURY OBLIGATIONS – 53.0%
U.S. Treasury Inflation Indexed Bonds
0.13%, 4/15/16				2,053		2,099,026
0.50%, 4/15/15				369		384,713
1.13%, 1/15/21				1,505		1,562,704
1.25%, 4/15/14				1,152		1,221,833
1.38%, 7/15/18				5,370		5,830,820
1.38%, 1/15/20				5,669		6,079,001
1.63%, 1/15/15				1,215		1,318,214
1.75%, 1/15/28				12,880		13,477,667
1.88%, 7/15/13				16,849		17,901,721
1.88%, 7/15/15				674		743,146
1.88%, 7/15/19				1,852		2,071,671

	Country Code*	Principal Amount (000)		Value
2.00%, 4/15/12		$	45,993	$	46,995,304
2.00%, 1/15/14			3,261		3,513,620
2.00%, 7/15/14			148		161,573
2.00%, 1/15/16			2,467		2,742,370
2.00%, 1/15/26			1,717		1,876,627
2.13%, 2/15/40			30,494		33,184,035
2.13%, 2/15/41			6,153		6,684,844
2.38%, 1/15/17			21,476		24,499,650
2.38%, 1/15/25 (2)			30,318		34,846,649
2.38%, 1/15/27			16,989		19,373,225
2.50%, 1/15/29			1,691		1,964,409
3.38%, 1/15/12			608		621,002
3.38%, 4/15/32 (3)			1,059		1,401,012
3.63%, 4/15/28 (3)			6,800		8,953,777
3.88%, 4/15/29			12,556		17,205,338
Total U.S. Treasury Obligations (Cost $253,931,361)					256,713,951
		Contracts
OPTIONS PURCHASED – 0.0%+
PUT OPTIONS – 0.0% +
1-Year Eurodollar Mid-Curve September Futures, strike price $98.25, expires 9/16/11 (Cost $195,117)			432		8,100
		Notional Amount (000)
SWAPTIONS PURCHASED – 0.2%
CALL SWAPTIONS – 0.1%
OTC – 10 Year Interest Rate Swap, exercise rate 4.31%, expires 1/14/13			5,700		345,452
OTC – 10 Year Interest Rate Swap, exercise rate 4.42%, expires 1/14/13			3,200		211,755
					557,207
PUT SWAPTIONS – 0.1%
OTC – 10 Year Interest Rate Swap, exercise rate 4.31%, expires 1/14/13			5,700		202,434

See Notes to Financial Statements.

209

SC ^SM BLACKROCK INFLATION PROTECTED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code*	Notional Amount (000)		Value
OTC – 10 Year Interest Rate Swap, exercise rate 4.42%, expires 1/14/13			3,200	$	103,221
					305,655
Total Swaptions Purchased (Cost $918,020)					862,862
		Shares
SHORT TERM INVESTMENTS – 12.7%
MUTUAL FUNDS – 12.7%
BlackRock Liquidity Funds Temp Funds			30,704,304		30,704,304

	Country Code*	Shares		Value
State Street Institutional U.S. Government Money Market Fund			30,704,305	$	30,704,305
Total Short Term Investments (Cost $61,408,609)					61,408,609
TOTAL INVESTMENTS – 100.3%
(Cost $483,270,377)					486,031,535
Liabilities in excess of other assets – (0.3)%					(1,379,034	)
NET ASSETS – 100.0%				$	484,652,501

OTC	Over the Counter
DE	Germany
FR	France
GR	Greece

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

+ 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 (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 $1,611,030.

(3) At the period end, securities (or portions thereof) with an aggregate market value of $1,920,843 and cash of $90,000 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) ($)
Short	German Euro-Bobl September Futures		9/8/11		284		48,543,133		48,012,599		530,534
Long	U.S. Treasury 10 Year Note September Futures		9/21/11		443		54,906,087		54,191,359		(714,728	)
Short	U.S. Treasury 2 Year Note September Futures		9/30/11		479		105,057,176		105,065,657		(8,481	)
Short	U.S. Treasury 30 Year Bond September Futures		9/21/11		183		22,875,930		22,514,719		361,211
Short	U.S. Treasury 5 Year Note September Futures		9/30/11		709		85,170,528		84,509,477		661,051
Short	Ultra Long U.S. Treasury Bond September Futures		9/21/11		20		2,546,368		2,525,000		21,368
Net unrealized appreciation											850,955

See Notes to Financial Statements.

210

SC SM BLACKROCK INFLATION PROTECTED BOND FUND PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2011 (Unaudited)	Sun Capital Advisers Trust

(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		EUR	35,470,000		USD	50,380,134	7/27/11		(1,024,950	)
Citibank NA		EUR	505,000		USD	731,740	7/27/11		(134	)
UBS AG		USD	758,811		EUR	522,000	7/27/11		(2,299	)
Net unrealized depreciation									(1,027,383	)

EUR	– Euro
USD	– United States Dollar

(5) At the period end, open written option contracts were as follows:

Options on Exchange-Traded Futures Contracts

Type	Description	Expiration Date		Strike Price ($)		Number of Contracts		Value ($)
Put	1-Year Eurodollar Mid-Curve September Futures		9/16/11		97.75		432		2,700
Call	U.S. Treasury 10 Year Note August Futures		8/26/11		124.00		164		115,313
Written option contracts (Premium received, $182,391)							596		118,013

Interest Rate Swaptions

Type

Description

Counterparty

Pay/Receive Floating Rate

Floating Rate

Exercise Rate

Expiration Date

Notional Amount (000) ($)

Value ($)

Call

OTC - 10 Year Interest Rate Swap

Barclays Bank PLC*

Receive

3-Month USD-LIBOR

4.13%

12/16/11

6,200

391,607

Put

OTC - 10 Year Interest Rate Swap

Barclays Bank PLC*

Pay

3-Month USD-LIBOR

4.13%

12/16/11

6,200

47,834

Put

OTC - 2 Year Interest Rate Swap

Citibank NA**

Pay

3-Month USD-LIBOR

0.90%

9/6/11

35,000

41,462

Call

OTC - 10 Year Interest Rate Swap

Citibank NA**

Receive

3-Month USD-LIBOR

3.91%

3/19/12

8,000

375,454

Put

OTC - 10 Year Interest Rate Swap

Citibank NA**

Pay

3-Month USD-LIBOR

3.91%

3/19/12

8,000

170,711

Put

OTC - 2 Year Interest Rate Swap

Deutsche Bank AG

Pay

3-Month USD-LIBOR

1.00%

9/19/11

95,900

93,218

Put

OTC - 10 Year Interest Rate Swap

Deutsche Bank AG

Pay

3-Month USD-LIBOR

3.45%

9/19/11

24,000

331,562

Call

OTC - 10 Year Interest Rate Swap

Deutsche Bank AG

Receive

3-Month USD-LIBOR

3.99%

12/19/11

5,500

295,138

Put

OTC - 10 Year Interest Rate Swap

Deutsche Bank AG

Pay

3-Month USD-LIBOR

3.99%

12/19/11

5,500

57,540

Call

OTC - 10 Year Interest Rate Swap

Deutsche Bank AG

Receive

3-Month USD-LIBOR

4.01%

2/2/12

6,400

343,277

See Notes to Financial Statements.

211

SC SM BLACKROCK INFLATION PROTECTED BOND FUND PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2011 (Unaudited)	Sun Capital Advisers Trust

Type

Description

Counterparty

Pay/Receive Floating Rate

Floating Rate

Exercise Rate

Expiration Date

Notional Amount (000) ($)

Value ($)

Put

OTC - 10 Year Interest Rate Swap

Deutsche Bank AG

Pay

3-Month USD-LIBOR

4.01%

2/2/12

6,400

91,745

Call

OTC - 10 Year Interest Rate Swap

Deutsche Bank AG

Receive

3-Month USD-LIBOR

4.13%

12/16/11

4,000

252,649

Put

OTC - 10 Year Interest Rate Swap

Deutsche Bank AG

Pay

3-Month USD-LIBOR

4.13%

12/16/11

4,000

30,861

Call

OTC - 10 Year Interest Rate Swap

Deutsche Bank AG

Receive

3-Month USD-LIBOR

4.78%

2/25/14

4,500

330,695

Put

OTC - 10 Year Interest Rate Swap

Deutsche Bank AG

Pay

3-Month USD-LIBOR

4.78%

2/25/14

4,500

211,144

Written swaptions (Premium received, $3,275,750)

224,100

3,064,897

LIBOR	–	London Interbank Offered Rate
OTC	–	Over the Counter
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		3.38	%		5/4/21		4,000		49,709			49,709
Citibank NA**	Receive	3-Month USD-LIBOR		0.64	%		6/21/13		28,000		21,131			21,131
Deutsche Bank AG	Pay	CPURNSA Index		2.47	%		10/25/20		2,500		(94,886	)		(94,886	)
Deutsche Bank AG	Pay	3-Month USD-LIBOR		3.26	%		5/9/21		3,500		7,010			7,010
Deutsche Bank AG	Pay	CPURNSA Index		2.67	%		6/23/21		4,910		(68,449	)		(68,449	)
Deutsche Bank AG	Receive	CPURNSA Index		1.84	%		10/25/15		4,700		168,195			168,195
Total									47,610		82,710			82,710

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 US TIPS Index

626,897

1-Month USD-LIBOR

161,727

7/26/11

(689,588

)

(689,588

)

See Notes to Financial Statements.

212

SC SM BLACKROCK INFLATION PROTECTED BOND FUND PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2011 (Unaudited)	Sun Capital Advisers Trust

CPURNSA	–	Consumer Price All Urban Non-Seasonally Adjusted Index
LIBOR	–	London Interbank Offered Rate
USD	–	United States Dollar

* At the period end, cash of $510,000 has been pledged as collateral for these open swaps and written swaption contracts.

** At the period end, the broker pledged securities with a fair value of $285,075 to the Fund as collateral for these open swap contracts and written swaption contracts.

(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	$	—		$	143,064		$	—	$	143,064
Foreign Government Obligations		—			51,300,602			—		51,300,602
U.S. Government Agency Obligations		—			115,594,347			—		115,594,347
U.S. Treasury Obligations		256,713,951			—			—		256,713,951
Options Purchased (a)		8,100			—			—		8,100
Swaptions Purchased (a)		—			862,862			—		862,862
Short Term Investments
Mutual Funds		61,408,609			—			—		61,408,609
Total Investments		318,130,660			167,900,875			—		486,031,535
Financial Derivative Instruments
Futures Contracts		1,043,630			530,534			—		1,574,164
Swap Contracts (a)		—			246,045			—		246,045
Total Financial Derivative Instruments	$	1,043,630		$	776,579		$	—	$	1,820,209
Liabilities
Financial Derivative Instruments
Futures Contracts	$	(723,209	)	$	—		$	—	$	(723,209	)
Forward Foreign Currency Exchange Contracts		—			(1,027,383	)		—		(1,027,383	)
Written Option Contracts		(118,013	)		—			—		(118,013	)
Written Swaption Contracts		—			(3,064,897	)		—		(3,064,897	)
Swap Contracts (a)		—			(852,923	)		—		(852,923	)
Total Financial Derivative Instruments	$	(841,222	)	$	(4,945,203	)	$	—	$	(5,786,425	)

† 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.

213

SC ^SM GOLDMAN SACHS SHORT DURATION FUND

PORTFOLIO OF INVESTMENTS June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**	Principal Amount (000)		Value
ASSET BACKED SECURITIES – 7.0%
Access Group, Inc., Series 2003-1, Class A2 0.51%, 12/27/16 (1)		$	4,687	$	4,679,623
Ally Master Owner Trust, Series 2011-3, Class A2 1.81%, 5/15/16			8,300		8,318,403
Bank of America Auto Trust, Series 2009-2A, Class A3 2.13%, 9/15/13 (2)			3,909		3,932,565
Bank of America Auto Trust, Series 2009-3A, Class A3 1.67%, 12/15/13 (2)			6,617		6,653,631
Brazos Higher Education Authority, Series 2004-I, Class A2 0.41%, 6/27/22 (1)			4,693		4,653,889
Brazos Higher Education Authority, Series 2005-1, Class 1A2 0.33%, 12/26/18 (1)			3,523		3,492,102
Brazos Higher Education Authority, Series 2005-2, Class A10 0.37%, 12/26/19 (1)			7,500		7,327,615
Brazos Higher Education Authority, Series 2005-2, Class A9 0.35%, 12/26/17 (1)			3,833		3,816,121
Brazos Higher Education Authority, Series 2011-2, Class A2 1.10%, 7/25/29 (1)			6,100		6,038,964
College Loan Corporation Trust, Series 2004-1, Class A3 0.43%, 4/25/21 (1)			3,360		3,357,082

	Country Code**	Principal Amount (000)		Value
College Loan Corporation Trust, Series 2005-2, Class A2 0.39%, 10/15/21 (1)		$	1,554	$	1,547,639
Ford Credit Auto Owner Trust, Series 2009-E, Class A3 1.51%, 1/15/14			6,465		6,503,189
Nelnet Student Loan Corp., Series 2004-2A, Class A3 0.36%, 11/25/15 (1)			455		454,983
Northstar Education Finance, Inc., Series 2004-1, Class A3 0.44%, 4/28/17 (1)			2,015		2,011,519
Northstar Education Finance, Inc., Series 2004-2, Class A1 0.39%, 4/28/16 (1)			3,251		3,152,731
SLM Student Loan Trust, Series 2004-2, Class A4 0.40%, 10/25/19 (1)			3,076		3,061,104
SLM Student Loan Trust, Series 2007-1, Class A3 0.30%, 7/25/18 (1)			5,747		5,730,255
SLM Student Loan Trust, Series 2007-7, Class A2 0.47%, 1/25/16 (1)			2,539		2,533,810
Student Loan Consolidation Center, Series 2011-1, Class A 1.41%, 10/25/27 (1)(2)			1,950		1,949,778
World Financial Network Credit Card Master Trust, Series 2009-B, Class A 3.79%, 5/15/16			4,500		4,613,853
Total Asset Backed Securities (Cost $83,558,517)					83,828,856

See Notes to Financial Statements.

214

SC ^SM GOLDMAN SACHS SHORT DURATION FUND

PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**		Principal Amount (000)		Value
COLLATERALIZED MORTGAGE OBLIGATIONS – 2.1%
Federal National Mortgage Association, Series 2009-70, Class AL 5.00%, 8/25/19			$	11,645	$	12,515,617
FHLMC Multifamily Structured Pass Through Trust, Series K011, Class A2 4.08%, 11/25/20 (1)				12,000		12,428,289
Total Collateralized Mortgage Obligations (Cost $24,358,894)						24,943,906
CONVERTIBLE BONDS – 0.4%
OIL & GAS - EXPLORATION & PRODUCTION – 0.4%
Transocean, Inc., Series B 1.50%, 12/15/37 (Cost $4,339,339)		KY		4,450		4,444,438
CORPORATE DEBT OBLIGATIONS – 46.3%
AUTO PARTS – 0.4%
Johnson Controls, Inc. 1.75%, 3/1/14				4,825		4,864,999
BANKS – 14.2%
Achmea Hypotheekbank NV 3.20%, 11/3/14 (2)		NL		3,700		3,883,527
Banco Santander Chile 2.88%, 11/13/12 (2)		CL		6,400		6,419,309
Bank of America Corp.
1.69%, 1/30/14 (1)				1,500		1,503,456
4.50%, 4/1/15				800		836,400
Canadian Imperial Bank of Commerce
2.75%, 1/27/16 (2)		CA		2,600		2,660,190
Capital One Financial Corp.
7.38%, 5/23/14				3,522		4,021,543
Cie de Financement Foncier
1.63%, 7/23/12 (2)		FR		200		201,605
2.13%, 4/22/13 (2)		FR		3,800		3,856,673
Citigroup, Inc.
5.50%, 10/15/14				6,625		7,204,575
6.38%, 8/12/14				1,875		2,073,234

	Country Code**		Principal Amount (000)		Value
Commonwealth Bank of Australia
2.40%, 1/12/12 (2)		AU	$	4,600	$	4,648,530
Credit Suisse New York
1.24%, 1/14/14 (1)		CH		8,100		8,132,359
DnB NOR Boligkreditt
2.10%, 10/14/15 (2)		NO		6,500		6,423,905
2.90%, 3/29/16 (2)		NO		7,600		7,735,706
ING Bank NV
1.65%, 6/9/14 (1)(2)		NL		3,525		3,536,107
2.50%, 1/14/16 (2)		NL		6,200		6,091,184
3.90%, 3/19/14 (2)		NL		2,700		2,888,800
Intesa Sanpaolo New York
2.38%, 12/21/12		IT		4,800		4,836,677
JPMorgan Chase & Co.
1.07%, 1/24/14 (1)				16,300		16,341,549
Lloyds TSB Bank PLC
4.38%, 1/12/15 (2)		GB		1,625		1,649,219
Morgan Stanley
3.80%, 4/29/16				1,950		1,927,357
4.10%, 1/26/15				7,000		7,191,758
Nordea Eiendomskreditt AS
1.88%, 4/7/14 (2)		NO		5,900		5,959,773
Royal Bank of Scotland PLC
1.50%, 3/30/12 (2)		GB		9,400		9,484,036
Royal Bank of Scotland PLC, Series 2 3.40%, 8/23/13		GB		2,725		2,788,356
Sparebank 1 Boligkreditt
1.25%, 10/25/13 (2)		NO		8,300		8,291,509
2.63%, 5/27/16 (2)		NO		9,100		9,111,521
Stadshypotek AB
1.45%, 9/30/13 (2)		SE		7,500		7,548,907
Standard Chartered PLC
3.85%, 4/27/15 (2)		GB		3,150		3,260,861
Swedbank Hypotek AB
0.70%, 3/28/14 (1)(2)		SE		2,400		2,413,231
UBS AG
2.25%, 8/12/13		CH		4,925		5,009,764
Wachovia Corp.
5.50%, 5/1/13				10,550		11,344,964
Wells Fargo & Co.
4.38%, 1/31/13				1,000		1,049,523
						170,326,108

See Notes to Financial Statements.

215

SC ^SM GOLDMAN SACHS SHORT DURATION FUND

PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**		Principal Amount (000)		Value
BIOTECHNOLOGY – 0.2%
Life Technologies Corp.
4.40%, 3/1/15			$	2,275	$	2,411,286
CABLE – 0.3%
Time Warner Cable, Inc.
6.20%, 7/1/13				3,350		3,674,645
COMPUTER & PERIPHERALS – 0.6%
Dell, Inc.
1.40%, 9/10/13				3,050		3,076,370
Hewlett-Packard Co.
6.13%, 3/1/14				3,250		3,645,730
						6,722,100
ELECTRIC UTILITIES – 1.7%
Arizona Public Service Co.
6.50%, 3/1/12				2,725		2,825,114
Commonwealth Edison Co.
1.63%, 1/15/14				4,800		4,833,845
Dominion Resources, Inc.
1.80%, 3/15/14				3,100		3,129,332
Enel Finance International SA
5.70%, 1/15/13 (2)		LU		3,325		3,501,391
Georgia Power Co.
1.30%, 9/15/13				1,650		1,660,878
Wisconsin Electric Power Co.
6.00%, 4/1/14				3,875		4,369,617
						20,320,177
ELECTRONICS – 0.4%
Thermo Fisher Scientific, Inc.
2.05%, 2/21/14				4,875		4,970,282
ENVIRONMENTAL SERVICES – 0.4%
Waste Management, Inc.
5.00%, 3/15/14				1,825		1,984,753
6.38%, 11/15/12				2,275		2,435,961
						4,420,714
FINANCIALS – 2.1%
American Express Credit Corp.
2.75%, 9/15/15				5,200		5,198,450

	Country Code**		Principal Amount (000)		Value
Caisse centrale Desjardins du Quebec
2.55%, 3/24/16 (2)		CA	$	2,500	$	2,517,190
General Electric Capital Corp.
6.00%, 6/15/12				1,000		1,051,446
HSBC Finance Corp.
0.48%, 8/9/11 (1)				1,400		1,400,287
0.54%, 4/24/12 (1)				3,400		3,396,651
John Deere Capital Corp.
5.25%, 10/1/12				525		554,914
LeasePlan Corp. NV
3.00%, 5/7/12 (2)		NL		3,900		3,986,662
Merrill Lynch & Co., Inc.
5.45%, 7/15/14				6,000		6,459,858
						24,565,458
FOOD, BEVERAGES & RESTAURANTS – 2.0%
Anheuser-Busch InBev NV 4.70%, 4/15/12				1,725		1,778,991
Anheuser-Busch InBev Worldwide, Inc.
2.50%, 3/26/13				3,075		3,151,103
3.00%, 10/15/12				1,725		1,771,201
5.38%, 11/15/14				1,325		1,479,675
General Mills, Inc.
5.25%, 8/15/13				2,125		2,308,846
6.00%, 2/15/12				2,850		2,946,698
Kellogg Co.
4.25%, 3/6/13				998		1,053,261
5.13%, 12/3/12				2,050		2,173,021
Kraft Foods, Inc. 2.63%, 5/8/13				4,950		5,092,540
Pepsico, Inc. 4.65%, 2/15/13				1,000		1,062,647
The Kroger Co. 6.75%, 4/15/12				1,200		1,254,707
						24,072,690
HEALTH CARE – PRODUCTS – 0.9%
Covidien International Finance SA 1.88%, 6/15/13		LU		5,375		5,466,768
St. Jude Medical, Inc. 3.75%, 7/15/14				4,850		5,160,041
						10,626,809

See Notes to Financial Statements.

216

SC ^SM GOLDMAN SACHS SHORT DURATION FUND

PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**		Principal Amount (000)		Value
INSURANCE – 1.6%
Metropolitan Life Global Funding I
2.50%, 1/11/13 (2)			$	3,000	$	3,054,312
5.13%, 11/9/11 (2)				3,150		3,201,493
5.13%, 4/10/13 (2)				1,000		1,064,028
5.13%, 6/10/14 (2)				2,750		3,004,540
New York Life Global Funding 4.65%, 5/9/13 (2)				1,000		1,069,796
Prudential Financial, Inc.
2.75%, 1/14/13				4,350		4,439,088
5.10%, 9/20/14				774		841,476
The Chubb Corp. 6.00%, 11/15/11				2,050		2,090,410
						18,765,143
INVESTMENT COMPANIES – 1.1%
FIH Erhvervsbank A/S
2.00%, 6/12/13 (2)		DK		6,100		6,235,633
2.45%, 8/17/12 (2)		DK		7,200		7,352,093
						13,587,726
MANUFACTURING DIVERSIFIED – 0.3%
Tyco International Finance SA 6.00%, 11/15/13		LU		3,115		3,443,517
MULTIMEDIA – 1.7%
Comcast Cable Communications Holdings, Inc. 8.38%, 3/15/13				4,300		4,816,168
NBC Universal, Inc. 2.10%, 4/1/14 (2)				2,975		3,014,463
Reed Elsevier Capital, Inc.
4.63%, 6/15/12				5,650		5,836,410
6.75%, 8/1/11				345		346,530
The Walt Disney Co. 6.38%, 3/1/12				2,700		2,806,361
Thomson Reuters Corp. 5.95%, 7/15/13		CA		3,000		3,281,379
						20,101,311
OFFICE EQUIPMENT – 0.3%
Xerox Corp. 1.08%, 5/16/14 (1)				4,025		4,044,397

	Country Code**		Principal Amount (000)		Value
OIL & GAS – 1.6%
Apache Corp. 6.00%, 9/15/13			$	4,000	$	4,428,616
BP Capital Markets PLC 3.13%, 10/1/15		GB		2,700		2,772,077
PC Financial Partnership 5.00%, 11/15/14				2,650		2,907,818
Shell International Finance BV 1.88%, 3/25/13		NL		5,700		5,822,630
Total Capital Canada Ltd.
1.63%, 1/28/14		CA		3,250		3,297,092
						19,228,233
PHARMACEUTICALS – 1.7%
Express Scripts, Inc.
5.25%, 6/15/12				3,075		3,199,156
6.25%, 6/15/14				900		1,013,511
McKesson Corp. 3.25%, 3/1/16				3,075		3,170,430
Medco Health Solutions, Inc.
2.75%, 9/15/15				2,700		2,723,649
Novartis Capital Corp. 1.90%, 4/24/13				2,975		3,044,398
Pfizer, Inc. 4.45%, 3/15/12				3,325		3,419,736
Teva Pharmaceutical Finance III LLC 1.50%, 6/15/12				3,650		3,684,310
						20,255,190
PIPELINES – 0.4%
Enterprise Products Operating LLC 7.63%, 2/15/12				2,475		2,574,480
TransCanada PipeLines Ltd. 8.63%, 5/15/12		CA		1,525		1,627,714
						4,202,194
REAL ESTATE INVESTMENT TRUSTS – 0.8%
HCP, Inc. 2.70%, 2/1/14				1,525		1,546,991
Simon Property Group LP 4.20%, 2/1/15				3,675		3,909,410
WEA Finance LLC/WCI Finance LLC 5.40%, 10/1/12 (2)				4,350		4,570,936
						10,027,337

See Notes to Financial Statements.

217

SC ^SM GOLDMAN SACHS SHORT DURATION FUND

PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**		Principal Amount (000)		Value
REFINING – 0.7%
Devon Financing Corp. ULC 6.88%, 9/30/11		CA	$	1,800	$	1,827,060
Energy Transfer Partners LP 5.65%, 8/1/12				3,325		3,483,732
XTO Energy, Inc. 5.75%, 12/15/13				3,175		3,558,632
						8,869,424
RETAIL – 0.6%
CVS Caremark Corp. 5.75%, 8/15/11				2,900		2,916,672
Wal-Mart Stores, Inc. 3.20%, 5/15/14				4,000		4,226,912
						7,143,584
SAVINGS & LOANS – 0.2%
U.S. Central Federal Credit Union 1.90%, 10/19/12				2,400		2,442,626
SOFTWARE – 0.8%
Microsoft Corp. 2.95%, 6/1/14				5,000		5,284,140
Oracle Corp. 4.95%, 4/15/13				4,100		4,398,689
						9,682,829
SPECIAL PURPOSE BANKS – 4.0%
Kreditanstalt fuer Wiederaufbau
0.20%, 6/17/13 (1)		DE		11,900		11,893,074
2.50%, 5/28/13		DE		5,500		5,709,627
Landwirtschaftliche Rentenbank
1.88%, 9/24/12		DE		12,300		12,522,175
2.13%, 7/15/16		DE		3,000		2,992,578
3.25%, 3/15/13		DE		9,000		9,395,343
4.13%, 7/15/13		DE		5,200		5,561,301
						48,074,098
SPECIAL PURPOSE ENTITIES – 0.4%
MassMutual Global Funding II
0.75%, 9/27/13 (1)(2)				5,300		5,326,352
TELECOMMUNICATIONS – 3.8%
AT&T, Inc. 2.95%, 5/15/16				5,325		5,393,075

	Country Code**		Principal Amount (000)		Value
Deutsche Telekom International Finance BV 5.88%, 8/20/13		NL	$	2,675	$	2,927,640
France Telecom SA 4.38%, 7/8/14		FR		6,000		6,497,718
Rogers Communications, Inc.
5.50%, 3/15/14		CA		625		688,254
6.25%, 6/15/13		CA		2,100		2,303,125
6.38%, 3/1/14		CA		4,250		4,766,651
Telecom Italia Capital 5.25%, 11/15/13		LU		5,175		5,432,575
Telefonica Emisiones SAU 5.86%, 2/4/13		ES		3,500		3,711,561
Verizon Wireless Capital LLC
5.25%, 2/1/12				4,625		4,746,369
7.38%, 11/15/13				1,803		2,049,975
Vodafone Group PLC
2.88%, 3/16/16		GB		4,225		4,254,157
5.35%, 2/27/12		GB		3,225		3,323,092
						46,094,192
TOBACCO – 0.3%
Philip Morris International, Inc. 4.88%, 5/16/13				3,750		4,022,738
TRANSPORTATION – 1.3%
Burlington Northern Santa Fe Corp. 5.90%, 7/1/12				4,200		4,406,745
CSX Corp. 5.75%, 3/15/13				2,450		2,636,065
OeBB Infrastruktur AG 4.63%, 11/21/13		AT		7,700		8,281,535
						15,324,345
UTILITIES – 1.5%
Duke Energy Corp. 6.30%, 2/1/14				5,750		6,421,381
MidAmerican Energy Holdings Co. 5.00%, 2/15/14				3,600		3,902,728
Progress Energy, Inc. 6.85%, 4/15/12				3,050		3,193,576

See Notes to Financial Statements.

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	Country Code**		Principal Amount (000)		Value
Public Service Co. of Colorado 7.88%, 10/1/12			$	1,125	$	1,222,026
Southern Co.
0.67%, 10/21/11 (1)				2,100		2,102,320
4.15%, 5/15/14				1,400		1,499,736
						18,341,767
Total Corporate Debt Obligations (Cost $546,925,705)						555,952,271
FOREIGN GOVERNMENT AGENCY OBLIGATIONS – 0.1%
Swedish Housing Finance Corp. 3.13%, 3/23/12 (2) (Cost $1,721,150)		SE		1,700		1,733,034
FOREIGN GOVERNMENT OBLIGATIONS – 1.2%
Province of Ontario 1.88%, 11/19/12 (Cost $14,287,750)		CA		14,300		14,558,759
MUNICIPAL BONDS – 3.7%
New York City, Subseries D 5.07%, 12/1/14				5,300		5,869,485
New York State Dormitory Authority
1.53%, 3/15/13				1,060		1,066,434
2.00%, 3/15/14				719		727,642
North Texas Tollway Authority 2.44%, 9/1/13				3,975		4,048,816
Pennsylvania Higher Education Assistance Agency 0.87%, 4/25/19 (1)				2,981		2,982,953
San Francisco, California City & County Airports Commission 1.87%, 5/1/12				3,500		3,521,000
South Carolina Student Loan Corp., Series A-1 0.35%, 12/3/18 (1)				7,700		7,576,030
State of California 3.95%, 11/1/15				1,950		2,030,554
State of Illinois 3.10%, 10/1/33 (1)				6,000		6,000,000
State of New Jersey 2.02%, 8/15/14				5,300		5,380,136

	Country Code**	Principal Amount (000)		Value
State of Wisconsin 4.80%, 5/1/13		$	4,300	$	4,601,086
Total Municipal Bonds (Cost $43,552,979)					43,804,136
U.S. GOVERNMENT GUARANTEED NOTES – 8.4%
FDIC Structured Sale Guaranteed Notes, Series 2010-S1, Class 1A 0.74%, 2/25/48 (1)(2)			2,104		2,106,010
NCUA Guaranteed Notes, Series 2010-A1, Class A 0.54%, 12/7/20 (1)			2,258		2,264,280
NCUA Guaranteed Notes, Series 2010-R1, Class 1A 0.64%, 10/7/20 (1)			1,428		1,430,651
NCUA Guaranteed Notes, Series 2010-R1, Class 2A 1.84%, 10/7/20			739		747,474
NCUA Guaranteed Notes, Series 2010-R2, Class 1A 0.56%, 11/6/17 (1)			3,180		3,180,935
NCUA Guaranteed Notes, Series 2011-R1, Class 1A 0.64%, 1/8/20 (1)			2,565		2,566,255
NCUA Guaranteed Notes, Series 2011-R3, Class 1A 0.59%, 3/11/20 (1)			4,626		4,626,188
NCUA Guaranteed Notes, Series 2011-R4, Class 1A 0.57%, 3/6/20 (1)			5,130		5,130,372
NCUA Guaranteed Notes, Series 2011-R5, Class 1A 0.57%, 4/6/20 (1)			5,242		5,245,617

See Notes to Financial Statements.

219

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code**	Principal Amount (000)		Value
NCUA Guaranteed Notes, Series 2011-R6, Class 1A 0.57%, 5/7/20 (1)		$	5,109	$	5,108,937
TLGP Ally Financial, Inc. 2.20%, 12/19/12			6,900		7,075,157
TLGP Citigroup Funding, Inc.
1.88%, 10/22/12			11,300		11,519,762
1.88%, 11/15/12			4,300		4,379,339
TLGP Citigroup, Inc. 2.13%, 4/30/12			8,600		8,735,596
TLGP General Electric Capital Corp.
2.13%, 12/21/12			20,700		21,193,384
2.20%, 6/8/12			15,000		15,278,100
Total U.S. Government Guaranteed Notes (Cost $99,655,267)					100,588,057
U.S. GOVERNMENT AGENCY OBLIGATIONS – 6.3%
Federal Home Loan Mortgage Corp.
4.50%, 1/15/13 (4)			8,200		8,713,910
4.50%, 5/1/23			11		11,402
5.00%, 3/1/16			1		842
5.00%, 5/1/16			2		2,236
5.00%, 9/1/16			4		4,414
5.00%, 11/1/16			70		73,618
5.00%, 3/1/18			2		1,678
5.50%, 1/1/20			808		880,146
6.50%, 10/1/37			480		545,777
6.50%, 12/1/38			290		328,688
Federal National Mortgage Association
2.80%, 3/1/18			3,384		3,330,916
3.38%, 11/1/20			2,192		2,142,866
3.42%, 10/1/20			1,594		1,564,249
3.50%, 2/1/41			1,994		1,908,838
3.50%, 3/1/41			997		954,407
3.50%, TBA (3)			25,000		25,391,250
3.63%, 12/1/20			1,196		1,187,817
3.75%, 3/1/18			4,100		4,234,250
3.84%, 5/1/18			2,320		2,394,634

	Country Code**	Principal Amount (000)			Value
4.00%, TBA (3)		$	1,000		$	1,000,000
5.50%, 5/1/25			11,695			12,700,608
6.00%, 3/1/32			0	*		82
6.00%, 5/1/33			3			2,908
6.00%, 12/1/33			2			1,668
6.00%, 4/1/35			2			2,437
6.00%, 2/1/36			5			5,070
6.00%, 3/1/36			3			3,803
6.00%, 5/1/36			1			1,579
6.00%, 6/1/36			3			3,793
6.00%, TBA (3)			8,000			8,787,504
Total U.S. Government Agency Obligations (Cost $75,830,926)						76,181,390

U.S. TREASURY OBLIGATIONS – 20.9%
U.S. Treasury Notes
0.38%, 8/31/12		15,000		15,019,920
0.38%, 10/31/12		24,500		24,523,936
0.63%, 6/30/12		44,100		44,272,431
0.63%, 7/31/12		86,600		86,955,060
0.63%, 1/31/13		1,400		1,405,523
0.75%, 3/31/13		2,700		2,715,822
1.00%, 3/31/12		40,300		40,547,039
1.38%, 1/15/13		20,400		20,715,568
1.50%, 6/30/16		7,500		7,408,575
1.75%, 4/15/13		2,800		2,865,856
3.13%, 5/15/21		4,800		4,786,512
Total U.S. Treasury Obligations (Cost $250,460,528)				251,216,242
	Shares
SHORT TERM INVESTMENTS – 6.7%
MUTUAL FUNDS – 6.7%
State Street Institutional Liquid Reserves Fund (Cost $80,034,254)		80,034,254		80,034,254
TOTAL INVESTMENTS – 103.1%
(Cost $1,224,725,309)				1,237,285,343
Liabilities in excess of other assets – (3.1)%				(37,353,092	)
NET ASSETS – 100.0%			$	1,199,932,251

FDIC	Federal Deposit Insurance Corporation
FHLMC	Federal Home Loan Mortgage Corporation
NCUA	National Credit Union Administration

See Notes to Financial Statements.

220

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June 30, 2011 (Unaudited)	Sun Capital Advisers Trust

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 $35,178,754 which represents approximately 2.9% 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.
AT	Austria
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
SE	Sweden

* Amount is less than $500.

** 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) 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 $160,338,500, representing 13.4% of net assets.

(3) Security (or a portion thereof) has been purchased on a delayed delivery or when-issued basis.

(4) At the period end, securities (or portions thereof) with an aggregate market value of $2,869,214 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 March Futures	3/18/13		229		56,029,933		56,494,300		(464,367	)
Short	90-Day Eurodollar September Futures	9/17/12		2,339		579,285,184		579,955,050		(669,866	)
Short	U.S. Treasury 10 Year Note September Futures	9/21/11		155		19,015,413		18,960,859		54,554
Long	U.S. Treasury 2 Year Note September Futures	9/30/11		1,406		308,020,701		308,397,312		376,611
Short	U.S. Treasury 30 Year Bond September Futures	9/21/11		221		27,514,522		27,189,906		324,616
Short	U.S. Treasury 5 Year Note September Futures	9/30/11		380		45,271,085		45,294,219		(23,134	)
Long	Ultra Long U.S. Treasury Bond September Futures	9/21/11		50		6,393,688		6,312,500		(81,188	)
Net unrealized depreciation										(482,774	)

See Notes to Financial Statements.

221

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June 30, 2011 (Unaudited)	Sun Capital Advisers Trust

(5) At the period end, the Fund had the following open forward sales contracts:

Description	Coupon	Maturity Date	Principal Amount (000) ($)		Proceeds ($)		Market Value ($)
Federal National Mortgage Association	3.50%	TBA		3,000		2,897,656		2,866,250

(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	$	—		$	83,828,856		$	—	$	83,828,856
Collateralized Mortgage Obligations		—			24,943,906			—		24,943,906
Convertible Bonds (a)		—			4,444,438			—		4,444,438
Corporate Debt Obligations (a)		—			555,952,271			—		555,952,271
Foreign Government Agency Obligations		—			1,733,034			—		1,733,034
Foreign Government Obligations		—			14,558,759			—		14,558,759
Municipal Bonds		—			43,804,136			—		43,804,136
U.S. Government Guaranteed Notes		—			100,588,057			—		100,588,057
U.S. Government Agency Obligations		—			76,181,390			—		76,181,390
U.S. Treasury Obligations		251,216,242			—			—		251,216,242
Short Term Investments
Mutual Funds		80,034,254			—			—		80,034,254
Total Investments		331,250,496			906,034,847			—		1,237,285,343
Financial Derivative Instruments
Futures Contracts		755,781			—			—		755,781
Total Financial Derivative Instruments	$	755,781		$	—		$	—	$	755,781
Liabilities
Financial Derivative Instruments
Futures Contracts	$	(1,238,555	)	$	—		$	—	$	(1,238,555	)
Total Financial Derivative Instruments		(1,238,555	)		—			—		(1,238,555	)
Other Financial Instruments
Forward Sales Contracts		—			(2,866,250	)		—		(2,866,250	)
Total Other Financial Instruments	$	—		$	(2,866,250	)	$	—	$	(2,866,250	)

† 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.

222

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PORTFOLIO OF INVESTMENTS June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code*	Principal Amount (000)		Value
ASSET BACKED SECURITIES – 0.1%
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB1, Class AF1A 0.26%, 1/25/37 (1)		$	22	$	6,210
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB1, Class AF2 5.72%, 1/25/37 (2)			296		117,814
Lehman XS Trust, Series 2005-7N, Class 3A1 0.47%, 12/25/35 (1)			281		140,729
SACO I Trust, Series 2005-2, Class A 0.59%, 4/25/35 (1)(3)			20		8,128
Total Asset Backed Securities (Cost $193,459)					272,881
COLLATERALIZED MORTGAGE OBLIGATIONS – 1.7%
Banc of America Alternative Loan Trust, Series 2005-4, Class CB6 0.59%, 5/25/35 (1)			43		30,371
Banc of America Funding Corp., Series 2006-A, Class 3A2 2.88%, 2/20/36 (1)			356		202,201
Banc of America Funding Corp., Series 2006-B, Class 2A1 2.88%, 3/20/36 (1)			131		93,939
Countrywide Alternative Loan Trust, Series 2005-43, Class 4A3 5.47%, 10/25/35 (1)			49		31,450
Countrywide Alternative Loan Trust, Series 2006-0A2, Class A5 0.42%, 5/20/46 (1)			54		23,661

	Country Code*	Principal Amount (000)		Value
Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-2, Class 2A1 0.51%, 3/25/35 (1)		$	75	$	49,362
Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-2, Class A1A 0.51%, 3/25/35 (1)			43		26,086
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, Series 2005-6, Class 1A3 5.50%, 12/25/35			31		22,929
Downey Savings & Loan Association Mortgage Loan Trust, Series 2005-AR1, Class 2A1A 0.44%, 3/19/45 (1)			18		11,985
First Horizon Alternative Mortgage Securities Trust, Series 2006-FA2, Class 1A5 6.00%, 5/25/36			36		26,963
Harborview Mortgage Loan Trust, Series 2006-1, Class 2A1A 0.43%, 3/19/36 (1)			403		238,024
IndyMac IMSC Mortgage Loan Trust, Series 2007-F2, Class 1A2 6.00%, 7/25/37			250		196,349
IndyMac INDEX Mortgage Loan Trust, Series 2005-AR13, Class 4A1 2.53%, 8/25/35 (1)			34		26,056
IndyMac INDEX Mortgage Loan Trust, Series 2005-AR15, Class A1 4.97%, 9/25/35 (1)			48		39,353

See Notes to Financial Statements.

223

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code*	Principal Amount (000)		Value
JP Morgan Mortgage Trust, Series 2007-S3, Class 1A97 6.00%, 8/25/37		$	61	$	54,138
MortgageIT Trust, Series 2005-1, Class 1A1 0.51%, 2/25/35 (1)			264		203,564
Residential Accredit Loans, Inc., Series 2006-Q010, Class A1 0.35%, 1/25/37 (1)			554		326,734
Residential Accredit Loans, Inc., Series 2006-QA2, Class 3A1 5.50%, 2/25/36 (1)			278		155,068
Residential Asset Securitization Trust, Series 2006-R1, Class A2 0.59%, 1/25/46 (1)			1,930		856,906
Residential Asset Securitization Trust, Series 2007-A5, Class 2A3 6.00%, 5/25/37			54		41,468
Structured Asset Mortgage Investments, Inc., Series 2005-AR6, Class 2A1 0.50%, 9/25/45 (1)			29		17,841
Thornburg Mortgage Securities Trust, Series 2006-5, Class A1 0.31%, 10/25/46 (1)			71		70,847
Wamu Mortgage Pass-Through Certificates, Series 2006-AR12, Class 1A2 5.69%, 10/25/36 (1)			398		293,828
Wamu Mortgage Pass-Through Certificates, Series 2006-AR12, Class 2A3 5.69%, 10/25/36 (1)			83		68,274

	Country Code*		Principal Amount (000)		Value
Wamu Mortgage Pass-Through Certificates, Series 2006-AR16, Class 1A1 5.30%, 12/25/36 (1)			$	148	$	108,420
Total Collateralized Mortgage Obligations (Cost $2,484,621)						3,215,817
CORPORATE DEBT OBLIGATIONS – 91.5%
ADVERTISING – 0.6%
Affinion Group, Inc. 7.88%, 12/15/18 (3)				500		467,500
Lamar Media Corp. 7.88%, 4/15/18				250		261,875
Visant Corp. 10.00%, 10/1/17				375		388,125
						1,117,500
AEROSPACE & DEFENSE – 0.9%
Alliant Techsystems, Inc. 6.88%, 9/15/20				250		260,000
BE Aerospace, Inc. 6.88%, 10/1/20				250		261,875
Esterline Technologies Corp. 7.00%, 8/1/20				375		392,813
TransDigm, Inc. 7.75%, 12/15/18 (3)				750		787,500
						1,702,188
AGRICULTURAL – 0.1%
Brickman Group Holdings, Inc. 9.13%, 11/1/18 (3)				250		251,875
AIRLINES – 1.0%
Continental Airlines, Inc. 7.75%, 7/2/14				184		187,008
Delta Air Lines, Inc. 9.50%, 9/15/14 (3)				539		574,709
United Air Lines, Inc. 9.75%, 1/15/17				554		632,615
10.40%, 11/1/16				455		515,335
						1,909,667
AUTOMOBILES & COMPONENTS – 0.3%
Hyva Global BV 8.63%, 3/24/16 (3)		NL		250		251,250
Jaguar Land Rover PLC 7.75%, 5/15/18 (3)		GB		250		251,250

See Notes to Financial Statements.

224

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code*		Principal Amount (000)		Value
Oshkosh Corp. 8.25%, 3/1/17			$	50	$	53,625
8.50%, 3/1/20				50		54,125
						610,250
AUTOMOTIVE – 4.1%
Allison Transmission, Inc. 7.13%, 5/15/19 (3)				200		194,500
11.00%, 11/1/15 (3)				50		53,250
Arvinmeritor, Inc. 8.13%, 9/15/15				105		109,463
Commercial Vehicle Group, Inc. 7.88%, 4/15/19 (3)				200		200,000
Conti-Gummi Finance BV 7.13%, 10/15/18		NL		250		374,320
7.50%, 9/15/17		NL		100		151,359
8.50%, 7/15/15		NL		75		118,278
Cooper-Standard Automotive, Inc. 8.50%, 5/1/18				375		395,625
Exide Technologies 8.63%, 2/1/18 (3)				500		520,000
Ford Motor Credit Co. LLC 3.03%, 1/13/12 (1)				500		500,640
6.63%, 8/15/17				500		531,520
7.00%, 10/1/13				165		176,332
7.50%, 8/1/12				125		130,800
8.00%, 12/15/16				1,000		1,124,486
8.13%, 1/15/20				225		260,643
8.70%, 10/1/14				500		559,745
12.00%, 5/15/15				1,000		1,240,118
Pittsburgh Glass Works LLC 8.50%, 4/15/16 (3)				150		154,125
The Goodyear Tire & Rubber Co.
8.25%, 8/15/20				300		324,000
10.50%, 5/15/16				65		73,125
TRW Automotive, Inc.
7.00%, 3/15/14 (3)				25		27,625
7.25%, 3/15/17 (3)				500		555,000
						7,774,954
BANKS – 7.4%
Ally Financial, Inc.
0.00%, 6/15/15 (4)				500		377,500
4.50%, 2/11/14				1,000		1,000,000

	Country Code*		Principal Amount (000)		Value
6.25%, 12/1/17 (3)			$	250	$	248,333
7.50%, 9/15/20				250		261,250
8.00%, 3/15/20				250		265,625
8.00%, 11/1/31				770		822,343
8.30%, 2/12/15				250		279,375
BAC Capital Trust VI 5.63%, 3/8/35				100		86,153
Bank of America Corp. Capital Trust VII 5.25%, 8/10/35				650		803,299
Barclays Bank PLC 14.00%, 6/15/19 (1)		GB		400		805,685
Capital One Capital V 10.25%, 8/15/39				600		636,000
Citigroup Capital XXI 8.30%, 12/21/57 (1)				200		204,500
Credit Agricole SA 8.38%, 10/13/19 (1)(3)		FR		750		783,750
HBOS PLC 6.75%, 5/21/18 (3)		GB		2,100		2,020,906
Intesa Sanpaolo SpA 8.05%, 6/20/18 (1)		IT		400		580,060
NB Capital Trust IV 8.25%, 4/15/27				100		102,125
Rabobank Nederland Boerenleenbank BA 11.00%, 6/30/19 (1)(3)		NL		600		765,600
RBS Capital Trust 6.47%, 6/30/12 (1)				50		57,281
Regions Bank 7.50%, 5/15/18				175		182,998
Regions Financial Corp.
0.42%, 6/26/12 (1)				200		194,381
7.38%, 12/10/37				1,000		943,733
Royal Bank of Scotland Group PLC 7.65%, 9/30/31 (1)		GB		375		337,500
Societe Generale 5.92%, 4/15/17 (1)(3)		FR		150		129,750
Wachovia Capital Trust III 5.57%, 7/11/11 (1)				1,000		915,000
Wells Fargo & Co. 7.98%, 3/15/18 (1)				300		324,000
Wells Fargo Capital XIII 7.70%, 3/26/13 (1)				1,000		1,020,000
						14,147,147

See Notes to Financial Statements.

225

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	Country Code*		Principal Amount (000)		Value
BIOTECHNOLOGY – 0.3%
STHI Holding Corp. 8.00%, 3/15/18 (3)			$	350	$	355,250
Talecris Biotherapeutics Holdings Corp. 7.75%, 11/15/16				225		255,071
						610,321
BUILDING & CONSTRUCTION – 0.2%
Aguila 3 SA 7.88%, 1/31/18 (3)		LU		450		452,813
BUILDING MATERIALS – 1.7%
Associated Materials LLC 9.13%, 11/1/17 (3)				500		498,750
Building Materials Corp. of America
6.75%, 5/1/21 (3)				750		753,750
6.88%, 8/15/18 (3)				100		102,000
7.50%, 3/15/20 (3)				250		263,125
Calcipar SA 6.88%, 5/1/18 (3)		LU		200		200,500
Cemex SAB de CV 9.00%, 1/11/18 (3)		MX		500		508,750
Grohe Holding GmbH 5.47%, 9/15/17 (1)(3)		DE		100		144,652
Interline Brands, Inc. 7.00%, 11/15/18				75		75,938
Masonite International Corp. 8.25%, 4/15/21 (3)		CA		500		496,875
Roofing Supply Group LLC 8.63%, 12/1/17 (3)				150		149,812
Xefin Lux SCA 8.00%, 6/1/18 (3)		LU		100		146,103
						3,340,255
CHEMICALS – 4.3%
Basell Finance Co. BV 8.10%, 3/15/27 (3)		NL		300		334,500
Celanese US Holdings LLC
5.88%, 6/15/21				250		255,625
6.63%, 10/15/18				125		131,875
CF Industries, Inc.
6.88%, 5/1/18				250		283,438
7.13%, 5/1/20				125		145,469
Chemtura Corp. 7.88%, 9/1/18				200		209,500

	Country Code*		Principal Amount (000)		Value
Ferro Corp. 7.88%, 8/15/18			$	100	$	103,750
Hexion US Finance Corp.
8.88%, 2/1/18				500		520,000
9.00%, 11/15/20				750		768,750
Huntsman International LLC
8.63%, 3/15/20				400		436,000
8.63%, 3/15/21				100		108,750
Ineos Finance PLC
9.00%, 5/15/15 (3)		GB		500		525,000
9.25%, 5/15/15		GB		125		188,519
Ineos Group Holdings PLC 7.88%, 2/15/16		GB		500		705,135
Kinove German Bondco GmbH 9.63%, 6/15/18 (3)		DE		350		364,875
Lyondell Chemical Co.
8.00%, 11/1/17 (3)				606		674,175
11.00%, 5/1/18				350		392,000
Nalco Co. 6.63%, 1/15/19 (3)				500		512,500
Oxea Finance
9.50%, 7/15/17 (3)		LU		237		247,369
9.63%, 7/15/17		LU		237		363,639
Rain CII Carbon LLC 8.00%, 12/1/18 (3)				150		159,750
Rhodia SA 6.88%, 9/15/20 (3)		FR		250		292,812
Styrolution GmbH 7.63%, 5/15/16 (3)		DE		250		355,287
Vertellus Specialties, Inc. 9.38%, 10/1/15 (3)				200		207,000
						8,285,718
COAL – 1.0%
Arch Coal, Inc.
7.00%, 6/15/19 (3)				250		249,375
7.25%, 10/1/20				100		101,750
7.25%, 6/15/21 (3)				250		250,313
CONSOL Energy, Inc.
6.38%, 3/1/21 (3)				150		149,250
8.00%, 4/1/17				750		817,500
8.25%, 4/1/20				250		272,500
Peabody Energy Corp. 6.50%, 9/15/20				100		107,500
						1,948,188

See Notes to Financial Statements.

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	Country Code*	Principal Amount (000)		Value
COMMERCIAL SERVICES – 1.6%
Catalent Pharma Solutions, Inc. 9.50%, 4/15/15 (5)		$	500	$	500,000
CDRT Merger Sub, Inc. 8.13%, 6/1/19 (3)			250		250,000
Corrections Corp. of America 7.75%, 6/1/17			250		272,187
Hertz Corp.
6.75%, 4/15/19 (3)			500		495,000
7.38%, 1/15/21 (3)			250		254,375
Interactive Data Corp. 10.25%, 8/1/18 (3)			250		271,875
Iron Mountain, Inc. 8.00%, 6/15/20			500		517,500
Live Nation Entertainment, Inc. 8.13%, 5/15/18 (3)			225		227,250
PHH Corp. 9.25%, 3/1/16			100		109,375
Seminole Indian Tribe of Florida 7.75%, 10/1/17 (3)			75		77,625
					2,975,187
COMPUTER & PERIPHERALS – 1.3%
Aramark Corp.
3.77%, 2/1/15 (1)			525		510,563
8.50%, 2/1/15			75		77,906
Brocade Communications Systems, Inc.
6.63%, 1/15/18			100		105,500
6.88%, 1/15/20			250		269,375
SunGard Data Systems, Inc.
7.38%, 11/15/18			325		325,000
7.63%, 11/15/20			250		252,500
10.63%, 5/15/15			950		1,028,375
					2,569,219
CONSUMER PRODUCTS – 1.5%
Armored Autogroup, Inc. 9.25%, 11/1/18 (3)			250		247,500
Central Garden and Pet Co. 8.25%, 3/1/18			375		387,188
Diversey, Inc. 8.25%, 11/15/19			500		586,250

	Country Code*		Principal Amount (000)		Value
Jarden Corp.
7.50%, 5/1/17			$	500	$	519,375
8.00%, 5/1/16				500		542,500
Spectrum Brands Holdings, Inc. 9.50%, 6/15/18 (3)				500		547,500
The Scotts Miracle-Gro Co. 7.25%, 1/15/18				50		53,125
						2,883,438
CONSUMER SERVICES – 0.3%
WMG Acquisition Corp. 9.50%, 6/15/16				500		527,500
CONTAINERS & GLASS – 1.4%
ARD Finance SA 11.13%, 6/1/18 (3)(5)		LU		200		207,158
Ardagh Packaging Finance
7.38%, 10/15/17 (3)		IE		200		291,480
9.25%, 10/15/20		IE		100		147,915
Berry Plastics Corp.
5.03%, 2/15/15 (1)				445		439,437
9.50%, 5/15/18				500		496,250
Crown Americas LLC 7.63%, 5/15/17				150		160,688
Crown European Holdings SA 7.13%, 8/15/18 (3)		FR		50		74,320
Graham Packaging Co. LP 8.25%, 10/1/18				100		111,250
Graphic Packaging International, Inc.
7.88%, 10/1/18				500		530,000
OI European Group B.V. 6.88%, 3/31/17		NL		50		72,507
Owens-Brockway Glass Container, Inc. 7.38%, 5/15/16				25		27,188
Packaging Dynamics Corp. 8.75%, 2/1/16 (3)				150		152,250
						2,710,443
ELECTRIC UTILITIES – 0.1%
CMS Energy Corp. 8.75%, 6/15/19				150		183,096

See Notes to Financial Statements.

227

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code*		Principal Amount (000)		Value
ELECTRONICS – 0.2%
NXP BV 3.03%, 10/15/13 (1)		NL	$	435	$	432,825
ENERGY – 0.2%
Covanta Holding Corp. 7.25%, 12/1/20				100		104,594
Headwaters, Inc. 7.63%, 4/1/19				350		318,500
						423,094
ENVIRONMENTAL SERVICES – 0.1%
Darling International, Inc. 8.50%, 12/15/18 (3)				250		270,000
FINANCIALS – 5.2%
CIT Group, Inc.
7.00%, 5/1/14				285		288,252
7.00%, 5/1/15				661		661,329
7.00%, 5/1/16				1,500		1,494,215
7.00%, 5/1/17				641		639,576
E*Trade Financial Corp. 6.75%, 6/1/16				100		98,000
FCE Bank PLC 7.13%, 1/15/13		GB		500		750,452
HSBC Finance Capital Trust IX 5.91%, 11/30/35 (1)				100		94,500
International Lease Finance Corp.
6.25%, 5/15/19				200		195,413
6.63%, 11/15/13				100		103,500
6.75%, 9/1/16 (3)				250		266,250
7.13%, 9/1/18 (3)				500		535,000
8.25%, 12/15/20				400		432,000
8.63%, 9/15/15				750		812,812
8.75%, 3/15/17				475		519,531
Pinafore LLC 9.00%, 10/1/18 (3)				750		808,125
Pinnacle Foods Finance LLC 8.25%, 9/1/17				1,000		1,037,500
SLM Corp., Series A
8.00%, 3/25/20				150		161,071
8.45%, 6/15/18				360		395,141
Springleaf Finance Corp. 6.90%, 12/15/17				250		229,375
UPCB Finance Ltd. 7.63%, 1/15/20		KY		250		369,788
						9,891,830

	Country Code*		Principal Amount (000)		Value
FOOD, BEVERAGES & RESTAURANTS – 2.2%
Bumble Bee Acquisition Corp. 9.00%, 12/15/17 (3)			$	250	$	251,250
Bumble Bee Holding Co. SCA 9.63%, 3/15/18 (3)(5)				250		227,500
Constellation Brands, Inc. 7.25%, 5/15/17				150		163,125
Cott Beverages, Inc. 8.13%, 9/1/18				250		261,875
Del Monte Foods Co. 7.63%, 2/15/19 (3)				500		505,000
Michael Foods, Inc. 9.75%, 7/15/18 (3)				500		535,000
Pernod-Ricard SA 5.75%, 4/7/21 (3)		FR		425		443,724
Pilgrim’s Pride Corp. 7.88%, 12/15/18 (3)				350		323,750
Refresco Group BV 7.38%, 5/15/18 (3)		NL		100		146,465
Simmons Foods, Inc. 10.50%, 11/1/17 (3)				125		132,500
Smithfield Foods, Inc. 7.75%, 7/1/17				500		518,750
TreeHouse Foods, Inc. 7.75%, 3/1/18				250		265,625
U.S. Foodservice 8.50%, 6/30/19 (3)				500		485,000
						4,259,564
GAMING – 2.1%
Ameristar Casinos, Inc. 7.50%, 4/15/21 (3)				500		515,625
MGM Resorts International
7.63%, 1/15/17				1,250		1,203,125
9.00%, 3/15/20				250		273,750
10.38%, 5/15/14				750		851,250
11.13%, 11/15/17				175		199,937
Seneca Gaming Corp. 8.25%, 12/1/18 (3)				125		129,063
Wynn Las Vegas Capital Corp.
7.75%, 8/15/20				250		271,562
7.88%, 11/1/17				500		544,375
						3,988,687

See Notes to Financial Statements.

228

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	Country Code*	Principal Amount (000)		Value
GAS & PIPELINE UTILITIES – 0.4%
Enterprise Products Operating LP 8.38%, 8/1/66 (1)		$	750	$	811,875
HEALTH CARE – 5.0%
American Renal Holdings 8.38%, 5/15/18			100		101,875
Capella Healthcare, Inc. 9.25%, 7/1/17 (3)			250		263,750
Community Health Systems, Inc.
8.88%, 7/15/15			1,250		1,287,500
DaVita, Inc.
6.38%, 11/1/18			175		177,187
6.63%, 11/1/20			250		254,375
DJO Finance LLC
7.75%, 4/15/18 (3)			500		498,125
9.75%, 10/15/17 (3)			500		507,500
HCA Holdings, Inc. 7.75%, 5/15/21 (3)			250		259,375
HCA, Inc.
7.25%, 9/15/20			400		429,500
8.50%, 4/15/19			150		165,750
9.25%, 11/15/16			2,125		2,255,156
9.63%, 11/15/16 (5)			1,140		1,212,675
9.88%, 2/15/17			81		90,113
IASIS Healthcare LLC 8.38%, 5/15/19 (3)			400		395,000
Lifepoint Hospitals, Inc. 6.63%, 10/1/20			350		360,500
Tenet Healthcare Corp. 8.00%, 8/1/20			500		508,125
Vanguard Health Holding Co. II LLC 8.00%, 2/1/18			700		722,750
					9,489,256
HEALTH CARE – FACILITIES – 1.8%
Alere, Inc. 8.63%, 10/1/18			275		280,500
Biomet, Inc.
10.00%, 10/15/17			650		708,500
10.38%, 10/15/17 (5)			1,825		2,012,062
11.63%, 10/15/17			320		354,400
					3,355,462
HOLDING COMPANIES – 1.4%
Reynolds Group Issuer, Inc.
6.88%, 2/15/21 (3)			100		97,500

	Country Code*		Principal Amount (000)		Value
7.13%, 4/15/19 (3)			$	350	$	347,375
8.25%, 2/15/21 (3)				500		467,500
8.50%, 10/15/16 (3)				500		521,250
8.75%, 5/15/18 (3)				850		835,125
9.00%, 4/15/19 (3)				500		493,750
						2,762,500
HOTELS, RESTAURANTS & LEISURE – 0.5%
CityCenter Holdings LLC
7.63%, 1/15/16 (3)				100		103,250
10.75%, 1/15/17 (3)(5)				250		283,194
Eldorado Resorts LLC 8.63%, 6/15/19 (3)				250		232,500
Marina District Finance Co., Inc.
9.50%, 10/15/15				50		52,000
9.88%, 8/15/18				200		207,500
Scientific Games Corp. 8.13%, 9/15/18				100		103,750
						982,194
INSURANCE – 1.3%
American International Group, Inc.
0.35%, 3/20/12 (1)				40		39,756
4.00%, 9/20/11				500		725,951
5.45%, 5/18/17				425		443,876
6.25%, 5/1/36				750		762,378
8.18%, 5/15/58 (1)				250		273,150
Towergate Finance PLC 8.50%, 2/15/18 (3)		GB		100		158,890
						2,404,001
LEISURE & ENTERTAINMENT – 1.3%
Cinemark USA, Inc. 7.38%, 6/15/21 (3)				250		248,750
Harrah’s Operating Co., Inc.
10.00%, 12/15/18				500		451,250
11.25%, 6/1/17				500		551,875
Las Vegas Sands Corp. 6.38%, 2/15/15				250		252,812
Production Resource Group, Inc. 8.88%, 5/1/19 (3)				125		124,063
Travelport LLC
9.88%, 9/1/14				500		460,000
11.88%, 9/1/16				350		301,000
						2,389,750

See Notes to Financial Statements.

229

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code*		Principal Amount (000)		Value
MACHINERY – 0.6%
Boart Longyear Management Pty Ltd. 7.00%, 4/1/21 (3)		AU	$	250	$	255,625
Case New Holland, Inc. 7.88%, 12/1/17 (3)				350		385,000
The Manitowoc Co., Inc. 8.50%, 11/1/20				500		533,750
						1,174,375
MANUFACTURING DIVERSIFIED – 1.3%
Actuant Corp. 6.88%, 6/15/17				15		15,338
Amsted Industries, Inc. 8.13%, 3/15/18 (3)				250		262,500
Bombardier, Inc. 7.50%, 3/15/18 (3)		CA		275		308,000
Griffon Corp. 7.13%, 4/1/18 (3)				100		100,375
Polymer Group, Inc. 7.75%, 2/1/19 (3)				100		100,250
Polypore International, Inc. 7.50%, 11/15/17				150		158,625
RBS Global, Inc.
8.50%, 5/1/18				1,000		1,056,250
11.75%, 8/1/16				250		264,375
SPX Corp. 6.88%, 9/1/17 (3)				200		214,000
						2,479,713
METALS & MINING – 1.5%
Aleris International, Inc. 7.63%, 2/15/18 (3)				750		748,125
FMG Resources (August 2006) Property Ltd. 7.00%, 11/1/15 (3)		AU		125		127,500
Novelis, Inc.
8.38%, 12/15/17		CA		500		533,750
8.75%, 12/15/20		CA		1,000		1,080,000
Steel Dynamics, Inc.
7.63%, 3/15/20				25		26,438
7.75%, 4/15/16				50		52,500
Teck Resources, Ltd.
9.75%, 5/15/14		CA		121		146,468
10.25%, 5/15/16		CA		129		154,155
						2,868,936

	Country Code*		Principal Amount (000)		Value
MULTIMEDIA – 6.5%
AMC Networks, Inc. 7.75%, 7/15/21 (3)			$	200	$	209,000
Cablevision Systems Corp. 7.75%, 4/15/18				250		266,562
CCO Holdings LLC
6.50%, 4/30/21				500		493,125
7.88%, 4/30/18				250		263,438
8.13%, 4/30/20				200		216,000
Cequel Communications Holdings I LLC 8.63%, 11/15/17 (3)				500		520,000
Citadel Broadcasting Corp. 7.75%, 12/15/18 (3)				100		106,250
Clear Channel Worldwide Holdings, Inc. Series B 9.25%, 12/15/17				750		817,500
CSC Holdings LLC
7.63%, 7/15/18				210		227,325
7.88%, 2/15/18				865		945,012
8.50%, 6/15/15				475		513,000
8.63%, 2/15/19				325		366,437
DISH DBS Corp.
6.63%, 10/1/14				25		26,313
6.75%, 6/1/21 (3)				250		256,250
7.00%, 10/1/13				200		214,750
7.13%, 2/1/16				935		986,425
7.75%, 5/31/15				75		81,188
7.88%, 9/1/19				100		107,875
Insight Communications Co., Inc. 9.38%, 7/15/18 (3)				300		329,250
Kabel BW Erste Beteiligungs GmbH 7.50%, 3/15/19 (3)		DE		400		526,414
LIN Television Corp. 8.38%, 4/15/18				250		263,125
LIN Television Corp., Series B 6.50%, 5/15/13				250		250,313
Musketeer GmbH
9.50%, 3/15/21 (3)		DE		150		232,205
9.50%, 3/15/21		DE		100		154,803
Nara Cable Funding Ltd. 8.88%, 12/1/18		IE		100		146,465
Nielsen Finance LLC
7.75%, 10/15/18 (3)				400		420,000

See Notes to Financial Statements.

230

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	Country Code*		Principal Amount (000)		Value
11.50%, 5/1/16			$	162	$	189,540
Quebecor Media, Inc. 7.75%, 3/15/16		CA		55		56,856
The McClatchy Co. 11.50%, 2/15/17				250		265,625
Univision Communications, Inc.
6.88%, 5/15/19 (3)				500		495,000
7.88%, 11/1/20 (3)				325		333,125
8.50%, 5/15/21 (3)				250		249,375
UPC Holding BV
8.00%, 11/1/16		NL		250		375,226
8.38%, 8/15/20		NL		500		735,951
9.75%, 4/15/18		NL		100		154,441
Videotron Ltee 9.13%, 4/15/18		CA		600		669,750
						12,463,914
OIL & GAS - EXPLORATION & PRODUCTION – 4.0%
Anadarko Petroleum Corp. 6.45%, 9/15/36				250		260,862
Calumet Specialty Products Partners LP 9.38%, 5/1/19 (3)				150		154,500
Coffeyville Resources LLC 9.00%, 4/1/15 (3)				45		48,825
Concho Resources, Inc.
6.50%, 1/15/22				400		401,000
7.00%, 1/15/21				200		207,000
Continental Resources, Inc.
7.13%, 4/1/21				75		79,125
7.38%, 10/1/20				50		53,125
8.25%, 10/1/19				50		54,625
Denbury Resources, Inc.
8.25%, 2/15/20				149		162,410
9.75%, 3/1/16				250		279,375
Forest Oil Corp.
7.25%, 6/15/19				125		127,500
8.50%, 2/15/14				250		271,250
Harvest Operations Corp. 6.88%, 10/1/17 (3)		CA		150		154,875
Linn Energy LLC
6.50%, 5/15/19 (3)				250		247,500
8.63%, 4/15/20				425		461,125
Newfield Exploration Co.
6.88%, 2/1/20				250		265,625
7.13%, 5/15/18				330		349,800
NFR Energy LLC 9.75%, 2/15/17 (3)				250		242,500

	Country Code*		Principal Amount (000)		Value
OGX Petroleo e Gas Participacoes SA 8.50%, 6/1/18 (3)		BR	$	500	$	514,250
Penn Virginia Corp. 10.38%, 6/15/16				150		166,125
Petrohawk Energy Corp.
6.25%, 6/1/19 (3)				250		244,375
7.25%, 8/15/18				550		564,437
10.50%, 8/1/14				250		281,250
Plains Exploration & Production Co.
6.63%, 5/1/21				500		500,000
7.00%, 3/15/17				250		257,500
7.63%, 4/1/20				325		341,250
Precision Drilling Corp. 6.63%, 11/15/20		CA		100		101,250
SandRidge Energy, Inc. 7.50%, 3/15/21 (3)				750		759,375
						7,550,834
OIL & GAS EQUIPMENT & SERVICES – 0.8%
Amerigas Partners LP 7.13%, 5/20/16				460		473,800
Cie Generale De Geophysique-Veritas
6.50%, 6/1/21 (3)		FR		250		241,250
7.75%, 5/15/17		FR		175		180,250
Dresser-Rand Group, Inc. 6.50%, 5/1/21 (3)				200		206,000
Expro Finance Luxembourg SCA 8.50%, 12/15/16 (3)		LU		250		241,250
Thermon Industries, Inc. 9.50%, 5/1/17				200		214,500
						1,557,050
PAPER PRODUCTS – 1.4%
Fibria Overseas Finance Ltd. 6.75%, 3/3/21 (3)		KY		150		157,125
Georgia-Pacific LLC
5.40%, 11/1/20 (3)				225		229,305
7.13%, 1/15/17 (3)				650		685,266
7.25%, 6/1/28				10		11,111
7.70%, 6/15/15				815		935,006
8.00%, 1/15/24				115		136,567
8.25%, 5/1/16 (3)				50		56,678
8.88%, 5/15/31				200		252,680

See Notes to Financial Statements.

231

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	Country Code*		Principal Amount (000)		Value
Sappi Papier Holding GmbH 6.63%, 4/15/21 (3)		AT	$	200	$	194,500
						2,658,238
PHARMACEUTICALS – 2.3%
Endo Pharmaceuticals Holdings, Inc.
7.00%, 7/15/19 (3)				150		153,750
Giant Funding Corp. 8.25%, 2/1/18 (3)				250		260,625
Mylan, Inc.
7.63%, 7/15/17 (3)				200		218,000
7.88%, 7/15/20 (3)				500		548,750
NBTY, Inc. 9.00%, 10/1/18 (3)				500		527,500
Novasep Holding SAS 9.75%, 12/15/16 (3)(6)		FR		200		113,000
Valeant Pharmaceuticals International
6.50%, 7/15/16 (3)				500		494,375
6.75%, 10/1/17 (3)				100		98,000
7.00%, 10/1/20 (3)				500		483,750
7.25%, 7/15/22 (3)				250		242,500
Warner Chilcott Co., LLC 7.75%, 9/15/18 (3)				1,250		1,260,937
						4,401,187
PIPELINES – 1.7%
El Paso Corp.
7.80%, 8/1/31				200		233,411
8.05%, 10/15/30				1,010		1,196,805
El Paso Pipeline Partners Operating Co. LP 6.50%, 4/1/20				125		139,931
Energy Transfer Equity 7.50%, 10/15/20				350		371,000
Kinder Morgan Finance Co. 5.70%, 1/5/16		CA		320		333,200
Kinder Morgan, Inc. 5.15%, 3/1/15				500		522,500
MarkWest Energy Partners LP 6.75%, 11/1/20				100		102,000
Regency Energy Partners LP 6.88%, 12/1/18				275		284,625
						3,183,472

	Country Code*	Principal Amount (000)		Value
REAL ESTATE INVESTMENT TRUSTS – 0.5%
Host Hotels & Resorts, Inc. 6.00%, 11/1/20		$	500	$	501,250
MPT Operating Partnership LP 6.88%, 5/1/21 (3)			250		245,625
Ventas Realty LP 6.50%, 6/1/16			225		232,461
					979,336
REFINING – 1.9%
Berry Petroleum Co.
6.75%, 11/1/20			200		201,000
10.25%, 6/1/14			325		371,312
Chesapeake Energy Corp.
7.25%, 12/15/18			150		163,500
7.63%, 7/15/13			25		27,250
9.50%, 2/15/15			2,000		2,320,000
Range Resources Corp.
5.75%, 6/1/21			250		245,625
6.75%, 8/1/20			150		155,250
7.25%, 5/1/18			25		26,500
7.50%, 10/1/17			125		132,813
					3,643,250
RESTAURANTS – 0.1%
NPC International, Inc. 9.50%, 5/1/14			165		167,475
RETAIL – 2.0%
Inergy LP
6.88%, 8/1/21 (3)			100		100,000
7.00%, 10/1/18			150		151,500
J.C. Penney Co., Inc. 7.95%, 4/1/17			225		253,406
Limited Brands, Inc.
6.63%, 4/1/21			175		178,938
7.00%, 5/1/20			75		78,938
Michaels Stores, Inc. 7.75%, 11/1/18 (3)			500		501,250
New Albertsons, Inc.
7.45%, 8/1/29			375		310,312
8.70%, 5/1/30			250		226,250
PETCO Animal Supplies, Inc. 9.25%, 12/1/18 (3)			250		265,625
Phillips-Van Heusen Corp. 7.38%, 5/15/20			500		535,000
QVC, Inc.
7.13%, 4/15/17 (3)			150		157,500

See Notes to Financial Statements.

232

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	Country Code*		Principal Amount (000)		Value
7.38%, 10/15/20 (3)			$	50	$	52,625
7.50%, 10/1/19 (3)				250		265,000
Roadhouse Financing, Inc. 10.75%, 10/15/17 (3)				250		262,500
Sally Holdings LLC 9.25%, 11/15/14				500		520,000
Suburban Propane Partners LP 7.38%, 3/15/20				50		52,250
						3,911,094
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 0.1%
Sensata Technologies BV 6.50%, 5/15/19 (3)		NL		250		249,375
SHIPBUILDING – 0.1%
Huntington Ingalls Industries, Inc. 6.88%, 3/15/18 (3)				175		179,375
SOFTWARE – 0.7%
Audatex North America, Inc. 6.75%, 6/15/18 (3)				250		251,250
Fidelity National Information Services, Inc. 7.63%, 7/15/17				250		265,312
First Data Corp.
8.25%, 1/15/21 (3)				500		490,000
9.88%, 9/24/15				13		13,358
12.63%, 1/15/21 (3)				100		107,000
ManTech International Corp. 7.25%, 4/15/18				175		182,875
						1,309,795
SPECIAL PURPOSE ENTITIES – 0.9%
El Paso Performance-Linked Trust 7.75%, 7/15/11 (3)				250		250,152
NSG Holdings LLC 7.75%, 12/15/25 (3)				365		357,700
QBE Capital Funding III Ltd. 7.25%, 5/24/41 (1)(3)		JE		200		200,675
Universal City Development Partners, Ltd. 8.88%, 11/15/15				200		222,500

	Country Code*		Principal Amount (000)		Value
Ziggo Bond Co. BV 8.00%, 5/15/18		NL	$	250	$	372,507
Ziggo Finance BV 6.13%, 11/15/17 (3)		NL		175		249,335
						1,652,869
TELECOMMUNICATIONS – 8.5%
Avaya, Inc. 7.00%, 4/1/19 (3)				500		483,750
Buccaneer Merger Sub, Inc. 9.13%, 1/15/19 (3)				250		260,000
Commscope, Inc. 8.25%, 1/15/19 (3)				750		772,500
Crown Castle International Corp. 7.13%, 11/1/19				375		394,687
Digicel Ltd. 8.25%, 9/1/17 (3)		BM		1,000		1,037,500
EH Holding Corp.
6.50%, 6/15/19 (3)				125		127,188
7.63%, 6/15/21 (3)				200		204,000
Frontier Communications Corp.
6.63%, 3/15/15				25		26,063
7.13%, 3/15/19				550		563,750
7.88%, 4/15/15				125		135,625
8.25%, 5/1/14				125		137,344
8.25%, 4/15/17				200		217,500
8.50%, 4/15/20				250		272,500
9.00%, 8/15/31				90		92,250
Intelsat Jackson Holdings SA
7.25%, 4/1/19 (3)		LU		350		347,375
7.25%, 10/15/20 (3)		LU		500		497,500
7.50%, 4/1/21 (3)		LU		500		496,875
8.50%, 11/1/19		LU		825		874,500
9.50%, 6/15/16		LU		250		262,187
Intelsat Luxembourg SA
11.25%, 2/4/17		LU		500		536,875
11.50%, 2/4/17 (5)		LU		237		254,368
11.50%, 2/4/17 (3)(5)		LU		500		537,500
Qwest Communications International, Inc.
7.13%, 4/1/18				250		268,437
7.50%, 2/15/14				1,000		1,015,000
Sprint Capital Corp.
6.90%, 5/1/19				1,750		1,802,500
8.38%, 3/15/12				75		78,000
8.75%, 3/15/32				500		541,250
Sprint Nextel Corp.
6.00%, 12/1/16				145		144,819
8.38%, 8/15/17				700		769,125

See Notes to Financial Statements.

233

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June 30, 2011 (Unaudited)	Sun Capital Advisers Trust

	Country Code*		Principal Amount (000)		Value
Telesat Canada LLC 11.00%, 11/1/15		CA	$	575	$	628,906
TW Telecom Holdings, Inc. 8.00%, 3/1/18				100		106,625
Vimpel-Communications 7.75%, 2/2/21 (3)		IE		300		309,000
VimpelCom Holdings BV 7.50%, 3/1/22 (3)		NL		250		250,250
Virgin Media Finance PLC 9.50%, 8/15/16		GB		175		197,750
Wind Acquisition Finance SA
7.25%, 2/15/18 (3)		LU		300		312,000
11.75%, 7/15/17 (3)		LU		750		849,375
Windstream Corp.
7.75%, 10/1/21				250		261,250
7.88%, 11/1/17				200		212,250
						16,278,374
TEXTILES & APPAREL – 0.1%
Levi Strauss & Co. 7.63%, 5/15/20				225		225,000
TRANSPORTATION – 0.5%
AMGH Merger Sub, Inc. 9.25%, 11/1/18 (3)				500		527,500
CMA CGM SA 8.50%, 4/15/17 (3)		FR		400		336,000
						863,500
UTILITIES – 5.8%
AES Red Oak LLC, Series A 8.54%, 11/30/19				758		780,389
Calpine Corp.
7.50%, 2/15/21 (3)				750		765,000
7.88%, 7/31/20 (3)				500		522,500
7.88%, 1/15/23 (3)				250		257,500
Energy Future Holdings Corp.
9.75%, 10/15/19				39		39,428
10.00%, 1/15/20				750		796,095
Energy Future Intermediate Holding Co. LLC 9.75%, 10/15/19				47		47,515

	Country Code*		Principal Amount (000)		Value
Intergen NV 9.00%, 6/30/17 (3)		NL	$	1,000	$	1,057,500
Ipalco Enterprises, Inc. 7.25%, 4/1/16 (3)				40		44,341
Midwest Generation LLC, Series B 8.56%, 1/2/16				442		452,664
NRG Energy, Inc.
7.38%, 1/15/17				815		853,712
7.63%, 1/15/18 (3)				250		250,625
7.88%, 5/15/21 (3)				150		149,625
8.50%, 6/15/19				1,050		1,086,750
Quicksilver Resources, Inc.
9.13%, 8/15/19				300		327,000
11.75%, 1/1/16				300		343,500
Reliant Energy Mid-Atlantic Power Holdings LLC, Series C 9.68%, 7/2/26				100		107,000
RRI Energy, Inc.
7.63%, 6/15/14				500		515,000
7.88%, 6/15/17				150		150,750
Sithe Independence Funding Corp., Series A 9.00%, 12/30/13				47		47,993
Tenaska Alabama Partners LP 7.00%, 6/30/21 (3)				309		322,668
The AES Corp.
7.38%, 7/1/21 (3)				300		304,500
7.75%, 10/15/15				175		186,813
8.00%, 10/15/17				245		259,700
8.00%, 6/1/20				1,095		1,166,175
9.75%, 4/15/16				175		198,625
						11,033,368
WHOLESALE – 0.4%
American Tire Distributors Holdings, Inc. 9.75%, 6/1/17				200		215,000
VWR Funding, Inc. 10.25%, 7/15/15 (5)				500		522,500
						737,500
Total Corporate Debt Obligations (Cost $163,427,703)						175,028,827

See Notes to Financial Statements.

234

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	Country Code*		Principal Amount (000)		Value
FOREIGN GOVERNMENT OBLIGATIONS – 1.1%
Brazil Notas do Tesouro Nacional, Series F
10.00%, 1/1/12		BR	$	177	$	112,065
10.00%, 1/1/17		BR		3,400		1,945,907
Total Foreign Government Obligations (Cost $1,665,595)						2,057,972
BANK LOAN OBLIGATIONS – 2.3%
SENIOR LOANS – 2.3%
AGFS Funding Co. 5.50%, 5/28/17 (1)				500		489,500
Arch Coal, Inc. 7.25%, 5/1/12 (1)(7)				750		750,000
First Data Corp. 3.10%, 9/24/14 (1)				443		409,780
Newsday LLC 10.50%, 8/1/13 (1)				200		211,126
Quintiles Transnational Corp. 5.00%, 5/10/18 (1)				500		496,720
Texas Competitive Electric Holdings Co. LLC 4.77%, 10/10/17 (1)				970		757,832
TXU Corp. 4.71%, 10/10/17 (1)				914		714,178
Vodafone 6.88%, 8/11/15 (1)				518		533,195
Total Bank Loan Obligations (Cost $4,036,329)						4,362,331
			Shares
COMMON STOCKS – 0.0%+
MULTIMEDIA – 0.0%+
Dex One Corp.** (Cost $305,690)				9,862		24,951

AT	Austria
AU	Australia
BM	Bermuda
BR	Brazil
CA	Canada
DE	Germany

	Country Code*	Shares		Value
CONVERTIBLE PREFERRED STOCKS – 0.4%
BANKS – 0.4%
Wells Fargo & Co., Series L (Cost $384,735)			625	$	662,500
		Principal Amount (000)
SHORT TERM INVESTMENTS – 1.6%
U.S. GOVERNMENT AGENCY OBLIGATIONS (8) – 1.2%
Federal Home Loan Mortgage Corp. Discount Notes
0.06%, 10/24/11		$	800		799,898
0.09%, 9/6/11			800		799,955
Federal National Mortgage Association Discount Notes
0.01%, 10/19/11			100		99,988
0.04%, 9/21/11			100		99,993
0.09%, 9/14/11			500		499,969
0.10%, 11/16/11			100		99,973
Total U.S. Government Agency Obligations (Cost $2,399,566)					2,399,776
		Shares
MUTUAL FUNDS – 0.4%
State Street Institutional U.S. Government Money Market Fund (Cost $734,315)			734,315		734,315
Total Short Term Investments (Cost $3,133,881)					3,134,091
TOTAL INVESTMENTS – 98.7%
(Cost $175,632,013)					188,759,370
Other assets less liabilities – 1.3%					2,463,764
NET ASSETS – 100.0%				$	191,223,134

See Notes to Financial Statements.

235

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FR	France
GB	Great Britain
IE	Ireland
IT	Italy
JE	Jersey
KY	Cayman Islands
LU	Luxembourg
MX	Mexico
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 $61,311,683, representing 32.1% of net assets.

(4) Zero-coupon bond.

(5) Payment in-kind bond security which may pay interest in the form of additional bonds.

(6) Security is in default and is non-income producing.

(7) Security (or a portion thereof) has been purchased on a delayed delivery or when-issued basis.

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

(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 NA		EUR	251,000		USD	359,686		7/18/11		(4,169	)
Barclays Bank PLC		BRL	2,740,969		USD	1,703,312		9/2/11		(30,958	)
Barclays Bank PLC		EUR	149,000		USD	212,265		7/18/11		(3,728	)
Barclays Bank PLC		EUR	137,000		USD	198,610		7/18/11		12
Barclays Bank PLC		USD	1,714,177		BRL	2,740,969		8/2/11		31,113
Citibank NA		EUR	251,000		USD	356,523		7/18/11		(7,332	)
Deutsche Bank AG (London)		USD	26,335		CNY	170,584		2/13/12		269
JPMorgan Securities		EUR	5,014,000		USD	7,234,751		7/18/11		(33,649	)
JPMorgan Securities		EUR	198,000		USD	293,517		7/18/11		6,492
JPMorgan Securities		EUR	92,000		USD	131,235		7/18/11		(2,130	)
JPMorgan Securities		USD	30,680		CNY	197,060		11/15/11		(82	)
JPMorgan Securities		USD	4,124		CNY	26,537		11/15/11		(4	)
JPMorgan Securities		USD	91,106		GBP	56,000		9/13/11		(1,307	)
UBS AG		BRL	2,740,969		USD	1,695,515		8/2/11		(49,775	)
UBS AG		GBP	1,123,000		USD	1,843,981		8/2/11		43,187
Net unrealized depreciation										(52,061	)

See Notes to Financial Statements.

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June 30, 2011 (Unaudited)	Sun Capital Advisers Trust

BRL	–	Brazilian Real
CNY	–	Yuan Renminbi
EUR	–	Euro
GBP	–	Great British Pound
USD	–	United States Dollar

(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		0.64%		200		2,005			(46,000	)		48,005
Bank of America NA	American International Group, Inc.		5.00%		9/20/11		0.64%		200		2,005			(48,000	)		50,005
Deutsche Bank AG	Ally Financial, Inc.		5.00%		3/20/12		1.50%		60		1,527			(9,300	)		10,827
Deutsche Bank AG	SLM Corp.		5.00%		6/20/12		0.85%		100		4,074			(13,000	)		17,074
Deutsche Bank AG	RRI Energy, Inc.		5.00%		9/20/14		5.08%		300		(659	)		(43,500	)		42,841
Goldman Sachs International	El Paso Corp.		5.00%		9/20/14		0.81%		500		66,514			(47,500	)		114,014
Total									1,360		75,466			(207,300	)		282,766

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) ($)		Unrealized Appreciation ($)
Barclays Bank PLC	CDX.HY-16 5 Year Index		5.00%		6/20/16		5,750		90,975		19,063		71,912
Deutsche Bank AG	CDX.HY-16 5 Year Index		5.00%		6/20/16		250		3,955		1,094		2,861
Morgan Stanley Capital Services, Inc.	CDX.HY-16 5 Year Index		5.00%		6/20/16		1,000		15,822		5,312		10,510
Total							7,000		110,752		25,469		85,283

CDX.HY – Credit Derivatives Index – High Yield

See Notes to Financial Statements.

237

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(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.

(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.

(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	$	—	$	272,881	$	—	$	272,881
Collateralized Mortgage Obligations		—		3,215,817		—		3,215,817
Corporate Debt Obligations (a)		—		175,028,827		—		175,028,827
Foreign Government Obligations		—		2,057,972		—		2,057,972
Bank Loan Obligations (a)		—		4,362,331		—		4,362,331
Common Stocks (a)		24,951		—		—		24,951
Convertible Preferred Stocks (a)		662,500		—		—		662,500
Short Term Investments
U.S. Government Agency Obligations		—		2,399,776		—		2,399,776
Mutual Funds		734,315		—		—		734,315
Total Short Term Investments		734,315		2,399,776		—		3,134,091
Total Investments		1,421,766		187,337,604		—		188,759,370
Financial Derivative Instruments
Forward Foreign Currency Exchange Contracts		—		81,073		—		81,073
Swap Contracts (a)		—		368,049		—		368,049
Total Financial Derivative Instruments	$	—	$	449,122	$	—	$	449,122

See Notes to Financial Statements.

238

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June 30, 2011 (Unaudited)	Sun Capital Advisers Trust

Liabilities	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Financial Derivative Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(133,134	)	$	—	$	(133,134	)
Total Financial Derivative Instruments	$	—	$	(133,134	)	$	—	$	(133,134	)

† 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.

239

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PORTFOLIO OF INVESTMENTS June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code*		Principal Amount (000)		Value
ASSET BACKED SECURITIES – 3.2%
Bear Stearns Asset Backed Securities Trust, Series 2006-SD3 5.50%, 8/25/36			$	1,691	$	1,149,098
Chester Asset Receivables Dealings, Series 2008-A1, Class A 2.22%, 1/15/14 (1)		GB		3,000		4,344,576
Citibank Omni Master Trust, Series 2009-A14A, Class A14 2.94%, 8/15/18 (1)(2)				2,700		2,838,409
Citibank Omni Master Trust, Series 2009-A8, Class A8 2.29%, 5/16/16 (1)(2)				1,800		1,821,665
Countrywide Asset-Backed Certificates, Series 2006-2, Class 2A2 0.38%, 6/25/36 (1)				208		175,289
Duane Street CLO, Series 2005-1A, Class A 0.52%, 11/8/17 (1)(2)		KY		8,151		7,928,163
Ford Credit Auto Owner Trust, Series 2008-C, Class A3 1.61%, 6/15/12 (1)				29		28,658
Galaxy CLO Ltd., Series 2005-4A, Class A1VB 0.56%, 4/17/17 (1)(2)		KY		1,183		1,152,975
Hillmark Funding, Series 2006-1A, Class A1 0.51%, 5/21/21 (1)(2)		KY		2,400		2,255,057
Marathon Financing BV, Series 2006-1A, Class A1 0.67%, 10/5/26 (1)(2)		NL		2,628		2,560,503
Pacifica CDO Ltd., Series 2005-5A, Class A1 0.53%, 1/26/20 (1)(2)		KY		4,017		3,860,850

	Country Code*		Principal Amount (000)		Value
Structured Asset Securities Corp., Series 2007-WF1, Class A2 0.28%, 2/25/37 (1)			$	1,162	$	1,150,542
Total Asset Backed Securities (Cost $28,590,770)						29,265,785
COLLATERALIZED MORTGAGE OBLIGATIONS – 3.9%
Arkle Master Issuer PLC, Series 2006-1A, Class 4A2 0.35%, 2/17/52 (1)(2)		GB		9,000		8,978,715
Arran Residential Mortgages Funding PLC, Series 2010-1A, Class A2B 2.82%, 5/16/47 (1)(2)		GB		1,000		1,449,423
BCAP LLC, Series 2011-RR5, Class 12A1 5.92%, 5/25/37 (2)				100		78,349
BCAP LLC, Series 2011-RR5, Class 9A1 5.25%, 5/25/37 (2)				3,649		3,064,641
Bear Stearns Alt-A Trust, Series 2005-4 2.65%, 5/25/35 (1)				159		124,499
Bear Stearns Alt-A Trust, Series 2006-1 2.79%, 2/25/36 (1)				170		71,150
Citigroup Mortgage Loan Trust, Inc., Series 2005-4, Class A 5.34%, 8/25/35 (1)				2,579		2,487,206
Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-29, Class A1 5.75%, 12/25/35				1,937		1,696,674
Federal National Mortgage Association, Series 2005-75, Class FL 0.64%, 9/25/35 (1)				751		748,658

See Notes to Financial Statements.

240

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code*		Principal Amount (000)		Value
Federal National Mortgage Association, Series 2007-30, Class AF 0.50%, 4/25/37 (1)			$	383	$	382,139
First Horizon Asset Securities, Inc., Series 2005-AR4, Class 2A1 2.88%, 10/25/35 (1)				655		550,665
First Horizon Asset Securities, Inc., Series 2005-AR6, Class 4A1 5.69%, 2/25/36 (1)				580		531,556
Granite Master Issuer PLC, Series 2006-3, Class A5 1.40%, 12/20/54 (1)		GB		2,550		3,502,118
Granite Master Issuer PLC, Series 2006-4, Class A7 1.40%, 12/20/54 (1)		GB		1,864		2,559,240
Granite Mortgages PLC, Series 2003-3, Class 2A 1.72%, 1/20/44 (1)		GB		111		154,987
Granite Mortgages PLC, Series 2003-3, Class 3A 1.20%, 1/20/44 (1)		GB		96		148,785
Granite Mortgages PLC, Series 2004-3, Class 3A2 1.02%, 9/20/44 (1)		GB		561		865,066
GSR Mortgage Loan Trust, Series 2005-AR6, Class 1A1 2.79%, 9/25/35 (1)				3,651		3,510,263
Harborview Mortgage Loan Trust, Series 2005-4 2.84%, 7/19/35 (1)				362		304,390
JP Morgan Mortgage Trust, Series 2005-S3, Class 1A2 5.75%, 1/25/36				84		77,672

	Country Code*	Principal Amount (000)		Value
JP Morgan Mortgage Trust, Series 2007-A1 2.97%, 7/25/35 (1)		$	534	$	409,261
Master Adjustable Rate Mortgage Trust, Series 2005-6, Class 5A2 2.43%, 7/25/35 (1)			1,242		965,266
MLCC Mortgage Investors, Inc., Series 2005-1, Class 2A5 2.17%, 4/25/35 (1)			1,200		1,073,405
Nomura Asset Acceptance Corp., Series 2005-AP2, Class A5 4.98%, 5/25/35 (3)			335		302,180
Wachovia Mortgage Loan Trust LLC, Series 2005-B, Class 2A4 3.06%, 10/20/35 (1)			2,800		2,147,620
Total Collateralized Mortgage Obligations (Cost $35,449,554)					36,183,928
COMMERCIAL MORTGAGE BACKED SECURITIES – 1.9%
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD5, Class A4 5.89%, 11/15/44 (1)			5,000		5,454,046
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2003-CB7, Class A4 4.88%, 1/12/38 (1)			2,788		2,948,161
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2010-C2, Class A3 4.07%, 11/15/43 (2)			1,000		966,705
Morgan Stanley Capital I, Series 2004-IQ8, Class A5 5.11%, 6/15/40 (1)			600		643,186

See Notes to Financial Statements.

241

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code*		Principal Amount (000)		Value
Opera Finance PLC, Series CSC3, Class A 1.05%, 4/25/17 (1)		GB	$	2,736	$	4,045,684
Silenus European Loan Conduit, Series 25X, Class A 1.57%, 5/15/19 (1)		IE		69		91,466
Titan Europe PLC, Series 2007-3X, Class A1 1.10%, 10/23/16 (1)		IE		2,846		3,715,475
Total Commercial Mortgage Backed Securities (Cost $16,588,678)						17,864,723
CONVERTIBLE BONDS – 0.3%
OIL & GAS – EXPLORATION & PRODUCTION – 0.3%
Transocean, Inc., Series B 1.50%, 12/15/37 (Cost $2,699,784)		KY		2,900		2,896,375
CORPORATE DEBT OBLIGATIONS – 35.0%
AGRICULTURAL – 0.1%
Altria Group, Inc. 4.13%, 9/11/15				500		529,844
BAT International Finance PLC 9.50%, 11/15/18 (2)		GB		160		214,052
						743,896
AUTOMOTIVE – 0.8%
Ford Motor Credit Co. LLC
5.63%, 9/15/15				2,800		2,898,529
7.00%, 4/15/15				600		648,096
7.80%, 6/1/12				2,000		2,091,562
12.00%, 5/15/15				1,400		1,736,165
						7,374,352
BANKS – 17.9%
Ally Financial, Inc.
0.00%, 6/15/15 (4)				3,500		2,642,500
6.25%, 12/1/17 (2)				1,800		1,787,998
6.88%, 9/15/11				3,200		3,224,000
7.50%, 9/15/20				300		313,500
8.30%, 2/12/15				900		1,005,750
American Express Bank, FSB 5.50%, 4/16/13				400		427,918

	Country Code*		Principal Amount (000)		Value
Australia & New Zealand Banking Group Ltd.
1.12%, 5/8/13 (1)		AU	$	1,200	$	1,202,688
2.13%, 1/10/14 (2)		AU		1,500		1,512,283
Banco Santander Brazil SA 2.35%, 3/18/14 (1)(2)		BR		1,000		1,005,090
Banco Santander Chile 1.52%, 4/20/12 (1)(2)		CL		900		900,744
Bank of America Corp.
5.65%, 5/1/18				1,900		2,003,229
5.75%, 12/1/17				300		318,983
6.00%, 9/1/17				1,100		1,183,647
Bank of China Hong Kong Ltd. 5.55%, 2/11/20 (2)		HK		100		101,097
Bank of India 6.25%, 2/16/21		IN		1,900		1,948,003
Bank of Montreal 2.85%, 6/9/15 (2)		CA		300		310,825
Bank of Nova Scotia 1.65%, 10/29/15 (2)		CA		500		491,432
Barclays Bank PLC
0.45%, 9/11/17 (1)		GB		13,400		12,848,389
2.38%, 1/13/14		GB		1,900		1,922,564
5.00%, 9/22/16		GB		1,500		1,613,613
6.05%, 12/4/17 (2)		GB		500		529,395
Barnett Capital Trust III 0.90%, 2/1/27 (1)				200		161,410
BBVA Bancomer SA Texas
4.50%, 3/10/16 (2)		MX		300		305,250
6.50%, 3/10/21 (2)		MX		600		612,000
7.25%, 4/22/20 (2)		MX		1,100		1,155,000
Bear Stearns Cos. LLC
0.44%, 11/28/11 (1)				5,180		5,183,838
5.30%, 10/30/15				100		109,595
BNP Paribas
1.19%, 1/10/14 (1)		FR		2,100		2,084,489
7.20%, 6/25/37 (1)(2)		FR		100		96,500
7.78%, 7/2/18 (1)		FR		100		152,266
BPCE SA 2.38%, 10/4/13 (2)		FR		200		203,250
Citigroup Capital XXI 8.30%, 12/21/57 (1)				1,600		1,636,000
Citigroup, Inc.
3.63%, 11/30/17 (1)				800		1,070,003
5.50%, 4/11/13				700		743,173

See Notes to Financial Statements.

242

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code*		Principal Amount (000)		Value
5.50%, 10/15/14			$	400	$	434,993
5.63%, 8/27/12				5,300		5,536,868
6.13%, 11/21/17				200		220,891
8.50%, 5/22/19				200		247,931
Commonwealth Bank of Australia 0.71%, 7/12/13 (1)(2)		AU		1,600		1,599,120
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA 6.88%, 3/19/20		NL		3,600		5,221,061
Credit Agricole SA 8.38%, 10/13/19 (1)(2)		FR		2,300		2,403,500
Credit Suisse New York 2.20%, 1/14/14		CH		400		405,214
Danske Bank A/S 2.50%, 5/10/12 (2)		DK		300		304,271
Deutsche Bank AG 6.00%, 9/1/17		DE		300		334,723
Dexia Credit Local
0.65%, 3/5/13 (1)(2)		FR		3,300		3,290,638
0.75%, 4/29/14 (1)(2)		FR		1,700		1,693,416
0.90%, 9/23/11 (1)(2)		FR		400		400,398
Fortis Bank Nederland Holding NV 3.00%, 4/17/12		NL		200		292,841
HBOS PLC
0.45%, 9/6/17 (1)		GB		17,800		15,622,028
6.75%, 5/21/18 (2)		GB		3,200		3,079,475
HSBC Bank PLC 2.00%, 1/19/14 (2)		GB		500		502,698
ICICI Bank Ltd.
5.50%, 3/25/15		IN		1,400		1,470,188
5.75%, 11/16/20		IN		1,500		1,461,796
ICICI Bank Ltd./Dubai
4.75%, 11/25/16 (2)		AE		3,700		3,691,649
ING Bank NV
1.05%, 3/30/12 (1)(2)		NL		4,200		4,216,292
2.63%, 2/9/12 (2)		NL		1,400		1,418,353
Intesa Sanpaolo New York 2.38%, 12/21/12		IT		2,400		2,418,338
Intesa Sanpaolo SpA 2.66%, 2/24/14 (1)(2)		IT		1,100		1,097,307
Itau Unibanco Holding SA 6.20%, 4/15/20 (2)		BR		1,800		1,851,300
JP Morgan Chase & Co. 4.25%, 10/15/20				1,300		1,271,835

	Country Code*		Principal Amount (000)		Value
JP Morgan Chase & Co., Series 3 1.00%, 9/30/13 (1)			$	700	$	704,758
JP Morgan Chase & Co., Series I 7.90%, 4/30/18 (1)				300		322,227
JP Morgan Chase Bank NA 0.58%, 6/13/16 (1)				300		280,857
JP Morgan Chase Capital XXI, Series U 1.22%, 2/2/37 (1)				1,000		794,563
LBG Capital No.1 PLC
6.44%, 5/23/20		GB		800		1,003,504
7.87%, 12/17/19		GB		500		740,284
LBG Capital No.2 PLC
8.88%, 2/7/20		GB		300		430,694
9.13%, 7/15/20		GB		1,700		2,702,497
15.00%, 12/21/19		GB		300		642,783
Lloyds TSB Bank PLC
2.80%, 4/2/12 (2)		GB		4,300		4,376,149
4.88%, 1/21/16		GB		600		613,663
Macquarie Bank Ltd. 4.10%, 12/17/13 (2)		AU		300		322,683
Merrill Lynch & Co., Inc.
1.73%, 5/30/14 (1)				100		140,376
6.88%, 4/25/18				200		221,284
Morgan Stanley
0.59%, 1/9/14 (1)				500		487,468
0.76%, 10/15/15 (1)				2,000		1,893,070
5.95%, 12/28/17				400		430,019
National Australia Bank Ltd. 1.01%, 4/11/14 (1)(2)		AU		4,500		4,495,126
Nordea Bank AB
2.13%, 1/14/14 (2)		SE		200		201,398
4.88%, 1/27/20 (2)		SE		1,800		1,865,839
Nordea Eiendomskreditt A/S 0.71%, 4/7/14 (1)(2)		NO		2,000		1,997,782
Northern Rock Asset Management PLC 5.63%, 6/22/17 (2)		GB		1,300		1,367,900
Royal Bank of Scotland Group PLC
2.63%, 5/11/12 (2)		GB		200		203,777
4.38%, 3/16/16		GB		3,200		3,227,946
5.00%, 10/1/14		GB		100		98,703
6.99%, 10/5/17 (1)(2)		GB		200		180,000

See Notes to Financial Statements.

243

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code*		Principal Amount (000)		Value
Santander US Debt SA Unipersonal
1.05%, 3/30/12 (1)(2)		ES	$	3,100	$	3,100,254
1.53%, 10/10/17 (1)		ES		2,800		3,747,012
2.99%, 10/7/13 (2)		ES		1,800		1,795,905
7.30%, 7/27/19 (1)		ES		900		1,490,635
Scotland International Finance No. 2 BV 4.25%, 5/23/13 (2)		NL		1,200		1,203,780
Societe Generale 5.92%, 4/5/17 (1)(2)		FR		400		346,000
State Bank of India/London 4.50%, 7/27/15 (2)		IN		1,000		1,026,341
State Street Capital Trust IV 1.25%, 6/15/37 (1)				200		161,922
Sumitomo Mitsui Banking Corp. 1.95%, 1/14/14 (2)		JP		2,200		2,216,779
Swedbank AB 2.80%, 2/10/12 (2)		SE		1,000		1,014,441
Turkiye Garanti Bankasi AS 2.77%, 4/20/16 (1)(2)		TR		300		297,750
UBS AG/Stamford CT 1.36%, 2/23/12 (1)		CH		800		805,050
Wachovia Bank NA 0.58%, 3/15/16 (1)				400		380,050
Wachovia Corp.
0.41%, 10/15/11 (1)				3,900		3,902,024
5.30%, 10/15/11				650		658,624
Westpac Banking Corp.
0.98%, 3/31/14 (1)(2)		AU		2,200		2,202,374
3.59%, 8/14/14 (2)		AU		300		319,473
						165,707,310
CHEMICALS – 0.4%
Braskem SA 5.75%, 4/15/21 (2)		KY		2,200		2,213,860
The Dow Chemical Co.
4.85%, 8/15/12				900		940,009
6.00%, 10/1/12				100		106,031
						3,259,900
DIVERSIFIED – 0.2%
Noble Group Ltd.
4.88%, 8/5/15 (2)		BM		1,000		1,045,000
6.75%, 1/29/20		BM		1,000		1,050,000
						2,095,000

	Country Code*		Principal Amount (000)		Value
ELECTRIC UTILITIES – 0.8%
CMS Energy Corp. 5.05%, 2/15/18			$	1,000	$	1,027,697
Comision Federal de Electricidad 4.88%, 5/26/21 (2)		MX		5,100		5,092,860
Electricite de France 6.50%, 1/26/19 (2)		FR		400		467,539
Entergy Corp. 3.63%, 9/15/15				1,000		1,015,846
						7,603,942
FINANCIALS – 5.4%
American Express Co.
4.88%, 7/15/13				500		531,621
7.00%, 3/19/18				700		823,786
American Express Credit Corp. 5.13%, 8/25/14				4,200		4,583,548
Banque PSA Finance 2.20%, 4/4/14 (1)(2)		FR		1,200		1,197,767
CIT Group, Inc. 7.00%, 5/1/14				279		282,321
Countrywide Financial Corp. 5.80%, 6/7/12				2,100		2,190,550
General Electric Capital Corp., Series A
6.15%, 8/7/37				100		103,723
6.88%, 1/10/39				800		905,614
International Lease Finance Corp.
0.63%, 7/1/11 (1)				1,870		1,870,000
1.27%, 8/15/11 (1)				1,600		2,307,202
5.40%, 2/15/12				3,700		3,746,250
5.75%, 5/15/16				200		196,943
6.38%, 3/25/13				2,000		2,060,000
6.75%, 9/1/16 (2)				400		426,000
LeasePlan Corp. NV
3.00%, 5/7/12 (2)		NL		1,000		1,022,221
3.13%, 2/10/12		NL		200		292,285
Nomura Holdings, Inc. 6.70%, 3/4/20		JP		2,300		2,513,107
SLM Corp.
6.25%, 1/25/16				200		207,500
SLM Corp., Series A
0.57%, 1/27/14 (1)				500		474,152
5.00%, 10/1/13				7,000		7,280,000
5.38%, 1/15/13				130		133,603

See Notes to Financial Statements.

244

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code*		Principal Amount (000)		Value
8.00%, 3/25/20			$	1,100	$	1,181,184
8.45%, 6/15/18				1,000		1,097,613
Springleaf Finance Corp. 4.88%, 7/15/12				4,500		4,477,500
Sydney Airport Finance Co., Pty Ltd. 5.13%, 2/22/21 (2)		AU		100		100,499
The Goldman Sachs Group, Inc.
0.45%, 2/6/12 (1)				200		199,968
0.70%, 3/22/16 (1)				600		565,825
5.95%, 1/18/18				6,800		7,329,536
6.15%, 4/1/18				1,100		1,197,177
6.25%, 9/1/17				700		772,384
						50,069,879
FOOD, BEVERAGES & RESTAURANTS – 0.5%
Anheuser-Busch InBev Worldwide, Inc.
4.13%, 1/15/15				1,200		1,290,556
5.38%, 1/15/20				1,200		1,321,918
Pernod-Ricard SA 5.75%, 4/7/21 (2)		FR		1,500		1,566,085
Tate & Lyle International Finance PLC 6.63%, 6/15/16 (2)		GB		500		560,281
						4,738,840
HEALTH CARE – 0.5%
HCA, Inc. 7.88%, 2/15/20				4,000		4,340,000
Roche Holdings, Inc. 6.00%, 3/1/19 (2)				600		691,297
						5,031,297
INSURANCE – 1.4%
American International Group, Inc.
5.05%, 10/1/15				100		104,377
5.45%, 5/18/17				100		104,441
5.85%, 1/16/18				200		209,275
8.25%, 8/15/18				1,000		1,148,627
MetLife Institutional Funding II 1.20%, 4/4/14 (1)(2)				800		801,730
Metropolitan Life Global Funding I 0.68%, 7/13/11 (1)(2)				2,400		2,400,238
Ohio National Financial Services, Inc. 6.38%, 4/30/20 (2)				5,100		5,479,119

	Country Code*		Principal Amount (000)		Value
Pacific LifeCorp. 6.00%, 2/10/20 (2)			$	1,300	$	1,394,016
The Dai-ichi Life Insurance Co., Ltd. 7.25%, 7/25/21 (1)(2)		JP		600		599,648
The Hartford Financial Services Group, Inc. 8.13%, 6/15/38 (1)				300		323,250
						12,564,721
INVESTMENT COMPANIES – 0.7%
FIH Erhvervsbank A/S 0.62%, 6/13/13 (1)(2)		DK		6,500		6,496,087
Temasek Financial I Ltd. 4.30%, 10/25/19 (2)		SG		300		308,684
						6,804,771
METALS & MINING – 0.9%
Alcoa, Inc. 6.15%, 8/15/20				600		635,630
CSN Resources SA 6.50%, 7/21/20 (2)		LU		1,400		1,487,500
Gerdau Holdings, Inc. 7.00%, 1/20/20 (2)		BR		1,700		1,887,000
Gerdau Trade, Inc. 5.75%, 1/30/21 (2)		VG		2,700		2,743,875
GTL Trade Finance, Inc. 7.25%, 10/20/17 (2)		VG		1,400		1,568,000
Vale Overseas Ltd. 6.88%, 11/10/39		KY		300		326,034
						8,648,039
OIL & GAS – 0.7%
Petroleos Mexicanos 6.50%, 6/2/41 (2)		MX		2,900		2,942,476
Ras Laffan Liquefied Natural Gas Co. Ltd. III 6.75%, 9/30/19		QA		1,200		1,381,537
Reliance Holdings USA 4.50%, 10/19/20				1,900		1,775,208
Total Capital SA 4.45%, 6/24/20		FR		200		208,747
						6,307,968
OIL & GAS - EXPLORATION & PRODUCTION – 0.3%
Gazprom OAO 9.63%, 3/1/13		DE		2,400		2,683,200
Novatek Finance Ltd. 5.33%, 2/3/16 (2)		IE		200		206,000

See Notes to Financial Statements.

245

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	Country Code*		Principal Amount (000)		Value
Transocean, Inc. 4.95%, 11/15/15		KY	$	100	$	108,175
						2,997,375
PIPELINES – 0.1%
El Paso Corp. 7.88%, 6/15/12				400		421,052
REFINING – 0.4%
Petrobras International Finance Co. 7.88%, 3/15/19		KY		2,900		3,511,651
RETAIL – 0.0% +
CVS Pass-through Trust 6.94%, 1/10/30				93		104,139
SAVINGS & LOANS – 0.1%
Nationwide Building Society 6.25%, 2/25/20 (2)		GB		600		623,952
SPECIAL PURPOSE BANKS – 0.3%
The Export-Import Bank of Korea
1.05%, 3/3/12 (2)		KR		1,500		1,219,661
5.13%, 6/29/20		KR		300		303,592
5.88%, 1/14/15		KR		900		986,912
8.13%, 1/21/14		KR		400		457,251
						2,967,416
SPECIAL PURPOSE ENTITIES – 0.6%
IPIC GMTN Ltd. 5.00%, 11/15/20		KY		1,200		1,188,000
MUFG Capital Finance 5 Ltd. 6.30%, 1/25/17 (1)		KY		1,000		1,540,753
Odebrecht Drilling VIII/IX Ltd. 6.35%, 6/30/21 (2)		KY		2,300		2,426,500
Vnesheconombank Veb Finance Ltd. 5.45%, 11/22/17 (2)		IE		200		204,000
						5,359,253
TELECOMMUNICATIONS – 1.5%
BellSouth Corp. 4.46%, 4/26/12 (2)				10,500		10,808,437

	Country Code*		Principal Amount (000)		Value
Deutsche Telekom International Finance BV 6.50%, 4/8/22		NL	$	1,900	$	3,365,478
						14,173,915
TRANSPORTATION – 0.8%
Asciano Finance Ltd. 5.00%, 4/7/18 (2)		AU		5,100		5,235,073
DP World Ltd. 6.25%, 7/2/17 (2)		KY		1,900		1,959,375
Ryder System, Inc. 6.00%, 3/1/13				400		428,503
						7,622,951
UTILITIES – 0.6%
Centrais Eletricas Brasileiras SA 6.88%, 7/30/19 (2)		BR		1,600		1,812,000
MidAmerican Energy Holdings Co. 6.13%, 4/1/36				300		323,067
Nakilat, Inc. 6.07%, 12/31/33		QA		2,800		2,884,000
NRG Energy, Inc. 8.25%, 9/1/20				700		714,000
The AES Corp. 7.38%, 7/1/21 (2)				200		203,000
						5,936,067
Total Corporate Debt Obligations (Cost $313,796,769)						324,667,686
FOREIGN GOVERNMENT AGENCY OBLIGATIONS – 1.2%
Banco Nacional de Desenvolvimento Economico e Social 4.13%, 9/15/17 (2)		BR		200		282,054
Canada Housing Trust No. 1
2.75%, 12/15/15 (2)		CA		800		840,139
3.35%, 12/15/20 (2)		CA		1,600		1,650,649
Instituto De Credito Oficial 3.28%, 3/25/14 (1)(2)		ES		1,300		1,873,246
Korea Housing Finance Corp. 4.13%, 12/15/15 (2)		KR		3,500		3,615,843

See Notes to Financial Statements.

246

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code*		Principal Amount (000)		Value
Societe Financement de l’Economie Francaise
0.48%, 7/16/12 (1)(2)		FR	$	1,000	$	1,002,050
3.38%, 5/5/14 (2)		FR		2,100		2,227,321
Total Foreign Government Agency Obligations (Cost $11,054,914)						11,491,302
FOREIGN GOVERNMENT OBLIGATIONS – 5.4%
Bundesrepublik Deutschland Bond 3.25%, 7/4/21		DE		1,300		1,920,730
Canadian Government Bond
1.75%, 3/1/13		CA		900		936,982
2.00%, 8/1/13		CA		1,000		1,045,363
2.00%, 12/1/14		CA		1,900		1,971,532
2.25%, 8/1/14		CA		900		943,085
2.50%, 9/1/13		CA		1,500		1,583,768
Italy Buoni Poliennali Del Tesoro Inflation Linked Bond
2.10%, 9/15/16		IT		309		443,480
2.10%, 9/15/21		IT		6,771		9,180,358
Province of Ontario Canada
1.38%, 1/27/14		CA		1,100		1,106,498
4.20%, 6/2/20		CA		13,200		14,193,644
4.60%, 6/2/39		CA		300		323,354
4.70%, 6/2/37		CA		1,300		1,418,441
Russian Foreign Bond
3.63%, 4/29/15		RU		100		102,750
7.50%, 3/31/30 (3)		RU		2,941		3,466,704
Spain Government Bond 4.65%, 7/30/25		ES		8,600		11,178,014
United Mexican States, Series A 6.05%, 1/11/40		MX		200		212,800
Total Foreign Government Obligations (Cost $49,157,983)						50,027,503
MUNICIPAL BONDS – 3.2%
Acalanes Union High School District, Series 2008-B 0.00%, 8/1/46 (4)(5)				4,600		474,398
California Infrastructure & Economic Development Bank 6.49%, 5/15/49				1,000		1,025,980

	Country Code*	Principal Amount (000)		Value
California State University 6.43%, 11/1/30		$	200	$	207,152
City of New York, NY 6.25%, 6/1/35			3,800		3,904,538
City of Newport Beach, California Certificates of Participation 7.17%, 7/1/40			2,300		2,325,806
Contra Costa, California Community College District 6.50%, 8/1/34			1,600		1,657,680
County of Clark, NV 6.82%, 7/1/45			300		327,021
County of Fresno CA, Series A 0.00%, 8/15/28 (4)			2,200		663,564
Irvine Ranch Water District, California 6.62%, 5/1/40			3,700		4,366,629
Long Beach Unified School District, Series 2008-B 0.00%, 8/1/34 (4)			2,400		525,912
Los Angeles Unified School District, California 6.76%, 7/1/34			200		226,348
Metropolitan Government of Nashville & Davidson County, Tennessee, Water and Sewer Revenue 6.57%, 7/1/37			3,700		4,125,315
Metropolitan Transportation Authority 7.34%, 11/15/39			1,100		1,348,413
New Jersey Economic Development Authority 1.25%, 6/15/13 (1)			1,300		1,298,583
New York State Thruway Authority 5.88%, 4/1/30			1,000		1,096,620
Pasadena, California Public Financing Authority 7.15%, 3/1/43			1,400		1,441,020

See Notes to Financial Statements.

247

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code*	Principal Amount (000)		Value
Philadelphia Authority for Industrial Development 0.00%, 4/15/23 (4)		$	3,000	$	1,299,870
State of California
7.60%, 11/1/40			500		576,185
7.63%, 3/1/40			1,000		1,151,210
7.95%, 3/1/36			400		435,816
State of Illinois 4.07%, 1/1/14			400		413,392
State of Louisiana 3.00%, 5/1/43 (1)			400		405,780
Total Municipal Bonds (Cost $27,289,465)					29,297,232
U.S. GOVERNMENT AGENCY OBLIGATIONS – 16.0%
Federal Home Loan Mortgage Corp.
4.50%, 2/1/39			113		117,197
4.50%, 1/1/40			733		759,467
4.50%, TBA (5)			1,000		1,032,969
5.50%, 4/1/37			107		115,626
5.50%, 7/1/37			348		376,849
5.50%, 8/1/37			174		188,276
5.50%, 7/1/38			549		594,337
5.50%, 8/1/38			438		474,356
5.50%, TBA (5)			1,000		1,080,156
Federal National Mortgage Association
4.50%, 6/1/38			130		134,886
4.50%, 1/1/39			420		435,498
4.50%, 3/1/39			496		514,491
4.50%, 4/1/39			27		28,141
4.50%, 6/1/39			50		51,503
4.50%, 8/1/39			681		706,188
4.50%, 11/1/39			688		712,973
4.50%, 7/1/40			987		1,022,140
4.50%, 8/1/40			1,089		1,128,627
4.50%, 9/1/40			533		551,942
4.50%, 10/1/40			2,486		2,575,632
4.50%, 5/1/41			57,677		59,763,459
4.50%, 6/1/41			3,313		3,432,800
5.00%, TBA (5)			15,000		15,937,500
5.50%, 2/1/34			11		12,245
5.50%, 3/1/36			363		393,997
5.50%, 8/1/36			13		14,507
5.50%, 12/1/36			8		9,063
5.50%, 1/1/38			360		389,969
5.50%, 2/1/38			1,713		1,854,059
5.50%, 6/1/38			300		324,893
5.50%, 7/1/38			85		92,186
5.50%, 6/1/39			42		45,211

	Country Code*	Principal Amount (000)		Value
5.50%, 12/1/39		$	41	$	44,245
5.50%, TBA (5)			5,800		6,271,250
6.00%, 8/1/36			306		337,899
6.00%, 9/1/36			54		59,903
6.00%, 10/1/36			12		12,778
6.00%, 12/1/36			129		141,966
6.00%, 1/1/37			128		141,141
6.00%, 4/1/37			228		250,729
6.00%, 5/1/37			40		43,741
6.00%, 8/1/37			680		747,940
6.00%, 9/1/37			2,043		2,247,311
6.00%, 10/1/37			877		964,765
6.00%, 11/1/37			1,173		1,292,091
6.00%, 12/1/37			5,061		5,569,687
6.00%, 1/1/38			1,346		1,480,918
6.00%, 3/1/38			1,464		1,610,626
6.00%, 4/1/38			160		176,407
6.00%, 5/1/38			46		50,865
6.00%, 6/1/38			399		439,232
6.00%, 8/1/38			2,952		3,247,672
6.00%, 9/1/38			2,255		2,479,955
6.00%, 10/1/38			1,336		1,467,903
6.00%, 11/1/38			1,830		2,010,339
6.00%, 12/1/38			1,165		1,282,496
6.00%, 1/1/39			42		45,988
6.00%, 3/1/39			43		47,932
6.00%, 7/1/39			71		77,594
6.00%, 9/1/39			1,171		1,287,992
6.00%, 4/1/40			308		338,972
6.00%, TBA (5)			15,400		16,915,945
6.50%, 9/1/37			1,739		1,970,549
Total U.S. Government Agency Obligations (Cost $146,851,920)					147,927,974
U.S. TREASURY OBLIGATIONS – 4.8%
U.S. Treasury Inflation Indexed Bonds
1.13%, 1/15/21 (6)			9,148		9,500,045
1.75%, 1/15/28 (8)			3,649		3,818,673
2.00%, 1/15/26			2,832		3,094,702
2.38%, 1/15/25			1,551		1,782,416
2.38%, 1/15/27 (6)			3,011		3,432,940
2.50%, 1/15/29 (8)			3,142		3,649,057
U.S. Treasury Note 0.75%, 6/15/14 (8)			19,500		19,477,146
Total U.S. Treasury Obligations (Cost $44,259,353)					44,754,979

See Notes to Financial Statements.

248

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Country Code*		Principal Amount (000)		Value
BANK LOAN OBLIGATIONS – 0.3%
SENIOR LOANS – 0.3%
Ford Motor Co. 2.94%, 12/15/13 (1) (Cost $2,899,718)			$	2,892	$	2,889,016
			Shares
CONVERTIBLE PREFERRED STOCKS – 0.0% +
BANKS – 0.0% +
Wells Fargo & Co., Series L 7.50%, 12/31/49 (Cost $129,360)				200		212,000
PREFERRED STOCKS – 0.4%
BANKS – 0.4%
Citigroup, Inc., Series 1 6.15%, 12/15/12 (Cost $4,360,230)				405,000		3,956,040
			Notional Amount (000)
SWAPTIONS PURCHASED – 0.0% +
CALL SWAPTIONS – 0.0% +
OTC -1 Year Interest Rate Swap, exercise rate 1.25%, expires 4/30/12 (Cost $172,998)				45,600		242,268
			Principal Amount (000)
SHORT TERM INVESTMENTS – 29.8%
CERTIFICATES OF DEPOSIT – 1.8%
BANKS – 1.8%
Abbey National Treasury Services PLC 1.60%, 6/10/13 (1)		GB	$	2,500		2,500,018
Banco do Brasil SA 0.00%, 2/15/12 (4)		BR		3,800		3,825,581
Industrial & Commercial Bank of China Ltd. 0.55%, 7/11/11				3,800		3,800,000
Itau Unibanco SA New York
0.00%, 7/11/11 (4)		BR		700		699,748
1.00%, 2/6/12		BR		5,800		5,749,877
Total Certificates of Deposit (Cost $16,504,624)						16,575,224

	Country Code*		Principal Amount (000)		Value
COMMERCIAL PAPER (7) – 6.5%
Kells Funding LLC
0.24%, 8/4/11 (2)			$	18,400	$	18,395,873
0.24%, 8/8/11 (2)				26,800		26,793,210
0.24%, 8/19/11 (2)				2,900		2,899,053
0.24%, 11/7/11 (2)				900		899,210
0.28%, 7/8/11 (2)				3,400		3,399,815
0.28%, 7/18/11 (2)				1,300		1,299,828
0.30%, 7/19/11 (2)				3,500		3,499,475
Straight A Funding LLC
0.13%, 8/2/11 (2)				1,500		1,499,827
0.16%, 8/23/11 (2)				700		699,835
0.18%, 7/5/11 (2)				1,300		1,299,974
Total Commercial Paper (Cost $60,686,116)						60,686,100
CORPORATE DEBT OBLIGATIONS – 0.3%
BANKS – 0.3%
Banco Santander Brazil SA 0.00%, 7/13/11 (2)(4) (Amortized cost $2,998,555)		BR		3,000		2,998,555
U.S. GOVERNMENT AGENCY OBLIGATIONS (7) – 20.7%
Federal Home Loan Bank Discount Notes
0.04%, 7/27/11				2,700		2,699,917
0.04%, 8/5/11				70,100		70,097,274
0.05%, 8/10/11				5,500		5,499,695
0.09%, 8/26/11				3,000		2,999,603
0.10%, 9/7/11				24,800		24,798,586
Federal Home Loan Mortgage Corp. Discount Notes
0.06%, 10/24/11				1,300		1,299,834
0.09%, 9/12/11				4,400		4,399,732
0.09%, 9/22/11				8,100		8,099,441
0.09%, 9/27/11				23,360		23,358,295
Federal National Mortgage Association Discount Notes
0.01%, 10/19/11				16,000		15,998,048
0.04%, 9/21/11				2,000		1,999,864
0.07%, 8/17/11				8,700		8,699,205
0.09%, 9/14/11				6,300		6,299,609
0.10%, 11/16/11				700		699,812
0.13%, 8/8/11				15,100		15,097,928
Total U.S. Government Agency Obligations (Cost $192,036,845)						192,046,843

See Notes to Financial Statements.

249

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Shares		Value
MUTUAL FUNDS – 0.5%
State Street Institutional U.S. Government Money Market Fund (Cost $4,479,088)		4,479,088	$	4,479,088
Total Short Term Investments (Cost $276,705,228)				276,785,810
TOTAL INVESTMENTS – 105.4%
(Cost $960,006,724)				978,462,621
Liabilities in excess of other assets – (5.4)%				(50,393,375	)
NET ASSETS – 100.0%			$	928,069,246

OTC	Over the Counter
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 $41,237,820 which represents approximately 4.4% of net assets.
AE	United Arab Emirates
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
IT	Italy
JP	Japan
KR	Korea, Republic of
KY	Cayman Islands
LU	Luxembourg
MX	Mexico
NL	Netherlands
NO	Norway
QA	Qatar
RU	Russia
SE	Sweden
SG	Singapore
TR	Turkey
VG	British Virgin Islands

See Notes to Financial Statements.

250

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PORTFOLIO OF INVESTMENTS (Continued) June 30, 2011 (Unaudited) Sun Capital Advisers Trust

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

+ 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 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 $242,628,276, representing 26.1% of net assets.

(3) Security is a “Step-up” bond where the coupon increases on a predetermined future date.

(4) Zero-coupon bond.

(5) Security (or a portion thereof) has been purchased on a delayed delivery or when-issued basis.

(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 $451,763.

(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 $3,377,210 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 Euribor December Futures	12/17/12		25		8,838,503		8,860,415		21,912
Long	90-Day Euribor June Futures	6/18/12		25		8,861,306		8,877,635		16,329
Long	90-Day Euribor March Futures	3/18/13		25		8,829,838		8,852,257		22,419
Long	90-Day Euribor September Futures	9/17/12		25		8,850,285		8,870,384		20,099
Long	90-Day Eurodollar December Futures	12/19/11		345		85,723,513		85,887,751		164,238
Long	90-Day Eurodollar December Futures	12/17/12		21		5,200,406		5,193,825		(6,581	)
Long	90-Day Eurodollar December Futures	12/17/12		212		52,478,714		52,432,900		(45,814	)
Long	90-Day Eurodollar December Futures	12/16/13		40		9,806,545		9,788,500		(18,045	)
Long	90-Day Eurodollar June Futures	6/18/12		1,218		301,645,554		302,627,325		981,771
Long	90-Day Eurodollar June Futures	6/17/13		88		21,707,067		21,651,300		(55,767	)
Long	90-Day Eurodollar June Futures	6/16/14		12		2,926,921		2,921,100		(5,821	)
Long	90-Day Eurodollar March Futures	3/19/12		2,106		521,887,898		523,946,476		2,058,578
Long	90-Day Eurodollar March Futures	3/18/13		348		85,941,911		85,851,600		(90,311	)
Long	90-Day Eurodollar March Futures	3/17/14		65		15,899,796		15,864,875		(34,921	)
Long	90-Day Eurodollar September Futures	9/19/11		389		96,891,453		96,914,488		23,035
Long	90-Day Eurodollar September Futures	9/17/12		606		150,207,004		150,257,700		50,696
Long	90-Day Eurodollar September Futures	9/16/13		76		18,685,569		18,649,450		(36,119	)
Long	German Euro-Bobl September Futures	9/8/11		70		11,854,248		11,834,092		(20,156	)
Long	German Euro-Bund September Futures	9/8/11		10		1,829,014		1,819,648		(9,366	)
Short	U.S. Treasury 10 Year Note September Futures	9/21/11		13		1,572,989		1,590,266		(17,277	)
Long	U.S. Treasury 2 Year Note September Futures	9/30/11		54		11,818,478		11,844,562		26,084
Net unrealized appreciation										3,044,983

See Notes to Financial Statements.

251

SC SM PIMCO TOTAL RETURN FUND PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2011 (Unaudited)	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) ($)
Bank of America Securities LLC		USD	983,745	IDR	8,920,600,000	1/31/12		24,203
Barclays Bank PLC		BRL	25,407,231	USD	15,889,450	8/2/11		(288,397	)
Barclays Bank PLC		EUR	23,000	USD	32,814	7/18/11		(527	)
Barclays Bank PLC		EUR	398,000	USD	573,592	7/18/11		(3,358	)
Barclays Bank PLC		EUR	603,000	USD	881,435	7/18/11		7,314
Barclays Bank PLC		EUR	188,000	USD	272,545	7/18/11		17
Barclays Bank PLC		EUR	1,113,000	USD	1,600,550	7/18/11		(12,879	)
Barclays Bank PLC		EUR	2,109,000	USD	2,983,425	7/18/11		(73,826	)
Barclays Bank PLC		GBP	12,805,000	USD	20,935,919	9/13/11		402,388
Barclays Bank PLC		JPY	103,067,000	USD	1,231,989	7/14/11		(48,339	)
Barclays Bank PLC		RUB	5,794,000	USD	207,911	7/1/11		432
Barclays Bank PLC		USD	100,000	IDR	934,000,000	7/27/11		8,565
Barclays Bank PLC		USD	59,519	IDR	549,660,000	7/27/11		4,372
Barclays Bank PLC		USD	1,953,858	INR	91,675,000	8/12/11		84,103
Barclays Bank PLC		USD	64,443	MYR	200,000	8/11/11		1,611
Barclays Bank PLC		USD	64,761	MYR	200,000	8/11/11		1,294
Barclays Bank PLC		USD	64,988	MYR	200,000	8/11/11		1,066
Barclays Bank PLC		USD	87,917	PHP	3,900,000	11/15/11		1,137
Barclays Bank PLC		USD	36,281	PHP	1,600,000	11/15/11		254
Barclays Bank PLC		USD	36,126	PHP	1,600,000	11/15/11		409
Barclays Bank PLC		USD	38,245	PHP	1,700,000	11/15/11		573
Barclays Bank PLC		USD	27,445	PHP	1,229,000	11/15/11		618
Barclays Bank PLC		USD	202,800	RUB	5,794,000	7/1/11		4,679
Barclays Bank PLC		USD	749,392	SGD	958,154	9/9/11		30,751
Barclays Bank PLC		USD	294,200	TWD	8,431,780	1/11/12		646
Barclays Bank PLC		USD	100,000	ZAR	760,150	9/13/11		11,291
Barclays Bank PLC		USD	15,788,734	BRL	25,407,231	9/2/11		286,959
Citibank NA		EUR	19,000	USD	27,249	7/18/11		(294	)
Citibank NA		EUR	274,000	USD	392,955	7/18/11		(4,241	)
Citibank NA		EUR	6,277,000	USD	9,122,146	7/18/11		22,875
Citibank NA		EUR	5,609,000	USD	8,273,892	7/18/11		142,968
Citibank NA		EUR	956,000	USD	1,395,244	7/18/11		9,406
Citibank NA		EUR	151,000	USD	216,128	7/18/11		(2,764	)
Citibank NA		EUR	970,000	USD	1,368,371	7/18/11		(37,762	)
Citibank NA		GBP	201,000	USD	321,108	9/13/11		(1,207	)
Citibank NA		RUB	5,794,000	USD	210,729	7/1/11		3,250
Citibank NA		USD	500,000	CNY	3,202,250	6/1/12		1,893
Citibank NA		USD	1,000,000	CNY	6,313,000	2/1/13		6,142
Citibank NA		USD	1,004,490	EUR	702,000	7/18/11		13,144
Citibank NA		USD	40,000	IDR	382,000,000	7/27/11		4,402
Citibank NA		USD	60,000	IDR	571,800,000	7/27/11		6,464
Citibank NA		USD	60,611	IDR	563,500,000	7/27/11		4,888
Citibank NA		USD	395,181	IDR	3,608,000,000	7/27/11		24,199
Citibank NA		USD	301,572	JPY	25,517,000	7/14/11		15,408
Citibank NA		USD	103,057	JPY	8,488,000	7/14/11		2,384
Citibank NA		USD	17,575	MXN	216,000	7/7/11		871

See Notes to Financial Statements.

252

SC SM PIMCO TOTAL RETURN FUND PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2011 (Unaudited)	Sun Capital Advisers Trust

Counterparty	Contracts to Deliver			In Exchange For		Settlement Date	Unrealized Appreciation/ (Depreciation) ($)
Citibank NA		USD	116,350	MYR	360,000	8/11/11		2,547
Citibank NA		USD	64,851	MYR	200,000	8/11/11		1,203
Citibank NA		USD	97,286	MYR	300,000	8/11/11		1,796
Citibank NA		USD	97,507	MYR	300,000	8/11/11		1,574
Citibank NA		USD	100,000	PHP	4,310,000	11/15/11		(1,584	)
Citibank NA		USD	50,000	PHP	2,175,000	11/15/11		(335	)
Citibank NA		USD	100,000	PHP	4,389,000	11/15/11		220
Citibank NA		USD	100,000	PHP	4,455,000	11/15/11		1,727
Citibank NA		USD	100,000	PHP	4,421,000	11/15/11		951
Citibank NA		USD	100,000	PHP	4,339,500	11/15/11		(910	)
Citibank NA		USD	72,186	PHP	3,200,000	11/15/11		884
Citibank NA		USD	2,487,649	PHP	108,461,500	3/15/12		(25,914	)
Citibank NA		USD	207,911	RUB	5,794,000	7/1/11		(432	)
Citibank NA		USD	78,274	SGD	100,000	9/9/11		3,148
Citibank NA		USD	156,262	SGD	200,000	9/9/11		6,581
Citibank NA		USD	100,000	ZAR	696,300	7/28/11		2,641
Credit Suisse*		EUR	19,612,000	USD	28,285,407	7/18/11		(144,560	)
Deutsche Bank AG (London)		EUR	1,646,000	USD	2,379,293	7/18/11		(6,783	)
Deutsche Bank AG (London)		EUR	800,000	USD	1,167,948	7/18/11		8,251
Deutsche Bank AG (London)		EUR	733,000	USD	1,068,098	7/18/11		5,526
Deutsche Bank AG (London)		USD	4,044,312	CNY	25,628,807	2/1/13		40,311
Deutsche Bank AG (London)		USD	393,639	IDR	3,651,000,000	10/31/11		24,295
Deutsche Bank AG (London)		USD	200,000	MXN	2,473,700	7/7/11		11,239
Deutsche Bank AG (London)		USD	50,000	PHP	2,202,500	11/15/11		293
Deutsche Bank AG (London)		USD	200,348	SGD	255,514	9/9/11		7,695
Deutsche Bank AG (London)		USD	811,622	SGD	1,000,000	9/9/11		2,593
Deutsche Bank AG (London)		USD	324,844	SGD	400,000	9/9/11		842
Goldman Sachs International		USD	500,000	CNY	3,155,000	2/1/13		2,832
Goldman Sachs International		USD	600,000	KRW	676,380,000	8/12/11		33,588
Goldman Sachs International		USD	100,000	PHP	4,392,000	11/15/11		289
Goldman Sachs International		USD	812,222	SGD	1,000,000	9/9/11		1,993
HSBC Bank PLC		BRL	164,440	USD	100,000	8/2/11		(4,706	)
HSBC Bank PLC		BRL	164,540	USD	100,000	8/2/11		(4,770	)
HSBC Bank PLC		CAD	692,000	USD	703,517	9/19/11		(12,648	)
HSBC Bank PLC		EUR	806,000	USD	1,175,128	7/18/11		6,733
HSBC Bank PLC		EUR	281,000	USD	402,896	7/18/11		(4,447	)
HSBC Bank PLC		GBP	72,000	USD	114,895	9/13/11		(561	)
HSBC Bank PLC		IDR	17,432,510,000	USD	2,016,485	7/27/11		(9,803	)
HSBC Bank PLC		USD	100,000	CNY	639,800	6/1/12		277
HSBC Bank PLC		USD	110,000	IDR	1,046,100,000	7/27/11		11,595
HSBC Bank PLC		USD	110,000	IDR	1,041,150,000	7/27/11		11,019
HSBC Bank PLC		USD	100,000	IDR	930,000,000	7/27/11		8,100
HSBC Bank PLC		USD	14,696	IDR	136,500,000	7/27/11		1,170
HSBC Bank PLC		USD	62,519	IDR	579,800,000	7/27/11		4,875
HSBC Bank PLC		USD	1,929,442	IDR	17,432,510,000	7/2/12		(9,517	)
HSBC Bank PLC		USD	1,423,074	INR	64,266,000	8/12/11		5,577
HSBC Bank PLC		USD	7,865,218	MXN	97,899,946	7/7/11		494,842
HSBC Bank PLC		USD	200,000	MXN	2,455,400	7/7/11		9,676
HSBC Bank PLC		USD	300,000	MXN	3,665,130	7/7/11		12,980

See Notes to Financial Statements.

253

SC SM PIMCO TOTAL RETURN FUND PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2011 (Unaudited)	Sun Capital Advisers Trust

Counterparty	Contracts to Deliver			In Exchange For		Settlement Date		Unrealized Appreciation/ (Depreciation) ($)
HSBC Bank PLC		USD	100,000	MXN	1,227,750		7/7/11		4,842
HSBC Bank PLC		USD	200,000	MXN	2,455,000		7/7/11		9,642
HSBC Bank PLC		USD	200,000	MXN	2,440,500		7/7/11		8,404
HSBC Bank PLC		USD	300,000	MXN	3,667,050		7/7/11		13,144
HSBC Bank PLC		USD	200,000	MXN	2,442,400		7/7/11		8,566
HSBC Bank PLC		USD	100,000	MXN	1,226,100		7/7/11		4,701
HSBC Bank PLC		USD	100,000	MXN	1,217,150		7/7/11		3,937
HSBC Bank PLC		USD	100,000	MXN	1,217,350		7/7/11		3,954
HSBC Bank PLC		USD	100,000	MXN	1,214,350		7/7/11		3,698
HSBC Bank PLC		USD	200,000	MXN	2,427,900		7/7/11		7,328
HSBC Bank PLC		USD	500,000	MXN	5,968,000		11/18/11		3,530
HSBC Bank PLC		USD	200,000	MXN	2,389,000		11/18/11		1,564
HSBC Bank PLC		USD	200,000	MXN	2,385,600		11/18/11		1,277
HSBC Bank PLC		USD	108,113	MYR	332,718		8/11/11		1,774
HSBC Bank PLC		USD	100,000	ZAR	696,750		7/28/11		2,707
HSBC Bank PLC		USD	2,436,144	ZAR	17,141,440		10/28/11		56,848
HSBC Bank PLC		ZAR	17,141,440	USD	2,469,414		7/28/11		(57,392	)
JPMorgan Securities		CAD	697,000	USD	704,588		9/19/11		(16,752	)
JPMorgan Securities		EUR	717,000	USD	1,031,972		7/18/11		(7,406	)
JPMorgan Securities		USD	200,000	CNY	1,279,600		6/1/12		554
JPMorgan Securities		USD	217,564	EUR	154,000		7/18/11		5,678
JPMorgan Securities		USD	407,329	SGD	501,369		9/9/11		893
JPMorgan Securities		USD	156,357	SGD	200,000		9/9/11		6,486
JPMorgan Securities		USD	50,000	IDR	472,000,000		7/27/11		4,863
JPMorgan Securities		USD	205,142	IDR	1,883,000,000		7/27/11		13,730
JPMorgan Securities		USD	300,000	IDR	2,613,600,000		7/27/11		3,795
JPMorgan Securities		USD	200,000	IDR	1,743,400,000		7/27/11		2,646
JPMorgan Securities		USD	853,741	JPY	71,514,000		7/14/11		34,628
JPMorgan Securities		USD	7,509,413	KRW	8,246,461,469		8/12/11		215,327
JPMorgan Securities		USD	64,903	MYR	200,000		8/11/11		1,151
JPMorgan Securities		USD	100,000	PHP	4,410,000		11/15/11		700
JPMorgan Securities		USD	100,000	PHP	4,437,000		11/15/11		1,316
JPMorgan Securities		USD	100,000	PHP	4,310,000		11/15/11		(1,584	)
JPMorgan Securities		USD	1,690,482	ZAR	11,564,590		7/28/11		14,245
Morgan Stanley Capital Services, Inc.		BRL	489,270	USD	300,000		8/2/11		(11,539	)
Morgan Stanley Capital Services, Inc.		MXN	131,141,926	USD	11,130,229		7/7/11		(68,494	)
Morgan Stanley Capital Services, Inc.		USD	89,375	KRW	100,480,000		8/12/11		4,748
Morgan Stanley Capital Services, Inc.		USD	100,000	MXN	1,222,150		7/7/11		4,364
Morgan Stanley Capital Services, Inc.		USD	100,000	MXN	1,222,350		7/7/11		4,381
Morgan Stanley Capital Services, Inc.		USD	100,000	MXN	1,225,500		7/7/11		4,650
Morgan Stanley Capital Services, Inc.		USD	100,000	MXN	1,226,200		7/7/11		4,710
Morgan Stanley Capital Services, Inc.		USD	10,983,871	MXN	131,141,926		11/18/11		80,786
Morgan Stanley Capital Services, Inc.		USD	200,000	MXN	2,388,300		11/18/11		1,505
Morgan Stanley Capital Services, Inc.		USD	500,000	MXN	5,973,000		11/18/11		3,952
Morgan Stanley Capital Services, Inc.		USD	497,313	PHP	21,655,500		3/15/12		(5,801	)
Morgan Stanley Capital Services, Inc.		USD	612,365	ZAR	4,183,800		7/28/11		4,366
Morgan Stanley Capital Services, Inc.		USD	100,000	ZAR	759,900		9/13/11		11,254
Royal Bank of Canada		CAD	199,000	USD	201,291		9/19/11		(4,658	)
Royal Bank of Canada		CAD	295,000	USD	298,396		9/19/11		(6,905	)

See Notes to Financial Statements.

254

SC SM PIMCO TOTAL RETURN FUND PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2011 (Unaudited)	Sun Capital Advisers Trust

Counterparty	Contracts to Deliver			In Exchange For		Settlement Date		Unrealized Appreciation/ (Depreciation) ($)
Royal Bank of Canada		EUR	638,000	USD	903,663		7/18/11		(21,195	)
Royal Bank of Canada		USD	149,077	EUR	103,000		7/18/11		234
Royal Bank of Canada		USD	71,732	EUR	50,000		7/18/11		749
Royal Bank of Scotland PLC		EUR	98,000	USD	140,873		7/18/11		(1,190	)
Royal Bank of Scotland PLC		EUR	428,000	USD	619,909		7/18/11		(529	)
Royal Bank of Scotland PLC		EUR	298,000	USD	431,619		7/18/11		(368	)
Royal Bank of Scotland PLC		EUR	2,282,000	USD	3,287,723		7/18/11		(20,312	)
Royal Bank of Scotland PLC		EUR	263,000	USD	373,218		7/18/11		(8,032	)
Royal Bank of Scotland PLC		USD	16,270,927	BRL	26,225,481		8/2/11		427,934
Royal Bank of Scotland PLC		USD	500,000	CNY	3,205,500		6/1/12		2,403
Royal Bank of Scotland PLC		USD	1,175,067	EUR	801,000		7/18/11		(13,921	)
Royal Bank of Scotland PLC		USD	40,000	IDR	378,000,000		7/27/11		3,937
Royal Bank of Scotland PLC		USD	830,387	IDR	7,707,650,000		10/31/11		51,917
Royal Bank of Scotland PLC		USD	111,957	KRW	125,000,000		8/12/11		5,135
Royal Bank of Scotland PLC		USD	77,777	SGD	100,000		9/9/11		3,645
Royal Bank of Scotland PLC		USD	200,608	SGD	255,414		9/9/11		7,354
Royal Bank of Scotland PLC		USD	804,525	SGD	1,000,000		9/9/11		9,691
Net unrealized appreciation									1,993,840

* At the period end, cash of $310,000 has been received as collateral for these forward foreign currency exchange contracts.

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
RUB	–	New Russian Ruble
SGD	–	Singapore Dollar
TWD	–	New Taiwan Dollar
USD	–	United States Dollar
ZAR	–	South African Rand

See Notes to Financial Statements.

255

SC ^SM PIMCO TOTAL RETURN FUND

PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2011 (Unaudited)	Sun Capital Advisers Trust

(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	U.S. Treasury 10 Year Note August Futures		7/22/11		125.000		18		1,688
Call	U.S. Treasury 5 Year Note August Futures		7/22/11		120.000		53		12,008
Put	U.S. Treasury 10 Year Note August Futures		7/22/11		121.000		18		7,313
Put	U.S. Treasury 5 Year Note August Futures		7/22/11		118.000		53		11,180
Call	U.S. Treasury 5 Year Note September Futures		8/26/11		121.500		13		1,930
Put	90-Day Eurodollar September Futures		9/19/11		99.375		145		10,875
Put	90-Day Eurodollar March Futures		3/19/12		99.000		81		11,138
Written option contracts (Premium received, $206,704)							381		56,132

Forward Volatility Agreements on Swaption Straddles

Description	Counterparty	Expiration Date		Exercise Price ($)		Notational Amount (000) ($)		Value ($)
Call & Put–OTC 1-Year vs. 1-Year Swaption Straddle	Goldman Sachs Bank		10/11/11		TBD		4,600		29,772
Call & Put–OTC 1-Year vs. 2-Year Swaption Straddle	Morgan Stanley Capital Services, Inc.		10/11/11		TBD		14,000		226,909
Call & Put–OTC 1-Year vs. 2-Year Swaption Straddle	Morgan Stanley Capital Services, Inc.		11/14/11		TBD		11,600		190,147
Forward volatility agreements (Premium received, $306,061)							30,200		446,828

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		5,858
Floor - OTC CPURNSA Index	Citibank NA		217.965	Maximum of [1-(Index Final/Index Initial)] or $0		9/29/20		1,300		3,997
Floor - OTC CPURNSA Index	Deutsche Bank AG		215.949	Maximum of [1-(Index Final/Index Initial)] or $0		3/10/20		1,000		3,550
Written inflation floor options (Premium received, $42,970)								4,400		13,405

See Notes to Financial Statements.

256

SC SM PIMCO TOTAL RETURN FUND PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2011 (Unaudited)	Sun Capital Advisers Trust

Interest Rate Swaptions

Type

Description

Counterparty

Pay/Receive Floating Rate

Floating Rate

Exercise Rate

Expiration Date

Notional Amount (000) ($)

Value ($)

Put

OTC-1 Year Interest Rate Swap

Bank of America NA

Pay

3-Month USD-LIBOR

2.25

%

5/28/13

13,700

60,909

Put

OTC-2 Year Interest Rate Swap

Bank of America NA

Pay

3-Month USD-LIBOR

2.25

%

9/24/12

7,100

36,086

Put

OTC-3 Year Interest Rate Swap

Bank of America NA

Pay

3-Month USD-LIBOR

3.00

%

6/18/12

11,000

40,190

Call

OTC-10 Year Interest Rate Swap

Bank of America NA

Receive

3-Month USD-LIBOR

3.00

%

10/11/11

3,300

20,708

Call

OTC-10 Year Interest Rate Swap

Bank of America NA

Receive

3-Month USD-LIBOR

3.00

%

8/24/11

3,000

10,801

Put

OTC-10 Year Interest Rate Swap

Bank of America NA

Pay

3-Month USD-LIBOR

3.75

%

8/24/11

3,000

8,919

Put

OTC-10 Year Interest Rate Swap

Bank of America NA

Pay

3-Month USD-LIBOR

4.25

%

10/11/11

3,300

6,625

Put

OTC-3 Year Interest Rate Swap

Barclays Bank PLC*

Pay

3-Month USD-LIBOR

3.00

%

6/18/12

8,900

32,517

Put

OTC-2 Year Interest Rate Swap

Citibank NA

Pay

3-Month USD-LIBOR

2.25

%

9/24/12

800

4,066

Put

OTC-3 Year Interest Rate Swap

Citibank NA

Pay

3-Month USD-LIBOR

3.00

%

6/18/12

7,800

28,498

Put

OTC-5 Year Interest Rate Swap

Citibank NA

Pay

3-Month USD-LIBOR

3.25

%

7/16/12

5,000

67,814

Put

OTC-3 Year Interest Rate Swap

Deutsche Bank AG

Pay

3-Month USD-LIBOR

2.75

%

6/18/12

6,300

30,036

Call

OTC-10 Year Interest Rate Swap

Deutsche Bank AG

Receive

3-Month USD-LIBOR

3.00

%

8/24/11

10,200

36,723

Put

OTC-3 Year Interest Rate Swap

Deutsche Bank AG

Pay

3-Month USD-LIBOR

3.00

%

6/18/12

5,300

19,364

Put

OTC-10 Year Interest Rate Swap

Deutsche Bank AG

Pay

3-Month USD-LIBOR

3.75

%

8/24/11

10,200

30,324

Put

OTC-1 Year Interest Rate Swap

Goldman Sachs Bank

Pay

3-Month USD-LIBOR

0.65

%

11/14/11

9,400

7,199

Put

OTC-1 Year Interest Rate Swap

Goldman Sachs Bank

Pay

3-Month USD-LIBOR

1.00

%

11/19/12

10,700

61,523

Call

OTC-5 Year Interest Rate Swap

Goldman Sachs Bank

Receive

3-Month USD-LIBOR

1.80

%

9/12/11

7,300

14,712

Put

OTC-1 Year Interest Rate Swap

Goldman Sachs Bank

Pay

3-Month USD-LIBOR

2.00

%

4/30/12

66,600

37,176

Put

OTC-2 Year Interest Rate Swap

Goldman Sachs Bank

Pay

3-Month USD-LIBOR

2.25

%

9/24/12

6,700

34,053

Put

OTC-5 Year Interest Rate Swap

Goldman Sachs Bank

Pay

3-Month USD-LIBOR

2.50

%

9/12/11

7,300

25,451

Put

OTC-2 Year Interest Rate Swap

Morgan Stanley Capital Services, Inc.

Pay

3-Month USD-LIBOR

2.25

%

9/24/12

3,500

17,789

Call

OTC-10 Year Interest Rate Swap

Morgan Stanley Capital Services, Inc.

Receive

3-Month USD-LIBOR

3.00

%

10/11/11

25,200

158,133

See Notes to Financial Statements.

257

SC SM PIMCO TOTAL RETURN FUND PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2011 (Unaudited)	Sun Capital Advisers Trust

Type

Description

Counterparty

Pay/Receive Floating Rate

Floating Rate

Exercise Rate

Expiration Date

Notional Amount (000) ($)

Value ($)

Put

OTC-10 Year Interest Rate Swap

Morgan Stanley Capital Services, Inc.

Pay

3-Month USD-LIBOR

4.25

%

10/11/11

25,200

50,594

Put

OTC-10 Year Interest Rate Swap

Morgan Stanley Capital Services, Inc.

Pay

3-Month USD-LIBOR

10.00

%

7/10/12

2,000

27

Put

OTC-1 Year Interest Rate Swap

Royal Bank of Scotland PLC

Pay

3-Month USD-LIBOR

1.75

%

11/19/12

12,200

35,254

Call

OTC-5 Year Interest Rate Swap

Royal Bank of Scotland PLC

Receive

3-Month USD-LIBOR

1.80

%

8/24/11

3,600

5,971

Put

OTC-1 Year Interest Rate Swap

Royal Bank of Scotland PLC

Pay

3-Month USD-LIBOR

2.00

%

4/30/12

24,600

13,732

Put

OTC-2 Year Interest Rate Swap

Royal Bank of Scotland PLC

Pay

3-Month USD-LIBOR

2.25

%

9/24/12

30,700

156,033

Put

OTC-5 Year Interest Rate Swap

Royal Bank of Scotland PLC

Pay

3-Month USD-LIBOR

2.50

%

8/24/11

3,600

7,788

Put

OTC-3 Year Interest Rate Swap

Royal Bank of Scotland PLC

Pay

3-Month USD-LIBOR

2.75

%

6/18/12

5,900

28,129

Put

OTC-3 Year Interest Rate Swap

Royal Bank of Scotland PLC

Pay

3-Month USD-LIBOR

3.00

%

6/18/12

14,900

54,439

Call

OTC-10 Year Interest Rate Swap

Royal Bank of Scotland PLC

Receive

3-Month USD-LIBOR

3.00

%

10/11/11

13,100

82,204

Put

OTC-5 Year Interest Rate Swap

Royal Bank of Scotland PLC

Pay

3-Month USD-LIBOR

3.25

%

7/16/12

1,700

23,057

Put

OTC-10 Year Interest Rate Swap

Royal Bank of Scotland PLC

Pay

3-Month USD-LIBOR

4.25

%

10/11/11

13,100

26,301

Written swaptions (Premium received, $2,135,950)

386,200

1,273,145

CPURNSA	–	Consumer Price All Urban Non-Seasonally Adjusted Index
LIBOR	–	London Interbank Offered Rate
OTC	–	Over the Counter
USD	–	United States Dollar

(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		1.25	%		12/21/14		5,600		(42,741	)		(29,792	)		(12,949	)
Bank of America NA	Pay	6-Month EUR-EURIBOR		3.50	%		9/21/21		580		1,127			(6,399	)		7,526
Bank of America NA	Receive	3-Month USD-LIBOR		3.50	%		6/15/21		3,800		(82,753	)		12,500			(95,253	)

See Notes to Financial Statements.

258

SC SM PIMCO TOTAL RETURN FUND PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2011 (Unaudited)	Sun Capital Advisers Trust

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	Receive	3-Month USD-LIBOR		4.25	%		6/15/41		500		(16,041	)		21,730			(37,771	)
Bank of America NA	Receive	3-Month USD-LIBOR		4.00	%		12/21/41		300		9,138			8,553			585
Barclays Bank PLC*	Pay	6-Month EUR-EURIBOR		3.50	%		9/21/21		10,296		20,004			38,000			(17,996	)
Barclays Bank PLC*	Receive	3-Month USD-LIBOR		4.25	%		6/15/41		600		(19,249	)		13,500			(32,749	)
Citibank NA	Pay	6-Month EUR-EURIBOR		3.65	%		9/21/21		1,450		21,181			1,223			19,958
Citibank NA	Receive	3-Month USD-LIBOR		4.00	%		12/21/41		1,500		45,690			18,375			27,315
Citibank NA	Receive	3-Month USD-LIBOR		3.50	%		6/15/21		5,500		(119,775	)		(5,338	)		(114,437	)
Citibank NA	Receive	3-Month USD-LIBOR		4.25	%		6/15/41		5,100		(163,618	)		146,050			(309,668	)
Deutsche Bank AG	Pay	6-Month EUR-EURIBOR		3.50	%		9/21/21		2,610		5,071			21,588			(16,517	)
Deutsche Bank AG	Receive	3-Month USD-LIBOR		3.50	%		6/15/21		1,500		(32,666	)		31,250			(63,916	)
Deutsche Bank AG	Receive	3-Month USD-LIBOR		4.00	%		12/21/41		600		18,276			(2,400	)		20,676
Deutsche Bank AG	Receive	3-Month USD-LIBOR		4.25	%		6/15/41		4,900		(157,201	)		(3,950	)		(153,251	)
Goldman Sachs Bank	Pay	BRL-BZDIOVRA		12.65	%		1/2/14		641		21,319			6,547			14,772
Goldman Sachs Bank	Pay	6-Month EUR- EURIBOR		3.50	%		9/21/21		8,701		16,905			(65,920	)		82,825
Goldman Sachs Bank	Receive	3-Month USD- LIBOR		4.25	%		6/15/41		2,600		(83,413	)		80,200			(163,613	)
HSBC Bank USA, NA**	Pay	MXN-TIIE-Banxico		7.33	%		1/28/15		512		21,751			2,681			19,070
HSBC Bank USA, NA**	Pay	6-Month EUR-EURIBOR		3.50	%		9/21/21		8,411		16,341			56,094			(39,753	)
HSBC Bank USA, NA**	Receive	3-Month USD-LIBOR		3.50	%		6/15/21		1,000		(21,777	)		(4,170	)		(17,607	)
HSBC Bank USA, NA**	Receive	3-Month USD-LIBOR		4.25	%		6/15/41		100		(3,208	)		1,862			(5,070	)
Morgan Stanley Capital Services, Inc.	Pay	BRL-BZDIOVRA		12.59	%		1/2/13		128		2,376			272			2,104
Morgan Stanley Capital Services, Inc.	Pay	MXN-TIIE-Banxico		6.50	%		3/5/13		256		2,086			(117	)		2,203
Morgan Stanley Capital Services, Inc.	Pay	BRL-BZDIOVRA		12.51	%		1/2/14		641		17,508			4,601			12,907

See Notes to Financial Statements.

259

SC SM PIMCO TOTAL RETURN FUND PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2011 (Unaudited)	Sun Capital Advisers Trust

Counterparty	Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Expiration Date		Notional Amount (000) ($)		Market Value ($)			Upfront Premiums Paid/ (Received) ($)			Unrealized Appreciation/ (Depreciation) ($)
Morgan Stanley Capital Services, Inc.	Pay	6-Month EUR-EURIBOR		3.50	%		9/21/21		6,961		13,524			(21,390	)		34,914
Morgan Stanley Capital Services, Inc.	Pay	6-Month EUR-EURIBOR		3.65	%		9/21/21		3,335		48,716			11,225			37,491
Morgan Stanley Capital Services, Inc.	Receive	3-Month USD-LIBOR		4.00	%		12/21/41		2,200		67,011			40,370			26,641
Morgan Stanley Capital Services, Inc.	Receive	3-Month USD-LIBOR		4.25	%		6/15/41		12,600		(404,232	)		176,325			(580,557	)
Royal Bank of Scotland PLC	Pay	3-Month CAD-CDOR		5.70	%		12/18/24		3,318		54,906			(2,193	)		57,099
Royal Bank of Scotland PLC	Receive	3-Month USD-LIBOR		4.25	%		6/15/41		10,300		(330,444	)		255,125			(585,569	)
Total									106,540		(1,074,188	)		806,402			(1,880,590	)

BRL	–	Brazilian Real
BZDIOVRA	–	Brazilian Interbank Deposit Rate Over
CAD	–	Canadian Dollar
CDOR	–	Canadian Deposit Offered Rate
EUR	–	Euro
EURIBOR	–	Euro Interbank 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 Issues – 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		0.85%		500		(7,198	)		(7,198	)

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	Berkshire Hathaway Finance		1.00%		3/20/21		1.44%		2,500		(88,447	)		(81,066	)		(7,381	)
Bank of America NA	Credit Agricole SA		1.00%		6/20/16		2.67%		700		(75,504	)		(74,323	)		(1,181	)

See Notes to Financial Statements.

260

SC SM PIMCO TOTAL RETURN FUND PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2011 (Unaudited)	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) ($)			Unrealized Appreciation/ (Depreciation) ($)
Bank of America NA	General Electric Capital Corp.		1.00%		12/20/15		1.24%		500		(5,199	)		(10,026	)		4,827
Bank of America NA	General Electric Capital Corp.		1.00%		12/20/15		1.24%		500		(5,199	)		(9,796	)		4,597
Bank of America NA	General Electric Capital Corp.		1.00%		3/20/16		1.28%		10,400		(130,950	)		(115,799	)		(15,151	)
Bank of America NA	Japan Government Bond		1.00%		3/20/16		0.84%		100		719			1,439			(720	)
Bank of America NA	Japan Government Bond		1.00%		3/20/16		0.84%		200		1,439			2,676			(1,237	)
Bank of America NA	Metlife, Inc.		1.00%		12/20/15		1.38%		600		(9,789	)		(21,812	)		12,023
Bank of America NA	Metlife, Inc.		1.00%		12/20/15		1.38%		900		(14,684	)		(50,283	)		35,599
Bank of America NA	Prudential Financial, Inc.		1.00%		12/20/15		1.28%		700		(8,267	)		(20,428	)		12,161
Bank of America NA	Spain Government Bond		1.00%		3/20/16		2.59%		100		(6,794	)		(6,563	)		(231	)
Bank of America NA	Spain Government Bond		1.00%		3/20/16		2.59%		4,900		(332,882	)		(323,601	)		(9,281	)
Barclays Bank PLC*	Brazilian Government Bond		1.00%		6/20/15		0.94%		500		1,148			(7,190	)		8,338
Barclays Bank PLC*	China Government Bond		1.00%		3/20/16		0.79%		1,000		9,547			11,950			(2,403	)
Barclays Bank PLC*	Italy Republic Bond		1.00%		3/20/16		1.69%		800		(24,178	)		(31,135	)		6,957
Barclays Bank PLC*	Italy Republic Bond		1.00%		3/20/16		1.69%		3,900		(117,870	)		(138,949	)		21,079
Barclays Bank PLC*	United Mexican States, Series A		1.00%		3/20/15		0.88%		400		1,776			(9,000	)		10,776
Barclays Bank PLC*	United Mexican States, Series A		1.00%		9/20/15		0.94%		3,300		8,221			(44,617	)		52,838
Citibank NA	Brazilian Government Bond		1.00%		9/20/15		0.97%		1,000		1,258			(15,694	)		16,952
Citibank NA	China Government Bond		1.00%		6/20/16		0.82%		1,400		12,276			15,095			(2,819	)
Citibank NA	Kazakhstan Government Bond		1.00%		3/20/16		1.50%		300		(6,815	)		(8,658	)		1,843
Citibank NA	Metlife, Inc.		1.00%		12/20/15		1.38%		800		(13,052	)		(29,082	)		16,030
Citibank NA	Turkey Government Bond		1.00%		12/20/15		1.60%		6,100		(157,681	)		(78,114	)		(79,567	)
Citibank NA	United Mexican States, Series A		1.00%		3/20/15		0.88%		400		1,776			(9,184	)		10,960

See Notes to Financial Statements.

261

SC SM PIMCO TOTAL RETURN FUND PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2011 (Unaudited)	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) ($)			Unrealized Appreciation/ (Depreciation) ($)
Deutsche Bank AG	Brazilian Government Bond		1.00%		6/20/15		0.94%		500		1,148			(4,780	)		5,928
Deutsche Bank AG	Brazilian Government Bond		1.00%		12/20/15		1.01%		6,200		(2,758	)		(35,105	)		32,347
Deutsche Bank AG	China Government Bond		1.00%		9/20/16		0.84%		400		3,200			2,210			990
Deutsche Bank AG	China Government Bond		1.00%		6/20/16		0.82%		800		7,015			8,612			(1,597	)
Deutsche Bank AG	Japan Government Bond		1.00%		3/20/15		0.70%		700		7,674			8,131			(457	)
Deutsche Bank AG	Kazakhstan Government Bond		1.00%		3/20/16		1.50%		300		(6,815	)		(9,075	)		2,260
Deutsche Bank AG	Merrill Lynch & Co., Inc.		1.00%		3/20/16		1.54%		1,500		(36,003	)		(31,932	)		(4,071	)
Deutsche Bank AG	Metlife, Inc.		1.00%		3/20/18		1.69%		2,600		(107,648	)		(147,690	)		40,042
Deutsche Bank AG	United Mexican States, Series A		1.00%		3/20/15		0.88%		200		888			(4,592	)		5,480
Deutsche Bank AG	United Mexican States, Series A		1.00%		9/20/15		0.94%		3,000		7,473			(40,561	)		48,034
Goldman Sachs International	Brazilian Government Bond		1.00%		6/20/15		0.94%		500		1,148			(6,715	)		7,863
Goldman Sachs International	France Government Bond		0.25%		12/20/15		0.70%		300		(5,812	)		(5,883	)		71
Goldman Sachs International	Italy Republic Bond		1.00%		3/20/16		1.69%		200		(6,045	)		(7,695	)		1,650
Goldman Sachs International	Italy Republic Bond		1.00%		3/20/16		1.69%		1,600		(48,357	)		(57,984	)		9,627
Goldman Sachs International	MBIA Insurance Corp.		5.00%		9/20/11		5.99%		5,000		(11,301	)		(50,001	)		38,700
Goldman Sachs International	Metlife, Inc.		1.00%		9/20/15		1.31%		1,000		(12,774	)		(64,375	)		51,601

See Notes to Financial Statements.

262

SC SM PIMCO TOTAL RETURN FUND PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2011 (Unaudited)	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	Spain Government Bond		1.00%		3/20/16		2.59%		100		(6,794	)		(6,646	)		(148	)
Goldman Sachs International	Spain Government Bond		1.00%		6/20/16		2.61%		1,000		(71,577	)		(60,347	)		(11,230	)
Goldman Sachs International	United Kingdom Gilt		1.00%		12/20/15		0.52%		500		10,444			11,508			(1,064	)
Goldman Sachs International	United Kingdom Gilt		1.00%		12/20/15		0.52%		1,000		20,887			23,194			(2,307	)
Goldman Sachs International	United Kingdom Gilt		1.00%		6/20/15		0.46%		2,200		46,614			20,327			26,287
HSBC Bank USA, NA**	Brazilian Government Bond		1.00%		9/20/15		0.97%		1,200		1,510			(11,923	)		13,433
HSBC Bank USA, NA**	Brazilian Government Bond		1.00%		3/20/16		1.05%		2,800		(5,944	)		(13,143	)		7,199
HSBC Bank USA, NA**	Kazakhstan Government Bond		1.00%		3/20/16		1.50%		400		(9,086	)		(11,729	)		2,643
Morgan Stanley Capital Services, Inc.	Brazilian Government Bond		1.00%		6/20/15		0.94%		500		1,148			(4,839	)		5,987
Morgan Stanley Capital Services, Inc.	Brazilian Government Bond		1.00%		9/20/15		0.97%		4,900		6,165			(68,592	)		74,757
Morgan Stanley Capital Services, Inc.	California State General Obligation		2.25%		3/20/21		1.84%		2,400		61,767			—			61,767
Morgan Stanley Capital Services, Inc	China Government Bond		1.00%		9/20/16		0.84%		600		4,800			2,966			1,834
Morgan Stanley Capital Services, Inc.	France Government Bond		0.25%		3/20/16		0.73%		500		(11,009	)		(17,027	)		6,018
Morgan Stanley Capital Services, Inc.	General Electric Capital Corp.		1.00%		6/20/16		1.31%		100		(1,477	)		(383	)		(1,094	)
Morgan Stanley Capital Services, Inc.	United Mexican States, Series A		1.00%		3/20/16		1.02%		2,700		(2,735	)		(16,616	)		13,881

See Notes to Financial Statements.

263

SC SM PIMCO TOTAL RETURN FUND PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2011 (Unaudited)	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) ($)			Unrealized Appreciation/ (Depreciation) ($)
Royal Bank of Scotland PLC	China Government Bond	1.00%		6/20/16		0.82%		800		7,015			8,419			(1,404	)
Royal Bank of Scotland PLC	France Government Bond	0.25%		3/20/16		0.73%		500		(11,009	)		(16,794	)		5,785
Royal Bank of Scotland PLC	France Government Bond	0.25%		12/20/15		0.70%		700		(13,562	)		(13,897	)		335
Royal Bank of Scotland PLC	France Government Bond	0.25%		3/20/16		0.73%		6,200		(136,510	)		(190,852	)		54,342
Royal Bank of Scotland PLC	Italy Republic Bond	1.00%		3/20/16		1.69%		3,900		(117,870	)		(140,673	)		22,803
Total								99,800		(1,395,341	)		(2,008,642	)		613,301

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		607,443		685,000			(77,557	)
Bank of America NA	CDX.IG-16 Index	1.00%		6/20/16		23,700		89,809		113,958			(24,149	)
Barclays Bank PLC*	CDX.EM-13 Index	5.00%		6/20/15		6,000		677,248		769,300			(92,052	)
Barclays Bank PLC*	CDX.EM-14 Index	5.00%		12/20/15		1,600		194,382		209,600			(15,218	)
Barclays Bank PLC*	CDX.HY-16 Index	5.00%		6/20/16		5,100		80,691		(19,125	)		99,816
Citibank NA	CDX.EM-14 Index	5.00%		12/20/15		3,100		376,615		418,100			(41,485	)
Deutsche Bank AG	CDX.EM-13 Index	5.00%		6/20/15		2,000		225,749		246,500			(20,751	)
Deutsche Bank AG	CDX.EM-14 Index	5.00%		12/20/15		1,000		121,489		123,600			(2,111	)
Deutsche Bank AG	CDX.EM-15 Index	5.00%		6/20/16		300		39,101		40,651			(1,550	)
Deutsche Bank AG	CDX.IG-16 Index	1.00%		6/20/16		6,800		25,768		32,688			(6,920	)
HSBC Bank USA, NA**	CDX.EM-13 Index	5.00%		6/20/15		3,100		349,912		363,590			(13,678	)
HSBC Bank USA, NA**	CDX.EM-14 Index	5.00%		12/20/15		400		48,595		52,200			(3,605	)

See Notes to Financial Statements.

264

SC SM PIMCO TOTAL RETURN FUND PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2011 (Unaudited)	Sun Capital Advisers Trust

Counterparty	Reference Entity	(Pay)/Receive Fixed Rate	Expiration Date		Notional Amount (c) (000) ($)		Market Value(d) ($)		Upfront Premiums Paid / (Received) ($)		Unrealized Appreciation / (Depreciation) ($)
Morgan Stanley Capital Services, Inc.	CDX.EM-13 Index	5.00%		6/20/15		1,900		214,462		214,250		212
Morgan Stanley Capital Services, Inc.	CDX.EM-14 Index	5.00%		12/20/15		900		109,340		117,000		(7,660	)
Morgan Stanley Capital Services, Inc.	CDX.IG-16 Index	1.00%		6/20/16		4,400		16,673		21,416		(4,743	)
Total						65,300		3,177,277		3,388,728		(211,451	)

CDX.EM	–	Credit Derivatives Index – Emerging Markets
CDX.HY	–	Credit Derivatives Index – High Yield
CDX.IG	–	Credit Derivatives Index – Investment Grade

* At the period end, cash of $1,150,000 has been received as collateral for these open swap and written swaption contracts.

** At the period end, cash of $810,000 has been received as collateral for these open swap contracts.

(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.

265

SC SM PIMCO TOTAL RETURN FUND PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2011 (Unaudited)	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	$	—		$	29,265,785		$	—	$	29,265,785
Collateralized Mortgage Obligations		—			36,183,928			—		36,183,928
Commercial Mortgage Backed Securities		—			17,864,723			—		17,864,723
Convertible Bonds (a)		—			2,896,375			—		2,896,375
Corporate Debt Obligations (a)		—			324,667,686			—		324,667,686
Foreign Government Agency Obligations		—			11,491,302			—		11,491,302
Foreign Government Obligations		—			50,027,503			—		50,027,503
Municipal Bonds		—			29,297,232			—		29,297,232
U.S. Government Agency Obligations		—			147,927,974			—		147,927,974
U.S. Treasury Obligations		44,754,979			—			—		44,754,979
Bank Loan Obligations (a)		—			2,889,016			—		2,889,016
Convertible Preferred Stocks (a)		212,000			—			—		212,000
Preferred Stocks (a)		—			3,956,040			—		3,956,040
Swaptions Purchased (a)		—			242,268			—		242,268
Short Term Investments								—
Certificates of Deposit (a)		—			16,575,224			—		16,575,224
Commercial Paper		—			60,686,100			—		60,686,100
Corporate Debt Obligations (a)		—			2,998,555			—		2,998,555
U.S. Government Agency Obligations		—			192,046,843			—		192,046,843
Mutual Funds		4,479,088			—			—		4,479,088
Total Short Term Investments		4,479,088			272,306,722			—		276,785,810
Total Investments		49,446,067			929,016,554			—		978,462,621
Financial Derivative Instruments
Futures Contracts		3,304,403			80,758			—		3,385,161
Forward Foreign Currency Exchange Contracts		—			2,940,482			—		2,940,482
Swap Contracts (a)		—			1,222,758			—		1,222,758
Total Financial Derivative Instruments	$	3,304,403		$	4,243,998		$	—	$	7,548,401
Liabilities
Financial Derivative Instruments
Futures Contracts	$	(310,656	)	$	(29,522	)	$	—	$	(340,178	)
Forward Foreign Currency Exchange Contracts		—			(946,642	)		—		(946,642	)
Written Option Contracts (a)		(56,132	)		(460,233	)		—		(516,365	)
Written Swaption Contracts		—			(1,273,145	)		—		(1,273,145	)
Swap Contracts (a)		—			(2,708,696	)		—		(2,708,696	)
Total Financial Derivative Instruments	$	(366,788	)	$	(5,418,238	)	$	—	$	(5,785,026	)

† 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.

266

SC ^SM IBBOTSON BALANCED FUND

PORTFOLIO OF INVESTMENTS June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Shares (2)		Value
INVESTMENT COMPANIES (1) – 100.0%
MFS Emerging Markets Equity Portfolio		2,029,466	$	36,327,435
MFS International Growth Portfolio		5,008,870		72,528,433
MFS Value Portfolio		6,238,258		91,702,390
SCSM AllianceBernstein International Value Fund		4,376,102		45,905,308
SCSM BlackRock Inflation Protected Bond Fund		11,437,059		125,578,905
SCSM BlackRock International Index Fund		3,300,142		36,037,549
SCSM BlackRock Large Cap Index Fund		5,808,003		57,557,309
SCSM BlackRock Small Cap Index Fund		1,512,152		20,988,673
SCSM Columbia Small Cap Value Fund		2,729,921		31,475,993
SCSM Davis Venture Value Fund		5,831,522		72,427,504
SCSM Goldman Sachs Mid Cap Value Fund		6,091,066		62,920,710
SCSM Goldman Sachs Short Duration Fund		18,855,919		194,781,647
SCSM Ibbotson Tactical Opportunities Fund		32,714,429		363,784,450
SCSM Invesco Small Cap Growth Fund		1,462,655		18,093,039
SCSM Lord Abbett Growth & Income Fund		4,164,402		36,063,724
SCSM PIMCO High Yield Fund		7,203,723		71,316,854
SCSM PIMCO Total Return Fund		13,610,522		159,651,421
SCSM WMC Blue Chip Mid Cap Fund		3,395,383		54,054,503
SCSM WMC Large Cap Growth Fund		7,696,892		78,508,299
Sun Capital Global Real Estate Fund		4,352,817		52,625,559
Sun Capital Investment Grade Bond Fund®		12,940,728		123,842,769
Total Investment Companies (Cost $1,643,057,878)				1,806,172,474

	Value
TOTAL INVESTMENTS – 100.0%
(Cost $1,643,057,878)	$	1,806,172,474
Other assets less liabilities – 0.0% +		887,908
NET ASSETS – 100.0%	$	1,807,060,382

+ Amount is less than 0.05%.

(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.

(3) 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.

267

SC ^SM IBBOTSON CONSERVATIVE FUND

PORTFOLIO OF INVESTMENTS June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Shares (2)		Value
INVESTMENT COMPANIES (1) – 100.0%
MFS International Growth Portfolio		1,815,555	$	26,289,230
MFS Value Portfolio		2,663,557		39,154,281
SCSM AllianceBernstein International Value Fund		1,684,524		17,670,655
SCSM BlackRock Inflation Protected Bond Fund		9,441,760		103,670,524
SCSM BlackRock International Index Fund		1,212,086		13,235,980
SCSM BlackRock Large Cap Index Fund		2,651,663		26,277,982
SCSM BlackRock Small Cap Index Fund		638,481		8,862,113
SCSM Columbia Small Cap Value Fund		1,148,518		13,242,415
SCSM Davis Venture Value Fund		1,759,245		21,849,827
SCSM Goldman Sachs Mid Cap Value Fund		2,540,322		26,241,524
SCSM Goldman Sachs Short Duration Fund		15,625,293		161,409,276
SCSM Ibbotson Tactical Opportunities Fund		7,910,109		87,960,414
SCSM Lord Abbett Growth & Income Fund		2,023,007		17,519,237
SCSM PIMCO High Yield Fund		4,338,912		42,955,228
SCSM PIMCO Total Return Fund		8,717,476		102,255,991
SCSM WMC Blue Chip Mid Cap Fund		1,653,860		26,329,454
SCSM WMC Large Cap Growth Fund		3,477,652		35,472,055
Sun Capital Investment Grade Bond Fund®		9,748,880		93,296,780
Total Investment Companies (Cost $791,581,332)				863,692,966
TOTAL INVESTMENTS – 100.0%
(Cost $791,581,332)				863,692,966
Other assets less liabilities – 0.0% +				356,368
NET ASSETS – 100.0%			$	864,049,334

+ 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.

(3) 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.

268

SC ^SM IBBOTSON GROWTH FUND

PORTFOLIO OF INVESTMENTS June 30, 2011 (Unaudited) Sun Capital Advisers Trust

	Shares (2)		Value
INVESTMENT COMPANIES (1) – 100.0%
MFS Emerging Markets Equity Portfolio		697,809	$	12,490,775
MFS International Growth Portfolio		2,592,614		37,541,056
MFS Value Portfolio		2,527,569		37,155,267
SCSM AllianceBernstein International Value Fund		1,790,410		18,781,398
SCSM BlackRock Inflation Protected Bond Fund		2,246,878		24,670,723
SCSM BlackRock International Index Fund		1,726,362		18,851,873
SCSM BlackRock Large Cap Index Fund		2,549,831		25,268,826
SCSM BlackRock Small Cap Index Fund		1,069,245		14,841,124
SCSM Columbia Small Cap Value Fund		1,084,842		12,508,229
SCSM Davis Venture Value Fund		3,953,491		49,102,354
SCSM Goldman Sachs Mid Cap Value Fund		3,298,261		34,071,037
SCSM Goldman Sachs Short Duration Fund		1,203,515		12,432,310
SCSM Ibbotson Tactical Opportunities Fund		11,225,172		124,823,907
SCSM Invesco Small Cap Growth Fund		974,376		12,053,031
SCSM Lord Abbett Growth & Income Fund		1,405,885		12,174,961
SCSM PIMCO Total Return Fund		4,167,906		48,889,534
SCSM WMC Blue Chip Mid Cap Fund		1,919,034		30,551,014
SCSM WMC Large Cap Growth Fund		4,292,372		43,782,198
Sun Capital Global Real Estate Fund		2,041,716		24,684,343
Sun Capital Investment Grade Bond Fund®		2,548,561		24,389,732
Total Investment Companies (Cost $535,668,364)				619,063,692

	Value
TOTAL INVESTMENTS – 100.0%
(Cost $535,668,364)	$	619,063,692
Liabilities in excess of other assets – 0.0% +		(140,187	)
NET ASSETS – 100.0%	$	618,923,505

+ 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.

(3) 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.

269

STATEMENTS OF ASSETS AND LIABILITIES
June 30, 2011 (Unaudited)	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	$	88,565,108	$	69,706,389	$	134,699,639	$	218,324,816	$	276,120,987
Total Investments		88,565,108		69,706,389		134,699,639		218,324,816		276,120,987
Cash		—		—		—		174,653		—
Foreign currency, at value		503,258		1,062,748		—		—		—
Margin deposits with broker		27,247		164,000		398,000		449,000		—
Interest and dividends receivable		268,072		210,715		155,237		259,984		335,737
Receivable for Fund shares sold		—		27,296		444,356		353		17,735
Receivable for investments sold		320,938		3,957		15,569		596,741		—
Variation margin receivable		5,996		10,076		30,883		81,352		25,380
Unrealized appreciation on forward foreign currency exchange contracts		13,440		—		—		—		—
Receivable due from Adviser		—		7,749		—		—		—
Other assets		728		57,249		1,093		1,878		691
Total Assets		89,704,787		71,250,179		135,744,777		219,888,777		276,500,530
LIABILITIES
Payable for investments purchased - regular delivery		1,928,592		1,183,110		4,024,863		125,802		—
Payable for Fund shares redeemed		442		—		39,478		192,499		51,512
Investment advisory fee payable		21,878		—		28,175		71,536		478,131
Distribution fee (Service Class) payable		424		131		2,083		13,758		3,621
Unrealized depreciation on forward foreign currency exchange contracts		78,291		—		—		—		—
Accrued expenses and other liabilities		69,054		27,518		44,824		43,466		1,536
Total Liabilities		2,098,681		1,210,759		4,139,423		447,061		534,800
NET ASSETS	$	87,606,106	$	70,039,420	$	131,605,354	$	219,441,716	$	275,965,730
COMPOSITION OF NET ASSETS
Paid-in Capital	$	71,506,793	$	64,860,420	$	100,492,817	$	192,821,274	$	165,631,405
Accumulated undistributed net investment income (loss)		3,056,005		1,120,363		2,156,584		1,187,272		4,658,023
Accumulated net realized gain (loss) on investments and foreign currency related transactions		6,505,369		113,994		17,434,713		4,734,728		38,966,067
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		6,537,939		3,944,643		11,521,240		20,698,442		66,710,235
	$	87,606,106	$	70,039,420	$	131,605,354	$	219,441,716	$	275,965,730
Initial Class
Net Assets	$	83,280,996	$	68,586,353	$	110,496,530	$	80,890,613	$	239,700,714
Shares of beneficial interest		7,941,187		6,279,873		11,152,617		5,826,088		23,210,719
Net asset value per share	$	10.49	$	10.92	$	9.91	$	13.88	$	10.33
Service Class
Net Assets	$	4,325,110	$	1,453,067	$	21,108,824	$	138,551,103	$	36,265,016
Shares of beneficial interest		414,107		133,254		2,086,022		10,121,945		3,528,357
Net asset value per share	$	10.44	$	10.90	$	10.12	$	13.69	$	10.28
Investments, at cost	$	81,985,538	$	65,797,026	$	123,276,920	$	198,075,991	$	209,639,325
Foreign currency, at cost	$	498,772	$	1,055,766	$	—	$	—	$	—

See Notes to Financial Statements.

270

STATEMENTS OF ASSETS AND LIABILITIES (Continued)
June 30, 2011 (Unaudited)	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	$	70,374,364	$	431,774,292	$	45,116,265		$	522,326,756	$	193,949,458
Total Investments		70,374,364		431,774,292		45,116,265			522,326,756		193,949,458
Cash		272,230		292		1,216,919			—		3,321,463
Foreign currency, at value		—		79,615		—			—		—
Interest and dividends receivable		72,873		817,681		12,065			303,450		85,497
Receivable for Fund shares sold		14,267		5,731		853			8,391		10,595
Receivable for investments sold		693,128		2,506,454		518,815			4,207,404		1,385,415
Other assets		590		4,500		331			1,450		1,543
Total Assets		71,427,452		435,188,565		46,865,248			526,847,451		198,753,971
LIABILITIES
Payable for investments purchased - regular delivery		673,781		1,210,035		131,262			1,470,861		1,464,186
Payable for Fund shares redeemed		15,298		337,847		19,400			581,363		89,744
Investment advisory fee payable		45,623		260,692		28,680			726,489		125,461
Distribution fee (Service Class) payable		1,309		26,783		1,570			1,548		4,140
Accrued expenses and other liabilities		26,021		83,235		32,689			3,109		40,565
Total Liabilities		762,032		1,918,592		213,601			2,783,370		1,724,096
NET ASSETS	$	70,665,420	$	433,269,973	$	46,651,647		$	524,064,081	$	197,029,875
COMPOSITION OF NET ASSETS
Paid-in Capital	$	53,670,248	$	320,875,310	$	34,842,338		$	293,917,814	$	157,438,993
Accumulated undistributed net investment income (loss)		378,281		3,761,679		(141,781	)		4,515,125		285,462
Accumulated net realized gain (loss) on investments and foreign currency related transactions		11,647,908		25,058,323		2,892,997			142,639,476		12,454,639
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		4,968,983		83,574,661		9,058,093			82,991,666		26,850,781
	$	70,665,420	$	433,269,973	$	46,651,647		$	524,064,081	$	197,029,875
Initial Class
Net Assets	$	57,443,706	$	166,092,203	$	30,638,121		$	508,391,433	$	155,564,131
Shares of beneficial interest		4,980,729		13,378,396		2,477,714			58,694,677		9,769,016
Net asset value per share	$	11.53	$	12.41	$	12.37		$	8.66	$	15.92
Service Class
Net Assets	$	13,221,714	$	267,177,770	$	16,013,526		$	15,672,648	$	41,465,744
Shares of beneficial interest		1,151,266		21,601,976		1,305,098			1,818,484		2,624,673
Net asset value per share	$	11.48	$	12.37	$	12.27		$	8.62	$	15.80
Investments, at cost	$	65,405,381	$	348,214,293	$	36,058,172		$	439,335,125	$	167,098,769
Foreign currency, at cost	$	—	$	79,559	$	—		$	—	$	—

See Notes to Financial Statements.

271

STATEMENTS OF ASSETS AND LIABILITIES (Continued)
June 30, 2011 (Unaudited)	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	$	196,015,677	$	233,864,376		$	581,859,550	$	507,162,412		$	194,522,194
Total Investments		196,015,677		233,864,376			581,859,550		507,162,412			194,522,194
Cash		13,290,010		—			—		—			—
Foreign currency, at value		—		136,643			—		—			—
Interest and dividends receivable		185,171		1,122,648			404,868		3,286,608			5,274
Receivable for Fund shares sold		238,687		21,804			—		782,434			567,369
Receivable for investments sold		1,350,845		23,212,073			—		25,285,150			—
Receivable due from Adviser		—		—			—		—			34,522
Other assets		2,212		2,576			4,407		3,909			1,914
Total Assets		211,082,602		258,360,120			582,268,825		536,520,513			195,131,273
LIABILITIES
Payable for investments purchased - regular delivery		4,444,381		46,255			5,573,539		4,092,252			—
Payable for investments purchased - delayed delivery		—		—			—		107,024,065			—
Payable for Fund shares redeemed		130,402		184,428			—		34,187			30,139
Investment advisory fee payable		117,618		196,476			165,130		209,439			—
Distribution fee (Service Class) payable		1,866		13,743			—		16,070			12,668
Accrued expenses and other liabilities		55,923		79,432			64,883		77,428			46,676
Total Liabilities		4,750,190		520,334			5,803,552		111,453,441			89,483
NET ASSETS	$	206,332,412	$	257,839,786		$	576,465,273	$	425,067,072		$	195,041,790
COMPOSITION OF NET ASSETS
Paid-in Capital	$	161,668,120	$	277,886,623		$	526,724,768	$	405,327,949		$	195,040,144
Accumulated undistributed net investment income (loss)		761,870		2,186,537			5,199,961		(16,716	)		419
Accumulated net realized gain (loss) on investments, capital gains distributions from underlying funds and foreign currency related transactions		13,184,579		(75,912,386	)		19,616,012		12,698,032			1,227
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		30,717,843		53,679,012			24,924,532		7,057,807			—
	$	206,332,412	$	257,839,786		$	576,465,273	$	425,067,072		$	195,041,790
Initial Class
Net Assets	$	187,556,385	$	121,862,468		$	576,465,273	$	267,796,458		$	71,677,363
Shares of beneficial interest		18,391,453		10,082,290			51,849,710		27,976,057			71,653,860
Net asset value per share	$	10.20	$	12.09		$	11.12	$	9.57		$	1.00
Service Class
Net Assets	$	18,776,027	$	135,977,318		$	—	$	157,270,614		$	123,364,427
Shares of beneficial interest		1,856,028		10,216,589			—		16,312,887			123,387,464
Net asset value per share	$	10.12	$	13.31		$	—	$	9.64		$	1.00
Investments, at cost	$	165,298,006	$	180,187,255		$	556,935,018	$	500,105,111		$	194,522,194
Foreign currency, at cost	$	—	$	136,018		$	—	$	—		$	—

See Notes to Financial Statements.

272

STATEMENTS OF ASSETS AND LIABILITIES (Continued)
June 30, 2011 (Unaudited)	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	$	486,031,535	$	1,237,285,343		$	188,759,370	$	978,462,621
Total Investments		486,031,535		1,237,285,343			188,759,370		978,462,621
Cash		—		—			19,189		12,224
Foreign currency, at value		392		—			58,329		1,909,187
Margin deposits with broker		90,000		—			—		—
Cash collateral pledged to broker		510,000		—			—		—
Interest and dividends receivable		2,775,685		6,500,372			3,393,630		5,716,261
Receivable for Fund shares sold		290,983		271,200			97,851		798,846
Receivable for investments sold		—		46,551,649			—		—
Variation margin receivable		243,254		93,903			—		223,289
Unrealized appreciation on forward foreign currency exchange contracts		—		—			81,073		2,940,482
Unrealized appreciation on swaps		246,045		—			368,049		1,222,758
Swap premiums paid		—		—			25,469		4,472,451
Other assets		40,738		2,994			13,216		107,021
Total Assets		490,228,632		1,290,705,461			192,816,176		995,865,140
LIABILITIES
Forward sales contract, at value (proceeds receivable $0; $2,897,656; $0 and $0, respectively)		—		2,866,250			—		—
Payable for investments purchased - regular delivery		—		7,200,610			—		15,004,365
Payable for investments purchased - delayed delivery		—		78,464,688			748,125		41,771,027
Cash collateral received from broker		—		—			—		2,270,000
Payable for Fund shares redeemed		—		1,006,352			293,034		—
Investment advisory fee payable		475,404		1,210,627			207,051		866,314
Distribution fee (Service Class) payable		23,088		18,261			3,320		61,928
Options written (Premium $3,458,141; $0; $0 and $2,691,685, respectively)		3,182,910		—			—		1,789,510
Unrealized depreciation on forward foreign currency exchange contracts		1,027,383		—			133,134		946,642
Accrued expenses and other liabilities		14,423		6,422			1,078		91,449
Swap premiums received		—		—			207,300		2,285,963
Unrealized depreciation on swaps		852,923		—			—		2,708,696
Total Liabilities		5,576,131		90,773,210			1,593,042		67,795,894
NET ASSETS	$	484,652,501	$	1,199,932,251		$	191,223,134	$	928,069,246
COMPOSITION OF NET ASSETS
Paid-in Capital	$	460,508,503	$	1,180,315,962		$	170,452,792	$	886,053,160
Accumulated undistributed net investment income (loss)		537,435		(250,190	)		468,919		(2,274,520	)
Accumulated net realized gain (loss) on investments and foreign currency related transactions		21,342,186		7,757,813			6,846,632		21,378,461
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		2,264,377		12,108,666			13,454,791		22,912,145
	$	484,652,501	$	1,199,932,251		$	191,223,134	$	928,069,246
Initial Class
Net Assets	$	256,609,089	$	1,021,080,519		$	158,652,525	$	317,419,879
Shares of beneficial interest		23,374,078		98,822,257			16,032,183		27,052,849
Net asset value per share	$	10.98	$	10.33		$	9.90	$	11.73
Service Class
Net Assets	$	228,043,412	$	178,851,732		$	32,570,609	$	610,649,367
Shares of beneficial interest		20,816,685		17,318,981			3,290,932		52,050,752
Net asset value per share	$	10.95	$	10.33		$	9.90	$	11.73
Investments, at cost	$	483,270,377	$	1,224,725,309		$	175,632,013	$	960,006,724
Foreign currency, at cost	$	386	$	—		$	55,254	$	1,908,013

See Notes to Financial Statements.

273

STATEMENTS OF ASSETS AND LIABILITIES (Continued)
June 30, 2011 (Unaudited)	Sun Capital Advisers Trust

	SC Ibbotson Balanced Fund		SC Ibbotson Conservative Fund		SC Ibbotson Growth Fund
ASSETS
Investments, at value
Affiliated securities	$	1,806,172,474	$	863,692,966	$	619,063,692
Total Investments		1,806,172,474		863,692,966		619,063,692
Cash		1,346,895		276,714		125,029
Interest and dividends receivable		1,817,093		1,313,796		299,279
Receivable for Fund shares sold		1,440,576		639,796		63,106
Other assets		14,603		7,787		6,120
Total Assets		1,810,791,641		865,931,059		619,557,226
LIABILITIES
Payable for investments purchased - regular delivery		3,163,988		1,590,510		424,308
Payable for Fund shares redeemed		13		23		2,744
Investment advisory fee payable		194,756		87,459		55,836
Distribution fee (Service Class) payable		180,343		86,599		61,644
Accrued expenses and other liabilities		192,159		117,134		89,189
Total Liabilities		3,731,259		1,881,725		633,721
NET ASSETS	$	1,807,060,382	$	864,049,334	$	618,923,505
COMPOSITION OF NET ASSETS
Paid-in Capital	$	1,554,956,877	$	746,536,212	$	469,828,404
Accumulated undistributed net investment income (loss)		26,550,864		16,220,692		9,592,478
Accumulated net realized gain (loss) on investments and capital gains from affiliated underlying funds		62,438,045		29,180,796		56,107,295
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		163,114,596		72,111,634		83,395,328
	$	1,807,060,382	$	864,049,334	$	618,923,505
Initial Class
Net Assets	$	2,776,712	$	5,565,851	$	2,128,887
Shares of beneficial interest		214,891		454,018		162,879
Net asset value per share	$	12.92	$	12.26	$	13.07
Service Class
Net Assets	$	1,804,283,670	$	858,483,483	$	616,794,618
Shares of beneficial interest		139,973,587		70,134,805		47,262,950
Net asset value per share	$	12.89	$	12.24	$	13.05
Investments, at cost	$	1,643,057,878	$	791,581,332	$	535,668,364

See Notes to Financial Statements.

274

STATEMENTS OF OPERATIONS
For the Six Months Ended June 30, 2011 (Unaudited)	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	$	890		$	340		$	384		$	8,222		$	6,768
Dividends (net of foreign withholding taxes of $198,442; $133,364; $0; $300 and $0, respectively)		1,718,749			1,337,440			1,128,223			1,129,414			2,869,213
Total investment income		1,719,639			1,337,780			1,128,607			1,137,636			2,875,981
EXPENSES
Investment advisory fee		252,382			125,956			204,775			354,672			—
Unified management fee		—			—			—			—			1,511,996
Distribution fee (Service Class)		5,148			1,005			23,283			171,254			41,748
Custody		87,650			100,988			46,763			120,885			—
Accounting		25,275			25,275			25,275			25,275			—
Audit		23,902			24,795			18,348			18,348			—
Legal		3,254			2,526			7,037			15,066			3,344
Printing		4,890			3,988			6,966			17,563			—
Administration		22,848			19,183			29,526			42,514			—
Transfer agent		3,268			2,809			4,081			4,218			—
Trustees fees		1,932			1,475			2,716			4,338			6,937
Insurance		794			608			1,191			2,051			807
Miscellaneous fees		1,939			14,416			2,036			4,110			—
Total expenses		433,282			323,024			371,997			780,294			1,564,832
Less: Reduction of investment advisory fees or unified management fees		(126,491	)		(125,956	)		(54,435	)		(38,608	)		—
Reimbursement of operating expenses		—			(6,237	)		—			—			—
Net expenses		306,791			190,831			317,562			741,686			1,564,832
Net investment income		1,412,848			1,146,949			811,045			395,950			1,311,149
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments		2,491,722			25,193			57,235			8,343,142			16,547,409
Futures		21			91,142			92,532			(64,261	)		(52,769	)
Foreign currency related transactions		(77,494	)		26,195			—			—			—
Net realized gain (loss)		2,414,249			142,530			149,767			8,278,881			16,494,640
Change in unrealized appreciation (depreciation) on:
Investments		(839,064	)		1,930,971			5,297,549			2,258,042			7,514,489
Futures		17,938			12,693			43,755			400,380			234,495
Assets and liabilities in foreign currencies		(57,394	)		(366	)		—			19			—
Change in unrealized appreciation (depreciation)		(878,520	)		1,943,298			5,341,304			2,658,441			7,748,984
Net realized and unrealized gain (loss)		1,535,729			2,085,828			5,491,071			10,937,322			24,243,624
Net increase (decrease) in net assets from operations	$	2,948,577		$	3,232,777		$	6,302,116		$	11,333,272		$	25,554,773

See Notes to Financial Statements.

275

STATEMENTS OF OPERATIONS (Continued)
For the Six Months Ended June 30, 2011 (Unaudited)	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	$	—		$	8,236	$	—		$	6,091		$	21,041
Dividends (net of foreign withholding taxes of $515; $101,554; $0; $16,974 and $802, respectively)		463,333			4,145,319		91,624			3,730,297			1,087,334
Total investment income		463,333			4,153,555		91,624			3,736,388			1,108,375
EXPENSES
Investment advisory fee		295,601			1,603,559		178,038			—			731,523
Unified management fee		—			—		—			2,377,391			—
Distribution fee (Service Class)		16,410			335,473		17,357			18,600			51,698
Custody		36,299			55,945		21,494			—			30,163
Accounting		24,775			24,775		24,775			—			24,775
Audit		18,348			18,348		18,348			—			18,348
Legal		2,577			17,717		1,372			6,466			7,061
Printing		3,796			25,338		2,188			—			9,430
Administration		19,454			95,280		13,444			—			42,153
Transfer agent		3,627			4,671		3,081			—			4,917
Trustees fees		1,538			10,761		804			13,525			4,191
Insurance		643			4,911		359			1,694			1,684
Miscellaneous fees		1,144			6,147		827			—			2,241
Total expenses		424,212			2,202,925		282,087			2,417,676			928,184
Less: Reduction of investment advisory fees or unified management fees		(29,100	)		—		(48,682	)		(14,104	)		—
Net expenses		395,112			2,202,925		233,405			2,403,572			928,184
Net investment income (loss)		68,221			1,950,630		(141,781	)		1,332,816			180,191
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments		1,923,592			8,389,777		1,578,254			62,577,325			16,163,582
Foreign currency related transactions		—			4,854		(41	)		(1,090	)		(19,257	)
Net realized gain (loss)		1,923,592			8,394,631		1,578,213			62,576,235			16,144,325
Change in unrealized appreciation (depreciation) on:
Investments		9,627			1,312,775		2,656,343			(48,404,186	)		(4,677,749	)
Assets and liabilities in foreign currencies		—			9,578		—			35			92
Change in unrealized appreciation (depreciation)		9,627			1,322,353		2,656,343			(48,404,151	)		(4,677,657	)
Net realized and unrealized gain (loss)		1,933,219			9,716,984		4,234,556			14,172,084			11,466,668
Net increase (decrease) in net assets from operations	$	2,001,440		$	11,667,614	$	4,092,775		$	15,504,900		$	11,646,859

See Notes to Financial Statements.

276

STATEMENTS OF OPERATIONS (Continued)
For the Six Months Ended June 30, 2011 (Unaudited)	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	$	—		$	3,639		$	2,115	$	8,928,693		$	167,287
Dividends (net of foreign withholding taxes of $3,006; $167,133; $0; $0 and $0, respectively)		1,021,021			4,652,714			2,492,633		—			—
Total investment income		1,021,021			4,656,353			2,494,748		8,928,693			167,287
EXPENSES
Investment advisory fee		735,283			1,226,761			953,328		1,185,495			454,043
Distribution fee (Service Class)		23,947			174,914			—		175,816			142,721
Custody		51,419			67,186			37,133		45,783			23,841
Accounting		24,775			24,775			10,375		24,775			24,775
Audit		18,348			19,935			15,025		18,794			15,968
Legal		8,048			20,272			19,890		15,992			11,092
Printing		11,402			13,989			26,849		23,450			10,332
Administration		47,221			58,417			102,214		86,308			50,049
Transfer agent		5,061			5,695			1,909		5,207			4,115
Trustees fees		4,868			6,240			11,571		9,679			4,548
Insurance		1,990			2,809			4,790		4,262			2,090
Miscellaneous fees		2,840			3,780			3,393		4,624			2,172
Total expenses		935,202			1,624,773			1,186,477		1,600,185			745,746
Less: Reduction of investment advisory fees or unified management fees		(84,094	)		(25,280	)		—		—			(454,043	)
Reimbursement of operating expenses		—			—			—		—			(184,562	)
Net expenses		851,108			1,599,493			1,186,477		1,600,185			107,141
Net investment income		169,913			3,056,860			1,308,271		7,328,508			60,146
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments		15,114,913			8,546,279			19,112,853		5,544,864			51
Foreign currency related transactions		119			162			—		(12,473	)		—
Net realized gain (loss)		15,115,032			8,546,441			19,112,853		5,532,391			51
Change in unrealized appreciation (depreciation) on:
Investments		(5,609,095	)		2,559,663			8,239,276		1,864,692			—
Assets and liabilities in foreign currencies		24			(1,656	)		—		506			—
Change in unrealized appreciation (depreciation)		(5,609,071	)		2,558,007			8,239,276		1,865,198			—
Net realized and unrealized gain (loss)		9,505,961			11,104,448			27,352,129		7,397,589			51
Net increase (decrease) in net assets from operations	$	9,675,874		$	14,161,308		$	28,660,400	$	14,726,097		$	60,197

See Notes to Financial Statements.

277

STATEMENTS OF OPERATIONS (Continued)
For the Six Months Ended June 30, 2011 (Unaudited)	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	$	10,506,992		$	10,367,135		$	7,100,991		$	11,748,940
Dividends		—			—			23,438			171,525
Total investment income		10,506,992			10,367,135			7,124,429			11,920,465
EXPENSES
Unified management fee		1,408,287			3,764,476			678,468			2,679,157
Distribution fee (Service Class)		239,900			202,443			41,346			667,223
Legal		4,765			13,465			2,104			9,343
Trustees fees		9,822			28,407			4,415			19,702
Insurance		1,104			3,495			517			2,258
Total expenses		1,663,878			4,012,286			726,850			3,377,683
Less: Reduction of investment advisory fees or unified management fees		(10,675	)		—			—			(21,566	)
Net expenses		1,653,203			4,012,286			726,850			3,356,117
Net investment income		8,853,789			6,354,849			6,397,579			8,564,348
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments		8,025,471			3,015,827			2,973,279			(5,237,481	)
Futures		(418,723	)		(1,736,407	)		245,470			29,998
Written options		99,011			—			—			379,450
Swaps		588,109			—			55,300			1,704,590
Foreign currency related transactions		243,237			—			(547,768	)		1,389,319
Net realized gain (loss)		8,537,105			1,279,420			2,726,281			(1,734,124	)
Change in unrealized appreciation (depreciation) on:
Investments		4,321,619			1,928,714			(1,459,762	)		10,815,022
Futures		1,287,164			(540,148	)		(242,475	)		3,725,739
Written options		264,324			—			—			1,838,947
Swaps		(21,680	)		—			89,965			(2,627,952	)
Assets and liabilities in foreign currencies		(382,946	)		—			(243,315	)		916,391
Change in unrealized appreciation (depreciation)		5,468,481			1,388,566			(1,855,587	)		14,668,147
Net realized and unrealized gain (loss)		14,005,586			2,667,986			870,694			12,934,023
Net increase (decrease) in net assets from operations	$	22,859,375		$	9,022,835		$	7,268,273		$	21,498,371

See Notes to Financial Statements.

278

STATEMENTS OF OPERATIONS (Continued)
For the Six Months Ended June 30, 2011 (Unaudited)	Sun Capital Advisers Trust

	SC Ibbotson Balanced Fund			SC Ibbotson Conservative Fund			SC Ibbotson Growth Fund
INVESTMENT INCOME
Dividends from affiliated underlying funds	$	9,776,083		$	7,206,370		$	1,714,997
Total investment income		9,776,083			7,206,370			1,714,997
EXPENSES
Investment advisory fee		1,016,831			500,106			381,064
Distribution fee (Service Class)		2,030,732			993,491			759,759
Custody		77,365			47,436			41,246
Accounting		16,375			16,375			16,375
Audit		15,025			15,025			15,025
Legal		64,855			33,246			24,566
Printing		95,696			50,011			34,581
Administration		332,690			171,287			130,646
Transfer agent		2,957			2,902			3,318
Trustees fees		38,306			19,998			14,779
Insurance		15,914			8,489			6,676
Miscellaneous fees		16,097			10,780			8,725
Total expenses		3,722,843			1,869,146			1,436,760
Less: Reduction of investment advisory fees or unified management fees		(41,803	)		(63,500	)		(57,848	)
Net expenses		3,681,040			1,805,646			1,378,912
Net investment income		6,095,043			5,400,724			336,085
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Affiliated investments		4,732,894			9,776,196			7,121,594
Net realized gain (loss)		4,732,894			9,776,196			7,121,594
Change in unrealized appreciation (depreciation) on:
Affiliated investments		56,211,763			14,956,972			20,297,897
Change in unrealized appreciation (depreciation)		56,211,763			14,956,972			20,297,897
Net realized and unrealized gain (loss)		60,944,657			24,733,168			27,419,491
Net increase (decrease) in net assets from operations	$	67,039,700		$	30,133,892		$	27,755,576

See Notes to Financial Statements.

279

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
	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010			Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010*			Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	1,412,848		$	1,433,993		$	1,146,949		$	11,836		$	811,045		$	1,350,737
Net realized gain (loss)		2,414,249			4,761,611			142,530			(67,035	)		149,767			17,406,046
Change in unrealized appreciation (depreciation)		(878,520	)		(614,010	)		1,943,298			2,001,345			5,341,304			(222,758	)
Net increase (decrease) in net assets resulting from operations		2,948,577			5,581,594			3,232,777			1,946,146			6,302,116			18,534,025
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income:
Initial Class		—			(5,066	)		—			—			—			—
Service Class		—			(170	)		—			—			—			—
Net realized gain on investments:
Initial Class		—			(1,243,366	)		—			—			—			(216,837	)
Service Class		—			(41,814	)		—			—			—			(24,908	)
Net decrease in net assets from distributions		—			(1,290,416	)		—			—			—			(241,745	)
SHARE TRANSACTIONS
Net proceeds from sales		13,383,363			34,934,924			12,862,703			53,063,106			21,427,840			53,409,421
Net proceeds from reinvestment of distributions		—			1,290,416			—			—			—			241,745
Cost of shares redeemed		(2,977,669	)		(23,677,066	)		(945,864	)		(119,468	)		(2,701,020	)		(47,738,756	)
Net increase (decrease) in net assets from share transactions		10,405,694			12,548,274			11,916,839			52,943,638			18,726,820			5,912,410
Total increase (decrease) in net assets		13,354,271			16,839,452			15,149,616			54,889,784			25,028,936			24,204,690
NET ASSETS
Beginning of period		74,251,835			57,412,383			54,889,804			20	**		106,576,418			82,371,728
End of period†	$	87,606,106		$	74,251,835		$	70,039,420		$	54,889,804		$	131,605,354		$	106,576,418
† Accumulated undistributed net investment income (loss)	$	3,056,005		$	1,643,157		$	1,120,363		$	(26,586	)	$	2,156,584		$	1,345,539

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

** Amount represents initial seed investment.

See Notes to Financial Statements.

280

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
	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010			Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010			Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	395,950		$	719,170		$	1,311,149		$	3,355,421		$	68,221		$	306,272
Net realized gain (loss)		8,278,881			46,763,334			16,494,640			23,083,327			1,923,592			10,133,361
Change in unrealized appreciation (depreciation)		2,658,441			(7,590,100	)		7,748,984			23,569,954			9,627			(518,490	)
Net increase (decrease) in net assets resulting from operations		11,333,272			39,892,404			25,554,773			50,008,702			2,001,440			9,921,143
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income:
Initial Class		—			(155,615	)		—			—			—			—
Service Class		—			(155,938	)		—			—			—			—
Net realized gain on investments:
Initial Class		—			—			—			(5,643,760	)		—			(3,503,453	)
Service Class		—			—			—			(540,908	)		—			(809,308	)
Net decrease in net assets from distributions		—			(311,553	)		—			(6,184,668	)		—			(4,312,761	)
SHARE TRANSACTIONS
Net proceeds from sales		59,609,804			13,269,153			24,561,778			74,814,561			9,927,532			22,139,445
Net proceeds from reinvestment of distributions		—			311,553			—			6,184,668			—			4,312,761
Cost of shares redeemed		(32,179,535	)		(56,251,939	)		(45,949,756	)		(62,184,412	)		(2,337,990	)		(11,469,850	)
Net increase (decrease) in net assets from share transactions		27,430,269			(42,671,233	)		(21,387,978	)		18,814,817			7,589,542			14,982,356
Total increase (decrease) in net assets		38,763,541			(3,090,382	)		4,166,795			62,638,851			9,590,982			20,590,738
NET ASSETS
Beginning of period		180,678,175			183,768,557			271,798,935			209,160,084			61,074,438			40,483,700
End of period†	$	219,441,716		$	180,678,175		$	275,965,730		$	271,798,935		$	70,665,420		$	61,074,438
† Accumulated undistributed net investment income (loss)	$	1,187,272		$	791,322		$	4,658,023		$	3,346,874		$	378,281		$	310,060

See Notes to Financial Statements.

281

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
	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010			Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010			Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	1,950,630		$	2,547,809		$	(141,781	)	$	(148,181	)	$	1,332,816		$	3,182,186
Net realized gain (loss)		8,394,631			31,572,627			1,578,213			1,661,528			62,576,235			81,513,204
Change in unrealized appreciation (depreciation)		1,322,353			18,973,697			2,656,343			4,731,050			(48,404,151	)		6,557,057
Net increase (decrease) in net assets resulting from operations		11,667,614			53,094,133			4,092,775			6,244,397			15,504,900			91,252,447
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income:
Initial Class		—			(1,027,110	)		—			—			—			—
Service Class		—			(583,899	)		—			—			—			—
Net realized gain on investments:
Initial Class		—			—			—			(1,478,663	)		—			(22,281,747	)
Service Class		—			—			—			(722,220	)		—			(518,969	)
Net decrease in net assets from distributions		—			(1,611,009	)		—			(2,200,883	)		—			(22,800,716	)
SHARE TRANSACTIONS
Net proceeds from sales		17,237,287			101,561,755			12,913,917			9,254,259			18,318,566			87,295,175
Net proceeds from reinvestment of distributions		—			1,611,009			—			2,200,883			—			22,800,716
Cost of shares redeemed		(19,399,322	)		(113,481,100	)		(1,703,208	)		(3,746,705	)		(68,219,482	)		(128,148,494	)
Net increase (decrease) in net assets from share transactions		(2,162,035	)		(10,308,336	)		11,210,709			7,708,437			(49,900,916	)		(18,052,603	)
Total increase (decrease) in net assets		9,505,579			41,174,788			15,303,484			11,751,951			(34,396,016	)		50,399,128
NET ASSETS
Beginning of period		423,764,394			382,589,606			31,348,163			19,596,212			558,460,097			508,060,969
End of period†	$	433,269,973		$	423,764,394		$	46,651,647		$	31,348,163		$	524,064,081		$	558,460,097
† Accumulated undistributed net investment income (loss)	$	3,761,679		$	1,811,049		$	(141,781	)	$	—		$	4,515,125		$	3,182,309

See Notes to Financial Statements.

282

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
	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010			Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010			Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	180,191		$	108,582		$	169,913		$	607,276		$	3,056,860		$	6,818,385
Net realized gain (loss)		16,144,325			15,478,147			15,115,032			22,548,882			8,546,441			21,437,170
Change in unrealized appreciation (depreciation)		(4,677,657	)		14,767,047			(5,609,071	)		13,271,194			2,558,007			6,098,216
Net increase (decrease) in net assets resulting from operations		11,646,859			30,353,776			9,675,874			36,427,352			14,161,308			34,353,771
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income:
Initial Class		—			(60,133	)		—			(545,213	)		—			(12,598,073	)
Service Class		—			—			—			(9,148	)		—			(13,918,369	)
Net decrease in net assets from distributions		—			(60,133	)		—			(554,361	)		—			(26,516,442	)
SHARE TRANSACTIONS
Net proceeds from sales		25,082,213			65,448,862			15,580,463			54,836,305			10,980,729			40,263,351
Net proceeds from reinvestment of distributions		—			60,133			—			554,361			—			26,516,442
Cost of shares redeemed		(8,442,025	)		(43,053,482	)		(10,044,078	)		(67,647,634	)		(21,783,157	)		(44,052,501	)
Net increase (decrease) in net assets from share transactions		16,640,188			22,455,513			5,536,385			(12,256,968	)		(10,802,428	)		22,727,292
Total increase (decrease) in net assets		28,287,047			52,749,156			15,212,259			23,616,023			3,358,880			30,564,621
NET ASSETS
Beginning of period		168,742,828			115,993,672			191,120,153			167,504,130			254,480,906			223,916,285
End of period†	$	197,029,875		$	168,742,828		$	206,332,412		$	191,120,153		$	257,839,786		$	254,480,906
† Accumulated undistributed net investment income (loss)	$	285,462		$	105,271		$	761,870		$	591,957		$	2,186,537		$	(870,323	)

See Notes to Financial Statements.

283

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
	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010*			Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010			Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	1,308,271		$	3,857,285		$	7,328,508		$	10,282,898		$	60,146		$	153,247
Net realized gain (loss)		19,112,853			537,564			5,532,391			7,159,689			51			529
Change in unrealized appreciation (depreciation)		8,239,276			16,685,256			1,865,198			3,226,405			—			—
Net increase (decrease) in net assets resulting from operations		28,660,400			21,080,105			14,726,097			20,668,992			60,197			153,776
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income:
Initial Class		—			—			(4,852,616	)		(7,412,008	)		(60,149	)		(153,247	)
Service Class		—			—			(2,501,912	)		(3,029,790	)		—			—
Net realized gain on investments:
Initial Class		—			—			—			(681,253	)		—			—
Service Class		—			—			—			(313,903	)		—			—
Net decrease in net assets from distributions		—			—			(7,354,528	)		(11,436,954	)		(60,149	)		(153,247	)
SHARE TRANSACTIONS
Net proceeds from sales		95,295,186			434,362,406			48,808,809			200,395,252			72,311,508			151,481,767
Net proceeds from reinvestment of distributions		—			—			7,354,528			11,436,954			60,149			153,247
Cost of shares redeemed		(2,913,184	)		(19,650	)		(11,582,192	)		(48,989,541	)		(63,815,940	)		(169,444,454	)
Net increase (decrease) in net assets from share transactions		92,382,002			434,342,756			44,581,145			162,842,665			8,555,717			(17,809,440	)
Total increase (decrease) in net assets		121,042,402			455,422,861			51,952,714			172,074,703			8,555,765			(17,808,911	)
NET ASSETS
Beginning of period		455,422,871			10	**		373,114,358			201,039,655			186,486,025			204,294,936
End of period†	$	576,465,273		$	455,422,871		$	425,067,072		$	373,114,358		$	195,041,790		$	186,486,025
† Accumulated undistributed net investment income (loss)	$	5,199,961		$	3,891,690		$	(16,716	)	$	9,304		$	419		$	422

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

** Amount represents initial seed investment.

See Notes to Financial Statements.

284

STATEMENTS OF CHANGES IN NET ASSETS (Continued)
	Sun Capital Advisers Trust

	SC BlackRock Inflation Protected Bond Fund						SC Goldman Sachs Short Duration Fund
	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010			Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	8,853,789		$	3,508,503		$	6,354,849		$	13,496,544
Net realized gain (loss)		8,537,105			13,896,047			1,279,420			9,186,082
Change in unrealized appreciation (depreciation)		5,468,481			(4,717,883	)		1,388,566			998,471
Net increase (decrease) in net assets resulting from operations		22,859,375			12,686,667			9,022,835			23,681,097
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income:
Initial Class		(5,068,946	)		(2,042,941	)		(5,869,831	)		(13,719,331	)
Service Class		(3,886,355	)		(1,190,584	)		(735,208	)		(1,542,346	)
Net realized gain on investments:
Initial Class		—			(1,815,579	)		—			(972,991	)
Service Class		—			(1,330,938	)		—			(138,662	)
Net decrease in net assets from distributions		(8,955,301	)		(6,380,042	)		(6,605,039	)		(16,373,330	)
SHARE TRANSACTIONS
Net proceeds from sales		96,046,628			193,206,634			111,349,900			300,846,678
Net proceeds from reinvestment of distributions		8,955,301			6,380,042			6,605,039			16,373,330
Cost of shares redeemed		(13,203,692	)		(12,046,006	)		(74,656,103	)		(147,289,854	)
Net increase (decrease) in net assets from share transactions		91,798,237			187,540,670			43,298,836			169,930,154
Total increase (decrease) in net assets		105,702,311			193,847,295			45,716,632			177,237,921
NET ASSETS
Beginning of period		378,950,190			185,102,895			1,154,215,619			976,977,698
End of period†	$	484,652,501		$	378,950,190		$	1,199,932,251		$	1,154,215,619
† Accumulated undistributed net investment income (loss)	$	537,435		$	638,947		$	(250,190	)	$	—

See Notes to Financial Statements.

285

STATEMENTS OF CHANGES IN NET ASSETS (Continued)
	Sun Capital Advisers Trust

	SC PIMCO High Yield Fund						SC PIMCO Total Return Fund
	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010			Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	6,397,579		$	10,503,313		$	8,564,348		$	10,423,575
Net realized gain (loss)		2,726,281			4,663,008			(1,734,124	)		24,324,457
Change in unrealized appreciation (depreciation)		(1,855,587	)		1,547,809			14,668,147			2,026,730
Net increase (decrease) in net assets resulting from operations		7,268,273			16,714,130			21,498,371			36,774,762
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income:
Initial Class		(5,193,577	)		(8,491,359	)		(3,848,798	)		(5,163,456	)
Service Class		(1,101,306	)		(1,965,640	)		(6,403,667	)		(7,131,257	)
Net realized gain on investments:
Initial Class		—			(857,562	)		—			(893,320	)
Service Class		—			(202,216	)		—			(1,377,736	)
Net decrease in net assets from distributions		(6,294,883	)		(11,516,777	)		(10,252,465	)		(14,565,769	)
SHARE TRANSACTIONS
Net proceeds from sales		22,966,275			63,731,516			160,129,220			379,028,421
Net proceeds from reinvestment of distributions		6,294,883			11,516,777			10,252,465			14,565,769
Cost of shares redeemed		(11,563,558	)		(24,995,144	)		(9,965,833	)		(47,950,269	)
Net increase (decrease) in net assets from share transactions		17,697,600			50,253,149			160,415,852			345,643,921
Total increase (decrease) in net assets		18,670,990			55,450,502			171,661,758			367,852,914
NET ASSETS
Beginning of period		172,552,144			117,101,642			756,407,488			388,554,574
End of period†	$	191,223,134		$	172,552,144		$	928,069,246		$	756,407,488
† Accumulated undistributed net investment income (loss)	$	468,919		$	366,223		$	(2,274,520	)	$	(586,403	)

See Notes to Financial Statements.

286

STATEMENTS OF CHANGES IN NET ASSETS (Continued)
	Sun Capital Advisers Trust

	SC Ibbotson Balanced Fund						SC Ibbotson Conservative Fund						SC Ibbotson Growth Fund
	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010			Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010			Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	6,095,043		$	12,819,808		$	5,400,724		$	6,715,912		$	336,085		$	5,451,060
Net realized gain (loss)		4,732,894			65,356,107			9,776,196			23,520,441			7,121,594			52,815,917
Change in unrealized appreciation (depreciation)		56,211,763			51,959,160			14,956,972			27,625,126			20,297,897			11,687,524
Net increase (decrease) in net assets resulting from operations		67,039,700			130,135,075			30,133,892			57,861,479			27,755,576			69,954,501
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income:
Initial Class		—			(16,154	)		—			(34,581	)		—			(17,891	)
Service Class		—			(9,758,906	)		—			(7,460,635	)		—			(7,020,584	)
Net realized gain on investments:
Initial Class		—			(7,998	)		—			(14,251	)		—			(12,008	)
Service Class		—			(6,259,087	)		—			(3,749,369	)		—			(5,614,337	)
Net decrease in net assets from distributions		—			(16,042,145	)		—			(11,258,836	)		—			(12,664,820	)
SHARE TRANSACTIONS
Net proceeds from sales		297,514,357			754,316,052			95,968,382			351,389,899			24,209,101			106,923,986
Net proceeds from reinvestment of distributions		—			16,042,145			—			11,258,836			—			12,664,820
Cost of shares redeemed		(3,421,014	)		(5,242,404	)		(23,795,197	)		(14,007,370	)		(23,580,379	)		(35,071,730	)
Net increase (decrease) in net assets from share transactions		294,093,343			765,115,793			72,173,185			348,641,365			628,722			84,517,076
Total increase (decrease) in net assets		361,133,043			879,208,723			102,307,077			395,244,008			28,384,298			141,806,757
NET ASSETS
Beginning of period		1,445,927,339			566,718,616			761,742,257			366,498,249			590,539,207			448,732,450
End of period†	$	1,807,060,382		$	1,445,927,339		$	864,049,334		$	761,742,257		$	618,923,505		$	590,539,207
† Accumulated undistributed net investment income (loss)	$	26,550,864		$	20,455,821		$	16,220,692		$	10,819,968		$	9,592,478		$	9,256,393

See Notes to Financial Statements.

287

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
	Years Ended December 31,												Years Ended December 31,
	2011**			2010			2009			2008*			2011**			2010			2009			2008*
Net Asset Value, Beginning of Period	$	10.11		$	9.82		$	7.92		$	10.00		$	10.09		$	9.81		$	7.92		$	10.00
Income (Loss) from Investment Operations:
Net investment income (loss) (d)		0.18	†		0.19	†		0.22	†		0.01			0.18	†		0.16	†		0.21	†		0.02
Net realized and unrealized gain (loss) on investments		0.20			0.25			2.13			(2.07	)		0.17			0.27			2.11			(2.09	)
Total from Investment Operations		0.38			0.44			2.35			(2.06	)		0.35			0.43			2.32			(2.07	)
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	$	10.49		$	10.11		$	9.82		$	7.92		$	10.44		$	10.09		$	9.81		$	7.92
Total Return (b)		3.76	%		4.62	%		29.71	%		(20.64	)%		3.47	%		4.52	%		29.26	%		(20.69	)%
Ratios and Supplemental Data:
Net Assets, End of Period (000’s)	$	83,281		$	71,186		$	55,746		$	9,763		$	4,325		$	3,065		$	1,666		$	2,051
Ratio to average net assets:
Net expenses (a)(c)(d)		0.75	%		0.75	%		0.75	%		0.75	%		1.00	%		1.00	%		1.00	%		1.00	%
Gross expenses (a)(d)		1.07	%		1.06	%		1.38	%		6.64	%		1.32	%		1.31	%		1.69	%		4.64	%
Net investment income (loss) (a)(c)(d)		3.53	%		2.01	%		2.47	%		1.18	%		3.38	%		1.65	%		2.35	%		1.07	%
Portfolio turnover rate		23	%		60	%		49	%		7	%		23	%		60	%		49	%		7	%

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

** For the six months ended June 30, 2011 (Unaudited).

† 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.

288

FINANCIAL HIGHLIGHTS (Continued)
	Sun Capital Advisers Trust

Selected data for a share outstanding throughout each period:

	SC BlackRock International Index Fund Initial Class Shares						SC BlackRock International Index Fund Service Class Shares
	Years Ended December 31,						Years Ended December 31,
	2011**			2010*			2011**			2010*
Net Asset Value, Beginning of Period	$	10.38		$	10.00		$	10.37		$	10.00
Income (Loss) from Investment Operations:
Net investment income (loss) (d)		0.19	†		0.00	†(e)		0.20	†		(0.00	)†(e)
Net realized and unrealized gain (loss) on investments		0.35			0.38			0.33			0.37
Total from Investment Operations		0.54			0.38			0.53			0.37
Less Distributions from:
Net investment income		—			—			—			—
Net realized gain on investments		—			—			—			—
Total distributions		—			—			—			—
Net Asset Value, End of Period	$	10.92		$	10.38		$	10.90		$	10.37
Total Return (b)		5.20	%		3.80	%		5.11	%		3.70	%
Ratios and Supplemental Data:
Net Assets, End of Period (000’s)	$	68,586		$	54,635		$	1,453		$	255
Ratio to average net assets:
Net expenses (a)(c)(d)		0.60	%		0.60	%		0.85	%		0.85	%
Gross expenses (a)(d)		1.02	%		2.27	%		1.31	%		5.60	%
Net investment income (loss) (a)(c)(d)		3.64	%		0.18	%		3.83	%		(0.07	)%
Portfolio turnover rate		2	%		1	%		2	%		1	%

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

** For the six months ended June 30, 2011 (Unaudited).

† 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.

289

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,
	2011*			2010			2009			2008			2007			2006			2011*			2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	9.37		$	8.04		$	6.70		$	10.77		$	12.37		$	10.47		$	9.59		$	8.25		$	6.87		$	11.03		$	12.65		$	10.70
Income (Loss) from Investment Operations:
Net investment income (loss) (d)		0.07	†		0.10	†		0.11	†		0.04			0.12			0.17			0.06	†		0.09	†		0.10	†		0.10			0.08			0.12
Net realized and unrealized gain (loss) on investments		0.47			1.25			1.30			(4.03	)		(0.84	)		1.93			0.47			1.27			1.33			(4.19	)		(0.84	)		2.00
Total from Investment Operations		0.54			1.35			1.41			(3.99	)		(0.72	)		2.10			0.53			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	$	9.91		$	9.37		$	8.04		$	6.70		$	10.77		$	12.37		$	10.12		$	9.59		$	8.25		$	6.87		$	11.03		$	12.65
Total Return (b)		5.76	%		16.76	%		21.09	%		(37.06	)%		(5.81	)%		20.07	%		5.53	%		16.45	%		20.85	%		(37.15	)%		(6.07	)%		19.78	%
Ratios and Supplemental Data:
Net Assets, End of Period (000’s)	$	110,497		$	90,267		$	70,638		$	8,366		$	5,544		$	6,183		$	21,109		$	16,309		$	11,734		$	4,974		$	7,808		$	5,262
Ratios to average net assets:
Net expenses (a)(c)(d)		0.50	%		0.85	%		0.90	%		0.90	%		0.90	%		0.90	%		0.75	%		1.09	%		1.15	%		1.15	%		1.15	%		1.15	%
Gross expenses (a)(d)		0.60	%		0.86	%		1.13	%		2.08	%		1.81	%		2.47	%		0.85	%		1.10	%		1.44	%		2.34	%		2.05	%		2.62	%
Net investment income (loss) (a)(c)(d)		1.43	%		1.23	%		1.55	%		1.39	%		0.89	%		1.47	%		1.18	%		1.02	%		1.37	%		1.05	%		0.63	%		1.44	%
Portfolio turnover rate		1	%		235	%		109	%		189	%		63	%		135	%		1	%		235	%		109	%		189	%		63	%		135	%

* For the six months ended June 30, 2011 (Unaudited).

† 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.

290

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,
	2011**			2010			2009			2008			2007			2006			2011**			2010			2009			2008			2007			2006*
Net Asset Value, Beginning of Period	$	13.12		$	10.58		$	7.74		$	12.98		$	15.02		$	13.79		$	12.95		$	10.45		$	7.66		$	12.85		$	14.99		$	15.56
Income (Loss) from Investment Operations:
Net investment income (loss) (d)		0.05	†		0.06	†		0.04	†		0.03			0.05			0.01			0.02	†		0.04	†		0.02	†		(0.00	)(e)		0.01			(0.01	)
Net realized and unrealized gain (loss) on investments		0.71			2.52			2.81			(4.82	)		(0.23	)		1.82			0.72			2.47			2.78			(4.77	)		(0.29	)		0.04
Total from Investment Operations		0.76			2.58			2.85			(4.79	)		(0.18	)		1.83			0.74			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	$	13.88		$	13.12		$	10.58		$	7.74		$	12.98		$	15.02		$	13.69		$	12.95		$	10.45		$	7.66		$	12.85		$	14.99
Total Return (b)		5.79	%		24.46	%		36.77	%		(37.99	)%		(1.44	)%		13.60	%		5.71	%		24.07	%		36.50	%		(38.14	)%		(2.11	)%		0.48	%
Ratios and Supplemental Data:
Net Assets, End of Period (000’s)	$	80,891		$	45,720		$	48,950		$	38,435		$	72,741		$	87,215		$	138,551		$	134,958		$	134,819		$	115,098		$	105,377		$	25
Ratios to average net assets:
Net expenses (a)(c)(d)		0.60	%		0.95	%		1.00	%		1.00	%		1.00	%		1.00	%		0.85	%		1.20	%		1.25	%		1.25	%		1.25	%		1.25	%
Gross expenses (a)(d)		0.64	%		0.99	%		1.21	%		1.29	%		1.38	%		1.42	%		0.90	%		1.23	%		1.46	%		1.55	%		1.61	%		1.82	%
Net investment income (loss) (a)(c)(d)		0.67	%		0.57	%		0.45	%		0.21	%		0.31	%		0.02	%		0.32	%		0.34	%		0.20	%		0.04	%		(0.06	)%		(0.09	)%
Portfolio turnover rate		28	%		131	%		132	%		126	%		126	%		206	%		28	%		131	%		132	%		126	%		126	%		206	%

* For the period from May 1, 2006 (commencement of operations – Service Class Shares) through December 31, 2006.

** For the six months ended June 30, 2011 (Unaudited).

† 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.

291

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
	Years Ended December 31,												Years Ended December 31,
	2011**			2010			2009			2008*			2011**			2010			2009			2008*
Net Asset Value, Beginning of Period	$	9.45		$	7.93		$	6.93		$	10.00		$	9.41		$	7.93		$	6.93		$	10.00
Income (Loss) from Investment Operations:
Net investment income (loss) (d)		0.05	†		0.12	†		0.11	†		0.05			0.04	†		0.10	†		0.09	†		0.07
Net realized and unrealized gain (loss) on investments		0.83			1.61			1.68			(3.06	)		0.83			1.59			1.68			(3.09	)
Total from Investment Operations		0.88			1.73			1.79			(3.01	)		0.87			1.69			1.77			(3.02	)
Less Distributions from:
Net investment income		—			—			(0.08	)		(0.06	)		—			—			(0.06	)		(0.05	)
Net realized gain on investments		—			(0.21	)		(0.71	)		—			—			(0.21	)		(0.71	)		—
Total distributions		—			(0.21	)		(0.79	)		(0.06	)		—			(0.21	)		(0.77	)		(0.05	)
Net Asset Value, End of Period	$	10.33		$	9.45		$	7.93		$	6.93		$	10.28		$	9.41		$	7.93		$	6.93
Total Return (b)		9.31	%		22.13	%		25.68	%		(30.07	)%		9.25	%		21.62	%		25.38	%		(30.21	)%
Ratios and Supplemental Data:
Net Assets, End of Period (000’s)	$	239,701		$	245,161		$	190,461		$	6,496		$	36,265		$	26,638		$	18,699		$	4,452
Ratio to average net assets:
Net expenses (a)(c)(d)		1.06	%		1.06	%		1.06	%		1.07	%		1.31	%		1.31	%		1.31	%		1.32	%
Gross expenses (a)(d)		1.06	%		1.06	%		1.06	%		1.08	%		1.31	%		1.31	%		1.31	%		1.32	%
Net investment income (loss) (a)(c)(d)		0.93	%		1.41	%		1.45	%		2.10	%		0.73	%		1.18	%		1.15	%		1.65	%
Portfolio turnover rate		17	%		65	%		159	%		90	%		17	%		65	%		159	%		90	%

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

** For the six months ended June 30, 2011 (Unaudited).

† 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.

292

FINANCIAL HIGHLIGHTS (Continued)
	Sun Capital Advisers Trust

Selected data for a share outstanding throughout each period:

	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,
	2011**			2010			2009			2008*			2011**			2010			2009			2008*
Net Asset Value, Beginning of Period	$	11.18		$	10.08		$	7.97		$	10.00		$	11.14		$	10.07		$	7.97		$	10.00
Income (Loss) from Investment Operations:
Net investment income (loss) (d)		0.01	†		0.07	†		0.06	†		0.01			(0.00	)†(e)		0.05	†		0.04	†		0.01
Net realized and unrealized gain (loss) on investments		0.34			1.93			2.38			(2.03	)		0.34			1.92			2.36			(2.03	)
Total from Investment Operations		0.35			2.00			2.44			(2.02	)		0.34			1.97			2.40			(2.02	)
Less Distributions from:
Net investment income		—			—			(0.05	)		(0.01	)		—			—			(0.02	)		(0.01	)
Net realized gain on investments		—			(0.90	)		(0.28	)		—			—			(0.90	)		(0.28	)		—
Total distributions		—			(0.90	)		(0.33	)		(0.01	)		—			(0.90	)		(0.30	)		(0.01	)
Net Asset Value, End of Period	$	11.53		$	11.18		$	10.08		$	7.97		$	11.48		$	11.14		$	10.07		$	7.97
Total Return (b)		3.13	%		21.62	%		30.52	%		(20.15	)%		3.05	%		21.33	%		30.07	%		(20.20	)%
Ratios and Supplemental Data:
Net Assets, End of Period (000’s)	$	57,444		$	48,782		$	33,674		$	4,316		$	13,222		$	12,293		$	6,809		$	1,424
Ratio to average net assets:
Net expenses (a)(c)(d)		1.15	%		1.15	%		1.15	%		1.15	%		1.40	%		1.40	%		1.40	%		1.40	%
Gross expenses (a)(d)		1.24	%		1.41	%		1.54	%		8.84	%		1.49	%		1.67	%		1.87	%		6.68	%
Net investment income (loss) (a)(c)(d)		0.26	%		0.68	%		0.65	%		1.18	%		(0.00	)%(e)		0.47	%		0.44	%		0.72	%
Portfolio turnover rate		15	%		139	%		110	%		28	%		15	%		139	%		110	%		28	%

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

** For the six months ended June 30, 2011 (Unaudited).

† 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.

293

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,
	2011**			2010			2009			2008			2007			2006			2011**			2010			2009			2008			2007			2006*
Net Asset Value, Beginning of Period	$	12.08		$	10.75		$	8.34		$	13.65		$	13.17		$	11.56		$	12.05		$	10.72		$	8.32		$	13.61		$	13.15		$	12.08
Income (Loss) from Investment Operations:
Net investment income (loss) (d)		0.07	†		0.08	†		0.06	†		0.10			0.17			0.09			0.05	†		0.05	†		0.04	†		0.06			0.12			0.04
Net realized and unrealized gain (loss) on investments		0.26			1.30			2.39			(5.21	)		0.39			1.61			0.27			1.31			2.37			(5.17	)		0.39			1.12
Total from Investment Operations		0.33			1.38			2.45			(5.11	)		0.56			1.70			0.32			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	$	12.41		$	12.08		$	10.75		$	8.34		$	13.65		$	13.17		$	12.37		$	12.05		$	10.72		$	8.32		$	13.61		$	13.15
Total Return (b)		2.81	%		12.92	%		29.39	%		(37.81	)%		4.23	%		14.77	%		2.66	%		12.68	%		29.02	%		(37.93	)%		3.91	%		9.66	%
Ratios and Supplemental Data:
Net Assets, End of Period (000’s)	$	166,092		$	157,652		$	147,350		$	31,868		$	52,861		$	61,438		$	267,178		$	266,112		$	235,240		$	82,041		$	27,764		$	27
Ratios to average net assets:
Net expenses (a)(c)(d)		0.87	%		0.87	%		0.90	%		0.90	%		0.90	%		0.90	%		1.12	%		1.12	%		1.15	%		1.15	%		1.15	%		1.15	%
Gross expenses (a)(d)		0.87	%		0.87	%		0.93	%		1.11	%		1.11	%		1.16	%		1.12	%		1.12	%		1.18	%		1.35	%		1.35	%		1.43	%
Net investment income (loss) (a)(c)(d)		1.07	%		0.73	%		0.62	%		0.86	%		1.06	%		0.74	%		0.82	%		0.49	%		0.41	%		0.65	%		0.68	%		0.48	%
Portfolio turnover rate		6	%		39	%		17	%		19	%		10	%		16	%		6	%		39	%		17	%		19	%		10	%		16	%

* For the period from May 1, 2006 (commencement of operations – Service Class Shares) through December 31, 2006.

** For the six months ended June 30, 2011 (Unaudited).

† 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.

294

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
	Years Ended December 31,												Years Ended December 31,
	2011**			2010			2009			2008*			2011**			2010			2009			2008*
Net Asset Value, Beginning of Period	$	11.06		$	9.59		$	7.51		$	10.00		$	10.99		$	9.55		$	7.50		$	10.00
Income (Loss) from Investment Operations:
Net investment income (loss) (d)		(0.04	)†		(0.05	)†		(0.02	)†		(0.00	)(e)		(0.05	)†		(0.08	)†		(0.04	)†		(0.01	)
Net realized and unrealized gain (loss) on investments		1.35			2.39			2.41			(2.49	)		1.33			2.39			2.40			(2.49	)
Total from Investment Operations		1.31			2.34			2.39			(2.49	)		1.28			2.31			2.36			(2.50	)
Less Distributions from:
Net investment income		—			—			—			—			—			—			—			—
Net realized gain on investments		—			(0.87	)		(0.31	)		—			—			(0.87	)		(0.31	)		—
Total distributions		—			(0.87	)		(0.31	)		—			—			(0.87	)		(0.31	)		—
Net Asset Value, End of Period	$	12.37		$	11.06		$	9.59		$	7.51		$	12.27		$	10.99		$	9.55		$	7.50
Total Return (b)		11.84	%		26.08	%		31.75	%		(24.90	)%		11.65	%		25.86	%		31.39	%		(25.00	)%
Ratios and Supplemental Data:
Net Assets, End of Period (000’s)	$	30,638		$	20,587		$	13,109		$	2,530		$	16,014		$	10,761		$	6,488		$	1,544
Ratio to average net assets:
Net expenses (a)(c)(d)		1.15	%		1.15	%		1.15	%		1.15	%		1.40	%		1.40	%		1.40	%		1.40	%
Gross expenses (a)(d)		1.41	%		1.63	%		2.17	%		11.09	%		1.66	%		1.88	%		2.48	%		9.42	%
Net investment income (loss) (a)(c)(d)		(0.66	)%		(0.53	)%		(0.25	)%		(0.40	)%		(0.91	)%		(0.78	)%		(0.51	)%		(0.72	)%
Portfolio turnover rate		13	%		42	%		114	%		4	%		13	%		42	%		114	%		4	%

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

** For the six months ended June 30, 2011 (Unaudited).

† 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.

295

FINANCIAL HIGHLIGHTS (Continued)
	Sun Capital Advisers Trust

Selected data for a share outstanding throughout each period:

	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,
	2011**			2010			2009			2008*			2011**			2010			2009			2008*
Net Asset Value, Beginning of Period	$	8.44		$	7.52		$	7.08		$	10.00		$	8.41		$	7.51		$	7.08		$	10.00
Income (Loss) from Investment Operations:
Net investment income (loss) (d)		0.02	†		0.05	†		0.05	†		0.06			0.01	†		0.03	†		0.04	†		0.06
Net realized and unrealized gain (loss) on investments		0.20			1.20			1.22			(2.92	)		0.20			1.20			1.19			(2.93	)
Total from Investment Operations		0.22			1.25			1.27			(2.86	)		0.21			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		—			(0.33	)		(0.78	)		—			—			(0.33	)		(0.78	)		—
Total distributions		—			(0.33	)		(0.83	)		(0.06	)		—			(0.33	)		(0.80	)		(0.05	)
Net Asset Value, End of Period	$	8.66		$	8.44		$	7.52		$	7.08		$	8.62		$	8.41		$	7.51		$	7.08
Total Return (b)		2.61	%		17.19	%		17.85	%		(28.54	)%		2.50	%		16.94	%		17.41	%		(28.68	)%
Ratios and Supplemental Data:
Net Assets, End of Period (000’s)	$	508,391		$	544,716		$	498,639		$	2,229		$	15,673		$	13,744		$	9,422		$	2,620
Ratio to average net assets:
Net expenses (a)(c)(d)		0.87	%		0.87	%		0.87	%		0.87	%		1.12	%		1.12	%		1.12	%		1.12	%
Gross expenses (a)(d)		0.88	%		0.88	%		0.88	%		0.90	%		1.13	%		1.13	%		1.13	%		1.14	%
Net investment income (loss) (a)(c)(d)		0.49	%		0.62	%		0.68	%		1.71	%		0.24	%		0.36	%		0.49	%		1.48	%
Portfolio turnover rate		33	%		63	%		83	%		73	%		33	%		63	%		83	%		73	%

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

** For the six months ended June 30, 2011 (Unaudited).

† 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.

296

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,
	2011**			2010			2009			2008			2007			2006			2011**			2010			2009			2008*
Net Asset Value, Beginning of Period	$	14.92		$	12.12		$	9.32		$	17.95		$	19.04		$	20.60		$	14.82		$	12.07		$	9.30		$	15.70
Income (Loss) from Investment Operations:
Net investment income (loss) (d)		0.02	†		0.02	†		0.02	†		0.01			(0.00	)(e)		0.18			(0.00	)†(e)		(0.01	)†		(0.01	)†		0.02
Net realized and unrealized gain (loss) on investments		0.98			2.79			2.78			(5.41	)		2.87			1.87			0.98			2.76			2.78			(3.19	)
Total from Investment Operations		1.00			2.81			2.80			(5.40	)		2.87			2.05			0.98			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	$	15.92		$	14.92		$	12.12		$	9.32		$	17.95		$	19.04		$	15.80		$	14.82		$	12.07		$	9.30
Total Return (b)		6.70	%		23.17	%		30.07	%		(35.14	)%		15.41	%		11.30	%		6.61	%		22.78	%		29.96	%		(26.06	)%
Ratios and Supplemental Data:
Net Assets, End of Period (000’s)	$	155,564		$	128,115		$	75,745		$	45,842		$	85,438		$	94,632		$	41,466		$	40,627		$	40,249		$	31,137
Ratio to average net assets:
Net expenses (a)(c)(d)		0.96	%		0.99	%		1.00	%		1.00	%		1.00	%		1.00	%		1.21	%		1.24	%		1.25	%		1.25	%
Gross expenses (a)(d)		0.96	%		0.99	%		1.10	%		1.21	%		1.14	%		1.14	%		1.21	%		1.24	%		1.35	%		1.47	%
Net investment income (loss) (a)(c)(d)		0.26	%		0.17	%		0.17	%		0.05	%		(0.17	)%		0.92	%		(0.01	)%		(0.11	)%		(0.09	)%		0.02	%
Portfolio turnover rate		34	%		69	%		82	%		104	%		75	%		83	%		34	%		69	%		82	%		104	%

* For the period March 7, 2008 (commencement of operations – Service Class Shares) through December 31, 2008.

** For the six months ended June 30, 2011 (Unaudited).

† 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.

297

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,
	2011***			2010			2009			2008			2007*			2011***			2010			2009			2008			2007			2006**
Net Asset Value, Beginning of Period	$	9.71		$	8.15		$	5.95		$	10.65		$	9.99		$	9.65		$	8.10		$	5.92		$	10.63		$	9.98		$	10.00
Income (Loss) from Investment Operations:
Net investment income (loss) (d)		0.01	†		0.03	†		0.04	†		0.04			(0.00	)(e)		(0.00	)†(e)		0.01	†		0.03	†		0.02			(0.02	)		(0.01	)
Net realized and unrealized gain (loss) on investments		0.48			1.55			2.17			(4.74	)		0.69			0.47			1.54			2.16			(4.73	)		0.70			(0.01	)
Total from Investment Operations		0.49			1.58			2.21			(4.70	)		0.69			0.47			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	$	10.20		$	9.71		$	8.15		$	5.95		$	10.65		$	10.12		$	9.65		$	8.10		$	5.92		$	10.63		$	9.98
Total Return (b)		5.05	%		19.50	%		37.23	%		(44.12	)%		6.88	%		4.87	%		19.19	%		37.08	%		(44.30	)%		6.78	%		(0.20	)%
Ratios and Supplemental Data:
Net Assets, End of Period (000’s)	$	187,556		$	172,338		$	149,621		$	34,599		$	62,680		$	18,776		$	18,782		$	17,883		$	15,518		$	33,064		$	3,810
Ratios to average net assets:
Net expenses (a)(c)(d)		0.84	%		0.81	%		0.81	%		0.81	%		0.81	%		1.09	%		1.06	%		1.06	%		1.06	%		1.06	%		1.06	%
Gross expenses (a)(d)		0.93	%		0.92	%		1.05	%		1.17	%		1.06	%		1.18	%		1.17	%		1.33	%		1.43	%		1.46	%		5.26	%
Net investment income (loss) (a)(c)(d)		0.20	%		0.34	%		0.60	%		0.43	%		0.01	%		(0.05	)%		0.09	%		0.46	%		0.17	%		(0.25	)%		(0.10	)%
Portfolio turnover rate		31	%		77	%		72	%		265	%		307	%		31	%		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.

*** For the six months ended June 30, 2011 (Unaudited).

† 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.

298

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,
	2011*			2010			2009			2008			2007			2006			2011*			2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	11.44		$	11.23		$	8.99		$	18.24		$	24.60		$	18.80		$	12.61		$	12.25		$	9.77		$	19.66		$	26.23		$	19.97
Income (Loss) from Investment Operations:
Net investment income (loss) (d)		0.15	†		0.34	†		0.32	†		0.18			0.66			0.81			0.14	†		0.34	†		0.32	†		0.18			0.40			0.64
Net realized and unrealized gain (loss) on investments		0.50			1.28			2.35			(7.53	)		(3.70	)		6.37			0.56			1.40			2.56			(8.22	)		(3.71	)		6.94
Total from Investment Operations		0.65			1.62			2.67			(7.35	)		(3.04	)		7.18			0.70			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	$	12.09		$	11.44		$	11.23		$	8.99		$	18.24		$	24.60		$	13.31		$	12.61		$	12.25		$	9.77		$	19.66		$	26.23
Total Return (b)		5.68	%		15.28	%		30.09	%		(44.73	)%		(13.13	)%		38.96	%		5.55	%		14.94	%		29.83	%		(44.89	)%		(13.34	)%		38.64	%
Ratios and Supplemental Data:
Net Assets, End of Period (000’s)	$	121,862		$	111,981		$	84,988		$	45,841		$	87,441		$	121,197		$	135,977		$	142,500		$	138,929		$	126,838		$	173,065		$	106,954
Ratios to average net assets:
Net expenses (a)(c)(d)		1.10	%		1.10	%		1.10	%		1.10	%		1.10	%		1.10	%		1.35	%		1.35	%		1.35	%		1.35	%		1.35	%		1.35	%
Gross expenses (a)(d)		1.12	%		1.11	%		1.17	%		1.23	%		1.18	%		1.19	%		1.37	%		1.37	%		1.43	%		1.48	%		1.43	%		1.44	%
Net investment income (loss) (a)(c)(d)		2.54	%		3.07	%		3.52	%		1.28	%		2.65	%		3.08	%		2.22	%		2.80	%		3.33	%		1.15	%		2.82	%		2.95	%
Portfolio turnover rate		6	%		40	%		110	%		76	%		25	%		44	%		6	%		40	%		110	%		76	%		25	%		44	%

* For the six months ended June 30, 2011 (Unaudited).

† 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.

299

FINANCIAL HIGHLIGHTS (Continued)
	Sun Capital Advisers Trust

Selected data for a share outstanding throughout each period:

	SC Ibbotson Tactical Opportunities Fund Initial Class Shares
	Years Ended December 31,
	2011**			2010*
Net Asset Value, Beginning of Period	$	10.52		$	10.00
Income (Loss) from Investment Operations:
Net investment income (loss) (d)		0.03	†		0.09	†
Net realized and unrealized gain (loss) on investments		0.57			0.43
Total from Investment Operations		0.60			0.52
Less Distributions from:
Net investment income		—			—
Net realized gain on investments		—			—
Capital		—			—
Total distributions		—			—
Net Asset Value, End of Period	$	11.12		$	10.52
Total Return (b)		5.70	%		5.20	%
Ratios and Supplemental Data:
Net Assets, End of Period (000’s)	$	576,465		$	455,423
Ratios to average net assets:
Net expenses (a)(c)(d)(e)		0.46	%		0.50	%
Gross expenses (a)(d)(e)		0.46	%		0.60	%
Net investment income (loss) (a)(c)(d)(e)		0.50	%		7.56	%
Portfolio turnover rate (f)		58	%		17	%

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

** For the six months ended June 30, 2011 (Unaudited).

† 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) Does not include expenses of the underlying funds in which the Fund invests.

(f) Does not include the portfolio turnover activity of the underlying funds in which the Fund invests.

300

FINANCIAL HIGHLIGHTS (Continued)
	Sun Capital Advisers Trust

Selected data for a share outstanding throughout each period:

	Sun Capital Investment Grade Bond Fund Initial Class Shares																		Sun Capital Investment Grade Bond Fund Service Class Shares
	Years Ended December 31,																		Years Ended December 31,
	2011*			2010			2009			2008			2007			2006			2011*			2010			2009			2008			2007			2006
Net Asset Value, Beginning of Period	$	9.39		$	9.06		$	7.84		$	9.48		$	9.62		$	9.72		$	9.46		$	9.12		$	7.90		$	9.55		$	9.69		$	9.79
Income (Loss) from Investment Operations:
Net investment income (loss) (d)		0.18	†		0.32	†		0.39	†		0.51			0.49			0.50			0.17	†		0.30	†		0.37	†		0.49			0.47			0.47
Net realized and unrealized gain (loss) on investments		0.18			0.37			1.23			(1.65	)		(0.14	)		0.00	(e)		0.18			0.38			1.23			(1.66	)		(0.14	)		0.01
Total from Investment Operations		0.36			0.69			1.62			(1.14	)		0.35			0.50			0.35			0.68			1.60			(1.17	)		0.33			0.48
Less Distributions from:
Net investment income		(0.18	)		(0.33	)		(0.39	)		(0.50	)		(0.49	)		(0.47	)		(0.17	)		(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		(0.18	)		(0.36	)		(0.40	)		(0.50	)		(0.49	)		(0.60	)		(0.17	)		(0.34	)		(0.38	)		(0.48	)		(0.47	)		(0.58	)
Net Asset Value, End of Period	$	9.57		$	9.39		$	9.06		$	7.84		$	9.48		$	9.62		$	9.64		$	9.46		$	9.12		$	7.90		$	9.55		$	9.69
Total Return (b)		3.86	%		7.67	%		21.00	%		(12.47	)%		3.75	%		5.39	%		3.72	%		7.49	%		20.58	%		(12.67	)%		3.51	%		5.13	%
Ratios and Supplemental Data:
Net Assets, End of Period (000’s)	$	267,796		$	245,190		$	136,827		$	35,941		$	40,696		$	45,186		$	157,271		$	127,925		$	64,213		$	21,189		$	25,460		$	9,393
Ratios to average net assets:
Net expenses (a)(c)(d)		0.72	%		0.73	%		0.75	%		0.75	%		0.75	%		0.75	%		0.97	%		0.98	%		1.00	%		1.00	%		1.00	%		1.00	%
Gross expenses (a)(d)		0.72	%		0.73	%		0.84	%		1.06	%		1.00	%		1.06	%		0.97	%		0.98	%		1.10	%		1.31	%		1.24	%		1.31	%
Net investment income (loss) (a)(c)(d)		3.80	%		3.47	%		4.49	%		5.70	%		5.10	%		5.14	%		3.54	%		3.22	%		4.25	%		5.45	%		4.89	%		5.06	%
Portfolio turnover rate		59	%		90	%		99	%		30	%		46	%		55	%		59	%		90	%		99	%		30	%		46	%		55	%

* For the six months ended June 30, 2011 (Unaudited).

† 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.

301

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,
	2011*			2010			2009			2008			2007			2006			2011*			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		$	1.00		$	1.00
Income (Loss) from Investment Operations:
Net investment income (loss) (d)		0.00	(e)†		0.00	(e)†		0.00	(e)†		0.02			0.05			0.05			0.00	(e)†		0.00	(e)†		0.00	(e)†		0.02			0.05			0.04
Net realized and unrealized gain (loss) on investments		0.00	(e)		0.00	(e)		0.00	(e)		0.00	(e)		0.00	(e)		—			0.00	(e)		0.00	(e)		0.00	(e)		0.00	(e)		—			—
Total from Investment Operations		0.00	(e)		0.00	(e)		0.00	(e)		0.02			0.05			0.05			0.00	(e)		0.00	(e)		0.00	(e)		0.02			0.05			0.04
Less Distributions from:
Net investment income		(0.00	)(e)		(0.00	)(e)		(0.00	)(e)		(0.02	)		(0.05	)		(0.05	)		—			—			(0.00	)(e)		(0.02	)		(0.05	)		(0.04	)
Total distributions		(0.00	)(e)		(0.00	)(e)		(0.00	)(e)		(0.02	)		(0.05	)		(0.05	)		—			—			(0.00	)(e)		(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		$	1.00		$	1.00
Total Return (b)		0.09	%		0.19	%		0.25	%		2.25	%		4.87	%		4.59	%		0.00	%		0.00	%		0.02	%		2.00	%		4.61	%		4.33	%
Ratios and Supplemental Data:
Net Assets, End of Period (000’s)	$	71,677		$	67,785		$	88,013		$	150,416		$	129,112		$	120,164		$	123,364		$	118,701		$	116,282		$	54,108		$	1,740		$	1,274
Ratios to average net assets:
Net expenses (a)(c)(d)		0.01	%		0.03	%		0.20	%		0.50	%		0.50	%		0.50	%		0.18	%		0.22	%		0.38	%		0.75	%		0.75	%		0.75	%
Gross expenses (a)(d)		0.66	%		0.66	%		0.72	%		0.81	%		0.76	%		0.77	%		0.91	%		0.91	%		0.94	%		1.10	%		1.00	%		1.02	%
Net investment income (loss) (a)(c)(d)		0.18	%		0.19	%		0.25	%		2.19	%		4.76	%		4.51	%		0.00	%		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			N/A			N/A

* For the six months ended June 30, 2011 (Unaudited).

† 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.

302

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
	Years Ended December 31,												Years Ended December 31,
	2011**			2010			2009			2008*			2011**			2010			2009			2008*
Net Asset Value, Beginning of Period	$	10.64		$	10.34		$	9.87		$	10.00		$	10.61		$	10.32		$	9.87		$	10.00
Income (Loss) from Investment Operations:
Net investment income (loss) (e)		0.22	†		0.14	†		0.24	†		(0.05	)		0.21	†		0.12	†		0.21	†		(0.06	)
Net realized and unrealized gain (loss) on investments		0.34			0.40			0.61			(0.05	)(c)		0.34			0.38			0.60			(0.04	)(c)
Total from Investment Operations		0.56			0.54			0.85			(0.10	)		0.55			0.50			0.81			(0.10	)
Less Distributions from:
Net investment income		(0.22	)		(0.14	)		(0.22	)		(0.03	)		(0.21	)		(0.11	)		(0.20	)		(0.03	)
Net realized gain on investments		—			(0.10	)		(0.16	)		—			—			(0.10	)		(0.16	)		—
Total distributions		(0.22	)		(0.24	)		(0.38	)		(0.03	)		(0.21	)		(0.21	)		(0.36	)		(0.03	)
Net Asset Value, End of Period	$	10.98		$	10.64		$	10.34		$	9.87		$	10.95		$	10.61		$	10.32		$	9.87
Total Return (b)		5.28	%		5.24	%		8.72	%		(0.95	)%		5.17	%		4.91	%		8.34	%		(0.96	)%
Ratios and Supplemental Data:
Net Assets, End of Period (000’s)	$	256,609		$	217,591		$	106,264		$	8,311		$	228,043		$	161,359		$	78,839		$	4,276
Ratio to average net assets:
Net expenses (a)(d)(e)		0.65	%		0.65	%		0.65	%		0.65	%		0.90	%		0.90	%		0.90	%		0.90	%
Gross expenses (a)(e)		0.66	%		0.66	%		0.66	%		0.68	%		0.91	%		0.91	%		0.91	%		0.93	%
Net investment income (loss) (a)(d)(e)		4.15	%		1.34	%		2.33	%		(4.63	)%		4.01	%		1.09	%		2.07	%		(4.60	)%
Portfolio turnover rate		209	%		388	%		278	%		85	%		209	%		388	%		278	%		85	%

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

** For the six months ended June 30, 2011 (Unaudited).

† 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.

303

FINANCIAL HIGHLIGHTS (Continued)
	Sun Capital Advisers Trust

Selected data for a share outstanding throughout each period:

	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,
	2011**			2010			2009			2008*			2011**			2010			2009			2008*
Net Asset Value, Beginning of Period	$	10.31		$	10.23		$	10.13		$	10.00		$	10.31		$	10.23		$	10.13		$	10.00
Income (Loss) from Investment Operations:
Net investment income (loss) (d)		0.06	†		0.14	†		0.19	†		0.16			0.04	†		0.11	†		0.17	†		0.14
Net realized and unrealized gain (loss) on investments		0.02			0.11			0.19			0.16			0.03			0.11			0.18			0.16
Total from Investment Operations		0.08			0.25			0.38			0.32			0.07			0.22			0.35			0.30
Less Distributions from:
Net investment income		(0.06	)		(0.16	)		(0.21	)		(0.16	)		(0.05	)		(0.13	)		(0.18	)		(0.14	)
Net realized gain on investments		—			(0.01	)		(0.07	)		(0.03	)		—			(0.01	)		(0.07	)		(0.03	)
Total distributions		(0.06	)		(0.17	)		(0.28	)		(0.19	)		(0.05	)		(0.14	)		(0.25	)		(0.17	)
Net Asset Value, End of Period	$	10.33		$	10.31		$	10.23		$	10.13		$	10.33		$	10.31		$	10.23		$	10.13
Total Return (b)		0.77	%		2.41	%		3.78	%		3.22	%		0.65	%		2.16	%		3.52	%		3.00	%
Ratios and Supplemental Data:
Net Assets, End of Period (000’s)	$	1,021,081		$	1,004,464		$	869,648		$	54,602		$	178,852		$	149,752		$	107,329		$	63,422
Ratio to average net assets:
Net expenses (a)(c)(d)		0.65	%		0.65	%		0.65	%		0.65	%		0.90	%		0.90	%		0.90	%		0.90	%
Gross expenses (a)(d)		0.65	%		0.65	%		0.65	%		0.68	%		0.90	%		0.90	%		0.90	%		0.92	%
Net investment income (loss) (a)(c)(d)		1.11	%		1.32	%		1.82	%		2.34	%		0.87	%		1.05	%		1.66	%		1.95	%
Portfolio turnover rate		115	%		122	%		231	%		333	%		115	%		122	%		231	%		333	%

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

** For the six months ended June 30, 2011 (Unaudited).

† 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.

304

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
	Years Ended December 31,												Years Ended December 31,
	2011**			2010			2009			2008*			2011**			2010			2009			2008*
Net Asset Value, Beginning of Period	$	9.83		$	9.46		$	8.07		$	10.00		$	9.83		$	9.46		$	8.07		$	10.00
Income (Loss) from Investment Operations:
Net investment income (loss) (d)		0.35	†		0.72	†		0.75	†		0.53			0.34	†		0.70	†		0.72	†		0.51
Net realized and unrealized gain (loss) on investments		0.06			0.44			1.62			(1.85	)		0.06			0.43			1.62			(1.85	)
Total from Investment Operations		0.41			1.16			2.37			(1.32	)		0.40			1.13			2.34			(1.34	)
Less Distributions from:
Net investment income		(0.34	)		(0.72	)		(0.74	)		(0.55	)		(0.33	)		(0.69	)		(0.71	)		(0.53	)
Net realized gain on investments		—			(0.07	)		(0.24	)		(0.06	)		—			(0.07	)		(0.24	)		(0.06	)
Total distributions		(0.34	)		(0.79	)		(0.98	)		(0.61	)		(0.33	)		(0.76	)		(0.95	)		(0.59	)
Net Asset Value, End of Period	$	9.90		$	9.83		$	9.46		$	8.07		$	9.90		$	9.83		$	9.46		$	8.07
Total Return (b)		4.21	%		12.68	%		30.67	%		(13.74	)%		4.08	%		12.40	%		30.34	%		(13.92	)%
Ratios and Supplemental Data:
Net Assets, End of Period (000’s)	$	158,653		$	140,327		$	92,422		$	3,134		$	32,571		$	32,225		$	24,680		$	12,300
Ratio to average net assets:
Net expenses (a)(c)(d)		0.75	%		0.75	%		0.75	%		0.75	%		1.00	%		1.00	%		1.00	%		1.00	%
Gross expenses (a)(d)		0.75	%		0.75	%		0.75	%		0.77	%		1.00	%		1.00	%		1.00	%		1.03	%
Net investment income (loss) (a)(c)(d)		7.02	%		7.42	%		8.45	%		6.74	%		6.77	%		7.19	%		8.19	%		7.18	%
Portfolio turnover rate		17	%		28	%		190	%		75	%		17	%		28	%		190	%		75	%

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

** For the six months ended June 30, 2011 (Unaudited).

† 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.

305

FINANCIAL HIGHLIGHTS (Continued)
	Sun Capital Advisers Trust

Selected data for a share outstanding throughout each period:

	SC PIMCO Total Return Fund Initial Class Shares												SC PIMCO Total Return Fund Service Class Shares
	Years Ended December 31,												Years Ended December 31,
	2011**			2010			2009			2008*			2011**			2010			2009			2008*
Net Asset Value, Beginning of Period	$	11.58		$	11.04		$	10.55		$	10.00		$	11.58		$	11.04		$	10.55		$	10.00
Income (Loss) from Investment Operations:
Net investment income (loss) (d)		0.13	†		0.22	†		0.27	†		0.03			0.11	†		0.19	†		0.24	†		0.02
Net realized and unrealized gain (loss) on investments		0.17			0.61			0.65			0.55			0.18			0.61			0.65			0.55
Total from Investment Operations		0.30			0.83			0.92			0.58			0.29			0.80			0.89			0.57
Less Distributions from:
Net investment income		(0.15	)		(0.25	)		(0.29	)		(0.03	)		(0.14	)		(0.22	)		(0.26	)		(0.02	)
Net realized gain on investments		—			(0.04	)		(0.14	)		(0.00	)(e)		—			(0.04	)		(0.14	)		(0.00	)(e)
Total distributions		(0.15	)		(0.29	)		(0.43	)		(0.03	)		(0.14	)		(0.26	)		(0.40	)		(0.02	)
Net Asset Value, End of Period	$	11.73		$	11.58		$	11.04		$	10.55		$	11.73		$	11.58		$	11.04		$	10.55
Total Return (b)		2.63	%		7.53	%		8.89	%		5.82	%		2.50	%		7.27	%		8.62	%		5.76	%
Ratios and Supplemental Data:
Net Assets, End of Period (000’s)	$	317,420		$	273,150		$	144,812		$	13,823		$	610,649		$	483,257		$	243,743		$	18,397
Ratio to average net assets:
Net expenses (a)(c)(d)		0.65	%		0.65	%		0.65	%		0.65	%		0.90	%		0.90	%		0.90	%		0.90	%
Gross expenses (a)(d)		0.66	%		0.66	%		0.66	%		0.68	%		0.91	%		0.91	%		0.91	%		0.93	%
Net investment income (loss) (a)(c)(d)		2.24	%		1.93	%		2.44	%		1.19	%		1.99	%		1.67	%		2.15	%		0.97	%
Portfolio turnover rate		187	%		493	%		496	%		181	%		187	%		493	%		496	%		181	%

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

** For the six months ended June 30, 2011 (Unaudited).

† 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.

306

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
	Years Ended December 31,												Years Ended December 31,
	2011**			2010			2009			2008*			2011**			2010			2009			2008*
Net Asset Value, Beginning of Period	$	12.37		$	11.21		$	9.07		$	10.00		$	12.35		$	11.20		$	9.06		$	10.00
Income (Loss) from Investment Operations:
Net investment income (loss) (e)		0.06	†		0.20	†		0.20	†		0.02			0.05	†		0.15	†		0.17	†		0.01
Net realized and unrealized gain (loss) on investments		0.49			1.15			1.97			(0.95	)(c)		0.49			1.16			1.97			(0.95	)(c)
Total from Investment Operations		0.55			1.35			2.17			(0.93	)		0.54			1.31			2.14			(0.94	)
Less Distributions from:
Net investment income		—			(0.13	)		(0.03	)		—			—			(0.10	)		(0.00	)(h)		—
Net realized gain on investments		—			(0.06	)		(0.00	)(h)		—			—			(0.06	)		(0.00	)(h)		—
Total distributions		—			(0.19	)		(0.03	)		—			—			(0.16	)		(0.00	)(h)		—
Net Asset Value, End of Period	$	12.92		$	12.37		$	11.21		$	9.07		$	12.89		$	12.35		$	11.20		$	9.06
Total Return (b)		4.45	%		12.18	%		23.91	%		(9.30	)%		4.37	%		11.82	%		23.65	%		(9.40	)%
Ratios and Supplemental Data:
Net Assets, End of Period (000’s)	$	2,777		$	1,687		$	442		$	56		$	1,804,284		$	1,444,241		$	566,276		$	38,747
Ratio to average net assets:
Net expenses (a)(d)(e)(f)		0.20	%		0.20	%		0.20	%		0.20	%		0.45	%		0.45	%		0.45	%		0.45	%
Gross expenses (a)(e)(f)		0.21	%		0.21	%		0.28	%		16.72	%		0.46	%		0.46	%		0.52	%		2.11	%
Net investment income (loss) (a)(d)(e)(f)		1.02	%		1.75	%		1.95	%		0.88	%		0.75	%		1.30	%		1.69	%		1.82	%
Portfolio turnover rate (g)		2	%		27	%		14	%		0	%		2	%		27	%		14	%		0	%

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

** For the six months ended June 30, 2011 (Unaudited).

† 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.

307

FINANCIAL HIGHLIGHTS (Continued)
	Sun Capital Advisers Trust

Selected data for a share outstanding throughout each period:

	SC Ibbotson Conservative Fund Initial Class Shares												SC Ibbotson Conservative Fund Service Class Shares
	Years Ended December 31,												Years Ended December 31,
	2011**			2010			2009			2008*			2011**			2010			2009			2008*
Net Asset Value, Beginning of Period	$	11.79		$	10.94		$	9.19		$	10.00		$	11.79		$	10.94		$	9.18		$	10.00
Income (Loss) from Investment Operations:
Net investment income (loss) (e)		0.10	†		0.14	†		0.33	†		0.03			0.08	†		0.13	†		0.20	†		0.02
Net realized and unrealized gain (loss) on investments		0.37			0.94			1.45			(0.84	)(c)		0.37			0.92			1.56			(0.84	)(c)
Total from Investment Operations		0.47			1.08			1.78			(0.81	)		0.45			1.05			1.76			(0.82	)
Less Distributions from:
Net investment income		—			(0.16	)		(0.03	)		—			—			(0.13	)		(0.00	)(h)		—
Net realized gain on investments		—			(0.07	)		(0.00	)(h)		—			—			(0.07	)		(0.00	)(h)		—
Total distributions		—			(0.23	)		(0.03	)		—			—			(0.20	)		(0.00	)(h)		—
Net Asset Value, End of Period	$	12.26		$	11.79		$	10.94		$	9.19		$	12.24		$	11.79		$	10.94		$	9.18
Total Return (b)		3.99	%		9.92	%		19.37	%		(8.10	)%		3.82	%		9.64	%		19.22	%		(8.20	)%
Ratios and Supplemental Data:
Net Assets, End of Period (000’s)	$	5,566		$	5,053		$	1,708		$	46		$	858,483		$	756,690		$	364,790		$	33,974
Ratio to average net assets:
Net expenses (a)(d)(e)(f)		0.20	%		0.20	%		0.20	%		0.20	%		0.45	%		0.45	%		0.45	%		0.45	%
Gross expenses (a)(e)(f)		0.22	%		0.21	%		0.26	%		17.09	%		0.47	%		0.47	%		0.53	%		2.12	%
Net investment income (loss) (a)(d)(e)(f)		1.59	%		1.27	%		3.15	%		1.15	%		1.35	%		1.18	%		2.01	%		2.22	%
Portfolio turnover rate (g)		5	%		16	%		12	%		1	%		5	%		16	%		12	%		1	%

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

** For the six months ended June 30, 2011 (Unaudited).

† 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.

308

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,
	2011**			2010			2009			2008*			2011**			2010			2009			2008*
Net Asset Value, Beginning of Period	$	12.47		$	11.25		$	8.87		$	10.00		$	12.47		$	11.24		$	8.87		$	10.00
Income (Loss) from Investment Operations:
Net investment income (loss) (e)		0.02	†		0.18	†		0.06	†		0.02			0.01	†		0.12	†		0.12	†		0.01
Net realized and unrealized gain (loss) on investments		0.58			1.34			2.35			(1.15	)(c)		0.57			1.38			2.25			(1.14	)(c)
Total from Investment Operations		0.60			1.52			2.41			(1.13	)		0.58			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	$	13.07		$	12.47		$	11.25		$	8.87		$	13.05		$	12.47		$	11.24		$	8.87
Total Return (b)		4.81	%		13.80	%		27.17	%		(11.30	)%		4.65	%		13.61	%		26.75	%		(11.30	)%
Ratios and Supplemental Data:
Net Assets, End of Period (000’s)	$	2,129		$	1,616		$	292		$	92		$	616,795		$	588,923		$	448,441		$	33,191
Ratio to average net assets:
Net expenses (a)(d)(e)(f)		0.20	%		0.20	%		0.20	%		0.20	%		0.45	%		0.45	%		0.45	%		0.45	%
Gross expenses (a)(e)(f)		0.22	%		0.22	%		0.30	%		14.32	%		0.47	%		0.47	%		0.53	%		2.08	%
Net investment income (loss) (a)(d)(e)(f)		0.37	%		1.54	%		0.61	%		1.20	%		0.11	%		1.03	%		1.18	%		1.53	%
Portfolio turnover rate (g)		7	%		38	%		16	%		7	%		7	%		38	%		16	%		7	%

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

** For the six months ended June 30, 2011 (Unaudited).

† 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.

309

NOTES TO FINANCIAL STATEMENTS (Unaudited) 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 (the “Tactical 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. The Tactical 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 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 the Tactical Fund, offers Initial Class Shares and Service Class Shares. The Tactical 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”)

SC BlackRock Small Cap Index Fund (“BlackRock Small Cap Index 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”)

SC Davis Venture Value Fund (“Davis Venture Value Fund”)

SC Invesco Small Cap Growth Fund (“Invesco 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”)

SC Ibbotson Growth Fund (“Ibbotson Growth Fund”)

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 Fund-of-Funds do not invest in the underlying funds for the purpose of exercising management or control; however, investments by the Fund-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

310

NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)	Sun Capital Advisers Trust

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 June 30, 2011, 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 increases and decreases in net assets from operations 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 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 NAV 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.

311

NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)	Sun Capital Advisers Trust

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 under 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 OTC actively traded U.S. Treasury securities.

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

312

NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)	Sun Capital Advisers Trust

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, bank loan obligations, certificates of deposit 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 and derivatives 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 June 30, 2011 and transfers among levels, if any, are incorporated within each Fund’s Portfolio of Investments. During the six months ended June 30, 2011, there were no significant changes to valuation techniques described above and the related inputs.

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. 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

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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 Pronouncements

In April 2011, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) related to the accounting for repurchase agreements and similar agreements that both entitle and obligate a transferor to repurchase or redeem financial assets before their maturity. The ASU modifies the criteria for determining effective control of transferred assets and as a result certain agreements may now be accounted for as secured borrowings. The ASU is effective prospectively for new transfers and existing transactions that are modified in the first interim or annual period beginning on or after December 15, 2011. At this time, management is evaluating the implications of this change and its impact on the financial statements has not been determined.

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 June 30, 2011, 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 takes possession of an underlying debt obligation (“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 June 30, 2011, no fund was party to any open repurchase agreements.

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 June 30, 2011, only Goldman Sachs Short Duration 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 June 30, 2011, Investment Grade Bond Fund, BlackRock Inflation Protected Bond 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 direct investments by foreigners. To the extent that the Funds invest in equity-linked securities having returns

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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 June 30, 2011, only AllianceBernstein International Value Fund held equity-linked securities as listed on the Fund’s Portfolio of Investments.

g) Bank Loan Obligations

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 June 30, 2011, PIMCO High Yield Fund and PIMCO Total Return Fund had open bank loan obligations as listed on each Fund’s Portfolio of Investments.

h) Exchange Traded Funds

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 OTC 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 NAV of such underlying ETF (i.e., an underlying ETF may trade at a discount or premium to its NAV). 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 NAV 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 economic developments. Moreover, securities issued in these markets may be less liquid, be subject to

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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 June 30, 2011, 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 six months ended June 30, 2011, 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:

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Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of June 30, 2011:

	Asset Derivatives
Fund	Derivative Type	Interest Rate		Foreign Exchange		Credit		Equity		Total
AllianceBernstein International Value Fund	Forward Foreign Currency Exchange Contracts(a)	$	—	$	13,440	$	—	$	—	$	13,440
	Futures Contracts(b)		—		—		—		11,338		11,338
	Total Value	$	—	$	13,440	$	—	$	11,338	$	24,778
BlackRock International Index Fund	Futures Contracts(b)	$	—	$	—	$	—	$	28,569	$	28,569
	Total Value	$	—	$	—	$	—	$	28,569	$	28,569
BlackRock Large Cap Index Fund	Futures Contracts(b)	$	—	$	—	$	—	$	98,521	$	98,521
	Total Value	$	—	$	—	$	—	$	98,521	$	98,521
BlackRock Small Cap Index Fund	Futures Contracts(b)	$	—	$	—	$	—	$	449,598	$	449,598
	Total Value	$	—	$	—	$	—	$	449,598	$	449,598
Goldman Sachs Mid Cap Value Fund	Futures Contracts(b)	$	—	$	—	$	—	$	228,573	$	228,573
	Total Value	$	—	$	—	$	—	$	228,573	$	228,573
BlackRock Inflation Protected Bond Fund	Futures Contracts(b)	$	1,574,164	$	—	$	—	$	—	$	1,574,164
	Purchased Option Contracts(c)		870,962		—		—		—		870,962
	Swap Contracts(d)		246,045		—		—		—		246,045
	Total Value	$	2,691,171	$	—	$	—	$	—	$	2,691,171
Goldman Sachs Short Duration Fund	Futures Contracts(b)	$	755,781	$	—	$	—	$	—	$	755,781
	Total Value	$	755,781	$	—	$	—	$	—	$	755,781
PIMCO High Yield Fund	Forward Foreign Currency Exchange Contracts(a)	$	—	$	81,073	$	—	$	—	$	81,073
	Swap Contracts(d)		—		—		368,049		—		368,049
	Total Value	$	—	$	81,073	$	368,049	$	—	$	449,122

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	Asset Derivatives
Fund	Derivative Type	Interest Rate		Foreign Exchange		Credit		Equity		Total
PIMCO Total Return Fund	Forward Foreign Currency Exchange Contracts(a)	$	—	$	2,940,482	$	—	$	—	$	2,940,482
	Futures Contracts(b)		3,385,161		—		—		—		3,385,161
	Purchased Option Contracts(c)		242,268		—		—		—		242,268
	Swap Contracts(d)		366,086		—		856,672		—		1,222,758
	Total Value	$	3,993,515	$	2,940,482	$	856,672	$	—	$	7,790,669

(a) Statement of Assets and Liabilities location: Unrealized appreciation on forward foreign currency exchange contracts.

(b) 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.

(c) Statement of Assets and Liabilities location: Investments, at value.

(d) Statement of Assets and Liabilities location: Unrealized appreciation on swaps.

	Liability Derivatives
Fund	Derivative Type	Interest Rate			Foreign Exchange			Credit		Equity		Total
AllianceBernstein International Value Fund	Forward Foreign Currency Exchange Contracts(a)	$	—		$	(78,291	)	$	—	$	—	$	(78,291	)
	Total Value	$	—		$	(78,291	)	$	—	$	—	$	(78,291	)
BlackRock Inflation Protected Bond Fund	Forward Foreign Currency Exchange Contracts(a)	$	—		$	(1,027,383	)	$	—	$	—	$	(1,027,383	)
	Futures Contracts(b)		(723,209	)		—			—		—		(723,209	)
	Swap Contracts(c)		(852,923	)		—			—		—		(852,923	)
	Written Option Contracts(d)		(3,182,910	)		—			—		—		(3,182,910	)
	Total Value	$	(4,759,042	)	$	(1,027,383	)	$	—	$	—	$	(5,786,425	)
Goldman Sachs Short Duration Fund	Futures Contracts(b)	$	(1,238,555	)	$	—		$	—	$	—	$	(1,238,555	)
	Total Value	$	(1,238,555	)	$	—		$	—	$	—	$	(1,238,555	)
PIMCO High Yield Fund	Forward Foreign Currency Exchange Contracts(a)	$	—		$	(133,134	)	$	—	$	—	$	(133,134	)
	Total Value	$	—		$	(133,134	)	$	—	$	—	$	(133,134	)

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	Liability Derivatives
Fund	Derivative Type	Interest Rate			Foreign Exchange			Credit			Equity		Total
PIMCO Total Return Fund	Forward Foreign Currency Exchange Contracts(a)	$	—		$	(946,642	)	$	—		$	—	$	(946,642	)
	Futures Contracts(b)		(340,178	)		—			—			—		(340,178	)
	Swap Contracts(c)		(2,246,676	)		—			(462,020	)		—		(2,708,696	)
	Written Option Contracts(d)		(1,789,510	)		—			—			—		(1,789,510	)
	Total Value	$	(4,376,364	)	$	(946,642	)	$	(462,020	)	$	—	$	(5,785,026	)

(a) Statement of Assets and Liabilities location: Unrealized depreciation on forward foreign currency exchange contracts.

(b) 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.

(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 Six Months Ended June 30, 2011:

	Realized Gain (Loss)
Fund	Derivative Type	Interest Rate		Foreign Exchange			Credit		Equity			Total
AllianceBernstein International Value Fund	Forward Foreign Currency Exchange Contracts(a)	$	—	$	(44,549	)	$	—	$	—		$	(44,549	)
	Futures Contracts(b)		—		—			—		21			21
	Total Value	$	—	$	(44,549	)	$	—	$	21		$	(44,528	)
BlackRock International Index Fund	Futures Contracts(b)	$	—	$	—		$	—	$	91,142		$	91,142
	Total Value	$	—	$	—		$	—	$	91,142		$	91,142
BlackRock Large Cap Index Fund	Futures Contracts(b)	$	—	$	—		$	—	$	92,532		$	92,532
	Total Value	$	—	$	—		$	—	$	92,532		$	92,532
BlackRock Small Cap Index Fund	Futures Contracts(b)	$	—	$	—		$	—	$	(64,261	)	$	(64,261	)
	Total Value	$	—	$	—		$	—	$	(64,261	)	$	(64,261	)
Goldman Sachs Mid Cap Value Fund	Futures Contracts(b)	$	—	$	—		$	—	$	(52,769	)	$	(52,769	)
	Total Value	$	—	$	—		$	—	$	(52,769	)	$	(52,769	)

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	Realized Gain (Loss)
Fund	Derivative Type	Interest Rate			Foreign Exchange			Credit		Equity		Total
BlackRock Inflation Protected Bond Fund	Forward Foreign Currency Exchange Contracts(a)	$	—		$	(1,821,629	)	$	—	$	—	$	(1,821,629	)
	Futures Contracts(b)		(418,723	)		—			—		—		(418,723	)
	Purchased Option Contracts(c)		(21,325	)		—			—		—		(21,325	)
	Swap Contracts(d)		588,109			—			—		—		588,109
	Written Option Contracts(e)		99,011			—			—		—		99,011
	Total Value	$	247,072		$	(1,821,629	)	$	—	$	—	$	(1,574,557	)
Goldman Sachs Short Duration Fund	Futures Contracts(b)	$	(1,736,407	)	$	—		$	—	$	—	$	(1,736,407	)
	Total Value	$	(1,736,407	)	$	—		$	—	$	—	$	(1,736,407	)
PIMCO High Yield Fund	Forward Foreign Currency Exchange Contracts(a)	$	—		$	(548,882	)	$	—	$	—	$	(548,882	)
	Futures Contracts(b)		245,470			—			—		—		245,470
	Swap Contracts(d)		—			—			55,300		—		55,300
	Total Value	$	245,470		$	(548,882	)	$	55,300	$	—	$	(248,112	)
PIMCO Total Return Fund	Forward Foreign Currency Exchange Contracts(a)	$	—		$	1,410,198		$	—	$	—	$	1,410,198
	Futures Contracts(b)		29,998			—			—		—		29,998
	Swap Contracts(d)		(802,849	)		—			2,507,439		—		1,704,590
	Written Option Contracts(e)		379,450			—			—		—		379,450
	Total Value	$	(393,401	)	$	1,410,198		$	2,507,439	$	—	$	3,524,236

(a) 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).

(b) Statement of Operations location: Net realized gain (loss) from: Futures.

(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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	Change in Unrealized Appreciation (Depreciation)
Fund	Derivative Type	Interest Rate			Foreign Exchange			Credit		Equity		Total
AllianceBernstein International Value Fund	Forward Foreign Currency Exchange Contracts(a)	$	—		$	(64,851	)	$	—	$	—	$	(64,851	)
	Futures Contracts(b)		—			—			—		17,938		17,938
	Total Value	$	—		$	(64,851	)	$	—	$	17,938	$	(46,913	)
BlackRock International Index Fund	Futures Contracts(b)	$	—		$	—		$	—	$	12,693	$	12,693
	Total Value	$	—		$	—		$	—	$	12,693	$	12,693
BlackRock Large Cap Index Fund	Futures Contracts(b)	$	—		$	—		$	—	$	43,755	$	43,755
	Total Value	$	—		$	—		$	—	$	43,755	$	43,755
BlackRock Small Cap Index Fund	Futures Contracts(b)	$	—		$	—		$	—	$	400,380	$	400,380
	Total Value	$	—		$	—		$	—	$	400,380	$	400,380
Goldman Sachs Mid Cap Value Fund	Futures Contracts(b)	$	—		$	—		$	—	$	234,495	$	234,495
	Total Value	$	—		$	—		$	—	$	234,495	$	234,495
BlackRock Inflation Protected Bond Fund	Forward Foreign Currency Exchange Contracts(a)	$	—		$	(388,436	)	$	—	$	—	$	(388,436	)
	Futures Contracts(b)		1,287,164			—			—		—		1,287,164
	Purchased Option Contracts(c)		(242,175	)		—			—		—		(242,175	)
	Swap Contracts(d)		(21,680	)		—			—		—		(21,680	)
	Written Option Contracts(e)		264,324			—			—		—		264,324
	Total Value	$	1,287,633		$	(388,436	)	$	—	$	—	$	899,197
Goldman Sachs Short Duration Fund	Futures Contracts(b)	$	(540,148	)	$	—		$	—	$	—	$	(540,148	)
	Total Value	$	(540,148	)	$	—		$	—	$	—	$	(540,148	)
PIMCO High Yield Fund	Forward Foreign Currency Exchange Contracts(a)	$	—		$	(249,210	)	$	—	$	—	$	(249,210	)
	Futures Contracts(b)		(242,475	)		—			—		—		(242,475	)
	Swap Contracts(d)		—			—			89,965		—		89,965
	Total Value	$	(242,475	)	$	(249,210	)	$	89,965	$	—	$	(401,720	)

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	Change in Unrealized Appreciation (Depreciation)
Fund	Derivative Type	Interest Rate			Foreign Exchange		Credit			Equity		Total
PIMCO Total Return Fund	Forward Foreign Currency Exchange Contracts(a)	$	—		$	922,459	$	—		$	—	$	922,459
	Futures Contracts(b)		3,725,739			—		—			—		3,725,739
	Purchased Option Contracts(c)		69,270			—		—			—		69,270
	Swap Contracts(d)		(1,831,370	)		—		(796,582	)		—		(2,627,952	)
	Written Option Contracts(e)		1,838,947			—		—			—		1,838,947
	Total Value	$	3,802,586		$	922,459	$	(796,582	)	$	—	$	3,928,463

(a) 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).

(b) Statement of Operations location: Change in unrealized appreciation (depreciation) on: Futures.

(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)
(Unaudited)	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.

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NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)	Sun Capital Advisers Trust

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 agreement which is disclosed in each Fund’s Portfolio of Investments. At June 30, 2011, 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 June 30, 2011 were $(659) and $(1,622,397), respectively. If a defined credit event had occurred as of June 30, 2011, 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 $71,300,000, respectively, representing 0.2% and 7.7%, respectively, of each Fund’s net assets on June 30, 2011 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 June 30, 2011, 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 June 30, 2011, 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

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NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)	Sun Capital Advisers Trust

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 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 June 30, 2011, AllianceBernstein International Value Fund, 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 June 30, 2011, AllianceBernstein 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 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

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NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)	Sun Capital Advisers Trust

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 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 June 30, 2011, BlackRock Inflation Protected Bond Fund and PIMCO Total Return Fund had open purchased option, 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 six months ended June 30, 2011, as applicable, were as follows:

BlackRock Inflation Protected Bond Fund	Number of Contracts			Notional Par		Premium Amount
Beginning of period		—		$	31,400,000	$	1,282,390
Written		1,122			192,700,000		2,342,328
Bought back		(479	)		—		(151,121	)
Expired		(47	)		—		(15,456	)
Exercised		—			—		—
End of period		596		$	224,100,000	$	3,458,141

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NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)	Sun Capital Advisers Trust

PIMCO Total Return Fund	Number of Contracts			Notional Par			Premium Amount
Beginning of period		368		$	190,700,000		$	1,879,431
Written		529			284,300,000			1,295,375
Bought back		(434	)		—			(164,417	)
Expired		(82	)		(54,200,000	)		(318,704	)
Exercised		—			—			—
End of period		381		$	420,800,000		$	2,691,685

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 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 the 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 the PIMCO High Yield Fund and PIMCO Total Return Fund. Effective May 1, 2011, MFS was appointed as subadviser for the Global Real Estate Fund. There was no change to the Fund’s name, investment goal or investment strategy as a result of this change.

As compensation for all services rendered, facilities provided and expenses paid or assumed by the Adviser under the investment advisory agreements, the following sixteen Funds pay an 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 Fund	All		0.63%
BlackRock International Index Fund	$0-$500 million over $500 million		0.40% 0.375%
BlackRock Large Cap Index Fund	$0-$500 million over $500 million		0.35% 0.325%
BlackRock Small Cap Index Fund	$0-$500 million over $500 million		0.375% 0.35%

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NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)	Sun Capital Advisers Trust

Fund	Asset Level	Fee
Columbia Small Cap Value Fund	$0-$250 million over $250 million		0.90% 0.85%
Davis Venture Value Fund	$0-$500 million over $500 million		0.75% 0.70%
Invesco Small Cap Growth Fund	$0-$250 million over $250 million		0.95% 0.90%
WMC Blue Chip Mid Cap Fund	$0-$300 million over $300 million		0.80% 0.75%
WMC Large Cap Growth Fund	$0-$750 million over $750 million		0.75% 0.70%
Global Real Estate Fund	All		0.95%
Ibbotson Tactical Opportunities Fund	$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 Fund	All		0.60%
Money Market Fund	All		0.50%
Ibbotson Balanced Fund	All		0.125%
Ibbotson Conservative Fund	All		0.125%
Ibbotson Growth Fund	All		0.125%

Under the investment advisory and management agreements, the following six Funds pay a unified management fee to the Adviser on a monthly basis for its advisory and management services. Out of each Fund’s unified management fee, the Adviser pays for all of the ordinary expenses of managing and operating the Fund. 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 Fund	All		1.05%
Lord Abbett Growth & Income Fund	All		0.87%
BlackRock Inflation Protected Bond Fund	All		0.65%
Goldman Sachs Short Duration Fund	All		0.64%
PIMCO High Yield Fund	All		0.74%
PIMCO Total Return Fund	All		0.65%

329

NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)	Sun Capital Advisers Trust

b) Limitations

     i) Funds with investment advisory agreements

For the sixteen Funds that have investment advisory agreements, the Adviser has contractually agreed (until at least April 30, 2012) not to impose all or a portion of its advisory fee and to reimburse other operating expenses to reduce each Fund’s total annual operating expenses to:

	Contractual Expense Limitations
Fund	Initial Class			Service Class
AllianceBernstein International Value Fund		0.75	%		1.00	%
BlackRock International Index Fund		0.60	%		0.85	%
BlackRock Large Cap Index Fund		0.50	%		0.75	%
BlackRock Small Cap Index Fund		0.60	%		0.85	%
Columbia Small Cap Value Fund		1.15	%		1.40	%
Davis Venture Value Fund		0.90	%		1.15	%
Invesco Small Cap Growth Fund		1.15	%		1.40	%
WMC Blue Chip Mid Cap Fund		1.00	%		1.25	%
WMC Large Cap Growth Fund*		0.90	%		1.15	%
Global Real Estate Fund		1.10	%		1.35	%
Ibbotson Tactical Opportunities Fund		0.50	%		N/A
Investment Grade Bond Fund		0.75	%		1.00	%
Money Market Fund		0.50	%		0.75	%
Ibbotson Balanced Fund		0.20	%		0.45	%
Ibbotson Conservative Fund		0.20	%		0.45	%
Ibbotson Growth Fund		0.20	%		0.45	%

* Prior to May 1, 2011, the expense limitations for the WMC Large Cap Growth Fund were 0.81% and 1.06% for Initial Class and Service Class, respectively.

Effective May 1, 2011, the expense limits do not apply to the following categories of expenses: (i) compensation of the Trust’s independent trustees and expenses incurred in the performance of their duties; (ii) legal fees and expenses of counsel to the independent trustees; (iii) premiums for liability insurance dedicated to the independent trustees; (iv) expenses related to the electronic preparation, delivery or use of materials for meetings of the board of trustees; (v) expenses associated with obtaining data from third parties for the independent trustees’ use; and (vi) such other expenses as are determined to be extraordinary expenses by the independent trustees. Prior to May 1, 2011, these categories of expenses were covered by the expense limitations applicable to these Funds.

To the extent that one of these 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 fees waived and fund expenses paid on behalf of the Fund during the prior two fiscal years.

330

NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)	Sun Capital Advisers Trust

For each of the periods below, the Adviser waived all or part of its advisory fee and reimbursed certain operating expenses in the following amounts:

	Six Months Ended June 30, 2011				Two-year period ended December 31, 2010
Fund	Advisory Fees Waived		Expenses Reimbursed		Advisory Fees Waived			Expenses Reimbursed
AllianceBernstein International Value Fund	$	126,491	$	—	$	438,713		$	2,254
BlackRock International Index Fund		125,956		6,237		26,390	*		84,623	*
BlackRock Large Cap Index Fund		54,435		—		113,409			—
BlackRock Small Cap Index Fund		38,608		—		400,968			—
Columbia Small Cap Value Fund		29,100		—		241,926			—
Davis Venture Value Fund		—		—		69,717			—
Invesco Small Cap Growth Fund		48,682		—		261,332			13,392
WMC Blue Chip Mid Cap Fund		—		—		91,879			—
WMC Large Cap Growth Fund		84,094		—		441,658			—
Global Real Estate Fund		25,280		—		175,999			—
Ibbotson Tactical Opportunities Fund		—		—		52,556	*		—	*
Investment Grade Bond Fund		—		—		114,948			—
Money Market Fund		454,043		184,562		2,091,212			404,567
Ibbotson Balanced Fund		41,803		—		257,266			—
Ibbotson Conservative Fund		63,500		—		258,110			—
Ibbotson Growth Fund		57,848		—		271,325			—

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

    ii) Funds with investment advisory and management agreements

For the six Funds that have investment advisory and management agreements, the Adviser contractually agreed until April 30, 2011 not to impose all or a portion of its unified fee and to reimburse other operating expenses to reduce each Fund’s total annual operating expenses to:

	Contractual Expense Limitations
Fund	Initial Class			Service Class
Goldman Sachs Mid Cap Value Fund		1.07	%		1.32	%
Lord Abbett Growth & Income Fund		0.87	%		1.12	%
BlackRock Inflation Protected Bond Fund		0.65	%		0.90	%
Goldman Sachs Short Duration Fund		0.65	%		0.90	%
PIMCO High Yield Fund		0.75	%		1.00	%
PIMCO Total Return Fund		0.65	%		0.90	%

Effective May 1, 2011, there are no expense limits applicable to these six Funds. However, to the extent that, during either of the two succeeding years, one of these Fund’s total expense ratio falls below the expense limit previously in place, the Adviser reserves the right to be reimbursed for unified fees waived and fund expenses paid on behalf of the Fund under the previous expense limitation.

331

NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)	Sun Capital Advisers Trust

For each of the periods below, the Adviser waived all or part of its unified fee and reimbursed certain operating expenses in the following amounts:

	Six Months Ended June 30, 2011				Two-year period ended December 31, 2010
Fund	Advisory Fees Waived		Expenses Reimbursed		Advisory Fees Waived		Expenses Reimbursed
Goldman Sachs Mid Cap Value Fund	$	—	$	—	$	—	$	—
Lord Abbett Growth & Income Fund		14,104		—		80,629		—
BlackRock Inflation Protected Bond Fund		10,675		—		28,152		—
Goldman Sachs Short Duration Fund		—		—		15,758		—
PIMCO High Yield Fund		—		—		1,464		—
PIMCO Total Return Fund		21,566		—		58,110		—

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 payable by the Trust 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 six months ended June 30, 2011 was $220,552 and $204,087, respectively, including out of pocket expenses. The Trust pays no compensation directly to those of its Trustees 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 six months ended June 30, 2011, were as follows:

Fund	Non- Government Purchases		Government Purchases		Non- Government Sales		Government Sales
AllianceBernstein International Value Fund	$	30,465,762	$	—	$	18,338,158	$	—
BlackRock International Index Fund		15,203,085		—		1,169,742		—
BlackRock Large Cap Index Fund		18,454,969		—		1,182,750		—
BlackRock Small Cap Index Fund		76,223,931		—		53,023,899		—
Goldman Sachs Mid Cap Value Fund		48,701,024		—		68,805,882		—
Columbia Small Cap Value Fund		17,469,005		—		9,968,862		—

332

NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)	Sun Capital Advisers Trust

Fund	Non- Government Purchases			Government Purchases		Non- Government Sales			Government Sales
Davis Venture Value Fund	$	23,633,185		$	—	$	30,708,070		$	—
Invesco Small Cap Growth Fund		14,643,432			—		4,783,837			—
Lord Abbett Growth & Income Fund		181,107,982			—		234,832,769			—
WMC Blue Chip Mid Cap Fund		77,375,399			—		61,675,009			—
WMC Large Cap Growth Fund		58,952,252			—		63,773,014			—
Global Real Estate Fund		14,975,664			—		41,364,653			—
Ibbotson Tactical Opportunities Fund		404,284,730			—		308,567,834			—
Investment Grade Bond Fund		187,026,071			53,613,144		208,118,295			28,119,074
BlackRock Inflation Protected Bond Fund		111,218,929			762,001,197		100,771,461			693,634,914
Goldman Sachs Short Duration Fund		326,565,638			1,015,994,381		162,092,172			1,138,071,450
PIMCO High Yield Fund		49,903,365			—		29,021,783			—
PIMCO Total Return Fund		274,735,198			1,033,564,376		49,033,308			1,497,470,243
Ibbotson Balanced Fund		336,946,010	*		—		34,779,999	*		—
Ibbotson Conservative Fund		115,080,712	*		—		37,275,510	*		—
Ibbotson Growth Fund		43,394,711	*		—		42,359,430	*		—

* Affiliated investment transactions.

Purchases and sales, including maturities, of short-term securities by the Money Market Fund for the six months ended June 30, 2011 were $1,106,608,277 and $1,099,140,957, respectively.

8. AFFILIATED COMPANY SECURITIES

The term “affiliated securities” includes securities issued by any company that is under common control with the Fund. At June 30, 2011, 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. 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 six months ended June 30, 2011, the following Funds had borrowings and incurred commitment fees under this Agreement as follows:

Fund	Maximum Loan		Average Daily Amount of Loan		Weighted Average Interest Rate			Commitment Fee
AllianceBernstein International Value Fund.	$	513,000	$	7,862		1.49	%	$	127
BlackRock International Index Fund		—		—		—			88
BlackRock Large Cap Index Fund		75,000		414		1.48			189
BlackRock Small Cap Index Fund		—		—		—			313

333

NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)	Sun Capital Advisers Trust

Fund	Maximum Loan		Average Daily Amount of Loan		Weighted Average Interest Rate		Commitment Fee
Goldman Sachs Mid Cap Value Fund	$	—	$	—		—	$	471
Columbia Small Cap Value Fund		—		—		—		103
Davis Venture Value Fund		—		—		—		751
Invesco Small Cap Growth Fund		—		—		—		52
Lord Abbett Growth & Income Fund		5,030,000		66,696		1.44		919
WMC Blue Chip Mid Cap Fund		—		—		—		289
WMC Large Cap Growth Fund		158,000		1,337		1.50		351
Global Real Estate Fund		—		—		—		446
Ibbotson Tactical Opportunities Fund		802,000		4,431		1.42		704
Investment Grade Bond Fund		—		—		—		659
BlackRock Inflation Protected Bond Fund		—		—		—		671
Goldman Sachs Short Duration Fund		—		—		—		1,932
PIMCO High Yield Fund		—		—		—		294
PIMCO Total Return Fund		5,879,000		102,856		1.38		1,300
Ibbotson Balanced Fund		2,151,000		50,188		1.47		2,470
Ibbotson Conservative Fund		12,581,000		291,199		1.48		1,322
Ibbotson Growth Fund		2,336,000		144,072		1.42		1,037

As of June 30, 2011, 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
	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010			Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010
AllianceBernstein International Value Fund (shares)
Shares sold		1,154,922			3,567,009			141,582			174,698
Shares issued as reinvestment of distributions		—			133,237			—			4,490
Shares redeemed		(251,593	)		(2,340,618	)		(31,419	)		(45,024	)
Net increase (decrease) in shares outstanding		903,329			1,359,628			110,163			134,164
Beginning of period		7,037,858			5,678,230			303,944			169,780
End of period		7,941,187			7,037,858			414,107			303,944
AllianceBernstein International Value Fund ($)
Net proceeds from sales	$	11,902,925		$	33,291,819		$	1,480,438		$	1,643,105
Net proceeds on reinvestment of distributions		—			1,248,432			—			41,984
Shares redeemed		(2,645,950	)		(23,253,856	)		(331,719	)		(423,210	)
Net increase (decrease) in net assets	$	9,256,975		$	11,286,395		$	1,148,719		$	1,261,879

334

NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)	Sun Capital Advisers Trust

	Initial Class Shares						Service Class Shares
	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010			Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010
BlackRock International Index Fund (shares)(a)
Shares sold		1,076,643			5,277,325			133,160			24,602
Shares redeemed		(62,321	)		(11,775	)		(24,509	)		—
Net increase (decrease) in shares outstanding		1,014,322			5,265,550			108,651			24,602
Beginning of period		5,265,551			1			24,603			1
End of period		6,279,873			5,265,551			133,254			24,603
BlackRock International Index Fund ($)(a)
Net proceeds from sales	$	11,427,512		$	52,817,033		$	1,435,191		$	246,073
Shares redeemed		(684,134	)		(119,468	)		(261,730	)		—
Net increase (decrease) in net assets	$	10,743,378		$	52,697,565		$	1,173,461		$	246,073
BlackRock Large Cap Index Fund (shares)
Shares sold		1,661,156			5,938,764			520,077			528,690
Shares issued as reinvestment of distributions		—			26,219			—			2,941
Shares redeemed		(138,615	)		(5,116,303	)		(135,525	)		(253,110	)
Net increase (decrease) in shares outstanding		1,522,541			848,680			384,552			278,521
Beginning of period		9,630,076			8,781,396			1,701,470			1,422,949
End of period		11,152,617			9,630,076			2,086,022			1,701,470
BlackRock Large Cap Index Fund ($)
Net proceeds from sales	$	16,208,161		$	48,839,087		$	5,219,679		$	4,570,334
Net proceeds on reinvestment of distributions		—			216,837			—			24,908
Shares redeemed		(1,353,893	)		(45,548,229	)		(1,347,127	)		(2,190,527	)
Net increase (decrease) in net assets	$	14,854,268		$	3,507,695		$	3,872,552		$	2,404,715
BlackRock Small Cap Index Fund (shares)
Shares sold		4,099,099			491,327			304,860			694,478
Shares issued as reinvestment of distributions		—			14,108			—			14,319
Shares redeemed		(1,758,966	)		(1,644,466	)		(607,551	)		(3,188,604	)
Net increase (decrease) in shares outstanding		2,340,133			(1,139,031	)		(302,691	)		(2,479,807	)
Beginning of period		3,485,955			4,624,986			10,424,636			12,904,443
End of period		5,826,088			3,485,955			10,121,945			10,424,636
BlackRock Small Cap Index Fund ($)
Net proceeds from sales	$	55,606,595		$	5,730,919		$	4,003,209		$	7,538,234
Net proceeds on reinvestment of distributions		—			155,615			—			155,938
Shares redeemed		(23,987,869	)		(18,747,647	)		(8,191,666	)		(37,504,292	)
Net increase (decrease) in net assets	$	31,618,726		$	(12,861,113	)	$	(4,188,457	)	$	(29,810,120	)

335

NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)	Sun Capital Advisers Trust

	Initial Class Shares						Service Class Shares
	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010			Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010
Goldman Sachs Mid Cap Value Fund (shares)
Shares sold		1,506,015			7,670,260			962,000			1,195,388
Shares issued as reinvestment of distributions		—			677,522			—			65,091
Shares redeemed		(4,247,147	)		(6,401,931	)		(263,378	)		(789,814	)
Net increase (decrease) in shares outstanding		(2,741,132	)		1,945,851			698,622			470,665
Beginning of period		25,951,851			24,006,000			2,829,735			2,359,070
End of period		23,210,719			25,951,851			3,528,357			2,829,735
Goldman Sachs Mid Cap Value Fund ($)
Net proceeds from sales	$	15,039,758		$	64,672,510		$	9,522,020		$	10,142,051
Net proceeds on reinvestment of distributions		—			5,643,760			—			540,908
Shares redeemed		(43,342,149	)		(55,491,591	)		(2,607,607	)		(6,692,821	)
Net increase (decrease) in net assets	$	(28,302,391	)	$	14,824,679		$	6,914,413		$	3,990,138
Columbia Small Cap Value Fund (shares)
Shares sold		675,146			1,544,629			198,096			569,073
Shares issued as reinvestment of distributions		—			377,528			—			87,398
Shares redeemed		(58,622	)		(900,177	)		(149,872	)		(229,432	)
Net increase (decrease) in shares outstanding		616,524			1,021,980			48,224			427,039
Beginning of period		4,364,205			3,342,225			1,103,042			676,003
End of period		4,980,729			4,364,205			1,151,266			1,103,042
Columbia Small Cap Value Fund ($)
Net proceeds from sales	$	7,673,300		$	16,293,217		$	2,254,232		$	5,846,228
Net proceeds on reinvestment of distributions		—			3,503,453			—			809,308
Shares redeemed		(662,800	)		(9,044,675	)		(1,675,190	)		(2,425,175	)
Net increase (decrease) in net assets	$	7,010,500		$	10,751,995		$	579,042		$	4,230,361
Davis Venture Value Fund (shares)
Shares sold		887,192			7,288,612			513,630			2,157,750
Shares issued as reinvestment of distributions		—			96,261			—			54,826
Shares redeemed		(563,909	)		(8,039,035	)		(1,004,143	)		(2,060,829	)
Net increase (decrease) in shares outstanding		323,283			(654,162	)		(490,513	)		151,747
Beginning of period		13,055,113			13,709,275			22,092,489			21,940,742
End of period		13,378,396			13,055,113			21,601,976			22,092,489
Davis Venture Value Fund ($)
Net proceeds from sales	$	11,016,544		$	78,342,507		$	6,220,743		$	23,219,248
Net proceeds on reinvestment of distributions		—			1,027,110			—			583,899
Shares redeemed		(6,985,343	)		(90,371,562	)		(12,413,979	)		(23,109,538	)
Net increase (decrease) in net assets	$	4,031,201		$	(11,001,945	)	$	(6,193,236	)	$	693,609

336

NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)	Sun Capital Advisers Trust

	Initial Class Shares						Service Class Shares
	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010			Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010
Invesco Small Cap Growth Fund (shares)
Shares sold		677,163			495,380			406,694			438,169
Shares issued as reinvestment of distributions		—			157,640			—			77,408
Shares redeemed		(61,512	)		(158,170	)		(81,223	)		(214,999	)
Net increase (decrease) in shares outstanding		615,651			494,850			325,471			300,578
Beginning of period		1,862,063			1,367,213			979,627			679,049
End of period		2,477,714			1,862,063			1,305,098			979,627
Invesco Small Cap Growth Fund ($)
Net proceeds from sales	$	8,185,489		$	4,927,667		$	4,728,428		$	4,326,592
Net proceeds on reinvestment of distributions		—			1,478,663			—			722,220
Shares redeemed		(745,993	)		(1,570,015	)		(957,215	)		(2,176,690	)
Net increase (decrease) in net assets	$	7,439,496		$	4,836,315		$	3,771,213		$	2,872,122
Lord Abbett Growth & Income Fund (shares)
Shares sold		1,895,554			11,085,638			260,729			760,127
Shares issued as reinvestment of distributions		—			2,990,839			—			69,848
Shares redeemed		(7,762,637	)		(15,813,249	)		(77,315	)		(449,032	)
Net increase (decrease) in shares outstanding		(5,867,083	)		(1,736,772	)		183,414			380,943
Beginning of period		64,561,760			66,298,532			1,635,070			1,254,127
End of period		58,694,677			64,561,760			1,818,484			1,635,070
Lord Abbett Growth & Income Fund ($)
Net proceeds from sales	$	16,083,758		$	81,259,922		$	2,234,808		$	6,035,253
Net proceeds on reinvestment of distributions		—			22,281,747			—			518,969
Shares redeemed		(67,548,058	)		(124,677,960	)		(671,424	)		(3,470,534	)
Net increase (decrease) in net assets	$	(51,464,300	)	$	(21,136,291	)	$	1,563,384		$	3,083,688
WMC Blue Chip Mid Cap Fund (shares)
Shares sold		1,526,756			4,678,564			81,706			263,704
Shares issued as reinvestment of distributions		—			4,691			—			—
Shares redeemed		(342,878	)		(2,346,045	)		(197,791	)		(858,621	)
Net increase (decrease) in shares outstanding		1,183,878			2,337,210			(116,085	)		(594,917	)
Beginning of period		8,585,138			6,247,928			2,740,758			3,335,675
End of period		9,769,016			8,585,138			2,624,673			2,740,758
WMC Blue Chip Mid Cap Fund ($)
Net proceeds from sales	$	23,827,807		$	62,074,414		$	1,254,406		$	3,374,448
Net proceeds on reinvestment of distributions		—			60,133			—			—
Shares redeemed		(5,369,289	)		(31,559,949	)		(3,072,736	)		(11,493,533	)
Net increase (decrease) in net assets	$	18,458,518		$	30,574,598		$	(1,818,330	)	$	(8,119,085	)

337

NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)	Sun Capital Advisers Trust

	Initial Class Shares						Service Class Shares
	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010			Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010
WMC Large Cap Growth Fund (shares)
Shares sold		1,345,055			6,364,356			210,936			415,338
Shares issued as reinvestment of distributions		—			65,688			—			1,109
Shares redeemed		(693,772	)		(7,040,501	)		(301,537	)		(678,065	)
Net increase (decrease) in shares outstanding		651,283			(610,457	)		(90,601	)		(261,618	)
Beginning of period		17,740,170			18,350,627			1,946,629			2,208,247
End of period		18,391,453			17,740,170			1,856,028			1,946,629
WMC Large Cap Growth Fund ($)
Net proceeds from sales	$	13,465,699		$	51,480,956		$	2,114,764		$	3,355,349
Net proceeds on reinvestment of distributions		—			545,213			—			9,148
Shares redeemed		(7,032,710	)		(61,907,003	)		(3,011,368	)		(5,740,631	)
Net increase (decrease) in net assets	$	6,432,989		$	(9,880,834	)	$	(896,604	)	$	(2,376,134	)
Global Real Estate Fund (shares)
Shares sold		851,626			2,802,255			77,499			755,136
Shares issued as reinvestment of distributions		—			1,175,193			—			1,176,532
Shares redeemed		(561,191	)		(1,750,396	)		(1,162,760	)		(1,968,579	)
Net increase (decrease) in shares outstanding		290,435			2,227,052			(1,085,261	)		(36,911	)
Beginning of period		9,791,855			7,564,803			11,301,850			11,338,761
End of period		10,082,290			9,791,855			10,216,589			11,301,850
Global Real Estate Fund ($)
Net proceeds from sales	$	9,968,012		$	31,073,659		$	1,012,717		$	9,189,692
Net proceeds on reinvestment of distributions		—			12,598,073			—			13,918,369
Shares redeemed		(6,646,240	)		(19,588,315	)		(15,136,917	)		(24,464,186	)
Net increase (decrease) in net assets	$	3,321,772		$	24,083,417		$	(14,124,200	)	$	(1,356,125	)
Ibbotson Tactical Opportunities Fund (shares)(a)
Shares sold		8,812,701			43,300,126
Shares redeemed		(261,248	)		(1,870	)
Net increase (decrease) in shares outstanding		8,551,453			43,298,256
Beginning of period		43,298,257			1
End of period		51,849,710			43,298,257
Ibbotson Tactical Opportunities Fund ($)(a)
Net proceeds from sales	$	95,295,186		$	434,362,406
Shares redeemed		(2,913,184	)		(19,650	)
Net increase (decrease) in net assets	$	92,382,002		$	434,342,756

338

NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)	Sun Capital Advisers Trust

	Initial Class Shares						Service Class Shares
	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010			Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010
Investment Grade Bond Fund (shares)
Shares sold		2,146,707			14,965,112			2,967,597			6,497,983
Shares issued as reinvestment of distributions		509,163			862,977			260,558			353,970
Shares redeemed		(780,946	)		(4,833,373	)		(436,243	)		(370,097	)
Net increase (decrease) in shares outstanding		1,874,924			10,994,716			2,791,912			6,481,856
Beginning of period		26,101,133			15,106,417			13,520,975			7,039,119
End of period		27,976,057			26,101,133			16,312,887			13,520,975
Investment Grade Bond Fund ($)
Net proceeds from sales	$	20,373,765		$	139,297,497		$	28,435,044		$	61,097,755
Net proceeds on reinvestment of distributions		4,852,616			8,093,261			2,501,912			3,343,693
Shares redeemed		(7,424,070	)		(45,521,961	)		(4,158,122	)		(3,467,580	)
Net increase (decrease) in net assets	$	17,802,311		$	101,868,797		$	26,778,834		$	60,973,868
Money Market Fund (shares)
Shares sold		24,690,256			59,695,332			47,621,252			91,786,435
Shares issued as reinvestment of distributions		60,149			153,247			—			—
Shares redeemed		(20,857,850	)		(80,077,232	)		(42,958,090	)		(89,367,222	)
Net increase (decrease) in shares outstanding		3,892,555			(20,228,653	)		4,663,162			2,419,213
Beginning of period		67,761,305			87,989,958			118,724,302			116,305,089
End of period		71,653,860			67,761,305			123,387,464			118,724,302
Money Market Fund ($)
Net proceeds from sales	$	24,690,256		$	59,695,332		$	47,621,252		$	91,786,435
Net proceeds on reinvestment of distributions		60,149			153,247			—			—
Shares redeemed		(20,857,850	)		(80,077,232	)		(42,958,090	)		(89,367,222	)
Net increase (decrease) in net assets	$	3,892,555		$	(20,228,653	)	$	4,663,162		$	2,419,213
BlackRock Inflation Protected Bond Fund (shares)
Shares sold		3,269,355			10,086,435			5,653,429			8,182,656
Shares issued as reinvestment of distributions		464,144			362,109			356,478			237,149
Shares redeemed		(815,516	)		(272,165	)		(394,922	)		(860,104	)
Net increase (decrease) in shares outstanding		2,917,983			10,176,379			5,614,985			7,559,701
Beginning of period		20,456,095			10,279,716			15,201,700			7,641,999
End of period		23,374,078			20,456,095			20,816,685			15,201,700
BlackRock Inflation Protected Bond Fund ($)
Net proceeds from sales	$	35,081,484		$	106,668,556		$	60,965,144		$	86,538,078
Net proceeds on reinvestment of distributions		5,068,946			3,858,520			3,886,355			2,521,522
Shares redeemed		(8,944,019	)		(2,890,510	)		(4,259,673	)		(9,155,496	)
Net increase (decrease) in net assets	$	31,206,411		$	107,636,566		$	60,591,826		$	79,904,104

339

NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)	Sun Capital Advisers Trust

	Initial Class Shares						Service Class Shares
	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010			Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010
Goldman Sachs Short Duration Fund (shares)
Shares sold		7,668,127			24,391,949			3,120,220			4,779,074
Shares issued as reinvestment of distributions		568,226			1,423,197			71,205			162,967
Shares redeemed		(6,826,084	)		(13,380,910	)		(403,132	)		(905,179	)
Net increase (decrease) in shares outstanding		1,410,269			12,434,236			2,788,293			4,036,862
Beginning of period		97,411,988			84,977,752			14,530,688			10,493,826
End of period		98,822,257			97,411,988			17,318,981			14,530,688
Goldman Sachs Short Duration Fund ($)
Net proceeds from sales	$	79,148,810		$	251,573,909		$	32,201,090		$	49,272,769
Net proceeds on reinvestment of distributions		5,869,831			14,692,322			735,208			1,681,008
Shares redeemed		(70,498,961	)		(137,964,965	)		(4,157,142	)		(9,324,889	)
Net increase (decrease) in net assets	$	14,519,680		$	128,301,266		$	28,779,156		$	41,628,888
PIMCO High Yield Fund (shares)
Shares sold		1,941,501			5,534,887			357,684			1,052,578
Shares issued as reinvestment of distributions		519,141			965,971			110,078			224,053
Shares redeemed		(704,781	)		(1,992,484	)		(454,984	)		(606,972	)
Net increase (decrease) in shares outstanding		1,755,861			4,508,374			12,778			669,659
Beginning of period		14,276,322			9,767,948			3,278,154			2,608,495
End of period		16,032,183			14,276,322			3,290,932			3,278,154
PIMCO High Yield Fund ($)
Net proceeds from sales	$	19,390,341		$	53,529,410		$	3,575,934		$	10,202,106
Net proceeds on reinvestment of distributions		5,193,577			9,348,921			1,101,306			2,167,856
Shares redeemed		(7,031,624	)		(19,168,429	)		(4,531,934	)		(5,826,715	)
Net increase (decrease) in net assets	$	17,552,294		$	43,709,902		$	145,306		$	6,543,247
PIMCO Total Return Fund (shares)
Shares sold		3,428,588			12,666,177			10,315,133			20,371,783
Shares issued as reinvestment of distributions		329,873			521,269			548,768			732,251
Shares redeemed		(297,699	)		(2,711,374	)		(557,661	)		(1,439,317	)
Net increase (decrease) in shares outstanding		3,460,762			10,476,072			10,306,240			19,664,717
Beginning of period		23,592,087			13,116,015			41,744,512			22,079,795
End of period		27,052,849			23,592,087			52,050,752			41,744,512
PIMCO Total Return Fund ($)
Net proceeds from sales	$	39,953,850		$	145,027,137		$	120,175,370		$	234,001,284
Net proceeds on reinvestment of distributions		3,848,798			6,056,776			6,403,667			8,508,993
Shares redeemed		(3,477,075	)		(31,454,819	)		(6,488,758	)		(16,495,450	)
Net increase (decrease) in net assets	$	40,325,573		$	119,629,094		$	120,090,279		$	226,014,827

340

NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)	Sun Capital Advisers Trust

	Initial Class Shares						Service Class Shares
	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010			Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010
Ibbotson Balanced Fund (shares)
Shares sold		97,185			137,449			23,301,533			65,391,657
Shares issued as reinvestment of distributions		—			2,104			—			1,396,512
Shares redeemed		(18,689	)		(42,608	)		(249,873	)		(421,503	)
Net increase (decrease) in shares outstanding		78,496			96,945			23,051,660			66,366,666
Beginning of period		136,395			39,450			116,921,927			50,555,261
End of period		214,891			136,395			139,973,587			116,921,927
Ibbotson Balanced Fund ($)
Net proceeds from sales	$	1,232,510		$	1,590,393		$	296,281,847		$	752,725,659
Net proceeds on reinvestment of distributions		—			24,152			—			16,017,993
Shares redeemed		(240,459	)		(495,419	)		(3,180,555	)		(4,746,985	)
Net increase (decrease) in net assets	$	992,051		$	1,119,126		$	293,101,292		$	763,996,667
Ibbotson Conservative Fund (shares)
Shares sold		39,611			301,852			7,902,993			31,046,199
Shares issued as reinvestment of distributions		—			4,356			—			999,109
Shares redeemed		(14,169	)		(33,787	)		(1,969,131	)		(1,194,488	)
Net increase (decrease) in shares outstanding		25,442			272,421			5,933,862			30,850,820
Beginning of period		428,576			156,155			64,200,943			33,350,123
End of period		454,018			428,576			70,134,805			64,200,943
Ibbotson Conservative Fund ($)
Net proceeds from sales	$	474,450		$	3,469,227		$	95,493,932		$	347,920,672
Net proceeds on reinvestment of distributions		—			48,832			—			11,210,004
Shares redeemed		(171,261	)		(384,667	)		(23,623,936	)		(13,622,703	)
Net increase (decrease) in net assets	$	303,189		$	3,133,392		$	71,869,996		$	345,507,973
Ibbotson Growth Fund (shares)
Shares sold		41,049			129,754			1,849,417			9,249,698
Shares issued as reinvestment of distributions		—			2,641			—			1,115,174
Shares redeemed		(7,762	)		(28,749	)		(1,814,226	)		(3,020,369	)
Net increase (decrease) in shares outstanding		33,287			103,646			35,191			7,344,503
Beginning of period		129,592			25,946			47,227,759			39,883,256
End of period		162,879			129,592			47,262,950			47,227,759
Ibbotson Growth Fund ($)
Net proceeds from sales	$	524,200		$	1,499,274		$	23,684,901		$	105,424,712
Net proceeds on reinvestment of distributions		—			29,899			—			12,634,921
Shares redeemed		(99,280	)		(334,194	)		(23,481,099	)		(34,737,536	)
Net increase (decrease) in net assets	$	424,920		$	1,194,979		$	203,802		$	83,322,097

(a) The BlackRock International Index Fund and the Ibbotson Tactical Opportunities Fund commenced operations on November 15, 2010 and share activity presented for the year ended December 31, 2010 is for the period November 15, 2010 to December 31, 2010.

341

NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)	Sun Capital Advisers Trust

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.

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	Expires December 31, 2017
BlackRock Small Cap Index Fund	$	2,600,538
WMC Blue Chip Mid Cap Fund		3,090,029
WMC Large Cap Growth Fund		559,254
Global Real Estate Fund		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.

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	Capital Loss Deferral
PIMCO Total Return Fund	$	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.

342

NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)	Sun Capital Advisers Trust

The identified cost of investments owned by each Fund for federal income tax purposes was the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and depreciation at June 30, 2011 were as follows:

	Identified Cost		Gross Unrealized					Net Appreciation
Fund			Appreciation		(Depreciation)
AllianceBernstein International Value Fund	$	81,985,538	$	9,715,163	$	(3,135,593	)	$	6,579,570
BlackRock International Index Fund		65,797,026		5,518,860		(1,609,497	)		3,909,363
BlackRock Large Cap Index Fund		123,276,920		13,423,152		(2,000,433	)		11,422,719
BlackRock Small Cap Index Fund		198,075,991		25,686,084		(5,437,259	)		20,248,825
Goldman Sachs Mid Cap Value Fund		209,639,325		68,604,141		(2,122,479	)		66,481,662
Columbia Small Cap Value Fund		65,405,381		8,347,646		(3,378,663	)		4,968,983
Davis Venture Value Fund		348,214,293		89,948,941		(6,388,942	)		83,559,999
Invesco Small Cap Growth Fund		36,058,172		9,603,244		(545,151	)		9,058,093
Lord Abbett Growth & Income Fund		439,335,125		86,212,747		(3,221,116	)		82,991,631
WMC Blue Chip Mid Cap Fund		167,098,769		31,847,688		(4,996,999	)		26,850,689
WMC Large Cap Growth Fund		165,298,006		34,971,512		(4,253,841	)		30,717,671
Global Real Estate Fund		180,187,255		56,190,827		(2,513,706	)		53,677,121
Ibbotson Tactical Opportunities Fund		556,935,018		26,554,502		(1,629,970	)		24,924,532
Investment Grade Bond Fund		500,105,111		9,463,101		(2,405,800	)		7,057,301
Money Market Fund		194,522,194		—		—			—
BlackRock Inflation Protected Bond Fund		483,270,377		4,986,471		(2,225,313	)		2,761,158
Goldman Sachs Short Duration Fund		1,224,725,309		13,278,655		(718,621	)		12,560,034
PIMCO High Yield Fund		175,632,013		14,342,496		(1,215,139	)		13,127,357
PIMCO Total Return Fund		960,006,724		20,865,488		(2,409,591	)		18,455,897
Ibbotson Balanced Fund		1,643,057,878		163,114,596		—			163,114,596
Ibbotson Conservative Fund		791,581,332		72,111,634		—			72,111,634
Ibbotson Growth Fund		535,668,364		83,395,328		—			83,395,328

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.

343

OTHER INFORMATION (Unaudited) Sun Capital Advisers Trust

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 filings are available (i) on the SEC’s website at www.sec.gov; and (ii) 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.

344

Sun Capital Advisers Trust

TRUSTEES AND OFFICERS

Michael P. Castellano, Trustee

Dawn-Marie Driscoll, Trustee

Keith R. Fox, Trustee

Carol A. Kosel, Trustee

William N. Searcy, Jr., Chairman, Trustee

Scott M. Davis, 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.

Not applicable to semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable to semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable to semi-annual report.

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)  Not applicable to semi-annual report.

(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: August 26, 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: August 26, 2011

By (Signature and Title)*	/s/ LENA METELITSA
	Lena Metelitsa, Treasurer
	(Chief Financial Officer)

Date: August 26, 2011

* Print name and title of each signing officer under his or her signature.