Sun Capital Advisers Trust

N-Q 1 d250755dnq.htm SUN CAPITAL ADVISERS TRUST Sun Capital Advisers Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS 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: September 30, 2011

Item 1.

SCHEDULE OF INVESTMENTS.

SC^SMALLIANCEBERNSTEIN INTERNATIONAL VALUE FUND

PORTFOLIO OF INVESTMENTS


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Shares		Value
COMMON STOCKS – 97.7%
AEROSPACE & DEFENSE – 0.6%
BAE Systems PLC	GB		48,700	$	201,139
Saab AB, Class B	SE		12,100		217,072

					418,211

AIRLINES – 0.6%
Cathay Pacific Airways Ltd.	HK		137,000		225,335
Deutsche Luftansa AG	DE		17,400		225,579

					450,914

AUTO COMPONENTS – 2.4%
Bridgestone Corp.	JP		22,400		508,248
Compagnie Generale Des Etablissements Michelin, Class B	FR		2,400		143,539
Faurecia	FR		7,400		157,624
GKN PLC	GB		112,200		304,650
Magna International, Inc.	CA		10,900		360,421
Sumitomo Rubber Industries Ltd.	JP		16,700		213,533

					1,688,015

AUTOMOBILES – 4.9%
Bayerische Motoren Werke AG	DE		5,500		363,337
Daimler AG	DE		5,800		257,952
Mazda Motor Corp.*	JP		190,000		384,322
Nissan Motor Co., Ltd.	JP		75,900		671,566
Renault SA	FR		18,300		606,159
Toyota Motor Corp.	JP		31,600		1,083,221

					3,366,557

BEVERAGES – 0.6%
Asahi Breweries Ltd.	JP		20,400		432,263

BUILDING PRODUCTS – 0.7%
Asahi Glass Co., Ltd.	JP		53,000		517,451

CAPITAL MARKETS – 0.7%
Deutsche Bank AG	DE		7,600		263,350
Macquarie Group Ltd.	AU		10,600		229,235

					492,585

CHEMICALS – 4.2%
Agrium, Inc.	CA		2,200		146,436
Air Water, Inc.	JP		25,000		309,009
BASF SE	DE		6,600		402,372
Daicel Chemical Industries Ltd.	JP		39,000		222,027
DIC Corp.	JP		80,000		145,327
Incitec Pivot Ltd.	AU		87,000		269,551
JSR Corp.	JP		15,400		264,968
Koninklijke DSM NV	NL		7,500		326,089
Linde AG	DE		1,100		147,195
Mitsubishi Gas Chemical Co., Inc.	JP		22,000		135,058
Syngenta AG*	CH		727		188,924
Tosoh Corp.	JP		32,000		100,273
Ube Industries Ltd.	JP		73,000		242,597

					2,899,826


	Country Code**	Shares		Value
COMMERCIAL BANKS – 9.8%
Australia & New Zealand Banking Group Ltd.	AU		31,300	$	580,965
Banco Bilbao Vizcaya Argentaria SA	ES		29,000		240,110
Banco do Brasil SA	BR		8,100		107,009
Banco Santander SA	ES		18,100		147,984
Barclays PLC	GB		98,700		242,048
BNP Paribas	FR		10,519		414,686
BOC Hong Kong Holdings Ltd.	HK		104,000		221,732
HSBC Holdings PLC	GB		109,225		836,587
KB Financial Group, Inc. ADR	KR		2,247		73,612
KBC GROEP NV	BE		14,400		332,220
Lloyds Banking Group PLC*	GB		810,700		435,227
Mitsubishi UFJ Financial Group, Inc.	JP		158,800		728,837
Mizuho Financial Group, Inc.	JP		175,200		256,560
National Australia Bank, Ltd.	AU		35,900		762,564
National Bank of Canada	CA		3,700		246,772
Societe Generale	FR		25,064		656,120
Sumitomo Mitsui Financial Group, Inc.	JP		16,000		450,809
Turkiye Is Bankasi, C Shares	TR		30,700		78,864

					6,812,706

COMMUNICATIONS EQUIPMENT – 0.5%
Nokia OYJ	FI		28,500		161,161
Telefonaktiebolaget LM Ericsson	SE		22,309		214,211

					375,372

COMPUTERS & PERIPHERALS – 1.3%
Fujitsu Ltd.	JP		86,000		405,563
NEC Corp.*	JP		59,000		119,860
Toshiba Corp.	JP		98,000		399,786

					925,209

CONSTRUCTION & ENGINEERING – 1.1%
Balfour Beatty PLC	GB		53,500		211,626
Bouygues SA	FR		16,300		539,226

					750,852

DISTRIBUTORS – 0.3%
Inchcape PLC	GB		43,900		189,616

DIVERSIFIED FINANCIAL SERVICES – 1.8%
ING Groep NV - CVA*	NL		130,498		920,514
Orix Corp.	JP		4,060		318,659

					1,239,173

DIVERSIFIED TELECOMMUNICATION SERVICES – 6.4%
BT Group PLC	GB		56,850		152,376
France Telecom SA	FR		13,900		227,499
Koninklijke KPN NV	NL		12,800		168,589
Nippon Telegraph & Telephone Corp.	JP		19,600		938,999
Tele2 AB, B Shares	SE		11,700		211,917
Telecom Italia SpA	IT		512,400		556,727
Telecom Italia SpA RSP	IT		163,600		159,106
Telefonica SA	ES		30,900		592,192

SC^SMALLIANCEBERNSTEIN INTERNATIONAL VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Shares		Value
Telenor ASA	NO		16,500	$	254,483
TeliaSonera AB	SE		46,500		306,575
Telstra Corp., Ltd.	AU		115,790		344,849
Vivendi	FR		23,690		482,326

					4,395,638

ELECTRIC UTILITIES – 2.2%
E.ON AG	DE		38,200		828,789
EDP - Energias de Portugal SA	PT		102,000		314,158
Enel SpA	IT		47,928		211,564
Scottish & Southern Energy PLC	GB		7,000		140,470

					1,494,981

ELECTRICAL EQUIPMENT – 1.3%
Furukawa Electric Co., Ltd.	JP		54,000		147,068
Mitsubishi Electric Corp.	JP		38,000		336,599
Sumitomo Electric Industries Ltd.	JP		37,800		443,938

					927,605

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.6%
AU Optronics Corp. ADR	TW		7,374		29,201
Celestica, Inc.*	CA		14,300		103,849
Hitachi Ltd.	JP		41,000		203,526
LG Display Co., Ltd. ADR	KR		7,700		62,755

					399,331

ENERGY EQUIPMENT & SERVICES – 0.7%
Aker Solutions ASA	NO		19,100		182,965
Precision Drilling Corp.*	CA		20,800		173,284
Transocean Ltd.	CH		3,100		149,465

					505,714

FOOD & STAPLES RETAILING – 1.7%
Aeon Co., Ltd.	JP		9,200		124,445
Delhaize Group	BE		4,835		282,650
Empire Co., Ltd., Class A	CA		3,600		197,538
Koninklijke Ahold NV	NL		29,890		351,512
Metro, Inc., Class A	CA		2,400		104,941
Tesco PLC	GB		19,500		114,223

					1,175,309

FOOD PRODUCTS – 2.7%
Danone SA	FR		4,400		270,482
Goodman Fielder Ltd.	AU		193,300		88,599
Goodman Fielder Ltd.*	AU		80,542		35,073
Nestle SA	CH		20,028		1,102,595
Unilever NV	NL		11,800		373,510

					1,870,259

GAS UTILITIES – 1.1%
Gas Natural SDG SA	ES		26,200		445,533
Tokyo Gas Co., Ltd.	JP		61,000		283,334

					728,867

HEALTH CARE PROVIDERS & SERVICES – 0.4%
Medipal Holdings Corp.	JP		25,100		254,241

HOTELS, RESTAURANTS & LEISURE – 0.9%
Compass Group PLC	GB		14,080		113,592


	Country Code**	Shares		Value
Tui Travel PLC	GB		81,600	$	188,211
William Hill PLC	GB		84,220		295,407

					597,210

HOUSEHOLD DURABLES – 1.5%
Sharp Corp.	JP		52,000		436,863
Sony Corp.	JP		22,500		430,694
Taylor Wimpey PLC*	GB		332,800		179,995

					1,047,552

INDUSTRIAL CONGLOMERATES – 1.3%
Bidvest Group, Ltd.	ZA		5,600		103,109
Cookson Group PLC	GB		24,900		166,114
Hutchison Whampoa Ltd.	HK		16,000		118,407
Siemens AG	DE		5,700		512,831

					900,461

INSURANCE – 5.9%
Aegon NV*	NL		114,700		464,922
AIA Group Ltd.	HK		37,000		105,252
Allianz SE	DE		9,950		932,606
Assicurazioni Generali SpA	IT		9,600		152,028
Aviva PLC	GB		79,300		372,938
Catlin Group, Ltd.	BM		43,500		251,905
Hannover Rueckversicherung AG	DE		3,900		176,325
Insurance Australia Group Ltd.	AU		44,800		129,688
Legal & General Group PLC	GB		98,300		146,813
Muenchener Rueckversicherungs AG	DE		5,050		627,193
Prudential PLC	GB		19,000		163,173
Suncorp Group Ltd.	AU		42,500		323,579
Zurich Financial Services AG*	CH		1,070		222,886

					4,069,308

LEISURE EQUIPMENT & PRODUCTS – 0.2%
Namco Bandai Holdings, Inc.	JP		10,600		143,566

MACHINERY – 0.2%
Volvo AB, B Shares	SE		12,850		126,236

MEDIA – 1.3%
Fairfax Media Ltd.	AU		228,700		179,733
Groupe Aeroplan, Inc.	CA		9,700		110,431
Informa PLC	JE		31,630		160,526
ITV PLC*	GB		324,500		296,799
Lagardere SCA	FR		6,600		162,118

					909,607

METALS & MINING – 7.5%
Anglo American PLC	GB		6,200		213,348
ArcelorMittal	LU		7,800		124,619
BHP Billiton Ltd.	AU		5,000		165,552
BHP Billiton PLC	GB		28,800		769,361
Dowa Holdings Co., Ltd.	JP		35,000		194,786
Fortescue Metals Group Ltd.	AU		19,300		80,617
Glencore International PLC	JE		43,900		275,816
Hindalco Industries, Ltd. GDR(1)	IN		26,390		70,831
IAMGOLD Corp.	CA		12,400		246,485
JFE Holdings, Inc.	JP		18,700		377,483
KGHM Polska Miedz SA	PL		3,000		117,468

SC^SMALLIANCEBERNSTEIN INTERNATIONAL VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Shares		Value
Mitsubishi Materials Corp.	JP		79,000	$	192,368
OneSteel Ltd.	AU		122,000		142,976
Rio Tinto PLC	GB		29,100		1,290,531
ThyssenKrupp AG	DE		16,600		407,885
Vale SA ADR	BR		4,100		86,100
Xstrata PLC	GB		32,517		410,615

					5,166,841

MULTI-UTILITIES – 0.8%
Centrica PLC	GB		33,700		155,344
GDF Suez	FR		8,300		246,607
RWE AG	DE		3,250		119,886

					521,837

OFFICE ELECTRONICS – 0.3%
Konica Minolta Holdings, Inc.	JP		29,500		202,273

OIL, GAS & CONSUMABLE FUELS – 9.7%
BG Group PLC	GB		6,000		114,832
BP PLC	GB		302,900		1,816,091
Caltex Australia Ltd.	AU		10,300		106,158
China Petroleum & Chemical Corp.	CN		142,000		136,563
Eni SpA	IT		29,500		518,985
Gazprom OAO ADR	RU		7,400		70,670
Inpex Corp.	JP		22		135,104
JX Holdings, Inc.	JP		51,400		288,492
Lukoil ADR	RU		2,100		104,467
Nexen, Inc.	CA		27,318		424,929
Petroleo Brasileiro SA ADR	BR		4,200		87,024
PTT PCL	TH		10,700		89,669
Repsol YPF SA	ES		5,800		153,113
Royal Dutch Shell PLC, A Shares	GB		56,202		1,733,114
Statoil ASA	NO		8,650		185,610
Total SA	FR		16,300		719,146

					6,683,967

PAPER & FOREST PRODUCTS – 1.0%
Mondi PLC	GB		33,200		242,641
Oji Paper Co., Ltd.	JP		55,000		301,665
UPM-Kymmene OYJ	FI		13,800		155,899

					700,205

PERSONAL PRODUCTS – 0.3%
L’oreal SA	FR		2,000		195,105

PHARMACEUTICALS – 9.3%
AstraZeneca PLC	GB		33,000		1,464,522
Bayer AG	DE		5,800		320,066
GlaxoSmithKline PLC	GB		52,300		1,079,215
Novartis AG	CH		23,290		1,301,018
Otsuka Holdings Co., Ltd.	JP		13,300		364,370
Roche Holding AG	CH		7,200		1,162,887
Sanofi-Aventis SA	FR		10,949		720,190

					6,412,268

PROFESSIONAL SERVICES – 0.4%
Randstad Holding NV	NL		7,700		245,481

REAL ESTATE INVESTMENT TRUSTS – 0.1%
Land Securities Group PLC	GB		9,300		92,429


	Country Code**	Shares		Value
REAL ESTATE MANAGEMENT & DEVELOPMENT – 1.1%
Mitsui Fudosan Co., Ltd.	JP		15,000	$	236,958
New World Development, Ltd.	HK		277,939		266,111
Sumitomo Realty & Development Co., Ltd.	JP		14,000		269,122

					772,191

ROAD & RAIL – 1.8%
Central Japan Railway Co.	JP		16		139,629
East Japan Railway Co.	JP		4,300		260,694
FirstGroup PLC	GB		43,700		217,254
Nippon Express Co., Ltd.	JP		79,000		336,973
West Japan Railway Co.	JP		6,300		270,056

					1,224,606

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 0.3%
Advanced Semiconductor Engineering, Inc. ADR	TW		24,416		103,035
Samsung Electronics Co., Ltd. GDR	KR		300		105,148

					208,183

SPECIALTY RETAIL – 0.6%
Esprit Holdings Ltd.	BM		83,207		101,299
Kingfisher PLC	GB		90,500		347,512

					448,811

TEXTILES, APPAREL & LUXURY GOODS – 0.1%
Compagnie Financiere Richemont SA	CH		2,200		98,000

TOBACCO – 2.7%
British American Tobacco PLC	GB		12,600		532,039
Imperial Tobacco Group PLC	GB		16,700		563,585
Japan Tobacco, Inc.	JP		163		762,441

					1,858,065

TRADING COMPANIES & DISTRIBUTORS – 1.7%
Marubeni Corp.	JP		29,000		161,935
Mitsubishi Corp.	JP		24,500		498,811
Mitsui & Co., Ltd.	JP		21,100		305,639
Sumitomo Corp.	JP		18,900		233,860

					1,200,245

WIRELESS TELECOMMUNICATION SERVICES – 2.1%
KDDI Corp.	JP		21		144,571
Vodafone Group PLC	GB		497,800		1,282,970

					1,427,541

Total Common Stocks (Cost $78,776,534)					67,562,683

EQUITY LINKED SECURITIES – 0.2%
COMMERCIAL BANKS – 0.1%+
Hana Financial Group, Inc. (Deutsche Bank AG), expires 11/18/19*(1)	DE		3,400		101,010

SC^SMALLIANCEBERNSTEIN INTERNATIONAL VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Shares		Value
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.0%+^
AU Optronics Corp., (Credit Suisse Group AG), expires 2/17/12*(1)	CH		19,947	$	8,178

METALS & MINING – 0.1%
Tata Steel Ltd., (Merrill Lynch & Co., Inc.), expires 12/23/14*(1)			7,300		61,911

Total Equity Linked Securities
(Cost $210,046)					171,099

PREFERRED STOCKS – 0.5%
AUTOMOBILES – 0.5%
Volkswagen AG (Cost $435,397)	DE		2,600		343,117

RIGHTS – 0.0%^
COMMERCIAL BANKS – 0.0%^
Banco Bilbao Vizcaya Argentaria SA, expires 10/20/11* (Cost $3,941)	ES		29,000		4,274

TOTAL INVESTMENTS – 98.4%
(Cost $79,425,918)					68,081,173
Other assets less liabilities – 1.6%					1,078,898

NET ASSETS – 100.0%				$	69,160,071

ADR	American Depositary Receipt

GDR	Global Depositary Receipt

Australia

Belgium

Bermuda

Brazil

Canada

CH	Switzerland

China

Germany

Spain

Finland

France

GB	Great Britain

Hong Kong

India

Italy

Jersey

Japan

KR	Korea, Republic of

LU	Luxembourg

NL	Netherlands

Norway

Poland

Portugal

Russia

Sweden

Thailand

Turkey

TW	Taiwan, Province of China

ZA	South Africa

*	Non-income producing security.

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

+	Country listed is the country in which the broker is domiciled.

^	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 $241,930, representing 0.3% of net assets.

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


Japan	25.1	%
Great Britain	24.7
Germany	8.7
France	8.0
Switzerland	6.1
Australia	5.0
Netherlands	4.1
Canada	3.1
Italy	2.3
Spain	2.3
Other (individually less than 2%)	9.0

SC^SM ALLIANCEBERNSTEIN INTERNATIONAL VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*

(2)	At the period end, cash of $29,089 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 December Futures

12/16/11

237,131

259,965

22,834

(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) ($)
Citibank NA	CAD	2,539,000	USD	2,566,046		11/15/11		145,441
HSBC Bank PLC	USD	337,216	CAD	335,000		11/15/11		(17,837	)
HSBC Bank PLC	USD	259,989	CAD	266,000		11/15/11		(6,393	)
Royal Bank of Scotland PLC	CAD	582,000	USD	587,754		11/15/11		32,893
Royal Bank of Scotland PLC	USD	859,403	CAD	853,000		11/15/11		(46,178	)
UBS AG	CAD	405,000	USD	428,109		11/15/11		41,994

Net unrealized appreciation				149,920

CAD	- Canadian Dollar

USD	- United States Dollar

SC^SM ALLIANCEBERNSTEIN INTERNATIONAL VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 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	$	—	$	418,211	$	—	$	418,211
Airlines		—		450,914		—		450,914
Auto Components		360,421		1,327,594		—		1,688,015
Automobiles		—		3,366,557		—		3,366,557
Beverages		—		432,263		—		432,263
Building Products		—		517,451		—		517,451
Capital Markets		—		492,585		—		492,585
Chemicals		146,436		2,753,390		—		2,899,826
Commercial Banks		427,393		6,385,313		—		6,812,706
Communications Equipment		—		375,372		—		375,372
Computers & Peripherals		—		925,209		—		925,209
Construction & Engineering		—		750,852		—		750,852
Distributors		—		189,616		—		189,616
Diversified Financial Services		—		1,239,173		—		1,239,173
Diversified Telecommunication Services		—		4,395,638		—		4,395,638
Electric Utilities		—		1,494,981		—		1,494,981
Electrical Equipment		—		927,605		—		927,605
Electronic Equipment, Instruments & Components		195,805		203,526		—		399,331
Energy Equipment & Services		173,284		332,430		—		505,714
Food & Staples Retailing		302,479		872,830		—		1,175,309
Food Products		—		1,870,259		—		1,870,259
Gas Utilities		—		728,867		—		728,867
Health Care Providers & Services		—		254,241		—		254,241
Hotels, Restaurants & Leisure		—		597,210		—		597,210
Household Durables		—		1,047,552		—		1,047,552
Industrial Conglomerates		—		900,461		—		900,461
Insurance		—		4,069,308		—		4,069,308
Leisure Equipment & Products		—		143,566		—		143,566
Machinery		—		126,236		—		126,236
Media		110,431		799,176		—		909,607
Metals & Mining		332,585		4,834,256		—		5,166,841
Multi-Utilities		—		521,837		—		521,837
Office Electronics		—		202,273		—		202,273
Oil, Gas & Consumable Fuels		582,623		6,101,344		—		6,683,967
Paper & Forest Products		—		700,205		—		700,205
Personal Products		—		195,105		—		195,105
Pharmaceuticals		—		6,412,268		—		6,412,268
Professional Services		—		245,481		—		245,481
Real Estate Investment Trusts		—		92,429		—		92,429
Real Estate Management & Development		—		772,191		—		772,191
Road & Rail		—		1,224,606		—		1,224,606
Semiconductors & Semiconductor Equipment		103,035		105,148		—		208,183
Specialty Retail		—		448,811		—		448,811
Textiles, Apparel & Luxury Goods		—		98,000		—		98,000
Tobacco		—		1,858,065		—		1,858,065
Trading Companies & Distributors		—		1,200,245		—		1,200,245
Wireless Telecommunication Services		—		1,427,541		—		1,427,541

Total Common Stocks		2,734,492		64,828,191		—		67,562,683

Equity Linked Securities (a)		—		171,099		—		171,099
Preferred Stocks (a)		—		343,117		—		343,117

SC^SM ALLIANCEBERNSTEIN INTERNATIONAL VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


Rights (a)		—		4,274			—		4,274

Total Investments		2,734,492		65,346,681			—		68,081,173

Financial Derivative Instruments
Futures Contracts		—		22,834			—		22,834
Forward Foreign Currency Exchange Contracts		—		220,328			—		220,328

Total Financial Derivative Instruments	$	—	$	243,162		$	—	$	243,162


Liabilities
Financial Derivative Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(70,408	)	$	—	$	(70,408	)

Total Financial Derivative Instruments	$	—	$	(70,408	)	$	—	$	(70,408	)

†	See Note 2b in the Notes to Portfolios of Investments for additional information.

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

SC^SMBLACKROCK INTERNATIONAL INDEX FUND

PORTFOLIO OF INVESTMENTS


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Shares		Value
COMMON STOCKS – 96.9%
AEROSPACE & DEFENSE – 0.7%
BAE Systems PLC	GB		22,902	$	94,589
Cobham PLC	GB		8,528		23,084
Elbit Systems Ltd.	IL		153		5,958
European Aeronautic Defense and Space Co., NV	NL		2,741		77,046
Finmeccanica SpA	IT		2,522		17,450
Rolls-Royce Holdings PLC*	GB		12,371		113,724
Safran SA	FR		1,174		35,914
Singapore Technologies Engineering Ltd.	SG		10,000		21,287
Thales SA	FR		743		23,224

					412,276

AIR FREIGHT & LOGISTICS – 0.3%
Deutsche Post AG	DE		5,712		73,130
PostNL NV	NL		1,964		8,591
TNT Express NV	NL		2,162		15,117
Toll Holdings Ltd.	AU		4,132		17,327
Yamato Holdings Co., Ltd.	JP		2,500		45,578

					159,743

AIRLINES – 0.2%
Air France-KLM*	FR		787		5,752
All Nippon Airways Co., Ltd.	JP		5,000		15,648
Cathay Pacific Airways Ltd.	HK		7,000		11,514
Deutsche Luftansa AG	DE		1,464		18,980
International Consolidated Airlines Group SA*	ES		5,615		13,219
Qantas Airways Ltd.*	AU		9,427		12,637
Ryanair Holdings PLC ADR*	IE		303		7,802
Singapore Airlines Ltd.	SG		4,000		34,672

					120,224

AUTO COMPONENTS – 0.8%
Aisin Seiki Co., Ltd.	JP		1,400		46,614
Bridgestone Corp.	JP		4,400		99,835
Compagnie Generale Des Etablissements Michelin, Class B	FR		1,192		71,291
Continental AG*	DE		510		29,437
Denso Corp.	JP		3,300		106,085
GKN PLC	GB		10,104		27,435
Koito Manufacturing Co., Ltd.	JP		1,000		15,820
NGK Spark Plug Co., Ltd.	JP		1,000		13,590
NHK Spring Co., Ltd.	JP		1,000		8,836
NOK Corp.	JP		600		10,855
Nokian Renkaat OYJ	FI		692		20,717
Pirelli & C. SpA	IT		1,386		9,859
Stanley Electric Co., Ltd.	JP		1,000		15,111
Sumitomo Rubber Industries Ltd.	JP		1,000		12,786
Toyoda Gosei Co., Ltd.	JP		400		7,616
Toyota Boshoku Corp.	JP		400		5,716
Toyota Industries Corp.	JP		1,100		32,081

					533,684


	Country Code**	Shares		Value
AUTOMOBILES – 2.9%
Bayerische Motoren Werke AG	DE		2,230	$	147,317
Daihatsu Motor Co., Ltd.	JP		1,000		18,145
Daimler AG	DE		6,099		271,250
Fiat SpA	IT		5,540		29,911
Fuji Heavy Industries Ltd.	JP		4,000		23,486
Honda Motor Co., Ltd.	JP		10,900		319,314
Isuzu Motors Ltd.	JP		9,000		38,665
Mazda Motor Corp.*	JP		10,000		20,227
Mitsubishi Motors Corp.*	JP		25,000		33,135
Nissan Motor Co., Ltd.	JP		16,800		148,647
Peugeot SA	FR		957		20,359
Renault SA	FR		1,344		44,518
Suzuki Motor Corp.	JP		2,400		52,903
Toyota Motor Corp.	JP		18,500		634,165
Volkswagen AG	DE		189		23,286
Yamaha Motor Co., Ltd.*	JP		1,800		23,764

					1,849,092

BEVERAGES – 2.1%
Anheuser-Busch Inbev NV	BE		5,370		285,035
Asahi Breweries Ltd.	JP		2,700		57,211
Carlsberg A/S, Class B	DK		743		44,030
Coca-Cola Amatil Ltd.	AU		3,917		44,872
Coca-Cola Hellenic Bottling Co. SA*	GR		1,135		20,004
Coca-Cola West Co., Ltd.	JP		400		7,673
Diageo PLC	GB		16,728		318,946
Foster’s Group Ltd.	AU		13,324		67,656
Heineken Holding NV	NL		819		31,607
Heineken NV	NL		1,745		78,412
Kirin Holdings Co., Ltd.	JP		5,000		65,400
Pernod-Ricard SA	FR		1,318		103,190
SABMiller PLC	GB		6,432		209,870

					1,333,906

BIOTECHNOLOGY – 0.2%
Actelion Ltd.*	CH		800		26,577
CSL Ltd.	AU		3,576		101,520
Grifols SA*	ES		903		16,840

					144,937

BUILDING PRODUCTS – 0.6%
Asahi Glass Co., Ltd.	JP		7,000		68,343
Assa Abloy AB	SE		2,203		45,326
Compagnie de Saint-Gobain	FR		2,640		100,719
Daikin Industries Ltd.	JP		1,500		42,964
Geberit AG*	CH		246		45,421
JS Group Corp.	JP		1,700		47,591
Nippon Sheet Glass Co., Ltd.	JP		6,000		13,424
TOTO Ltd.	JP		2,000		17,641

					381,429

CAPITAL MARKETS – 1.7%
3i Group PLC	GB		6,272		18,234
Credit Suisse Group AG*	CH		7,725		202,095
Daiwa Securities Group, Inc.	JP		12,000		44,811
Deutsche Bank AG	DE		6,290		217,957
GAM Holding AG*	CH		1,282		16,046

SC^SMBLACKROCK INTERNATIONAL INDEX FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Shares		Value
ICAP PLC	GB		3,599	$	22,940
Investec PLC	GB		2,994		16,199
Julius Baer Group, Ltd.	CH		1,407		47,019
Macquarie Group Ltd.	AU		2,374		51,340
Man Group PLC	GB		13,237		34,241
Mediobanca SpA	IT		3,234		25,389
Nomura Holdings, Inc.	JP		23,500		85,702
Ratos AB	SE		1,226		14,075
SBI Holdings, Inc.	JP		139		12,011
Schroders PLC	GB		724		14,352
UBS AG*	CH		24,576		281,114

					1,103,525

CHEMICALS – 3.5%
Air Liquide SA	FR		1,916		223,742
Air Water, Inc.	JP		1,000		12,360
Akzo Nobel NV	NL		1,568		69,192
Arkema SA	FR		342		19,805
Asahi Kasei Corp.	JP		8,000		47,945
BASF SE	DE		6,172		376,278
Daicel Chemical Industries Ltd.	JP		2,000		11,386
Denki Kagaku Kogyo KK	JP		3,000		11,438
Givaudan SA*	CH		54		42,114
Hitachi Chemical Co., Ltd.	JP		600		9,906
Incitec Pivot Ltd.	AU		11,332		35,110
Israel Chemicals Ltd.	IL		3,265		37,183
Johnson Matthey PLC	GB		1,524		37,381
JSR Corp.	JP		1,200		20,647
K+S AG	DE		1,171		61,301
Kaneka Corp.	JP		2,000		11,314
Kansai Paint Co., Ltd.	JP		2,000		19,165
Koninklijke DSM NV	NL		1,084		47,131
Kuraray Co., Ltd.	JP		2,200		30,004
Lanxess AG	DE		522		25,040
Linde AG	DE		1,141		152,681
Makhteshim-Agan Industries Ltd.*	IL		1,491		8,167
Mitsubishi Chemical Holdings Corp.	JP		9,500		64,427
Mitsubishi Gas Chemical Co., Inc.	JP		3,000		18,417
Mitsui Chemicals, Inc.	JP		5,000		16,724
Nitto Denko Corp.	JP		1,200		47,228
Novozymes A/S, Class B	DK		319		45,355
Orica Ltd.	AU		2,492		55,926
Shin-Etsu Chemical Co., Ltd.	JP		2,700		132,445
Showa Denko KK	JP		9,000		17,766
Sika AG	CH		13		23,017
Solvay SA	BE		423		39,830
Sumitomo Chemical Co., Ltd.	JP		10,000		38,585
Syngenta AG*	CH		635		165,016
Taiyo Nippon Sanso Corp.	JP		2,000		13,925
Teijin Ltd.	JP		6,000		21,570
The Israel Corporation Ltd.	IL		15		9,605
Toray Industries Inc.	JP		10,000		70,031
Tosoh Corp.	JP		3,000		9,401
Ube Industries Ltd.	JP		6,000		19,939
Umicore	BE		728		26,392
Wacker Chemie AG	DE		97		8,612


	Country Code**	Shares		Value
Yara International ASA	NO		1,281	$	48,871

					2,202,372

COMMERCIAL BANKS – 11.4%
Alpha Bank AE*	GR		3,104		5,415
Aozora Bank Ltd.	JP		4,000		9,210
Australia & New Zealand Banking Group Ltd.	AU		16,927		314,185
Banca Carige SpA	IT		3,775		7,301
Banca Monte dei Paschi di Siena SpA	IT		28,042		15,573
Banco Bilbao Vizcaya Argentaria SA	ES		29,237		242,072
Banco Comercial Portugues, SA*	PT		22,407		5,798
Banco De Sabadell SA	ES		8,297		29,625
Banco Espirito Santo SA	PT		3,060		8,105
Banco Popolare SC	IT		11,372		18,803
Banco Popular Espanol SA	ES		6,964		32,128
Banco Santander SA	ES		56,924		465,404
Bank Hapoalim BM	IL		6,675		23,046
Bank Leumi Le-Israel	IL		8,877		27,196
Bank of Cyprus Public Co., Ltd.	CY		7,455		11,511
Bankia SAU*	ES		6,264		30,749
Bankinter SA	ES		1,360		7,386
Barclays PLC	GB		75,019		183,973
Bendigo and Adelaide Bank Ltd.	AU		2,245		18,184
BNP Paribas	FR		6,451		254,315
BOC Hong Kong Holdings Ltd.	HK		25,000		53,301
CaixaBank	ES		5,000		21,906
Chuo Mitsui Trust Holdings, Inc.	JP		22,000		72,818
Commerzbank AG*	DE		24,606		61,667
Commonwealth Bank of Australia	AU		10,443		454,162
Credit Agricole SA	FR		6,701		46,085
Danske Bank A/S*	DK		4,452		62,266
DBS Group Holdings Ltd.	SG		12,000		107,605
Dexia SA*	BE		3,384		6,437
DnB NOR ASA	NO		6,590		65,677
EFG Eurobank Ergasias SA*	GR		1,985		2,430
Erste Group Bank AG	AT		1,344		34,277
Fukuoka Financial Group, Inc.	JP		5,000		20,921
Hang Seng Bank Ltd.	HK		5,200		60,950
Hokuhoku Financial Group, Inc.	JP		8,000		17,480
HSBC Holdings PLC	GB		119,667		916,565
Intesa Sanpaolo	IT		67,739		106,231
Intesa Sanpaolo RSP	IT		5,436		6,988
Israel Discount Bank, Class A*	IL		4,761		6,983
KBC GROEP NV	BE		1,032		23,809
Lloyds Banking Group PLC*	GB		278,165		149,334
Mitsubishi UFJ Financial Group, Inc.	JP		85,300		391,497
Mizrahi Tefahot Bank Ltd.	IL		788		6,473
Mizuho Financial Group, Inc.	JP		152,500		223,319
National Australia Bank, Ltd.	AU		14,558		309,231
National Bank of Greece SA*	GR		6,898		24,956

SC^SMBLACKROCK INTERNATIONAL INDEX FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Shares		Value
Natixis	FR		5,494	$	17,283
Nordea Bank AB	SE		17,814		144,171
Oversea-Chinese Banking Corp., Ltd.	SG		17,000		104,774
Raiffeisen Bank International AG	AT		285		8,250
Resona Holdings, Inc.	JP		13,000		62,025
Royal Bank of Scotland Group PLC*	GB		124,427		44,513
Seven Bank Ltd.	JP		3		5,855
Shinsei Bank Ltd.	JP		8,000		8,992
Skandinaviska Enskilda Banken AB, Class A	SE		9,997		53,740
Societe Generale	FR		4,214		110,313
Standard Chartered PLC	GB		15,955		318,318
Sumitomo Mitsui Financial Group, Inc.	JP		9,000		253,580
Suruga Bank Ltd.	JP		1,000		9,742
Svenska Handelsbanken AB	SE		3,323		84,557
Swedbank AB, Class A	SE		5,564		61,433
The Bank of East Asia Ltd.	HK		11,000		33,644
The Bank of Kyoto Ltd.	JP		2,000		17,807
The Bank of Yokohama Ltd.	JP		8,000		40,118
The Chiba Bank Ltd.	JP		5,000		34,680
The Chugoku Bank Ltd.	JP		1,000		14,726
The Gunma Bank Ltd.	JP		3,000		16,721
The Hachijuni Bank Ltd.	JP		3,000		18,377
The Hiroshima Bank Ltd.	JP		3,000		14,848
The Iyo Bank Ltd.	JP		2,000		20,405
The Joyo Bank Ltd.	JP		4,000		18,609
The Nishi-Nippon City Bank Ltd.	JP		4,000		12,293
The Shizuoka Bank Ltd.	JP		4,000		41,909
UniCredit SpA	IT		90,023		95,458
Unione Di Banche Italiane SCPA	IT		6,118		22,649
United Overseas Bank Ltd.	SG		8,000		102,870
Westpac Banking Corp.	AU		20,188		390,946
Wing Hang Bank Ltd.	HK		1,000		8,116
Yamaguchi Financial Group, Inc.	JP		2,000		20,213

					7,175,282

COMMERCIAL SERVICES & SUPPLIES – 0.6%
Aggreko PLC	GB		1,835		46,176
Babcock International Group PLC	GB		2,664		27,161
Brambles Ltd.	AU		10,028		61,820
Dai Nippon Printing Co., Ltd.	JP		4,000		41,364
Edenred	FR		1,018		24,252
G4S PLC	GB		9,833		40,684
Secom Co., Ltd.	JP		1,400		67,526
Securitas AB	SE		1,943		14,133
Serco Group PLC	GB		3,137		24,817
Societe BIC SA	FR		190		16,177
Toppan Printing Co., Ltd.	JP		4,000		29,133

					393,243

COMMUNICATIONS EQUIPMENT – 0.6%
Alcatel-lucent*	FR		16,020		46,450
Nokia OYJ	FI		25,275		142,924


	Country Code**	Shares		Value
Telefonaktiebolaget LM Ericsson	SE		20,414	$	196,016

					385,390

COMPUTERS & PERIPHERALS – 0.3%
Fujitsu Ltd.	JP		12,000		56,590
NEC Corp.*	JP		19,000		38,599
Seiko Epson Corp.	JP		800		10,180
Toshiba Corp.	JP		27,000		110,145

					215,514

CONSTRUCTION & ENGINEERING – 0.8%
Acs Actividades De Construccion Y Servicios SA	ES		900		31,717
Balfour Beatty PLC	GB		4,207		16,641
Bouygues SA	FR		1,645		54,419
Chiyoda Corp.	JP		1,000		9,749
Eiffage SA	FR		236		7,280
Ferrovial SA	ES		2,695		30,722
Fomento de Construcciones y Contratas SA	ES		313		7,717
Hochtief AG	DE		274		17,114
JGC Corp.	JP		1,000		24,454
Kajima Corp.	JP		5,000		16,410
Kinden Corp.	JP		1,000		8,646
Koninklijke Boskalis Westminster NV	NL		441		13,565
Leighton Holdings Ltd.	AU		926		16,446
Obayashi Corp.	JP		4,000		19,758
Shimizu Corp.	JP		4,000		17,557
Skanska AB, Class B	SE		2,778		38,457
Taisei Corp.	JP		8,000		22,024
Vinci SA	FR		3,026		129,791

					482,467

CONSTRUCTION MATERIALS – 0.5%
Boral Ltd.	AU		4,476		14,896
Cimpor Cimentos de Portugal SGPS SA	PT		1,234		8,241
CRH PLC	IE		4,775		74,257
Fletcher Building Ltd.	NZ		5,030		29,419
HeidelbergCement AG	DE		903		32,805
Holcim Ltd.*	CH		1,660		88,093
Imerys SA	FR		210		10,505
James Hardie Industries SE CDI*	IE		3,315		18,126
Lafarge SA	FR		1,410		48,460

					324,802

CONSUMER FINANCE – 0.0%+
Aeon Credit Service Co., Ltd.	JP		600		9,230
Credit Saison Co., Ltd.	JP		900		17,353

					26,583

CONTAINERS & PACKAGING – 0.2%
Amcor Ltd.	AU		8,384		55,505
Rexam PLC	GB		6,473		31,127
Toyo Seikan Kaisha Ltd.	JP		900		13,620

					100,252

SC^SMBLACKROCK INTERNATIONAL INDEX FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Shares		Value
DISTRIBUTORS – 0.2%
Jardine Cycle & Carriage Ltd.	SG		1,000	$	31,776
Li & Fung Ltd.	BM		40,000		67,046

					98,822

DIVERSIFIED CONSUMER SERVICES – 0.0%+
Benesse Holdings, Inc.	JP		600		26,580

DIVERSIFIED FINANCIAL SERVICES – 1.0%
ASX Ltd.	AU		1,223		35,523
Deutsche Boerse AG*	DE		1,312		66,355
Eurazeo	FR		176		7,392
Exor SpA	IT		399		7,810
Groupe Bruxelles Lambert SA	BE		563		39,542
Hong Kong Exchanges and Clearing Ltd.	HK		6,800		98,812
Industrivarden AB	SE		686		7,183
ING Groep NV - CVA*	NL		25,577		180,416
Investor AB	SE		3,128		55,045
Kinnevik Investment AB, Class B	SE		1,283		23,740
London Stock Exchange Group PLC	GB		869		10,932
Mitsubishi UFJ Lease & Finance Co., Ltd.	JP		340		13,573
Orix Corp.	JP		710		55,726
Pargesa Holding SA	CH		157		10,739
Pohjola Bank PLC	FI		811		8,532
Singapore Exchange Ltd.	SG		7,000		35,185

					656,505

DIVERSIFIED TELECOMMUNICATION SERVICES – 3.8%
Belgacom SA	BE		1,097		33,015
Bezeq Israeli Telecommunication Corp Ltd.	IL		10,997		20,577
BT Group PLC	GB		52,731		141,336
Deutsche Telekom AG	DE		18,930		222,198
Elisa OYJ	FI		856		17,499
France Telecom SA	FR		12,565		205,649
Hellenic Telecommunications Organization SA	GR		1,430		6,079
Iliad SA	FR		149		16,645
Inmarsat PLC	GB		2,858		21,766
Koninklijke KPN NV	NL		10,242		134,898
Nippon Telegraph & Telephone Corp.	JP		3,200		153,306
PCCW Ltd.	HK		24,000		8,957
Portugal Telecom SGPS SA	PT		4,719		34,670
Singapore Telecommunications Ltd.	SG		53,000		128,187
Swisscom AG	CH		159		64,686
TDC A/S	DK		2,394		19,558
Tele2 AB, B Shares	SE		2,245		40,663
Telecom Corp. of New Zealand Ltd.	NZ		14,020		27,868
Telecom Italia SpA	IT		64,320		69,884
Telecom Italia SpA RSP	IT		42,939		41,759
Telefonica SA	ES		27,649		529,887
Telekom Austria AG	AT		2,131		21,507


	Country Code**	Shares		Value
Telenor ASA	NO		5,018	$	77,394
TeliaSonera AB	SE		14,553		95,948
Telstra Corp., Ltd.	AU		29,376		87,488
Vivendi	FR		8,270		168,376

					2,389,800

ELECTRIC UTILITIES – 2.6%
Acciona S.A	ES		148		12,476
Cheung Kong Infrastructure Holdings Ltd.	BM		3,000		17,516
Chubu Electric Power Co., Inc.	JP		4,700		88,027
CLP Holdings Ltd.	HK		13,000		116,871
Contact Energy Ltd.*	NZ		2,068		8,543
E.ON AG	DE		12,095		262,414
EDP - Energias de Portugal SA	PT		13,679		42,131
Electricite de France	FR		1,702		49,291
Enel SpA	IT		43,817		193,417
Fortum OYJ	FI		2,960		69,675
Hokkaido Electric Power Co.	JP		1,100		16,215
Hokuriku Electric Power Co.	JP		1,200		22,142
Hongkong Electric Holdings Ltd.	HK		9,000		69,261
Iberdrola SA	ES		26,401		178,494
Kyushu Electric Power Co., Inc.	JP		2,800		45,018
Public Power Corp. SA	GR		700		5,560
Red Electrica Corp. SA	ES		687		31,306
Scottish & Southern Energy PLC	GB		6,386		128,149
Shikoku Electric Power Co., Inc.	JP		1,200		32,990
SP Ausnet	AU		8,617		7,739
Terna Rete Elettrica Nazionale SpA	IT		8,655		32,095
The Chugoku Electric Power Co., Inc.	JP		1,900		33,418
The Kansai Electric Power Co., Inc.	JP		5,100		88,135
The Tokyo Electric Power Co., Inc.*	JP		10,100		30,534
Tohoku Electric Power Co., Inc.	JP		3,200		44,334
Verbund AG	AT		410		11,800

					1,637,551

ELECTRICAL EQUIPMENT – 1.3%
ABB Ltd.*	CH		14,739		252,123
Alstom SA	FR		1,433		47,201
Bekaert NV	BE		244		9,934
Fuji Electric Holdings Co., Ltd.	JP		4,000		10,355
Furukawa Electric Co., Ltd.	JP		4,000		10,894
GS Yuasa Corp.	JP		2,000		9,378
Legrand SA	FR		1,393		43,426
Mabuchi Motor Co., Ltd.	JP		200		9,289
Mitsubishi Electric Corp.	JP		13,000		115,152
Nidec Corp.	JP		700		56,376
Prysmian SpA	IT		1,298		17,052
Schneider Electric SA	FR		3,257		174,300
Sumitomo Electric Industries Ltd.	JP		5,100		59,896
Ushio, Inc.	JP		600		9,135

SC^SMBLACKROCK INTERNATIONAL INDEX FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Shares		Value
Vestas Wind Systems A/S*	DK		1,288	$	20,874

					845,385

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 1.2%
Citizen Holdings Co., Ltd.	JP		1,600		7,967
Foxconn International Holdings Ltd.*	KY		14,000		7,232
FUJIFILM Holdings Corp.	JP		3,100		72,045
Hamamatsu Photonics KK	JP		400		16,122
Hexagon AB, Class B	SE		1,576		20,493
Hirose Electric Co., Ltd.	JP		200		18,592
Hitachi High-Technologies Corp.	JP		400		8,027
Hitachi Ltd.	JP		30,000		148,922
Hoya Corp.	JP		3,000		69,554
Ibiden Co., Ltd.	JP		800		16,906
Keyence Corp.	JP		300		82,096
Kyocera Corp.	JP		1,000		83,616
Murata Manufacturing Co., Ltd.	JP		1,400		76,012
Nippon Electric Glass Co., Ltd.	JP		3,000		27,261
Omron Corp.	JP		1,300		25,530
Shimadzu Corp.	JP		2,000		16,871
TDK Corp.	JP		800		27,907
Yaskawa Electric Corp.	JP		2,000		15,078
Yokogawa Electric Corp.*	JP		1,300		12,297

					752,528

ENERGY EQUIPMENT & SERVICES – 0.8%
Aker Solutions ASA	NO		1,038		9,943
Amec PLC	GB		2,130		26,876
Compagnie Generale de Geophysique-Veritas*	FR		1,111		19,569
Fugro NV	NL		430		21,686
Petrofac Ltd.	JE		1,633		30,206
Saipem SpA	IT		1,787		62,719
SBM Offshore NV	NL		1,099		19,048
Seadrill Ltd.	BM		2,301		63,545
Subsea 7 SA*	LU		1,948		37,004
Technip SA	FR		674		53,999
Tenaris SA	LU		3,291		41,455
Transocean Ltd.	CH		2,194		105,782
Worleyparsons Ltd.	AU		1,222		30,491

					522,323

FOOD & STAPLES RETAILING – 2.3%
Aeon Co., Ltd.	JP		4,200		56,812
Carrefour SA	FR		3,888		88,537
Casino Guichard-Perrachon SA	FR		396		30,910
Colruyt SA	BE		481		19,982
Delhaize Group	BE		724		42,324
Distribuidora Internacional de Alimentacion SA*	ES		3,480		13,856
FamilyMart Co., Ltd.	JP		400		15,277
J Sainsbury PLC	GB		8,671		36,922
Jeronimo Martins SGPS SA	PT		1,369		21,379
Kesko OYJ, Class B	FI		423		13,014
Koninklijke Ahold NV	NL		7,910		93,023
Lawson, Inc.	JP		400		22,642
Metcash Ltd.	AU		4,795		18,902


	Country Code**	Shares		Value
Metro AG	DE		833	$	35,360
Olam International Ltd.	SG		9,000		15,337
Seven & I Holdings Co., Ltd.	JP		5,000		140,150
Tesco PLC	GB		53,744		314,810
Wesfarmers Ltd.	AU		6,812		205,822
Wesfarmers Ltd. PPS	AU		1,079		33,198
William Morrison Supermarkets PLC	GB		15,175		68,420
Woolworths Ltd.	AU		8,228		196,621

					1,483,298

FOOD PRODUCTS – 4.1%
Ajinomoto Co., Inc.	JP		4,000		47,251
Aryzta AG	CH		617		26,792
Associated British Foods PLC	GB		2,474		42,591
Danone SA	FR		3,916		240,729
Golden Agri-resources Ltd.	MU		41,000		18,973
Kerry Group PLC, Class A	IE		906		31,866
Kikkoman Corp.	JP		1,000		11,425
Lindt & Spruengli AG	CH		7		51,997
MEIJI Holdings Co., Ltd.	JP		400		18,981
Nestle SA	CH		23,266		1,280,856
Nippon Meat Packers, Inc.	JP		1,000		12,995
Nisshin Seifun Group, Inc.	JP		1,500		19,580
Nissin Foods Holdings Co., Ltd.	JP		400		16,094
Parmalat SpA	IT		1,974		4,168
Suedzucker AG	DE		386		10,967
Toyo Suisan Kaisha Ltd.	JP		1,000		27,425
Unilever NV	NL		10,925		345,813
Unilever PLC	GB		8,570		268,448
Wilmar International Ltd.	SG		14,000		55,710
Yakult Honsha Co., Ltd.	JP		600		18,721
Yamazaki Baking Co., Ltd.	JP		1,000		15,164

					2,566,546

GAS UTILITIES – 0.5%
Enagas	ES		1,097		20,161
Gas Natural SDG SA	ES		2,278		38,737
Hong Kong & China Gas Co., Ltd.	HK		32,500		73,404
Osaka Gas Co., Ltd.	JP		12,000		49,855
Snam Rete Gas SpA	IT		11,198		51,697
Toho Gas Co., Ltd.	JP		3,000		19,690
Tokyo Gas Co., Ltd.	JP		17,000		78,962

					332,506

HEALTH CARE EQUIPMENT & SUPPLIES – 0.7%
Cochlear Ltd.	AU		362		16,047
Coloplast A/S, Class B	DK		143		20,606
Essilor International SA	FR		1,353		97,298
Getinge AB, Class B	SE		1,437		31,357
Olympus Corp.	JP		1,400		43,209
Smith & Nephew PLC	GB		6,179		55,583
Sonova Holding AG*	CH		307		27,856
Straumann Holding AG	CH		46		7,198
Synthes, Inc.(1)			446		72,178
Sysmex Corp.	JP		500		17,990
Terumo Corp.	JP		1,100		57,249

SC^SMBLACKROCK INTERNATIONAL INDEX FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Shares		Value
William Demant Holding A/S*	DK		136	$	10,230

					456,801

HEALTH CARE PROVIDERS & SERVICES – 0.4%
Alfresa Holdings Corp.	JP		300		12,543
Celesio AG	DE		496		6,527
Fresenius Medical Care AG & Co.	DE		1,410		95,653
Fresenius SE	DE		770		68,443
Medipal Holdings Corp.	JP		900		9,116
Miraca Holdings, Inc.	JP		500		21,977
Ramsay Health Care Ltd.	AU		1,013		18,493
Sonic Healthcare Ltd.	AU		2,720		29,730
Suzuken Co., Ltd.	JP		400		10,759

					273,241

HOTELS, RESTAURANTS & LEISURE – 0.9%
Accor SA	FR		1,060		28,226
Autogrill SpA	IT		707		7,109
Carnival PLC	GB		1,265		39,431
Compass Group PLC	GB		12,599		101,644
Crown Ltd.	AU		3,323		25,314
Echo Entertainment Group, Ltd.*	AU		4,407		15,566
Galaxy Entertainment Group Ltd.*	HK		8,000		11,563
Genting Singapore PLC*	IM		43,000		49,929
Intercontinental Hotels Group PLC	GB		1,875		30,404
McDonald’s Holdings Co. Japan Ltd.	JP		400		10,669
OPAP SA	GR		1,450		14,625
Oriental Land Co., Ltd.	JP		300		32,008
Sands China Ltd.*	KY		15,600		36,499
Shangri-La Asia Ltd.	BM		8,500		16,230
SJM Holdings Ltd.	HK		10,000		17,716
Sky City Entertainment Group Ltd.	NZ		3,428		8,675
Sodexo	FR		657		43,261
Tabcorp Holdings Ltd.	AU		4,525		11,151
Tatts Group Ltd.	AU		8,165		17,469
Tui AG*	DE		881		4,529
Tui Travel PLC	GB		3,336		7,694
Whitbread PLC	GB		1,289		31,607
Wynn Macau Ltd.	KY		11,200		26,345

					587,664

HOUSEHOLD DURABLES – 0.7%
Casio Computer Co., Ltd.	JP		1,400		8,864
Electrolux AB, Series B	SE		1,537		22,603
Husqvarna AB	SE		2,597		10,493
Panosonic Corp.	JP		14,600		141,113
Rinnai Corp.	JP		200		16,697
Sekisui Chemical Co., Ltd.	JP		3,000		25,222
Sekisui House Ltd.	JP		4,000		37,481
Sharp Corp.	JP		7,000		58,808
Sony Corp.	JP		6,900		132,080

					453,361

HOUSEHOLD PRODUCTS – 0.5%
Henkel AG & Co. KGaA	DE		907		39,752


	Country Code**	Shares		Value
Reckitt Benckiser Group PLC	GB		4,179	$	211,742
Unicharm Corp.	JP		700		33,574

					285,068

INDEPENDENT POWER PRODUCERS & ENERGY TRADERS – 0.2%
EDP Renovaveis SA*	ES		1,344		7,318
Electric Power Development Co., Ltd.	JP		900		26,595
Enel Green Power SPA	IT		11,008		25,080
International Power PLC	GB		10,641		50,514

					109,507

INDUSTRIAL CONGLOMERATES – 1.5%
Delek Group Ltd.	IL		28		4,245
Fraser and Neave Ltd.	SG		6,000		26,338
Hutchison Whampoa Ltd.	HK		15,000		111,007
Keppel Corp Ltd.	SG		9,700		56,883
Koninklijke Philips Electronics NV	NL		6,765		121,377
NWS Holdings Ltd.	BM		8,000		10,646
Orkla ASA	NO		5,495		41,769
SembCorp Industries Ltd.	SG		6,000		15,486
Siemens AG	DE		5,523		496,906
Smiths Group PLC	GB		2,516		38,828
Wendel	FR		209		13,098

					936,583

INSURANCE – 4.2%
Admiral Group PLC	GB		1,458		28,601
Aegon NV*	NL		12,079		48,961
Ageas	BE		16,351		28,158
AIA Group Ltd.	HK		55,800		158,731
Allianz SE	DE		3,051		285,968
AMP Ltd.	AU		18,842		70,772
Assicurazioni Generali SpA	IT		7,721		122,271
Aviva PLC	GB		18,931		89,030
AXA SA	FR		11,722		152,502
Baloise Holding AG	CH		309		22,629
CNP Assurances	FR		929		13,679
Delta Lloyd NV	NL		586		9,248
Gjensidige Forsikring ASA	NO		1,165		12,028
Hannover Rueckversicherung AG	DE		375		16,954
Insurance Australia Group Ltd.	AU		14,671		42,470
Legal & General Group PLC	GB		39,956		59,675
Mapfre SA	ES		4,955		15,300
MS&AD Insurance Group Holdings, Inc.	JP		3,900		84,855
Muenchener Rueckversicherungs AG	DE		1,277		158,599
NKSJ Holdings, Inc.	JP		2,750		61,048
Old Mutual PLC	GB		37,232		60,415
Prudential PLC	GB		17,149		147,276
QBE Insurance Group Ltd.	AU		7,391		90,763
Resolution Ltd.	GG		10,294		39,445
Rsa Insurance Group PLC	GB		24,779		42,644
Sampo OYJ, Class A	FI		2,857		71,761
SCOR SE	FR		1,089		23,491
Sony Financial Holdings, Inc.	JP		1,200		18,321
Standard Life PLC	GB		16,095		49,809

SC^SMBLACKROCK INTERNATIONAL INDEX FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Shares		Value
Suncorp Group Ltd.	AU		8,744	$	66,574
Swiss Life Holding AG*	CH		189		20,727
Swiss Re Ltd.*	CH		2,346		110,053
T&D Holdings, Inc.	JP		3,700		34,859
The Dai-ichi Life Insurance Co., Ltd.	JP		61		63,053
Tokio Marine Holdings, Inc.	JP		4,800		121,646
Tryg A/S	DK		157		8,255
Vienna Insurance Group AG Wiener Versicherung Gruppe	AT		224		8,516
Zurich Financial Services AG*	CH		970		202,055

					2,661,142

INTERNET & CATALOG RETAIL – 0.1%
Rakuten, Inc.	JP		46		53,592

INTERNET SOFTWARE & SERVICES – 0.1%
Dena Co., Ltd.	JP		700		29,324
Gree, Inc.	JP		600		18,298
United Internet AG	DE		682		11,529
Yahoo Japan Corp.	JP		89		27,642

					86,793

IT SERVICES – 0.3%
Amadeus IT Holding SA, Class A	ES		1,888		30,164
Atos Origin SA	FR		285		12,301
Cap Gemini SA	FR		950		31,586
Computershare Ltd.	AU		3,284		23,384
Indra Sistemas SA	ES		574		8,252
Itochu Techno-Solutions Corp.	JP		200		8,998
Nomura Research Institute Ltd.	JP		600		13,706
NTT Data Corp.	JP		8		24,691
Otsuka Corp.	JP		100		6,893

					159,975

LEISURE EQUIPMENT & PRODUCTS – 0.3%
Namco Bandai Holdings, Inc.	JP		1,200		16,253
Nikon Corp.	JP		2,300		54,255
Sankyo Co., Ltd.	JP		400		21,644
Sega Sammy Holdings, Inc.	JP		1,500		34,996
Shimano, Inc.	JP		500		26,465
Yamaha Corp.	JP		1,000		10,821

					164,434

LIFE SCIENCES TOOLS & SERVICES – 0.1%
Lonza Group AG*	CH		316		19,040
QIAGEN NV*	NL		1,478		20,528

					39,568

MACHINERY – 2.6%
Alfa Laval AB	SE		2,378		37,436
Amada Co., Ltd.	JP		3,000		19,734
Atlas Copco AB, Shares A	SE		4,529		80,166
Atlas Copco AB, Shares B	SE		2,713		42,475
Cosco Corp. Singapore Ltd.	SG		6,000		4,186
FANUC Corp.	JP		1,200		165,295
Fiat Industrial SPA*	IT		5,268		39,364
GEA Group AG	DE		1,242		28,992
Hino Motors Ltd.	JP		2,000		11,900


	Country Code**	Shares		Value
Hitachi Construction Machinery Co., Ltd.	JP		700	$	11,720
IHI Corp.	JP		8,000		17,637
Invensys PLC	GB		5,267		18,348
JTEKT Corp.	JP		1,500		17,949
Kawasaki Heavy Industries Ltd.	JP		9,000		22,951
Komatsu Ltd.	JP		6,400		137,984
Kone OYJ, Class B	FI		1,066		50,702
Kubota Corp.	JP		8,000		65,240
Kurita Water Industries Ltd.	JP		700		19,623
Makita Corp.	JP		700		24,915
Man AG	DE		456		35,347
Metso Corp.	FI		795		23,270
Minebea Co., Ltd.	JP		2,000		6,714
Mitsubishi Heavy Industries, Ltd.	JP		21,000		88,570
Mitsui Engineering & Shipbuilding Co., Ltd.	JP		4,000		6,717
Nabtesco Corp.	JP		600		11,340
NGK Insulators Ltd.	JP		2,000		30,095
NSK Ltd.	JP		3,000		22,047
NTN Corp.	JP		3,000		14,069
Sandvik AB	SE		6,835		78,761
Scania AB, Class A	SE		2,304		32,918
Schindler Holding AG	CH		487		52,052
Sembcorp Marine Ltd.	SG		5,000		12,243
SKF AB, Class B	SE		2,670		50,308
SMC Corp.	JP		400		58,465
Sulzer AG	CH		155		15,929
Sumitomo Heavy Industries Ltd.	JP		5,000		25,569
The Japan Steel Works Ltd.	JP		2,000		11,930
The Weir Group PLC	GB		1,477		35,289
THK Co., Ltd.	JP		800		13,313
Vallourec SA	FR		766		43,866
Volvo AB, B Shares	SE		9,197		90,349
Wartsila OYJ	FI		1,218		28,901
Yangzijiang Shipbuilding Holdings Ltd.	SG		12,000		8,014
Zardoya Otis SA	ES		854		10,856

					1,623,549

MARINE – 0.3%
AP Moller - Maersk A/S, Class A	DK		4		22,390
AP Moller - Maersk A/S, Class B	DK		9		52,868
Kawasaki Kisen Kaisha Ltd.	JP		5,000		10,398
Kuehne & Nagel International AG	CH		371		41,638
Mitsui Osk Lines Ltd.	JP		9,000		34,676
Neptune Orient Lines Ltd.	SG		5,000		4,122
Nippon Yusen KK	JP		10,000		27,124
Orient Overseas International Ltd.	BM		1,500		5,993

					199,209

MEDIA – 1.2%
Axel Springer AG	DE		260		8,949

SC^SMBLACKROCK INTERNATIONAL INDEX FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Shares		Value
British Sky Broadcasting Group PLC	GB		7,787	$	80,199
Dentsu, Inc.	JP		1,200		38,019
Eutelsat Communications	FR		716		28,763
Fairfax Media Ltd.	AU		18,433		14,486
Hakuhodo Dy Holdings, Inc.	JP		150		8,702
ITV PLC*	GB		22,933		20,975
JC Decaux SA*	FR		387		9,605
Jupiter Telecommunications Co., Ltd.	JP		10		10,820
Kabel Deutschland Holding AG*	DE		586		31,418
Lagardere SCA	FR		899		22,082
Mediaset Espana Comunicacion SA	ES		876		4,980
Mediaset SpA	IT		5,569		17,540
Metropole Television SA	FR		403		6,534
Modern Times Group, Class B	SE		313		12,542
Pearson PLC	GB		5,492		96,874
Publicis Groupe SA	FR		889		37,104
Reed Elsevier NV	NL		4,748		52,212
Reed Elsevier PLC	GB		8,398		64,295
Sanoma OYJ	FI		494		5,808
SES SA	LU		2,098		51,056
Singapore Press Holdings Ltd.	SG		8,000		22,874
Societe Television Francaise 1	FR		684		8,504
Toho Co., Ltd.	JP		700		12,227
Wolters Kluwer NV	NL		2,162		35,086
WPP PLC	JE		8,623		79,871

					781,525

METALS & MINING – 5.3%
Acerinox SA	ES		587		6,597
Alumina Ltd.	AU		15,617		21,777
Anglo American PLC	GB		8,886		305,776
Antofagasta PLC	GB		2,714		38,752
ArcelorMittal	LU		5,708		91,196
BHP Billiton Ltd.	AU		21,551		713,563
BHP Billiton PLC	GB		14,363		383,692
BlueScope Steel Ltd.	AU		11,309		7,798
Boliden AB	SE		1,724		17,728
Daido Steel Co., Ltd.	JP		2,000		11,962
Eramet	FR		32		4,418
Eurasian Natural Resources Corp.	GB		1,587		14,065
Fortescue Metals Group Ltd.	AU		8,762		36,599
Fresnillo PLC	GB		1,145		27,992
Glencore International PLC	JE		5,928		37,245
Hitachi Metals Ltd.	JP		1,000		11,515
Iluka Resources Ltd.	AU		2,948		34,505
JFE Holdings, Inc.	JP		3,100		62,577
Kazakhmys PLC	GB		1,380		16,858
Kobe Steel Ltd.	JP		17,000		28,377
Lonmin PLC	GB		1,214		19,712
Lynas Corp., Ltd.*	AU		10,723		10,975
Macarthur Coal Ltd.	AU		1,006		15,383
Maruichi Steel Tube Ltd.	JP		300		7,084
Mitsubishi Materials Corp.	JP		7,000		17,045
Newcrest Mining Ltd.	AU		5,078		167,377
Nippon Steel Corp.	JP		34,000		97,515


	Country Code**	Shares		Value
Nisshin Steel Co., Ltd.	JP		4,000	$	7,139
Norsk Hydro ASA	NO		6,691		30,348
OneSteel Ltd.	AU		8,260		9,680
Outokumpu OYJ	FI		752		4,934
OZ Minerals Ltd.	AU		2,023		18,022
Randgold Resources Ltd.	JE		620		60,224
Rautaruukki OYJ	FI		491		4,924
Rio Tinto Ltd.	AU		2,955		173,085
Rio Tinto PLC	GB		9,582		424,944
Salzgitter AG	DE		258		12,382
Sims Metal Management Ltd.	AU		1,037		12,443
SSAB AB, Class A	SE		908		6,735
Sumitomo Metal Industries Ltd.	JP		24,000		49,744
Sumitomo Metal Mining Co., Ltd.	JP		3,000		39,721
ThyssenKrupp AG	DE		2,640		64,869
Vedanta Resources PLC	GB		971		16,506
Voestalpine AG	AT		819		23,675
Xstrata PLC	GB		14,033		177,204
Yamato Kogyo Co., Ltd.	JP		300		7,869

					3,352,531

MULTI-LINE RETAIL – 0.4%
Harvey Norman Holdings Ltd.	AU		3,321		6,824
Isetan Mitsukoshi Holdings Ltd.	JP		2,300		23,279
J Front Retailing Co., Ltd.	JP		3,000		14,239
Lifestyle International Holdings Ltd.	KY		3,500		8,763
Marks & Spencer Group PLC	GB		10,960		53,370
Marui Group Co., Ltd.	JP		1,400		10,526
Next PLC	GB		1,117		43,792
PPR	FR		516		66,699
Takashimaya Co., Ltd.	JP		2,000		14,585

					242,077

MULTI-UTILITIES – 1.4%
A2A SpA	IT		6,481		8,063
AGL Energy Ltd.	AU		3,162		43,356
Centrica PLC	GB		34,685		159,884
GDF Suez	FR		8,320		247,201
National Grid PLC	GB		23,627		234,191
RWE AG	DE		2,814		103,803
Suez Environnement Co.	FR		1,736		24,160
Veolia Environnement	FR		2,529		36,934

					857,592

OFFICE ELECTRONICS – 0.7%
Brother Industries Ltd.	JP		1,400		16,448
Canon, Inc.	JP		7,700		349,627
Konica Minolta Holdings, Inc.	JP		3,000		20,570
Neopost SA	FR		211		15,472
Ricoh Co., Ltd.	JP		5,000		41,906

					444,023

OIL, GAS & CONSUMABLE FUELS – 7.1%
BG Group PLC	GB		22,752		435,442
BP PLC	GB		126,740		759,892
Cairn Energy PLC*	GB		9,876		42,833
Caltex Australia Ltd.	AU		787		8,111
Cosmo Oil Co., Ltd.	JP		4,000		9,900

SC^SMBLACKROCK INTERNATIONAL INDEX FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Shares		Value
Eni SpA	IT		16,171	$	284,492
Essar Energy Ltd.*	GB		1,898		7,353
Galp Energia SGPS SA	PT		1,666		30,424
Idemitsu Kosan Co., Ltd.	JP		200		17,916
Inpex Corp.	JP		15		92,116
Japan Petroleum Exploration Co., Ltd.	JP		200		7,270
JX Holdings, Inc.	JP		15,100		84,752
Neste Oil OYJ	FI		747		6,483
OMV AG	AT		1,168		34,767
Origin Energy Ltd.	AU		7,112		91,005
Paladin Energy Ltd.*	AU		3,884		4,457
Repsol YPF SA	ES		5,384		142,131
Royal Dutch Shell PLC, Class A	GB		24,118		745,174
Royal Dutch Shell PLC, Class B	GB		18,074		562,368
Santos Ltd.	AU		5,937		64,253
Showa Shell Sekiyu KK	JP		1,100		7,836
Statoil ASA	NO		7,493		160,784
Tonengeneral Sekiyu KK	JP		2,000		22,981
Total SA	FR		14,228		627,731
Tullow Oil PLC	GB		5,894		119,201
Woodside Petroleum Ltd.	AU		4,227		130,968

					4,500,640

PAPER & FOREST PRODUCTS – 0.3%
Holmen AB, Class B	SE		311		7,726
Nippon Paper Group, Inc.	JP		600		15,975
Oji Paper Co., Ltd.	JP		6,000		32,909
Stora Enso OYJ	FI		4,511		26,403
Svenska Cellulosa AB, Class A	SE		3,994		48,631
UPM-Kymmene OYJ	FI		3,314		37,438

					169,082

PERSONAL PRODUCTS – 0.5%
Beiersdorf AG	DE		712		38,099
Kao Corp.	JP		3,600		100,275
L’oreal SA	FR		1,610		157,060
Shiseido Co., Ltd.	JP		2,300		44,605

					340,039

PHARMACEUTICALS – 8.1%
Astellas Pharma, Inc.	JP		3,000		113,241
AstraZeneca PLC	GB		9,231		409,667
Bayer AG	DE		5,555		306,546
Chugai Pharmaceutical Co., Ltd.	JP		1,500		25,411
Daiichi Sankyo Co., Ltd.	JP		4,600		95,894
Dainippon Sumitomo Pharma Co., Ltd.	JP		1,000		10,990
Eisai Co., Ltd.	JP		1,800		72,627
Elan Corp. PLC*	IE		3,547		37,688
GlaxoSmithKline PLC	GB		34,611		714,201
Hisamitsu Pharmaceutical Co., Inc.	JP		400		19,220
Kyowa Hakko Kirin Co., Ltd.	JP		2,000		22,299
Merck KGaA	DE		462		37,842
Mitsubishi Tanabe Pharma Corp.	JP		1,500		27,887
Novartis AG	CH		15,678		875,799


	Country Code**	Shares		Value
Novo Nordisk AS	DK		2,850	$	284,242
Ono Pharmaceutical Co., Ltd.	JP		500		29,832
Orion OYJ, Class B	FI		767		15,445
Otsuka Holdings Co., Ltd.	JP		1,600		43,834
Roche Holding AG	CH		4,721		762,498
Sanofi-Aventis SA	FR		7,475		491,681
Santen Pharmaceutical Co., Ltd.	JP		500		21,014
Shionogi & Co.	JP		1,900		28,111
Shire PLC	JE		3,724		116,131
Taisho Pharmaceutical Co., Ltd.	JP		1,000		24,556
Takeda Pharmaceutical Co., Ltd.	JP		5,300		251,370
Teva Pharmaceutical Industries Ltd.	IL		6,347		235,158
Tsumura & Co.	JP		400		12,754
UCB SA	BE		728		31,025

					5,116,963

PROFESSIONAL SERVICES – 0.5%
Adecco SA*	CH		843		33,226
Bureau Veritas SA	FR		353		25,376
Capita Group PLC	GB		4,333		47,458
Experian PLC	JE		6,808		76,424
Intertek Group PLC	GB		1,135		32,643
Randstad Holding NV	NL		878		27,991
SGS SA	CH		37		56,211

					299,329

REAL ESTATE INVESTMENT TRUSTS – 1.4%
Ascendas Real Estate Investment Trust	SG		12,000		18,504
British Land Co. PLC	GB		5,879		43,304
Capital Shopping Centres Group PLC	GB		3,609		18,300
CapitaMall Trust	SG		13,000		18,028
CFS Retail Property Trust	AU		11,782		19,771
Corio NV	NL		363		16,726
Dexus Property Group	AU		35,555		28,025
Fonciere Des Regions	FR		182		12,696
Gecina SA	FR		128		11,188
Goodman Group	AU		43,469		23,816
GPT Group	AU		10,960		32,965
Hammerson PLC	GB		5,255		30,765
ICADE	FR		135		10,548
Japan Prime Realty Investment Corp.	JP		4		10,271
Japan Real Estate Investment Corp.	JP		3		29,330
Japan Retail Fund Investment Corp.	JP		13		20,902
Klepierre	FR		662		18,557
Land Securities Group PLC	GB		5,347		53,142
Mirvac Group	AU		25,350		27,870
Nippon Building Fund, Inc.	JP		4		41,409
Nomura Real Estate Office Fund, Inc.	JP		2		12,196
Segro PLC	GB		4,547		15,511
Stockland	AU		15,152		42,175
The Link REIT	HK		15,500		48,872

SC^SMBLACKROCK INTERNATIONAL INDEX FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Shares		Value
Unibail-Rodamco	FR		607	$	108,311
Westfield Group	AU		14,440		107,083
Westfield Retail Trust	AU		18,535		43,136

					863,401

REAL ESTATE MANAGEMENT & DEVELOPMENT – 1.7%
Aeon Mall Co., Ltd.	JP		500		11,421
Capitaland Ltd.	SG		16,000		29,853
CapitaMalls Asia Ltd.	SG		9,000		8,294
Cheung Kong Holdings Ltd.	HK		9,000		97,851
City Developments Ltd.	SG		4,000		29,002
Daito Trust Construction Co., Ltd.	JP		500		45,840
Daiwa House Industry Co., Ltd.	JP		3,000		38,413
Global Logistic Properties Ltd.*	SG		11,000		13,794
Hang Lung Group, Ltd.	HK		7,000		35,712
Hang Lung Properties Ltd.	HK		16,000		48,114
Henderson Land Development Co., Ltd.	HK		7,000		31,471
Hopewell Holdings Ltd.	HK		3,500		10,042
Hysan Development Co., Ltd.	HK		4,000		11,966
Immofinanz AG*	AT		5,982		16,912
Keppel Land Ltd.	SG		5,000		9,766
Kerry Properties Ltd.	BM		4,500		14,363
Lend Lease Group	AU		3,326		22,337
Mitsubishi Estate Co. Ltd.	JP		8,000		129,765
Mitsui Fudosan Co., Ltd.	JP		5,000		78,986
New World Development, Ltd.	HK		16,000		15,319
Nomura Real Estate Holdings, Inc.	JP		700		10,590
NTT Urban Development Corp.	JP		6		4,360
Sino Land Co., Ltd.	HK		20,000		26,564
Sumitomo Realty & Development Co., Ltd.	JP		3,000		57,669
Sun Hung Kai Properties Ltd.	HK		10,000		114,720
Swire Pacific Ltd., Class A	HK		5,000		51,694
Tokyu Land Corp.	JP		3,000		10,783
UOL Group Ltd.	SG		3,000		9,455
Wharf Holdings Ltd.	HK		10,700		52,926
Wheelock & Co., Ltd.	HK		6,000		17,752

					1,055,734

ROAD & RAIL – 1.0%
Asciano Group	AU		20,834		28,705
Central Japan Railway Co.	JP		10		87,268
ComfortDelGro Corp., Ltd.	SG		11,000		10,923
DSV A/S	DK		1,322		23,786
East Japan Railway Co.	JP		2,300		139,441
Keikyu Corp.	JP		3,000		27,697
Keio Corp.	JP		4,000		28,617
Keisei Electric Railway Co., Ltd.	JP		2,000		13,561
Kintetsu Corp.	JP		12,000		45,244
MTR Corp.	HK		9,500		28,496
Nippon Express Co., Ltd.	JP		7,000		29,858
Odakyu Electric Railway Co., Ltd.	JP		4,000		38,021
QR National Ltd.	AU		11,924		36,058
Tobu Railway Co., Ltd.	JP		8,000		37,683
Tokyu Corp.	JP		7,000		35,176


	Country Code**	Shares		Value
West Japan Railway Co.	JP		1,100	$	47,152

					657,686

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 0.6%
Advantest Corp.	JP		900		9,701
ARM Holdings PLC	GB		8,980		76,794
Asm Pacific Technology Ltd.	KY		1,300		12,698
Asml Holding NV	NL		2,902		100,346
Elpida Memory, Inc.*	JP		1,600		10,007
Infineon Technologies AG	DE		7,358		54,292
Renewable Energy Corp ASA*	NO		3,232		2,827
Rohm Co., Ltd.	JP		600		31,299
STMicroelectronics NV	NL		4,708		30,767
Sumco Corp.*	JP		700		6,537
Tokyo Electron Ltd.	JP		1,200		54,432

					389,700

SOFTWARE – 1.0%
Autonomy Corp. PLC*	GB		1,558		61,642
Dassault Systemes SA	FR		377		26,622
Konami Corp.	JP		600		20,143
NICE Systems Ltd.*	IL		358		10,774
Nintendo Co., Ltd.	JP		700		102,856
Oracle Corp.	JP		300		10,562
SAP AG	DE		6,178		314,350
Square Enix Holdings Co., Ltd.	JP		400		7,203
The Sage Group PLC	GB		9,310		36,923
Trend Micro, Inc.	JP		700		21,893

					612,968

SPECIALTY RETAIL – 0.9%
ABC-Mart, Inc.	JP		200		7,688
Esprit Holdings Ltd.	BM		8,000		9,739
Fast Retailing Co., Ltd.	JP		300		53,729
Hennes & Mauritz AB	SE		6,804		203,724
Industria de Diseno Textil SA	ES		1,445		123,353
Kingfisher PLC	GB		16,152		62,022
Nitori Holdings Co., Ltd.	JP		250		25,165
Shimamura Co., Ltd.	JP		200		20,966
USS Co., Ltd.	JP		130		11,054
Yamada Denki Co., Ltd.	JP		520		36,166

					553,606

TEXTILES, APPAREL & LUXURY GOODS – 1.1%
Adidas AG	DE		1,395		84,894
Asics Corp.	JP		1,000		13,654
Burberry Group PLC	GB		2,934		53,279
Christian Dior SA	FR		378		42,322
Compagnie Financiere Richemont SA	CH		3,517		156,666
Luxottica Group SpA	IT		720		18,299
LVMH Moet Hennessy Louis Vuitton SA	FR		1,698		224,137
Pandora A/S	DK		366		2,440
Swatch Group AG	CH		475		83,812
Yue Yuen Industrial Holdings Ltd.	BM		4,500		11,696

					691,199

SC^SMBLACKROCK INTERNATIONAL INDEX FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Shares		Value
TOBACCO – 1.6%
British American Tobacco PLC	GB		13,310	$	562,019
Imperial Tobacco Group PLC	GB		6,884		232,318
Japan Tobacco, Inc.	JP		30		140,327
Swedish Match AB	SE		1,389		45,839

					980,503

TRADING COMPANIES & DISTRIBUTORS – 1.2%
Brenntag AG	DE		247		21,427
Bunzl PLC	GB		2,092		24,929
ITOCHU Corp.	JP		10,000		95,558
Marubeni Corp.	JP		12,000		67,008
Mitsubishi Corp.	JP		9,400		191,380
Mitsui & Co., Ltd.	JP		11,600		168,029
Noble Group Ltd.	BM		28,000		27,935
Sojitz Corp.	JP		7,300		13,336
Sumitomo Corp.	JP		7,500		92,802
Toyota Tsusho Corp.	JP		1,400		23,952
Wolseley PLC	JE		1,821		45,183

					771,539

TRANSPORTATION INFRASTRUCTURE – 0.4%
Abertis Infraestructuras SA	ES		2,869		44,122
Aeroports de Paris	FR		220		16,548
Atlantia SpA	IT		2,005		28,829
Auckland International Airport Ltd.	NZ		5,493		9,548
Fraport AG	DE		241		14,191
Groupe Eurotunnel SA	FR		3,758		31,850
Hutchison Port Holdings Trust	SG		34,000		22,695
Kamigumi Co., Ltd.	JP		2,000		17,852
Koninklijke Vopak NV	NL		435		20,791
MAP Group	AU		2,431		7,527
Mitsubishi Logistics Corp.	JP		1,000		10,775
Transurban Group	AU		9,087		47,245

					271,973

WATER UTILITIES – 0.1%
Severn Trent PLC	GB		1,509		36,054
United Utilities Group PLC	GB		4,764		46,114

					82,168

WIRELESS TELECOMMUNICATION SERVICES – 2.3%
Cellcom Israel Ltd.	IL		319		6,513
KDDI Corp.	JP		19		130,803
Millicom International Cellular SA	LU		487		48,530
Mobistar SA	BE		175		9,990
NTT DOCOMO, Inc.	JP		103		187,671
Partner Communications Co., Ltd.	IL		525		4,975
Softbank Corp.	JP		5,900		172,634
StarHub Ltd.	SG		4,000		8,694
Vodafone Group PLC	GB		344,206		887,115

					1,456,925

Total Common Stocks
(Cost $72,269,572)					61,238,255


	Country Code**	Shares		Value
PREFERRED STOCKS – 0.4%
AUTOMOBILES – 0.3%
Bayerische Motoren Werke AG	DE		332	$	15,573
Porsche Automobil Holding SE	DE		1,052		50,108
Volkswagen AG	DE		981		129,461

					195,142

HOUSEHOLD PRODUCTS – 0.1%
Henkel AG & Co. KGaA	DE		1,222		64,976

MEDIA – 0.0%+
ProSiebenSat.1 Media AG	DE		450		7,913

MULTI-UTILITIES – 0.0%+
RWE AG	DE		227		7,848

Total Preferred Stocks (Cost $338,452)					275,879

RIGHTS – 0.0%+
COMMERCIAL BANKS – 0.0%+
Banco Bilbao Vizcaya Argentaria SA, expires 10/20/11*	ES		29,237		4,309
CaixaBank, expires 10/13/11*	ES		5,000		408

Total Rights
(Cost $4,378)					4,717

SHORT TERM INVESTMENTS – 0.5%
MUTUAL FUNDS – 0.5%
State Street Institutional U.S. Government Money Market Fund (Cost $299,676)			299,676		299,676

TOTAL INVESTMENTS – 97.8% (Cost $72,912,078)					61,818,527
Other assets less liabilities – 2.2%					1,407,290

NET ASSETS – 100.0%				$	63,225,817

ADR	American Depositary Receipt

CDI	Chess Depositary Receipt

PPS	Price Protected Share

REIT	Real Estate Investment Trust

Austria

Australia

Belgium

Bermuda

CH	Switzerland

Cyprus

Germany

Denmark

Spain

Finland

France

GB	Great Britain

Guernsey

SC^SMBLACKROCK INTERNATIONAL INDEX FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*

Greece

Hong Kong

Ireland

IM	Isle Of Man

Israel

Italy

Jersey

Japan

KY	Cayman Islands

LU	Luxembourg

Mauritius

NL	Netherlands

Norway

NZ	New Zealand

Portugal

Sweden

Singapore

*	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 $72,178, representing 0.1% of net assets.


Japan	22.4	%
Great Britain	20.9
France	8.4
Switzerland	8.3
Australia	8.1
Germany	7.5
Spain	3.4
Sweden	2.7
Netherlands	2.6
Hong Kong	2.3
Italy	2.2
Other (individually less than 2%)	9.0

SC^SM BLACKROCK INTERNATIONAL INDEX FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*

(2)	At the period end, cash of $144,000 has been pledged to cover margin requirements for the following open futures contracts:


Type	Description	Expiration Date		Contracts		Aggregate Face Value ($)		Aggregate Notional Value ($)		Unrealized Appreciation / (Depreciation) ($)
Long	ASX SPI 200 Index December Futures		12/15/11		1		99,409		96,770		(2,639	)
Long	DJ Euro Stoxx 50 Index December Futures		12/16/11		12		337,224		346,620		9,396
Long	FTSE 100 Index December Futures		12/16/11		5		405,515		396,906		(8,609	)
Long	MSCI EAFE E-Mini Index December Futures		12/16/11		6		409,973		403,980		(5,993	)
Long	Topix Index December Futures		12/9/11		3		290,760		294,632		3,872

Net unrealized depreciation											(3,973	)

SC^SM BLACKROCK INTERNATIONAL INDEX FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 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(a)	$	7,802		$	61,230,453		$	—	$	61,238,255
Preferred Stocks(b)		—			275,879			—		275,879
Rights(b)		—			4,717			—		4,717
Short Term Investments
Mutual Funds		299,676			—			—		299,676

Total Investments		307,478			61,511,049			—		61,818,527

Financial Derivative Instruments
Futures Contracts		—			13,268			—		13,268

Total Financial Derivative Instruments	$	—		$	13,268		$	—	$	13,268


Liabilities
Financial Derivative Instruments
Futures Contracts	$	(5,993	)	$	(11,248	)	$	—	$	(17,241	)

Total Financial Derivative Instruments	$	(5,993	)	$	(11,248	)	$	—	$	(17,241	)

†	See Note 2b in the Notes to Portfolios of Investments 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.

SC^SMBLACKROCK LARGE CAP INDEX FUND

PORTFOLIO OF INVESTMENTS


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Shares		Value
COMMON STOCKS – 97.6%
AEROSPACE & DEFENSE – 2.6%
General Dynamics Corp.			4,787	$	272,332
Goodrich Corp.			1,654		199,605
Honeywell International, Inc.			10,350		454,469
ITT Corp.			2,449		102,858
L-3 Communications Holdings, Inc.			1,385		85,829
Lockheed Martin Corp.			3,641		264,482
Northrop Grumman Corp.			3,677		191,792
Precision Castparts Corp.			1,905		296,151
Raytheon Co.			4,697		191,966
Rockwell Collins, Inc.			2,051		108,211
Textron, Inc.			3,606		63,610
The Boeing Co.			9,804		593,240
United Technologies Corp.			12,023		845,938

					3,670,483

AIR FREIGHT & LOGISTICS – 1.0%
C.H. Robinson Worldwide, Inc.			2,180		149,265
Expeditors International of Washington, Inc.			2,817		114,229
FedEx Corp.			4,193		283,782
United Parcel Services, Inc., Class B			12,977		819,498

					1,366,774

AIRLINES – 0.1%
Southwest Airlines Co.			10,624		85,417

AUTO COMPONENTS – 0.2%
Johnson Controls, Inc.			8,990		237,066
The Goodyear Tire & Rubber Co.*			3,143		31,713

					268,779

AUTOMOBILES – 0.4%
Ford Motor Co.*			50,265		486,063
Harley-Davidson, Inc.			3,138		107,727

					593,790

BEVERAGES – 2.7%
Brown-Forman Corp., Class B			1,345		94,338
Coca-Cola Enterprises, Inc.			4,241		105,516
Constellation Brands, Inc., Class A*			2,434		43,812
Dr Pepper Snapple Group, Inc.			2,889		112,036
Molson Coors Brewing Co., Class B			2,153		85,280
PepsiCo, Inc.			20,938		1,296,062
The Coca-Cola Co.			30,378		2,052,338

					3,789,382

BIOTECHNOLOGY – 1.3%
Amgen, Inc.			12,227		671,874
Biogen Idec, Inc.*			3,208		298,825
Celgene Corp.*			6,074		376,102
Cephalon, Inc.*			1,030		83,121


	Country Code**	Shares		Value
Gilead Sciences, Inc.*			10,207	$	396,031

					1,825,953

BUILDING PRODUCTS – 0.0%+
Masco Corp.			4,604		32,780

CAPITAL MARKETS – 1.8%
Ameriprise Financial, Inc.			3,162		124,456
Bank of New York Mellon Corp.			16,304		303,091
BlackRock, Inc.			1,326		196,261
ETRADE Financial Corp.			3,284		29,917
Federated Investors, Inc., Class B			1,203		21,089
Franklin Resources, Inc.			1,925		184,107
Invesco, Ltd.	BM		6,030		93,525
Janus Capital Group, Inc.			2,424		14,544
Legg Mason, Inc.			1,735		44,607
Morgan Stanley			19,634		265,059
Northern Trust Corp.			3,210		112,286
State Street Corp.			6,665		214,347
T. Rowe Price Group, Inc.			3,390		161,940
The Charles Schwab Corp.			14,251		160,609
The Goldman Sachs Group, Inc.			6,692		632,729

					2,558,567

CHEMICALS – 2.1%
Air Products & Chemicals, Inc.			2,819		215,287
Airgas, Inc.			912		58,204
CF Industries Holdings, Inc.			949		117,097
E.I. du Pont de Nemours & Co.			12,335		493,030
Eastman Chemical Co.			927		63,527
Ecolab, Inc.			3,067		149,946
FMC Corp.			936		64,734
International Flavors & Fragrances, Inc.			1,084		60,942
Monsanto Co.			7,073		424,663
PPG Industries, Inc.			2,091		147,750
Praxair, Inc.			3,997		373,640
Sigma-Aldrich Corp.			1,622		100,223
The Dow Chemical Co.			15,624		350,915
The Mosaic Co.			3,664		179,426
The Sherwin-Williams Co.			1,153		85,691

					2,885,075

COMMERCIAL BANKS – 2.5%
BB&T Corp.			9,217		196,599
Comerica, Inc.			2,622		60,227
Fifth Third Bancorp			12,180		123,018
First Horizon National Corp.			3,318		19,775
Huntington Bancshares, Inc.			11,296		54,221
KeyCorp			12,717		75,412
M&T Bank Corp.			1,666		116,453
PNC Financial Services Group, Inc.			6,960		335,403
Regions Financial Corp.			16,395		54,595
SunTrust Banks, Inc.			7,109		127,607
U.S. Bancorp			25,411		598,175

SC^SMBLACKROCK LARGE CAP INDEX FUND

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2011 (Unaudited)

Sun Capital Advisers Trust


	Country Code**	Shares		Value
Wells Fargo & Co.			69,853	$	1,684,854
Zions Bancorporation			2,470		34,753

					3,481,092

COMMERCIAL SERVICES & SUPPLIES – 0.5%
Avery Dennison Corp.			1,378		34,560
Cintas Corp.			1,461		41,113
Iron Mountain, Inc.			2,684		84,868
Pitney Bowes, Inc.			2,668		50,158
R.R. Donnelley & Sons Co.			2,447		34,552
Republic Services, Inc.			4,231		118,722
Stericycle, Inc.*			1,145		92,424
Waste Management, Inc.			6,251		203,533

					659,930

COMMUNICATIONS EQUIPMENT – 2.0%
Cisco Systems, Inc.			72,767		1,127,161
F5 Networks, Inc.*			1,058		75,171
Harris Corp.			1,600		54,672
JDS Uniphase Corp.*			3,014		30,050
Juniper Networks, Inc.*			7,050		121,683
Motorola Mobility Holdings, Inc.*			3,461		130,757
Motorola Solutions, Inc.			3,995		167,390
QUALCOMM, Inc.			22,223		1,080,704
Tellabs, Inc.			4,792		20,558

					2,808,146

COMPUTERS & PERIPHERALS – 4.7%
Apple, Inc.*			12,266		4,675,554
Dell, Inc.*			20,518		290,329
EMC Corp.*			27,316		573,363
Hewlett-Packard Co.			27,438		615,983
Lexmark International, Inc., Class A*			1,062		28,706
NetApp, Inc.*			4,871		165,322
SanDisk Corp.*			3,162		127,587
Western Digital Corp.*			3,101		79,758

					6,556,602

CONSTRUCTION & ENGINEERING – 0.2%
Fluor Corp.			2,308		107,437
Jacobs Engineering Group, Inc.*			1,711		55,248
Quanta Services, Inc.*			2,836		53,289

					215,974

CONSTRUCTION MATERIALS – 0.0%+
Vulcan Materials Co.			1,685		46,439

CONSUMER FINANCE – 0.8%
American Express Co.			13,741		616,971
Capital One Financial Corp.			6,075		240,752
Discover Financial Services			7,215		165,512
SLM Corp.			6,882		85,681

					1,108,916

CONTAINERS & PACKAGING – 0.1%
Ball Corp.			2,192		67,996
Bemis Co.			1,349		39,539


	Country Code**	Shares		Value
Owens- Ilinois, Inc.*			2,220	$	33,566
Sealed Air Corp.			2,090		34,903

					176,004

DISTRIBUTORS – 0.1%
Genuine Parts Co.			2,091		106,223

DIVERSIFIED CONSUMER SERVICES – 0.1%
Apollo Group, Inc., Class A*			1,633		64,683
DeVry, Inc.			792		29,273
H&R Block, Inc.			3,988		53,080

					147,036

DIVERSIFIED FINANCIAL SERVICES – 2.8%
Bank of America Corp.			134,071		820,514
Citigroup, Inc.			38,603		989,009
CME Group, Inc.			884		217,818
IntercontinentalExchange, Inc.*			976		115,422
JP Morgan Chase & Co.			51,589		1,553,861
Leucadia National Corp.			2,585		58,628
Moody’s Corp.			2,659		80,966
NASDAQ OMX Group, Inc.*			1,687		39,037
NYSE Euronext			3,489		81,084

					3,956,339

DIVERSIFIED TELECOMMUNICATION SERVICES – 2.9%
AT&T, Inc.			78,403		2,236,054
CenturyLink, Inc.			8,153		270,027
Frontier Communications Corp.			13,268		81,067
Verizon Communications, Inc.			37,448		1,378,086
Windstream Corp.			6,813		79,440

					4,044,674

ELECTRIC UTILITIES – 2.1%
American Electric Power Co., Inc.			6,378		242,491
Duke Energy Corp.			17,615		352,124
Edison International			4,308		164,781
Entergy Corp.			2,322		153,925
Exelon Corp.			8,765		373,477
FirstEnergy Corp.			5,531		248,397
NextEra Energy, Inc.			5,586		301,756
Northeast Utilities			2,366		79,616
Pepco Holdings, Inc.			2,946		55,738
Pinnacle West Capital Corp.			1,423		61,104
PPL Corp.			7,640		218,046
Progress Energy, Inc.			3,896		201,501
Southern Co.			11,345		480,688

					2,933,644

ELECTRICAL EQUIPMENT – 0.4%
Emerson Electric Co.			9,855		407,110
Rockwell Automation, Inc.			1,883		105,448
Roper Industries, Inc.			1,279		88,136

					600,694

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.3%
Amphenol Corp., Class A			2,248		91,651
Corning, Inc.			20,779		256,828

SC^SMBLACKROCK LARGE CAP INDEX FUND

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2011 (Unaudited)

Sun Capital Advisers Trust


	Country Code**	Shares		Value
Flir Systems, Inc.			2,089	$	52,330
Jabil Circuit, Inc.			2,523		44,884
Molex, Inc.			1,814		36,951

					482,644

ENERGY EQUIPMENT & SERVICES – 1.8%
Baker Hughes, Inc.			5,769		266,297
Cameron International Corp.*			3,240		134,590
Diamond Offshore Drilling, Inc.			907		49,649
FMC Technologies, Inc.*			3,183		119,681
Halliburton Co.			12,165		371,276
Helmerich & Payne, Inc.			1,434		58,220
Nabors Industries, Ltd.*	BM		3,750		45,975
National-Oilwell Varco, Inc.			5,604		287,037
Noble Corp.*	CH		3,350		98,323
Rowan Cos., Inc.*			1,663		50,206
Schlumberger, Ltd.	AN		17,854		1,066,419

					2,547,673

FOOD & STAPLES RETAILING – 2.4%
Costco Wholesale Corp.			5,791		475,557
CVS Caremark Corp.			17,794		597,523
Kroger Co.			8,006		175,812
Safeway, Inc.			4,621		76,847
SUPERVALU, Inc.			2,718		18,102
Sysco Corp.			7,838		203,004
Wal-Mart Stores, Inc.			23,257		1,207,038
Walgreen Co.			12,002		394,746
Whole Foods Market, Inc.			2,085		136,171

					3,284,800

FOOD PRODUCTS – 1.9%
Archer-Daniels-Midland Co.			8,901		220,834
Campbell Soup Co.			2,382		77,105
ConAgra Foods, Inc.			5,481		132,750
Dean Foods Co.*			2,347		20,818
General Mills, Inc.			8,552		328,995
HJ Heinz Co.			4,245		214,288
Hormel Foods Corp.			1,827		49,366
Kellogg Co.			3,306		175,846
Kraft Foods, Inc., Class A			23,364		784,563
McCormick & Co., Inc.			1,729		79,811
Mead Johnson Nutrition Co., Class A			2,697		185,635
Sara Lee Corp.			7,784		127,268
The Hershey Co.			2,044		121,087
The J. M. Smucker Co.			1,514		110,355
Tyson Foods, Inc., Class A			3,912		67,912

					2,696,633

GAS UTILITIES – 0.1%
Nicor, Inc.			600		33,006
ONEOK, Inc.			1,398		92,324

					125,330

HEALTH CARE EQUIPMENT & SUPPLIES – 1.9%
Bard (C.R.), Inc.			1,145		100,233
Baxter International, Inc.			7,517		422,004
Becton, Dickinson & Co.			2,881		211,235


	Country Code**	Shares		Value
Boston Scientific Corp.*			20,253	$	119,695
CareFusion Corp.*			2,916		69,838
Covidien PLC	IE		6,526		287,797
Dentsply International, Inc.			1,896		58,188
Edwards Lifesciences Corp.*			1,524		108,631
Intuitive Surgical, Inc.*			519		189,061
Medtronic, Inc.			13,956		463,898
St. Jude Medical, Inc.			4,357		157,680
Stryker Corp.			4,355		205,251
Varian Medical Systems, Inc.*			1,568		81,787
Zimmer Holdings, Inc.*			2,505		134,018

					2,609,316

HEALTH CARE PROVIDERS & SERVICES – 2.1%
Aetna, Inc.			4,953		180,042
AmerisourceBergen Corp.			3,575		133,240
Cardinal Health, Inc.			4,575		191,601
CIGNA Corp.			3,575		149,935
Coventry Health Care, Inc.*			1,934		55,719
DaVita, Inc.*			1,246		78,087
Express Scripts, Inc.*			6,457		239,361
Humana, Inc.			2,198		159,860
Laboratory Corp. of America Holdings*			1,338		105,769
McKesson Corp.			3,259		236,929
Medco Health Solutions, Inc.*			5,101		239,186
Patterson Cos., Inc.			1,252		35,845
Quest Diagnostics, Inc.			2,094		103,360
Tenet Healthcare Corp.*			6,550		27,051
UnitedHealth Group, Inc.			14,239		656,703
WellPoint, Inc.			4,792		312,822

					2,905,510

HEALTH CARE TECHNOLOGY – 0.1%
Cerner Corp.*			1,922		131,695

HOTELS, RESTAURANTS & LEISURE – 1.9%
Carnival Corp.	PA		6,114		185,254
Chipotle Mexican Grill, Inc.*			414		125,421
Darden Restaurants, Inc.			1,780		76,095
International Game Technology			3,913		56,856
Marriott International, Inc., Class A			3,705		100,924
McDonald’s Corp.			13,651		1,198,831
Starbucks Corp.			9,869		368,015
Starwood Hotels & Resorts Worldwide, Inc.			2,546		98,836
Wyndham Worldwide Corp.			2,218		63,235
Wynn Resorts, Ltd.			1,057		121,640
Yum! Brands, Inc.			6,142		303,353

					2,698,460

HOUSEHOLD DURABLES – 0.3%
D.R. Horton, Inc.			3,667		33,150
Fortune Brands, Inc.			2,047		110,702
Harman International Industries, Inc.			940		26,865
Leggett & Platt, Inc.			1,864		36,888
Lennar Corp., Class A			2,166		29,328
Newell Rubbermaid, Inc.			3,830		45,462

SC^SMBLACKROCK LARGE CAP INDEX FUND

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2011 (Unaudited)

Sun Capital Advisers Trust


	Country Code**	Shares		Value
Pulte Homes, Inc.*			4,326	$	17,088
Whirlpool Corp.			995		49,660

					349,143

HOUSEHOLD PRODUCTS – 2.4%
Clorox Co.			1,740		115,414
Colgate-Palmolive Co.			6,436		570,745
Kimberly-Clark Corp.			5,182		367,974
The Procter & Gamble Co.			36,356		2,296,972

					3,351,105

INDEPENDENT POWER PRODUCERS & ENERGY TRADERS – 0.2%
AES Corp.*			8,761		85,507
Constellation Energy Group			2,673		101,734
NRG Energy, Inc.*			3,146		66,727

					253,968

INDUSTRIAL CONGLOMERATES – 2.4%
3m Co.			9,386		673,821
Danaher Corp.			7,526		315,641
General Electric Co.			140,247		2,137,364
Tyco International Ltd.	CH		6,120		249,390

					3,376,216

INSURANCE – 3.5%
ACE Ltd.	CH		4,470		270,882
Aflac, Inc.			6,178		215,921
American International Group, Inc.*			5,775		126,761
Aon Corp.			4,314		181,102
Assurant, Inc.			1,233		44,141
Berkshire Hathaway, Inc., Class B*			23,267		1,652,888
Cincinnati Financial Corp.			2,127		56,004
Genworth Financial Inc., Class A*			6,602		37,895
Lincoln National Corp.			4,090		63,927
Loews Corp.			4,114		142,139
Marsh & McLennan Cos., Inc.			7,148		189,708
MetLife, Inc.			13,988		391,804
Prudential Financial, Inc.			6,428		301,216
The Allstate Corp.			6,825		161,684
The Chubb Corp.			3,783		226,942
The Hartford Financial Services Group, Inc.			5,922		95,581
The Principal Financial Group, Inc.			4,193		95,055
The Progressive Corp.			8,531		151,511
Torchmark Corp.			1,375		47,932
Travelers Cos., Inc.			5,538		269,867
Unum Group			4,017		84,196
XL Group PLC	IE		4,387		82,476

					4,889,632

INTERNET & CATALOG RETAIL – 1.1%
Amazon.com, Inc.*			4,804		1,038,769
Expedia, Inc.			2,604		67,053
Netflix, Inc.*			694		78,533


	Country Code**	Shares		Value
Priceline.com, Inc.*			658	$	295,745

					1,480,100

INTERNET SOFTWARE & SERVICES – 1.8%
Akamai Technologies, Inc.*			2,447		48,647
eBay, Inc.*			15,172		447,422
Google, Inc., Class A*			3,332		1,713,914
Monster Worldwide, Inc.*			1,740		12,493
VeriSign, Inc.			2,198		62,885
Yahoo!, Inc.*			16,706		219,851

					2,505,212

IT SERVICES – 3.9%
Accenture PLC, Class A	IE		8,526		449,150
Automatic Data Processing, Inc.			6,479		305,485
Cognizant Technology Solutions Corp., Class A*			4,016		251,803
Computer Sciences Corp.			2,024		54,345
Fidelity National Information Services, Inc.			3,279		79,745
Fiserv, Inc.*			1,874		95,143
International Business Machines Corp.			15,807		2,766,699
MasterCard, Inc., Class A			1,412		447,830
Paychex, Inc.			4,279		112,837
SAIC, Inc.*			3,664		43,272
Teradata Corp.*			2,243		120,068
The Western Union Co.			8,251		126,158
Total System Services, Inc.			2,111		35,739
Visa, Inc., Class A			6,767		580,067

					5,468,341

LEISURE EQUIPMENT & PRODUCTS – 0.1%
Hasbro, Inc.			1,600		52,176
Mattel, Inc.			4,536		117,437

					169,613

LIFE SCIENCES TOOLS & SERVICES – 0.4%
Agilent Technologies, Inc.*			4,597		143,656
Life Technologies Corp.*			2,385		91,656
PerkinElmer, Inc.			1,488		28,584
Thermo Fisher Scientific, Inc.*			5,050		255,732
Waters Corp.*			1,196		90,286

					609,914

MACHINERY – 1.8%
Caterpillar, Inc.			8,547		631,111
Cummins, Inc.			2,583		210,928
Deere & Co.			5,478		353,714
Dover Corp.			2,474		115,288
Eaton Corp.			4,510		160,105
Flowserve Corp.			728		53,872
Illinois Tool Works, Inc.			6,526		271,482
Ingersoll-Rand PLC	IE		4,383		123,118
Joy Global, Inc.			1,396		87,082
PACCAR, Inc.			4,833		163,452
Pall Corp.			1,515		64,236
Parker Hannifin Corp.			2,052		129,543
Snap-On, Inc.			759		33,700

SC^SMBLACKROCK LARGE CAP INDEX FUND

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2011 (Unaudited)

Sun Capital Advisers Trust


	Country Code**	Shares		Value
Stanley Black & Decker, Inc.			2,230	$	109,493

					2,507,124

MEDIA – 3.0%
Cablevision Systems Corp., Class A			3,015		47,426
CBS Corp., Class B			8,858		180,526
Comcast Corp., Class A			36,374		760,217
DIRECTV, Class A*			9,768		412,698
Discovery Communications, Inc., Class A*			3,635		136,749
Gannett Co., Inc.			3,173		30,239
News Corp., Class A			30,231		467,673
Omnicom Group, Inc.			3,720		137,045
Scripps Networks Interactive, Inc., Class A			1,303		48,432
The Interpublic Group of Cos., Inc.			6,411		46,159
The McGraw-Hill Cos., Inc.			3,976		163,016
The Walt Disney Co.			24,557		740,639
The Washington Post Co., Class B			66		21,580
Time Warner Cable, Inc.			4,303		269,669
Time Warner, Inc.			13,824		414,305
Viacom, Inc.			7,636		295,819

					4,172,192

METALS & MINING – 0.9%
AK Steel Holding Corp.			1,494		9,771
Alcoa, Inc.			14,070		134,650
Allegheny Technologies, Inc.			1,385		51,231
Cliffs Natural Resources, Inc.			1,930		98,758
Freeport-McMoRan Copper & Gold, Inc.			12,539		381,813
Newmont Mining Corp.			6,537		411,177
Nucor Corp.			4,184		132,382
Titanium Metals Corp.			1,173		17,571
United States Steel Corp.			1,882		41,423

					1,278,776

MULTI-LINE RETAIL – 0.8%
Big Lots, Inc.*			867		30,198
Family Dollar Stores, Inc.			1,596		81,172
J.C. Penney Co., Inc.			1,891		50,641
Kohl’s Corp.			3,717		182,505
Macy’s, Inc.			5,647		148,629
Nordstrom, Inc.			2,190		100,039
Sears Holdings Corp.*			509		29,278
Target Corp.			8,934		438,123

					1,060,585

MULTI-UTILITIES – 1.5%
Ameren Corp.			3,215		95,711
Centerpoint Energy, Inc.			5,652		110,892
CMS Energy Corp.			3,293		65,169
Consolidated Edison, Inc.			3,873		220,838
Dominion Resources, Inc.			7,515		381,537
DTE Energy Co.			2,251		110,344
Integrys Energy Group, Inc.			1,027		49,933
NiSource, Inc.			3,740		79,961


	Country Code**	Shares		Value
PG&E Corp.			5,319	$	225,047
Public Service Enterprise Group, Inc.			6,690		223,245
SCANA Corp.			1,491		60,311
Sempra Energy			3,167		163,101
TECO Energy, Inc.			2,826		48,409
Wisconsin Energy Corp.			3,115		97,468
Xcel Energy, Inc.			6,406		158,164

					2,090,130

OFFICE ELECTRONICS – 0.1%
Xerox Corp.			18,555		129,328

OIL, GAS & CONSUMABLE FUELS – 9.5%
Alpha Natural Resources, Inc.*			3,024		53,495
Anadarko Petroleum Corp.			6,585		415,184
Apache Corp.			5,079		407,539
Cabot Oil & Gas Corp.			1,392		86,179
Chesapeake Energy Corp.			8,740		223,307
Chevron Corp.			26,500		2,451,780
ConocoPhillips			18,167		1,150,334
Consol Energy, Inc.			3,006		101,994
Denbury Resources, Inc.*			5,325		61,237
Devon Energy Corp.			5,520		306,029
El Paso Corp.			10,185		178,034
EOG Resources, Inc.			3,553		252,299
EQT Corp.			1,984		105,866
Exxon Mobil Corp.			64,331		4,672,361
Hess Corp.			4,000		209,840
Marathon Oil Corp.			9,442		203,758
Marathon Petroleum Corp.			4,714		127,561
Murphy Oil Corp.			2,563		113,182
Newfield Exploration Co.*			1,768		70,172
Noble Energy, Inc.			2,334		165,247
Occidental Petroleum Corp.			10,752		768,768
Peabody Energy Corp.			3,581		121,324
Pioneer Natural Resources Co.			1,551		102,009
QEP Resources, Inc.			2,368		64,102
Range Resources Corp.			2,129		124,461
Southwestern Energy Co.*			4,601		153,351
Spectra Energy Corp.			8,599		210,933
Sunoco, Inc.			1,580		48,996
Tesoro Corp.*			1,937		37,713
The Williams Cos., Inc.			7,787		189,536
Valero Energy Corp.			7,565		134,506

					13,311,097

PAPER & FOREST PRODUCTS – 0.1%
International Paper Co.			5,781		134,408
MeadWestvaco Corp.			2,288		56,193

					190,601

PERSONAL PRODUCTS – 0.2%
Avon Products, Inc.			5,708		111,877
The Estee Lauder Cos., Inc., Class A			1,488		130,706

					242,583

PHARMACEUTICALS – 6.1%
Abbott Laboratories			20,593		1,053,126

SC^SMBLACKROCK LARGE CAP INDEX FUND

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2011 (Unaudited)

Sun Capital Advisers Trust


	Country Code**	Shares		Value
Allergan, Inc.			4,067	$	335,039
Bristol-Myers Squibb Co.			22,564		708,058
Eli Lilly & Co.			13,476		498,208
Forest Laboratories, Inc.*			3,633		111,860
Hospira, Inc.*			2,189		80,993
Johnson & Johnson			36,256		2,309,870
Merck & Co., Inc.			40,759		1,333,227
Mylan, Inc.*			5,732		97,444
Pfizer, Inc.			103,231		1,825,124
Watson Pharmaceuticals, Inc.*			1,651		112,681

					8,465,630

PROFESSIONAL SERVICES – 0.1%
Equifax, Inc.			1,616		49,676
Robert Half International, Inc.			1,960		41,591
The Dun & Bradstreet Corp.			663		40,615

					131,882

REAL ESTATE INVESTMENT TRUSTS – 1.7%
Apartment Investment & Management Co., Class A			1,559		34,485
AvalonBay Communities, Inc.			1,243		141,764
Boston Properties, Inc.			1,943		173,121
Equity Residential			3,921		203,382
HCP, Inc.			5,384		188,763
Health Care REIT, Inc.			2,348		109,887
Host Hotels & Resorts, Inc.			9,333		102,103
Kimco Realty Corp.			5,432		81,643
Plum Creek Timber Co., Inc.			2,113		73,342
ProLogis, Inc.			6,069		147,173
Public Storage			1,873		208,559
Simon Property Group, Inc.			3,884		427,163
Ventas, Inc.			3,807		188,066
Vornado Realty Trust			2,439		181,998
Weyerhaeuser Co.			7,144		111,089

					2,372,538

REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.0%+
CB Richard Ellis Group, Inc., Class A*			4,293		57,784

ROAD & RAIL – 0.8%
CSX Corp.			14,490		270,529
Norfolk Southern Corp.			4,610		281,302
Ryder System, Inc.			692		25,957
Union Pacific Corp.			6,457		527,343

					1,105,131

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 2.3%
Advanced Micro Devices, Inc.*			7,610		38,659
Altera Corp.			4,284		135,075
Analog Devices, Inc.			3,969		124,031
Applied Materials, Inc.			17,422		180,318
Broadcom Corp., Class A*			6,367		211,957
First Solar, Inc.*			775		48,988
Intel Corp.			69,476		1,481,923
Kla-Tencor Corp.			2,191		83,871
Linear Technology Corp.			3,038		84,001
LSI Corp.*			7,616		39,451


	Country Code**	Shares		Value
MEMC Electronic Materials, Inc.*			3,076	$	16,118
Microchip Technology, Inc.			2,545		79,175
Micron Technology, Inc.*			13,268		66,871
Novellus Systems, Inc.*			921		25,106
NVIDIA Corp.*			7,980		99,750
Teradyne, Inc.*			2,490		27,415
Texas Instruments, Inc.			15,282		407,265
Xilinx, Inc.			3,530		96,863

					3,246,837

SOFTWARE – 3.8%
Adobe Systems, Inc.*			6,583		159,111
Autodesk, Inc.*			3,014		83,729
BMC Software, Inc.*			2,308		88,996
CA, Inc.			5,049		98,001
Citrix Systems, Inc.*			2,489		135,725
Compuware Corp.*			2,833		21,701
Electronic Arts, Inc.*			4,427		90,532
Intuit, Inc.*			4,020		190,709
Microsoft Corp.			98,655		2,455,523
Oracle Corp.			52,273		1,502,326
Red Hat, Inc.*			2,570		108,608
Salesforce.com, Inc.*			1,792		204,790
Symantec Corp.*			9,860		160,718

					5,300,469

SPECIALTY RETAIL – 1.9%
Abercrombie & Fitch Co., Class A			1,144		70,425
AutoNation, Inc.*			656		21,504
AutoZone, Inc.*			385		122,888
Bed Bath & Beyond, Inc.*			3,251		186,315
Best Buy Co., Inc.			4,007		93,363
CarMax, Inc.*			3,020		72,027
GameStop Corp., Class A*			1,815		41,927
Limited Brands, Inc.			3,291		126,736
Lowe’s Cos., Inc.			16,678		322,553
O’Reilly Automotive, Inc.*			1,799		119,867
Ross Stores, Inc.			1,526		120,081
Staples, Inc.			9,307		123,783
The Gap, Inc.			4,590		74,542
The Home Depot, Inc.			20,697		680,310
Tiffany & Co.			1,695		103,090
TJX Cos., Inc.			5,039		279,513
Urban Outfitters, Inc.*			1,589		35,466

					2,594,390

TEXTILES, APPAREL & LUXURY GOODS – 0.6%
Coach, Inc.			3,832		198,612
Nike, Inc., Class B			5,025		429,688
Ralph Lauren Corp.			856		111,023
VF Corp.			1,142		138,776

					878,099

THRIFT & MORTGAGE FINANCE – 0.1%
Hudson City Bancorp, Inc.			7,036		39,824
People’s United Financial, Inc.			4,914		56,019

					95,843

SC^SMBLACKROCK LARGE CAP INDEX FUND

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2011 (Unaudited)

Sun Capital Advisers Trust


	Country Code**	Shares		Value
TOBACCO – 1.8%
Altria Group, Inc.			27,405	$	734,728
Lorillard, Inc.			1,832		202,802
Philip Morris International, Inc.			23,240		1,449,711
Reynolds American, Inc.			4,470		167,536

					2,554,777

TRADING COMPANIES & DISTRIBUTORS – 0.2%
Fastenal Co.			3,905		129,959
W.W. Grainger, Inc.			804		120,230

					250,189

WIRELESS TELECOMMUNICATION SERVICES – 0.3%
American Tower Corp., Class A*			5,234		281,589
MetroPCS Communications, Inc.*			3,868		33,690
Sprint Nextel Corp.*			39,608		120,409

					435,688

Total Common Stocks (Cost $145,802,272)					136,325,691

SHORT TERM INVESTMENTS – 2.1%
MUTUAL FUNDS – 2.1%
State Street Institutional Treasury Plus Money Market Fund (Cost $2,976,097)			2,976,097		2,976,097

TOTAL INVESTMENTS – 99.7% (Cost $148,778,369)					139,301,788
Other assets less liabilities – 0.3%					353,440

NET ASSETS – 100.0%				$	139,655,228

REIT	Real Estate Investment Trust

AN	Netherlands Antilles

Bermuda

CH	Switzerland

Ireland

Panama

*	Non-income producing security.

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

+	Amount is less than 0.05%.

SC^SMBLACKROCK LARGE CAP INDEX FUND

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2011 (Unaudited)

Sun Capital Advisers Trust

(1)	At the period end, cash of $269,000 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
Depreciation ($)

Long

S&P 500 E-Mini Index December Futures

12/16/11

3,468,339

3,321,700

(146,639

)

SC^SMBLACKROCK LARGE CAP INDEX FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*

(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 Portfolios of Investments for additional information.

SC^SMBLACKROCK SMALL CAP INDEX FUND

PORTFOLIO OF INVESTMENTS


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Shares		Value
COMMON STOCKS – 98.4%
AEROSPACE & DEFENSE – 1.9%
AAR Corp.			7,042	$	117,390
AeroVironment, Inc.*			2,994		84,281
American Science & Engineering, Inc.			1,612		98,413
Astronics Corp.*			1,688		47,686
Astronics Corp., Class B*			161		4,436
Ceradyne, Inc.*			4,416		118,746
Cubic Corp.			2,813		109,904
Curtiss-Wright Corp.			8,241		237,588
DigitalGlobe, Inc.*			6,270		121,826
Ducommun, Inc.			1,874		28,073
Esterline Technologies Corp.*			5,371		278,433
GenCorp, Inc.*			10,623		47,697
Geoeye, Inc.*			3,934		111,529
Heico Corp.			7,355		362,160
Hexcel Corp.*			17,276		382,836
Kratos Defense & Security Solutions, Inc.*			5,856		39,352
LMI Aerospace, Inc.*			1,563		26,665
Moog, Inc.*			7,970		259,981
National Presto Industries, Inc.			851		73,960
Orbital Sciences Corp.*			10,357		132,570
Taser International, Inc.*			10,724		46,220
Teledyne Technologies, Inc.*			6,478		316,515
The Keyw Holding Corp.*			3,344		23,776
Triumph Group, Inc.			6,634		323,341

					3,393,378

AIR FREIGHT & LOGISTICS – 0.3%
Air Transport Services Group, Inc.*			9,677		41,901
Atlas Air Worldwide Holdings, Inc.*			4,666		155,331
Forward Air Corp.			5,221		132,875
HUB Group, Inc.*			6,411		181,239
Pacer International, Inc.*			6,349		23,809
Park-Ohio Holdings Corp.*			1,413		16,970

					552,125

AIRLINES – 0.6%
Alaska Air Group, Inc.*			6,344		357,104
Allegiant Travel Co.*			2,649		124,847
Hawaiian Holdings, Inc.*			9,001		37,894
JetBlue Airways Corp.*			43,916		180,056
Republic Airways Holdings, Inc.*			8,702		24,627
SkyWest, Inc.			9,410		108,309
Spirit Airlines, Inc.*			2,765		34,563
US Airways Group, Inc.*			28,857		158,713

					1,026,113

AUTO COMPONENTS – 0.8%
American Axle & Manufacturing Holdings, Inc.*			11,866		90,538
Amerigon, Inc.*			3,980		50,665


	Country Code**	Shares		Value
Cooper Tire & Rubber Co.			11,036	$	120,182
Dana Holding Corp.*			25,616		268,968
Dorman Products, Inc.*			1,921		63,547
Drew Industries, Inc.			3,391		67,752
Exide Technologies*			13,703		54,812
Fuel Systems Solutions, Inc.*			2,956		56,785
Modine Manufacturing Co.*			8,258		74,817
Motorcar Parts of America, Inc.*			2,016		16,592
Shiloh Industries, Inc.			884		7,929
Spartan Motors, Inc.			5,984		24,714
Standard Motor Products, Inc.			3,566		46,251
Stoneridge, Inc.*			4,825		25,186
Superior Industries International, Inc.			4,142		63,994
Tenneco, Inc.*			10,588		271,159
Tower International, Inc.*			1,080		11,135

					1,315,026

AUTOMOBILES – 0.0%+
Winnebago Industries, Inc.*			5,102		35,306

BEVERAGES – 0.2%
Boston Beer Co., Inc.*			1,460		106,142
Central European Distribution Corp.*			12,944		90,737
Coca-Cola Bottling Co. Consolidated			803		44,534
Craft Brewers Alliance, Inc.*			1,678		9,414
Heckmann Corp.*			16,427		86,899
MGP Ingredients, Inc.			2,271		11,514
National Beverage Corp.			2,100		31,836
Primo Water Corp.*			2,683		15,132

					396,208

BIOTECHNOLOGY – 3.6%
Achillion Pharmaceuticals, Inc.*			8,405		39,672
Acorda Therapeutics, Inc.*			7,001		139,740
Affymax, Inc.*			6,216		27,848
Alkermes PLC*	IE		16,740		255,452
Allos Therapeutics, Inc.*			14,479		26,641
Alnylam Pharmaceuticals, Inc.*			6,682		43,901
AMAG Pharmaceuticals, Inc.*			3,801		56,103
Amicus Therapeutics, Inc.*			2,611		10,026
Anacor Pharmaceuticals, Inc.*			1,785		10,175
Anthera Pharmaceuticals, Inc.*			3,906		18,632
Ardea Biosciences, Inc.*			3,004		46,922
Arena Pharmaceuticals, Inc.*			25,955		37,635
Ariad Pharmaceuticals, Inc.*			23,430		205,950
ArQule, Inc.*			9,250		46,713
Array Biopharma, Inc.*			10,538		20,654
Astex Pharmaceuticals, Inc.*			10,367		19,905
Aveo Pharmaceuticals, Inc.*			5,541		85,276
AVI Biopharma, Inc.*			23,878		26,743
BioCryst Pharmaceuticals, Inc.*			5,494		15,163
BioMimetic Therapeutics, Inc.*			3,227		10,649
BioSante Pharmaceuticals, Inc.*			19,417		44,271

SC^SMBLACKROCK SMALL CAP INDEX FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Shares		Value
BioSpecifics Technologies Corp.*			800	$	12,912
BioTime, Inc.*			4,237		18,685
Cell Therapeutics, Inc.*			34,450		36,517
Celldex Therapeutics, Inc.*			8,095		18,497
Cepheid, Inc.*			10,913		423,752
Chelsea Therapeutics International, Ltd.*			9,311		33,985
Cleveland Biolabs, Inc.*			4,729		12,012
Codexis, Inc.*			4,306		19,678
Cubist Pharmaceuticals, Inc.*			10,564		373,120
Curis, Inc.*			13,471		42,568
Cytori Therapeutics, Inc.*			8,469		24,984
DUSA Pharmaceuticals, Inc.*			4,259		15,758
Dyax Corp.*			17,825		22,460
Dynavax Technologies Corp.*			22,003		40,926
Emergent Biosolutions, Inc.*			4,301		66,364
Enzon Pharmaceuticals, Inc.*			6,632		46,689
Exact Sciences Corp.*			9,247		61,308
Exelixis, Inc.*			22,691		123,893
Genomic Health, Inc.*			2,999		65,918
Geron Corp.*			23,018		48,798
GTx, Inc.*			4,164		13,949
Halozyme Therapeutics, Inc.*			14,552		89,349
Horizon Pharma, Inc.*			344		2,405
Idenix Pharmaceuticals, Inc.*			9,888		49,341
ImmunoGen, Inc.*			13,325		146,042
Immunomedics, Inc.*			11,492		36,774
Incyte Corp.*			15,497		216,493
Infinity Pharmaceuticals, Inc.*			3,446		24,294
Inhibitex, Inc.*			11,111		27,333
Insmed, Inc.*			4,280		21,828
InterMune, Inc.*			9,494		191,779
Ironwood Pharmaceuticals, Inc.*			8,949		96,649
Isis Pharmaceuticals, Inc.*			17,666		119,775
Keryx Biopharmaceuticals, Inc.*			12,487		37,461
Lexicon Genetics, Inc.*			29,660		27,284
Ligand Pharmaceuticals, Inc.*			3,482		47,634
Mannkind Corp.*			12,870		48,777
Maxygen, Inc.			5,348		29,254
Medivation, Inc.*			5,557		94,358
Metabolix, Inc.*			6,023		26,381
Micromet, Inc.*			16,255		78,024
Momenta Pharmaceuticals, Inc.*			8,177		94,035
Nabi Biopharmaceuticals*			7,155		12,020
Neurocrine Biosciences, Inc.*			8,857		52,965
Novavax, Inc.*			17,183		27,665
NPS Pharmaceuticals, Inc.*			15,254		99,304
Nymox Pharmaceutical Corp.*	CA		3,272		26,765
OncoGenex Pharmaceutical, Inc.*			1,684		16,503
Oncothyreon, Inc.*			7,426		44,407
Onyx Pharmaceuticals, Inc.*			11,150		334,611
Opko Health, Inc.*			19,302		83,578
Orexigen Therapeutics, Inc.*			6,093		12,125
Osiris Therapeutics, Inc.*			3,088		15,811
PDL BioPharma, Inc.			24,877		138,067


	Country Code**	Shares		Value
Peregrine Pharmaceuticals, Inc.*			13,444	$	14,654
Pharmacyclics, Inc.*			8,149		96,403
PharmAthene, Inc.*			6,236		10,975
Progenics Pharmaceuticals, Inc.*			5,378		30,870
Raptor Pharmaceutical Corp.*			7,729		34,858
Rigel Pharmaceuticals, Inc.*			12,179		89,637
Sangamo BioSciences, Inc.*			9,413		40,947
Savient Pharmaceuticals, Inc.*			12,758		52,308
SciClone Pharmaceuticals, Inc.*			6,016		22,921
Seattle Genetics, Inc.*			16,965		323,353
Siga Technologies, Inc.*			5,942		19,430
Spectrum Pharmaceuticals, Inc.*			9,223		70,371
Sunesis Pharmaceuticals, Inc.*			4,968		6,111
Synta Pharmaceuticals, Corp.*			3,935		12,789
Targacept, Inc.*			4,896		73,440
Theravance, Inc.*			12,070		243,090
Trius Therapeutics, Inc.*			1,342		8,455
Vanda Pharmaceuticals, Inc.*			5,037		24,933
Vical, Inc.*			12,487		30,968
Zalicus, Inc.*			13,134		12,879
Ziopharm Oncology, Inc.*			10,493		46,274
Zogenix, Inc.*			2,795		5,115

					6,350,716

BUILDING PRODUCTS – 0.7%
Aaon, Inc.			3,374		53,140
Ameresco, Inc. Class A*			3,076		31,252
American Woodmark Corp.			1,630		19,739
Ameron International Corp.			1,620		137,603
Apogee Enterprises, Inc.			4,874		41,868
Builders FirstSource, Inc.*			7,550		9,588
Gibraltar Industries, Inc.*			5,471		44,424
Griffon Corp.*			8,445		69,080
Insteel Industries, Inc.			3,179		32,013
NCI Building Systems, Inc.*			3,520		26,611
Quanex Building Products Corp.			6,741		73,814
Simpson Manufacturing Co., Inc.			7,391		184,258
Smith A O Corp.			6,651		213,032
Trex Co., Inc.*			2,790		44,724
Universal Forest Products, Inc.			3,465		83,333
USG Corp.*			12,707		85,518

					1,149,997

CAPITAL MARKETS – 2.1%
Apollo Investment Corp.			34,326		258,132
Arlington Asset Investment Corp., Class A			1,127		27,104
Artio Global Investors, Inc.			5,524		43,971
BGC Partners, Inc.			13,519		81,520
BlackRock Kelso Capital Corp.			12,262		89,513
Calamos Asset Management, Inc.			3,332		33,353
Capital Southwest Corp.			514		38,036
CIFC Corp.*			1,816		7,863
Cohen & Steers, Inc.			3,183		91,511

SC^SMBLACKROCK SMALL CAP INDEX FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Shares		Value
Cowen Group, Inc., Class A*			11,677	$	31,645
Diamond Hill Investment Group			461		31,989
Duff & Phelps Corp., Class A			5,494		58,566
Edelman Financial Group, Inc.			3,483		22,500
Epoch Holding Corp.			2,635		35,757
Evercore Partners, Inc.			3,754		85,591
FBR Capital Markets Corp.*			8,552		20,354
Fidus Investment Corp.			634		7,982
Fifth Street Finance Corp.			12,917		120,386
Financial Engines, Inc.*			6,808		123,293
FXCM, Inc., Class A			3,010		42,200
GAMCO Investors, Inc.			1,202		47,347
GFI Group, Inc.			12,886		51,802
Gladstone Capital Corp.			3,842		26,356
Gladstone Investment Corp.			4,035		27,438
Gleacher & Co., Inc.*			13,234		15,748
Golub Capital BDC, Inc.			1,773		26,329
Harris & Harris Group, Inc.*			5,219		18,527
Hercules Technology Growth Capital, Inc.			7,825		66,669
HFF, Inc. Class A*			5,238		45,780
ICG Group, Inc.*			6,576		60,565
INTL FCStone, Inc.*			2,358		48,952
Investment Technology Group, Inc.*			7,349		71,947
JMP Group, Inc.			2,668		15,501
KBW, Inc.			6,461		89,097
Knight Capital Group, Inc.*			17,605		214,077
Kohlberg Capital Corp.			3,511		20,539
Ladenburg Thalmann Financial Services, Inc.*			19,326		29,955
Main Street Capital Corp.			3,577		63,528
MCG Capital Corp.			13,804		54,664
Medallion Financial Corp.			2,612		24,292
Medley Capital Corp.			2,032		20,483
MF Global Holdings Ltd.*			29,159		120,427
MVC Capital, Inc.			4,258		44,581
New Mountain Finance Corp.			1,303		16,561
NGP Capital Resources Co.			3,929		25,696
Oppenheimer Holdings, Inc., Class A			1,843		29,562
PennantPark Investment Corp.			8,156		72,752
Piper Jaffray Cos., Inc.*			2,814		50,455
Prospect Capital Corp.			19,440		163,490
Pzena Investment Management, Inc. Class A			1,359		4,458
Safeguard Scientifics, Inc.*			3,690		55,350
Solar Capital Ltd.			6,519		131,227
Solar Senior Capital Ltd.			1,418		20,263
Stifel Financial Corp.*			9,450		250,992
SWS Group, Inc.			5,332		25,007
ThL Credit, Inc.			1,588		17,341
TICC Capital Corp.			5,865		47,917
Triangle Capital Corp.			3,938		59,936
Virtus Investment Partners, Inc.*			981		52,601
Walter Investment Management Corp.			4,555		104,446


	Country Code**	Shares		Value
Westwood Holdings Group, Inc.			1,090	$	37,660

					3,621,584

CHEMICALS – 2.0%
American Vanguard Corp.			3,877		43,267
Arch Chemicals, Inc.			4,060		190,495
Balchem Corp.			5,066		189,012
Calgon Carbon Corp.*			10,012		145,875
Chase Corp.			1,059		11,384
Chemtura Corp.*			17,112		171,633
Ferro Corp.*			15,400		94,710
Flotek Industries, Inc.*			8,881		41,474
H.B. Fuller Co.			8,787		160,099
FutureFuel Corp.			3,304		34,362
Georgia Gulf Corp.*			6,032		83,423
Hawkins, Inc.			1,510		48,078
Innophos Holdings, Inc.			3,854		153,659
Innospec, Inc.*			4,206		101,827
KMG Chemicals, Inc.			1,194		14,710
Koppers Holdings, Inc.			3,656		93,630
Kraton Performance Polymers, Inc.*			5,666		91,676
Landec Corp.*			4,749		25,265
LSB Industries, Inc.*			3,258		93,407
Minerals Technologies, Inc.			3,150		155,200
NewMarket Corp.			1,587		241,018
NL Industries, Inc.			1,267		15,876
Olin Corp.			13,977		251,726
OM Group, Inc.*			5,500		142,835
Omnova Solutions, Inc.*			7,853		28,114
PolyOne Corp.			16,583		177,604
Quaker Chemical Corp.			2,278		59,046
Schulman A, Inc.			5,477		93,054
Senomyx, Inc.*			7,184		25,216
Sensient Technologies Corp.			8,848		288,002
Spartech Corp.*			5,598		17,914
Stepan Co.			1,432		96,202
STR Holdings, Inc.*			5,421		43,964
TPC Group, Inc.*			2,346		47,108
Zep, Inc.			3,910		58,728
Zoltek Cos., Inc.*			4,930		31,700

					3,561,293

COMMERCIAL BANKS – 5.7%
1st Source Corp.			2,780		57,907
1st United Bancorp, Inc.*			5,034		24,818
Alliance Financial Corp.			921		25,834
Ameris Bancorp*			4,313		37,566
Ames National Corp.			1,609		25,149
Arrow Financial Corp.			1,892		42,099
Bancfirst Corp.			1,262		41,848
Banco Latinoamericano de Comercio Exterior SA, Class E	PA		5,015		76,379
Bancorp Rhode Island, Inc.			647		27,426
BancorpSouth, Inc.			14,991		131,621
Bank Of Kentucky Financial Corp.			1,030		20,868
Bank of Marin Bancorp			971		32,082
Bank Of The Ozarks, Inc.			5,069		106,094

SC^SMBLACKROCK SMALL CAP INDEX FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Shares		Value
Banner Corp.			3,044	$	38,933
Boston Private Financial Holdings, Inc.			13,899		81,726
Bridge Bancorp, Inc.			1,344		24,595
Bridge Capital Holdings*			1,593		16,026
Bryn Mawr Bank Corp.			1,993		33,024
Camden National Corp.			1,428		38,884
Cape Bancorp, Inc.*			1,945		13,751
Capital Bank Corp.*			2,292		4,767
Capital City Bank Group, Inc.			2,070		21,528
Cardinal Financial Corp.			5,251		45,264
Cascade Bancorp*			1,260		7,346
Cathay General Bancorp			14,069		160,105
Center Bancorp, Inc.			2,332		22,504
Center Financial Corp.*			6,474		30,363
Centerstate Banks, Inc.			5,590		29,236
Central Pacific Financial Corp.*			2,774		28,628
Century Bancorp, Inc., Class A			642		14,907
Chemical Financial Corp.			5,038		77,132
Citizens & Northern Corp.			2,255		33,509
City Holding Co.			2,809		75,815
CNB Financial Corp.			2,311		29,627
Cobiz Financial, Inc.			6,137		27,432
Columbia Banking System, Inc.			7,104		101,729
Community Banking Systems, Inc.			6,647		150,820
Community Trust Bancorp, Inc.			2,600		60,554
CVB Financial Corp.			16,065		123,540
Eagle Bancorp, Inc.*			3,085		36,310
Encore Bancshares, Inc.*			1,501		16,001
Enterprise Bancorp, Inc.			1,044		12,873
Enterprise Financial Services Corp.			2,873		39,044
F.N.B. Corp.			22,844		195,773
Financial Institutions, Inc.			2,515		35,864
First Bancorp			2,673		26,837
First Bancorp, Inc.			1,702		21,428
First Busey Corp.			14,126		61,448
First Commonwealth Financial Corp.			18,928		70,034
First Community Bancshares, Inc.			2,948		30,070
First Connecticut Bancorp Inc.*			2,750		31,130
First Financial Bancorp			10,483		144,665
First Financial Bankshares, Inc.			5,697		149,034
First Financial Corp.			2,070		56,946
First Interstate BancSystem, Inc.			2,876		30,802
First Merchants Corp.			4,629		32,634
First Midwest Bancorp, Inc.			13,375		97,905
FirstMerit Corp.			19,026		216,135
German American Bancorp, Inc.			2,375		38,285
Glacier Bancorp, Inc.			12,970		121,529
Great Southern Bancorp, Inc.			1,912		32,083
Hampton Roads Bankshares, Inc.*			1,759		8,267
Hancock Holding Co.			7,194		192,655
Hanmi Financial Corp.*			28,670		23,796


	Country Code**	Shares		Value
Heartland Financial USA, Inc.			2,528	$	35,847
Heritage Commerce Corp.*			3,996		15,385
Heritage Financial Corp.			2,661		29,377
Home Bancshares, Inc.			4,079		86,556
Hudson Valley Holding Corp.			2,596		45,248
IBERIABANK Corp.			5,200		244,712
Independent Bank Corp. Massachusetts			3,881		84,373
International Bancshares Corp.			9,588		126,082
Investors Bancorp, Inc.*			8,302		104,854
Lakeland Bancorp, Inc.			4,078		31,890
Lakeland Financial Corp.			2,766		57,146
MainSource Financial Group, Inc.			3,684		32,125
MB Financial, Inc.			9,743		143,417
Merchants Bancshares, Inc.			882		23,620
Metro Bancorp, Inc.*			2,547		22,032
MidSouth Bancorp, Inc.			1,529		16,437
Nara Bancorp, Inc.*			6,974		42,332
National Bankshares, Inc.			1,345		32,455
National Penn Bancshares, Inc.			22,187		155,531
NBT Bancorp, Inc.			6,270		116,747
Northfield Bancorp, Inc.			3,087		40,872
Old National Bancorp			17,028		158,701
OmniAmerican Bancorp, Inc.*			2,119		28,924
Oriental Financial Group	PR		8,132		78,636
Orrstown Financial Services, Inc.			1,291		16,589
Pacific Capital Bancorp*			830		21,182
Pacific Continental Corp.			3,275		23,220
PacWest Bancorp			5,459		76,099
Park National Corp.			2,247		118,821
Park Sterling Corp.*			5,420		18,536
Penns Woods Bancorp, Inc.			753		24,661
Peoples Bancorp, Inc.			1,854		20,394
Pinnacle Financial Partners, Inc.*			6,122		66,975
PrivateBancorp, Inc.			10,753		80,863
Prosperity Bancshares, Inc.			8,301		271,277
Renasant Corp.			4,602		58,584
Republic Bancorp, Inc.			1,833		32,462
S&T Bancorp, Inc.			5,092		82,287
S.Y. Bancorp, Inc.			2,291		42,658
Sandy Spring Bancorp, Inc.			4,340		63,494
SCBT Financial Corp.			2,582		63,724
Seacoast Banking Corp of Florida*			13,943		20,496
Sierra Bancorp			2,135		19,535
Signature Bank*			8,184		390,622
Simmons First National Corp., Class A			3,181		69,028
Southside Bancshares, Inc.			3,036		54,678
Southwest Bancorp, Inc.*			3,790		15,994
State Bancorp, Inc.			2,805		29,649
State Bank Financial Corp.*			5,676		71,631
Stellarone Corp.			4,152		41,312
Sterling Bancorp			5,720		41,527
Sterling Financial Corp.*			4,865		60,229
Suffolk Bancorp			1,986		16,524
Sun Bancorp, Inc.*			7,214		19,117

SC^SMBLACKROCK SMALL CAP INDEX FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Shares		Value
Susquehanna Bancshares, Inc.			23,255	$	127,205
SVB Financial Group*			7,574		280,238
Taylor Capital Group, Inc.*			1,992		12,789
Texas Capital Bancshares Inc*			6,675		152,524
The Bancorp, Inc.*			5,268		37,719
The First of Long Island Corp.			1,477		33,469
Tompkins Financial Corp.			1,519		54,350
Tower Bancorp, Inc.			1,937		40,561
TowneBank			4,406		50,096
Trico Bancshares			2,684		32,933
Trustmark Corp.			11,313		205,331
UMB Financial Corp.			5,691		182,567
Umpqua Holdings Corp.			20,576		180,863
Union First Market Bankshares Corp.			3,698		39,643
United Bankshares, Inc.			5,778		116,080
United Community Banks, Inc.*			7,470		63,420
Univest Corp. Of Pennsylvania			3,116		41,536
Virginia Commerce Bancorp, Inc.*			4,131		24,249
Washington Banking Co.			2,748		26,738
Washington Trust Bancorp, Inc.			2,606		51,547
Webster Financial Corp.			12,580		192,474
WesBanco, Inc.			4,202		72,737
West Bancorporation			2,953		25,041
West Coast Bancorp*			3,057		42,798
Westamerica Bancorporation			5,098		195,355
Western Alliance Bancorp*			12,510		68,555
Wilshire Bancorp, Inc.*			11,495		31,496
Wintrust Financial Corp.			6,099		157,415

					9,888,180

COMMERCIAL SERVICES & SUPPLIES – 2.6%
ABM Industries, Inc.			9,417		179,488
Acco Brands Corp.*			9,814		46,813
American Reprographics Co.*			6,484		21,786
APAC Customer Services, Inc.*			5,582		47,559
AT Cross Co., Class A*			1,727		19,481
Casella Waste Systems, Inc., Class A*			4,310		22,671
Cenveo, Inc.*			10,015		30,145
Clean Harbors, Inc.*			8,287		425,123
Consolidated Graphics, Inc.*			1,597		58,338
Courier Corp.			1,737		11,360
Deluxe Corp.			9,144		170,078
EnergySolutions, Inc.*			14,424		50,917
Enernoc, Inc.*			4,203		37,827
Ennis, Inc.			4,627		60,429
Fuel Tech, Inc.*			3,120		18,158
G&K Services, Inc.			3,308		84,486
Geo Group, Inc.*			11,510		213,626
Healthcare Services Group, Inc.			11,804		190,517
Heritage-Crystal Clean, Inc.*			778		14,128
Herman Miller, Inc.			10,182		181,851
Higher One Holdings, Inc.*			5,435		88,427
HNI Corp.			7,968		152,428
Innerworkings, Inc.*			4,571		35,837
Interface, Inc.			9,363		111,045


	Country Code**	Shares		Value
Intersections, Inc.			1,565	$	20,110
Kimball International, Inc.			5,606		27,245
Knoll, Inc.			8,502		116,477
M&F Worldwide Corp.*			1,817		44,735
McGrath Rentcorp.			4,310		102,535
Metalico, Inc.*			7,171		27,967
Mine Safety Appliances Co.			4,843		130,567
Mobile Mini, Inc.*			6,518		107,156
Multi-color Corp.			2,008		45,361
Quad Graphics, Inc.			4,484		81,026
Rollins, Inc.			11,306		211,535
Schawk, Inc.			2,161		21,329
Standard Parking Corp.*			2,754		43,073
Steelcase, Inc., Class A			14,109		89,028
Swisher Hygiene, Inc.*			15,072		61,042
SYKES Enterprises, Inc.*			7,429		111,064
Team, Inc.*			3,440		72,171
Tetra Tech, Inc.*			11,087		207,770
The Brink’s Co.			8,295		193,356
TMS International Corp., Class A*			2,201		16,023
TRC Companies, Inc.*			3,039		9,147
UniFirst Corp.			2,505		113,451
United Stationers, Inc.			8,002		218,054
US Ecology, Inc.			3,233		50,015
Viad Corp.			3,609		61,281
WCA Waste Corp.*			3,034		12,864

					4,466,900

COMMUNICATIONS EQUIPMENT – 2.2%
ADTRAN, Inc.			11,347		300,242
Anaren, Inc.*			2,710		51,896
Arris Group, Inc.*			21,974		226,332
Aruba Networks, Inc.*			15,018		314,026
Aviat Networks, Inc.*			10,585		24,875
Bel Fuse, Inc., Class B			1,879		29,294
Bigband Networks*			7,325		9,376
Black Box Corp.			3,192		68,149
Blue Coat Systems, Inc.*			7,744		107,487
Calix, Inc.*			6,686		52,151
Communications Systems, Inc.			1,163		15,119
Comtech Telecommunications Corp.			4,721		132,613
DG Fastchannel, Inc.*			4,865		82,462
Dialogic, Inc.*			2,474		4,577
Digi International, Inc.*			4,544		49,984
Emcore Corp.*			15,315		15,162
Emulex Corp.*			15,636		100,070
Extreme Networks, Inc.*			16,037		42,498
Finisar Corp.*			15,747		276,202
Globecomm Systems Inc*			4,028		54,418
Harmonic, Inc.*			20,402		86,913
Infinera Corp.*			18,580		143,438
Interdigital, Inc.			8,014		373,292
Ixia*			6,873		52,716
KVH Industries, Inc.*			2,743		21,697
Loral Space & Communications, Inc.*			1,944		97,394
Meru Networks, Inc.*			1,862		15,175
NETGEAR, Inc.*			6,511		168,570

SC^SM BLACKROCK SMALL CAP INDEX FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Shares		Value
NumereX Corp.*			1,785	$	9,925
Oclaro, Inc.*			9,206		33,510
Oplink Communications, Inc.*			3,235		48,978
Opnext, Inc.*			7,628		9,535
Orbcomm, Inc.*			5,631		14,359
Plantronics, Inc.			8,414		239,378
Powerwave Technologies, Inc.*			28,196		48,497
Procera Networks, Inc.*			2,574		24,710
Shoretel, Inc.*			8,371		41,688
Sonus Networks, Inc.*			37,424		81,210
Sycamore Networks, Inc.			3,558		64,222
Symmetricom, Inc.*			7,643		33,171
Tekelec, Inc.*			10,956		66,174
Viasat, Inc.*			6,341		211,219
Westell Technologies, Inc., Class A*			9,128		19,716

					3,862,420

COMPUTERS & PERIPHERALS – 0.6%
Avid Technology, Inc.*			5,317		41,154
Cray, Inc.*			6,411		34,042
Dot Hill Systems Corp.*			9,598		14,493
Eletronics for Imaging, Inc.*			8,283		111,572
Imation Corp.*			5,188		37,924
Immersion Corp.*			5,061		30,265
Intermec, Inc.*			10,597		69,092
Intevac, Inc.*			4,134		28,897
Novatel Wireless, Inc.*			5,914		17,860
OCZ Technology Group, Inc.*			9,200		44,620
Quantum Corp.*			40,127		72,630
Rimage Corp.			1,658		20,974
Silicon Graphics International Corp.*			5,513		65,715
STEC, Inc.*			7,325		74,275
Stratasys, Inc.*			3,766		69,822
Super Micro Computer, Inc.*			4,769		59,756
Synaptics, Inc.*			5,606		133,983
Xyratex, Ltd.	BM		5,367		49,752

					976,826

CONSTRUCTION & ENGINEERING – 0.7%
Argan, Inc.*			1,330		13,539
Comfort Systems USA, Inc.			6,765		56,285
Dycom Industries, Inc.*			6,247		95,579
EMCOR Group, Inc.*			11,571		235,238
Furmanite Corp.*			6,577		35,582
Granite Construction, Inc.			6,866		128,875
Great Lakes Dredge & Dock Co.			10,638		43,297
Insituform Technologies, Inc., Class A*			7,016		81,245
Layne Christensen Co.*			3,467		80,088
Mastec, Inc.*			10,056		177,086
Michael Baker Corp.*			1,490		28,504
Myr Group, Inc.*			3,553		62,675
Northwest Pipe Co.*			1,623		32,931
Orion Marine Group, Inc.*			4,856		28,019
Pike Electric Corp.*			2,963		20,059
Primoris Services Corp.			4,782		50,020
Sterling Construction Co., Inc.*			2,920		32,616
Tutor Perini Corp.			5,517		63,390


	Country Code**	Shares		Value
UniTek Global Services, Inc.*			1,703	$	8,447

					1,273,475

CONSTRUCTION MATERIALS – 0.2%
Eagle Materials, Inc.			7,924		131,935
Headwaters, Inc.*			11,188		16,111
Texas Industries, Inc.			4,048		128,483
United States Lime & Minerals, Inc.*			426		16,997

					293,526

CONSUMER FINANCE – 0.8%
Advance America Cash Advance Centers, Inc.			9,875		72,680
Cash America International, Inc.			5,203		266,185
Credit Acceptance Corp.*			1,204		77,489
DFC Global Corp.*			7,746		169,250
EZCORP, Inc., Class A*			8,300		236,882
First Cash Financial Services, Inc.*			5,538		232,319
Imperial Holdings, Inc.*			3,095		7,428
Nelnet, Inc., Class A			4,633		87,008
Netspend Holdings, Inc.*			5,242		26,944
Nicholas Financial, Inc.	CA		1,636		15,984
The First Marblehead Corp.*			9,399		9,587
World Acceptance Corp.*			2,690		150,506

					1,352,262

CONTAINERS & PACKAGING – 0.1%
AEP Industries, Inc.*			504		11,189
Boise, Inc.			18,549		95,898
Graphic Packaging Holding Co.*			28,432		98,090
Myers Industries, Inc.			5,685		57,703

					262,880

DISTRIBUTORS – 0.2%
Audiovox Corp., Class A*			3,114		17,096
Core-Mark Holding Co., Inc.*			1,998		61,199
Pool Corp.			8,435		220,828
Weyco Group, Inc.			1,204		26,849

					325,972

DIVERSIFIED CONSUMER SERVICES – 1.2%
American Public Education, Inc.*			3,165		107,610
Archipelago Learning, Inc.*			2,179		18,304
Ascent Capital Group, Inc., Class A*			2,543		99,991
Bridgepoint Education, Inc.*			3,174		55,355
Cambium Learning Group, Inc.*			2,737		8,184
Capella Education Co.*			2,801		79,492
Coinstar, Inc.*			5,507		220,280
Corinthian Colleges, Inc.*			13,499		21,058
Grand Canyon Education, Inc.*			5,094		82,268
Hillenbrand, Inc.			11,141		204,994
K12, Inc.*			4,611		117,396
Lincoln Educational Services Corp.			4,138		33,476

SC^SM BLACKROCK SMALL CAP INDEX FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Shares		Value
Mac-Gray Corp.			2,079	$	26,840
Matthews International Corp.			5,237		161,090
National American University Holdings, Inc.			1,554		11,127
Regis Corp.			10,246		144,366
Sotheby’s			11,910		328,359
Steiner Leisure, Ltd.*	BS		2,665		108,652
Stewart Enterprises, Inc., Class A			14,023		83,437
Strayer Education, Inc.			2,183		167,371
Universal Technical Institute, Inc.*			3,850		52,321

					2,131,971

DIVERSIFIED FINANCIAL SERVICES – 0.5%
California First National Bancorp			397		6,078
Compass Diversified Holding			7,208		87,794
Encore Capital Group, Inc.*			2,891		63,168
Gain Capital Holdings, Inc.*			1,314		8,265
Marketaxess Holdings, Inc.			5,107		132,884
Marlin Business Services Corp.*			1,534		16,261
Newstar Financial, Inc.*			4,886		45,635
PHH Corp.*			9,984		160,543
Pico Holdings, Inc.*			4,063		83,332
Portfolio Recovery Associates, Inc.*			3,023		188,091
Primus Guaranty Ltd.*	BM		4,405		23,214

					815,265

DIVERSIFIED TELECOMMUNICATION SERVICES – 0.8%
8x8, Inc.*			11,201		45,588
AboveNet, Inc.			4,084		218,902
Alaska Communications Systems, Inc.			8,087		53,051
Atlantic Tele-network, Inc.			1,694		55,699
Boingo Wireless, Inc.*			981		7,014
Cbeyond, Inc.*			5,060		35,724
Cincinnati Bell, Inc.*			35,363		109,272
Cogent Communications Group, Inc.*			8,150		109,618
Consolidated Communications Holdings, Inc.			4,647		83,878
FairPoint Communications, Inc.*			3,900		16,770
General Communication, Inc. Class A*			7,342		60,204
Global Crossing Ltd.*	BM		5,452		130,357
Globalstar, Inc.*			17,284		7,069
HickoryTech Corp.			2,361		22,713
IDT Corp., Class B			2,488		50,755
inContact, Inc.*			5,248		18,106
Iridium Communications, Inc.*			7,781		48,242
Neutral Tandem, Inc.*			5,608		54,285
PAETEC Holding Corp.*			22,244		117,671
Premiere Global Services, Inc.*			9,266		59,488
SureWest Communications			2,366		24,772
Towerstream Corp.*			7,631		19,535


	Country Code**	Shares		Value
Vonage Holdings Corp.*			24,652	$	64,095

					1,412,808

ELECTRIC UTILITIES – 1.6%
ALLETE, Inc.			5,628		206,154
Central Vermont Public Service Corp.			2,373		83,553
Cleco Corp.			10,795		368,541
El Paso Electric Co.			7,413		237,883
IDACORP, Inc.			8,767		331,217
MGE Energy, Inc.			4,068		165,446
Otter Tail Corp.			6,408		117,267
PNM Resources, Inc.			15,074		247,666
Portland General Electric Co.			13,320		315,551
The Empire District Electric Co.			7,445		144,284
UIL Holdings Corp.			8,939		294,361
Unisource Energy Corp.			6,480		233,863
Unitil Corp.			1,896		48,689

					2,794,475

ELECTRICAL EQUIPMENT – 1.2%
A123 Systems, Inc.*			15,761		54,218
Active Power, Inc.*			13,697		17,669
Acuity Brands, Inc.			7,585		273,363
American Superconductor Corp.*			8,048		31,629
AZZ, Inc.			2,221		86,108
Belden, Inc.			8,248		212,716
Brady Corp., Class A			8,247		217,968
Broadwind Energy, Inc.*			23,142		7,408
Capstone Turbine Corp.*			44,218		44,218
Coleman Cable, Inc.*			1,408		11,912
Encore Wire Corp.			3,264		67,173
Ener1, Inc.*			13,593		1,862
EnerSys*			8,924		178,658
Franklin Electric Co., Inc.			4,119		149,437
FuelCell Energy, Inc.*			22,385		18,801
Generac Holdings, Inc.*			4,413		83,009
Global Power Equipment Group, Inc.*			2,769		64,435
II-VI, Inc.*			9,197		160,947
LSI Industries, Inc.			3,267		20,353
Powell Industries, Inc.*			1,575		48,778
Powersecure International, Inc.*			3,149		14,895
Preformed Line Products Co.			411		18,824
Satcon Technology Corp.*			15,129		14,373
Thermon Group Holdings, Inc.*			1,797		24,835
Valence Technology, Inc.*			13,432		13,969
Vicor Corp.			3,427		29,986
Woodward Governor Co.			10,800		295,920

					2,163,464

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 2.4%
Aeroflex Holding Corp.*			3,642		33,142
Agilysys, Inc.*			3,093		22,053
Anixter International, Inc.			5,062		240,141
Benchmark Electronics, Inc.*			10,751		139,871

SC^SM BLACKROCK SMALL CAP INDEX FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Shares		Value
Brightpoint, Inc.*			12,140	$	111,809
Checkpoint Systems, Inc.*			7,133		96,866
Cognex Corp.			7,257		196,737
Coherent, Inc.*			4,364		187,477
CTS Corp.			6,064		49,300
Daktronics, Inc.			6,216		53,333
DDI Corp.			2,776		20,098
DTS, Inc.*			3,096		76,874
Echelon Corp.*			6,349		44,506
Electro Rent Corp.			3,323		45,891
Electro Scientific Industries, Inc.*			4,014		47,726
eMagin Corp.*			2,987		7,856
Fabrinet*	KY		3,621		67,713
FARO Technologies, Inc.*			2,896		91,369
FEI Co.*			6,781		203,159
Gerber Scientific, Inc.*			4,364		44
GSI Group, Inc.*	CA		4,465		34,291
Identive Group, Inc.*			6,740		13,413
Insight Enterprises, Inc.*			8,281		125,374
KEMET Corp.*			7,841		56,063
LeCroy Corp.*			2,834		22,389
Littelfuse, Inc.			4,040		162,448
Maxwell Technologies, Inc.*			4,950		91,129
Measurement Specialties, Inc.*			2,647		68,716
Mercury Computer Systems, Inc.*			5,369		61,744
Methode Electronics, Inc.			6,648		49,395
Microvision, Inc.*			17,659		12,010
MTS Systems Corp.			2,766		84,750
Multi Fineline Electronix, Inc.*			1,610		32,103
NePhotonics Corp.*			1,460		10,045
Newport Corp.*			6,637		71,746
OSI Systems, Inc.*			3,375		113,130
Park Electrochemical Corp.			3,683		78,706
PC Connection, Inc.*			1,601		12,776
Plexus Corp.*			6,309		142,710
Power-One, Inc.*			12,099		54,446
Pulse Electronics Corp.			7,687		21,985
RadiSys Corp.*			3,559		21,781
Richardson Electronics, Ltd.			2,440		33,208
Rofin-Sinar Technologies, Inc.*			5,055		97,056
Rogers Corp.*			2,833		110,855
Sanmina-SCI Corp.*			14,289		95,451
ScanSource, Inc.*			4,793		141,681
SYNNEX Corp.*			4,434		116,171
TTM Technologies, Inc.*			9,223		87,711
Universal Display Corp.*			6,774		324,746
Viasystems Group, Inc.*			458		8,056
Vishay Precision Group, Inc.*			2,111		27,823
X-Rite, Inc.*			4,869		18,161
Zygo Corp.*			2,831		32,726

					4,170,760

ENERGY EQUIPMENT & SERVICES – 1.9%
Basic Energy Services, Inc.*			4,279		60,591
Bristow Group, Inc.			6,372		270,364
C&J Energy Services, Inc.*			1,975		32,469
Cal Dive International, Inc.*			17,224		32,898


	Country Code**	Shares		Value
Complete Production Services, Inc.*			13,893	$	261,883
Dawson Geophysical Co.*			1,376		32,446
Dril-Quip, Inc.*			6,064		326,910
Exterran Holdings, Inc.*			11,353		110,351
Geokinetics, Inc.*			1,786		4,322
Global Geophysical Services, Inc.*			3,129		24,938
Global Industries, Ltd.*			17,984		142,433
Gulf Island Fabrication, Inc.			2,542		52,568
Gulfmark Offshore, Inc., Class A*			4,213		153,100
Helix Energy Solutions Group, Inc.*			18,601		243,673
Hercules Offshore, Inc.*			20,442		59,691
Hornbeck Offshore Services, Inc.*			4,045		100,761
Ion Geophysical Corp.*			23,355		110,469
Key Energy Services, Inc.*			22,163		210,327
Lufkin Industries, Inc.			5,368		285,631
Matrix Service Co.*			4,774		40,627
Mitcham Industries, Inc.*			2,114		23,677
Natural Gas Services Group, Inc.*			2,212		28,380
Newpark Resources*			16,054		97,769
OYO Geospace Corp.*			773		43,512
Parker Drilling Co.*			20,690		90,829
Phi, Inc.*			2,284		43,716
Pioneer Drilling Co.*			10,933		78,499
RigNet, Inc.*			964		15,453
Tesco Corp.*	CA		5,353		62,095
TETRA Technologies, Inc.*			13,649		105,370
Union Drilling, Inc.*			2,598		12,211
Vantage Drilling Co.*	KY		29,988		37,485
Willbros Group, Inc.*			7,065		29,461

					3,224,909

FOOD & STAPLES RETAILING – 1.1%
Arden Group, Inc., Class A			206		16,377
Casey’s General Stores, Inc.			6,721		293,372
Chefs’ Warehouse Holdings, LLC*			1,593		18,734
Ingles Markets, Inc.			2,208		31,442
Nash Finch Co.			2,137		57,549
PriceSmart, Inc.			3,126		194,812
Rite Aid Corp.*			104,863		102,766
Ruddick Corp.			8,707		339,486
Spartan Stores, Inc.			3,994		61,827
Susser Holdings Corp.*			1,411		28,121
The Andersons, Inc.			3,297		110,977
The Fresh Market, Inc.*			4,979		189,999
The Pantry, Inc.*			4,096		49,684
United Natural Foods, Inc.*			8,520		315,581
Village Super Market, Inc.			1,036		24,802
Weis Markets, Inc.			1,951		72,304
Winn-Dixie Stores, Inc.*			9,925		58,756

					1,966,589

FOOD PRODUCTS – 1.6%
Alico, Inc.			606		11,902
B&G Foods, Inc.			8,511		141,964

SC^SM BLACKROCK SMALL CAP INDEX FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Shares		Value
Cal-Maine Foods, Inc.			2,515	$	79,046
Calavo Growers, Inc.			2,105		43,195
Chiquita Brands International, Inc.*			8,039		67,045
Darling International, Inc.*			20,616		259,555
Diamond Foods, Inc.			3,880		309,585
Dole Food Co., Inc.*			6,350		63,500
Farmer Brothers Co.			1,238		6,821
Fresh Del Monte Produce, Inc.	KY		6,479		150,313
Griffin Land & Nurseries, Inc.			414		10,632
Hain Celestial Group, Inc.*			6,290		192,160
Harbinger Group, Inc.*			1,410		7,149
Imperial Sugar Co.			2,291		14,754
J & J Snack Foods Corp.			2,540		122,047
Lancaster Colony Corp.			3,306		201,699
Lifeway Foods, Inc.*			802		8,557
Limoneira Co.			1,322		18,878
Omega Protein Corp.*			3,423		31,081
Pilgrim’s Pride Corp.*			8,864		37,849
Sanderson Farms, Inc.			3,933		186,818
Seneca Foods Corp.*			1,647		32,611
Smart Balance, Inc.*			10,497		61,932
Snyders-Lance, Inc.			8,406		175,265
Tootsie Roll Industries, Inc.			4,260		102,751
TreeHouse Foods, Inc.*			6,268		387,613

					2,724,722

GAS UTILITIES – 1.4%
Chesapeake Utilities Corp.			1,651		66,222
New Jersey Resources Corp.			7,395		314,805
Nicor, Inc.			8,162		448,992
Northwest Natural Gas Co.			4,779		210,754
Piedmont Natural Gas Co.			12,852		371,294
South Jersey Industries, Inc.			5,352		266,262
Southwest Gas Corp.			8,132		294,134
The Laclede Group, Inc.			3,946		152,907
WGL Holdings, Inc.			9,152		357,569

					2,482,939

HEALTH CARE EQUIPMENT & SUPPLIES – 3.2%
Abaxis, Inc.*			3,998		91,594
ABIOMED, Inc.*			5,627		62,066
Accuray, Inc.*			12,190		49,004
Align Technology, Inc.*			10,901		165,368
Alimera Sciences, Inc.*			1,887		15,096
Alphatec Holdings, Inc.*			9,306		19,636
Analogic Corp.			2,225		101,037
Angiodynamics, Inc.*			4,445		58,407
Antares Pharma, Inc.*			15,953		37,011
Arthrocare Corp.*			4,851		139,563
AtriCure, Inc.*			2,389		23,269
Atrion Corp.			276		57,240
Bacterin International Holdings, Inc.*			3,505		7,010
BioLase Technology, Inc.*			5,092		15,276
Cantel Medical Corp.			2,360		49,843
Cardiovascular Systems, Inc.*			2,480		28,247
Cerus Corp.*			8,163		17,306
Conceptus, Inc.*			5,578		58,402
Conmed Corp.*			5,010		115,280
Cryolife, Inc.*			5,095		22,877


	Country Code**	Shares		Value
Cyberonics, Inc.*			5,025	$	142,207
Cynosure, Inc., Class A*			1,742		17,577
Delcath Systems, Inc.*			8,580		28,657
Dexcom, Inc.*			11,919		143,028
Dynavox, Inc., Class A*			1,495		5,382
Endologix, Inc.*			8,667		87,017
Exactech, Inc.*			1,457		20,515
Greatbatch, Inc.*			4,124		82,521
Haemonetics Corp.*			4,526		264,680
Hansen Medical, Inc.*			8,088		26,852
Heartware International, Inc.*			2,121		136,614
ICU Medical, Inc.*			2,148		79,046
Insulet Corp.*			8,160		124,522
Integra Lifesciences Holdings Corp.*			3,704		132,492
Invacare Corp.			5,079		117,020
Iris International, Inc.*			3,240		29,063
Kensey Nash Corp.*			1,501		36,774
Mako Surgical Corp.*			5,625		192,487
Masimo Corp.			9,339		202,189
Medical Action Industries, Inc.*			2,689		13,579
Meridian Bioscience, Inc.			7,298		114,871
Merit Medical Systems, Inc.*			7,437		97,722
Natus Med, Inc.*			5,182		49,281
Neogen Corp.*			4,111		142,734
Neoprobe Corp.*			16,811		49,761
NuVasive, Inc.*			7,046		120,275
Nxstage Medical, Inc.*			7,919		165,190
OraSure Technologies, Inc.*			8,289		65,980
Orthofix International NV*	AN		3,199		110,397
Palomar Medical Technologies, Inc.*			3,437		27,084
Quidel Corp.*			5,049		82,652
Rockwell Medical Technologies, Inc.*			2,902		23,680
RTI Biologics, Inc.*			9,942		32,709
Solta Medical, Inc.*			10,342		12,928
Sonosite, Inc.*			2,303		69,873
Spectranetics Corp.*			5,910		42,197
Staar Surgical Co.*			6,318		49,280
Stereotaxis, Inc.*			7,572		8,405
STERIS Corp.			10,443		305,667
Surmodics, Inc.*			2,766		25,171
Symmetry Medical, Inc.*			6,440		49,717
Synergetics USA, Inc.*			4,058		21,873
Synovis Life Technologies, Inc.*			2,035		33,985
Tornier NV*	NL		1,830		37,497
Unilife Corp.*			9,916		41,647
Uroplasty, Inc.*			3,560		17,266
Vascular Solutions, Inc.*			3,007		34,430
Volcano Corp.*			9,186		272,181
West Pharmaceutical Services, Inc.			5,879		218,111
Wright Medical Group, Inc.*			6,916		123,658
Young Innovations, Inc.			957		27,275
Zoll Medical Corp.*			3,895		146,997

					5,636,248

SC^SM BLACKROCK SMALL CAP INDEX FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Shares		Value
HEALTH CARE PROVIDERS & SERVICES – 2.9%
Accretive Health, Inc.*			7,098	$	150,691
Air Methods Corp.*			2,009		127,913
Alliance Healthcare Services, Inc.*			3,866		4,407
Almost Family, Inc.*			1,446		24,047
Amedisys, Inc.*			5,231		77,523
American Dental Partners, Inc.*			2,738		26,449
AMN Healthcare Services, Inc.*			6,858		27,501
AmSurg Corp.*			5,540		124,650
Assisted Living Concepts, Inc., Class A			3,452		43,737
Bio-Reference Labs, Inc.*			4,354		80,157
Bioscrip, Inc.*			7,093		45,111
Capital Senior Living Corp.*			4,922		30,369
CardioNet, Inc.*			4,021		12,063
Centene Corp.*			8,801		252,325
Chemed Corp.			3,727		204,836
Chindex International, Inc.*			2,094		18,448
Continucare Corp.*			5,342		34,082
Corvel Corp.*			1,102		46,835
Cross Country Healthcare, Inc.*			5,100		21,318
Emeritus Corp.*			5,422		76,450
ExamWorks Group, Inc.*			4,810		48,966
Five Star Quality Care, Inc.*			7,507		18,767
Gentiva Health Services, Inc.*			5,531		30,531
Hanger Orthopedic Group, Inc.*			5,933		112,074
HEALTHSOUTH Corp.*			16,581		247,554
Healthspring, Inc.*			11,972		436,499
Healthways, Inc.*			6,032		59,295
HMS Holdings Corp.*			14,958		364,826
IPC The Hospitalist Co.*			2,900		103,501
Kindred Healthcare, Inc.*			9,210		79,390
Landauer, Inc.			1,677		83,079
LHC Group, Inc.*			2,833		48,331
Magellan Health Services, Inc.*			5,637		272,267
MedQuist Holdings, Inc.*			5,668		42,850
Metropolitan Health Networks, Inc.*			7,354		33,387
Molina Healthcare, Inc.*			4,977		76,845
MWI Veterinary Supply, Inc.*			2,225		153,124
National Healthcare Corp.			1,823		58,883
National Research Corp.			328		10,870
Owens & Minor, Inc.			11,147		317,467
Pharmerica Corp.*			5,188		74,033
Providence Service Corp.*			2,365		25,187
PSS World Medical, Inc.*			9,851		193,966
Radnet Inc*			5,201		12,690
Select Medical Holdings Corp.*			8,025		53,527
Skilled Healthcare Group, Inc., Class A*			3,357		12,119
Sun Healthcare Group, Inc.*			4,685		12,650
Sunrise Senior Living, Inc.*			10,196		47,207
Team Health Holdings, Inc.*			4,730		77,667
The Ensign Group, Inc.			2,885		66,672


	Country Code**	Shares		Value
Triple-S Management Corp., Class B*	PR		3,488	$	58,424
U.S. Physical Therapy, Inc.			2,090		38,707
Universal American Corp.			5,762		57,966
Vanguard Health Systems, Inc.*			5,100		51,816
WellCare Health Plans, Inc.*			7,502		284,926

					5,094,975

HEALTH CARE TECHNOLOGY – 0.7%
athenahealth, Inc.*			6,148		366,114
Computer Programs and Systems, Inc.			1,962		129,786
ePocrates, Inc.*			1,095		9,866
HealthStream, Inc.*			2,637		33,833
MedAssets, Inc.*			8,471		81,406
Medidata Solutions, Inc.*			3,718		61,124
Merge Healthcare, Inc.*			8,940		54,445
Omnicell, Inc.*			5,885		81,095
Quality Systems, Inc.			3,419		331,643
Transcend Services, Inc.*			1,545		34,824

					1,184,136

HOTELS, RESTAURANTS & LEISURE – 2.7%
AFC Enterprises, Inc.*			4,434		52,454
Ambassadors Group, Inc.			3,004		17,213
Ameristar Casinos, Inc.			5,875		94,294
Benihana, Inc., Class A*			2,374		20,440
Biglari Holdings, Inc.*			215		63,724
BJ’s Restaurants, Inc.*			4,264		188,085
Bob Evans Farms, Inc.			5,374		153,267
Boyd Gaming Corp.*			10,098		49,480
Bravo Brio Restaurant Group, Inc.*			3,424		56,975
Buffalo Wild Wings, Inc.*			3,249		194,290
Caribou Coffee Co, Inc.*			2,369		28,002
Carrols Restaurant Group, Inc.*			2,287		20,354
CEC Entertainment, Inc.			3,522		100,271
Churchill Downs, Inc.			2,224		86,803
Cracker Barrel Old Country Store, Inc.			4,070		163,126
Dennys Corp.*			17,690		58,908
DineEquity, Inc.*			2,746		105,694
Domino’s Pizza, Inc.*			10,884		296,589
Einstein Noah Restaurant Group, Inc.			1,128		14,472
Gaylord Entertainment Co.*			6,475		125,227
International Speedway Corp., Class A			5,249		119,887
Interval Leisure Group, Inc.*			7,148		95,211
Isle of Capri Casinos, Inc.*			3,922		18,982
Jack In The Box, Inc.*			8,220		163,742
Jamba, Inc.*			12,142		15,663
Krispy Kreme Doughnuts, Inc.*			10,376		70,764
Life Time Fitness, Inc.*			7,428		273,722
Luby’s, Inc.*			3,182		13,046
Marcus Corp.			3,681		36,626
McCormick & Schmicks Seafood Restaurants, Inc.*			2,247		15,549
Monarch Casino & Resort, Inc.*			1,802		17,624

SC^SM BLACKROCK SMALL CAP INDEX FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Shares		Value
Morgans Hotel Group*			4,009	$	24,014
Multimedia Games Holding Company, Inc.*			4,737		19,138
O’Charley’s, Inc.*			3,392		20,149
Orient-Express Hotels, Ltd.*	BM		17,274		119,363
P.F. Chang’s China Bistro, Inc.			4,044		110,159
Papa John’s International, Inc.*			3,483		105,883
Peet’s Coffee & Tea, Inc.*			2,274		126,525
Pinnacle Entertainment, Inc.*			10,776		97,846
Red Lion Hotels Corp.*			3,043		20,419
Red Robin Gourmet Burgers, Inc.*			2,297		55,335
Ruby Tuesday, Inc.*			11,569		82,834
Ruth’s Chris Steak House, Inc.*			6,298		27,018
Scientific Games Corp., Class A*			10,351		73,699
Shuffle Master, Inc.*			9,608		80,803
Six Flags Entertainment Corp.			7,378		204,518
Sonic Corp.*			10,956		77,459
Speedway Motorsports, Inc.			2,148		25,948
Texas Roadhouse, Inc., Class A			11,178		147,773
The Cheesecake Factory, Inc.*			10,127		249,631
Town Sports International Holdings, Inc.*			3,513		25,504
Vail Resorts, Inc.			6,328		239,135

					4,663,637

HOUSEHOLD DURABLES – 0.7%
American Greetings Corp.			7,172		132,682
Beazer Homes USA, Inc.*			13,306		20,092
Blyth, Inc.			925		51,291
Cavco Industries, Inc.*			1,182		40,708
CSS Industries, Inc.			1,398		23,319
Ethan Allen Interiors, Inc.			4,295		58,455
Furniture Brands International, Inc.*			7,819		16,107
Helen of Troy, Ltd.*	BM		5,478		137,607
Hovnanian Enterprises, Inc., Class A*			11,556		14,098
Irobot Corp.*			4,217		106,100
KB Home			13,720		80,399
La-Z-Boy, Inc.*			9,199		68,165
Libbey, Inc.*			3,502		36,911
Lifetime Brands, Inc.			1,533		14,778
M.D.C. Holdings, Inc.			6,683		113,210
M/I Homes, Inc.*			3,406		20,470
Meritage Homes Corp.*			4,961		75,110
Ryland Group, Inc.			7,892		84,050
Sealy Corp.*			8,359		12,371
Skullcandy, Inc.*			1,473		20,813
Skyline Corp.			1,211		11,565
Standard Pacific Corp.*			19,209		47,446
Universal Electronics, Inc.*			2,691		44,106
Zagg, Inc.*			3,927		38,956

					1,268,809

HOUSEHOLD PRODUCTS – 0.2%
Central Garden And Pet Co., Class A*			8,416		59,585
Oil-Dri Corp of America			795		14,771


	Country Code**	Shares		Value
Spectrum Brands Holdings, Inc.*			2,979	$	70,364
WD-40 Co.			3,008		119,839

					264,559

INDEPENDENT POWER PRODUCERS & ENERGY TRADERS – 0.2%
Atlantic Power Corp.	CA		12,230		173,544
Dynegy, Inc.*			18,239		75,144
Ormat Technologies, Inc.			3,249		52,244

					300,932

INDUSTRIAL CONGLOMERATES – 0.2%
Raven Industries, Inc.			3,208		154,626
Seaboard Corp.			55		99,109
Standex International Corp.			2,222		69,171
Tredegar Corp.			4,268		63,294

					386,200

INSURANCE – 2.7%
Alterra Capital Holdings, Ltd.	BM		15,966		302,875
American Equity Investment Life Holding Co.			10,551		92,321
American Safety Insurance Holdings, Ltd.*	BM		1,925		35,420
AMERISAFE, Inc.*			3,344		61,563
Amtrust Financial Services, Inc.			4,366		97,187
Argo Group International Holdings, Inc.	BM		4,933		139,949
Baldwin & Lyons, Inc., Class B			1,557		33,273
Citizens, Inc.*			6,714		43,037
CNO Financial Group, Inc.*			39,352		212,894
Crawford & Co., Class B			4,423		23,707
Delphi Financial Group, Inc.			8,600		185,072
Donegal Group, Inc.			1,460		17,578
eHealth, Inc.*			3,797		51,867
EMC Insurance Group, Inc.			900		16,560
Enstar Group, Ltd.*	BM		1,228		116,943
FBL Financial Group, Inc.			2,288		60,907
First American Financial Corp.			18,789		240,499
Flagstone Reinsurance Holdings SA	LU		9,477		73,447
Fortegra Financial Corp.*			941		4,940
FPIC Insurance Group, Inc.*			1,525		63,806
Global Indemnity PLC*	IE		2,424		41,402
Greenlight Capital Re, Ltd., Class A*	KY		5,016		104,032
Hallmark Financial Services, Inc.*			2,311		17,032
Harleysville Group, Inc.			2,274		133,848
Hilltop Holdings, Inc.*			7,186		51,811
Horace Mann Educators Corp.			7,144		81,513
Independence Holding Co.			1,346		9,759
Infinity Property & Casualty Corp.			2,234		117,240
Kansas City Life Insurance Co.			713		22,010
Maiden Holdings Ltd.	BM		9,093		67,197
Meadowbrook Insurance Group, Inc.			9,590		85,447
Montpelier Re Holdings Ltd.	BM		11,184		197,733

SC^SM BLACKROCK SMALL CAP INDEX FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Shares		Value
National Financial Partners Corp.*			7,847	$	85,846
National Interstate Corp.			1,295		28,464
National Western Life Insurance Co.			380		51,490
Navigators Group, Inc.*			2,105		90,936
OneBeacon Insurance Group Ltd., Class A	BM		3,988		54,396
Phoenix Cos., Inc.*			20,627		25,165
Platinum Underwriters Holdings, Ltd.	BM		6,488		199,506
Presidential Life Corp.			3,879		31,885
Primerica, Inc.			6,052		130,481
ProAssurance Corp.			5,437		391,573
RLI Corp.			3,291		209,242
Safety Insurance Group, Inc.			2,326		87,993
SeaBright Insurance Holdings, Inc.			3,549		25,553
Selective Insurance Group, Inc.			9,742		127,133
State Auto Financial Corp.			2,760		36,294
Stewart Information Services Corp.			3,316		29,313
Symetra Financial Corp.			12,011		97,890
Tower Group, Inc.			6,615		151,219
United Fire & Casualty Co.			3,962		70,088
Universal Insurance Holdings, Inc.			3,334		12,836

					4,740,172

INTERNET & CATALOG RETAIL – 0.4%
1-800-Flowers.com, Inc., Class A*			4,057		9,412
Blue Nile, Inc.*			2,286		80,650
Geeknet, Inc.*			748		15,125
HSN, Inc.*			7,015		232,407
NutriSystem, Inc.			4,871		58,988
Orbitz Worldwide, Inc.*			3,552		7,708
Overstock.com, Inc.*			2,151		19,940
PetMed Express Common, Inc.			3,833		34,497
Shutterfly, Inc.*			5,245		215,989
US Auto Parts Network, Inc.*			2,453		12,437
ValueVsion Media, Inc., Class A*			7,079		16,706

					703,859

INTERNET SOFTWARE & SERVICES – 1.8%
Active Network, Inc.*			2,147		31,668
Ancestry.com, Inc.*			5,625		132,188
Bankrate Inc.*			3,957		60,186
Carbonite Inc.*			1,085		13,063
ComScore, Inc.*			5,676		95,754
Constant Contact, Inc.*			5,226		90,358
Cornerstone OnDemand, Inc.*			1,976		24,779
DealerTrack Holdings, Inc.*			7,295		114,313
Demand Media, Inc.*			1,402		11,216
Dice Holdings, Inc.*			8,605		67,291
Digital River, Inc.*			7,055		146,250
Earthlink, Inc.			19,548		127,648
Envestnet, Inc.*			3,381		33,810
FriendFinder Networks, Inc.*			807		1,485
InfoSpace, Inc.*			6,550		54,758


	Country Code**	Shares		Value
Internap Network Services Corp.*			9,417	$	46,332
Intralinks Holdings, Inc.*			5,724		42,987
j2 Global Communications, Inc.			8,100		217,890
Keynote Systems, Inc.			2,506		52,952
Kit Digital, Inc.*			6,545		54,978
Limelight Networks, Inc.*			12,495		29,488
Liquidity Services, Inc.*			3,361		107,787
LivePerson Inc.*			9,333		92,863
Logmein, Inc.*			3,607		119,788
Loopnet, Inc.*			2,969		50,859
Marchex, Inc., Class B			3,692		31,382
Moduslink Global Solutions, Inc.			7,684		26,817
Move, Inc.*			28,453		41,257
NIC, Inc.			11,342		129,866
Opentable, Inc.*			4,138		190,389
Openwave Systems, Inc.*			15,527		24,222
Perficient, Inc.*			4,180		30,598
Quepasa Corp.*			1,202		4,135
Quinstreet, Inc.*			4,923		50,953
RealNetworks, Inc.			3,641		30,694
Responsys, Inc.*			1,651		17,798
Rightnow Technologies, Inc.*			4,372		144,495
Saba Software, Inc.*			5,012		28,869
SciQuest, Inc.*			2,135		31,897
SPS Commerce, Inc.*			1,418		23,099
Stamps.com, Inc.			1,881		38,448
Support.com, Inc.*			9,080		17,978
TechTarget, Inc.*			2,386		13,624
Travelzoo, Inc.*			1,007		22,144
United Online, Inc.			15,752		82,383
ValueClick, Inc.*			13,853		215,553
Vocus, Inc.*			3,119		52,274
Web.com Group, Inc.*			5,198		36,282
XO Group, Inc.*			5,639		46,071
Zillow, Inc.*			666		18,215
Zix Corp.*			11,711		31,268

					3,201,402

IT SERVICES – 1.9%
Acxiom Corp.*			14,421		153,439
CACI International, Inc., Class A*			5,256		262,485
Cardtronics, Inc.*			7,638		175,063
Cass Information Systems, Inc.			1,467		45,550
Ciber, Inc.*			10,191		30,879
Computer Task Group, Inc.*			2,747		30,684
Convergys Corp.*			18,693		175,340
CSG Systems International, Inc.*			6,146		77,685
Dynamics Research Corp.*			1,642		14,647
Echo Global Logistics, Inc.*			1,903		25,310
Euronet Worldwide, Inc.*			9,077		142,872
Exlservice Holdings, Inc.*			2,864		63,008
Forrester Research, Inc.			2,606		84,721
Heartland Payment Systems, Inc.			6,834		134,767
iGATE Corp.			5,520		63,701
Jack Henry & Associates, Inc.			15,220		441,076

SC^SM BLACKROCK SMALL CAP INDEX FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Shares		Value
Lionbridge Technologies, Inc.*			11,105	$	27,318
Mantech International Corp., Class A			4,121		129,317
MAXIMUS, Inc.			6,082		212,262
Moneygram International, Inc.*			14,851		34,603
NCI, Inc., Class A*			1,215		14,495
Ness Technologies, Inc.*			6,044		46,297
PRGX Global, Inc.*			3,289		15,524
Sapient Corp.			19,404		196,757
ServiceSource International, Inc.*			1,762		23,276
Stream Global Services, Inc.*			1,186		2,443
Syntel, Inc.			2,744		118,513
Teletech Holdings, Inc.*			4,505		68,656
The Hackett Group, Inc.*			5,134		19,150
TNS, Inc.*			4,511		84,807
Unisys Corp.*			7,663		120,232
Virtusa Corp.*			2,746		36,247
Wright Express Corp.*			6,786		258,139

					3,329,263

LEISURE EQUIPMENT & PRODUCTS – 0.4%
Arctic Cat, Inc.*			2,169		31,429
Black Diamond, Inc.*			2,356		15,361
Brunswick Corp.			15,579		218,729
Callaway Golf Co.			11,477		59,336
Eastman Kodak Co.*			46,318		36,133
Jakks Pacific, Inc.			4,802		90,998
Johnson Outdoors, Inc., Class A*			804		12,365
Leapfrog Enterprises, Inc.*			7,595		25,595
Marine Products Corp.*			1,819		6,221
Smith & Wesson Holding Corp.*			10,523		26,518
Steinway Musical Instruments, Inc.*			1,185		25,549
Sturm Ruger & Co., Inc.			3,347		86,955
Summer Infant, Inc.*			2,433		16,058

					651,247

LIFE SCIENCES TOOLS & SERVICES – 0.5%
Affymetrix, Inc.*			12,526		61,377
Albany Molecular Research, Inc.*			3,625		10,223
BG Medicine, Inc.*			1,343		4,768
Caliper Life Sciences, Inc.*			8,356		87,487
Cambrex Corp.*			5,276		26,591
Complete Genomics, Inc.*			1,746		10,249
Enzo Biochem, Inc.*			6,426		16,515
eResearchTechnology, Inc.*			8,547		38,120
Fluidigm Corp.*			1,100		15,323
Furiex Pharmaceuticals, Inc.*			1,714		24,390
Harvard Bioscience, Inc.*			4,206		17,749
Luminex Corp.*			6,707		148,694
MEDTOX Scientific, Inc.			1,326		17,357
Pacific Biosciences Of California, Inc.*			6,155		19,758
Parexel International Corp.*			10,455		197,913
Sequenom, Inc.*			17,564		89,401

					785,915


	Country Code**	Shares		Value
MACHINERY – 3.0%
3d Systems Corp.*			7,436	$	104,030
Accuride Corp.*			7,204		36,884
Actuant Corp., Class A			11,978		236,566
Alamo Group, Inc.			1,215		25,260
Albany International Corp.			4,904		89,498
Altra Holdings, Inc.*			4,774		55,235
American Railcar Industries, Inc.*			1,797		27,638
Ampco-Pittsburgh Corp.			1,529		31,268
Astec Industries, Inc.*			3,544		103,768
Badger Meter, Inc.			2,672		77,301
Barnes Group, Inc.			9,677		186,282
Blount International, Inc.*			8,611		115,043
Briggs & Stratton Corp.			8,968		121,158
Cascade Corp.			1,638		54,693
Chart Industries, Inc.*			5,172		218,103
CIRCOR International, Inc.			3,060		89,872
Clarcor, Inc.			8,893		367,992
Colfax Corp.*			4,367		88,475
Columbus Mckinnon Corp.*			3,493		38,283
Commercial Vehicle Group, Inc.*			5,252		34,506
Douglas Dynamics, Inc.			3,264		41,714
Dynamic Materials Corp.			2,317		36,493
Energy Recovery, Inc.*			8,472		25,501
EnPro Industries, Inc.*			3,662		108,688
Esco Technologies, Inc.			4,730		120,615
Federal Signal Corp.			11,180		49,416
Flow International Corp.*			7,938		17,543
Force Protection, Inc.*			12,754		49,103
FreightCar America, Inc.*			2,083		30,016
Gorman-rupp Co.			2,699		66,638
Graham Corp.			1,767		29,403
Hurco Companies., Inc.*			1,095		22,229
John Bean Technologies Corp.			5,078		72,412
Kadant, Inc.*			2,214		39,321
Kaydon Corp.			5,801		166,373
LB Foster Co.			1,727		38,391
Lindsay Corp.			2,230		119,974
Lydall, Inc.*			3,097		27,563
Meritor, Inc.*			16,822		118,763
Met-Pro Corp.			2,554		21,913
Middleby Corp.*			3,293		232,025
Miller Industries, Inc.			2,105		36,522
Mueller Industries, Inc.			6,641		256,276
Mueller Water Products, Inc., Class A			27,676		68,636
NACCO Industries, Inc., Class A			1,034		65,556
NN, Inc.*			3,097		15,640
Omega Flex, Inc.*			437		5,812
Pmfg, Inc.*			3,102		48,919
RBC Bearings, Inc.*			3,887		132,119
Robbins & Myers, Inc.			6,944		241,026
Sauer- Danfoss, Inc.*			2,060		59,534
Sun Hydraulics, Inc.			3,559		72,532
Tecumseh Products Co., Class A*			3,305		24,093
Tennant Co.			3,410		120,612

SC^SM BLACKROCK SMALL CAP INDEX FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Shares		Value
The Greenbrier Cos., Inc*			3,320	$	38,678
Titan International, Inc.			7,480		112,200
Trimas Corp.*			4,531		67,285
Twin Disc, Inc.			1,519		40,512
Wabash National Corp.*			12,187		58,132
Watts Water Technologies, Inc., Class A			5,351		142,604
Xerium Technologies, Inc.*			1,933		20,239

					5,162,876

MARINE – 0.1%
Baltic Trading, Ltd.	MH		3,081		14,327
Eagle Bulk Shipping, Inc.*	MH		11,410		17,914
Excel Maritime Carriers Ltd.*	LR		8,553		17,790
Genco Shipping & Trading Ltd.*	MH		5,250		41,002
International Shipholding Corp.			884		16,345
Ultrapetrol Bahamas Ltd.*	BS		3,395		7,707

					115,085

MEDIA – 1.3%
AH Belo Corp.			3,091		12,982
Arbitron, Inc.			4,824		159,578
Belo Corp., Class A			16,470		80,538
Central European Media Enterprises Ltd., Class A*	BM		6,527		50,976
Cinemark Holdings, Inc.			16,302		307,782
Crown Media Holdings, Inc., Class A*			5,611		8,024
Cumulus Media, Inc., Class A*			5,852		16,620
Entercom Communications Corp., Class A*			4,427		23,242
Entravision Communications Corp., Class A*			8,397		8,565
Fisher Communications, Inc.*			1,590		35,521
Global Sources Ltd.*	BM		1,885		12,761
Gray Television, Inc.*			8,430		13,151
Harte-Hanks, Inc.			7,990		67,755
interCLICK, Inc.*			3,497		19,408
Journal Communications, Inc., Class A*			7,903		23,472
Knology, Inc.*			5,308		68,898
LIN TV Corp., Class A*			5,124		11,170
Lions Gate Entertainment Corp.*	CA		8,040		55,476
Live Nation, Inc.*			25,024		200,442
Martha Stewart Living Omnimedia, Inc., Class A*			4,718		14,720
McClatchy Co., Class A*			9,575		12,830
MDC Partners, Inc., Class A	CA		4,448		64,140
Meredith Corp.			6,480		146,707
National CineMedia, Inc.			9,805		142,271
Nexstar Broadcasting Group, Inc., Class A*			1,888		12,480
Outdoor Channel Holdings, Inc.*			2,572		14,712
ReachLocal, Inc.*			1,734		18,849
Rentrak Corp.*			1,741		21,919
Saga Communications, Inc., Class A*			603		17,794
Scholastic Corp.			4,696		131,629


	Country Code**	Shares		Value
Sinclair Broadcast Group, Inc.			8,991	$	64,465
The E.W. Scripps Co., Class A*			5,915		41,405
The New York Times Co., Class A*			24,368		141,578
Valassis Communications, Inc.*			8,729		163,581
Value Line, Inc.			144		1,655
Westwood One, Inc.*			687		2,494
World Wrestling Entertainment, Inc.			4,803		42,795

					2,232,385

METALS & MINING – 1.5%
AMCOL International Corp.			4,321		103,661
Castle AM Co.*			2,966		32,448
Century Aluminum Co.*			9,165		81,935
Coeur D’Alene Mines Corp.*			15,787		338,473
General Moly Inc.*			11,717		33,979
Globe Specialty Metals, Inc.			11,186		162,421
Gold Resource Corp.			5,029		83,733
Golden Minerals Co.*			4,941		36,761
Golden Star Resources Ltd.*	CA		46,002		85,564
Handy & Harman Ltd.*			923		9,313
Haynes International, Inc.			2,161		93,895
Hecla Mining Co.*			49,202		263,723
Horsehead Holding Corp.*			7,726		57,327
Jaguar Mining, Inc.*	CA		14,980		70,406
Kaiser Aluminum Corp.			2,877		127,394
Materion Corp.*			3,613		81,943
Metals USA Holdings Corp.*			1,944		17,399
Midway Gold Corp.*	CA		14,932		30,013
Noranda Aluminum Holding Corp.*			4,112		34,335
Olympic Steel, Inc.			1,621		27,460
Paramount Gold And Silver Corp.*			20,932		49,400
Redcorp Ventures Ltd.*(1)	CA		91,400		—
Revett Minerals, Inc.*	CA		4,609		17,791
RTI International Metals, Inc.*			5,357		124,925
Stillwater Mining Co.*			18,291		155,474
SunCoke Energy, Inc.*			2,046		22,506
Thompson Creek Metals Co., Inc.*	CA		27,121		164,624
Universal Stainless & Alloy*			1,286		32,690
US Energy Corp.*			4,016		9,277
US Gold Corp.*			18,703		74,999
Vista Gold Corp.*	CA		12,536		41,870
Worthington Industries, Inc.			10,217		142,731

					2,608,470

MULTI-LINE RETAIL – 0.3%
99 Cents Only Stores*			8,325		153,347
Bon-Ton Stores, Inc.			2,007		9,975
Fred’s, Inc.			6,948		74,066
Gordmans Stores, Inc.*			924		11,060
Saks, Inc.*			20,499		179,366
Tuesday Morning Corp.*			7,652		26,935

					454,749

SC^SM BLACKROCK SMALL CAP INDEX FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Shares		Value
MULTI-UTILITIES – 0.5%
Avista Corp.			10,176	$	242,698
Black Hills Corp.			6,877		210,711
CH Energy Group, Inc.			2,755		143,728
NorthWestern Corp.			6,426		205,247

					802,384

OIL, GAS & CONSUMABLE FUELS – 4.3%
Abraxas Petroleum Corp.*			14,783		39,027
Alon USA Energy, Inc.			1,936		11,868
Amyris, Inc.*			3,149		63,736
Apco Oil And Gas International, Inc.	KY		1,611		119,891
Approach Resources, Inc.*			3,975		67,535
ATP Oil & Gas Corp.*			7,914		61,017
Berry Petroleum Co.			9,092		321,675
Bill Barrett Corp.*			8,321		301,553
BPZ Resources, Inc.*			18,152		50,281
Callon Petroleum Co.*			6,844		26,486
CAMAC Energy, Inc.*			9,876		5,926
Carrizo Oil & Gas, Inc.*			6,912		148,954
Cheniere Energy, Inc.*			14,703		75,720
Clayton Williams Energy, Inc.*			1,050		44,950
Clean Energy Fuels Corp.*			8,801		97,867
Cloud Peak Energy, Inc.*			10,804		183,128
Comstock Resources, Inc.*			8,456		130,730
Contango Oil & Gas Co.*			2,151		117,681
Crimson Exploration, Inc.*			4,089		8,791
Crosstex Energy, Inc.			7,206		97,137
CVR Energy, Inc.*			15,481		327,268
Delek US Holdings, Inc.			2,591		29,201
DHT Maritime, Inc.	MH		11,640		23,746
Endeavour International Corp.*			6,583		52,532
Energy Partners, Ltd.*			5,149		56,999
Energy XXi Bermuda, Ltd.*	BM		13,224		283,655
Evolution Petroleum Corp.*			2,914		20,573
Frontline Ltd.	BM		9,229		44,761
FX Energy, Inc.*			9,321		38,496
Gastar Exploration, Ltd.*	CA		10,269		30,807
General Maritime Corp.	MH		19,577		5,090
Georesources, Inc.*			3,552		63,190
Gevo, Inc.*			967		5,386
GMX Resources, Inc.*			10,470		23,767
Golar Lng, Ltd.	BM		7,026		223,286
Goodrich Petroleum Corp.*			4,601		54,384
Green Plains Renewable Energy, Inc.*			3,621		33,784
Gulfport Energy Corp.*			7,413		179,246
Hallador Energy Co.			783		6,702
Harvest Natural Resources, Inc.*			6,017		51,566
Houston American Energy Corp.			2,970		40,867
Hyperdynamics Corp.*			27,572		102,016
Isramco, Inc.*			191		11,038
James River Coal Co.*			6,309		40,188
Kior, Inc CL A*			1,763		36,565
Knightsbridge Tankers Ltd.	BM		3,919		64,859
Kodiak Oil & Gas Corp.*	CA		37,141		193,505
L&L Energy, Inc.*			4,277		11,548


	Country Code**	Shares		Value
Magnum Hunter Resources Corp.*			19,775	$	65,455
McMoRan Exploration Co.*			17,453		173,308
Miller Energy Resources, Inc.*			5,379		14,201
Nordic American Tanker Shipping, Ltd.	BM		8,433		118,905
Northern Oil And Gas, Inc.*			11,086		214,958
Oasis Petroleum, Inc.*			10,481		234,041
Overseas Shipholding Group, Inc.			4,745		65,196
Panhandle Oil & Gas, Inc., Class A			1,207		34,243
Patriot Coal Corp.*			16,209		137,128
Penn Virginia Corp.			8,132		45,295
Petroleum Development Corp.*			4,174		80,934
PetroQuest Energy, Inc.*			9,951		54,730
Rentech, Inc.*			39,065		30,479
Resolute Energy Corp.*			8,166		92,766
REX American Resources Corp.*			1,203		20,307
Rex Energy Corp.*			6,185		78,240
Rosetta Resources, Inc.*			9,349		319,923
Scorpio Tankers, Inc.*	MH		4,222		22,292
SemGroup Corp., Class A*			7,349		146,686
Ship Finance International Ltd.	BM		8,071		104,923
Solazyme, Inc.*			1,880		18,067
Stone Energy Corp.*			8,702		141,059
Swift Energy Co.*			7,418		180,554
Syntroleum Corp.*			16,306		14,025
Targa Resources Corp.			2,920		86,870
Teekay Tankers Ltd., Class A	MH		7,682		35,337
Triangle Petroleum Corp.*			7,503		26,936
Ur-Energy, Inc.*	CA		18,035		16,231
Uranerz Energy Corp.*			11,694		16,021
Uranium Energy Corp.*			12,621		34,582
Uranium Resources, Inc.*			16,412		11,185
USEC, Inc.*			21,023		33,847
Vaalco Energy, Inc.*			9,047		43,968
Venoco, Inc.*			5,283		46,543
Voyager Oil & Gas, Inc.*			8,096		17,002
W&T Offshore, Inc.			6,201		85,326
Warren Resources, Inc.*			12,644		30,346
Western Refining, Inc.*			9,355		116,563
Westmoreland Coal Co.*			1,693		13,138
World Fuel Services Corp.			12,390		404,533
Zion Oil & Gas, Inc.*			4,894		9,592

					7,464,713

PAPER & FOREST PRODUCTS – 0.6%
Buckeye Technologies, Inc.			7,084		170,795
Clearwater Paper Corp.*			4,079		138,605
Deltic Timber Corp.			1,915		114,287
Glatfelter			8,157		107,754
KapStone Paper and Packaging Corp.*			6,914		96,036
Louisiana-Pacific Corp.*			23,468		119,687
Neenah Paper, Inc.			2,595		36,797
Schweitzer-Mauduit International, Inc.			2,861		159,844
Verso Paper Corp.*			2,417		4,036

SC^SM BLACKROCK SMALL CAP INDEX FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Shares		Value
Wausau Paper Corp.			8,883	$	56,762

					1,004,603

PERSONAL PRODUCTS – 0.5%
Elizabeth Arden, Inc.*			4,340		123,430
Inter Parfums, Inc.			2,937		45,377
Medifast, Inc.*			2,406		38,857
Natures Sunshine Products, Inc.*			1,929		27,160
Nu Skin Enterprises, Inc.			9,691		392,679
Nutraceutical International Corp.*			1,577		20,154
Prestige Brands Holdings, Inc.*			8,902		80,563
Revlon, Inc., Class A*			1,886		23,236
Schiff Nutrition International, Inc.*			2,193		24,298
Synutra International, Inc.*			2,938		15,630
The Female Health Co.			3,257		13,289
USANA Health Sciences, Inc.*			1,229		33,797

					838,470

PHARMACEUTICALS – 1.8%
Acura Pharmaceuticals, Inc.*			1,789		6,083
Aegerion Pharmaceuticals, Inc.*			1,642		20,804
Akorn, Inc.*			9,933		77,577
Ampio Pharmaceuticals, Inc.*			3,620		24,073
Auxilium Pharmaceuticals, Inc.*			8,503		127,460
Avanir Pharmaceuticals, Inc., Class A*			22,093		63,186
Cadence Pharmaceuticals, Inc.*			6,890		45,129
Columbia Laboratories, Inc.*			12,230		23,848
Corcept Therapeutics, Inc.*			7,119		22,069
Cornerstone Therapeutics, Inc.*			1,354		8,666
Depomed, Inc.*			9,555		51,597
Durect Corp.*			15,028		24,195
Endocyte, Inc.*			3,047		32,298
Hi-Tech Pharmacal Co., Inc.*			1,810		60,816
Impax Laboratories, Inc.*			11,593		207,631
ISTA Pharmaceuticals, Inc.*			5,682		19,603
Jazz Pharmaceuticals, Inc.*			3,922		162,841
KV Pharmaceutical Co., Class A*			9,108		12,296
Lannett Co, Inc.*			2,688		10,295
Map Pharmaceuticals, Inc.*			3,917		57,267
Medicis Pharmaceutical Corp., Class A			10,883		397,012
Nektar Therapeutics*			20,328		98,591
NeoStem, Inc.*			8,958		5,823
Obagi Medical Products, Inc.*			3,348		30,366
Optimer Pharmaceuticals, Inc.*			8,222		113,792
Pacira Pharmaceuticals, Inc.*			839		8,331
Pain Therapeutics, Inc.*			6,633		31,573
Par Pharmaceutical Cos., Inc.*			6,429		171,140
Pernix Therapeutics Holdings, Inc.*			718		6,333
Pozen, Inc.*			4,448		10,720
Questcor Pharmaceuticals, Inc.*			9,341		254,636
Sagent Pharmaceuticals, Inc.*			1,173		23,741


	Country Code**	Shares		Value
Salix Pharmaceuticals Ltd.*			10,242	$	303,163
Santarus Inc.*			9,563		26,681
Sucampo Pharmaceuticals, Inc., Class A*			1,785		6,658
The Medicines Co.*			9,554		142,163
Transcept Pharmaceuticals, Inc.*			838		5,548
ViroPharma, Inc.*			12,411		224,267
Vivus, Inc.*			15,758		127,167
Xenoport, Inc.*			6,218		36,686

					3,082,125

PROFESSIONAL SERVICES – 1.5%
Acacia Research - Acacia Technologies*			7,534		271,149
Barrett Business Services, Inc.			1,295		18,052
CBIZ, Inc.*			6,894		45,431
CDI Corp.			2,329		24,874
Costar Group, Inc.*			4,431		230,279
CRA International, Inc.*			1,881		37,639
Dolan Co.*			5,340		48,007
Exponent, Inc.*			2,472		102,168
Franklin Covey Co.*			2,231		16,956
FTI Consulting, Inc.*			7,370		271,290
GP Strategies Corp.*			2,661		26,583
Heidrick & Struggles International, Inc.			3,174		52,212
Hill International, Inc.*			4,623		21,636
Hudson Highland Group, Inc.*			5,992		20,493
Huron Consulting Group, Inc.*			3,929		122,310
ICF International, Inc.*			3,464		65,158
Insperity, Inc.			4,066		90,468
Kelly Services, Inc., Class A			4,702		53,603
Kforce, Inc.*			5,997		58,830
Korn / Ferry International*			8,337		101,628
Mistras Group, Inc.*			2,587		45,428
Navigant Consulting, Inc.*			9,132		84,654
Odyssey Marine Exploration, Inc.*			12,479		30,698
On Assignment, Inc.*			6,659		47,079
Pendrell Corp.*			27,287		61,396
Resources Connection, Inc.			8,234		80,528
RPX Corp.*			1,655		34,275
School Specialty, Inc.*			2,792		19,907
The Advisory Board Co.*			2,811		181,394
The Corporate Executive Board Co.			6,148		183,210
Trueblue, Inc.*			7,854		88,986
VSE Corp.			729		18,866

					2,555,187

REAL ESTATE INVESTMENT TRUSTS – 8.7%
Acadia Realty Trust			7,144		133,593
AG Mortgage Investment Trust, Inc.			890		16,643
Agree Realty Corp.			1,768		38,507
Alexander’s, Inc.			363		131,050
American Assets Trust, Inc.			5,698		102,279
American Campus Communities, Inc.			12,015		447,078

SC^SM BLACKROCK SMALL CAP INDEX FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Shares		Value
American Capital Mortgage Investment Corp.			1,210	$	20,207
Anworth Mortgage Asset Corp.			22,587		153,592
Apollo Commercial Real Estate Finance, Inc.			3,459		45,555
ARMOUR Residential REIT, Inc.			13,427		91,304
Ashford Hospitality Trust, Inc.			9,256		64,977
Associated Estates Realty Corp.			7,342		113,507
BioMed Realty Trust, Inc.			23,065		382,187
Campus Crest Communities, Inc.			5,469		59,503
CapLease, Inc.			12,174		43,948
Capstead Mortgage Corp.			15,011		173,227
CBL & Associates Properties, Inc.			26,048		295,905
Cedar Shopping Centers, Inc.			10,210		31,753
Chatham Lodging Trust			2,546		25,256
Chesapeake Lodging Trust			5,712		68,944
Cogdell Spencer, Inc.			7,808		29,436
Colonial Properties Trust			14,632		265,717
Colony Financial, Inc.			5,754		74,342
Commercial Net Lease Realty			16,898		454,049
Coresite Realty Corp.			3,572		51,258
Cousins Properties, Inc.			15,822		92,559
CreXus Investment Corp.			10,186		90,452
CubeSmart			17,677		150,785
CYS Investments, Inc.			14,592		176,417
DCT Industrial Trust, Inc.			43,765		192,128
DiamondRock Hospitality Co.			29,839		208,575
DuPont Fabros Technology, Inc.			10,277		202,354
Dynex Capital, Inc.			7,011		56,509
EastGroup Properties, Inc.			4,738		180,707
Education Realty Trust, Inc.			12,801		109,961
Entertainment Properties Trust			8,225		320,611
Equity Lifestyle Properties, Inc.			5,437		340,900
Equity One, Inc.			9,624		152,637
Excel Trust, Inc.			5,408		52,025
Extra Space Storage, Inc.			16,589		309,053
FelCor Lodging Trust, Inc.*			22,250		51,843
First Industrial Realty Trust, Inc.*			15,366		122,928
First Potomac Realty Trust			8,896		110,933
Franklin Street Properties Corp.			12,587		142,359
Getty Realty Corp.			4,632		66,793
Gladstone Commercial Corp.			1,887		29,588
Glimcher Realty Trust			19,075		135,051
Government Properties Income Trust			6,305		135,621
Hatteras Financial Corp.			13,220		332,615
Healthcare Realty Trust, Inc.			13,452		226,666
Hersha Hospitality Trust			25,123		86,926
Highwoods Properties, Inc.			12,321		348,191
Home Properties, Inc.			8,516		483,368
Hudson Pacific Properties, Inc.			3,877		45,090
Inland Real Estate Corp.			13,754		100,404
Invesco Mortgage Capital, Inc.			20,553		290,414
Investors Real Estate Trust			14,101		101,527
iStar Financial, Inc.*			16,391		95,396


	Country Code**	Shares		Value
Kilroy Realty Corp.			10,293	$	322,171
Kite Realty Group Trust			9,832		35,985
LaSalle Hotel Properties			14,820		284,544
Lexington Realty Trust			21,376		139,799
LTC Properties, Inc.			5,402		136,779
Medical Properties Trust, Inc.			19,915		178,239
MFA Financial, Inc.			63,198		443,650
Mid-America Apartment Communities, Inc.			6,496		391,189
Mission West Properties, Inc.			3,093		23,476
Monmouth Real Estate Investment Corp., Class A			6,260		49,642
MPG Office Trust, Inc.*			8,474		17,880
National Health Investors, Inc.			4,298		181,075
Newcastle Investment Corp.			18,187		74,021
Northstar Realty Finance Corp.			17,153		56,605
Omega Healthcare Investors, Inc.			17,874		284,733
One Liberty Properties, Inc.			1,998		29,291
Parkway Properties, Inc.			3,932		43,291
Pebblebrook Hotel Trust			9,038		141,445
Pennsylvania Real Estate Investment			9,895		76,488
Pennymac Mortgage Investment Trust			4,928		78,355
Post Properties, Inc.			8,797		305,608
Potlatch Corp.			7,091		223,508
PS Business Parks, Inc.			3,276		162,293
RAIT Financial Trust			6,991		23,699
Ramco-Gershenson Properties Trust			6,873		56,359
Redwood Trust, Inc.			13,964		155,978
Resource Capital Corp.			12,875		64,375
Retail Opportunity Investments Corp.			7,429		82,313
RLJ Lodging Trust			4,871		62,203
Sabra Health Care REIT, Inc.			6,535		62,344
Saul Centers, Inc.			1,328		44,900
Sovran Self Storage, Inc.			4,830		179,531
STAG Industrial, Inc.			2,702		27,560
Starwood Property Trust, Inc.			16,320		280,051
Strategic Hotels & Resorts, Inc.*			31,091		134,002
Sun Communities, Inc.			3,771		132,701
Sunstone Hotel Investors, Inc.*			21,028		119,649
Tanger Factory Outlet Centers, Inc.			15,207		395,534
Terreno Realty Corp.			1,609		20,643
Two Harbors Investment Corp.			24,966		220,450
UMH Properties, Inc.			2,153		19,571
Universal Health Realty Income Trust			2,033		68,329
Urstadt Biddle Properties, Inc., Class A			4,079		65,142
Washington Real Estate Investment Trust			11,646		328,184
Whitestone REIT, Class B			1,316		14,660
Winthrop Realty Trust			5,043		43,824

					15,137,272

SC^SM BLACKROCK SMALL CAP INDEX FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Shares		Value
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.1%
Avatar Holdings, Inc.*			1,668	$	13,644
Consolidated-Tomoka Land Co.			698		18,330
Forestar Group, Inc.*			6,290		68,624
Kennedy-wilson Holdings, Inc.			4,157		44,064
Tejon Ranch Co.*			2,522		60,200

					204,862

ROAD & RAIL – 1.1%
Amerco*			1,540		96,173
Arkansas Best Corp.			4,510		72,837
Avis Budget Group, Inc.*			18,646		180,307
Celadon Group, Inc.			3,549		31,515
Covenant Transport Group, Inc., Class A*			1,175		4,289
Dollar Thrifty Automotive Group*			5,088		286,454
Genesee & Wyoming, Inc., Class A*			6,977		324,570
Heartland Express, Inc.			9,012		122,203
Knight Transportation, Inc.			10,882		144,839
Marten Transport Ltd.			2,735		47,151
Old Dominion Freight Line, Inc.*			8,345		241,755
Patriot Transportation Holding, Inc.*			1,062		21,463
Quality Distribution, Inc.*			2,589		23,223
Railamerica, Inc.*			3,776		49,201
Roadrunner Transportation Systems, Inc.*			1,536		21,074
Saia, Inc.*			2,757		29,004
Swift Transportation Co.*			14,074		90,637
Universal Truckload Services, Inc.			891		11,583
Werner Enterprises, Inc.			7,674		159,849
Zipcar, Inc.*			1,796		32,328

					1,990,455

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 3.7%
Advanced Analogic Technologies, Inc.*			7,498		32,466
Advanced Energy Industries, Inc.*			7,732		66,650
Alpha & Omega Semiconductor Ltd.*	BM		2,696		22,134
Amkor Technology, Inc.*			18,788		81,916
Amtech Systems, Inc.*			1,667		13,336
Anadigics, Inc.*			12,040		26,006
Applied Micro Circuits Corp.*			11,301		60,686
ATMI, Inc.*			5,601		88,608
Axcelis Technologies, Inc.*			19,216		23,059
AXT, Inc.*			5,651		28,481
Brooks Automation, Inc.			11,723		95,542
Cabot Microelectronics Corp.*			4,168		143,338
Cavium, Inc.*			8,490		229,315
Ceva, Inc.*			4,084		99,282
Cirrus Logic, Inc.*			11,766		173,431
Cohu, Inc.			4,231		41,802


	Country Code**	Shares		Value
CSR Plc ADR*	GB		1,266	$	16,888
Cymer, Inc.*			5,338		198,467
Diodes, Inc.*			6,274		112,430
DSP Group, Inc.*			3,875		22,863
Entegris, Inc.*			23,864		152,252
Entropic Communications, Inc.*			15,266		63,049
Exar Corp.*			6,410		36,601
Formfactor, Inc.*			8,995		56,039
FSI International, Inc.*			6,681		12,627
GSI Technology, Inc.*			3,392		16,689
GT Advanced Technologies, Inc.*			22,358		156,953
Hittite Microwave Corp.*			5,510		268,337
Inphi, Corp.*			3,538		31,028
Integrated Device Technology, Inc.*			26,322		135,558
Integrated Silicon Solution, Inc.*			4,707		36,762
IXYS Corp.*			4,342		47,241
Kopin Corp.*			11,380		39,033
Kulicke & Soffa Industries, Inc.*			12,774		95,294
Lattice Semiconductor Corp.*			20,905		109,751
LTX-Credence Corp.*			8,857		46,854
MaxLinear, Inc., Class A*			2,685		17,345
Micrel, Inc.			8,949		84,747
Microsemi Corp.*			15,123		241,666
Mindspeed Technologies, Inc.*			5,844		30,389
MIPS Technologies, Inc.*			9,475		45,859
MKS Instruments, Inc.			9,280		201,469
Monolithic Power Systems, Inc.*			5,327		54,229
MoSys, Inc.*			5,934		21,718
Nanometrics, Inc.*			3,592		52,084
Netlogic Microsystems, Inc.*			12,029		578,715
Nve Corp.*			830		50,348
Omnivision Technologies, Inc.*			10,309		144,738
PDF Solutions, Inc.*			3,946		16,100
Pericom Semiconductor Corp.*			4,463		33,071
Photronics, Inc.*			10,436		51,971
PLX Technology, Inc.*			8,110		24,411
Power Integrations, Inc.			5,120		156,723
Rambus, Inc.*			17,124		239,736
RF Micro Devices, Inc.*			48,478		307,351
Rubicon Technology, Inc.*			3,042		33,249
Rudolph Technologies, Inc.*			5,478		36,648
Semtech Corp.*			11,440		241,384
Sigma Designs, Inc.*			5,615		44,022
Silicon Image, Inc.*			14,112		82,837
Spansion, Inc. Class A*			8,926		109,076
Standard Microsystems Corp.*			4,067		78,900
Supertex, Inc.*			1,935		33,476
Tessera Technologies, Inc.*			9,076		108,367
Triquint Semiconductor, Inc.*			29,184		146,504
Ultra Clean Holdings*			4,213		18,074
Ultratech, Inc.*			4,463		76,540
Veeco Instruments, Inc.*			7,129		173,948

SC^SM BLACKROCK SMALL CAP INDEX FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Shares		Value
Volterra Semiconductor Corp.*			4,358	$	83,804

					6,500,267

SOFTWARE – 4.2%
Accelrys, Inc.*			9,870		59,812
ACI Worldwide, Inc.*			5,927		163,230
Actuate Corp.*			6,363		35,124
Advent Software, Inc.*			5,833		121,618
American Software, Inc., Class A			4,029		29,210
Aspen Technology, Inc.*			14,851		226,775
Blackbaud, Inc.			7,910		176,156
Blackboard, Inc.*			6,277		280,331
Bottomline Technologies, Inc.*			6,229		125,452
BroadSoft, Inc.*			4,001		121,430
Callidus Software, Inc.*			5,215		24,041
Commvault Systems, Inc.*			7,745		287,030
Concur Technologies, Inc.*			7,844		291,954
Convio, Inc.*			2,040		17,156
Deltek, Inc.*			3,997		24,022
DemandTec, Inc.*			5,721		37,415
Digimarc Corp.*			1,097		27,842
Ebix, Inc.*			5,107		75,073
Ellie Mae, Inc.*			1,306		7,261
Epiq Systems, Inc.			5,545		69,479
ePlus, Inc.*			668		16,480
Fair Issac Corp.			7,076		154,469
FalconStor Software, Inc.*			5,177		15,117
Glu Mobile, Inc.*			8,193		17,287
Guidance Software, Inc.*			2,237		14,518
Interactive Intelligence Group*			2,523		68,499
JDA Software Group, Inc.*			7,503		175,870
Kenexa Corp.*			4,686		73,289
Magma Design Automation, Inc.*			11,872		54,018
Manhattan Associates, Inc.*			3,850		127,358
Mentor Graphics Corp.*			17,094		164,444
Microstrategy, Inc.*			1,418		161,751
Monotype Imaging Holdings, Inc.*			6,330		76,783
Motricity, Inc.*			6,454		10,907
Netscout Systems, Inc.*			6,629		75,703
Netsuite, Inc.*			4,837		130,647
Opnet Technologies, Inc.			2,555		89,195
Parametric Technology Corp.*			20,936		321,996
Pegasystems, Inc.			2,952		90,361
Progress Software Corp.*			11,899		208,827
PROS Holdings, Inc.*			3,839		49,485
QAD, Inc., Class A*			1,182		12,636
Qlik Technologies, Inc.*			12,396		268,497
Quest Software, Inc.*			10,871		172,632
Reald, Inc.*			7,293		68,190
Realpage, Inc.*			5,389		110,205
Renaissance Learning, Inc.			2,394		40,171
Rosetta Stone, Inc.*			2,000		18,300
S1 Corp.*			9,452		86,675
Seachange International, Inc.*			4,673		35,982
Smith Micro Software, Inc.*			5,997		9,115
Solarwinds, Inc.*			10,020		220,640
Sourcefire, Inc.*			5,041		134,897


	Country Code**	Shares		Value
SRS Labs, Inc.*			1,950	$	13,962
SS&C Technologies Holdings, Inc.*			4,472		63,905
SuccessFactors, Inc.*			14,670		337,263
Synchronoss Technologies, Inc.*			4,692		116,878
Take-Two Interactive Software, Inc.*			13,037		165,831
Taleo Corp.*			7,291		187,525
Tangoe, Inc.*			1,522		17,214
Telecommunication Systems, Inc.*			8,257		28,487
TeleNav, Inc.*			2,837		25,164
THQ, Inc.*			11,947		20,668
Tivo, Inc.*			21,182		197,840
Tyler Technologies, Inc.*			5,672		143,388
Ultimate Software Group, Inc.*			4,542		212,202
Vasco Data Security International*			4,673		23,879
Verint Systems, Inc.*			3,761		98,877
Virnetx Holding Corp.*			7,227		108,333
Wave Systems Corp.*			14,769		34,560
Websense, Inc.*			7,091		122,674

					7,394,005

SPECIALTY RETAIL – 3.3%
Aeropostale, Inc.*			14,351		155,134
America’s Car-Mart, Inc.*			1,440		41,789
Ann, Inc.*			9,124		208,392
Asbury Automotive Group, Inc.*			5,163		85,138
Ascena Retail Group, Inc.*			11,055		299,259
Barnes & Noble, Inc.			5,176		61,232
Bebe Stores, Inc.			6,859		46,092
Big 5 Sporting Goods Corp.			3,999		24,314
Body Central Corp.*			2,046		37,155
Brown Shoe Co., Inc.			6,877		48,964
Build-A-Bear Workshop, Inc.*			2,756		14,056
Cabela’s, Inc.*			7,690		157,568
Casual Male Retail Group, Inc.*			7,513		28,249
Charming Shoppes, Inc.*			20,643		53,672
Children’s Place Retail Stores, Inc.*			4,563		212,316
Christopher & Banks Corp.			6,494		22,924
Citi Trends, Inc.*			2,629		30,943
Coldwater Creek, Inc.*			11,056		13,820
Collective Brands, Inc.*			10,918		141,497
Conn’s, Inc.*			2,465		17,699
Cost Plus, Inc.*			3,405		21,452
Destination Maternity Corp.			1,924		24,762
Express, Inc.			9,807		198,984
Finish Line, Inc., Class A			9,201		183,928
Francesca’s Holdings Corp.*			1,601		33,957
Genesco, Inc.*			4,201		216,478
GNC Acquisition Holdings, Inc., Class A*			4,066		81,808
Group 1 Automotive, Inc.			4,257		151,336
Haverty Furniture Cos., Inc.			3,378		33,746
hhgregg, Inc.*			3,186		31,064

SC^SM BLACKROCK SMALL CAP INDEX FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Shares		Value
Hibbett Sports, Inc.*			4,867	$	164,943
Hot Topic, Inc.			7,998		61,025
JOS A Bank Clothiers, Inc.*			4,860		226,622
Kirkland’s, Inc.*			3,030		27,785
Lithia Motors, Inc.			3,901		56,096
Lumber Liquidators Holdings, Inc.*			4,109		62,046
Marinemax, Inc.*			4,208		27,226
Monro Muffler Brake, Inc.			5,410		178,368
New York & Co., Inc.*			4,696		14,980
Office Depot, Inc.*			49,344		101,649
OfficeMax, Inc.*			15,283		74,123
Pacific Sunwear of California, Inc.*			7,834		9,401
Penske Automotive Group, Inc.			7,921		126,736
Pier 1 Imports, Inc.*			17,227		168,480
Rental-A-Center, Inc.			11,182		306,946
Rue21, Inc.*			2,657		60,287
Select Comfort Corp.*			9,873		137,926
Shoe Carnival, Inc.*			1,581		37,312
Sonic Automotive, Inc., Class A			7,138		77,019
Stage Stores, Inc.			5,293		73,414
Stein Mart, Inc.			4,884		30,525
Syms Corp.*			1,199		10,515
Systemax, Inc.*			1,827		23,239
Talbots, Inc.*			12,451		33,618
Teavana Holdings Inc.*			1,105		22,476
The Buckle, Inc.			4,787		184,108
The Cato Corp.			4,901		110,567
The Men’s Wearhouse, Inc.			9,026		235,398
The Pep Boys - Manny, Moe & Jack			9,332		92,107
The Wet Seal, Inc., Class A*			16,009		71,720
Vitamin Shoppe, Inc.*			4,401		164,773
West Marine, Inc.*			2,669		20,551
Winmark Corp.			406		18,765
Zale Corp.*			5,824		16,598
Zumiez, Inc.*			3,775		66,100

					5,771,172

TEXTILES, APPAREL & LUXURY GOODS – 1.6%
Carter’s, Inc.*			8,640		263,866
Cherokee, Inc.			1,459		18,748
Columbia Sportswear Co.			2,160		100,224
Crocs, Inc.*			15,082		356,991
Delta Apparel, Inc.*			1,263		19,892
G-III Apparel Group Ltd.*			2,925		66,866
Iconix Brand Group, Inc.*			12,945		204,531
K-Swiss, Inc., Class A*			4,804		20,417
Kenneth Cole Productions, Inc., Class A*			1,350		14,486
Liz Claiborne, Inc.*			16,806		84,030
Maidenform Brands, Inc.*			4,146		97,058
Movado Group, Inc.			3,145		38,306
Oxford Industries, Inc.			2,277		78,101
Perry Ellis International, Inc.*			2,335		43,898
Quiksilver, Inc.*			23,042		70,278
R.G. Barry Corp.			1,456		15,434
Skechers U.S.A., Inc., Class A*			6,651		93,314


	Country Code**	Shares		Value
Steven Madden Ltd.*			6,714	$	202,091
The Jones Group, Inc.			15,545		143,169
The Warnaco Group, Inc.*			7,756		357,474
True Religion Apparel, Inc.*			4,570		123,207
Unifi, Inc.*			2,518		20,572
Vera Bradley, Inc.*			3,520		126,896
Wolverine World Wide, Inc.			8,725		290,106

					2,849,955

THRIFT & MORTGAGE FINANCE – 1.2%
Abington Bancorp, Inc.			3,551		25,567
Apollo Residential Mortgage, Inc.*			1,771		29,044
Astoria Financial Corp.			15,594		119,918
Bank Mutual Corp.			8,677		22,647
BankFinancial Corp.			3,761		24,973
Beneficial Mutual Bancorp, Inc.*			5,814		43,314
Berkshire Hills Bancorp, Inc.			3,761		69,466
BofI Holding, Inc.*			1,619		21,792
Brookline Bancorp, Inc.			10,604		81,757
Charter Financial Corp.			1,253		11,753
Clifton Savings Bancorp, Inc.			1,519		13,914
Dime Community Bancshares			5,658		57,316
Doral Financial Corp.*	PR		22,262		24,266
ESB Financial Corp.			2,185		23,948
ESSA Bancorp, Inc.			2,043		21,472
Federal Agricultural Mortgage Corp., Class C			1,729		32,903
First Defiance Financial Corp.*			1,681		22,525
First Financial Corp.			2,824		11,324
First PacTrust Bancorp, Inc.			1,848		20,938
Flagstar Bancorp, Inc.*			34,578		16,940
Flushing Financial Corp.			5,569		60,145
Fox Chase Bancorp.			2,622		33,247
Franklin Financial Corp.*			2,399		26,485
Home Federal Bancorp, Inc.			2,916		22,803
Kearny Financial Corp.			2,500		22,100
Meridian Interstate Bancorp, Inc.*			1,506		16,430
MGIC Investment Corp.*			33,545		62,729
Northwest Bancshares, Inc.			18,668		222,336
Oceanfirst Financial Corp.			2,648		30,902
Ocwen Financial Corp.*			13,316		175,904
Oritani Financial Corp.			8,909		114,570
Provident Financial Services			10,836		116,487
Provident New York Bancorp			6,950		40,449
Radian Group, Inc.			23,802		52,126
Rockville Financial, Inc.			5,349		50,708
Roma Financial Corp.			1,395		11,369
Territorial Bancorp, Inc.			2,097		40,158
The PMI Group, Inc.*			27,259		5,452
TrustCo Bank Corp. NY			17,003		75,833
United Financial Bancorp, Inc.			2,868		39,263
Viewpoint Financial Group			6,283		71,940
Walker & Dunlop, Inc.*			1,896		22,032
Westfield Financial, Inc.			4,979		32,812
WSFS Financial Corp.			1,170		36,937

					2,078,994

SC^SM BLACKROCK SMALL CAP INDEX FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Shares		Value
TOBACCO – 0.2%
Alliance One International, Inc.*			15,008	$	36,619
Star Scientific, Inc.*			19,089		44,096
Universal Corp.			4,114		147,528
Vector Group, Ltd.			8,483		145,740

					373,983

TRADING COMPANIES & DISTRIBUTORS – 0.9%
Aceto Corp.			4,873		25,778
Aircastle Ltd.	BM		10,281		97,875
Applied Industrial Technologies, Inc.			7,361		199,925
Beacon Roofing Supply, Inc.*			8,157		130,430
Cai International, Inc.*			2,159		25,303
DXP Enterprises, Inc.*			1,529		28,791
Essex Rental Corp.*			3,128		7,695
H & E Equipment Services, Inc.*			5,132		42,339
Houston Wire & Cable Co.			3,131		35,975
Interline Brands, Inc.*			5,909		76,049
Kaman Corp.			4,657		129,697
Lawson Products, Inc.			592		8,004
RSC Holdings, Inc.*			12,051		85,924
Rush Enterprises, Inc.*			5,723		81,038
SeaCube Container Leasing Ltd.	BM		1,907		23,132
TAL International Group, Inc.			3,906		97,416
Textainer Group Holdings Ltd.	BM		2,062		41,817
Titan Machinery, Inc.*			2,734		48,939
United Rentals, Inc.*			11,102		186,958
Watsco, Inc.			4,941		252,485

					1,625,570

TRANSPORTATION INFRASTRUCTURE – 0.0%+
Wesco Aircraft Holdings, Inc.*			3,486		38,102

WATER UTILITIES – 0.3%
American States Water Co.			3,284		111,426
Artesian Resources Corp.			1,187		20,784
Cadiz, Inc.*			2,224		17,592
California Water Service Group			7,417		131,355
Connecticut Water Service, Inc.			1,424		35,629
Consolidated Water Co., Ltd.	KY		2,582		20,346
Middlesex Water Co.			2,846		48,581
Pennichuck Corp.			797		22,300
SJW Corp.			2,571		55,971
York Water Co.			2,281		36,907

					500,891

WIRELESS TELECOMMUNICATION SERVICES – 0.2%
Leap Wireless International, Inc.*			10,475		72,278
NTELOS Holdings Corp.			5,402		95,777
Shenandoah Telecommunications Co.			4,293		47,824
USA Mobility, Inc.			4,009		52,919

					268,798

Total Common Stocks (Cost $199,560,981)					171,258,816


	Shares		Value
SHORT TERM INVESTMENTS – 1.2%
MUTUAL FUNDS – 1.2%
State Street Institutional Treasury Plus Money Market Fund (Cost $2,106,474)		2,106,474	$	2,106,474

TOTAL INVESTMENTS – 99.6% (Cost $201,667,455)				173,365,290
Other assets less liabilities – 0.4%				712,101

NET ASSETS – 100.0%			$	174,077,391

ADR	American Depositary Receipt

REIT	Real Estate Investment Trust

AN	Netherlands Antilles

Bermuda

Bahamas

Canada

GB	Great Britain

Ireland

KY	Cayman Islands

Liberia

LU	Luxembourg

MH	Marshall Islands

NL	Netherlands

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.

SC^SM BLACKROCK SMALL CAP INDEX FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*

(2)	At the period end, cash of $485,000 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
Depreciation ($)

Long

Russell 2000 Mini Index December Futures

12/16/11

2,908,344

2,694,300

(214,044

)

SC^SM BLACKROCK SMALL CAP INDEX FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*

(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 Portfolios of Investments for additional information.

SC^SMGOLDMAN SACHS MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Shares		Value
COMMON STOCKS – 97.8%
AEROSPACE & DEFENSE – 1.7%
Alliant Techsystems, Inc.			6,723	$	366,471
BE Aerospace, Inc.*			8,732		289,116
L-3 Communications Holdings, Inc.			29,347		1,818,634
Rockwell Collins, Inc.			12,012		633,753
Textron, Inc.			34,203		603,341

					3,711,315

AIR FREIGHT & LOGISTICS – 0.2%
UTI Worldwide, Inc.	VG		33,849		441,391

AIRLINES – 0.9%
Alaska Air Group, Inc.*			24,669		1,388,618
Copa Holdings SA	PA		8,234		504,497

					1,893,115

AUTO COMPONENTS – 0.4%
Autoliv, Inc.			15,292		741,662
Federal-Mogul Corp.*			10,371		152,972

					894,634

BIOTECHNOLOGY – 0.6%
Cephalon, Inc.*			14,472		1,167,890
United Therapeutics Corp.*			2,018		75,655

					1,243,545

BUILDING PRODUCTS – 0.2%
Armstrong World Industries, Inc.			13,208		454,884

CAPITAL MARKETS – 0.7%
Ameriprise Financial, Inc.			2,474		97,377
Federated Investors, Inc., Class B			43,331		759,592
Legg Mason, Inc.			10,995		282,681
Raymond James Financial, Inc.			9,646		250,410
SEI Investments Co.			7,162		110,152

					1,500,212

CHEMICALS – 2.0%
Airgas, Inc.			3,126		199,501
Ashland, Inc.			5,441		240,166
Cabot Corp.			25,475		631,270
CF Industries Holdings, Inc.			22,668		2,797,004
Eastman Chemical Co.			1,251		85,731
Huntsman Corp.			40,313		389,827
Scotts Miracle-Gro Co., Class A			1,636		72,966

					4,416,465

COMMERCIAL BANKS – 4.1%
Bank of Hawaii Corp.			5,123		186,477
CIT Group, Inc.*			9,500		288,515
City National Corp.			6,234		235,396
Comerica, Inc.			40,328		926,334
East West Bancorp, Inc.			14,345		213,884
Fifth Third Bancorp			17,780		179,578


	Country Code**	Shares		Value
First Republic Bank*			8,968	$	207,699
FirstMerit Corp.			25,072		284,818
Fulton Financial Corp.			130,578		998,922
KeyCorp			110,979		658,105
M&T Bank Corp.			29,072		2,032,133
Popular, Inc.*	PR		305,621		458,432
SunTrust Banks, Inc.			71,770		1,288,271
SVB Financial Group*			9,070		335,590
TCF Financial Corp.			69,356		635,301

					8,929,455

COMMERCIAL SERVICES & SUPPLIES – 0.7%
Cintas Corp.			15,645		440,250
Copart, Inc.*			6,673		261,048
R.R. Donnelley & Sons Co.			58,225		822,137

					1,523,435

COMMUNICATIONS EQUIPMENT – 0.9%
EchoStar Corp., Class A*			15,523		350,975
Motorola Mobility Holdings, Inc.*			30,589		1,155,653
Tellabs, Inc.			116,784		501,003

					2,007,631

COMPUTERS & PERIPHERALS – 1.3%
Diebold, Inc.			14,118		388,386
Lexmark International, Inc., Class A*			16,882		456,321
Seagate Technology PLC	IE		9,203		94,607
Western Digital Corp.*			76,164		1,958,938

					2,898,252

CONSTRUCTION & ENGINEERING – 0.3%
Fluor Corp.			2,245		104,505
KBR, Inc.			5,658		133,698
URS Corp.*			16,739		496,479

					734,682

CONSUMER FINANCE – 1.0%
Discover Financial Services			99,741		2,288,059

CONTAINERS & PACKAGING – 0.2%
Sealed Air Corp.			6,104		101,937
Sonoco Products Co.			10,603		299,323

					401,260

DISTRIBUTORS – 0.2%
Genuine Parts Co.			10,106		513,385

DIVERSIFIED CONSUMER SERVICES – 0.2%
Apollo Group, Inc., Class A*			12,157		481,539

DIVERSIFIED FINANCIAL SERVICES – 0.7%
Leucadia National Corp.			32,654		740,593
Moody’s Corp.			17,202		523,801
MSCI, Inc., Class A*			2,417		73,307
NASDAQ OMX Group, Inc.*			3,756		86,914
NYSE Euronext			3,532		82,084

					1,506,699

SC^SMGOLDMAN SACHS MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2011 (Unaudited)

Sun Capital Advisers Trust


	Country Code**	Shares		Value
ELECTRIC UTILITIES – 4.9%
DPL, Inc.			50,094	$	1,509,833
Edison International(1)			36,028		1,378,071
Entergy Corp.			13,645		904,527
Great Plains Energy, Inc.			15,647		301,987
Northeast Utilities			25,350		853,028
NV Energy, Inc.			5,227		76,889
Pepco Holdings, Inc.			54,554		1,032,162
Pinnacle West Capital Corp.			49,376		2,120,205
PNM Resources, Inc.			35,483		582,986
Progress Energy, Inc.			35,930		1,858,300
Westar Energy, Inc.			5,601		147,978

					10,765,966

ELECTRICAL EQUIPMENT – 0.7%
General Cable Corp.*			14,738		344,132
Rockwell Automation, Inc.			19,989		1,119,384
Thomas & Betts Corp.*			4,225		168,620

					1,632,136

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 1.4%
Arrow Electronics, Inc.*			10,677		296,607
Ingram Micro, Inc., Class A*			75,721		1,221,380
National Instruments Corp.			7,197		164,523
Vishay Intertechnology, Inc.*			169,825		1,419,737

					3,102,247

ENERGY EQUIPMENT & SERVICES – 0.8%
Exterran Holdings, Inc.*			95,138		924,741
Helix Energy Solutions Group, Inc.*			6,307		82,622
SEACOR Holdings, Inc.			10,082		808,677

					1,816,040

FOOD & STAPLES RETAILING – 0.3%
BJ’s Wholesale Club, Inc.*			2,331		119,440
Safeway, Inc.			4,985		82,901
SUPERVALU, Inc.			78,179		520,672

					723,013

FOOD PRODUCTS – 3.5%
Campbell Soup Co.			17,464		565,310
Dean Foods Co.*			24,088		213,660
Flowers Foods, Inc.			6,018		117,110
Hormel Foods Corp.			84,388		2,280,164
Lancaster Colony Corp.			13,972		852,432
Smithfield Foods, Inc.*			26,332		513,474
Tyson Foods, Inc., Class A			178,750		3,103,100

					7,645,250

GAS UTILITIES – 0.2%
Atmos Energy Corp.			14,203		460,887

HEALTH CARE EQUIPMENT & SUPPLIES – 1.4%
Boston Scientific Corp.*			218,085		1,288,882
CareFusion Corp.*			19,555		468,342
Dentsply International, Inc.			7,685		235,853
Hill-Rom Holdings, Inc.			36,206		1,086,904

					3,079,981


	Country Code**	Shares		Value
HEALTH CARE PROVIDERS & SERVICES – 3.8%
AmerisourceBergen Corp.			2,350	$	87,584
Coventry Health Care, Inc.*			76,934		2,216,469
Health Net, Inc.*			53,384		1,265,735
Humana, Inc.			52,210		3,797,233
WellCare Health Plans, Inc.*			23,647		898,113

					8,265,134

HOTELS, RESTAURANTS & LEISURE – 0.4%
Chipotle Mexican Grill, Inc.*			719		217,821
Choice Hotels International, Inc.			7,219		214,549
Life Time Fitness, Inc.*			4,670		172,089
Royal Caribbean Cruises, Ltd.	LR		3,845		83,206
The Wendy’s Co.			26,735		122,714

					810,379

HOUSEHOLD DURABLES – 1.7%
Harman International Industries, Inc.			37,513		1,072,121
Mohawk Industries, Inc.*			50,266		2,156,914
Tempur-Pedic International, Inc.*			3,802		200,023
Whirlpool Corp.(1)			4,282		213,715

					3,642,773

HOUSEHOLD PRODUCTS – 0.2%
Clorox Co.			8,387		556,310

INDEPENDENT POWER PRODUCERS & ENERGY TRADERS – 1.1%
Constellation Energy Group			15,968		607,742
NRG Energy, Inc.*			80,754		1,712,792

					2,320,534

INSURANCE – 8.4%
Allied World Assurance Co. Holdings, Ltd.	CH		22,998		1,235,223
American Financial Group, Inc.			30,718		954,408
American National Insurance			2,361		163,499
Aspen Insurance Holdings, Ltd.	BM		72,408		1,668,280
Assurant, Inc.			22,636		810,369
CNA Financial Corp.			31,051		697,716
Everest Re Group, Ltd.	BM		25,924		2,057,847
Hanover Insurance Group, Inc.			5,168		183,464
Lincoln National Corp.			40,184		628,076
Mercury General Corp.			17,092		655,478
PartnerRe, Ltd.	BM		6,611		345,557
Protective Life Corp.			5,100		79,713
StanCorp Financial Group, Inc.			4,278		117,944
The Progressive Corp.(1)			67,656		1,201,571
Unum Group(1)			148,787		3,118,576
W.R. Berkley Corp.			74,204		2,203,117
White Mountains Insurance Group, Ltd.	BM		3,915		1,588,511
XL Group PLC	IE		44,588		838,254

					18,547,603

INTERNET & CATALOG RETAIL – 0.7%
Liberty Interactive Corp., Class A*			85,891		1,268,610

SC^SMGOLDMAN SACHS MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2011 (Unaudited)

Sun Capital Advisers Trust


	Country Code**	Shares		Value
Netflix, Inc.*			2,034	$	230,168

					1,498,778

INTERNET SOFTWARE & SERVICES – 0.2%
AOL, Inc.*			34,383		412,596

IT SERVICES – 1.3%
Amdocs, Ltd.*	GG		43,142		1,170,011
Computer Sciences Corp.			19,802		531,684
Convergys Corp.*			16,512		154,882
Fidelity National Information Services, Inc.			26,593		646,742
Fiserv, Inc.*			2,979		151,244
Mantech International Corp., Class A			3,078		96,588
SAIC, Inc.*			10,893		128,646

					2,879,797

LEISURE EQUIPMENT & PRODUCTS – 0.1%
Polaris Industries, Inc.			4,084		204,078

LIFE SCIENCES TOOLS & SERVICES – 0.1%
Covance, Inc.*			4,454		202,434

MACHINERY – 1.8%
Dover Corp.			6,867		320,002
Eaton Corp.			21,943		778,977
Harsco Corp.			5,893		114,265
Ingersoll-Rand PLC	IE		5,434		152,641
Lincoln Electric Holdings, Inc.			6,334		183,749
Parker Hannifin Corp.			14,623		923,150
Terex Corp.*			7,475		76,694
The Timken Co.			39,876		1,308,730

					3,858,208

MEDIA – 2.8%
Cablevision Systems Corp., Class A			19,693		309,771
Clear Channel Outdoor Holdings, Inc., Class A*			12,827		120,061
DISH Network Corp., Class A*			201,734		5,055,454
Liberty Media Corp. Liberty Starz, Class A*			4,724		300,257
Virgin Media, Inc.			18,857		459,168

					6,244,711

METALS & MINING – 0.5%
Reliance Steel & Aluminum Co.			34,512		1,173,753

MULTI-LINE RETAIL – 1.4%
Big Lots, Inc.*			14,126		492,009
Dollar Tree, Inc.*			7,596		570,535
Family Dollar Stores, Inc.			22,955		1,167,491
J.C. Penney Co., Inc.			6,750		180,765
Saks, Inc.*			66,372		580,755

					2,991,555

MULTI-UTILITIES – 8.7%
Ameren Corp.			107,905		3,212,332
Consolidated Edison, Inc.			9,553		544,712
DTE Energy Co.			27,308		1,338,638


	Country Code**	Shares		Value
Integrys Energy Group, Inc.			77,469	$	3,766,543
MDU Resources Group, Inc.			80,631		1,547,309
NiSource, Inc.			196,457		4,200,251
Sempra Energy			66,579		3,428,818
TECO Energy, Inc.			62,976		1,078,779

					19,117,382

OIL, GAS & CONSUMABLE FUELS – 6.2%
Cimarex Energy Co.			24,022		1,338,025
Energen Corp.			13,642		557,821
HollyFrontier Corp.			24,630		645,799
Sunoco, Inc.			20,326		630,309
Tesoro Corp.*			189,729		3,694,024
Valero Energy Corp.			378,010		6,721,018

					13,586,996

PAPER & FOREST PRODUCTS – 0.8%
Domtar Corp.			14,399		981,580
MeadWestvaco Corp.			31,750		779,780

					1,761,360

PHARMACEUTICALS – 0.8%
Forest Laboratories, Inc.*			58,993		1,816,395

PROFESSIONAL SERVICES – 0.6%
Manpower, Inc.			37,136		1,248,512

REAL ESTATE INVESTMENT TRUSTS – 13.0%
Annaly Capital Management, Inc.			42,707		710,217
AvalonBay Communities, Inc.			42,651		4,864,347
Boston Properties, Inc.			9,215		821,056
BRE Properties, Inc.			66,761		2,826,661
Digital Realty Trust, Inc.			1,653		91,179
Equity Residential			17,106		887,288
Federal Realty Investment Trust			21,802		1,796,703
HCP, Inc.			61,099		2,142,131
Liberty Property Trust			29,755		866,168
Mack-Cali Realty Corp.			10,668		285,369
Plum Creek Timber Co., Inc.			50,712		1,760,214
Potlatch Corp.			3,246		102,314
Prologis, Inc.			83,519		2,025,336
Rayonier, Inc.			138,084		5,080,110
Realty Income Corp.			34,515		1,112,764
Regency Centers Corp.			27,282		963,873
Senior Housing Properties Trust			63,598		1,369,901
SL Green Realty Corp.			4,738		275,515
Vornado Realty Trust			5,882		438,915
Weyerhaeuser Co.			15,595		242,502

					28,662,563

ROAD & RAIL – 0.5%
Con-Way, Inc.			3,083		68,227
Kansas City Southern*			1,804		90,128
Ryder System, Inc.			3,813		143,025
Werner Enterprises, Inc.			33,777		703,575

					1,004,955

SC^SM GOLDMAN SACHS MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2011 (Unaudited)

Sun Capital Advisers Trust


	Country Code**	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 1.0%
Fairchild Semiconductor International, Inc.*			63,349	$	684,169
Integrated Device Technology, Inc.*			146,025		752,029
LSI Corp.*			98,115		508,236
Marvell Technology Group Ltd.*	BM		6,054		87,964
Micron Technology, Inc.*			29,227		147,304

					2,179,702

SOFTWARE – 1.9%
Activision Blizzard, Inc.			81,191		966,173
Informatica Corp.*			3,161		129,443
Intuit, Inc.*			46,062		2,185,181
Mentor Graphics Corp.*			10,348		99,548
Quest Software, Inc.*			10,260		162,929
Synopsys, Inc.*			30,696		747,754

					4,291,028

SPECIALTY RETAIL – 2.6%
AutoNation, Inc.*			28,389		930,591
Barnes & Noble, Inc.			21,276		251,695
Best Buy Co., Inc.			36,522		850,963
Dick’s Sporting Goods, Inc.*			16,456		550,618
Foot Locker, Inc.			39,169		786,905
GameStop Corp., Class A*			7,417		171,333
Limited Brands, Inc.			48,320		1,860,803
Signet Jewelers, Ltd.*	BM		8,476		286,489
Ulta Salon Cosmetics & Fragrance, Inc.*			2,313		143,938

					5,833,335

TEXTILES, APPAREL & LUXURY GOODS – 0.4%
Fossil, Inc.*			9,622		779,960
Under Armour, Inc., Class A*			1,203		79,891

					859,851

THRIFT & MORTGAGE FINANCE – 1.0%
Hudson City Bancorp, Inc.			149,365		845,406
New York Community Bancorp, Inc.			82,979		987,450
Washington Federal, Inc.			37,218		474,157

					2,307,013

TOBACCO – 4.9%
Lorillard, Inc.			96,653		10,699,487

TRADING COMPANIES & DISTRIBUTORS – 0.9%
MSC Industrial Direct Co., Inc., Class A			2,552		144,086
Watsco, Inc.			26,296		1,343,726
WESCO International, Inc.*			12,390		415,684

					1,903,496

WIRELESS TELECOMMUNICATION SERVICES – 0.5%
Telephone & Data Systems, Inc.			19,710		418,837


	Country Code**	Shares		Value
US Cellular Corp.*			17,844	$	707,515

					1,126,352

Total Common Stocks (Cost $203,792,554)					215,072,548

SHORT TERM INVESTMENTS – 0.9%
MUTUAL FUNDS – 0.9%
State Street Institutional Liquid Reserves Fund (Cost $2,014,412)			2,014,412		2,014,412

TOTAL INVESTMENTS – 98.7% (Cost $205,806,966)					217,086,960
Other assets less liabilities – 1.3%					2,897,489

NET ASSETS – 100.0%				$	219,984,449

Bermuda

CH	Switzerland

Guernsey

Ireland

Liberia

Panama

PR	Puerto Rico

VG	British Virgin Islands

*	Non-income producing security.

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

SC GOLDMAN SACHS MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2011 (Unaudited)

Sun Capital Advisers Trust

(1)	At the period end, securities (or portions thereof) with an aggregate market value of $1,116,683 have been pledged to cover margin requirements for the following open futures contracts:

Type

Description

Expiration
Date

Contracts

Aggregate
Face
Value ($)

Aggregate
Notional
Value ($)

Unrealized
Depreciation
($)

Long

S&P MidCap 400 E-Mini Index December Futures

12/16/11

5,622,699

5,296,520

(326,179

)

SC^SMGOLDMAN SACHS MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*

(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 Portfolios of Investments for additional information.

SC^SMCOLUMBIA SMALL CAP VALUE FUND

PORTFOLIO OF INVESTMENTS


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Shares		Value
COMMON STOCKS – 99.8%
AEROSPACE & DEFENSE – 1.4%
AAR Corp.			8,840	$	147,363
Ceradyne, Inc.*			10,680		287,185
Curtiss-Wright Corp.			9,610		277,056

					711,604

BUILDING PRODUCTS – 0.4%
Universal Forest Products, Inc.			7,470		179,654

CAPITAL MARKETS – 2.5%
GFI Group, Inc.			47,420		190,628
Greenhill & Co., Inc.			3,834		109,614
INTL FCStone, Inc.*			12,459		258,649
Investment Technology Group, Inc.*			17,679		173,078
Knight Capital Group, Inc.*			29,560		359,450
Medallion Financial Corp.			13,920		129,456
Piper Jaffray Cos., Inc.*			1,496		26,823

					1,247,698

CHEMICALS – 2.8%
Chemtura Corp.*			17,890		179,437
Cytec Industries, Inc.			4,220		148,291
Fuller H B Co.			16,950		308,829
Minerals Technologies, Inc.			5,520		271,970
OM Group, Inc.*			19,152		497,377

					1,405,904

COMMERCIAL BANKS – 8.7%
Ameris Bancorp*			22,323		194,433
Bancfirst Corp.			5,970		197,965
BancTrust Financial Group, Inc.*			17,527		41,189
BOK Financial Corp.			2,760		129,416
Bryn Mawr Bank Corp.			11,876		196,785
Chemical Financial Corp.			14,540		222,607
Columbia Banking System, Inc.			16,360		234,275
Community Trust Bancorp, Inc.			9,500		221,255
First Citizens BancShares, Inc.			1,578		226,506
First Commonwealth Financial Corp.			61,200		226,440
First Financial Corp.			10,992		302,390
First National Bank Alaska			100		151,500
FirstMerit Corp.			27,140		308,311
Hancock Holding Co.			14,120		378,134
Investors Bancorp, Inc.*			16,040		202,585
Merchants Bancshares, Inc.			9,700		259,766
Northfield Bancorp, Inc.			11,932		157,980
Northrim Bancorp, Inc.			12,618		244,158
West Coast Bancorp*			11,060		154,840
Wintrust Financial Corp.			9,859		254,461

					4,304,996

COMMERCIAL SERVICES & SUPPLIES – 2.3%
ABM Industries, Inc.			11,890		226,623
Consolidated Graphics, Inc.*			4,540		165,846
Ennis, Inc.			10,430		136,216
G&K Services, Inc.			6,186		157,990


	Country Code**	Shares		Value
UniFirst Corp.			4,750	$	215,128
United Stationers, Inc.			8,800		239,800

					1,141,603

COMMUNICATIONS EQUIPMENT – 1.8%
Anaren, Inc.*			9,178		175,759
Bel Fuse, Inc., Class B			6,730		104,921
Black Box Corp.			7,200		153,720
Symmetricom, Inc.*			26,440		114,750
Tekelec, Inc.*			25,610		154,684
Tellabs, Inc.			42,350		181,681

					885,515

COMPUTERS & PERIPHERALS – 0.3%
QLogic Corp.*			11,930		151,272

CONSTRUCTION & ENGINEERING – 2.4%
Comfort Systems USA, Inc.			15,060		125,299
Dycom Industries, Inc.*			18,240		279,072
EMCOR Group, Inc.*			13,260		269,576
KHD Humboldt Wedag International AG*	DE		12,389		76,034
Layne Christensen Co.*			7,350		169,785
Pike Electric Corp.*			19,867		134,500
Sterling Construction Co., Inc.*			11,398		127,316

					1,181,582

CONSUMER FINANCE – 0.8%
Cash America International, Inc.			7,470		382,165

CONTAINERS & PACKAGING – 1.6%
Greif, Inc., Class A			10,527		451,503
Greif, Inc., Class B			3,368		144,891
Packaging Corp. of America			7,860		183,138

					779,532

DIVERSIFIED CONSUMER SERVICES – 0.7%
Lincoln Educational Services Corp.			15,008		121,415
Regis Corp.			15,640		220,367

					341,782

DIVERSIFIED FINANCIAL SERVICES – 0.2%
Pico Holdings, Inc.*			4,784		98,120

DIVERSIFIED TELECOMMUNICATION SERVICES – 1.0%
Cbeyond, Inc.*			22,019		155,454
Neutral Tandem, Inc.*			18,160		175,789
Warwick Valley Telephone Co.			13,162		167,421

					498,664

ELECTRIC UTILITIES – 2.0%
ALLETE, Inc.			9,090		332,967
IDACORP, Inc.			9,280		350,598
MGE Energy, Inc.			7,400		300,958

					984,523

ELECTRICAL EQUIPMENT – 1.6%
Belden, Inc.			7,070		182,335
Brady Corp., Class A			9,390		248,178

SC^SMCOLUMBIA SMALL CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Shares		Value
GrafTech International Ltd.*			15,720	$	199,644
Powell Industries, Inc.*			5,295		163,986

					794,143

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 2.9%
Anixter International, Inc.			5,099		241,897
Benchmark Electronics, Inc.*			17,550		228,326
Brightpoint, Inc.*			18,585		171,168
Electro Scientific Industries, Inc.*			11,290		134,238
Littelfuse, Inc.			5,750		231,207
Methode Electronics, Inc.			13,280		98,670
MTS Systems Corp.			5,460		167,294
Nam Tai Electronics, Inc.	VG		39,810		195,467

					1,468,267

ENERGY EQUIPMENT & SERVICES – 1.8%
Cal Dive International, Inc.*			41,360		78,998
Gulf Island Fabrication, Inc.			10,190		210,729
Matrix Service Co.*			16,160		137,522
TGC Industries, Inc.*			30,041		132,180
Tidewater, Inc.			4,800		201,840
Union Drilling, Inc.*			27,093		127,337

					888,606

FOOD & STAPLES RETAILING – 1.5%
Ruddick Corp.			7,230		281,898
Spartan Stores, Inc.			12,990		201,085
The Andersons, Inc.			7,190		242,015

					724,998

FOOD PRODUCTS – 1.0%
Chiquita Brands International, Inc.*			24,420		203,663
Fresh Del Monte Produce, Inc.	KY		13,370		310,184

					513,847

GAS UTILITIES – 1.2%
Southwest Gas Corp.			9,606		347,449
The Laclede Group, Inc.			7,120		275,900

					623,349

HEALTH CARE EQUIPMENT & SUPPLIES – 3.4%
Analogic Corp.			3,350		152,124
Angiodynamics, Inc.*			12,853		168,888
Cantel Medical Corp.			9,566		202,034
ICU Medical, Inc.*			5,025		184,920
Kensey Nash Corp.*			7,020		171,990
Medical Action Industries, Inc.*			21,355		107,843
Orthofix International NV*	AN		4,759		164,233
Quidel Corp.*			13,913		227,756
Symmetry Medical, Inc.*			18,770		144,904
Young Innovations, Inc.			5,427		154,669

					1,679,361

HEALTH CARE PROVIDERS & SERVICES – 4.5%
AmSurg Corp.*			11,640		261,900
Centene Corp.*			8,770		251,436
Healthspring, Inc.*			8,820		321,577


	Country Code**	Shares		Value
Kindred Healthcare, Inc.*			17,630	$	151,971
Magellan Health Services, Inc.*			6,300		304,290
Medcath Corp.*			19,000		263,720
Molina Healthcare, Inc.*			9,680		149,459
Owens & Minor, Inc.			7,910		225,277
Triple-S Management Corp., Class B*	PR		8,330		139,528
U.S. Physical Therapy, Inc.			8,062		149,308

					2,218,466

HOTELS, RESTAURANTS & LEISURE – 1.5%
Benihana, Inc., Class A*			18,061		155,505
Bob Evans Farms, Inc.			9,340		266,377
P.F. Chang’s China Bistro, Inc.			6,510		177,332
Red Robin Gourmet Burgers, Inc.*			6,149		148,130

					747,344

HOUSEHOLD DURABLES – 0.9%
American Greetings Corp.			9,870		182,595
Cavco Industries, Inc.*			4,573		157,494
CSS Industries, Inc.			8,169		136,259

					476,348

INSURANCE – 8.7%
Allied World Assurance Co. Holdings, Ltd.	CH		4,080		219,137
American Safety Insurance Holdings, Ltd.*	BM		13,180		242,512
Argo Group International Holdings, Inc.	BM		10,850		307,814
Baldwin & Lyons, Inc., Class B			10,385		221,927
eHealth, Inc.*			18,794		256,726
EMC Insurance Group, Inc.			11,750		216,200
Endurance Specialty Holdings, Ltd.	BM		5,190		177,239
FBL Financial Group, Inc.			8,920		237,450
Global Indemnity PLC*	IE		31,067		530,624
Hanover Insurance Group, Inc.			6,851		243,211
Horace Mann Educators Corp.			17,750		202,528
National Western Life Insurance Co.			1,186		160,703
Navigators Group, Inc.*			5,930		256,176
Old Republic International Corp.			16,180		144,326
Safety Insurance Group, Inc.			7,350		278,051
Stewart Information Services Corp.			16,722		147,822
Symetra Financial Corp.			22,045		179,667
United Fire & Casualty Co.			17,260		305,329

					4,327,442

INTERNET SOFTWARE & SERVICES – 1.4%
InfoSpace, Inc.*			19,916		166,498
j2 Global Communications, Inc.			6,686		179,853
United Online, Inc.			34,590		180,906
ValueClick, Inc.*			11,970		186,253

					713,510

IT SERVICES – 2.7%
Acxiom Corp.*			21,230		225,887

SC^SM COLUMBIA SMALL CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Shares		Value
CACI International, Inc., Class A*			6,090	$	304,134
Convergys Corp.*			24,353		228,431
CSG Systems International, Inc.*			11,620		146,877
Global Cash Access Holdings, Inc.*			52,737		135,007
Moneygram International, Inc.*			53,608		124,907
Teletech Holdings, Inc.*			10,940		166,726

					1,331,969

MACHINERY – 3.8%
Astec Industries, Inc.*			6,750		197,640
CIRCOR International, Inc.			6,200		182,094
EnPro Industries, Inc.*			8,050		238,924
FreightCar America, Inc.*			7,690		110,813
Harsco Corp.			6,990		135,536
Kadant, Inc.*			11,032		195,928
LB Foster Co.			7,520		167,170
Mueller Industries, Inc.			9,010		347,696
Robbins & Myers, Inc.			9,275		321,935

					1,897,736

MARINE – 0.3%
Diana Shipping, Inc.*	MH		17,930		133,041

METALS & MINING – 1.5%
Haynes International, Inc.			2,828		122,877
Olympic Steel, Inc.			10,135		171,687
Thompson Creek Metals Co., Inc.*	CA		35,780		217,185
Worthington Industries, Inc.			16,420		229,387

					741,136

MULTI-UTILITIES – 0.4%
CH Energy Group, Inc.			3,520		183,638

OIL, GAS & CONSUMABLE FUELS – 3.0%
Bill Barrett Corp.*			7,890		285,934
Cloud Peak Energy, Inc.*			13,710		232,384
Forest Oil Corp.*			9,380		135,072
James River Coal Co.*			16,230		103,385
Nordic American Tanker Shipping, Ltd.	BM		13,360		188,376
Stone Energy Corp.*			8,025		130,085
Swift Energy Co.*			9,900		240,966
Vaalco Energy, Inc.*			33,925		164,876

					1,481,078

PAPER & FOREST PRODUCTS – 0.4%
Wausau Paper Corp.			32,261		206,148

PHARMACEUTICALS – 2.0%
Impax Laboratories, Inc.*			11,080		198,443
Medicis Pharmaceutical Corp., Class A			7,210		263,021
Par Pharmaceutical Cos., Inc.*			8,160		217,219
ViroPharma, Inc.*			17,610		318,213

					996,896

PROFESSIONAL SERVICES – 0.9%
FTI Consulting, Inc.*			7,980		293,744


	Country Code**	Shares		Value
Korn / Ferry International*			11,650	$	142,013

					435,757

REAL ESTATE INVESTMENT TRUSTS – 5.7%
Chesapeake Lodging Trust			21,316		257,284
Corporate Office Properties Trust			7,498		163,306
Cousins Properties, Inc.			38,423		224,775
DiamondRock Hospitality Co.			43,340		302,947
Franklin Street Properties Corp.			16,880		190,913
Getty Realty Corp.			7,080		102,094
National Health Investors, Inc.			5,080		214,020
Potlatch Corp.			10,670		336,318
Starwood Property Trust, Inc.			20,050		344,058
Sunstone Hotel Investors, Inc.*			49,350		280,802
Terreno Realty Corp.			18,145		232,800
Urstadt Biddle Properties, Inc., Class A			10,440		166,727

					2,816,044

REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.1%
Avatar Holdings, Inc.*			9,591		78,454

ROAD & RAIL – 1.3%
Heartland Express, Inc.			11,250		152,550
Ryder System, Inc.			4,600		172,546
Werner Enterprises, Inc.			16,700		347,861

					672,957

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 3.0%
Amkor Technology, Inc.*			35,540		154,954
ATMI, Inc.*			10,680		168,958
Cabot Microelectronics Corp.*			5,610		192,928
Entegris, Inc.*			36,140		230,573
Integrated Device Technology, Inc.*			29,860		153,779
MKS Instruments, Inc.			11,650		252,921
Novellus Systems, Inc.*			6,191		168,767
Tessera Technologies, Inc.*			16,364		195,386

					1,518,266

SOFTWARE – 1.3%
Compuware Corp.*			19,030		145,770
Monotype Imaging Holdings, Inc.*			14,450		175,279
Parametric Technology Corp.*			8,540		131,345
Progress Software Corp.*			10,550		185,152

					637,546

SPECIALTY RETAIL – 6.1%
Aaron’s, Inc.			9,940		250,985
America’s Car-Mart, Inc.*			4,893		141,995
Children’s Place Retail Stores, Inc.*			6,355		295,698
Finish Line, Inc., Class A			15,740		314,642
Foot Locker, Inc.			7,640		153,488
GameStop Corp., Class A*			9,226		213,121
hhgregg, Inc.*			17,221		167,905
OfficeMax, Inc.*			31,510		152,823

SC^SM COLUMBIA SMALL CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Shares		Value
Pacific Sunwear of California, Inc.*			60,647	$	72,776
RadioShack Corp.			13,680		158,962
Rental-A-Center, Inc.			16,800		461,160
Shoe Carnival, Inc.*			8,765		206,854
Stage Stores, Inc.			12,852		178,257
The Men’s Wearhouse, Inc.			11,000		286,880

					3,055,546

TEXTILES, APPAREL & LUXURY GOODS – 1.3%
Movado Group, Inc.			14,988		182,554
The Jones Group, Inc.			29,550		272,155
The Warnaco Group, Inc.*			4,090		188,508

					643,217

THRIFT & MORTGAGE FINANCE – 5.0%
Bank Mutual Corp.			60,249		157,250
BankFinancial Corp.			34,248		227,407
Beneficial Mutual Bancorp, Inc.*			34,620		257,919
Brookline Bancorp, Inc.			34,683		267,406
Clifton Savings Bancorp, Inc.			19,795		181,322
ESSA Bancorp, Inc.			15,959		167,729
Home Federal Bancorp, Inc.			27,142		212,250
MGIC Investment Corp.*			88,482		165,461
Provident New York Bancorp			21,990		127,982
TrustCo Bank Corp. NY			30,661		136,748
United Financial Bancorp, Inc.			11,568		158,366
Washington Federal, Inc.			16,460		209,700
Westfield Financial, Inc.			32,272		212,673

					2,482,213

TRADING COMPANIES & DISTRIBUTORS – 0.9%
Applied Industrial Technologies, Inc.			7,600		206,416
Kaman Corp.			8,850		246,473

					452,889

WIRELESS TELECOMMUNICATION SERVICES – 0.8%
NTELOS Holdings Corp.			14,160		251,057
Shenandoah Telecommunications Co.			11,901		132,577

					383,634

Total Common Stocks (Cost $58,958,662)					49,618,460

TOTAL INVESTMENTS – 99.8% (Cost $58,958,662)					49,618,460
Other assets less liabilities – 0.2%					82,717

NET ASSETS – 100.0%				$	49,701,177

AN	Netherlands Antilles

Bermuda

Canada

CH	Switzerland

Germany

Ireland

KY	Cayman Islands

MH	Marshall Islands

PR	Puerto Rico

VG	British Virgin Islands

*	Non-income producing security.

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

SC^SMCOLUMBIA SMALL CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 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 (a)	$	49,542,426	$	76,034	$	—	$	49,618,460

Total Investments	$	49,542,426	$	76,034	$	—	$	49,618,460

†	See Note 2b in the Notes to Portfolios of Investments 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.

SC^SMDAVIS VENTURE VALUE FUND

PORTFOLIO OF INVESTMENTS


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Shares		Value
COMMON STOCKS – 96.8%
AEROSPACE & DEFENSE – 0.9%
Lockheed Martin Corp.			43,640	$	3,170,010

AUTOMOBILES – 0.8%
Harley-Davidson, Inc.			85,686		2,941,600

BEVERAGES – 4.5%
Diageo PLC ADR	GB		79,447		6,032,411
Heineken Holding NV	NL		108,459		4,185,674
The Coca-Cola Co.			91,840		6,204,710

					16,422,795

CAPITAL MARKETS – 7.4%
Ameriprise Financial, Inc.			52,905		2,082,341
Bank of New York Mellon Corp.			803,520		14,937,437
Julius Baer Group, Ltd.	CH		204,200		6,823,987
The Charles Schwab Corp.			141,450		1,594,141
The Goldman Sachs Group, Inc.			16,121		1,524,241

					26,962,147

CHEMICALS – 2.9%
Air Products & Chemicals, Inc.			24,280		1,854,264
Ecolab, Inc.			32,270		1,577,680
Monsanto Co.			73,220		4,396,129
Potash Corp. of Saskatchewan, Inc.	CA		31,125		1,345,222
Praxair, Inc.			14,320		1,338,634

					10,511,929

COMMERCIAL BANKS – 5.1%
Wells Fargo & Co.			765,393		18,461,279

COMMERCIAL SERVICES & SUPPLIES – 2.4%
Iron Mountain, Inc.			278,224		8,797,443

COMPUTERS & PERIPHERALS – 0.7%
Hewlett-Packard Co.			104,700		2,350,515

CONSTRUCTION MATERIALS – 0.3%
Martin Marietta Materials, Inc.			18,260		1,154,397

CONSUMER FINANCE – 5.3%
American Express Co.			430,175		19,314,857

CONTAINERS & PACKAGING – 1.1%
Sealed Air Corp.			247,603		4,134,970

DISTRIBUTORS – 0.2%
Li & Fung Ltd.	BM		529,000		886,686

DIVERSIFIED FINANCIAL SERVICES – 0.2%
JP Morgan Chase & Co.			18,736		564,328

ENERGY EQUIPMENT & SERVICES – 0.8%
Schlumberger, Ltd.	AN		11,600		692,868
Transocean, Ltd.	CH		48,582		2,319,305

					3,012,173


	Country Code**	Shares		Value
FOOD & STAPLES RETAILING – 10.5%
Costco Wholesale Corp.			255,835	$	21,009,170
CVS Caremark Corp.			505,412		16,971,735

					37,980,905

FOOD PRODUCTS – 1.3%
Kraft Foods, Inc., Class A			89,530		3,006,417
Nestle SA	CH		6,430		353,989
Unilever NV	NL		44,820		1,411,382

					4,771,788

HEALTH CARE EQUIPMENT & SUPPLIES – 2.0%
Baxter International, Inc.			53,920		3,027,069
Becton, Dickinson & Co.			58,470		4,287,020

					7,314,089

HEALTH CARE PROVIDERS & SERVICES – 1.7%
Express Scripts, Inc.*			161,761		5,996,480

HOUSEHOLD DURABLES – 0.2%
Hunter Douglas NV	AN		14,850		596,858

INSURANCE – 10.3%
ACE Ltd.	CH		38,620		2,340,372
Aon Corp.			12,980		544,900
Berkshire Hathaway, Inc., Class A*			46		4,912,800
Everest Re Group, Ltd.	BM		5,950		472,311
Fairfax Financial Holdings Ltd.	CA		5,200		2,000,336
Fairfax Financial Holdings Ltd.(1)	CA		1,960		751,511
Loews Corp.			331,870		11,466,109
Markel Corp.*			1,353		483,197
The Progressive Corp.			571,319		10,146,626
Transatlantic Holdings, Inc.			85,620		4,154,282

					37,272,444

INTERNET & CATALOG RETAIL – 0.9%
Expedia, Inc.			65,660		1,690,745
Liberty Interactive Corp., Class A*			108,062		1,596,076

					3,286,821

INTERNET SOFTWARE & SERVICES – 2.7%
Google, Inc., Class A*			19,020		9,783,508

IT SERVICES – 0.4%
Visa, Inc., Class A			17,010		1,458,097

LIFE SCIENCES TOOLS & SERVICES – 0.3%
Agilent Technologies, Inc.*			34,148		1,067,125

MARINE – 1.2%
China Shipping Development Co., Ltd.	CN		1,173,800		741,890
Kuehne & Nagel International AG	CH		32,086		3,601,105

					4,342,995

MEDIA – 1.5%
Grupo Televisa SA ADR	MX		42,276		777,456

SC^SMDAVIS VENTURE VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Shares		Value
Liberty Media Corp. - Liberty Starz, Class A*			8,647	$	549,603
The Walt Disney Co.			130,050		3,922,308

					5,249,367

METALS & MINING – 1.2%
BHP Billiton PLC	GB		85,600		2,286,712
Rio Tinto PLC	GB		46,472		2,060,946

					4,347,658

OIL, GAS & CONSUMABLE FUELS – 10.7%
Canadian Natural Resources, Ltd.	CA		317,192		9,284,210
China Coal Energy Co., Ltd.	CN		1,785,300		1,599,865
Devon Energy Corp.			79,621		4,414,188
EOG Resources, Inc.			169,093		12,007,294
Occidental Petroleum Corp.			134,350		9,606,025
OGX Petroleo e Gas Participacoes SA*	BR		321,400		1,965,749

					38,877,331

PAPER & FOREST PRODUCTS – 0.1%
Sino-Forest Corp.*(1)	CA		280,530		193,566
Sino-Forest Corp.*	CA		6,300		4,347

					197,913

PERSONAL PRODUCTS – 0.1%
Natura Cosmeticos SA	BR		28,600		486,744

PHARMACEUTICALS – 8.4%
Johnson & Johnson			180,690		11,511,760
Merck & Co., Inc.			375,933		12,296,768
Pfizer, Inc.			115,260		2,037,797
Roche Holding AG	CH		28,700		4,635,395

					30,481,720

REAL ESTATE MANAGEMENT & DEVELOPMENT – 1.8%
Brookfield Asset Management, Inc., Class A	CA		117,000		3,223,350
Hang Lung Group, Ltd.	HK		669,900		3,417,623

					6,640,973

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 1.7%
Intel Corp.			44,130		941,293
Texas Instruments, Inc.			195,755		5,216,871

					6,158,164

SOFTWARE – 1.6%
Activision Blizzard, Inc.			219,650		2,613,835
Microsoft Corp.			126,080		3,138,131

					5,751,966

SPECIALTY RETAIL – 3.1%
Bed Bath & Beyond, Inc.*			173,040		9,916,922
CarMax, Inc.*			62,587		1,492,700

					11,409,622

TOBACCO – 1.0%
Philip Morris International, Inc.			57,928		3,613,549


	Country Code**	Shares		Value
TRANSPORTATION INFRASTRUCTURE – 1.3%
China Merchants Holdings International Co., Ltd.	HK		1,666,766	$	4,479,497
LLX Logistica SA*	BR		58,500		112,940

					4,592,437

WIRELESS TELECOMMUNICATION SERVICES – 0.2%
America Movil SAB de C.V. ADR, Series L	MX		31,300		691,104

Total Common Stocks (Cost $342,549,657)					351,054,787

PREFERRED STOCKS – 0.0%+
METALS & MINING – 0.0%+
MMX Mineracao e Metalicos SA* (Cost $86,400)	BR		58,500		92,405


		Principal Amount (000)
SHORT TERM INVESTMENTS – 3.3%
COMMERCIAL PAPER(2) – 3.3%
Barclays U.S. Funding LLC 0.07%, 10/3/11		$	1,946		1,945,993
Mizuho Funding LLC 0.14%, 10/3/11			10,000		9,999,922

Total Short Term Investments (Amortized cost $11,945,915)					11,945,915

TOTAL INVESTMENTS – 100.1% (Cost $354,581,972)					363,093,107
Liabilities in excess of other assets – (0.1)%					(320,335	)

NET ASSETS – 100.0%				$	362,772,772

ADR	American Depositary Receipt

AN	Netherlands Antilles

Bermuda

Brazil

Canada

CH	Switzerland

China

GB	Great Britain

Hong Kong

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.

SC^SMDAVIS VENTURE VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*

(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 $945,077, representing 0.3% of net assets.

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

SC^SM DAVIS VENTURE VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 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	$	3,170,010	$	—	$	—	$	3,170,010
Automobiles		2,941,600		—		—		2,941,600
Beverages		12,237,121		4,185,674		—		16,422,795
Capital Markets		20,138,160		6,823,987		—		26,962,147
Chemicals		10,511,929		—		—		10,511,929
Commercial Banks		18,461,279		—		—		18,461,279
Commercial Services & Supplies		8,797,443		—		—		8,797,443
Computers & Peripherals		2,350,515		—		—		2,350,515
Construction Materials		1,154,397		—		—		1,154,397
Consumer Finance		19,314,857		—		—		19,314,857
Containers & Packaging		4,134,970		—		—		4,134,970
Distributors		—		886,686		—		886,686
Diversified Financial Services		564,328		—		—		564,328
Energy Equipment & Services		3,012,173		—		—		3,012,173
Food & Staples Retailing		37,980,905		—		—		37,980,905
Food Products		4,417,799		353,989		—		4,771,788
Health Care Equipment & Supplies		7,314,089		—		—		7,314,089
Health Care Providers & Services		5,996,480		—		—		5,996,480
Household Durables		—		596,858		—		596,858
Insurance		37,272,444		—		—		37,272,444
Internet & Catalog Retail		3,286,821		—		—		3,286,821
Internet Software & Services		9,783,508		—		—		9,783,508
IT Services		1,458,097		—		—		1,458,097
Life Sciences Tools & Services		1,067,125		—		—		1,067,125
Marine		—		4,342,995		—		4,342,995
Media		5,249,367		—		—		5,249,367
Metals & Mining		—		4,347,658		—		4,347,658
Oil, Gas & Consumable Fuels		37,277,466		1,599,865		—		38,877,331
Paper & Forest Products		—		197,913		—		197,913
Personal Products		486,744		—		—		486,744
Pharmaceuticals		25,846,325		4,635,395		—		30,481,720
Real Estate Management & Development		3,223,350		3,417,623		—		6,640,973
Semiconductors & Semiconductor Equipment		6,158,164		—		—		6,158,164
Software		5,751,966		—		—		5,751,966
Specialty Retail		11,409,622		—		—		11,409,622
Tobacco		3,613,549		—		—		3,613,549
Transportation Infrastructure		112,940		4,479,497		—		4,592,437
Wireless Telecommunication Services		691,104		—		—		691,104

Total Common Stocks		315,186,647		35,868,140		—		351,054,787

Preferred Stocks (a)		92,405		—		—		92,405
Short Term Investments
Commerical Paper		—		11,945,915		—		11,945,915

Total Investments	$	315,279,052	$	47,814,055	$	—	$	363,093,107

†	See Note 2b in the Notes to Portfolios of Investments for additional information.

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

SC^SM INVESCO SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Shares		Value
COMMON STOCKS – 97.5%
AEROSPACE & DEFENSE – 2.9%
Hexcel Corp.*			15,995	$	354,449
TransDigm Group, Inc.*			8,690		709,712

					1,064,161

AIR FREIGHT & LOGISTICS – 1.4%
Forward Air Corp.			9,874		251,293
HUB Group, Inc.*			9,874		279,138

					530,431

AUTO COMPONENTS – 1.2%
Tenneco, Inc.*			8,228		210,719
TRW Automotive Holdings Corp.*			6,811		222,924

					433,643

BIOTECHNOLOGY – 2.9%
Acorda Therapeutics, Inc.*			7,416		148,024
BioMarin Pharmaceutical, Inc.*			14,336		456,888
Incyte Corp.*			21,660		302,590
United Therapeutics Corp.*			4,590		172,079

					1,079,581

CAPITAL MARKETS – 1.6%
Affiliated Managers Group, Inc.*			4,315		336,786
Greenhill & Co., Inc.			3,750		107,212
Stifel Financial Corp.*			5,962		158,351

					602,349

CHEMICALS – 2.5%
Intrepid Potash, Inc.*			9,147		227,486
Olin Corp.			15,750		283,657
Rockwood Holdings, Inc.*			6,227		209,788
Solutia, Inc.*			15,112		194,189

					915,120

COMMERCIAL BANKS – 1.8%
City National Corp.			4,838		182,683
Huntington Bancshares, Inc.			41,709		200,203
SVB Financial Group*			7,231		267,547

					650,433

COMMERCIAL SERVICES & SUPPLIES – 1.9%
Corrections Corporation of America*			16,683		378,537
Fuel Tech, Inc.*			4,975		28,955
Tetra Tech, Inc.*			15,689		294,012

					701,504

COMMUNICATIONS EQUIPMENT – 2.5%
Ciena Corp.*			13,372		149,766
Finisar Corp.*			13,867		243,227
NETGEAR, Inc.*			9,558		247,457
Polycom, Inc.*			14,794		271,766

					912,216


	Country Code**	Shares		Value
CONTAINERS & PACKAGING – 0.6%
Greif, Inc., Class A			5,545	$	237,825

DISTRIBUTORS – 0.7%
Pool Corp.			10,322		270,230

DIVERSIFIED CONSUMER SERVICES – 0.7%
Weight Watchers International, Inc.			4,734		275,756

ELECTRIC UTILITIES – 1.0%
ITC Holdings Corp.			4,944		382,814

ELECTRICAL EQUIPMENT – 1.1%
General Cable Corp.*			7,832		182,877
Thomas & Betts Corp.*			6,069		242,214

					425,091

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.7%
Littelfuse, Inc.			6,293		253,042

ENERGY EQUIPMENT & SERVICES – 3.4%
Dresser-Rand Group, Inc.*			7,295		295,666
Dril-Quip, Inc.*			4,385		236,395
FMC Technologies, Inc.*			7,518		282,677
Lufkin Industries, Inc.			4,539		241,520
Patterson-UTI Energy, Inc.			12,690		220,045

					1,276,303

FOOD & STAPLES RETAILING – 0.8%
Ruddick Corp.			7,260		283,067

FOOD PRODUCTS – 2.9%
B&G Foods, Inc.			17,209		287,046
Diamond Foods, Inc.			5,516		440,122
Lancaster Colony Corp.			5,783		352,821

					1,079,989

HEALTH CARE EQUIPMENT & SUPPLIES – 4.1%
Insulet Corp.*			12,508		190,872
Masimo Corp.			12,681		274,544
Meridian Bioscience, Inc.			11,118		174,997
Sirona Dental Systems, Inc.*			7,223		306,327
STERIS Corp.			9,906		289,949
Zoll Medical Corp.*			7,418		279,955

					1,516,644

HEALTH CARE PROVIDERS & SERVICES – 4.7%
Centene Corp.*			9,870		282,973
Chemed Corp.			6,042		332,068
Health Management Associates, Inc., Class A*			30,116		208,403
HMS Holdings Corp.*			9,172		223,705
MEDNAX, Inc.*			4,544		284,636
PSS World Medical, Inc.*			11,461		225,667
VCA Antech, Inc.*			11,121		177,714

					1,735,166

SC^SM INVESCO SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Shares		Value
HEALTH CARE TECHNOLOGY – 2.0%
Allscripts Healthcare Solutions, Inc.*			18,723	$	337,388
Quality Systems, Inc.			4,290		416,130

					753,518

HOTELS, RESTAURANTS & LEISURE – 4.7%
Buffalo Wild Wings, Inc.*			5,399		322,860
Choice Hotels International, Inc.			7,645		227,209
Darden Restaurants, Inc.			6,358		271,805
Jack In The Box, Inc.*			12,398		246,968
Life Time Fitness, Inc.*			8,823		325,128
Penn National Gaming, Inc.*			10,668		355,138

					1,749,108

INSURANCE – 1.4%
Brown & Brown, Inc.			8,580		152,724
ProAssurance Corp.			5,340		384,587

					537,311

INTERNET SOFTWARE & SERVICES – 3.6%
Ancestry.com, Inc.*			7,543		177,261
Open Text Corp.*	CA		5,662		295,103
Rightnow Technologies, Inc.*			9,932		328,253
ValueClick, Inc.*			22,765		354,223
WebMD Health Corp., Class A*			5,386		162,388

					1,317,228

IT SERVICES – 1.0%
Alliance Data Systems Corp.*			3,885		360,139

LIFE SCIENCES TOOLS & SERVICES – 2.5%
Bruker Corp.*			16,306		220,620
Parexel International Corp.*			11,571		219,039
PerkinElmer, Inc.			11,737		225,468
Techne Corp.			3,859		262,451

					927,578

MACHINERY – 4.0%
Crane Co.			7,253		258,859
Kennametal, Inc.			7,973		261,036
Lincoln Electric Holdings, Inc.			9,090		263,701
Lindsay Corp.			4,316		232,201
Meritor, Inc.*			19,827		139,979
Wabtec Corp.			6,560		346,827

					1,502,603

MEDIA – 0.9%
DreamWorks Animation SKG, Inc., Class A*			6,081		110,553
National CineMedia, Inc.			14,702		213,326

					323,879

METALS & MINING – 1.5%
Allied Nevada Gold Corp.*			3,530		126,409
Carpenter Technology Corp.			7,154		321,143
Detour Gold Corp.*	CA		4,259		110,956

					558,508


	Country Code**	Shares		Value
OIL, GAS & CONSUMABLE FUELS – 3.6%
Bill Barrett Corp.*			6,872	$	249,041
Carrizo Oil & Gas, Inc.*			9,228		198,863
Energen Corp.			6,060		247,794
HollyFrontier Corp.			13,182		345,632
James River Coal Co.*			12,684		80,797
SandRidge Energy, Inc.*			39,438		219,275

					1,341,402

PERSONAL PRODUCTS – 1.1%
Nu Skin Enterprises, Inc.			10,002		405,281

PHARMACEUTICALS – 1.8%
Medicis Pharmaceutical Corp., Class A			10,389		378,991
Salix Pharmaceuticals Ltd.*			9,305		275,428

					654,419

PROFESSIONAL SERVICES – 1.0%
Costar Group, Inc.*			7,271		377,874

REAL ESTATE INVESTMENT TRUSTS – 0.8%
Colonial Properties Trust			16,100		292,376

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 7.0%
Cavium, Inc.*			10,323		278,824
Cymer, Inc.*			6,715		249,664
Hittite Microwave Corp.*			6,140		299,018
Microsemi Corp.*			18,584		296,972
Netlogic Microsystems, Inc.*			3,264		157,031
PMC-Sierra, Inc.*			40,812		244,056
Power Integrations, Inc.			9,706		297,101
Semtech Corp.*			14,670		309,537
Teradyne, Inc.*			23,288		256,401
Volterra Semiconductor Corp.*			11,553		222,164

					2,610,768

SOFTWARE – 10.4%
ANSYS, Inc.*			6,023		295,368
Aspen Technology, Inc.*			21,883		334,153
BroadSoft, Inc.*			10,143		307,840
Commvault Systems, Inc.*			9,850		365,041
Fair Issac Corp.			9,714		212,057
Informatica Corp.*			11,167		457,289
Interactive Intelligence Group*			8,161		221,571
Manhattan Associates, Inc.*			10,070		333,116
MICROS Systems, Inc.*			8,074		354,529
Parametric Technology Corp.*			12,720		195,634
Quest Software, Inc.*			14,226		225,909
Solarwinds, Inc.*			14,816		326,248
Websense, Inc.*			13,044		225,661

					3,854,416

SPECIALTY RETAIL – 6.4%
Dick’s Sporting Goods, Inc.*			9,198		307,765
DSW, Inc., Class A			6,590		304,326
Foot Locker, Inc.			17,131		344,162
Group 1 Automotive, Inc.			7,065		251,161
Monro Muffler Brake, Inc.			8,410		277,278
Tractor Supply Co.			4,912		307,245

SC^SM INVESCO SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Shares		Value
Urban Outfitters, Inc.*			12,093	$	269,916
Vitamin Shoppe, Inc.*			8,437		315,881

					2,377,734

TEXTILES, APPAREL & LUXURY GOODS – 2.5%
Maidenform Brands, Inc.*			12,449		291,431
Steven Madden Ltd.*			10,983		330,588
Under Armour, Inc., Class A*			4,750		315,448

					937,467

TRADING COMPANIES & DISTRIBUTORS – 1.1%
Watsco, Inc.			3,877		198,115
WESCO International, Inc.*			6,154		206,466

					404,581

WIRELESS TELECOMMUNICATION SERVICES – 0.8%
SBA Communications Corp.*			8,492		292,804

Total Common Stocks (Cost $37,555,190)					36,204,359

TOTAL INVESTMENTS – 97.5% (Cost $37,555,190)					36,204,359
Other assets less liabilities – 2.5%					914,106

NET ASSETS – 100.0%				$	37,118,465

Canada

*	Non-income producing security.

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

SC^SM INVESCO SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*

(1)	Fair Value Measurements

All investments are categorized as Level 1 under the fair value hierarchy. See Note 2b in the Notes to Portfolios of Investments for additional information.

SC^SMLORD ABBETT GROWTH & INCOME FUND

PORTFOLIO OF INVESTMENTS


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Shares		Value
COMMON STOCKS – 97.1%
AEROSPACE & DEFENSE – 4.8%
Goodrich Corp.			55,630	$	6,713,428
Rockwell Collins, Inc.			98,550		5,199,498
United Technologies Corp.			128,030		9,008,191

					20,921,117

AIRLINES – 0.3%
Southwest Airlines Co.			161,840		1,301,194

AUTOMOBILES – 1.5%
Ford Motor Co.*			687,147		6,644,711

BEVERAGES – 3.6%
Diageo PLC ADR	GB		54,340		4,126,036
PepsiCo, Inc.			75,300		4,661,070
The Coca-Cola Co.			101,490		6,856,665

					15,643,771

BIOTECHNOLOGY – 4.2%
Amgen, Inc.			159,200		8,748,040
Celgene Corp.*			151,410		9,375,307

					18,123,347

CAPITAL MARKETS – 2.0%
State Street Corp.			271,550		8,733,048

CHEMICALS – 2.5%
LyondellBasell Industries NV, Class A	NL		121,110		2,958,717
PPG Industries, Inc.			41,590		2,938,749
The Mosaic Co.			101,411		4,966,097

					10,863,563

COMMERCIAL BANKS – 5.6%
M&T Bank Corp.			71,620		5,006,238
PNC Financial Services Group, Inc.			195,380		9,415,362
U.S. Bancorp			253,500		5,967,390
Wells Fargo & Co.			148,047		3,570,894

					23,959,884

COMMUNICATIONS EQUIPMENT – 0.5%
QUALCOMM, Inc.			39,920		1,941,310

COMPUTERS & PERIPHERALS – 0.7%
EMC Corp.*			151,640		3,182,924

DIVERSIFIED FINANCIAL SERVICES – 1.4%
JP Morgan Chase & Co.			199,482		6,008,398

DIVERSIFIED TELECOMMUNICATION SERVICES – 2.0%
AT&T, Inc.			126,143		3,597,598
Verizon Communications, Inc.			141,030		5,189,904

					8,787,502

ELECTRIC UTILITIES – 1.7%
NextEra Energy, Inc.			136,530		7,375,351


	Country Code**	Shares		Value
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.2%
Arrow Electronics, Inc.*			33,270	$	924,241

ENERGY EQUIPMENT & SERVICES – 3.8%
Baker Hughes, Inc.			61,750		2,850,380
Halliburton Co.			154,632		4,719,369
Schlumberger, Ltd.	AN		148,580		8,874,683

					16,444,432

FOOD & STAPLES RETAILING – 1.8%
CVS Caremark Corp.			179,010		6,011,156
Kroger Co.			80,992		1,778,584

					7,789,740

FOOD PRODUCTS – 4.3%
Archer-Daniels-Midland Co.			384,810		9,547,136
Bunge, Ltd.	BM		152,540		8,891,557

					18,438,693

HEALTH CARE EQUIPMENT & SUPPLIES – 2.5%
Covidien PLC	IE		74,260		3,274,866
St. Jude Medical, Inc.			109,810		3,974,024
Zimmer Holdings, Inc.*			64,370		3,443,795

					10,692,685

HEALTH CARE PROVIDERS & SERVICES – 6.7%
CIGNA Corp.			137,500		5,766,750
DaVita, Inc.*			35,920		2,251,106
Express Scripts, Inc.*			146,710		5,438,540
Humana, Inc.			30,370		2,208,810
McKesson Corp.			67,660		4,918,882
UnitedHealth Group, Inc.			177,660		8,193,679

					28,777,767

HOUSEHOLD PRODUCTS – 1.6%
Colgate-Palmolive Co.			76,830		6,813,284

INSURANCE – 6.0%
ACE Ltd.	CH		57,720		3,497,832
Berkshire Hathaway, Inc., Class B*			166,500		11,828,160
Marsh & McLennan Cos., Inc.			298,500		7,922,190
MetLife, Inc.			97,837		2,740,414

					25,988,596

INTERNET & CATALOG RETAIL – 1.1%
HSN, Inc.*			141,500		4,687,895

IT SERVICES – 0.4%
MasterCard, Inc., Class A			5,400		1,712,664

LIFE SCIENCES TOOLS & SERVICES – 1.8%
Thermo Fisher Scientific, Inc.*			154,150		7,806,156

MACHINERY – 2.4%
Dover Corp.			110,750		5,160,950
Eaton Corp.			149,580		5,310,090

					10,471,040

SC^SMLORD ABBETT GROWTH & INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Shares		Value
MEDIA – 6.7%
Comcast Corp., Class A			523,150	$	10,933,835
Omnicom Group, Inc.			57,010		2,100,248
The Walt Disney Co.			84,470		2,547,615
Time Warner Cable, Inc.			64,736		4,057,005
Time Warner, Inc.			305,180		9,146,245

					28,784,948

METALS & MINING – 2.4%
Barrick Gold Corp.	CA		224,380		10,467,327

MULTI-LINE RETAIL – 0.8%
Target Corp.			66,300		3,251,352

OIL, GAS & CONSUMABLE FUELS – 16.1%
Anadarko Petroleum Corp.			147,000		9,268,350
Apache Corp.			34,830		2,794,759
Chevron Corp.			162,948		15,075,949
Consol Energy, Inc.			101,340		3,438,466
Devon Energy Corp.			75,720		4,197,917
El Paso Corp.			302,230		5,282,980
Exxon Mobil Corp.			202,410		14,701,038
Imperial Oil, Ltd.	CA		114,300		4,127,373
Range Resources Corp.			81,220		4,748,121
Southwestern Energy Co.*			82,278		2,742,326
Suncor Energy, Inc.	CA		122,340		3,112,330

					69,489,609

PAPER & FOREST PRODUCTS – 1.2%
International Paper Co.			225,790		5,249,617

PHARMACEUTICALS – 2.7%
Merck & Co., Inc.			67,008		2,191,832
Teva Pharmaceutical Industries, Ltd. ADR	IL		180,200		6,707,044
Watson Pharmaceuticals, Inc.*			40,620		2,772,315

					11,671,191

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 1.8%
Intel Corp.			158,850		3,388,271
Texas Instruments, Inc.			168,790		4,498,253

					7,886,524

SOFTWARE – 2.0%
Adobe Systems, Inc.*			191,020		4,616,954
Oracle Corp.			131,830		3,788,794

					8,405,748

Total Common Stocks (Cost $433,651,546)					419,239,629

SHORT TERM INVESTMENTS – 3.1%
MUTUAL FUNDS – 3.1%
State Street Institutional Liquid Reserves Fund (Cost $13,204,542)			13,204,542		13,204,542


	Value
TOTAL INVESTMENTS – 100.2% (Cost $446,856,088)	$	432,444,171
Liabilities in excess of other assets – (0.2)%		(717,161	)

NET ASSETS – 100.0%	$	431,727,010

ADR	American Depositary Receipt

AN	Netherlands Antilles

Bermuda

Canada

CH	Switzerland

GB	Great Britain

Ireland

Israel

NL	Netherlands

*	Non-income producing security.

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

SC^SM LORD ABBETT GROWTH & INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*

(1)	Fair Value Measurements

All investments are categorized as Level 1 under the fair value hierarchy. See Note 2b in the Notes to Portfolios of Investments for additional information.

SC^SM WMC BLUE CHIP MID CAP FUND

PORTFOLIO OF INVESTMENTS


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Shares		Value
COMMON STOCKS – 98.6%
AEROSPACE & DEFENSE – 1.5%
Rockwell Collins, Inc.			47,470	$	2,504,517

AIR FREIGHT & LOGISTICS – 2.3%
C.H. Robinson Worldwide, Inc.			31,085		2,128,390
Expeditors International of Washington, Inc.			40,225		1,631,124

					3,759,514

AUTOMOBILES – 1.6%
Harley-Davidson, Inc.			77,325		2,654,567

BEVERAGES – 1.5%
Molson Coors Brewing Co., Class B			61,250		2,426,113

BIOTECHNOLOGY – 3.0%
Amylin Pharmaceuticals, Inc.*			130,205		1,201,792
Incyte Corp.*			81,910		1,144,283
Ironwood Pharmaceuticals, Inc.*			33,625		363,150
Regeneron Pharmaceuticals, Inc.*			12,625		734,775
Seattle Genetics, Inc.*			82,905		1,580,169

					5,024,169

BUILDING PRODUCTS – 1.3%
Lennox International, Inc.			80,570		2,077,095

CAPITAL MARKETS – 4.6%
CETIP SA	BR		67,500		843,638
Greenhill & Co., Inc.			33,320		952,619
Invesco, Ltd.	BM		111,880		1,735,259
LPL Investment Holdings, Inc.*			21,110		536,616
SEI Investments Co.			135,985		2,091,449
T. Rowe Price Group, Inc.			29,200		1,394,884

					7,554,465

CHEMICALS – 2.0%
CF Industries Holdings, Inc.			2,275		280,712
FMC Corp.			25,165		1,740,412
The Sherwin-Williams Co.			18,195		1,352,252

					3,373,376

COMMERCIAL BANKS – 4.9%
Cullen/Frost Bankers, Inc.			20,445		937,608
East West Bancorp, Inc.			32,110		478,760
First Republic Bank*			62,545		1,448,542
Huntington Bancshares, Inc.			306,490		1,471,152
M&T Bank Corp.			43,290		3,025,971
Signature Bank*			15,870		757,475

					8,119,508

COMMERCIAL SERVICES & SUPPLIES – 0.3%
Ritchie Bros. Auctioneers, Inc.	CA		24,040		485,368

COMMUNICATIONS EQUIPMENT – 2.5%
ADTRAN, Inc.			73,025		1,932,242


	Country Code**	Shares		Value
F5 Networks, Inc.*			12,885	$	915,479
Polycom, Inc.*			71,660		1,316,394

					4,164,115

CONSTRUCTION & ENGINEERING – 1.1%
Jacobs Engineering Group, Inc.*			55,265		1,784,507

CONTAINERS & PACKAGING – 0.9%
Silgan Holdings, Inc.			38,485		1,413,939

ELECTRIC UTILITIES – 1.5%
Northeast Utilities			74,660		2,512,309

ELECTRICAL EQUIPMENT – 1.0%
Ametek, Inc.			52,600		1,734,222

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.8%
National Instruments Corp.			57,140		1,306,220

ENERGY EQUIPMENT & SERVICES – 2.3%
Atwood Oceanics, Inc.*			45,050		1,547,918
ENSCO PLC ADR	GB		56,375		2,279,241

					3,827,159

FOOD & STAPLES RETAILING – 0.5%
Whole Foods Market, Inc.			13,810		901,931

GAS UTILITIES – 1.3%
UGI Corp.			84,215		2,212,328

HEALTH CARE EQUIPMENT & SUPPLIES – 2.0%
Gen-Probe, Inc.*			20,655		1,182,499
ResMed, Inc.*			73,000		2,101,670

					3,284,169

HEALTH CARE PROVIDERS & SERVICES – 7.0%
AmerisourceBergen Corp.			76,365		2,846,124
Cardinal Health, Inc.			53,390		2,235,973
Coventry Health Care, Inc.*			49,825		1,435,458
Health Net, Inc.*			18,850		446,934
Lincare Holdings, Inc.			107,975		2,429,437
Patterson Cos., Inc.			75,325		2,156,555

					11,550,481

HOUSEHOLD DURABLES – 2.4%
NVR, Inc.*			4,361		2,633,957
Tempur-Pedic International, Inc.*			24,550		1,291,575

					3,925,532

INDEPENDENT POWER PRODUCERS & ENERGY TRADERS – 0.9%
NRG Energy, Inc.*			71,370		1,513,758

INDUSTRIAL CONGLOMERATES – 0.9%
Carlisle Cos., Inc.			48,450		1,544,586

INSURANCE – 2.0%
Brown & Brown, Inc.			30,530		543,434
Unum Group			74,320		1,557,747

SC^SM WMC BLUE CHIP MID CAP FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Shares		Value
W.R. Berkley Corp.			41,656	$	1,236,767

					3,337,948

INTERNET & CATALOG RETAIL – 0.7%
Netflix, Inc.*			9,925		1,123,113

INTERNET SOFTWARE & SERVICES – 2.1%
VeriSign, Inc.			123,875		3,544,064

IT SERVICES – 4.9%
Gartner, Inc.*			38,200		1,332,034
Genpact, Ltd.*	BM		223,700		3,219,043
Global Payments, Inc.			27,840		1,124,458
The Western Union Co.			157,790		2,412,609

					8,088,144

LEISURE EQUIPMENT & PRODUCTS – 1.3%
Hasbro, Inc.			65,130		2,123,889

LIFE SCIENCES TOOLS & SERVICES – 2.5%
Life Technologies Corp.*			43,360		1,666,325
Waters Corp.*			33,730		2,546,277

					4,212,602

MACHINERY – 2.3%
IDEX Corp.			42,200		1,314,952
PACCAR, Inc.			74,545		2,521,112

					3,836,064

MEDIA – 1.5%
DreamWorks Animation SKG, Inc., Class A*			85,505		1,554,481
Liberty Global, Inc., Class A*			23,910		865,064

					2,419,545

METALS & MINING – 1.8%
Carpenter Technology Corp.			37,895		1,701,107
Walter Energy, Inc.			21,695		1,301,917

					3,003,024

MULTI-UTILITIES – 1.4%
Wisconsin Energy Corp.			71,905		2,249,907

OIL, GAS & CONSUMABLE FUELS – 5.8%
Alpha Natural Resources, Inc.*			109,485		1,936,790
Cobalt International Energy, Inc.*			115,700		892,047
Consol Energy, Inc.			11,800		400,374
Denbury Resources, Inc.*			101,850		1,171,275
Newfield Exploration Co.*			34,885		1,384,586
Pioneer Natural Resources Co.			36,050		2,371,008
Whiting Petroleum Corp.*			40,080		1,406,006

					9,562,086

PHARMACEUTICALS – 3.5%
Mylan, Inc.*			146,300		2,487,100
Watson Pharmaceuticals, Inc.*			49,400		3,371,550

					5,858,650

PROFESSIONAL SERVICES – 2.8%
Manpower, Inc.			69,285		2,329,362


	Country Code**	Shares		Value
Robert Half International, Inc.			107,025	$	2,271,070

					4,600,432

REAL ESTATE INVESTMENT TRUSTS – 0.8%
Alexandria Real Estate Equities, Inc.			21,075		1,293,794

ROAD & RAIL – 2.2%
JB Hunt Transport Services, Inc.			55,340		1,998,881
Kansas City Southern*			31,545		1,575,988

					3,574,869

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 6.2%
Altera Corp.			32,450		1,023,149
Analog Devices, Inc.			41,010		1,281,562
Maxim Integrated Products, Inc.			97,955		2,285,290
NVIDIA Corp.*			164,570		2,057,125
Skyworks Solutions, Inc.*			126,950		2,277,483
Xilinx, Inc.			46,465		1,275,000

					10,199,609

SOFTWARE – 3.8%
Citrix Systems, Inc.*			40,315		2,198,377
FactSet Research Systems, Inc.			18,595		1,654,397
Rovi Corp.*			55,160		2,370,777

					6,223,551

SPECIALTY RETAIL – 2.4%
Advanced Auto Parts, Inc.			25,665		1,491,136
CarMax, Inc.*			64,235		1,532,005
JOS A Bank Clothiers, Inc.*			18,905		881,540

					3,904,681

TRADING COMPANIES & DISTRIBUTORS – 0.9%
MSC Industrial Direct Co., Inc., Class A			25,005		1,411,782

WIRELESS TELECOMMUNICATION SERVICES – 1.6%
American Tower Corp., Class A*			49,900		2,684,620

Total Common Stocks (Cost $182,955,532)					162,906,322

TOTAL INVESTMENTS – 98.6% (Cost $182,955,532)					162,906,322
Other assets less liabilities – 1.4%					2,375,803

NET ASSETS – 100.0%				$	165,282,125

ADR	American Depositary Receipt

Bermuda

Brazil

Canada

GB	Great Britain

*	Non-income producing security.

SC^SM WMC BLUE CHIP MID CAP FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*

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

SC^SM WMC BLUE CHIP MID CAP FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*

(1)	Fair Value Measurements

All investments are categorized as Level 1 under the fair value hierarchy. See Note 2b in the Notes to Portfolios of Investments for additional information.

SC^SM WMC LARGE CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Shares		Value
COMMON STOCKS – 95.9%
AEROSPACE & DEFENSE – 2.2%
Honeywell International, Inc.			41,956	$	1,842,288
The Boeing Co.			36,253		2,193,669

					4,035,957

BIOTECHNOLOGY – 1.5%
Amgen, Inc.			49,034		2,694,418

CHEMICALS – 0.4%
The Sherwin-Williams Co.			9,038		671,704

COMMUNICATIONS EQUIPMENT – 6.7%
Cisco Systems, Inc.			494,702		7,662,934
Emulex Corp.*			127,839		818,170
F5 Networks, Inc.*			5,049		358,732
QUALCOMM, Inc.			53,091		2,581,815
Riverbed Technology, Inc.*			40,144		801,274

					12,222,925

COMPUTERS & PERIPHERALS – 12.8%
Apple, Inc.*			30,820		11,747,968
Dell, Inc.*			144,562		2,045,552
EMC Corp.*			266,636		5,596,690
NetApp, Inc.*			53,909		1,829,671
QLogic Corp.*			162,014		2,054,338

					23,274,219

CONSUMER FINANCE – 1.0%
American Express Co.			39,020		1,751,998

DIVERSIFIED CONSUMER SERVICES – 2.0%
Apollo Group, Inc., Class A*			44,654		1,768,745
ITT Educational Services, Inc.*			31,136		1,792,811

					3,561,556

ENERGY EQUIPMENT & SERVICES – 3.8%
Baker Hughes, Inc.			22,541		1,040,493
Cameron International Corp.*			31,658		1,315,073
Core Laboratories NV	NL		14,717		1,322,028
Diamond Offshore Drilling, Inc.			35,843		1,962,046
Oceaneering International, Inc.			37,835		1,337,089

					6,976,729

HEALTH CARE EQUIPMENT & SUPPLIES – 2.3%
Edwards Lifesciences Corp.*			8,072		575,372
Hologic, Inc.*			89,703		1,364,382
Intuitive Surgical, Inc.*			6,113		2,226,844

					4,166,598

HEALTH CARE PROVIDERS & SERVICES – 4.2%
AmerisourceBergen Corp.			33,834		1,260,993
Cardinal Health, Inc.			37,563		1,573,139
Laboratory Corp. of America Holdings*			15,123		1,195,473
UnitedHealth Group, Inc.			78,302		3,611,288

					7,640,893


	Country Code**	Shares		Value
HOTELS, RESTAURANTS & LEISURE – 1.2%
Ctrip.com International, Ltd. ADR*	KY		10,343	$	332,631
Starbucks Corp.			48,247		1,799,131

					2,131,762

INDUSTRIAL CONGLOMERATES – 1.8%
General Electric Co.			153,534		2,339,858
Tyco International Ltd.	CH		22,682		924,292

					3,264,150

INTERNET & CATALOG RETAIL – 2.0%
Amazon.com, Inc.*			8,490		1,835,792
Priceline.com, Inc.*			4,156		1,867,956

					3,703,748

INTERNET SOFTWARE & SERVICES – 4.4%
eBay, Inc.*			92,617		2,731,275
Google, Inc., Class A*			4,682		2,408,327
IAC/InterActiveCorp.*			62,332		2,465,231
Sohu.com, Inc.*			9,231		444,934

					8,049,767

IT SERVICES – 5.7%
Cognizant Technology Solutions Corp., Class A*			17,889		1,121,640
International Business Machines Corp.			52,503		9,189,600

					10,311,240

LIFE SCIENCES TOOLS & SERVICES – 2.2%
Bruker Corp.*			59,555		805,779
Life Technologies Corp.*			12,810		492,288
Waters Corp.*			36,902		2,785,732

					4,083,799

MACHINERY – 5.2%
Caterpillar, Inc.			43,929		3,243,717
Cummins, Inc.			15,803		1,290,473
Dover Corp.			22,929		1,068,492
Joy Global, Inc.			23,893		1,490,445
Parker Hannifin Corp.			36,201		2,285,369

					9,378,496

MEDIA – 3.4%
DIRECTV, Class A*			31,965		1,350,521
News Corp., Class A			110,611		1,711,152
Omnicom Group, Inc.			62,202		2,291,522
Sirius XM Radio, Inc.*			555,876		839,373

					6,192,568

METALS & MINING – 2.3%
Cliffs Natural Resources, Inc.			14,650		749,640
Freeport-McMoRan Copper & Gold, Inc.			36,006		1,096,383
Rio Tinto PLC ADR	GB		19,432		856,562
Teck Resources, Ltd., Class B	CA		24,305		709,463
Walter Energy, Inc.			13,277		796,753

					4,208,801

SC^SM WMC LARGE CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Shares		Value
OIL, GAS & CONSUMABLE FUELS – 6.1%
Anadarko Petroleum Corp.			16,866	$	1,063,401
BP PLC ADR	GB		8,044		290,147
Canadian Natural Resources, Ltd.	CA		43,609		1,276,435
Exxon Mobil Corp.			53,866		3,912,288
Occidental Petroleum Corp.			29,859		2,134,919
SandRidge Energy, Inc.*			55,133		306,540
Valero Energy Corp.			121,367		2,157,905

					11,141,635

PHARMACEUTICALS – 0.5%
Abbott Laboratories			18,620		952,227

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 5.9%
Altera Corp.			155,840		4,913,635
Analog Devices, Inc.			63,705		1,990,781
Intersil Corp.			158,612		1,632,118
Xilinx, Inc.			81,737		2,242,863

					10,779,397

SOFTWARE – 11.6%
Adobe Systems, Inc.*			47,745		1,153,997
Autodesk, Inc.*			48,810		1,355,942
BMC Software, Inc.*			39,615		1,527,554
Check Point Software Technologies Ltd.*	IL		32,106		1,693,913
Citrix Systems, Inc.*			24,625		1,342,801
Microsoft Corp.			278,687		6,936,520
Oracle Corp.			211,330		6,073,624
Red Hat, Inc.*			24,147		1,020,452

					21,104,803

SPECIALTY RETAIL – 3.2%
Bed Bath & Beyond, Inc.*			19,266		1,104,134
PetSmart, Inc.			10,527		448,976
Ross Stores, Inc.			21,814		1,716,544
The Buckle, Inc.			25,360		975,346
TJX Cos., Inc.			27,697		1,536,353

					5,781,353

TEXTILES, APPAREL & LUXURY GOODS – 2.9%
Coach, Inc.			28,227		1,463,005
Deckers Outdoor Corp.*			15,394		1,435,644
Fossil, Inc.*			4,075		330,320
Lululemon Athletica, Inc.*			14,175		689,614
Ralph Lauren Corp.			10,565		1,370,281

					5,288,864

WIRELESS TELECOMMUNICATION SERVICES – 0.6%
Vodafone Group PLC, ADR	GB		45,636		1,170,563

Total Common Stocks (Cost $179,881,262)					174,540,170

TOTAL INVESTMENTS – 95.9% (Cost $179,881,262)					174,540,170
Other assets less liabilities – 4.1%					7,502,746

NET ASSETS – 100.0%				$	182,042,916

ADR	American Depositary Receipt

Canada

CH	Switzerland

GB	Great Britain

Israel

KY	Cayman Islands

NL	Netherlands

*	Non-income producing security.

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

SC^SM WMC LARGE CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*

(1)	Fair Value Measurements

All investments are categorized as Level 1 under the fair value hierarchy. See Note 2b in the Notes to Porfolios of Investments for additional information.

SUN CAPITAL GLOBAL REAL ESTATE FUND

PORTFOLIO OF INVESTMENTS


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Shares		Value
COMMON STOCKS – 99.4%
REAL ESTATE INVESTMENT TRUSTS – 73.1%
DIVERSIFIED – 8.3%
British Land Co. PLC	GB		230,350	$	1,696,727
Cousins Properties, Inc.			250,289		1,464,191
Homburg Canada Real Estate Investment Trust	CA		50,240		589,226
Kenedix Realty Investment Corp.	JP		558		1,818,397
Land Securities Group PLC	GB		203,182		2,019,340
Stockland	AU		1,588,444		4,421,401
Vornado Realty Trust			49,116		3,665,036

					15,674,318

INDUSTRIAL – 5.5%
DuPont Fabros Technology, Inc.			129,066		2,541,309
Goodman Group	AU		3,703,340		2,029,025
ProLogis, Inc.			102,000		2,473,500
Segro PLC	GB		952,288		3,248,519

					10,292,353

MORTGAGE – 1.2%
Annaly Capital Management, Inc.			66,280		1,102,236
Starwood Property Trust, Inc.			71,141		1,220,780

					2,323,016

OFFICE – 12.5%
Alexandria Real Estate Equities, Inc.			22,888		1,405,094
BioMed Realty Trust, Inc.			297,544		4,930,304
Boston Properties, Inc.			39,671		3,534,686
Digital Realty Trust, Inc.			71,784		3,959,605
Douglas Emmett, Inc.			83,590		1,429,389
Duke Realty Corp.			117,546		1,234,233
Mack-Cali Realty Corp.			57,090		1,527,158
Nippon Building Fund, Inc.	JP		181		1,873,766
Parkway Properties, Inc.			242,675		2,671,852
SL Green Realty Corp.			18,001		1,046,758

					23,612,845

RESIDENTIAL – 8.4%
Advance Residence Investment Corp.	JP		928		1,680,986
Associated Estates Realty Corp.			35,073		542,229
Boardwalk Real Estate Investment Trust	CA		25,495		1,172,201
Equity Lifestyle Properties, Inc.			59,203		3,712,028
Equity Residential			26,329		1,365,685
Home Properties, Inc.			64,323		3,650,973
Mid-America Apartment Communities, Inc.			62,116		3,740,626

					15,864,728

RETAIL – 23.2%
CFS Retail Property Trust	AU		1,944,803		3,263,524
Corio NV	NL		64,021		2,949,883


	Country Code**	Shares		Value
Federal Realty Investment Trust			14,967	$	1,233,430
Kimco Realty Corp.			108,270		1,627,298
Primaris Retail Real Estate Investment Trust	CA		27,410		536,220
Ramco-Gershenson Properties Trust			177,847		1,458,345
Simon Property Group, Inc.			88,367		9,718,603
Tanger Factory Outlet Centers, Inc.			64,798		1,685,396
Taubman Centers, Inc.			43,074		2,167,053
The Link REIT	HK		1,769,601		5,579,562
Unibail-Rodamco	FR		36,597		6,530,249
Westfield Group	AU		732,142		5,429,347
Westfield Retail Trust	AU		664,406		1,546,254

					43,725,164

SPECIALIZED – 14.0%
Big Yellow Group PLC	GB		981,308		3,639,453
Entertainment Properties Trust			79,068		3,082,071
HCP, Inc.			31,571		1,106,879
Host Hotels & Resorts, Inc.			186,761		2,043,165
Medical Properties Trust, Inc.			457,179		4,091,752
Plum Creek Timber Co., Inc.			57,252		1,987,217
Public Storage			40,655		4,526,934
Ventas, Inc.			65,510		3,236,194
Weyerhaeuser Co.			171,298		2,663,684

					26,377,349

					137,869,773

REAL ESTATE MANAGEMENT & DEVELOPMENT – 26.3%
DIVERSIFIED REAL ESTATE ACTIVITIES – 18.3%
Beni Stabili S.p.A	IT		2,129,255		1,121,073
Capitaland Ltd.	SG		1,929,367		3,599,825
Hang Lung Properties Ltd.	HK		806,944		2,426,572
Henderson Land Development Co., Ltd.	HK		460,015		2,068,192
Mitsubishi Estate Co. Ltd.	JP		323,069		5,240,374
Mitsui Fudosan Co., Ltd.	JP		373,075		5,893,536
New World Development, Ltd.	HK		1,071,602		1,025,999
Sun Hung Kai Properties Ltd.	HK		649,254		7,448,246
Tokyo Tatemono Co., Ltd.	JP		833,571		2,536,759
Wharf Holdings Ltd.	HK		637,893		3,155,246

					34,515,822

REAL ESTATE OPERATING COMPANIES – 8.0%
Atrium European Real Estate Ltd.	JE		1,030,594		4,906,014
BR Malls Participacoes SA	BR		373,023		3,811,074
Capital & Counties Properties PLC	GB		370,284		967,468
Global Logistic Properties Ltd.*	SG		2,365,586		2,966,511
NTT Urban Development Corp.	JP		3,338		2,425,666

					15,076,733

					49,592,555

Total Common Stocks (Cost $180,456,510)					187,462,328

SUN CAPITAL GLOBAL REAL ESTATE FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Principal Amount (000)		Value
SHORT TERM INVESTMENTS – 2.3%
COMMERCIAL PAPER(1) – 2.1%
Barclays U.S. Funding LLC 0.08%, 10/3/11 (Amortized cost $3,865,983)		$	3,866	$	3,865,983


		Shares
MUTUAL FUNDS – 0.2%
State Street Institutional Liquid Reserves Fund (Cost $399,468)			399,468		399,468

Total Short Term Investments (Cost $4,265,451)					4,265,451

TOTAL INVESTMENTS – 101.7% (Cost $184,721,961)					191,727,779
Liabilities in excess of other assets – (1.7)%					(3,164,836	)

NET ASSETS – 100.0%				$	188,562,943

REIT	Real Estate Investment Trust

Australia

Brazil

Canada

France

GB	Great Britain

Hong Kong

Italy

Jersey

Japan

NL	Netherlands

Singapore

*	Non-income producing security.

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

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


United States	48.8	%
Hong Kong	11.5
Japan	11.4
Australia	8.9
Great Britain	6.1
Singapore	3.5
France	3.5
Jersey	2.6
Brazil	2.0
Other (individually less than 2%)	3.4

SUN CAPITAL GLOBAL REAL ESTATE FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*

(2)	Fair Value Measurements †

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


Assets	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks
Real Estate Investment Trusts
Diversified	$	5,718,453	$	9,955,865	$	—	$	15,674,318
Industrial		5,014,809		5,277,544		—		10,292,353
Mortgage		2,323,016		—		—		2,323,016
Office		21,739,079		1,873,766		—		23,612,845
Residential		14,183,742		1,680,986		—		15,864,728
Retail		18,426,345		25,298,819		—		43,725,164
Specialized		22,737,896		3,639,453		—		26,377,349

Total Real Estate Investment Trusts		90,143,340		47,726,433		—		137,869,773

Real Estate Management & Development
Diversified Real Estate Activities		—		34,515,822		—		34,515,822
Real Estate Operating Companies		3,811,074		11,265,659		—		15,076,733

Total Real Estate Management & Development		3,811,074		45,781,481		—		49,592,555

Total Common Stocks		93,954,414		93,507,914		—		187,462,328

Short Term Investments
Commercial Paper		—		3,865,983		—		3,865,983
Mutual Funds		399,468		—		—		399,468

Total Short Term Investments		399,468		3,865,983		—		4,265,451

Total Investments	$	94,353,882	$	97,373,897	$	—	$	191,727,779

†	See Note 2b in the Notes to Portfolios of Investments for additional information.

SC^SM IBBOTSON TACTICAL OPPORTUNITIES FUND

PORTFOLIO OF INVESTMENTS


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Shares		Value
EXCHANGE TRADED FUNDS – 100.0%
iShares Barclays U.S. TIPS Bond Fund		244,791	$	27,979,611
iShares Russell 1000 Growth Index Fund		886,032		46,623,004
iShares Russell 2000 Growth Index Fund		249,066		18,298,879
iShares Russell 2000 Index Fund		382,103		24,550,118
iShares Russell MidCap Growth Index Fund		1,463,872		72,666,606
iShares S&P 500 Index Fund		700,836		79,678,045
iShares S&P MidCap 400 Index Fund		859,261		67,013,765
Vanguard Europe Pacific ETF		1,989,041		60,009,367
Vanguard REIT ETF		1,011,450		51,452,461
Vanguard Small-Cap ETF		247,416		15,183,920
Vanguard Total Bond Market ETF		676,336		56,636,377

Total Exchange Traded Funds (Cost $588,766,252)				520,092,153

SHORT TERM INVESTMENTS – 1.5%
MUTUAL FUNDS – 1.5%
State Street Institutional Liquid Reserves Fund (Cost $7,961,100)		7,961,100		7,961,100

TOTAL INVESTMENTS – 101.5% (Cost $596,727,352)				528,053,253
Liabilities in excess of other assets – (1.5)%				(7,999,832	)

NET ASSETS – 100.0%			$	520,053,421

ETF	Exchange Traded Fund

REIT	Real Estate Investment Trust

TIPS	Treasury Inflation Protected Securities

SC^SM IBBOTSON TACTICAL OPPORTUNITIES FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*

(1)	Fair Value Measurements

All investments are categorized as Level 1 under the fair value hierarchy. See Note 2b in the Notes to Portfolios of Investments for additional information.

SUN CAPITAL INVESTMENT GRADE BOND FUND^®

PORTFOLIO OF INVESTMENTS


*September 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 1.35%, 10/25/16(2)			117		117,821
SLM Student Loan Trust, Series 2008-5, Class A4 1.95%, 7/25/23(2)			215		220,844

Total Asset Backed Securities (Cost $596,453)					338,665

COLLATERALIZED MORTGAGE OBLIGATIONS – 0.1%
Federal National Mortgage Association, Series 2001-80, Class ZB 6.00%, 1/25/32			516		583,699
Federal National Mortgage Association, Series 2002-53, Class PD 6.00%, 1/25/32			42		42,870

Total Collateralized Mortgage Obligations (Cost $519,810)					626,569

COMMERCIAL MORTGAGE BACKED SECURITIES – 6.3%
Banc of America Mortgage Securities, Inc., Series 2003-H, Class 2A3 2.79%, 9/25/33(2)			628		583,838
Bear Stearns Commercial Mortgage Securities, Series 2007-T26, Class A4 5.47%, 1/12/45(2)			4,550		4,995,791
Bear Stearns Commercial Mortgage Securities, Series 2007-T28, Class A3 5.79%, 9/11/42			1,000		1,065,198
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2005-C1, Class A3 5.40%, 7/15/44(2)			750		770,699
Commercial Mortgage Asset Trust, Series 1999-C1, Class F 6.25%, 1/17/32(3)			400		339,719
GMAC Commercial Mortgage Securities, Inc., Series 2003-C1, Class A2 4.08%, 5/10/36			800		822,425


	Country Code*	Principal Amount (000)		Value
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP5 Mortgage Certificate, Class A3 5.40%, 12/15/44(2)		$	550	$	581,101
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2006-LDP7 Mortgage Certificate, Class AM 6.07%, 4/15/45(2)			500		480,606
LB-UBS Commercial Mortgage Trust, Series 2006-C1, Class A4 5.16%, 2/15/31			2,000		2,162,260
Morgan Stanley Capital I, Series 2003-IQ4,Class A2 4.07%, 5/15/40			4,043		4,151,947
Morgan Stanley Capital I, Series 2004-T15, Class B 5.56%, 6/13/41(2)			1,500		1,524,167
Morgan Stanley Capital I, Series 2007-T27, Class A4 5.79%, 6/11/42(2)			5,182		5,788,916
Morgan Stanley Capital I, Series 2011-C1, Class A3 4.70%, 9/15/47(3)			5,000		5,214,375

Total Commercial Mortgage Backed Securities (Cost $28,271,744)					28,481,042

CORPORATE DEBT OBLIGATIONS – 40.0%
AEROSPACE & DEFENSE – 0.7%
L-3 Communications Corp. 6.38%, 10/15/15			3,000		3,063,750

AIRLINES – 0.7%
AMR Corp., Series A 5.25%, 1/31/21			3,495		3,180,291

AUTOMOTIVE – 1.6%
Ford Motor Credit Co. LLC 5.63%, 9/15/15			3,000		3,017,745
Hyundai Capital Services, Inc. 4.38%, 7/27/16(3)	KR		4,000		4,047,728

					7,065,473

BANKS – 7.0%
Ally Financial, Inc. 4.50%, 2/11/14			5,000		4,575,000
Commonwealth Bank of Australia 3.75%, 10/15/14(3)	AU		5,000		5,193,290
Countrywide Financial Corp. 6.25%, 5/15/16			325		286,823

SUN CAPITAL INVESTMENT GRADE BOND FUND^®

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code*	Principal Amount (000)		Value
Huntington Capital 6.65%, 5/15/37(2)		$	300	$	279,000
ING Bank NV
2.00%, 10/18/13(3)	NL		5,000		4,872,600
2.38%, 6/9/14(3)	NL		5,000		4,848,825
Lloyds Banking Group PLC 5.92%, 10/1/15(1)(3)	GB		500		220,000
Lloyds TSB Bank PLC 6.50%, 9/14/20(3)	GB		4,050		3,441,593
Merrill Lynch & Co., Inc.
5.70%, 5/2/17			400		356,788
6.05%, 5/16/16			3,500		3,149,772
Nordea Bank AB 4.88%, 5/13/21(3)	SE		3,500		2,990,750
Royal Bank of Scotland PLC 1.11%, 9/29/15(2)	GB		2,500		1,833,507

					32,047,948

BUILDING MATERIALS – 0.1%
C10 Capital SPV., Ltd. 6.72%, 12/31/16(2)(3)	VG		650		292,500

CABLE – 1.3%
DIRECTV Holdings LLC 7.63%, 5/15/16			5,000		5,375,000
Time Warner Entertainment Co. 10.15%, 5/1/12			500		525,364

					5,900,364

CONSUMER PRODUCTS – 0.7%
Jarden Corp. 6.13%, 11/15/22			3,200		3,128,000

ELECTRIC UTILITIES – 3.7%
Allegheny Energy Supply Co. LLC 8.25%, 4/15/12(3)			750		776,289
Ameren Corp. 8.88%, 5/15/14			4,000		4,524,524
CMS Energy Corp. 5.05%, 2/15/18			5,000		4,939,275
PPL WEM Holdings PLC 5.38%, 5/1/21(3)	GB		4,000		4,260,648
Toledo Edison Co. 7.25%, 5/1/20			1,850		2,339,810

					16,840,546

ELECTRONIC EQUIPMENT & INSTRUMENTS – 1.4%
Arrow Electronics, Inc. 5.13%, 3/1/21			3,500		3,504,228
Jabil Circuit, Inc. 5.63%, 12/15/20			3,000		2,925,000

					6,429,228

FINANCIALS – 3.3%
Caisse centrale Desjardins du Quebec 1.70%, 9/16/13(3)	CA		5,000		5,028,315


	Country Code*	Principal Amount (000)		Value
Discover Financial Services 6.45%, 6/12/17		$	4,150	$	4,319,747
International Lease Finance Corp. 5.75%, 5/15/16			4,000		3,555,256
Lazard Group LLC 6.85%, 6/15/17			2,100		2,312,308

					15,215,626

GAMING – 0.0%+
Mashantucket Western Pequot Tribe 8.50%, 11/15/15(1)(3)			1,000		53,750

GAS & PIPELINE UTILITIES – 0.9%
Enterprise Products Operating LP 7.03%, 1/15/68(2)			3,000		3,041,250
Southern Union Co. 7.20%, 11/1/66(2)			380		321,100
TransCanada PipeLines Ltd. 6.35%, 5/15/67(2)	CA		600		597,423

					3,959,773

HOTELS, RESTAURANTS & LEISURE – 0.9%
Wyndham Worldwide Corp. 5.75%, 2/1/18			4,000		4,084,956

INSURANCE – 3.1%
Assured Guaranty US Holdings, Inc. 6.40%, 12/15/66(2)			600		423,750
Humana, Inc. 6.45%, 6/1/16			500		565,860
Kemper Corp. 6.00%, 11/30/15			4,000		4,201,824
Liberty Mutual Group, Inc.
6.50%, 3/15/35(3)			3,000		2,895,084
7.80%, 3/15/37(3)			750		656,250
Metropolitan Life Global Funding I 3.13%, 1/11/16(3)			5,000		5,154,685

					13,897,453

MACHINERY – 0.2%
Case New Holland, Inc. 7.75%, 9/1/13			1,000		1,042,500

MANUFACTURING – DIVERSIFIED – 1.4%
Bombardier, Inc. 7.75%, 3/15/20(3)	CA		3,500		3,727,500
Textron, Inc. 7.25%, 10/1/19			2,500		2,800,680

					6,528,180

METALS & MINING – 2.3%
ArcelorMittal 5.50%, 3/1/21	LU		3,000		2,688,150
Teck Resources, Ltd.
6.25%, 7/15/41	CA		3,000		3,146,043
10.75%, 5/15/19	CA		2,500		3,106,250

SUN CAPITAL INVESTMENT GRADE BOND FUND^®

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code*	Principal Amount (000)		Value
United States Steel Corp. 6.65%, 6/1/37		$	1,880	$	1,447,600

					10,388,043
MULTIMEDIA – 0.9%
News America, Inc. 4.50%, 2/15/21			4,000		4,018,632

OIL & GAS - EXPLORATION & PRODUCTION – 0.9%
Petrobras International Finance Co. 5.38%, 1/27/21	KY		4,000		4,044,000

PIPELINES – 1.1%
Kinder Morgan Finance Co., LLC 6.00%, 1/15/18(3)			5,000		4,950,000

REAL ESTATE INVESTMENT TRUSTS – 4.3%
Dexus Property Group 7.13%, 10/15/14(3)	AU		4,400		4,892,122
Digital Realty Trust LP 5.25%, 3/15/21			5,000		4,949,275
Goodman Funding Property Ltd. 6.38%, 4/15/21(3)	AU		4,000		4,113,976
National Retail Properties, Inc. 6.25%, 6/15/14			550		591,206
Reckson Operating Partnership LP 7.75%, 3/15/20			4,000		4,521,060
Simon Property Group LP 5.75%, 5/1/12			550		557,378

					19,625,017

RETAIL – 1.5%
Controladora Comercial Mexicana S.A. de C.V., Series AI 7.00%, 6/30/18	MX		371		352,492
QVC, Inc. 7.13%, 4/15/17(3)			2,500		2,612,500
Wal-Mart Stores, Inc. 6.50%, 8/15/37			3,000		3,978,300

					6,943,292

TELECOMMUNICATIONS – 2.0%
American Tower Corp. 5.05%, 9/1/20			4,000		3,991,864
Frontier Communications Corp. 8.25%, 4/15/17			2,500		2,425,000
Nextel Communications, Inc. Series C 5.95%, 3/15/14			3,000		2,812,500

					9,229,364

Total Corporate Debt Obligations (Cost $184,653,025)					181,928,686


	Country Code*	Principal Amount (000)		Value
RESIDENTIAL NON-AGENCY MORTGAGE BACKED SECURITIES – 1.3%
JP Morgan Mortgage Trust, Series 2003-A1, Class 1A1 2.03%, 10/25/33(2)		$	798	$	765,098
JP Morgan Mortgage Trust, Series 2005-A3, Class 7CA1 2.66%, 6/25/35(2)			33		25,980
JP Morgan Mortgage Trust, Series 2005-A5, Class TA1 5.43%, 8/25/35(2)			471		437,015
Master Adjustable Rate Mortgage Trust, Series 2006-2, Class 3A1 2.80%, 1/25/36(2)			145		110,766
MLCC Mortgage Investors, Inc., Series 2006-2, Class 2A 2.17%, 5/25/36(2)			1,668		1,387,959
Residential Accredited Loans, Inc., Series 2005-QA7, Class A22 3.08%, 7/25/35(2)			741		551,169
Wamu Mortgage Pass Through Certificates, Series 2003-AR10, Class A7 2.53%, 10/25/33(2)			334		315,145
Wamu Mortgage Pass Through Certificates, Series 2004-AR14, Class A1 2.58%, 1/25/35(2)			1,068		982,069
Wamu Mortgage Pass Through Certificates, Series AR18, Class 3A2 5.49%, 1/25/36(2)			182		65,341
Wells Fargo Mortgage Backed Securities Trust, Series 2004-AA, Class A1 4.93%, 12/25/34(2)			538		488,528
Wells Fargo Mortgage Backed Securities Trust, Series 2004-K, Class 1A2 2.76%, 7/25/34(2)			777		775,400

Total Residential Non-Agency Mortgage Backed Securities (Cost $6,072,822)					5,904,470

U.S. GOVERNMENT GUARANTEED NOTES – 0.5%
FDIC Structured Sale Guaranteed Notes, Series 2010-S1, Class 1A 0.79%, 2/25/48(2)(3) (Cost $2,216,691)			2,216		2,219,281

SUN CAPITAL INVESTMENT GRADE BOND FUND^®

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code*	Principal Amount (000)		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS – 33.0%
Federal Home Loan Mortgage Corp.
2.35%, 8/1/32(2)		$	34	$	34,108
4.50%, 3/1/23			2,813		2,990,713
4.50%, TBA(4)			7,000		7,403,593
5.00%, 9/1/19			113		122,139
5.00%, 11/1/19			214		230,800
5.00%, 7/1/35			18,842		20,311,314
5.00%, TBA(4)			13,900		14,903,406
5.50%, 10/1/17			58		62,188
5.50%, 11/1/17			117		126,205
5.50%, 6/1/33			116		126,225
5.50%, 9/1/37			460		499,232
5.50%, 5/1/38			85		92,173
5.50%, 2/1/39			119		128,810
6.00%, 1/1/17			41		44,965
6.00%, 2/1/29			8		8,449
6.00%, 8/1/37			307		337,429
6.50%, 10/1/16			28		31,168
6.50%, 11/1/16			3		3,013
6.50%, 9/1/34			191		214,720
7.00%, 11/1/29			14		16,542
7.00%, 1/1/31			4		4,906
7.00%, 4/1/31			3		3,978
7.50%, 3/1/30			2		2,711
7.50%, 12/1/30			16		18,410
Federal National Mortgage Association
0.80%, 3/12/15			3,300		3,297,314
4.50%, 6/1/19			492		527,025
4.50%, 5/1/39			6,188		6,667,797
4.50%, TBA(4)			12,200		12,979,656
5.00%, 6/1/18			152		164,764
5.00%, 7/1/20			331		358,715
5.00%, 10/1/20			162		174,942
5.00%, 12/1/20			79		85,434
5.00%, 10/1/35			21		22,658
5.00%, 3/1/36			13,199		14,250,937
5.00%, 5/1/36			1,043		1,112,851
5.00%, 7/1/36			246		265,818
5.00%, 5/1/39			6,865		7,417,091
5.00%, 9/1/39			9,209		9,916,873
5.00%, TBA(4)			8,000		8,605,000
5.50%, 3/1/22			122		132,598
5.50%, 12/1/32			342		373,804
5.50%, 5/1/33(4)			22,540		24,637,094
5.50%, 6/1/35			548		597,936
5.50%, 8/1/35			328		357,796
5.50%, 6/1/37			808		879,462
5.50%, 11/1/38			4,254		4,628,386
6.00%, 12/1/13			1		1,298
6.00%, 11/1/16			9		9,494
6.00%, 12/1/36			313		344,804
6.00%, 11/1/37			214		235,021
6.00%, 10/1/38			146		160,784
6.00%, TBA(4)			300		329,062
8.00%, 8/1/30			3		3,074
Government National Mortgage Association
5.50%, 12/15/38			3,085		3,412,023
6.00%, 8/15/16			19		20,691


	Country Code*	Principal Amount (000)		Value
6.50%, 9/15/31		$	34	$	39,112
6.50%, 3/15/32			33		38,153
6.50%, 9/15/32			65		74,906
6.50%, 10/15/32			116		133,881
7.00%, 12/15/14			11		11,877
7.00%, 2/15/28			11		12,611
7.50%, 3/15/30			3		2,928

Total U.S. Government Agency Obligations (Cost $146,894,945)					150,000,867

U.S. TREASURY OBLIGATIONS – 15.7%
U.S. Treasury Bonds
4.25%, 11/15/40			1,000		1,264,531
4.38%, 2/15/38			2,250		2,874,375
4.38%, 5/15/41			2,870		3,707,696
4.75%, 2/15/41			4,850		6,627,069
5.38%, 2/15/31			2,630		3,699,671
U.S. Treasury Inflation Indexed Bonds
0.50%, 4/15/15			6,255		6,508,434
1.88%, 7/15/15			1,161		1,275,700
2.00%, 1/15/14			6,419		6,814,129
U.S. Treasury Notes
1.00%, 8/31/16			4,960		4,972,400
1.50%, 6/30/16			3,200		3,288,256
2.13%, 8/15/21			6,000		6,105,960
2.38%, 3/31/16			5,000		5,340,235
2.38%, 5/31/18			7,472		7,953,358
3.50%, 5/15/20			4,480		5,130,630
4.25%, 11/15/14			5,000		5,584,765

Total U.S. Treasury Obligations (Cost $66,925,964)					71,147,209

SHORT TERM INVESTMENTS – 17.1%
COMMERCIAL PAPER(5) – 13.1%
Barclays U.S. Funding LLC 0.08%, 10/11/11			2,500		2,499,944
BHP Billiton Finance USA Ltd. 0.10%, 10/7/11(3)	AU		5,000		4,999,917
Chevron Corp. 0.06%, 10/3/11			4,000		3,999,987
Cisco Systems, Inc 0.08%, 10/11/11(3)			5,000		4,999,889
Citigroup Funding, Inc. 0.22%, 10/3/11			3,000		2,999,963
Coca-Cola Co. 0.09%, 11/14/11(3)			500		499,945
E.I. du Pont de Nemours & Co. 0.11%, 11/7/11(3)			2,500		2,499,717
FCAR Owner Trust 0.18%, 10/4/11			1,760		1,759,974
Hewlett-Packard Co. 0.13%, 10/3/11(3)			5,000		4,999,964
HSBC Finance Corp. 0.30%, 10/25/11			2,000		1,999,600
International Business Machines Corp. 0.05%, 10/19/11(3)			3,250		3,249,919

SUN CAPITAL INVESTMENT GRADE BOND FUND^®

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code*	Principal Amount (000)		Value
Nestle Capital Corp. 0.11%, 11/4/11(3)		$	875	$	874,909
Nestle Finance International Ltd. 0.13%, 11/21/11	LU		3,000		2,999,448
PepsiCo, Inc. 0.08%, 12/5/11(3)			1,000		999,791
Philip Morris International, Inc.
0.05%, 10/4/11(3)			2,000		1,999,992
0.08%, 10/3/11(3)			2,000		1,999,991
The Procter & Gamble Co. 0.10%, 10/14/11(3)			2,600		2,599,906
Thunder Bay Funding LLC 0.20%, 11/21/11(3)			5,000		4,998,583
Toyota Motor Credit Corp. 0.13%, 10/18/11			5,000		4,999,693
Wal-Mart Stores, Inc. 0.07%, 10/25/11(3)			3,400		3,399,841

Total Commercial Paper (Cost $59,381,038)					59,380,973

FOREIGN GOVERNMENT OBLIGATIONS(5) – 0.4%
Province of Quebec 0.10%, 11/28/11(3) (Amortized cost $1,999,678)	CA		2,000		1,999,678

FOREIGN GOVERNMENT SPONSORED COMMERCIAL PAPER(5) – 1.3%
European Investment Bank SNAT 0.13%, 10/12/11			2,000		1,999,921
Kreditanstalt fuer Wiederaufbau
0.11%, 10/13/11(3)	DE		1,325		1,324,951
0.17%, 10/17/11(3)	DE		2,500		2,499,811

Total Foreign Government Sponsored Commercial Paper (Amortized cost $5,824,683)					5,824,683


		Shares
MUTUAL FUNDS – 2.3%
Federated Prime Obligation Fund			5,107,196		5,107,196
State Street Institutional Liquid Reserves Fund			5,619,453		5,619,453

Total Mutual Funds (Cost $10,726,649)					10,726,649

Total Short Term Investments (Cost $77,932,048)					77,931,983

TOTAL INVESTMENTS – 114.1% (Cost $514,083,502)					518,578,772
Liabilities in excess of other assets – (14.1)%					(64,270,340	)

NET ASSETS – 100.0%				$	454,308,432

FDIC	Federal Deposit Insurance Corporation

SNAT	Supranational

TBA

To Be Announced. Securities are purchased on a forward commitment basis with an approximate principal amount and no definite maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. At the period end, total market value of the TBA securities amounts to $44,220,717 which represents approximately 9.7% of net assets.

Australia

Canada

Germany

GB	Great Britain

KR	Korea, Republic of

KY	Cayman Islands

LU	Luxembourg

Mexico

NL	Netherlands

Sweden

VG	British Virgin Islands

+	Amount is less than 0.05%.

*	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.

(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 $116,748,561, representing 25.7% 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.

SUN CAPITAL INVESTMENT GRADE BOND FUND^®

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*

(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	$	—	$	338,665	$	—	*	$	338,665
Collateralized Mortgage Obligations		—		626,569		—			626,569
Commercial Mortgage Backed Securities		—		28,481,042		—			28,481,042
Corporate Debt Obligations (a)		—		181,928,686		—			181,928,686
Residential Non-Agency Mortgage Backed Securities		—		5,904,470		—			5,904,470
U.S. Government Guaranteed Notes		—		2,219,281		—			2,219,281
U.S. Government Agency Obligations		—		150,000,867		—			150,000,867
U.S. Treasury Obligations		71,147,209		—		—			71,147,209
Short Term Investments
Commercial Paper		—		59,380,973		—			59,380,973
Foreign Government Obligations		—		1,999,678		—			1,999,678
Foreign Government Sponsored Commercial Paper		—		5,824,683		—			5,824,683
Mutual Funds		10,726,649		—		—			10,726,649

Total Short Term Investments		10,726,649		67,205,334		—			77,931,983

Total Investments	$	81,873,858	$	436,704,914	$	—	*	$	518,578,772

†	See Note 2b in the Notes to Portfolios of Investments 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 September 30, 2011.

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

SUN CAPITAL MONEY MARKET FUND^®

PORTFOLIO OF INVESTMENTS


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code*	Principal Amount (000)		Value
COMMERCIAL PAPER(1) – 61.3%
Bank of Montreal 0.10%, 10/6/11	CA	$	2,500	$	2,499,965
Barclays U.S. Funding LLC
0.14%, 10/24/11			1,000		999,911
0.15%, 10/4/11			2,000		1,999,975
0.21%, 10/26/11			1,000		999,854
0.28%, 11/14/11			1,000		999,658
BHP Billiton Finance USA Ltd.
0.12%, 10/3/11(2)	AU		2,000		1,999,987
0.13%, 11/15/11(2)	AU		2,000		1,999,675
0.15%, 10/28/11(2)	AU		3,000		2,999,662
Chevron Corp.
0.02%, 10/20/11			2,000		1,999,979
0.06%, 10/3/11			5,000		4,999,983
Cisco Systems, Inc 0.08%, 10/11/11(2)			7,000		6,999,844
Citigroup Funding, Inc.
0.20%, 10/3/11			1,000		999,989
0.20%, 10/14/11			2,000		1,999,856
0.22%, 10/3/11			2,000		1,999,976
Coca-Cola Co.
0.09%, 11/4/11(2)			1,000		999,915
0.10%, 10/17/11(2)			1,100		1,099,951
0.15%, 1/5/12(2)			1,000		999,600
0.17%, 10/4/11(2)			2,500		2,499,965
0.18%, 2/1/12(2)			1,400		1,399,139
E. I. du Pont de Nemours and Co.
0.08%, 10/12/11(2)			5,000		4,999,878
0.10%, 11/9/11(2)			2,000		1,999,783
FCAR Owner Trust
0.19%, 10/5/11			2,000		1,999,958
0.20%, 10/7/11			1,200		1,199,960
0.27%, 10/4/11			500		499,989
0.38%, 11/7/11			1,000		999,609
0.42%, 12/15/11			300		299,738
General Electric Capital Corp. 0.09%, 10/12/11			3,000		2,999,917
Hewlett-Packard Co.
0.13%, 10/3/11(2)			800		799,994
0.15%, 10/17/11(2)			1,200		1,199,920
HSBC Finance Corp. 0.30%, 10/25/11			5,000		4,999,000
International Business Machines Corp. 0.05%, 10/19/11(2)			7,000		6,999,825
JP Morgan Chase & Co.
0.03%, 10/3/11			3,000		2,999,995
0.05%, 11/21/11			1,000		999,929
Nestle Capital Corp.
0.07%, 10/11/11(2)			1,000		999,981
0.08%, 12/21/11(2)			1,600		1,599,712
0.10%, 12/12/11(2)			2,100		2,099,580
0.17%, 10/14/11(2)			450		449,972
Nestle Finance International Ltd.
0.10%, 10/20/11	LU		400		399,979


	Country Code*	Principal Amount (000)		Value
0.12%, 10/17/11	LU	$	600	$	599,968
0.12%, 10/24/11	LU		850		849,935
PepsiCo, Inc.
0.07%, 10/24/11(2)			1,000		999,955
0.08%, 12/5/11(2)			500		499,928
0.09%, 11/17/11(2)			2,650		2,649,689
0.10%, 10/17/11(2)			1,500		1,499,933
0.10%, 11/7/11(2)			1,350		1,349,861
Pfizer, Inc. 0.04%, 10/4/11(2)			5,000		4,999,983
Philip Morris International, Inc.
0.08%, 10/3/11(2)			3,000		2,999,987
0.08%, 11/1/11(2)			2,000		1,999,862
Procter & Gamble International Funding SCA 0.06%, 10/17/11(2)	LU		690		689,982
Rabobank USA Financial Corp.
0.12%, 10/11/11			1,250		1,249,958
0.15%, 10/14/11			3,210		3,209,826
The Goldman Sachs Group, Inc. 0.55%, 3/13/12			1,800		1,795,490
The Proctor & Gamble Co.
0.10%, 10/4/11(2)			4,810		4,809,960
0.10%, 10/19/11(2)			1,500		1,499,925
Thunder Bay Funding LLC 0.20%, 11/21/11(2)			5,000		4,998,583
Toyota Motor Credit Corp. 0.13%, 10/18/11			5,000		4,999,693
UBS Finance Delaware LLC
0.14%, 10/27/11			2,000		1,999,798
0.21%, 10/24/11			2,800		2,799,624
0.24%, 10/17/11			190		189,980
United Parcel Service, Inc.
0.02%, 11/1/11(2)			5,500		5,499,929
0.03%, 10/13/11(2)			1,500		1,499,988
Wal-Mart Stores, Inc.
0.06%, 10/11/11(2)			4,000		3,999,933
0.06%, 10/12/11(2)			2,000		1,999,963
0.08%, 10/12/11(2)			500		499,988
0.08%, 11/7/11(2)			500		499,959

Total Commercial Paper (Amortized cost $139,735,283)					139,735,283

CORPORATE DEBT OBLIGATIONS – 2.6%
BANKS – 1.2%
Morgan Stanley 0.50%, 1/9/12(3)			2,700		2,700,009
FINANCIALS – 1.4%
The Goldman Sachs Group, Inc. 0.45%, 2/6/12(3)			3,200		3,200,465

Total Corporate Debt Obligations (Amortized cost $5,900,474)					5,900,474

SUN CAPITAL MONEY MARKET FUND^®

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code*	Principal Amount (000)		Value
FOREIGN GOVERNMENT OBLIGATIONS(1) – 12.8%
Canadian Wheat Board
0.02%, 10/24/11	CA	$	2,000	$	1,999,974
0.03%, 10/3/11	CA		1,500		1,499,998
0.03%, 11/17/11	CA		2,500		2,499,902
Export Development Canada 0.03%, 11/15/11	CA		7,000		6,999,738
Government of Canada
0.01%, 11/3/11	CA		3,250		3,249,970
0.05%, 11/4/11	CA		1,000		999,953
0.06%, 12/12/11	CA		2,000		1,999,760
Province of British Columbia 0.08%, 1/4/12	CA		5,000		4,998,944
Province of Quebec
0.10%, 11/28/11(2)	CA		3,000		2,999,517
0.22%, 10/11/11(2)	CA		2,000		1,999,878

Total Foreign Government Obligations (Amortized cost $29,247,634)					29,247,634

FOREIGN GOVERNMENT SPONSORED COMMERCIAL PAPER(1) – 3.6%
European Investment Bank SNAT
0.13%, 10/12/11			1,200		1,199,952
0.16%, 10/11/11			2,000		1,999,911
Kreditanstalt fuer Wiederaufbau
0.11%, 10/11/11(2)	DE		2,375		2,374,928
0.11%, 10/13/11(2)	DE		1,625		1,624,940
0.17%, 10/17/11(2)	DE		1,000		999,925

Total Foreign Government Sponsored Commercial Paper (Amortized cost $8,199,656)					8,199,656

U.S. GOVERNMENT AGENCY OBLIGATIONS(1) – 2.7%
Federal Home Loan Mortgage Corp. Discount Notes
0.01%, 11/15/11			500		499,994
0.02%, 11/7/11			600		599,988
Federal National Mortgage Association Discount Notes
0.02%, 11/2/11			1,945		1,944,965
0.02%, 11/7/11			3,000		2,999,938

Total U.S. Government Agency Obligations (Amortized cost $6,044,885)					6,044,885

U.S. TREASURY OBLIGATIONS(1) – 9.1%
U.S. Treasury Bills
0.01%, 11/17/11			2,850		2,849,968
0.01%, 12/1/11			8,900		8,899,795
0.01%, 12/29/11			9,000		8,999,778

Total U.S. Treasury Obligations (Amortized cost $20,749,541)					20,749,541


		Shares
MUTUAL FUNDS – 7.9%
Federated Prime Obligation Fund			9,041,634		9,041,634


	Country Code*	Shares		Value
State Street Institutional Liquid Reserves Fund			9,020,861	$	9,020,861

Total Mutual Funds (Cost $18,062,495)					18,062,495

TOTAL INVESTMENTS – 100.0% (Cost $227,939,968)					227,939,968
Liabilities in excess of other assets – 0.0%+					(107,923	)

NET ASSETS – 100.0%				$	227,832,045

SNAT	Supranational

Australia

Canada

Germany

LU	Luxembourg

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

+	Amount is less than 0.05%.

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

(2)	Security exempt from registration under Section 4(2) of the Securities Act of 1933. These securities may be resold in transactions exempt from registration. At the period end, the value of these securities amounted to $95,142,979, representing 41.8% of net assets.

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

SUN CAPITAL MONEY MARKET FUND^®

PORTFOLIO OF INVESTMENTS (Continued)


*September 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
Commercial Paper	$	—	$	139,735,283	$	—	$	139,735,283
Corporate Debt Obligations (a)		—		5,900,474		—		5,900,474
Foreign Government Obligations		—		29,247,634		—		29,247,634
Foreign Government Sponsored Commercial Paper		—		8,199,656		—		8,199,656
U.S. Government Agency Obligations		—		6,044,885		—		6,044,885
U.S. Treasury Obligations		—		20,749,541		—		20,749,541
Mutual Funds		18,062,495		—		—		18,062,495

Total Investments	$	18,062,495	$	209,877,473	$	—	$	227,939,968

†	See Note 2b in the Notes to Portfolios of Investments for additional information.

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

SC^SM BLACKROCK INFLATION PROTECTED BOND FUND

PORTFOLIO OF INVESTMENTS


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code*	Principal Amount (000)		Value
FOREIGN GOVERNMENT OBLIGATIONS – 11.3%
Deutsche Bundesrepublik Inflation Linked Bond 1.50%, 4/15/16	DE	$	28,418	$	41,252,147
France Government Inflation Linked Bond 1.60%, 7/25/15	FR		10,948		15,561,657
Hellenic Republic Government Inflation Linked Bond 2.30%, 7/25/30	GR		766		303,632
Italy Buoni Poliennali Del Tesoro Inflation Linked Bond 2.10%, 9/15/21	IT		1,779		1,932,769

Total Foreign Government Obligations (Cost $59,951,259)					59,050,205

U.S. GOVERNMENT AGENCY OBLIGATIONS – 24.2%
Federal Home Loan Mortgage Corp.
4.00%, 11/1/39			2,992		3,137,714
4.00%, 1/1/41			28,750		30,139,065
4.00%, 9/1/41			8,300		8,698,573
Federal National Mortgage Association 4.50%, 8/1/41			39,573		42,035,578
Government National Mortgage Association 4.00%, 7/15/41			39,216		42,013,206

Total U.S. Government Agency Obligations (Cost $126,902,927)					126,024,136

U.S. TREASURY OBLIGATIONS – 50.3%
U.S. Treasury Inflation Indexed Bonds
0.13%, 4/15/16			13,000		13,431,704
0.50%, 4/15/15			15,595		16,227,154
0.63%, 7/15/21			1,864		1,945,224
1.13%, 1/15/21			862		941,228
1.25%, 4/15/14			2,172		2,276,037
1.38%, 7/15/18			1,896		2,101,278
1.38%, 1/15/20			5,696		6,340,303
1.63%, 1/15/15			1,221		1,313,911
1.75%, 1/15/28			12,940		14,990,697
1.88%, 7/15/13			16,928		17,718,661
1.88%, 7/15/15(1)			9,475		10,407,289
1.88%, 7/15/19			744		856,144
2.00%, 4/15/12			5,495		5,545,531
2.00%, 1/15/14			1,088		1,155,157
2.00%, 7/15/14			7,649		8,229,386
2.00%, 1/15/16			2,479		2,755,272
2.00%, 1/15/26			1,726		2,049,791
2.13%, 2/15/40			17,426		22,110,559
2.13%, 2/15/41			16,458		21,017,707
2.38%, 1/15/17			21,577		24,812,023
2.38%, 1/15/25(1)			30,460		37,625,834
2.38%, 1/15/27			7,581		9,478,879
2.50%, 1/15/29			4,157		5,337,387


	Country Code*	Principal Amount (000)		Value
3.00%, 7/15/12		$	2,054	$	2,112,123
3.38%, 1/15/12			611		615,809
3.38%, 4/15/32			1,064		1,569,274
3.63%, 4/15/28(2)			6,832		9,825,834
3.88%, 4/15/29			12,616		18,981,430

Total U.S. Treasury Obligations (Cost $247,403,969)					261,771,626


		Notional Amount (000)
SWAPTIONS PURCHASED – 0.1%
CALL SWAPTIONS – 0.1%
OTC – 10 Year Interest Rate Swap, exercise rate 4.31%, expires 1/14/13			1,100		186,514

PUT SWAPTIONS – 0.0%+
OTC – 10 Year Interest Rate Swap, exercise rate 3.90%, expires 9/9/13			5,300		101,046
OTC – 10 Year Interest Rate Swap, exercise rate 4.31%, expires 1/14/13			1,100		7,087

					108,133

Total Swaptions Purchased (Cost $239,880)					294,647


		Shares
SHORT TERM INVESTMENTS – 14.3%
MUTUAL FUNDS – 14.3%
BlackRock Liquidity Funds TempFund			37,078,881		37,078,881
State Street Institutional U.S. Government Money Market Fund			37,078,881		37,078,881

Total Short Term Investments (Cost $74,157,762)					74,157,762

TOTAL INVESTMENTS – 100.2% (Cost $508,655,797)					521,298,376
Liabilities in excess of other assets – (0.2)%					(1,214,696	)

NET ASSETS – 100.0%				$	520,083,680

OTC	Over the Counter

Germany

France

Greece

Italy

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

SC^SM BLACKROCK INFLATION PROTECTED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*

+	Amount is less than 0.05%.

(1)	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 $1,696,832.

SC^SM BLACKROCK INFLATION PROTECTED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*

(2)	At the period end, securities (or portions thereof) with an aggregate market value of $1,004,481 and cash of $1,778,000 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	90-Day Australia Bank Bill December Futures		12/8/11		121		115,926,630		115,866,072		60,558
Short	90-Day Canada Bankers Acceptance March Futures		3/19/12		223		52,615,934		52,722,827		(106,893	)
Short	German Euro-Bobl December Futures		12/8/11		323		53,333,800		52,850,438		483,362
Short	German Euro-Bund December Futures		12/8/11		37		6,811,421		6,765,911		45,510
Long	U.S. Treasury 10 Year Note December Futures		12/20/11		513		66,516,525		66,738,094		221,569
Short	U.S. Treasury 2 Year Note December Futures		12/30/11		315		69,418,480		69,363,985		54,495
Short	U.S. Treasury 30 Year Bond December Futures		12/20/11		237		32,196,190		33,802,125		(1,605,935	)
Long	U.S. Treasury 5 Year Note December Futures		12/30/11		38		4,651,003		4,654,406		3,403
Short	Ultra Long U.S. Treasury Bond December Futures		12/20/11		149		22,583,834		23,635,125		(1,051,291	)

Net unrealized depreciation											(1,895,222	)

(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) ($)

Deutsche Bank AG (London)

EUR

1,780,000

USD

2,552,048

10/26/11

167,711

Royal Bank of Scotland PLC

EUR

42,540,000

USD

57,439,082

10/26/11

456,087

Royal Bank of Scotland PLC

USD

527,796

EUR

370,000

10/26/11

(32,175

)

Royal Bank of Scotland PLC

USD

576,576

EUR

400,000

10/26/11

(40,770

)

UBS AG

EUR

280,000

USD

403,932

10/26/11

28,868

Net unrealized appreciation

579,721

EUR

- Euro

USD	- United States Dollar

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

Options on Exchange-Traded Futures Contracts

Type

Desctiption

Expiration
Date

Strike
Price ($)

Number of
Contracts

Value ($)

Put

U.S Treasury 30 Year Bond November Futures

11/25/11

133.00

43,344

Written option contracts (Premium received, $211,974)

43,344

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

1,111,290

SC^SM BLACKROCK INFLATION PROTECTED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*

(Continued)

Type

Description

Counterparty

Pay/Receive
Floating
Rate

Floating Rate

Exercise
Rate

Expiration
Date

Notional
Amount
(000) ($)

Value ($)

Put

OTC – 10 Year
Interest Rate Swap

Barclays Bank PLC*

Pay

3-Month
USD-LIBOR

4.13

12/16/11

6,200

233

Call

OTC – 10 Year
Interest Rate Swap

Citibank NA

Receive

3-Month
USD-LIBOR

2.15

9/9/13

5,300

153,274

Call

OTC – 10 Year
Interest Rate Swap

Citibank NA

Receive

3-Month
USD-LIBOR

3.91

3/19/12

8,000

1,223,841

Put

OTC – 10 Year
Interest Rate Swap

Citibank NA

Pay

3-Month
USD-LIBOR

3.91

3/19/12

8,000

10,096

Put

OTC – 5 Year
Interest Rate Swap

Deutsche Bank AG**

Pay

3-Month
USD-LIBOR

1.45

11/14/11

5,600

15,761

Put

OTC – 5 Year
Interest Rate Swap

Deutsche Bank AG**

Pay

3-Month
USD-LIBOR

1.45

11/14/11

3,500

9,851

Call

OTC – 10 Year
Interest Rate Swap

Deutsche Bank AG**

Receive

3-Month
USD-LIBOR

3.99

12/19/11

5,500

914,996

Put

OTC – 10 Year
Interest Rate Swap

Deutsche Bank AG**

Pay

3-Month
USD-LIBOR

3.99

12/19/11

5,500

408

Call

OTC – 10 Year
Interest Rate Swap

Deutsche Bank AG**

Receive

3-Month
USD-LIBOR

4.01

2/2/12

6,400

1,054,062

Put

OTC – 10 Year
Interest Rate Swap

Deutsche Bank AG**

Pay

3-Month
USD-LIBOR

4.01

2/2/12

6,400

2,625

Call

OTC – 10 Year
Interest Rate Swap

Deutsche Bank AG**

Receive

3-Month
USD-LIBOR

4.13

12/16/11

4,000

716,961

Put

OTC – 10 Year
Interest Rate Swap

Deutsche Bank AG**

Pay

3-Month
USD-LIBOR

4.13

12/16/11

4,000

150

Written swaptions (Premium received, $2,527,916)

74,600

5,213,548

LIBOR

- London Interbank Offered Rate

OTC	- Over the Counter

USD	- United States Dollar

(5)	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		467,139			467,139
Citibank NA	Pay	3-Month USD-LIBOR		2.71	%		8/8/21		9,500		531,637			531,637
Citibank NA	Receive	3-Month USD-LIBOR		0.64	%		6/21/13		28,000		(39,433	)		(39,433	)
Deutsche Bank AG**	Pay	3-Month USD-LIBOR		1.16	%		9/23/16		1,300		(5,751	)		(5,751	)
Deutsche Bank AG**	Pay	CPURNSA Index		2.47	%		10/25/20		2,500		46,748			46,748
Deutsche Bank AG**	Pay	3-Month USD-LIBOR		3.26	%		5/9/21		3,500		372,247			372,247
Deutsche Bank AG**	Pay	CPURNSA Index		2.67	%		6/23/21		4,910		240,160			240,160
Deutsche Bank AG**	Pay	3-Month USD-LIBOR		2.17	%		9/13/21		7,000		42,918			42,918
Deutsche Bank AG**	Pay	3-Month USD-LIBOR		2.08	%		9/28/21		3,200		(8,180	)		(8,180	)
Deutsche Bank AG**	Receive	CPURNSA Index		1.84	%		10/25/15		4,700		43,029			43,029

SC^SM BLACKROCK INFLATION PROTECTED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*

(Continued)

Counterparty

Pay/Receive
Floating
Rate

Floating Rate
Index

Fixed
Rate

Expiration
Date

Notional
Amount
(000) ($)

Market
Value ($)

Unrealized
Appreciation /
(Depreciation) ($)

Deutsche Bank AG**

Receive

3-Month
USD-LIBOR

1.19

9/28/16

800

2,756

Total

69,410

1,693,270

Total Return Swap Contracts

Pay/Receive

Total Return

on Reference

Entity

Counterparty

Reference
Entity

Number of
Shares or
Units

Floating
Rate

Notional
Amount
(000) ($)

Maturity
Date

Market
Value ($)

Unrealized
Depreciation ($)

Receive

Barclays Bank
PLC*

Barclays Capital
Inflation
Linked Index

726,158

1-Month
USD-LIBOR

197,914

10/26/11

196,532,411

(1,381,589

)

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, cash of $700,000 has been pledged as collateral for these open swaps and written swaption contracts.

SC^SM BLACKROCK INFLATION PROTECTED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*

(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
Foreign Government Obligations	$	—		$	59,050,205		$	—	$	59,050,205
U.S. Government Agency Obligations		—			126,024,136			—		126,024,136
U.S. Treasury Obligations		261,771,626			—			—		261,771,626
Swaptions Purchased (a)		—			294,647			—		294,647
Short Term Investments
Mututal Funds		74,157,762			—			—		74,157,762

Total Investments		335,929,388			185,368,988			—		521,298,376

Financial Derivative Instruments
Futures Contracts		279,467			589,430			—		868,897
Forward Foreign Currency Exchange Contracts		—			652,666			—		652,666
Swap Contracts (a)		—			1,746,634			—		1,746,634

Total Financial Derivative Instruments	$	279,467		$	2,988,730		$	—	$	3,268,197


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
Futures Contracts	$	(2,764,119	)	$	—		$	—	$	(2,764,119	)
Forward Foreign Currency Exchange Contracts		—			(72,945	)		—		(72,945	)
Written Option Contracts		(43,344	)		—			—		(43,344	)
Written Swaption Contracts		—			(5,213,548	)		—		(5,213,548	)
Swap Contracts (a)		—			(1,434,953	)		—		(1,434,953	)

Total Financial Derivative Instruments	$	(2,807,463	)	$	(6,721,446	)	$	—	$	(9,528,909	)

†	See Note 2b in the Notes to Portfolios of Investments for additional information.

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

SC^SMGOLDMAN SACHS SHORT DURATION FUND

PORTFOLIO OF INVESTMENTS


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Principal Amount (000)		Value
ASSET BACKED SECURITIES – 6.9%
Access Group, Inc., Series 2003-1, Class A2 0.62%, 12/27/16(1)		$	4,232	$	4,210,433
Ally Master Owner Trust, Series 2011-3, Class A2 1.81%, 5/15/16			8,300		8,370,917
Bank of America Auto Trust, Series 2009-2A, Class A3 2.13%, 9/15/13(2)			2,624		2,635,013
Bank of America Auto Trust, Series 2009-3A, Class A3 1.67%, 12/15/13(2)			4,752		4,771,094
Brazos Higher Education Authority, Series 2004-I, Class A2 0.52%, 6/27/22(1)			4,328		4,294,657
Brazos Higher Education Authority, Series 2005-1, Class 1A2 0.44%, 12/26/18(1)			3,193		3,168,453
Brazos Higher Education Authority, Series 2005-2, Class A10 0.48%, 12/26/19(1)			7,500		7,320,917
Brazos Higher Education Authority, Series 2005-2, Class A9 0.46%, 12/26/17(1)			3,474		3,455,459
Brazos Higher Education Authority, Series 2011-2, Class A2 1.10%, 7/25/29(1)			6,100		6,025,506
College Loan Corporation Trust, Series 2004-1, Class A3 0.41%, 4/25/21(1)			3,269		3,262,946
College Loan Corporation Trust, Series 2005-2, Class A2 0.36%, 10/15/21(1)			1,264		1,258,876
Ford Credit Auto Owner Trust, Series 2009-E, Class A3 1.51%, 1/15/14			5,040		5,060,808
Nelnet Student Loan Corp., Series 2004-2A, Class A3 0.41%, 11/25/15(1)			168		167,728
Northstar Education Finance, Inc., Series 2004-1, Class A3 0.42%, 4/28/17(1)			1,250		1,248,800


	Country Code**	Principal Amount (000)		Value
Northstar Education Finance, Inc., Series 2004-2, Class A1 0.37%, 4/28/16(1)		$	3,061	$	2,973,177
SLM Student Loan Trust, Series 2003-11, Class A4 0.54%, 6/15/20(1)			4,415		4,398,561
SLM Student Loan Trust, Series 2004-2, Class A4 0.38%, 10/25/19(1)			2,830		2,813,918
SLM Student Loan Trust, Series 2007-1, Class A3 0.28%, 7/25/18(1)			5,192		5,175,969
SLM Student Loan Trust, Series 2007-7, Class A2 0.45%, 1/25/16(1)			2,351		2,342,146
Student Loan Consolidation Center, Series 2011-1, Class A 1.45%, 10/25/27(1)(2)			1,903		1,895,431
World Financial Network Credit Card Master Trust, Series 2009-B, Class A 3.79%, 5/15/16			4,500		4,596,853

Total Asset Backed Securities (Cost $79,232,816)					79,447,662

COLLATERALIZED MORTGAGE OBLIGATIONS – 3.5%
Federal National Mortgage Association, Series 2009-70, Class AL 5.00%, 8/25/19			10,662		11,517,255
FHLMC Multifamily Structured Pass Through Trust, Series K011, Class A2 4.08%, 11/25/20(1)			12,000		13,008,563
FHLMC Multifamily Structured Pass Through Trust, Series K703, Class A2 2.70%, 5/25/18			15,400		15,455,441

Total Collateralized Mortgage Obligations (Cost $38,874,732)					39,981,259

CONVERTIBLE BONDS – 0.4%
OIL & GAS – EXPLORATION & PRODUCTION – 0.4%
Transocean, Inc., Series B 1.50%, 12/15/37 (Cost $4,340,185)	KY		4,450		4,388,813

CORPORATE DEBT OBLIGATIONS – 51.1%
AUTO PARTS – 0.4%
Johnson Controls, Inc. 1.75%, 3/1/14			4,825		4,862,731

SC^SMGOLDMAN SACHS SHORT DURATION FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Principal Amount (000)		Value
BANKS – 16.6%
Achmea Hypotheekbank NV 3.20%, 11/3/14(2)	NL	$	3,700	$	3,911,629
Banco Santander Chile 2.88%, 11/13/12(2)	CL		6,400		6,390,976
Bank of America Corp. 1.67%, 1/30/14(1)			725		656,658
Bank of Nova Scotia 2.15%, 8/3/16(2)	CA		6,600		6,713,038
Canadian Imperial Bank of Commerce 2.75%, 1/27/16(2)	CA		2,600		2,723,159
Capital One Financial Corp.
2.13%, 7/15/14			2,800		2,772,098
7.38%, 5/23/14			3,522		3,934,039
Cie de Financement Foncier 2.13%, 4/22/13(2)	FR		2,300		2,304,059
Citigroup, Inc.
5.50%, 10/15/14			6,625		6,883,044
6.38%, 8/12/14			1,875		1,985,098
Commonwealth Bank of Australia 2.40%, 1/12/12(2)	AU		4,600		4,624,776
Credit Suisse New York 1.21%, 1/14/14(1)	CH		8,100		7,947,445
DnB NOR Boligkreditt
2.10%, 10/14/15(2)	NO		8,100		8,197,508
2.90%, 3/29/16(2)	NO		7,600		7,876,009
ING Bank NV
1.74%, 6/9/14(1)(2)	NL		3,525		3,464,997
2.50%, 1/14/16(2)	NL		5,500		5,511,440
3.90%, 3/19/14(2)	NL		2,700		2,891,767
Intesa Sanpaolo New York 2.38%, 12/21/12	IT		4,800		4,664,424
JPMorgan Chase & Co. 1.05%, 1/24/14(1)			16,300		16,119,314
Lloyds TSB Bank PLC 4.38%, 1/12/15(2)	GB		1,625		1,589,915
Morgan Stanley
3.80%, 4/29/16			1,950		1,797,764
4.10%, 1/26/15			7,000		6,674,640
Nordea Eiendomskreditt AS 1.88%, 4/7/14(2)	NO		6,700		6,785,653
Royal Bank of Scotland PLC
1.50%, 3/30/12(2)	GB		9,400		9,448,701
2.63%, 5/11/12(2)	GB		4,800		4,860,994
Royal Bank of Scotland PLC, Series 2 3.40%, 8/23/13	GB		2,725		2,712,438
Sparebank 1 Boligkreditt
1.25%, 10/25/13(2)	NO		8,300		8,336,354
2.63%, 5/27/16(2)	NO		9,100		9,290,763
Stadshypotek AB 1.45%, 9/30/13(2)	SE		7,500		7,544,940
Standard Chartered PLC 3.85%, 4/27/15(2)	GB		3,150		3,226,838
Swedbank Hypotek AB 0.81%, 3/28/14(1)(2)	SE		1,600		1,602,037
The Toronto-Dominion Bank
0.88%, 9/12/14(2)	CA		5,000		4,981,355


	Country Code**	Principal Amount (000)		Value
1.63%, 9/14/16(2)	CA	$	6,700	$	6,676,885
UBS AG 2.25%, 8/12/13	CH		4,925		4,836,695
Wachovia Corp. 5.50%, 5/1/13			10,550		11,210,989
Wells Fargo & Co. 4.38%, 1/31/13			1,000		1,037,617

					192,186,056

BIOTECHNOLOGY – 0.2%
Life Technologies Corp. 4.40%, 3/1/15			2,275		2,384,998

CABLE – 0.3%
Time Warner Cable, Inc. 6.20%, 7/1/13			3,350		3,618,915

COMPUTER & PERIPHERALS – 0.6%
Dell, Inc. 1.40%, 9/10/13			3,050		3,067,190
Hewlett-Packard Co. 6.13%, 3/1/14			3,250		3,552,975

					6,620,165

ELECTRIC UTILITIES – 2.0%
Arizona Public Service Co. 6.50%, 3/1/12			2,725		2,780,786
Commonwealth Edison Co. 1.63%, 1/15/14			4,800		4,832,928
Dominion Resources, Inc. 1.80%, 3/15/14			3,100		3,128,343
DTE Energy Co. 7.63%, 5/15/14			3,400		3,887,088
Enel Finance International SA 5.70%, 1/15/13(2)	LU		2,842		2,906,616
Georgia Power Co. 1.30%, 9/15/13			1,650		1,660,971
Wisconsin Electric Power Co. 6.00%, 4/1/14			3,875		4,338,070

					23,534,802

ELECTRONICS – 0.4%
Thermo Fisher Scientific, Inc. 2.05%, 2/21/14			4,875		5,012,626

ENVIRONMENTAL SERVICES – 0.4%
Waste Management, Inc.
5.00%, 3/15/14			1,825		1,982,959
6.38%, 11/15/12			2,275		2,409,225

					4,392,184

FINANCIALS – 1.8%
American Express Credit Corp. 2.75%, 9/15/15			5,200		5,225,522
Caisse centrale Desjardins du Quebec 2.55%, 3/24/16(2)	CA		2,500		2,595,040

SC^SMGOLDMAN SACHS SHORT DURATION FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Principal Amount (000)		Value
General Electric Capital Corp. 6.00%, 6/15/12		$	1,000	$	1,037,064
HSBC Finance Corp. 0.52%, 4/24/12(1)			3,400		3,381,001
John Deere Capital Corp. 5.25%, 10/1/12			525		548,605
LeasePlan Corp. NV 3.00%, 5/7/12(2)	NL		3,900		3,953,605
Merrill Lynch & Co., Inc. 5.45%, 7/15/14			4,625		4,525,983

					21,266,820

FOOD, BEVERAGES & RESTAURANTS – 2.1%
Anheuser-Busch InBev NV 4.70%, 4/15/12			1,725		1,760,754
Anheuser-Busch InBev Worldwide, Inc.
2.50%, 3/26/13			3,075		3,141,725
3.00%, 10/15/12			1,725		1,760,830
5.38%, 11/15/14			1,325		1,480,560
General Mills, Inc.
5.25%, 8/15/13			2,125		2,291,334
6.00%, 2/15/12			2,850		2,903,589
Kellogg Co.
4.25%, 3/6/13			998		1,043,106
5.13%, 12/3/12			2,050		2,148,117
Kraft Foods, Inc. 2.63%, 5/8/13			4,950		5,052,643
Pepsico, Inc. 4.65%, 2/15/13			1,000		1,054,334
The Kroger Co. 6.75%, 4/15/12			1,200		1,237,154

					23,874,146

HEALTH CARE – PRODUCTS – 1.3%
Covidien International Finance SA 1.88%, 6/15/13	LU		5,375		5,450,702
Dentsply International, Inc. 1.80%, 8/15/13(1)			4,275		4,286,303
St. Jude Medical, Inc. 3.75%, 7/15/14			4,850		5,172,326

					14,909,331

INSURANCE – 1.6%
Metropolitan Life Global Funding I
2.50%, 1/11/13(2)			3,000		3,031,890
5.13%, 11/9/11(2)			3,150		3,162,773
5.13%, 4/10/13(2)			1,000		1,049,618
5.13%, 6/10/14(2)			2,750		2,970,176
New York Life Global Funding 4.65%, 5/9/13(2)			1,000		1,055,882
Prudential Financial, Inc.
2.75%, 1/14/13			4,350		4,388,380
5.10%, 9/20/14			774		816,125
The Chubb Corp. 6.00%, 11/15/11			2,050		2,061,821

					18,536,665


	Country Code**	Principal Amount (000)		Value
INVESTMENT COMPANIES – 1.2%
FIH Erhvervsbank A/S
2.00%, 6/12/13(2)	DK	$	6,100	$	6,238,427
2.45%, 8/17/12(2)	DK		7,200		7,312,831

					13,551,258

MANUFACTURING DIVERSIFIED – 0.3%
Tyco International Finance SA 6.00%, 11/15/13	LU		3,115		3,410,352

MULTIMEDIA – 1.7%
Comcast Cable Communications Holdings, Inc. 8.38%, 3/15/13			4,300		4,724,453
NBCUniversal Media LLC 2.10%, 4/1/14			2,975		3,020,053
Reed Elsevier Capital, Inc. 4.63%, 6/15/12			5,650		5,778,690
The Walt Disney Co. 6.38%, 3/1/12			2,700		2,761,655
Thomson Reuters Corp. 5.95%, 7/15/13	CA		3,000		3,241,314

					19,526,165

OFFICE EQUIPMENT – 0.3%
Xerox Corp. 1.11%, 5/16/14(1)			4,025		3,988,437

OIL & GAS – 1.8%
Apache Corp. 6.00%, 9/15/13			4,000		4,376,496
BP Capital Markets PLC 3.13%, 10/1/15	GB		2,700		2,789,856
Gazprom OAO Via Gaz Capital SA 9.25%, 4/23/19	LU		380		440,800
PC Financial Partnership 5.00%, 11/15/14			2,650		2,874,545
Shell International Finance BV 1.88%, 3/25/13	NL		5,700		5,817,015
TNK-BP Finance SA
6.63%, 3/20/17	LU		516		512,130
7.50%, 7/18/16	LU		346		359,017
7.88%, 3/13/18	LU		270		280,800
Total Capital Canada Ltd. 1.63%, 1/28/14	CA		3,250		3,306,976

					20,757,635

PERSONAL PRODUCTS – 0.4%
The Procter & Gamble Co. 0.70%, 8/15/14			4,350		4,358,861

PHARMACEUTICALS – 1.7%
Express Scripts, Inc.
5.25%, 6/15/12			3,075		3,157,475
6.25%, 6/15/14			900		990,640

SC^SMGOLDMAN SACHS SHORT DURATION FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Principal Amount (000)		Value
McKesson Corp. 3.25%, 3/1/16		$	3,075	$	3,241,874
Medco Health Solutions, Inc. 2.75%, 9/15/15			2,700		2,715,268
Novartis Capital Corp. 1.90%, 4/24/13			2,975		3,035,892
Pfizer, Inc. 4.45%, 3/15/12			3,325		3,381,778
Teva Pharmaceutical Finance III LLC 1.50%, 6/15/12			3,650		3,670,889

					20,193,816

PIPELINES – 0.4%
Enterprise Products Operating LLC 7.63%, 2/15/12			2,475		2,527,359
TransCanada PipeLines Ltd. 8.63%, 5/15/12	CA		1,525		1,598,308

					4,125,667

REAL ESTATE INVESTMENT TRUSTS – 0.9%
HCP, Inc. 2.70%, 2/1/14			1,525		1,502,387
Simon Property Group LP 4.20%, 2/1/15			3,675		3,877,930
WEA Finance LLC / WCI Finance LLC 5.40%, 10/1/12(2)			4,350		4,484,563

					9,864,880

REFINING – 0.6%
Energy Transfer Partners LP 5.65%, 8/1/12			3,325		3,427,144
XTO Energy, Inc. 5.75%, 12/15/13			3,175		3,526,790

					6,953,934

RETAIL – 0.4%
Wal-Mart Stores, Inc. 3.20%, 5/15/14			4,000		4,250,980

SAVINGS & LOANS – 0.2%
U.S. Central Federal Credit Union 1.90%, 10/19/12			2,400		2,441,719

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 0.3%
Intel Corp. 1.95%, 10/1/16			3,175		3,197,908

SOFTWARE – 0.8%
Microsoft Corp. 2.95%, 6/1/14			5,000		5,306,615
Oracle Corp. 4.95%, 4/15/13			4,100		4,363,273

					9,669,888


	Country Code**	Principal Amount (000)		Value
SPECIAL PURPOSE BANKS – 4.2%
Kreditanstalt fuer Wiederaufbau
0.24%, 6/17/13(1)	DE	$	11,900	$	11,893,752
2.50%, 5/28/13	DE		5,500		5,680,054
Landwirtschaftliche Rentenbank
1.88%, 9/24/12	DE		12,300		12,464,094
2.13%, 7/15/16	DE		3,000		3,098,745
3.25%, 3/15/13	DE		9,000		9,338,418
4.13%, 7/15/13	DE		5,200		5,515,796

					47,990,859

SPECIAL PURPOSE ENTITIES – 0.5%
MassMutual Global Funding II 0.86%, 9/27/13(1)(2)			5,300		5,321,905

TELECOMMUNICATIONS – 4.5%
AT&T, Inc.
2.40%, 8/15/16			7,950		8,023,561
2.95%, 5/15/16			5,325		5,494,867
Deutsche Telekom International Finance BV 5.88%, 8/20/13	NL		2,675		2,861,988
France Telecom SA 4.38%, 7/8/14	FR		6,000		6,402,420
Rogers Communications, Inc.
5.50%, 3/15/14	CA		625		682,914
6.25%, 6/15/13	CA		2,100		2,273,456
6.38%, 3/1/14	CA		4,250		4,717,564
Telecom Italia Capital 5.25%, 11/15/13	LU		4,175		4,080,958
Telefonica Emisiones SAU 5.86%, 2/4/13	ES		3,500		3,562,419
Verizon Wireless Capital LLC
5.25%, 2/1/12			4,625		4,689,380
7.38%, 11/15/13			1,803		2,022,106
Vodafone Group PLC
2.88%, 3/16/16	GB		4,225		4,318,474
5.35%, 2/27/12	GB		3,225		3,283,173

					52,413,280

TOBACCO – 0.3%
Philip Morris International, Inc. 4.88%, 5/16/13			3,750		3,978,656

TRANSPORTATION – 1.3%
Burlington Northern Santa Fe Corp. 5.90%, 7/1/12			4,200		4,343,401
CSX Corp. 5.75%, 3/15/13			2,450		2,604,250
OeBB Infrastruktur AG 4.63%, 11/21/13	AT		7,700		8,266,812

					15,214,463

UTILITIES – 1.6%
Duke Energy Corp. 6.30%, 2/1/14			5,750		6,374,922

SC^SMGOLDMAN SACHS SHORT DURATION FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Principal Amount (000)		Value
MidAmerican Energy Holdings Co. 5.00%, 2/15/14		$	3,600	$	3,876,512
Progress Energy, Inc. 6.85%, 4/15/12			3,050		3,146,084
Public Service Co. of Colorado 7.88%, 10/1/12			1,125		1,202,613
Southern Co.
0.65%, 10/21/11(1)			2,100		2,100,426
4.15%, 5/15/14			1,400		1,492,107

					18,192,664

Total Corporate Debt Obligations (Cost $584,982,347)					590,602,766

FOREIGN GOVERNMENT AGENCY OBLIGATIONS – 0.1%
Swedish Housing Finance Corp. 3.13%, 3/23/12(2) (Cost $1,713,913)	SE		1,700		1,720,614

FOREIGN GOVERNMENT OBLIGATIONS – 1.5%
Colombia Government International Bond 4.38%, 7/12/21	CO		3,140		3,202,800
Province of Ontario 1.88%, 11/19/12	CA		14,300		14,504,547

Total Foreign Government Obligations (Cost $17,419,099)					17,707,347

MUNICIPAL BONDS – 3.2%
New York City, Subseries D 5.07%, 12/1/14			5,300		5,884,378
New York State Dormitory Authority
1.53%, 3/15/13			1,060		1,070,081
2.00%, 3/15/14			719		733,653
North Texas Tollway Authority 2.44%, 9/1/13			3,975		4,083,597
Pennsylvania Higher Education Assistance Agency 0.85%, 4/25/19(1)			2,702		2,703,699
San Francisco, California City & County Airports Commission 1.87%, 5/1/12			3,500		3,523,905
South Carolina Student Loan Corp., Series A-1 0.43%, 12/3/18(1)			6,651		6,547,044
State of California 3.95%, 11/1/15			1,950		2,064,621
State of New Jersey 2.02%, 8/15/14			5,300		5,471,826
State of Wisconsin 4.80%, 5/1/13			4,300		4,552,840

Total Municipal Bonds (Cost $36,158,582)					36,635,644


	Country Code**	Principal Amount (000)		Value
U.S. GOVERNMENT GUARANTEED NOTES – 6.7%
FDIC Structured Sale Guaranteed Notes, Series 2010-S1, Class 1A 0.79%, 2/25/48(1)(2)		$	1,899	$	1,902,241
NCUA Guaranteed Notes, Series 2010-A1, Class A 0.57%, 12/7/20(1)			2,158		2,162,338
NCUA Guaranteed Notes, Series 2010-R1, Class 1A 0.67%, 10/7/20(1)			1,369		1,371,389
NCUA Guaranteed Notes, Series 2010-R1, Class 2A 1.84%, 10/7/20			661		668,890
NCUA Guaranteed Notes, Series 2010-R2, Class 1A 0.59%, 11/6/17(1)			2,794		2,795,365
NCUA Guaranteed Notes, Series 2011-R1, Class 1A 0.67%, 1/8/20(1)			2,488		2,495,407
NCUA Guaranteed Notes, Series 2011-R3, Class 1A 0.63%, 3/11/20(1)			4,450		4,455,407
NCUA Guaranteed Notes, Series 2011-R4, Class 1A 0.60%, 3/6/20(1)			4,780		4,780,444
NCUA Guaranteed Notes, Series 2011-R5, Class 1A 0.60%, 4/6/20(1)			4,794		4,795,112
NCUA Guaranteed Notes, Series 2011-R6, Class 1A 0.60%, 5/7/20(1)			4,710		4,710,396
TLGP Ally Financial, Inc. 2.20%, 12/19/12			6,900		7,052,235
TLGP Citigroup Funding, Inc.
1.88%, 10/22/12			11,300		11,478,517
1.88%, 11/15/12			4,300		4,373,422
TLGP Citigroup, Inc. 2.13%, 4/30/12			8,600		8,695,030
TLGP General Electric Capital Corp. 2.20%, 6/8/12			15,000		15,204,450

Total U.S. Government Guaranteed Notes (Cost $76,248,748)					76,940,643

U.S. GOVERNMENT AGENCY OBLIGATIONS – 11.6%
Federal Home Loan Mortgage Corp.
0.38%, 10/30/13			22,300		22,265,480
3.55%, 11/1/41(3)			6,500		6,683,164
4.50%, 1/15/13(4)			8,200		8,637,355
4.50%, 5/1/23			10		10,700
5.00%, 3/1/16			1		786
5.00%, 5/1/16			2		2,009
5.00%, 9/1/16			4		4,148
5.00%, 11/1/16			64		68,312
5.00%, 3/1/18			1		1,062
5.50%, 1/1/20			754		822,364
6.50%, 10/1/37			458		518,130
6.50%, 12/1/38			275		309,010

SC^SMGOLDMAN SACHS SHORT DURATION FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code**	Principal Amount (000)			Value
Federal National Mortgage Association
1.13%, 7/25/14		$	10,000		$	10,013,980
2.80%, 3/1/18			3,368			3,461,925
3.38%, 11/1/20			2,183			2,270,589
3.42%, 10/1/20			1,588			1,656,053
3.50%, 2/1/41			995			1,023,251
3.63%, 12/1/20			1,191			1,257,714
3.74%, 6/1/18			30,062			32,204,401
3.75%, 3/1/18			4,100			4,390,752
3.84%, 5/1/18			2,320			2,493,369
4.01%, 9/1/21			2,100			2,260,242
4.32%, 7/1/21			19,963			21,886,793
5.50%, 5/1/25			10,792			11,717,024
6.00%, 3/1/32			0	*		81
6.00%, 5/1/33			3			2,896
6.00%, 12/1/33			1			1,656
6.00%, 4/1/35			2			2,087
6.00%, 2/1/36			4			4,607
6.00%, 3/1/36			3			3,446
6.00%, 5/1/36			1			1,387
6.00%, 6/1/36			3			3,581

Total U.S. Government Agency Obligations (Cost $132,733,673)						133,978,354

U.S. TREASURY OBLIGATIONS – 13.0%
U.S. Treasury Inflation Index Bonds 0.63%, 7/15/21			2,105			2,197,048
U.S. Treasury Notes
0.38%, 8/31/12			15,000			15,027,540
0.38%, 10/31/12			24,500			24,550,715
0.63%, 7/31/12			86,600			86,931,678
0.63%, 1/31/13			1,400			1,407,656
1.38%, 1/15/13			20,400			20,700,431

Total U.S. Treasury Obligations (Cost $150,374,434)						150,815,068


		Shares
SHORT TERM INVESTMENTS – 2.1%
MUTUAL FUNDS – 2.1%
State Street Institutional Liquid Reserves Fund (Cost $24,444,421)			24,444,421			24,444,421

TOTAL INVESTMENTS – 100.1% (Cost $1,146,522,950)						1,156,662,591
Liabilities in excess of other assets – (0.1)%						(819,390	)

NET ASSETS – 100.0%					$	1,155,843,201

FDIC	Federal Deposit Insurance Corporation

FHLMC

Federal Home Loan Mortgage Corporation

NCUA	National Credit Union Administration

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.

Austria

Australia

Canada

CH	Switzerland

Chile

Columbia

Germany

Denmark

Spain

France

GB	Great Britain

Italy

KY	Cayman Islands

LU	Luxembourg

NL	Netherlands

Norway

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 $175,961,512, representing 15.2% of net assets.

(3)	Security (or a portion thereof) has been purchased on a delayed delivery or when-issued basis.

SC^SM GOLDMAN SACHS SHORT DURATION FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*

(4)	At the period end, securities (or portions thereof) with an aggregate market value of $1,580,004 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	U.S. Treasury 10 Year Note December Futures		12/20/11		503		64,974,749		65,437,157		(462,408	)
Long	U.S. Treasury 2 Year Note December Futures		12/30/11		1,765		389,130,432		388,658,517		(471,915	)
Short	U.S. Treasury 30 Year Bond December Futures		12/20/11		526		73,697,426		75,020,750		(1,323,324	)
Long	U.S. Treasury 5 Year Note December Futures		12/30/11		450		55,102,085		55,117,969		15,884
Long	Ultra Long U.S. Treasury Bond December Futures		12/20/11		69		10,492,069		10,945,125		453,056

Net unrealized depreciation											(1,788,707	)

SC^SM GOLDMAN SACHS SHORT DURATION FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*

(5)	Fair Value Measurements †

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


Assets	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Asset Backed Securities	$	—		$	79,447,662	$	—	$	79,447,662
Collateralized Mortgage Obligations		—			39,981,259		—		39,981,259
Convertible Bonds (a)		—			4,388,813		—		4,388,813
Corporate Debt Obligations (a)		—			590,602,766		—		590,602,766
Foreign Government Agency Obligations		—			1,720,614		—		1,720,614
Foreign Government Obligations		—			17,707,347		—		17,707,347
Municipal Bonds		—			36,635,644		—		36,635,644
U.S. Government Guaranteed Notes		—			76,940,643		—		76,940,643
U.S. Government Agency Obligations		—			133,978,354		—		133,978,354
U.S. Treasury Obligations		150,815,068			—		—		150,815,068
Short Term Investments
Mutual Funds		24,444,421			—		—		24,444,421

Total Investments		175,259,489			981,403,102		—		1,156,662,591

Financial Derivative Instruments
Futures Contracts		468,940			—		—		468,940

Total Financial Derivative Instruments	$	468,940		$	—	$	—	$	468,940


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
Futures Contracts	$	(2,257,647	)	$	—	$	—	$	(2,257,647	)

Total Financial Derivative Instruments	$	(2,257,647	)	$	—	$	—	$	(2,257,647	)

†	See Note 2b in the Notes to Portfolios of Investments for additional information.

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

SC^SMPIMCO HIGH YIELD FUND

PORTFOLIO OF INVESTMENTS


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code*	Principal Amount (000)		Value
ASSET BACKED SECURITIES – 0.2%
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB1, Class AF1A 0.30%, 1/25/37(1)		$	22	$	4,623
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB1, Class AF2 5.47%, 1/25/37(2)			294		113,880
Lehman XS Trust, Series 2005-7N, Class 3A1 0.51%, 12/25/35(1)			275		135,948
SACO I Trust, Series 2005-2, Class A 0.63%, 4/25/35(1)(3)			20		7,583

Total Asset Backed Securities (Cost $191,292)					262,034

COLLATERALIZED MORTGAGE OBLIGATIONS – 1.9%
Banc of America Alternative Loan Trust, Series 2005-4, Class CB6 0.63%, 5/25/35(1)			41		27,257
Banc of America Funding Corp., Series 2006-A, Class 3A2 2.85%, 2/20/36(1)			339		175,017
Banc of America Funding Corp., Series 2006-B, Class 2A1 2.86%, 3/20/36(1)			126		84,570
Countrywide Alternative Loan Trust, Series 2005-43, Class 4A3 5.31%, 10/25/35(1)			48		28,545
Countrywide Alternative Loan Trust, Series 2006-0A2, Class A5 0.46%, 5/20/46(1)			53		21,462
Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-2, Class 2A1 0.55%, 3/25/35(1)			73		43,882
Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-2, Class A1A 0.55%, 3/25/35(1)			43		21,346
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, Series 2005-6, Class 1A3 5.50%, 12/25/35			29		20,880


	Country Code*	Principal Amount (000)		Value
Downey Savings & Loan Association Mortgage Loan Trust, Series 2005-AR1, Class 2A1A 0.48%, 3/19/45(1)		$	17	$	11,157
First Horizon Alternative Mortgage Securities Trust, Series 2006-FA2, Class 1A5 6.00%, 5/25/36			35		25,265
Harborview Mortgage Loan Trust, Series 2006-1, Class 2A1A 0.47%, 3/19/36(1)			395		229,463
IndyMac IMSC Mortgage Loan Trust, Series 2007-F2, Class 1A2 6.00%, 7/25/37			235		179,064
IndyMac INDEX Mortgage Loan Trust, Series 2005-AR13, Class 4A1 2.47%, 8/25/35(1)			33		23,937
IndyMac INDEX Mortgage Loan Trust, Series 2005-AR15, Class A1 4.93%, 9/25/35(1)			47		36,065
JP Morgan Mortgage Trust, Series 2007-S3, Class 1A97 6.00%, 8/25/37			58		49,940
MortgageIT Trust, Series 2005-1, Class 1A1 0.55%, 2/25/35(1)			258		196,842
Residential Accredit Loans, Inc., Series 2006-Q010, Class A1 0.39%, 1/25/37(1)			544		309,547
Residential Accredit Loans, Inc., Series 2006-QA2, Class 3A1 5.50%, 2/25/36(1)			263		136,309
Residential Asset Securitization Trust, Series 2006-R1, Class A2 0.63%, 1/25/46(1)			1,869		786,380
Residential Asset Securitization Trust, Series 2007-A5, Class 2A3 6.00%, 5/25/37			52		41,222
Structured Asset Mortgage Investments, Inc., Series 2005-AR6, Class 2A1 0.54%, 9/25/45(1)			28		15,880

SC^SMPIMCO HIGH YIELD FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code*	Principal Amount (000)		Value
Wamu Mortgage Pass-Through Certificates, Series 2006-AR12, Class 1A2 5.93%, 10/25/36(1)		$	398	$	268,204
Wamu Mortgage Pass-Through Certificates, Series 2006-AR12, Class 2A3 5.68%, 10/25/36(1)			83		61,486
Wamu Mortgage Pass-Through Certificates, Series 2006-AR16, Class 1A1 5.24%, 12/25/36(1)			142		97,352

Total Collateralized Mortgage Obligations (Cost $2,344,684)					2,891,072

CORPORATE DEBT OBLIGATIONS – 90.3%
ADVERTISING – 0.6%
Affinion Group, Inc. 7.88%, 12/15/18			500		385,000
Lamar Media Corp. 7.88%, 4/15/18			250		250,000
Visant Corp. 10.00%, 10/1/17			375		346,875

					981,875

AEROSPACE & DEFENSE – 1.1%
Alliant Techsystems, Inc. 6.88%, 9/15/20			250		250,000
BE Aerospace, Inc. 6.88%, 10/1/20			250		260,625
Esterline Technologies Corp. 7.00%, 8/1/20			375		385,312
TransDigm, Inc. 7.75%, 12/15/18			750		763,125

					1,659,062

AGRICULTURAL – 0.1%
Brickman Group Holdings, Inc. 9.13%, 11/1/18(3)			250		217,500

AIRLINES – 0.8%
Continental Airlines, Inc. 7.75%, 7/2/14			184		183,549
Delta Air Lines, Inc. 9.50%, 9/15/14(3)			449		462,470
United Air Lines, Inc. 9.75%, 1/15/17			534		584,298

					1,230,317

AUTOMOBILES & COMPONENTS – 0.5%
Exide Technologies 8.63%, 2/1/18			500		465,000
Hyva Global BV 8.63%, 3/24/16(3)	NL		250		197,500


	Country Code*	Principal Amount (000)		Value
Oshkosh Corp.
8.25%, 3/1/17		$	50	$	48,500
8.50%, 3/1/20			50		48,500

					759,500

AUTOMOTIVE – 3.7%
Allison Transmission, Inc. 7.13%, 5/15/19(3)			200		181,000
Arvinmeritor, Inc. 8.13%, 9/15/15			105		92,925
Commercial Vehicle Group, Inc. 7.88%, 4/15/19(3)			200		183,000
Conti-Gummi Finance BV
7.13%, 10/15/18	NL		250		310,654
7.50%, 9/15/17	NL		100		126,606
8.50%, 7/15/15	NL		75		102,993
Cooper-Standard Automotive, Inc. 8.50%, 5/1/18			375		382,500
Ford Motor Credit Co. LLC
6.63%, 8/15/17			500		520,654
7.00%, 10/1/13			165		173,269
7.50%, 8/1/12			125		127,485
8.00%, 12/15/16			1,000		1,091,210
8.13%, 1/15/20			225		255,252
12.00%, 5/15/15			1,000		1,200,000
Pittsburgh Glass Works LLC 8.50%, 4/15/16(3)			175		161,000
The Goodyear Tire & Rubber Co.
8.25%, 8/15/20			300		305,250
10.50%, 5/15/16			65		70,363
TRW Automotive, Inc. 7.25%, 3/15/17(3)			500		525,000

					5,809,161

BANKS – 6.4%
Ally Financial, Inc.
0.00%, 6/15/15(4)			500		357,500
4.50%, 2/11/14			1,000		915,000
6.25%, 12/1/17			250		217,778
7.50%, 9/15/20			250		226,250
8.00%, 11/1/31			770		702,494
8.30%, 2/12/15			250		247,188
BAC Capital Trust VI 5.63%, 3/8/35			100		71,606
Bank of America Corp. Capital Trust VII 5.25%, 8/10/35			650		598,030
Barclays Bank PLC 14.00%, 6/15/19(1)	GB		400		649,023
Citigroup Capital XXI 8.30%, 12/21/57(1)			200		196,000
Credit Agricole SA 8.38%, 10/13/19(1)(3)	FR		750		590,625
HBOS PLC 6.75%, 5/21/18(3)	GB		2,100		1,790,380
Intesa Sanpaolo SpA 8.05%, 6/20/18(1)	IT		400		352,354

SC^SMPIMCO HIGH YIELD FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code*	Principal Amount (000)		Value
NB Capital Trust IV 8.25%, 4/15/27		$	100	$	92,750
Rabobank Nederland Boerenleenbank BA 11.00%, 6/30/19(1)(3)	NL		600		721,500
RBS Capital Trust 6.47%, 6/30/12(5)			50		30,513
Regions Bank 7.50%, 5/15/18			175		173,031
Regions Financial Corp. 7.38%, 12/10/37			1,000		820,000
Royal Bank of Scotland Group PLC 7.65%, 9/30/31(1)	GB		375		243,750
Societe Generale 5.92%, 4/15/17(1)(3)	FR		150		87,909
Wachovia Capital Trust III 5.57%, 11/17/11(1)			1,000		820,000

					9,903,681

BIOTECHNOLOGY – 0.2%
STHI Holding Corp. 8.00%, 3/15/18(3)			350		337,750

BUILDING & CONSTRUCTION – 0.3%
Aguila 3 SA 7.88%, 1/31/18(3)	LU		450		409,500

BUILDING MATERIALS – 1.5%
Associated Materials LLC 9.13%, 11/1/17			500		405,000
Building Materials Corp. of America
6.75%, 5/1/21(3)			250		237,500
6.88%, 8/15/18(3)			100		97,000
7.50%, 3/15/20(3)			250		250,000
Calcipar SA 6.88%, 5/1/18(3)	LU		200		173,000
Cemex SAB de CV 9.00%, 1/11/18(3)	MX		500		338,750
Grohe Holding Gmbh 5.53%, 9/15/17(1)	DE		100		120,577
Masonite International Corp. 8.25%, 4/15/21(3)	CA		500		451,250
Roofing Supply Group LLC 8.63%, 12/1/17(3)			150		141,375
Xefin Lux SCA 8.00%, 6/1/18	LU		100		118,903

					2,333,355

CHEMICALS – 4.9%
Basell Finance Co. BV 8.10%, 3/15/27(3)	NL		300		327,000
Celanese US Holdings LLC
5.88%, 6/15/21			250		246,250
6.63%, 10/15/18			125		129,219
CF Industries, Inc.
6.88%, 5/1/18			250		279,062
7.13%, 5/1/20			125		142,344


	Country Code*	Principal Amount (000)		Value
Chemtura Corp. 7.88%, 9/1/18		$	200	$	196,000
Hexion US Finance Corp.
8.88%, 2/1/18			750		618,750
9.00%, 11/15/20			750		549,375
Huntsman International LLC
8.63%, 3/15/20			400		389,000
8.63%, 3/15/21			100		95,750
Ineos Finance PLC
9.00%, 5/15/15(3)	GB		500		475,000
9.25%, 5/15/15	GB		125		155,746
Ineos Group Holdings PLC 7.88%, 2/15/16	GB		750		688,296
Kinove German Bondco GmbH 9.63%, 6/15/18(3)	DE		350		316,750
Lyondell Chemical Co.
8.00%, 11/1/17(3)			606		652,965
11.00%, 5/1/18			350		378,000
Nalco Co. 6.63%, 1/15/19(3)			500		547,500
Oxea Finance
9.50%, 7/15/17(3)	LU		237		230,483
9.63%, 7/15/17	LU		238		302,281
Rain CII Carbon LLC 8.00%, 12/1/18(3)			150		150,000
Rhodia SA 6.88%, 9/15/20(3)	FR		250		287,500
Styrolution GmbH 7.63%, 5/15/16	DE		250		242,830
Vertellus Specialties, Inc. 9.38%, 10/1/15(3)			200		175,000

					7,575,101

COAL – 1.2%
Arch Coal, Inc.
7.00%, 6/15/19(3)			250		237,500
7.25%, 10/1/20			100		96,000
7.25%, 6/15/21(3)			250		240,625
CONSOL Energy, Inc.
6.38%, 3/1/21(3)			150		144,750
8.00%, 4/1/17			750		783,750
8.25%, 4/1/20			250		263,125
Peabody Energy Corp. 6.50%, 9/15/20			100		105,125

					1,870,875

COMMERCIAL SERVICES – 1.5%
Catalent Pharma Solutions, Inc. 9.50%, 4/15/15(6)			500		456,250
CDRT Merger Sub, Inc. 8.13%, 6/1/19(3)			250		231,250
Interactive Data Corp. 10.25%, 8/1/18			250		268,750
Iron Mountain, Inc. 8.00%, 6/15/20			250		251,250
Live Nation Entertainment, Inc. 8.13%, 5/15/18(3)			225		216,000

SC^SMPIMCO HIGH YIELD FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code*	Principal Amount (000)		Value
PHH Corp. 9.25%, 3/1/16		$	100	$	102,750
Seminole Indian Tribe of Florida 7.75%, 10/1/17(3)			75		75,375
The Hertz Corp.
6.75%, 4/15/19			500		453,750
7.38%, 1/15/21			250		228,437

					2,283,812

COMPUTER & PERIPHERALS – 1.3%
Aramark Corp.
3.75%, 2/1/15(1)			525		485,625
8.50%, 2/1/15			75		75,938
Brocade Communications Systems, Inc.
6.63%, 1/15/18			100		101,750
6.88%, 1/15/20			250		255,312
SunGard Data Systems, Inc.
7.38%, 11/15/18			325		302,250
7.63%, 11/15/20			250		232,500
10.63%, 5/15/15			500		521,250

					1,974,625

CONSUMER PRODUCTS – 1.6%
Armored Autogroup, Inc. 9.25%, 11/1/18(3)			250		200,625
Central Garden and Pet Co. 8.25%, 3/1/18			375		358,125
Diversey, Inc. 8.25%, 11/15/19			500		596,250
Jarden Corp.
7.50%, 5/1/17			500		510,000
8.00%, 5/1/16			250		264,062
Spectrum Brands Holdings, Inc. 9.50%, 6/15/18			500		532,500
The Scotts Miracle-Gro Co. 7.25%, 1/15/18			50		50,750

					2,512,312

CONSUMER SERVICES – 0.3%
WMG Acquisition Corp. 9.50%, 6/15/16			500		506,250

CONTAINERS & GLASS – 1.9%
ARD Finance SA 11.13%, 6/1/18(3)(6)	LU		200		153,780
Ardagh Packaging Finance
7.38%, 10/15/17	IE		200		249,863
9.25%, 10/15/20	IE		100		104,501
Berry Plastics Corp.
5.00%, 2/15/15(1)			445		411,625
9.50%, 5/15/18			500		425,000
Crown Americas LLC 7.63%, 5/15/17			150		158,625
Crown European Holdings SA 7.13%, 8/15/18	FR		50		64,978
Graham Packaging Co. LP 8.25%, 10/1/18			100		100,500


	Country Code*	Principal Amount (000)		Value
Graphic Packaging International, Inc. 7.88%, 10/1/18		$	500	$	512,500
OI European Group B.V. 6.88%, 3/31/17	NL		50		63,303
Owens-Brockway Glass Container, Inc. 7.38%, 5/15/16			25		26,000
Packaging Dynamics Corp. 8.75%, 2/1/16(3)			150		147,000
Sealed Air Corp.
8.13%, 9/15/19(3)(7)			250		252,500
8.38%, 9/15/21(3)(7)			250		252,500

					2,922,675

ELECTRIC UTILITIES – 0.1%
CMS Energy Corp. 8.75%, 6/15/19			150		174,832

ELECTRONICS – 0.3%
NXP BV 3.00%, 10/15/13(1)	NL		435		420,863

ENERGY – 0.2%
Covanta Holding Corp. 7.25%, 12/1/20			100		99,808
Headwaters, Inc. 7.63%, 4/1/19			350		267,750

					367,558

FINANCIALS – 5.4%
CIT Group, Inc.
7.00%, 5/1/14			90		91,642
7.00%, 5/1/15			661		655,549
7.00%, 5/1/16			1,500		1,454,844
7.00%, 5/1/17			641		621,944
E*Trade Financial Corp. 6.75%, 6/1/16			100		99,750
FCE Bank PLC 7.13%, 1/15/13	GB		500		683,272
International Lease Finance Corp.
6.25%, 5/15/19			200		173,838
6.63%, 11/15/13			100		97,000
7.13%, 9/1/18(3)			500		501,875
8.25%, 12/15/20			400		392,000
8.63%, 9/15/15			750		744,375
8.75%, 3/15/17			475		477,375
Pinafore LLC 9.00%, 10/1/18(3)			900		922,500
Pinnacle Foods Finance LLC 8.25%, 9/1/17			500		487,500
SLM Corp., Series A
8.00%, 3/25/20			150		148,080
8.45%, 6/15/18			360		374,461
Springleaf Finance Corp. 6.90%, 12/15/17			250		180,000
UPCB Finance Ltd. 7.63%, 1/15/20	KY		250		311,492

					8,417,497

SC^SMPIMCO HIGH YIELD FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code*	Principal Amount (000)		Value
FOOD, BEVERAGES & RESTAURANTS – 2.2%
Bumble Bee Acquisition Corp. 9.00%, 12/15/17(3)		$	250	$	235,000
Bumble Bee Holding Co. SCA 9.63%, 3/15/18(3)(6)			250		200,625
Constellation Brands, Inc. 7.25%, 5/15/17			150		157,500
Cott Beverages, Inc. 8.13%, 9/1/18			250		255,000
Del Monte Foods Co. 7.63%, 2/15/19(3)			500		422,500
Michael Foods, Inc. 9.75%, 7/15/18			500		516,250
Pilgrim’s Pride Corp. 7.88%, 12/15/18(3)			350		266,875
Refresco Group BV 7.38%, 5/15/18	NL		100		118,568
Simmons Foods, Inc. 10.50%, 11/1/17(3)			125		108,125
Smithfield Foods, Inc. 7.75%, 7/1/17			500		513,750
TreeHouse Foods, Inc. 7.75%, 3/1/18			250		258,750
U.S. Foodservice 8.50%, 6/30/19(3)			500		451,250

					3,504,193

GAMING – 2.4%
Ameristar Casinos, Inc. 7.50%, 4/15/21(3)			500		483,750
MGM Resorts International
7.63%, 1/15/17			1,250		1,071,875
9.00%, 3/15/20			250		259,687
10.38%, 5/15/14			750		818,437
11.13%, 11/15/17			175		192,063
Seneca Gaming Corp. 8.25%, 12/1/18(3)			125		120,313
Wynn Las Vegas Capital Corp.
7.75%, 8/15/20			250		262,500
7.88%, 11/1/17			500		523,750

					3,732,375

GAS & PIPELINE UTILITIES – 0.5%
Enterprise Products Operating LP 8.38%, 8/1/66(1)			750		777,188
HEALTH CARE – 4.4%
American Renal Holdings 8.38%, 5/15/18			100		100,500
Capella Healthcare, Inc. 9.25%, 7/1/17(3)			250		237,500
Community Health Systems, Inc. 8.88%, 7/15/15			1,250		1,228,125
DaVita, Inc. 6.38%, 11/1/18			175		168,000


	Country Code*	Principal Amount (000)		Value
6.63%, 11/1/20		$	250	$	240,000
DJO Finance LLC
7.75%, 4/15/18(3)			500		427,500
9.75%, 10/15/17(3)			500		417,500
HCA Holdings, Inc. 7.75%, 5/15/21(3)			250		234,375
HCA, Inc.
6.50%, 2/15/20			900		879,750
7.25%, 9/15/20			400		404,000
7.50%, 2/15/22			875		807,187
8.50%, 4/15/19			150		159,000
9.88%, 2/15/17			81		87,480
IASIS Healthcare LLC 8.38%, 5/15/19(3)			400		324,000
Tenet Healthcare Corp. 8.00%, 8/1/20			500		453,750
Vanguard Health Holding Co. II LLC 8.00%, 2/1/18			700		642,250

					6,810,917

HEALTH CARE - FACILITIES – 1.4%
Alere, Inc. 8.63%, 10/1/18			275		248,875
Biomet, Inc.
10.00%, 10/15/17			350		360,500
10.38%, 10/15/17(6)			1,250		1,281,250
11.63%, 10/15/17			320		332,000

					2,222,625

HOLDING COMPANIES – 1.5%
Reynolds Group Issuer, Inc.
6.88%, 2/15/21(3)			100		90,000
7.13%, 4/15/19(3)			350		325,500
7.88%, 8/15/19(3)			250		241,250
8.25%, 2/15/21(3)			500		395,000
8.75%, 10/15/16(3)			500		501,250
9.00%, 5/15/18(3)			250		211,250
9.00%, 4/15/19(3)			500		425,000
9.88%, 8/15/19(3)			100		88,000

					2,277,250

HOTELS, RESTAURANTS & LEISURE – 0.5%
CityCenter Holdings LLC
7.63%, 1/15/16(3)			100		94,000
10.75%, 1/15/17(3)(6)			264		233,496
Eldorado Resorts LLC 8.63%, 6/15/19(3)			250		213,125
Marina District Finance Co., Inc.
9.50%, 10/15/15			50		45,125
9.88%, 8/15/18			200		167,000
Scientific Games Corp. 8.13%, 9/15/18			100		98,250

					850,996

INSURANCE – 0.2%
American International Group, Inc. 0.45%, 3/20/12(1)			40		39,814

SC^SMPIMCO HIGH YIELD FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code*	Principal Amount (000)		Value
8.18%, 5/15/58(1)		$	250	$	220,625
Towergate Finance PLC 8.50%, 2/15/18	GB		100		132,549

					392,988

LEISURE & ENTERTAINMENT – 0.9%
Cinemark USA, Inc. 7.38%, 6/15/21			250		236,250
Harrah’s Operating Co., Inc.
10.00%, 12/15/18			500		297,500
11.25%, 6/1/17			500		504,375
Production Resource Group, Inc. 8.88%, 5/1/19(3)			125		112,813
Travelport LLC
9.88%, 9/1/14			100		65,500
11.88%, 9/1/16			350		138,250

					1,354,688

MACHINERY – 0.5%
Case New Holland, Inc. 7.88%, 12/1/17			350		372,750
The Manitowoc Co., Inc. 8.50%, 11/1/20			500		452,500

					825,250

MANUFACTURING DIVERSIFIED – 1.6%
Actuant Corp. 6.88%, 6/15/17			15		15,300
Amsted Industries, Inc. 8.13%, 3/15/18(3)			250		258,750
Bombardier, Inc. 7.50%, 3/15/18(3)	CA		275		290,125
Griffon Corp. 7.13%, 4/1/18			100		88,250
Polymer Group, Inc. 7.75%, 2/1/19(3)			250		249,375
Polypore International, Inc. 7.50%, 11/15/17			150		150,750
RBS Global, Inc.
8.50%, 5/1/18			1,000		957,500
11.75%, 8/1/16			250		255,000
SPX Corp. 6.88%, 9/1/17			200		205,000

					2,470,050

METALS & MINING – 1.7%
Aleris International, Inc. 7.63%, 2/15/18(3)			750		673,125
FMG Resources (August 2006) Property Ltd. 7.00%, 11/1/15(3)	AU		125		116,250
Novelis, Inc.
8.38%, 12/15/17	CA		500		495,000
8.75%, 12/15/20	CA		1,000		980,000
Steel Dynamics, Inc.
7.63%, 3/15/20			25		24,969
7.75%, 4/15/16			50		49,250
Teck Resources, Ltd.
9.75%, 5/15/14	CA		121		143,414


	Country Code*	Principal Amount (000)		Value
10.25%, 5/15/16	CA	$	129	$	151,652

					2,633,660

MULTIMEDIA – 6.9%
AMC Networks, Inc. 7.75%, 7/15/21(3)			200		205,000
Cablevision Systems Corp. 7.75%, 4/15/18			250		252,500
CCO Holdings LLC
6.50%, 4/30/21			500		472,500
7.88%, 4/30/18			250		254,375
8.13%, 4/30/20			200		208,000
Cequel Communications Holdings I LLC 8.63%, 11/15/17(3)			500		495,000
Clear Channel Worldwide Holdings, Inc. Series B 9.25%, 12/15/17			750		766,875
CSC Holdings LLC
7.63%, 7/15/18			210		219,450
7.88%, 2/15/18			865		908,250
8.50%, 6/15/15			475		499,937
DISH DBS Corp.
6.75%, 6/1/21(3)			250		238,750
7.13%, 2/1/16			935		946,687
7.75%, 5/31/15			75		76,875
7.88%, 9/1/19			100		102,000
Insight Communications Co., Inc. 9.38%, 7/15/18(3)			300		336,000
Kabel BW Erste Beteiligungs GmbH 7.50%, 3/15/19(3)	DE		400		467,415
LIN Television Corp. 8.38%, 4/15/18			250		252,500
LIN Television Corp., Series B 6.50%, 5/15/13			250		243,750
Musketeer GmbH 9.50%, 3/15/21	DE		250		301,444
Nara Cable Funding Ltd. 8.88%, 12/1/18	IE		100		108,520
Nielsen Finance LLC
7.75%, 10/15/18			400		408,000
11.50%, 5/1/16			162		183,870
The McClatchy Co. 11.50%, 2/15/17			250		216,875
Univision Communications, Inc.
6.88%, 5/15/19(3)			500		445,000
7.88%, 11/1/20(3)			325		304,688
8.50%, 5/15/21(3)			250		195,000
UPC Holding BV
8.00%, 11/1/16	NL		250		313,167
8.38%, 8/15/20	NL		500		576,092
9.75%, 4/15/18	NL		100		127,946
Videotron Ltee 9.13%, 4/15/18	CA		600		654,000

					10,780,466

SC^SMPIMCO HIGH YIELD FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code*	Principal Amount (000)		Value
OIL & GAS - EXPLORATION & PRODUCTION – 4.4%
Calumet Specialty Products Partners LP 9.38%, 5/1/19(3)		$	150	$	139,500
Coffeyville Resources LLC 9.00%, 4/1/15(3)			45		47,250
Concho Resources, Inc.
6.50%, 1/15/22			400		394,000
7.00%, 1/15/21			200		199,000
Continental Resources, Inc.
7.13%, 4/1/21			75		75,750
7.38%, 10/1/20			50		51,750
8.25%, 10/1/19			50		53,500
Denbury Resources, Inc.
8.25%, 2/15/20			149		156,450
9.75%, 3/1/16			250		270,000
Forest Oil Corp.
7.25%, 6/15/19			125		123,125
8.50%, 2/15/14			250		264,375
Linn Energy LLC 8.63%, 4/15/20			425		437,750
Newfield Exploration Co.
6.88%, 2/1/20			250		257,500
7.13%, 5/15/18			330		341,550
NFR Energy LLC 9.75%, 2/15/17(3)			250		220,000
OGX Petroleo e Gas Participacoes SA 8.50%, 6/1/18(3)	BR		500		447,500
Penn Virginia Corp. 10.38%, 6/15/16			150		157,125
Petrohawk Energy Corp.
6.25%, 6/1/19			250		283,750
7.25%, 8/15/18			550		628,375
10.50%, 8/1/14			250		280,625
Plains Exploration & Production Co.
6.63%, 5/1/21			500		490,625
7.00%, 3/15/17			250		250,000
7.63%, 4/1/20			325		333,937
SandRidge Energy, Inc. 7.50%, 3/15/21(3)			1,000		920,000

					6,823,437

OIL & GAS EQUIPMENT & SERVICES – 0.6%
Cie Generale De Geophysique-Veritas
6.50%, 6/1/21(3)	FR		250		225,000
7.75%, 5/15/17	FR		175		172,375
Dresser-Rand Group, Inc. 6.50%, 5/1/21(3)			200		188,000
Expro Finance Luxembourg SCA 8.50%, 12/15/16(3)	LU		250		217,500
Thermon Industries, Inc. 9.50%, 5/1/17			171		177,840

					980,715

PAPER PRODUCTS – 1.6%
Georgia-Pacific LLC 5.40%, 11/1/20(3)			225		228,896


	Country Code*	Principal Amount (000)		Value
7.13%, 1/15/17(3)		$	650	$	681,147
7.25%, 6/1/28			10		11,135
7.70%, 6/15/15			815		934,183
8.00%, 1/15/24			115		135,008
8.25%, 5/1/16(3)			50		55,267
8.88%, 5/15/31			200		249,621
Sappi Papier Holding GmbH 6.63%, 4/15/21(3)	AT		200		170,000

					2,465,257

PHARMACEUTICALS – 2.8%
ConvaTec Healthcare 10.50%, 12/15/18(3)	LU		250		220,000
Endo Pharmaceuticals Holdings, Inc. 7.00%, 7/15/19(3)			150		150,562
Giant Funding Corp. 8.25%, 2/1/18(3)			250		250,000
Mylan, Inc.
7.63%, 7/15/17(3)			200		208,000
7.88%, 7/15/20(3)			500		522,500
NBTY, Inc. 9.00%, 10/1/18			500		511,875
Novasep Holding SAS 9.75%, 12/15/16(3)(5)	FR		200		96,000
Valeant Pharmaceuticals International
6.50%, 7/15/16(3)			500		465,000
6.75%, 10/1/17(3)			100		92,125
7.00%, 10/1/20(3)			500		442,500
7.25%, 7/15/22(3)			250		219,375
Warner Chilcott Co., LLC 7.75%, 9/15/18(3)			1,250		1,193,750

					4,371,687

PIPELINES – 1.5%
El Paso Corp.
7.80%, 8/1/31			200		232,414
8.05%, 10/15/30			1,010		1,179,502
El Paso Pipeline Partners Operating Co. LP 6.50%, 4/1/20			125		137,596
Energy Transfer Equity 7.50%, 10/15/20			350		359,625
MarkWest Energy Partners LP 6.75%, 11/1/20			100		101,500
Regency Energy Partners LP 6.88%, 12/1/18			275		283,250

					2,293,887

REAL ESTATE INVESTMENT TRUSTS – 0.3%
Host Hotels & Resorts, Inc. 6.00%, 11/1/20			500		486,250

REFINING – 1.6%
Chesapeake Energy Corp.
7.25%, 12/15/18			150		159,750
7.63%, 7/15/13			25		26,187
9.50%, 2/15/15			1,500		1,691,250

SC^SMPIMCO HIGH YIELD FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code*	Principal Amount (000)		Value
Range Resources Corp.
5.75%, 6/1/21		$	250	$	259,375
6.75%, 8/1/20			150		159,750
7.25%, 5/1/18			25		26,625
7.50%, 10/1/17			125		132,500

					2,455,437

RESTAURANTS – 0.1%
NPC International, Inc. 9.50%, 5/1/14			165		162,113

RETAIL – 1.9%
Inergy LP
6.88%, 8/1/21			100		91,000
7.00%, 10/1/18			150		141,000
Limited Brands, Inc.
6.63%, 4/1/21			175		176,312
7.00%, 5/1/20			75		78,750
Michaels Stores, Inc. 7.75%, 11/1/18			500		467,500
New Albertsons, Inc.
7.45%, 8/1/29			375		281,250
8.70%, 5/1/30			250		213,125
PETCO Animal Supplies, Inc. 9.25%, 12/1/18(3)			250		250,000
Phillips-Van Heusen Corp. 7.38%, 5/15/20			500		521,250
QVC, Inc.
7.13%, 4/15/17(3)			150		156,750
7.38%, 10/15/20(3)			50		53,250
7.50%, 10/1/19(3)			250		266,250
Roadhouse Financing, Inc. 10.75%, 10/15/17			250		231,875
Suburban Propane Partners LP 7.38%, 3/15/20			50		50,000

					2,978,312

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 0.2%
Sensata Technologies BV 6.50%, 5/15/19(3)	NL		250		237,500

SHIPBUILDING – 0.1%
Huntington Ingalls Industries, Inc. 6.88%, 3/15/18(3)			175		162,750

SOFTWARE – 0.7%
Audatex North America, Inc. 6.75%, 6/15/18(3)			250		248,125
Fidelity National Information Services, Inc. 7.63%, 7/15/17			250		260,000
First Data Corp.
8.25%, 1/15/21(3)			500		395,000
9.88%, 9/24/15			13		10,888
12.63%, 1/15/21(3)			100		74,000


	Country Code*	Principal Amount (000)		Value
ManTech International Corp. 7.25%, 4/15/18		$	175	$	173,250

					1,161,263

SPECIAL PURPOSE ENTITIES – 0.7%
NSG Holdings LLC 7.75%, 12/15/25(3)			365		354,050
QBE Capital Funding III Ltd. 7.25%, 5/24/41(1)(3)	JE		200		180,782
Ziggo Bond Co. BV 8.00%, 5/15/18	NL		250		322,377
Ziggo Finance BV 6.13%, 11/15/17	NL		175		227,423

					1,084,632

TELECOMMUNICATIONS – 8.3%
Avaya, Inc. 7.00%, 4/1/19(3)			500		425,000
Commscope, Inc. 8.25%, 1/15/19(3)			750		731,250
Crown Castle International Corp. 7.13%, 11/1/19			375		386,250
Digicel Ltd. 8.25%, 9/1/17(3)	BM		1,000		940,000
EH Holding Corp.
6.50%, 6/15/19(3)			125		120,313
7.63%, 6/15/21(3)			200		192,500
Frontier Communications Corp.
6.63%, 3/15/15			25		25,188
7.13%, 3/15/19			550		523,875
7.88%, 4/15/15			125		125,312
8.25%, 4/15/17			200		194,000
8.50%, 4/15/20			250		242,500
Intelsat Jackson Holdings SA
7.25%, 4/1/19(3)	LU		350		324,625
7.25%, 10/15/20(3)	LU		500		461,250
7.50%, 4/1/21(3)	LU		500		465,000
8.50%, 11/1/19	LU		825		806,437
Intelsat Luxembourg SA
11.25%, 2/4/17	LU		500		433,750
11.50%, 2/4/17(6)	LU		500		430,000
11.50%, 2/4/17(3)(6)	LU		237		203,494
MetroPCS Wireless, Inc. 6.63%, 11/15/20			250		220,000
Qwest Communications International, Inc. 7.13%, 4/1/18			250		245,000
Sprint Capital Corp.
6.90%, 5/1/19			1,750		1,505,000
8.75%, 3/15/32			500		434,375
Sprint Nextel Corp.
6.00%, 12/1/16			145		124,700
8.38%, 8/15/17			500		465,000
Syniverse Holdings, Inc. 9.13%, 1/15/19			250		245,000
Telesat Canada LLC 11.00%, 11/1/15	CA		575		615,250

SC^SMPIMCO HIGH YIELD FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code*	Principal Amount (000)		Value
TW Telecom Holdings, Inc. 8.00%, 3/1/18		$	100	$	104,000
Vimpel-Communications 7.75%, 2/2/21(3)	IE		300		249,360
VimpelCom Holdings BV 7.50%, 3/1/22(3)	NL		250		201,250
Virgin Media Finance PLC 9.50%, 8/15/16	GB		175		189,000
Wind Acquisition Finance SA
7.25%, 2/15/18(3)	LU		300		256,125
11.75%, 7/15/17(3)	LU		750		637,500
Windstream Corp.
7.75%, 10/1/21			250		241,250
7.88%, 11/1/17			200		202,500

					12,966,054

TEXTILES & APPAREL – 0.1%
Levi Strauss & Co. 7.63%, 5/15/20			225		209,250

TRANSPORTATION – 0.4%
AMGH Merger Sub, Inc. 9.25%, 11/1/18(3)			500		500,000
CMA CGM SA 8.50%, 4/15/17(3)	FR		400		162,000

					662,000

UTILITIES – 6.0%
AES Red Oak LLC, Series A 8.54%, 11/30/19			736		754,605
Calpine Corp.
7.50%, 2/15/21(3)			750		716,250
7.88%, 7/31/20(3)			500		482,500
7.88%, 1/15/23(3)			250		241,250
Energy Future Holdings Corp.
9.75%, 10/15/19			39		38,411
10.00%, 1/15/20			750		727,500
Energy Future Intermediate Holding Co. LLC 9.75%, 10/15/19			47		46,291
Intergen NV 9.00%, 6/30/17(3)	NL		1,000		1,017,500
Midwest Generation LLC, Series B 8.56%, 1/2/16			395		389,493
NRG Energy, Inc.
7.38%, 1/15/17			500		515,625
7.63%, 1/15/18(3)			250		232,500
7.88%, 5/15/21(3)			150		137,250
8.50%, 6/15/19			1,050		1,013,250
Quicksilver Resources, Inc.
9.13%, 8/15/19			300		294,000
11.75%, 1/1/16			300		324,000
Reliant Energy Mid-Atlantic Power Holdings LLC, Series C 9.68%, 7/2/26			100		101,500
RRI Energy, Inc. 7.63%, 6/15/14			500		488,750


	Country Code*	Principal Amount (000)		Value
7.88%, 6/15/17		$	150	$	138,000
Tenaska Alabama Partners LP 7.00%, 6/30/21(3)			304		314,383
The AES Corp.
7.38%, 7/1/21(3)			300		283,500
7.75%, 10/15/15			175		177,625
8.00%, 10/15/17			245		246,225
8.00%, 6/1/20			500		500,000
9.75%, 4/15/16			175		188,125

					9,368,533

WHOLESALE – 0.4%
WHOLESALE – 0.4%
American Tire Distributors Holdings, Inc. 9.75%, 6/1/17			200		198,000
VWR Funding, Inc. 10.25%, 7/15/15(6)			500		495,000

					693,000

Total Corporate Debt Obligations (Cost $144,514,321)					140,862,824

FOREIGN GOVERNMENT OBLIGATIONS – 1.1%
Brazil Notas do Tesouro Nacional, Series F
10.00%, 1/1/12	BR		177		93,750
10.00%, 1/1/17	BR		3,400		1,700,250

Total Foreign Government Obligations (Cost $1,672,970)					1,794,000

BANK LOAN OBLIGATIONS – 2.7%
SENIOR LOANS – 2.7%
First Data Corp. 2.98%, 9/24/14(1)			443		383,875
Newsday LLC 10.50%, 8/1/13			200		205,250
Quintiles Transnational Corp. 5.00%, 6/8/18(1)			499		467,992
Sealed Air Corp. 1.00%, 5/31/12(1)(7)			1,000		989,133
Springleaf Finance Funding 5.50%, 5/10/17(1)			500		432,000
Texas Competitive Electric Holdings Co. LLC 4.73%, 10/10/17(1)			913		607,487
Texas Competitive Electric Holdings Co. LLC 4.77%, 10/10/17(1)			971		646,149
Vodafone Americas Finance 6.88%, 8/11/15(6)			535		535,163

Total Bank Loan Obligations (Cost $4,294,465)					4,267,049

SC^SMPIMCO HIGH YIELD FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code*	Shares		Value
COMMON STOCKS – 0.0%+
MULTIMEDIA – 0.0%+
Dex One Corp.** (Cost $305,690)			9,862	$	5,523


		Principal Amount (000)
SHORT TERM INVESTMENTS – 2.7%
U.S. TREASURY OBLIGATIONS(8) – 2.2%
U.S. Treasury Bills
0.01%, 2/9/12		$	400		399,950
0.01%, 3/1/12			602		601,888
0.01%, 3/8/12			600		599,883
0.03%, 3/22/12			100		99,976
0.04%, 11/10/11(9)			80		79,997
0.05%, 3/15/12			1,600		1,599,635

Total U.S. Treasury Obligations (Cost $3,381,589)					3,381,329


		Shares
MUTUAL FUNDS – 0.5%
State Street Institutional U.S. Government Money Market Fund (Cost $759,094)			759,094		759,094

Total Short Term Investments (Cost $4,140,683)					4,140,423

TOTAL INVESTMENTS – 98.9% (Cost $157,464,105)					154,222,925
Other assets less liabilities – 1.1%					1,678,722

NET ASSETS – 100.0%				$	155,901,647

Austria

Australia

Bermuda

Brazil

Canada

Germany

France

GB	Great Britain

Ireland

Italy

Jersey

KY	Cayman Islands

LU	Luxembourg

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 $44,507,674, representing 28.5% of net assets.

(4)	Zero-coupon bond.

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

(6)	Payment in-kind bond security which may pay interest in the form of additional bonds.

(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)	Security (or a portion thereof) has been pledged as collateral for open swap contracts. At the period end, the value of securities pledged amounted to $79,997.

SC^SMPIMCO HIGH YIELD FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*

(10)	At the period end, open forward currency exchange contracts were as follows:

Counterparty

Contracts to Deliver

In Exchange For

Settlement
Date

Unrealized
Appreciation /
(Depreciation) ($)

Barclays Bank PLC

BRL

2,740,969

USD

1,658,479

11/3/11

210,844

Barclays Bank PLC

EUR

192,000

USD

275,291

10/19/11

18,089

Barclays Bank PLC

GBP

1,067,000

USD

1,703,081

12/8/11

40,272

Citibank NA

USD

822,793

EUR

597,000

10/19/11

(23,058

)

Deutsche Bank AG (London)

USD

26,335

CNY

170,584

2/13/12

450

JPMorgan Securities

USD

30,680

CNY

197,060

11/15/11

198

JPMorgan Securities

USD

4,124

CNY

26,537

11/15/11

Morgan Stanley Capital Services, Inc.*

EUR

6,092,000

USD

8,489,202

10/19/11

328,419

Net unrealized appreciation

575,248

*	At the period end, cash of $405,000 has been received as collateral for these forward foreign currency exchange contracts.

BRL	- Brazilian Real

CNY	- Yuan Renminbi

EUR

- Euro

GBP	- Great British Pound

USD	- United States Dollar

(11)	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) ($)			Unrealized Appreciation ($)
Deutsche Bank AG	Ally Financial, Inc.		5.00	%		3/20/12		5.22	%		60		(61	)		(9,300	)		9,239
Deutsche Bank AG	SLM Corp.		5.00	%		6/20/12		4.10	%		100		642			(13,000	)		13,642
Deutsche Bank AG	RRI Energy, Inc.		5.00	%		9/20/14		7.05	%		300		(15,805	)		(43,500	)		27,695
Goldman Sachs International	El Paso Corp.		5.00	%		9/20/14		2.18	%		500		40,244			(47,500	)		87,744

Total											960		25,020			(113,300	)		138,320

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) ($)		Unrealized Depreciation ($)
Barclays Bank PLC	CDX.HY-16 5 Year Index		5.00	%		6/20/16		4,750		(439,898	)		10,312		(450,210	)
Morgan Stanley Capital Services, Inc.	CDX.HY-16 5 Year Index		5.00	%		6/20/16		250		(23,153	)		1,250		(24,403	)

Total								5,000		(463,051	)		11,562		(474,613	)

CDX.HY

- Credit Derivatives Index - High Yield

(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.

SC^SMPIMCO HIGH YIELD FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*

(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.

SC^SMPIMCO HIGH YIELD FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 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	$	—	$	262,034		$	—	$	262,034
Collateralized Mortgage Obligations		—		2,891,072			—		2,891,072
Corporate Debt Obligations (a)		—		140,862,824			—		140,862,824
Foreign Government Obligations		—		1,794,000			—		1,794,000
Bank Loan Obligations (a)		—		4,267,049			—		4,267,049
Common Stocks (a)		5,523		—			—		5,523
Short Term Investments
U.S. Treasury Obligations		3,301,332		79,997			—		3,381,329
Mutual Funds		759,094		—			—		759,094

Total Short Term Investments		4,060,426		—			—		4,140,423

Total Investments		4,065,949		150,156,976			—		154,222,925

Financial Derivative Instruments
Forward Foreign Currency Exchange Contracts		—		598,306			—		598,306
Swap Contracts (a)		—		138,320			—		138,320

Total Financial Derivative Instruments	$	—	$	736,626		$	—	$	736,626


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	$	—	$	(23,058	)	$	—	$	(23,058	)
Swap Contracts (a)		—		(474,613	)		—		(474,613	)

Total Financial Derivative Instruments	$	—	$	(497,671	)	$	—	$	(497,671	)

†	See Note 2b in the Notes to Portfolios of Investments for additional information.

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

SC^SMPIMCO TOTAL RETURN FUND

PORTFOLIO OF INVESTMENTS


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code*	Principal Amount (000)		Value
ASSET BACKED SECURITIES – 2.8%
Bear Stearns Asset Backed Securities Trust, Series 2006-SD3 5.50%, 8/25/36		$	1,633	$	1,084,660
Chester Asset Receivables Dealings, Series 2008-A1, Class A 2.34%, 1/15/14(1)	GB		3,000		4,018,365
Citibank Omni Master Trust, Series 2009-A14A, Class A14 2.98%, 8/15/18(1)(2)			2,700		2,824,965
Citibank Omni Master Trust, Series 2009-A8, Class A8 2.33%, 5/16/16(1)(2)			1,800		1,815,320
Countrywide Asset-Backed Certificates, Series 2006-2, Class 2A2 0.42%, 6/25/36(1)			195		160,915
Duane Street CLO, Series 2005-1A, Class A 0.52%, 11/8/17(1)(2)	KY		8,151		7,889,070
Galaxy CLO Ltd., Series 2005-4A, Class A1VB 0.53%, 4/17/17(1)(2)	KY		1,072		1,036,705
Hillmark Funding, Series 2006-1A, Class A1 0.55%, 5/21/21(1)(2)	KY		2,400		2,211,662
Marathon Financing BV, Series 2006-1A, Class A1 0.62%, 10/5/26(1)(2)	NL		2,074		2,009,393
Pacifica CDO Ltd., Series 2005-5A, Class A1 0.51%, 1/26/20(1)(2)	KY		4,017		3,796,521
Structured Asset Securities Corp., Series 2007-WF1, Class A2 0.32%, 2/25/37(1)			743		735,208

Total Asset Backed Securities (Cost $27,462,416)					27,582,784

COLLATERALIZED MORTGAGE OBLIGATIONS –3.0%
Arkle Master Issuer PLC, Series 2006-1A, Class 4A2 0.38%, 2/17/52(1)(2)	GB		4,500		4,493,587
Arran Residential Mortgages Funding PLC, Series 2010-1A, Class A2B 2.94%, 5/16/47(1)(2)	GB		1,000		1,334,329
BCAP LLC, Series 2011-RR5, Class 12A1 5.76%, 3/26/37(1)(2)			100		75,800
BCAP LLC, Series 2011-RR5, Class 9A1 5.25%, 5/26/37(2)			3,605		2,965,266


	Country Code*	Principal Amount (000)		Value
Bear Stearns Alt-A Trust, Series 2005-4 2.60%, 5/25/35(1)		$	155	$	113,262
Bear Stearns Alt-A Trust, Series 2006-1 2.73%, 2/25/36(1)			163		62,352
Citigroup Mortgage Loan Trust, Inc., Series 2005-4, Class A 5.32%, 8/25/35(1)			2,409		2,245,931
Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-29, Class A1 5.75%, 12/25/35			1,912		1,661,665
Federal National Mortgage Association, Series 2005-75, Class FL 0.68%, 9/25/35(1)			729		729,092
Federal National Mortgage Association, Series 2007-30, Class AF 0.54%, 4/25/37(1)			367		365,024
First Horizon Asset Securities, Inc., Series 2005-AR4, Class 2A1 2.65%, 10/25/35(1)			643		509,794
First Horizon Asset Securities, Inc., Series 2005-AR6, Class 4A1 5.69%, 2/25/36(1)			574		499,846
Granite Master Issuer PLC, Series 2006-3, Class A5 1.46%, 12/20/54(1)	GB		2,340		2,970,386
Granite Master Issuer PLC, Series 2006-4, Class A7 1.46%, 12/20/54(1)	GB		1,710		2,170,667
Granite Mortgages PLC, Series 2003-3, Class 2A 1.99%, 1/20/44(1)	GB		103		130,824
Granite Mortgages PLC, Series 2003-3, Class 3A 1.21%, 1/20/44(1)	GB		89		132,080
Granite Mortgages PLC, Series 2004-3, Class 3A2 1.30%, 9/20/44(1)	GB		508		753,913
GSR Mortgage Loan Trust, Series 2005-AR6, Class 1A1 2.76%, 9/25/35(1)			3,523		3,257,735
Harborview Mortgage Loan Trust, Series 2005-4 2.78%, 7/19/35(1)			359		273,582
JP Morgan Mortgage Trust, Series 2005-S3, Class 1A2 5.75%, 1/25/36			78		73,713

SC^SMPIMCO TOTAL RETURN FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code*	Principal Amount (000)		Value
JP Morgan Mortgage Trust, Series 2007-A1 2.86%, 7/25/35(1)		$	511	$	375,256
Master Adjustable Rate Mortgage Trust, Series 2005-6, Class 5A2 2.40%, 7/25/35(1)			1,189		876,240
MLCC Mortgage Investors, Inc., Series 2005-1, Class 2A5 2.07%, 4/25/35(1)			1,200		1,019,944
Nomura Asset Acceptance Corp., Series 2005-AP2, Class A5 4.98%, 5/25/35(3)			330		280,448
Wachovia Mortgage Loan Trust LLC, Series 2005-B, Class 2A4 2.80%, 10/20/35(1)			2,800		2,042,127

Total Collateralized Mortgage Obligations (Cost $29,962,211)					29,412,863

COMMERCIAL MORTGAGE BACKED SECURITIES – 1.8%
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD5, Class A4 5.89%, 11/15/44(1)			5,000		5,363,185
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2003-CB7, Class A4 4.88%, 1/12/38(1)			2,756		2,882,376
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2010-C2, Class A3 4.07%, 11/15/43(2)			1,000		979,073
Morgan Stanley Capital I, Series 2004-IQ8, Class A5 5.11%, 6/15/40(1)			600		636,503
Opera Finance PLC, Series CSC3, Class A 1.06%, 4/25/17(1)	GB		2,712		3,728,111
Silenus European Loan Conduit, Series 25X, Class A 1.69%, 5/15/19(1)	IE		60		66,105
Titan Europe PLC, Series 2007-3X, Class A1 1.11%, 10/23/16(1)	IE		2,834		3,665,033

Total Commercial Mortgage Backed Securities (Cost $16,493,121)					17,320,386


	Country Code*	Principal Amount (000)		Value
CONVERTIBLE BONDS – 0.3%
OIL & GAS - EXPLORATION & PRODUCTION – 0.3%
Transocean, Inc., Series B 1.50%, 12/15/37 (Cost $2,701,270)	KY	$	2,900	$	2,860,125

CORPORATE DEBT OBLIGATIONS – 33.6%
AGRICULTURAL – 0.1%
Altria Group, Inc. 4.13%, 9/11/15			500		535,134
BAT International Finance PLC 9.50%, 11/15/18(2)	GB		160		217,212

					752,346

AUTOMOTIVE – 0.6%
Ford Motor Credit Co. LLC
5.63%, 9/15/15			1,300		1,307,690
5.88%, 8/2/21			300		298,405
7.00%, 4/15/15			1,900		1,995,000
8.70%, 10/1/14			400		432,091
12.00%, 5/15/15			1,400		1,680,000

					5,713,186

BANKS – 16.3%
Ally Financial, Inc.
0.00%, 6/15/15(4)			3,500		2,502,500
6.25%, 12/1/17			1,800		1,567,998
7.50%, 9/15/20			300		271,500
8.30%, 2/12/15			2,400		2,373,000
American Express Bank, FSB 5.50%, 4/16/13			400		422,279
Australia & New Zealand Banking Group Ltd.
1.12%, 5/8/13(1)	AU		1,200		1,200,452
2.13%, 1/10/14(2)	AU		1,500		1,505,170
Banco Santander Brazil SA 2.45%, 3/18/14(1)(2)	BR		1,000		967,248
Banco Santander Chile 1.50%, 4/20/12(1)(2)	CL		900		900,632
Bank of America Corp.
5.65%, 5/1/18			1,900		1,804,113
5.75%, 12/1/17			300		281,358
6.00%, 9/1/17			1,100		1,058,313
Bank of China Hong Kong Ltd. 5.55%, 2/11/20(2)	HK		100		100,042
Bank of India 6.25%, 2/16/21	IN		1,900		1,857,731
Bank of Montreal 2.85%, 6/9/15(2)	CA		300		316,626
Bank of Nova Scotia 1.65%, 10/29/15(2)	CA		500		503,727
Barclays Bank PLC
0.54%, 9/11/17(1)	GB		13,400		11,685,818
2.38%, 1/13/14	GB		1,900		1,858,200
5.00%, 9/22/16	GB		1,500		1,503,366
6.05%, 12/4/17(2)	GB		500		458,944

SC^SMPIMCO TOTAL RETURN FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code*	Principal Amount (000)		Value
Barnett Capital Trust III 0.88%, 2/1/27(1)		$	200	$	125,094
BBVA Bancomer SA Texas
4.50%, 3/10/16(2)	MX		300		279,000
6.50%, 3/10/21(2)	MX		600		553,500
7.25%, 4/22/20(2)	MX		1,100		1,072,500
Bear Stearns Cos. LLC
0.51%, 11/28/11(1)			5,180		5,179,534
5.30%, 10/30/15			100		107,959
BNP Paribas
1.15%, 1/10/14(1)	FR		2,100		1,958,649
7.20%, 6/25/37(1)(2)	FR		100		76,500
7.78%, 7/2/18(1)	FR		100		107,247
BPCE SA 2.38%, 10/4/13(2)	FR		200		194,636
Citigroup Capital XXI 8.30%, 12/21/57(1)			1,600		1,568,000
Citigroup, Inc.
3.63%, 11/30/17(1)			800		827,524
5.50%, 4/11/13			700		720,458
5.50%, 10/15/14			400		415,580
5.63%, 8/27/12			5,300		5,396,773
6.13%, 11/21/17			200		213,714
8.50%, 5/22/19			200		241,564
Commonwealth Bank of Australia 0.67%, 7/12/13(1)(2)	AU		1,600		1,599,200
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA 6.88%, 3/19/20	NL		3,600		4,350,436
Credit Agricole SA 8.38%, 10/13/19(1)(2)	FR		2,300		1,811,250
Credit Suisse New York 2.20%, 1/14/14	CH		400		396,446
Danske Bank A/S 2.50%, 5/10/12(2)	DK		300		303,593
Deutsche Bank AG 6.00%, 9/1/17	DE		300		330,474
Dexia Credit Local
0.73%, 3/5/13(1)(2)	FR		3,300		3,291,334
0.73%, 4/29/14(1)(2)	FR		1,700		1,601,017
Fortis Bank Nederland Holding NV 3.00%, 4/17/12	NL		200		270,622
HBOS PLC
0.53%, 9/6/17(1)	GB		17,800		12,734,796
6.75%, 5/21/18(2)	GB		3,200		2,728,198
HSBC Bank PLC 2.00%, 1/19/14(2)	GB		500		497,242
ICICI Bank Ltd.
5.50%, 3/25/15	IN		1,400		1,394,390
5.75%, 11/16/20	IN		1,500		1,410,948
ICICI Bank Ltd./Dubai 4.75%, 11/25/16(2)	AE		3,700		3,537,444
ING Bank NV
1.17%, 3/30/12(1)(2)	NL		4,200		4,194,788
2.63%, 2/9/12(2)	NL		1,400		1,410,475


	Country Code*	Principal Amount (000)		Value
Intesa Sanpaolo New York 2.38%, 12/21/12	IT	$	2,400	$	2,332,212
Intesa Sanpaolo SpA 2.71%, 2/24/14(1)(2)	IT		1,100		990,554
Itau Unibanco Holding SA 6.20%, 4/15/20(2)	BR		1,800		1,818,097
JP Morgan Chase & Co. 4.25%, 10/15/20			1,300		1,303,081
JP Morgan Chase & Co., Series 3 1.12%, 9/30/13(1)			700		699,207
JP Morgan Chase & Co., Series I 7.90%, 4/30/18(1)			300		309,003
JP Morgan Chase Bank NA 0.67%, 6/13/16(1)			300		275,253
JP Morgan Chase Capital XXI, Series U 1.21%, 2/2/37(1)			1,000		711,375
LBG Capital No.1 PLC
6.44%, 5/23/20	GB		800		718,106
7.87%, 12/17/19	GB		500		569,181
LBG Capital No.2 PLC
8.88%, 2/7/20	GB		300		323,550
9.13%, 7/15/20	GB		1,700		2,014,746
15.00%, 12/21/19	GB		300		491,211
Lloyds TSB Bank PLC
2.80%, 4/2/12(2)	GB		4,300		4,348,250
4.88%, 1/21/16	GB		1,500		1,478,621
Macquarie Bank Ltd. 4.10%, 12/17/13(2)	AU		300		321,575
Merrill Lynch & Co., Inc.
1.84%, 5/30/14(1)			100		116,223
6.88%, 4/25/18			200		200,072
Morgan Stanley
0.55%, 1/9/14(1)			500		453,276
0.73%, 10/15/15(1)			2,000		1,688,954
1.87%, 3/1/13(1)			4,950		6,266,962
5.95%, 12/28/17			400		387,874
National Australia Bank Ltd.
0.97%, 4/11/14(1)(2)	AU		4,500		4,485,460
1.20%, 7/25/14(1)(2)	AU		600		606,761
Nordea Bank AB
2.13%, 1/14/14(2)	SE		200		198,488
4.88%, 1/27/20(2)	SE		1,800		1,874,389
Nordea Eiendomskreditt A/S 0.67%, 4/7/14(1)(2)	NO		2,000		1,997,918
Northern Rock Asset Management PLC 5.63%, 6/22/17(2)	GB		1,300		1,373,072
Royal Bank of Scotland Group PLC
2.63%, 5/11/12(2)	GB		200		202,541
4.38%, 3/16/16	GB		2,300		2,199,251
5.00%, 10/1/14	GB		100		93,117
6.99%, 10/5/17(2)(5)	GB		200		127,000
Santander US Debt SA Unipersonal
1.17%, 3/30/12(1)(2)	ES		3,100		3,077,243
1.83%, 10/10/17(1)	GB		2,800		3,197,158
2.99%, 10/7/13(2)	ES		1,800		1,730,009

SC^SMPIMCO TOTAL RETURN FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code*	Principal Amount (000)		Value
7.30%, 7/27/19(1)	ES	$	900	$	1,291,730
Scotland International Finance No. 2 BV 4.25%, 5/23/13(2)	NL		1,200		1,183,942
Societe Generale 5.92%, 4/5/17(1)(2)	FR		400		234,425
State Bank of India/London 4.50%, 7/27/15(2)	IN		1,000		1,000,843
State Street Capital Trust IV 1.35%, 6/15/37(1)			200		137,039
Sumitomo Mitsui Banking Corp. 1.95%, 1/14/14(2)	JP		2,200		2,214,687
Swedbank AB 2.80%, 2/10/12(2)	SE		1,000		1,008,197
Turkiye Garanti Bankasi AS 2.75%, 4/20/16(1)(2)	TR		300		270,000
UBS AG/Stamford CT 1.40%, 2/23/12(1)	CH		800		802,108
Wachovia Bank NA 0.68%, 3/15/16(1)			400		357,232
Wachovia Corp.
0.38%, 10/15/11(1)			3,900		3,899,965
5.30%, 10/15/11			650		650,606
Westpac Banking Corp.
1.10%, 3/31/14(1)(2)	AU		2,200		2,207,016
3.59%, 8/14/14(2)	AU		300		320,322

					158,597,804

CHEMICALS – 0.3%
Braskem SA 5.75%, 4/15/21(2)	KY		2,200		2,007,720
The Dow Chemical Co.
4.85%, 8/15/12			900		926,643
6.00%, 10/1/12			100		104,564

					3,038,927

DIVERSIFIED – 0.2%
Noble Group Ltd.
4.88%, 8/5/15(2)	BM		1,000		920,000
6.75%, 1/29/20	BM		1,000		880,000

					1,800,000

ELECTRIC UTILITIES – 0.8%
CMS Energy Corp. 5.05%, 2/15/18			1,000		987,855
Comision Federal de Electricidad 4.88%, 5/26/21(2)	MX		5,100		5,125,500
Electricite de France 6.50%, 1/26/19(2)	FR		400		467,549
Entergy Corp. 3.63%, 9/15/15			1,000		1,000,969

					7,581,873

FINANCIALS – 5.6%
American Express Co.
4.88%, 7/15/13			500		525,113
7.00%, 3/19/18			700		828,119


	Country Code*	Principal Amount (000)		Value
American Express Credit Corp. 5.13%, 8/25/14		$	4,200	$	4,545,866
Banque PSA Finance 2.15%, 4/4/14(1)(2)	FR		1,200		1,131,398
CIT Group, Inc. 7.00%, 5/1/14			88		89,757
Countrywide Financial Corp. 5.80%, 6/7/12			2,100		2,106,046
General Electric Capital Corp., Series A
6.15%, 8/7/37			100		106,885
6.88%, 1/10/39			800		918,193
International Lease Finance Corp.
5.40%, 2/15/12			3,700		3,672,250
5.75%, 5/15/16			200		177,763
6.38%, 3/25/13			2,000		1,945,000
6.75%, 9/1/16(2)			400		401,000
LeasePlan Corp. NV
3.00%, 5/7/12(2)	NL		1,000		1,013,745
3.13%, 2/10/12	NL		200		269,479
Nomura Holdings, Inc. 6.70%, 3/4/20	JP		2,300		2,586,251
SLM Corp. 6.25%, 1/25/16			200		196,307
SLM Corp., Series A
0.55%, 1/27/14(1)			500		458,952
5.00%, 10/1/13			5,700		5,579,604
5.38%, 1/15/13			130		130,006
8.00%, 3/25/20			1,100		1,085,917
8.45%, 6/15/18			2,300		2,392,386
Springleaf Finance Corp.
3.25%, 1/16/13			8,600		10,208,277
4.88%, 7/15/12			4,500		4,207,500
Sydney Airport Finance Co., Pty Ltd. 5.13%, 2/22/21(2)	AU		100		104,128
The Goldman Sachs Group, Inc.
0.81%, 3/22/16(1)			600		514,556
1.25%, 7/29/13(1)			200		195,912
5.95%, 1/18/18			6,800		7,000,845
6.15%, 4/1/18			1,100		1,139,904
6.25%, 9/1/17			700		729,056

					54,260,215

FOOD, BEVERAGES & RESTAURANTS – 0.5%
Anheuser-Busch InBev Worldwide, Inc.
4.13%, 1/15/15			1,200		1,300,444
5.38%, 1/15/20			1,200		1,398,104
Pernod-Ricard SA 5.75%, 4/7/21(2)	FR		1,500		1,644,079
Tate & Lyle International Finance PLC 6.63%, 6/15/16(2)	GB		500		571,769

					4,914,396

HEALTH CARE – 0.5%
HCA, Inc. 7.88%, 2/15/20			4,000		4,140,000

SC^SMPIMCO TOTAL RETURN FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code*	Principal Amount (000)		Value
Roche Holdings, Inc. 6.00%, 3/1/19(2)		$	600	$	733,070

					4,873,070

INSURANCE – 2.1%
American International Group, Inc.
1.78%, 7/19/13(1)			8,000		9,855,307
5.05%, 10/1/15			100		97,855
5.45%, 5/18/17			100		95,758
5.85%, 1/16/18			200		198,140
8.25%, 8/15/18			1,000		1,108,447
MetLife Institutional Funding II 1.15%, 4/4/14(1)(2)			800		799,019
Ohio National Financial Services, Inc. 6.38%, 4/30/20(2)			5,100		5,573,703
Pacific LifeCorp. 6.00%, 2/10/20(2)			1,300		1,389,746
The Dai-ichi Life Insurance Co., Ltd. 7.25%, 7/25/21(1)(2)	JP		600		590,076
The Hartford Financial Services Group, Inc. 8.13%, 6/15/38(1)			300		282,000

					19,990,051

INVESTMENT COMPANIES – 0.7%
FIH Erhvervsbank A/S 0.71%, 6/13/13(1)(2)	DK		6,500		6,495,456
Temasek Financial I Ltd. 4.30%, 10/25/19(2)	SG		300		319,382

					6,814,838

METALS & MINING – 0.8%
Alcoa, Inc. 6.15%, 8/15/20			600		607,789
CSN Resources SA 6.50%, 7/21/20(2)	LU		1,400		1,459,500
Gerdau Holdings, Inc. 7.00%, 1/20/20(2)	BR		1,700		1,742,500
Gerdau Trade, Inc. 5.75%, 1/30/21(2)	VG		2,700		2,558,250
GTL Trade Finance, Inc. 7.25%, 10/20/17(2)	VG		1,400		1,463,000
Vale Overseas Ltd. 6.88%, 11/10/39	KY		300		322,500

					8,153,539

OIL & GAS – 0.6%
Petroleos Mexicanos 6.50%, 6/2/41(2)	MX		2,900		2,879,256
Ras Laffan Liquefied Natural Gas Co. Ltd. III 6.75%, 9/30/19	QA		1,200		1,426,500
Reliance Holdings USA 4.50%, 10/19/20			1,900		1,743,408


	Country Code*	Principal Amount (000)		Value
Total Capital SA 4.45%, 6/24/20	FR	$	200	$	223,594

					6,272,758

OIL & GAS - EXPLORATION & PRODUCTION – 0.3%
Gazprom OAO 9.63%, 3/1/13	DE		2,400		2,533,992
Novatek Finance Ltd. 5.33%, 2/3/16(2)	IE		200		195,500
Transocean, Inc. 4.95%, 11/15/15	KY		100		105,316

					2,834,808

PIPELINES – 0.0%+
El Paso Corp. 7.88%, 6/15/12			400		414,110

REFINING – 0.3%
Petrobras International Finance Co. 7.88%, 3/15/19	KY		2,900		3,364,000

RETAIL – 0.0%+
CVS Pass-through Trust 6.94%, 1/10/30			92		103,343

SAVINGS & LOANS – 0.1%
Nationwide Building Society 6.25%, 2/25/20(2)	GB		600		604,697

SPECIAL PURPOSE BANKS – 0.5%
Kreditanstalt fuer Wiederaufbau 2.00%, 9/7/16	DE		1,400		1,890,676
The Export-Import Bank of Korea
1.05%, 3/3/12(2)	KR		1,500		1,146,617
5.13%, 6/29/20	KR		300		304,151
5.88%, 1/14/15	KR		900		956,997
8.13%, 1/21/14	KR		400		446,478

					4,744,919

SPECIAL PURPOSE ENTITIES – 0.5%
IPIC GMTN Ltd. 5.00%, 11/15/20	KY		1,200		1,230,000
MUFG Capital Finance 5 Ltd. 6.30%, 1/25/17(1)	KY		1,000		1,426,852
Odebrecht Drilling VIII/IX Ltd. 6.35%, 6/30/21(2)	KY		2,300		2,277,000
Vnesheconombank Veb Finance Ltd. 5.45%, 11/22/17(2)	IE		200		191,000

					5,124,852

TELECOMMUNICATIONS – 1.4%
BellSouth Corp. 4.46%, 4/26/12(2)			10,500		10,690,984

SC^SMPIMCO TOTAL RETURN FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code*	Principal Amount (000)		Value
Deutsche Telekom International Finance BV 6.50%, 4/8/22	NL	$	1,900	$	3,427,142

					14,118,126

TRANSPORTATION – 0.8%
Asciano Finance Ltd. 5.00%, 4/7/18(2)	AU		5,100		5,214,643
DP World Ltd. 6.25%, 7/2/17(2)	KY		1,900		1,895,250
Ryder System, Inc. 6.00%, 3/1/13			400		424,814

					7,534,707

UTILITIES – 0.6%
Centrais Eletricas Brasileiras SA 6.88%, 7/30/19(2)	BR		1,600		1,792,000
MidAmerican Energy Holdings Co. 6.13%, 4/1/36			300		359,332
Nakilat, Inc. 6.07%, 12/31/33	QA		2,800		3,024,000
NRG Energy, Inc . 8.25%, 9/1/20			700		661,500
The AES Corp. 7.38%, 7/1/21(2)			200		189,000

					6,025,832

Total Corporate Debt Obligations (Cost $336,688,108)					327,632,397

FOREIGN GOVERNMENT AGENCY OBLIGATIONS – 1.3%
Banco Nacional de Desenvolvimento Economico e Social 4.13%, 9/15/17(2)	BR		200		257,286
Canada Housing Trust No. 1
2.75%, 12/15/15	CA		800		800,145
3.15%, 6/15/14(2)	CA		400		401,355
3.35%, 12/15/20(2)	CA		1,800		1,824,186
3.80%, 6/15/21(2)	CA		700		733,226
Instituto de Credito Oficial 3.29%, 3/25/14(1)	ES		1,300		1,678,152
Korea Housing Finance Corp. 4.13%, 12/15/15(2)	KR		3,500		3,591,655
Societe Financement de l’Economie Francaise
0.45%, 7/16/12(1)(2)	FR		1,000		1,001,560
3.38%, 5/5/14(2)	FR		2,100		2,229,912

Total Foregin Government Agency Obligations (Cost $12,476,152)					12,517,477

FOREIGN GOVERNMENT OBLIGATIONS – 8.1%
Canadian Government Bond
2.75%, 9/1/16	CA		1,500		1,523,189
3.00%, 12/1/15	CA		400		408,348
3.25%, 6/1/21	CA		200		209,085


	Country Code*	Principal Amount (000)		Value
3.75%, 6/1/19	CA	$	600	$	648,932
4.25%, 6/1/18	CA		100		110,746
Italy Buoni Poliennali Del Tesoro Inflation Linked Bond
2.10%, 9/15/16	IT		307		377,741
2.10%, 9/15/21	IT		6,730		7,312,574
Mexican Bonos 9.00%, 12/22/11	MX		99,000		7,206,528
Province of Ontario Canada
1.38%, 1/27/14	CA		1,100		1,112,223
1.60%, 9/21/16	CA		21,300		21,251,436
4.00%, 6/2/21	CA		400		409,665
4.20%, 6/2/20	CA		13,700		14,299,171
4.30%, 3/8/17	CA		400		424,796
4.60%, 6/2/39	CA		300		325,860
4.70%, 6/2/37	CA		1,300		1,421,639
Province of Quebec Canada
4.25%, 12/1/21	CA		300		310,593
4.50%, 12/1/17	CA		500		535,180
4.50%, 12/1/18	CA		600		641,002
Republic of Turkey 7.00%, 9/26/16	TR		6,100		6,740,500
Russian Foreign Bond
3.63%, 4/29/15	RU		100		98,250
7.50%, 3/31/30(3)	RU		2,839		3,190,127
Spain Government Bond 4.65%, 7/30/25	ES		8,100		9,861,731
United Mexican States, Series A 6.05%, 1/11/40	MX		200		226,000

Total Foreign Government Obligations (Cost $83,135,756)					78,645,316

MUNICIPAL BONDS – 3.9%
Acalanes Union High School District, Series 2008-B 0.00%, 8/1/46(4)			4,600		398,360
California Infrastructure & Economic Development Bank 6.49%, 5/15/49			1,000		1,176,080
California State University 6.43%, 11/1/30			200		228,018
City of New York, NY
5.00%, 8/1/35			4,700		5,034,969
6.25%, 6/1/35			3,800		4,235,518
City of Newport Beach, California Certificates of Participation 7.17%, 7/1/40			2,300		2,616,894
Contra Costa, California Community College District 6.50%, 8/1/34			1,600		1,896,144
County of Clark, NV 6.82%, 7/1/45			300		371,511
County of Fresno CA, Series A 0.00%, 8/15/28(4)			2,200		775,918

SC^SMPIMCO TOTAL RETURN FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code*	Principal Amount (000)		Value
Irvine Ranch Water District, California 6.62%, 5/1/40		$	3,700	$	4,998,108
Long Beach Unified School District, Series 2008-B 0.00%, 8/1/34(4)			2,400		583,944
Los Angeles Unified School District, California 6.76%, 7/1/34			200		248,844
Metropolitan Government of Nashville & Davidson County, Tennessee, Water and Sewer Revenue 6.57%, 7/1/37			3,700		4,685,569
Metropolitan Transportation Authority 7.34%, 11/15/39			1,100		1,547,128
New Jersey Economic Development Authority 1.35%, 6/15/13(1)			1,300		1,304,693
New York State Thruway Authority 5.88%, 4/1/30			1,000		1,211,880
Pasadena, California Public Financing Authority 7.15%, 3/1/43			1,400		1,877,960
Philadelphia Authority for Industrial Development 0.00%, 4/15/23(4)			3,000		1,287,990
State of California
7.60%, 11/1/40			500		618,595
7.63%, 3/1/40			1,000		1,232,720
7.95%, 3/1/36			400		453,864
State of Illinois 4.07%, 1/1/14			400		411,824
State of Louisiana 3.00%, 5/1/43(1)			400		408,036

Total Municipal Bonds (Cost $32,180,666)					37,604,567

U.S. GOVERNMENT AGENCY OBLIGATIONS – 33.4%
Federal Home Loan Mortgage Corp.
2.00%, 8/25/16			100		103,529
2.50%, 5/27/16			100		105,893
4.50%, 2/1/39			107		114,232
4.50%, 1/1/40			702		743,431
4.50%, TBA(6)			1,000		1,058,169
4.88%, 6/13/18			200		239,184
5.50%, 3/1/37			869		944,922
5.50%, 4/1/37			102		110,335
5.50%, 7/1/37			327		355,152
5.50%, 8/1/37			162		175,356
5.50%, 7/1/38			515		558,785
5.50%, 8/1/38			412		446,798
5.50%, 1/1/40			104		112,698
Federal National Mortgage Association
2.00%, 2/18/15			100		104,020
2.00%, 9/21/15			300		310,178
2.25%, 3/15/16			1,000		1,049,322


	Country Code*	Principal Amount (000)		Value
3.33%, 11/21/21(6)		$	400	$	400,963
4.00%, 8/1/39			174		182,237
4.00%, 12/1/40			6,728		7,060,454
4.00%, 1/1/41			998		1,047,508
4.00%, 2/1/41			7,963		8,356,298
4.00%, 3/1/41			199		209,052
4.00%, 4/1/41			514		539,341
4.00%, 7/1/41			479		502,572
4.00%, 8/1/41			3,268		3,428,516
4.00%, TBA(6)			10,600		11,110,125
4.50%, 6/1/38			126		133,406
4.50%, 1/1/39			399		423,774
4.50%, 3/1/39			475		504,975
4.50%, 4/1/39			26		27,674
4.50%, 6/1/39			48		50,862
4.50%, 8/1/39			657		698,309
4.50%, 11/1/39			663		704,001
4.50%, 7/1/40			976		1,036,295
4.50%, 8/1/40			1,085		1,152,030
4.50%, 9/1/40			530		563,517
4.50%, 10/1/40			2,435		2,587,126
4.50%, 5/1/41			56,374		59,883,725
4.50%, 6/1/41			3,243		3,444,799
4.50%, TBA(6)			137,000		145,327,024
5.00%, 4/1/38			74		79,419
5.00%, 6/1/38			100		107,675
5.00%, 7/1/38			22		23,805
5.00%, 8/1/38			200		215,349
5.00%, 1/1/39			577		620,852
5.00%, 4/1/39			2,219		2,390,025
5.00%, 7/1/40			8,787		9,467,938
5.00%, 8/1/40			998		1,074,213
5.00%, 10/1/40			23		25,271
5.00%, 6/1/41			1,000		1,077,479
5.00%, TBA(6)			1,000		1,075,625
5.50%, 8/1/33			32		34,530
5.50%, 2/1/34			10		10,995
5.50%, 4/1/34			95		104,065
5.50%, 4/1/35			19		20,393
5.50%, 3/1/36			346		377,150
5.50%, 4/1/36			18		19,943
5.50%, 8/1/36			12		13,342
5.50%, 11/1/36			800		871,800
5.50%, 12/1/36			8		8,663
5.50%, 5/1/37			18		19,472
5.50%, 11/1/37			1,934		2,104,769
5.50%, 1/1/38			1,213		1,319,470
5.50%, 2/1/38			1,608		1,747,454
5.50%, 4/1/38			1,042		1,132,438
5.50%, 5/1/38			79		85,736
5.50%, 7/1/38			551		598,722
5.50%, TBA(6)			1,000		1,085,156
6.00%, 8/1/36			291		320,361
6.00%, 9/1/36			51		56,257
6.00%, 10/1/36			11		11,884
6.00%, 12/1/36			128		140,457
6.00%, 1/1/37			122		134,460
6.00%, 4/1/37			211		231,984
6.00%, 5/1/37			39		42,659

SC^SMPIMCO TOTAL RETURN FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code*	Principal Amount (000)		Value
6.00%, 8/1/37		$	629	$	691,433
6.00%, 9/1/37			1,841		2,022,969
6.00%, 10/1/37			799		879,000
6.00%, 11/1/37			1,095		1,203,538
6.00%, 12/1/37			4,672		5,134,717
6.00%, 1/1/38			1,233		1,354,578
6.00%, 3/1/38			1,352		1,485,476
6.00%, 4/1/38			149		163,894
6.00%, 5/1/38			43		46,911
6.00%, 6/1/38			380		417,770
6.00%, 8/1/38			2,598		2,857,262
6.00%, 9/1/38			2,016		2,215,777
6.00%, 10/1/38			1,257		1,381,567
6.00%, 11/1/38			1,565		1,717,641
6.00%, 12/1/38			1,074		1,181,383
6.00%, 1/1/39			22		24,583
6.00%, 3/1/39			38		41,572
6.00%, 7/1/39			66		73,091
6.00%, 9/1/39			1,073		1,179,220
6.00%, 4/1/40			284		312,859
6.00%, TBA(6)			15,400		16,891,875
6.50%, 9/1/37			1,685		1,869,197

Total U.S. Government Agency Obligations (Cost $321,889,336)					325,702,711

U.S. TREASURY OBLIGATIONS – 29.0%
U.S. Treasury Inflation Indexed Bonds
0.13%, 4/15/16			5,936		6,133,343
0.63%, 7/15/21			1,103		1,150,835
1.13%, 1/15/21(7)			8,468		9,243,197
1.25%, 7/15/20			3,108		3,430,851
1.75%, 1/15/28(9)			3,666		4,247,364
2.00%, 1/15/26			2,959		3,515,473
2.38%, 1/15/25			1,558		1,924,572
2.38%, 1/15/27(7)			3,025		3,782,026
2.50%, 7/15/16(7)(9)			11,858		13,628,129
2.50%, 1/15/29(9)			4,840		6,214,118
U.S. Treasury Notes
0.13%, 9/30/13			8,400		8,378,672
1.25%, 9/30/18			1,000		995,156
1.50%, 7/31/16(6)			4,500		4,620,960
1.50%, 8/31/18(7)			11,800		11,857,159
2.25%, 7/31/18			100		105,531
2.63%, 8/15/20			20,300		21,741,625
2.63%, 11/15/20			23,400		25,023,375
3.00%, 2/28/17(6)			52,200		57,509,732
3.38%, 11/15/19			1,800		2,041,312
3.50%, 5/15/20			7,500		8,589,225
3.63%, 2/15/20			5,500		6,349,063
3.63%, 2/15/21(6)			70,900		81,906,091

Total U.S. Treasury Obligations (Cost $278,723,816)					282,387,809


	Country Code*		Shares		Value
CONVERTIBLE PREFERRED STOCKS – 0.0%+
BANKS – 0.0%+
Wells Fargo & Co., Series L 7.50%, 12/31/49 (Cost $129,360)				200	$	206,612

PREFERRED STOCKS – 0.3%
BANKS – 0.3%
Citigroup, Inc., Series 1 6.15%, 12/15/12 (Cost $3,667,275)				405,000		3,198,609


			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		314,649


			Principal Amount (000)
SHORT TERM INVESTMENTS – 6.9%
CERTIFICATES OF DEPOSIT – 1.2%
BANKS – 1.2%
Abbey National Treasury Services PLC 1.69%, 6/10/13(1)		GB		2,500		2,541,170
Banco do Brasil SA 0.00%, 2/15/12(4)		BR		3,800		3,816,224
Itau Unibanco SA New York 1.00%, 2/6/12		BR		5,800		5,771,872

Total Certificates of Deposit (Cost $12,044,038)						12,129,266

COMMERCIAL PAPER(8) – 3.8%
Kells Funding LLC
0.24%, 11/7/11(2)				900		899,778
0.47%, 1/27/12(2)				36,100		36,059,546

Total Commercial Paper (Cost $36,944,164)						36,959,324

U.S. TREASURY OBLIGATIONS(8) – 1.3%
U.S. Treasury Bills
0.01%, 2/16/12				400		399,947
0.01%, 3/8/12(7)				6,900		6,898,648
0.02%, 10/20/11(7)				280		280,000
0.02%, 2/16/12				528		527,930
0.03%, 3/1/12(7)				321		320,940
0.04%, 3/29/12				672		671,817

SC^SMPIMCO TOTAL RETURN FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Country Code*	Principal Amount (000)		Value
0.30%, 2/9/12		$	3,100	$	3,099,613

Total U.S. Treasury Obligations (Cost $12,200,214)					12,198,895


		Shares
MUTUAL FUNDS – 0.6%
State Street Institutional U.S. Government Money Market Fund (Cost $5,556,269)			5,556,269		5,556,269

Total Short Term Investments (Cost $66,744,685)					66,843,754

TOTAL INVESTMENTS – 124.4% (Cost $1,212,427,170)					1,212,230,059
Liabilities in excess of other assets – (24.4)%					(237,984,953	)

NET ASSETS – 100.0%				$	974,245,106

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 $176,547,974 which represents approximately 18.1% of net assets. At the period end, the brokers delivered cash of $670,000 to the Fund as collateral.

AE	United Arab Emirates

Australia

Bermuda

Brazil

Canada

CH	Switzerland

Chile

Germany

Denmark

Spain

France

GB	Great Britain

Hong Kong

Ireland

India

Italy

Japan

KR	Korea, Republic of

KY	Cayman Islands

LU	Luxembourg

Mexico

NL	Netherlands

Norway

Qatar

Russia

Sweden

Singapore

Turkey

VG	British Virgin Islands

*	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 $201,727,799, representing 20.7% 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 is in default and is non-income producing.

(6)	Security (or a portion thereof) has been purchased on a delayed delivery or when-issued basis.

(7)	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 $3,197,460.

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

SC^SM PIMCO TOTAL RETURN FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*

(9)	At the period end, securities (or portions thereof) with an aggregate market value of $2,402,480 have been pledged to cover margin requirements for the following open futures contracts:


Type	Description	Expiration Date		Contracts		Aggregate Face Value ($)		Aggregate Notional Value ($)		Unrealized Appreciation / (Depreciation) ($)
Long	90-Day Eurodollar December Futures		12/19/11		54		13,430,433		13,428,450		(1,983	)
Long	90-Day Eurodollar December Futures		12/16/13		64		15,703,086		15,848,800		145,714
Long	90-Day Eurodollar June Futures		6/17/13		770		190,240,234		191,210,250		970,016
Long	90-Day Eurodollar June Futures		6/16/14		12		2,926,921		2,961,450		34,529
Long	90-Day Eurodollar March Futures		3/19/12		974		241,388,535		242,063,350		674,815
Long	90-Day Eurodollar March Futures		3/18/13		395		97,976,223		98,157,500		181,277
Long	90-Day Eurodollar March Futures		3/18/13		158		39,252,434		39,263,000		10,566
Long	90-Day Eurodollar March Futures		3/17/14		65		15,899,796		16,070,438		170,642
Long	90-Day Eurodollar September Futures		9/16/13		256		63,174,668		63,500,800		326,132
Long	U.S. Treasury 10 Year Note December Futures		12/20/11		353		45,661,384		45,923,094		261,710

Net unrealized appreciation											2,773,418

(10)	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	668,143	EUR	468,000		10/19/11		(41,214	)
Bank of America Securities LLC	USD	537,450	IDR	4,873,600,000		1/31/12		11,365
Barclays Bank PLC	EUR	1,399,000	USD	1,986,440		10/19/11		112,353
Barclays Bank PLC	EUR	7,746,000	USD	11,103,194		10/19/11		726,729
Barclays Bank PLC	GBP	14,170,000	USD	22,617,304		12/8/11		534,823
Barclays Bank PLC	MXN	16,299,360	USD	1,200,000		11/18/11		29,689
Barclays Bank PLC	MXN	101,540,445	USD	8,538,551		11/18/11		1,247,843
Barclays Bank PLC	SGD	906,150	USD	700,000		12/9/11		6,976
Barclays Bank PLC	USD	1,300,000	CNY	8,320,390		6/1/12		10,034
Barclays Bank PLC	USD	200,000	CNY	1,278,000		6/1/12		1,219
Barclays Bank PLC	USD	4,316,794	EUR	2,994,000		10/19/11		(306,061	)
Barclays Bank PLC	USD	87,917	PHP	3,900,000		11/15/11		1,098
Barclays Bank PLC	USD	36,281	PHP	1,600,000		11/15/11		238
Barclays Bank PLC	USD	36,126	PHP	1,600,000		11/15/11		394
Barclays Bank PLC	USD	38,245	PHP	1,700,000		11/15/11		556
Barclays Bank PLC	USD	27,445	PHP	1,229,000		11/15/11		606
Barclays Bank PLC	USD	294,200	TWD	8,431,780		1/11/12		(16,654	)
Citibank NA	CAD	4,900,000	USD	4,749,862		11/17/11		78,538
Citibank NA	CAD	1,338,000	USD	1,281,824		11/17/11		6,266
Citibank NA	CAD	37,000	USD	37,346		11/17/11		2,073
Citibank NA	EUR	8,232,000	USD	11,804,361		10/19/11		776,855
Citibank NA	PHP	39,249,000	USD	900,000		11/15/11		4,165
Citibank NA	USD	4,754,913	CAD	4,900,000		10/3/11		(78,895	)
Citibank NA	USD	500,000	CNY	3,202,250		6/1/12		4,190

SC^SM PIMCO TOTAL RETURN FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*

(Continued)


Counterparty	Contracts to Deliver		In Exchange For		Settlement Date		Unrealized Appreciation / (Depreciation) ($)
Citibank NA	USD	400,000	CNY	2,556,080		6/1/12		2,451
Citibank NA	USD	100,000	CNY	630,450		6/1/12		(737	)
Citibank NA	USD	100,000	CNY	630,650		6/1/12		(705	)
Citibank NA	USD	1,000,000	CNY	6,313,000		2/1/13		2,908
Citibank NA	USD	113,933	EUR	83,000		10/19/11		(2,747	)
Citibank NA	USD	908,711	EUR	631,000		10/19/11		(63,430	)
Citibank NA	USD	765,004	MYR	2,292,718		4/23/12		(50,481	)
Citibank NA	USD	100,000	PHP	4,310,000		11/15/11		(1,627	)
Citibank NA	USD	50,000	PHP	2,175,000		11/15/11		(357	)
Citibank NA	USD	100,000	PHP	4,389,000		11/15/11		176
Citibank NA	USD	100,000	PHP	4,455,000		11/15/11		1,683
Citibank NA	USD	100,000	PHP	4,421,000		11/15/11		907
Citibank NA	USD	100,000	PHP	4,339,500		11/15/11		(953	)
Citibank NA	USD	72,186	PHP	3,200,000		11/15/11		852
Citibank NA	USD	2,487,649	PHP	108,461,500		3/15/12		(17,219	)
Citibank NA	USD	3,956,910	SGD	4,770,451		12/9/11		(308,465	)
Credit Suisse*	CAD	205,253	USD	200,000		10/3/11		4,129
Credit Suisse*	EUR	4,545,000	USD	6,576,992		10/19/11		488,555
Credit Suisse*	EUR	22,741,000	USD	31,752,121		10/19/11		1,288,502
Credit Suisse*	KRW	236,760,000	USD	200,000		11/14/11		(985	)
Credit Suisse*	KRW	236,700,000	USD	200,000		11/14/11		(934	)
Credit Suisse*	SGD	373,575	USD	300,000		12/9/11		14,290
Credit Suisse*	USD	2,350,414	EUR	1,665,000		10/19/11		(119,996	)
Deutsche Bank AG (London)	CAD	1,066,000	USD	1,073,193		11/17/11		56,941
Deutsche Bank AG (London)	EUR	587,000	USD	827,576		10/19/11		41,237
Deutsche Bank AG (London)	USD	404,213	CNY	2,552,000		6/1/12		(2,404	)
Deutsche Bank AG (London)	USD	4,044,312	CNY	25,628,807		2/1/13		27,179
Deutsche Bank AG (London)	USD	393,639	IDR	3,651,000,000		10/31/11		20,816
Deutsche Bank AG (London)	USD	230,947	IDR	2,000,000,000		1/31/12		(5,727	)
Deutsche Bank AG (London)	USD	9,316	MXN	109,557		11/18/11		(1,450	)
Deutsche Bank AG (London)	USD	50,000	PHP	2,202,500		11/15/11		271
Goldman Sachs International	SGD	248,980	USD	200,000		12/9/11		9,580
Goldman Sachs International	USD	802,273	CAD	830,000		11/17/11		(11,008	)
Goldman Sachs International	USD	500,000	CNY	3,155,000		2/1/13		1,215
Goldman Sachs International	USD	100,000	PHP	4,392,000		11/15/11		245
HSBC Bank PLC	IDR	7,316,000,000	USD	800,000		10/31/11		(30,499	)
HSBC Bank PLC	IDR	7,320,000,000	USD	800,000		10/31/11		(30,953	)
HSBC Bank PLC	USD	15,625,603	BRL	25,407,231		11/3/11		(2,206,844	)
HSBC Bank PLC	USD	100,000	CNY	638,350		6/1/12		507
HSBC Bank PLC	USD	200,000	CNY	1,278,500		6/1/12		1,298
HSBC Bank PLC	USD	200,000	CNY	1,278,100		6/1/12		1,235
HSBC Bank PLC	USD	100,000	CNY	639,450		6/1/12		681
HSBC Bank PLC	USD	100,000	CNY	639,800		6/1/12		736
HSBC Bank PLC	USD	200,000	CNY	1,278,300		6/1/12		1,266
HSBC Bank PLC	USD	300,000	CNY	1,913,250		6/1/12		1,239
HSBC Bank PLC	USD	600,000	CNY	3,828,000		6/1/12		2,713
HSBC Bank PLC	USD	200,000	CNY	1,278,600		6/1/12		1,314
HSBC Bank PLC	USD	234,211	IDR	2,047,000,000		1/31/12		(3,698	)
HSBC Bank PLC	USD	1,929,442	IDR	17,432,510,000		7/2/12		4,805
HSBC Bank PLC	USD	500,000	MXN	5,968,000		11/18/11		(71,492	)
HSBC Bank PLC	USD	200,000	MXN	2,389,000		11/18/11		(28,467	)
HSBC Bank PLC	USD	200,000	MXN	2,385,600		11/18/11		(28,711	)

SC^SM PIMCO TOTAL RETURN FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*

(Continued)


Counterparty	Contracts to Deliver		In Exchange For		Settlement Date		Unrealized Appreciation / (Depreciation) ($)
HSBC Bank PLC	USD	2,436,144	ZAR	17,141,440		10/28/11		(320,657	)
JPMorgan Securities	CAD	6,000	USD	6,046		11/17/11		326
JPMorgan Securities	EUR	1,622,000	USD	2,307,360		10/19/11		134,545
JPMorgan Securities	KRW	2,851,999,200	USD	2,400,000		11/14/11		(21,052	)
JPMorgan Securities	MXN	18,900,000	USD	1,400,000		11/18/11		42,961
JPMorgan Securities	USD	200,000	CNY	1,279,600		6/1/12		1,471
JPMorgan Securities	USD	1,400,000	CNY	8,967,000		6/1/12		11,841
JPMorgan Securities	USD	200,000	CNY	1,283,400		6/1/12		2,070
JPMorgan Securities	USD	400,000	CNY	2,566,800		6/1/12		4,139
JPMorgan Securities	USD	100,000	CNY	641,700		6/1/12		1,035
JPMorgan Securities	USD	400,000	CNY	2,552,000		6/1/12		1,809
JPMorgan Securities	USD	300,000	CNY	1,913,700		6/1/12		1,309
JPMorgan Securities	USD	300,000	CNY	1,887,450		6/1/12		(2,824	)
JPMorgan Securities	USD	100,000	CNY	630,500		6/1/12		(729	)
JPMorgan Securities	USD	100,000	CNY	630,200		6/1/12		(776	)
JPMorgan Securities	USD	2,663,722	EUR	1,877,000		10/19/11		(149,311	)
JPMorgan Securities	USD	3,355,013	INR	155,941,000		7/12/12		(240,721	)
JPMorgan Securities	USD	8,586,748	KRW	9,148,321,469		11/14/11		(820,771	)
JPMorgan Securities	USD	100,000	PHP	4,410,000		11/15/11		656
JPMorgan Securities	USD	100,000	PHP	4,437,000		11/15/11		1,272
JPMorgan Securities	USD	100,000	PHP	4,310,000		11/15/11		(1,627	)
JPMorgan Securities	USD	208,412	ZAR	1,520,050		1/26/12		(23,066	)
JPMorgan Securities	ZAR	1,619,220	USD	200,000		10/28/11		166
JPMorgan Securities	ZAR	1,618,420	USD	200,000		10/28/11		265
JPMorgan Securities	ZAR	808,240	USD	100,000		10/28/11		252
Morgan Stanley & Co., Inc.**	CAD	4,900,000	USD	4,745,349		10/3/11		69,330
Morgan Stanley & Co., Inc.**	EUR	22,741,000	USD	31,689,584		10/19/11		1,225,964
Morgan Stanley & Co., Inc.**	MXN	4,123,950	USD	300,000		11/18/11		3,896
Morgan Stanley & Co., Inc.**	MXN	5,384,800	USD	400,000		11/18/11		13,366
Morgan Stanley & Co., Inc.**	USD	100,000	CNY	638,750		6/1/12		570
Morgan Stanley & Co., Inc.**	USD	500,000	CNY	3,184,750		6/1/12		1,434
Morgan Stanley & Co., Inc.**	USD	10,983,871	MXN	131,141,926		11/18/11		(1,567,747	)
Morgan Stanley & Co., Inc.**	USD	200,000	MXN	2,388,300		11/18/11		(28,518	)
Morgan Stanley & Co., Inc.**	USD	500,000	MXN	5,973,000		11/18/11		(71,133	)
Morgan Stanley & Co., Inc.**	USD	497,313	PHP	21,655,500		3/15/12		(4,065	)
Royal Bank of Canada	CAD	1,849,000	USD	1,782,031		11/17/11		19,321
Royal Bank of Canada	CAD	1,067,000	USD	1,078,002		11/17/11		60,797
Royal Bank of Canada	USD	232,368	EUR	162,000		10/19/11		(15,354	)
Royal Bank of Scotland PLC	USD	500,000	CNY	3,205,500		6/1/12		4,701
Royal Bank of Scotland PLC	USD	830,387	IDR	7,707,650,000		10/31/11		44,572
Royal Bank of Scotland PLC	USD	992,884	SGD	1,200,000		12/9/11		(75,123	)
UBS AG	CAD	205,514	USD	200,000		10/6/11		3,894

Net unrealized appreciation								409,516

*	At the period end, cash of $1,120,000 has been received as collateral for these open forward foreign currency exchange contracts.

**	At the period end, cash of $390,000 has been received as collateral for these open forward foreign currency exchange contracts.

BRL	- Brazilian Real

CAD	- Canadian Dollar

CNY	- Yuan Renminbi

EUR

- Euro

GBP	- Great British Pound

SC^SM PIMCO TOTAL RETURN FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*

IDR	- Indonesian Rupiah

INR	- Indian Rupee

KRW	- South Korean Won

MXN	- Mexican Peso

MYR	- Malaysian Ringgit

PHP	- Philippine Peso

SGD	- Singapore Dollar

TWD	- New Taiwan Dollar

USD	- United States Dollar

ZAR	- South African Rand

(11)	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

90-Day Eurodollar March Futures

3/19/12

99.000

17,213

Written option contracts (Premium received, $66,210)

17,213

Forward Volatility Agreements on Swaption Straddles

Description

Counterparty

Expiration
Date

Exercise
Price ($)

Notional
Amount
(000) ($)

Value ($)

Call & Put - OTC 1-Year vs.

1-Year Swaption Straddle

Goldman Sachs Bank*

10/11/11

TBD

4,600

17,184

Call & Put - OTC 1-Year vs.

2-Year Swaption Straddle

Morgan Stanley Capital Services, Inc.**

10/11/11

TBD

14,000

142,206

Call & Put - OTC 1-Year vs.

2-Year Swaption Straddle

Morgan Stanley Capital Services, Inc.**

11/14/11

TBD

11,600

120,647

Forward volatility agreements (Premium received, $306,061)

30,200

280,037

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

7,447

Floor - OTC CPURNSA Index

Citibank NA***

217.965

Maximum of [1-(Index

Final/Index Initial)] or $0

9/29/20

1,300

5,146

Floor - OTC CPURNSA Index

Deutsche Bank AG

215.949

Maximum of [1-(Index

Final/Index Initial)] or $0

3/10/20

1,000

5,511

Written inflation floor options (Premium received, $42,970)

4,400

18,104

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

14,156

Put

OTC -2 Year Interest Rate Swap

Bank of America NA

Pay

3-Month
USD-LIBOR

2.25

9/24/12

7,100

4,869

SC^SM PIMCO TOTAL RETURN FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*

(Continued)

Type

Description

Counterparty

Pay/Receive
Floating
Rate

Floating
Rate

Exercise
Rate

Expiration
Date

Notional
Amount
(000) ($)

Value ($)

Put

OTC -3 Year Interest Rate Swap

Bank of America NA

Pay

3-Month
USD-LIBOR

3.00

6/18/12

11,000

5,130

Put

OTC -10 Year Interest Rate Swap

Bank of America NA

Pay

3-Month
USD-LIBOR

4.25

10/11/11

3,300

—

Put

OTC -3 Year Interest Rate Swap

Barclays Bank PLC****

Pay

3-Month
USD-LIBOR

3.00

6/18/12

8,900

4,151

Put

OTC -2 Year Interest Rate Swap

Citibank NA***

Pay

3-Month
USD-LIBOR

2.25

9/24/12

800

549

Put

OTC -3 Year Interest Rate Swap

Citibank NA***

Pay

3-Month
USD-LIBOR

3.00

6/18/12

7,800

3,638

Put

OTC -5 Year Interest Rate Swap

Citibank NA***

Pay

3-Month
USD-LIBOR

3.25

7/16/12

5,000

8,191

Put

OTC -2 Year Interest Rate Swap

Deutsche Bank AG

Pay

3-Month
USD-LIBOR

1.20

7/11/13

10,500

80,726

Put

OTC -5 Year Interest Rate Swap

Deutsche Bank AG

Pay

3-Month
USD-LIBOR

1.70

8/13/12

13,000

180,371

Put

OTC -1 Year Interest Rate Swap

Deutsche Bank AG

Pay

3-Month
USD-LIBOR

1.75

7/11/13

68,700

113,973

Put

OTC -3 Year Interest Rate Swap

Deutsche Bank AG

Pay

3-Month
USD-LIBOR

2.75

6/18/12

6,300

3,735

Put

OTC -3 Year Interest Rate Swap

Deutsche Bank AG

Pay

3-Month
USD-LIBOR

3.00

6/18/12

5,300

2,472

Put

OTC -1 Year Interest Rate Swap

Goldman Sachs Bank*

Pay

3-Month
USD-LIBOR

0.65

11/14/11

9,400

2,767

Put

OTC -1 Year Interest Rate Swap

Goldman Sachs Bank*

Pay

3-Month
USD-LIBOR

1.00

11/19/12

10,700

13,121

Put

OTC -1 Year Interest Rate Swap

Goldman Sachs Bank*

Pay

3-Month
USD-LIBOR

2.00

4/30/12

66,600

12,368

Put

OTC -2 Year Interest Rate Swap

Goldman Sachs Bank*

Pay

3-Month
USD-LIBOR

2.25

9/24/12

6,700

4,595

Put

OTC -5 Year Interest Rate Swap

Morgan Stanley Capital Services, Inc.**

Pay

3-Month
USD-LIBOR

1.80

10/11/11

3,600

Put

OTC -2 Year Interest Rate Swap

Morgan Stanley Capital Services, Inc.**

Pay

3-Month
USD-LIBOR

2.25

9/24/12

3,500

2,400

Put

OTC -10 Year Interest Rate Swap

Morgan Stanley Capital Services, Inc.**

Pay

3-Month
USD-LIBOR

4.25

10/11/11

25,200

Put

OTC -10 Year Interest Rate Swap

Morgan Stanley Capital Services, Inc.**

Pay

3-Month
USD-LIBOR

10.00

7/10/12

2,000

Put

OTC -5 Year Interest Rate Swap

Royal Bank of Scotland PLC

Pay

3-Month
USD-LIBOR

1.70

8/13/12

18,000

249,745

Put

OTC -1 Year Interest Rate Swap

Royal Bank of Scotland PLC

Pay

3-Month
USD-LIBOR

1.75

11/19/12

12,200

7,111

Put

OTC -1 Year Interest Rate Swap

Royal Bank of Scotland PLC

Pay

3-Month
USD-LIBOR

2.00

4/30/12

24,600

4,568

Put

OTC -2 Year Interest Rate Swap

Royal Bank of Scotland PLC

Pay

3-Month
USD-LIBOR

2.25

9/24/12

30,700

21,054

Put

OTC -3 Year Interest Rate Swap

Royal Bank of Scotland PLC

Pay

3-Month
USD-LIBOR

2.75

6/18/12

5,900

3,498

Put

OTC -3 Year Interest Rate Swap

Royal Bank of Scotland PLC

Pay

3-Month
USD-LIBOR

3.00

6/18/12

14,900

6,949

Put

OTC -5 Year Interest Rate Swap

Royal Bank of Scotland PLC

Pay

3-Month
USD-LIBOR

3.25

7/16/12

1,700

2,785

SC^SM PIMCO TOTAL RETURN FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*

(Continued)

Type

Description

Counterparty

Pay/Receive
Floating
Rate

Floating
Rate

Exercise
Rate

Expiration
Date

Notional
Amount
(000) ($)

Value ($)

Put

OTC -10 Year Interest Rate Swap

Royal Bank of Scotland PLC

Pay

3-Month
USD-LIBOR

4.25

10/11/11

13,100

Written swaptions (Premium received, $2,537,100)

410,200

752,932

Credit Default Swaptions

Type

Description

Counterparty

Buy/Sell
Protection

Exercise
Rate

Expiration
Date

Notional
Amount
(000) ($)

Value ($)

Put

OTC - CDX.IG-16 5-Year Index

Bank of America NA

Sell

1.80

12/21/11

3,200

16,441

Call

OTC - CDX.IG-16 5-Year Index

Bank of America NA

Buy

0.85

12/21/11

6,000

3,132

Put

OTC - CDX.IG-16 5-Year Index

Bank of America NA

Sell

1.20

12/21/11

6,000

83,835

Call

OTC - CDX.IG-16 5-Year Index

Deutsche Bank AG

Buy

0.82

12/21/11

6,000

2,444

Call

OTC - CDX.IG-16 5-Year Index

Goldman Sachs Bank*

Buy

0.85

12/21/11

6,100

3,184

Put

OTC - CDX.IG-16 5-Year Index

Morgan Stanley Capital Services, Inc.**

Sell

1.50

12/21/11

2,200

18,224

Call

OTC - CDX.IG-16 5-Year Index

Morgan Stanley Capital Services, Inc.**

Buy

1.00

12/21/11

2,200

3,185

Call

OTC - CDX.IG-16 5-Year Index

Morgan Stanley Capital Services, Inc.**

Buy

0.80

12/21/11

6,500

2,223

Call

OTC - CDX.IG-16 5-Year Index

Morgan Stanley Capital Services, Inc.**

Buy

0.85

12/21/11

4,300

2,245

Written credit default swaptions (Premium received, $93,515)

42,500

134,913

CDX.IG

- Credit Derivatives Index – Investment Grade

CPURNSA

- Consumer Price All Urban Non-Seasonally Adjusted Index

LIBOR

- London Interbank Offered Rate

OTC	- Over the Counter

USD	- United States Dollar

(12)	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	6-Month EUR-EURIBOR		3.50	%		9/21/21		536		46,321			(6,399	)		52,720
Bank of America NA	Pay	3-Month USD-LIBOR		2.00	%		12/21/21		1,500		(24,084	)		(7,020	)		(17,064	)
Barclays Bank PLC****	Pay	BRL-BZDIOVRA		12.455	%		1/2/13		957		21,424			881			20,543
Barclays Bank PLC****	Pay	6-Month EUR-EURIBOR		2.50	%		9/21/18		1,072		17,125			(13,453	)		30,578
Barclays Bank PLC****	Pay	6-Month EUR-EURIBOR		3.50	%		9/21/21		9,512		822,212			38,000			784,212
Barclays Bank PLC****	Pay	6-Month EUR-EURIBOR		3.00	%		9/21/21		3,751		157,912			26,207			131,705

SC^SM PIMCO TOTAL RETURN FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*

(Continued)


Counterparty	Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate			Expiration Date		Notional Amount (000) ($)		Market Value ($)			Upfront Premiums Paid / (Received) ($)			Unrealized Appreciation / (Depreciation) ($)
Barclays Bank PLC****	Pay	3-Month USD-LIBOR		3.00	%		10/13/21		7,200		583,664			453,290			130,374
Barclays Bank PLC****	Pay	6-Month GBP-LIBOR		3.00	%		3/21/22		936		22,587			10,692			11,895
Citibank NA***	Pay	6-Month EUR-EURIBOR		3.65	%		9/21/21		1,340		133,627			1,223			132,404
Citibank NA***	Pay	6-Month EUR-EURIBOR		2.50	%		3/21/22		670		(6,167	)		(539	)		(5,628	)
Deutsche Bank AG	Pay	6-Month EUR-EURIBOR		3.50	%		9/21/21		2,412		208,448			21,588			186,860
Deutsche Bank AG	Pay	6-Month EUR-EURIBOR		3.00	%		9/21/21		3,215		135,353			15,537			119,816
Deutsche Bank AG	Pay	6-Month EUR-EURIBOR		3.00	%		3/21/22		3,751		130,114			43,671			86,443
Goldman Sachs Bank*	Pay	BRL- BZDIOVRA		12.65	%		1/2/14		532		28,873			6,547			22,326
Goldman Sachs Bank*	Pay	U.S. Federal Fund Rate		1.00	%		9/19/14		2,700		32,635			(11,529	)		44,164
Goldman Sachs Bank*	Pay	6-Month EUR-EURIBOR		3.50	%		9/21/21		8,038		694,827			(65,919	)		760,746
Goldman Sachs Bank*	Pay	3-Month USD-LIBOR		2.00	%		12/21/21		2,600		(41,746	)		(10,660	)		(31,086	)
Goldman Sachs Bank*	Pay	6-Month EUR-EURIBOR		2.50	%		3/21/22		536		(4,934	)		(431	)		(4,503	)
HSBC Bank USA, NA	Pay	MXN-TIIE- Banxico		7.33	%		1/28/15		433		27,442			2,681			24,761
HSBC Bank USA, NA	Pay	6-Month EUR-EURIBOR		3.50	%		9/21/21		7,771		671,666			56,094			615,572
HSBC Bank USA, NA	Pay	6-Month GBP-LIBOR		3.00	%		3/21/22		3,587		86,583			35,927			50,656
Morgan Stanley Capital Services, Inc.**	Pay	BRL- BZDIOVRA		12.59	%		1/2/13		106		4,079			272			3,807
Morgan Stanley Capital Services, Inc.**	Pay	BRL- BZDIOVRA		12.50	%		1/2/13		2,074		47,675			2,964			44,711
Morgan Stanley Capital Services, Inc.**	Pay	U.S. Federal Fund Rate		0.50	%		9/19/13		13,300		43,039			(17,290	)		60,329
Morgan Stanley Capital Services, Inc.**	Pay	BRL- BZDIOVRA		12.51	%		1/2/14		532		26,883			4,601			22,282
Morgan Stanley Capital Services, Inc.**	Pay	BRL- BZDIOVRA		12.54	%		1/2/14		1,702		52,842			(2,172	)		55,014
Morgan Stanley Capital Services, Inc.**	Pay	MXN-TIIE- Banxico		5.60	%		9/6/16		216		(1,832	)		600			(2,432	)
Morgan Stanley Capital Services, Inc.**	Pay	MXN-TIIE- Banxico		6.35	%		6/2/21		224		(7,579	)		734			(8,313	)
Morgan Stanley Capital Services, Inc.**	Pay	6-Month EUR-EURIBOR		3.65	%		9/21/21		3,081		307,341			11,225			296,116

SC^SM PIMCO TOTAL RETURN FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*

(Continued)


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		6,431		555,862			(21,390	)		577,252
Morgan Stanley Capital Services, Inc.**	Pay	3-Month USD-LIBOR		3.00	%		10/13/21		6,700		543,131			425,320			117,811
Morgan Stanley Capital Services, Inc.**	Pay	3-Month USD-LIBOR		2.00	%		12/21/21		1,500		(24,084	)		(6,975	)		(17,109	)
Royal Bank of Scotland PLC	Pay	3-Month CAD-CDOR		5.70	%		12/18/24		3,054		173,438			(2,193	)		175,631

Total									101,969		5,464,677			992,084			4,472,593


BRL		- Brazilian Real
BZDIOVRA		- Brazilian Interbank Deposit Rate Over
CAD		- Canadian Dollar
CDOR		- Canadian Deposit Offered Rate
EUR		- Euro
EURIBOR		- Euro Interbank Offered Rate
GBP		- Great British Pound
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		0.92	%		500		(5,167	)		(5,167	)

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		2.66	%		2,500		(307,475	)		(81,066	)		(226,409	)
Bank of America NA	Credit Agricole SA		1.00	%		6/20/16		5.21	%		700		(157,323	)		(74,323	)		(83,000	)
Bank of America NA	General Electric Capital Corp.		1.00	%		12/20/15		2.97	%		500		(37,725	)		(10,026	)		(27,699	)
Bank of America NA	General Electric Capital Corp.		1.00	%		12/20/15		2.97	%		500		(37,725	)		(9,796	)		(27,929	)
Bank of America NA	General Electric Capital Corp.		1.00	%		3/20/16		2.99	%		10,400		(831,289	)		(115,799	)		(715,490	)
Bank of America NA	Indonesian Government Bond		1.00	%		9/20/16		2.98	%		1,300		(114,250	)		(19,903	)		(94,347	)
Bank of America NA	Japan Government Bond		1.00	%		3/20/16		1.37	%		100		(1,567	)		1,439			(3,006	)

SC^SM PIMCO TOTAL RETURN FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*

(Continued)


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	Japan Government Bond		1.00	%		3/20/16		1.37	%		200		(3,135	)		2,676			(5,811	)
Bank of America NA	Metlife, Inc.		1.00	%		12/20/15		3.34	%		600		(53,285	)		(21,812	)		(31,473	)
Bank of America NA	Metlife, Inc.		1.00	%		12/20/15		3.34	%		900		(79,927	)		(50,283	)		(29,644	)
Bank of America NA	Prudential Financial, Inc.		1.00	%		12/20/15		2.86	%		700		(50,301	)		(20,428	)		(29,873	)
Bank of America NA	Spain Government Bond		1.00	%		3/20/16		3.80	%		100		(10,915	)		(6,563	)		(4,352	)
Bank of America NA	Spain Government Bond		1.00	%		3/20/16		3.80	%		4,900		(534,830	)		(323,601	)		(211,229	)
Barclays Bank PLC****	Brazilian Government Bond		1.00	%		6/20/15		1.71	%		500		(12,846	)		(7,190	)		(5,656	)
Barclays Bank PLC****	China Government Bond		1.00	%		3/20/16		1.87	%		1,000		(36,296	)		11,950			(48,246	)
Barclays Bank PLC****	France Government Bond		0.25	%		9/20/16		1.83	%		100		(7,310	)		(6,114	)		(1,196	)
Barclays Bank PLC****	Italy Republic Bond		1.00	%		3/20/16		4.72	%		800		(112,171	)		(31,135	)		(81,036	)
Barclays Bank PLC****	Italy Republic Bond		1.00	%		3/20/16		4.72	%		3,900		(546,832	)		(138,949	)		(407,883	)
Barclays Bank PLC****	United Mexican States, Series A		1.00	%		3/20/15		1.64	%		400		(8,677	)		(9,000	)		323
Barclays Bank PLC****	United Mexican States, Series A		1.00	%		9/20/15		1.73	%		3,300		(92,507	)		(44,617	)		(47,890	)
Citibank NA***	Brazilian Government Bond		1.00	%		9/20/15		1.75	%		1,000		(28,624	)		(15,694	)		(12,930	)
Citibank NA***	China Government Bond		1.00	%		6/20/16		1.91	%		1,400		(55,932	)		15,095			(71,027	)
Citibank NA***	Kazakhstan Government Bond		1.00	%		3/20/16		3.17	%		300		(26,847	)		(8,658	)		(18,189	)
Citibank NA***	Metlife, Inc.		1.00	%		12/20/15		3.34	%		800		(71,047	)		(29,082	)		(41,965	)
Citibank NA***	United Mexican States, Series A		1.00	%		3/20/15		1.64	%		400		(8,678	)		(9,184	)		506
Deutsche Bank AG	Brazilian Government Bond		1.00	%		6/20/15		1.71	%		500		(12,846	)		(4,780	)		(8,066	)
Deutsche Bank AG	Brazilian Government Bond		1.00	%		12/20/15		1.78	%		6,200		(195,235	)		(35,105	)		(160,130	)
Deutsche Bank AG	China Government Bond		1.00	%		9/20/16		1.95	%		400		(17,417	)		2,210			(19,627	)
Deutsche Bank AG	China Government Bond		1.00	%		6/20/16		1.91	%		800		(31,961	)		8,612			(40,573	)
Deutsche Bank AG	Japan Government Bond		1.00	%		3/20/15		1.21	%		700		(5,005	)		8,131			(13,136	)
Deutsche Bank AG	Kazakhstan Government Bond		1.00	%		3/20/16		3.17	%		300		(26,847	)		(9,075	)		(17,772	)
Deutsche Bank AG	Merrill Lynch & Co., Inc.		1.00	%		3/20/16		4.93	%		1,500		(217,891	)		(31,932	)		(185,959	)
Deutsche Bank AG	Metlife, Inc.		1.00	%		3/20/18		3.57	%		2,600		(356,966	)		(147,690	)		(209,276	)
Deutsche Bank AG	United Mexican States, Series A		1.00	%		3/20/15		1.64	%		200		(4,339	)		(4,592	)		253
Deutsche Bank AG	United Mexican States, Series A		1.00	%		9/20/15		1.73	%		3,000		(84,098	)		(40,561	)		(43,537	)

SC^SM PIMCO TOTAL RETURN FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*

(Continued)


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*	Brazilian Government Bond		1.00	%		9/20/16		1.93	%		400		(17,413	)		(2,435	)		(14,978	)
Goldman Sachs International*	Brazilian Government Bond		1.00	%		6/20/15		1.71	%		500		(12,846	)		(6,715	)		(6,131	)
Goldman Sachs International*	France Government Bond		0.25	%		9/20/16		1.83	%		300		(21,929	)		(15,221	)		(6,708	)
Goldman Sachs International*	Italy Republic Bond		1.00	%		3/20/16		4.72	%		200		(28,043	)		(7,695	)		(20,348	)
Goldman Sachs International*	Italy Republic Bond		1.00	%		3/20/16		4.72	%		1,600		(224,341	)		(57,984	)		(166,357	)
Goldman Sachs International*	Metlife, Inc.		1.00	%		9/20/15		3.30	%		1,000		(83,113	)		(64,375	)		(18,738	)
Goldman Sachs International*	Spain Government Bond		1.00	%		3/20/16		3.80	%		100		(10,914	)		(6,646	)		(4,268	)
Goldman Sachs International*	Spain Government Bond		1.00	%		6/20/16		3.81	%		1,000		(114,616	)		(60,347	)		(54,269	)
Goldman Sachs International*	United Kingdom Gilt		1.00	%		12/20/15		0.80	%		500		4,218			11,508			(7,290	)
Goldman Sachs International*	United Kingdom Gilt		1.00	%		12/20/15		0.80	%		1,000		8,435			23,194			(14,759	)
Goldman Sachs International*	United Kingdom Gilt		1.00	%		6/20/15		0.73	%		2,200		21,546			20,327			1,219
HSBC Bank USA, NA	Brazilian Government Bond		1.00	%		9/20/15		1.75	%		1,200		(34,349	)		(11,923	)		(22,426	)
HSBC Bank USA, NA	Brazilian Government Bond		1.00	%		3/20/16		1.83	%		2,800		(99,506	)		(13,143	)		(86,363	)
HSBC Bank USA, NA	France Government Bond		0.25	%		9/20/16		1.83	%		200		(14,619	)		(12,139	)		(2,480	)
HSBC Bank USA, NA	Kazakhstan Government Bond		1.00	%		3/20/16		3.17	%		400		(35,797	)		(11,729	)		(24,068	)
Morgan Stanley Capital Services, Inc.**	Brazilian Government Bond		1.00	%		6/20/15		1.71	%		500		(12,846	)		(4,839	)		(8,007	)
Morgan Stanley Capital Services, Inc.**	Brazilian Government Bond		1.00	%		9/20/15		1.75	%		4,900		(140,258	)		(68,592	)		(71,666	)
Morgan Stanley Capital Services, Inc.**	California State General Obligation		2.25	%		3/20/21		2.56	%		2,400		(40,839	)		—			(40,839	)
Morgan Stanley Capital Services, Inc.**	China Government Bond		1.00	%		9/20/16		1.95	%		900		(39,189	)		4,574			(43,763	)
Morgan Stanley Capital Services, Inc.**	France Government Bond		0.25	%		3/20/16		1.76	%		500		(31,806	)		(17,027	)		(14,779	)
Morgan Stanley Capital Services, Inc.**	General Electric Capital Corp.		1.00	%		6/20/16		3.01	%		100		(8,437	)		(383	)		(8,054	)
Morgan Stanley Capital Services, Inc.**	United Mexican States, Series A		1.00	%		3/20/16		1.82	%		2,700		(94,871	)		(16,616	)		(78,255	)
Royal Bank of Scotland PLC	China Government Bond		1.00	%		6/20/16		1.91	%		800		(31,961	)		8,419			(40,380	)

SC^SM PIMCO TOTAL RETURN FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*

(Continued)


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	France Government Bond		0.25	%		3/20/16		1.76	%		500		(31,806	)		(16,794	)		(15,012	)
Royal Bank of Scotland PLC	France Government Bond		0.25	%		12/20/15		1.72	%		700		(41,161	)		(13,897	)		(27,264	)
Royal Bank of Scotland PLC	France Government Bond		0.25	%		3/20/16		1.76	%		6,200		(394,389	)		(190,852	)		(203,537	)
Royal Bank of Scotland PLC	Indonesian Government Bond		1.00	%		9/20/16		2.98	%		100		(8,789	)		(1,578	)		(7,211	)
Royal Bank of Scotland PLC	Italy Republic Bond		1.00	%		3/20/16		4.72	%		3,900		(546,832	)		(140,673	)		(406,159	)

Total											91,100		(6,266,590	)		(1,930,426	)		(4,336,164	)

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) ($)		Unrealized Depreciation ($)
Bank of America NA	CDX.EM-14 Index		5.00	%		12/20/15		5,000		280,621			685,000		(404,379	)
Bank of America NA	CDX.IG-16 Index		1.00	%		6/20/16		22,800		(357,864	)		108,984		(466,848	)
Barclays Bank PLC****	CDX.EM-13 Index		5.00	%		6/20/15		6,000		315,067			769,300		(454,233	)
Barclays Bank PLC****	CDX.EM-14 Index		5.00	%		12/20/15		900		50,512			120,900		(70,388	)
Barclays Bank PLC****	CDX.EM-15 Index		5.00	%		6/20/16		700		41,233			74,200		(32,967	)
Citibank NA***	CDX.EM-14 Index		5.00	%		12/20/15		3,100		173,985			418,100		(244,115	)
Deutsche Bank AG	CDX.EM-13 Index		5.00	%		6/20/15		2,000		105,022			246,500		(141,478	)
Deutsche Bank AG	CDX.EM-14 Index		5.00	%		12/20/15		1,000		56,124			123,600		(67,476	)
Deutsche Bank AG	CDX.EM-15 Index		5.00	%		6/20/16		300		17,672			40,651		(22,979	)
Deutsche Bank AG	CDX.IG-16 Index		1.00	%		6/20/16		6,800		(106,732	)		32,688		(139,420	)
HSBC Bank USA, NA	CDX.EM-13 Index		5.00	%		6/20/15		3,100		162,785			363,590		(200,805	)
HSBC Bank USA, NA	CDX.EM-14 Index		5.00	%		12/20/15		400		22,450			52,200		(29,750	)
Morgan Stanley Capital Services, Inc.**	CDX.EM-13 Index		5.00	%		6/20/15		1,900		99,771			214,250		(114,479	)
Morgan Stanley Capital Services, Inc.**	CDX.EM-14 Index		5.00	%		12/20/15		900		50,512			117,000		(66,488	)
Morgan Stanley Capital Services, Inc.**	CDX.IG-16 Index		1.00	%		6/20/16		3,900		(61,214	)		18,983		(80,197	)

Total								58,800		849,944			3,385,946		(2,536,002	)

CDX.EM

- Credit Derivatives Index - Emerging Markets

CDX.IG

- Credit Derivatives Index - Investment Grade

*	At the period end, cash of $980,000 has been received as collateral for these open swap and written option contracts.

**	At the period end, cash of $1,385,000 has been received as collateral for these open swap and written option contracts.

***	At the period end, cash of $430,000 has been received as collateral for these open swap and written option contracts.

SC^SM PIMCO TOTAL RETURN FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*

****	At the period end, cash of $3,180,000 has been received as collateral for these open swap and written swaption contracts.

(a)

(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)

SC^SM PIMCO TOTAL RETURN FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*

(13)	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	$	—		$	27,582,784		$	—	$	27,582,784
Collateralized Mortgage Obligations		—			29,412,863			—		29,412,863
Commercial Mortgage Backed Securities		—			17,320,386			—		17,320,386
Convertible Bonds (a)		—			2,860,125			—		2,860,125
Corporate Debt Obligations (a)		—			327,632,397			—		327,632,397
Foreign Government Agency Obligations		—			12,517,477			—		12,517,477
Foreign Government Obligations		—			78,645,316			—		78,645,316
Municipal Bonds		—			37,604,567			—		37,604,567
U.S. Government Agency Obligations		—			325,702,711			—		325,702,711
U.S. Treasury Obligations		282,387,809			—			—		282,387,809
Convertible Preferred Stocks (a)		206,612			—			—		206,612
Preferred Stocks (a)		—			3,198,609			—		3,198,609
Swaptions Purchased (a)		—			314,649			—		314,649
Short Term Investments
Certificates of Deposit (a)		—			12,129,266			—		12,129,266
Commercial Paper		—			36,959,324			—		36,959,324
U.S. Treasury Obligations		11,918,895			280,000			—		12,198,895
Mutual Funds		5,556,269			—			—		5,556,269

Total Short Term Investments		17,475,164			49,368,590			—		66,843,754

Total Investments		300,069,585			912,160,474			—		1,212,230,059

Financial Derivative Instruments
Futures Contracts		2,775,401			—			—		2,775,401
Forward Foreign Currency Exchange Contracts		—			7,185,703			—		7,185,703
Swap Contracts (a)		—			4,561,029			—		4,561,029

Total Financial Derivative Instruments	$	2,775,401		$	11,746,732		$	—	$	14,522,133


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
Futures Contracts	$	(1,983	)	$	—		$	—	$	(1,983	)
Forward Foreign Currency Exchange Contracts		—			(6,776,187	)		—		(6,776,187	)
Written Option Contracts (a)		(17,213	)		(298,141	)		—		(315,354	)
Written Swaption Contracts (a)		—			(887,845	)		—		(887,845	)
Swap Contracts (a)		—			(6,965,769	)		—		(6,965,769	)

Total Financial Derivative Instruments	$	(19,196	)	$	(14,927,942	)	$	—	$	(14,947,138	)

†	See Note 2b in the Notes to Portfolios of Investments for additional information.

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

SC^SMIBBOTSON BALANCED FUND

PORTFOLIO OF INVESTMENTS


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Shares(2)		Value
INVESTMENT COMPANIES(1) – 99.9%
MFS Emerging Markets Equity Portfolio		2,495,594	$	33,041,661
MFS International Growth Portfolio		5,761,258		60,205,147
MFS Value Portfolio		8,094,591		91,549,820
SC^SMAllianceBernstein International Value Fund		4,907,562		36,512,260
SC^SMBlackRock Inflation Protected Bond Fund		11,528,543		128,197,399
SC^SMBlackRock International Index Fund		3,710,432		32,354,968
SC^SMBlackRock Large Cap Index Fund		8,316,646		61,460,012
SC^SMBlackRock Small Cap Index Fund		1,507,514		16,251,006
SC^SMColumbia Small Cap Value Fund		2,874,179		20,694,087
SC^SMDavis Venture Value Fund		6,149,724		60,636,279
SC^SMGoldman Sachs Mid Cap Value Fund		6,863,548		52,437,506
SC^SMGoldman Sachs Short Duration Fund		19,761,196		201,761,807
SC^SMIbbotson Tactical Opportunities Fund		36,220,015		331,775,341
SC^SMInvesco Small Cap Growth Fund		1,681,195		15,870,477
SC^SMLord Abbett Growth & Income Fund		5,516,530		32,216,536
SC^SMPIMCO High Yield Fund		5,886,756		52,097,789
SC^SMPIMCO Total Return Fund		14,916,718		167,813,080
SC^SMWMC Blue Chip Mid Cap Fund		3,922,182		48,360,504
SC^SMWMC Large Cap Growth Fund		8,578,147		72,399,559
Sun Capital Global Real Estate Fund		3,507,815		31,991,269
Sun Capital Investment Grade Bond Fund^®		14,218,881		134,510,613

Total Investment Companies (Cost $1,807,570,043)				1,682,137,120

TOTAL INVESTMENTS – 99.9% (Cost $1,807,570,043)				1,682,137,120

Other assets less liabilities – 0.1%				1,564,615

NET ASSETS – 100.0%			$	1,683,701,735

(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.

SC^SMIBBOTSON BALANCED FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*

(3)	Fair Value Measurements

All investments are categorized as Level 1 under the fair value hierarchy. See Note 2b in the Notes to Portfolios of Investments for additional information.

SC^SMIBBOTSON CONSERVATIVE FUND

PORTFOLIO OF INVESTMENTS


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Shares (2)		Value
INVESTMENT COMPANIES(1) – 99.9%
MFS International Growth Portfolio		2,323,111	$	24,276,512
MFS Value Portfolio		3,615,782		40,894,491
SC^SMAllianceBernstein International Value Fund		2,280,184		16,964,566
SC^SMBlackRock Inflation Protected Bond Fund		9,560,641		106,314,325
SC^SMBlackRock International Index Fund		1,449,176		12,636,816
SC^SMBlackRock Large Cap Index Fund		3,756,428		27,760,003
SC^SMBlackRock Small Cap Index Fund		771,133		8,312,810
SC^SMColumbia Small Cap Value Fund		1,241,640		8,939,808
SC^SMDavis Venture Value Fund		2,067,665		20,387,180
SC^SMGoldman Sachs Mid Cap Value Fund		3,020,646		23,077,739
SC^SMGoldman Sachs Short Duration Fund		16,587,450		169,357,861
SC^SMIbbotson Tactical Opportunities Fund		9,349,417		85,640,662
SC^SMLord Abbett Growth & Income Fund		2,920,296		17,054,531
SC^SMPIMCO High Yield Fund		4,062,475		35,952,903
SC^SMPIMCO Total Return Fund		9,820,104		110,476,166
SC^SMWMC Blue Chip Mid Cap Fund		2,040,428		25,158,475
SC^SMWMC Large Cap Growth Fund		4,005,599		33,807,254
Sun Capital Investment Grade Bond Fund^®		10,860,164		102,737,153

Total Investment Companies (Cost $898,752,754)				869,749,255

TOTAL INVESTMENTS – 99.9% (Cost $898,752,754)				869,749,255
Other assets less liabilities – 0.1%				1,186,212

NET ASSETS – 100.0%			$	870,935,467

(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.

SC^SMIBBOTSON CONSERVATIVE FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*

(3)	Fair Value Measurements

All investments are categorized as Level 1 under the fair value hierarchy. See Note 2b in the Notes to Portfolios of Investments for additional information.

SC^SM IBBOTSON GROWTH FUND

PORTFOLIO OF INVESTMENTS


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*


	Shares(2)		Value
INVESTMENT COMPANIES(1) – 100.0%
MFS Emerging Markets Equity Portfolio		755,384	$	10,001,278
MFS International Growth Portfolio		2,749,064		28,727,724
MFS Value Portfolio		2,945,526		33,313,893
SC^SMAllianceBernstein International Value Fund		1,522,176		11,324,986
SC^SMBlackRock Inflation Protected Bond Fund		1,919,963		21,349,988
SC^SMBlackRock International Index Fund		1,725,273		15,044,384
SC^SMBlackRock Large Cap Index Fund		3,750,162		27,713,697
SC^SMBlackRock Small Cap Index Fund		1,091,120		11,762,272
SC^SMColumbia Small Cap Value Fund		1,276,112		9,188,008
SC^SMDavis Venture Value Fund		3,970,774		39,151,830
SC^SMGoldman Sachs Mid Cap Value Fund		3,104,479		23,718,222
SC^SMGoldman Sachs Short Duration Fund		1,923,308		19,636,978
SC^SMIbbotson Tactical Opportunities Fund		11,223,025		102,802,914
SC^SMInvesco Small Cap Growth Fund		956,947		9,033,580
SC^SMLord Abbett Growth & Income Fund		1,748,563		10,211,605
SC^SMPIMCO Total Return Fund		3,940,051		44,325,571
SC^SMWMC Blue Chip Mid Cap Fund		2,033,253		25,070,008
SC^SMWMC Large Cap Growth Fund		4,371,127		36,892,312
Sun Capital Global Real Estate Fund		1,363,113		12,431,595
Sun Capital Investment Grade Bond Fund^®		2,459,612		23,267,928

Total Investment Companies (Cost $553,090,716)				514,968,773

TOTAL INVESTMENTS – 100.0% (Cost $553,090,716)				514,968,773
Liabilities in excess of other assets – 0.0%+				(213,535	)

NET ASSETS – 100.0%			$	514,755,238

+	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.

SC^SM IBBOTSON GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued)


*September 30, 2011 (Unaudited)*		*Sun Capital Advisers Trust*

(3)	Fair Value Measurements

All investments are categorized as Level 1 under the fair value hierarchy. See Note 2b in the Notes to Portfolios of Investments for additional information.

Notes to Portfolios of Investments (Unaudited)

NOTE 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 end, but does not include the holdings of the underlying funds. A complete list of the holdings of each underlying fund as of September 30, 2011, is available at the SEC’s website at www.sec.gov if not already provided in this report under the name of the underlying fund.

NOTE 2 – FAIR VALUATION

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. The fair value of U.S. Government and agency securities are normally estimated 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 Trust’s Board of Trustees.

The close of foreign exchanges before the determination of each Fund’s NAV gives rise to the possibility that significant events, including broad market moves, may have occurred after these foreign exchanges close but before the Funds determine their NAVs. In consideration of this, the Board of Trustees has approved an independent pricing vendor to facilitate the fair value process of equity securities traded on particular foreign exchanges. The independent pricing service considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, futures, exchange-traded funds, and the movements of certain indexes of securities based on a statistical analysis of the historical relationship. The frequency with which this fair value process is used cannot be predicted and may be utilized to a significant extent. The value of securities used for NAV calculation under this fair value process may differ from published prices for the same securities.

Exchange traded futures and exchange traded options on futures contracts are valued at the settlement price determined by the relevant exchange. OTC swap contracts, 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.

Accounting principles generally accepted in the United States of America (“U.S. GAAP”) define 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:

Quoted prices for identical or similar assets or liabilities in active and non-active markets,

Inputs other than quoted market prices that are observable, and

Inputs that are derived principally from or corroborated by observable market data through correlation or other means

The types of assets and liabilities utilizing Level 2 valuations generally include debt securities such as U.S. Government agency obligations, municipal bonds, mortgage backed securities, asset backed securities, collateralized mortgage obligations, corporate debt obligations, 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 include 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; or 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 September 30, 2011 and transfers among levels, if any, are incorporated within each Fund’s Portfolio of Investments. During the period ended September 30, 2011, there were no significant changes to valuation techniques described above and the related inputs.

c)	Derivative Instruments

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 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:


Asset Derivatives

Fund	Derivative Type	Interest Rate			Foreign Exchange			Credit			Equity			Total
AllianceBernstein International Value Fund	Forward Foreign Currency Exchange Contracts	$	—		$	220,328		$	—		$	—		$	220,328
	Futures Contracts		—			—			—			22,834			22,834

	Total Value	$	—		$	220,328		$	—		$	22,834		$	243,162

BlackRock Internatonal Index Fund	Futures Contracts	$	—		$	—		$	—		$	13,268		$	13,268

	Total Value	$	—		$	—		$	—		$	13,268		$	13,268

BlackRock Inflation Protected Bond Fund	Forward Foreign Currency Exchange Contracts	$	—		$	652,666		$	—		$	—		$	652,666
	Futures Contracts		868,897			—			—			—			868,897
	Purchased Option Contracts		294,647			—			—			—			294,647
	Swap Contracts		1,746,634			—			—			—			1,746,634

	Total Value	$	2,910,178		$	652,666		$	—		$	—		$	3,562,844

Goldman Sachs Short Duration Fund	Futures Contracts	$	468,940		$	—		$	—		$	—		$	468,940

	Total Value	$	468,940		$	—		$	—		$	—		$	468,940

PIMCO High Yield Fund	Forward Foreign Currency Exchange Contracts	$	—		$	598,306		$	—		$	—		$	598,306
	Swap Contracts		—			—			138,320			—			138,320

	Total Value	$	—		$	598,306		$	138,320		$	—		$	736,626

PIMCO Total Return Fund	Forward Foreign Currency Exchange Contracts	$	—		$	7,185,703		$	—		$	—		$	7,185,703
	Futures Contracts		2,775,401			—			—			—			2,775,401
	Swaptions Purchased		314,649			—			—			—			314,649
	Swap Contracts		4,558,728			—			2,301			—			4,561,029

	Total Value	$	7,648,778		$	7,185,703		$	2,301		$	—		$	14,836,782


Liability Derivatives
Fund	Derivative Type	Interest Rate			Foreign Exchange			Credit			Equity			Total
AllianceBernstein International Value Fund	Forward Foreign Currency Exchange Contracts	$	—		$	(70,408	)	$	—		$	—		$	(70,408	)
AllianceBernstein International Value Fund
	Total Value	$	—		$	(70,408	)	$	—		$	—		$	(70,408	)

BlackRock Internatonal Index Fund	Futures Contracts	$	—		$	—		$	—		$	(17,241	)	$	(17,241	)

	Total Value	$	—		$	—		$	—		$	(17,241	)	$	(17,241	)

BlackRock Large Cap Index Fund	Futures Contracts	$	—		$	—		$	—		$	(146,639	)	$	(146,639	)

	Total Value	$	—		$	—		$	—		$	(146,639	)	$	(146,639	)

BlackRock Small Cap Index Fund	Futures Contracts	$	—		$	—		$	—		$	(214,044	)	$	(214,044	)

	Total Value	$	—		$	—		$	—		$	(214,044	)	$	(214,044	)

Goldman Sachs Mid Cap Value Fund	Futures Contracts	$	—		$	—		$	—		$	(326,179	)	$	(326,179	)

	Total Value	$	—		$	—		$	—		$	(326,179	)	$	(326,179	)

BlackRock Inflation Protected Bond Fund	Forward Foreign Currency Exchange Contracts	$	—		$	(72,945	)	$	—		$	—		$	(72,945	)
	Futures Contracts		(2,764,119	)		—			—			—			(2,764,119	)
	Swap Contracts		(1,434,953	)		—			—			—			(1,434,953	)
	Written Option Contracts		(5,256,892	)		—			—			—			(5,256,892	)

	Total Value	$	(9,455,964	)	$	(72,945	)	$	—		$	—		$	(9,528,909	)

Goldman Sachs Short Duration Fund	Futures Contracts	$	(2,257,647	)	$	—		$	—		$	—		$	(2,257,647	)

	Total Value	$	(2,257,647	)	$	—		$	—		$	—		$	(2,257,647	)

PIMCO High Yield Fund	Forward Foreign Currency Exchange Contracts	$	—		$	(23,058	)	$	—		$	—		$	(23,058	)
	Swap Contracts		—			—			(474,613	)		—			(474,613	)

	Total Value	$	—		$	(23,058	)	$	(474,613	)	$	—		$	(497,671	)

PIMCO Total Return Fund	Forward Foreign Currency Exchange Contracts	$	—		$	(6,776,187	)	$	—		$	—		$	(6,776,187	)
	Futures Contracts		(1,983	)		—			—			—			(1,983	)
	Swap Contracts		(86,135	)		—			(6,879,634	)		—			(6,965,769	)
	Written Option Contracts		(1,068,286	)		—			(134,913	)		—			(1,203,199	)

	Total Value	$	(1,156,404	)	$	(6,776,187	)	$	(7,014,547	)	$	—		$	(14,947,138	)

d)	For additional information on the Funds’ policy regarding valuation of investments and other significant accounting policies, please refer to the Funds’ most recent Semi-Annual or Annual Report to Shareholders.

NOTE 3 – FEDERAL INCOME TAX COST

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 September 30, 2011 were as follows:


			Gross Unrealized				Net Unrealized Appreciation/ (Depreciation)
Fund	Identified Tax Cost		Appreciation		(Depreciation)		Net Unrealized Appreciation/ (Depreciation)
AllianceBernstein International Value Fund	$	79,425,918	$	1,865,344	$	13,210,089	$	(11,344,745	)
BlackRock International Index Fund		72,912,078		976,201		12,069,752		(11,093,551	)
BlackRock Large Cap Index Fund		148,778,369		5,409,745		14,886,326		(9,476,581	)
BlackRock Small Cap Index Fund		201,667,455		7,856,132		36,158,297		(28,302,165	)
Goldman Sachs Mid Cap Value Fund		205,806,966		27,717,479		16,437,485		11,279,994
Columbia Small Cap Value Fund		58,958,662		1,227,621		10,567,823		(9,340,202	)
Davis Venture Value Fund		354,581,972		34,321,256		25,810,121		8,511,135
Invesco Small Cap Growth Fund		37,555,190		2,993,778		4,344,609		(1,350,831	)
Lord Abbett Growth & Income Fund		446,856,088		26,841,455		41,253,372		(14,411,917	)
WMC Blue Chip Mid Cap Fund		182,955,532		6,480,424		26,529,634		(20,049,210	)
WMC Large Cap Growth Fund		179,881,262		12,653,036		17,994,128		(5,341,092	)
Global Real Estate Fund		184,721,961		27,416,829		20,411,011		7,005,818
Ibbotson Tactical Opportunities Fund		596,727,352		176,389		68,850,488		(68,674,099	)
Investment Grade Bond Fund		514,083,502		11,630,777		7,135,507		4,495,270
Money Market Fund		227,939,968		—		—		—
BlackRock Inflation Protected Bond Fund		508,655,797		15,350,500		2,707,921		12,642,579
Goldman Sachs Short Duration Fund		1,146,522,950		13,642,723		3,503,082		10,139,641
PIMCO High Yield Fund		157,464,105		6,164,949		9,406,129		(3,241,180	)


PIMCO Total Return Fund	1,212,427,170	23,936,842	24,133,953	(197,111	)
Ibbotson Balanced Fund	1,807,570,043	10,894,226	136,327,149	(125,432,923	)
Ibbotson Conservative Fund	898,752,754	12,833,224	41,836,723	(29,003,499	)
Ibbotson Growth Fund	553,090,716	5,299,504	43,421,447	(38,121,943	)

NOTE 4 – INVESTMENT TRANSACTIONS IN WRITTEN OPTIONS, SWAPTIONS AND FORWARD VOLATILITY AGREEMENTS

Transactions in all types of options written during the nine months ended September 30, 2011 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		1,385			207,100,000			2,862,756
Bought back		(574	)		(9,000,000	)		(759,278	)
Expired		(738	)		(154,900,000	)		(645,978	)
Exercised		—			—			—

End of period		73		$	74,600,000		$	2,739,890


PIMCO Total Return Fund	Number of Contracts			Notional Par			Premium Amount
Beginning of period		368		$	190,700,000		$	1,879,431
Written		635			451,500,000			2,370,456
Bought back		(642	)		(61,000,000	)		(577,663	)
Expired		(280	)		(93,900,000	)		(626,368	)
Exercised		—			—			—

End of period		81		$	487,300,000		$	3,045,856

Other Information

Other information regarding the Funds is available in the Funds’ most recent Report to Shareholders. This information is also available on the U.S. Securities and Exchange Commission (“SEC”) website at www.sec.gov; and available for review and copying at the SEC’s Public Reference Room in Washington, D.C. Information about the operations of the Public Reference Room may be obtained by calling 800-SEC-0330.

Item 2.

CONTROLS AND PROCEDURES.

(a)

Based upon their evaluation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as conducted within 90 days of the filing date of this Form N-Q, 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 has been no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the quarter ended September 30, 2011 that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3.

EXHIBITS.

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, 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: November 23, 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: November 23, 2011

By (Signature and Title)*		/s/ LENA METELITSA
		Lena Metelitsa, Treasurer
		(Chief Financial Officer)

Date: November 23, 2011

*	Print name and title of each signing officer under his or her signature.