SUN CAPITAL ADVISERS TRUST 497

497 1 d497.htm SUN CAPITAL ADVISERS TRUST 497 SUN CAPITAL ADVISERS TRUST 497

SUN CAPITAL ADVISERS TRUST^®

Prospectus May 1, 2007

LOGO

Sun Capital^® All Cap Fund

Sun Capital Investment Grade Bond Fund^®

Sun Capital Money Market Fund^®

Sun Capital Real Estate Fund^®

SC^SMDavis Venture Value Fund

SC^SM Oppenheimer Main Street Small Cap Fund

SC^SM FI Large Cap Growth Fund

SC^SM Blue Chip Mid Cap Fund

Initial Class Shares

The Securities and Exchange Commission has not approved any fund’s shares as an investment or determined whether this prospectus is accurate or complete. Anyone who tells you otherwise is committing a crime.

Sun Capital Advisers LLC, a member of the Sun Life Financial group of companies, serves as investment adviser to the Sun Capital Advisers Trust.

TABLE OF CONTENTS


		Page

OVERVIEW OF FUNDS		1

THE FUNDS’ GOALS, STRATEGIES AND RISKS		2
Sun Capital All Cap Fund		2
Sun Capital Investment Grade Bond Fund		4
Sun Capital Money Market Fund		6
Sun Capital Real Estate Fund		8
SC Davis Venture Value Fund		10
SC Oppenheimer Main Street Small Cap Fund		12
SC FI Large Cap Growth Fund		15
SC Blue Chip Mid Cap Fund		16

EXPENSE SUMMARY		18

MORE ABOUT THE FUNDS’ INVESTMENTS		20

PORTFOLIO HOLDINGS		22

THE INVESTMENT ADVISER AND SUBADVISERS		23
About the Adviser		23
About Davis Advisors		24
About OppenheimerFunds, Inc.		24
About Pyramis Global Advisors, LLC		24
About Wellington Management Company, LLP		25
About the Portfolio Managers		26

PURCHASE AND REDEMPTION AND OTHER INFORMATION		28
Buying and Redeeming Initial Class Shares		28
Excessive and Short-term Trading		28
Automatic Transactions		29
Valuation of Shares		29
Dividends and Distributions		29
Taxes		29

FUND DETAILS		30

FINANCIAL HIGHLIGHTS		31

APPENDIX A		A-1

OVERVIEW OF FUNDS

ADVISER

All of the funds are managed by Sun Capital Advisers LLC. The adviser is an indirect, wholly-owned subsidiary of Sun Life Financial Inc., a diversified financial services organization with total assets under management at December 31, 2006 of approximately $397 billion.

FUNDS

Shares of the funds are available exclusively for variable annuity and variable life insurance products. Variable annuity and variable life contract owners should also review the separate account prospectus prepared by the insurance company for their contracts.

Sun Capital All Cap Fund

Sun Capital Investment Grade Bond Fund

Sun Capital Money Market Fund

Sun Capital Real Estate Fund

SC Davis Venture Value Fund

SC Oppenheimer Main Street Small Cap Fund

SC FI Large Cap Growth Fund

SC Blue Chip Mid Cap Fund

YOU SHOULD KNOW

An investment in the funds is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Sun Capital Advisers Trust’s trustees may change a fund’s investment goal without shareholder approval.

This prospectus relates only to the Initial Class shares of Sun Capital Advisers Trust, which are offered through the variable annuity and variable life insurance products for which Initial Class shares of the funds serve as investment options. The Service Class shares of the funds are offered by means of a separate prospectus.

THE FUNDS’ GOALS, STRATEGIES AND RISKS

All Cap Fund

Adviser

Sun Capital Advisers LLC

INVESTMENT GOAL

Long-term capital growth.

KEY INVESTMENTS AND STRATEGIES

The fund invests primarily in equity securities of U.S. companies.

Under normal conditions, the fund invests at least 80% of its net assets (including borrowings for investment purposes) in equity securities. The fund may invest without limit in securities of U.S. companies and of foreign companies that are listed or traded in the U.S., but does not invest more than 10% of its assets in other foreign securities. These U.S. and foreign companies in which the fund invests may be of any size.

How investments are selected

The adviser uses a bottom-up, fundamental analysis approach to evaluate investments for the fund. The adviser’s research includes analysis of a company’s business model, management, industry position and financial statements.

The adviser selects securities of companies which it believes are undervalued relative to their earnings growth prospects.

The adviser seeks to invest in stocks of companies with:

Strong fundamentals

Dominant product and market share

Substantial and growing cash flow

Seasoned management

Greater intrinsic value than current market price, relative to industry peers

The adviser will consider selling a stock when:

It reaches a predetermined target price,

Other opportunities appear more attractive, or

It determines the stock is overvalued based on the fundamentals.

PRINCIPAL RISKS OF INVESTING IN THE FUND

Investors could lose money on their investments in the fund or the fund could perform less well than other possible investments if any of the following occurs:

The stock market goes down

The market undervalues the stocks held by the fund for longer than expected

The stocks purchased by the fund turn out not to be undervalued

An adverse event depresses the value of a particular stock or industry in which the fund invests

WHO MAY WANT TO INVEST

The fund may be appropriate for investors who

Are seeking to participate in the long-term growth potential of a portfolio of diversified stocks

Are looking for an investment with potentially greater return but higher risk than a fund that invests primarily in fixed income securities

Are willing to accept the risks of the stock market

The fund may not be appropriate for investors who:

Are uncomfortable with the risks of the stock market

Seek stability of principal

Are investing for the short term

THE FUNDS’ GOALS, STRATEGIES AND RISKS

All Cap Fund (continued)

FUND PERFORMANCE

The bar chart and tables indicate the risks of investing in the Initial Class shares of the fund by showing how the fund’s Initial Class shares have performed in the past. The fund’s performance will vary from year to year. Past performance does not necessarily indicate how the fund’s Initial Class shares will perform in the future.

Performance figures do not reflect expenses incurred from investing through an insurance company separate account that funds variable annuity or variable life insurance contracts. Had such expenses been added, the performance figures would have been lower. Please refer to the applicable separate account prospectus for more information on expenses.

Year-by-year total returns for Initial Class shares

LOGO

This bar chart shows the performance for Initial Class shares of the fund for each full calendar year since the inception of the fund’s Initial Class shares on May 1, 2002.

Fund’s best and worst calendar quarters for Initial Class shares


		Quarter/Year

Highest	37.36%	2nd Quarter 2003

Lowest	(7.69)%	1st Quarter 2003

Average annual total returns for Initial Class shares

(for the periods ended December 31, 2006)


	One Year	Since Inception*

Fund	20.07%	11.44%

S&P 500 Index	15.79%	8.02%

* Inception means 5/1/02 for the All Cap Fund’s Initial Class shares and the S&P 500 Index.

The table shows how the average annual returns for Initial Class shares of the fund for different calendar periods compared to the return of the S&P 500 Index. The table assumes that you reinvest all of your dividends and distributions.

The S&P 500 Index is an unmanaged, weighted index of the stock performance of 500 industrial, transportation, utility and financial companies. Unlike the fund, the index is not managed and does not incur expenses.

THE FUNDS’ GOALS, STRATEGIES AND RISKS

Investment Grade Bond Fund

Adviser

Sun Capital Advisers LLC

INVESTMENT GOAL

High current income consistent with relative stability of principal.

KEY INVESTMENTS AND STRATEGIES

The fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade fixed income securities, including those issued by:

U.S. and foreign companies, including companies in emerging market countries

The U.S. government and its agencies and instrumentalities, including those that issue mortgage-backed securities

Foreign governments, including governments of emerging market countries

The fund will provide written notice to its shareholders at least 60 days prior to any change to the requirement that it invests at least 80% of its net assets plus borrowings for investment purposes in investment grade fixed income securities.

Credit quality

The fund invests at least 80% of its net assets in investment grade fixed income securities. The fund may invest up to 20% of its assets in high yield or junk bonds rated at least B by one rating agency or unrated bonds of equivalent quality.

Duration target

The portfolio’s average dollar-weighted duration is generally within (+) or (–) one year of the effective duration of the Lehman Aggregate Bond Index. (Duration is a measure of interest rate sensitivity.) There is no limit on the maturity or duration of individual securities.

How investments are selected

The adviser selects investments for the fund’s portfolio by:

Analyzing the credit quality, yield, and investment risk of individual securities in order to estimate their relative value and attractiveness.

Identifying sectors and maturity ranges that appear to be temporarily underpriced and, therefore, offer favorable yields given their interest rate sensitivity and other risks.

Considering whether a particular investment is consistent with the fund’s targets for portfolio duration, maturity distribution and issuer and sector diversification.

PRINCIPAL RISKS OF INVESTING IN THE FUND

Investors could lose money on their investments in the fund or the fund could perform less well than other possible investments if any of the following occurs:

Interest rates go up, which will make bond prices go down and reduce the value of the fund’s bond portfolio accordingly. This is known as interest rate risk (this risk may be greater for securities with longer maturities).

The issuer of a security owned by the fund defaults on its payment obligations or has its credit rating downgraded by a rating agency. This is known as credit risk (the risk of default is higher for high yield bonds).

The issuer of a callable security exercises its right, when interest rates are falling, to prepay principal earlier than scheduled, forcing the fund to reinvest in lower yielding securities. This is known as call or prepayment risk.

The issuer of a security exercises its right, when interest rates are rising, to extend the time for paying principal, which will lock in a below-market interest rate, increase the security’s duration and reduce the value of the security. This is known as extension risk.

Prices of the fund’s foreign securities go down because of foreign government actions, political instability, or the more limited availability of accurate information about foreign issuers. These risks are accentuated for issuers in emerging market countries.

The adviser’s judgments about the relative values of securities selected for the fund’s portfolio prove to be wrong.

THE FUNDS’ GOALS, STRATEGIES AND RISKS

Investment Grade Bond Fund (continued)

WHO MAY WANT TO INVEST

The fund may be appropriate for investors who:

Want higher potential returns than a money market fund and are willing to accept more interest rate risk

Are seeking to diversify their investment portfolios

The fund may not be appropriate for investors who:

Are investing for maximum long-term growth or the highest possible income

Want absolute stability of principal

FUND PERFORMANCE

Year-by-year total returns for Initial Class shares

LOGO

The bar chart shows the performance for Initial Class shares of the fund for each full calendar year since the inception of the fund’s Initial Class shares on December 7, 1998.

Fund’s best and worst calendar quarters for Initial Class shares


			Quarter/Year

Highest	4.71	%	2nd Quarter 2003

Lowest	(2.33	)%	2nd Quarter 2004

Average annual total returns for Initial Class shares

(for the periods ended December 31, 2006)


	One Year	Five Years	Since Inception*

Fund	5.39%	5.70%	5.54%

Lehman Brothers Aggregate Bond Index	4.33%	5.06%	5.47%

* Inception means 12/7/98 for the Investment Grade Bond Fund’s Initial Class shares and the Lehman Brothers Aggregate Bond Index.

The table shows how the average annual returns for Initial Class shares of the fund for different calendar periods compared to the return of the Lehman Brothers Aggregate Bond Index. The table assumes that you reinvest all of your dividends and distributions.

The Lehman Brothers Aggregate Bond Index is a widely recognized market value-weighted index composed of U.S. Treasuries, agencies, credit, asset-backed securities, commercial mortgage-backed securities and mortgage-backed securities. Unlike the fund, the index is not managed and does not incur expenses.

THE FUNDS’ GOALS, STRATEGIES AND RISKS

Money Market Fund

Adviser

Sun Capital Advisers LLC

INVESTMENT GOALS

Maximizing current income, consistent with maintaining liquidity and preserving capital.

KEY INVESTMENTS AND STRATEGIES

The fund invests exclusively in high quality U.S. dollar-denominated money market securities, including those issued by:

U.S. and foreign banks

Corporate issuers

The U.S. government and its agencies and instrumentalities

Foreign governments

Multinational organizations such as the World Bank

The fund may invest in all types of money market securities, including commercial paper, certificates of deposit, bankers’ acceptances, mortgage-backed and asset-backed securities, repurchase agreements, and other short-term debt securities permitted as an investment for a money market fund.

Minimum credit quality

Ratings in a rating agency’s two highest short-term rating categories or equivalent quality for unrated securities.

Maximum maturity

Average dollar weighted portfolio maturity of 90 days or less. Maturity of 397 days or less for individual securities.

How investments are selected

The adviser selects for the fund’s portfolio those securities that appear to offer the best relative value based on an analysis of their credit quality, interest rate sensitivity, yields, and prices. To take advantage of changing yield differentials, the fund may overweight securities in particular sectors of the short-term debt market while maintaining overall issuer and sector diversification.

PRINCIPAL RISKS OF INVESTING IN THE FUND

Although the fund seeks to preserve the value of an investment at $1.00 per share, the fund might not be able to maintain a $1.00 share price so it is possible to lose money by investing in the fund.

The issuer or guarantor of a security owned by the fund defaults on its payment obligations, becomes insolvent, or has its credit rating downgraded by a rating agency.

There is a sudden or sharp increase in interest rates.

The adviser’s judgments about the relative values of securities selected for the fund’s portfolio prove to be wrong.

The value of the fund’s U.S. dollar-denominated foreign securities goes down because of foreign government actions, political instability or the more limited availability of accurate information about foreign issuers.

WHO MAY WANT TO INVEST

The fund may be appropriate for investors who:

Seek liquidity and stability of principal

Want a conservative temporary investment

The fund may not be appropriate for investors who:

Need the added security of federal deposit insurance offered by bank deposits

Are investing for long-term growth

Are looking for a rate of return that consistently exceeds the rate of inflation

THE FUNDS’ GOALS, STRATEGIES AND RISKS

Money Market Fund (continued)

FUND PERFORMANCE

Year-by-year total returns for Initial Class shares

LOGO

This bar chart shows the performance for Initial Class shares of the fund for each full calendar year since the inception of the fund’s Initial Class shares on December 7, 1998.

Fund’s best and worst calendar quarters for Initial Class shares


			Quarter/Year

Highest	1.52	%	3rd Quarter 2000

Lowest	0.10	%	4th Quarter 2003

Average annual total returns for Initial Class shares

(for the periods ended December 31, 2006)


	One Year	Five Years	Since Inception*

Fund	4.59%	1.94%	2.98%

Merrill Lynch 3-month U.S. T-Bill Index	4.82%	2.42%	3.44%

* Inception means 12/7/98 for the Money Market Fund’s Initial Class shares and the Merrill Lynch 3-month U.S. T-Bill Index.

The table shows how the average annual returns for Initial Class shares of the fund for different calendar periods compare to the return of the Merrill Lynch 3-month U.S. T-Bill Index. The table assumes that you reinvest all of your dividends and distributions.

The Merrill Lynch 3-month U.S. T-Bill Index is a measure of the performance of the 3-month U.S. Treasury bill. Unlike the fund, the index is not managed and does not incur expenses.

THE FUNDS’ GOALS, STRATEGIES AND RISKS

Real Estate Fund

Adviser

Sun Capital Advisers LLC

INVESTMENT GOALS

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

KEY INVESTMENTS AND STRATEGIES

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

The fund will provide written notice to its shareholders at least 60 days prior to any change to the requirement that its invests at 80% of its net assets plus borrowings for investment purposes in REITs and other real estate companies.

How investments are selected

The adviser allocates the fund’s investments across various geographic areas primarily within the U.S., REIT managers and property types, such as apartments, retail properties, office buildings, hotels, industrial properties, health care facilities, storage facilities, manufactured housing, and special use facilities. The adviser selects securities for the fund’s portfolio by analyzing the fundamental and relative values of potential REIT investments based on several factors, including:

The ability of a REIT to grow its funds from operations internally through increased occupancy and higher rents and externally through acquisitions and development.

The quality of a REIT’s management, including its ability to buy properties at reasonable prices and to add value by creative and innovative property and business management.

A REIT’s cash flows, price/funds from operations ratio, dividend yield and payment history, price/net asset value ratio and market price.

Current or anticipated economic and market conditions, interest rate changes, and regulatory developments.

PRINCIPAL RISKS OF INVESTING IN THE FUND

Investors could lose money on their investments in the fund or the fund could perform less well than other possible investments if any of the following occurs:

The U.S. or a foreign or local real estate market declines due to economic conditions, supply/demand imbalances (e.g., overbuilding and high vacancy rates), reduced or regulated rents, or other causes.

To the extent that the fund invests in REIT securities denominated in foreign currencies or in securities of REITs that hold properties in foreign countries such that the REIT’s revenues and expenses are tied to foreign currencies, the fund may be subject, directly or indirectly, to foreign currency exchange gains or losses.

Interest rates go up. This can affect the availability or cost of financing for property acquisitions and reduce the value of a REIT’s fixed income investments.

The values of properties owned by a REIT are hurt by property tax increases, zoning changes, other governmental actions, environmental liabilities, natural disasters, or increased operating expenses.

A REIT in the fund’s portfolio is, or is perceived by the market to be, poorly managed.

The market for REITs goes down or is less favored than other stock market sectors or types of investments.

The adviser’s judgments about the relative values of REIT securities selected for the fund’s portfolio prove to be wrong.

Many REITs are small capitalization companies that may experience more price volatility, be less liquid, and have more limited financial resources than large capitalization companies.

Non-diversification and industry concentration risks

The fund is not diversified, which means that it can invest a higher percentage of its assets in any one issuer than a diversified fund. Also, the fund concentrates (invests 25% or more of its assets) in the real estate group of industries. Being non-diversified and concentrated may magnify the fund’s losses from adverse events affecting a particular issuer or the real estate group of industries.

THE FUNDS’ GOALS, STRATEGIES AND RISKS

Real Estate Fund (continued)

WHO MAY WANT TO INVEST

The fund may be appropriate for investors who:

Are pursuing a long-term goal such as investing for retirement

Want to allocate part of their investment portfolio to real estate investments

Are seeking higher potential long-term returns

Can accept the risk of volatility in the stock and real estate markets

The fund may not be appropriate for investors who:

Are pursuing a short-term investment goal

Seek stability of principal

Are uncomfortable with the risk of price volatility in the stock and real estate markets

FUND PERFORMANCE

Year-by-year total returns for Initial Class shares

LOGO

This bar chart shows the performance for Initial Class shares of the fund for each full calendar year since the inception of the fund’s initial class shares on December 7, 1998.

Fund’s best and worst calendar quarters for Initial Class shares


		Quarter/Year

Highest	18.37%	4th Quarter 2004

Lowest	(9.36)%	1st Quarter 2005

Average annual total returns for Initial Class shares

(for the periods ended December 31, 2006)


	One Year	Five Years	Since Inception*

Fund	38.96%	23.51%	18.93%

Morgan Stanley Capital International (MSCI) US REIT Index	35.92%	23.22%	18.01%

* Inception means 12/7/98 for the Real Estate Fund’s Initial Class shares and the MSCI US REIT Index.

The table shows how the average annual returns for Initial Class shares of the fund for different calendar periods compared to the return of the MSCI US REIT Index. The table assumes that you reinvest all of your dividends and distributions.

The MSCI US REIT Index is a total-return index comprising the most actively traded U.S. REITs and is designed to be a measure of real estate equity performance. Unlike the fund, the index is not managed and does not incur expenses.

THE FUNDS’ GOALS, STRATEGIES AND RISKS

Davis Venture Value Fund

Adviser

Sun Capital

Advisers LLC

Subadviser

Davis Advisors

INVESTMENT GOAL

Growth of capital.

KEY INVESTMENTS AND STRATEGIES

The fund invests primarily in the common stock of U.S. companies with market capitalizations of at least $10 billion at the time of purchase.

How investments are selected

The fund’s investment subadviser, Davis Advisors’ (“Davis”) investment philosophy is to select common stocks of growing companies at value prices and to hold them for the long term. Davis uses extensive research to seek overlooked companies with sustainable growth rates that currently sell at modest price-earnings multiples.

In selecting securities for the fund, Davis looks for companies with some or all of the following characteristics:

Strong, experienced management with a proven track record

Significant management ownership of the company

Strong returns on capital

Lean expense structure

Dominant or growing market share in a growing market

Record of successful acquisitions to expand operations and markets

Strong balance sheet

Competitive products or services

Successful international operations

Innovation, including successful use of technology

While Davis plans on holding securities for the long term, it will consider selling a security if the stock’s market price exceeds its estimates of intrinsic value, or if the ratio of the risks and rewards of continuing to own the security is no longer attractive.

PRINCIPAL RISKS OF INVESTING IN THE FUND

Investors could lose money on their investments in the fund or the fund could perform less well than other possible investments if any of the following occurs:

The stock market goes down.

Value stocks fall out of favor with the stock market relative to growth stocks.

Large capitalization stocks underperform relative to small or mid-capitalization stocks.

The market undervalues the stocks held by the fund for longer than expected.

Companies in the fund’s portfolio could fail to achieve earnings estimates or other market expectations, causing their stock prices to fall.

Prices of the fund’s foreign securities go down because of foreign government actions, political instability, or the more limited availability of accurate information about foreign issuers.

The fund historically has invested a significant portion of its assets in the financial services sector. Risks of investing in the financial services sector include:

Financial services companies may suffer a setback if regulators change the rules under which they operate.

Unstable and/or rising interest rates may have a disproportionate effect on financial services companies.

Some financial services companies may have loan portfolios concentrated in a particular industry, such as a high level of loans to real estate developers, which make them vulnerable to economic conditions that affect that industry.

Some financial services companies may suffer from the increasingly competitive environment in which they operate.

THE FUNDS’ GOALS, STRATEGIES AND RISKS

Davis Venture Value Fund (continued)

WHO MAY WANT TO INVEST

The fund may be appropriate for investors who:

Are seeking long-term growth of capital

Are more comfortable with established, well-known companies

Are investing for the long term

Are willing to accept the risks of the stock market

The fund may not be appropriate for investors who:

Are worried about the possibility of sharp price swings and dramatic price declines

Are interested in earning current income

Are investing for the short term

FUND PERFORMANCE

Year-by-year total returns for Initial Class shares

LOGO

This bar chart shows the performance for Initial Class shares of the fund for each full calendar year since the inception of the fund’s Initial Class shares on July 17, 2000.

Fund’s best and worst calendar quarters for Initial Class shares


		Quarter/Year

Highest	17.36%	2nd Quarter 2003

Lowest	(13.25)%	3rd Quarter 2001

Average annual total returns for Initial Class shares

(for the periods ended December 31, 2006)


	One Year		Five Years	Since Inception*

Fund	14.77	%	9.13%	4.92%

S&P 500 Index	15.79	%	6.19%	0.69%

* Inception means 7/17/00 for the Davis Venture Value Fund’s Initial Class shares and the S&P 500 Index.

THE FUNDS’ GOALS, STRATEGIES AND RISKS

Oppenheimer Main Street Small Cap Fund

Adviser

Sun Capital Advisers LLC

Subadviser

OppenheimerFunds, Inc.

INVESTMENT GOAL

Capital appreciation.

KEY INVESTMENTS AND STRATEGIES

Under normal market conditions, the fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities of small capitalization companies. The fund currently considers an issuer having a market capitalization of up to $3 billion to be a small capitalization company. The fund measures that capitalization at the time the fund buys the security, and it is not required to sell the security if the issuer’s capitalization grows above $3 billion. Over time, the fund may change the range of asset capitalizations it uses to define small capitalization issuers, as market conditions change.

The fund will provide written notice to its shareholders at least 60 days prior to the change to the requirement that it invests at least 80% of its net assets plus borrowings for investment purposes in securities of small capitalization companies.

OppenheimerFunds, Inc., the fund’s investment subadviser, primarily invests in common stocks of small-capitalization U.S. companies that it believes have favorable business trends or prospects. These may include “growth” and/or “value” common stocks and other equity securities. A “value” investment style attempts to find companies whose securities are believed to be undervalued in the marketplace. A “growth” investment style encompasses a search for companies whose earnings are expected to increase at a greater rate than the overall market. The fund incorporates a blended style of investing combining both growth and value styles.

How investments are selected

In selecting securities for purchase or sale by the fund, the fund’s portfolio managers use an investment process that combines quantitative models, fundamental research about particular securities and individual judgment. While this process and the inter-relationship of the factors used may change over time, and its implementation may vary in particular cases, in general, the selection process involves the use of:

Multi-factor quantitative models: These include a group of “top-down” models that analyze data such as relative valuations, relative price trends, interest rates and the shape of the yield curve. These help direct portfolio emphasis by industries and value or growth styles. A group of “bottom up” models helps to rank stocks in a universe, selecting stocks for relative attractiveness by analyzing fundamental stock and company characteristics.

Fundamental research: The portfolio managers use internal research and analysis by other market analysts, with emphasis on current company news and industry-related events.

Judgment: The portfolio is then continuously re-balanced by the portfolio managers, based upon the quantitative tools and qualitative factors described above.

In seeking broad diversification of the fund’s portfolio, the portfolio managers currently search primarily for the following characteristics (although these may vary over time and in different cases):

Companies with a small market capitalization, primarily up to $3 billion.

Companies with attractive financial characteristics based on quantitative models.

Companies experiencing positive changes in operations due to enhanced competitive ability and/or beneficial industry trends.

The portfolio managers employ a disciplined approach in deciding whether to sell particular portfolio securities based on quantitative models and fundamental research. The portfolio managers will consider selling a particular stock if it exhibits one or more of the following factors, among others:

Deterioration in a company’s expected earnings or cash flow;

THE FUNDS’ GOALS, STRATEGIES AND RISKS

Oppenheimer Main Street Small Cap Fund (continued)

Change in valuation as determined by multiple variables including: earnings, cash flow and book value; or

Analysis of a company’s balance sheet suggests a less attractive earnings potential.

In addition, if the reason that the portfolio managers originally purchased the stock of a particular company materially changes, then they may also decide to sell the stock.

PRINCIPAL RISKS OF INVESTING IN THE FUND

Investors could lose money on their investments in the fund or the fund could perform less well than other possible investments if any of the following occurs:

U.S. stock markets go down or perform poorly relative to other types of investments

Small cap securities, which generally are more volatile and less liquid than mid- or large-cap securities, decline in value more steeply or become less liquid than expected

Prices of the fund’s securities fall as a result of general market movements or unfavorable company news

The fund’s investment style and small cap focus do not produce favorable results relative to market trends

The subadviser’s judgments about the relative values of securities selected for the fund’s portfolio prove to be wrong.

WHO MAY WANT TO INVEST

The fund may be appropriate for investors who:

Are seeking to participate in the long-term capital appreciation potential of small cap companies

Are looking for an investment with potentially greater return but higher risk than a fund that invests primarily in fixed income securities or in equity securities of large or mid cap companies

Are willing to accept the risks of the stock market and potential long-term rewards of investing in small cap companies with limited track records

The fund may not be appropriate for investors who:

Are interested in earning current income

Are investing for the short term

Are uncomfortable with the risks of the stock market

FUND PERFORMANCE

Year-by-year total returns for Initial Class shares

LOGO

This bar chart shows the performance for Initial Class shares of the fund for each full calendar year since the inception of the fund’s Initial Class shares on July 17, 2000.

Fund’s best and worst calendar quarters for Initial Class shares


		Quarter/Year

Highest	22.27%	2nd Quarter 2003

Lowest	(22.54)%	3rd Quarter 2002

THE FUNDS’ GOALS, STRATEGIES AND RISKS

Oppenheimer Main Street Small Cap Fund (continued)

Average annual total returns for Initial Class shares

(for the periods ended December 31, 2006)


	One Year	Five Years	Since Inception*

Fund	13.60%	9.55%	12.13%

Russell 2000 Index	18.37%	11.39%	5.93%

Russell 2000 Value Index	23.48%	15.37%	13.43%

* Inception means 7/17/00 for the Oppenheimer Main Street Small Cap Fund’s Initial Class shares, Russell 2000 Index and the Russell 2000 Value Index.

The table shows how the average annual returns for Initial Class shares of the fund for different calendar periods compared to the returns of the Russell 2000 Index and the Russell 2000 Value Index. The table assumes that you reinvest all of your dividends and distributions.

The Russell 2000 Index measures the performance of the 2,000 companies with the smallest market capitalizations within the Russell 3000 Index (an index that measures the performance of the 3,000 largest U.S. companies based on total market capitalization). The Russell 2000 Value Index measures the performance of those companies within the Russell 2000 Index (an index that includes the 2,000 companies with the smallest market capitalizations from the Russell 3000 Index) with lower price-to-book ratios and lower forecasted growth values. The Russell 3000 Index represents 98% of the investable U.S. equity market. Unlike the fund, the indices are not managed and do not incur expenses.

OppenheimerFunds, Inc. became the Fund’s subadviser on January 9, 2006. Effective with the change of subadviser, the benchmark index was changed from the Russell 2000 Value Index to the Russell 2000 Index.

THE FUNDS’ GOALS, STRATEGIES AND RISKS

SC FI Large Cap Growth Fund

Adviser

Sun Capital Advisers LLC

Subadviser

Pyramis Global Advisors, LLC

INVESTMENT GOAL

Long-term growth of capital.

KEY INVESTMENTS AND STRATEGIES

The fund normally invests primarily in common stocks. The fund normally invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities of companies with large market capitalizations (which, for purposes of this fund, are those companies with market capitalizations similar to companies in the Russell 1000 Index or the Standard & Poor’s 500 Index (“S&P 500”)). Companies whose capitalization falls below this level after purchase will continue to be considered to have a large market capitalization for purposes of the 80% policy. The size of the companies in each index changes with market conditions and the composition of the Index. The fund may invest up to 20% of its total assets in foreign securities (not including American Depositary Receipts, American Depositary Shares or U.S. dollar denominated securities of foreign issuers).

How investments are selected

The key investment strategies of Pyramis Global Advisors, LLC (“Pyramis”), the fund’s subadviser, include:

Investing in companies that it believes have above-average growth potential (stocks of these companies are often called growth stocks).

Using the Russell 1000 Growth Index as a guide in structuring the fund and selecting its investments.

Investing in domestic and foreign issuers.

Using fundamental analysis of each issuer’s financial condition, its industry position, and market and economic conditions, along with statistical models to evaluate growth potential, valuation, liquidity, and investment risk to select investments.

PRINCIPAL RISKS OF INVESTING IN THE FUND

Investors could lose money on their investments in the fund or the fund could perform less well than other possible investments if any of the following occurs:

U.S. stock markets go down or perform poorly relative to other types of investments.

Growth stocks fall out of favor with the stock markets relative to value stocks.

Large capitalization stocks underperform relative to small or mid-capitalization stocks.

Foreign markets, which can be more volatile than the U.S. market due to increased risks of adverse political, regulatory, market, or economic developments, perform differently from the U.S. market.

Prices of the securities in the fund’s portfolio fall as a result of general market movements or unfavorable company news.

WHO MAY WANT TO INVEST

The fund may be appropriate for investors who:

Are seeking to participate in the long-term growth potential of a diversified portfolio of large capitalization stocks

Are looking for an investment with potentially greater return but higher risk than a fund that invests primarily in fixed income securities

Are willing to accept the risks of the stock market

The fund may not be appropriate for investors who:

Are uncomfortable with the risks of the stock market

Seek stability of principal

Are investing for the short term

FUND PERFORMANCE

Performance information is not provided because the fund did not have a full calendar year of performance as of the date of this prospectus.

THE FUNDS’ GOALS, STRATEGIES AND RISKS

SC Blue Chip Mid Cap Fund

Adviser

Sun Capital Advisers LLC

Subadviser

Wellington Management

Company, LLP

INVESTMENT GOAL

Long-term capital growth.

KEY INVESTMENTS AND STRATEGIES

Under normal conditions, the fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a diversified portfolio of common stocks and other equity securities with, at the time of purchase, market capitalizations within the range of the Russell Midcap Index or the S&P MidCap 400 Index. As of December 31, 2006, this range was between $521.2 million to $21.4 billion. The range of capitalizations of companies in each index will fluctuate as market prices increase or decrease.

How investments are selected

The fund is broadly diversified by industry and company. The fund favors high-quality, well-established companies. These are companies with a leadership position within an industry, a strong balance sheet, a high return on equity, and a strong management team.

The fund’s investment subadviser, Wellington Management Company, LLP (“Wellington Management”) uses what is sometimes referred to as a “bottom up” approach, which is the use of fundamental analysis to identify specific securities within industries or sectors for purchase or sale. Fundamental analysis involves the assessment of a company’s business environment, market share, management, global expansion plans, balance sheet, income statement, anticipated earnings, revenues, and other related measures of value.

Wellington Management continually monitors every company in the fund’s portfolio for fundamental attractiveness. The fund typically sells an investment when the investment achieves its anticipated potential, the company begins to show deteriorating relative fundamentals or alternative investments become sufficiently more attractive.

PRINCIPAL RISKS OF INVESTING IN THE FUND

Investors could lose money on their investments in the fund or the fund could perform less well than other possible investments if any of the following occurs:

U.S. stock markets go down or perform poorly relative to other types of investments.

Mid-capitalization companies fall out of favor with investors.

Prices of the fund’s securities fall as a result of general market movements or unfavorable company news.

The fund’s investment style and mid-capitalization focus do not produce favorable results relative to market trends.

The fund misses out on an investment opportunity because its assets are invested in lower performing investments.

Wellington Management’s judgments about future economic trends or the relative value of securities selected for the fund’s portfolio prove to be wrong.

WHO MAY WANT TO INVEST

The fund may be appropriate for investors who:

Are seeking to participate in the long-term growth potential of U.S. medium capitalization stocks

Are looking for an investment with potentially greater return but higher risk than a fund that invests primarily in fixed income securities or in equity securities of large capitalization companies

Are willing to accept the risks of the stock market

The fund may not be appropriate for investors who:

Are uncomfortable with the risks of the stock market

Seek stability of principal

THE FUNDS’ GOALS, STRATEGIES AND RISKS

SC Blue Chip Mid Cap Fund (continued)

FUND PERFORMANCE

Year-by-year total returns for Initial Class shares

LOGO

The bar chart shows the performance for Initial Class shares of the fund for each full calendar year since the inception of the fund’s Initial Class shares on September 1, 1999.

Fund’s best and worst calendar quarters for Initial Class shares


		Quarter/Year

Highest	22.85%	1st Quarter 2000

Lowest	(17.89)%	3rd Quarter 2002

Average annual total returns for Initial Class shares

(for the periods ended December 31, 2006)


	One Year	Five Years	Since Inception*

Fund	11.30%	11.79%	14.40%

S&P MidCap 400 Index	10.32%	10.90%	11.52%

* Inception means 9/1/99 for the Blue Chip Mid Cap Fund’s Initial Class shares and the S&P MidCap 400 Index.

The table shows how the average annual returns for Initial Class shares of the fund for different calendar periods compared to the returns of the S&P MidCap 400 Index. The table assumes that you reinvest all of your dividends and distributions.

The S&P Midcap 400 Index is a market cap weighted mid cap index, broadly representing the mid cap market in the United States.

EXPENSE SUMMARY

The table below describes the fees and expenses you may pay if you remain invested in the Initial Class shares of a fund. The Initial Class shares of the funds are not subject to any fees upon purchases or redemptions; however, the funds’ annual operating expenses do not reflect the separate account fees charged in the variable annuity and variable life insurance products through which the fund is offered. If those separate account fees were reflected, the expenses shown below would be higher. Please see the prospectus for your variable annuity or variable life contract for more details on the separate account fees.

Annual fund operating expenses paid from the assets of the fund—Initial Class shares

As a percentage of average daily net assets


	All Cap		Investment Grade Bond		Money Market		Real Estate
Management Fee	0.70	%	0.60	%	0.50	%	0.95	%
Other Expenses	1.77		0.46		0.28		0.25
Total Operating Expenses¹	2.47		1.06		0.78		1.20
Fee Waiver and Expense Limitation²	(1.57	)	(0.31	)	(0.27	)	(0.09	)
Net Expenses^1,2	0.90	%	0.75	%	0.51	%	1.11	%

	Davis Venture Value		Oppenheimer Main Street Small Cap		FI Large Cap Growth*		Blue Chip Mid Cap
Management Fee	0.75	%	0.80	%	0.75	%	0.80	%
Other Expenses	0.41		0.62		0.35		0.34
Total Operating Expenses¹	1.16		1.42		1.10		1.14
Fee Waiver and Expense Limitation²	(0.26	)	(0.42	)	(0.29	)	(0.14	)
Net Expenses^1,2	0.90	%	1.00	%	0.81	%	1.00	%

Total Operating Expenses and Net Expenses shown may differ from the Fund’s expense ratios appearing in the Financial Highlights. The Financial Highlights table includes the operating expenses of a Fund but does not include any indirect expenses incurred by a fund as a result of investing in an underlying fund (“Acquired Fund Fees and Expenses”) which are required to be included in the Expense Summary above. With respect to each fund, the “Acquired Fund Fees and Expenses” amounted to less than or equal to 0.01% and are included in Other Expenses.

The expenses in the table above reflect an expense limitation agreement under which Sun Capital Advisers LLC (the “adviser”) has agreed not to impose all or a portion of its management fee and, if necessary, to limit other ordinary operating expenses to the amounts shown as Net Expenses in the table (with the exception of Sun Capital Money Market Fund and Sun Capital Real Estate Fund’s Net Expenses, which are limited to 0.50% and 1.10%, respectively, and reflect the indirect costs incurred by such fund from “Acquired Fund Fees and Expenses”). The adviser has contractually agreed to maintain the expense limits until at least April 30, 2008, except for the SC FI Large Cap Growth Fund for which the adviser will maintain the expense limitation until at least April 30, 2009. For additional information regarding the expense limitations, please refer to the prospectus section captioned “About the Adviser”. To the extent that the total expense ratio for a fund’s Initial Class shares falls below the expense limitation stated above in future years, the adviser reserves the right to be reimbursed for advisory fees waived and fund expenses paid by it during the prior two fiscal years.

As of the date of this prospectus, FI Large Cap Growth Fund has been operational for less than a full fiscal year. As a result, “Other Expenses” are estimated.

EXPENSE SUMMARY

Example

This Example is intended to help you compare the cost of investing in the Initial Class shares of the funds with the cost of investing in other mutual funds. The Initial Class shares of the funds are not subject to any fees upon purchases or redemptions; however, the funds’ annual estimated operating expenses do not reflect the separate account fees charged in the variable annuity and variable life insurance products through which the fund is offered. If those separate account fees were reflected, the costs shown below would be higher.

The Example assumes that you invest $10,000 in a fund for the time periods indicated, then redeem all of your Initial Class shares at the end of those periods. This Example also assumes that your investment has a 5% return each year and reinvestment of all dividends and distributions. The estimated costs in Year 1 are calculated based on each fund’s net expenses pursuant to the contractual expense limitation. For Years 2 through 10, each fund’s operating expenses are calculated based on its Total Operating Expenses as shown in the table above, but without regard to any fee waiver or expense limitation. Therefore, the annual estimated costs used in Years 3, 5 and 10 are equal to or higher than the costs reflected in Year 1. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:


	1 Year		3 Years		5 Years		10 Years
Sun Capital All Cap Fund	$	92	$	619	$	1,174	$	2,687
Sun Capital Investment Grade Bond Fund	$	77	$	306	$	555	$	1,266
Sun Capital Money Market Fund	$	51	$	219	$	401	$	929
Sun Capital Real Estate Fund	$	112	$	369	$	646	$	1,435
SC Davis Venture Value Fund	$	92	$	343	$	613	$	1,386
SC Oppenheimer Main Street Small Cap Fund	$	102	$	408	$	736	$	1,666
SC FI Large Cap Growth Fund	$	83	$	321	$	578	$	1,314
SC Blue Chip Mid Cap Fund	$	102	$	348	$	614	$	1,374

MORE ABOUT THE FUNDS’ INVESTMENTS

n All Funds other than Money Market Fund and Investment Grade Bond Fund

Equity securities include common stocks, trust shares, preferred stocks and debt securities convertible into stock and warrants.

Equity Securities All funds other than Money Market Fund and Investment Grade Bond Fund invest primarily in common stocks and common stock equivalents including convertible debt securities and convertible preferred stocks. Convertible debt securities and convertible preferred stocks entitle the holder to acquire the issuer’s common stock by exchange or purchase at a predetermined rate. Convertible debt securities and convertible preferred stocks are subject both to the credit and interest rate risks associated with fixed income securities and to the stock market risk associated with equity securities.

n All Funds

Fixed income securities All funds other than Money Market Fund may invest in all types of fixed income securities of any maturity or duration, such as:

Ÿ bills, notes, bonds

Ÿ structured notes and other derivative securities

Ÿ residential and commercial mortgage-backed securities

Ÿ convertible securities

Ÿ collateralized mortgage and bond obligations

Ÿ preferred stock and trust certificates

Ÿ asset-backed securities

These securities may have many types of interest rate payment and reset terms, including fixed rate, adjustable rate, zero coupon, payment-in-kind, and auction rate features.

Money Market Fund may invest in certain types of preferred shares having debt-like features to the extent that the preferred shares meet the maturity, quality and diversification requirements applicable to the fund.

Credit quality Fixed income securities are investment grade if they are rated in one of the four highest long-term rating categories of a nationally recognized statistical rating organization, have received a comparable short-term or other rating, or are unrated securities that the investment adviser or subadviser believes are of comparable quality. If a security receives different ratings from multiple rating organizations, the fund may treat the security as being rated in the highest rating category received. Each fund may choose not to sell securities that are downgraded, after their purchase, below the fund’s minimum acceptable credit rating.

High yield bonds Investment Grade Bond Fund may invest up to 20% of its assets in below investment grade securities (high yield) rated at least B by one rating agency or unrated bonds of equivalent quality. High yield bonds involve greater volatility of price and risk of loss of principal and income. In addition, lower ratings reflect a greater possibility of an adverse change in financial condition affecting the ability of the issuer to make payments of interest and principal. The market price and liquidity of lower rated fixed income securities generally respond to short-term economic, corporate and market developments to a greater extent than do higher rated securities. These developments are perceived to have a more direct relationship to the ability of an issuer of lower rated securities to meet its ongoing debt obligations.

American Depositary Receipts and Foreign Securities All funds other than Money Market Fund, may invest in American Depositary Receipts (ADRs) which are U.S. dollar denominated securities representing an interest in foreign securities. Each fund may also invest in foreign securities listed on a U.S. stock exchange or quoted market such as the New York Stock Exchange, American Stock Exchange, or National Association of Securities Dealers Automated Quotation. Each of FI Large Cap Growth Fund and Blue

MORE ABOUT THE FUNDS’ INVESTMENTS

A derivative contract will obligate or entitle a fund to deliver or receive an asset or a cash payment that is based on the change in value of a designated security, currency or index.

Substantially all of Investment Grade Bond Fund’s investments will be either U.S. dollar-denominated or hedged back into U.S. dollars through transactions in currency swaps or other currency derivative contracts.

Chip Mid Cap Fund may invest up to 20% of its net assets in foreign securities not listed or traded on a U.S. exchange or quoted market. All funds other than Money Market Fund may invest up to 10% of its total assets in equity and debt securities that are denominated in foreign currencies. A fund’s investments in foreign securities or ADRs involve greater risk than investments in securities of U.S. issuers.

Derivative contracts All funds other than Money Market Fund may, but need not, use derivative contracts, such as futures and options on securities, securities indices, interest rates or currencies, or options on these futures.

In addition, investing in the individual bonds and sectors considered most attractive by the adviser may not necessarily enable Investment Grade Bond Fund to achieve its target duration or sector weighting. This fund may use derivative contracts to increase or decrease the fund’s exposure to a particular issuer or sector, or to increase or decrease the fund’s duration. Real Estate Fund may use derivative contracts to manage the interest rate risk associated with both its real estate and fixed income investments and to stay fully invested in stocks when it has a significant cash position.

Some of the foreign securities purchased by Investment Grade Bond Fund, Real Estate Fund, FI Large Cap Growth Fund and Blue Chip Mid Cap Fund may be denominated in a foreign currency, which could decline in value against the U.S. dollar. Investment Grade Bond Fund and Real Estate Fund may use currency swaps and other currency derivatives to try to hedge against this risk. However, a fund will probably not be able to achieve a perfect hedge because of unavoidable discrepancies between the fund’s foreign currency investments and its currency derivatives. Either fund might perform less well than a fund that does not hedge against foreign currency risk.

Even a small investment in derivative contracts can have a large impact on a fund’s interest rate sensitivity and securities market exposure. Therefore, using derivatives can disproportionately increase fund losses and reduce opportunities for gains when interest rates or securities prices are changing. A fund may not fully benefit from or may lose money on derivatives if the adviser’s (or subadviser’s) expectations in using them prove incorrect or if changes in their value do not correspond accurately to changes in the value of the fund’s other portfolio holdings. Counterparties to “over-the-counter” derivative contracts present the same types of credit risk as issuers of fixed income securities. Investment Grade Bond Fund’s credit standards also apply to counterparties on “over-the-counter” derivative contracts. Derivatives can also make a fund’s portfolio less liquid and harder to value, especially in declining markets.

Borrowing All funds other than Money Market Fund may borrow up to one-third of total assets from banks or through reverse repurchase agreements. Borrowing could create leverage, meaning that certain gains or losses could be amplified, increasing share price movements.

Defensive investing All funds other than Money Market Fund may depart from their principal investment strategies by taking temporary defensive positions in response to adverse market, economic or political conditions. To the extent that a fund might adopt a temporary defensive position, and over the course of its duration, the fund may not meet its stated investment goal. Money Market Fund will not take a defensive position because it invests exclusively in high quality money market securities.

MORE ABOUT THE FUNDS’ INVESTMENTS

n Davis Venture Value Fund

n Oppenheimer Main Street Small Cap Fund

n FI Large Cap Growth Fund

n Blue Chip Mid Cap Fund

Market capitalization range While each fund listed above intends to be substantially fully invested in equity securities of companies with total market capitalizations within the range defined by each fund’s key investment strategy, each fund may maintain a portion of its assets in equity securities of companies with total market capitalizations outside the defined range. Securities of small capitalization companies may present greater risks than securities of larger, more established companies. Small capitalization companies are often volatile and may suffer significant losses as well as realize substantial growth. In a declining market, these stocks may be harder to sell, which may further depress their prices.

n Real Estate Fund

The fund may invest in a variety of types of real estate companies.

Permissible investments and additional risks Although Real Estate Fund typically focuses on equity REITs, it may invest without restriction in mortgage REITs and in equity securities of other U.S. and foreign real estate companies. A mortgage REIT invests most of its assets in real estate mortgages and earns most of its income from interest payments. A real estate company is a company that earns at least 50% of its gross revenues or net profits from real estate activities or from products or services related to the real estate sector. Real estate activities include owning, developing, managing, or acting as a broker for real estate. Examples of related products and services include building supplies and mortgage servicing.

In selecting investments for the fund, the adviser identifies securities with significant potential for appreciation relative to risk and other securities while also analyzing the level of dividend payments. The adviser uses the same strategy to select other real estate companies for the fund as it uses to select REITs. Many of the risks of REIT investing described in “The Funds’ Goals, Strategies and Risks” also apply to other real estate companies.

REITs are subject to the following additional risks:

A REIT may be unable to obtain financing to fund income and gain distributions required by federal tax law.

A REIT may fail to qualify for the federal tax exemption for distributed income.

Changes in federal tax law may adversely affect REITs, for example, by limiting their permissible businesses or investments.

Fund shareholders indirectly bear a proportionate share of the advisory fees and other operating expenses of REITs in the fund’s portfolio in addition to the advisory fees and other expenses of the fund.

PORTFOLIO HOLDINGS

The Board has adopted a policy governing the disclosure of the funds’ portfolio holdings. More detailed information about this policy can be found in the Statement of Additional Information.

THE INVESTMENT ADVISER AND SUBADVISERS

Sun Capital Advisers LLC. is the funds' investment adviser.

About the Adviser. Sun Capital Advisers LLC, One Sun Life Executive Park, Wellesley Hills, Massachusetts 02481, is the funds’ investment adviser. The adviser is an indirect, wholly-owned subsidiary of Sun Life Financial Inc. (“Sun Life Financial”). Sun Life Financial, a corporation organized in Canada, is a reporting company under the Securities Exchange Act of 1934 with common shares listed on the New York, Toronto and Philippine stock exchanges.

At December 31, 2006, the adviser had total assets under management of approximately $45 billion. The adviser has been providing investment advice and supervisory services to Sun Life Financial affiliates since 1997. Sun Life Financial is a diversified financial services organization with total assets under management at December 31, 2006 of approximately $397 billion. The Sun Life Financial group of companies provides a broad range of financial products and services to individuals and groups located in Canada, the United States, the United Kingdom, and the Asia Pacific Region.

The adviser provides the funds with investment research and portfolio management services and manages certain aspects of the funds’ business affairs. For its services, the adviser receives a fee from each fund equal on an annual basis to a percentage of the fund’s average daily net assets. In the case of Davis Venture Value Fund, Oppenheimer Main Street Small Cap Fund, FI Large Cap Growth Fund and Blue Chip Mid Cap Fund, the adviser employs an unaffiliated subadviser. In the case of those funds managed by a subadviser, the adviser pays a subadvisory fee to the subadviser. No fund is responsible for paying a subadvisory fee directly.


Fund	Daily Net Assets	Advisory Fee

All Cap Fund	All	0.70%

Investment Grade Bond Fund	All	0.60%

Money Market Fund	All	0.50%

Real Estate Fund	All	0.95%

Davis Venture Value Fund	$0-$500 million over $500 million	0.75% 0.70%

Oppenheimer Main Street Small Cap Fund	$0-$400 million $400-$800 million over $800 million	0.80% 0.75% 0.70%

FI Large Cap Growth Fund	$0-$750 million over $750 million	0.75% 0.70%

Blue Chip Mid Cap Fund	$0-$300 million over $300 million	0.80% 0.75%

The adviser has contractually agreed to limit its management fee and to reimburse each fund’s nonmanagement expenses until at least April 30, 2008, except for the SC FI Large Cap Growth Fund for which the adviser will maintain the expense limits until at least April 30, 2009. Total operating expenses will be capped on an annual basis to the percentages of the fund’s average daily net assets shown below. To the extent that any fund’s total expense ratio with respect to Initial Class shares falls below its expense limit, the adviser reserves the right to be reimbursed for management fees waived and fund expenses paid by it during the prior two fiscal years.

THE INVESTMENT ADVISER AND SUBADVISERS

Advisory Fees for Initial Class shares


Fund		Total Operating Expense Limit

All Cap Fund		0.90%

Investment Grade Bond Fund		0.75%

Money Market Fund		0.50%

Real Estate Fund		1.10%

Davis Venture Value Fund		0.90%

Oppenheimer Main Street Small Cap Fund		1.00%

FI Large Cap Growth Fund*		0.81%

Blue Chip Mid Cap Fund		1.00%

This fund’s contractual expense limitation is in effect until at least April 30, 2009.

Sun Capital Advisers Trust and the adviser have received an exemptive order from the Securities and Exchange Commission permitting the adviser, subject to the approval of the board of trustees, to select subadvisers to serve as portfolio managers of the funds or to materially modify an existing subadvisory contract without obtaining shareholder approval of a new or amended subadvisory contract. The adviser has ultimate responsibility to oversee and to recommend the hiring, termination and replacement of any subadviser.

A discussion regarding the factors considered by the trustees of Sun Capital Advisers Trust in approving each fund’s investment advisory agreement is available in the fund’s annual report to shareholders for the period ended December 31, 2006.

About Davis Advisors

About the Subadvisers.

Davis Advisors, 2949 East Elvira Road, Suite 101, Tucson, Arizona 85706, serves as the subadviser to Davis Venture Value Fund. Davis discharges its responsibilities subject to the policies of the Board of Trustees of Sun Capital Advisers Trust and the oversight and supervision of the adviser. Davis is a professional investment management firm which provides investment services to mutual funds, employee benefit plans and other institutions and individuals. Davis is a limited partnership and Davis Investments, LLC, is its sole general partner. Christopher Davis is the sole member of the general partner. As of December 31, 2006, Davis had discretionary investment authority with respect to approximately $98 billion in client assets.

About OppenheimerFunds, Inc.

OppenheimerFunds, Inc., Two World Financial Center, 225 Liberty Street, 11^th Floor, New York, New York 10281-1008, serves as subadviser to Oppenheimer Main Street Small Cap Fund. OppenheimerFunds discharges its responsibilities subject to the policies of the board of trustees of Sun Capital Advisers Trust and the oversight and supervision of the adviser. OppenheimerFunds has been an investment adviser since 1960. As of December 31, 2006, Oppenheimer Funds had assets under management of approximately $235 billion.

About Pyramis Global Advisors, LLC

Pyramis Global Advisors, LLC, 53 State Street, Boston, Massachusetts 02109, serves as subadviser to Large Cap Growth Fund. Pyramis discharges its responsibilities subject to the policies of the board of trustees of Sun Capital Advisers Trust and the oversight and supervision of the adviser. Pyramis is an indirect, wholly-owned subsidiary of FMR Corp., the parent company of the Fidelity Investments family of companies. As of December 31, 2006, Pyramis managed more than $149 billion in assets.

THE INVESTMENT ADVISER AND SUBADVISERS

Advisory Fees for Initial Class shares

About Wellington Management Company, LLP

Wellington Management Company, LLP, 75 State Street, Boston, Massachusetts 02109, serves as the subadviser to Blue Chip Mid Cap Fund. Wellington Management discharges its responsibilities subject to the policies of the board of trustees of Sun Capital Advisers Trust and the oversight and supervision of the adviser. Wellington Management is a professional investment-counseling firm which provides investment services to mutual funds, employee benefit plans, endowments, foundations, and other institutions. Wellington Management or its predecessor organizations have provided investment advisory services since 1928. Wellington Management is a Massachusetts limited liability partnership. As of December 31, 2006, Wellington Management had discretionary investment authority with respect to approximately $575 billion of client assets.

THE INVESTMENT ADVISER AND SUBADVISERS

About the Portfolio Managers. The adviser and subadvisers have selected the following persons to manage the investments for the funds.



Fund	Fund Manager(s)	Manager since	Positions during past five years
All Cap Fund (Jointly managed among all three managers)	Leo D. Saraceno, CFA (Specializes in Industrials, Materials, Energy, Utilities)	2002	Senior Managing Director, Sun Capital Advisers LLC, since 2001. Vice President at Sun Life Financial since 2003. Joined Sun Life Financial in 1986.

	Steven P. Wyman, CFA (Specializes in Financials, Health Care, Information Technology)	2002	Senior Managing Director, Sun Capital Advisers LLC, since 2001. Joined Sun Life Financial in 1997.

	Richard R. Gable, CFA (Specializes in Consumer, Financials, REITs)	2002	Managing Director, Sun Capital Advisers LLC, since 2006. Assistant Vice President at Sun Life Financial since 2006. Joined Sun Life Financial in 1998.

Investment Grade Bond Fund	Evan S. Moskovit, CFA (Lead Manager; Corporate/Strategy Specialist)	2002	Senior Managing Director, Sun Capital Advisers LLC, since 2002. Joined Sun Life Financial in 1997.

	Michael A. Savage, CFA (Structured Products Specialist)	2002	Managing Director, Sun Capital Advisers LLC, since 2002. Joined Sun Life Financial in 1993.

Money Market Fund	John W. Donovan (Lead Manager)	2002	Managing Director, Sun Capital Advisers LLC, since 2002. Joined Sun Life Financial in 2001.

	Evan S. Moskovit, CFA (Strategy Specialist)	2005	See above.

	Bonnie L. Ward (Strategy/Trader)	2006	Director, Sun Capital Advisers LLC since 2004. Assistant Vice President at Sun Life Financial since 2004. Joined Sun Life Financial in 1973.

Real Estate Fund (Jointly managed among all three managers)	Thomas V. Pedulla (Specializes in Direct Real Estate Investment Strategy)	1998	Senior Managing Director, Sun Capital Advisers LLC, since 2000. Joined Sun Life Financial in 1995.

	Leo D. Saraceno, CFA (Specializes in REIT Investments)	2003	See above.

THE INVESTMENT ADVISER AND SUBADVISERS



Fund	Fund Manager(s)	Manager since	Positions during past five years

	Richard R. Gable, CFA (Specializes in REIT Investments)	2001	See above.

Davis Venture Value Fund (Jointly managed)	Christopher C. Davis	2000	Chairman, Davis Advisors since 2001. Portfolio Manager for Davis Advisors since 1995.

	Kenneth C. Feinberg	2000	Portfolio Manager, Davis Advisors since 1998.

Oppenheimer Main Street Small Cap Fund (Jointly managed)	Nikolaos D. Monoyios, CFA	2006	Senior Vice President of OppenheimerFunds since October 2003. Vice President for OppenheimerFunds (1998-2003).

	Mark Zavanelli, CFA	2006	Vice President of OppenheimerFunds since November 2000. Joined OppenheimerFunds in 1998.

FI Large Cap Growth Fund	Bahaa Fam	2006	Vice President and Portfolio Manager with Pyramis (since 2006) and Fidelity Management & Research Company (“FMR”) (since 2001). Portfolio Manager for institutional large cap growth mandates at FMR since 2001. Portfolio Manager at FMR for Large Cap Growth and Mid Cap Growth mutual funds since 2004. Previously Director of quantitative research (1998-2004) at FMR.

Blue Chip Mid Cap Fund	Phillip H. Perelmuter	1999	Senior Vice President (since 2000) and Equity Portfolio Manager of Wellington Management Company, LLP (since 1995). Joined Wellington Management in 1995.

The Statement of Additional Information provides additional information about the fund managers’ compensation, other accounts managed by the fund managers and the fund managers’ ownership of shares of the fund(s) they manage that are offered through variable annuities or variable life insurance products.

PURCHASE AND REDEMPTION AND OTHER INFORMATION

Initial Class shares of each fund are offered exclusively to insurance company separate accounts.

Buying and Redeeming Initial Class Shares. Each fund sells its Initial Class shares at net asset value (NAV) directly to separate accounts established and maintained by insurance companies for the purpose of funding variable annuity and variable life insurance products. Each fund may suspend the offer of its shares and reserves the right to reject any specific purchase order. A fund may refuse a purchase order if, in the adviser’s opinion, the order is of a size that would disrupt the management of a fund.

Insurance company separate accounts that accept orders from contractholders to purchase and redeem Initial Class shares before the close of regular trading on the New York Stock Exchange (the “Exchange”) will receive that day’s NAV (which will be calculated as of the close of regular trading on the Exchange), provided that the insurance company transmits the orders to the fund prior to the opening of trading on the Exchange on the next business day. If the fund receives orders after the Exchange opens, those orders will receive the next business day’s NAV.

Each fund redeems its shares on any business day. Normally, a fund forwards redemption proceeds by bank wire to the redeeming insurance company on the next business day after redemption instructions are received. Under unusual circumstances, a fund may suspend redemptions or postpone payment for up to seven (7) days or longer, as permitted by Federal securities laws.

Excessive and Short-term Trading. The Board of Trustees has adopted policies and procedures with respect to excessive and short-term trading of shares by contract owners. The funds discourage excessive and short-term trading, which can disrupt portfolio management strategies and increase fund operating expenses. Each fund sells its shares to insurance company separate accounts for the purpose of funding variable annuity or variable life insurance contracts. As a result, the funds’ ability to monitor trading activity by the owners of such contracts is limited and, therefore, trading patterns representing excessive trading practices by contract owners may not be detected by the funds. However, the fund has entered into an information sharing agreement with each insurance company, which requires the insurance company to provide certain information regarding underlying shareholders. The funds’ policies provide that a fund may reject a purchase order if, in the adviser’s opinion, the order is of a size that would disrupt the management of the fund or otherwise represents excessive or short-term trading. In the event the Trust determines that purchase and redemption activity in a fund indicate potential excessive trading activity, the Trust will communicate with the relevant insurance companies to determine, on a case-by-case basis, whether action is necessary, such as rejecting orders from certain contract owners. These measures may not be applied uniformly but will be imposed as the Trust and the relevant insurance company consider appropriate. Different insurance companies or different products offered by the same insurance company may have different policies regarding excessive trading. To the extent that such policies are not uniform, or are not applied uniformly, the funds and the contract owners bear the risk that excessive trading by some contract owners may not be curtailed. In addition, the terms of a particular insurance contract may also limit the insurance company’s ability to address excessive trading. For specific information about the purchase, redemption and transfer limitation policies that apply to a particular variable annuity or variable life insurance contract, contract owners should review the separate account prospectus prepared by the insurance company for their contracts.

The Trust’s reliance on data provided pursuant to any information sharing agreement and on insurance companies to detect and curtail excessive trading activity presents the risk that some contract owners may engage in this activity and that other contract owners will be adversely affected by it. To the extent that a fund is unable to detect or curtail excessive and short-term trading, such trading may interfere with efficient management of the fund’s portfolio, and may require the fund to take other steps, such as maintaining cash balances, using its line of credit and effecting portfolio transactions, in each case, to a greater degree than it otherwise would. These activities could increase the fund’s operating costs and decrease its investment performance.

PURCHASE AND REDEMPTION AND OTHER INFORMATION

Initial Class shares of each fund are offered at net asset value. The separate account does not pay a sales charge to buy Initial Class shares of a fund.

The funds distribute capital gains and income.

Small cap securities may not trade every day or may not trade frequently through a trading day. Since SC Oppenheimer Main Street Small Cap Fund invests primarily in small cap securities, the fund may be more susceptible to a short-term trading strategy by which an investor seeks to profit based upon the investor’s belief that the values of the fund’s portfolio securities, as reflected by the fund’s net asset value on any given day, do not fully reflect the then current fair market value of such securities.

Automatic Transactions. Purchases and redemptions arising out of an automatic transaction under an insurance contract are effected when received by the insurance company in the manner described above. Automatic transactions include investment of net premiums, payment of death benefits, deduction of fees and charges, transfers, surrenders, loans, loan repayments, deductions of interest on loans, lapses, reinstatements, and similar automatic transactions.

Valuation of Shares. Each fund offers its shares at the NAV per Initial Class share of the fund. Each fund calculates its NAV once daily as of the close of regular trading on the Exchange (generally at 4:00 p.m., Eastern time) on each day the Exchange is open. If the Exchange closes early, the funds will accelerate the determination of NAV to the closing time. On any day an international market is closed and the Exchange is open, a fund will normally value its foreign securities, if any, at the prior day’s close with the current day’s exchange rate.

Each fund values the securities in its portfolio on the basis of market quotations and valuations provided by independent pricing services, or at fair value as determined in good faith according to procedures adopted by the board of trustees. Because international markets may be open on days when U.S. markets are closed, the value of foreign securities owned by a fund could change on days when an insurance company cannot buy or sell shares of the fund. A fund may value securities at fair value when market quotations are not readily available or the adviser believes that available market quotations do not reasonably represent the securities’ actual value. A fund that uses fair value to price securities may value those securities higher or lower than another fund that uses market quotations to price the same securities.

Dividends and Distributions. Each fund intends to distribute all or substantially all of its net realized capital gains, if any, and net investment income for each taxable year. Money Market Fund and Investment Grade Bond Fund declare dividends from net investment income daily and pay dividends monthly. All funds other than Money Market Fund and Investment Grade Bond Fund declare and pay dividends from net investment income at least annually. Each fund distributes its net realized capital gains, if any, at least annually. The funds expect that an insurance company holding shares on behalf of a contract holder will elect to reinvest dividends and capital gains in additional shares of the fund that paid them. Shares purchased become entitled to dividends as of the first business day following the date of investment.

Taxes. Shares of the funds are held and owned for U.S. federal income tax purposes by life insurance company separate accounts established in connection with variable annuity and variable life insurance contracts, and not by the owners of these variable contracts. Owners of variable contracts should refer to the prospectuses for these contracts for a description of the tax consequences of owning and receiving distributions or other payments relating to these contracts.

Each fund is treated as a separate entity for U.S. federal income tax purposes. Each fund intends to elect or has elected to be treated and intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). As a regulated investment company, each fund must satisfy federal tax requirements relating to the sources of its income, diversification of its assets, and distribution of its income to shareholders. If a fund meets these requirements, it will not be subject to U.S. federal income tax on any net investment income and net capital gains that are distributed.

PURCHASE AND REDEMPTION AND OTHER INFORMATION

FUND DETAILS

In addition to the above, each fund also intends to comply with certain diversification requirements relating to the tax-deferred status of variable contracts issued by insurance company separate accounts. More specific information on these diversification requirements is contained in the prospectus for the variable contracts and in the funds’ Statement of Additional Information.

A fund’s failure to comply with these requirements could cause the holder of a variable contract based on a separate account that invested in whole or in part in that fund to be subject to current taxation of all income accrued on the contract for the current and all prior taxable years, unless the Internal Revenue Service permits correction of the failure, which cannot be assured.

Investments by Variable Product Separate Accounts in Shares of the Funds. Each fund will sell its shares to separate accounts established and maintained by insurance companies for the purpose of funding variable annuity and variable life insurance contracts. The variable contracts may or may not make investments in all the funds described in this Prospectus.

The interests of owners of different variable contracts investing in a fund could conflict due to differences of tax treatment and other considerations. The Trust currently does not foresee any disadvantages to investors arising from the fact that each fund may offer its shares to different insurance company separate accounts that serve as the investment medium for their variable annuity and variable life contracts. Nevertheless, the Board of Trustees will monitor events to seek to identify any material irreconcilable conflicts which may arise, and to determine what action, if any, should be taken in response to these conflicts. If a conflict were to occur, one or more insurance companies’ separate accounts might be required to withdraw their investments in one or more funds and shares of another fund may be substituted. In addition, the sale of shares may be suspended or terminated if required by law or regulatory authority or if it is in the best interests of the fund’s shareholders.

FINANCIAL HIGHLIGHTS

The financial highlights tables are intended to help you understand the performance of each of the Initial Class shares of each fund for the periods indicated. Certain information reflects financial results for a single share. Total return represents the rate that a shareholder would have earned (or lost) on a fund share assuming reinvestment of all dividends and distributions. The information in the following table is included in the annual report (available upon request) along with the funds’ financial statements and the report of the funds’ independent registered public accounting firm. The annual report was audited by Deloitte & Touche, LLP, an independent registered public accounting firm. Insurance company separate account contract expenses are not reflected in these tables. Had such expenses been added, the performance figures would have been lower.

Selected data for a share outstanding throughout each period:


	All Cap Fund Initial Class Shares
	Year Ended December 31,												For the Period 5/1/2002* to 12/31/2002
	2006			2005			2004			2003			For the Period 5/1/2002* to 12/31/2002
NET ASSET VALUE, BEGINNING OF PERIOD	$	10.470		$	12.470		$	11.450		$	7.540		$	10.000

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(d)		0.173			0.019			0.031			0.040			0.020
Net realized and unrealized gain (loss) on investments		1.929			(0.091	)		2.249			3.943			(2.462	)

Total from Investment Operations		2.102			(0.072	)		2.280			3.983			(2.442	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.166	)		(0.015	)		(0.035	)		(0.036	)		(0.018	)
In excess of net investment income		—			—			—			—			—
Net realized gain on investments		(0.036	)		(1.913	)		(1.225	)		(0.037	)		—
In excess of net realized gain on investments		—			—			—			—			—
Capital		—			—			—			—			—

Total distributions		(0.202	)		(1.928	)		(1.260	)		(0.073	)		(0.018	)

NET ASSET VALUE, END OF PERIOD	$	12.370		$	10.470		$	12.470		$	11.450		$	7.540

TOTAL RETURN(b)		20.07	%		(0.72	)%		20.39	%		52.89	%		(24.43	)%

RATIOS AND SUPPLEMENTAL DATA:
Net Assets, End of Period (000’s)	$	6,183		$	5,505		$	7,049		$	5,082		$	1,780
Ratios to average net assets:
Net expenses(a)(c)(d)		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Gross expenses(a)(d)		2.47	%		2.74	%		3.42	%		5.47	%		5.73	%
Net investment income (loss)(a)(c)(d)		1.47	%		0.15	%		0.27	%		0.70	%		0.41	%
Portfolio turnover rate		135	%		114	%		137	%		150	%		67	%

Commencement of operations

(a)

Annualized for periods of less than one year.

(b)

Total returns are historical and assume changes in share price, reinvestments of all dividends and distributions, and no sales charge. Had certain expenses not been reduced during the periods shown, total returns would have been lower. Total returns for periods of less than one year are not annualized.

(c)

Such percentages are after advisory fee waivers and expenses reimbursements.

(d)

Does not include any insurance charges imposed in connection with your variable insurance contract.

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period:


	Investment Grade Bond Fund Initial Class Shares
	Year Ended December 31,
	2006			2005			2004			2003			2002
NET ASSET VALUE, BEGINNING OF PERIOD	$	9.720		$	10.090		$	10.020		$	9.630		$	9.680

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(c)		0.496			0.468			0.485			0.514			0.538
Net realized and unrealized gain (loss) on investments		0.008			(0.274	)		0.139			0.393			(0.050	)

Total from Investment Operations		0.504			0.194			0.624			0.907			0.488

LESS DISTRIBUTIONS FROM:
Net investment income		(0.477	)		(0.468	)		(0.485	)		(0.517	)		(0.538	)
In excess of net investment income		—			—			—			—			—
Net realized gain on investments		(0.109	)		(0.096	)		(0.069	)		—			—
In excess of net realized gain on investments		—			—			—			—			—
Capital		(0.018	)		—			—			—			—

Total distributions		(0.604	)		(0.564	)		(0.554	)		(0.517	)		(0.538	)

NET ASSET VALUE, END OF PERIOD	$	9.620		$	9.720		$	10.090		$	10.020		$	9.630

TOTAL RETURN(a)		5.39	%		1.96	%		6.42	%		9.63	%		5.23	%

RATIOS AND SUPPLEMENTAL DATA:
Net Assets, End of Period (000’s)	$	45,186		$	53,630		$	57,619		$	66,335		$	67,679
Ratios to average net assets:
Net expenses(b)(c)		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Gross expenses(c)		1.06	%		1.03	%		0.98	%		0.88	%		0.81	%
Net investment income(b)(c)		5.14	%		4.72	%		4.81	%		5.22	%		5.60	%
Portfolio turnover rate		55	%		55	%		66	%		57	%		144	%

(a)

(b)

Such percentages are after advisory fee waivers and expenses reimbursements.

(c)

Does not include any insurance charges imposed in connection with your variable insurance contract.

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period:


	Money Market Fund Initial Class Shares
	Year Ended December 31,
	2006			2005			2004			2003			2002
NET ASSET VALUE, BEGINNING OF PERIOD	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(c)		0.045			0.027			0.007			0.005			0.011
Net realized and unrealized gain (loss) on investments		—			—			—			—			—

Total from Investment Operations		0.045			0.027			0.007			0.005			0.011

LESS DISTRIBUTIONS FROM:
Net investment income		(0.045	)		(0.027	)		(0.007	)		(0.005	)		(0.011	)
In excess of net investment income		—			—			—			—			—
Net realized gain on investments		—			—			—			—			—
In excess of net realized gain on investments		—			—			—			—			—
Capital		—			—			—			—			—

Total distributions		(0.045	)		(0.027	)		(0.007	)		(0.005	)		(0.011	)

NET ASSET VALUE, END OF PERIOD	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000

TOTAL RETURN(a)		4.59	%		2.75	%		0.74	%		0.55	%		1.12	%

RATIOS AND SUPPLEMENTAL DATA:
Net Assets, End of Period (000’s)	$	120,164		$	110,430		$	121,399		$	113,004		$	149,363
Ratios to average net assets:
Net expenses(b)(c)		0.50	%		0.50	%		0.65	%		0.65	%		0.65	%
Gross expenses(c)		0.77	%		0.77	%		0.71	%		0.65	%		0.65	%
Net investment income(b)(c)		4.51	%		2.69	%		0.77	%		0.56	%		1.11	%
Portfolio turnover rate		N/A			N/A			N/A			N/A			N/A

(a)

(b)

Such percentages are after advisory fee waivers and expenses reimbursements.

(c)

Does not include any insurance charges imposed in connection with your variable insurance contract.

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period:


	Real Estate Fund Initial Class Shares
	Year Ended December 31,
	2006			2005			2004			2003			2002
NET ASSET VALUE, BEGINNING OF PERIOD	$	18.800		$	19.010		$	15.090		$	11.100		$	11.850

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(c)		0.811			0.224			0.581			0.277			0.496
Net realized and unrealized gain (loss) on investments		6.368			1.591			4.241			3.713			(0.036	)

Total from Investment Operations		7.179			1.815			4.822			3.990			0.460

LESS DISTRIBUTIONS FROM:
Net investment income		(0.372	)		(0.317	)		(0.274	)		—			(0.463	)
In excess of net investment income		—			—			—			—			—
Net realized gain on investments		(1.007	)		(1.708	)		(0.628	)		—			(0.583	)
In excess of net realized gain on investments		—			—			—			—			(0.070	)
Capital		—			—			—			—			(0.094	)

Total distributions		(1.379	)		(2.025	)		(0.902	)		—			(1.210	)

NET ASSET VALUE, END OF PERIOD	$	24.600		$	18.800		$	19.010		$	15.090		$	11.100

TOTAL RETURN(a)		38.96	%		9.67	%		33.32	%		35.95	%		4.04	%

RATIOS AND SUPPLEMENTAL DATA:
Net Assets, End of Period (000’s)	$	121,197		$	105,368		$	102,300		$	78,695		$	44,310
Ratios to average net assets:
Net expenses(b)(c)		1.10	%		1.10	%		1.23	%		1.25	%		1.25	%
Gross expenses(c)		1.19	%		1.22	%		1.23	%		1.26	%		1.41	%
Net investment income(b)(c)		3.08	%		3.55	%		3.62	%		4.54	%		5.51	%
Portfolio turnover rate		44	%		32	%		67	%		42	%		49	%

(a)

(b)

Such percentages are after advisory fee waivers and expenses reimbursements.

(c)

Does not include any insurance charges imposed in connection with your variable insurance contract.

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period:


	Davis Venture Value Fund Initial Class Shares
	Year Ended December 31,
	2006			2005			2004			2003			2002
NET ASSET VALUE, BEGINNING OF PERIOD	$	11.560		$	10.610		$	9.500		$	7.320		$	8.740

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(c)		0.092			0.087			0.079			0.065			0.054
Net realized and unrealized gain (loss) on investments		1.607			0.941			1.097			2.161			(1.474	)

Total from Investment Operations		1.699			1.028			1.176			2.226			(1.420	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.089	)		(0.078	)		(0.066	)		(0.046	)		—	(d)
In excess of net investment income		—			—			—			—			—
Net realized gain on investments		—			—			—			—			—
In excess of net realized gain on investments		—			—			—			—			—
Capital		—			—			—			—			—

Total distributions		(0.089	)		(0.078	)		(0.066	)		(0.046	)		—

NET ASSET VALUE, END OF PERIOD	$	13.170		$	11.560		$	10.610		$	9.500		$	7.320

TOTAL RETURN(a)		14.77	%		9.73	%		12.45	%		30.50	%		(16.24	)%

RATIOS AND SUPPLEMENTAL DATA:
Net Assets, End of Period (000’s)	$	61,438		$	54,216		$	51,362		$	44,215		$	32,194
Ratios to average net assets:
Net expenses(b)(c)		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Gross expenses(c)		1.16	%		1.13	%		1.16	%		1.19	%		1.21	%
Net investment income(b)(c)		0.74	%		0.81	%		0.83	%		0.86	%		0.71	%
Portfolio turnover rate		16	%		15	%		11	%		7	%		26	%

(a)

(b)

Such percentages are after advisory fee waivers and expenses reimbursements.

(c)

Does not include any insurance charges imposed in connection with your variable insurance contract.

(d)

Amount is less than .001 per share.

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period:


	Oppenheimer Main Street Small Cap Fund Initial Class Shares
	Year Ended December 31,
	2006			2005			2004			2003			2002
NET ASSET VALUE, BEGINNING OF PERIOD	$	13.790		$	15.210		$	14.070		$	9.940		$	12.820

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(c)		0.005			0.014			1.229			(0.003	)		0.012
Net realized and unrealized gain (loss) on investments		1.822			0.568			1.142			4.139			(2.640	)

Total from Investment Operations		1.827			0.582			2.371			4.136			(2.628	)

LESS DISTRIBUTIONS FROM:
Net investment income		—			—			—			(0.006	)		—
In excess of net investment income		—			—			—			—			—
Net realized gain on investments		(0.597	)		(2.002	)		(1.231	)		—			(0.220	)
In excess of net realized gain on investments		—			—			—			—			(0.032	)
Capital		—			—			—			—			—

Total distributions		(0.597	)		(2.002	)		(1.231	)		(0.006	)		(0.252	)

NET ASSET VALUE, END OF PERIOD	$	15.020		$	13.790		$	15.210		$	14.070		$	9.940

TOTAL RETURN(a)		13.60	%		4.33	%		18.43	%		41.62	%		(20.61	)%

RATIOS AND SUPPLEMENTAL DATA:
Net Assets, End of Period (000’s)	$	87,215		$	86,949		$	89,031		$	71,827		$	44,282
Ratios to average net assets:
Net expenses(b)(c)		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Gross expenses(c)		1.42	%		1.10	%		1.09	%		1.12	%		1.34	%
Net investment income(loss)(b)(c)		0.02	%		0.03	%		(0.10	)%		0.13	%		0.18	%
Portfolio turnover rate		206	%		58	%		106	%		144	%		136	%

(a)

(b)

Such percentages are after advisory fee waivers and expenses reimbursements.

(c)

Does not include any insurance charges imposed in connection with your variable insurance contract.

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period:


	Blue Chip Mid Cap Fund Initial Class Shares
	Year Ended December 31,
	2006			2005			2004			2003			2002
NET ASSET VALUE, BEGINNING OF PERIOD	$	20.600		$	18.130		$	15.610		$	11.470		$	13.480

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(c)		0.177			(0.003	)		0.022			(0.011	)		(0.024	)
Net realized and unrealized gain (loss) on investments		1.877			2.979			2.498			4.151			(1.986	)

Total from Investment Operations		2.054			2.976			2.520			4.140			(2.010	)

LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.017	)		—			—			—
In excess of net investment income		—			—			—			—			—
Net realized gain on investments		(3.614	)		(0.489	)		—			—			—
In excess of net realized gain on investments		—			—			—			—			—
Capital		—			—			—			—			—

Total distributions		(3.614	)		(0.506	)		—			—			—

NET ASSET VALUE, END OF PERIOD	$	19.040		$	20.600		$	18.130		$	15.610		$	11.470

TOTAL RETURN(a)		11.30	%		16.61	%		16.14	%		36.09	%		(14.91	)%

RATIOS AND SUPPLEMENTAL DATA:
Net Assets, End of Period (000’s)	$	94,632		$	94,928		$	89,609		$	75,669		$	53,506
Ratios to average net assets:
Net expenses(b)(c)		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Gross expenses(c)		1.14	%		1.15	%		1.12	%		1.14	%		1.17	%
Net investment income (loss)(b)(c)		0.92	%		0.03	%		0.13	%		(0.09	)%		(0.21	)%
Portfolio turnover rate		83	%		67	%		60	%		76	%		90	%

(a)

(b)

Such percentages are after advisory fee waivers and expenses reimbursements.

(c)

Does not include any insurance charges imposed in connection with your variable insurance contract.

APPENDIX A

Prior Performance Information for Similar Accounts

Managed by Pyramis Global Advisors, LLC

The following tables reflect data supplied by Pyramis Global Advisors, LLC relating to the performance of all fee paying, fully discretionary portfolios using strategies similar to SC FI Large Cap Growth Fund, with certain exceptions identified below. These portfolios have investment objectives, policies and strategies substantially similar, but not necessarily identical, to those of SC FI Large Cap Growth Fund.

Performance of the composite is not that of SC FI Large Cap Growth Fund, is not a substitute for SC FI Large Cap Growth Fund’s performance and does not predict SC FI Large Cap Growth Fund’s performance results, which may differ from the composite’s results. The personnel who managed accounts comprising the composite, and who therefore generated, or contributed to, the historical performance shown may differ from the personnel managing the relevant fund.

Pyramis Global Advisors’ composite performance is shown net of the maximum applicable expenses of the underlying accounts. The performance data has not been adjusted to reflect any of the charges assessed against insurance company separate accounts or variable life insurance or variable annuity products for which the fund serves as an investment vehicle. The performance data shown would have been lower had these charges been reflected. In addition, expenses for the fund have always been higher than the expenses of the underlying accounts in the composite. Had the SC FI Large Cap Growth Fund expenses been used, the performance data would have been lower.

Since these composite results were not calculated for mutual funds, they are not based on SEC mutual fund performance standards. Performance calculations based on SEC mutual fund performance standards would have been different. All investment results shown in the tables assume the reinvestment of dividends.

The composite includes accounts that are not mutual funds. Unlike mutual funds, private accounts are not subject to certain investment limitations, diversification requirements and other restrictions imposed by the Investment Company Act of 1940, as amended (the “1940 Act”) and the Code. Complying with these regulatory requirements may have an adverse effect on SC FI Large Cap Growth Fund’s performance relative to that of a composite in which all or some accounts are not subject to such requirements. Similarly, private accounts generally do not experience the same types of cash inflows and outflows as mutual funds and generally do not hold significant cash for liquidity purposes. There can be no assurance that the continuous offering of SC FI Large Cap Growth Fund’s shares and the fund’s obligation to redeem its shares will not adversely affect the fund’s performance.

Pyramis Global Advisors, LLC’s Prior Performance for Similarly Managed Institutional Accounts.

The following tables reflect the performance of Pyramis Global Advisors’ client accounts that have investment objectives and strategies substantially similar to those of the fund. As of December 31, 2006, the composite data consisted of five accounts, having total assets of $1.5 billion, representing 24% of large cap growth assets under management.

A-1

Pyramis Institutional Large Cap Growth Composite

(comparison composite for SC FI Large Cap Growth Fund)


	Average Annual Total Returns
	(for periods ended December 31, 2006)
	1 Year		3 Years		5 Years		Since Inception (2/28/01)
Large Cap Growth Composite	5.00	%	9.91	%	1.24	%	(0.57	)%
Russell 1000 Growth Index*	9.07	%	6.87	%	2.69	%	0.41	%
Morningstar US VA Fund Large Growth Average*	6.20	%	6.82	%	2.55	%	N/A


	Year by Year Total Returns
	(for 1-year periods ended December 31)
	2002		2003		2004		2005		2006

Large Cap Growth Composite	(39.00	)%	31.33	%	12.04	%	12.85	%	5.00	%
Russell 1000 Growth Index*	(27.88	)%	29.75	%	6.30	%	5.26	%	9.07	%
Morningstar US VA Fund Large Growth Average*	(26.98	)%	29.71	%	8.45	%	7.55	%	6.20	%

A description of this index is located at the end of this appendix.

Important notes about Pyramis Institutional Large Cap Growth Composite

The Fund is relatively new and does not have a full calendar year of performance data. The Pyramis composite performance is computed using an asset-weighted rate of return for each account, weighted for the relative size of each account using beginning of period values. The performance of the Pyramis Institutional Large Cap Growth Composite reflects the deduction of the maximum applicable expenses of the underlying accounts in the composite, which is 0.80%. This model fee is less than the total operating expenses for the Initial Class shares of the SC FI Large Cap Growth Fund for the fiscal year ended December 31, 2006. If the performance results of the composite were adjusted for the expenses of the SC FI Large Cap Growth Fund, the performance would have been worse.

Pyramis Global Advisors, LLC has prepared and presented this report in accordance with the Performance Presentation Standards of the Association for Investment Management and Research (AIMR-PPS), the U.S. and Canadian version of the Global Investment Performance Standards (GIPS), retroactively for all periods. The CFA Institute has not been involved with the preparation or review of this report.

The performance data should not be considered an indication of future performance of SC FI Large Cap Growth Fund or Pyramis Global Advisors, LLC.

Description of Indices for Appendix A

The Morningstar US VA Fund Large Growth Average reflects an equal-weighted return which calculates the average of the returns in the US VA Fund Large Growth category. The Morningstar US VA Fund Large Growth category includes large-growth portfolios which invest in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large-cap. Growth is defined based on fast growth (high growth rates for earnings, sales, book value, and cash flow) and high valuations (high price ratios and low dividend yields). Most of these portfolios focus on companies in rapidly expanding industries.

The Russell 1000 Growth Index is an unmanaged, market-cap weighted index that measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.

A-2

ADDITIONAL INFORMATION

The statement of additional information (SAI) provides more detailed information about the funds and is incorporated into this prospectus by reference. Additional information about the funds’ investments is available in the Trust’s annual and semi-annual reports to shareholders, and quarterly reports filed with the Securities and Exchange Commission. In the annual report, you will find a discussion of the market conditions and investment strategies that significantly affected the funds’ performance during their last fiscal year. You may obtain free copies of the SAI and the annual and semi-annual reports, request other information and discuss questions about the funds by contacting your agent, or the funds at the address or telephone number listed below. In addition, you may obtain the SAI, annual and semi-annual reports at the adviser’s website at www.suncapitaladvisers.com.

Sun Capital Advisers Trust

One Sun Life Executive Park

Wellesley Hills, MA 02481

Telephone: 1-800-432-1102 x3330



Investment Adviser				Administrator, Custodian

Sun Capital Advisers LLC				State Street Bank & Trust Company

Principal Underwriter				Legal Counsel

Clarendon Insurance Agency, Inc.				Wilmer Cutler Pickering Hale and Dorr LLP

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

You can review and copy information about the funds (including the SAI) at the Public Reference Room of the Securities and Exchange Commission in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling the Securities and Exchange Commission at the number listed below. You can get text-only copies for a duplicating fee by writing or sending an electronic request:

Securities and Exchange Commission

Public Reference Section

Washington, D.C. 20549-0102

e-mail: publicinfo@sec.gov

Telephone: 1-202-551-8090

Free from the EDGAR Database on the SEC’s

Internet website: http://www.sec.gov

SUN CAPITAL ADVISERS TRUST

Investment Company Act File No. 811-08879

SUN CAPITAL ADVISERS TRUST^®

Prospectus May 1, 2007

LOGO

Sun Capital^® All Cap Fund

Sun Capital Investment Grade Bond Fund^®

Sun Capital Money Market Fund^®

Sun Capital Real Estate Fund^®

SC^SM Davis Venture Value Fund

SC^SM Oppenheimer Main Street Small Cap Fund

SC^SM FI Large Cap Growth Fund

SC^SM Blue Chip Mid Cap Fund

Service Class Shares

The Securities and Exchange Commission has not approved

any fund’s shares as an investment or determined whether

this prospectus is accurate or complete. Anyone who tells you

otherwise is committing a crime.

Sun Capital Advisers LLC, a member of the Sun Life Financial group of companies, serves as investment adviser to the Sun Capital Advisers Trust.

TABLE OF CONTENTS


		Page

OVERVIEW OF FUNDS		1

THE FUNDS’ GOALS, STRATEGIES AND RISKS		2
Sun Capital All Cap Fund		2
Sun Capital Investment Grade Bond Fund		4
Sun Capital Money Market Fund		6
Sun Capital Real Estate Fund		8
SC Davis Venture Value Fund		10
SC Oppenheimer Main Street Small Cap Fund		12
SC FI Large Cap Growth Fund		15
SC Blue Chip Mid Cap Fund		16

EXPENSE SUMMARY		18

MORE ABOUT THE FUNDS’ INVESTMENTS		20

PORTFOLIO HOLDINGS		22

THE INVESTMENT ADVISER AND SUBADVISERS		23
About the Adviser		23
About Davis Advisors		24
About OppenheimerFunds, Inc.		24
About Pyramis Global Advisors, LLC		24
About Wellington Management Company, LLP		25
About the Portfolio Managers		26

PURCHASE AND REDEMPTION AND OTHER INFORMATION		28
Buying and Redeeming Service Class Shares		28
Excessive and Short-term Trading		28
Automatic Transactions		29
Valuation of Shares		29
Dividends and Distributions		29
Taxes		29

FUND DETAILS		30

FINANCIAL HIGHLIGHTS		31

APPENDIX A		A-1

OVERVIEW OF FUNDS

ADVISER

FUNDS

Sun Capital All Cap Fund

Sun Capital Investment Grade Bond Fund

Sun Capital Money Market Fund

Sun Capital Real Estate Fund

SC Davis Venture Value Fund

SC Oppenheimer Main Street Small Cap Fund

SC FI Large Cap Growth Fund

SC Blue Chip Mid Cap Fund

YOU SHOULD KNOW

An investment in the funds is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Sun Capital Advisers Trust’s trustees may change a fund’s investment goal without shareholder approval.

This prospectus relates only to the Service Class shares of Sun Capital Advisers Trust, which are offered through the variable annuity and variable life insurance products for which Service Class shares of the funds serve as investment options. The Initial Class shares of the funds are offered by means of a separate prospectus.

THE FUNDS’ GOALS, STRATEGIES AND RISKS

All Cap Fund

Adviser

Sun Capital Advisers LLC

INVESTMENT GOAL

Long-term capital growth.

KEY INVESTMENTS AND STRATEGIES

The fund invests primarily in equity securities of U.S. companies.

Under normal conditions, the fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities. The fund may invest without limit in securities of U.S. companies and of foreign companies that are listed or traded in the U.S., but does not invest more than 10% of its assets in other foreign securities. These U.S. and foreign companies in which the fund invests may be of any size.

How Investments Are Selected

The adviser selects securities of companies which it believes are undervalued relative to their earnings growth prospects.

The adviser seeks to invest in stocks of companies with:

Strong fundamentals

Dominant product and market share

Substantial and growing cash flow

Seasoned management

Greater intrinsic value than current market price, relative to industry peers

The adviser will consider selling a stock when:

It reaches a predetermined target price,

Other opportunities appear more attractive, or

It determines the stock is overvalued based on the fundamentals.

PRINCIPAL RISKS OF INVESTING IN THE FUND

Investors could lose money on their investments in the fund or the fund could perform less well than other possible investments if any of the following occurs:

The stock market goes down

The market undervalues the stocks held by the fund for longer than expected

The stocks purchased by the fund turn out not to be undervalued

An adverse event depresses the value of a particular stock or industry in which the fund invests

WHO MAY WANT TO INVEST

The fund may be appropriate for investors who

Are seeking to participate in the long-term growth potential of a portfolio of diversified stocks

Are looking for an investment with potentially greater return but higher risk than a fund that invests primarily in fixed income securities

Are willing to accept the risks of the stock market

The fund may not be appropriate for investors who:

Are uncomfortable with the risks of the stock market

Seek stability of principal

Are investing for the short term

THE FUNDS’ GOALS, STRATEGIES AND RISKS

All Cap Fund (continued)

FUND PERFORMANCE

The bar chart and tables indicate the risks of investing in the Service Class shares of the fund by showing how the fund’s Service Class shares have performed in the past. The fund’s performance will vary from year to year. Past performance does not necessarily indicate how the fund’s Service Class shares will perform in the future.

Year-by-year total returns for Service Class shares

LOGO

This bar chart shows the performance for Service Class shares of the fund for each full calendar year since the inception of the fund’s Service Class shares on February 1, 2004.

Fund’s best and worst calendar quarters for Service Class shares


			Quarter/Year
Highest	9.07	%	1st Quarter 2006

Lowest	(7.63	)%	1st Quarter 2005

Average annual total returns for Service Class shares

(for the periods ended December 31, 2006)


	One Year	Since inception*
Fund	19.78%	10.64%

S&P 500 Index	15.79%	10.06%

* Inception means 02/01/04 for the All Cap Fund’s Service Class shares and the S&P 500 Index.

The table shows how the average annual returns for Service Class shares of the fund for different calendar periods compared to the return of the S&P 500 Index. The table assumes that you reinvest all of your dividends and distributions.

THE FUNDS’ GOALS, STRATEGIES AND RISKS

Investment Grade Bond Fund

Adviser

Sun Capital Advisers LLC

INVESTMENT GOAL

High current income consistent with relative stability of principal.

KEY INVESTMENTS AND STRATEGIES

The fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade fixed income securities, including those issued by:

U.S. and foreign companies, including companies in emerging market countries

The U.S. government and its agencies and instrumentalities, including those that issue mortgage-backed securities

Foreign governments, including governments of emerging market countries

Credit quality

Duration target

How investments are selected

The adviser selects investments for the fund’s portfolio by:

Analyzing the credit quality, yield, and investment risk of individual securities in order to estimate their relative value and attractiveness.

Identifying sectors and maturity ranges that appear to be temporarily underpriced and, therefore, offer favorable yields given their interest rate sensitivity and other risks.

Considering whether a particular investment is consistent with the fund’s targets for portfolio duration, maturity distribution and issuer and sector diversification.

PRINCIPAL RISKS OF INVESTING IN THE FUND

Investors could lose money on their investments in the fund or the fund could perform less well than other possible investments if any of the following occurs:

The adviser’s judgments about the relative values of securities selected for the fund’s portfolio prove to be wrong.

THE FUNDS’ GOALS, STRATEGIES AND RISKS

Investment Grade Bond Fund (continued)

WHO MAY WANT TO INVEST

The fund may be appropriate for investors who:

Want higher potential returns than a money market fund and are willing to accept more interest rate risk

Are seeking to diversify their investment portfolios

The fund may not be appropriate for investors who:

Are investing for maximum long-term growth or the highest possible income

Want absolute stability of principal

FUND PERFORMANCE

Year-by-year total returns for Service Class shares

LOGO

The bar chart shows the performance for Service Class shares of the fund for each full calendar year since the inception of the fund’s Service Class shares on February 1, 2004.

Fund’s best and worst calendar quarters for Service Class shares


			Quarter/Year
Highest	3.82	%	3rd Quarter 2006

Lowest	(0.71	)%	1st Quarter 2005

Average annual total returns for Service Class shares

(for the periods ended December 31, 2006)


	One Year	Since inception*
Fund	5.13%	4.07%

Lehman Brothers Aggregate Bond Index	4.33%	3.52%

* Inception means 02/01/04 for the Investment Grade Bond Fund’s Service Class shares and the Lehman Brothers Aggregate Bond Index.

The table shows how the average annual returns for Service Class shares of the fund for different calendar periods compared to the return of the Lehman Brothers Aggregate Bond Index. The table assumes that you reinvest all of your dividends and distributions.

THE FUNDS’ GOALS, STRATEGIES AND RISKS

Money Market Fund

Adviser

Sun Capital Advisers LLC

INVESTMENT GOALS

Maximizing current income, consistent with maintaining liquidity and preserving capital.

KEY INVESTMENTS AND STRATEGIES

The fund invests exclusively in high quality U.S. dollar-denominated money market securities, including those issued by:

U.S. and foreign banks

Corporate issuers

The U.S. government and its agencies and instrumentalities

Foreign governments

Multinational organizations such as the World Bank

Minimum credit quality

Ratings in a rating agency’s two highest short-term rating categories or equivalent quality for unrated securities.

Maximum maturity

Average dollar weighted portfolio maturity of 90 days or less. Maturity of 397 days or less for individual securities.

How investments are selected

PRINCIPAL RISKS OF INVESTING IN THE FUND

Although the fund seeks to preserve the value of an investment at $1.00 per share, the fund might not be able to maintain a $1.00 share price so it is possible to lose money by investing in the fund.

The issuer or guarantor of a security owned by the fund defaults on its payment obligations, becomes insolvent, or has its credit rating downgraded by a rating agency.

There is a sudden or sharp increase in interest rates.

The adviser’s judgments about the relative values of securities selected for the fund’s portfolio prove to be wrong.

WHO MAY WANT TO INVEST

The fund may be appropriate for investors who:

Seek liquidity and stability of principal

Want a conservative temporary investment

The fund may not be appropriate for investors who:

Need the added security of federal deposit insurance offered by bank deposits

Are investing for long-term growth

Are looking for a rate of return that consistently exceeds the rate of inflation

THE FUNDS’ GOALS, STRATEGIES AND RISKS

Money Market Fund (continued)

FUND PERFORMANCE

Year-by-year total returns for Service Class shares

LOGO

This bar chart shows the performance for Service Class shares of the fund for each full calendar year since the inception of the Service Class on April 25, 2005.

Fund’s best and worst calendar quarters for Service Class shares


			Quarter/Year
Highest	1.15	%	4th Quarter 2006

Lowest	0.92	%	1st Quarter 2006

Average annual total returns for Service Class shares

(for the periods ended December 31, 2006)


	One Year	Since inception*
Fund	4.33%	3.71%

Merrill Lynch 3-month U.S. T-Bill Index	4.82%	4.23%

* Inception means 04/25/05 for the Money Market Fund’s Service Class shares and the Merrill Lynch 3-month U.S. T-Bill Index.

The table shows how the average annual returns for Service Class shares of the fund for different calendar periods compare to the return of the Merrill Lynch 3-month U.S. T-Bill Index. The table assumes that you reinvest all of your dividends and distributions.

The Merrill Lynch 3-month U.S. T-Bill Index is a measure of the performance of the 3-month U.S. Treasury bill. Unlike the fund, the index is not managed and does not incur expenses.

THE FUNDS’ GOALS, STRATEGIES AND RISKS

Real Estate Fund

Adviser

Sun Capital Advisers LLC

INVESTMENT GOALS

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

KEY INVESTMENTS AND STRATEGIES

How investments are selected

The ability of a REIT to grow its funds from operations internally through increased occupancy and higher rents and externally through acquisitions and development.

The quality of a REIT’s management, including its ability to buy properties at reasonable prices and to add value by creative and innovative property and business management.

A REIT’s cash flows, price/funds from operations ratio, dividend yield and payment history, price/net asset value ratio and market price.

Current or anticipated economic and market conditions, interest rate changes, and regulatory developments.

PRINCIPAL RISKS OF INVESTING IN THE FUND

Investors could lose money on their investments in the fund or the fund could perform less well than other possible investments if any of the following occurs:

Interest rates go up. This can affect the availability or cost of financing for property acquisitions and reduce the value of a REIT’s fixed income investments.

The values of properties owned by a REIT are hurt by property tax increases, zoning changes, other governmental actions, environmental liabilities, natural disasters, or increased operating expenses.

A REIT in the fund’s portfolio is, or is perceived by the market to be, poorly managed.

The market for REITs goes down or is less favored than other stock market sectors or types of investments.

The adviser’s judgments about the relative values of REIT securities selected for the fund’s portfolio prove to be wrong.

Many REITs are small capitalization companies that may experience more price volatility, be less liquid, and have more limited financial resources than large capitalization companies.

Non-diversification and industry concentration risks

THE FUNDS’ GOALS, STRATEGIES AND RISKS

Real Estate Fund (continued)

in the real estate group of industries. Being non-diversified and concentrated may magnify the fund’s losses from adverse events affecting a particular issuer or the real estate group of industries.

WHO MAY WANT TO INVEST

The fund may be appropriate for investors who:

Are pursuing a long-term goal such as investing for retirement

Want to allocate part of their investment portfolio to real estate investments

Are seeking higher potential long-term returns

Can accept the risk of volatility in the stock and real estate markets

The fund may not be appropriate for investors who:

Are pursuing a short-term investment goal

Seek stability of principal

Are uncomfortable with the risk of price volatility in the stock and real estate markets

FUND PERFORMANCE

Year-by-year total returns for Service Class shares

LOGO

This bar chart shows the performance for Service Class shares of the fund for each full calendar year since the inception of the fund’s Service Class shares on February 1, 2004.

Fund’s best and worst calendar quarters for Service Class shares


			Quarter/Year
Highest	16.52	%	1st Quarter 2006
Lowest	(9.41	)%	1st Quarter 2005

Average annual total returns for Service Class shares

(for the periods ended December 31, 2006)


	One Year	Since inception*
Fund	38.64%	25.45%

Morgan Stanley Capital International (MSCI) US REIT Index	35.92%	25.06%

* Inception means 02/01/04 for the Real Estate Fund’s Service Class shares and the MSCI US REIT Index.

The table shows how the average annual returns for Service Class shares of the fund for different calendar periods compared to the return of the MSCI US REIT Index. The table assumes that you reinvest all of your dividends and distributions.