UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-08879

SUN CAPITAL ADVISERS TRUST

(Exact name of registrant as specified in charter)

One Sun Life Executive Park, Wellesley Hills, Massachusetts	02481
(Address of principal executive offices)	(Zip code)

James M.A. Anderson

Sun Capital Advisers Trust

One Sun Life Executive Park

Wellesley Hills, Massachusetts 02481

(Name and address of agent for service)

Registrant’s telephone number, including area code: 800-432-1102 x3330

Date of fiscal year end: December 31

Date of reporting period: June 30, 2007

Item 1. Reports to Stockholders.

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

SUN CAPITAL ADVISERS TRUST^®

Semi - Annual Report June 30, 2007

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

Sun Capital Advisers Trust is a mutual fund registered with the Securities and Exchange Commission under the Investment Company Act of 1940. Its investment adviser is Sun Capital Advisers LLC^®, a member of the Sun Life Financial group of companies.

MANAGEMENT’S DISCUSSION & ANALYSIS

ALL CAP FUND

The Fund continued to be weighted towards economically sensitive stocks, a strategy we have kept in place since 2003. We have maintained a bias towards large capitalization stocks, ending the second quarter with a roughly 79% weighting in large caps, 4% in mid caps, and 17% in small caps.

The US equity markets turned in a strong performance for the first half of 2007 with the S&P 500 Index rising 6.96% and the NASDAQ increasing 8.17%. Interest rates rose during the period, with the yield on the 10-year US Treasury bond rising 33 basis points to yield 5.03% at the end of Q2 from 4.70% at the end of 2006. For the first 6 months of 2007 the Fed decided to hold rates flat at 5.25% following its meetings in January, March, May and June. Since the 25 basis point increase to 5.25% in June of 2006, the Fed has kept rates unchanged for 8 consecutive meetings. During the first half of 2007 the price of oil rose 15.8% to $70.68 at the end of June from $61.05 per barrel at the end of 2006. GDP growth slowed to an annualized rate of 0.7% in the first quarter of 2007, down from the 2.5% rate reported in the fourth quarter of 2006.

S&P 500 earnings are expected to increase 6.8% in Q2, at a lower rate that the 10.1% reported in Q1, and be up 6% in 2007 versus 16% in 2006. During the period, we continued to manage the portfolio to take advantage of opportunities in various sectors. At June 30, 2007 the Fund had an overweight in Technology and Health Care, and an underweight in Consumer Discretion, Consumer Staples, Energy, Financials, Industrials, Materials, and Utilities.

The outlook for equities in 2007 continues to be positive. At the end of Q2 the S&P 500 Index stood at 1503.35 having an earnings yield of 6.19% (on 2007 estimates), in contrast to the 10 year US treasury bond yield of 5.03%. With an earnings yield at a 116 basis points spread over the 10-year treasury, along with the prospect of higher earnings in 2007, we believe stocks remain a better value than fixed income.

1

ALL CAP FUND

TOP TEN EQUITY HOLDINGS At June 30, 2007 INDUSTRY WEIGHTINGS At June 30, 2007

	% of Net Assets
General Electric Co	4.0	%
MRV Communication, Inc	3.1
Acme Packet, Inc	2.9
Exxon Mobil Corp	2.9
Clinical Data, Inc	2.8
Merge Technologies, Inc	2.8
Verizon Communications, Inc	2.4
Rackable System, Inc	2.3
Massey Energy Corp	2.0
SPDR Trust	2.0

	% of Net Assets
Communications Equipment	9.2	%
Oil, Gas & Consumable Fuels	7.5
Pharmaceuticals	6.0
Computer & Peripherals	5.9
Diversified Financial Services	5.6
Industrial Conglomerates	5.0
Health Care Equipment & Supplies	4.0
Media	4.0
Aerospace & Defense	3.8
Diversified Telecommunication Services	3.5
Commercial Banks	2.8
Health Care Technology	2.8
Insurance	2.8
Beverages	2.6
Capital Markets	2.4
Health Care Providers & Services	2.3
Household Products	2.1
Semiconductors & Semiconductor Equipment	2.0
Exchange Traded Fund	2.0
Electric Utilities	1.8
Software	1.8
Biotechnology	1.7
Food & Staples Retailing	1.7
Thrift & Mortgage Finance	1.7
Hotels Restaurants & Leisure	1.3
Consumer Finance	1.2
Internet Software & Services	1.0
Specialty Retail	1.0
Chemicals	0.9
Tobacco	0.9
Electrical Equipment	0.8
Multi-Utilities	0.8
Multiline Retail	0.8
Paper & Forest Products	0.8
Air Freight & Logistics	0.7
Leisure Equipment & Products	0.7
REITS	0.7
Food Product	0.3
Other assets less liabilities	3.1
	100.0	%

2

ALL CAP FUND

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

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

3

ALL CAP FUND

Total Returns for Periods Ended June 30, 2007**

Initial Class Shares	Six Months		One Year		Three Years		Five Years		Life of Fund***
All Cap Fund	2.75	%	17.97	%	9.56	%	15.30	%	10.86	%
S&P 500 Index*	6.96	%	20.59	%	11.69	%	10.70	%	8.62	%
Service Class Shares
All Cap Fund	2.61	%	17.73	%	9.30	%	N/A		9.85	%
S&P 500 Index*	6.96	%	20.59	%	11.69	%	N/A		10.69	%

*The performance data of the index has been prepared from sources and data that the investment adviser believes to be reliable, but no representation is made as to their accuracy. The index is unmanaged and has no fees or costs. The Standard & Poor’s 500 Index is a market-value weighted index of 500 blue chip stocks and is considered to be a benchmark of the overall stock market.

**Performance data is historical and includes changes in share price and reinvestment of income dividends and capital gains distributions. Past performance does not indicate future results. Performance numbers are net of all operating expenses, but do not include any insurance charges imposed in connection with your variable insurance contract. In addition, the investment adviser reduced its management fee and certain other expenses during this period. If this performance information included the effect of the insurance charges and the fees and expenses assumed by the investment adviser, performance numbers would be lower. The value of an investment in the All Cap Fund and the return on the investment will fluctuate and redemption proceeds may be higher or lower than an investor’s original cost. Returns greater than one year are annualized.

***Initial Class Shares for the period from May 1, 2002 (commencement of operations) to June 30, 2007. Service Class Shares for the period from February 1, 2004 (commencement of operations) to June 30, 2007.

4

MANAGEMENT’S DISCUSSION & ANALYSIS

INVESTMENT GRADE BOND FUND

The performance of the Investment Grade Bond Fund for the six month period ended June 30, 2007, was negatively affected due to our overweight to the credit sector, specifically BBB rated corporate securities, as those with higher credit ratings outperformed. Market participants grew increasingly concerned with the credit sector during the first six months of 2007 as shareholder friendly activities, a large new issue calendar across the credit ratings spectrum and the potential fall-out from sub-prime mortgages all pressured the market. In addition, a general feeling of risk being mispriced continues to permeate the credit markets. Positively affecting performance was the Fund’s duration position which was short that of the Lehman Brothers Aggregate Bond Index.

During the first six months of 2007, the Federal Reserve remained in a “data dependent” mode while keeping the Federal Funds rate at 5.25%. The Fed has kept the overnight lending rate stagnant for the last eight consecutive FOMC meetings. Through the first half of 2007 the financial markets came to three important realizations which drove up volatility and increased risk awareness. First, the US Federal Reserve, under Ben Bernanke, would not be reducing interest rates for the remainder of the year. Despite anemic 1st quarter GDP of less than 1% (0.7%), it is expected that the US economy will pick-up during the second half of 2007, with a weaker US Dollar contributing to US growth. In response, the 10-year US Treasury yield, at June 30, 2007 had pierced the 5% hurdle, to 5.02%, up from 4.70% at year-end. Second, the difficulties being encountered by the US housing market may not be a short term problem. While housing starts and sales numbers continue to underwhelm, sub-prime mortgage issues, which fueled the latter portion of the housing boom, were felt by even the most knowledgeable broker/dealer and investment bank, Bear Stearns. Third, the “best of times” in the leveraged buyout (LBO) arena may have come to an end in June 2007 as buyers of leveraged loans and high yield securities began to demand improved underwriting and pricing. For the six month ended June 30, 2007, more than $600 billion in LBOs have been announced while for all of 2006, $660 billion were reported.

Despite a significant increase in US Treasury yields over the first 6-months of 2007, all sectors of the Lehman Aggregate Index generated positive absolute returns. Returns ranged from a 0.43% return produced by the CMBS sector to a 1.55% return from the ABS sector.

The Federal Reserve has performed quite well with Ben Bernanke at the helm as the US economy has provided uncertain signals for the better half of one year. Currently, economic data away from the housing market remains quite healthy and aligns with the Fed’s second half of 2007 economic forecast of a “moderately expanding economy”. Higher energy costs, an uncertain housing market and related sub-prime mortgage issues are concerns that could spillover to consumer related sectors of the economy and bear close watching. The Fed remains “data dependent” and watchful of higher inflation levels. Our expectation is for the Fed to remain on hold for the remainder of 2007.

With the recent “sell-off” in the “spread sectors” valuations for many securities are at their 52-week wide and may provide value. The credit sector is continuing to benefit from very strong supply/demand technicals, including heavy foreign buying as well as acceptable fundamentals. While shareholder enhancing activities continue to remain a concern, covenants are making a return to corporate securities and coupled with wider valuations, relative value decision making and fundamental analysis will reign. Many MBS and CMBS securities have been unfairly punished due to the sub-prime MBS fiasco and retain attractive risk adjusted valuations and will continue to be a focus. Portfolio duration, given our interest rate outlook, will remain close to matched when compared to the benchmark duration.

5

INVESTMENT GRADE BOND FUND

TOP TEN BOND ISSUERS At June 30, 2007 PORTFOLIO COMPOSITION At June 30, 2007

	% of Net Assets
Federal National Mortgage Association	28.1	%
U.S. Treasury Notes	9.3
Federal Home Loan Mortgage	7.0
General National Mortgage Association	1.7
Sanmina-sci Corp	1.6
TXU Energy Co LLC	1.6
GMAC Commercial Mortgage Security	1.5
Enterprise Products Operation	1.5
Allegheny Energy Supply Co	1.3
Peco Energy Transition Trust	1.2

	% of Net Assets
U.S. Government Agency Obligations	44.9	%
Corporate Debt Obligations	42.3
Commercial Mortgage Backed Securities	7.4
Short Term Investments	4.1
Asset Backed Securities	1.2
Other assets less liabilities	0.1
	100.0	%

Comparison of Change in Value of a $10,000 Investment in the Investment Grade Bond Fund – Initial Class and the Lehman Brothers Aggregate Bond Index

Comparison of Change in Value of a $10,000 Investment in the Investment Grade Bond Fund – Service Class and the Lehman Brothers Aggregate Bond Index

6

INVESTMENT GRADE BOND FUND

Total Returns for Periods Ended June 30, 2007**

Initial Class Shares	Six Months		One Year		Three Years		Five Years		Life of Fund***
Investment Grade Bond Fund	0.74	%	6.74	%	4.63	%	5.63	%	5.31	%
Lehman Brothers Aggregate Bond Index*	0.98	%	6.12	%	3.98	%	4.48	%	5.27	%
Service Class Shares
Investment Grade Bond Fund	0.63	%	6.47	%	4.36	%	N/A		3.66	%
Lehman Brothers Aggregate Bond Index*	0.98	%	6.12	%	3.98	%	N/A		3.29	%

*The performance data of the index has been prepared from sources and data that the investment adviser believes to be reliable, but no representation is made as to their accuracy. The index is unmanaged and has no fees or costs. The Lehman Brothers Aggregate Bond Index is composed of securities from the Lehman Brothers Government/Credit Index, the Mortgage-Backed Securities Index and the Asset-Backed Securities Index.

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

***Initial Class Shares for the period from December 7, 1998 (commencement of operations) to June 30, 2007. Service Class Shares for the period from February 1, 2004 (commencement of operations) to June 30, 2007.

7

MANAGEMENT’S DISCUSSION & ANALYSIS

MONEY MARKET FUND

At June 30, 2007, the Fund had net assets of $133.9 million compared to $121.4 million at year-end. The Fund had a seven-day yield of 4.83% and an average maturity of 36 days, slightly below the average taxable money market fund as reported in the Money Fund Report, published by iMoneyNet Inc. The portfolio was primarily invested in highly rated commercial paper.

During the first half of 2007 money market interest rates, as measured by the three-month Treasury bill, traded in a range between 4.53% and 5.18%. The yield on three-month Treasury bills began the year at 5.01% and reached the high of 5.18% in late February. The yields then trended lower during the second quarter reaching the low on June 18th of 4.53% but ended the second quarter at 4.80%. While market technicals created a range between 18-84 basis points, the 90-day commercial paper yields traded more typically in a range of 35-50 basis points over Treasury bills during the six months. On June 28th the Federal Reserve’s monetary-policy committee (FOMC) unanimously voted for the eighth consecutive time to continue its year-long pause by leaving the Federal Funds rate at 5.25%. The FOMC continues to monitor the risks between growth and inflation. At the conclusion of its June meeting the FOMC gave no clear indication as to the direction rates may take. The committee will continue to be data driven.

With the Fed most likely on hold for the remaining six months of 2007, our strategy remains to invest in a high-quality, liquid portfolio with an average maturity below that of the average money market mutual fund.

TOP TEN ISSUERS At June 30, 2007 PORTFOLIO COMPOSITION At June 30, 2007

	% of Net Assets
Toyota Credit Puerto Corp	4.0	%
Thunder Bay Fdg Inc yrs 1+2	4.0
Rabobank USA Finl Corp	4.0
International Business Machine	4.0
UBS Finance, Inc.	3.9
Harley Davidson	3.9
Societe Generale North America	3.9
Province of British Columbia	3.9
HSBC Finance Corp	3.9
American Express Credit Corp.	3.9

	% of Net Assets
Commercial Paper	96.5	%
Mutual Funds	3.5
	100.0	%

8

MONEY MARKET FUND

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

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

9

MONEY MARKET FUND

Total Returns for Periods Ended June 30, 2007**

Initial Class Shares	Six Months		One Year		Three Years		Five Years		Life of Fund***
Money Market Fund	2.43	%	4.93	%	3.44	%	2.31	%	3.09	%
Merrill Lynch 3-month U.S. Treasury Bill Index*	2.55	%	5.19	%	3.77	%	2.76	%	3.55	%
Service Class Shares
Money Market Fund	2.31	%	4.67	%	N/A		N/A		3.94	%
Merrill Lynch 3-month U.S. Treasury Bill Index*	2.55	%	5.19	%	N/A		N/A		4.45	%

*The performance data of the index has been prepared from sources and data that the investment adviser believes to be reliable, but no representation is made as to their accuracy. The index is unmanaged and has no fees or costs. The Merrill Lynch three-month U.S. Treasury Bill Index is a one-security index which at the beginning of every month selects for inclusion the U.S. Treasury Bill maturing closest to, but not beyond 91 days from that date. That issue is then held for one month, sold and rolled into the new U.S. Treasury Bill.

**Performance data is historical and includes changes in share price and reinvestment of income dividends and capital gains distributions. Past performance does not indicate future results. Performance numbers are net of all operating expenses, but do not include any insurance charges imposed in connection with your variable insurance contract. In addition, the investment adviser reduced its management fee during this period. If this performance information included the effect of the insurance charges and the fees and expenses assumed by the investment adviser, performance numbers would be lower. The value of an investment in the Money Market Fund and the return on the investment will fluctuate and redemption proceeds may be higher or lower than an investor’s original cost. Returns greater than one year are annualized.

***Initial Class Shares for the period from December 7, 1998 (commencement of operations) to June 30, 2007. Service Class Shares for the period from April 25, 2005 (commencement of operations) to June 30, 2007.

10

MANAGEMENT’S DISCUSSION & ANALYSIS

REAL ESTATE FUND

The best performing stocks in the portfolio for the six months ended June 30, 2007 were Archstone Smith, Pennsylvania REIT, General Growth, GMH Communities Trust, and Alexandria Real Estate. The worst performing stocks for the last six months were Kimco Realty, Health Care Property, Public Storage, Eastgroup, and Developers Diversified.

In the first six months of 2007, the MSCI US REIT Index total return of -6.45% underperformed the Dow, the S&P 500, and the NASDAQ, which were up 8.75%, up 6.96%, and up 8.17%, respectively.

The MSCI U.S. REIT Index continued its wild ride in the second quarter, driven, in general, by interest rates and LBO activity. Although fundamentals within most sectors remain good, a deceleration in earnings growth seems to have crept into valuations. In comparison to the lofty expectations for unabated growth that were prevalent in valuations at the beginning of 2007, current valuations seem much more reasonable. The real test going forward, in our opinion, will be whether expectations have been lowered enough, and not whether they have been lowered too much. The Fund is positioned in companies that we believe have the best ability to meet current expectations, regardless of (though mindful of), valuation.

The average dividend yield for the MSCI U.S. REIT Index was 4.2% at the end of the 1st quarter 2007. The Fund finished the quarter with an average dividend yield of 4.2%. The average equity market capitalization for the Fund was $7.6 billion, compared to $3.1 billion for the MSCI U.S. REIT Index.

TOP TEN REIT HOLDINGS At June 30, 2007 SECTOR WEIGHTINGS At June 30, 2007

	% of Net Assets
Pennsylvania Real Estate Investment	5.7	%
Simon Property Group, Inc	5.1
Ventas, Inc	5.1
SL Green Reality Corp	5.0
Archstone-Smith Trust	4.8
Macerich Co	4.7
Lexington Corporate Properties Trust	4.5
Alexandria Real Estate Equities, Inc	4.0
Highwoods Properties, Inc	3.9
Vornado Realty Trust	3.6

	% of Net Assets
Regional Malls	18.9	%
Apartments	17.7
Office	12.8
Health Care Equipment & Services	10.2
Shopping Centers	9.6
Diversified	8.1
Mortgage	6.2
Warehouse & Industrial	6.1
Hotel & Restaurants	5.6
Storage	2.6
Short Term Investments	2.1
Other assets less liabilities	0.1
	100.0	%

11

REAL ESTATE FUND

Comparison of Change in Value of a $10,000 Investment in the Real Estate Fund – Initial Class and the MSCI U. S. REIT Index

Comparison of Change in Value of a $10,000 Investment in the Real Estate Fund –Service Class and the MSCI U. S. REIT Index

12

REAL ESTATE FUND

Total Returns for Periods Ended June 30, 2007**

Initial Class Shares	Six Months		One Year		Three Years		Five Years		Life of Fund***
Real Estate Fund	(5.00	)%	14.53	%	22.23	%	19.37	%	17.04	%
MSCI US REIT Index*	(6.45	)%	12.05	%	21.24	%	18.53	%	15.98	%
Service Class Shares
Real Estate Fund	(5.11	)%	14.23	%	21.92	%	N/A		19.53	%
MSCI US REIT Index*	(6.45	)%	12.05	%	21.24	%	N/A		18.69	%

*The performance data of the index has been prepared from sources and data that the investment adviser believes to be reliable, but no representation is made as to their accuracy. The index is unmanaged and has no fees. The MSCI U.S. REIT Index is a total-return index composed of the most actively traded real estate investment trusts and is designed to be a measure of real estate equity performance.

**Performance data is historical and includes changes in share price and reinvestment of income dividends and capital gains distributions. Past performance does not indicate future results. Performance numbers are net of all operating expenses, but do not include any insurance charges imposed in connection with your variable insurance contract. In addition, the investment adviser reduced its management fee during this period. If this performance information included the effect of the insurance charges and the fees and expenses assumed by the investment adviser, performance numbers would be lower. The value of an investment in the Real Estate Fund and the return on the investment will fluctuate and redemption proceeds may be higher or lower than an investor’s original cost. Returns greater than one year are annualized.

***Initial Class Shares for the period from December 7, 1998 (commencement of operations) to June 30, 2007. Service Class Shares for the period from February 1, 2004 (commencement of operations) to June 30, 2007.

13

MANAGEMENT’S DISCUSSION & ANALYSIS

DAVIS VENTURE VALUE FUND (subadvised by Davis Advisors)

The sectors within the S&P 500 Index which turned in the strongest performance were energy companies, material companies, and telecommunication service companies. The sectors which turned in the weakest performance were banking companies, diversified financial companies, and consumer discretionary companies.

Energy companies were also the most important contributors to the Fund’s performance over the six month period ended June 30, 2007. The Fund’s energy companies out-performed the corresponding sector within the S&P 500 Index and the Fund also benefited from a higher relative weighting in this sector. ConocoPhillips, Occidental Petroleum, and Devon Energy were among the top contributors to performance.

The Fund made a significant investment in consumer staple companies, and they were the second most important contributors to performance. The Fund’s consumer staple companies out-performed the corresponding sector within the S&P 500 Index and the Fund also benefited from a higher relative weighting in this sector. Altria and Costco were among the top contributors to performance. Procter & Gamble was among the top detractors from performance.

The banking sector was among the worst performing sectors of the S&P 500 Index. The Fund’s banking companies out-performed the corresponding sector within the S&P 500 Index, but the Fund’s performance was harmed by a higher relative weighting in this poorly performing sector. Wachovia was among the top detractors from performance.

The Fund’s two largest sector holdings were in diversified financial and insurance companies. The Fund’s holdings in both of these sectors out-performed the corresponding sector within the S&P 500 Index. However, the Fund’s holdings in each of these sectors under-performed the S&P 500 Index itself, thereby detracting from relative performance. Loews, an insurance company, was among the top contributors to performance. Two diversified financial companies, Citigroup and Moody’s, and one insurance company, American International Group, were among the top detractors from performance.

Individual companies contributing to performance included Tyco International (an industrial company), Amazon.com (a consumer discretionary company), and Martin Marietta (a materials company). Individual companies detracting from performance included Harley Davidson (a consumer discretionary company), Sealed Air (a materials company), and Iron Mountain (an information technology company).

The Portfolio managers have identified a number of investment opportunities in foreign companies. At June 30, 2007 the Fund had approximately 11% of its assets invested in foreign companies. As a group, the foreign companies owned by the Fund out-performed the S&P 500 Index over the six month period.

14

DAVIS VENTURE VALUE FUND

TOP TEN EQUITY HOLDINGS At June 30, 2007 INDUSTRY WEIGHTINGS At June 30, 2007

	% of Net Assets
American Express Co	4.5	%
ConocoPhillips	4.5
Tyco International, Ltd	4.2
American International Group, Inc	4.1
Costco Wholesale Corp	3.8
JPMorgan Chase & Co	3.8
Altria Group, Inc	3.3
Comcast Corp	3.0
Berkshire Hathaway, Inc	2.9
Loews Corp	2.3

	% of Net Assets
Insurance	15.0	%
Oil, Gas & Consumable Fuels	11.8
Commercial Banks	7.1
Diversified Financial Services	6.7
Media	6.5
Food & Staples Retailing	6.4
Consumer Finance	4.5
Industrial Conglomerates	4.3
Short Term Investments	3.8
Capital Markets	3.4
Tobacco	3.3
Health Care Providers & Services	2.2
Software	2.0
Beverages	1.9
Containers & Packaging	1.9
Construction Materials	1.9
Computers & Peripherals	1.7
Wireless Telecommunication Services	1.6
Automobiles	1.5
Specialty Retail	1.4
Internet & Catalog Retail	1.4
Commercial Services & Supplies	1.3
Diversified Consumer Services	1.1
IT Services	1.1
Energy Equipment & Services	1.0
Transportation	0.9
Household Products	0.9
Air Freight & Logistics	0.6
Electronic Equipment & Instruments	0.5
Metals & Mining	0.5
Food Products	0.5
Personal Products	0.4
Marine	0.4
Communications Equipment	0.3
Household Durables	0.2
Multiline Retail	0.2
Internet Software & Services	0.2
Real Estate Management & Development	0.1
Road & Rail	0.1
Liabilities in excess of other assets	(0.6	)
	100.0	%

15

DAVIS VENTURE VALUE FUND

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

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

16

DAVIS VENTURE VALUE FUND

Total Returns for Periods Ended June 30, 2007**

Initial Class Shares	Six Months		One Year		Three Years		Five Years		Life of Fund***
Davis Venture Value Fund	6.83	%	19.01	%	13.00	%	13.04	%	5.56	%
S&P 500 Index*	6.96	%	20.59	%	11.69	%	10.70	%	1.62	%
Service Class Shares
Davis Venture Value Fund	6.77	%	18.75	%	N/A		N/A		14.47	%
S&P 500 Index*	6.96	%	20.59	%	N/A		N/A		14.64	%

*The performance data of the index has been prepared from sources and data that the investment adviser believes to be reliable, but no representation is made as to their accuracy. The index is unmanaged and has no fees or costs. The Standard & Poor’s 500 Index is a market-value weighted index of 500 blue chip stocks and is considered to be a benchmark of the overall stock market.

**Performance data is historical and includes changes in share price and reinvestment of income dividends and capital gains distributions. Past performance does not indicate future results. Performance numbers are net of all operating expenses, but do not include any insurance charges imposed in connection with your variable insurance contract. In addition, the investment adviser reduced its management fee and certain other expenses during this period. If this performance information included the effect of the insurance charges and the fees and expenses assumed by the investment adviser, performance numbers would be lower. The value of an investment in the Davis Venture Value Fund and the return on the investment will fluctuate and redemption proceeds may be higher or lower than an investor’s original cost. Returns greater than one year are annualized.

***Initial Class Shares for the period from July 17, 2000 (commencement of operations) to June 30, 2007. Service Class Shares for the period from May 1, 2006 (commencement of operations) to June 30, 2007.

17

MANAGEMENT’S DISCUSSION & ANALYSIS

OPPENHEIMER MAIN STREET SMALL CAP FUND (subadvised by OppenheimerFunds, Inc.)

For the six month period ended June 30, 2007, the Fund outperformed the Russell 2000 Index. We attribute the Fund’s positive performance primarily to our emphasis on stocks toward the larger end of the small-cap range. The Fund also achieved strong returns from our security selection strategy, particularly in the financials, materials and industrials sectors.

Between 2000 and 2006, small-cap stocks generally led the U.S. equity markets, with particularly impressive performance compared to the market’s largest “mega-cap” stocks. However, by the first half of 2007, larger stocks began to produce better results, marking the end of a long cycle of small-cap dominance. The factors underlying the shift in market leadership are tied to changes in investor sentiment. When economic growth slows, inflation accelerates and investment capital becomes increasingly scarce, high growth rates become more difficult to achieve. As a result, investors become more risk-averse and shift their attention to larger, well-established companies. Some, but not all, of these factors were present during the reporting period, helping to drive better performance among larger stocks. We hasten to add, however, that the probable end of general small-cap dominance does not imply a lack of opportunity in smaller companies. Rather, in our view, it means that disciplined methods of finding such opportunities are likely to become more important to investors seeking to participate in the growth potential of small-cap stocks.

As a result of the shift in market leadership, the Fund benefited from its emphasis on stocks with market capitalizations toward the larger end of the small-cap range, including a larger-than-average number of holdings in the mid-cap category. This positioning enabled the Fund to participate more fully in relative strength among mid-cap companies, which generally produced higher returns than all other capitalization categories for the reporting period. Our security selection strategy also helped support the Fund’s relative performance in the mid-cap category, enhancing the favorable influence of its overweighted position. The Fund also benefited from its relatively light exposure to micro-cap companies, where returns trailed all of the larger capitalization categories. Finally, the Fund achieved strong relative performance from its security selections in the small-cap category.

From a sector allocation perspective, areas that tend to be more closely tied to economic conditions produced higher returns than those that are considered to be more defensive during the six months ended June 30, 2007. This suggests to us that investors remain relatively optimistic regarding the prospects of the U.S. and global economies. The materials sector produced particularly strong results as demand for industrial commodities remained strong, particularly from former third-world countries that are building new industrial infrastructures. In the energy area, a number of smaller energy services companies continued to post strong results amid rising demand for their services from the giant integrated oil companies. Finally, industrial companies fared well as the U.S. economy continued to expand, albeit at a slower rate than over the past few years. The Fund’s security selections achieved better-than-average results in all three of these market sectors.

The utilities sector, one of the smaller benchmark components, fell modestly. Financial stocks generally declined, primarily due to weakness in real estate and mortgage-related companies stemming from softening housing markets and rising delinquencies among sub-prime mortgage borrowers. Commercial banks also suffered when differences narrowed between short- and long-term interest rates, eroding their profit margins.

Our security selection models assigned relatively low rankings to most banks, leading to a generally underweighted position in the financials sector. As a result, the Fund avoided the full brunt of declines in the financials sector’s weakest industry group. The Fund also held relatively few real estate investment trusts (“REITS”), which helped support relative performance when REITS produced lackluster results in the wake of strong returns in previous reporting periods.

Although the Fund’s generally overweighted position in the information technology area helped it participate more fully in the sector’s gains, our security selection models proved to be less effective to their preference for higher quality companies, detracting mildly from the Fund’s relative performance.

18

OPPENHEIMER MAIN STREET SMALL CAP FUND

TOP TEN EQUITY HOLDINGS At June 30, 2007 INDUSTRY WEIGHTINGS (Continued) At June 30, 2007

	% of Net Assets
EMCOR Group, Inc.	0.4	%
Arris Group, Inc.	0.4
Ohio Casualty Corp.	0.4
Tenneco Automotive, Inc.	0.4
Chemed Corp.	0.4
LandAmerica Financial Group, Inc.	0.4
Deluxe Corp.	0.4
GrafTech International, Ltd.	0.4
Watson Wyatt Worldwide, Inc.	0.3
Priceline.com, Inc	0.3

INDUSTRY WEIGHTINGS

At June 30, 2007

	% of Net Assets
Insurance	6.6	%
Commercial Services & Supplies	6.3
Semiconductors & Semiconductor Equipment	5.0
Specialty Retail	4.1
Health Care Provider & Services	3.7
Software	3.7
Chemicals	3.5
Machinery	3.5
Communications Equipment	3.1
Hotels Restaurants & Leisure	3.1
REITS	2.9
Oil, Gas & Consumable Fuels	2.8
Media	2.6
IT Services	2.5
Metals & Mining	2.5
Diversified Consumer Services	1.8
Diversified Telecommunication Services	1.8
Electronic Equipment & Instruments	1.8
Energy Equipment & Services	1.8
Health Care Equipment & Supplies	1.8
Internet Software & Services	1.8
Pharmaceuticals	1.8
Household Durables	1.6
Textiles, Apparel & Luxury Goods	1.6
Thrift & Mortgage Finance	1.6

	% of Net Assets
Short Term Investments	1.5	%
Auto Components	1.5
Electrical Equipment	1.5
Aerospace & Defense	1.4
Gas Utilities	1.4
Construction & Engineering	1.3
Life Sciences Tools & Services	1.2
Commercial Banks	1.1
Food Products	1.0
Capital Markets	0.9
Containers & Packaging	0.9
Electric Utilities	0.9
Internet & Catalog Retail	0.8
Leisure Equipment & Products	0.8
Multi-Utilities	0.8
Personal Products	0.8
Trading Companies & Distributors	0.8
Computers & Peripherals	0.8
Consumer Finance	0.7
Food & Staples Retailing	0.7
Multiline Retail	0.7
Road & Rail	0.7
Tobacco	0.6
Air Freight & Logistics	0.5
Diversified Financial Services	0.5
Airlines	0.3
Biotechnology	0.3
Household Products	0.3
Independent Power Producers & Energy Traders	0.3
Marine	0.3
Paper & Forest Products	0.3
Wireless Telecommunication Services	0.3
Beverages	0.2
Building Products	0.2
Health Care Technology	0.2
Industrial Conglomerates	0.2
Automobiles	0.1
Real Estate Management & Development	0.1
Transportation	0.1
Liabilities in excess of Other Assets	(0.3	)
	100.0	%

19

OPPENHEIMER MAIN STREET SMALL CAP FUND

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

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

20

OPPENHEIMER MAIN STREET SMALL CAP FUND

Total Returns for Periods Ended June 30, 2007**

Initial Class Shares	Six Months		One Year		Three Years		Five Years		Life of Fund***
Oppenheimer Main Street Small Cap Fund	9.72	%	16.53	%	12.67	%	11.76	%	12.71	%
Russell 2000 Index*	6.45	%	16.43	%	13.45	%	13.88	%	6.36	%
Service Class Shares
Oppenheimer Main Street Small Cap Fund	9.07	%	15.69	%	N/A		N/A		8.17	%
Russell 2000 Index*	6.45	%	16.43	%	N/A		N/A		7.71	%

*The performance data for the index has been prepared from sources and data that the investment adviser believes to be reliable, but no representation is made as to their accuracy. The Russell 2000 Index includes the 2000 companies with the smallest market capitalizations from the Russell 3000 Index.

**Performance data is historical and includes changes in share price and reinvestment of income dividends and capital gains distributions. Past performance does not indicate future results. Performance numbers are net of all operating expenses, but do not include any insurance charges imposed in connection with your variable insurance contract. In addition, the investment adviser reduced its management fee during this period. If this performance information included the effect of the insurance charges and the fees and expenses assumed by the investment adviser, performance numbers would be lower. The value of an investment in the Oppenheimer Main Street Small Cap Fund and the return on the investment will fluctuate and redemption proceeds may be higher or lower than an investor’s original cost. Returns greater than one year are annualized.

***Initial Class Shares for the period from July 17, 2000 (commencement of operations) to June 30, 2007. Service Class Shares for the period from May 1, 2006 (commencement of operations) to June 30, 2007.

21

MANAGEMENT’S DISCUSSION & ANALYSIS

FI LARGE CAP GROWTH FUND (subadvised by Pyramis Global Advisors, LLC)

For the six month period ended June 30, 2007, the Fund underperformed the Russell 1000 Growth Index. The Consumer Discretionary and Industrials sectors finished as the two largest detractors, while the Energy and Consumer Staples sectors contributed positively to performance for the period.

Underperformance within the Consumer Discretionary sector stemmed largely from our holdings of national homebuilder stocks. These stocks suffered from downward revisions in earnings estimates due to a slowdown in the U.S. housing market as well as tighter lending standards in the wake of the sub-prime mortgage market meltdown. The Industrials sector was negatively affected by holdings in Airline companies that suffered from negative factors such as rising fuel prices, severe winter storms, and weak performance from domestic routes. Conversely, the Energy sector posted positive returns due to our holdings in Energy Equipment & Services stocks as share price appreciation was driven by increased oil exploration and production spending from integrated oil firms. Additionally, our holdings in retail food and drug store Kroger led the Consumer Staple sector’s positive contribution. Shares of Kroger rose due to the company’s ability to grow market share through lower prices and an improved customer shopping experience.

The Fund is positioned to gain from active stock selection through a combination of quantitative and fundamental research platforms that seek companies with faster, more consistent growth prospects at attractive valuations. We continue to favor the Metals & Mining industry, with positions in specialty metals producers. We believe these businesses will benefit from demand within the Aerospace industry and increased production capacity, which should grow earnings. Additionally, we are overweight the Household Durables industry, focusing on undervalued homebuilding companies with strong business models and exposure to favorable geographic markets. Within the Financials sector, we are bullish on the Insurance industry, building positions in Property & Casualty insurance providers. We believe these businesses will benefit from favorable loss reserve developments that should boost earnings. Finally of note, we are underweight the Industrial Conglomerates industry due to limited upside potential and a lack of near-term growth catalysts.

22

FI LARGE CAP GROWTH FUND

TOP TEN EQUITY HOLDINGS At June 30, 2007 INDUSTRY WEIGHTINGS At June 30, 2007

	% of Net Assets
Apple Computer, Inc	4.3	%
Cisco Systems, Inc	3.4
Wellpoint, Inc	3.2
Transocean, Inc	2.9
Alleghenny Technologies, Inc	2.9
National-Oilwell, Inc	2.8
Hewlett-Packard Co	2.5
Applied Materials, Inc	2.4
OfficeMax, Inc	2.3
Terex Corp	2.3

	% of Net Assets
Computers & Peripherals	10.0	%
Semiconductors & Semiconductor Equipment	6.6
Energy Equipment & Services	5.9
Insurance	5.3
Software	5.0
Metals & Mining	4.6
Health Care Providers & Services	4.5
Machinery	4.5
Aerospace & Defense	4.0
Food Products	3.4
Communications Equipment	3.4
Pharmaceuticals	3.3
Household Durables	3.1
Biotechnology	2.9
Life Sciences Tools & Services	2.9
Specialty Retail	2.5
Airlines	2.4
Construction & Engineering	2.2
Capital Markets	2.1
Hotels Restaurants & Leisure	2.1
Oil, Gas & Consumable Fuels	2.1
Household Products	2.0
Health Care Equipment & Supplies	1.7
Media	1.6
Multiline Retail	1.6
Independent Power Producers & Energy Traders	1.3
Internet Software & Services	1.2
Tobacco	1.1
Beverages	0.8
Electrical Equipment	0.8
Food & Staples Retailing	0.6
Wireless Telecommunication Services	0.6
Textiles, Apparel & Luxury Goods	0.5
Chemicals	0.4
Electric Utilities	0.1
Industrial Conglomerates	0.1
Short Term Investments	0.1
Other assets less liabilities	2.7
	100.0	%

23

FI LARGE CAP GROWTH FUND

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

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

24

FI LARGE CAP GROWTH FUND

Total Returns for Period Ended June 30, 2007**

Initial Class Shares	Six Months		One Year		Three Years	Five Years	Life of Fund***
FI Large Cap Growth Fund	N/A		N/A		N/A	N/A	3.50	%
Russell 1000 Growth Index*	N/A		N/A		N/A	N/A	6.20	%
Service Class Shares
FI Large Cap Growth Fund	3.51	%	11.56	%	N/A	N/A	2.82	%
Russell 1000 Growth Index*	8.13	%	19.04	%	N/A	N/A	10.99	%

*The performance data of the index has been prepared from sources and data that the investment adviser believes to be reliable, but no representation is made as to their accuracy. The Russell 1000 Growth Index is an unmanaged index that measures the performance of those Russell 1000 Index securities with higher price-to-book ratios and higher forecasted growth values, representative of U.S. securities exhibiting growth characteristics. The Russell 1000 Index includes the largest 1000 securities in the Russell 3000 Index, based on market cap. The Russell 3000 Index consists of the 3000 largest and most liquid stocks based and traded in the U.S.

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

***Initial Class Shares for the period from April 2, 2007 (commencement of operations) to June 30, 2007. Service Class Shares for the period from May 1, 2006 (commencement of operations) to June 30, 2007.

25

MANAGEMENT’S DISCUSSION & ANALYSIS

BLUE CHIP MID CAP FUND (subadvised by Wellington Management Co., LLP)

Stock selection was the primary driver of the Fund’s outperformance, although sector allocation was also additive to returns. Strong stock selection within the Consumer Discretionary, Industrials, and Financials sectors offset the negative impact to relative performance from stock selection within the Information Technology and Energy sectors. The Fund’s overweight position to the strong-performing Industrials sector positively impacted relative performance, only slightly off-set by our underweight position to Materials, which also experienced solid performance.

Foster Wheeler, NRG Energy, and Manor Care were among the top relative and absolute contributors to performance during the period. Industrials holding Foster Wheeler was up as higher industry spending on energy projects produced more business and better margins. Wholesale power generation company NRG Energy rose on a solid earnings report and investor interest following the announced buyout of TXU. Shares of nursing home company Manor Care advanced sharply after management announced it had hired an investment bank to evaluate strategic options for increasing shareholder value. Large grocery store chain Supervalu was also a top absolute contributor; shares rose after the company reported consensus-beating profits driven primarily by its recent purchase of Albertsons. As of the end of the period, we maintained our positions in each of these stocks.

Among the largest detractors from relative and absolute performance during the period were Information Technology holdings Network Appliance and MoneyGram International and Industrials stock Monster Worldwide. Storage and data management solutions supplier Network Appliance declined with lowered guidance and a sluggish outlook for enterprise spending. Global funds transfer and payment system provider MoneyGram International was pulled down by increased compliance costs and regulatory speed bumps. Monster Worldwide, an on-line recruiting and advertising company, declined after slowing US help-wanted postings led to an earnings shortfall. Among other detractors from absolute performance was Noble Corporation, a services provider for the oil and gas industry. As of the end of the period, we maintained our positions in each of these stocks.

US equities logged a solid quarterly gain on the back of an April-May rally punctuated by a lackluster June. Contributing to the shift in investor sentiment in June were the usual suspects of slowing US earnings growth and concerns about inflation and the US housing market. Apprehension about the housing market was further exacerbated by negative news flow regarding the US subprime mortgage market, peaking on reports of steep losses in hedge funds with heavy exposure to the sector. Despite these concerns, continued consumer spending and a healthy M&A environment drove US equities higher. Gains were broad-based with all ten sectors advancing.

Mid cap stocks led small caps and large caps for the first half of the year when measured using the Russell 2000, S&P MidCap 400 and Russell 1000 Indexes. Within the S&P MidCap 400 Index, all ten broad economic sectors posted positive returns. Energy and Materials were the best performing sectors, with Financials and Utilities bringing up the tail end.

26

BLUE CHIP MID CAP FUND

TOP TEN EQUITY HOLDINGS At June 30, 2007 INDUSTRY WEIGHTINGS At June 30, 2007

	% of Net Assets
SUPERVALU, Inc.	2.5	%
Foster Wheeler, Ltd.	1.9
Cameco Corp.	1.9
GlobalSantaFe Corp.	1.9
Equifax, Inc.	1.9
Manpower, Inc.	1.9
Republic Services, Inc.	1.6
Altera Corp.	1.6
Charles River Laboratories International, Inc.	1.6
Abercrombie & Fitch Co.	1.5

	% of Net Assets
Commercial Services & Supplies	8.8	%
Special Retail	6.5
Oil, Gas & Consumable Fuels	5.7
Capital Markets	5.4
Health Care Equipment & Supplies	5.0
Software	4.9
Semiconductors & Semiconductor Equipment	4.2
Machinery	3.9
Food & Staples Retailing	3.7
Construction & Engineering	3.1
Insurance	2.7
Computers & Peripherals	2.4
Media	2.4
Biotechnology	2.2
Health Care Providers & Services	2.2
Pharmaceuticals	2.2
Road & Rail	2.1
Chemicals	2.1
Commercial Banks	2.0
Aerospace & Defense	1.9
Diversified Consumer Services	1.9
Energy Equipment & Services	1.9
IT Services	1.9
Textiles, Apparel & Luxury Goods	1.6
Communications Equipment	1.5
Life Sciences Tools & Services	1.5
Wireless Telecommunication Services	1.4
Household Products	1.2
Metals & Mining	1.2
Diversified Financial Services	1.1
Electrical Equipment	1.1
Electric Equipment & Instruments	1.1
Air Freight & Logistics	1.0
Household Durables	1.0
Independent Power Producers & Energy Traders	1.0
Electric Utilities	0.9
Industrial Conglomerates	0.9
Auto Components	0.8
Thrift & Mortgage Finance	0.7
Leisure Equipment & Products	0.6
Trading Companies & Distributors	0.6
Distributors	0.5
Multi-Utilities	0.5
REITS	0.2
Real Estate Management & Development	0.1
Construction Materials	0.1
Containers & Packaging	0.1
Other assets less liabilities	0.2
	100.0	%

27

BLUE CHIP MID CAP FUND

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

Total Returns for Periods Ended June 30, 2007**

Initial Class Shares	Six Months		One Year		Three Years		Five Years		Life of Fund***
Blue Chip Mid Cap Fund	16.49	%	25.80	%	19.23	%	15.95	%	15.66	%
S&P MidCap 400 Index*	11.98	%	18.51	%	15.16	%	14.16	%	12.36	%

*The performance data of the index has been prepared from sources and data that the investment adviser believes to be reliable, but no representation is made as to their accuracy. The index is unmanaged and has no fees or costs. The Standard & Poor’s MidCap 400 Index is a capitalization-weighted index that measures the mid-range sector of the U.S. stock market.

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

***Initial Class Shares for the period from September 1, 1999 (commencement of operations) to June 30, 2007.

28

EXPENSE INFORMATION

June 30, 2007 (Unaudited)

Information About Your Fund’s Expenses

All mutual funds incur ongoing operating expenses, including management fees and administrative services, among others. The following tables are intended to increase your understanding of the ongoing costs of investing in each Fund. The following examples are based on the investment of $1,000 at the beginning of the period and held for the entire period, January 1, 2007 to June 30, 2007. Expense information does not include any insurance charges imposed in connection with your variable insurance contract.

Actual Expenses: The first section of each table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading “Expenses Paid During the Period”.

Hypothetical (5% annual return before expenses): The second section of each table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return of the Fund. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. However, you may use this information to compare the ongoing costs of investing in the Funds with the hypothetical examples that appear in the shareholder reports of other mutual funds.

Expense Information

All Cap Fund
Actual	Beginning Account Value 1/1/2007		Ending Account Value 6/30/2007		Expenses Paid During the Period*
Initial Class	$	1,000.00	$	1,027.50	$	4.52
Service Class	$	1,000.00	$	1,026.10	$	5.78
Hypothetical (5% annual return before expenses)
Initial Class	$	1,000.00	$	1,020.33	$	4.51
Service Class	$	1,000.00	$	1,019.09	$	5.76

Money Market Fund
Actual	Beginning Account Value 1/1/2007		Ending Account Value 6/30/2007		Expenses Paid During the Period*
Initial Class	$	1,000.00	$	1,024.30	$	2.51
Service Class	$	1,000.00	$	1,023.10	$	3.76
Hypothetical (5% annual return before expenses)
Initial Class	$	1,000.00	$	1,022.32	$	2.51
Service Class	$	1,000.00	$	1,021.08	$	3.76

Investment Grade Bond Fund
Actual	Beginning Account Value 1/1/2007		Ending Account Value 6/30/2007		Expenses Paid During the Period*
Initial Class	$	1,000.00	$	1,007.40	$	3.73
Service Class	$	1,000.00	$	1,006.30	$	4.97
Hypothetical (5% annual return before expenses)
Initial Class	$	1,000.00	$	1,021.08	$	3.76
Service Class	$	1,000.00	$	1,019.84	$	5.01

Real Estate Fund
Actual	Beginning Account Value 1/1/2007		Ending Account Value 6/30/2007		Expenses Paid During the Period*
Initial Class	$	1,000.00	$	950.00	$	5.32
Service Class	$	1,000.00	$	948.90	$	6.52
Hypothetical (5% annual return before expenses)
Initial Class	$	1,000.00	$	1,019.34	$	5.51
Service Class	$	1,000.00	$	1,018.10	$	6.76

29

EXPENSE INFORMATION (Continued)

June 30, 2007 (Unaudited)

Davis Venture Value Fund
Actual	Beginning Account Value 1/1/2007		Ending Account Value 6/30/2007		Expenses Paid During the Period*
Initial Class	$	1,000.00	$	1,068.30	$	4.62
Service Class	$	1,000.00	$	1,067.70	$	5.90
Hypothetical (5% annual return before expenses)
Initial Class	$	1,000.00	$	1,020.33	$	4.51
Service Class	$	1,000.00	$	1,019.09	$	5.85
FI Large Cap Growth Fund
Actual	Beginning Account Value 1/1/2007		Ending Account Value 6/30/2007		Expenses Paid During the Period**
Initial Class	$	1,000.00	$	1,035.00	$	2.03
Service Class	$	1,000.00	$	1,035.10	$	5.35
Hypothetical (5% annual return before expenses)
Initial Class	$	1,000.00	$	1,010.33	$	2.01
Service Class	$	1,000.00	$	1,019.54	$	5.31

Oppenheimer Main Street Small Cap Fund
Actual	Beginning Account Value 1/1/2007		Ending Account Value 6/30/2007		Expenses Paid During the Period*
Initial Class	$	1,000.00	$	1,097.20	$	5.20
Service Class	$	1,000.00	$	1,090.70	$	6.48
Hypothetical (5% annual return before expenses)
Initial Class	$	1,000.00	$	1,019.84	$	5.01
Service Class	$	1,000.00	$	1,018.60	$	6.36
Blue Chip Mid Cap Fund
Actual	Beginning Account Value 1/1/2007		Ending Account Value 6/30/2007		Expenses Paid During the Period*
Initial Class	$	1,000.00	$	1,164.90	$	5.37
Hypothetical (5% annual return before expenses)
Initial Class	$	1,000.00	$	1,019.84	$	5.01

* For each class of the Fund, expenses are equal to the six-month annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period divided by the number of days in the year. The six-month annualized expense ratio was 0.90%, 1.15%, 0.75%, 1.00%, 0.50%, 0.75%, 1.10%, 1.35%, 0.90%, 1.15%, 1.00%, 1.25% and 1.00% for the All Cap Fund –Initial Class, All Cap Fund – Service Class, Investment Grade Bond Fund – Initial Class, Investment Grade Bond Fund – Service Class, Money Market Fund – Initial Class, Money Market Fund – Service Class, Real Estate Fund – Initial Class, Real Estate Fund – Service Class, Davis Venture Value Fund – Initial Class, Davis Venture Value Fund – Service Class, Oppenheimer Main Street Small Cap Fund – Initial Class, Oppenheimer Main Street Small Cap Fund – Service Class and Blue Chip Mid Cap Fund – Initial Class, respectively.

** For the service class of the Fund, expenses are equal to the six-month annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period divided by the number of days in the year. The six-month annualized expense ratio was 1.06% for the FI Large Cap Growth Fund – Service Class. The initial class commenced operations on April 2, 2007. For the initial class of the Fund, actual expenses are equal to the actual expenses incurred by the class from commencement of operations through June 30, 2007. Hypothetical expenses for the initial class are equal to the three-month annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period divided by the number of days in the year. The three-month annualized expense ratio was 0.81% for the FI Large Cap Growth – Initial Service Class.

30

ALL CAP FUND

PORTFOLIO OF INVESTMENTS June 30, 2007 (Unaudited) Sun Capital Advisers Trust

	Shares	Value
COMMON STOCKS – 97.0%
AEROSPACE & DEFENSE – 3.8%
Honeywell International, Inc.	2,401	$	135,128
Raytheon Co.	2,358		127,073
The Boeing Co.	1,445		138,951
United Technologies Corp.	1,767		125,333
			526,485
AIR FREIGHT & LOGISTICS – 0.7%
FedEx Corp.	899		99,762
BEVERAGES – 2.6%
Anheuser-Busch Cos., Inc.	2,462		128,418
Coca-Cola Co	2,285		119,528
PepsiCo, Inc.	1,733		112,385
			360,331
BIOTECHNOLOGY – 1.8%
Amgen, Inc.*	2,202		121,749
Biogen Idec, Inc.*	2,205		117,967
			239,716
CAPITAL MARKETS – 2.4%
Merrill Lynch & Co., Inc.	1,625		135,818
The Goldman Sachs Group, Inc.	878		190,306
			326,124
CHEMICALS – 0.9%
E.I. du Pont de Nemours & Co.	2,528		128,524
COMMERCIAL BANKS – 2.8%
Wachovia Corp.	2,834		145,242
Wells Fargo & Co.	6,916		243,236
			388,478
COMMUNICATIONS EQUIPMENT – 9.2%
Acme Packet, Inc.*	35,000		402,150
Cisco Systems, Inc.*	5,948		165,652
Corning, Inc.*	5,565		142,186
MRV Communications, Inc.*	132,997		432,240
QUALCOMM, Inc.	2,910		126,265
			1,268,493
COMPUTERS & PERIPHERALS – 5.9%
Concurrent Computer Corp*	108,275		193,812
Hewlett-Packard Co.	2,953		131,763
International Business Machines Corp.	1,502		158,086
Rackable Systems, Inc.*	25,990		321,236
			804,897

	Shares	Value
CONSUMER FINANCE – 1.2%
American Express Co.	2,787	$	170,509
DIVERSIFIED FINANCIAL SERVICES – 5.6%
Bank of America Corp.	4,806		234,965
Citigroup, Inc.	5,151		264,195
JPMorgan Chase & Co.	5,486		265,797
			764,957
DIVERSIFIED TELECOMMUNICATION SERVICES – 3.5%
AT&T, Inc.	3,399		141,059
Verizon Communications, Inc.	8,131		334,753
			475,812
ELECTRIC UTILITIES – 1.8%
Duke Energy Corp.	6,640		121,512
Exelon Corp.	1,714		124,436
			245,948
ELECTRICAL EQUIPMENT – 0.8%
Emerson Electric Co.	2,417		113,116
EXCHANGE TRADED FUND – 2.0%
S&P 500 SPDR Trust Series 1	1,781		267,916
FOOD & STAPLES RETAILING – 1.7%
CVS Caremark Corp.	3,520		128,304
Wal-Mart Stores, Inc.	2,180		104,880
			233,184
FOOD PRODUCTS – 0.3%
Kraft Foods, Inc.	1,229		43,322
HEALTH CARE EQUIPMENT & SUPPLIES – 4.0%
Baxter International, Inc.	2,685		151,273
Clinical Data, Inc.*	18,500		391,460
			542,733
HEALTH CARE PROVIDERS & SERVICES – 2.3%
Tenet Healthcare Corp.*	31,206		203,151
WellPoint, Inc.*	1,387		110,724
			313,875
HEALTH CARE TECHNOLOGY – 2.8%
Merge Technologies, Inc.*	58,729		383,500
HOTELS RESTAURANTS & LEISURE – 1.3%
Cosi, Inc.*	37,956		173,079
HOUSEHOLD PRODUCTS – 2.1%
Kimberly-Clark Corp.	1,750		117,057
The Procter & Gamble Co.	2,878		176,105
			293,162

See Notes to Financial Statements.

31

ALL CAP FUND

PORTFOLIO OF INVESTMENTS (Continued) June 30, 2007 (Unaudited) Sun Capital Advisers Trust

	Shares	Value
INDUSTRIAL CONGLOMERATES – 5.0%
General Electric Co.	14,278	$	546,562
Tyco International, Ltd.	4,002		135,227
			681,789
INSURANCE – 2.8%
American International Group, Inc.	3,785		265,063
The Allstate Corp.	1,874		115,270
			380,333
INTERNET SOFTWARE & SERVICES – 1.0%
Google, Inc.*	249		130,322
LEISURE EQUIPMENT & PRODUCTS – 0.7%
Eastman Kodak Co.	3,558		99,019
MEDIA – 4.0%
Citadel Broadcasting Corp.	287		1,851
Comcast Corp. Class A*	5,281		148,502
The Walt Disney Co.	3,749		127,991
Time Warner, Inc.	6,748		141,978
Viacom, Inc.*	3,162		131,634
			551,956
MULTI-UTILITIES – 0.8%
Dominion Resources, Inc.	1,256		108,405
MULTILINE RETAIL – 0.8%
Federated Department Stores, Inc.	2,828		112,498
OIL, GAS & CONSUMABLE FUELS – 7.5%
ChevronTexaco Corp.	2,945		248,087
ConocoPhillips	1,377		108,094
Exxon Mobil Corp.	4,703		394,488
Massey Energy Co.	10,463		278,839
			1,029,508
PAPER & FOREST PRODUCTS – 0.8%
International Paper Co.	2,972		116,057
PHARMACEUTICALS – 6.0%
Abbott Laboratories	1,844		98,746
Eli Lilly & Co.	1,927		107,681
Johnson & Johnson	2,840		175,001
Merck & Co., Inc.	2,936		146,213
Pfizer, Inc.	5,075		129,768
Schering-Plough Corp.	5,503		167,511
			824,920

* Non-income producing security

	Shares	Value
REITS – 0.7%
CapitalSource, Inc.	4,082	$	100,376
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 2.0%
Analog Devices, Inc.	3,762		141,602
Marvell Technology Group, Ltd.*	7,419		135,100
			276,702
SOFTWARE – 1.8%
Microsoft Corp.	8,382		247,018
SPECIALTY RETAIL – 1.0%
Lowe’s Cos., Inc.	4,347		133,409
THRIFT & MORTGAGE FINANCE – 1.7%
Fannie Mae	2,005		130,987
Freddie Mac	1,739		105,558
			236,545
TOBACCO – 0.9%
Altria Group, Inc.	1,776		124,569
Total Common Stocks (cost $12,033,167)			13,317,349
SHORT TERM INVESTMENT – 3.1%
MUTUAL FUNDS – 3.1%
Federated Prime Obligation Fund (cost $420,870)	420,870		420,870
TOTAL INVESTMENTS – 100.1% (cost $12,454,037)			13,738,219
Liabilities in excess of other assets – (0.1)%			(13,614	)
NET ASSETS – 100.0%		$	13,724,605

See Notes to Financial Statements.

32

INVESTMENT GRADE BOND FUND

PORTFOLIO OF INVESTMENTS June 30, 2007 (Unaudited) Sun Capital Advisers Trust

	Principal Amount (000)		Value
ASSET BACKED SECURITIES – 1.2%
Airplanes Pass Through Trust Series D (1) 10.88%, 3/15/12	$	494	$	0
Peco Energy Transition Trust 6.13%, 3/1/09		750		752,981
Total Asset Backed Securities (cost $1,094,905)				752,981
CORPORATE DEBT OBLIGATIONS – 42.3%
AUTOMOTIVE – 0.8%
Ford Motor Credit Co. 8.00%, 12/15/16		500		478,924
BANKS – 2.8%
HBOS PLC (2) 5.92%, 9/29/49		500		468,933
Huntington Capital 6.65%, 5/15/37		300		286,931
Icici Bank, Ltd. (2) 6.38%, 4/30/22		300		285,073
Washington Mutual Preferred Funding Trust (2) 6.53%, 3/29/49		750		723,840
				1,764,777
BROKERAGE – 2.9%
Jefferies Group, Inc. 6.25%, 1/15/36		500		468,523
Lehman Brothers Holdings, Inc. 5.75%, 5/17/13		500		499,732
Merrill Lynch & Co Inc 5.70%, 5/2/17		400		385,168
Morgan Stanley 4.75%, 4/1/14		500		466,919
				1,820,342
BUILDING MATERIALS – 1.8%
C10 Capital Spv., Ltd (2) 6.72%, 12/1/49		650		632,366
Owens Corning Inc 6.50%, 12/1/16		500		497,325
				1,129,691
CABLE – 1.8%
Rogers Cable, Inc. 6.25%, 6/15/13		500		504,785
Time Warner Entertainment Co. 10.15%, 5/1/12		500		587,982
				1,092,767

	Principal Amount (000)		Value
CONSUMER SERVICES – 0.5%
Realogy Corp. (2) 7.50%, 10/15/16	$	300	$	300,000
ELECTRIC UTILITIES – 3.2%
Allegheny Energy Supply Co. LLC (2) 8.25%, 4/15/12		750		798,750
PSEG Energy Holdings, Inc. 8.50%, 6/15/11		200		211,833
TXU Energy Co. (2) 5.86%, 9/16/08		1,000		1,000,387
				2,010,970
ELECTRONICS – 1.6%
Sanmina-sci Corp. (2) 8.11%, 6/15/10		1,000		1,002,500
FINANCIAL SERVICES – 4.6%
Allied Capital Corp. 6.00%, 4/1/12		500		493,000
Capital One Capital III 7.69%, 8/15/36		700		720,924
Discover Financial Services (2) 6.45%, 6/12/17		650		649,127
General Motors Acceptance Corp. 7.00%, 2/1/12		300		294,227
Noble Group, Ltd. (2) 6.63%, 3/17/15		500		458,676
SLM Corp. 5.00%, 10/1/13		300		255,964
				2,871,918
FOOD, BEVERAGES & RESTAURANTS – 1.0%
Delhaize Group (2) 6.50%, 6/15/17		600		602,365
GAMING – 0.3%
Caesars Entertainment, Inc. 7.00%, 4/15/13		200		209,500
GAS & PIPELINE UTILITIES – 4.0%
Dynegy Holdings, Inc. 6.88%, 4/1/11		115		112,987
El Paso Energy Corp. (2) 5.90%, 4/1/17		500		483,609
Enterprise Products Operating LP 7.03%, 1/15/68		1,000		963,995
Southern Union Co. 7.20%, 11/1/66		380		380,502
Transcanada Pipelines, Ltd. 6.35%, 5/15/67		600		576,815
				2,517,908

See Notes to Financial Statements.

33

INVESTMENT GRADE BOND FUND

PORTFOLIO OF INVESTMENTS (Continued) June 30, 2007 (Unaudited) Sun Capital Advisers Trust

	Principal Amount (000)		Value
HEALTH SERVICES – 0.8%
Humana, Inc. 6.45%, 6/1/16	$	500	$	503,323
HOME CONSTRUCTION – 1.0%
KB Home & Broad Home Corp. 6.38%, 8/15/11		650		617,500
INSURANCE – 2.1%
Assured Guaranty US Holdings, Inc. 6.40%, 12/15/66		600		587,726
Liberty Mutual Group, Inc. (2) 7.80%, 3/15/37		750		706,148
				1,293,874
METALS – 2.1%
United States Steel Corp 6.05%, 6/1/17		700		682,648
Vale Overseas, Ltd. 6.88%, 11/21/36		650		653,371
				1,336,019
OIL – 1.2%
Amerada Hess Corp. 7.88%, 10/1/29		250		281,794
Pemex Finance, Ltd. 9.03%, 2/15/11		450		479,695
				761,489
GAS & PIPELINE UTILITIES – 0.8%
Tesoro Corp. (2) 6.50%, 6/1/17		500		488,750
PAPER – 1.0%
Abitibi-Consolidated, Inc. 5.25%, 6/20/08		650		637,000
REITS – 3.8%
Commercial Net Lease Realty
6.25%, 6/15/14		550		554,110
7.13%, 3/15/08		600		604,684
Reckson Operating Partnership 5.15%, 1/15/11		700		681,193
Simon Property Group LP 5.75%, 5/1/12		550		552,473
				2,392,460

	Principal Amount (000)		Value
RETAIL – 2.3%
Controladora Commercial Mexicana S.A. de C.V. 6.63%, 6/1/15	$	600	$	606,930
Home Depot, Inc. 5.88%, 12/16/36		450		400,951
JC Penney Corp., Inc. 5.75%, 2/15/18		425		410,291
				1,418,172
TELECOMMUNICATIONS – 1.9%
Intelsat 6.50%, 11/1/13		260		208,650
Sprint Capital Corp. 6.90%, 5/1/19		400		395,974
Telecom Italia Capital 4.95%, 9/30/14		600		555,916
				1,160,540
Total Corporate Debt Obligations (cost $26,820,074)				26,410,789
COMMERCIAL MORTGAGE BACKED SECURITIES – 7.4%
Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2005-C1 Class A3 5.40%, 7/15/44		750		735,973
Commercial Mortgage Asset Trust Series 1999-C1 Class F (2) 6.25%, 1/17/32		400		404,338
CS First Boston Mortgage Securities Corp. Series 2000-C1 Class A2 7.55%, 4/15/62		400		416,253
GMAC Commercial Mortgage Securities, Inc. Series 2003-C1 Class A2
4.08%, 5/10/36		800		738,948
4.22%, 4/10/40		220		215,019
Greenwich Capital Commercial Funding Corp. Series 2005-GG3 Class A4 4.80%, 8/10/42		200		188,153

See Notes to Financial Statements.

34

INVESTMENT GRADE BOND FUND

PORTFOLIO OF INVESTMENTS (Continued) June 30, 2007 (Unaudited) Sun Capital Advisers Trust

	Principal Amount (000)		Value
GS Mortgage Securities Corp. Series 2005-GG4 Class AJ 4.78%, 7/10/39	$	700	$	652,436
JP Morgan Chase Commercial Mortgage Series 2005 LDP5 Mortgage Certificate Class A3 5.37%, 12/15/44		550		538,416
JP Morgan Chase Commercial Mortgage Securities Corp. 6.07%, 4/15/45		500		501,085
Wachovia Bank Comercial Mortgage Trust Series 2003-C9 Class A2 3.96%, 12/15/35		235		230,245
Total Commercial Mortgage Backed Securities (cost $4,695,791)				4,620,866
U.S. GOVERNMENT AGENCY OBLIGATIONS – 44.9%
Federal Home Loan Mortgage
4.76%, 8/1/32		242		244,265
5.00%, 9/1/19		349		338,487
5.00%, 11/1/19		679		657,422
5.50%, 10/1/17		191		188,799
5.50%, 11/1/17		371		366,837
5.50%, 9/15/28		600		598,841
5.50%, 6/1/33		358		346,499
6.00%, 1/1/17		124		124,600
6.00%, 2/1/29		20		20,079
6.50%, 10/1/16		46		47,045
6.50%, 11/1/16		6		5,782
6.50%, 9/1/34		363		368,058
6.50%, 4/1/35		316		319,895
7.00%, 11/1/29		29		29,986
7.00%, 1/1/31		14		14,888
7.00%, 4/1/31		5		5,074
7.00%, 8/1/31		159		164,561
7.50%, 3/1/30		7		7,056
7.50%, 12/1/30		17		17,783

	Principal Amount (000)		Value
Federal National Mortgage Assn.
4.50%, 6/1/19	$	1,281	$	1,219,206
5.00%, 6/1/18		437		424,304
5.00%, 7/1/20		1,057		1,022,079
5.00%, 10/1/20		405		391,793
5.00%, 12/1/20		256		248,000
5.00%, 10/1/35		55		51,639
5.00%, 7/1/36		637		599,589
5.00%, 5/1/37		2,247		2,105,528
5.05%, 4/28/15		1,000		968,760
5.50%, 12/1/32		1,333		1,291,747
5.50%, 6/1/35		1,300		1,256,814
5.50%, 8/1/35		834		805,965
5.50%, 1/1/37		490		472,478
5.50%, 6/1/37		2,490		2,401,445
6.00%, 12/1/13		3		3,050
6.00%, 11/1/16		22		21,969
6.00%, 1/25/32		3,302		3,307,638
6.00%, 8/1/34		445		441,691
6.00%, 12/1/36		975		965,498
8.00%, 8/1/30		5		4,891
Government National Mortgage Assn.
6.00%, 8/15/16		55		55,141
6.00%, TBA		450		447,328
6.50%, 9/15/31		93		95,062
6.50%, 3/15/32		112		114,362
6.50%, 9/15/32		130		132,316
6.50%, 10/15/32		125		127,546
7.00%, 12/15/14		31		31,729
7.00%, 2/15/28		20		21,234
7.50%, 3/15/30		3		3,587
7.50%, 9/15/30		48		50,215
U.S. Treasury Notes (3)
1.88%, 7/15/13		1,124		1,078,057
2.00%, 1/15/14		726		697,833
3.50%, 11/15/09		1,800		1,744,031
4.25%, 11/15/14		430		410,281
4.38%, 8/15/12		600		586,453
4.63%, 2/15/17		600		581,063
Total U.S. Government Agency Obligations
(cost $28,683,418)				28,046,279

See Notes to Financial Statements.

35

INVESTMENT GRADE BOND FUND

PORTFOLIO OF INVESTMENTS (Continued) June 30, 2007 (Unaudited) Sun Capital Advisers Trust

	Principal Amount (000)		Value
SHORT TERM INVESTMENTS – 4.1%
COMMERCIAL PAPER – 1.0%
American Express Credit Corp. 5.23%, 7/2/07	$	615	$	614,911
	Shares
MUTUAL FUNDS – 3.1%
Federated Prime Obligation Fund		1,952,277		1,952,277
SSGA Money Market Fund		7		7
				1,952,284
Total Short Term Investments
(cost $2,567,195)				2,567,195
TOTAL INVESTMENTS – 99.9%
(cost $63,861,383)				62,398,110
Other assets less liabilities – 0.1%				57,214
NET ASSETS – 100.0%			$	62,455,324

(1) Security is in default.

(2) Eligible for resale under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2007 these securities amounted to $9,004,861, representing 14.42% of net assets

(3) Security or a portion of the security has been designated as collateral for TBA securities.

TBA = to be announced

See Notes to Financial Statements.

36

MONEY MARKET FUND

PORTFOLIO OF INVESTMENTS June 30, 2007 (Unaudited) Sun Capital Advisers Trust

	Principal Amount (000)		Value
COMMERCIAL PAPER – 96.5%
Goldman Sachs Group, Inc. (the)
5.16%, 7/9/07	$	4,900	$	4,894,381
American Express Credit Corp.
5.21%, 7/23/07		3,335		3,335,000
5.21%, 9/27/07		1,847		1,823,477
American General Finance Corp. (1)
5.26%, 7/12/07		4,262		4,255,157
AT&T, Inc. (1)
5.26%, 7/25/07		1,000		996,493
5.27%, 7/18/07		1,000		997,511
Bankamerica Corp.
5.22%, 8/7/07		3,282		3,264,392
5.25%, 7/23/07		2,000		1,993,583
Canada (Govt of)
5.03%, 7/10/07		5,000		4,993,713
Caterpillar Financial Services
5.25%, 7/2/07		4,880		4,879,288
CIT Group, Inc. (1)
5.24%, 9/17/07		5,000		4,943,233
Citigroup Funding, Inc.
5.23%, 8/8/07		5,000		4,972,397
Coca Cola Co. (1)
5.18%, 7/24/07		2,325		2,317,306
5.19%, 7/13/07		2,800		2,795,156
Dupont (E. I.) De Nemours & Co. (1)
5.21%, 7/31/07		3,945		3,927,872
Export Development Corp.
5.17%, 10/1/07		2,450		2,417,630
FCAR Owner Trust
5.23%, 8/15/07		4,500		4,470,581
General Electric Capital Corp.
5.23%, 9/5/07		1,828		1,810,473
5.23%, 9/10/07		2,654		2,626,625
Harley Davidson (1)
5.23%, 7/27/07		5,300		5,279,981
HSBC Finance Corp.
5.22%, 7/30/07		3,375		3,360,808
5.23%, 9/5/07		1,843		1,825,329
International Business Machines (IBM) (1)
5.23%, 7/26/07		2,490		2,480,956
5.24%, 7/12/07		2,820		2,815,485
KFW International Finance, Inc. (1)
5.19%, 7/25/07		4,930		4,912,942

	Principal Amount (000)		Value
Merrill Lynch & Co., Inc.
5.22%, 9/7/07	$	5,200	$	5,148,728
National Rural Utilities Cooperative Finance Corp.
5.25%, 7/6/07		5,000		4,996,354
Province of British Columbia
5.10%, 7/23/07		5,250		5,233,638
Prudential Funding LLC
5.17%, 9/28/07		4,000		3,948,874
5.19%, 7/9/07		1,050		1,048,789
Rabobank USA Financial Corp.
5.19%, 7/16/07		1,720		1,716,281
5.23%, 8/20/07		1,985		1,970,581
5.26%, 7/27/07		1,620		1,613,852
Societe Generale North America
5.24%, 9/13/07		5,300		5,242,913
Thunder Bay Funding, Inc. (1)
5.29%, 7/16/07		5,350		5,338,208
Toyota Credit de Puerto Rico
5.21%, 7/19/07		1,650		1,645,702
5.22%, 7/6/07		2,178		2,176,421
5.22%, 9/27/07		1,550		1,530,222
UBS Finance, Inc.
5.21%, 8/13/07		1,050		1,043,472
5.23%, 8/10/07		3,050		3,032,293
5.26%, 7/20/07		1,214		1,210,630
Total Commercial Paper (amortized cost $129,286,727)				129,286,727
	Shares
MUTUAL FUNDS – 3.5%
Federated Prime Obligation Fund		4,649,279		4,649,279
SSGA Money Market Fund		1,471		1,471
Total Mutual Funds (amortized cost $4,650,750)				4,650,750
TOTAL INVESTMENTS – 100.0%
(cost $133,937,477)				133,937,477
Liabilities in excess of other assets – 0.0%				(27,647	)
NET ASSETS – 100.0%			$	133,909,830

(1) Security exempt from registration under Section 4(2) of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2007 these securities amounted to $41,060,300, representing 30.66% of net assets.

See Notes to Financial Statements.

37

REAL ESTATE FUND

PORTFOLIO OF INVESTMENTS June 30, 2007 (Unaudited) Sun Capital Advisers Trust

	Shares	Value
REAL ESTATE INVESTMENT TRUSTS – 97.8%
APARTMENTS – 17.7%
Archstone-Smith Trust	201,048	$	11,883,947
AvalonBay Communities, Inc.	65,113		7,740,634
BRE Properties, Inc.	149,316		8,852,946
Equity Residential Properties Trust	148,607		6,780,937
GMH Communities Trust	887,409		8,598,993
			43,857,457
DIVERSIFIED – 8.1%
Lexington Corporate Properties Trust	533,138		11,089,270
Vornado Realty Trust	81,074		8,905,168
			19,994,438
HEALTH CARE EQUIPMENT & SERVICES – 10.2%
Medical Properties Trust, Inc.	570,022		7,541,391
Nationwide Health Properties, Inc.	191,580		5,210,976
Ventas, Inc.	346,269		12,552,251
			25,304,618
HOTELS & RESTAURANTS – 5.6%
Hilton Hotels Corp.	181,281		6,067,475
Host Marriott Corp.	337,574		7,804,711
			13,872,186
MORTGAGE – 6.2%
Douglas Emmett, Inc.	73,554		1,819,726
Health Care Property Investors, Inc.	213,568		6,178,522
Plum Creek Timber Co., Inc.	180,072		7,501,800
			15,500,048
OFFICE – 12.8%
Alexandria Real Estate Equities, Inc.	103,146		9,986,596
Highwoods Properties, Inc.	255,119		9,566,962
SL Green Reality Corp.	98,931		12,256,562
			31,810,120
REGIONAL MALLS – 18.9%
General Growth Properties, Inc.	160,981		8,523,944
Macerich Co.	141,959		11,700,261
Pennsylvania Real Estate Investment	315,768		13,997,995
Simon Property Group, Inc.	135,514		12,608,223
			46,830,423

	Shares	Value
SHOPPING CENTERS – 9.6%
Developers Diversified Realty Corp.	152,063	$	8,015,241
Kimco Realty Corp.	225,411		8,581,397
Regency Centers Corp.	101,157		7,131,568
			23,728,206
STORAGE – 2.6%
Public Storage, Inc.	84,161		6,465,248
WAREHOUSE & INDUSTRIAL – 6.1%
Eastgroup Properties, Inc.	158,074		6,926,803
ProLogis Trust	144,628		8,229,333
			15,156,136
Total Real Estate Investment Trusts (cost $208,158,219)			242,518,880
	Principal Amount (000)
SHORT TERM INVESTMENTS – 2.1%
COMMERCIAL PAPER – 0.6%
UBS Finance, Inc.	1,525		1,522,553
	Shares
MUTUAL FUNDS – 1.5%
Federated Prime Obligation Fund	3,528,622		3,528,622
Total Short Term Investments (amortized cost $5,051,175)			5,051,175
TOTAL INVESTMENTS – 99.9%
(cost $213,209,394)			247,570,055
Other assets less liabilities – 0.1%			314,394
NET ASSETS – 100.0%		$	247,884,449

See Notes to Financial Statements.

38

DAVIS VENTURE VALUE FUND

PORTFOLIO OF INVESTMENTS June 30, 2007 (Unaudited) Sun Capital Advisers Trust

	Country Code	Shares	Value
COMMON STOCKS – 96.8%
AIR FREIGHT & LOGISTICS – 0.6%
Toll Holdings, Ltd.	AU	10,200	$	125,488
United Parcel Services, Inc. Class B		4,000		292,000
				417,488
AUTOMOBILES – 1.5%
Harley-Davidson, Inc.		19,100		1,138,551
BEVERAGES – 1.9%
Diageo PLC ADR		10,300		858,093
Heineken Holding NV	NL	11,425		592,355
				1,450,448
CAPITAL MARKETS – 3.4%
Ameriprise Financial, Inc.		14,580		926,851
E*Trade Financial Corp.*		4,100		90,569
Mellon Financial Corp.		19,400		853,600
Morgan Stanley		6,100		511,668
State Street Corp.		1,900		129,960
				2,512,648
COMMERCIAL BANKS – 7.1%
Commerce Bancorp, Inc.		11,250		416,138
HSBC Holdings PLC	GB	93,464		1,715,737
Wachovia Corp.		28,620		1,466,775
Wells Fargo & Co.		48,000		1,688,160
				5,286,810
COMMERCIAL SERVICES & SUPPLIES – 1.3%
D & B Corp.		9,300		957,714
COMMUNICATIONS EQUIPMENT – 0.3%
Nokia Corp. ADR		7,700		216,447
COMPUTERS & PERIPHERALS – 1.7%
Dell, Inc.*		29,000		827,950
Hewlett-Packard Co.		10,700		477,434
				1,305,384
CONSTRUCTION MATERIALS – 1.9%
Martin Marietta Materials, Inc.		4,800		777,696
Vulcan Materials Co.		5,400		618,516
				1,396,212

	Country Code	Shares	Value
CONSUMER FINANCE – 4.5%
American Express Co.		55,500	$	3,395,490
CONTAINERS & PACKAGING – 1.9%
Sealed Air Corp.		45,700		1,417,614
DIVERSIFIED CONSUMER SERVICES – 1.1%
Apollo Group, Inc. Class A*		2,300		134,389
H&R Block, Inc.		30,200		705,774
				840,163
DIVERSIFIED FINANCIAL SERVICES – 6.7%
Citigroup, Inc.		27,233		1,396,781
JPMorgan Chase & Co.		58,296		2,824,441
Moody’s Corp.		13,100		814,820
				5,036,042
ELECTRONIC EQUIPMENT & INSTRUMENTS – 0.5%
Agilent Technologies, Inc.*		10,600		407,464
ENERGY EQUIPMENT & SERVICES – 1.0%
Transocean, Inc.*		6,800		720,664
FOOD & STAPLES RETAILING – 6.4%
Costco Wholesale Corp.		48,400		2,832,368
CVS Caremark Corp.		25,645		934,760
Wal-Mart Stores, Inc.		21,500		1,034,365
				4,801,493
FOOD PRODUCTS – 0.5%
The Hershey Co.		7,400		374,588
HEALTH CARE PROVIDERS & SERVICES – 2.2%
Cardinal Health, Inc.		8,900		628,696
Express Scripts, Inc.*		6,600		330,066
UnitedHealth Group, Inc.		13,430		686,810
				1,645,572
HOUSEHOLD DURABLES – 0.2%
Hunter Douglas NV	NL	1,760		166,608
HOUSEHOLD PRODUCTS – 0.9%
The Procter & Gamble Co.		11,300		691,447
INDUSTRIAL CONGLOMERATES – 4.3%
Tyco International, Ltd.		94,130		3,180,653

See Notes to Financial Statements.

39

DAVIS VENTURE VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued) June 30, 2007 (Unaudited) Sun Capital Advisers Trust

	Country Code	Shares	Value
INSURANCE – 15.0%
Ambac Financial Group, Inc.		3,110	$	271,161
American International Group, Inc.		43,900		3,074,317
Aon Corp.		12,300		524,103
Berkshire Hathaway, Inc. Class A*		20		2,189,500
Loews Corp.		34,200		1,743,516
Markel Corp.*		120		58,147
Millea Holdings, Inc.	JP	17,500		717,556
Nipponkoa Insurance Co Ltd	JP	11,300		101,641
The Chubb Corp.		3,400		184,076
The Principal Financial Group, Inc.		3,500		204,015
The Progressive Corp.		59,300		1,419,049
Transatlantic Holdings, Inc.		9,787		696,149
				11,183,230
INTERNET & CATALOG RETAIL – 1.4%
Amazon.com, Inc.*		8,000		547,280
Expedia, Inc.*		4,200		123,018
IAC/InterActiveCorp.*		4,200		145,362
Liberty Media Corp – Interactive Series A*		10,100		225,533
				1,041,193
INTERNET SOFTWARE & SERVICES – 0.2%
Google, Inc.*		290		151,780
IT SERVICES – 1.1%
Iron Mountain, Inc.*		31,050		811,337
MARINE – 0.4%
Kuehne & Nagel International AG	CH	3,000		276,448
MEDIA – 6.5%
Comcast Corp. Class A Special*		81,300		2,273,148
Gannett Co., Inc.		2,700		148,365
Lagardere S.C.A.	FR	6,500		566,366
Liberty Media Corp – Capital Series A*		2,040		240,067
News Corp., Class A		54,800		1,162,308
Virgin Media, Inc.	GB	12,552		305,892
WPP Group PLC ADR		2,600		194,350
				4,890,496
METALS & MINING – 0.5%
BHP Billiton PLC	GB	6,800		189,631
Rio Tinto PLC	GB	2,500		191,948
				381,579

	Country Code	Shares	Value
MULTILINE RETAIL – 0.2%
Sears Holdings Corp.*		940	$	159,330
OIL, GAS & CONSUMABLE FUELS – 11.8%
Canadian Natural Resources, Ltd.		5,000		331,750
China Coal Energy Co.*	HK	213,100		319,427
ConocoPhillips		43,028		3,377,698
Devon Energy Corp.		21,900		1,714,551
EOG Resources, Inc.		18,400		1,344,304
Occidental Petroleum Corp.		29,500		1,707,460
				8,795,190
PERSONAL PRODUCTS – 0.4%
Avon Products, Inc.		8,000		294,000
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.1%
Hang Lung Group, Ltd.	HK	17,000		76,751
ROAD & RAIL – 0.1%
Asciano Group*	AU	7,300		62,786
SOFTWARE – 2.0%
Microsoft Corp.		50,000		1,473,500
SPECIALTY RETAIL – 1.4%
Bed Bath & Beyond, Inc.*		11,800		424,682
CarMax, Inc.*		13,800		351,900
Lowe’s Cos., Inc.		10,000		306,900
				1,083,482
TOBACCO – 3.3%
Altria Group, Inc.		35,200		2,468,928
TRANSPORTATION – 0.9%
China Merchants Holdings International Co., Ltd.	HK	97,989		473,728
Cosco Pacific, Ltd.	HK	83,300		217,870
				691,598
WIRELESS TELECOMMUNICATION SERVICES – 1.6%
SK Telecom Co., Ltd. ADR		13,500		369,225
Sprint Nextel Corp.		40,000		828,400
				1,197,625
Total Common Stocks (cost $50,379,142)				72,398,753

See Notes to Financial Statements.

40

DAVIS VENTURE VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued) June 30, 2007 (Unaudited) Sun Capital Advisers Trust

	Principal Amount (000)		Value
SHORT TERM INVESTMENT – 3.8%
REPURCHASE AGREEMENT – 3.8%
State Street Bank and Trust Company 4.81, %, 7/2/07 (collateralized by $3,235,000 Federal National Mortgage Assn., 6.000%, 04/18/36, with a value of $2,915,544 total to be received $2,857,145) (amortized cost $2,856,000)	$	2,856	$	2,856,000
TOTAL INVESTMENTS – 100.6%
(cost $53,235,142)				75,254,753
Liabilities in excess of other assets – (0.6)%				(466,645	)
NET ASSETS – 100.0%			$	74,788,108

* Non-income producing security

ADR = American Depositary Receipt

AU = Australia

CH = Switzerland

FR = France

GB = United Kingdom

HK = Hong Kong

JP = Japan

NL = Netherlands

See Notes to Financial Statements.

41

OPPENHEIMER MAIN STREET SMALL CAP FUND

PORTFOLIO OF INVESTMENTS June 30, 2007 (Unaudited) Sun Capital Advisers Trust

	Country Code	Shares	Value
COMMON STOCKS – 98.8%
AEROSPACE & DEFENSE – 1.4%
Aerovironment, Inc.*		700	$	14,427
Alliant Techsystems, Inc.*		1,200		118,980
Armor Holdings, Inc.*		1,800		156,366
BE Aerospace, Inc.*		2,400		99,120
Ceradyne, Inc.*		5,400		399,384
Cubic Corp.		200		6,036
Curtiss-Wright Corp.		6,500		302,965
DRS Technologies, Inc.		400		22,908
Ducommun, Inc.*		400		10,292
DynCorp International, Inc.*		4,800		105,552
Edo Corp.		1,200		39,444
Innovative Solutions & Support, Inc.*		1,600		37,152
Orbital Sciences Corp.*		16,800		352,968
United Industrial Corp.		600		35,988
				1,701,582
AIR FREIGHT & LOGISTICS – 0.5%
ABX Air, Inc.*		3,900		31,434
Atlas Air Worldwide Holdings, Inc.*		400		23,576
EGL, Inc.*		2,251		104,626
HUB Group, Inc.*		11,000		386,760
Pacer International, Inc.		1,600		37,632
				584,028
AIRLINES – 0.3%
AMR Corp.*		5,770		152,040
Continental Airlines, Inc.*		674		22,828
Pinnacle Airlines Corp.*		1,800		33,750
Republic Airways Holdings, Inc.*		3,900		79,365
SkyWest, Inc.		4,400		104,852
				392,835

	Country Code	Shares	Value
AUTO COMPONENTS – 1.5%
Aftermarket Technology Corp.*		1,900	$	56,392
American Axle & Manufacturing Holdings, Inc.		9,600		284,352
ArvinMeritor, Inc.		15,900		352,980
Cooper Tire & Rubber Co		2,400		66,288
Drew Industries, Inc.*		1,400		46,396
Fuel Systems Solutions, Inc.*		500		8,290
GenTek, Inc.*		1,000		35,220
Gentex Corp		8,500		167,365
Lear Corp.*		3,540		126,059
Modine Manufacturing Co.		1,400		31,640
Sauer- Danfoss, Inc.		3,500		104,160
Shiloh Industries, Inc.		500		6,090
Standard Motor Products, Inc.		1,800		27,054
Tenneco Automotive, Inc.*		13,300		466,032
The Goodyear Tire & Rubber Co.*		2,800		97,328
				1,875,646
AUTOMOBILES – 0.1%
Monaco Coach Corp.		2,600		37,310
Winnebago Indiana, Inc.		3,400		100,368
				137,678
BEVERAGES – 0.2%
Boston Beer Co., Inc.*		1,000		39,350
MGP Ingredients, Inc.		1,200		20,280
Molson Coors Brewing Co.		300		27,738
National Beverage Corp.*		520		5,985
Pepsi Bottling Group, Inc.		4,600		154,928
				248,281

See Notes to Financial Statements.

42

OPPENHEIMER MAIN STREET SMALL CAP FUND

PORTFOLIO OF INVESTMENTS (Continued) June 30, 2007 (Unaudited) Sun Capital Advisers Trust

	Country Code	Shares	Value
BIOTECHNOLOGY – 0.3%
Acorda Therapeutics, Inc.*		2,700	$	46,062
Alexion Pharmaceuticals, Inc.*		900		40,554
Alnylam Pharmaceuticals, Inc.*		300		4,557
Array Biopharma, Inc.*		1,100		12,837
Cytrx Corp.*		4,600		14,352
Halozyme Therapeutics Inc*		500		4,615
Immunomedics, Inc.*		5,400		22,410
Indevus Pharmaceuticals, Inc.*		500		3,365
Isis Pharmaceuticals, Inc.*		3,300		31,944
Maxygen, Inc.*		200		1,714
Medarex, Inc.*		300		4,287
Myriad Genetics, Inc.*		600		22,314
OSI Pharmaceuticals, Inc.*		1,000		36,210
Pharmion Corp.*		500		14,475
Regeneron Pharmaceuticals, Inc.*		6,500		116,480
				376,176
BUILDING PRODUCTS – 0.2%
American Woodmark Corp.		1,300		44,980
Apogee Enterprises, Inc.		2,000		55,640
Builders FirstSource, Inc.*		500		8,030
Lennox International, Inc.		1,600		54,768
Universal Forest Products, Inc.		2,900		122,554
				285,972
CAPITAL MARKETS – 0.9%
Apollo Investment Corp.		2,700		58,104
Ares Capital Corp.		3,200		53,920

	Country Code	Shares	Value
Cohen & Steers, Inc.		2,500	$	108,625
GAMCO Investors, Inc.		900		50,445
GFI Group, Inc.*		900		65,232
Janus Capital Group, Inc.		6,700		186,528
Knight Capital Group, Inc.*		5,929		98,421
Mcg Capital Corp.		1,600		25,632
Piper Jaffray Cos., Inc.*		5,600		312,088
Prospect Capital Corp		300		5,241
SWS Group, Inc.		1,950		42,159
Technology Investment Capital Corp.		100		1,579
Us Global Investors Inc.		700		15,869
WP Carey & Co., LLC		1,200		37,740
				1,061,583
CHEMICALS – 3.5%
Albemarle Corp.		3,400		131,002
Cabot Corp.		2,900		138,272
Calgon Carbon Corp.*		4,400		51,040
Celanese Corp.		4,000		155,120
CF Industries Holdings, Inc.		5,200		311,428
Ferro Corp.		9,200		229,356
Fuller H B Co.		5,600		167,384
Hercules, Inc.*		15,800		310,470
Innophos Holdings, Inc.		2,000		28,600
Innospec, Inc.		800		47,368
International Flavors & Fragrances, Inc.		1,000		52,140
Koppers Holdings, Inc.		1,900		63,992
Landec Corp.*		2,000		26,800
LSB Industries, Inc.*		900		19,242
Lubrizol Corp.		2,700		174,285
Lyondell Chemical Co.		4,600		170,752
Minerals Technologies, Inc.		1,300		87,035
Nalco Holding Co.		5,600		153,720
NewMarket Corp.		1,000		48,370

See Notes to Financial Statements.

43

OPPENHEIMER MAIN STREET SMALL CAP FUND

PORTFOLIO OF INVESTMENTS (Continued) June 30, 2007 (Unaudited) Sun Capital Advisers Trust

	Country Code	Shares	Value
Olin Corp.		4,600	$	96,600
OM Group, Inc.*		700		37,044
Pioneer Cos., Inc.*		1,400		48,118
PolyOne Corp.*		6,800		48,892
Rockwood Holdings, Inc.*		6,300		230,265
Schulman A, Inc.		500		12,165
Sensient Technologies Corp.		13,400		340,226
Spartech Corp.		10,300		273,465
Stepan Chemical Co.		500		15,140
Terra Industries, Inc.*		10,800		274,536
Tronox, Inc.		3,500		50,330
Tronox, Inc.		500		7,025
Valhi, Inc.		3,100		50,530
Valspar Corp.		3,700		105,117
WR Grace & Co.*		14,000		342,860
				4,298,689
COMMERCIAL BANKS – 1.1%
Amcore Financial, Inc.		300		8,697
Bancorpsouth, Inc.		1,100		26,906
Bankfinancial Corp.		200		3,090
Central Pacific Financial Corp.		1,200		39,612
Citizens Banking Corp.		3,600		65,880
City Holding Co.		900		34,497
Colonial Bancgroup, Inc./the		800		19,976
Columbia Banking Systems, Inc.		100		2,925
Comerica, Inc.		3,300		196,251
First BanCorp- Puerto Rico		800		8,792
First Citizens BancShares, Inc.		100		19,440
First Security Group, Inc.		2,000		21,600
FirstMerit Corp.		2,700		56,511
FNB Corp.		6,800		113,832
Frontier Financial Corp.		150		3,379
Greater Bay Bancorp		3,300		91,872
Hanmi Financial Corp.		2,100		35,826
Huntington Bancshares, Inc.		6,500		147,810

	Country Code	Shares	Value
International Bancshares Corp.		530	$	13,579
Intervest Bancshares Corp.		400		11,264
National Penn Bancshares, Inc.		1,736		28,956
Oriental Financial Group		100		1,091
Park National Corp.		700		59,353
Porter Bancorp, Inc.		300		6,828
Preferred Bank		400		16,000
Republic Bancorp, Inc.		215		3,567
Southwest Bancorp, Inc.		100		2,404
SVB Financial Group*		4,800		254,928
TCF Financial Corp.		1,000		27,800
Texas Capital Bancshares Inc*		200		4,470
UMB Financial Corp.		1,200		44,244
WesBanco, Inc.		400		11,800
				1,383,180
COMMERCIAL SERVICES & SUPPLIES – 6.3%
ABM Industries, Inc.		12,500		322,625
Acco Brands Corp.*		12,200		281,210
Administaff, Inc.		7,500		251,175
Angelica Corp.		100		2,108
Bowne & Co., Inc.		2,400		46,824
Cdi Corp.		1,900		61,180
Cenveo, Inc.*		6,400		148,416
Clean Harbors, Inc.*		800		39,536
Comfort Systems USA, Inc.		3,300		46,794
COMSYS IT Partners, Inc.*		3,400		77,554
Consolidated Graphics, Inc.*		4,200		290,976
Cornell Cos., Inc.*		500		12,280
D & B Corp.		100		10,298
Deluxe Corp.		11,100		450,771
Diamond Management & Technology Consultants, Inc.		3,000		39,600
Ennis, Inc.		2,000		47,040
Exponent, Inc.*		2,100		46,977
First Consulting Group, Inc.*		800		7,600

See Notes to Financial Statements.

44

OPPENHEIMER MAIN STREET SMALL CAP FUND

PORTFOLIO OF INVESTMENTS (Continued) June 30, 2007 (Unaudited) Sun Capital Advisers Trust

	Country Code	Shares	Value
FTI Consulting, Inc.*		2,000	$	76,060
Geo Group, Inc.*		1,500		43,650
Healthcare Services Group, Inc.		400		11,800
Heidrick & Struggles International, Inc.*		5,900		302,316
HNI Corp.		1,300		53,300
Hudson Highland Group, Inc.*		2,300		49,197
IHS, Inc.*		3,300		151,800
IKON Office Solutions, Inc.		26,700		416,787
Interface, Inc.		7,400		139,564
Kelly Services, Inc.		1,600		43,936
Kforce, Inc.*		800		12,784
Knoll, Inc.		13,700		306,880
Korn / Ferry International*		14,600		383,396
Labor Ready, Inc.*		16,400		379,004
M&F Worldwide Corp.*		300		19,974
Manpower, Inc.		2,400		221,376
Mcgrath Rentcorp.		400		13,476
Miller Herman, Inc.		4,100		129,560
PHH Corp.*		5,100		159,171
Pike Electric Corp.*		2,000		44,760
Republic Services, Inc.		5,900		180,776
Resources Global Professionals*		1,200		39,816
Rollins, Inc.		4,800		109,296
RR Donnelley & Sons Co.		4,900		213,199
RSC Holdings, Inc.*		7,000		140,000
Spherion Corp.*		5,900		55,401
Steelcase, Inc.		5,900		109,150
Taleo Corp.*		1,700		38,301
Team, Inc.*		1,000		44,970
Teletech Holdings, Inc.*		4,000		129,920
Tetra Tech, Inc.*		14,400		310,320
United Stationers, Inc.*		5,600		373,184
Viad Corp.		8,000		337,360
Volt Information Sciences, Inc.*		3,750		69,150
Waste Connections, Inc.*		3,200		96,768

	Country Code	Shares	Value
Waste Industries USA, Inc.		600	$	20,484
Watson Wyatt Worldwide, Inc.		8,500		429,080
				7,838,930
COMMUNICATIONS EQUIPMENT – 3.1%
3Com Corp.*		7,200		29,736
ADC Telecommunications Inc*		1,200		21,996
Adtran, Inc.		15,700		407,729
Anaren, Inc.*		2,100		36,981
Andrew Corp.*		8,200		118,408
Arris Group, Inc.*		27,000		474,930
Avaya, Inc.*		10,200		171,768
Bel Fuse, Inc.		700		25,886
Bigband Networks, Inc.*		500		6,555
C-Cor.net Corp.*		3,600		50,616
CommScope, Inc.*		4,300		250,905
Comtech Group Inc*		500		8,255
Comtech Telecommunications*		7,600		352,792
Digi International, Inc.*		400		5,896
Ditech Networks, Inc.*		2,700		22,113
Dycom Industries, Inc.*		10,600		317,788
EMS Technologies, Inc.*		1,700		37,502
Extreme Networks, Inc.*		9,400		38,070
Foundry Networks, Inc.*		9,200		153,272
Infinera Corp*		3,400		84,728
Inter-Tel, Inc.		200		4,786
Interdigital Communications Corp.*		11,000		353,870
Loral Space & Communications, Inc.*		1,400		68,992
Netgear, Inc.*		8,100		293,625
Network Equipment Technologies, Inc.*		2,100		20,034

See Notes to Financial Statements.

45

OPPENHEIMER MAIN STREET SMALL CAP FUND

PORTFOLIO OF INVESTMENTS (Continued) June 30, 2007 (Unaudited) Sun Capital Advisers Trust

	Country Code	Shares	Value
Oplink Communications, Inc.*		1,700	$	25,500
Performance Technologies, Inc.*		700		3,164
Plantronics, Inc.		3,600		94,392
Polycom, Inc.*		900		30,240
Sonus Networks, Inc.*		26,000		221,520
Starent Networks Corp*		2,110		31,017
Utstarcom, Inc.*		11,200		62,832
Viasat, Inc.*		2,200		70,620
				3,896,518
COMPUTERS & PERIPHERALS – 0.8%
Avid Technology, Inc.*		900		31,815
Brocade Communications Systems, Inc.*		7,400		57,868
Data Domain, Inc.*		1,050		24,150
Eletronics for Imaging, Inc.*		9,500		268,090
Emulex Corp.*		8,400		183,456
Hypercom Corp.*		4,600		27,186
Immersion Corp*		200		2,996
Novatel Wireless, Inc.*		3,000		78,060
Palm, Inc.*		3,900		62,439
PROS Holdings, Inc.*		4,800		62,880
Stratasys, Inc.*		900		42,282
Western Digital Corp.*		5,300		102,555
				943,777
CONSTRUCTION & ENGINEERING – 1.3%
Aecom Technology Corp.*		4,200		104,202
Chicago Bridge & Iron Co.		3,500		132,090
EMCOR Group, Inc.*		6,900		503,010
Granite Construction, Inc.		1,700		109,106
Infrasource Services, Inc.*		9,000		333,900

	Country Code	Shares	Value
Integrated Electrical Services, Inc.*		900	$	29,673
Jacobs Engineering Group, Inc.*		500		28,755
Perini Corp.*		6,000		369,180
Washington Group International, Inc.*		600		48,006
				1,657,922
CONSUMER FINANCE – 0.7%
Advance America Cash Advance Centers, Inc.		3,300		58,542
Advanta Corp.		9,600		298,944
AmeriCredit Corp.*		6,100		161,955
Cash America International, Inc.		5,900		233,935
Dollar Financial Corp.*		800		22,800
Ezcorp, Inc.*		2,600		34,424
World Acceptance Corp.*		2,300		98,279
				908,879
CONTAINERS & PACKAGING – 0.9%
AEP Industries, Inc.*		700		31,507
Aptargroup, Inc		3,400		120,904
Crown Holdings, Inc.*		2,000		49,940
Greif, Inc.		400		23,844
Myers Industries, Inc.		2,500		55,275
Owens-Ilinois, Inc.*		300		10,500
Packaging Corp of America		3,700		93,647
Pactiv Corp.*		4,900		156,261
Rock-Tenn Co.		10,400		329,888
Silgan Holdings, Inc.		2,500		138,200
Sonoco Products Co.		3,600		154,116
				1,164,082
DISTRIBUTORS – 0.0%
Keystone Automotive Industries, Inc.*		300		12,411
DIVERSIFIED CONSUMER SERVICES – 1.8%
Coinstar, Inc.*		7,300		229,804
CPI Corp.		600		41,700
DeVry, Inc.		11,100		377,622

See Notes to Financial Statements.

46

OPPENHEIMER MAIN STREET SMALL CAP FUND

PORTFOLIO OF INVESTMENTS (Continued) June 30, 2007 (Unaudited) Sun Capital Advisers Trust

	Country Code	Shares	Value
INVESTools, Inc.*		1,400	$	13,944
ITT Educational Services, Inc.*		1,200		140,856
Jackson Hewitt Tax Service, Inc.		3,700		104,007
Matthews International Corp		200		8,722
Pre-Paid Legal Services, Inc.*		1,600		102,896
Regis Corp.		8,100		309,825
Service Corp International		3,400		43,452
Sotheby’s Holdings		3,500		161,070
Steiner Leisure, Ltd.*		2,300		112,976
Stewart Enterprises, Inc.		13,200		102,828
Strayer Education, Inc.		3,100		408,301
Vertrue, Inc.*		700		34,146
				2,192,149
DIVERSIFIED FINANCIAL SERVICES – 0.5%
Asset Acceptance Capital Corp.*		1,600		28,320
Asta Funding, Inc.		1,500		57,645
CIT Group, Inc.		500		27,415
International Securities Exchange, Inc.		5,100		333,285
Marketaxess Holdings, Inc.*		1,600		28,784
Portfolio Recovery Associates, Inc.		2,100		126,042
Resource America, Inc.		600		12,366
				613,857
DIVERSIFIED TELECOMMUNICATION SERVICES – 1.8%
Alaska Communications Systems, Inc.		4,000		63,360
Atlantic Tele-network, Inc.		600		17,184
Cbeyond, Inc.*		6,900		265,719
CenturyTel, Inc.		3,700		181,485
Cincinnati Bell, Inc.*		70,900		409,802
Citizens Banking Corp.		10,976		167,604
Cogent Communications Group, Inc.*		12,100		361,427

	Country Code	Shares	Value
Consolidated Communications Holdings, Inc.		2,400	$	54,240
CT Communications, Inc.		1,900		57,969
Embarq Corp.		3,600		228,132
General Communication, Inc.*		3,500		44,835
Golden Telecom, Inc.		400		22,004
Iowa Telecommunication Services, Inc.		2,800		63,644
North Pittsburgh Systems, Inc.		200		4,250
Ntelos Holdings Corp		1,600		44,224
Paetec Holding Corp.*		5,000		56,450
Premiere Global Services, Inc.*		14,100		183,582
				2,225,911
ELECTRIC UTILITIES – 0.9%
Allete, Inc.		2,000		94,100
Central Vermont Public Service Corp.		500		18,840
El Paso Electric Co.*		11,900		292,264
Idacorp, Inc.		4,000		128,160
Otter Tail Corp.		2,900		93,003
Portland General Electric Co.		1,500		41,160
UIL Holdings Corp.		399		13,207
Unisource Energy Corp		9,800		322,322
Westar Energy, Inc.		3,600		87,408
				1,090,464
ELECTRICAL EQUIPMENT – 1.5%
Acuity Brands, Inc.		3,800		229,064
AuthenTec, Inc.*		3,800		39,330
Azz, Inc.*		1,000		33,650
Baldor Electric Co.		700		34,496
Belden CDT, Inc.		3,959		219,131
EnerSys*		2,600		47,580
Genlyte Group, Inc.*		800		62,832
GrafTech International, Ltd.*		26,000		437,840
II-VI, Inc.*		3,600		97,812

See Notes to Financial Statements.

47

OPPENHEIMER MAIN STREET SMALL CAP FUND

PORTFOLIO OF INVESTMENTS (Continued) June 30, 2007 (Unaudited) Sun Capital Advisers Trust

	Country Code	Shares	Value
Powell Industries, Inc.*		200	$	6,352
The Lamson & Sessions Co.*		1,200		31,884
Thomas & Betts Corp.*		2,600		150,800
Vicor Corp.		900		11,907
Woodward Governor Co.		7,500		402,525
				1,805,203
ELECTRONIC EQUIPMENT & INSTRUMENTS – 1.8%
Acacia Research – Acacia Technologies*		3,800		61,408
Aeroflex, Inc.*		1,900		26,923
Agilysys, Inc.		2,700		60,750
Arrow Financial Corp.*		3,700		142,191
Avnet, Inc.*		4,300		170,452
AVX Corp.		3,000		50,220
Checkpoint Systems, Inc.*		2,900		73,225
Cognex Corp.		3,900		87,789
CPI International, Inc.*		900		17,847
CTS Corp.		2,800		35,448
Dolby Laboratories, Inc.*		800		28,328
Echelon Corp*		300		4,689
Excel Technology, Inc.*		500		13,970
Faro Technologies, Inc.*		1,300		41,418
Flir Systems, Inc.*		1,200		55,500
Insight Enterprises, Inc.*		5,100		115,107
Littelfuse, Inc.*		7,500		253,275
Lojack Corp*		1,500		33,435
Methode Electronics, Inc.		3,400		53,210
Mettler Toledo International, Inc.*		1,500		143,265
MTS Technologies, Inc.		1,400		62,538
National Instruction Corp.		1,600		52,112
OYO Geospace Corp.*		400		29,676

	Country Code	Shares	Value
Park Electrochemical Corp.		2,000	$	56,360
Pc Connection, Inc.*		1,800		23,832
Rofin-Sinar Technologies, Inc.*		5,000		345,000
Rogers Corp.*		100		3,700
Smart Modular Technologies, Inc.*		1,900		26,144
SYNNEX Corp.*		500		10,305
Technitrol, Inc.		3,100		88,877
Tektronix, Inc.		600		20,244
Vishay Intertechnology, Inc.*		1,600		25,312
X-ritem, Inc.		100		1,477
Zygo Corp.*		1,100		15,719
				2,229,746
ENERGY EQUIPMENT & SERVICES – 1.8%
Atwood Oceanics, Inc.*		2,300		157,826
Dawson Geophysical Co.*		700		43,022
Dresser-rand Group Inc*		1,200		47,400
Ensco International, Inc.		600		36,606
Ensign Energy Services, Inc.	CA	1,700		30,373
Global Industries, Inc.*		6,700		179,694
Grey Wolf, Inc.*		32,200		265,328
Gulfmark Offshore, Inc.*		5,200		266,344
Hercules Offshore, Inc.*		7,000		226,660
Input/Output, Inc.*		4,100		64,001
Leader Energy Services, Ltd. (1)*	CA	12,600		8,886
Lufkin Industries, Inc.		400		25,820
Matrix Service Co.*		2,100		52,185
NATCO Group, Inc.*		1,600		73,664
Newpark Resources*		2,500		19,375
North American Energy Partners, Inc.*		300		6,078
Oil States International, Inc.*		4,200		173,628

See Notes to Financial Statements.

48

OPPENHEIMER MAIN STREET SMALL CAP FUND

PORTFOLIO OF INVESTMENTS (Continued) June 30, 2007 (Unaudited) Sun Capital Advisers Trust

	Country Code	Shares	Value
Parker Drilling Co.*		7,000	$	73,780
Patterson-UTI Energy, Inc.		400		10,484
Superior Offshore International, Inc.*		1,500		27,300
T-3 Energy Services, Inc.*		700		23,415
Technicoil Corp.*	CA	16,600		15,454
Tidewater, Inc.		2,600		184,288
Todco*		800		37,768
Trican Well Service, Ltd.	CA	1,200		24,475
Trico Marine Services, Inc.*		1,700		69,496
Universal Compression Holdings, Inc.*		1,700		123,199
				2,266,549
FOOD & STAPLES RETAILING – 0.7%
Arden Group, Inc.		200		27,280
BJ’s Wholesale Club, Inc.*		2,800		100,884
Casey’s General Stores, Inc.		3,800		103,588
Central European Distribution Corp.*		200		6,924
Ingles Markets, Inc.		3,400		117,130
Longs Drug Stores Corp.		3,463		181,877
Nash Finch Co.		1,500		74,250
Pathmark Stores, Inc.*		200		2,592
Performance Food Group Co.*		7,900		256,671
Spartan Stores, Inc.		1,400		46,074
Topps Co., Inc./ the		200		2,102
Wild Oats Markets, Inc.*		800		13,408
				932,780
FOOD PRODUCTS – 1.0%
Cal-maine Foods, Inc.		1,400		22,932
Corn Products International, Inc.		500		22,725
Dean Foods Co.		4,500		143,415
Flowers Foods, Inc.		8,200		273,552
Fresh Del Monte Produce, Inc.		2,800		70,140

	Country Code	Shares	Value
Hain Celestial Group, Inc.*		300	$	8,142
Imperial Sugar Co.		1,600		49,264
J & J Snack Foods Corp.		700		26,418
Jm Smucker Co./ the		2,400		152,784
Lance Inc		300		7,068
Ralcorp Holdings, Inc.*		3,500		187,075
Reddy Ice Holdings, Inc.		1,700		48,484
Seaboard Corp.		50		117,250
Tyson Foods, Inc.		5,200		119,808
				1,249,057
GAS UTILITIES – 1.4%
Atmos Energy Corp.		4,700		141,282
Cascade Natural Gas Corp.		100		2,641
New Jersey Resources Corp.		6,100		311,222
Nicor, Inc.		3,500		150,220
Northwest Natural Gas Co.		4,800		221,712
Oneok, Inc.		3,700		186,517
South Jersey Industries, Inc.		3,200		113,216
Southwest Gas Corp.		7,000		236,670
UGI Corp.		3,959		108,002
WGL Holdings, Inc.		8,300		270,912
				1,742,394
HEALTH CARE EQUIPMENT & SUPPLIES – 1.8%
Advanced Medical Optics, Inc.*		3,600		125,568
Align Technology, Inc.*		2,600		62,816
Analogic Corp.		900		66,159
Cholestech Corp.*		800		17,592
Conmed Corp.*		6,400		187,392
Cynosure, Inc.*		400		14,572
Dade Behring Holdings, Inc.		3,400		180,608
Datascope Corp.		900		34,452
Edwards Lifesciences Corp.*		3,000		148,020
Greatbatch, Inc.*		2,600		84,240
Hologic, Inc.*		500		27,655
Immucor, Inc.*		13,250		370,602

See Notes to Financial Statements.

49

OPPENHEIMER MAIN STREET SMALL CAP FUND

PORTFOLIO OF INVESTMENTS (Continued) June 30, 2007 (Unaudited) Sun Capital Advisers Trust

	Country Code	Shares	Value
Integra Lifesciences Holdings Corp.*		900	$	44,478
Kinetic Concepts, Inc.*		2,600		135,122
Mentor Corp.		1,200		48,816
Meridian Bioscience, Inc.		2,250		48,735
Quidel Corp.*		2,000		35,120
STERIS Corp.		9,400		287,640
Tomotherapy Inc*		1,300		28,496
West Pharmaceutical Services, Inc.		5,000		235,750
				2,183,833
HEALTH CARE PROVIDERS & SERVICES – 3.7%
Air Methods Corp.*		1,300		47,671
Alliance Imaging, Inc.*		5,400		50,706
American Dental Partners, Inc.*		800		20,776
AmerisourceBergen Corp.		3,900		192,933
Apria Healthcare Group, Inc.*		12,900		371,133
Centene Corp.*		4,200		89,964
Chemed Corp.		7,000		464,030
Community Health Systems, Inc.*		3,000		121,350
Corvel Corp.*		1,200		31,368
Coventry Health Care, Inc.*		3,200		184,480
Cross Country Healthcare, Inc.*		1,100		18,348
Cryolife, Inc.*		1,900		24,719
Emergency Medical Services LP*		5,200		203,476
Genesis HealthCare Corp.*		1,000		68,420
Hanger Orthopedic Group, Inc.*		500		5,400
Health Net, Inc.*		3,400		179,520
Healthextras Inc*		3,400		100,572
Healthspring, Inc.*		13,800		263,028
Humana, Inc.*		3,100		188,821
inVentiv Health, Inc.*		400		14,644
Kindred Healthcare, Inc.*		10,900		334,848

	Country Code	Shares	Value
Laboratory Corp of America Holdings*		2,200	$	172,172
Landauer, Inc.		800		39,400
LCA- Vision, Inc.		6,000		283,560
Lifepoint Hospitals, Inc.*		1,700		65,756
Matria Healthcare, Inc.*		700		21,196
Medcath Corp.*		2,500		79,500
Molina Healthcare, Inc.*		6,500		198,380
National Healthcare Corp.		200		10,320
Nighthawk Radiology Holdings, Inc.*		1,300		23,465
Option Care, Inc.		400		6,160
PSS World Medical, Inc.*		11,300		205,886
Sierra Health Services, Inc.*		400		16,632
Skilled Healthcare Group, Inc.*		4,700		72,897
Sunrise Senior Living, Inc.*		5,800		231,942
WellCare Health Plan, Inc.*		1,600		144,816
				4,548,289
HEALTH CARE TECHNOLOGY – 0.2%
Hlth Corp.*		5,800		81,258
Omnicell, Inc.*		3,100		64,418
Phase Forward, Inc.*		3,600		60,588
				206,264
HOTELS RESTAURANTS & LEISURE – 3.1%
AFC Enterprises*		2,700		46,683
Ambassadors Group, Inc.		1,400		49,742
Ameristar Casinos, Inc.		4,800		166,752
Applebees International, Inc.		11,200		269,920
Bally Technologies, Inc.*		3,000		79,260
Bob Evans Farms, Inc.		10,500		386,925
Brinker International, Inc.		4,300		125,861

See Notes to Financial Statements.

50

OPPENHEIMER MAIN STREET SMALL CAP FUND

PORTFOLIO OF INVESTMENTS (Continued) June 30, 2007 (Unaudited) Sun Capital Advisers Trust

	Country Code	Shares	Value
Buffalo Wild Wings, Inc.*		2,000	$	83,180
California Pizza Kitchen, Inc.*		1,750		37,590
CBRL Group, Inc.		7,396		314,182
CEC Entertainment, Inc.*		6,800		239,360
CKE Restaurants, Inc.		12,000		240,840
Darden Restaurants, Inc.		3,700		162,763
Dennys Corp.*		10,800		48,060
Domino’s Pizza, Inc.		12,600		230,202
Dover Downs Gaming & Entertainment, Inc.		350		5,254
Ihop Corp.		6,100		332,023
Jack In The Box, Inc.*		3,800		269,572
Luby’s Cafeterias, Inc.*		1,900		18,354
McCormick & Schmicks Seafood*		1,600		41,504
Monarch Casino & Resort, Inc.*		1,600		42,960
MTR Gaming Group, Inc.*		200		3,080
O’Charley’s, Inc.		2,300		46,368
Premier Exhibitions, Inc.*		1,100		17,336
Ruby Tuesday, Inc.		4,100		107,953
Speedway Motorsports, Inc.		600		23,988
Vail Resorts, Inc.*		2,800		170,436
Wendy’s International, Inc.		4,700		172,725
WMS Industries, Inc.*		825		23,809
Wyndham Worldwide Corp.*		2,600		94,276
				3,850,958
HOUSEHOLD DURABLES – 1.6%
American Greetings Corp.		14,000		396,620
Avatar Holdings, Inc.*		500		38,470
Black & Decker Corp		1,000		88,310
Blyth, Inc.		6,400		170,112

	Country Code	Shares	Value
Champion Enterprises, Inc.*		8,500	$	83,555
CSS Industries, Inc.		400		15,844
Helen Of Troy, Ltd.*		1,500		40,500
Hooker Furniture Corp.		600		13,464
Kimball International, Inc.		6,400		89,664
La Z Boy, Inc.		3,500		40,110
Leggett & Platt, Inc.		2,300		50,715
Libbey, Inc.		800		17,256
Newell Rubbermaid, Inc.		1,000		29,430
NYR, Inc.*		100		67,975
Ryland Group, Inc.		2,500		93,425
Stanley Furniture Co., Inc.		700		14,378
Tempur-Pedic International, Inc.		13,900		360,010
Tupperware Brands Corp.		12,700		364,998
Universal Electronics, Inc.*		1,000		36,320
				2,011,156
HOUSEHOLD PRODUCTS – 0.3%
Clorox Co.		2,900		180,090
Energizer Holdings, Inc.*		1,900		189,240
WD-40 Co.		900		29,583
				398,913
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS – 0.3%
Canadian Hydro Developers, Inc.*	CA	7,800		45,401
Mirant Corp.*		1,400		59,710
NRG Energy, Inc.*		5,600		232,792
				337,903
INDUSTRIAL CONGLOMERATES – 0.2%
Raven Industries Inc		200		7,142
Sequa Corp.*		1,100		123,200
Standex International Corp		200		5,688
Teleflex, Inc.		400		32,712
Tredegar Corp.		3,600		76,680
				245,422

See Notes to Financial Statements.

51

OPPENHEIMER MAIN STREET SMALL CAP FUND

PORTFOLIO OF INVESTMENTS (Continued) June 30, 2007 (Unaudited) Sun Capital Advisers Trust

	Country Code	Shares	Value
INSURANCE – 6.6%
Affirmative Insurance Holdings, Inc.		500	$	7,625
Alfa Corp.		800		12,456
Allied World Assurance Holdings, Ltd.		1,400		71,750
Ambac Financial Group, Inc.		2,300		200,537
American Equity Investment Life Holding Co.		3,700		44,696
American Financial Group, Inc.		3,600		122,940
American Physicians Capital, Inc.*		1,450		58,725
Amerisafe, Inc.*		1,400		27,482
Amtrust Financial Services, Inc.		4,200		78,918
Arch Cap Group, Ltd.*		300		21,762
Argonaut Group, Inc.		6,000		187,260
Aspen Insurance Holdings, Ltd.		6,600		185,262
Assurant, Inc.		3,400		200,328
Assured Guaranty, Ltd.		4,300		127,108
Bristol West Holdings, Inc.		1,700		38,029
Cincinnati Financial Corp.		1,700		73,780
CNA Surety Corp.*		4,400		83,204
Commerce Group, Inc.		4,100		142,352
Darwin Professional Underwriters, Inc.*		700		17,619
Delphi Financial Group, Inc.		9,350		391,017
Donegal Group, Inc.		533		7,942
EMC Insurance Group, Inc.		700		17,374
Endurance Specialty Holdings Ltd		1,900		76,076
FBL Financial Group, Inc.		2,300		90,436
Fidelity National Title Group, Inc.		7,300		173,010
First American Corp.		2,800		138,600

	Country Code	Shares	Value
FPIC Insurance Group, Inc.*		1,300	$	53,001
Great American Financial Resources, Inc.		200		4,838
Greenlight Capital Re, Ltd.*		200		4,506
Harleysville Group, Inc.		2,500		83,400
Hilb Rogal & Hobbs Co.		3,000		128,580
Horace Mann Educators Corp.		9,200		195,408
Infinity Property & Casualty Corp.		5,600		284,088
IPC Holdings, Ltd.		7,700		248,633
LandAmerica Financial Group, Inc.		4,700		453,503
Markel Corp.*		100		48,456
Max Re Capital, Ltd.		4,100		116,030
MBIA, Inc.		2,900		180,438
Meadowbrook Insurance Group, Inc.*		3,900		42,744
Montpelier Re Holdings, Ltd.		5,600		103,824
National Western Life Insurance Co.		100		25,292
Nationwide Financial Services		2,500		158,050
Nymagic, Inc.		900		36,180
Odyssey Re Holdings Corp.		1,800		77,202
Ohio Casualty Corp.		10,900		472,079
Old Republic International Corp.		300		6,378
PartnerRe, Ltd.		1,600		124,000
Philadelphia Consolidated Holding Co.*		1,000		41,800
Phoenix Cos., Inc.		21,400		321,214
Platinum Underwriters Holdings, Ltd.		4,500		156,375
ProAssurance Corp.*		4,500		250,515
Procentury Corp.		2,000		33,520
Pxre Group, Ltd.*		2,000		9,280
Reinsurance Group of America, Inc.		1,800		108,432
RenaissanceRe Holdings, Ltd.		1,700		105,383

See Notes to Financial Statements.

52

OPPENHEIMER MAIN STREET SMALL CAP FUND

PORTFOLIO OF INVESTMENTS (Continued) June 30, 2007 (Unaudited) Sun Capital Advisers Trust

	Country Code	Shares	Value
RLI Corp.		6,200	$	346,890
Safeco Corp.		3,000		186,780
Safety Insurance Group, Inc.		1,000		41,400
SeaBright Insurance Holdings, Inc.*		2,300		40,204
Security Capital Assurance, Ltd.		2,400		74,088
Selective Insurance Group, Inc.		6,600		177,408
State Auto Financial Corp.		2,300		70,495
The Midland Co.		1,200		56,328
Transatlantic Holdings, Inc.		600		42,678
United America Indemnity, Ltd.*		6,500		161,655
United Fire & Casualty Co.		1,000		35,380
Universal American Financial Corp.*		800		17,024
Zenith National Insurance Corp.		8,500		400,265
				8,120,032
INTERNET & CATALOG RETAIL – 0.8%
1-800-flowers.com, Inc.*		3,100		29,233
Blue Nile, Inc.*		2,300		138,920
Expedia, Inc.*		6,918		202,628
FTD Group, Inc.		2,500		46,025
Gaiam, Inc.*		900		16,407
GSI Commerce, Inc.*		1,800		40,878
PetMed Express Common, Inc.*		600		7,704
Priceline.com, Inc.*		6,200		426,188
Systemax, Inc.		1,700		35,377
Valuevision Media, Inc.*		400		4,528
				947,888
INTERNET SOFTWARE & SERVICES – 1.8%
Asiainfo Holdings, Inc.*		3,600		34,920
Chordiant Software, Inc.*		3,300		51,678
CMGI, Inc.*		113,600		221,520
ComScore, Inc.*		700		16,205

	Country Code	Shares	Value
DealerTrack Holdings, Inc.*		2,100	$	77,364
Earthlink, Inc.*		2,900		21,663
Greenfield Online, Inc.*		400		6,364
Ibasis Inc*		200		2,010
Imergent, Inc.		1,300		31,798
Internet Capital Group, Inc.*		500		6,200
Interwoven, Inc.*		3,900		54,756
j2 Global Communications, Inc.*		10,100		352,490
Limelight Networks Inc*		2,960		58,549
Open Text Corp.*		10,000		217,600
S1 Corp.*		6,600		52,734
SAVVIS, Inc.*		1,740		86,147
SonicWall, Inc.*		4,700		40,373
Techtarget Inc*		1,070		13,750
TheStreet.com, Inc.		2,600		28,288
Travelzoo, Inc.*		700		18,613
United Online, Inc.		22,800		375,972
Valueclick, Inc.*		5,700		167,922
VeriSign, Inc.*		6,200		196,726
Vignette Corp.*		3,000		57,480
Websense, Inc.*		4,500		95,625
				2,286,747
IT SERVICES – 2.5%
Acxiom Corp.		4,100		108,445
Alliance Data Systems Corp.*		1,400		108,192
Authorize.net Holdings, Inc.*		3,900		69,771
Broadridge Financial Solutions, Inc.		4,100		78,392
Ceridian Corp.*		757		26,495
Ciber, Inc.*		5,600		45,808
Computer Sciences Corp.*		3,700		218,855
Convergys Corp.*		5,800		140,592
Covansys Corp.*		7,100		240,903
CSG Systems International, Inc.*		13,600		360,536
Efunds Corp.*		1,200		42,348
Enernoc, Inc.*		300		11,439
Fiserv, Inc.*		4,000		227,200
Forrester Research, Inc.*		1,500		42,195

See Notes to Financial Statements.

53

OPPENHEIMER MAIN STREET SMALL CAP FUND

PORTFOLIO OF INVESTMENTS (Continued) June 30, 2007 (Unaudited) Sun Capital Advisers Trust

	Country Code	Shares	Value
Gartner, Inc.*		3,100	$	76,229
infoUSA, Inc.		300		3,066
Mantech International Corp.*		6,300		194,229
MPS Group, Inc.*		15,600		208,572
NCI, Inc.*		1,600		26,832
Perot Systems Corp.*		11,900		202,776
Safeguard Scientifics, Inc.*		6,800		19,108
SAIC, Inc.*		3,900		70,473
Sapient Corp.*		3,200		24,736
SYKES Enterprises, Inc.*		3,100		58,869
Syntel, Inc.		3,600		109,404
The BISYS Group, Inc.*		18,400		217,672
TNS, Inc.		100		1,441
Total System Services, Inc.		3,300		97,383
Wright Express Corp.*		1,300		44,551
				3,076,512
LEISURE EQUIPMENT & PRODUCTS – 0.8%
Brunswick Corp.		3,800		123,994
Hasbro, Inc.		5,300		166,473
Jakks Pacific, Inc.*		2,500		70,350
K2, Inc.*		900		13,671
Mattel, Inc.		6,800		171,972
Nautilus, Inc.		3,100		37,324
Polaris Industries, Inc.		4,800		259,968
RC2 Corp.*		2,800		112,028
Steinway Musical Instruments, Inc.		800		27,672
Sturm Ruger & Co., Inc.*		2,600		40,352
				1,023,804
LIFE SCIENCES TOOLS & SERVICES – 1.2%
Bio-Rad Laboratories, Inc.*		600		45,342
Bruker BioSciences Corp.*		2,200		19,822
Dionex Corp.*		3,300		234,267
eResearch Technology, Inc.*		400		3,804
Invitrogen Corp.*		2,200		162,250

	Country Code	Shares	Value
Parexel International Corp.*		2,700	$	113,562
PerkinElmer, Inc.		5,400		140,724
PharmaNet Development Group, Inc.*		2,000		63,760
Varian, Inc.*		7,300		400,259
Ventana Medical Systems, Inc.*		3,800		293,626
				1,477,416
MACHINERY – 3.5%
Accuride Corp.*		3,500		53,935
AGCO Corp.*		1,100		47,751
American Railcar Industries, Inc.		900		35,100
Ampco-Pittsburgh Corp.		1,300		52,117
Astec Industries, Inc.*		2,000		84,440
Blount International, Inc.*		200		2,616
Cascade Bancorp		1,100		86,284
CIRCOR International, Inc.		900		36,387
Clarcor, Inc.		800		29,944
Columbus Mckinnon Corp.*		900		28,980
Cummins, Inc.		2,600		263,146
EnPro Industries, Inc.*		800		34,232
Freightcar America, Inc.		800		38,272
Gardner Denver, Inc.*		5,200		221,260
Gorman-rupp Co.		200		6,372
Hardinge, Inc.		600		20,418
Hurco Cos., Inc.*		700		34,986
Kadant, Inc.*		1,900		59,280
Kaydon Corp.		6,000		312,720
Lydall, Inc.*		200		2,922
Manitowoc, Inc.		1,600		128,608
Mccoy Corp. (1)	CA	6,200		32,065
Middleby Corp.*		4,700		281,154
Miller Industries, Inc.*		200		5,020
Mueller Industries, Inc.		2,700		92,988

See Notes to Financial Statements.

54

OPPENHEIMER MAIN STREET SMALL CAP FUND

PORTFOLIO OF INVESTMENTS (Continued) June 30, 2007 (Unaudited) Sun Capital Advisers Trust

	Country Code	Shares	Value
NACCO Industries, Inc.		1,600	$	248,784
Navistar International Corp., Inc.*		1,900		125,400
Nordson Corp.		3,500		175,560
Pall Corp.		4,300		197,757
RBC Bearings, Inc.*		1,400		57,750
Robbins & Myers, Inc.		1,500		79,695
SPX Corp.		2,000		175,620
Sun Hydraulics, Inc.		700		34,475
Tecumseh Products Co*		500		7,855
Tennant Co.		600		21,900
Terex Corp.*		1,300		105,690
Titan International, Inc.		1,800		56,898
Toro Co.		3,200		188,448
Valmont Industries, Inc.		5,200		378,352
Wabash National Corp.		3,300		48,279
Wabtec Corp.		11,100		405,483
				4,298,943
MARINE – 0.3%
Eagle Bulk Shipping, Inc.		900		20,169
Excel Maritime Carriers, Ltd.		1,300		32,734
Genco Shipping & Trading, Ltd.		800		33,008
Horizon Lines, Inc.		8,500		278,460
				364,371
MEDIA – 2.6%
Arbitron, Inc.		6,100		314,333
Belo Corp.		9,400		193,546
Carmike Cinemas, Inc.		400		8,784
Catalina Marketing Corp.		500		15,750
Citadel Broadcasting Corp.		2,900		18,705
Cox Radio, Inc.*		10,300		146,672
Cumulus Media, Inc.*		3,500		32,725
Dg Fastchannel, Inc.*		800		16,304

	Country Code	Shares	Value
Dreamworks Animation Skg, Inc.*		4,400	$	126,896
Entravision Communications Corp.*		22,100		230,503
Gemstar-tv Guide International, Inc.*		28,200		138,744
Getty Images, Inc.*		3,000		143,430
Global Sources, Ltd.*		2,500		56,750
Gray Television Inc		700		6,489
Harris Interactive, Inc.*		3,000		16,050
Idearc, Inc.		3,700		130,721
Interactive Data Corp		200		5,356
Jon Wiley & Sons, Inc.		1,000		48,290
Journal Communications, Inc.		5,400		70,254
Knology, Inc.*		1,300		22,581
Lee Enterprises, Inc.		3,800		79,268
Lin TV Corp.*		6,300		118,503
Live Nation, Inc.*		4,000		89,520
Marvel Entertainment, Inc.*		5,200		132,496
Mediacom Communications Corp.*		12,700		123,063
Meredith Corp.		2,000		123,200
Nexstar Broadcasting Group, Inc.*		500		6,570
Regal Entertainment Group		3,300		72,369
RH Donnelley Corp.*		1,600		121,248
Scholastic Corp.*		3,700		132,978
Sinclair Broadcast Group, Inc.		21,100		300,042
Tribune Co.		2,403		70,648
Westwood One, Inc.		2,600		18,694
World Wrestling Entertainment, Inc.		2,400		38,376
				3,169,858
METALS & MINING – 2.5%
AK Steel Holding Corp.*		2,300		85,951

See Notes to Financial Statements.

55

OPPENHEIMER MAIN STREET SMALL CAP FUND

PORTFOLIO OF INVESTMENTS (Continued) June 30, 2007 (Unaudited) Sun Capital Advisers Trust

	Country Code	Shares	Value
Amerigo Resources, Ltd.	CA	20,800	$	54,374
Brush Engineered Materials, Inc.*		2,500		104,975
Castle AM Co.		700		25,137
Century Aluminum Co.*		7,070		386,234
Chaparral Steel Co.		2,600		186,862
Cleveland-Cliffs, Inc.		3,100		240,777
Compass Minerals International, Inc .		7,900		273,814
Farallon Resources, Ltd.*	CA	20,100		14,553
Fnx Mining Co Inc*	CA	120		3,658
Haynes International Inc*		200		16,886
Hecla Mining Co.*		32,300		275,842
Inmet Mining Corp.	CA	200		15,497
Metal Management, Inc.		7,800		343,746
Quanex Corp.		6,200		301,940
Schnitzer Steel Industries, Inc.		7,100		340,374
Steel Dynamics, Inc.		3,780		158,420
Universal Stainless & Alloy*		500		17,615
Worthington Industries, Inc.		14,200		307,430
				3,154,085
MULTI-UTILITIES – 0.8%
Avista Corp.		10,400		224,120
Black Hills Corp.		7,200		286,200
Centerpoint Energy, Inc.		9,000		156,600
CH Energy Group, Inc.		400		17,988
Dte Energy Co		900		43,398
Energy East Corp.		1,100		28,699
Nisource, Inc.		7,100		147,041
PNM Resources, Inc.		900		25,011
Vectren Corp		1,900		51,167
				980,224
MULTILINE RETAIL – 0.7%
99 Cents Only Stores*		4,900		64,239
Big Lots, Inc.*		6,600		194,172
Conn’s, Inc.*		500		14,280

	Country Code	Shares	Value
Dillard’s, Inc.		2,835	$	101,862
Dollar Tree Stores, Inc.*		4,800		209,040
Family Dollar Stores, Inc.		5,400		185,328
Fred’s, Inc.		2,800		37,464
Saks, Inc.		3,700		78,995
				885,380
OIL, GAS & CONSUMABLE FUELS – 2.8%
Alon USA Energy, Inc.		5,900		259,659
Alpha Natural Resources, Inc.*		7,000		145,530
Arlington Tankers Ltd		200		5,736
Berry Petroleum Co.		7,300		275,064
Cabot Oil & Gas Corp		300		11,064
Celtic Exploration, Ltd.*	CA	900		12,280
Continental Resources, Inc.*		7,800		124,800
Copano Energy		1,500		64,005
Delek US Holdings, Inc.		3,000		79,950
Delphi Energy Corp.*	CA	2,300		3,958
Frontier Oil Corp.		3,700		161,949
Frontline, Ltd.		2,600		119,210
Galleon Energy, Inc.*	CA	2,050		33,812
General Maritime Corp.		6,300		168,714
Golar Lng, Ltd.		800		13,328
Holly Corp.		2,400		178,056
Jura Energy Corp*	CA	13,900		11,764
Kereco Energy, Ltd.*	CA	920		5,104
Knightsbridge Tankers, Ltd.		1,200		36,612
Mariner Energy, Inc.*		6,200		150,350
Markwest Hydrocarbon, Inc.		600		34,458
Meridian Resource Corp.*		1,000		3,020
Midnight Oil Exploration, Ltd.*	CA	15,100		24,422
Noble Energy, Inc.		1,500		93,585

See Notes to Financial Statements.

56

OPPENHEIMER MAIN STREET SMALL CAP FUND

PORTFOLIO OF INVESTMENTS (Continued) June 30, 2007 (Unaudited) Sun Capital Advisers Trust

	Country Code	Shares	Value
Overseas Shipholding Group, Inc.		2,100	$	170,940
Paramount Resources, Ltd.*	CA	1,900		36,894
Petroleum Development Corp.*		600		28,488
Petroquest Energy, Inc.*		2,500		36,350
Plains Exploration & Production Co.*		1,400		66,934
ProEx Energy, Ltd.*	CA	1,200		16,926
Real Resources, Inc.*	CA	1,300		11,295
Rosetta Resources, Inc.*		6,600		142,164
Ship Finance International, Ltd.		2,100		62,328
Sound Energy Trust	CA	2,300		8,738
Sunoco, Inc.		2,500		199,200
Sure Energy, Inc.*	CA	1,867		2,282
Swift Energy Co.*		200		8,552
Teekay Shipping Corp.		900		52,119
Tesoro Corp.		3,200		182,880
TUSK Energy Corp.*	CA	21,307		39,671
USEC, Inc.*		10,900		239,582
Western Refining, Inc.		2,000		115,600
				3,437,373
PAPER & FOREST PRODUCTS – 0.3%
Bowater, Inc.		5,800		144,710
Buckeye Technologies, Inc.*		4,200		64,974
Mercer International, Inc.*		2,200		22,440
Neenah Paper, Inc.		1,300		53,638
Schweitzer-Mauduit International, Inc.		1,600		49,600
				335,362
PERSONAL PRODUCTS – 0.8%
Alberto Culver		5,800		137,576
Chattem, Inc.*		3,300		209,154
Elizabeth Arden, Inc.*		1,800		43,668
Estee Lauder Cos., Inc./ The		3,200		145,632
Inter Parfums, Inc.		300		7,986
Mannatech, Inc.		1,500		23,835

	Country Code	Shares	Value
NBTY, Inc.*		4,000	$	172,800
Nu Skin Enterprises, Inc.		2,300		37,950
Playtex Products, Inc.*		12,500		185,125
Prestige Brands Holdings, Inc.*		3,200		41,536
				1,005,262
PHARMACEUTICALS – 1.8%
Alpharma, Inc.		10,300		267,903
BioMimetic Therapeutics, Inc.*		2,100		32,823
Bradley Pharmaceuticals, Inc.*		2,100		45,591
Cypress Bioscience, Inc.*		2,700		35,802
Impax Laboratories Inc*		300		3,600
King Pharmaceuticals, Inc.*		7,731		158,176
Kv Pharmaceutical Co.*		7,900		215,196
Medicine Co.*		4,300		75,766
Mgi Pharma Inc*		7,500		167,775
Noven Pharmaceuticals, Inc.*		1,900		44,555
Par Pharmaceutical Cos., Inc.*		9,900		279,477
Perrigo Co.		19,000		372,020
Pozen, Inc.*		2,500		45,175
Salix Pharmaceuticals, Ltd.*		900		11,070
Sciele Pharma, Inc.*		13,700		322,772
Viropharma, Inc.*		8,300		114,540
Vivus Inc*		300		1,569
				2,193,810
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.1%
Jones Lang LaSalle, Inc.		1,300		147,550
Stratus Properties, Inc.*		300		10,350
Thomas Properties Group Inc		100		1,598
				159,498

See Notes to Financial Statements.

57

OPPENHEIMER MAIN STREET SMALL CAP FUND

PORTFOLIO OF INVESTMENTS (Continued) June 30, 2007 (Unaudited) Sun Capital Advisers Trust

	Country Code	Shares	Value
REITS – 2.9%
Acadia Realty Trust		300	$	7,785
Agree Realty Corp.		1,500		46,875
Alesco Financial, Inc.		3,700		30,081
Alexandria Real Estate Equities, Inc.		700		67,774
American Home Mortgage Investment Corp.		400		7,352
Anthracite Capital, Inc.		400		4,680
Arbor Realty Trust, Inc.		1,700		43,877
Ashford Hospitality Trust, Inc.		5,000		58,800
Associated Estates Realty Corp.		700		10,913
BioMed Realty Trust, Inc.		200		5,024
Brandywine Reality Trust		2,300		65,734
Capital Trust, Inc.		800		27,312
CBL & Associates Properties, Inc.		2,300		82,915
Cedar Shopping Centers, Inc.		1,100		15,785
Colonial Properties Trust		500		18,225
Commercial Net Lease Realty		4,300		93,998
Corporate Office Properties Trust		900		36,909
Crescent Real Estate Co.		1,100		24,684
Deerfield Triarc Capital Corp		700		10,241
DiamondRock Hospitality Co.		4,800		91,584
Digital Realty Trust, Inc.		3,100		116,808
Eastgroup Properties, Inc.		700		30,674
Entertainment Properties Trust		1,700		91,426
Equity Inns, Inc.		3,000		67,200
Equity Lifestyle Properties, Inc.		800		41,752
Equity One, Inc.		2,800		71,540

	Country Code	Shares	Value
FelCor Lodging Trust, Inc.		5,000	$	130,150
First Industrial Reality Trust, Inc.		3,700		143,412
Glimcher Realty Trust		600		15,000
Gramercy Capital Corp.		1,300		35,802
Hersha Hospitality Trust		1,200		14,184
Highland Hospitality Corp.		2,900		55,680
Highwoods Properties, Inc.		2,400		90,000
Home Properties, Inc.		700		36,351
Inland Real Estate Corp.		5,000		84,900
Innkeepers USA Trust		1,200		21,276
Jer Investors Trust, Inc.		400		6,000
Kite Realty Group Trust		1,400		26,628
KKR Financial Holdings		2,200		54,802
LaSalle Hotel Properties		1,300		56,446
Lexington Corporate Properties Trust		3,400		70,720
LTC Properties, Inc.		1,600		36,400
Luminent Mortgage Capital, Inc.		900		9,081
Medical Properties Trust, Inc.		600		7,938
Mid America Apartment Communities, Inc.		900		47,232
National Health Investors, Inc.		600		19,032
Nationwide Health Properties, Inc.		6,400		174,080
Newcastle Investment Corp.		2,500		62,675
Omega Healthcare Investors, Inc.		3,800		60,154
Parkway Properties, Inc.		1,100		52,833
Pennsylvania Real Estate Investment		2,800		124,124

See Notes to Financial Statements.

58

OPPENHEIMER MAIN STREET SMALL CAP FUND

PORTFOLIO OF INVESTMENTS (Continued) June 30, 2007 (Unaudited) Sun Capital Advisers Trust

	Country Code	Shares	Value
PS Business Parks, Inc.		1,100	$	69,707
RAIT Investment Trust		2,700		70,254
Ramco Gershenson Properties Trust		1,000		35,930
Realty Income Corp.		5,200		130,988
Redwood Trust, Inc.		700		33,866
Resource Capital Corp.		200		2,796
Saul Centers, Inc.		400		18,140
Senior Housing Properties Trust		5,800		118,030
Sovran Self Storage, Inc.		600		28,896
Spirit Finance Corp.		4,000		58,240
Strategic Hotels & Resorts, Inc.		3,000		67,470
Sunstone Hotel Investors, Inc.		3,200		90,848
Tanger Factory Outlet Centers, Inc.		2,500		93,625
Taubman Centers, Inc.		1,000		49,610
Washington Real Estate Investment Trust		1,600		54,400
Winston Hotels, Inc.		800		12,000
				3,539,648
ROAD & RAIL – 0.7%
Avis Budget Group, Inc.*		5,300		150,679
Con-way, Inc.		2,700		135,648
Dollar Thrifty Automotive Group*		1,800		73,512
Genesee & Wyoming, Inc.*		200		5,968
Kansas City Southern*		3,900		146,406
Laidlaw International, Inc.		3,540		122,307
Landstar Systems, Inc.		2,400		115,800
Redcorp Venture Ltd. (1)	CA	91,400		39,965
Redcorp Venture Ltd. (1)	CA	45,700		881
Saia, Inc.*		1,200		32,712
				823,878

	Country Code	Shares	Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 5.0%
Actel Corp.*		2,300	$	31,993
Advanced Energy Industries, Inc.*		14,700		333,102
AMIS Holdings, Inc.*		16,300		204,076
Amkor Technology, Inc.*		16,700		263,025
Asyst Technologies, Inc.*		3,500		25,305
Atheros Communications, Inc.*		11,300		348,492
ATMI, Inc.*		8,300		249,000
Axcelis Technologies, Inc.*		7,000		45,430
Brooks Automation, Inc.*		17,300		313,995
Cabot Microelectronics Corp.*		700		24,843
Cohu, Inc.		200		4,450
Credence Systems Corp*		3,600		12,960
Cymer, Inc.*		8,600		345,720
Entegris, Inc.*		17,000		201,960
Exar Corp.*		3,400		45,560
Fairchild Semiconductor International, Inc.*		6,400		123,648
FEI Co.*		9,900		321,354
Hittite Microwave Corp.*		2,700		115,371
Intersil Holding Corp.		1,200		37,752
Intevac, Inc.*		2,100		44,646
Kla-Tencor Corp.		1,100		60,445
Kulicke & Soffa Industries, Inc.*		6,384		66,841
Lam Research Corp.*		3,000		154,200
LTX Corp.*		3,529		19,621
Mattson Technology, Inc.*		900		8,730
Micrel, Inc.		28,200		358,704
Microchip Technology Inc		300		11,112
MKS Instruments, Inc.*		13,100		362,870
Monolithic Power Systems, Inc.*		500		8,725

See Notes to Financial Statements.

59

OPPENHEIMER MAIN STREET SMALL CAP FUND

PORTFOLIO OF INVESTMENTS (Continued) June 30, 2007 (Unaudited) Sun Capital Advisers Trust

	Country Code	Shares	Value
National Semiconductor Corp.		8,000	$	226,160
Netlogic Microsystems, Inc.*		1,200		38,208
Novellus Systems, Inc.*		4,800		136,176
ON Semiconductor Corp.*		15,400		165,088
RF Micro Devices, Inc.*		10,400		64,896
Rudolph Technologies Inc*		200		3,322
Semtech Corp*		7,500		129,975
Silicon Storage Technology, Inc.*		9,700		36,181
Sirf Technology Holdings, Inc.*		2,100		43,554
Supertex, Inc.*		800		25,072
Teradyne, Inc.*		8,000		140,640
Tessera Technologies, Inc.*		6,800		275,740
Triquint Semiconductor, Inc.*		5,100		25,806
Varian Semiconductor Equipment, Inc.*		4,500		180,270
Verigy, Ltd.*		10,800		308,988
Xilinx, Inc.		5,600		149,912
Zoran Corp.*		8,100		162,324
				6,256,242
SOFTWARE – 3.7%
Actuate Corp.*		8,800		59,752
Advent Software, Inc.*		1,100		35,805
Ansoft Corp.*		2,700		79,623
Aspen Technology, Inc.*		16,600		232,400
Blackbaud, Inc.		7,800		172,224
Blackboard Inc*		700		29,484
BMC Software, Inc.*		5,835		176,801
Cadence Design Systems, Inc.*		8,400		184,464
Cognos, Inc.*		2,600		103,142
Compuware Corp.*		14,900		176,714
Comverge Inc*		140		4,341
Epicor Software Corp.*		7,200		107,064
Epiq Systems, Inc.*		3,750		60,600
Fair Issac Corp.		4,100		164,492

	Country Code	Shares	Value
FalconStor Software, Inc.*		4,200	$	44,310
i2 Technologies, Inc.*		1,300		24,232
Interactive Intelligence, Inc.*		200		4,120
Jack Henry & Associates, Inc.		7,700		198,275
Magma Design Automation, Inc.*		3,900		54,756
Manhattan Associates, Inc.*		4,700		131,177
McAfee, Inc.*		5,300		186,560
Mentor Graphics Corp.*		20,300		267,351
Micros Systems, Inc.*		2,600		141,440
Microstrategy, Inc.*		2,959		279,596
Opnet Technologies, Inc.*		100		1,151
Parametric Technology Corp.*		11,900		257,159
Quality Systems, Inc.		2,700		102,519
Quest Software, Inc.*		8,900		144,091
Radiant Systems, Inc.*		1,100		14,564
Secure Computing Corp.*		4,500		34,155
SPSS, Inc.*		3,500		154,490
Sybase, Inc.*		5,200		124,228
Synopsys, Inc.*		5,870		155,144
The9, Ltd.*		3,600		166,536
Tibco Software, Inc.*		44,300		400,915
Tyler Technologies, Inc.*		2,600		32,266
Ultimate Software Group, Inc.*		200		5,786
Wind River Systems, Inc.*		4,400		48,400
				4,560,127
SPECIALTY RETAIL – 4.1%
A.C. Moore Arts & Crafts, Inc*		1,800		35,298
Aeropostale, Inc.*		9,800		408,464
American Eagle Outfitters, Inc.		4,550		116,753
AnnTaylor Stores Corp.*		2,700		95,634

See Notes to Financial Statements.

60

OPPENHEIMER MAIN STREET SMALL CAP FUND

PORTFOLIO OF INVESTMENTS (Continued) June 30, 2007 (Unaudited) Sun Capital Advisers Trust

	Country Code	Shares	Value
Asbury Automotive Group, Inc.		10,900	$	271,955
Autozone, Inc.*		1,400		191,268
Big 5 Sporting Goods Corp		800		20,400
Blockbuster, Inc.*		10,800		46,548
Books-A-Million, Inc.		2,300		38,962
Brown Shoe, Inc.		3,720		90,470
Buckle, Inc.		8,550		336,870
Casual Male Retail Group, Inc.*		1,900		19,190
Cato Corp.		700		15,358
Charming Shoppes, Inc.*		5,600		60,648
CSK Auto Corp.*		4,000		73,600
Dress Barn, Inc.*		9,200		188,784
DSW, Inc.*		4,200		146,244
GameStop Corp.*		300		11,730
Genesco, Inc.*		4,100		214,471
Gymboree Corp.*		8,629		340,069
Jo-ann Stores, Inc.*		2,500		71,075
JOS A Bank Clothiers Inc.*		1,100		45,617
Mens Wearhouse, Inc.		2,900		148,103
Midas, Inc.*		1,700		38,539
Monro Muffler, Inc.		800		29,960
Office Depot, Inc.*		2,400		72,720
Payless Shoesource, Inc.*		6,783		214,004
Pep Boys-manny Moe & Jack		3,700		74,592
RadioShack Corp.		5,600		185,584
Rental-A-Center, Inc.*		15,900		417,057
Ross Stores, Inc.		4,800		147,840
Sally Beauty Holdings, Inc.*		17,700		159,300
Sherwin-Williams Co/The		2,700		179,469
Shoe Carnival, Inc.*		1,200		32,988
Sonic Automotive, Inc.		9,100		263,627
Stage Stores, Inc.		8,300		173,968
Syms Corp.*		100		1,973
The Wet Seal, Inc.*		7,100		42,671
Travelcenters Of America Llc*		100		4,045

	Country Code	Shares	Value
Tween Brands, Inc.*		2,000	$	89,200
West Marine, Inc.*		1,100		15,136
				5,130,184
TEXTILES, APPAREL & LUXURY GOODS – 1.6%
Cherokee, Inc.		800		29,232
Columbia Sportswear Co.		2,000		137,360
Deckers Outdoor Corp.*		3,300		332,970
Fossil, Inc.*		7,600		224,124
Hanesbrands, Inc.*		2,700		72,981
Kellwood Co.		4,300		120,916
Liz Claiborne, Inc.		4,100		152,930
Madden Steven, Ltd.		1,500		49,140
Maidenform Brands, Inc.*		2,100		41,706
Movado Group, Inc.		3,500		118,090
Oxford Industries, Inc.		1,500		66,510
Perry Ellis International, Inc.*		1,400		45,038
Phillips-Van Heusen Corp.		600		36,342
Skechers U.S.A,. Inc.*		700		20,440
Stride Rite Corp.		1,100		22,286
Unifirst Corp.		800		35,240
Warnaco Group, Inc.*		3,400		133,756
Wolverine World Wide, Inc.		12,300		340,833
				1,979,894
THRIFT & MORTGAGE FINANCE – 1.6%
Astoria Financial Corp.		1,200		30,048
City Bank		200		6,302
Corus Bankshares, Inc.		6,200		107,012
Downey Financial Corp.		2,400		158,352
Federal Agricultural Mortgage Corp.		1,000		34,220
First Federal Financial Corp.*		4,200		238,266
First Financial Corp.		200		6,542
First Niagara Financial Group, Inc.		18,500		242,350

See Notes to Financial Statements.

61

OPPENHEIMER MAIN STREET SMALL CAP FUND

PORTFOLIO OF INVESTMENTS (Continued) June 30, 2007 (Unaudited) Sun Capital Advisers Trust

	Country Code	Shares	Value
Franklin Bank Corp.*		800	$	11,920
Hudson City Bancorp, Inc.		10,400		127,088
ITLA Capital Corp.		300		15,636
MAF Bancorp, Inc.		4,100		222,466
MGIC Investment Corp.		1,600		90,976
Ocwen Financial Corp.*		6,400		85,312
PFF Bancorp, Inc.		500		13,965
PMI Group, Inc.		3,300		147,411
Provident Financial Services		6,800		107,168
Radian Group, Inc.		1,600		86,400
TierOne Corp.		1,400		42,140
Triad Guaranty, Inc.*		600		23,958
Washington Federal, Inc.		4,300		104,533
Westfield Financial, Inc.		500		4,985
WSFS Financial Corp.		300		19,629
				1,926,679
TOBACCO – 0.6%
Loews Corp.		2,300		177,721
Universal Corp.		6,000		365,520
UST, Inc.		3,700		198,727
Vector Group, Ltd.		200		4,506
				746,474
TRADING COMPANIES & DISTRIBUTORS – 0.8%
Applied Industrial Technologies, Inc.		11,650		343,675
BlueLinx Holdings, Inc.		1,600		16,784
Kaman Corp.		1,300		40,547
Tal International Group, Inc.		100		2,971
UAP Holding Corp.		12,600		379,764
Watsco, Inc.		200		10,880
WW Grainger, Inc.		2,200		204,710
				999,331

	Country Code	Shares	Value
TRANSPORTATION – 0.1%
Cai International, Inc.*		3,800	$	50,084
Macquarie Infrastructure Co.		400		16,592
				66,676
WIRELESS TELECOMMUNICATION SERVICES – 0.3%
Cellcom Israel, Ltd.		3,340		88,410
Dobson Communications Corp.*		6,200		68,882
Inphonic, Inc.*		500		2,330
Rural Cellular Corp*		200		8,762
Telephone & Data Systems, Inc.		3,100		193,967
USA Mobility, Inc.*		2,600		69,576
				431,927
Total Common Stocks (cost $110,868,961)				122,276,642

	Principal Amount (000)
SHORT TERM INVESTMENT – 1.5%
REPURCHASE AGREEMENT – 1.5%
State Street Bank and Trust Company (collateralized by $1,855,000 U.S. Treasury Notes, 5.250%, 11/15/28, with a value of $1,866,594 total to be received $1,827,381) (amortized cost $1,827,000)	$	1,827		1,827,000
TOTAL INVESTMENTS – 100.3%
(cost $112,695,961)				124,103,642
Liabilities in excess of other assets – (0.3)%				(333,827	)
NET ASSETS – 100.0%			$	123,769,815

* Non-income producing security

(1) Eligible for resale under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2007 these securities amounted to $81,797, representing 0.07% of net assets.

CA = Canada

See Notes to Financial Statements.

62

FI LARGE CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS June 30, 2007 (Unaudited) Sun Capital Advisers Trust

	Shares	Value
COMMON STOCKS – 97.2%
AEROSPACE & DEFENSE – 4.0%
BE Aerospace, Inc.*	34,400	$	1,420,720
Lockheed Martin Corp.	4,100		385,933
Precision Castparts Corp.	16,600		2,014,576
Raytheon Co.	12,300		662,847
			4,484,076
AIRLINES – 2.4%
AMR Corp.*	75,580		1,991,533
US Airways Group, Inc.*	23,830		721,334
			2,712,867
BEVERAGES – 0.8%
PepsiCo, Inc.	13,500		875,475
BIOTECHNOLOGY – 2.9%
Amylin Pharmaceuticals, Inc.*	5,340		219,794
Biogen Idec, Inc.*	44,580		2,385,030
Celgene Corp.*	330		18,919
Gilead Sciences, Inc.*	16,900		655,213
Theravance, Inc.*	1,100		35,200
			3,314,156
CAPITAL MARKETS – 2.1%
Merrill Lynch & Co., Inc.	11,800		986,244
SEI Investments Co.	21,200		615,648
The Goldman Sachs Group, Inc.	3,510		760,793
			2,362,685
CHEMICALS – 0.4%
Monsanto Co.	7,000		472,780
COMMUNICATIONS EQUIPMENT – 3.4%
Cisco Systems, Inc.*	135,660		3,778,131
COMPUTERS & PERIPHERALS – 10.0%
Apple Computer, Inc.*	38,261		4,669,373
Brocade Communications Systems, Inc.*	260,700		2,038,674
Hewlett-Packard Co.	62,450		2,786,519
International Business Machines Corp.	1,600		168,400
Sun Microsystems, Inc.*	302,170		1,589,414
			11,252,380
CONSTRUCTION & ENGINEERING – 2.2%
Foster Wheeler, Ltd.*	23,460		2,509,985
ELECTRIC UTILITIES – 0.1%
PPL Corp.	2,600		121,654

	Shares	Value
ELECTRICAL EQUIPMENT – 0.8%
Energy Conversion Devices, Inc.*	30,310	$	934,154
ENERGY EQUIPMENT & SERVICES – 5.9%
GlobalSantaFe Corp.	5,700		411,825
National-Oilwell, Inc.*	29,400		3,064,656
Transocean, Inc.*	30,100		3,189,998
			6,666,479
FOOD & STAPLES RETAILING – 0.6%
Safeway, Inc.	10,300		350,509
Wal-Mart Stores, Inc.	6,520		313,677
			664,186
FOOD PRODUCTS – 3.4%
Conagra Foods, Inc.	80,800		2,170,288
Corn Products International, Inc.	37,260		1,693,467
			3,863,755
HEALTH CARE EQUIPMENT & SUPPLIES – 1.7%
Baxter International, Inc.	33,400		1,881,756
HEALTH CARE PROVIDERS & SERVICES – 4.5%
McKesson HBOC, Inc.	19,500		1,162,980
UnitedHealth Group, Inc.	7,700		393,778
WellPoint, Inc.*	44,500		3,552,435
			5,109,193
HOTELS RESTAURANTS & LEISURE – 2.1%
Las Vegas Sands Corp.*	31,100		2,375,729
HOUSEHOLD DURABLES – 3.1%
D.R.Horton, Inc.	29,760		593,117
KB Home	5,770		227,165
Lennar Corp.	45,960		1,680,297
Ryland Group, Inc.	25,780		963,399
			3,463,978
HOUSEHOLD PRODUCTS – 2.0%
The Procter & Gamble Co.	37,050		2,267,090
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS – 1.3%
Constellation Energy Group, Inc.	17,100		1,490,607
INDUSTRIAL CONGLOMERATES – 0.1%
General Electric Co.	3,000		114,840
INSURANCE – 5.3%
HCC Insurance Holdings, Inc.	18,400		614,744
Loews Corp.	6,700		341,566
The Allstate Corp.	25,400		1,562,354

See Notes to Financial Statements.

63

FI LARGE CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued) June 30, 2007 (Unaudited) Sun Capital Advisers Trust

	Shares	Value
The Chubb Corp.	44,070	$	2,385,950
Travelers Cos., Inc.	20,600		1,102,100
			6,006,714
INTERNET SOFTWARE & SERVICES – 1.2%
eBay, Inc.*	40,700		1,309,726
LIFE SCIENCES TOOLS & SERVICES – 2.9%
Charles River Laboratories International, Inc.*	4,400		227,128
PerkinElmer, Inc.	29,300		763,558
Pharmaceutical Product Development, Inc.	58,050		2,221,573
			3,212,259
MACHINERY – 4.5%
AGCO Corp.*	23,300		1,011,453
Manitowoc, Inc.	18,890		1,518,378
Terex Corp.*	30,950		2,516,235
			5,046,066
MEDIA – 1.6%
The Walt Disney Co.	9,500		324,330
Time Warner, Inc.	69,700		1,466,488
			1,790,818
METALS & MINING – 4.6%
Allegheny Technologies, Inc.	29,862		3,131,927
Nucor Corp.	1,600		93,840
RTI International Metals, Inc.*	15,100		1,138,087
Titanium Metals Corp.*	5,700		181,830
United States Steel Corp.	5,300		576,375
			5,122,059
MULTILINE RETAIL – 1.6%
Federated Department Stores, Inc.	11,600		461,448
JC Penney Co., Inc.	18,600		1,346,268
			1,807,716
OIL, GAS & CONSUMABLE FUELS – 2.1%
Frontier Oil Corp.	15,600		682,812
Holly Corp.	18,300		1,357,677
Tesoro Corp.	5,660		323,469
			2,363,958

	Shares	Value
PHARMACEUTICALS – 3.3%
Johnson & Johnson	19,080	$	1,175,710
Merck & Co., Inc.	9,600		478,080
Pfizer, Inc.	4,400		112,508
Schering-Plough Corp.	65,200		1,984,688
			3,750,986
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 6.6%
Applied Materials, Inc.	131,844		2,619,740
Cymer, Inc.*	59,520		2,392,704
Cypress Semiconductor Corp*	700		16,303
Intel Corp.	10,700		255,966
MEMC Electronic Materials, Inc.*	35,050		2,142,256
			7,426,969
SOFTWARE – 5.0%
Activision, Inc.*	108,192		2,019,945
Autodesk, Inc.*	17,700		833,316
Microsoft Corp.	72,950		2,149,836
Take Two Interactive Software, Inc.*	33,000		659,010
			5,662,107
SPECIALTY RETAIL – 2.5%
Mens Wearhouse, Inc.	2,190		111,843
OfficeMax, Inc.	65,400		2,570,220
TJX Cos., Inc.	4,200		115,500
			2,797,563
TEXTILES, APPAREL & LUXURY GOODS – 0.5%
Nike, Inc.	9,800		571,242
TOBACCO – 1.1%
Altria Group, Inc.	7,910		554,808
Loews Corp.	8,130		628,205
			1,183,013
WIRELESS TELECOMMUNICATION SERVICES – 0.6%
American Tower Corp. Class A*	8,400		352,800
Nii Holdings, Inc.*	3,430		276,938
			629,738
Total Common Stocks (cost $109,702,223)			109,396,890

See Notes to Financial Statements.

64

FI LARGE CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued) June 30, 2007 (Unaudited) Sun Capital Advisers Trust

	Principal Amount (000)		Value
SHORT TERM INVESTMENT – 0.1%
REPURCHASE AGREEMENT – 0.1%
State Street Bank and Trust Company 2.50%, 07/02/07 (collateralized by $175,000 Federal National Mortgage Assn., 6.000%, 04/18/36, with a value of $157,719 total to be received $153,032)	$	153	$	153,000
TOTAL INVESTMENTS – 97.3%
(cost $109,855,223)				109,549,890
Other assets less liabilities – 2.7%				3,020,122
NET ASSETS – 100.0%			$	112,570,012

* Non-income producing security

See Notes to Financial Statements.

65

BLUE CHIP MID CAP FUND

PORTFOLIO OF INVESTMENTS June 30, 2007 (Unaudited) Sun Capital Advisers Trust

	Country Code	Shares	Value
COMMON STOCKS – 99.8%
AEROSPACE & DEFENSE – 1.9%
Precision Castparts Corp.		6,600	$	800,976
Rockwell Collins, Inc.		14,100		996,024
				1,797,000
AIR FREIGHT & LOGISTICS – 1.0%
CH Robinson Worldwide, Inc.		11,500		603,980
Expeditors International of Washington, Inc.		8,600		355,180
				959,160
AUTO COMPONENTS – 0.8%
BorgWarner, Inc.		8,900		765,756
BIOTECHNOLOGY – 2.2%
Amylin Pharmaceuticals, Inc.*		18,600		765,576
Cephalon, Inc.*		11,700		940,563
Vertex Pharmaceuticals, Inc.*		15,800		451,248
				2,157,387
CAPITAL MARKETS – 5.4%
Aberdeen Asset Management PLC	GB	199,289		783,655
Blackrock, Inc.		6,400		1,002,176
E*Trade Financial Corp.*		36,000		795,240
State Street Corp.		17,700		1,210,680
T Rowe Price Group, Inc.		27,200		1,411,408
				5,203,159
CHEMICALS – 2.1%
CF Industries Holdings, Inc.		7,800		467,142
Lyondell Chemical Co.		16,000		593,920
Potash Corp.		13,000		1,013,610
				2,074,672

	Country Code	Shares	Value
COMMERCIAL BANKS – 2.0%
Commerce Bancorp, Inc.		25,900	$	958,041
UCBH Holdings, Inc.		50,900		929,943
				1,887,984
COMMERCIAL SERVICES & SUPPLIES – 8.8%
Allied Waste Industries, Inc.*		90,600		1,219,476
American Reprographics Co.*		2,600		80,054
Equifax, Inc.		40,500		1,799,010
Manpower, Inc.		19,300		1,780,232
Monster Worldwide, Inc.*		17,400		715,140
Republic Services, Inc.		51,500		1,577,960
Robert Half International, Inc.		37,154		1,356,121
				8,527,993
COMMUNICATIONS EQUIPMENT – 1.5%
F5 Networks, Inc.*		8,400		677,040
Sonus Networks, Inc.*		92,200		785,544
				1,462,584
COMPUTERS & PERIPHERALS – 2.4%
Diebold, Inc.		9,100		475,020
Emulex Corp.*		27,100		591,864
Network Appliance, Inc.*		43,800		1,278,960
				2,345,844
CONSTRUCTION & ENGINEERING – 3.1%
Fluor Corp.		10,100		1,124,837
Foster Wheeler, Ltd.*		17,400		1,861,626
				2,986,463
CONSTRUCTION MATERIALS – 0.1%
Anhui Conch Cement Co., Ltd.	HK	16,000		112,549
CONTAINERS & PACKAGING – 0.1%
Owens-Ilinois, Inc.*		4,300		150,500
DISTRIBUTORS – 0.5%
Li & Fung, Ltd.	HK	122,000		440,796

See Notes to Financial Statements.

66

BLUE CHIP MID CAP FUND

PORTFOLIO OF INVESTMENTS (Continued) June 30, 2007 (Unaudited) Sun Capital Advisers Trust

	Country Code	Shares	Value
DIVERSIFIED CONSUMER SERVICES – 1.9%
ITT Educational Services, Inc.*		9,300	$	1,091,634
Strayer Education, Inc.		6,000		790,260
				1,881,894
DIVERSIFIED FINANCIAL SERVICES – 1.1%
Hong Kong Exchanges and Clearing, Ltd.	HK	74,500		1,053,832
ELECTRIC UTILITIES – 0.9%
Northeast Utilities		29,700		842,292
ELECTRICAL EQUIPMENT – 1.1%
Gamesa Corp Tecnologica	ES	12,892		470,592
Roper Industries, Inc.		3,300		188,430
Suntech Power Holdings Co., Ltd.*		10,000		364,700
				1,023,722
ELECTRONIC EQUIPMENT & INSTRUMENTS – 1.1%
Kingboard Chemical Holdings, Ltd.	HK	77,000		354,530
National Instruction Corp.		22,100		719,797
				1,074,327
ENERGY EQUIPMENT & SERVICES – 1.9%
GlobalSantaFe Corp.		25,100		1,813,475
FOOD & STAPLES RETAILING – 3.7%
BJ’s Wholesale Club, Inc.*		32,100		1,156,563
SUPERVALU, Inc.		51,400		2,380,848
				3,537,411
HEALTH CARE EQUIPMENT & SUPPLIES – 5.0%
Beckman Coulter, Inc.		20,300		1,313,004
Cytyc Corp.*		25,800		1,112,238
Dade Behring Holdings, Inc.		18,300		972,096
Respironics, Inc.*		16,100		685,699
St. Jude Medical, Inc.*		18,600		771,714
				4,854,751

	Country Code	Shares	Value
HEALTH CARE PROVIDERS & SERVICES – 2.2%
Health Net, Inc.*		13,100	$	691,680
Manor Care, Inc.		7,700		502,733
Universal Health Services, Inc.		14,600		897,900
				2,092,313
HOUSEHOLD DURABLES – 1.0%
Newell Rubbermaid, Inc.		31,500		927,045
HOUSEHOLD PRODUCTS – 1.2%
Clorox Co.		18,100		1,124,010
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS – 1.0%
NRG Energy, Inc.*		23,600		981,052
INDUSTRIAL CONGLOMERATES – 0.9%
Carlisle Cos., Inc.		18,100		841,831
INSURANCE – 2.7%
Assurant, Inc.		14,000		824,880
Everest Re Group, Ltd.		6,400		695,296
UnumProvident Corp.		40,700		1,062,677
				2,582,853
IT SERVICES – 1.9%
Moneygram International, Inc.		38,300		1,070,485
Paychex, Inc.		19,600		766,752
				1,837,237
LEISURE EQUIPMENT & PRODUCTS – 0.6%
Pool Corp.		14,400		562,032
LIFE SCIENCES TOOLS & SERVICES – 1.5%
Charles River Laboratories International, Inc.*		28,900		1,491,818
MACHINERY – 3.9%
Graco, Inc.		15,100		608,228
Kennametal Inc.		7,400		607,022
Oshkosh Truck Corp.		15,600		981,552
Paccar, Inc.		4,875		424,320
Toro Co.		18,700		1,101,243
				3,722,365

See Notes to Financial Statements.

67

BLUE CHIP MID CAP FUND

PORTFOLIO OF INVESTMENTS (Continued) June 30, 2007 (Unaudited) Sun Capital Advisers Trust

	Country Code	Shares	Value
MEDIA – 2.4%
Cablevision Systems Corp., Class A*		30,900	$	1,118,271
Focus Media Holding, Ltd.*		14,364		725,382
Getty Images, Inc.*		10,400		497,224
				2,340,877
METALS & MINING – 1.2%
Teck Cominco, Ltd.		26,700		1,134,750
MULTI-UTILITIES – 0.5%
PNM Resources, Inc.		18,300		508,557
OIL, GAS & CONSUMABLE FUELS – 5.7%
Cameco Corp.		36,200		1,836,788
Murphy Oil Corp.		11,300		671,672
Noble Energy, Inc.		12,500		779,875
Peabody Energy Corp.		17,100		827,298
Southwestern Energy Co.*		11,800		525,100
Western Oil Sands, Inc.*	CA	25,100		837,886
				5,478,619
PHARMACEUTICALS – 2.2%
Barr Pharmaceuticals, Inc.*		25,200		1,265,796
Elan Corp. PLC*		37,800		828,954
				2,094,750
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.1%
Country Garden Holdings Co., Ltd*	HK	93,000		78,503
				78,503
REITS — 0.2%
Kimco Realty Corp.		5,678		216,162
				216,162
ROAD & RAIL – 2.1%
JB Hunt Transport Services, Inc.		36,600		1,073,112
Landstar Systems, Inc.		20,200		974,650
				2,047,762

	Country Code	Shares	Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 4.2%
Altera Corp.		67,500	$	1,493,775
Kla-Tencor Corp.		24,500		1,346,275
Lam Research Corp.*		9,800		503,720
Linear Technology Corp.		19,700		712,746
				4,056,516
SOFTWARE – 4.9%
Activision, Inc.*		65,600		1,224,752
Autodesk, Inc.*		21,800		1,026,344
Cadence Design Systems, Inc.*		65,500		1,438,380
McAfee, Inc.*		28,600		1,006,720
				4,696,196
SPECIALTY RETAIL – 6.5%
Abercrombie & Fitch Co. Class A		20,200		1,474,196
American Eagle Outfitters, Inc.		13,800		354,108
CarMax, Inc.*		28,200		719,100
Childrens Place Retail Stores, Inc.*		8,700		449,268
Dick’s Sporting Goods, Inc.*		6,800		395,556
O’Reilly Automotive, Inc.*		13,400		489,770
PETsMART, Inc.		35,900		1,164,955
Tiffany & Co.		23,000		1,220,380
				6,267,333
TEXTILES, APPAREL & LUXURY GOODS – 1.6%
CROCS, Inc.*		11,100		477,633
Gildan Activewear, Inc.*		22,600		774,954
Peace Mark Holdings, Ltd.	HK	212,000		289,579
				1,542,166

See Notes to Financial Statements.

68

BLUE CHIP MID CAP FUND

PORTFOLIO OF INVESTMENTS (Continued) June 30, 2007 (Unaudited) Sun Capital Advisers Trust

	Country Code	Shares	Value
THRIFT & MORTGAGE FINANCE – 0.7%
Webster Financial Corp.		16,300	$	695,521
TRADING COMPANIES & DISTRIBUTORS – 0.6%
Fastenal Co.		12,900		539,994
WIRELESS TELECOMMUNICATION SERVICES – 1.4%
American Tower Corp. Class A*		20,200		848,400
Nii Holdings, Inc.*		6,600		532,885
				1,381,285
Total Common Stocks (cost $77,346,195)				96,195,098
TOTAL INVESTMENTS – 99.8%
(cost $77,346,195)				96,195,098
Other assets less liabilities – 0.2%				183,330
NET ASSETS – 100.0%			$	96,378,428

* Non-income producing security

CA = Canada

ES = Spain

GB = United Kingdom

HK = Hong Kong

See Notes to Financial Statements.

69

STATEMENTS OF ASSETS AND LIABILITIES June 30, 2007 (Unaudited) Sun Capital Advisers Trust

	All Cap Fund		Investment Grade Bond Fund			Money Market Fund			Real Estate Fund		Davis Venture Value Fund			Oppenheimer Main Street Small Cap Fund		FI Large Cap Growth Fund			Blue Chip Mid Cap Fund
ASSETS
Investment in securities, at value	$	13,738,219	$	62,398,110		$	133,937,477		$	247,570,055	$	75,254,753		$	124,103,642	$	109,549,890		$	96,195,098
Cash		14,698		1,177			25,016			—		1,119			2,166		226			9,076
Foreign currency, at value		—		—			—			—		27,673			74,701		—			3,075
Interest and dividends receivable		13,486		527,002			51,646			959,743		61,057			103,262		67,957			53,838
Receivable for Fund shares sold		188		79,983			15,481			343,265		276,125			583,303		566			1,977
Receivable for investments sold		171,092		—			—			—		120,231			497,174		22,552,097			1,449,991
Receivable due from Adviser		3,638		—			—			—		—			—		—			—
Other assets		893		4,177			9,398			17,847		4,670			6,951		278			7,385
Total Assets		13,942,214		63,010,449			134,039,018			248,890,910		75,745,628			125,371,199		132,171,014			97,720,440
LIABILITIES
Payable for investments purchased		135,128		444,955			—			—		723,949			1,389,731		19,118,664			1,111,566
Payable for Fund shares redeemed		48,508		8,538			2,024			310,870		90,589			27,218		328,487			4,715
Adviser fee payable		—		48,827			72,163			516,128		87,678			85,715		74,578			164,277
Trustees fees payable		700		3,678			6,300			13,000		3,800			6,115		6,500			5,000
Accrued expenses and other liabilities		33,273		49,127			48,701			166,463		51,504			92,605		72,773			56,454
Total Liabilities		217,609		555,125			129,188			1,006,461		957,520			1,601,384		19,601,002			1,342,012
NET ASSETS	$	13,724,605	$	62,455,324		$	133,909,830		$	247,884,449	$	74,788,108		$	123,769,815	$	112,570,012		$	96,378,428
COMPOSITION OF NET ASSETS
Paid-in Capital		11,925,643		63,868,793			133,911,190			167,121,680		52,772,388			90,848,917		113,379,262			51,998,400
Accumulated undistributed (distributions in excess of) net investment income		50,330		(16,720	)		—			8,262,428		741,312			271,087		(29,480	)		765,482
Accumulated net realized gain (loss) on investments and foreign currency transactions		464,450		66,524			(1,360	)		38,139,680		(745,229	)		21,242,349		(474,437	)		24,765,627
Net unrealized appreciation (depreciation) of investments and foreign currency transactions		1,284,182		(1,463,273	)		—			34,360,661		22,019,637			11,407,462		(305,333	)		18,848,919
	$	13,724,605	$	62,455,324		$	133,909,830		$	247,884,449	$	74,788,108		$	123,769,815	$	112,570,012		$	96,378,428
Initial Class
Net Assets		6,430,180		43,711,845			132,408,007			107,471,670		62,859,683			85,103,977		72,802,098			96,378,428
Share of Beneficial Interest		505,837		4,625,244			132,409,367			4,599,402		4,466,617			5,164,238		7,043,141			4,344,291
Net asset value per share	$	12.71	$	9.45		$	1.00		$	23.37	$	14.07		$	16.48	$	10.34		$	22.19
Service Class
Net Assets		7,294,425		18,743,479			1,501,823			140,412,779		11,928,425			38,665,838		39,767 ,914			—
Share of Beneficial Interest		561,771		1,969,153			1,501,823			5,641,931		849,905			2,364,480		3,849,070			—
Net asset value per share	$	12.98	$	9.52		$	1.00		$	24.89	$	14.04		$	16.35	$	10.33		$	—
Investments in securities, at cost	$	12,454,037	$	63,861,383		$	133,937,477		$	213,209,394	$	53,235,142		$	112,695,961	$	109,855,223		$	77,346,195
Foreign currency, at cost	$	—	$	—		$	—		$	—	$	27,661		$	74,587	$	—		$	3,085

See Notes to Financial Statements.

70

STATEMENTS OF OPERATIONS For the Six Months Ended June 30, 2007 (Unaudited) Sun Capital Advisers Trust

	All Cap Fund			Investment Grade Bond Fund			Money Market Fund			Real Estate Fund			Davis Venture Value Fund			Oppenheimer Main Street Small Cap Fund			FI Large Cap Growth Fund			Blue Chip Mid Cap Fund
INVESTMENT INCOME
Interest (net of foreign withholding taxes of $0; $1,024; $0; $0; $0; $0; $0 and $0, respectively)	$	12,043		$	1,662,407		$	3,300,686		$	241,305		$	43,844		$	19,198		$	9,114		$	14 ,698
Dividends (net of foreign withholding taxes of $0; $0; $0; $0; $6,178; $538; $0 and $4,198, respectively)		105,281			—			—			4,655,361			589,389			741,583			154,522			367,760
Total investment income		117,324			1,662,407			3,300,686			4,896,666			633,233			760,781			163,636			382,458
EXPENSES
Investment advisory fee		45,872			172,382			308,237			1,158,700			241,328			391,416			159,651			384,253
Distribution fee (Service Class)		8,015			15,821			1,727			155,850			3,687			13,512			20,693			—
Custody and fund accounting		31,933			42,899			38,241			48,124			41,984			201,223			49,961			55,284
Audit		16,625			19,500			14,750			18,864			16,125			16,125			16,125			16,125
Legal		1,742			7,111			16,266			34,097			8,331			12,358			6,404			11,980
Printing		763			3,704			11,421			37,259			3,392			10,749			11,671			7,415
Administration		12,187			29,038			54,476			101,289			31,670			43,921			20,252			40,766
Transfer agency		6,551			6,681			6,663			8,627			6,060			6,190			4,218			4,019
Trustees fees		419			6,139			12,820			27,794			6,582			10,604			6,172			9,942
Insurance		999			4,710			10,621			20,019			5,260			7,839			311			8,337
Miscellaneous fees		796			1,687			725			4,771			1,755			2,174			1,601			3,270
Total expenses		125,902			309,672			475,947			1,615,394			366,174			716,111			297,059			541,391
Less: Reduction of advisory fees		(45,872	)		(78,373	)		(165,982	)		(117,891	)		(72,892	)		(213,858	)		(103,943	)		(61 ,076	)
Reimbursement of operating expenses		(13,036	)		—			—			—			—			—			—			—
Net expenses		66,994			231,299			309,965			1,497,503			293,282			502,253			193,116			480,315
Net investment income (loss)		50,330			1,431,108			2,990,721			3,399,163			339,951			258,528			(29,480	)		(97,857	)
REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS AND FOREIGN CURRENCY
Net realized gain (loss) from investments and foreign currency transactions		471,191			69,542			(3	)		7,741,622			1,035,201			4,752,541			(365,174	)		9,285,710
Net increase (decrease) in unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign currencies		(169,456	)		(1,160,160	)		—			(25,030,003	)		2,885,855			3,727,747			(454,817	)		5,681,653
Net realized and unrealized gain (loss) on investments and foreign currency		301,735			(1,090,618	)		(3	)		(17,288,381	)		3,921,056			8,480,288			(819,991	)		14,967,363
Increase (Decrease) in net assets from operations	$	352,065		$	340,490		$	2,990,718		$	(13,889,218	)	$	4,261,007		$	8,738,816		$	(849,471	)	$	14,869,506

See Notes to Financial Statements.

71

STATEMENTS OF CHANGES IN NET ASSETS
	Sun Capital Advisers Trust

	All Cap Fund						Investment Grade Bond Fund						Money Market Fund
	Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006			Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006			Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	50,330		$	133,393		$	1,431,108		$	2,766,130		$	2,990,721		$	5,343,015
Net realized gain (loss) from investments and foreign currency transactions		471,191			226,517			69,542			(25,436	)		(3	)		—
Net increase (decrease) in unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign currencies		(169,456	)		1,322,327			(1,160,160	)		44,189			—			—
Net increase (decrease) in net assets resulting from operations		352,065			1,682,237			340,490			2,784,883			2,990,718			5,343,015
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Initial Class		—			(81,806	)		(1,139,570	)		(2,349,146	)		(2,958,922	)		(5,303,933	)
Service Class		—			(53,365	)		(308,258	)		(315,428	)		(31,799	)		(39,082	)
Net realized gain on investments
Initial Class		—			(17,589	)		—			(526,431	)		—			—
Service Class		—			(14,555	)		—			(83,387	)		—			—
Return of Capital
Initial Class		—			—			—			(84,142	)		—			—
Service Class		—			—			—			(17,414	)		—			—
Net decrease in net assets from distributions		—			(167,315	)		(1,447,828	)		(3,375,948	)		(2,990,721	)		(5,343,015	)
SHARE TRANSACTIONS
Net proceeds from sales		3,561,860			4,731,848			14,533,824			9,505,246			43,448,755			72,804,005
Net proceeds from reinvestment of distributions		—			167,315			1,447,829			3,375,948			2,990,724			5,343,015
Shares redeemed		(1,634,100	)		(2,068,212	)		(6,997,995	)		(14,953,135	)		(33,968,220	)		(67,647,556	)
Net increase (decrease) in net assets from share transactions		1,927,760			2,830,951			8,983,658			(2,071,941	)		12,471,259			10,499,464
Total increase (decrease) in net assets		2,279,825			4,345,873			7,876,320			(2,663,006	)		12,471,256			10,499,464
NET ASSETS
Beginning of period		11,444,780			7,098,907			54,579,004			57,242,010			121,438,574			110,939,110
End of period†	$	13,724,605		$	11,444,780		$	62,455,324		$	54,579,004		$	133,909,830		$	121,438,574
SHARES OF BENEFICIAL INTEREST
Shares sold		281,002			409,327			1,507,729			985,014			43,448,755			72,804,005
Shares issued to shareholders from reinvestment of distributions		—			13,350			150,625			352,010			2,990,724			5,343,015
Shares redeemed		(129,358	)		(181,277	)		(731,011	)		(1,555,314	)		(33,968,220	)		(67,647,556	)
Net increase (decrease)		151,644			241,400			927,343			(218,290	)		12,471,259			10,499,464
† Includes undistributed net investment income (loss)	$	50,330		$	—		$	(16,720	)	$	—		$	—		$	—

See Notes to Financial Statements.

72

STATEMENTS OF CHANGES IN NET ASSETS (Continued)
	Sun Capital Advisers Trust

	Real Estate Fund						Davis Venture Value Fund						Oppenheimer Main Street Small Cap Fund
	Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006			Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006			Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	3,399,163		$	5,765,357		$	339,951		$	417,395		$	258,528		$	19,774
Net realized gain from investments and foreign currency transactions		7,741,622			29,434,780			1,035,201			1,921,923			4,752,541			16,547,916
Net increase (decrease) in unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign currencies		(25,030,003	)		27,468,821			2,885,855			5,479,918			3,727,747			(5,153,854	)
Net increase in net assets resulting from operations		(13,889,218	)		62,668,958			4,261,007			7,819,236			8,738,816			11,413,836
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income:
Initial Class		—			(1,835,207	)		—			(404,193	)		—			—
Service Class		—			(1,070,294	)		—			(184	)		—			—
Net realized gain on investments:
Initial Class		—			(4,968,324	)		—			—			—			(3,408,768	)
Service Class		—			(3,456,525	)		—			—			—			(959	)
Return of Capital:
Initial Class		—			—			—			—			—			—
Service Class		—			—			—			—			—			—
Net decrease in net assets from share transactions		—			(11,330,350	)		—			(404,377	)		—			(3,409,727	)
SHARE TRANSACTIONS
Net proceeds from sales		52,555,845			53,438,966			15,328,966			8,823,372			38,860,065			7,967,521
Net proceeds from reinvestment of distributions		—			11,330,350			—			404,377			—			3,409,727
Shares redeemed		(18,933,369	)		(44,102,686	)		(6,267,603	)		(9,392,552	)		(11,069,296	)		(19,090,076	)
Net increase (decrease) in net assets from share transactions		33,622,476			20,666,630			9,061,363			(164,803	)		27,790,769			(7,712,828	)
Total increase (decrease) in net assets		19,733,258			72,005,238			13,322,370			7,250,056			36,529,585			291,281
NET ASSETS
Beginning of period		228,151,191			156,145,953			61,465,738			54,215,682			87,240,230			86,948,949
End of period†	$	247,884,449		$	228,151,191		$	74,788,108		$	61,465,738		$	123,769,815		$	87,240,230
SHARES OF BENEFICIAL INTEREST
Shares sold		1,983,618			2,325,382			1,108,252			725,226			2,409,830			559,301
Shares issued to shareholders from reinvestment of distributions		—			496,597			—			33,475			—			245,305
Shares redeemed		(745,529	)		(1,966,405	)		(459,683	)		(779,404	)		(690,998	)		(1,300,786	)
Net increase (decrease)		1,238,089			855,574			648,569			(20,703	)		1,718,832			(496,180	)
† Includes undistributed net investment income	$	8,262,428		$	4,863,265		$	741,312		$	401,361		$	271,087		$	12,559

See Notes to Financial Statements.

73

STATEMENTS OF CHANGES IN NET ASSETS (Continued)
	Sun Capital Advisers Trust

	FI Large Cap Growth Fund						Blue Chip Mid Cap Fund
	Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006*			Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	(29,480	)	$	(2,103	)	$	(97,857	)	$	879,571
Net realized gain (loss) from investments and foreign currency transactions		(365,174	)		(109,263	)		9,285,710			15,597,796
Net increase (decrease) in unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign currencies		(454,817	)		149,484			5,681,653			(6,369,825	)
Net increase (decrease) in net assets resulting from operations		(849,471	)		38,118			14,869,506			10,107,542
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Initial Class		—			—			—			—
Service Class		—			—			—			—
Net realized gain on investments
Initial Class		—			—			—			(15,575,148	)
Service Class		—			—			—			—
Return of Capital
Initial Class		—			—			—			—
Service Class		—			—			—			—
Net decrease in net assets from distributions		—			—			—			(15,575,148	)
SHARE TRANSACTIONS
Net proceeds from sales		3,455,697			3,814,139			2,289,673			8,457,476
Subscriptions in-kind		115,803,403			—			—			—
Net proceeds from reinvestment of distributions		—			—			—			15,575,148
Shares redeemed		(9,649,143	)		(42,731	)		(15,413,219	)		(18,860,690	)
Net increase (decrease) in net assets from share transactions		109,609,957			3,771,408			(13,123,546	)		5,171,934
Total increase (decrease) in net assets		108,760,486			3,809,526			1,745,960			(295,672	)
NET ASSETS
Beginning of period		3,809,526			—			94,632,468			94,928,140
End of period†	$	112,570,012		$	3,809,526		$	96,378,428		$	94,632,468
SHARES OF BENEFICIAL INTEREST
Shares sold		333,996			386,310			109,627			413,951
Shares issues in-kind		11,102,915			—			—			—
Shares issued to shareholders from reinvestment of distributions		—			—			—			879,952
Shares redeemed		(926,570	)		(4,441	)		(735,688	)		(930,785	)
Net increase (decrease)		10,510,341			381,869			(626,061	)		363,118
† Includes undistributed net investment income (loss)	$	(29,480	)	$	—		$	765,482		$	863,339

* For the period May 1, 2006 (commencement of operations) through December 31, 2006.

See Notes to Financial Statements.

74

FINANCIAL HIGHLIGHTS
	Sun Capital Advisers Trust

Selected data for a share outstanding throughout each period:

	All Cap Fund Initial Class Shares																		All Cap Fund Service Class Shares
	Years Ended December 31,																		Years Ended December 31,
	2007**			2006			2005			2004			2003			2002*			2007**			2006			2005			2004*
Net Asset Value, Beginning of Period	$	12.370		$	10.470		$	12.470		$	11.450		$	7.540		$	10.000		$	12.650		$	10.700		$	12.720		$	12.140
Income (Loss) from Investment Operations:
Net investment income (loss) (d)		0.059			0.173			0.019			0.031			0.040			0.020			0.037			0.121			(0.002	)		0.004
Net realized and unrealized gain (loss) on investments		0.281			1.929			(0.091	)		2.249			3.943			(2.462	)		0.293			1.996			(0.105	)		1.583
Total from Investment Operations		0.340			2.102			(0.072	)		2.280			3.983			(2.442	)		0.330			2.117			(0.107	)		1.587
Less Distributions from:
Net investment income		—			(0.166	)		(0.015	)		(0.035	)		(0.036	)		(0.018	)		—			(0.131	)		—			(0.004	)
In excess of net investment income		—			—			—			—			—			—			—			—			—			—
Net realized gain on investments		—			(0.036	)		(1.913	)		(1.225	)		(0.037	)		—			—			(0.036	)		(1.913	)		(1.003	)
In excess of net realized gain on investments		—			—			—			—			—			—			—			—			—			—
Capital		—			—			—			—			—			—			—			—			—			—
Total distributions		—			(0.202	)		(1.928	)		(1.260	)		(0.073	)		(0.018	)		—			(0.167	)		(1.913	)		(1.007	)
Net Asset Value, End of Period	$	12.710		$	12.370		$	10.470		$	12.470		$	11.450		$	7.540		$	12.980		$	12.650		$	10.700		$	12.720
Total Return (b)		2.75	%		20.07	%		(0.72	)%		20.39	%		52.89	%		(24.43	)%		2.61	%		19.78	%		(0.98	)%		13.20	%
Ratios and Supplemental Data:
Net Assets, End of Period (000’s)	$	6,430		$	6,183		$	5,505		$	7,049		$	5,082		$	1,780		$	7,294		$	5,262		$	1,594		$	1,111
Ratios to average net assets:
Net expenses (a)(c)(d)		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%		1.15	%		1.15	%		1.15	%		1.15	%
Gross expenses (a)(d)		1.81	%		2.47	%		2.74	%		3.42	%		5.47	%		5.73	%		2.04	%		2.62	%		3.04	%		4.04	%
Net investment income (loss) (a)(c)(d)		0.89	%		1.47	%		0.15	%		0.27	%		0.70	%		0.41	%		0.64	%		1.44	%		(0.05	)%		0.21	%
Portfolio turnover rate		32	%		135	%		114	%		137	%		150	%		67	%		32	%		135	%		114	%		137	%

* For the period from May 1, 2002 (Commencement of Operations – Initial Class Shares) through December 31, 2002 and for the period from February 1, 2004 (Commencement of Operations – Service Class Shares) through December 31, 2004.

** For the six months ended June 30, 2007 (Unaudited).

(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.

75

FINANCIAL HIGHLIGHTS (Continued)
	Sun Capital Advisers Trust

Selected data for a share outstanding throughout each period:

	Investment Grade Bond Fund Initial Class Shares																		Investment Grade Bond Fund Service Class Shares
	Years Ended December 31,																		Years Ended December 31,
	2007**			2006			2005			2004			2003			2002			2007**			2006			2005			2004*
Net Asset Value, Beginning of Period	$	9.620		$	9.720		$	10.090		$	10.020		$	9.630		$	9.680		$	9.690		$	9.790		$	10.160		$	10.090
Income (Loss) from Investment Operations:
Net investment income (d)		0.239			0.496			0.468			0.485			0.514			0.538			0.229			0.473			0.447			0.424
Net realized and unrealized gain (loss) on investments		(0.167	)		0.008			(0.274	)		0.139			0.393			(0.050	)		(0.167	)		0.010			(0.274	)		0.070
Total from Investment Operations		0.072			0.504			0.194			0.624			0.907			0.488			0.062			0.483			0.173			0.494
Less Distributions from:
Net investment income		(0.242	)		(0.477	)		(0.468	)		(0.485	)		(0.517	)		(0.538	)		(0.232	)		(0.456	)		(0.447	)		(0.424	)
In excess of net investment income		—			—			—			—			—			—			—			—			—			—
Net realized gain on investments		—			(0.109	)		(0.096	)		(0.069	)		—			—			—			(0.109	)		(0.096	)		—
In excess of net realized gain on investments		—			—			—			—			—			—			—			—			—			—
Capital		—			(0.018	)		—			—			—			—			—			(0.018	)		—			—
Total distributions		(0.242	)		(0.604	)		(0.564	)		(0.554	)		(0.517	)		(0.538	)		(0.232	)		(0.583	)		(0.543	)		(0.424	)
Net Asset Value, End of Period	$	9.450		$	9.620		$	9.720		$	10.090		$	10.020		$	9.630		$	9.520		$	9.690		$	9.790		$	10.160
Total Return (b)		0.74	%		5.39	%		1.96	%		6.42	%		9.63	%		5.23	%		0.63	%		5.13	%		1.73	%		5.03	%
Ratios and Supplemental Data:
Net Assets, End of Period (000’s)	$	43,712		$	45,186		$	53,630		$	57,619		$	66,335		$	67,679		$	18,743		$	9,393		$	3,612		$	704
Ratios to average net assets:
Net expenses (a)(c)(d)		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%		1.00	%		1.00	%		1.00	%		1.00	%
Gross expenses (a)(d)		1.02	%		1.06	%		1.03	%		0.98	%		0.88	%		0.81	%		1.28	%		1.31	%		1.28	%		1.26	%
Net investment income (a)(c)(d)		5.03	%		5.14	%		4.72	%		4.81	%		5.22	%		5.60	%		4.81	%		5.06	%		4.48	%		4.58	%
Portfolio turnover rate		24	%		55	%		55	%		66	%		57	%		144	%		24	%		55	%		55	%		66	%

* For the period from February 1, 2004 (Commencement of Operations – Service Class Shares) through December 31, 2004.

** For the six months ended June 30, 2007 (Unaudited).

(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.

76

FINANCIAL HIGHLIGHTS (Continued)
	Sun Capital Advisers Trust

Selected data for a share outstanding throughout each period:

	Money Market Fund Initial Class Shares																		Money Market Fund Service Class Shares
	Years Ended December 31,																		Years Ended December 31,
	2007**			2006			2005			2004			2003			2002			2007**			2006			2005*
Net Asset Value, Beginning of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Income (Loss) from Investment Operations:
Net investment income (d)		0.024			0.045			0.027			0.007			0.005			0.011			0.023			0.042			0.019
Net realized and unrealized gain (loss) on investments		—			—			—			—			—			—			—			—			—
Total from Investment Operations		0.024			0.045			0.027			0.007			0.005			0.011			0.023			0.042			0.019
Less Distributions from:
Net investment income		(0.024	)		(0.045	)		(0.027	)		(0.007	)		(0.005	)		(0.011	)		(0.023	)		(0.042	)		(0.019	)
In excess of net investment income		—			—			—			—			—			—			—			—			—
Net realized gain on investments		—			—			—			—			—			—			—			—			—
In excess of net realized gain on investments		—			—			—			—			—			—			—			—			—
Capital		—			—			—			—			—			—			—			—			—
Total distributions		(0.024	)		(0.045	)		(0.027	)		(0.007	)		(0.005	)		(0.011	)		(0.023	)		(0.042	)		(0.019	)
Net Asset Value, End of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Total Return (b)		2.43	%		4.59	%		2.75	%		0.74	%		0.55	%		1.12	%		2.31	%		4.33	%		1.93	%
Ratios and Supplemental Data:
Net Assets, End of Period (000’s)	$	132,408		$	120,164		$	110,430		$	121,399		$	113,004		$	149,363		$	1,502		$	1,274		$	509
Ratios to average net assets:
Net expenses (a)(c)(d)		0.50	%		0.50	%		0.50	%		0.65	%		0.65	%		0.65	%		0.75	%		0.75	%		0.75	%
Gross expenses (a)(d)		0.77	%		0.77	%		0.77	%		0.71	%		0.65	%		0.65	%		1.02	%		1.02	%		1.02	%
Net investment income (a)(c)(d)		4.85	%		4.51	%		2.69	%		0.77	%		0.56	%		1.11	%		4.60	%		4.31	%		2.99	%
Portfolio turnover rate		N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A

* For the period from April 25, 2005 (Commencement of Operations – Service Class Shares) through December 31, 2005.

** For the six months ended June 30, 2007 (Unaudited).

(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.

77

FINANCIAL HIGHLIGHTS (Continued)
	Sun Capital Advisers Trust

Selected data for a share outstanding throughout each period:

	Real Estate Fund Initial Class Shares																		Real Estate Fund Service Class Shares
	Years Ended December 31,																		Years Ended December 31,
	2007**			2006			2005			2004			2003			2002			2007**			2006			2005			2004*
Net Asset Value, Beginning of Period	$	24.600		$	18.800		$	19.010		$	15.090		$	11.100		$	11.850		$	26.230		$	19.970		$	20.080		$	15.720
Income (Loss) from Investment Operations:
Net investment income (d)		0.414			0.811			0.224			0.581			0.277			0.496			0.261			0.638			0.206			0.302
Net realized and unrealized gain (loss) on investments		(1.644	)		6.368			1.591			4.241			3.713			(0.036	)		(1.601	)		6.941			1.655			4.058
Total from Investment Operations		(1.230	)		7.179			1.815			4.822			3.990			0.460			(1.340	)		7.579			1.861			4.360
Less Distributions from:
Net investment income		—			(0.372	)		(0.317	)		(0.274	)		—			(0.463	)		—			(0.312	)		(0.263	)		—
In excess of net investment income		—			—			—			—			—			—			—			—			—			—
Net realized gain on investments		—			(1.007	)		(1.708	)		(0.628	)		—			(0.583	)		—			(1.007	)		(1.708	)		—
In excess of net realized gain on investments		—			—			—			—			—			(0.070	)		—			—			—			—
Capital		—			—			—			—			—			(0.094	)		—			—			—			—
Total distributions		—			(1.379	)		(2.025	)		(0.902	)		—			(1.210	)		—			(1.319	)		(1.971	)		—
Net Asset Value, End of Period	$	23.370		$	24.600		$	18.800		$	19.010		$	15.090		$	11.100		$	24.890		$	26.230		$	19.970		$	20.080
Total Return (b)		(5.00	)%		38.96	%		9.67	%		33.32	%		35.95	%		4.04	%		(5.11	)%		38.64	%		9.37	%		27.74	%
Ratios and Supplemental Data:
Net Assets, End of Period (000’s)	$	107,472		$	121,197		$	105,368		$	102,300		$	78,695		$	44,310		$	140,413		$	106,954		$	50,778		$	21,890
Ratios to average net assets:
Net expenses (a)(c)(d)		1.10	%		1.10	%		1.10	%		1.23	%		1.25	%		1.25	%		1.35	%		1.35	%		1.35	%		1.50	%
Gross expenses (a)(d)		1.19	%		1.19	%		1.22	%		1.23	%		1.26	%		1.41	%		1.45	%		1.44	%		1.47	%		1.51	%
Net investment income (a)(c)(d)		2.83	%		3.08	%		3.55	%		3.62	%		4.54	%		5.51	%		2.74	%		2.95	%		3.56	%		3.79	%
Portfolio turnover rate		16	%		44	%		32	%		67	%		42	%		49	%		16	%		44	%		32	%		67	%

* For the period from February 1, 2004 (Commencement of Operations – Service Class Shares) through December 31, 2004.

** For the six months ended June 30, 2007 (Unaudited).

(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.

78

FINANCIAL HIGHLIGHTS (Continued)
	Sun Capital Advisers Trust

Selected data for a share outstanding throughout each period:

	Davis Venture Value Fund Initial Class Shares																		Davis Venture Value Fund Service Class Shares
	Years Ended December 31,																		Years Ended December 31,
	2007**			2006			2005			2004			2003			2002			2007**			2006*
Net Asset Value, Beginning of Period	$	13.170		$	11.560		$	10.610		$	9.500		$	7.320		$	8.740		$	13.150		$	12.080
Income (Loss) from Investment Operations:
Net investment income (loss) (d)		0.079			0.092			0.087			0.079			0.065			0.054			0.007			0.040
Net realized and unrealized gain (loss) on investments		0.821			1.607			0.941			1.097			2.161			(1.474	)		0.883			1.119
Total from Investment Operations		0.900			1.699			1.028			1.176			2.226			(1.420	)		0.890			1.159
Less Distributions from:
Net investment income		—			(0.089	)		(0.078	)		(0.066	)		(0.046	)		—	(e)		—			(0.089	)
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	)		—			—			(0.089	)
Net Asset Value, End of Period	$	14.070		$	13.170		$	11.560		$	10.610		$	9.500		$	7.320		$	14.040		$	13.150
Total Return (b)		6.83	%		14.77	%		9.73	%		12.45	%		30.50	%		(16.24	)%		6.77	%		9.66	%
Ratios and Supplemental Data:
Net Assets, End of Period (000’s)	$	62,860		$	61,438		$	54,216		$	51,362		$	44,215		$	32,194		$	11,928		$	27
Ratios to average net assets:
Net expenses (a)(c)(d)		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%		1.15	%		1.15	%
Gross expenses (a)(d)		1.12	%		1.16	%		1.13	%		1.16	%		1.19	%		1.21	%		1.44	%		1.43	%
Net investment income (a)(c)(d)		1.09	%		0.74	%		0.81	%		0.83	%		0.86	%		0.71	%		0.41	%		0.48	%
Portfolio turnover rate		4	%		16	%		15	%		11	%		7	%		26	%		4	%		16	%

* For the period from May 1, 2006 (Commencement of Operations – Service Class Shares) through December 31, 2006.

** For the six months ended June 30, 2007 (Unaudited).

(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.

(e) Amount is less than $0.001 per share.

79

FINANCIAL HIGHLIGHTS (Continued)
	Sun Capital Advisers Trust

Selected data for a share outstanding throughout each period:

	Oppenheimer Main Street Small Cap Fund Initial Class Shares																		Oppenheimer Main Street Small Cap Fund Service Class Shares
	Years Ended December 31,																		Years Ended December 31,
	2007**			2006			2005			2004			2003			2002			2007**			2006*
Net Asset Value, Beginning of Period	$	15.020		$	13.790		$	15.210		$	14.070		$	9.940		$	12.820		$	14.990		$	15.560
Income (Loss) from Investment Operations:
Net investment income (loss) (d)		0.046			0.005			0.014			1.229			(0.003	)		0.012			0.013			(0.008	)
Net realized and unrealized gain (loss) on investments		1.414			1.822			0.568			1.142			4.139			(2.640	)		1.347			0.035
Total from Investment Operations		1.460			1.827			0.582			2.371			4.136			(2.628	)		1.360			0.027
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	)		—			(0.597	)
In excess of net realized gain on investments		—			—			—			—			—			(0.032	)		—			—
Capital		—			—			—			—			—			—			—			—
Total distributions		—			(0.597	)		(2.002	)		(1.231	)		(0.006	)		(0.252	)		—			(0.597	)
Net Asset Value, End of Period	$	16.480		$	15.020		$	13.790		$	15.210		$	14.070		$	9.940		$	16.350		$	14.990
Total Return (b)		9.72	%		13.60	%		4.33	%		18.43	%		41.62	%		(20.61	)%		9.07	%		0.48	%
Ratios and Supplemental Data:
Net Assets, End of Period (000’s)	$	85,104		$	87,215		$	86,949		$	89,031		$	71,827		$	44,282		$	38,666		$	25
Ratios to average net assets:
Net expenses (a)(c)(d)		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.25	%		1.25	%
Gross expenses (a)(d)		1.42	%		1.42	%		1.10	%		1.09	%		1.12	%		1.34	%		1.80	%		1.82	%
Net investment income (loss) (a)(c)(d)		0.52	%		0.02	%		0.03	%		(0.10	)%		0.13	%		0.18	%		0.58	%		(0.11	)%
Portfolio turnover rate		52	%		206	%		58	%		106	%		144	%		136	%		52	%		206	%

* For the period from May 1, 2006 (Commencement of Operations – Service Class Shares) through December 31, 2006.

** For the six months ended June 30, 2007 (Unaudited).

(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.

80

FINANCIAL HIGHLIGHTS (Continued)
	Sun Capital Advisers Trust

Selected data for a share outstanding throughout the period:

	FI Large Cap Growth Fund Initial Class Shares		FI Large Cap Growth Fund Service Class Shares
	Year Ended December 31,		Years Ended December 31
	2007**		2007**			2006*
Net Asset Value, Beginning of Period	$9.990		$	9.980		$	10.000
Income (Loss) from Investment Operations:
Net investment loss (d)	(0.001	)		(0.007	)		(0.006	)
Net realized and unrealized loss on investments	0.351			0.357			(0.014	)
Total from Investment Operations	0.350			0.350			(0.020	)
Less Distributions from:
Net investment income	—			—			—
In excess of net investment income	—			—			—
Net realized gain on investments	—			—			—
In excess of net realized gain on investments	—			—			—
Capital	—			—			—
Total distributions	—			—			—
Net Asset Value, End of Period	$10.340		$	10.330		$	9.980
Total Return (b)	3.50	%		3.51	%		(0.20	)%
Ratios and Supplemental Data:
Net Assets, End of Period (000’s)	$72,802		$	39,768		$	3,810
Ratios to average net assets:
Net expenses (a)(c)(d)	0.81	%		1.06	%		1.06	%
Gross expenses (a)(d)	1.11	%		1.84	%		5.26	%
Net investment loss (a)(c)(d)	(0.04	)%		(0.30	)%		(0.10	)%
Portfolio turnover rate	172	%		172	%		110	%

* For the period from May 1, 2006 (Commencement of Operations – Service Class Shares) through December 31, 2006.

** For the period from April 2, 2007 through June 30, 2007 – Initial Class Shares (Unaudited) and for the six months ended June 30, 2007 – Service Class Shares (Unaudited).

(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.

81

FINANCIAL HIGHLIGHTS (Continued)
	Sun Capital Advisers Trust

Selected data for a share outstanding throughout each period:

	Blue Chip Mid Cap Fund Initial Class Shares
	Years Ended December 31,
	2007*			2006			2005			2004			2003			2002
Net Asset Value, Beginning of Period	$	19.040		$	20.600		$	18.130		$	15.610		$	11.470		$	13.480
Income (Loss) from Investment Operations:
Net investment income (loss) (d)		(0.022	)		0.177			(0.003	)		0.022			(0.011	)		(0.024	)
Net realized and unrealized gain (loss) on investments		3.172			1.877			2.979			2.498			4.151			(1.986	)
Total from Investment Operations		3.150			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	$	22.190		$	19.040		$	20.600		$	18.130		$	15.610		$	11.470
Total Return (b)		16.49	%		11.30	%		16.61	%		16.14	%		36.09	%		(14.91	)%
Ratios and Supplemental Data:
Net Assets, End of Period (000’s)	$	96,378		$	94,632		$	94,928		$	89,609		$	75,669		$	53,506
Ratio to average net assets:
Net expenses (a)(c)(d)		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Gross expenses (a)(d)		1.13	%		1.14	%		1.15	%		1.12	%		1.14	%		1.17	%
Net investment income (loss) (a)(c)(d)		(0.20	)%		0.92	%		0.03	%		0.13	%		(0.09	)%		(0.21	)%
Portfolio turnover rate		31	%		83	%		67	%		60	%		76	%		90	%

* For the six months ended June 30, 2007 (Unaudited).

(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.

82

NOTES TO FINANCIAL STATEMENTS (Unaudited) Sun Capital Advisers Trust

NOTE A — ORGANIZATION

Sun Capital Advisers Trust (the “Trust”) is registered under the Investment Company Act of 1940 as amended (the “1940 Act”) as an open-end management investment company. The Trust was established as a Delaware statutory trust under the laws of Delaware by an Agreement and Declaration of Trust dated July 13, 1998. It currently consists of eight funds (each referred to as a “Fund” collectively as “the Funds”), which are offered only to qualified pension and retirement plans and variable annuity and variable life insurance separate accounts established by insurance companies to fund variable annuity contracts and variable life insurance policies. The Funds are the Sun Capital All Cap Fund (“All Cap Fund”), Sun Capital Investment Grade Bond Fund (“Investment Grade Bond Fund”), Sun Capital Money Market Fund (“Money Market Fund”), Sun Capital Real Estate Fund (“Real Estate Fund”), SC Davis Venture Value Fund (“Davis Venture Value Fund”), SC Oppenheimer Main Street Small Cap Fund (“Oppenheimer Main Street Small Cap Fund”), SC FI Large Cap Growth Fund (“FI Large Cap Growth Fund”), and the SC Blue Chip Mid Cap Fund (“Blue Chip Mid Cap Fund”). Each of the Funds, other than the Real Estate Fund, is classified as a diversified fund under the 1940 Act. Each Fund offers Initial Class Shares. Initial Class Shares for FI Large Cap Growth Fund commenced operations on April 2, 2007. Each Fund offers Service Class Shares except the Blue Chip Mid Cap Fund.

NOTE B — SIGNIFICANT ACCOUNTING POLICIES

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements.

Valuation of Investments

Securities for which exchange quotations are readily available are valued at the last sales price, or, if no sales occurred on that day, at the mean between the closing bid and asked prices. Certain fixed income securities are valued by a dealer or by a pricing service based upon a computerized matrix system, which considers market transactions and dealer supplied valuations. Short-term securities maturing in 60 days or less are valued at cost plus earned discount to maturity (amortized cost), which approximates market value. Securities for which current market quotations are not readily available are stated at fair value as determined in good faith under the direction of the Board of Trustees.

In accordance with Rule 2a-7 of the 1940 Act, the Money Market Fund values its securities initially at cost, and thereafter, securities are assumed to have a constant amortization to maturity of any discount or premium. Amortized cost approximates fair value.

Investments in open end mutual funds are valued at their closing net asset value per share as reported by the investment company.

In September 2006, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards No. 157, Fair Value Measurement (“SFAS 157”). SFAS 157, which is effective for fiscal years beginning after November 15, 2007, defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact, if any, the adoption of SFAS 157 will have on the disclosures in the Fund’s financial statements.

83

NOTES TO FINANCIAL STATEMENTS
(Unaudited)(Continued) Sun Capital Advisers Trust

Investment Transactions and Income

Investment security transactions are accounted for as of trade date. Dividend income is recorded on the ex-dividend date (net of foreign withholding taxes). Interest income is recorded on the accrual basis (net of foreign withholding taxes). Discounts and premiums on debt securities are amortized using the interest method. Upon notification from issuers some dividend income received from a REIT may be redesignated as a reduction of cost of investment and/or realized gain. Realized gains and losses from security transactions are determined on the basis of identified cost for both financial statement and federal income tax purposes.

The Real Estate Fund may have elements of risk due to concentrated investments in specific industries. Such concentrations may subject the Fund to additional risks resulting from future political or economic conditions.

Foreign Currency Translation and Foreign Investments

The accounting records of the Funds are maintained in U.S. dollars. Portfolio securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars at the prevailing rates of exchange at period end. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the prevailing exchange rate on the respective dates of transactions. The effects of changes in foreign currency exchange rates on portfolio investments are included in the net realized and unrealized gains and losses on investments. Net gains and losses on foreign currency transactions include disposition of foreign currencies, and currency gains and losses between the accrual and receipt dates of portfolio investment income and between the trade and settlement dates of portfolio investment transactions.

Federal Income Taxes

Each Fund is treated as a separate entity for Federal tax purposes. Each Fund intends to elect or has elected to be treated and intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended (“the Code”). By so qualifying, the Funds will not be subject to Federal income taxes to the extent that they distribute all of their taxable income, including realized capital gains, for the fiscal year. In addition, by distributing during each calendar year substantially all of their net investment income, capital gains and certain other amounts, if any, the Funds will not be subject to a Federal excise tax.

In June 2006, Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes — an interpretation of FASB Statement 109 (“FIN 48”) was issued and is effective for fiscal years beginning after December 15, 2006, with implementation for daily net asset value calculation purposes for the Funds to be no later than the last business day of the semi-annual reporting period. FIN 48 sets forth a threshold for financial statement recognition, measurement and disclosure of a tax position taken or expected to be taken on a tax return. At June 30, 2007, Trust management has concluded that the adoption of FIN 48 does not result in a material impact to the Fund’s net assets, results of operations and financial statement disclosures.

A portion of the dividend income recorded by Real Estate Fund is from distributions by publicly traded REITs, and such distributions for tax purposes may also consist of capital gains and return of capital. The actual return of capital and capital gains portions of such distributions will be determined by formal notifications from the REITs subsequent to the calendar year-end. Distributions received from the REITs that are determined to be a return of capital are recorded by the Fund as a reduction to the cost basis of the securities held.

84

NOTES TO FINANCIAL STATEMENTS
(Unaudited)(Continued) Sun Capital Advisers Trust

At December 31, 2006, the following Funds have available for Federal income tax purposes capital loss carryovers which can be used to offset certain future realized capital gains.

	Expires December 31,
	2007		2008		2009		2010		2011		2012		2014
Money Market Fund	$	1,180	$	156	$	—	$	—	$	—	$	21	$	—
Davis Venture Value Fund		—		—		—		709,437		347,308		135,278
FI Large Cap Growth Fund		—		—		—		—		—		—		70,556

Under current tax law, certain capital losses realized after October 31 within a taxable year may be deferred and treated as occurring on the first day of the following tax year. For the tax period ended December 31, 2006, the following Funds elected to defer net losses arising between November 1, 2006 and December 31, 2006.

	Amount
Oppenheimer Main Street Small Cap Fund	$	166

Dollar Roll Transactions

The Investment Grade Bond Fund may enter into dollar roll transactions with financial institutions to take advantage of opportunities in the mortgage market. The Fund will only enter into “covered” rolls. A “covered” roll is a specific type of dollar roll for which there is an offsetting cash position or liquid security position. A dollar roll transaction involves a sale by the Fund of securities that it holds with an agreement by the Fund to repurchase similar securities at an agreed upon price and date. The securities repurchased will be substantially similar as to type, coupon and maturity as those sold. The Fund is paid a fee for entering into a dollar roll transaction, that is accrued as income over the life of the dollar roll contract. During the period between the sale and repurchase, the Fund will not be entitled to receive interest and principal payments on the securities sold.

The proceeds of the sale will generally be invested in additional instruments for the Fund, and the income from these investments, together with any additional fee income received on the dollar roll transaction, will generally exceed the interest income that would have been earned on the securities sold. Dollar roll transactions involve the risk that the market value of the securities sold by the Fund may decline below the repurchase price of those similar securities which the Fund is obligated to purchase or that the return earned by the Fund with the proceeds of a dollar roll may not exceed transaction costs.

Repurchase Agreements

In connection with transactions in repurchase agreements, the Trust’s custodian takes possession of the underlying collateral securities, the value of which at least equals 102% of the principal amount of the repurchase transaction. The value of the collateral is marked-to-market on a daily basis to ensure the adequacy of the collateral. In the event of default, the Funds have the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. There is the risk that the collateral may be insufficient to meet the obligation in the event of default.

When Issued Securities and Forward Commitments

The Funds may purchase or sell securities on a when issued or forward commitment basis. These transactions are arrangements in which the Funds purchase and sell securities with payment and delivery scheduled for a future time. Settlement dates may be a month or more after entering into these transactions and such transactions may involve a risk of loss if the value of the underlying security declines prior to the settlement date. The price of the

85

NOTES TO FINANCIAL STATEMENTS
(Unaudited)(Continued) Sun Capital Advisers Trust

underlying securities and the date when these securities will be delivered and paid for are fixed at the time the transaction is negotiated. This may increase the risk if the other party involved in the transaction fails to deliver and causes the Funds to subsequently invest at less advantageous prices and yields. In connection with such purchases the Funds maintain cash or liquid assets in an amount equal to purchase commitments for such underlying securities until settlement date and for sales commitments the Funds maintain equivalent deliverable securities as “cover” for the transaction. Unsettled commitments are valued at current market value of the underlying security. Daily fluctuations in the value of such contracts are recorded as unrealized gains or losses. The Funds will not enter into such agreements for the purpose of investment leverage.

Expenses

Expenses directly attributable to a Fund are charged to that Fund. Expenses not directly attributable to a particular Fund are allocated evenly among the affected Funds, allocated on the basis of relative net assets, or otherwise allocated among the Funds as the Trustees may direct or approve. Expenses directly attributable to a particular class of a Fund are charged directly to such class. In calculating the net asset value per share of each class, investment income, realized and unrealized gains and losses and expenses other than class specific expenses are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day plus current day fund share activity.

Dividends and Distributions

The Investment Grade Bond Fund and Money Market Fund declare dividends daily from net investment income, if any. Each of the remaining Funds in the Trust distributes net investment income, if any, annually. Each Fund distributes its net realized capital gains, if any, at least annually. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from generally accepted accounting principles. These differences, which may result in distribution reclassifications, are primarily due to differing treatments for non-taxable dividends, capital loss carryforwards and losses deferred due to wash sales. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to paid in capital and may affect the per share allocation between net investment income and realized and unrealized gain (loss). Undistributed net investment income and accumulated undistributed net realized gain (loss) on investments may include temporary book and tax differences which will reverse in a subsequent period. Any taxable income or gain remaining at fiscal year end is distributed in the following year.

NOTE C — INVESTMENT ADVISORY AND OTHER RELATED PARTY AGREEMENTS

Investment Advisory Agreement

Sun Capital Advisers, LLC (the “Adviser”) is the investment adviser to each of the Funds under separate investment advisory agreements with the Trust. The Adviser, at its own cost, has retained Davis Advisors, as subadviser for the Davis Venture Value Fund; OppenheimerFunds, Inc., as subadviser for the Oppenheimer Main Street Small Cap Fund; Pyramis Global Advisors, LLC, as subadviser for the FI Large Cap Growth Fund; and Wellington Management Company, LLP, as subadviser for the Blue Chip Mid Cap Fund. The Adviser is a direct wholly-owned subsidiary of Sun Life Assurance Company of Canada — U.S. Operations Holdings, Inc. (“Sun Life — US Ops Holdco”), a holding company. Sun Life Financial, Inc. (“Sun Life Financial”), a publicly traded holding company, is the ultimate parent of Sun Life — US Ops Holdco and the Adviser.

86

NOTES TO FINANCIAL STATEMENTS
(Unaudited)(Continued) Sun Capital Advisers Trust

As compensation for all services rendered, facilities provided and expenses paid or assumed by the Adviser under the advisory agreement, the Trust pays compensation quarterly to the Adviser at the following annual rates based on the average daily net assets of each Fund taken separately:

	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 million-$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%

Limitations

Through April 30, 2008 the Adviser has contractually agreed to reduce its advisory fee and to reimburse each Fund’s other expenses to reduce each Fund’s total annual operating expenses to:

	Total Operating Expense
Fund	Initial Class		Service Class
All Cap	0.90	%	1.15	%
Investment Grade Bond	0.75		1.00
Money Market	0.50		0.75
Real Estate	1.10		1.35
Davis Venture Value	0.90		1.15
Oppenheimer Main Street Small Cap	1.00		1.25
FI Large Cap Growth	0.81		1.06
Blue Chip Mid Cap	1.00		—

87

NOTES TO FINANCIAL STATEMENTS
(Unaudited)(Continued) Sun Capital Advisers Trust

For the six months ended June 30, 2007, the Adviser waived all or part of its advisory fee and reimbursed certain operating expenses in the following amounts:

Fund	Advisory Fees Waived		Expenses Reimbursed
All Cap	$	45,872	$	13,036
Investment Grade Bond		78,373		—
Money Market		165,982		—
Real Estate		117,891		—
Davis Venture Value		72,892		—
Oppenheimer Main Street Small Cap		213,858		—
FI Large Cap Growth		103,943		—
Blue Chip Mid Cap		61,076		—

To the extent that a Fund’s total expense ratio falls below the expense limit stated above in future years, the Adviser reserves the right to be reimbursed for advisory fees waived and fund expenses paid by it during the prior two fiscal years. For the two year period December 31, 2006 the aggregate amount of expenses waived or reimbursed for the Trust is $2,664,205.

Distribution and Service Plan

The Trust has adopted a plan of distribution and service pursuant to Rule 12b-1 under the 1940 Act with respect to its Service Class Shares (the ”Plan”), pursuant to which distribution and service fees are paid to Clarendon Insurance Agency, Inc. (“Clarendon”), which is a wholly-owned subsidiary of Sun Life Assurance Company of Canada (U.S.). The fees of the Trust payable to Clarendon pursuant of the Plan are accrued daily at a rate with respect to each fund which may not exceed 0.25% of the fund’s average daily net assets attributable to Service Class shares regardless of the level of expenses actually incurred by Clarendon and others.

Trustees’ Compensation

Trustees’ fees are paid by the Trust to each independent trustee of the Trust. The aggregate remuneration paid by the Funds to the independent trustees for the six months ended June 30, 2007 was $60,500. The Trust pays no compensation directly to its Trustees or officers who are affiliated with the Adviser, Sun Life — US Ops Holdco or Sun Life Financial, all of whom receive remuneration for their services to the Trust from the Adviser, Sun Life — US Ops Holdco or Sun Life Financial. Certain officers and Trustees of the Trust are officers and directors of the Adviser, Sun Life — US Ops Holdco or Sun Life Financial.

88

NOTES TO FINANCIAL STATEMENTS
(Unaudited)(Continued) Sun Capital Advisers Trust

NOTE D — INVESTMENT TRANSACTIONS

Purchases and proceeds from sales and maturities of investments, excluding short-term securities and in-kind transactions, for the six months ended June 30, 2007 were as follows:

Fund	Non- Government Purchases		Government Purchases		Non- Government Sales		Government Sales
All Cap	$	6,151,058	$	—	$	4,040,496	$	—
Investment Grade Bond		12,293,995		9,677,619		13,535,033		4,431,012
Real Estate		82,194,006		—		38,967,970		—
Davis Venture Value		10,489,513		—		2,761,326		—
Oppenheimer Main Street Small Cap		82,239,409		—		51,146,632		—
FI Large Cap Growth *		167,649,493		—		88,537,101		—
Blue Chip Mid Cap		29,443,792		—		38,304,743		—

* Excludes securities received on an in-kind basis and related subsequent sales of securities of $115,803,403 and $88,446,711, respectively.

Purchases and sales, including maturities, of short-term securities, by the Money Market Fund for the six months ended June 30, 2007 were $390,972,886, and $381,446,633, respectively.

The identified cost for federal income tax purposes of investments owned by each Fund and their respective gross unrealized appreciation and depreciation at June 30, 2007 were as follows:

	Identified Cost		Gross Unrealized					Net Unrealized Appreciation/ (Depreciation)
Fund			Appreciation		(Depreciation)
All Cap	$	12,454,037	$	1,536,081	$	(251,899	)	$	1,284,182
Investment Grade Bond		63,861,383		412,214		(1,875,487	)		(1,463,273	)
Money Market		133,937,477		—		—			—
Real Estate		213,209,394		38,631,020		(4,270,359	)		34,360,661
Davis Venture Value		53,235,142		22,164,563		(144,952	)		22,019,611
Oppenheimer Main Street Small Cap		112,695,961		14,309,503		(2,901,822	)		11,407,681
FI Large Cap Growth		109,855,223		3,197,365		(3,502,698	)		(305,333	)
Blue Chip Mid Cap		77,346,195		19,143,976		(295,073	)		18,848,903

89

NOTES TO FINANCIAL STATEMENTS
(Unaudited)(Continued) Sun Capital Advisers Trust

NOTE E — SHARE TRANSACTIONS

Each of the Funds is authorized to issue an unlimited number of shares without par value. Transactions in classes of each Fund were as follows:

	Initial Class						Service Class
	Six Months Ended June 30, 2007* (Unaudited)			Year Ended December 31, 2006			Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006**
ALL CAP FUND (shares)
Shares sold		103,331			118,106			177,671			291,221
Shares issued as reinvestment of distributions		—			8,010			—			5,340
Shares redeemed		(97,423	)		(151,864	)		(31,935	)		(29,413	)
Net increase (decrease) in shares outstanding		5,908			(25,748	)		145,736			267,148
Beginning of period		499,929			525,677			416,035			148,887
End of period		505,837			499,929			561,771			416,035
ALL CAP FUND ($)
Net proceeds from sales	$	1,289,023		$	1,362,456		$	2,272,837		$	3,369,392
Net proceeds on reinvestment of distributions		—			99,395			—			67,920
Shares redeemed		(1,217,552	)		(1,731,074	)		(416,548	)		(337,138	)
Net increase (decrease) in net assets	$	71,471		$	(269,223	)	$	1,856,289		$	3,100,174
INVESTMENT GRADE BOND FUND (shares)
Shares sold		485,236			312,524			1,022,493			672,490
Shares issued as reinvestment of distributions		118,695			308,883			31,930			43,127
Shares redeemed		(676,193	)		(1,440,306	)		(54,818	)		(115,008	)
Net increase (decrease) in shares outstanding		(72,262	)		(818,899	)		999,605			600,609
Beginning of period		4,697,506			5,516,405			969,548			368,939
End of period		4,625,244			4,697,506			1,969,153			969,548
INVESTMENT GRADE BOND FUND ($)
Net proceeds from sales	$	4,661,499		$	2,997,840		$	9,872,326		$	6,507,406
Net proceeds on reinvestment of distributions		1,139,570			2,959,719			308,258			416,229
Shares redeemed		(6,468,353	)		(13,834,855	)		(529,642	)		(1,118,280	)
Net increase (decrease) in net assets	$	(667,284	)	$	(7,877,296	)	$	9,650,942		$	5,805,355
MONEY MARKET FUND (shares)
Shares sold		43,197,936			72,037,441			250,822			766,564
Shares issued as reinvestment of distributions		2,958,922			5,303,933			31,799			39,082
Shares redeemed		(33,913,038	)		(67,607,254	)		(55,182	)		(40,302	)
Net increase (decrease) in shares outstanding		12,243,820			9,734,120			227,439			765,344
Beginning of period		120,165,547			110,431,427			1,274,384			509,040
End of period		132,409,367			120,165,547			1,501,823			1,274,384

90

NOTES TO FINANCIAL STATEMENTS
(Unaudited)(Continued) Sun Capital Advisers Trust

	Initial Class						Service Class
	Six Months Ended June 30, 2007* (Unaudited)			Year Ended December 31, 2006			Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006**
MONEY MARKET FUND ($)
Net proceeds from sales	$	43,197,936		$	72,037,441		$	250,822		$	766,564
Net proceeds on reinvestment of distributions		2,958,922			5,303,933			31,799			39,082
Shares redeemed		(33,913,038	)		(67,607,254	)		(55,182	)		(40,302	)
Net increase (decrease) in net assets	$	12,243,820		$	9,734,120		$	227,439		$	765,344
REAL ESTATE FUND (shares)
Shares sold		331,446			457,882			1,652,172			1,867,500
Shares issued as reinvestment of distributions		—			305,914			—			190,683
Shares redeemed		(658,499	)		(1,442,794	)		(87,030	)		(523,611	)
Net increase (decrease) in shares outstanding		(327,053	)		(678,998	)		1,565,142			1,534,572
Beginning of period		4,926,455			5,605,453			4,076,789			2,542,217
End of period		4,599,402			4,926,455			5,641,931			4,076,789
REAL ESTATE FUND ($)
Net proceeds from sales	$	8,300,024		$	9,826,458		$	44,255,821		$	43,612,508
Net proceeds on reinvestment of distributions		—			6,803,531			—			4,526,819
Shares redeemed		(16,565,378	)		(31,613,485	)		(2,367,991	)		(12,489,201	)
Net increase (decrease) in net assets	$	(8,265,354	)	$	(14,983,496	)	$	41,887,830		$	35,650,126
DAVIS VENTURE VALUE FUND (shares)
Shares sold		256,952			723,156			851,301			2,070
Shares issued as reinvestment of distributions		—			33,460			—			15
Shares redeemed		(456,203	)		(779,404	)		(3,481	)		—
Net increase (decrease) in shares outstanding		(199,251	)		(22,788	)		847,820			2,085
Beginning of period		4,665,868			4,688,656			2,085			—
End of period		4,466,617			4,665,868			849,905			2,085
DAVIS VENTURE VALUE FUND ($)
Net proceeds from sales	$	3,524,765		$	8,798,372		$	11,804,201		$	25,000
Net proceeds on reinvestment of distributions		—			404,193			—			184
Shares redeemed		(6,219,802	)		(9,392,552	)		(47,801	)		—
Net increase (decrease) in net assets	$	(2,695,037	)	$	(189,987	)	$	11,756,400		$	25,184
OPPENHEIMER MAIN STREET SMALL CAP FUND (shares)
Shares sold		46,743			557,694			2,363,087			1,607
Shares issued as reinvestment of distributions		—			245,236			—			69
Shares redeemed		(690,716	)		(1,300,786	)		(283	)		—
Net increase (decrease) in shares outstanding		(643,973	)		(497,856	)		2,362,804			1,676
Beginning of period		5,808,211			6,306,067			1,676			—
End of period		5,164,238			5,808,211			2,364,480			1,676

91

NOTES TO FINANCIAL STATEMENTS
(Unaudited)(Continued) Sun Capital Advisers Trust

	Initial Class						Service Class
	Six Months Ended June 30, 2007* (Unaudited)			Year Ended December 31, 2006			Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006**
OPPENHEIMER MAIN STREET SMALL CAP FUND ($)
Net proceeds from sales	$	741,611		$	7,942,521		$	38,118,454		$	25,000
Net proceeds on reinvestment of distributions		—			3,408,768			—			959
Shares redeemed		(11,064,900	)		(19,090,076	)		(4,396	)		—
Net increase (decrease) in net assets	$	(10,323,289	)	$	(7,738,787	)	$	38,114,058.00		$	25,959
FI LARGE CAP GROWTH FUND (shares)
Shares sold		204,170			—			129,826			386,310
Subscriptions in-kind***		7,504,352			—			3,598,563			—
Shares issued as reinvestment of distributions		—			—			—			—
Shares redeemed		(665,381	)		—			(261,188	)		(4,441	)
Net increase in shares outstanding		7,043,141			—			3,467,201			381,869
Beginning of period		—			—			381,869			0
End of period		7,043,141			—			3,849,070			381,869
FI LARGE CAP GROWTH FUND ($)
Net proceeds from sales	$	2,128,281		$	—		$	1,327,416		$	3,814,139
Subscriptions in-kind***		78,270,388						37,533,015
Net proceeds on reinvestment of distributions		—			—			—			—
Shares redeemed		(6,933,891	)		—			(2,715,252	)		(42,731	)
Net increase in net assets	$	73,464,778		$	—		$	36,145,179		$	3,771,408
BLUE CHIP MID CAP FUND (shares)
Shares sold		109,627			413,951
Shares issued as reinvestment of distributions		—			879,952
Shares redeemed		(735,689	)		(930,785	)
Net increase (decrease) in shares outstanding		(626,062	)		363,118
Beginning of period		4,970,353			4,607,235
End of period		4,344,291			4,970,353
BLUE CHIP MID CAP FUND ($)
Net proceeds from sales	$	2,289,673		$	8,457,476
Net proceeds on reinvestment of distributions		—			15,575,148
Shares redeemed		(15,413,219	)		(18,860,690	)
Net increase (decrease) in net assets	$	(13,123,546	)	$	5,171,934

* Initial Class Shares for the FI Large Cap Growth Fund commenced on April 2, 2007 and share activity presented is for the period April 2, 2007 to June 30, 2007.

** Service Class Shares for the Davis Venture Value Fund, Oppenheimer Main Street Small Cap Fund and FI Large Cap Growth Fund commenced on May 1, 2006 and share activity presented is for the period May 1, 2006 to December 31, 2006.

*** During the six months ended June 30, 2007, FI Large Cap Growth Fund received securities with a value of $115,803,403 in exchange for 11,102,915 fund shares.

92

NOTES TO FINANCIAL STATEMENTS
(Unaudited)(Continued) Sun Capital Advisers Trust

NOTE F — LINE OF CREDIT

The Trust has entered into a $15 million committed unsecured revolving line of credit (the “Agreement”) primarily for temporary or emergency purposes. The Money Market Fund is not a party to this agreement.

Interest is charged to each Fund based on its borrowings at a rate equal to the overnight federal funds rate plus 0.50% per annum. In addition, a commitment fee on the daily unused portion of the $15 million committed line is allocated among the participating funds at the end of each calendar quarter. During the six months ended June 30, 2007, the following Funds had borrowings and commitment fees under this Agreement as follows:

Fund	Maximum Loan		Average Daily Amount of Loan		Weighted Average Interest Rate		Commitment Fees
All Cap	$	—	$	—	—	%	$	157
Investment Grade Bond		—		—	—			700
Real Estate		—		—	—			2,888
Davis Venture Value		—		—	—			788
Oppenheimer Main Street Small Cap		621,000		11,906	5.788			1,244
FI Large Cap Growth		456,000		9,492	5.800			610
Blue Chip Mid Cap		2,058,000		58,448	5.803			1,118

NOTE G — INDEMNIFICATION

Under the Trust’s organizational documents, its officers and trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into agreements with service providers that may contain indemnification clauses. The Trust’s maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

93

OTHER INFORMATION (Unaudited)

PROXY VOTING

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 are available (i) without charge, upon request, by calling (800)-432-1102 x 1687 and (ii) on the U.S. Securities and Exchange Commission’s website at www.sec.gov.

QUARTERLY FILING OF PORTFOLIO HOLDINGS

The Funds file their complete schedule of investments with the U.S. Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Form N-Q will be available (i) on the SEC’s website at www.sec.gov; and (ii) available for review and copying at the SEC’s Public Reference Room in Washington, D.C. Information about the operations of the Public Reference Room may be obtained by calling (800)-SEC-0330.

SHAREHOLDER MEETING

Special Meetings of each of the 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, and SC Blue Chip Mid Cap Fund (each, a “Fund” collectively, the “Funds”) of the Sun Capital Advisers Trust (the “Trust”) were held on June 25, 2007.

Record owners of the Funds’ shares were asked to elect the following five individuals as members of the Trust’s Board of Trustees, including four individuals who currently served as Trustees:

James M.A. Anderson

Michael P. Castellano

Dawn-Marie Driscoll

Anthony C. Paddock

William N. Searcy, Jr.

The shareholders of the Funds voted to approve the election of the five individuals as members of the Trust’s Board of Trustees. The voting results are as follows:

James M.A. Anderson
For:	166,345,080.677 (equal to 96.747% of the shares present or represented);
Withhold:	5,594,003.737 (equal to 3.253% of the shares present or represented).

Michael P. Castellano
For:	166,440,776.560 (equal to 96.802% of the shares present or represented);
Withhold:	5,498,307.854 (equal to 3.198% of the shares present or represented).

Dawn-Marie Driscoll
For:	166,442,258.857 (equal to 96.803% of the shares present or represented);
Withhold:	5,496,825.557 (equal to 3.197% of the shares present or represented).

94

OTHER INFORMATION (Unaudited) (Continued)

Anthony C. Paddock
For:	166,176,582.461 (equal to 96.649% of the shares present or represented);
Withhold:	5,762,501.953 (equal to 3.351% of the shares present or represented).

William N. Searcy, Jr.
For:	166,468,105.148 (equal to 96.818% of the shares present or represented);
Withhold:	5,470,979.266 (equal to 3.182% of the shares present or represented).

In addition, record owners of SC FI Large Cap Growth Fund were asked to approve a proposal to continue to rely on the “manager of managers” exemptive order issued to the Trust by the Securities and Exchange Commission (the “Manager of Managers Proposal”). The “manager of managers” Order (the “Order”) permits the Trust’s Board of Trustees to approve the appointment of a subadviser to the Fund or a material change to the Fund’s subadvisory agreement without obtaining further shareholder approval.

The shareholders of SC FI Large Cap Growth Fund voted to approve a proposal to continue to rely on the “manager of managers” exemptive order issued to the Trust by the Securities and Exchange Commission. The voting results are as follows:

Proposal to Continue reliance on Manager of Managers Order
For:	10,047,368.926 (equal to 88.888% of the shares present or represented);
Against:	556,909.170 (equal to 4.926% of the shares present or represented); and
Abstain	699,186.732 (equal to 6.186% of the shares present or represented).

95

Sun Capital Advisers Trust

TRUSTEES AND OFFICERS

Michael P. Castellano, Trustee

Dawn-Marie Driscoll, Trustee

Anthony C. Paddock, Trustee

William N. Searcy, Jr., Chairman, Trustee

James M.A. Anderson, President, CEO and Trustee

James F. Alban, Treasurer and CFO

Joseph L. Ciardi, Chief Compliance Officer

Maura A. Murphy, Secretary

INVESTMENT ADVISER

Sun Capital Advisers LLC

One Sun Life Executive Park

Wellesley Hills, MA 02481

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116

ADMINISTRATOR, CUSTODIAN, TRANSFER AGENT

State Street Bank & Trust Company

1 Lincoln Street

Boston, MA 02111

LEGAL COUNSEL

Wilmer Cutler Pickering Hale and Dorr LLP

60 State Street

Boston, MA 02109

This report must be preceded or accompanied by a prospectus for Sun Capital Advisers Trust which includes more information about charges and expenses. Please read the prospectus carefully before you invest or send money.

Item 2. Code of Ethics.

Not applicable to semi-annual report

Item 3. Audit Committee Financial Expert.

Not applicable to semi-annual report

Item 4. Principal Accountant Fees and Services.

Not applicable to semi-annual report

Item 5. Audit Committee of Listed Registrants.

Not applicable

Item 6. Schedule of Investments.

Included in stockholder report filed under Item 1.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable

Item 10. Submission of Matters to a Vote of Security Holders.

No material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees have been implemented since the registrant’s most recent disclosure to this Item.

Item 11. Controls and Procedures.

(a) Based upon their evaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this Form N-CSR, the registrant’s principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There have been no significant changes in the registrant’s internal control over financial reporting during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1)	Not applicable to semi-annual report.
(a)(2)	A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Investment Company Act of 1940, as amended, are filed herewith.
(a)(3)	Not applicable.
(b)	The certification required by Section 906 of the Sarbanes-Oxley Act of 2002 is filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	SUN CAPITAL ADVISERS TRUST
By (Signature and Title)*	/s/ JAMES M.A. ANDERSON
	James M.A. Anderson, President
Date:	August 21, 2007

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ JAMES M.A. ANDERSON
	James M.A. Anderson, President
	(Chief Executive Officer)
Date:	August 21, 2007
By (Signature and Title)*	/s/ JAMES F. ALBAN
	James F. Alban, Treasurer
	(Chief Financial Officer)
Date:	August 21, 2007

* Print name and title of each signing officer under his or her signature.