SUN CAPITAL ADVISERS TRUST, N-30D, 2000-02-22

SUN CAPITAL ADVISERS TRUST
N-30D, 2000-02-22

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<PAGE>
[LOGO]

ANNUAL REPORT
DECEMBER 31, 1999

SUN CAPITAL MONEY MARKET FUND
SUN CAPITAL INVESTMENT GRADE BOND FUND
SUN CAPITAL REAL ESTATE FUND
SUN CAPITAL BLUE CHIP MID CAP FUND
SUN CAPITAL SELECT EQUITY FUND
SUN CAPITAL INVESTORS FOUNDATION FUND
<PAGE>
LETTER FROM THE PRESIDENT
- ----------------------------------------------------------------------

Dear Contractholders,

We are pleased to provide you with the 1999 annual report for Sun Capital
Advisers Trust. The report that follows includes detailed information about
portfolio holdings and an analysis of 1999 performance and investment strategy
for 2000 for each of the six funds of Sun Capital Advisers Trust.

One of the significant changes to Sun Capital Advisers Trust in 1999 was the
addition of three funds subadvised by Wellington Management Company, LLP. The
Blue Chip Mid Cap, Select Equity and Investors Foundation funds were introduced
on September 1. These funds, along with the Investment Grade Bond and Real
Estate funds, posted strong relative performances in 1999.

We appreciate your investment in the Sun Capital Advisers Trust and look
forward to serving your investment needs now and in the future.

Respectfully,

[LOGO]

James M.A. Anderson
President

1
<PAGE>
MANAGEMENT'S DISCUSSION & ANALYSIS
- ----------------------------------------------------------------------

MONEY MARKET FUND

For the year ended December 31, 1999, the total return of the Sun Capital Money
Market Fund was 4.63%, compared to 4.85% for the Merrill Lynch three-month U.S.
Treasury Bill Index.

At December 31, 1999, the Fund had net assets of $14.0 million compared to $2.5
million a year earlier. The Fund had a seven-day yield of 5.35% and an average
maturity of 35 days. The portfolio was 93% invested in highly rated commercial
paper, 4% in short-term corporate securities and 3% in an institutional money
market fund.

Money market rates, as measured by three-month U.S. Treasury Bills, rose almost
50 basis points in the fourth quarter. The economy was strong, which prompted
the Federal Reserve to increase the Federal Funds rate by twenty-five basis
points to 5.50% on November 16th. This was the third time such a move was made
in 1999 with the other increases coming in June and August. As a result, money
market rates for the year rose almost 1%. Three-month Treasury bills started the
year at 4.45%, declined to 4.27% in April and peaked at 5.58% in December,
before closing the year at 5.33%. The spreads on 90-day commercial paper over
Treasury bills fluctuated between 28 and 139 basis points during the year. There
was reduced issuance in the marketplace, particularly of maturities in a band
around year-end, due to Y2K concerns that had a slight impact on liquidity.

Due to weak fixed income markets, Y2K concerns, and our view that the economy
will continue growing strongly into 2000, the fund's average maturity was
reduced to 35 days at year end. It is anticipated that the Federal Reserve will
further raise rates during 2000 and the portfolio's average term will be
extended as opportunities occur.

<TABLE>
<S> <C>
TOP TEN HOLDINGS
AT DECEMBER 31, 1999
- ----------------------------------------------------

% OF NET ASSETS
----------
Laclede Gas Company 6.30% 1/25/2000 4.28%
Schering Corp. 6.13% 1/25/2000 3.92%
Toyota Motor Credit 5.90% 3/03/2000 3.90%
CIT Group Holdings 5.95% 2/04/2000 3.58%
Wal-Mart Stores 5.65% 2/01/2000 3.58%
SSGA Money Market Fund 3.36%
Pacific Gas & Electric 5.89% 3.20%
2/11/2000
Duke Energy Corporation 5.78% 3.20%
2/14/2000
Merrill Lynch 5.84% 2/18/2000 3.09%
American Express Credit Corp 5.81% 2.86%
1/21/2000
</TABLE>

2
<PAGE>
- ----------------------------------------------------------------------

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN THE MONEY MARKET FUND
AND THE MERRILL LYNCH 3-MONTH U.S. TREASURY BILL INDEX*

EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC

<TABLE>
<CAPTION>
SUN CAPITAL MERRILL LYNCH
MONEY MARKET 3-MONTH
FUND T-BILL INDEX
<S> <C> <C>
12/7/98 $10,000.00 $10,000.00
12/31/98 $10,031.00 $10,030.00
3/31/99 $10,137.60 $10,135.98
6/30/99 $10,246.25 $10,255.04
9/30/99 $10,363.47 $10,384.79
12/31/99 $10,495.25 $10,513.47
</TABLE>

TOTAL RETURNS**

<TABLE>
<CAPTION>
YEAR ENDED LIFE OF
DECEMBER 31, 1999 FUND***
-------------------- -------
<S> <C> <C>
Money Market Fund....................... 4.63% 4.63%
Merrill Lynch 3-month U.S. Treasury Bill
Index*................................ 4.85% 4.79%
</TABLE>

*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 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 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.

***Average annual total return for the period from December 7, 1998
(commencement of operations) to December 31, 1999.

3
<PAGE>
MANAGEMENT'S DISCUSSION & ANALYSIS
- ----------------------------------------------------------------------

INVESTMENT GRADE BOND FUND

For the year ended December 31, 1999, the total return for the Sun Capital
Investment Grade Bond Fund was (0.56)%, exceeding the Lehman Brothers Aggregate
Bond Index return of (0.82)%.

The Fund's top three sector allocations were led by the U.S. Government & Agency
Obligation sector with a 46.5% weighting. The Electric Utilities and Asset
Backed sectors follow at 7.3% and 7.2%, respectively, of the portfolio. At
year-end 54.2% of the portfolio was rated AAA or higher (Government obligations)
and 89.3% of the Fund was rated investment grade. The portfolio duration of 4.82
years was slightly shorter than the Lehman Aggregate Index duration of 4.92
years.

Interest rates moved sharply higher and the yield curve flattened during the
fourth quarter, as the economy continued to charge ahead. Two, ten and
thirty-year Treasury yields were 6.24%, 6.44% and 6.48% respectively at
year-end, for increases of 63, 56 and 43 basis points during the quarter. The
Federal Reserve boosted the Federal Funds rate an additional 25 basis points to
5.5% in mid-November. They have now fully reversed the three rate reductions
brought on from the financial crises during the second half of 1998. Interest
rates now stand in sharp contrast to where they were one year ago. At that time,
yields on almost the entire Treasury yield curve were below the Federal Funds
rate, in anticipation of an economic slowdown that never materialized. Today,
the Treasury note and bond market is yielding a minimum of 75 basis points over
the Federal Funds rate, and investors expect further rate hikes from the Federal
Reserve.

Market illiquidity, which had been most evident in the Corporate bond market,
began to subside during November and conditions continued to improve through
December. As we moved closer to year-end, both Y2K concerns and the constant
supply of new bond issuance abated. Market volatility declined and investors
slowly came back to the market with a greater appetite for risk. On a relative
basis, the prices for lower rated Corporate securities performed well.

The technical factors that caused market dislocation through much of 1999 are
now behind us and investors are currently focused on the fundamental market
outlook. The non-Treasury markets continue to see stronger relative performance.
This is primarily due to the fact that the economy remains on a strong growth
track, Y2K was largely a non-event, and new issue bond supply is moderate in the
face of strong investor demand. We anticipate that the Federal Reserve will push
the Federal Funds rate higher, possibly as soon as February. The portfolio is
presently positioned to benefit from these trends.

<TABLE>
<S> <C> <C> <C>
TOP TEN BOND ISSUERS TOP FIVE SECTORS
AT DECEMBER 31, 1999 AT DECEMBER 31, 1999
- ------------------------------------------------------------------------------------------------------------

% OF NET ASSETS % OF NET ASSETS
---------- ----------
U.S. Treasury 16.54% U.S. Govt. & Agency Oblig. 46.5%
Federal National Mortgage Assn. 11.04% Electric Utilities 7.3%
Federal Home Loan Mortgage Assn. 10.30% Asset Backed 7.2%
Government National Mortgage Assn. 8.64% Financial 4.8%
Household Finance 3.42% Broadcasting/Media 4.1%
El Paso Electric Company 2.45%
Sears Roebuck Acceptance Corp. 1.65%
Discover Card Master Trust I 1.62%
Coastal Corp. 1.56%
Peco Energy Transition Trust 1.55%
</TABLE>

4
<PAGE>
- ----------------------------------------------------------------------

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN THE INVESTMENT GRADE
BOND FUND AND THE LEHMAN BROTHERS AGGREGATE BOND INDEX*

EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC

<TABLE>
<CAPTION>
SELECT EQUITY S&P 500
FUND
<S> <C> <C>
12/7/1998 $10,000.00 $10,000.00
12/31/1998 $10,004.15 $10,025.04
3/31/1999 $10,045.41 $9,975.31
6/30/1999 $9,955.74 $9,887.66
9/30/1999 $9,962.79 $9,954.80
12/31/1999 $9,948.31 $9,942.64
</TABLE>

TOTAL RETURNS**

<TABLE>
<CAPTION>
YEAR ENDED LIFE OF
DECEMBER 31, 1999 FUND***
------------------ ------------
<S> <C> <C>
Investment Grade Bond Fund.............. (0.56)% (0.48)%
Lehman Brothers Aggregate Bond Index*... (0.82)% (0.53)%
</TABLE>

*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/Corporate Bond 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 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 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.

***Average annual total return for the period from December 7, 1998
(commencement of operations) to December 31, 1999.

5
<PAGE>
MANAGEMENT'S DISCUSSION & ANALYSIS
- ----------------------------------------------------------------------

REAL ESTATE FUND

For the year ended December 31, 1999, the Sun Capital Real Estate Fund posted a
total return of (3.98)%, compared to a return of (4.54)% for the Morgan Stanley
REIT Index. Since inception, December 7, 1998 through December 31, 1999, the
Fund posted a total return of (4.66)%, compared to a return of (6.71)% for the
Index. The relative outperformance of the Fund was largely driven by the
outperformance of its industrial/office and apartment holdings, relative to
their peers in the Index, as well as its slight relative overweight to the
industrial/office sector, one of the better performing sectors in the Index.

With stock market investors fixated on growth stocks (as demonstrated by the
NASDAQ Composite returns of 42.8% for the fourth quarter and 86.1% for the
year), the REIT market suffered through its second consecutive year of negative
total return. REIT stock performance was generally weak throughout the year. The
few attempts at rallies, sparked by positive comments on the sector by Warren
Buffet and several instances of management-led privatizations, were not
sustained for any great lengths of time.

The largest positive contributions to the Fund's relative outperformance came
from the outperformance of several of its largest holdings, including
CenterPoint Properties, Apartment Investment & Management Co., Equity
Residential Properties, Equity Office Properties, AvalonBay Communities, SL
Green Realty and ProLogis Trust. The Fund performance was hurt by the
underperformance of some of its retail holdings, primarily Developers
Diversified and General Growth Properties.

REITs continue to look very attractive relative to other markets. The current
price/funds from operations (FFO) ratio of the REIT universe is approximately
30% that of the S&P 500 price/earnings ratio, compared to a historic average
relationship of 66%. In addition, the current spread between the REIT universe
dividend yield and the 10 year Treasury Note is 210 basis points, compared to a
historical average of 50 basis points. Also, REIT stock prices are currently at
a 25% discount to their estimated net asset values, compared to an average
historical relationship of a 10-20% premium. While no catalysts to trigger
sustained price appreciation are immediately identifiable, we are hopeful that
dividends alone will have a positive influence on returns.

For the industrial sector, most markets remain in equilibrium, as both new
construction and demand for new space should moderate slightly in 2000. Themes
to watch this year include internal growth, recycling of capital, joint venture
agreements (driven largely by the scarcity of capital), and impacts on
warehousing and distribution from e-commerce and other "new economy"
developments.

Office REITs that performed well in 1999 either had an urban focus, or had
properties located in particularly strong markets. Our two largest office
holdings, SL Green Realty and Equity Office Properties, have properties that are
primarily located in urban areas and accordingly performed relatively well in
1999, with total returns of 7.13% and 9.18%, respectively.

The multifamily apartment sector was the best performing property sector in
1999, achieving a 10.5% total return. There were a couple of reasons for this.
First, there was no fear of overdevelopment as supply and demand were in
equilibrium. Secondly, apartments are considered the least risky of the real
estate property types. The large, diversified, well-managed

6
<PAGE>
multifamily REITs outperformed in 1999. Our holdings of Equity Residential
Properties, AvalonBay Communities and Apartment Investment & Management Co. all
performed very well, as they fit into this category of large and well managed
REITs.

The mall sector had a (14.7)% total return for 1999 while the strip center
sector had a (11.0)% total return for 1999. The effect of the Internet on
traditional shopping hurt the sector performance in 1999 and will limit multiple
expansion for the sector in 2000.

<TABLE>
<S> <C> <C> <C>
TOP TEN HOLDINGS TOP FIVE PROPERTY TYPES
AT DECEMBER 31, 1999 AT DECEMBER 31, 1999
- ------------------------------------------------------------------------------------------------------------

% OF NET ASSETS % OF NET ASSETS
---------- ----------
AvalonBay Communities, Inc. 7.74% Office 28.3%
SL Green Realty Corp. 7.11% Apartments 21.0%
Equity Office Properties Trust 6.38% Warehouse & Industrial 13.6%
Kimco Realty Corp. 5.71% Regional Malls 11.5%
Public Storage, Inc. 5.05% Shopping Centers 11.5%
ProLogis Trust 4.90%
Equity Residential Properties Trust 4.77%
Reckson Associates Realty Corp. 4.62%
Apartment Investment & 4.27%
Management Co.
CenterPoint Properties Corp. 4.20%
</TABLE>

7
<PAGE>
- ----------------------------------------------------------------------

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN THE REAL ESTATE FUND
AND THE MORGAN STANLEY REIT INDEX*

EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC

<TABLE>
<CAPTION>
SUN CAPITAL MORGAN STANLEY
REAL ESTATE REIT
FUND INDEX
<S> <C> <C>
12/7/1998 $10,000.00 $10,000.00
12/31/1998 $9,929.44 $9,773.77
3/31/1999 $9,364.92 $9,303.43
6/30/1999 $10,383.06 $10,225.57
9/30/1999 $9,536.29 $9,398.40
12/31/1999 $9,534.00 $9,329.59
</TABLE>

TOTAL RETURNS**

<TABLE>
<CAPTION>
YEAR ENDED LIFE OF
DECEMBER 31, 1999 FUND***
-------------------- -------------
<S> <C> <C>
Real Estate Fund........................ (3.98)% (4.37)%
Morgan Stanley REIT Index*.............. (4.54)% (6.28)%
</TABLE>

*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 Morgan Stanley
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 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 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.

***Average annual total return for the period from December 7, 1998
(commencement of operations) to December 31, 1999.

8
<PAGE>
MANAGEMENT'S DISCUSSION & ANALYSIS
- ----------------------------------------------------------------------

1999 MARKET OVERVIEW (BY WELLINGTON MANAGEMENT CO., LLP)

The past year proved to be another extraordinary one for equity investors, with
the S&P 500 index up 21.0% and mid-cap indices such as the S&P Mid Cap 400 up
14.7%. Technology stocks and communication service stocks were the clear leaders
for the year, driving markets and valuations to new highs. Indeed,
Internet-related stocks offered eye popping triple digit returns dwarfing even
traditional technology leaders. The narrow momentum character of the market is
exemplified by the fact that, excluding technology, the S&P 500 was only up
mid-single digits for the year with electric utilities, most transportation
stocks and many consumer brand companies actually down for the year. In fact,
more stocks provided negative returns in 1999 than positive returns and only
about 30% of the stocks in the index outperformed the index. The top four
companies, Cisco, GE, Microsoft and Wal-Mart, together represent almost 15% of
the market capitalization of the S&P 500 and were up on average 80% in 1999.

Within this context, the three portfolios sub-advised by Wellington Management
Company, LLP since September 1, 1999 performed extremely well -- all producing
double-digit returns over these four months.

BLUE CHIP MID CAP FUND (SUBADVISED BY WELLINGTON MANAGEMENT CO., LLP)

Sun Capital Blue Chip Mid Cap Fund returned 27.07% since inception of the fund
on September 1, 1999 through December 31, 1999, compared to 13.57% for the S&P
Mid Cap 400 Index. The Blue Chip Mid Cap Fund utilizes a two tiered approach.
First we identify the fastest growing sectors in the market using general
economic and investment research. We believe that these "sectors of opportunity"
include technology, services, health care, finance and consumer products. Then
we focus on individual security analysis searching for high-quality, mid-cap
companies that have critical mass yet have the potential to be much larger. We
call these "companies on the verge of greatness." Representative investments
that meet these criteria and have increased returns since inception of the
portfolio include Veritas and Analog Devices in technology, American Tower in
media, and Immunex in health care. As we look forward, the opportunity in mid
cap stocks remains compelling. We believe that earnings growth for the sector
will be strong over the next three to five years and many stocks are trading at
very attractive relative valuations. The Fund is well positioned to take
advantage of these trends with broad exposure to high-quality companies in all
10 major industries.

<TABLE>
<S> <C> <C> <C>
TOP TEN HOLDINGS TOP FIVE SECTORS
AT DECEMBER 31, 1999 AT DECEMBER 31, 1999
- ------------------------------------------------------------------------------------------------------------

% OF NET ASSETS % OF NET ASSETS
---------- ----------
American Tower Corp. Class A 2.88% Business Services 21.3%
Manpower, Inc. 2.39% Communication Services 12.7%
Analog Devices, Inc. 2.19% Electronics 11.1%
Waters Corp. 2.11% Drugs & Health Care 8.7%
Immunex Corp. 2.06% Retail 6.7%
MBIA, Inc. 2.01%
Gartner Group, Inc. Class A 2.00%
Iron Mountain, Inc. 1.97%
Dollar General Corp. 1.95%
McLeodUSA, Inc. 1.91%
</TABLE>

9
<PAGE>
- ----------------------------------------------------------------------

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN THE BLUE CHIP MID CAP
FUND AND THE S&P MID CAP 400 INDEX*

EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC

<TABLE>
<CAPTION>
SUN CAPITAL S&P 400
BLUE CHIP
MID CAP FUND
<S> <C> <C>
9/1/99 $10,000.00 $10,000.00
9/30/99 $9,710.00 $9,691.30
10/31/99 $10,350.00 $10,185.17
11/30/99 $10,919.97 $10,719.79
12/31/99 $12,707.46 $11,356.86
</TABLE>

CUMULATIVE TOTAL RETURNS**

<TABLE>
<CAPTION>
LIFE OF
FUND***
-------
<S> <C>
Blue Chip Mid Cap Fund............................ 27.07%
S&P Mid Cap 400 Index*............................ 13.57%
</TABLE>

*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 Mid Cap 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 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 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.

***For the period from September 1, 1999 (commencement of operations) to
December 31, 1999.

10
<PAGE>
MANAGEMENT'S DISCUSSION & ANALYSIS
- ----------------------------------------------------------------------

SELECT EQUITY FUND (SUBADVISED BY WELLINGTON MANAGEMENT CO., LLP)

The Sun Capital Select Equity Fund returned 26.40% since inception of the Fund
on September 1, 1999 through December 31, 1999, compared to 11.73% for the S&P
500. The Fund is a concentrated fund that invests in 30 high quality companies
(ranges from 20-40 names). The Fund's strong return since inception was due
primarily to strong stock selection in the technology, finance and healthcare
sectors. The Fund benefited from holdings in Broadcom, Cisco Systems, Exodus
Communications, Motorola and Nokia to name a few. In the finance areas, the
Funds' holdings in Citigroup, Marsh & McClennan and Morgan Stanley Dean Witter
all contributed to performance. In health care, Merck, Warner-Lambert, and a
recent position in Immunex all increased returns. Looking forward into the year
2000, for the first time in a decade all major economic regions of the world
could be growing at the same time. We think this bodes well for economically and
internationally sensitive groups such as materials, energy, industrial and
commercial, technology and well positioned multinational consumer products
companies. We remain cautiously optimistic about the US equity markets in 2000
and feel the Fund is well positioned to capitalize on these trends going
forward.

% OF NET ASSETS % OF NET ASSETS
---------- ----------
Nokia Oyj ADR 4.81% Communication Services 22.3%
MCI WorldCom, Inc. 4.80% Drugs & Health Care 13.1%
Cisco Systems, Inc. 4.38% Telecommunications 11.6%
Sprint Corp. (PCS Group) 3.99% Software 10.0%
AT&T Corp.-Liberty Media Group 3.98% Financial Services 9.6%
Class A
Lucent Technologies, Inc. 3.78%
Citigroup, Inc. 3.78%
Oracle Corp. 3.71%
Global Crossing, Ltd 3.70%
Immunex Corp 3.62%
</TABLE>

11
<PAGE>
- ----------------------------------------------------------------------

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN THE SELECT EQUITY FUND
AND THE S&P 500 INDEX*

EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC

<TABLE>
<CAPTION>
SUN CAPITAL S&P 500 INDEX
SELECT EQUITY
FUND
<S> <C> <C>
9/1/99 $10,000.00 $10,000.00
9/30/99 $9,700.00 $9,725.90
10/31/99 $10,159.78 $10,341.35
11/30/99 $10,819.76 $10,551.59
12/31/99 $12,639.75 $11,173.08
</TABLE>

CUMULATIVE TOTAL RETURNS**

<TABLE>
<CAPTION>
LIFE OF
FUND***
-------
<S> <C>
Select Equity Fund................................ 26.40%
S&P 500 Index..................................... 11.73%
</TABLE>

*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 Select Equity Fund and
the return on the investment will fluctuate and redemption proceeds may be
higher or lower than an investor's original cost.

***For the period from September 1, 1999 (commencement of operations) to
December 31, 1999.

12
<PAGE>
MANAGEMENT'S DISCUSSION & ANALYSIS
- ----------------------------------------------------------------------

INVESTORS FOUNDATION FUND (SUBADVISED BY WELLINGTON MANAGEMENT CO., LLP)

Sun Capital Investors Foundation Fund returned 12.13% for the period since
inception of the Fund on September 1, 1999 through December 31, 1999, compared
to 11.73% for the S&P 500. The Investors Foundation approach combines Wellington
Management's proprietary fundamental research with a quantitative valuation
approach. The complementary nature of these two approaches improves the
consistency of value added. We strive to take a consistent amount of risk
relative to the benchmark over time. The Investors Foundation Fund owned four of
the largest companies in the S&P 500 (Microsoft, Wal-Mart, GE and Cisco) as well
as other large cap bellwether companies like Citigroup, IBM, Motorola and Home
Depot. Looking forward we continue to have a fair representation in technology
but prefer some of the less expensive hardware makers. We have not given up on
some of the higher yielding sectors, including utilities and energy. We see
attractive opportunities in consumer staples and therefore have begun initiating
positions in stocks such as Coca-Cola and PepsiCo.

% OF NET ASSETS % OF NET ASSETS
---------- ----------
Microsoft Corp. 5.74% Drugs & Health Care 8.7%
Citigroup, Inc. 2.87% Software 8.6%
Wal-Mart Stores, Inc. 2.86% Computers & Business Equipment 8.5%
General Electric Co 2.80% Electronics 7.6%
International Business Machines 2.51% Retail 6.8%
Corp.
Cisco Systems, Inc. 2.49%
Home Depot, Inc. 2.39%
Motorola, Inc. 2.28%
AT&T Corp. 2.10%
Kimberly-Clark Corp. 2.02%
</TABLE>

13
<PAGE>
- ----------------------------------------------------------------------

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN THE INVESTORS
FOUNDATION FUND AND THE S&P 500 INDEX*

EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC

<TABLE>
<CAPTION>
SUN CAPITAL S&P 500 INDEX
INVESTORS
FOUNDATION FUND
<S> <C> <C>
9/1/99 $10,000.00 $10,000.00
9/30/99 $9,680.00 $9,725.90
10/31/99 $10,119.96 $10,341.35
11/30/99 $10,399.98 $10,551.59
12/31/99 $11,212.67 $11,173.08
</TABLE>

CUMULATIVE TOTAL RETURNS**

<TABLE>
<CAPTION>
LIFE OF
FUND***
-------
<S> <C>
Investors Foundation Fund......................... 12.13%
S&P 500 Index..................................... 11.73%
</TABLE>

*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 Investors Foundation
Fund and the return on the investment will fluctuate and redemption proceeds may
be higher or lower than an investor's original cost.

***For the period from September 1, 1999 (commencement of operations) to
December 31, 1999.

14
<PAGE>
MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1999 SUN CAPITAL ADVISERS TRUST
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
(000 OMITTED) VALUE
<S> <C> <C>
COMMERCIAL PAPER - 94.3%
American Express Credit Corp.
5.81%, 1/21/00........................ $400 $ 400,000
American General Finance Corp.
5.21%, 3/3/00......................... 200 200,000
6.02%, 1/19/00........................ 123 123,000
6.08%, 3/22/00 (1).................... 277 273,211
Associates Corp. of North America
5.90%, 1/14/00........................ 400 400,000
BellSouth Telecommunications, Inc.
5.83%, 2/11/00........................ 400 397,344
6.03%, 2/23/00........................ 200 198,225
Caterpillar Financial Services NV
5.90%, 1/14/00........................ 375 374,201
5.93%, 1/14/00........................ 125 124,732
CIT Group, Inc.
5.95%, 2/4/00......................... 500 500,000
Citicorp
5.97%, 1/21/00........................ 309 309,000
Coca-Cola Co.
5.72%, 1/19/00........................ 150 149,571
5.83%, 2/18/00........................ 350 347,279
DaimlerChrysler NA
5.88%, 1/27/00........................ 200 199,151
5.94%, 1/27/00........................ 200 199,142
Duke Energy Co.
5.78%, 2/14/00........................ 450 446,821
Dupont (E. I.) de Nemours & Co.
5.65%, 1/18/00........................ 325 324,133
5.95%, 2/14/00........................ 225 223,364
Ford Motor Credit Corp.
5.94%, 1/13/00........................ 375 375,000
General Electric Capital Corp.
5.97%, 1/20/00........................ 400 400,000
6.02%, 3/20/00........................ 200 200,000
<CAPTION>
PRINCIPAL
AMOUNT
(000 OMITTED) VALUE
<S> <C> <C>
General Motors Acceptance Corp.
5.95%, 1/19/00........................ $400 $ 400,000
Government of Canada
5.60%, 2/9/00......................... 375 372,725
5.60%, 3/8/00......................... 235 232,551
Household Finance Corp.
5.55%, 1/20/00........................ 250 250,000
6.40%, 1/5/00......................... 306 305,961
IBM Credit Corp.
5.87%, 2/10/00........................ 400 397,391
Laclede Gas Co.
6.30%, 1/25/00........................ 600 597,480
Lucent Technologies, Inc.
5.80%, 1/13/00........................ 350 349,323
5.82%, 3/15/00........................ 100 98,804
Merrill Lynch & Co., Inc.
5.84%, 2/18/00........................ 435 431,613
Norwest Financial, Inc.
5.88%, 2/3/00......................... 300 300,000
Pacific Gas & Electric Co.
5.89%, 2/11/00........................ 450 446,981
Procter & Gamble Co.
5.90%, 2/11/00........................ 175 173,824
6.02%, 2/11/00........................ 375 372,429
Province of British Columbia
6.00%, 3/13/00........................ 200 197,600
Province of Quebec
6.04%, 1/10/00........................ 365 364,449
Schering Corp.
6.13%, 1/25/00........................ 550 547,752
Texaco, Inc.
5.33%, 1/18/00........................ 230 230,000
Toyota Motor Credit Co.
5.90%, 3/3/00......................... 550 544,411
Walt Disney Co.
5.74%, 2/28/00........................ 250 247,688
5.80%, 2/2/00......................... 150 149,227
-----------
Total Commercial Paper
(amortized cost
$13,174,383).......................... 13,174,383
-----------
</TABLE>

- --------------------------------------------------------------------------------

See Notes to Financial Statements.

15
<PAGE>
MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS (CONTINUED)
DECEMBER 31, 1999 SUN CAPITAL ADVISERS TRUST
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
(000 OMITTED) VALUE
<S> <C> <C>
CORPORATE BONDS - 4.6%
Commercial Credit Co.
6.75%, 5/15/00........................ $140 $ 140,554
Wal Mart Stores, Inc.
5.65%, 2/1/00......................... 500 499,693
-----------
Total Corporate Bonds
(amortized cost $640,247)............. 640,247
-----------
</TABLE>

SHARES VALUE
<S> <C> <C>
MUTUAL FUNDS - 3.3%
SSGA Money Market Fund
(amortized cost $469,656)............. 469,656 $ 469,656
-----------
TOTAL INVESTMENTS - 102.2%
(cost $14,284,286).................... 14,284,286
Other assets less liabilities - (2.2)% (313,441)
-----------
NET ASSETS - 100.0%..................... $13,970,845
===========
</TABLE>

(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 December 31, 1999 these securities
amounted to $273,211, representing 2.0% of net assets.

- --------------------------------------------------------------------------------

See Notes to Financial Statements.

16
<PAGE>
INVESTMENT GRADE BOND FUND
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1999 SUN CAPITAL ADVISERS TRUST
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
(000 OMITTED) VALUE
<S> <C> <C>
ASSET BACKED SECURITIES - 7.2%
California Infrastructure Development
6.42%, 9/25/08........................ $ 250 $ 241,981
CARCO Auto Loan Master Trust
6.69%, 8/15/04........................ 189 189,205
Discover Card Master Trust I
6.79%, 4/16/10........................ 300 295,368
Green Tree Recreational, Equipment &
Consolidated Trust
5.55%, 2/15/18........................ 125 123,364
Midland Funding I
10.33%, 7/23/02....................... 58 59,954
Peco Energy Transition Trust
6.05%, 3/1/09......................... 300 281,436
Toyota Auto Receivables Owner Trust
6.15%, 8/16/04........................ 125 123,644
-----------
Total Asset Backed Securities
(cost $1,366,322)..................... 1,314,952
-----------
CORPORATE DEBT OBLIGATIONS - 40.0%
AEROSPACE - 2.3%
Northrop Grumman Corp.
8.63%, 10/15/04....................... 80 82,658
9.38%, 10/15/24....................... 150 154,085
Raytheon Co.
6.75%, 3/15/18........................ 200 173,712
-----------
410,455
-----------
AUTOMOTIVE - 1.6%
Federal Mogul Corp.
7.50%, 7/1/04......................... 100 94,629
Lear Corp.
7.96%, 5/15/05 (1).................... 200 191,750
-----------
286,379
-----------
<CAPTION>
PRINCIPAL
AMOUNT
(000 OMITTED) VALUE
<S> <C> <C>
BANKS - 1.3%
BankBoston NA
6.38%, 3/25/08........................ $ 250 $ 230,643
-----------
BROADCASTING/MEDIA - 4.1%
CSC Holdings, Inc.
9.88%, 2/15/13........................ 172 181,460
Lenfest Communications, Inc.
8.38%, 11/1/05........................ 200 203,586
News America Holdings, Inc.
9.25%, 2/1/13......................... 150 163,242
Time Warner Entertainment Co.
10.15%, 5/1/12........................ 175 205,025
-----------
753,313
-----------
CHEMICALS - 0.9%
Dow Capital BV
9.00%, 5/15/10........................ 155 167,546
-----------
CONSTRUCTION MATERIALS - 0.3%
Owens Corning
7.50%, 5/1/05......................... 50 47,395
-----------
CONTAINERS & GLASS - 0.7%
Owens-Illinois, Inc.
7.15%, 5/15/05........................ 146 134,990
-----------
DOMESTIC OIL - 0.7%
DeepTech International, Inc.
12.00%, 12/15/00...................... 125 128,091
-----------
ELECTRIC UTILITIES - 7.3%
Cleveland Electric Illuminating Co.
9.00%, 7/1/23......................... 200 209,910
CMS Energy Corp.
8.38%, 7/1/03......................... 150 146,625
Connecticut Light & Power Co.
7.88%, 10/1/24........................ 200 201,340
El Paso Electric Co.
9.40%, 5/1/11......................... 417 445,673
</TABLE>

- --------------------------------------------------------------------------------

See Notes to Financial Statements.

17
<PAGE>
INVESTMENT GRADE BOND FUND
PORTFOLIO OF INVESTMENTS (CONTINUED)
DECEMBER 31, 1999 SUN CAPITAL ADVISERS TRUST
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
(000 OMITTED) VALUE
<S> <C> <C>
Gulf States Utilities Co.
6.41%, 8/1/01......................... $ 103 $ 101,796
Houston Lighting & Power Co.
8.75%, 3/1/22......................... 125 127,517
Salton Sea Funding Corp.
6.69%, 5/30/00........................ 80 79,693
Texas Utilities Electric Co.
9.75%, 5/1/21......................... 15 16,137
-----------
1,328,691
-----------
ENVIRONMENTAL SERVICES - 1.8%
Allied Waste North America, Inc.
10.00%, 8/1/09 (1).................... 150 133,875
Waste Management, Inc.
7.38%, 5/15/29 (1).................... 250 196,782
-----------
330,657
-----------
FINANCIAL - 4.8%
Case Credit Corp.
6.12%, 8/1/01......................... 200 195,480
Household Finance Corp.
7.20%, 7/15/06........................ 175 171,892
Lloyds Bank Plc
6.31%, 11/29/49....................... 250 213,685
Sears Roebuck Acceptance Corp.
6.70%, 11/15/06....................... 325 300,713
-----------
881,770
-----------
GAS & PIPELINE UTILITIES - 1.6%
Coastal Corp.
9.63%, 5/15/12........................ 250 283,805
-----------
HOTELS & RESTAURANTS - 0.5%
Tricon Global Restaurants, Inc.
7.45%, 5/15/05........................ 100 95,136
-----------
INTERNATIONAL OIL - 0.5%
Saga Petroleum ASA
7.25%, 9/23/27........................ 100 90,509
-----------
<CAPTION>
PRINCIPAL
AMOUNT
(000 OMITTED) VALUE
<S> <C> <C>
MINING - 1.1%
WMC Finance USA Ltd.
6.50%, 11/15/03....................... $ 210 $ 201,566
-----------
PAPER - 0.6%
Georgia-Pacific Group
9.95%, 6/15/02........................ 100 105,491
-----------
RETAIL - 2.0%
Rite Aid Corp.
6.70%, 12/15/01....................... 200 167,500
Saks, Inc.
8.25%, 11/15/08....................... 200 194,580
-----------
362,080
-----------
REAL ESTATE - 1.0%
Simon Property Group LP
6.75%, 6/15/05........................ 200 186,040
-----------
STEEL - 0.8%
AK Steel Corp.
7.88%, 2/15/09........................ 150 141,375
-----------
TELECOMMUNICATIONS - 3.7%
Cable & Wireless Communications Plc
6.63%, 3/6/05......................... 250 246,892
GTE North, Inc.
9.60%, 1/1/21......................... 175 187,625
Panamsat Corp.
6.13%, 1/15/05........................ 150 132,924
Qwest Communications International, Inc.
7.50%, 11/1/08........................ 100 97,218
-----------
664,659
-----------
TRANSPORTATION - 2.4%
Amerco
7.20%, 4/1/02......................... 150 143,842
Continental Airlines, Inc.
7.57%, 3/15/20........................ 250 239,015
Federal Express Corp. Trust
6.72%, 1/15/22........................ 70 63,100
-----------
445,957
-----------
Total Corporate Debt Obligations
(cost $7,532,897)..................... 7,276,548
-----------
</TABLE>

- --------------------------------------------------------------------------------

See Notes to Financial Statements.

18
<PAGE>
INVESTMENT GRADE BOND FUND
PORTFOLIO OF INVESTMENTS (CONTINUED)
DECEMBER 31, 1999 SUN CAPITAL ADVISERS TRUST
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
(000 OMITTED) VALUE
<S> <C> <C>
FOREIGN GOVERNMENT OBLIGATION - 0.6%
Republic of Philippines
8.88%, 4/15/08
(cost $98,557)........................ $ 100 $ 97,500
-----------
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 46.5%
Federal Home Loan Mortgage
6.00%, 2/1/29......................... 296 270,804
6.50%, 12/1/28........................ 500 470,976
7.00%, 11/1/29........................ 797 771,187
8.60%, 4/15/21........................ 275 283,162
9.00%, 11/1/06........................ 75 76,181
Federal National Mortgage Assn.
4.75%, 11/14/03....................... 600 557,064
6.00%, 12/1/13........................ 450 427,612
7.00%, 6/1/29......................... 485 468,784
7.50%, 10/1/29........................ 490 484,266
9.50%, 6/1/03......................... 69 69,931
Government National Mortgage Assn.
6.50%, 12/15/28....................... 491 461,116
7.00%, 12/15/14....................... 500 494,890
7.00%, 2/15/28........................ 390 376,264
7.00%, 7/15/29........................ 247 238,971
U.S. Treasury Bonds
6.63%, 2/15/27........................ 925 916,758
8.13%, 8/15/19........................ 150 170,930
<CAPTION>
PRINCIPAL
AMOUNT
(000 OMITTED) VALUE
<S> <C> <C>

U.S. Treasury Notes
5.50%, 5/31/03........................ $ 500 $ 486,795
7.00%, 7/15/06........................ 1,400 1,433,908
-----------
Total U.S. Government & Agency
Obligations
(cost $8,737,167)..................... 8,459,599
-----------
SHORT TERM INVESTMENTS - 4.1%
COMMERCIAL PAPER - 3.9%
Citicorp
5.97%, 1/21/00........................ 262 262,000
Household Finance Corp.
5.94%, 1/20/00........................ 450 450,000
-----------
712,000
-----------
<CAPTION>
SHARES
<S> <C> <C>
MUTUAL FUNDS - 0.2%
SSGA Money Market Fund.................. 40,016 40,016
-----------
Total Short Term Investments
(amortized cost $752,016)............. 752,016
-----------
TOTAL INVESTMENTS - 98.4%
(cost $18,486,959)...................... 17,900,615
Other assets less liabilities - 1.6%.... 283,509
-----------
NET ASSETS - 100.0%..................... $18,184,124
===========
</TABLE>

- --------------------------------------------------------------------------------

See Notes to Financial Statements.

19
<PAGE>
REAL ESTATE FUND
PORTFOLIO OF INVESTMENTS

DECEMBER 31, 1999 SUN CAPITAL ADVISERS TRUST
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
SHARES VALUE
<S> <C> <C>
REAL ESTATE INVESTMENT TRUSTS - 97.7%
APARTMENTS - 21.0%
Apartment Investment & Management Co.... 6,523 $ 259,697
AvalonBay Communities, Inc.............. 13,734 471,248
BRE Properties, Inc..................... 11,262 255,507
Equity Residential Properties Trust..... 6,808 290,616
----------
1,277,068
----------
DIVERSIFIED - 2.1%
Franchise Finance Corp. of America...... 5,454 130,555
----------
HOTELS - 4.7%
Host Marriott Corp...................... 22,709 187,349
MeriStar Hospitality Corp............... 6,207 99,312
----------
286,661
----------
OFFICE - 28.3%
Equity Office Properties Trust.......... 15,784 388,681
Highwoods Properties, Inc............... 7,599 176,677
Mack-Cali Realty Corp................... 8,327 217,022
Reckson Associates Realty Corp.......... 13,714 281,137
SL Green Realty Corp.................... 19,911 433,064
Spieker Properties, Inc................. 6,159 224,419
----------
1,721,000
----------
REGIONAL MALLS - 11.5%
CBL & Associates Properties, Inc........ 11,667 240,632
General Growth Properties, Inc.......... 7,534 210,952
Macerich Co............................. 6,182 128,663
Simon Property Group, Inc............... 5,284 121,202
----------
701,449
----------
<CAPTION>
SHARES VALUE
<S> <C> <C>

SHOPPING CENTERS - 11.5%
Developers Diversified Realty Corp...... 10,860 $ 139,822
IRT Property Co......................... 26,917 210,289
Kimco Realty Corp....................... 10,267 347,795
----------
697,906
----------
STORAGE - 5.0%
Public Storage, Inc..................... 13,543 307,257
----------
WAREHOUSE &
INDUSTRIAL - 13.6%
CenterPoint Properties Corp............. 7,132 255,861
Duke-Weeks Realty Corp.................. 6,441 125,600
First Industrial Realty Trust, Inc...... 5,452 149,589
ProLogis Trust.......................... 15,510 298,567
----------
829,617
----------
Total Real Estate Investment Trusts
(cost $6,530,141)..................... 5,951,513
----------
SHORT TERM
INVESTMENTS - 1.2%
MUTUAL FUNDS - 1.2%
SSGA Money Market Fund
(amortized cost $70,626).............. 70,626 70,626
----------
TOTAL INVESTMENTS - 98.9%
(cost $6,600,767)..................... 6,022,139
Other assets less liabilities - 1.1%.... 66,453
----------
NET ASSETS - 100.0%..................... $6,088,592
==========
</TABLE>

- --------------------------------------------------------------------------------

See Notes to Financial Statements.

20
<PAGE>
BLUE CHIP MID CAP FUND
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1999 SUN CAPITAL ADVISERS TRUST
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
SHARES VALUE
<S> <C> <C>
COMMON STOCK - 97.2%
AIR TRAVEL - 2.4%
Ryanair Holdings Plc ADR*............... 1,400 $ 77,175
Southwest Airlines Co................... 5,100 82,556
----------
159,731
BANKS - 0.9%
City National Corp...................... 1,900 62,581
----------
BROADCASTING - 1.4%
E.W. Scripps Co. Class A................ 1,000 44,812
Univision Communications, Inc. Class
A*.................................... 500 51,094
----------
95,906
----------
BUSINESS SERVICES - 21.3%
Affiliated Computer Services, Inc. Class
A*.................................... 700 32,200
Ariba, Inc.*............................ 400 70,950
Cambridge Technology Partners, Inc.*.... 1,900 49,875
Ceridian Corp.*......................... 4,300 92,719
CheckFree Holdings Corp.*............... 600 62,700
DeVry, Inc.*............................ 2,700 50,288
Exodus Communications, Inc.*............ 300 26,644
Gartner Group, Inc. Class A............. 8,900 135,725
Herman Miller, Inc...................... 3,400 78,200
Hertz Corp. Class A..................... 1,200 60,150
Iron Mountain, Inc.*.................... 3,400 133,662
Lamar Advertising Co. Class A*.......... 1,000 60,563
Manpower, Inc........................... 4,300 161,787
Network Appliance, Inc.*................ 400 33,225
ServiceMaster Co........................ 3,600 44,325
Siebel Systems, Inc.*................... 700 58,800
Unisys Corp.*........................... 2,400 76,650
VeriSign, Inc.*......................... 300 57,281
Viad Corp............................... 3,000 83,625
Young & Rubicam, Inc.................... 1,100 77,825
----------
1,447,194
----------
CHEMICALS - 0.8%
Eastman Chemical Co..................... 1,100 52,456
----------
<CAPTION>
SHARES VALUE
<S> <C> <C>

COMMUNICATION SERVICES - 12.7%
American Tower Corp. Class A*........... 6,400 $ 195,600
BroadWing, Inc.......................... 2,800 103,250
CIENA Corp.*............................ 1,300 74,750
Covad Communications Group, Inc.*....... 1,700 95,094
EchoStar Communications Corp. Class
A*.................................... 400 39,000
McLeodUSA, Inc.*........................ 2,200 129,525
RCN Corp.*.............................. 1,900 92,150
TeleCorp PCS, Inc. Class A*............. 1,000 38,000
Teligent, Inc. Class A*................. 600 37,050
Western Wireless Corp. Class A.......... 800 53,400
----------
857,819
----------
COMPUTERS & BUSINESS EQUIPMENT - 0.9%
UNOVA, Inc.*............................ 4,600 59,800
----------
CONTAINERS & GLASS - 0.9%
Sealed Air Corp.*....................... 1,200 62,175
----------
DRUGS & HEALTH CARE - 8.7%
Biomet, Inc............................. 2,600 104,000
Forest Laboratories, Inc.*.............. 1,000 61,438
Gilead Sciences, Inc.*.................. 1,200 64,950
Human Genome Sciences, Inc.*............ 300 45,788
Immunex Corp.*.......................... 1,275 139,612
McKesson HBOC, Inc...................... 3,300 74,456
Millennium Pharmaceuticals, Inc.*....... 300 36,600
PE Corp.-PE Biosystems Group............ 500 60,156
----------
587,000
----------
ELECTRONICS - 11.1%
Analog Devices, Inc.*................... 1,600 148,800
ASM Lithography Holding N.V.*........... 400 45,500
Broadcom Corp. Class A*................. 200 54,475
Flextronics International Ltd.*......... 1,400 64,400
Molex, Inc. Class A..................... 1,500 67,875
PMC-Sierra, Inc.*....................... 400 64,125
Sanmina Corp.*.......................... 650 64,919
SDL, Inc.*.............................. 100 21,800
Teradyne, Inc.*......................... 1,700 112,200
Vitesse Semiconductor Corp.*............ 1,400 73,412
</TABLE>

- --------------------------------------------------------------------------------

See Notes to Financial Statements.

21
<PAGE>
BLUE CHIP MID CAP FUND
PORTFOLIO OF INVESTMENTS (CONTINUED)
DECEMBER 31, 1999 SUN CAPITAL ADVISERS TRUST
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
SHARES VALUE
<S> <C> <C>
Xilinx, Inc.*........................... 800 $ 36,375
----------
753,881
----------
FINANCIAL SERVICES - 5.0%
Franklin Resources, Inc................. 3,500 112,219
Legg Mason, Inc......................... 1,700 61,625
MBIA, Inc............................... 2,575 135,992
Old Kent Financial Corp................. 900 31,837
----------
341,673
----------
FOOD & BEVERAGES - 0.8%
Keebler Foods Co.*...................... 1,900 53,438
----------
HOTELS & RESTAURANTS - 0.6%
Starbucks Corp.*........................ 1,700 41,225
----------
INSURANCE - 1.5%
Ace Ltd................................. 3,800 63,413
Lincoln National Corp................... 1,000 40,000
----------
103,413
----------
LEISURE TIME - 0.8%
SFX Entertainment, Inc. Class A*........ 1,500 54,281
----------
MANUFACTURING - 0.9%
Danaher Corp............................ 1,200 57,900
----------
MINING - 0.9%
Phelps Dodge Corp....................... 900 60,413
----------
OIL - 2.7%
Anadarko Petroleum Corp................. 2,500 85,312
Suncor Energy, Inc...................... 2,400 100,200
----------
185,512
----------
OIL SERVICES - 3.4%
Smith International, Inc.*.............. 2,300 114,281
Weatherford International, Inc.*........ 2,900 115,819
----------
230,100
----------
OFFICE FURNISHINGS & SUPPLIES - 0.7%
Steelcase, Inc. Class A................. 3,700 44,400
----------
PAPER - 2.2%
Abitibi-Consolidated, Inc............... 8,000 95,000
Bowater, Inc............................ 1,000 54,313
----------
149,313
----------
<CAPTION>
SHARES VALUE
<S> <C> <C>
PETROLEUM SERVICES - 1.3%
Transocean Sedco Forex, Inc............. 2,600 $ 87,588
----------
RETAIL - 6.7%
Circuit City Stores - Circuit City
Group................................. 1,900 85,619
Dollar General Corp..................... 5,800 131,950
Dollar Tree Stores, Inc.*............... 1,600 77,500
Family Dollar Stores, Inc............... 2,800 45,675
Intimate Brands, Inc. Class A........... 2,100 90,562
Webvan Group, Inc.*..................... 1,600 26,400
----------
457,706
----------
SCIENTIFIC INSTRUMENTS - 2.1%
Waters Corp.*........................... 2,700 143,100
----------
SOFTWARE - 5.7%
Agile Software Corp.*................... 100 21,723
Intuit, Inc.*........................... 1,400 83,913
Parametric Technology Corp.*............ 2,400 64,950
Rational Software Corp.*................ 2,000 98,250
Veritas Software Corp.*................. 600 85,875
Vignette Corp.*......................... 200 32,600
----------
387,311
----------
TOYS & AMUSEMENTS - 0.8%
Mattel, Inc............................. 4,000 52,500
----------
Total Common Stock
(cost $5,609,988)..................... 6,588,416
----------
</TABLE>

<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
(000 OMITTED)
<S> <C> <C>
SHORT TERM INVESTMENTS - 2.9%
REPURCHASE AGREEMENT - 2.9%
State Street Repurchase Agreement 2.00%,
1/03/00 (Dated 12/31/99,
collateralized by $205,000 U.S.
Treasury Note, 6.75%, 04/30/00, with a
value of $207,819) (amortized cost
$199,000)............................. $ 199 199,000
-------------
TOTAL INVESTMENTS - 100.1%
(cost $5,808,988)..................... 6,787,416
Other assets less liabilities - (0.1%) (7,246)
-------------
NET ASSETS - 100.0%..................... $ 6,780,170
=============
</TABLE>

*Non-income producing security

- --------------------------------------------------------------------------------

See Notes to Financial Statements.

22
<PAGE>
SELECT EQUITY FUND
PORTFOLIO OF INVESTMENTS

DECEMBER 31, 1999 SUN CAPITAL ADVISERS TRUST
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
SHARES VALUE
<S> <C> <C>
COMMON STOCK - 98.7%
BROADCASTING - 6.8%
AT&T Corp.-Liberty Media Group Class
A*.................................... 3,600 $ 204,300
CBS Corp.*.............................. 2,300 147,056
----------
351,356
----------
BUSINESS SERVICES - 5.4%
America Online, Inc.*................... 2,400 181,050
Exodus Communications, Inc.*............ 1,100 97,694
----------
278,744
----------
COMMUNICATION SERVICES - 22.3%
Cisco Systems, Inc.*.................... 2,100 224,962
Global Crossing Ltd.*................... 3,800 190,000
JDS Uniphase Corp.*..................... 800 129,050
Lucent Technologies, Inc................ 2,600 194,513
Motorola, Inc........................... 1,100 161,975
Nokia Oyj ADR........................... 1,300 247,000
----------
1,147,500
----------
DIVERSIFIED - 3.5%
Tyco International Ltd.................. 4,600 178,825
----------
DRUGS & HEALTH CARE - 13.1%
American Home Products Corp............. 1,800 70,988
Bristol-Myers Squibb Co................. 1,800 115,537
Guidant Corp............................ 2,700 126,900
Immunex Corp.*.......................... 1,700 186,150
Pfizer, Inc............................. 4,000 129,750
Warner-Lambert Co....................... 500 40,969
----------
670,294
----------
ELECTRICAL EQUIPMENT - 2.7%
General Electric Co..................... 900 139,275
----------
ELECTRONICS - 7.6%
Broadcom Corp. Class A*................. 600 163,425
Conexant Systems, Inc.*................. 1,500 99,563
PMC-Sierra, Inc.*....................... 800 128,250
----------
391,238
----------
FINANCIAL SERVICES - 9.6%
Citigroup, Inc.......................... 3,500 194,469
Marsh & McLennan Cos., Inc.............. 1,600 153,100
Morgan Stanley Dean Witter & Co......... 1,000 142,750
----------
490,319
----------
<CAPTION>
SHARES VALUE
<S> <C> <C>
OIL - 2.0%
Exxon Mobil Corp........................ 1,300 $ 104,731
----------
RETAIL - 4.1%
Home Depot, Inc......................... 1,500 102,844
Intimate Brands, Inc. Class A........... 2,500 107,812
----------
210,656
----------
SOFTWARE - 10.0%
Microsoft Corp.*........................ 1,500 175,125
Oracle Corp.*........................... 1,700 190,506
Veritas Software Corp.*................. 1,050 150,281
----------
515,912
----------
TELECOMMUNICATIONS - 11.6%
MCI WorldCom, Inc.*..................... 4,650 246,741
SBC Communications, Inc................. 2,900 141,375
Sprint Corp. (PCS Group)*............... 2,000 205,000
----------
593,116
----------
Total Common Stock
(cost $4,016,052)..................... 5,071,966
----------
</TABLE>

<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
(000 OMITTED)
<S> <C> <C>
SHORT TERM INVESTMENTS - 2.8%
REPURCHASE AGREEMENT - 2.8%
State Street Repurchase Agreement 2.00%,
1/03/00 (Dated 12/31/99,
collateralized by $150,000 U.S.
Treasury Note, 6.75%, 04/30/00, with a
value of $152,063) (amortized cost
$145,000)............................. $ 145 145,000
-------------
TOTAL INVESTMENTS - 101.5%
(cost $4,161,052)..................... 5,216,966
Other assets less liabilities - (1.5%) (77,353)
-------------
NET ASSETS - 100.0%..................... $ 5,139,613
=============

*Non-income producing security
</TABLE>

- --------------------------------------------------------------------------------

See Notes to Financial Statements.

23
<PAGE>
INVESTORS FOUNDATION FUND
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1999 SUN CAPITAL ADVISERS TRUST
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
SHARES VALUE
<S> <C> <C>
COMMON STOCK - 98.4%
AEROSPACE - 2.0%
United Technologies Corp................ 1,200 $ 78,000
----------
AIR TRAVEL - 0.5%
AMR Corp.*.............................. 300 20,100
----------
ALUMINUM - 0.4%
Alcoa, Inc.............................. 200 16,600
----------
AUTO PARTS - 0.8%
Delphi Automotive Systems Corp.......... 1,100 17,325
Eaton Corp.............................. 200 14,525
----------
31,850
----------
BANKS - 2.9%
Chase Manhattan Corp.................... 100 7,769
CullenFrost Bankers, Inc................ 1,100 28,325
Pacific Century Financial Corp.......... 1,100 20,556
U.S. Bancorp............................ 700 16,669
UnionBanCal Corp........................ 500 19,718
Wachovia Corp........................... 300 20,400
----------
113,437
----------
BROADCASTING - 1.5%
AT&T Corp.-Liberty Media Group Class
A*.................................... 700 39,725
E.W. Scripps Co. Class A................ 400 17,925
----------
57,650
----------
BUSINESS SERVICES - 3.0%
America Online, Inc.*................... 700 52,806
BISYS Group, Inc.*...................... 400 26,100
First Data Corp......................... 500 24,656
Waste Management, Inc................... 800 13,750
----------
117,312
----------
CHEMICALS - 2.6%
Engelhard Corp.......................... 1,400 26,425
Monsanto Co............................. 1,200 42,750
Sigma-Aldrich Corp...................... 400 12,025
W.R. Grace & Co.*....................... 1,500 20,812
----------
102,012
----------
<CAPTION>
SHARES VALUE
<S> <C> <C>
COMMUNICATION SERVICES - 5.9%
3Com Corp.*............................. 500 $ 23,500
American Tower Corp. Class A*........... 400 12,225
EchoStar Communications Corp. Class
A*.................................... 200 19,500
Global Crossing Ltd.*................... 300 15,000
JDS Uniphase Corp.*..................... 100 16,131
Motorola, Inc........................... 600 88,350
SBC Communications, Inc................. 1,084 52,845
----------
227,551
----------
COMPUTERS & BUSINESS EQUIPMENT - 8.5%
Cisco Systems, Inc.*.................... 900 96,412
EMC Corp.*.............................. 600 65,550
Hewlett-Packard Co...................... 600 68,363
International Business Machines Corp.... 900 97,200
----------
327,525
----------
CONSTRUCTION MATERIALS - 0.4%
Illinois Tool Works, Inc................ 200 13,513
----------
COSMETICS & TOILETRIES - 2.0%
Kimberly-Clark Corp..................... 1,200 78,300
----------
DIVERSIFIED - 1.8%
Honeywell International, Inc............ 600 34,613
Tyco International Ltd.................. 900 34,987
----------
69,600
----------
DRUGS & HEALTH CARE - 8.7%
Abbott Laboratories..................... 800 29,050
American Home Products Corp............. 500 19,719
Baxter International, Inc............... 300 18,844
Biogen, Inc.*........................... 100 8,450
Boston Scientific Corp.*................ 500 10,938
Bristol-Myers Squibb Co................. 300 19,256
Cardinal Health, Inc.................... 700 33,512
Genetech, Inc.*......................... 100 13,450
Genzyme Corp.*.......................... 800 36,000
Gilead Sciences, Inc.*.................. 300 16,237
Immunex Corp.*.......................... 300 32,850
Johnson & Johnson....................... 500 46,562
Merck & Co., Inc........................ 300 20,119
</TABLE>

- --------------------------------------------------------------------------------

See Notes to Financial Statements.

24
<PAGE>
INVESTORS FOUNDATION FUND
PORTFOLIO OF INVESTMENTS (CONTINUED)
DECEMBER 31, 1999 SUN CAPITAL ADVISERS TRUST
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
SHARES VALUE
<S> <C> <C>
United HealthCare Corp.................. 300 $ 15,938
Warner-Lambert Co....................... 200 16,387
----------
337,312
----------
ELECTRIC UTILITIES - 1.1%
Unicom Corp............................. 1,200 40,200
----------
ELECTRICAL EQUIPMENT - 3.2%
General Electric Co..................... 700 108,325
Parker-Hannifin Corp.................... 300 15,394
----------
123,719
----------
ELECTRONICS - 7.6%
Adaptec, Inc.*.......................... 700 34,913
Analog Devices, Inc.*................... 300 27,900
Broadcom Corp. Class A*................. 100 27,238
Corning, Inc............................ 600 77,362
Intel Corp.............................. 800 65,850
Lucent Technologies Inc................. 600 44,887
Micron Technology, Inc.*................ 200 15,550
----------
293,700
----------
FINANCIAL SERVICES - 6.6%
A.G. Edwards, Inc....................... 800 25,650
Associates First Capital Corp.
Class A............................... 800 21,950
Citigroup, Inc.......................... 2,000 111,125
Fannie Mae.............................. 700 43,706
Merrill Lynch & Co., Inc................ 300 25,050
Morgan Stanley Dean Witter & Co......... 200 28,550
----------
256,031
----------
FOOD & BEVERAGES - 2.8%
Anheuser-Busch Cos., Inc................ 700 49,612
Bestfoods............................... 300 15,769
Coca-Cola Co............................ 200 11,650
PepsiCo, Inc............................ 900 31,725
----------
108,756
----------
FOREST PRODUCTS - 0.8%
Weyerhaeuser Co......................... 400 28,725
----------
GAS & PIPELINE UTILITIES - 1.4%
El Paso Energy Corp..................... 800 31,050
Enron Corp.............................. 500 22,188
----------
53,238
----------
<CAPTION>
SHARES VALUE
<S> <C> <C>
HOTELS & RESTAURANTS - 0.4%
Darden Restaurants, Inc................. 900 $ 16,313
----------
HOUSEHOLD PRODUCTS - 1.1%
Procter & Gamble Co..................... 400 43,825
----------
INSURANCE - 1.8%
American International Group, Inc....... 200 21,625
CIGNA Corp.............................. 300 24,169
Conseco, Inc............................ 500 8,937
Lincoln National Corp................... 400 16,000
----------
70,731
----------
MINING - 0.8%
Freeport-McMoRan Copper & Gold Class
A..................................... 1,600 29,700
----------
OIL - 4.2%
Atlantic Richfield Co................... 200 17,300
Conoco, Inc. Class B.................... 1,100 27,362
Exxon Mobil Corp........................ 200 16,113
Kerr-McGee Corp......................... 300 18,600
Noble Affiliates, Inc................... 700 15,006
Royal Dutch Petroleum Co................ 500 30,219
Texaco, Inc............................. 300 16,294
Union Pacific Resources Group, Inc...... 1,700 21,675
----------
162,569
----------
PAPER - 0.8%
International Paper Co.................. 300 16,931
Temple-Inland, Inc...................... 200 13,188
----------
30,119
----------
PUBLISHING - 1.4%
Gannett Co., Inc........................ 600 48,938
Knight-Ridder, Inc...................... 100 5,950
----------
54,888
----------
RETAIL - 6.8%
Dayton Hudson Corp...................... 500 36,719
Home Depot, Inc......................... 1,350 92,559
May Department Stores Co................ 700 22,575
Wal-Mart Stores, Inc.................... 1,600 110,600
----------
262,453
----------
</TABLE>

- --------------------------------------------------------------------------------

See Notes to Financial Statements.

25
<PAGE>
INVESTORS FOUNDATION FUND
PORTFOLIO OF INVESTMENTS (CONTINUED)
DECEMBER 31, 1999 SUN CAPITAL ADVISERS TRUST
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
SHARES VALUE
<S> <C> <C>
RETAIL GROCERY - 0.5%
Safeway, Inc.*.......................... 500 $ 17,781
----------
SOFTWARE - 8.6%
BMC Software, Inc.*..................... 300 23,981
Microsoft Corp.*........................ 1,900 221,825
Oracle Corp.*........................... 600 67,238
Sterling Software, Inc.*................ 600 18,900
----------
331,944
----------
TELECOMMUNICATIONS - 6.0%
AT&T Corp............................... 1,600 81,200
Bell Atlantic Corp...................... 500 30,781
BellSouth Corp.......................... 300 14,044
MCI WorldCom, Inc.*..................... 1,350 71,634
Sprint Corp. (Fon Group)................ 200 13,463
Sprint Corp. (PCS Group)*............... 200 20,500
----------
231,622
----------
<CAPTION>
SHARES VALUE
<S> <C> <C>

TOBACCO - 1.0%
Philip Morris Cos, Inc.................. 1,600 $ 37,100
----------
TRUCKING & FREIGHT FORWARDING - 0.5%
USFreightways Corp...................... 400 19,150
----------
TOTAL INVESTMENTS - 98.4%
(cost $3,399,907)..................... 3,803,326
Other assets less liabilities - 1.6%.... 63,673
----------
NET ASSETS - 100.0%..................... $3,866,999
==========

* Non-income producing security
</TABLE>

- --------------------------------------------------------------------------------

See Notes to Financial Statements.

26
<PAGE>
(This page has been left blank intentionally.)

27
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES

DECEMBER 31, 1999 SUN CAPITAL ADVISERS TRUST
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
SUN CAPITAL SUN CAPITAL
MONEY MARKET INVESTMENT GRADE
FUND BOND FUND
------------ ----------------
<S> <C> <C>
ASSETS
Investments in
securities, at value
(cost $14,284,286,
$18,486,959,
$6,600,767,
$5,808,988,
$4,161,052 and
$3,399,907
respectively)........ $14,284,286 $17,900,615
Cash................... 500 500
Interest and dividends
receivable........... 63,761 264,855
Receivable for Fund
shares sold.......... -- 4,579
Receivable due from
adviser.............. 31,949 21,984
Receivable for
investments sold..... -- --
Other assets........... 8,018 17,379
----------- -----------
Total assets........... 14,388,514 18,209,912
----------- -----------
LIABILITIES
Payable for investments
purchased............ -- --
Payable for Fund shares
redeemed............. 393,780 97
Accrued expenses....... 23,889 25,691
----------- -----------
Total liabilities...... 417,669 25,788
----------- -----------
NET ASSETS............... $13,970,845 $18,184,124
=========== ===========
COMPOSITION OF NET ASSETS
Paid-in capital........ $13,972,774 $19,060,930
Undistributed net
investment income.... -- 767
Accumulated net
realized gain (loss)
on investments....... (1,929) (291,229)
Net unrealized
appreciation
(depreciation) of
investments.......... -- (586,344)
----------- -----------
$13,970,845 $18,184,124
=========== ===========
Shares of beneficial
interest
outstanding.......... 13,972,774 1,947,325
=========== ===========
Net asset value,
offering price and
redemption price per
share (net assets/
shares of beneficial
interest
outstanding)......... $ 1.00 $ 9.34
=========== ===========
</TABLE>

- --------------------------------------------------------------------------------

See Notes to Financial Statements.

28
<PAGE>
SUN CAPITAL ADVISERS TRUST
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
SUN CAPITAL SUN CAPITAL SUN CAPITAL SUN CAPITAL
REAL ESTATE BLUE CHIP SELECT EQUITY INVESTORS
FUND MID CAP FUND FUND FOUNDATION FUND
----------- ------------ ------------- ---------------
<S> <C> <C> <C> <C>
ASSETS
Investments in
securities, at value
(cost $14,284,286,
$18,486,959,
$6,600,767,
$5,808,988,
$4,161,052 and
$3,399,907
respectively)........ $6,022,139 $6,787,416 $5,216,966 $3,803,326
Cash................... 500 676 443 48,673
Interest and dividends
receivable........... 63,772 3,203 567 3,871
Receivable for Fund
shares sold.......... 1,761 424 1,760 500
Receivable due from
adviser.............. 17,643 28,470 24,303 29,840
Receivable for
investments sold..... -- 349,052 -- --
Other assets........... 6,892 3,835 3,752 3,717
---------- ---------- ---------- ----------
Total assets........... 6,112,707 7,173,076 5,247,791 3,889,927
---------- ---------- ---------- ----------
LIABILITIES
Payable for investments
purchased............ -- 370,988 86,991 --
Payable for Fund shares
redeemed............. 38 132 26 22
Accrued expenses....... 24,077 21,786 21,161 22,906
---------- ---------- ---------- ----------
Total liabilities...... 24,115 392,906 108,178 22,928
---------- ---------- ---------- ----------
NET ASSETS............... $6,088,592 $6,780,170 $5,139,613 $3,866,999
========== ========== ========== ==========
COMPOSITION OF NET ASSETS
Paid-in capital........ $6,649,701 $5,641,223 $4,123,439 $3,453,564
Undistributed net
investment income.... 21,227 -- -- --
Accumulated net
realized gain (loss)
on investments....... (3,708) 160,519 (39,740) 10,016
Net unrealized
appreciation
(depreciation) of
investments.......... (578,628) 978,428 1,055,914 403,419
---------- ---------- ---------- ----------
$6,088,592 $6,780,170 $5,139,613 $3,866,999
========== ========== ========== ==========
Shares of beneficial
interest
outstanding.......... 680,714 551,234 406,684 345,445
========== ========== ========== ==========
Net asset value,
offering price and
redemption price per
share (net assets/
shares of beneficial
interest
outstanding)......... $ 8.94 $ 12.30 $ 12.64 $ 11.19
========== ========== ========== ==========
</TABLE>

- --------------------------------------------------------------------------------

See Notes to Financial Statements.

29
<PAGE>
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1999 SUN CAPITAL ADVISERS TRUST
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
SUN CAPITAL SUN CAPITAL
MONEY MARKET INVESTMENT GRADE
FUND BOND FUND
------------ ----------------
<S> <C> <C>
INVESTMENT INCOME
Interest............... $324,344 $ 875,084
Dividends.............. -- --
-------- ---------
Total investment
income............... 324,344 875,084
-------- ---------
EXPENSES
Investment advisory
fee.................. 30,381 77,827
Custody and fund
accounting........... 27,000 32,857
Audit.................. 8,772 8,290
Legal.................. 30,567 57,759
Printing............... 10,342 13,331
Administrative......... 35,539 35,539
Registration........... -- --
Transfer agency........ 6,585 7,385
Trustees fees.......... 10,392 10,392
Insurance.............. 3,787 12,556
Miscellaneous fees..... 502 510
-------- ---------
Total expenses......... 163,867 256,446
-------- ---------
Less: Reduction of
advisory fees........ (30,381) (77,827)
Reimbursement of
operating
expenses........ (93,993) (81,335)
-------- ---------
Net expenses........... 39,493 97,284
-------- ---------
Net investment income
(loss)............... 284,851 777,800
-------- ---------
REALIZED AND UNREALIZED
GAIN (LOSS) ON
INVESTMENTS
Net realized gain
(loss) on investment
transactions......... (1,902) (290,817)
Net unrealized
appreciation
(depreciation) of
investments.......... -- (559,831)
-------- ---------
Net realized and
unrealized gain
(loss) on
investments.......... (1,902) (850,648)
-------- ---------
NET INCREASE (DECREASE)
IN NET ASSETS FROM
OPERATIONS............... $282,949 $ (72,848)
======== =========
</TABLE>

* For the period September 1, 1999 (commencement of operations) to December
31, 1999.

- --------------------------------------------------------------------------------

See Notes to Financial Statements.

30
<PAGE>
SUN CAPITAL ADVISERS TRUST
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
SUN CAPITAL
SUN CAPITAL BLUE CHIP SUN CAPITAL SUN CAPITAL
REAL ESTATE MID CAP SELECT EQUITY INVESTORS
FUND FUND* FUND* FOUNDATION FUND*
----------- ------------ ------------- ----------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Interest............... $ 4,025 $ 5,031 $ 4,093 $ 2,802
Dividends.............. 390,648 8,246 6,535 12,433
--------- ---------- ---------- --------
Total investment
income............... 394,673 13,277 10,628 15,235
--------- ---------- ---------- --------
EXPENSES
Investment advisory
fee.................. 51,060 12,685 9,537 8,397
Custody and fund
accounting........... 31,885 22,800 16,000 20,800
Audit.................. 8,314 10,866 10,866 10,866
Legal.................. 22,899 5,659 4,557 4,081
Printing............... 9,430 509 389 349
Administrative......... 35,539 7,986 7,986 7,986
Registration........... -- 834 834 834
Transfer agency........ 6,413 1,950 1,950 1,950
Trustees fees.......... 10,392 1,284 1,284 1,284
Insurance.............. 5,962 682 670 666
Miscellaneous fees..... 500 250 250 250
--------- ---------- ---------- --------
Total expenses......... 182,394 65,505 54,323 57,463
--------- ---------- ---------- --------
Less: Reduction of
advisory fees........ (51,060) (12,685) (9,537) (8,397)
Reimbursement of
operating
expenses........ (64,150) (36,963) (33,342) (38,990)
--------- ---------- ---------- --------
Net expenses........... 67,184 15,857 11,444 10,076
--------- ---------- ---------- --------
Net investment income
(loss)............... 327,489 (2,580) (816) 5,159
--------- ---------- ---------- --------
REALIZED AND UNREALIZED
GAIN (LOSS) ON
INVESTMENTS
Net realized gain
(loss) on investment
transactions......... (23,744) 363,732 (39,740) 12,389
Net unrealized
appreciation
(depreciation) of
investments.......... (501,401) 978,428 1,055,914 403,419
--------- ---------- ---------- --------
Net realized and
unrealized gain
(loss) on
investments.......... (525,145) 1,342,160 1,016,174 415,808
--------- ---------- ---------- --------
NET INCREASE (DECREASE)
IN NET ASSETS FROM
OPERATIONS............... $(197,656) $1,339,580 $1,015,358 $420,967
========= ========== ========== ========
</TABLE>

- --------------------------------------------------------------------------------

See Notes to Financial Statements.

31
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS

SUN CAPITAL ADVISERS TRUST
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
MONEY MARKET FUND INVESTMENT GRADE BOND FUND
------------------------------------- -------------------------------------
YEAR ENDED PERIOD ENDED YEAR ENDED PERIOD ENDED
DECEMBER 31, 1999 DECEMBER 31, 1998* DECEMBER 31, 1999 DECEMBER 31, 1998*
----------------- ------------------ ----------------- ------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN
NET
ASSETS FROM OPERATIONS
Net investment
income............... $ 284,851 $ 7,681 $ 777,800 $ 34,216
Net realized gain
(loss) on investment
transactions......... (1,902) (27) (290,817) 355
Net unrealized
appreciation
(depreciation) of
investments.......... -- -- (559,831) (26,513)
------------ ---------- ------------ -----------
Net increase (decrease)
in net assets from
operations........... 282,949 7,654 (72,848) 8,058
------------ ---------- ------------ -----------
DISTRIBUTIONS TO
SHAREHOLDERS FROM:
Net investment
income............... (284,851) (7,681) (777,800) (34,216)
Net realized gain on
investments.......... -- -- -- --
Capital................ -- -- -- --
------------ ---------- ------------ -----------
Net decrease in net
assets from
distributions........ (284,851) (7,681) (777,800) (34,216)
------------ ---------- ------------ -----------
SHARE TRANSACTIONS
Net proceeds from
sales................ 48,385,101 2,462,000 8,769,466 9,987,995
Net proceeds from
reinvestment of
distributions........ 284,851 7,680 777,800 34,216
Cost of shares
redeemed............. (37,206,858) -- (538,547) --
------------ ---------- ------------ -----------
Net increase in net
assets from share
transactions......... 11,463,094 2,469,680 9,008,719 10,022,211
------------ ---------- ------------ -----------
Total increase in net
assets............... 11,461,192 2,469,653 8,158,071 9,996,053
NET ASSETS
Beginning of year...... 2,509,653 40,000 10,026,053 30,000
------------ ---------- ------------ -----------
End of year+........... $ 13,970,845 $2,509,653 $ 18,184,124 $10,026,053
============ ========== ============ ===========
SHARES OF BENEFICIAL
INTEREST
Shares sold............ 48,385,101 2,462,000 917,293 998,807
Shares issued to
shareholders from
reinvestment of
distributions........ 284,851 7,680 81,135 3,431
Shares redeemed........ (37,206,858) -- (56,341) --
------------ ---------- ------------ -----------
Net Increase........... 11,463,094 2,469,680 942,087 1,002,238
============ ========== ============ ===========
+Includes undistributed
net investment income $ -- $ -- $ 767 $ --
============ ========== ============ ===========
</TABLE>

* For the period from December 7, 1998 (commencement of operations) to
December 31, 1998.
** For the period from September 1, 1999 to December 31, 1999.

- --------------------------------------------------------------------------------

See Notes to Financial Statements.

32
<PAGE>
SUN CAPITAL ADVISERS TRUST
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
REAL ESTATE FUND
------------------------------------- BLUE CHIP MID CAP FUND SELECT EQUITY FUND
YEAR ENDED PERIOD ENDED PERIOD ENDED PERIOD ENDED
DECEMBER 31, 1999 DECEMBER 31, 1998* DECEMBER 31, 1999** DECEMBER 31, 1999**
----------------- ------------------ ---------------------- ----------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN
NET
ASSETS FROM OPERATIONS
Net investment
income............... $ 327,489 $ 40,930 $ (2,580) $ (816)
Net realized gain
(loss) on investment
transactions......... (23,744) (397) 363,732 (39,740)
Net unrealized
appreciation
(depreciation) of
investments.......... (501,401) (77,227) 978,428 1,055,914
---------- ---------- ---------- ----------
Net increase (decrease)
in net assets from
operations........... (197,656) (36,694) 1,339,580 1,015,358
---------- ---------- ---------- ----------
DISTRIBUTIONS TO
SHAREHOLDERS FROM:
Net investment
income............... (287,434) (40,008) -- --
Net realized gain on
investments.......... -- -- (200,633) --
Capital................ (33,588) -- -- --
---------- ---------- ---------- ----------
Net decrease in net
assets from
distributions........ (321,022) (40,008) (200,633) --
---------- ---------- ---------- ----------
SHARE TRANSACTIONS
Net proceeds from
sales................ 1,520,721 4,976,999 5,507,059 4,173,176
Net proceeds from
reinvestment of
distributions........ 361,030 -- 200,633 --
Cost of shares
redeemed............. (204,778) -- (66,469) (48,921)
---------- ---------- ---------- ----------
Net increase in net
assets from share
transactions......... 1,676,973 4,976,999 5,641,223 4,124,255
---------- ---------- ---------- ----------
Total increase in net
assets............... 1,158,295 4,900,297 6,780,170 5,139,613
NET ASSETS
Beginning of year...... 4,930,297 30,000 -- --
---------- ---------- ---------- ----------
End of year+........... $6,088,592 $4,930,297 $6,780,170 $5,139,613
========== ========== ========== ==========
SHARES OF BENEFICIAL
INTEREST
Shares sold............ 160,793 497,721 540,109 410,964
Shares issued to
shareholders from
reinvestment of
distributions........ 41,274 -- 17,371 --
Shares redeemed........ (22,074) -- (6,246) (4,280)
---------- ---------- ---------- ----------
Net Increase........... 179,993 497,721 551,234 406,684
========== ========== ========== ==========
+Includes undistributed
net investment income $ 21,227 $ 525 $ -- $ --
========== ========== ========== ==========

INVESTORS FOUNDATION FUND
PERIOD ENDED
DECEMBER 31, 1999**
-------------------------
<S> <C>
INCREASE (DECREASE) IN
NET
ASSETS FROM OPERATIONS
Net investment
income............... $ 5,159
Net realized gain
(loss) on investment
transactions......... 12,389
Net unrealized
appreciation
(depreciation) of
investments.......... 403,419
----------
Net increase (decrease)
in net assets from
operations........... 420,967
----------
DISTRIBUTIONS TO
SHAREHOLDERS FROM:
Net investment
income............... (5,159)
Net realized gain on
investments.......... (2,373)
Capital................ --
----------
Net decrease in net
assets from
distributions........ (7,532)
----------
SHARE TRANSACTIONS
Net proceeds from
sales................ 3,463,017
Net proceeds from
reinvestment of
distributions........ 7,532
Cost of shares
redeemed............. (16,985)
----------
Net increase in net
assets from share
transactions......... 3,453,564
----------
Total increase in net
assets............... 3,866,999
NET ASSETS
Beginning of year...... --
----------
End of year+........... $3,866,999
==========
SHARES OF BENEFICIAL
INTEREST
Shares sold............ 346,363
Shares issued to
shareholders from
reinvestment of
distributions........ 697
Shares redeemed........ (1,615)
----------
Net Increase........... 345,445
==========
+Includes undistributed
net investment income $ --
==========
</TABLE>

* For the period from December 7, 1998 (commencement of operations) to
December 31, 1998.
** For the period from September 1, 1999 to December 31, 1999.

- --------------------------------------------------------------------------------

See Notes to Financial Statements.

33
<PAGE>
FINANCIAL HIGHLIGHTS
SUN CAPITAL ADVISERS TRUST
- --------------------------------------------------------------------------------

Selected data for a share outstanding throughout each period:

<TABLE>
<CAPTION>
SUN CAPITAL SUN CAPITAL
MONEY MARKET FUND INVESTMENT GRADE BOND FUND
--------------------------------------- ---------------------------------------
YEAR ENDED PERIOD ENDED YEAR ENDED PERIOD ENDED
DECEMBER 31, 1999 DECEMBER 31, 1998* DECEMBER 31, 1999 DECEMBER 31, 1998*
------------------ ------------------- ------------------ -------------------
<S> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD.... $ 1.000 $ 1.000 $ 9.970 $10.000
------- ------- ------- -------
INCOME (LOSS) FROM
INVESTMENT OPERATIONS:
Net investment
income............... 0.045 0.003 0.576 0.034
Net realized and
unrealized gain
(loss) on
investments.......... -- -- (0.630) (0.030)
------- ------- ------- -------
Total from Investment
Operations........... 0.045 0.003 (0.054) 0.004
------- ------- ------- -------
LESS DISTRIBUTIONS FROM:
Net investment
income............... (0.045) (0.003) (0.576) (0.034)
Net realized gain on
investments.......... -- -- -- --
Capital................ -- -- -- --
------- ------- ------- -------
Total distributions.... (0.045) (0.003) (0.576) (0.034)
------- ------- ------- -------
NET ASSET VALUE, END OF
PERIOD................. $ 1.000 $ 1.000 $ 9.340 $ 9.970
======= ======= ======= =======
TOTAL RETURN(b).......... 4.63% 0.31% (0.56)% 0.04%
======= ======= ======= =======
RATIOS AND SUPPLEMENTAL
DATA:
Net Assets, End of Period
(000's)................ $13,971 $ 2,510 $18,184 $10,026
Ratios to average net
assets:
Net expenses(a)........ 0.65% 0.65% 0.75% 0.75%
Gross expenses(a)...... 2.70% 12.29% 1.98% 4.10%
Net investment income
(loss)(a)............ 4.69% 4.48% 6.00% 5.01%
Portfolio turnover
rate................... N/A N/A 78% 3%
</TABLE>

* For the period from December 7, 1998 (commencement of operations) to
December 31, 1998.
** For the period from September 1, 1999 (commencement of operations) to
December 31, 1999.
(a) Annualized for periods 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 period shown, total returns
would have been lower. Total returns for periods of less than one year are
not annualized.

34
<PAGE>
SUN CAPITAL ADVISERS TRUST
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SUN CAPITAL
REAL ESTATE FUND SUN CAPITAL BLUE CHIP SUN CAPITAL SELECT
--------------------------------------- MID CAP FUND EQUITY FUND
YEAR ENDED PERIOD ENDED PERIOD ENDED PERIOD ENDED
DECEMBER 31, 1999 DECEMBER 31, 1998* DECEMBER 31, 1999** DECEMBER 31, 1999**
------------------ ------------------- --------------------- -------------------
<S> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD.... $ 9.850 $10.000 $10.000 $10.000
------- ------- ------- -------
INCOME (LOSS) FROM
INVESTMENT OPERATIONS:
Net investment
income............... 0.477 0.082 -- --
Net realized and
unrealized gain
(loss) on
investments.......... (0.888) (0.152) 2.683 2.640
------- ------- ------- -------
Total from Investment
Operations........... (0.411) (0.070) 2.683 2.640
------- ------- ------- -------
LESS DISTRIBUTIONS FROM:
Net investment
income............... (0.447) (0.080) -- --
Net realized gain on
investments.......... -- -- (0.383) --
Capital................ (0.052) -- -- --
------- ------- ------- -------
Total distributions.... (0.499) (0.080) (0.383) --
------- ------- ------- -------
NET ASSET VALUE, END OF
PERIOD................. $ 8.940 $ 9.850 $12.300 $12.640
======= ======= ======= =======
TOTAL RETURN(b).......... (3.98)% (0.71)% 27.07% 26.40%
======= ======= ======= =======
RATIOS AND SUPPLEMENTAL
DATA:
Net Assets, End of Period
(000's)................ $ 6,089 $ 4,930 $ 6,780 $ 5,140
Ratios to average net
assets:
Net expenses(a)........ 1.25% 1.25% 1.00% 0.90%
Gross expenses(a)...... 3.39% 7.44% 4.11% 4.25%
Net investment income
(loss)(a)............ 6.09% 12.16% (0.16)% (0.06)%
Portfolio turnover
rate................... 13% 2% 51% 51%

SUN CAPITAL INVESTORS
FOUNDATION FUND
PERIOD ENDED
DECEMBER 31, 1999**
---------------------
<S> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD.... $10.000
-------
INCOME (LOSS) FROM
INVESTMENT OPERATIONS:
Net investment
income............... 0.015
Net realized and
unrealized gain
(loss) on
investments.......... 1.197
-------
Total from Investment
Operations........... 1.212
-------
LESS DISTRIBUTIONS FROM:
Net investment
income............... (0.015)
Net realized gain on
investments.......... (0.007)
Capital................ --
-------
Total distributions.... (0.022)
-------
NET ASSET VALUE, END OF
PERIOD................. $11.190
=======
TOTAL RETURN(b).......... 12.13%
=======
RATIOS AND SUPPLEMENTAL
DATA:
Net Assets, End of Period
(000's)................ $ 3,867
Ratios to average net
assets:
Net expenses(a)........ 0.90%
Gross expenses(a)...... 5.12%
Net investment income
(loss)(a)............ 0.46%
Portfolio turnover
rate................... 31%
</TABLE>

35
<PAGE>
NOTES TO FINANCIAL STATEMENTS 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 business trust under
the laws of Delaware by an Agreement and Declaration of Trust dated July 13,
1998. It currently consists of six series (each referred to as a "Fund"), 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 Money Market Fund ("Money Market Fund"), Sun Capital
Investment Grade Bond Fund ("Investment Grade Bond Fund"), Sun Capital Real
Estate Fund ("Real Estate Fund"), Sun Capital Blue Chip Mid Cap Fund ("Blue Chip
Mid Cap Fund"), Sun Capital Select Equity Fund ("Select Equity Fund") and Sun
Capital Investors Foundation Fund ("Investors Foundation Fund"). Each of the
Funds, other than the Real Estate Fund and the Select Equity Fund, are
classified as diversified funds under the 1940 Act. The Blue Chip Mid Cap Fund,
the Select Equity Fund and the Investors Foundation Fund commenced operations on
September 1, 1999.

NOTE B -- SIGNIFICANT ACCOUNTING POLICIES

The preparation of financial statements in conformity with generally accepted
accounting principles 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 sale 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.

INVESTMENT TRANSACTIONS AND INCOME

Investment security transactions are accounted for as of trade date. Dividend
income is recorded on the ex-dividend date. Interest income is recorded on the
accrual basis. Realized gains and losses from security transactions are
determined on the basis of identified cost for both financial statement and
federal income tax purposes.

36
<PAGE>
NOTES TO FINANCIAL STATEMENTS (CONTINUED) SUN CAPITAL ADVISERS TRUST
- --------------------------------------------------------------------------------

FEDERAL INCOME TAXES

Each Fund is treated as a separate entity for Federal tax purposes. Each Fund
has qualified and intends to elect and continue to qualify each year to be
treated as a regulated investment company under Subchapter M of the Internal
Revenue Code, as amended. 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.

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.

At December 31, 1999, the following Funds have available for federal income tax
purposes capital loss carryovers which can be used to offset certain future
realized capital gains.

<TABLE>
<CAPTION>
EXPIRES DECEMBER 31,
---------------------------------
2006 2007
--------------- ---------------
<S> <C> <C>
Money Market Fund........................................... $27 $ 1,902
Investment Grade Bond Fund.................................. -- 195,936
Select Equity Fund.......................................... -- 39,497
</TABLE>

Under current tax law, certain capital losses realized after October 31 within
the 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, 1999 the
Investment Grade Bond Fund elected to defer $68,796 in net capital losses
arising between November 1, 1999 and December 31, 1999.

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 a 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 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

37
<PAGE>
NOTES TO FINANCIAL STATEMENTS (CONTINUED) SUN CAPITAL ADVISERS TRUST
- --------------------------------------------------------------------------------

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.

DIVIDENDS AND DISTRIBUTIONS

The Money Market Fund and Investment Grade Bond Fund declare dividends daily
from net investment income, if any. The Real Estate Fund, Blue Chip Mid Cap
Fund, Select Equity Fund and Investors Foundation Fund distribute net investment
income, if any, at least annually. Each Fund distributes its net realized
capital gains, if any, at least annually. Income and capital gain distributions
are determined in accordance with income tax regulations which may differ from
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 gains (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, Inc. ("Adviser") is the investment adviser to the Money
Market Fund, Investment Grade Bond Fund and Real Estate Fund of the Trust under
an investment advisory agreement with the Trust dated November 4, 1998. The
Adviser is the investment adviser to the Blue Chip Mid Cap Fund, Select Equity
Fund and Investors Foundation Fund under separate investment advisory agreements
with the Trust dated August 27, 1999. The Adviser is a wholly-owned subsidiary
of Sun Life Assurance Company of Canada (U.S.) ("Sun Life (U.S.)"), which is an
indirect wholly owned subsidiary of Sun Life Assurance Company of Canada ("Sun
Life of Canada"). The Adviser has retained Wellington Management Company LLP at
its own cost, as subadviser for Blue Chip Mid Cap Fund, Select Equity Fund and
Investors Foundation Fund.

As compensation for all services rendered, facilities provided and expenses paid
or assumed by the Adviser under the advisory agreement, the Trust pays
compensation monthly to the Adviser at the following annual rates based on the
average daily net assets of each Fund taken separately: 0.50% of average daily
net assets for the Money Market Fund; 0.60% of the average daily net assets for
the Investment Grade Bond Fund; 0.95% of the average daily net assets for the
Real Estate Fund; 0.80% of the average daily net assets for the Blue Chip Mid
Cap Fund; 0.75% of the average daily net

38
<PAGE>
NOTES TO FINANCIAL STATEMENTS (CONTINUED) SUN CAPITAL ADVISERS TRUST
- --------------------------------------------------------------------------------

assets for the Select Equity Fund; 0.75% of the average daily net assets for the
Investors Foundation Fund. The advisory fee for the Blue Chip Mid Cap Fund,
Select Equity Fund and Investors Foundation Fund declines to 0.75%, 0.70% and
0.70%, respectively, as each fund's daily net assets exceed $300 million.

LIMITATIONS

The Adviser has agreed to reduce its advisory fee and to reimburse each Fund's
other expenses to reduce each Fund's total annual operating expenses to 0.65%,
0.75%, 1.25%, 1.00%, 0.90% and 0.90% of average daily net assets for the Money
Market Fund, Investment Grade Bond Fund, Real Estate Fund, Blue Chip Mid Cap
Fund, Select Equity Fund, and Investors Foundation Fund, respectively. The
Adviser has contractually agreed to maintain the above limits until May 1, 2001.
For the year ended December 31, 1999, the Adviser waived all investment advisory
fees and reimbursed the Funds for other operating expenses in the amounts of
$93,993, $81,335, $64,150, $36,963, $33,342, and $38,990 for the Money Market
Fund, Investment Grade Bond Fund, Real Estate Fund, Blue Chip Mid Cap Fund,
Select Equity Fund, and Investors Foundation Fund, respectively. 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 management
fees waived and fund expenses paid by it during the prior two fiscal years.

TRUSTEES' COMPENSATION

Trustees' fees are paid by the Trust to each independent trustee of the Trust.
The Trust pays no compensation directly to its Trustees or officers who are
affiliated with the Adviser, Sun Life (U.S.) or Sun Life of Canada, all of whom
receive remuneration for their services to the Trust from the Adviser, Sun Life
(U.S.) or Sun Life of Canada. Certain officers and Trustees of the Trust are
officers and directors of the Adviser, Sun Life (U.S.) or Sun Life of Canada.

NOTE D -- INVESTMENT TRANSACTIONS

Purchases and proceeds from sales and maturities of investments, excluding
short-term securities for the Investment Grade Bond Fund and the Real Estate
Fund for the year ended December 31, 1999 were as follows:

<TABLE>
<CAPTION>
NON- NON-
GOVERNMENT GOVERNMENT GOVERNMENT GOVERNMENT
PURCHASES PURCHASES SALES SALES
----------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Investment Grade Bond Fund...................... $11,640,602 $7,212,400 $6,451,047 $2,907,906
Real Estate Fund................................ 2,207,007 0 648,073 0
</TABLE>

39
<PAGE>
NOTES TO FINANCIAL STATEMENTS (CONTINUED) SUN CAPITAL ADVISERS TRUST
- --------------------------------------------------------------------------------

Purchases and proceeds from sales and maturities of investments, excluding
short-term securities for the Blue Chip Mid Cap Fund, Select Equity Fund and
Investors Foundation Fund for the period from September 1, 1999 (commencement of
operations) to December 31, 1999 were as follows:

<TABLE>
<CAPTION>
NON- NON-
GOVERNMENT GOVERNMENT GOVERNMENT GOVERNMENT
PURCHASES PURCHASES SALES SALES
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Blue Chip Mid Cap Fund.......................... $7,711,032 $0 $2,464,765 $0
Select Equity Fund.............................. 5,623,531 0 1,567,739 0
Investors Foundation Fund....................... 4,249,974 0 862,456 0
</TABLE>

Purchases and sales, including maturities, of short-term securities by the Money
Market Fund for the year ended December 31, 1999 were $112,251,773 and
$100,652,198, respectively.

The identified cost for federal income tax purposes of investments owned by each
Fund and their respective gross unrealized appreciation and depreciation at
December 31, 1999 were as follows:

<TABLE>
<CAPTION>
NET UNREALIZED
GROSS UNREALIZED APPRECIATION
IDENTIFIED COST APPRECIATION (DEPRECIATION) (DEPRECIATION)
--------------- ------------ -------------- --------------
<S> <C> <C> <C> <C>
Money Market Fund......................... $14,284,286 $ 0 $ (0) $ 0
Investment Grade Bond Fund................ 18,513,459 10,561 (623,405) (612,844)
Real Estate Fund.......................... 6,583,248 59,174 (620,283) (561,109)
Blue Chip Mid Cap Fund.................... 5,834,589 1,111,903 (159,076) 952,827
Select Equity Fund........................ 4,161,295 1,150,225 (94,554) 1,055,671
Investors Foundation Fund................. 3,406,456 556,390 (159,520) 396,870
</TABLE>

FEDERAL TAX INFORMATION (UNAUDITED)

For the year ended December 31, 1999, the Real Estate Fund hereby designates
$8,320 as 20% long-term capital gain dividends.

40
<PAGE>
INDEPENDENT AUDITORS' REPORT

To the Shareholders and Trustees of Sun Capital Advisers Trust:

We have audited the accompanying statements of assets and liabilities of Sun
Capital Money Market Fund, Sun Capital Investment Grade Bond Fund, Sun Capital
Real Estate Fund, Sun Capital Blue Chip Mid Cap Fund, Sun Capital Select Equity
Fund and Sun Capital Investors Foundation Fund (each a portfolio of Sun Capital
Advisers Trust) (the "Trust"), including the portfolios of investments, as of
December 31, 1999, and the related statements of operations for the year then
ended and the statements of changes in net assets and financial highlights for
the year then ended and period from December 7, 1998 to December 31, 1998. These
financial statements and financial highlights are the responsibility of the
Trust's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.

We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
December 31, 1999, by correspondence with the custodian and brokers; where
replies were not received from brokers, we performed other auditing procedures.
An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.

In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial positions of Sun
Capital Money Market Fund, Sun Capital Investment Grade Bond Fund, Sun Capital
Real Estate Fund, Sun Capital Blue Chip Mid Cap Fund, Sun Capital Select Equity
Fund and Sun Capital Investors Foundation Fund as of December 31, 1999, the
results of their operations, the changes in their net assets and their financial
highlights for the respective stated periods, in conformity with generally
accepted accounting principles.

DELOITTE & TOUCHE LLP
Boston, Massachusetts
February 3, 2000

41
<PAGE>
SUN CAPITAL ADVISERS TRUST
- --------------------------------------------------------------------------------

TRUSTEES AND OFFICERS
GRAHAM E. JONES, TRUSTEE
ANTHONY C. PADDOCK, TRUSTEE
WILLIAM N. SEARCY, JR., TRUSTEE
C. JAMES PRIEUR, CHAIRMAN, EXECUTIVE V.P. AND TRUSTEE
JAMES M.A. ANDERSON, PRESIDENT, CEO AND TRUSTEE
JAMES F. ALBAN, TREASURER AND CFO
DAVEY S. SCOON, ASSISTANT TREASURER
RICHARD GORDON, VICE PRESIDENT
HOWARD C. GREENE, VICE PRESIDENT
JOHN T. DONNELLY, VICE PRESIDENT
MAURA A. MURPHY, SECRETARY

INVESTMENT ADVISER
SUN CAPITAL ADVISERS, INC.
ONE SUN LIFE EXECUTIVE PARK
WELLESLEY HILLS, MA 02481

INDEPENDENT PUBLIC ACCOUNTANTS
DELOITTE & TOUCHE LLP
200 BERKELEY STREET
BOSTON, MA 02116

ADMINISTRATOR, CUSTODIAN, TRANSFER AGENT
STATE STREET BANK & TRUST COMPANY
225 FRANKLIN STREET
BOSTON, MA 02110

LEGAL COUNSEL
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.