The Funds overweight to the Japanese yen, euro and British poundĬontributed positively to overall relative Fund performance, while an underweight to the Australian dollar detracted from performance. Overweight to the UK, and underweights to Sweden and Greece contributed positively to the Funds relative returns, while an underweight to Switzerland and Spain detracted. For the year, country and currency selection both contributed positively to relative returns. The Funds country allocations are primarily a result of the bottom-up stock selection process. How did the country allocations affect relative Fund performance during the year ended December 31, 2011? Of the year, equity investors fled from risk, in the process punishing the cheapest stocks in the market, which were viewed as the riskiest of all. The market environment in 2011 was particularly unforgiving for value investors. Managers struggled to beat their benchmarks. Equity market correlations were very high, as stocks generally traded in tandem based on perceived sensitivity to global macroeconomic issues, with little regard to company-specific strengths or weaknesses. Still scarred by the 2008 crisis, market participants reacted to adverse developments by fleeing deemed risky assets, with financial stocks being affected But even after the Index rose 3.33% in the fourth quarter, most markets were still down for the year. After rising early in the year, stocks fell sharply for five straight months through September, then posted a late rally as European leaders Market factors most influenced the global equity markets as a whole during the year ended December 31, 2011?Įxtremely volatile in 2011, as the European sovereign debt crisis cast a shadow over the global economy. Underperforming the benchmark, the MSCI EAFE Index (the Index), which returned (12.14)% for the same period. How did the Fund perform during the year ended December 31, 2011?įor the year ended December 31, 2011, the Initial and Service Class shares of SC AllianceBernstein International Value Fund (the ∿und) returned (16.21)% and (16.46)%, respectively, SC SM A LLIANCEB ERNSTEIN I NTERNATIONAL V ALUE It is possible to lose money on anĬountry codes included within each Funds Portfolio of Investments are unaudited. Performance may have changed materially since December 31, 2011.Īn investment in a Fund is not a bank deposit and is not insured by the Federal Deposit Insurance Corporation. Past performance is no guarantee of future results. Any forecasts or other forward looking views may not come to pass. These should not be construed as investment advice or as a recommendation to buy or sell any security. Without notice due to market or other conditions. The views and opinions expressed, and the portfolio holdings described, are as of December 31, 2011, and are subject to change at any time Managements Discussion and Analysis are those of the portfolio manager(s) of the Fund. The views and opinions expressed in each Funds Please read the prospectus carefully before you invest. This and other information is contained in a Funds Investors should consider the investment objectives, risks, charges and expenses of a Fund before investing. Investors in the Funds unless preceded or accompanied by an effective prospectus. This report is not authorized for distribution to prospective This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. Proxy Voting Policies and Procedures and Voting Records Report of Independent Registered Public Accounting Firm SC BlackRock Inflation Protected Bond Fund SC AllianceBernstein International Value Fund LLC ®, a member of the Sun Life Financial group of companies. Its investment adviser is Sun Capital Advisers Sun Capital Advisers Trust is registered under the Investment Company Act of 1940 as an open-end management investment company. SC SM Ibbotson Tactical Opportunities Fund SC SM AllianceBernstein International Value Fund Is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended: Registrants telephone number, including area code: (800) 432-1102 x 3330ĭate of reporting period: December 31, 2011 (Address of principal executive offices) (Zip code) (Exact name of registrant as specified in Sun Capital Advisers Trust Table of Contents