<PAGE>
Rule 424(b)(3)
File No. 333-11699
SUPPLEMENT DATED SEPTEMBER 11, 2000
TO
PROFILE DATED MAY 1, 2000, AS SUPPLEMENTED
AND
PROSPECTUS DATED MAY 1, 2000, AS SUPPLEMENTED
FOR
MFS REGATTA CLASSIC
VARIABLE AND FIXED ANNUITY
ISSUED BY SUN LIFE ASSURANCE COMPANY OF CANADA (U.S.)
Effective immediately, with the addition of 2 new Series -- the Global
Telecommunications Series and the Mid Cap Growth Series -- to the MFS/Sun Life
Series Trust (the "Series Fund"), you may allocate your money among 29 variable
investment options available under the MFS Regatta Classic Variable and Fixed
Annuity. Market conditions will determine the value of an investment in the
Global Telecommunications Series, the Mid Cap Growth Series and any other
Series. The Global Telecommunications Series, the Mid Cap Growth Series and the
other Series available as variable investment options under the Contract are
described more fully in the current Series Fund prospectus, as supplemented.
As a result of the addition of the Global Telecommunications Series
and the Mid Cap Growth Series, the Profile dated May 1, 2000, as supplemented
by a Supplement dated June 26, 2000 (the "Profile") for the Contract, and the
Prospectus dated May 1, 2000, as supplemented by a Supplement dated June 26,
2000 (the "Prospectus") for the Contract, are amended and supplemented as
follows. Also, certain additional amendments are made to the Prospectus and
Profile as follows:
1. The third paragraph of Section 1, "The MFS Regatta Classic
Annuity," of the Profile and the second paragraph on the cover page of the
Prospectus are each amended by deleting the first sentence in its entirety and
replacing it with the following:
"You may choose among 29 variable investment options and a range
of fixed options."
2. The list of the available investment options appearing in Section
4, "Allocation Options," of the Profile and on the cover page of the Prospectus
is hereby supplemented by the addition of the Global Telecommunications Series
and the Mid Cap Growth Series.
3. The summary expense chart appearing in Section 5, "Expenses," of
the Profile is hereby supplemented as follows:
<TABLE>
<CAPTION>
EXAMPLES:
TOTAL ANNUAL TOTAL ANNUAL TOTAL TOTAL EXPENSES
INSURANCE SERIES ANNUAL AT END
SUB-ACCOUNT CHARGES EXPENSES EXPENSES 1 YEAR 10 YEARS
----------- ------- -------- -------- ------ --------
<S> <C> <C> <C> <C> <C>
Global Telecommunications Series 1.25% 1.25% 2.50% $25 $284
Mid Cap Growth Series 1.25% 1.00% 2.25% $23 $258
</TABLE>
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4. The "Series Fund Annual Expenses" table appearing on page 5 of
the Prospectus is hereby amended and supplemented as follows:
<TABLE>
<CAPTION>
OTHER TOTAL SERIES
MANAGEMENT EXPENSES (2) EXPENSES (2)
FUND FEE (AFTER REIMBURSEMENT) (AFTER REIMBURSEMENT)
---- --- --------------------- ---------------------
<S> <C> <C> <C>
Global Telecommunications Series (3)....... 1.00% 0.25% 1.25%
Mid Cap Growth Series (3).................. 0.75% 0.25% 1.00%
Technology Series (3)...................... 0.75% 0.25% 1.00%
</TABLE>
5. The footnotes to the "Series Fund Annual Expenses" table are
amended and supplemented as follows:
(i) Footnote (1) is deleted in its entirety and replaced by the
following:
(1) The information relating to Series Fund expenses was
provided by the Series Fund and we have not independently
verified it. You should consult the Series Fund
prospectus for more information about Series Fund
expenses. For all Series except the Technology Series,
the Global Telecommunications Series and the Mid Cap
Growth Series, "Management Fees," "Other Expenses," and
"Total Series Expenses" are based on actual expenses for
the fiscal year ended December 31, 1999, net of any
applicable expense reimbursement or waiver. Expense
figures shown for the Technology Series, the Global
Telecommunications Series and the Mid Cap Growth Series
are estimates for the year 2000, based on the applicable
expense reimbursement waiver. No actual expense figures
are shown for the Technology Series, the Global
Telecommunications Series or the Mid Cap Growth Series
because these Series commenced operations in June 2000,
September 2000 and September 2000, respectively, and,
therefore, have less than 12 months of investment
performance.
(ii) Footnote (2) is amended and restated as follows:
(2) Each Series has an expense offset arrangement which reduces
the Series' custodian fee based upon the amount of cash
maintained by the Series with its custodian and dividend
disbursing agent, and may enter into such other arrangements
and directed brokerage arrangements (which would also have
the effect of reducing the Series' expenses). Any such fee
reductions are not reflected under "Other Expenses" in the
table. Had these fees been taken into account, "Total Series
Expenses" for certain of the Series would be as follows:
<TABLE>
<S> <C>
Bond Series...................................... 0.71%
Capital Appreciation Series...................... 0.75%
Capital Opportunities Series..................... 0.83%
Equity Income Series............................. 0.91%
Global Asset Allocation Series................... 0.88%
New Discovery Series............................. 1.05%
Strategic Income Series.......................... 1.03%
Utilities Series................................. 0.81%
</TABLE>
(iii) Footnote (3) is amended and restated as follows:
(3) MFS has contractually agreed to bear the expenses of these
Series such that "Other Expenses," after taking into account
the expense offset arrangement described in Footnote (2)
above, will not exceed 0.25% annually. This contractual
arrangement will continue until at least May 1, 2001, unless
changed with the consent of the Series Fund's Board of
Trustees; provided, however, that this contractual
arrangement will terminate prior to May 1, 2001 in the event
that "Other Expenses" equal or fall below 0.25% annually.
Without taking into account this fee waiver and/or expense
reimbursement, "Other Expenses" would be estimated to be
3.26% for the Strategic Growth Series, 0.28% for the
Technology Series, 0.76% for the Global Telecommunications
Series, and 0.67% for the Mid Cap Growth Series.
(iv) Footnote (4) is deleted in its entirety.
6. The "Examples" presented on page 6 of the
Prospectus are supplemented as follows:
If you do or do not surrender your Contract at the end of the
applicable time period, you would pay the following expenses on a $1,000
investment, assuming an average Contract size of $50,000 and a 5% annual return:
<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
------ ------- ------- --------
<S> <C> <C> <C> <C>
Global Telecommunications Series....... $25 $78 $133 $284
Mid Cap Growth Series.................. $28 $70 $120 $258
</TABLE>
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7. The "Variable Account Options: The MFS/Sun Life Series Trust"
section beginning on page 8 of the Prospectus is amended and supplemented as
follows:
(a) The first paragraph on page 9 is deleted in its entirety and replaced
by the following:
"The Series Fund is composed of 30 independent portfolios of
securities, each of which has separate investment objectives and
policies. Shares of the Series Fund are issued in 30 Series, each
corresponding to one of the portfolios. The Contract provides for
investment by the Sub-Accounts in shares of the 29 Series described
below. Additional portfolios may be added to the Series Fund which may
or may not be available for investment by the Variable Account."
(b) The following Series descriptions are added:
GLOBAL TELECOMMUNICATIONS SERIES will seek to achieve long-term
growth of capital.
MID CAP GROWTH SERIES will seek long-term growth of capital.
THIS SUPPLEMENT IS NOT VALID UNLESS ACCOMPANIED OR PRECEDED BY THE CURRENT
PROSPECTUS THE MFS REGATTA CLASSIC VARIABLE AND FIXED ANNUITY, AND THE
CURRENT PROSPECTUS OF THE MFS/SUN LIFE SERIES TRUST. THIS SUPPLEMENT AND THE
PROSPECTUSES SHOULD BE READ AND RETAINED FOR FUTURE REFERENCE.
CLASSUPP 9/00
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