<PAGE>
Rule 424(b)(3)
File No. 333-39034
SUPPLEMENT DATED SEPTEMBER 11, 2000
TO
PROFILE DATED JUNE 23, 2000, AS SUPPLEMENTED
AND
PROSPECTUS DATED JUNE 23, 2000, AS SUPPLEMENTED
FOR
MFS REGATTA CHOICE
VARIABLE AND FIXED ANNUITY
ISSUED BY SUN LIFE ASSURANCE COMPANY OF CANADA (U.S.)
This Supplement to the Profile dated June 23, 2000 (the "Profile") and
the Prospectus dated June 23, 2000 (the "Prospectus") for the Contract:
- amends and supplements the Profile and Prospectus as a result of the
addition of 2 new Funds -- The Global Telecommunications Series and
the Mid Cap Growth Series -- to the MFS/Sun Life Series Trust (the
"Series Fund"), effective as of September 11, 2000; and
- restates the information contained in (a) the Supplement dated June 26,
2000 to the Profile and Prospectus with respect to the addition of the
Technology Series to the Series Fund, effective as of June 26, 2000;
(b) the Supplement dated June 26, 2000 to the Profile and Prospectus
which provided an expanded range of expense examples for the Contract;
and (c) the Supplement dated June 23, 2000 which amended fee information
for certain of the Funds contained in the Profile and Prospectus.
THIS SUPPLEMENT SUPERSEDES ALL PREVIOUS SUPPLEMENTS TO THE PROSPECTUS FOR THE
MFS REGATTA CHOICE VARIABLE AND FIXED ANNUITY. THIS SUPPLEMENT IS NOT VALID
UNLESS ACCOMPANIED BY THE CURRENT PROSPECTUS. THIS SUPPLEMENT AND THE
PROSPECTUS SHOULD BE READ AND RETAINED FOR FUTURE REFERENCE.
A. ADDITIONAL VARIABLE INVESTMENT OPTIONS
Three Funds -- the Technology Series, the Global Telecommunications Series
and the Mid Cap Growth Series -- have been added to the list of variable
investment options available under the MFS Regatta Choice Variable and Fixed
Annuity. The Technology Series was added as an investment option as of June 26,
2000, and the Global Telecommunications Series and the Mid Cap Growth Series
are added as investment options as of the date of this Supplement. These
additional Funds allow you to allocate your money among 29 variable investment
options under the Contract. Market conditions will determine the value of an
investment in the Technology Series, the Global Telecommunications Series, the
Mid Cap Growth Series and any other Fund. The Technology Series, the Global
Telecommunications Series, the Mid Cap Growth Series and the other Funds
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 Technology Series, the Global
Telecommunications Series and the Mid Cap Growth Series:
1. The third paragraph of Section 1, "The MFS Regatta Choice 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 Technology Series,
the Global Telecommunications Series and the Mid Cap Growth Series.
3. The "Variable Account Options: The Funds" section beginning on page 8
of the Prospectus is supplemented and restated as follows:
(a) The second paragraph of the section on page 8 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,
a "Fund"), each corresponding to one of the portfolios. The Contract
provides for investment by the Sub-Accounts in shares of the 29 Funds
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 Fund 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.
TECHNOLOGY SERIES will seek capital appreciation.
1
<PAGE>
B. UNDERLYING FUND ANNUAL EXPENSES
1. The "Summary of Contract Expenses" table and the related footnotes
appearing on page 4 of the Prospectus are restated as follows:
SUMMARY OF CONTRACT EXPENSES
<TABLE>
<S> <C>
TRANSACTION EXPENSES
Sales Load Imposed on Purchase Payments..................... $ 0
Deferred Sales Load (as a percentage of Purchase Payments
withdrawn) (1)
Number of complete Account Years Purchase Payment in
Account
0-1..................................................... 7%
1-2..................................................... 7%
2-3..................................................... 6%
3-4..................................................... 6%
4-5..................................................... 5%
5-6..................................................... 4%
6-7..................................................... 3%
7 or more............................................... 0%
Transfer Fee (2)............................................ $ 15
ANNUAL ACCOUNT FEE per Contract or Certificate (3).......... $ 50
VARIABLE ACCOUNT ANNUAL EXPENSES (as a percentage of average
Variable Account assets)
</TABLE>
<TABLE>
<CAPTION>
FOR CONTRACTS WITH AN INITIAL FOR CONTRACTS WITH AN INITIAL
PURCHASE PAYMENT PURCHASE PAYMENT OF
LESS THAN $1,000,000: $1,000,000 OR MORE:
<S> <C> <C> <C>
Mortality and Expense Risk Mortality and Expense Risk
Charge (4)............................ 1.00% Charge (4)............................ 0.85%
Administrative Expenses Charge........ 0.15% Administrative Expenses Charge........ 0.15%
----- -----
Total Variable Annuity Annual Total Variable Annuity Annual
Expenses.............................. 1.15% Expenses.............................. 1.00%
</TABLE>
DEATH BENEFIT CHARGE (if one or more of the optional death benefit riders is
elected)
<TABLE>
<CAPTION>
NUMBER OF % OF AVERAGE
RIDERS ELECTED DAILY VALUE
-------------- ------------
<S> <C>
1 ............... 0.15%
2 ............... 0.25%
3 ............... 0.40%
</TABLE>
------------
(1) A portion of your Account may be withdrawn each year without imposition of
any withdrawal charge and, after a Purchase Payment has been in your Account
for 7 Account Years, it may be withdrawn free of the withdrawal charge.
(2) Currently, we impose no fee upon transfers; however, we reserve the right to
impose a fee of up to $15 per transfer. In addition, a Market Value
Adjustment may be imposed on amounts transferred from or within the Fixed
Account.
(3) The annual Account Fee is currently $35. After the fifth Account Year, the
fee may be changed annually, but it will never exceed $50.
(4) We will assess an additional 0.25% during the Income Phase on Contracts that
annuitize before their seventh Contract Anniversary.
2
<PAGE>
2. The "Underlying Fund Annual Expenses" table appearing on page 5 of the
Prospectus is hereby amended, supplemented and restated as follows:
<TABLE>
<CAPTION>
OTHER TOTAL ANNUAL FUND
MANAGEMENT FUND EXPENSES (2) EXPENSES (2)
FEES (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>
3. The footnotes to the "Series Fund Annual Expenses" table are
amended, supplemented and restated as follows:
(i) Footnote (1) is deleted in its entirety and replaced by the
following:
(1) The information relating to Fund expenses was provided by
the Funds and we have not independently verified it. You
should consult the Fund prospectus(es) for more information
about Fund expenses. For all Funds except the Technology
Series, the Global Telecommunications Series and the Mid
Cap Growth Series, "Management Fees," "Other Fund
Expenses," and "Total Annual Fund 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 Funds 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 Fund has an expense offset arrangement which reduces
the Fund's custodian fee based upon the amount of cash
maintained by the Fund 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 Fund's expenses). Any such fee
reductions are not reflected under "Other Fund Expenses" in
the table. Had these fees been taken into account, "Total
Annual Fund Expenses" for certain of the Funds 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
Funds such that "Other Fund 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 the Fund's "Other Fund Expenses" equal or fall below
0.25% annually. Without taking into account this fee waiver
and/or expense reimbursement, "Other Fund 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.
3
<PAGE>
C. EXPENSE EXAMPLES
1. The summary expense chart appearing in Section 5, "Expenses," of the
Profile is hereby supplemented and restated as follows:
<TABLE>
<CAPTION>
EXAMPLES
TOTAL EXPENSES
AT END
-----------------------------------------
TOTAL ANNUAL TOTAL ANNUAL TOTAL (a) (b)
INSURANCE FUND ANNUAL ------------------- -------------------
SUB-ACCOUNT CHARGES EXPENSES EXPENSES 1 YEAR 10 YEARS 1 YEARS 10 YEARS
----------- ------------ ------------ ---------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
Bond Series 1.25% 0.72% 1.97% $82 $232 $85 $273
Capital Appreciation Series 1.25% 0.76% 2.01% $82 $236 $86 $277
Capital Opportunities Series 1.25% 0.84% 2.09% $83 $245 $86 $285
Emerging Growth Series 1.25% 0.75% 2.00% $82 $235 $86 $276
Emerging Markets Equity Series 1.25% 1.60% 2.85% $90 $320 $94 $357
Equity Income Series 1.25% 0.92% 2.17% $83 $253 $87 $293
Global Asset Allocation Series 1.25% 0.89% 2.14% $83 $250 $87 $290
Global Governments Series 1.25% 0.90% 2.15% $83 $251 $87 $291
Global Growth Series 1.25% 1.01% 2.26% $84 $262 $88 $302
Global Telecommunications Series 1.25% 1.25% 2.50% $87 $286 $90 $325
Global Total Return Series 1.25% 0.89% 2.14% $83 $250 $87 $290
Government Securities Series 1.25% 0.61% 1.86% $81 $221 $84 $262
High Yield Series 1.25% 0.83% 2.08% $83 $244 $86 $284
International Growth Series 1.25% 1.23% 2.48% $86 $284 $90 $323
International Growth and Income Series 1.25% 1.16% 2.41% $86 $277 $89 $316
Managed Sectors Series 1.25% 0.79% 2.04% $82 $239 $86 $280
Massachusetts Investors Growth Stock Series 1.25% 0.83% 2.08% $83 $244 $86 $284
Massachusetts Investors Trust Series 1.25% 0.59% 1.84% $80 $218 $84 $260
Mid Cap Growth Series 1.25% 1.00% 2.25% $84 $261 $88 $301
Money Market Series 1.25% 0.57% 1.82% $80 $216 $84 $258
New Discovery Series 1.25% 1.06% 2.31% $85 $267 $89 $307
Research Series 1.25% 0.75% 2.00% $82 $235 $86 $276
Research Growth and Income Series 1.25% 0.86% 2.11% $83 $247 $87 $287
Research International Series 1.25% 1.23% 2.48% $86 $284 $90 $323
Strategic Growth Series 1.25% 1.00% 2.25% $84 $261 $88 $301
Strategic Income Series 1.25% 1.08% 2.33% $85 $269 $89 $308
Technology Series 1.25% 1.00% 2.25% $84 $287 $88 $301
Total Return Series 1.25% 0.69% 1.94% $81 $229 $85 $270
Utilities Series 1.25% 0.82% 2.32% $83 $243 $86 $283
</TABLE>
--------------------
(a) Assuming no optional death benefit riders have been elected
(b) Assuming all three optional death benefit riders have been elected
2. The "Examples" presented on page 6 of the Prospectus are supplemented
and restated as follows:
If you 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 $35,000, a 5% annual return, and no optional death
benefit riders have been elected:
<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Bond Series................................................. $82 $118 $156 $232
Capital Appreciation Series................................. $82 $120 $158 $236
Capital Opportunities Series................................ $83 $122 $162 $245
Emerging Growth Series...................................... $82 $119 $158 $235
Emerging Markets Equity Series.............................. $90 $143 $198 $320
Equity Income Series........................................ $83 $124 $166 $253
Global Asset Allocation Series.............................. $83 $123 $165 $250
Global Governments Series................................... $83 $124 $165 $251
Global Growth Series........................................ $84 $127 $171 $262
Global Telecommunications Series............................ $87 $133 $182 $286
Global Total Return Series.................................. $83 $123 $165 $250
Government Securities Series................................ $81 $115 $151 $221
High Yield Series........................................... $83 $122 $162 $244
International Growth Series................................. $86 $133 $181 $284
International Growth and Income Series...................... $86 $131 $178 $277
Managed Sectors Series...................................... $82 $120 $160 $239
Massachusetts Investors Growth Stock Series................. $83 $122 $162 $244
Massachusetts Investors Trust Series........................ $80 $115 $150 $218
Mid Cap Growth Series....................................... $84 $126 $170 $261
Money Market Series......................................... $80 $114 $149 $216
New Discovery Series........................................ $85 $128 $173 $267
Research Series............................................. $82 $119 $158 $235
Research Growth and Income Series........................... $83 $122 $163 $247
Research International Series............................... $86 $133 $181 $284
Strategic Growth Series..................................... $84 $126 $170 $261
Strategic Income Series..................................... $85 $129 $174 $269
Technology Series........................................... $81 $118 $160 $287
Total Return Series......................................... $81 $118 $155 $229
Utilities Series............................................ $83 $121 $161 $243
</TABLE>
4
<PAGE>
If you 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 $35,000, a 5% annual return, and all 3 optional
death benefit riders have been elected:
<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Bond Series................................................. $85 $130 $176 $273
Capital Appreciation Series................................. $86 $131 $178 $277
Capital Opportunities Series................................ $86 $133 $182 $285
Emerging Growth Series...................................... $86 $131 $177 $276
Emerging Markets Equity Series.............................. $94 $154 $217 $357
Equity Income Series........................................ $87 $135 $185 $293
Global Asset Allocation Series.............................. $87 $135 $184 $290
Global Governments Series................................... $87 $135 $184 $291
Global Growth Series........................................ $88 $138 $190 $302
Global Telecommunications Series............................ $90 $145 $201 $325
Global Total Return Series.................................. $87 $135 $184 $290
Government Securities Series................................ $84 $127 $171 $162
High Yield Series........................................... $86 $133 $181 $284
International Growth Series................................. $90 $144 $200 $323
International Growth and Income Series...................... $89 $142 $197 $316
Managed Sectors Series...................................... $86 $132 $179 $280
Massachusetts Investors Growth Stock Series................. $86 $133 $181 $284
Massachusetts Investors Trust Series........................ $84 $126 $170 $260
Mid Cap Growth Series....................................... $88 $138 $189 $301
Money Market Series......................................... $84 $126 $169 $258
New Discovery Series........................................ $89 $139 $192 $307
Research Series............................................. $86 $131 $177 $276
Research Growth and Income Series........................... $87 $134 $183 $287
Research International Series............................... $90 $144 $200 $323
Strategic Growth Series..................................... $88 $138 $189 $301
Strategic Income Series..................................... $89 $140 $193 $308
Technology Series........................................... $88 $138 $189 $301
Total Return Series......................................... $85 $129 $175 $270
Utilities Series............................................ $86 $133 $181 $283
</TABLE>
If you 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 $35,000, a 5% annual return and no option
death benefit riders have been elected:
<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Bond Series................................................. $20 $62 $106 $232
Capital Appreciation Series................................. $20 $63 $108 $236
Capital Opportunities Series................................ $21 $65 $112 $245
Emerging Growth Series...................................... $20 $63 $108 $235
Emerging Markets Equity Series.............................. $29 $88 $150 $320
Equity Income Series........................................ $22 $68 $116 $253
Global Asset Allocation Series.............................. $22 $67 $115 $250
Global Governments Series................................... $22 $67 $115 $251
Global Growth Series........................................ $23 $71 $121 $262
Global Telecommunications Series............................ $25 $78 $133 $286
Global Total Return Series.................................. $22 $67 $115 $250
Government Securities Series................................ $19 $58 $101 $221
High Yield Series........................................... $21 $65 $112 $244
International Growth Series................................. $25 $77 $132 $284
International Growth and Income Series...................... $24 $75 $129 $277
Managed Sectors Series...................................... $21 $64 $110 $239
Massachusetts Investors Growth Stock Series................. $21 $65 $112 $244
Massachusetts Investors Trust Series........................ $19 $58 $100 $218
Mid Cap Growth Series....................................... $23 $70 $120 $261
Money Market Series......................................... $18 $57 $ 99 $216
New Discovery Series........................................ $23 $72 $124 $267
Research Series............................................. $20 $63 $108 $235
Research Growth and Income Series........................... $21 $66 $113 $247
Research International Series............................... $25 $77 $132 $284
Strategic Growth Income..................................... $23 $70 $120 $261
Strategic Income Series..................................... $24 $73 $125 $269
Technology Series........................................... $26 $79 $135 $287
Total Return Series......................................... $20 $61 $105 $229
Utilities Series............................................ $21 $65 $111 $243
</TABLE>
If you 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 $35,000, a 5% annual return, and all 3
optional death benefit riders have been elected:
<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Bond Series................................................. $24 $ 74 $127 $273
Capital Appreciation Series................................. $24 $ 75 $129 $277
Capital Opportunities Series................................ $25 $ 78 $133 $285
Emerging Growth Series...................................... $24 $ 75 $128 $276
Emerging Markets Equity Series.............................. $33 $100 $170 $357
Equity Income Series........................................ $26 $ 80 $137 $293
Global Asset Allocation Series.............................. $26 $ 79 $135 $290
Global Governments Series................................... $26 $ 79 $136 $291
Global Growth Series........................................ $27 $ 83 $141 $302
Global Telecommunications Series............................ $29 $ 90 $153 $325
Global Total Return Series.................................. $26 $ 79 $135 $290
Government Securities Series................................ $23 $ 71 $121 $162
High Yield Series........................................... $25 $ 77 $132 $284
International Growth Series................................. $29 $ 89 $152 $323
International Growth and Income Series...................... $28 $ 87 $148 $316
Managed Sectors Series...................................... $25 $ 76 $130 $280
Massachusetts Investors Growth Stock Series................. $25 $ 77 $132 $284
Massachusetts Investors Trust Series........................ $23 $ 70 $120 $260
Mid Cap Growth Series....................................... $27 $ 82 $141 $301
Money Market Series......................................... $23 $ 69 $119 $258
New Discovery Series........................................ $27 $ 84 $143 $307
Research Series............................................. $24 $ 75 $128 $276
Research Growth and Income Series........................... $25 $ 78 $134 $287
Research International Series............................... $29 $ 89 $152 $323
Strategic Growth Series..................................... $27 $ 82 $141 $301
Strategic Income Series..................................... $28 $ 85 $144 $308
Technology Series........................................... $27 $ 82 $141 $301
Total Return Series......................................... $24 $ 73 $125 $270
Utilities Series............................................ $25 $ 77 $132 $283
</TABLE>
CHOICESUPP 9/00
5
