<PAGE>
Rule 424(b)(3)
File No. 333-39306
SUPPLEMENT DATED SEPTEMBER 11, 2000
TO
PROFILE DATED JUNE 26, 2000, AS SUPPLEMENTED
AND
PROSPECTUS DATED JUNE 26, 2000, AS SUPPLEMENTED
FOR
MFS REGATTA ACCESS
VARIABLE AND FIXED ANNUITY
ISSUED BY SUN LIFE ASSURANCE COMPANY OF CANADA (U.S.)
This Supplement to the Profile dated June 26, 2000 (the "Profile") and
the Prospectus dated June 26, 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, which provided an expanded range of
expense examples for the Contract; and (b) the Supplement dated June 26,
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 OF THE
MFS REGATTA ACCESS 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
Effective immediately, with 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"), you may allocate your money among 29 variable
investment options available under the MFS Regatta Access 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 Fund.
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 Global Telecommunications Series and
the Mid Cap Growth Series:
1. The third paragraph of Section 1, "The MFS Regatta Access
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.
<PAGE>
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.
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
Transfer Fee (1)............................................ $15
ANNUAL ACCOUNT FEE per Contract or Certificate (2).......... $50
VARIABLE ACCOUNT ANNUAL EXPENSES (as a percentage of average
Variable Account assets)
</TABLE>
<TABLE>
<S> <C> <C> <C>
FOR CONTRACTS WITH AN INITIAL PURCHASE FOR CONTRACTS WITH AN INITIAL PURCHASE
PAYMENT LESS THAN $1,000,000: PAYMENT OF $1,000,000 OR MORE:
Mortality and Expense Risk Charge..... 1.25% Mortality and Expense Risk Charge..... 1.00%
Administrative Expenses Charge........ 0.15% Administrative Expenses Charge........ 0.15%
----- -----
Total Variable Annuity Annual Total Variable Annuity Annual
Expenses.............................. 1.40% Expenses.............................. 1.15%
</TABLE>
DEATH BENEFIT CHARGE (if one or more of the optional death benefits 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) 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.
(2) The annual Account Fee will never exceed $50.
2
<PAGE>
2. The "Underlying Fund Annual Expenses" table appearing on page 5
of the Prospectus is hereby amended, supplemented and restated for certain
of the Funds as follows:
<TABLE>
<CAPTION>
OTHER TOTAL ANNUAL FUND
MANAGEMENT FUND EXPENSES (2) EXPENSES (2)
FEES (AFTER REIMBURSEMENT) (AFTER REIMBURSEMENT)
------------- --------------------- ---------------------
<S> <C> <C> <C>
Equity Income Series ......................... 0.75% 0.17% 0.92%
Global Telecommunications Series (3).......... 1.00% 0.25% 1.25%
Mid Cap Growth Series (3)..................... 0.75% 0.25% 1.00%
Research International Series ................ 1.00% 0.23% 1.23%
Technology Series (3)......................... 0.75% 0.25% 1.00%
Utility Series................................ 0.75% 0.07% 0.82%
</TABLE>
3. The footnotes to the "Underlying Fund Annual Expenses" table are
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 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 Expenses" in the table. Had
these fees been taken into account, "Total 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 "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 YEAR 10 YEARS
----------- ------------ ------------ ---------- -------- -------- -------- ------
<S> <C> <C> <C> <C> <C> <C> <C>
Bond Series 1.50% 0.72% 2.22% $23 $255 $27 $295
Capital Appreciation Series 1.50% 0.76% 2.26% $23 $250 $27 $299
Capital Opportunities Series 1.50% 0.84% 2.34% $24 $268 $28 $307
Emerging Growth Series 1.50% 0.75% 2.25% $23 $258 $27 $298
Emerging Markets Equity Series 1.50% 1.60% 3.10% $31 $341 $35 $377
Equity Income Series 1.50% 0.92% 2.42% $25 $276 $29 $315
Global Asset Allocation Series 1.50% 0.89% 2.39% $24 $213 $28 $312
Global Governments Series 1.50% 0.90% 2.40% $24 $274 $28 $313
Global Growth Series 1.50% 1.01% 2.51% $25 $285 $29 $323
Global Telecommunications Series 1.50% 1.25% 2.75% $28 $308 $32 $346
Global Total Return Series 1.50% 0.89% 2.39% $24 $273 $28 $312
Government Securities Series 1.50% 0.61% 2.11% $21 $244 $25 $285
High Yield Series 1.50% 0.83% 2.33% $24 $267 $28 $306
International Growth Series 1.50% 1.23% 2.73% $28 $306 $32 $344
International Growth and Income Series 1.50% 1.16% 2.66% $27 $299 $31 $337
Managed Sectors Series 1.50% 0.79% 2.29% $23 $263 $27 $302
Massachusetts Investors Growth Stock Series 1.50% 0.83% 2.33% $24 $267 $28 $306
Massachusetts Investors Trust Series 1.50% 0.59% 2.09% $21 $242 $25 $283
Mid Cap Growth Series 1.50% 1.00% 2.50% $25 $284 $29 $322
Money Market Series 1.50% 0.57% 2.07% $21 $240 $25 $281
New Discovery Series 1.50% 1.06% 2.56% $26 $290 $30 $328
Research Series 1.50% 0.75% 2.25% $23 $258 $27 $298
Research Growth and Income Series 1.50% 0.86% 2.36% $24 $270 $28 $309
Research International Series 1.50% 1.23% 2.73% $28 $306 $32 $344
Strategic Growth Series 1.50% 1.00% 2.50% $25 $284 $29 $322
Strategic Income Series 1.50% 1.08% 2.58% $26 $291 $30 $330
Technology Series 1.50% 1.00% 2.50% $25 $284 $29 $322
Total Return Series 1.50% 0.69% 2.19% $22 $252 $26 $292
Utilities Series 1.50% 0.82% 2.32% $24 $266 $28 $305
</TABLE>
-------------------
(a) Assuming no optional death benefit riders have been elected
(b) Assuming all three optional death benefit riders have been elected
4
<PAGE>
2. The "Example" section, which appears on page 6 of the Prospectus, is
retitled "Examples" and is restated and supplemented as follows:
If you do or do not surrender your Contract, or if you annuitize 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, a 5% annual return and no three optional death benefit riders
have been elected:
<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Bond Series................................................. $23 $89 $119 $255
Capital Appreciation Series................................. $23 $71 $121 $250
Capital Opportunities Series................................ $24 $73 $125 $268
Emerging Growth Series...................................... $23 $70 $120 $258
Emerging Markets Equity Series.............................. $31 $96 $163 $341
Equity Income Series........................................ $25 $75 $129 $276
Global Asset Allocation Series.............................. $24 $75 $120 $213
Global Governments Series................................... $24 $75 $128 $274
Global Growth Series........................................ $25 $78 $134 $285
Global Telecommunication Series............................. $28 $85 $145 $308
Global Total Return Series.................................. $24 $65 $128 $273
Government Securities Series................................ $21 $66 $113 $244
High Yield Series........................................... $24 $73 $125 $267
International Growth Series................................. $28 $85 $144 $306
International Growth and Income Series...................... $27 $88 $141 $299
Managed Sectors Series...................................... $23 $72 $123 $263
Massachusetts Investors Growth Stock Series................. $24 $73 $125 $267
Massachusetts Investors Trust Series........................ $21 $65 $112 $242
Mid Cap Growth Series....................................... $25 $78 $133 $284
Money Market Series......................................... $21 $65 $111 $240
New Discovery Series........................................ $26 $80 $136 $290
Research Series............................................. $23 $70 $120 $258
Research Growth and Income Series........................... $24 $74 $126 $270
Research International Series............................... $28 $85 $144 $306
Strategic Growth Series..................................... $26 $78 $133 $284
Strategic Income Series..................................... $26 $80 $137 $291
Technology Series........................................... $25 $78 $133 $284
Total Return Series......................................... $22 $80 $117 $252
Utilities Series............................................ $24 $72 $124 $266
</TABLE>
5
<PAGE>
If you do or do not surrender your Contract, or if you annuitize your
Contract, at the end of applicable time period, you would pay the following
expenses on a $1,000 investment, assuming an average Contract size of $50,000, 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................................................. $27 $ 81 $139 $295
Capital Appreciation Series................................. $27 $ 83 $141 $299
Capital Opportunities Series................................ $28 $ 85 $145 $307
Emerging Growth Series...................................... $27 $ 82 $141 $298
Emerging Markets Equity Series.............................. $35 $107 $182 $377
Equity Income Series........................................ $29 $ 87 $149 $315
Global Asset Allocation Series.............................. $28 $ 87 $147 $312
Global Governments Series................................... $28 $ 87 $148 $313
Global Growth Series........................................ $29 $ 90 $153 $323
Global Telecommunications Series............................ $32 $ 97 $165 $346
Global Total Return Series.................................. $28 $ 87 $147 $312
Government Securities Series................................ $25 $ 78 $134 $285
High Yield Series........................................... $28 $ 85 $144 $306
International Growth Series................................. $32 $ 97 $164 $344
International Growth and Income Series...................... $31 $ 95 $161 $337
Managed Sectors Series...................................... $27 $ 84 $142 $302
Massachusetts Investors Growth Stock Series................. $28 $ 85 $144 $306
Massachusetts Investors Trust Series........................ $25 $ 78 $133 $283
Mid Cap Growth Series....................................... $29 $ 90 $153 $322
Money Market Series......................................... $25 $ 77 $132 $281
New Discovery Series........................................ $30 $ 92 $156 $328
Research Series............................................. $27 $ 82 $141 $298
Research Growth and Income Series........................... $28 $ 86 $146 $309
Research International Series............................... $32 $ 97 $164 $344
Strategic Growth Series..................................... $29 $ 90 $153 $322
Strategic Income Series..................................... $30 $ 92 $157 $330
Technology Series........................................... $29 $ 90 $153 $322
Total Return Series......................................... $26 $ 81 $138 $292
Utilities Series............................................ $28 $ 84 $144 $305
</TABLE>
THE EXAMPLES SHOULD NOT BE CONSIDERED TO BE REPRESENTATIONS OF PAST OR
FUTURE EXPENSES, AND ACTUAL EXPENSES MAY BE GREATER OR LOWER THAN THOSE SHOWN.
THE EXAMPLES ASSUME THAT ALL CURRENT WAIVERS AND REIMBURSEMENTS CONTINUE
THROUGHOUT ALL PERIODS.
6
ACCESSUPP 9/00
