<PAGE>
Rule 424(b)(3)
File No. 333-77041
SUPPLEMENT DATED JUNE 26, 2000
TO
PROFILE DATED MAY 1, 2000
AND
PROSPECTUS DATED MAY 1, 2000
FOR
MFS REGATTA PLATINUM
VARIABLE AND FIXED ANNUITY
ISSUED BY SUN LIFE ASSURANCE COMPANY OF CANADA (U.S.)
Effective July 17, 2000, with the addition of a new Series -- the
Technology Series -- to the MFS/Sun Life Series Trust (the "Series Fund"), you
may allocate your money among 27 variable investment options available under the
MFS Regatta Platinum Variable and Fixed Annuity. Market conditions will
determine the value of an investment in the Technology Series and any other
Series. The Technology Series and the other Series available as Variable Account
investment options under the Contract are described in the current Series Fund
prospectus, as supplemented.
As a result of the addition of the Technology Series, the Profile dated
May 1, 2000 (the "Profile") and the Prospectus dated May 1, 2000 (the
"Prospectus") are amended and supplemented as follows:
1. The third paragraph of Section 1, "The MFS Regatta Platinum 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 27 variable investment options and a range of fixed
interest 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
supplemented by the addition of the Technology Series.
3. The summary expense chart appearing in Section 5, "Expenses," of the
Profile is 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>
Technology Series......................... 1.50 % 1.00 % 2.50 % $81 $284
</TABLE>
4. The "Series Fund Annual Expenses" table and the footnotes thereto
appearing on page 5 of the Prospectus are amended and supplemented as follows:
<TABLE>
<CAPTION>
OTHER TOTAL SERIES
MANAGEMENT EXPENSES (2) EXPENSES (2)
FEES (AFTER REIMBURSEMENT) (AFTER REIMBURSEMENT)
---------- --------------------- ---------------------
<S> <C> <C> <C>
Technology Series (4)................... 0.75% 0.25% 1.00%
</TABLE>
--------------
(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, "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 are estimates for the year 2000, based on the
applicable expense reimbursement waiver. No actual expense figures are
shown for the Technology Series because it commenced operations in June
2000 and, therefore, has less than 12 months of investment performance.
1
<PAGE>
(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%
Technology Series....................................... 1.03%
Utilities Series........................................ 0.81%
</TABLE>
(4) MFS has agreed to bear the expenses of the 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
arrangement will continue until at least May 1, 2001, unless changed with
the consent of the Series Fund's Board of Directors.
5. The Examples presented on page 6 of the Prospectus are supplemented 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 and a 5% annual return:
<TABLE>
<CAPTION>
1 YEAR 3 YEAR 5 YEAR 10 YEARS
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Technology Series........................................... $81 $117 $158 $284
</TABLE>
If you do NOT surrender your Contract, or if you annuitize, 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 and a 5% annual return:
<TABLE>
<CAPTION>
1 YEAR 3 YEAR 5 YEAR 10 YEARS
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Technology Series........................................... $25 $ 78 $133 $284
</TABLE>
6. 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 second paragraph of the section is deleted in its entirety and
replaced by the following:
"The Series Fund is composed of 28 independent portfolios of securities,
each of which has separate investment objectives and policies. Shares of
the Series Fund are issued in 28 Series, each corresponding to one of
the portfolios. The Contract provides for investment by the Sub-Accounts
in shares of the 27 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 Fund description is added on page 10 of the Prospectus:
"TECHNOLOGY SERIES will seek capital appreciation."
THIS SUPPLEMENT IS NOT VALID UNLESS ACCOMPANIED OR PRECEDED BY THE CURRENT
PROSPECTUS OF THE MFS REGATTA PLATINUM VARIABLE AND FIXED ANNUITY, AND THE
CURRENT PROSPECTUS OF THE MFS/SUN LIFE SERIES TRUST, AS SUPPLEMENTED. THIS
SUPPLEMENT AND THE PROSPECTUSES SHOULD BE READ AND RETAINED FOR FURTHER
REFERENCE.
PLATSUPP-1 6/00 PLAT-16T
2
<PAGE>
Rule 424(b)(3)
File No. 333-77041
SUPPLEMENT DATED JUNE 26, 2000
TO
PROFILE DATED MAY 1, 2000
AND
PROSPECTUS DATED MAY 1, 2000
FOR
MFS REGATTA GOLD
VARIABLE AND FIXED ANNUITY
ISSUED BY SUN LIFE ASSURANCE COMPANY OF CANADA (U.S.)
Effective July 17, 2000, with the addition of a new Series -- the
Technology Series -- to the MFS/Sun Life Series Trust (the "Series Fund"), you
may allocate your money among 27 variable investment options available under the
MFS Regatta Gold Variable and Fixed Annuity. Market conditions will determine
the value of an investment in the Technology Series and any other Series. The
Technology Series and the other Series available as Variable Account investment
options under the Contract are described in the current Series Fund prospectus,
as supplemented.
As a result of the addition of the Technology Series, the Profile dated
May 1, 2000 (the "Profile") and the Prospectus dated May 1, 2000 (the
"Prospectus") are amended and supplemented as follows:
1. The third paragraph of Section 1, "The MFS Regatta Gold 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 27 variable investment options and a range of
fixed interest 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
supplemented by the addition of the Technology Series.
3. The summary expense chart appearing in Section 5, "Expenses," of the
Profile is 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>
Technology Series......................... 1.50 % 1.00 % 2.50 % $81 $284
</TABLE>
4. The "Series Fund Annual Expenses" table and the footnotes thereto
appearing on page 5 of the Prospectus are amended and supplemented as follows:
<TABLE>
<CAPTION>
OTHER TOTAL SERIES
MANAGEMENT EXPENSES (2) EXPENSES (2)
FUND FEES (AFTER REIMBURSEMENT) (AFTER REIMBURSEMENT)
---- ---------- --------------------- ---------------------
<S> <C> <C> <C>
Technology Series (4)................... 0.75% 0.25% 1.00%
</TABLE>
------------------------
(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, "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 are estimates for the year 2000, based on the
applicable expense reimbursement waiver. No actual expense figures are
shown for the Technology Series because it commenced operations in June
2000 and, therefore, has less than 12 months of investment performance.
1
<PAGE>
(2) Each Series has an expense offset arrangement which reduces the Series'
custodian fee based on 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%
Technology Series....................................... 1.03%
Utilities Series........................................ 0.81%
</TABLE>
(4) MFS has agreed to bear the expenses of the 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
arrangement will continue until at least May 1, 2001, unless changed
with the consent of the Series Fund's Board of Directors.
5. The "Examples" presented on page 6 of the Prospectus are supplemented
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 and a 5% annual return:
<TABLE>
<CAPTION>
1 YEAR 3 YEAR 5 YEAR 10 YEARS
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Technology Series........................................... $81 $117 $158 $284
</TABLE>
If you do NOT surrender your Contract, or if you annuitize, 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 and a 5% annual return:
<TABLE>
<CAPTION>
1 YEAR 3 YEAR 5 YEAR 10 YEARS
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Technology Series........................................... $25 $ 78 $133 $284
</TABLE>
6. The "Variable Account Options: The MFS/Sun Life Series Trust" section,
beginning on page 9 of the Prospectus, is supplemented as follows:
(a) The second paragraph of the section is deleted in its entirety and
replaced by the following:
"The Series Fund is composed of 28 independent portfolios of
securities, each of which has separate investment objectives and
policies. Shares of the Series Fund are issued in 28 Series, each
corresponding to one of the portfolios. The Contract provides for
investment by the Sub-Accounts in shares of the 27 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 Fund description is added to page 11 of the Prospectus:
"TECHNOLOGY SERIES will seek capital appreciation."
THIS SUPPLEMENT IS NOT VALID UNLESS ACCOMPANIED OR PRECEDED BY THE CURRENT
PROSPECTUS OF THE MFS REGATTA GOLD VARIABLE AND FIXED ANNUITY AND THE CURRENT
PROSPECTUS OF THE MFS/SUN LIFE SERIES TRUST, AS SUPPLEMENTED. THIS SUPPLEMENT
AND THE PROSPECTUSES SHOULD BE READ AND RETAINED FOR FURTHER REFERENCE.
GOLDSUPP-1 6/00 GOLD-16T
2
<PAGE>
Rule 424(b)(3)
File No. 333-77041
SUPPLEMENT DATED JUNE 26, 2000
TO
PROFILE DATED MAY 1, 2000
AND
PROSPECTUS DATED MAY 1, 2000
FOR
FUTURITY II
VARIABLE AND FIXED ANNUITY
ISSUED BY SUN LIFE ASSURANCE COMPANY OF CANADA (U.S.)
Effective July 17, 2000, with the addition of two new Funds -- the Sun
Capital Davis Financial Fund and the Sun Capital Davis Venture Value Fund (each,
a "Fund") -- to the Sun Capital Advisers Trust, you may allocate your money
among 41 variable investment options available under the Futurity II Variable
and Fixed Annuity. The Sun Capital Advisers Trust is managed by Sun Capital
Advisers, Inc., a wholly-owned subsidiary of Sun Life Assurance Company of
Canada (U.S.). Market conditions will determine the value of an investment in
any of the new Funds and in any other Fund. The Funds are described in the
current Fund prospectuses.
As a result of the addition of the new Funds, the Profile dated May 1,
2000 (the "Profile") and the Prospectus dated May 1, 2000 (the "Prospectus") for
the Futurity II Variable and Fixed Annuity are amended and supplemented as
follows:
1. The third paragraph of Section 1, "The Futurity II 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 41 variable investment options and a range of fixed
interest options."
2. The list of the available investment options under the Sun Capital
Advisers Trust appearing in Section 4, "Allocation Options," of the Profile and
on the cover page of the Prospectus is supplemented by the addition of the Sun
Capital Davis Financial Fund and the Sun Capital Davis Venture Value Fund.
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 FUND ANNUAL AT END
SUB-ACCOUNT CHARGES EXPENSES EXPENSES 1 YEAR 10 YEARS
------------------------------------ ---------------- ------------ -------- -------- --------
<S> <C> <C> <C> <C> <C>
Sun Capital Davis Financial Fund 1.50% 0.90 % 2.40 % $80 $274
Sun Capital Davis Venture Value Fund 1.50% 0.90 % 2.40 % $80 $274
</TABLE>
4. The "Underlying Fund Annual Expenses" table on page 5 of the Prospectus
is hereby supplemented as follows:
<TABLE>
<CAPTION>
TOTAL FUND
MANAGEMENT OTHER ANNUAL
FEES (AFTER EXPENSES (AFTER EXPENSES (AFTER
REIMBURSEMENT)(2) REIMBURSEMENT)(2) REIMBURSEMENT)(2)
----------------- ----------------- -----------------
<S> <C> <C> <C>
Sun Capital Davis Financial Fund(10).......... 0.75% 0.15% 0.90%
Sun Capital Davis Venture Value Fund(10)...... 0.75% 0.15% 0.90%
</TABLE>
5. Footnote 2 to the "Underlying Fund Annual Expense" table beginning on
page 6 of the Prospectus is hereby deleted in its entirety and replaced by the
following:
(2) For all Funds, except the Sun Capital Davis Financial Fund and Sun
Capital Davis Venture Value Fund, "Management Fees,""Other Expenses,"
and "Total Fund Annual Expenses" are
1
<PAGE>
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 Sun Capital Davis Financial Fund and the Sun Capital Davis
Venture Value Fund are estimates for the year 2000, based on the
applicable expense reimbursement waiver; no actual expense figures are
shown for these Funds because they commenced operations in July 2000
and, therefore, have less than 12 months of investment experience.
6. Additionally, the following footnote to the "Underlying Fund Annual
Expenses" table of the Prospectus is added to page 7 of the Prospectus:
(10) The management fee for each of the Sun Capital Davis Financial Fund and
the Sun Capital Davis Venture Value Fund decreases to 0.70% as the
daily net assets of each Fund exceed $500 million.
7. The Examples presented on pages 8 and 9 of the Prospectus are
supplemented 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 and a 5% annual return:
<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Sun Capital Davis Financial Fund............................ $80 $114 $154 $274
Sun Capital Davis Venture Value Fund........................ $80 $114 $154 $274
</TABLE>
If you do NOT surrender your Contract, or if you annuitize, 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 and a 5% annual return:
<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Sun Capital Davis Financial Fund............................ $24 $75 $128 $274
Sun Capital Davis Venture Value Fund........................ $24 $75 $128 $274
</TABLE>
8. The descriptions of the Funds available under the Sun Capital Advisers
Trust contained in the "Variable Account Options: The Funds" section beginning
on page 11 of the Prospectus are supplemented by the following:
SUN CAPITAL DAVIS FINANCIAL FUND seeks growth of capital by investing
primarily in the common stock of financial services companies.
SUN CAPITAL DAVIS VENTURE VALUE FUND seeks growth of capital by investing
primarily in the common stock of U.S. companies with market capitalizations
of at least $5 billion.
THIS SUPPLEMENT IS NOT VALID UNLESS ACCOMPANIED OR PRECEDED BY THE CURRENT
FUTURITY II VARIABLE AND FIXED ANNUITY PROSPECTUS, DATED MAY 1, 2000, AND SHOULD
BE READ TOGETHER WITH THE PROSPECTUS AND THE CURRENT FUND PROSPECTUSES. THIS
SUPPLEMENT AND THE PROSPECTUSES SHOULD BE READ AND RETAINED FOR FURTHER
REFERENCE.
FUT345
2
