<PAGE>
SUN LIFE (N.Y.) VARIABLE ACCOUNT B
STATEMENT OF CONDITION -- June 30, 1995
<TABLE>
<CAPTION>
ASSETS:
Investments in MFS/Sun Life
Series Trust: Shares Cost Value
---------- ------------- -------------
<S> <C> <C> <C>
Capital Appreciation Series
("CAS")....................... 1,801,048 $ 44,809,872 $ 51,285,571
Government Securities Series
("GSS")....................... 2,539,035 31,842,418 31,959,617
High Yield Series ("HYS")...... 1,674,136 14,153,530 14,052,358
Managed Sectors Series
("MSS")....................... 482,482 10,127,058 11,340,236
Money Market Series ("MMS").... 18,317,928 18,317,928 18,317,928
Total Return Series ("TRS").... 2,368,366 34,722,934 39,275,971
World Governments Series
("WGS")....................... 711,413 8,503,446 8,637,553
------------- -------------
$ 162,477,186 $ 174,869,234
-------------
-------------
LIABILITY:
Payable to sponsor........................................ 22,903
-------------
Net Assets............................................ $ 174,846,331
-------------
-------------
</TABLE>
Net Assets:
<TABLE>
<CAPTION>
Applicable to Owners of
Deferred Variable Annuity
Contracts
--------------------------------- Reserve for
Unit Variable
Units Value Value Annuities Total
--------- -------- ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
COMPASS 2
CONTRACTS:
CAS............. 1,354,739 $36.3714 $ 49,271,016 $ 139,044 $ 49,410,060
GSS............. 1,482,830 21.2262 31,472,209 148,274 31,620,483
HYS............. 609,890 22.2213 13,554,031 44,381 13,598,412
MSS............. 406,781 26.8602 10,926,217 -- 10,926,217
MMS............. 1,176,889 15.1580 17,837,065 28,183 17,865,248
TRS............. 1,886,915 19.5392 36,871,512 500,042 37,371,554
WGS............. 464,965 17.5369 8,155,251 -- 8,155,251
------------ ------------ ------------
$168,087,301 $ 859,924 $168,947,225
------------ ------------ ------------
COMPASS 3
CONTRACTS:
CAS............. 160,561 $11.7409 $ 1,885,072 $ 203 $ 1,885,275
GSS............. 31,556 10.5997 334,147 -- 334,147
HYS............. 40,997 10.9733 449,793 -- 449,793
MSS............. 36,645 11.2822 413,038 443 413,481
MMS............. 43,341 10.4793 454,090 -- 454,090
TRS............. 172,111 10.9240 1,879,815 203 1,880,018
WGS............. 45,231 10.6700 482,302 -- 482,302
------------ ------------ ------------
$ 5,898,257 $ 849 $ 5,899,106
------------ ------------ ------------
Net Assets....................... $173,985,558 $ 860,773 $174,846,331
------------ ------------ ------------
------------ ------------ ------------
</TABLE>
See notes to financial statements
1
<PAGE>
SUN LIFE (N.Y.) VARIABLE ACCOUNT B
STATEMENT OF OPERATIONS -- Six Months Ended June 30, 1995
<TABLE>
<CAPTION>
CAS GSS HYS MSS
Sub-Account Sub-Account Sub-Account Sub-Account
------------ ------------ ------------- -------------
<S> <C> <C> <C> <C>
INCOME AND EXPENSES:
Dividend income and capital gain
distributions received............... $ 1,198,582 $ 2,058,746 $ 968,608 $ 334,400
Mortality and expense risk charges.... 295,536 220,257 92,009 57,658
Distribution expense charges.......... 1,190 243 307 260
------------ ------------ ------------- -------------
Net investment income........... $ 901,856 $ 1,838,246 $ 876,292 $ 276,482
------------ ------------ ------------- -------------
REALIZED AND UNREALIZED GAINS:
Realized gains on investment
transactions
Proceeds from sales................. $ 5,539,005 $ 9,225,943 $ 2,736,076 $ 1,177,735
Cost of investments sold............ 4,687,173 8,869,735 2,618,666 1,010,495
------------ ------------ ------------- -------------
Net realized gains.............. $ 851,832 $ 356,208 $ 117,410 $ 167,240
------------ ------------ ------------- -------------
Net unrealized appreciation
(depreciation) on investments
End of period....................... $ 6,475,699 $ 117,199 $ (101,172) $ 1,213,178
Beginning of period................. 146,117 (912,403 ) (389,675) (165,554)
------------ ------------ ------------- -------------
Change in unrealized appreciation
(depreciation)................... $ 6,329,582 $ 1,029,602 $ 288,503 $ 1,378,732
------------ ------------ ------------- -------------
Realized and unrealized gains....... $ 7,181,414 $ 1,385,810 $ 405,913 $ 1,545,972
------------ ------------ ------------- -------------
INCREASE IN NET ASSETS FROM
OPERATIONS............................. $ 8,083,270 $ 3,224,056 $ 1,282,205 $ 1,822,454
------------ ------------ ------------- -------------
------------ ------------ ------------- -------------
</TABLE>
<TABLE>
<CAPTION>
MMS TRS WGS
Sub-Account Sub-Account Sub-Account Total
------------ ------------ ------------- -------------
<S> <C> <C> <C> <C>
INCOME AND EXPENSES:
Dividend income and capital gain
distributions received............... $ 458,241 $ 1,452,573 $ 512,608 $ 6,983,758
Mortality and expense risk charges.... 109,491 235,684 56,677 1,067,312
Distribution expense charges.......... 259 1,220 337 3,816
------------ ------------ ------------- -------------
Net investment income........... $ 348,491 $ 1,215,669 $ 455,594 $ 5,912,630
------------ ------------ ------------- -------------
REALIZED AND UNREALIZED GAINS:
Realized gains on investment
transactions
Proceeds from sales................. $ 5,202,675 $ 6,591,539 $ 4,444,430 $ 34,917,403
Cost of investments sold............ 5,202,675 5,090,805 4,366,477 31,846,026
------------ ------------ ------------- -------------
Net realized gains.............. $ -- $ 1,500,734 $ 77,953 $ 3,071,377
------------ ------------ ------------- -------------
Net unrealized appreciation
(depreciation) on investments
End of period....................... $ -- $ 4,553,037 $ 134,107 $ 12,392,048
Beginning of period................. -- 2,340,979 (366,748) 652,716
------------ ------------ ------------- -------------
Change in unrealized
appreciation..................... $ -- $ 2,212,058 $ 500,855 $ 11,739,332
------------ ------------ ------------- -------------
Realized and unrealized gains....... $ -- $ 3,712,792 $ 578,808 $ 14,810,709
------------ ------------ ------------- -------------
INCREASE IN NET ASSETS FROM
OPERATIONS............................. $ 348,491 $ 4,928,461 $ 1,034,402 $ 20,723,339
------------ ------------ ------------- -------------
------------ ------------ ------------- -------------
</TABLE>
See notes to financial statements
2
<PAGE>
SUN LIFE (N.Y.) VARIABLE ACCOUNT B
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
CAS GSS HYS MSS
Sub-Account Sub-Account Sub-Account Sub-Account
-------------------------- -------------------------- -------------------------- --------------------------
Six Months Six Months Six Months Six Months
Ended Year Ended Ended Year Ended Ended Year Ended Ended Year Ended
June 30, December 31, June 30, December 31, June 30, December 31, June 30, December 31,
1995 1994 1995 1994 1995 1994 1995 1994
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment
income......... $ 901,856 $ 4,103,029 $ 1,838,246 $ 1,821,980 $ 876,292 $ 1,030,857 $ 276,482 $ 841,700
Net realized
gains.......... 851,832 3,744,371 356,208 555,501 117,410 850,028 167,240 48,241
Net unrealized
gains
(losses)....... 6,329,582 (10,183,621) 1,029,602 (3,867,432) 288,503 (2,442,139) 1,378,732 (1,137,282)
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
Increase
(decrease) in
net assets
from
operations... $ 8,083,270 $(2,336,221) $ 3,224,056 $(1,489,951) $ 1,282,205 $ (561,254) $ 1,822,454 $ (247,341)
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
CONTRACT OWNER
TRANSACTIONS:
Accumulation
Activity:
Purchase
payments
received..... $ 1,339,847 $ 3,180,615 $ 604,944 $ 1,208,579 $ 153,732 $ 690,780 $ 296,979 $ 701,020
Net transfers
between
Sub-Acccounts
and
Fixed
Account...... 1,542,493 (6,426,781) (5,206,762) 3,134,482 (206,569) (1,221,553) 2,267,544 15,114
Withdrawals,
surrenders,
annuitizations
and account
fees......... (2,471,494) (4,365,440) (3,389,442) (7,892,468) (1,274,138) (2,045,200) (582,666) (686,991)
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
Net
accumulation
activity... $ 410,846 $(7,611,606) $ (7,991,260) $(3,549,407) $ (1,326,975) $(2,575,973) $ 1,981,857 $ 29,143
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
Annuitization
Activity:
Annuitizations... $ 41,730 $ 4,725 $ 51,369 $ -- $ -- $ 7,941 $ -- $ 470
Annuity
payments and
account
fees......... (7,611) (20,815) (20,162) (38,880) (2,801) (7,892) (56) (1,927)
Net transfers
between
Sub-Acccounts... -- 19,783 -- (24,617) -- (2,054) -- (24,522)
Adjustments to
annuity
reserve...... 1,330 14,626 440 824 (349) 365 (101) 1,203
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
Net
annuitization
activity... $ 35,449 $ 18,319 $ 31,647 $ (62,673) $ (3,150) $ (1,640) $ (157) $ (24,776)
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
Increase
(decrease) in
net assets from
contract owner
transactions... $ 446,295 $(7,593,287) $ (7,959,613) $(3,612,080) $ (1,330,125) $(2,577,613) $ 1,981,700 $ 4,367
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
Increase
(decrease) in
net assets... $ 8,529,565 $(9,929,508) $ (4,735,557) $(5,102,031) $ (47,920) $(3,138,867) $ 3,804,154 $ (242,974)
NET ASSETS:
Beginning of
period......... 42,765,770 52,695,278 36,690,187 41,792,218 14,096,125 17,234,992 7,535,544 7,778,518
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
End of period... $ 51,295,335 $42,765,770 $ 31,954,630 $36,690,187 $ 14,048,205 $14,096,125 $ 11,339,698 $ 7,535,544
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
</TABLE>
See notes to financial statements
3
<PAGE>
SUN LIFE (N.Y.) VARIABLE ACCOUNT B
STATEMENTS OF CHANGES IN NET ASSETS -- continued
<TABLE>
<CAPTION>
MMS TRS WGS
Sub-Account Sub-Account Sub-Account
-------------------------- -------------------------- -------------------------- TOTAL
Six Months Six Months Six Months ----------------------------
Ended Year Ended Ended Year Ended Ended Year Ended Six Months Year Ended
June 30, December 31, June 30, December 31, June 30, December 31, Ended December 31,
1995 1994 1995 1994 1995 1994 June 30, 1995 1994
------------ ------------ ------------ ------------ ------------ ------------ ------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment
income......... $ 348,491 $ 309,015 $ 1,215,669 $ 1,139,028 $ 455,594 $ 652,413 $ 5,912,630 $ 9,898,022
Net realized
gains
(losses)....... -- -- 1,500,734 1,353,218 77,953 (12,241) 3,071,377 6,539,118
Net unrealized
gains
(losses)....... -- -- 2,212,058 (3,903,840) 500,855 (1,205,592) 11,739,332 (22,739,906)
------------ ------------ ------------ ------------ ------------ ------------ ------------- -------------
Increase
(decrease) in
net assets
from
operations... $ 348,491 $ 309,015 $ 4,928,461 $(1,411,594) $ 1,034,402 $ (565,420) $ 20,723,339 $ (6,302,766)
------------ ------------ ------------ ------------ ------------ ------------ ------------- -------------
CONTRACT OWNER
TRANSACTIONS:
Accumulation
Activity:
Purchase
payments
received..... $ 219,740 $ 755,834 $ 857,031 $ 2,814,429 $ 156,643 $ 673,316 $ 3,628,916 $ 10,024,573
Net transfers
between
Sub-Acccounts
and
Fixed
Account...... 2,892,405 5,382,425 (1,478,838) (1,532,368) (358,437) (119,160) (548,164) (767,841)
Withdrawals,
surrenders,
annuitizations
and account
fees......... (1,468,245) (2,135,291) (2,793,664) (2,764,597) (933,672) (834,546) (12,913,321) (20,724,533)
------------ ------------ ------------ ------------ ------------ ------------ ------------- -------------
Net
accumulation
activity... $ 1,643,900 $ 4,002,968 $ (3,415,471) $(1,482,536) $ (1,135,466) $ (280,390) $ (9,832,569) $ (11,467,801)
------------ ------------ ------------ ------------ ------------ ------------ ------------- -------------
Annuitization
Activity:
Annuitizations... $ -- $ 474 $ -- $ 240 $ -- $ -- $ 93,099 13,850
Annuity
payments and
account
fees......... (3,719) (18,631) (28,536) (56,275) -- -- (62,885) (144,420)
Net transfers
between
Sub-Acccounts... -- 8,233 -- 23,177 -- -- -- --
Adjustments to
annuity
reserve...... (1,078) 11,434 (5,724) 11,194 -- -- (5,482) 39,646
------------ ------------ ------------ ------------ ------------ ------------ ------------- -------------
Net
annuitization
activity... $ (4,797) $ 1,510 $ (34,260) $ (21,664) -- -- $ 24,732 $ (90,924)
------------ ------------ ------------ ------------ ------------ ------------ ------------- -------------
Increase
(decrease) in
net assets from
contract owner
transactions... $ 1,639,103 $ 4,004,478 $ (3,449,731) $(1,504,200) $ (1,135,466) $ (280,390) $ (9,807,837) $ (11,558,725)
------------ ------------ ------------ ------------ ------------ ------------ ------------- -------------
Increase
(decrease) in
net assets... $ 1,987,594 $ 4,313,493 $ 1,478,730 $(2,915,794) $ (101,064) $ (845,810) $ 10,915,502 $ (17,861,491)
NET ASSETS:
Beginning of
period......... 16,331,744 12,018,251 37,772,842 40,688,636 8,738,617 9,584,427 163,930,829 181,792,320
------------ ------------ ------------ ------------ ------------ ------------ ------------- -------------
End of period... $ 18,319,338 $16,331,744 $ 39,251,572 $37,772,842 $ 8,637,553 $ 8,738,617 $ 174,846,331 $ 163,930,829
------------ ------------ ------------ ------------ ------------ ------------ ------------- -------------
------------ ------------ ------------ ------------ ------------ ------------ ------------- -------------
</TABLE>
See notes to financial statements
4
<PAGE>
SUN LIFE (N.Y.) VARIABLE ACCOUNT B
NOTES TO FINANCIAL STATEMENTS
(1) ORGANIZATION
Sun Life (N.Y.) Variable Account B (the "Variable Account"), a separate account
of Sun Life Insurance and Annuity Company of New York, the Sponsor (a
wholly-owned subsidiary of Sun Life Assurance Company of Canada (U.S.)), was
established on December 3, 1984 as a funding vehicle for individual variable
annuities. The Variable Account is registered with the Securities and Exchange
Commission under the Investment Company Act of 1940 as a unit investment trust.
The assets of the Variable Account are divided into Sub-Accounts. Each
Sub-Account is invested in shares of a specific series of MFS/Sun Life Series
Trust (the "Series Trust") as selected by contract owners. The Series Trust is
an open-end management investment company registered under the Investment
Company Act of 1940. Massachusetts Financial Services Company, a wholly-owned
subsidiary of Sun Life Assurance Company of Canada (U.S.), is investment adviser
to the Series Trust.
(2) SIGNIFICANT ACCOUNTING POLICIES
INVESTMENT VALUATIONS
Investments in shares of the Series Trust are recorded at their net asset value.
Realized gains and losses on sales of shares of the Series Trust are determined
on the identified cost basis. Dividend income and capital gain distributions
received by the Sub-Accounts are reinvested in additional Series Trust shares
and are recognized on the ex-dividend date.
Exchanges between Sub-Accounts requested by contract owners are recorded in the
new Sub-Account upon receipt of the redemption proceeds.
FEDERAL INCOME TAX STATUS
The operations of the Variable Account are part of the operations of the Sponsor
and are not taxed separately; the Variable Account is not taxed as a regulated
investment company. The Sponsor qualifies for the federal income tax treatment
granted to life insurance companies under Subchapter L of the Internal Revenue
Code. Under existing federal income tax law, investment income and capital gains
earned by the Variable Account on contract owner reserves are not subject to
tax.
(3) CONTRACT CHARGES
A mortality and expense risk charge based on the value of the Variable Account
is deducted from the Variable Account at the end of each valuation period for
the mortality and expense risks assumed by the Sponsor. These deductions are
transferred periodically to the Sponsor. Currently, the deduction is at an
effective annual rate of 1.3% of the assets of the Variable Account attributable
to Compass 2 contracts and 1.25% of the assets of the Variable Account
attributable to Compass 3 contracts.
Each year on the contract anniversary, a contract maintenance charge ("account
fee") of $30 is deducted from each contract's accumulation account to cover
administrative expenses relating to the contract. After the annuity commencement
date the charge is deducted pro rata from each annuity payment made during the
year.
5
<PAGE>
SUN LIFE (N.Y.) VARIABLE ACCOUNT B
NOTES TO FINANCIAL STATEMENTS -- continued
The sponsor does not deduct a sales charge from purchase payments. However, a
withdrawal charge (contingent deferred sales charge) may be deducted to cover
certain expenses relating to the sale of the contract. In no event shall the
aggregate withdrawal charges (including the distribution expense charge
described below applicable to Compass 3 contracts) exceed 5% of the purchase
payments made under a Compass 2 contract or 9% of the purchase payments made
under a Compass 3 contract.
For assuming the risk that withdrawal charges may be insufficient to compensate
it for the costs of distributing the Compass 3 contracts, the Sponsor makes a
deduction from the Variable Account at the end of each valuation period for the
first seven contract years (during both the accumulation period and, if
applicable, after annuity payments begin) at an effective annual rate of 0.15 %
of the assets of the Variable Account attributable to such contracts. No
deduction is made after the seventh contract anniversary. No such deduction is
made with respect to assets attributable to Compass 2 contracts.
(4) ANNUITY RESERVES
Annuity reserves for contracts with annuity commencement dates prior to February
1, 1987 have been calculated using the 1971 Individual Annuitant Mortality
Table. Annuity reserves for contracts with annuity commencement dates on or
after February 1, 1987 are calculated using the 1983 Individual Annuitant
Mortality Table. All annuity reserves are calculated using an assumed interest
rate of 4%. Required adjustments to the reserve are accomplished by transfers to
or from the Sponsor.
(5) UNIT ACTIVITY FROM CONTRACT OWNER TRANSACTIONS
<TABLE>
<CAPTION>
Units Transferred
Between Sub- Units Withdrawn,
Units Outstanding Accounts and Surrendered, and Units Outstanding
Beginning of Period Units Purchased Fixed Account Annuitized End of Period
--------------------- --------------------- ------------------------ ------------------------ ---------------------
Six Months Six Months Six Months Six Months Six Months
Ended Year Ended Ended Year Ended Ended Year Ended Ended Year Ended Ended Year Ended
COMPASS 2 June 30, Dec. 31, June 30, Dec. 31, June 30, Dec. 31, June 30, Dec. 31, June 30, Dec. 31,
CONTRACTS 1995 1994 1995 1994 1995 1994 1995 1994 1995 1994
- ------------ ---------- ---------- ---------- ---------- ----------- ----------- ----------- ----------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CAS
Sub-Account... 1,352,145 1,631,966 32,037 64,062 44,178 (203,770) (73,621) (140,113) 1,354,739 1,352,145
GSS
Sub-Account... 1,877,778 2,077,587 25,733 51,261 (251,869) 157,151 (168,812) (408,221) 1,482,830 1,877,778
HYS
Sub-Account... 673,380 815,313 5,455 16,227 (9,462) (58,714) (59,483) (99,446) 609,890 673,380
MSS
Sub-Account... 328,532 338,757 8,104 19,839 92,986 452 (22,841) (30,516) 406,781 328,532
MMS
Sub-Account... 1,074,216 822,445 11,680 24,604 188,324 372,672 (97,331) (145,505) 1,176,889 1,074,216
TRS
Sub-Account... 2,083,366 2,239,181 32,052 90,587 (80,417) (89,892) (148,086) (156,510) 1,886,915 2,083,366
WGS
Sub-Account... 530,682 572,506 6,878 20,093 (18,881) (9,249) (53,714) (52,668) 464,965 530,682
<CAPTION>
COMPASS 3
CONTRACTS
- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CAS
Sub-Account... 135,042 17,574 27,064 116,008 4,444 2,803 (5,989) (1,343) 160,561 135,042
GSS
Sub-Account... 32,725 7,140 8,344 21,921 (8,602) 3,788 (911) (124) 31,556 32,725
HYS
Sub-Account... 37,197 2,726 3,396 34,063 1,168 1,068 (764) (660) 40,997 37,197
MSS
Sub-Account... 28,752 1,619 9,844 28,289 (354) (577) (1,597) (579) 36,645 28,752
MMS
Sub-Account... 33,901 5,787 4,269 39,091 5,823 (10,921) (652) (56) 43,341 33,901
TRS
Sub-Account... 154,543 30,589 25,170 124,457 (3,146) 3,019 (4,456) (3,522) 172,111 154,543
WGS
Sub-Account... 43,259 6,287 3,552 37,650 854 852 (2,434) (1,530) 45,231 43,259
</TABLE>
6
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Contract Owners participating in Sun Life (N.Y.) Variable Account B
and the Board of Directors of Sun Life Insurance and Annuity Company of New
York:
We have audited the accompanying statement of condition of Sun Life (N.Y.)
Variable Account B (the "Variable Account") as of June 30, 1995, the related
statement of operations for the six months then ended and the statements of
changes in net assets for the six months then ended and the year ended December
31, 1994. These financial statements are the responsibility of management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. Our procedures included
confirmation with the custodian of securities held for the Variable Account as
of June 30, 1995. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of the Variable Account as of June 30, 1995,
the results of its operations and the changes in its net assets for the
respective stated periods in conformity with generally accepted accounting
principles.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
August 4, 1995
7
<PAGE>
Sun Life Insurance and Annuity Company
of New York
80 Broad Street
New York, NY 10004
Directors and Officers
JOHN D. McNEIL, Chairman and Director
JOHN R. GARDNER, President and Director
DAVID D. HORN, Senior Vice President
and Director
RICHARD B. BAILEY, Director
A. KEITH BRODKIN, Director
M. COLYER CRUM, Director
JOHN G. IRELAND, Director
EDWARD M. LAMONT, Director
JOHN S. LANE, Director
ANGUS A. MacNAUGHTON, Director
FIORAVANTE G. PERROTTA, Director
RALPH F. PETERS, Director
PAMELA T. TIMMINS, Director
MICHAEL A. COHEN, Vice President
and Regional Manager
BONNIE S. ANGUS, Secretary
L. BROCK THOMSON, Vice President
and Treasurer
General Distributor
Clarendon Insurance Agency, Inc.
500 Boylston Street, Boston, Mass. 02116
Legal Counsel
Covington & Burling
1201 Pennsylvania Avenue, N.W.
P.O. Box 7566, Washington, D.C. 20044
Auditors
Deloitte & Touche LLP
125 Summer Street, Boston, Mass. 02110
This report is prepared for the general information
of contract owners. It is authorized for distribution
to prospective purchasers only if preceded or
accompanied by an effective prospectus.
[LOGO]
PROFESSIONALLY MANAGED COMBINATION
FIXED/VARIABLE ANNUITIES
FOR PERSONAL INVESTMENTS AND
QUALIFIED RETIREMENT PLANS
---------------------------------------------
SEMI-ANNUAL REPORT, JUNE 30, 1995
[ARTWORK]
ISSUED BY
SUN LIFE INSURANCE AND ANNUITY COMPANY OF NEW YORK
