<PAGE>
FUTURITY, FUTURITY II, FUTURITY FOCUS AND FUTURITY ACCOLADE SUB-ACCOUNTS
INCLUDED IN
SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
PERFORMANCE SUMMARY
These performance results do not reflect any applicable surrender charges or
contract charges. Past performance is no guarantee of future results.
<TABLE>
<CAPTION>
Unit Value
-------------------------------------- Percent Change
December 31, 1998 December 31, 1999 in Unit Value
------------------ ------------------ --------------
<S> <C> <C> <C>
FUTURITY CONTRACTS:
AIM Variable Insurance Fund, Inc.
V.I. Capital Appreciation Fund........ $11.2634 $16.0639 42.62%
V.I. Growth Fund...................... 12.5052 16.6782 33.37
V.I. Growth and Income Fund........... 11.2957 14.9550 32.40
V.I. International Equity Fund........ 10.9969 16.8153 52.91
The Alger American Fund
Growth Portfolio...................... 12.6460 16.6799 31.90
Income and Growth Portfolio........... 11.8414 16.6354 40.49
Small Capitalization Portfolio........ 10.3887 14.6937 41.44
Goldman Sachs Variable Insurance Trust
VIT CORE(SM) Large Cap Growth Fund.... 11.0000 14.6906 33.55
VIT CORE(SM) Small Cap Equity Fund.... 8.9463 10.3704 15.92
VIT CORE(SM) U.S. Equity Fund......... 11.3062 13.8599 22.59
VIT Growth and Income Fund............ 9.2498 9.6158 3.96
VIT International Equity Fund......... 10.5032 13.6576 30.03
J.P. Morgan Series Trust II
U.S. Disciplined Equity Portfolio..... 10.8269 12.6575 16.91
International Opportunities
Portfolio............................ 9.2403 12.4536 34.77
Small Company Portfolio............... 8.3553 11.8980 42.40
Lord Abbett Series Fund, Inc.
Growth and Income Portfolio........... 10.0766 11.6064 15.18
MFS/Sun Life Series Trust
Capital Appreciation Series........... 11.3759 14.8787 30.79
Emerging Growth Series................ 12.1772 21.1132 73.38
High Yield Series..................... 9.6667 10.1846 5.36
Money Market Series................... 10.3120 10.6449 3.23
Utilities Series...................... 10.3843 13.4418 29.44
Government Securities Series.......... 10.5829 10.2352 (3.29)
OCC Accumulation Trust
Equity Portfolio...................... 10.5664 10.6854 1.13
Mid Cap Portfolio..................... 9.7036 11.6402 19.96
Small Cap Portfolio................... 8.2560 7.9927 (3.19)
Salomon Brothers Variable
Series Funds, Inc.
Variable Capital Fund................. 10.8433 13.0553 20.40
Variable Investors Fund............... 10.2249 11.2585 10.11
Variable Strategic Bond Fund.......... 10.4937 10.3875 (1.01)
Variable Total Return Fund............ 10.1488 10.0870 (0.61)
Warburg Pincus Trust
Emerging Markets Portfolio............ 7.2856 13.1613 80.65
International Equity Portfolio........ 9.0185 13.7221 52.16
Post-Venture Capital Portfolio........ 9.2305 14.8836 61.24
Small Company Growth Portfolio........ 8.8466 14.7515 66.75
</TABLE>
1
<PAGE>
FUTURITY, FUTURITY II, FUTURITY FOCUS AND FUTURITY ACCOLADE SUB-ACCOUNTS
INCLUDED IN
SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
PERFORMANCE SUMMARY -- continued
These performance results do not reflect any applicable surrender charges or
contract charges. Past performance is no guarantee of future results.
<TABLE>
<CAPTION>
Unit Value
-------------------------------------- Percent Change
December 31, 1998 December 31, 1999 in Unit Value
------------------ ------------------ --------------
<S> <C> <C> <C>
FUTURITY II CONTRACTS:
AIM Variable Insurance Fund, Inc.
V.I. Capital Appreciation Fund........ $11.2991 $16.1116 42.59%
V.I. Growth Fund...................... 11.3293 15.1070 33.34
V.I. Growth and Income Fund........... 11.0655 14.6474 32.37
V.I. International Equity Fund........ 10.5553 16.1369 52.88
The Alger American Fund
Growth Portfolio...................... 11.1993 14.7688 31.87
Income and Growth Portfolio........... 11.0273 15.4887 40.46
Small Capitalization Portfolio........ 11.3603 16.0647 41.41
Goldman Sachs Variable Insurance Trust
VIT CORE(SM) Large Cap Growth Fund.... 11.0085 14.6991 33.53
VIT CORE(SM) Small Cap Equity Fund.... 10.8679 12.5954 15.90
VIT CORE(SM) U.S. Equity Fund......... 10.8370 13.2821 22.56
VIT Growth and Income Fund............ 10.3642 10.7721 3.94
VIT International Equity Fund......... 10.5999 13.7806 30.01
J.P. Morgan Series Trust II
U.S. Disciplined Equity Portfolio..... 10.7114 12.5201 16.89
International Opportunities
Portfolio............................ 10.5058 14.1565 34.75
Small Company Portfolio............... 10.8537 15.4528 42.37
Lord Abbett Series Fund, Inc.
Growth and Income Portfolio........... 10.5917 12.1973 15.16
MFS/Sun Life Series Trust
Capital Appreciation Series........... 11.1244 14.5469 30.77
Emerging Growth Series................ 11.2723 19.5404 73.35
High Yield Series..................... 9.9916 10.5249 5.34
Utilities Series...................... 10.5369 13.6365 29.42
Government Securities Series.......... 9.9595 9.6303 (3.31)
Total Return Series................... 10.0000* 9.7515 (2.49)
Massachusetts Investors Trust
Series............................... 10.0000* 10.3311 3.31
New Discovery Series.................. 10.0000* 15.7992 57.99
Massachusetts Investors Growth Stock
Series............................... 10.0000* 12.7880 27.88
OCC Accumulation Trust
Equity Portfolio...................... 10.5784 10.6953 1.11
Mid Cap Portfolio..................... 10.6171 12.7334 19.93
Small Cap Portfolio................... 10.3520 10.0200 (3.21)
Managed Portfolio..................... 10.5329 10.9043 3.53
Sun Capital Advisers Trust
Sun Capital Money Market Fund......... 10.0143* 10.3353 3.21
Sun Capital Investment Grade Bond
Fund................................. 9.9809* 9.7835 (1.98)
Sun Capital Real Estate Fund.......... 10.0837* 9.5549 (5.24)
Sun Capital Select Equity Fund........ 10.0000* 12.4016 24.02
Sun Capital Blue Chip Mid Cap Fund.... 10.0000* 12.4368 24.37
Sun Capital Investors Foundation
Fund................................. 10.0000* 10.9954 9.95
Warburg Pincus Trust
Emerging Markets Portfolio............ 10.4931 18.7689 78.87
International Equity Portfolio........ 10.3709 15.6899 51.29
Post-Venture Capital Portfolio........ 11.2546 18.1439 61.21
Small Company Growth Portfolio........ 11.0954 18.4977 66.72
</TABLE>
*Reflects unit value on the date of commencement of operations.
2
<PAGE>
FUTURITY, FUTURITY II, FUTURITY FOCUS AND FUTURITY ACCOLADE SUB-ACCOUNTS
INCLUDED IN
SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
PERFORMANCE SUMMARY -- continued
These performance results do not reflect any applicable surrender charges or
contract charges. Past performance is no guarantee of future results.
<TABLE>
<CAPTION>
Unit Value
----------------------------------------- Percent Change
Beginning of Period * December 31, 1999 in Unit Value
--------------------- ------------------ --------------
<S> <C> <C> <C>
FUTURITY FOCUS CONTRACTS:
AIM Variable Insurance Fund, Inc.
V.I. Capital Appreciation Fund........ $10.0000 $14.5809 45.81%
V.I. Growth Fund...................... 10.0000 12.6718 26.72
V.I. Growth and Income Fund........... 10.0000 12.3530 23.53
V.I. International Equity Fund........ 10.0000 15.4607 54.61
The Alger American Fund
Growth Portfolio...................... 10.0000 11.9744 19.74
Income and Growth Portfolio........... 10.0000 13.3063 33.06
Small Capitalization Portfolio........ 10.0000 14.3935 43.94
Goldman Sachs Variable Insurance Trust
VIT CORE(SM) Large Cap Growth Fund.... 10.0000 12.6110 26.11
VIT CORE(SM) Small Cap Equity Fund.... 10.0000 12.6115 26.11
VIT CORE(SM) U.S. Equity Fund......... 10.0000 11.4782 14.78
VIT Growth and Income Fund............ 10.0000 10.2122 2.12
VIT International Equity Fund......... 10.0000 12.8408 28.41
J.P. Morgan Series Trust II
U.S. Disciplined Equity Portfolio..... 10.0000 11.3541 13.54
International Opportunities
Portfolio............................ 10.0000 12.9528 29.53
Small Company Portfolio............... 10.0000 15.2351 52.35
Lord Abbett Series Fund, Inc.
Growth and Income Portfolio........... 10.0000 11.1378 11.38
MFS/Sun Life Series Trust
Capital Appreciation Series........... 10.0000 13.0937 30.94
Emerging Growth Series................ 10.0000 16.8156 68.16
High Yield Series..................... 10.0000 10.1744 1.74
Utilities Series...................... 10.0000 12.9391 29.39
Government Securities Series.......... 10.0000 9.8048 (1.95)
Total Return Series................... 10.0000 9.7678 (2.32)
Massachusetts Investors Trust
Series............................... 10.0000 10.3484 3.48
New Discovery Series.................. 10.0000 15.8255 58.26
Massachusetts Investors Growth Stock
Series............................... 10.0000 12.8093 28.09
OCC Accumulation Trust
Equity Portfolio...................... 10.0000 10.1788 1.79
Mid Cap Portfolio..................... 10.0000 12.5548 25.55
Small Cap Portfolio................... 10.0000 10.7094 7.09
Managed Portfolio..................... 10.0000 10.3195 3.20
Sun Capital Advisers Trust
Sun Capital Money Market Fund 10.0000 10.2760 2.76
Sun Capital Investment Grade Bond
Fund................................. 10.0000 9.8082 (1.92)
Sun Capital Real Estate Fund.......... 10.0000 10.1759 1.76
Sun Capital Select Equity Fund........ 10.0000 12.4115 24.12
Sun Capital Blue Chip Mid Cap Fund.... 10.0000 12.4467 24.47
Sun Capital Investors Foundation
Fund................................. 10.0000 11.0042 10.04
Warburg Pincus Trust
Emerging Markets Portfolio............ 10.0000 18.4283 84.28
International Equity Portfolio........ 10.0000 15.0418 50.42
Post-Venture Capital Portfolio........ 10.0000 16.0808 60.81
Small Company Growth Portfolio........ 10.0000 17.6963 76.96
</TABLE>
*Reflects unit value on the date of commencement of operations.
3
<PAGE>
FUTURITY, FUTURITY II, FUTURITY FOCUS AND FUTURITY ACCOLADE SUB-ACCOUNTS
INCLUDED IN
SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
PERFORMANCE SUMMARY -- continued
These performance results do not reflect any applicable surrender charges or
contract charges. Past performance is no guarantee of future results.
<TABLE>
<CAPTION>
Unit Value
----------------------------------------- Percent Change
Beginning of Period * December 31, 1999 in Unit Value
--------------------- ------------------ --------------
<S> <C> <C> <C>
FUTURITY ACCOLADE CONTRACTS:
AIM Variable Insurance Fund, Inc.
V.I. Capital Appreciation Fund........ $10.0000 $13.7461 37.46%
V.I. Growth Fund...................... 10.0000 12.6219 26.22
V.I. Growth and Income Fund........... 10.0000 12.7245 27.25
V.I. International Equity Fund........ 10.0000 13.8416 38.42
The Alger American Fund
Growth Portfolio...................... 10.0000 12.4941 24.94
Income and Growth Portfolio........... 10.0000 13.9651 39.65
Small Capitalization Portfolio........ 10.0000 13.3871 33.87
Goldman Sachs Variable Insurance Trust
VIT CORE(SM) Large Cap Growth Fund.... 10.0000 12.6147 26.15
VIT CORE(SM) Small Cap Equity Fund.... 10.0000 12.0375 20.38
VIT CORE(SM) U.S. Equity Fund......... 10.0000 11.7733 17.73
VIT Growth and Income Fund............ 10.0000 11.2057 12.06
VIT International Equity Fund......... 10.0000 12.0983 20.98
J.P. Morgan Series Trust II
U.S. Disciplined Equity Portfolio..... 10.0000 11.5320 15.32
International Opportunities
Portfolio............................ 10.0000 11.7681 17.68
Small Company Portfolio............... 10.0000 13.7122 37.12
Lord Abbett Series Fund, Inc.
Growth and Income Portfolio........... 10.0000 11.4167 14.17
MFS/Sun Life Series Trust
Capital Appreciation Series........... 10.0000 13.4436 34.44
Emerging Growth Series................ 10.0000 15.8653 58.65
High Yield Series..................... 10.0000 10.2886 2.89
Utilities Series...................... 10.0000 12.0305 20.31
Government Securities Series.......... 10.0000 9.9962 (0.04)
Total Return Series................... 10.0000 10.4572 4.57
Massachusetts Investors Trust
Series............................... 10.0000 11.4114 14.11
New Discovery Series.................. 10.0000 15.8588 58.59
Massachusetts Investors Growth Stock
Series............................... 10.0000 13.1026 31.03
OCC Accumulation Trust
Equity Portfolio...................... 10.0000 10.7137 7.14
Mid Cap Portfolio..................... 10.0000 12.5624 25.62
Small Cap Portfolio................... 10.0000 10.5551 5.55
Managed Portfolio..................... 10.0000 10.5852 5.85
Sun Capital Advisers Trust
Sun Capital Money Market Fund......... 10.0000 10.0779 0.78
Sun Capital Investment Grade Bond
Fund................................. 10.0000 10.0222 0.22
Sun Capital Real Estate Fund.......... 10.0000 10.3018 3.02
Sun Capital Select Equity Fund........ 10.0000 13.5393 35.39
Sun Capital Blue Chip Mid Cap Fund.... 10.0000 13.2132 32.13
Sun Capital Investors Foundation
Fund................................. 10.0000 11.9051 19.05
</TABLE>
*Reflects unit value on the date of commencement of operations.
4
<PAGE>
FUTURITY, FUTURITY II, FUTURITY FOCUS AND FUTURITY ACCOLADE SUB-ACCOUNTS
INCLUDED IN
SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
STATEMENT OF CONDITION -- December 31, 1999
<TABLE>
<CAPTION>
ASSETS: Shares Cost Value
Investments in: ---------- ------------ ------------
<S> <C> <C> <C>
AIM Variable Insurance Fund, Inc.
V.I. Capital Appreciation Fund
("AIM1")........................... 255,687 $ 6,981,155 $ 9,097,348
V.I. Growth Fund ("AIM2")........... 741,254 20,293,321 23,905,448
V.I. Growth and Income Fund
("AIM3")........................... 981,255 25,698,056 30,997,847
V.I. International Equity Fund
("AIM4")........................... 663,340 14,275,089 19,429,224
The Alger American Fund
Growth Portfolio ("AL1")............ 591,197 33,048,256 38,061,287
Income and Growth Portfolio
("AL2")............................ 1,129,592 15,318,235 19,858,219
Small Capitalization Portfolio
("AL3")............................ 119,865 5,181,035 6,610,539
Goldman Sachs Variable Insurance Trust
VIT CORE(SM) Large Cap Growth Fund
("GS1")............................ 985,947 12,493,582 15,577,956
VIT CORE(SM) Small Cap Equity Fund
("GS2")............................ 169,591 1,540,419 1,797,668
VIT CORE(SM) U.S. Equity Fund
("GS3")............................ 1,288,723 16,049,358 18,016,345
VIT Growth and Income Fund
("GS4")............................ 498,885 5,372,735 5,432,857
VIT International Equity Fund
("GS5")............................ 188,532 2,450,696 2,728,066
J.P. Morgan Series Trust II
U.S. Disciplined Equity Portfolio
("JP1")............................ 887,236 14,979,632 15,393,540
International Opportunities
Portfolio ("JP2").................. 238,484 2,857,497 3,298,239
Small Company Portfolio ("JP3")..... 89,517 1,161,883 1,497,621
Lord Abbett Series Fund, Inc.
Growth and Income Portfolio
("LA1")............................ 946,232 21,136,754 20,968,509
MFS/Sun Life Series Trust
Capital Appreciation
Series ("CAS")..................... 277,227 12,143,992 15,002,355
Emerging Growth Series ("EGS")...... 772,757 19,942,257 31,124,303
High Yield Series ("HYS")........... 1,387,022 12,467,981 12,505,613
Money Market ("MMS")................ 7,058,196 7,058,196 7,058,196
Utilities Series ("UTS")............ 949,600 16,114,520 18,839,274
Government Securities
Series ("GSS")..................... 1,192,434 15,134,821 14,877,998
Total Return Series ("TRS")......... 142,102 2,643,887 2,665,736
Massachusetts Investors Trust
Series ("MIT")..................... 206,245 7,440,462 7,826,694
New Discovery Series ("NWD")........ 116,796 1,515,491 1,973,431
Massachusetts Investors Growth Stock
Series ("MIS")..................... 517,193 7,122,612 8,342,950
OCC Accumulation Trust
Equity Portfolio ("OP1")............ 332,052 12,587,611 12,471,865
Mid Cap Portfolio ("OP2")........... 360,177 3,599,355 4,188,853
Small Cap Portfolio ("OP3")......... 125,799 2,848,635 2,832,996
Managed Portfolio ("OP4")........... 56,761 2,479,633 2,477,620
Salomon Brothers Variable
Series Funds, Inc.
Variable Capital Fund ("SB1")....... 28,306 318,508 386,941
Variable Investors Fund ("SB2")..... 54,050 608,228 661,035
Variable Strategic Bond Fund
("SB3")............................ 701,256 7,086,047 6,774,136
Variable Total Return Fund
("SB4")............................ 649,718 6,792,139 6,646,615
Sun Capital Advisers Trust
Sun Capital Money Market Fund
("SCA1")........................... 11,347,946 11,347,946 11,347,946
Sun Capital Investment Grade Bond
Fund ("SCA2")...................... 882,011 8,403,348 8,236,211
Sun Capital Real Estate Fund
("SCA3")........................... 146,885 1,384,282 1,313,801
Sun Capital Select Equity Fund
("SCA4")........................... 106,584 1,129,237 1,346,991
Sun Capital Blue Chip Mid Cap Fund
("SCA5")........................... 241,145 2,528,473 2,966,087
Sun Capital Investors Foundation
Fund ("SCA6")...................... 44,737 446,889 500,802
Warburg Pincus Trust
Emerging Markets Portolio ("WP1")... 156,084 1,879,019 2,213,268
International Equity Portfolio
("WP2")............................ 72,377 925,062 1,208,689
Post-Venture Capital Portfolio
("WP3")............................ 39,356 555,678 757,995
Small Company Growth Portfolio
("WP4")............................ 142,923 2,639,880 3,744,591
------------ ------------
$367,981,892 $422,963,705
============
OTHER ASSETS:
Receivable from sponsor........................................... 313
------------
Net assets.................................................. $422,964,018
============
</TABLE>
See notes to financial statements
5
<PAGE>
FUTURITY, FUTURITY II, FUTURITY FOCUS AND FUTURITY ACCOLADE SUB-ACCOUNTS
INCLUDED IN
SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
STATEMENT OF CONDITION -- December 31, 1999 -- continued
<TABLE>
<CAPTION>
Applicable to Owners of
Deferred Variable Annuity Contracts Reserve for
------------------------------------- Variable
Units Unit Value Value Annuities Total
---------- ---------- ------------- ----------- ------------
<S> <C> <C> <C> <C> <C>
NET ASSETS APPLICABLE CONTRACT OWNERS:
FUTURITY CONTRACTS:
AIM Variable Insurance Fund, Inc
V.I. Capital Appreciation Fund........... 227,735 $16.0639 $ 3,658,220 $ 20,442 $ 3,678,662
V.I. Growth Fund......................... 442,430 16.6782 7,378,831 15,694 7,394,525
V.I. Growth and Income Fund.............. 799,385 14.9550 11,954,650 -- 11,954,650
V.I. International Equity Fund........... 458,813 16.8153 7,714,633 18,492 7,733,125
The Alger American Fund
Growth Portfolio......................... 755,329 16.6799 12,598,909 19,591 12,618,500
Income and Growth Portfolio.............. 434,832 16.6354 7,233,458 -- 7,233,458
Small Capitalization Portfolio........... 182,220 14.6937 2,677,436 -- 2,677,436
Goldman Sachs Variable Insurance Trust
VIT CORE(SM) Large-Cap Growth Fund....... 423,081 14.6906 6,215,258 30,248 6,245,506
VIT CORE(SM) Small Cap Equity Fund....... 80,363 10.3704 833,389 21,975 855,364
VIT CORE(SM) U.S. Equity Fund............ 575,303 13.8599 7,973,615 1,746 7,975,361
VIT Growth and Income Fund............... 301,072 9.6158 2,895,047 -- 2,895,047
VIT International Equity Fund............ 62,975 13.6576 860,104 14,975 875,079
J.P. Morgan Series Trust II
U.S. Disciplined Equity Portfolio........ 568,955 12.6575 7,200,012 16,167 7,216,179
International Opportunities Portfolio.... 105,324 12.4536 1,311,641 14,966 1,326,607
Small Company Portfolio.................. 41,135 11.8980 488,979 -- 488,979
Lord Abbett Series Fund, Inc.
Growth and Income Portfolio.............. 681,170 11.6064 7,905,869 -- 7,905,869
MFS/Sun Life Series Trust
Capital Appreciation Series.............. 490,436 14.8787 7,297,103 18,186 7,315,289
Emerging Growth Series................... 644,429 21.1132 13,605,969 24,357 13,630,326
High Yield Series........................ 581,114 10.1846 5,918,296 30,070 5,948,366
Money Market............................. 663,091 10.6449 7,058,196 -- 7,058,196
Utilities Series......................... 762,245 13.4418 10,246,498 38,625 10,285,123
Government Securities Series............. 635,712 10.2352 6,507,038 38,668 6,545,706
OCC Accumulation Trust
Equity Portfolio......................... 770,005 10.6854 8,228,328 1,399 8,229,727
Mid Cap Portfolio........................ 208,499 11.6402 2,426,934 16,257 2,443,191
Small Cap Portfolio...................... 235,529 7.9927 1,882,593 12,267 1,894,860
Salomon Brothers Variable
Series Funds, Inc.
Variable Capital Fund.................... 29,639 13.0553 386,941 -- 386,941
Variable Investors Fund.................. 58,715 11.2585 661,035 -- 661,035
Variable Strategic Bond Fund............. 649,260 10.3875 6,743,944 29,428 6,773,372
Variable Total Return Fund............... 657,323 10.0870 6,630,414 15,568 6,645,982
Warburg Pincus Trust
Emerging Markets Portfolio............... 68,070 13.1613 895,490 19,339 914,829
International Equity Portfolio........... 52,931 13.7221 726,022 -- 726,022
Post-Venture Capital Portfolio........... 21,318 14.8836 317,283 22,511 339,794
Small Company Growth Portfolio........... 153,457 14.7515 2,263,671 -- 2,263,671
------------ -------- ------------
$170,695,806 $440,971 $171,136,777
------------ -------- ------------
</TABLE>
See notes to financial statements
6
<PAGE>
FUTURITY, FUTURITY II, FUTURITY FOCUS AND FUTURITY ACCOLADE SUB-ACCOUNTS
INCLUDED IN
SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
STATEMENT OF CONDITION -- December 31, 1999 -- continued
<TABLE>
<CAPTION>
Applicable to Owners of
Deferred Variable Annuity Contracts Reserve for
------------------------------------ Variable
Units Unit Value Value Annuities Total
---------- ---------- ------------ ----------- ------------
<S> <C> <C> <C> <C> <C>
FUTURITY II CONTRACTS:
AIM Variable Insurance Fund, Inc.
V.I. Capital Appreciation Fund........... 299,649 $16.1116 $ 4,827,802 $ 8,726 $ 4,836,528
V.I. Growth Fund......................... 997,502 15.1070 15,069,053 79,067 15,148,120
V.I. Growth and Income Fund.............. 1,213,444 14.6474 17,773,822 7,527 17,781,349
V.I. International Equity Fund........... 659,564 16.1369 10,643,339 105,296 10,748,635
The Alger American Fund
Growth Portfolio......................... 1,620,151 14.7688 23,927,733 7,327 23,935,060
Income and Growth Portfolio.............. 755,933 15.4887 11,708,323 129,522 11,837,845
Small Capitalization Portfolio........... 221,946 16.0647 3,565,453 62,046 3,627,499
Goldman Sachs Variable Insurance Trust.....
VIT CORE(SM) Large Cap Growth Fund....... 610,853 14.6991 8,978,980 81,371 9,060,351
VIT CORE(SM) Small Cap Equity Fund....... 71,821 12.5954 904,609 -- 904,609
VIT CORE(SM) U.S. Equity Fund............ 714,634 13.2821 9,491,693 37,088 9,528,781
VIT Growth and Income Fund............... 202,285 10.7721 2,179,037 -- 2,179,037
VIT International Equity Fund............ 119,879 13.7806 1,651,950 10,048 1,661,998
J.P. Morgan Series Trust II
U.S. Disciplined Equity Portfolio........ 625,004 12.5201 7,825,090 2,878 7,827,968
International Opportunities Portfolio.... 118,543 14.1565 1,678,149 8,055 1,686,204
Small Company Portfolio.................. 57,635 15.4528 890,606 -- 890,606
Lord Abbett Series Fund, Inc.
Growth and Income Portfolio.............. 982,146 12.1973 11,979,747 -- 11,979,747
MFS/Sun Life Series Trust
Capital Appreciation Series.............. 500,296 14.5469 7,277,799 46,064 7,323,863
Emerging Growth Series................... 804,467 19.5404 15,719,228 66,614 15,785,842
High Yield Series........................ 554,000 10.5249 5,830,887 47,861 5,878,748
Utilities Series......................... 552,461 13.6365 7,533,885 151,724 7,685,609
Government Securities Series............. 807,566 9.6303 7,777,300 22,972 7,800,272
Total Return Series...................... 211,045 9.7515 2,058,019 79,388 2,137,407
Massachusetts Investors Trust Series..... 629,184 10.3311 6,499,923 3,822 6,503,745
New Discovery Series..................... 99,212 15.7992 1,567,598 -- 1,567,598
Massachusetts Investors Growth Stock
Series.................................. 554,180 12.7880 7,086,871 70,749 7,157,620
OCC Accumulation Trust
Equity Portfolio......................... 388,617 10.6953 4,156,707 9,385 4,166,092
Mid Cap Portfolio........................ 108,852 12.7334 1,386,020 31,822 1,417,842
Small Cap Portfolio...................... 88,598 10.0200 887,738 6,663 894,401
Managed Portfolio........................ 196,817 10.9043 2,146,181 -- 2,146,181
Sun Capital Advisers Trust
Sun Capital Money Market Fund............ 699,550 10.3353 7,227,674 -- 7,227,674
Sun Capital Investment Grade Bond Fund... 768,145 9.7835 7,513,643 272,953 7,786,596
Sun Capital Real Estate Fund............. 131,848 9.5549 1,260,492 10,151 1,270,643
Sun Capital Select Equity Fund........... 96,820 12.4016 1,200,685 -- 1,200,685
Sun Capital Blue Chip Mid Cap Fund....... 217,115 12.4368 2,700,610 -- 2,700,610
Sun Capital Investors Foundation Fund.... 43,869 10.9954 482,321 5,356 487,677
Warburg Pincus Trust
Emerging Markets Portfolio............... 67,177 18.7689 1,260,819 -- 1,260,819
International Equity Portfolio........... 29,939 15.6899 469,714 -- 469,714
Post-Venture Capital Portfolio........... 22,526 18.1439 408,703 -- 408,703
Small Company Growth Portfolio........... 79,878 18.4977 1,477,493 -- 1,477,493
------------ ---------- ------------
$227,025,696 $1,364,475 $228,390,171
------------ ---------- ------------
</TABLE>
See notes to financial statements
7
<PAGE>
FUTURITY, FUTURITY II, FUTURITY FOCUS AND FUTURITY ACCOLADE SUB-ACCOUNTS
INCLUDED IN
SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
STATEMENT OF CONDITION -- December 31, 1999 -- continued
<TABLE>
<CAPTION>
Applicable to Owners of
Deferred Variable Annuity Contracts Reserve for
------------------------------------ Variable
Units Unit Value Value Annuities Total
---------- ---------- ------------ ----------- -----------
<S> <C> <C> <C> <C> <C>
FUTURITY FOCUS CONTRACTS:
AIM Variable Insurance Fund, Inc.
V.I. Capital Appreciation Fund........... 13,617 $14.5809 $ 198,546 $ -- $ 198,546
V.I. Growth Fund......................... 35,873 12.6718 454,575 -- 454,575
V.I. Growth and Income Fund.............. 54,107 12.3530 668,377 72,072 740,449
V.I. International Equity Fund........... 25,337 15.4607 391,699 -- 391,699
The Alger American Fund
Growth Portfolio......................... 38,842 11.9744 465,098 71,015 536,113
Income and Growth Portfolio.............. 32,436 13.3063 431,600 -- 431,600
Small Capitalization Portfolio........... 9,175 14.3935 132,059 -- 132,059
Goldman Sachs Variable Insurance Trust
VIT CORE(SM) Large Cap Growth Fund....... 4,085 12.6110 51,512 -- 51,512
VIT CORE(SM) Small Cap Equity Fund....... 1,112 12.6115 14,026 -- 14,026
VIT CORE(SM) U.S. Equity Fund............ 20,598 11.4782 236,356 -- 236,356
VIT Growth and Income Fund............... 29,257 10.2122 298,780 -- 298,780
VIT International Equity Fund............ 8,621 12.8408 110,689 -- 110,689
J.P. Morgan Series Trust II
U.S. Disciplined Equity Portfolio........ 18,690 11.3541 212,214 62,890 275,104
International Opportunities Portfolio.... 12,234 12.9528 158,454 -- 158,454
Small Company Portfolio.................. 2,709 15.2351 41,270 -- 41,270
Lord Abbett Series Fund, Inc.
Growth and Income Portfolio.............. 40,278 11.1378 448,597 -- 448,597
MFS/Sun Life Series Trust
Capital Appreciation Series.............. 23,051 13.0937 301,818 -- 301,818
Emerging Growth Series................... 41,308 16.8156 694,593 98,890 793,483
High Yield Series........................ 21,929 10.1744 223,107 -- 223,107
Utilities Series......................... 20,685 12.9391 267,628 -- 267,628
Government Securities Series............. 42,930 9.8048 420,940 -- 420,940
Total Return Series...................... 8,841 9.7678 86,296 -- 86,296
Massachusetts Investors Trust Series..... 74,478 10.3484 770,599 -- 770,599
New Discovery Series..................... 7,128 15.8255 112,755 -- 112,755
Massachusetts Investors Growth Stock
Series.................................. 29,925 12.8093 383,253 75,517 458,770
OCC Accumulation Trust
Equity Portfolio......................... 7,388 10.1788 75,201 -- 75,201
Mid Cap Portfolio........................ 6,976 12.5548 87,586 -- 87,586
Small Cap Portfolio...................... 3,882 10.7094 41,574 -- 41,574
Managed Portfolio........................ 5,669 10.3195 58,501 -- 58,501
Sun Capital Advisers Trust
Sun Capital Money Market Fund............ 41,528 10.2760 426,574 -- 426,574
Sun Capital Investment Grade Bond Fund... 34,584 9.8082 339,122 -- 339,122
Sun Capital Real Estate Fund............. 2,642 10.1759 26,874 -- 26,874
Sun Capital Select Equity Fund........... 1,940 12.4115 24,085 -- 24,085
Sun Capital Blue Chip Mid Cap Fund....... 2,350 12.4467 29,268 -- 29,268
Sun Capital Investors Foundation Fund.... 1,253 11.0042 13,784 -- 13,784
Warburg Pincus Trust
Emerging Markets Portfolio............... 1,472 18.4283 27,121 -- 27,121
International Equity Portfolio........... 861 15.0418 12,953 -- 12,953
Post-Venture Capital Portfolio........... 100 16.0808 1,609 -- 1,609
Small Company Growth Portfolio........... 194 17.6963 3,427 -- 3,427
---------- -------- ----------
$8,742,520 $380,384 $9,122,904
---------- -------- ----------
</TABLE>
See notes to financial statements
8
<PAGE>
FUTURITY, FUTURITY II, FUTURITY FOCUS AND FUTURITY ACCOLADE SUB-ACCOUNTS
INCLUDED IN
SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
STATEMENT OF CONDITION -- December 31, 1999 -- continued
<TABLE>
<CAPTION>
Applicable to Owners of
Deferred Variable Annuity Contracts Reserve for
------------------------------------- Variable
Units Unit Value Value Annuities Total
---------- ---------- ------------- ----------- ------------
<S> <C> <C> <C> <C> <C>
FUTURITY ACCOLADE CONTRACTS:
AIM Variable Insurance Fund, Inc.
V.I. Capital Appreciation Fund........... 27,793 $13.7461 $ 382,040 $ -- $ 382,040
V.I. Growth Fund......................... 71,866 12.6219 907,075 -- 907,075
V.I. Growth and Income Fund.............. 41,234 12.7245 524,675 -- 524,675
V.I. International Equity Fund........... 40,021 13.8416 553,946 -- 553,946
The Alger American Fund
Growth Portfolio......................... 77,992 12.4941 974,439 -- 974,439
Income and Growth Portfolio.............. 25,358 13.9651 354,123 -- 354,123
Small Capitalization Portfolio........... 12,969 13.3871 173,611 -- 173,611
Goldman Sachs Variable Insurance Trust
VIT CORE(SM) Large Cap Growth Fund....... 17,289 12.6147 218,093 -- 218,093
VIT CORE(SM) Small Cap Equity Fund....... 1,775 12.0375 21,362 -- 21,362
VIT CORE(SM) U.S. Equity Fund............ 23,427 11.7733 275,804 -- 275,804
VIT Growth and Income Fund............... 5,354 11.2057 59,993 -- 59,993
VIT International Equity Fund............ 6,582 12.0983 79,626 -- 79,626
J.P. Morgan Series Trust II
U.S. Disciplined Equity Portfolio........ 6,455 11.5320 74,439 -- 74,439
International Opportunities Portfolio.... 10,730 11.7681 126,274 -- 126,274
Small Company Portfolio.................. 5,598 13.7122 76,766 -- 76,766
Lord Abbett Series Fund, Inc.
Growth and Income Portfolio.............. 55,559 11.4167 634,296 -- 634,296
MFS/Sun Life Series Trust
Capital Appreciation Series.............. 4,427 13.4436 59,522 -- 59,522
Emerging Growth Series................... 58,261 15.8653 924,342 -- 924,342
High Yield Series........................ 44,229 10.2886 455,044 -- 455,044
Utilities Series......................... 49,859 12.0305 599,829 -- 599,829
Government Securities Series............. 11,012 9.9962 110,071 -- 110,071
Total Return Series...................... 42,271 10.4572 442,050 -- 442,050
Massachusetts Investors Trust Series..... 48,386 11.4114 552,168 -- 552,168
New Discovery Series..................... 18,482 15.8588 293,078 -- 293,078
Massachusetts Investors Growth Stock
Series.................................. 55,773 13.1026 730,733 -- 730,733
OCC Accumulation Trust
Equity Portfolio......................... 102 10.7137 1,093 -- 1,093
Mid Cap Portfolio........................ 19,070 12.5624 239,567 -- 239,567
Small Cap Portfolio...................... 102 10.5551 1,076 -- 1,076
Managed Portfolio........................ 25,785 10.5852 272,938 -- 272,938
Sun Capital Advisers Trust
Sun Capital Money Market Fund............ 366,623 10.0779 3,693,698 -- 3,693,698
Sun Capital Investment Grade Bond Fund... 11,553 10.0222 115,768 -- 115,768
Sun Capital Real Estate Fund............. 2,281 10.3018 23,500 -- 23,500
Sun Capital Select Equity Fund........... 9,027 13.5393 122,221 -- 122,221
Sun Capital Blue Chip Mid Cap Fund....... 17,878 13.2132 236,209 -- 236,209
Sun Capital Investors Foundation Fund.... 394 11.9051 4,697 -- 4,697
------------ ---------- ------------
$ 14,314,166 $ -- $ 14,314,166
------------ ---------- ------------
Net Assets........................................................... $420,778,188 $2,185,830 $422,964,018
============ ========== ============
</TABLE>
See notes to financial statements
9
<PAGE>
FUTURITY, FUTURITY II, FUTURITY FOCUS AND FUTURITY ACCOLADE SUB-ACCOUNTS
INCLUDED IN
SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
STATEMENT OF OPERATIONS -- Year Ended December 31, 1999
<TABLE>
<CAPTION>
AIM1 AIM2 AIM3 AIM4 AL1 AL2
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
------------ ------------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
INCOME AND EXPENSES:
Dividend income and capital gain
distributions received............... $ 218,016 $ 805,064 $ 256,606 $ 629,298 $ 1,046,126 $ 318,108
Mortality and expense risk charges.... (48,238) (126,456) (171,308) (105,490) (209,904) (105,710)
Distribution expense charges.......... (5,788) (15,175) (20,557) (12,659) (25,189) (12,685)
---------- ---------- ----------- ------------ ----------- -----------
Net investment income (loss)...... $ 163,990 $ 663,433 $ 64,741 $ 511,149 $ 811,033 $ 199,713
---------- ---------- ----------- ------------ ----------- -----------
REALIZED AND UNREALIZED GAINS (LOSSES):
Realized gains (losses) on investment
transactions:
Proceeds from sales................. $ 942,663 $ 926,603 $ 2,322,201 $ 15,601,048 $ 3,351,107 $ 1,963,780
Cost of investments sold............ (859,926) (793,451) (1,853,865) (15,068,813) (2,750,587) (1,604,550)
---------- ---------- ----------- ------------ ----------- -----------
Net realized gains (losses)....... $ 82,737 $ 133,152 $ 468,336 $ 532,235 $ 600,520 $ 359,230
---------- ---------- ----------- ------------ ----------- -----------
Net unrealized appreciation
(depreciation) on investments:
End of year......................... $2,116,193 $3,612,127 $ 5,299,791 $ 5,154,135 $ 5,013,031 $ 4,539,984
Beginning of year................... 128,463 230,796 401,885 135,808 496,292 271,924
---------- ---------- ----------- ------------ ----------- -----------
Change in unrealized appreciation
(depreciation)................... $1,987,730 $3,381,331 $ 4,897,906 $ 5,018,327 $ 4,516,739 $ 4,268,060
---------- ---------- ----------- ------------ ----------- -----------
Realized and unrealized gains
(losses)........................... $2,070,467 $3,514,483 $ 5,366,242 $ 5,550,562 $ 5,117,259 $ 4,627,290
---------- ---------- ----------- ------------ ----------- -----------
INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS............................. $2,234,457 $4,177,916 $ 5,430,983 $ 6,061,711 $ 5,928,292 $ 4,827,003
========== ========== =========== ============ =========== ===========
<CAPTION>
AL3 GS1 GS2 GS3 GS4 GS5
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
------------ ------------- ------------ ------------ ------------ ------------
INCOME AND EXPENSES:
<S> <C> <C> <C> <C> <C> <C>
Dividend income and capital gain
distributions received............... $ 217,832 $ 15,486 $ 3,930 $ 258,153 $ 57,072 $ 200,160
Mortality and expense risk charges.... (33,658) (91,000) (10,149) (117,224) (42,948) (15,062)
Distribution expense charges.......... (4,039) (10,920) (1,218) (14,067) (5,154) (1,807)
---------- ---------- ----------- ------------ ----------- -----------
Net investment income (loss)...... $ 180,135 $ (86,434) $ (7,437) $ 126,862 $ 8,970 $ 183,291
---------- ---------- ----------- ------------ ----------- -----------
REALIZED AND UNREALIZED GAINS (LOSSES):
Realized gains (losses) on investment
transactions:
Proceeds from sales................. $ 439,108 $ 837,389 $ 78,779 $ 3,216,353 $ 734,160 $ 3,021,499
Cost of investments sold............ (412,110) (718,251) (84,883) (2,852,418) (783,265) (2,936,829)
---------- ---------- ----------- ------------ ----------- -----------
Net realized gains (losses)....... $ 26,998 $ 119,138 $ (6,104) $ 363,935 $ (49,105) $ 84,670
---------- ---------- ----------- ------------ ----------- -----------
Net unrealized appreciation
(depreciation) on investments:
End of year......................... $1,429,504 $3,084,374 $ 257,249 $ 1,966,987 $ 60,122 $ 277,370
Beginning of year................... 96,395 229,353 10,059 296,953 (71,917) 16,662
---------- ---------- ----------- ------------ ----------- -----------
Change in unrealized appreciation
(depreciation)................... $1,333,109 $2,855,021 $ 247,190 $ 1,670,034 $ 132,039 $ 260,708
---------- ---------- ----------- ------------ ----------- -----------
Realized and unrealized gains
(losses)........................... $1,360,107 $2,974,159 $ 241,086 $ 2,033,969 $ 82,934 $ 345,378
---------- ---------- ----------- ------------ ----------- -----------
INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS............................. $1,540,242 $2,887,725 $ 233,649 $ 2,160,831 $ 91,904 $ 528,669
========== ========== =========== ============ =========== ===========
</TABLE>
See notes to financial statements
10
<PAGE>
FUTURITY, FUTURITY II, FUTURITY FOCUS AND FUTURITY ACCOLADE SUB-ACCOUNTS
INCLUDED IN
SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
STATEMENT OF OPERATIONS -- Year Ended December 31, 1999 -- continued
<TABLE>
<CAPTION>
JP1 JP2 JP3 LA1 CAS EGS
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
------------ ------------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
INCOME AND EXPENSES:
Dividend income and capital gain
distributions received............... $ 1,037,611 $ 115,004 $ 27,796 $ 1,617,324 $ 810,381 $ 139,054
Mortality and expense risk charges.... (108,647) (19,007) (7,179) (127,444) (105,003) (153,257)
Distribution expense charges.......... (13,038) (2,281) (861) (15,293) (12,600) (18,391)
----------- ------------ ----------- ----------- ----------- -----------
Net investment income (loss)...... $ 915,926 $ 93,716 $ 19,756 $ 1,474,587 $ 692,778 $ (32,594)
----------- ------------ ----------- ----------- ----------- -----------
REALIZED AND UNREALIZED GAINS (LOSSES):
Realized gains (losses) on investment
transactions:
Proceeds from sales................. $ 2,008,957 $ 8,056,697 $ 236,007 $ 2,008,566 $ 3,044,424 $ 3,055,305
Cost of investments sold............ (1,837,516) (7,969,726) (235,835) (1,834,115) (2,819,552) (2,405,896)
----------- ------------ ----------- ----------- ----------- -----------
Net realized gains (losses)....... $ 171,441 $ 86,971 $ 172 $ 174,451 $ 224,872 $ 649,409
----------- ------------ ----------- ----------- ----------- -----------
Net unrealized appreciation
(depreciation) on investments:
End of year......................... $ 413,908 $ 440,742 $ 335,738 $ (168,245) $ 2,858,363 $11,182,046
Beginning of year................... 73,661 7,372 (1,240) 21,161 629,805 777,281
----------- ------------ ----------- ----------- ----------- -----------
Change in unrealized appreciation
(depreciation)................... $ 340,247 $ 433,370 $ 336,978 $ (189,406) $ 2,228,558 $10,404,765
----------- ------------ ----------- ----------- ----------- -----------
Realized and unrealized gains
(losses)........................... $ 511,688 $ 520,341 $ 337,150 $ (14,955) $ 2,453,430 $11,054,174
----------- ------------ ----------- ----------- ----------- -----------
INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS............................. $ 1,427,614 $ 614,057 $ 356,906 $ 1,459,632 $ 3,146,208 $11,021,580
=========== ============ =========== =========== =========== ===========
<CAPTION>
HYS MMS UTS GSS TRS MIT
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account(a) Sub-Account(a)
------------ ------------- ------------ ------------ -------------- --------------
INCOME AND EXPENSES:
<S> <C> <C> <C> <C> <C> <C>
Dividend income and capital gain
distributions received.............. $ 363,601 $ 253,987 $ 752,022 $ 261,157 $ -- $ --
Mortality and expense risk charges... (76,999) (68,431) (113,609) (95,492) (6,958) (18,755)
Distribution expense charges......... (9,240) (8,212) (13,633) (11,459) (833) (2,448)
----------- ------------ ----------- ----------- ----------- -----------
Net investment income (loss)..... $ 277,362 $ 177,344 $ 624,780 $ 154,206 $ (7,791) $ (21,203)
----------- ------------ ----------- ----------- ----------- -----------
REALIZED AND UNREALIZED GAINS (LOSSES):
Realized gains (losses) on investment
transactions:
Proceeds from sales................ $ 1,826,492 $ 10,080,035 $ 1,851,082 $ 1,930,639 $ 222,400 $ 246,755
Cost of investments sold........... (1,925,559) (10,080,035) (1,695,734) (2,001,852) (227,128) (250,495)
----------- ------------ ----------- ----------- ----------- -----------
Net realized gains (losses) $ (99,067) $ -- $ 155,348 $ (71,213) $ (4,728) $ (3,740)
----------- ------------ ----------- ----------- ----------- -----------
Net unrealized appreciation
(depreciation) on investments:
End of year........................ $ 37,632 $ -- $ 2,724,754 $ (256,823) $ 21,849 $ 386,232
Beginning of year.................. (2,792) -- 203,450 13,091 -- --
----------- ------------ ----------- ----------- ----------- -----------
Change in unrealized appreciation
(depreciation).................. $ 40,424 $ -- $ 2,521,304 $ (269,914) $ 21,849 $ 386,232
----------- ------------ ----------- ----------- ----------- -----------
Realized and unrealized gains
(losses).......................... $ (58,643) $ -- $ 2,676,652 $ (341,127) $ 17,121 $ 382,492
----------- ------------ ----------- ----------- ----------- -----------
INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS............................ $ 218,719 $ 177,344 $ 3,301,432 $ (186,921) $ 9,330 $ 361,289
=========== ============ =========== =========== =========== ===========
</TABLE>
(a) For the period May 17, 1999 (commencement of operations) through
December 31, 1999.
See notes to financial statements
11
<PAGE>
FUTURITY, FUTURITY II, FUTURITY FOCUS AND FUTURITY ACCOLADE SUB-ACCOUNTS
INCLUDED IN
SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
STATEMENT OF OPERATIONS -- Year Ended December 31, 1999 -- continued
<TABLE>
<CAPTION>
NWD MIS OP1 OP2 OP3 OP4
Sub-Account(a) Sub-Account(a) Sub-Account Sub-Account Sub-Account(a) Sub-Account(a)
-------------- -------------- ------------ ------------ -------------- --------------
<S> <C> <C> <C> <C> <C> <C>
INCOME AND EXPENSES:
Dividend income and capital gain
distributions received........... $ -- $ -- $ 269,757 $ 97,793 $ 6,172 $ 7,352
Mortality and expense risk
charges.......................... (5,882) (18,211) (109,530) (30,634) (22,359) (13,016)
Distribution expense charges...... (510) (2,185) (13,144) (3,677) (2,683) (1,562)
--------- ---------- ----------- ----------- ------------ ---------
Net investment income
(loss)....................... $ (6,392) $ (20,396) $ 147,083 $ 63,482 $ (18,870) $ (7,226)
--------- ---------- ----------- ----------- ------------ ---------
REALIZED AND UNREALIZED GAINS
(LOSSES):
Realized gains (losses) on
investment transactions:
Proceeds from sales............. $ 167,789 $ 221,950 $ 2,741,376 $ 2,320,501 $ 1,102,903 $ 479,527
Cost of investments sold........ (142,292) (191,232) (2,691,665) (2,304,988) (1,068,470) (477,589)
--------- ---------- ----------- ----------- ------------ ---------
Net realized gains (losses)... $ 25,497 $ 30,718 $ 49,711 $ 15,513 $ 34,433 $ 1,938
--------- ---------- ----------- ----------- ------------ ---------
Net unrealized appreciation
(depreciation) on investments:
End of year..................... $ 457,940 $1,220,338 $ (115,746) $ 589,498 $ (15,639) $ (2,013)
Beginning of year............... -- -- 201,803 41,964 28,952 54
--------- ---------- ----------- ----------- ------------ ---------
Change in unrealized
appreciation (depreciation).. $ 457,940 $1,220,338 $ (317,549) $ 547,534 $ (44,591) $ (2,067)
--------- ---------- ----------- ----------- ------------ ---------
Realized and unrealized gains
(losses)....................... $ 483,437 $1,251,056 $ (267,838) $ 563,047 $ (10,158) $ (129)
--------- ---------- ----------- ----------- ------------ ---------
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS.................... $ 477,045 $1,230,660 $ (120,755) $ 626,529 $ (29,028) $ (7,355)
========= ========== =========== =========== ============ =========
<CAPTION>
SB1 SB2 SB3 SB4 SCA1 SCA2
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
-------------- -------------- ------------ ------------ -------------- --------------
INCOME AND EXPENSES:
<S> <C> <C> <C> <C> <C> <C>
Dividend income and capital gain
distributions received........... $ 12,405 $ 3,356 $ 338,324 $ 159,436 $ 168,701 $ 184,000
Mortality and expense risk
charges.......................... (3,905) (7,109) (64,914) (64,618) (42,246) (37,321)
Distribution expense charges...... (468) (853) (7,789) (7,754) (5,069) (4,479)
--------- ---------- ----------- ----------- ------------ ---------
Net investment income
(loss)....................... $ 8,032 $ (4,606) $ 265,621 $ 87,064 $ 121,386 $ 142,200
--------- ---------- ----------- ----------- ------------ ---------
REALIZED AND UNREALIZED GAINS
(LOSSES):
Realized gains (losses) on
investment transactions:
Proceeds from sales............. $ 60,590 $ 179,526 $ 1,625,079 $ 1,052,022 $ 37,206,979 $ 767,441
Cost of investments sold........ (52,391) (157,572) (1,668,046) (1,022,206) (37,206,979) (795,277)
--------- ---------- ----------- ----------- ------------ ---------
Net realized gains (losses)... $ 8,199 $ 21,954 $ (42,967) $ 29,816 $ -- $ (27,836)
--------- ---------- ----------- ----------- ------------ ---------
Net unrealized appreciation
(depreciation) on investments:
End of year..................... $ 68,433 $ 52,807 $ (311,911) $ (145,524) $ -- $(167,137)
Beginning of year............... 23,271 19,454 (66,852) 64,469 -- 21
--------- ---------- ----------- ----------- ------------ ---------
Change in unrealized
appreciation (depreciation).. $ 45,162 $ 33,353 $ (245,059) $ (209,993) $ -- $(167,158)
--------- ---------- ----------- ----------- ------------ ---------
Realized and unrealized gains
(losses)....................... $ 53,361 $ 55,307 $ (288,026) $ (180,177) $ -- $(194,994)
--------- ---------- ----------- ----------- ------------ ---------
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS.................... $ 61,393 $ 50,701 $ (22,405) $ (93,113) $ 121,386 $ (52,794)
========= ========== =========== =========== ============ =========
</TABLE>
(a) For the period May 17, 1999 (commencement of operations) through
December 31, 1999.
See notes to financial statements
12
<PAGE>
FUTURITY, FUTURITY II, FUTURITY FOCUS AND FUTURITY ACCOLADE SUB-ACCOUNTS
INCLUDED IN
SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
STATEMENT OF OPERATIONS -- Year Ended December 31, 1999 -- continued
<TABLE>
<CAPTION>
SCA3 SCA4 SCA5 SCA6
Sub-Account Sub-Account(b) Sub-Account(b) Sub-Account(b)
------------ -------------- -------------- --------------
<S> <C> <C> <C> <C>
INCOME AND EXPENSES:
Dividend income and capital gain
distributions received............... $ 69,130 $ -- $ 85,814 $ 960
Mortality and expense risk charges.... (6,505) (2,734) (6,615) (1,219)
Distribution expense charges.......... (781) (328) (794) (146)
--------- ----------- -------- ----------
Net investment income (loss)...... $ 61,844 $ (3,062) $ 78,405 $ (405)
--------- ----------- -------- ----------
REALIZED AND UNREALIZED GAINS (LOSSES):
Realized gains (losses) on investment
transactions:
Proceeds from sales................. $ 208,090 $ 48,920 $ 66,470 $ 16,985
Cost of investments sold............ (210,500) (42,939) (62,839) (16,088)
--------- ----------- -------- ----------
Net realized gains (losses)....... $ (2,410) $ 5,981 $ 3,631 $ 897
--------- ----------- -------- ----------
Net unrealized appreciation
(depreciation) on investments:
End of year......................... $ (70,481) $ 217,754 $437,614 $ 53,913
Beginning of year................... 97 -- -- --
--------- ----------- -------- ----------
Change in unrealized appreciation
(depreciation)................... $ (70,578) $ 217,754 $437,614 $ 53,913
--------- ----------- -------- ----------
Realized and unrealized gains
(losses)........................... $ (72,988) $ 223,735 $441,245 $ 54,810
--------- ----------- -------- ----------
INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS............................. $ (11,144) $ 220,673 $519,650 $ 54,405
========= =========== ======== ==========
<CAPTION>
WP1 WP2 WP3 WP4
Sub-Account Sub-Account Sub-Account Sub-Account
------------ -------------- -------------- --------------
INCOME AND EXPENSES:
<S> <C> <C> <C> <C>
Dividend income and capital gain
distributions received............... $ 82,166 $ 10,813 $ 90 $ 99,138
Mortality and expense risk charges.... (6,943) (7,972) (3,107) (14,040)
Distribution expense charges.......... (833) (956) (372) (1,685)
--------- ----------- -------- ----------
Net investment income (loss)...... $ 74,390 $ 1,885 $ (3,389) $ 83,413
--------- ----------- -------- ----------
REALIZED AND UNREALIZED GAINS (LOSSES):
Realized gains (losses) on investment
transactions:
Proceeds from sales................. $ 365,750 $ 8,522,934 $ 85,336 $ 382,926
Cost of investments sold............ (283,628) (8,396,121) (78,855) (325,671)
--------- ----------- -------- ----------
Net realized gains (losses)....... $ 82,122 $ 126,813 $ 6,481 $ 57,255
--------- ----------- -------- ----------
Net unrealized appreciation
(depreciation) on investments:
End of year......................... $ 334,249 $ 283,627 $202,317 $1,104,711
Beginning of year................... (3,352) (1,858) 7,438 29,531
--------- ----------- -------- ----------
Change in unrealized appreciation
(depreciation)................... $ 337,601 $ 285,485 $194,879 $1,075,180
--------- ----------- -------- ----------
Realized and unrealized gains
(losses)........................... $ 419,723 $ 412,298 $201,360 $1,132,435
--------- ----------- -------- ----------
INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS............................. $ 494,113 $ 414,183 $197,971 $1,215,848
========= =========== ======== ==========
</TABLE>
(b) For the period September 13, 1999 (commencement of operations) through
December 31, 1999.
See notes to financial statements
13
<PAGE>
FUTURITY, FUTURITY II, FUTURITY FOCUS AND FUTURITY ACCOLADE SUB-ACCOUNTS
INCLUDED IN
SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
AIM1 AIM2 AIM3
Sub-Account Sub-Account Sub-Account
----------------------------- ----------------------------- -----------------------------
Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
December 31, December 31, December 31, December 31, December 31, December 31,
1999 1998 (a) 1999 1998 (a) 1999 1998 (b)
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss).... $163,990 $ (159 ) $ 663,433 $144,861 $ 64,741 $ 32,869
Net realized gains (losses)..... 82,737 (6,126 ) 133,152 2,691 468,336 (547 )
Net unrealized gains (losses)... 1,987,730 128,463 3,381,331 230,796 4,897,906 401,885
---------- ---------- ----------- ---------- ----------- ----------
Increase (Decrease) in net
assets from operations..... 2$,234,457 $122,178 $ 4,177,916 $378,348 $ 5,430,983 $434,207
---------- ---------- ----------- ---------- ----------- ----------
PARTICIPANT TRANSACTIONS:
Accumulation activity:
Purchase payments received.... 3$,190,508 1$,229,109 $ 8,313,278 2$,015,774 $ 8,663,899 2$,099,297
Net transfers between
Sub-Accounts and Fixed
Account...................... 2,389,362 212,774 9,156,077 193,750 13,693,105 1,293,608
Withdrawals, surrenders,
annuitizations and contract
charges...................... (291,401 ) (10,395 ) (396,819) (18,667 ) (634,386) (50,636 )
---------- ---------- ----------- ---------- ----------- ----------
Net accumulation activity... 5$,288,469 1$,431,488 $17,072,536 2$,190,857 $21,722,618 3$,342,269
---------- ---------- ----------- ---------- ----------- ----------
Annuitization activity:
Annuitizations................ $ 21,703 $ -- $ 88,023 $ -- $ 68,415 $ --
Annuity payments.............. (947 ) -- (2,232) -- (645) --
Adjustments to annuity
reserve...................... (1,572 ) -- (1,153) -- 3,276 --
---------- ---------- ----------- ---------- ----------- ----------
Net annuitization
activity................... $ 19,184 $ -- $ 84,638 $ -- $ 71,046 $ --
---------- ---------- ----------- ---------- ----------- ----------
Increase (Decrease) in net
assets from participant
transactions................... 5$,307,653 1$,431,488 $17,157,174 2$,190,857 $21,793,664 3$,342,269
---------- ---------- ----------- ---------- ----------- ----------
Increase (Decrease) in net
assets....................... 7$,542,110 1$,553,666 $21,335,090 2$,569,205 $27,224,647 3$,776,476
NET ASSETS:
Beginning of year............... 1,553,666 -- 2,569,205 -- 3,776,476 --
---------- ---------- ----------- ---------- ----------- ----------
End of year..................... 9$,095,776 1$,553,666 $23,904,295 2$,569,205 $31,001,123 3$,776,476
========== ========== =========== ========== =========== ==========
</TABLE>
(a) For the period February 20, 1998 (commencement of operations) through
December 31, 1998.
(b) For the period March 27, 1998 (commencement of operations) through
December 31, 1998.
See notes to financial statements
14
<PAGE>
FUTURITY, FUTURITY II, FUTURITY FOCUS AND FUTURITY ACCOLADE SUB-ACCOUNTS
INCLUDED IN
SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
STATEMENTS OF CHANGES IN NET ASSETS -- continued
<TABLE>
<CAPTION>
AIM4 AL1 AL2
Sub-Account Sub-Account Sub-Account
----------------------------- ----------------------------- -----------------------------
Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
December 31, December 31, December 31, December 31, December 31, December 31,
1999 1998 (a) 1999 1998 (b) 1999 1998 (b)
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss).... $ 511,149 $ 8,211 $ 811,033 $ 6,203 $ 199,713 $ 6,890
Net realized gains (losses)..... 532,235 (51,782 ) 600,520 (18,561 ) 359,230 (5,236 )
Net unrealized gains (losses)... 5,018,327 135,808 4,516,739 496,292 4,268,060 271,924
----------- ---------- ----------- ---------- ----------- ----------
Increase (Decrease) in net
assets from operations..... $ 6,061,711 $ 92,237 $ 5,928,292 $483,934 $ 4,827,003 $273,578
----------- ---------- ----------- ---------- ----------- ----------
PARTICIPANT TRANSACTIONS:
Accumulation activity:
Purchase payments received.... $ 4,140,973 1$,910,796 $12,748,856 2$,399,047 $ 5,097,716 1$,751,908
Net transfers between
Sub-Accounts and Fixed
Account...................... 7,199,126 416,832 16,707,964 768,779 8,333,556 350,911
Withdrawals, surrenders,
annuitizations and contract
charges...................... (465,245) (8,627 ) (1,047,363) (12,258 ) (821,155) (47,719 )
----------- ---------- ----------- ---------- ----------- ----------
Net accumulation activity... $10,874,854 2$,319,001 $28,409,457 3$,155,568 $12,610,117 2$,055,100
----------- ---------- ----------- ---------- ----------- ----------
Annuitization activity:
Annuitizations................ $ 87,014 $ -- $ 85,342 $ -- $ 99,349 $ --
Annuity payments.............. (5,593) -- (1,306) -- (6,928) --
Adjustments to annuity
reserve...................... (1,819) -- 2,825 -- (1,193) --
----------- ---------- ----------- ---------- ----------- ----------
Net annuitization
activity................... $ 79,602 $ -- $ 86,861 $ -- $ 91,228 $ --
----------- ---------- ----------- ---------- ----------- ----------
Increase (Decrease) in net
assets from participant
transactions................... $10,954,456 2$,319,001 $28,496,318 3$,155,568 $12,701,345 2$,055,100
----------- ---------- ----------- ---------- ----------- ----------
Increase (Decrease) in net
assets....................... $17,016,167 2$,411,238 $34,424,610 3$,639,502 $17,528,348 2$,328,678
NET ASSETS:
Beginning of year............... 2,411,238 -- 3,639,502 -- 2,328,678 --
----------- ---------- ----------- ---------- ----------- ----------
End of year..................... $19,427,405 2$,411,238 $38,064,112 3$,639,502 $19,857,026 2$,328,678
=========== ========== =========== ========== =========== ==========
</TABLE>
(a) For the period February 20, 1998 (commencement of operations) through
December 31, 1998.
(b) For the period March 27, 1998 (commencement of operations) through
December 31, 1998.
See notes to financial statements
15
<PAGE>
FUTURITY, FUTURITY II, FUTURITY FOCUS AND FUTURITY ACCOLADE SUB-ACCOUNTS
INCLUDED IN
SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
STATEMENTS OF CHANGES IN NET ASSETS -- continued
<TABLE>
<CAPTION>
AL3 GS1 GS2
Sub-Account Sub-Account Sub-Account
----------------------------- ----------------------------- -----------------------------
Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
December 31, December 31, December 31, December 31, December 31, December 31,
1999 1998 (b) 1999 1998 (c) 1999 1998 (a)
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss).... $180,135 $(1,923 ) $ (86,434) $ (6,002 ) $ (7,437 ) $ (383 )
Net realized gains (losses)..... 26,998 (3,015 ) 119,138 (6,745 ) (6,104 ) (5,269 )
Net unrealized gains (losses)... 1,333,109 96,395 2,855,021 229,353 247,190 10,059
---------- -------- ----------- ---------- ---------- --------
Increase (Decrease) in net
assets from operations..... 1$,540,242 $91,457 $ 2,887,725 $216,606 $233,649 $4,407
---------- -------- ----------- ---------- ---------- --------
PARTICIPANT TRANSACTIONS:
Accumulation activity:
Purchase payments received.... 2$,088,417 4$37,232 $ 4,819,708 1$,763,717 $314,158 2$58,204
Net transfers between
Sub-Accounts and Fixed
Account...................... 2,244,048 285,561 5,800,687 357,499 981,739 20,679
Withdrawals, surrenders,
annuitizations and contract
charges...................... (126,620 ) (8,294 ) (346,821) (8,712 ) (33,270 ) (614 )
---------- -------- ----------- ---------- ---------- --------
Net accumulation activity... 4$,205,845 7$14,499 $10,273,574 2$,112,504 1$,262,627 2$78,269
---------- -------- ----------- ---------- ---------- --------
Annuitization activity:
Annuitizations................ $ 59,038 $ -- $ 93,264 $ -- $ 19,466 $ --
Annuity payments.............. (542 ) -- (5,717) -- (750 ) --
Adjustments to annuity
reserve...................... 66 -- (2,494) -- (2,307 ) --
---------- -------- ----------- ---------- ---------- --------
Net annuitization
activity................... $ 58,562 $ -- $ 85,053 $ -- $ 16,409 $ --
---------- -------- ----------- ---------- ---------- --------
Increase (Decrease) in net
assets from participant
transactions................... 4$,264,407 7$14,499 $10,358,627 2$,112,504 1$,279,036 2$78,269
---------- -------- ----------- ---------- ---------- --------
Increase (Decrease) in net
assets....................... 5$,804,649 8$05,956 $13,246,352 2$,329,110 1$,512,685 2$82,676
NET ASSETS:
Beginning of year............... 805,956 -- 2,329,110 -- 282,676 --
---------- -------- ----------- ---------- ---------- --------
End of year..................... 6$,610,605 8$05,956 $15,575,462 2$,329,110 1$,795,361 2$82,676
========== ======== =========== ========== ========== ========
</TABLE>
(a) For the period February 20, 1998 (commencement of operations) through
December 31, 1998.
(b) For the period March 27, 1998 (commencement of operations) through
December 31, 1998.
(c) For the period March 12, 1998 (commencement of operations) through
December 31, 1998.
See notes to financial statements
16
<PAGE>
FUTURITY, FUTURITY II, FUTURITY FOCUS AND FUTURITY ACCOLADE SUB-ACCOUNTS
INCLUDED IN
SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
STATEMENTS OF CHANGES IN NET ASSETS -- continued
<TABLE>
<CAPTION>
GS3 GS4 GS5
Sub-Account Sub-Account Sub-Account
----------------------------- ----------------------------- -----------------------------
Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
December 31, December 31, December 31, December 31, December 31, December 31,
1999 1998 (a) 1999 1998 (a) 1999 1998 (b)
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss).... $ 126,862 $ (858 ) $ 8,970 $ 6,362 $183,291 $ 866
Net realized gains (losses)..... 363,935 (9,820 ) (49,105 ) (8,821 ) 84,670 (2,816 )
Net unrealized gains (losses)... 1,670,034 296,953 132,039 (71,917 ) 260,708 16,662
----------- ---------- ---------- ---------- ---------- --------
Increase (Decrease) in net
assets from operations..... $ 2,160,831 $286,275 $ 91,904 $(74,376 ) $528,669 $14,712
----------- ---------- ---------- ---------- ---------- --------
PARTICIPANT TRANSACTIONS:
Accumulation activity:
Purchase payments received.... $ 4,503,362 2$,581,300 1$,294,500 1$,443,172 $840,435 2$38,188
Net transfers between
Sub-Accounts and Fixed
Account...................... 8,595,492 407,943 2,400,908 493,897 1,051,801 72,560
Withdrawals, surrenders,
annuitizations and contract
charges...................... (498,099) (56,166 ) (203,335 ) (13,813 ) (37,988 ) (76 )
----------- ---------- ---------- ---------- ---------- --------
Net accumulation activity... $12,600,755 2$,933,077 3$,492,073 1$,923,256 1$,854,248 3$10,672
----------- ---------- ---------- ---------- ---------- --------
Annuitization activity:
Annuitizations................ $ 37,472 $ -- $ -- $ -- $ 20,676 $ --
Annuity payments.............. (2,065) -- -- -- (911 ) --
Adjustments to annuity
reserve...................... (43) -- -- -- (674 ) --
----------- ---------- ---------- ---------- ---------- --------
Net annuitization
activity................... $ 35,364 $ -- $ -- $ -- $ 19,091 $ --
----------- ---------- ---------- ---------- ---------- --------
Increase (Decrease) in net
assets from participant
transactions................... $12,636,119 2$,933,077 3$,492,073 1$,923,256 1$,873,339 3$10,672
----------- ---------- ---------- ---------- ---------- --------
Increase (Decrease) in net
assets....................... $14,796,950 3$,219,352 3$,583,977 1$,848,880 2$,402,008 3$25,384
NET ASSETS:
Beginning of year............... 3,219,352 -- 1,848,880 -- 325,384 --
----------- ---------- ---------- ---------- ---------- --------
End of year..................... $18,016,302 3$,219,352 5$,432,857 1$,848,880 2$,727,392 3$25,384
=========== ========== ========== ========== ========== ========
</TABLE>
(a) For the period February 20, 1998 (commencement of operations) through
December 31, 1998.
(b) For the period March 17, 1998 (commencement of operations) through
December 31, 1998.
See notes to financial statements
17
<PAGE>
FUTURITY, FUTURITY II, FUTURITY FOCUS AND FUTURITY ACCOLADE SUB-ACCOUNTS
INCLUDED IN
SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
STATEMENTS OF CHANGES IN NET ASSETS -- continued
<TABLE>
<CAPTION>
JP1 JP2 JP3
Sub-Account Sub-Account Sub-Account
----------------------------- ----------------------------- -----------------------------
Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
December 31, December 31, December 31, December 31, December 31, December 31,
1999 1998 (a) 1999 1998 (a) 1999 1998 (a)
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss).... $ 915,926 $232,080 $ 93,716 $2,468 $ 19,756 $3,318
Net realized gains (losses)..... 171,441 (42,054 ) 86,971 (1,892 ) 172 (3,060 )
Net unrealized gains (losses)... 340,247 73,661 433,370 7,372 336,978 (1,240 )
----------- ---------- ---------- -------- ---------- --------
Increase (Decrease) in net
assets from operations..... $ 1,427,614 $263,687 $614,057 $7,948 $356,906 $ (982 )
----------- ---------- ---------- -------- ---------- --------
PARTICIPANT TRANSACTIONS:
Accumulation activity:
Purchase payments received.... $ 4,908,483 1$,481,091 1$,032,722 4$01,185 $556,222 1$26,177
Net transfers between
Sub-Accounts and Fixed
Account...................... 6,352,530 1,474,721 1,243,965 78,547 412,896 65,945
Withdrawals, surrenders,
annuitizations and contract
charges...................... (556,977) (33,652 ) (95,728 ) (2,264 ) (18,773 ) (770 )
----------- ---------- ---------- -------- ---------- --------
Net accumulation activity... $10,704,036 2$,922,160 2$,180,959 4$77,468 $950,345 1$91,352
----------- ---------- ---------- -------- ---------- --------
Annuitization activity:
Annuitizations................ $ 77,078 $ -- $ 18,651 $ -- $ -- $ --
Annuity payments.............. (1,035) -- (844 ) -- -- --
Adjustments to annuity
reserve...................... 150 -- (700 ) -- -- --
----------- ---------- ---------- -------- ---------- --------
Net annuitization
activity................... $ 76,193 $ -- $ 17,107 $ -- $ -- $ --
----------- ---------- ---------- -------- ---------- --------
Increase (Decrease) in net
assets from participant
transactions................... $10,780,229 2$,922,160 2$,198,066 4$77,468 $950,345 1$91,352
----------- ---------- ---------- -------- ---------- --------
Increase (Decrease) in net
assets....................... $12,207,843 3$,185,847 2$,812,123 4$85,416 1$,307,251 1$90,370
NET ASSETS:
Beginning of year............... 3,185,847 -- 485,416 -- 190,370 --
----------- ---------- ---------- -------- ---------- --------
End of year..................... $15,393,690 3$,185,847 3$,297,539 4$85,416 1$,497,621 1$90,370
=========== ========== ========== ======== ========== ========
</TABLE>
(a) For the period March 27, 1998 (commencement of operations) through
December 31, 1998.
See notes to financial statements
18
<PAGE>
FUTURITY, FUTURITY II, FUTURITY FOCUS AND FUTURITY ACCOLADE SUB-ACCOUNTS
INCLUDED IN
SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
STATEMENTS OF CHANGES IN NET ASSETS -- continued
<TABLE>
<CAPTION>
LA1 CAS EGS
Sub-Account Sub-Account Sub-Account
----------------------------- ----------------------------- -----------------------------
Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
December 31, December 31, December 31, December 31, December 31, December 31,
1999 1998 (b) 1999 1998 (c) 1999 1998 (a)
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss).... $ 1,474,587 $193,351 $ 692,778 $ (9,437 ) $ (32,594) $ (9,825 )
Net realized gains (losses)..... 174,451 (3,464 ) 224,872 (34,447 ) 649,409 (43,942 )
Net unrealized gains (losses)... (189,406) 21,161 2,228,558 629,805 10,404,765 777,281
----------- ---------- ----------- ---------- ----------- ----------
Increase (Decrease) in net
assets from operations..... $ 1,459,632 $211,048 $ 3,146,208 $585,921 $11,021,580 $723,514
----------- ---------- ----------- ---------- ----------- ----------
PARTICIPANT TRANSACTIONS:
Accumulation activity:
Purchase payments received.... $ 6,119,781 2$,829,156 $ 3,621,357 1$,880,023 $ 7,852,516 3$,011,641
Net transfers between
Sub-Accounts and Fixed
Account...................... 10,627,992 363,979 3,950,702 2,200,342 8,176,327 1,178,725
Withdrawals, surrenders,
annuitizations and contract
charges...................... (621,174) (21,905 ) (385,338) (47,046 ) (925,614) (36,641 )
----------- ---------- ----------- ---------- ----------- ----------
Net accumulation activity... $16,126,599 3$,171,230 $ 7,186,721 4$,033,319 $15,103,229 4$,153,725
----------- ---------- ----------- ---------- ----------- ----------
Annuitization activity:
Annuitizations................ $ -- $ -- $ 53,269 $ -- $ 126,228 $ --
Annuity payments.............. -- -- (3,083) -- (3,973) --
Adjustments to annuity
reserve...................... -- -- (1,863) -- 9,690 --
----------- ---------- ----------- ---------- ----------- ----------
Net annuitization
activity................... $ -- $ -- $ 48,323 $ -- $ 131,945 $ --
----------- ---------- ----------- ---------- ----------- ----------
Increase (Decrease) in net
assets from participant
transactions................... $16,126,599 3$,171,230 $ 7,235,044 4$,033,319 $15,235,174 4$,153,725
----------- ---------- ----------- ---------- ----------- ----------
Increase (Decrease) in net
assets....................... $17,586,231 3$,382,278 $10,381,252 4$,619,240 $26,256,754 4$,877,239
NET ASSETS:
Beginning of year............... 3,382,278 -- 4,619,240 -- 4,877,239 --
----------- ---------- ----------- ---------- ----------- ----------
End of year..................... $20,968,509 3$,382,278 $15,000,492 4$,619,240 $31,133,993 4$,877,239
=========== ========== =========== ========== =========== ==========
</TABLE>
(a) For the period February 20, 1998 (commencement of operations) through
December 31, 1998.
(b) For the period March 27, 1998 (commencement of operations) through
December 31, 1998.
(c) For the period February 26, 1998 (commencement of operations) through
December 31, 1998.
See notes to financial statements
19
<PAGE>
FUTURITY, FUTURITY II, FUTURITY FOCUS AND FUTURITY ACCOLADE SUB-ACCOUNTS
INCLUDED IN
SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
STATEMENTS OF CHANGES IN NET ASSETS -- continued
<TABLE>
<CAPTION>
HYS MMS UTS
Sub-Account Sub-Account Sub-Account
----------------------------- ----------------------------- -----------------------------
Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
December 31, December 31, December 31, December 31, December 31, December 31,
1999 1998 (c) 1999 1998 (a) 1999 1998 (b)
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss).... $ 277,362 $ (239 ) $177,344 $ 48,895 $ 624,780 $ (7,859 )
Net realized gains (losses)..... (99,067) (17,756 ) -- -- 155,348 (1,131 )
Net unrealized gains (losses)... 40,424 (2,792 ) -- -- 2,521,304 203,450
----------- ---------- ---------- ---------- ----------- ----------
Increase (Decrease) in net
assets from operations..... $ 218,719 $(20,787 ) $177,344 $ 48,895 $ 3,301,432 $194,460
----------- ---------- ---------- ---------- ----------- ----------
PARTICIPANT TRANSACTIONS:
Accumulation activity:
Purchase payments received.... $ 3,074,357 1$,355,408 $308,389 5$,275,423 $ 4,077,024 1$,634,726
Net transfers between
Sub-Accounts and Fixed
Account...................... 7,484,053 786,221 4,197,928 (1,482,996 ) 9,168,485 1,078,739
Withdrawals, surrenders,
annuitizations and contract
charges...................... (462,273) (6,849 ) (1,455,384 ) (11,403 ) (781,083) (10,177 )
----------- ---------- ---------- ---------- ----------- ----------
Net accumulation activity... $10,096,137 2$,134,780 3$,050,933 3$,781,024 $12,464,426 2$,703,288
----------- ---------- ---------- ---------- ----------- ----------
Annuitization activity:
Annuitizations................ $ 80,858 $ -- $ -- $ -- $ 179,007 $ --
Annuity payments.............. (4,094) -- -- -- (3,339) --
Adjustments to annuity
reserve...................... (348) -- -- -- (1,085) --
----------- ---------- ---------- ---------- ----------- ----------
Net annuitization
activity................... $ 76,416 $ -- $ -- $ -- $ 174,583 $ --
----------- ---------- ---------- ---------- ----------- ----------
Increase (Decrease) in net
assets from participant
transactions................... $10,172,553 2$,134,780 3$,050,933 3$,781,024 $12,639,009 2$,703,288
----------- ---------- ---------- ---------- ----------- ----------
Increase (Decrease) in net
assets....................... $10,391,272 2$,113,993 3$,228,277 3$,829,919 $15,940,441 2$,897,748
NET ASSETS:
Beginning of year............... 2,113,993 -- 3,829,919 -- 2,897,748 --
----------- ---------- ---------- ---------- ----------- ----------
End of year..................... $12,505,265 2$,113,993 7$,058,196 3$,829,919 $18,838,189 2$,897,748
=========== ========== ========== ========== =========== ==========
</TABLE>
(a) For the period February 20, 1998 (commencement of operations) through
December 31, 1998.
(b) For the period March 27, 1998 (commencement of operations) through December
31, 1998.
(c) For the period February 26, 1998 (commencement of operations) through
December 31, 1998.
See notes to financial statements
20
<PAGE>
FUTURITY, FUTURITY II, FUTURITY FOCUS AND FUTURITY ACCOLADE SUB-ACCOUNTS
INCLUDED IN
SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
STATEMENTS OF CHANGES IN NET ASSETS -- continued
<TABLE>
<CAPTION>
GSS TRS MIT NWD MIS
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
----------------------------- ------------- ------------- ------------- -------------
Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
December 31, December 31, December 31, December 31, December 31, December 31,
1999 1998 (a) 1999 (b) 1999 (b) 1999 (b) 1999 (b)
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss).... $ 154,206 $ (5,092 ) $ (7,791 ) $(21,203 ) $ (6,392 ) $(20,396 )
Net realized gains (losses)..... (71,213) 23,326 (4,728 ) (3,740 ) 25,497 30,718
Net unrealized gains (losses)... (269,914) 13,091 21,849 386,232 457,940 1,220,338
----------- ---------- ---------- ---------- ---------- ----------
Increase (Decrease) in net
assets from operations..... $ (186,921) $ 31,325 $ 9,330 $361,289 $477,045 1$,230,660
----------- ---------- ---------- ---------- ---------- ----------
PARTICIPANT TRANSACTIONS:
Accumulation activity:
Purchase payments received.... $ 3,214,716 1$,300,822 1$,944,130 3$,992,136 $720,822 4$,452,860
Net transfers between
Sub-Accounts and Fixed
Account...................... 10,679,042 323,387 749,019 3,540,232 782,394 2,713,276
Withdrawals, surrenders,
annuitizations and contract
charges...................... (493,591) (92,714 ) (116,117 ) (70,811 ) (6,830 ) (187,257 )
----------- ---------- ---------- ---------- ---------- ----------
Net accumulation activity... $13,400,167 1$,531,495 2$,577,032 7$,461,557 1$,496,386 6$,978,879
----------- ---------- ---------- ---------- ---------- ----------
Annuitization activity:
Annuitizations................ $ 26,994 $ 40,389 $ 79,374 $ 4,029 $ -- $133,744
Annuity payments.............. (4,351) (1,490 ) -- (181 ) -- (333 )
Annuity transfers............. -- 40,390 -- -- -- --
Adjustments to annuity
reserve...................... (534) (475 ) 17 (182 ) -- 4,173
----------- ---------- ---------- ---------- ---------- ----------
Net annuitization
activity................... $ 22,109 $ 78,814 $ 79,391 $ 3,666 $ -- $137,584
----------- ---------- ---------- ---------- ---------- ----------
Increase (Decrease) in net
assets from participant
transactions................... $13,422,276 1$,610,309 2$,656,423 7$,465,223 1$,496,386 7$,116,463
----------- ---------- ---------- ---------- ---------- ----------
Increase (Decrease) in net
assets....................... $13,235,355 1$,641,634 2$,665,753 7$,826,512 1$,973,431 8$,347,123
NET ASSETS:
Beginning of year............... 1,641,634 -- -- -- -- --
----------- ---------- ---------- ---------- ---------- ----------
End of year..................... $14,876,989 1$,641,634 2$,665,753 7$,826,512 1$,973,431 8$,347,123
=========== ========== ========== ========== ========== ==========
</TABLE>
(a) For the period February 20, 1998 (commencement of operations) through
December 31, 1998.
(b) For the period May 17, 1999 (commencement of operations) through December
31, 1999.
See notes to financial statements
21
<PAGE>
FUTURITY, FUTURITY II, FUTURITY FOCUS AND FUTURITY ACCOLADE SUB-ACCOUNTS
INCLUDED IN
SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
STATEMENTS OF CHANGES IN NET ASSETS -- continued
<TABLE>
<CAPTION>
OP1 OP2 OP3
Sub-Account Sub-Account Sub-Account
----------------------------- ----------------------------- -----------------------------
Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
December 31, December 31, December 31, December 31, December 31, December 31,
1999 1998 (a) 1999 1998 (a) 1999 1998 (b)
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss).... $ 147,083 $(13,451 ) $ 63,482 $ 235 $(18,870 ) $(1,846 )
Net realized gains (losses)..... 49,711 (15,929 ) 15,513 (19,298 ) 34,433 (7,219 )
Net unrealized gains (losses)... (317,549) 201,803 547,534 41,964 (44,591 ) 28,952
----------- ---------- ---------- -------- ---------- --------
Increase (Decrease) in net
assets from operations..... $ (120,755) $172,423 $626,529 $22,901 $(29,028 ) $19,887
----------- ---------- ---------- -------- ---------- --------
PARTICIPANT TRANSACTIONS:
Accumulation activity:
Purchase payments received.... $ 2,729,165 2$,532,266 1$,550,529 7$72,014 $485,930 5$07,596
Net transfers between
Sub-Accounts and Fixed
Account...................... 6,567,188 1,176,486 1,198,601 114,451 1,779,308 197,133
Withdrawals, surrenders,
annuitizations and contract
charges...................... (574,346) (21,619 ) (132,625 ) (3,783 ) (129,696 ) (8,885 )
----------- ---------- ---------- -------- ---------- --------
Net accumulation activity... $ 8,722,007 3$,687,133 2$,616,505 8$82,682 2$,135,542 6$95,844
----------- ---------- ---------- -------- ---------- --------
Annuitization activity:
Annuitizations................ $ 11,643 $ -- $ 42,401 $ -- $ 11,596 $ --
Annuity payments.............. (586) -- (2,165 ) -- (845 ) --
Adjustments to annuity
reserve...................... 248 -- (667 ) -- (1,085 ) --
----------- ---------- ---------- -------- ---------- --------
Net annuitization
activity................... $ 11,305 $ -- $ 39,569 $ -- $ 9,666 $ --
----------- ---------- ---------- -------- ---------- --------
Increase (Decrease) in net
assets from participant
transactions................... $ 8,733,312 3$,687,133 2$,656,074 8$82,682 2$,145,208 6$95,844
----------- ---------- ---------- -------- ---------- --------
Increase (Decrease) in net
assets....................... $ 8,612,557 3$,859,556 3$,282,603 9$05,583 2$,116,180 7$15,731
NET ASSETS:
Beginning of year............... 3,859,556 -- 905,583 -- 715,731 --
----------- ---------- ---------- -------- ---------- --------
End of year..................... $12,472,113 3$,859,556 4$,188,186 9$05,583 2$,831,911 7$15,731
=========== ========== ========== ======== ========== ========
</TABLE>
(a) For the period February 20, 1998 (commencement of operations) through
December 31, 1998.
(b) For the period March 27, 1998 (commencement of operations) through December
31, 1998.
See notes to financial statements
22
<PAGE>
FUTURITY, FUTURITY II, FUTURITY FOCUS AND FUTURITY ACCOLADE SUB-ACCOUNTS
INCLUDED IN
SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
STATEMENTS OF CHANGES IN NET ASSETS -- continued
<TABLE>
<CAPTION>
OP4 SB1 SB2
Sub-Account Sub-Account Sub-Account
----------------------------- ----------------------------- -----------------------------
Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
December 31, December 31, December 31, December 31, December 31, December 31,
1999 1998 (b) 1999 1998 (a) 1999 1998 (a)
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss).... $ (7,226 ) $ (1 ) $8,032 $3,553 $(4,606 ) $ (252 )
Net realized gains (losses)..... 1,938 -- 8,199 (1,757 ) 21,954 (857 )
Net unrealized gains (losses)... (2,067 ) 54 45,162 23,271 33,353 19,454
---------- ------ -------- -------- -------- --------
Increase (Decrease) in net
assets from operations..... $ (7,355 ) $ 53 $61,393 $25,067 $50,701 $18,345
---------- ------ -------- -------- -------- --------
PARTICIPANT TRANSACTIONS:
Accumulation activity:
Purchase payments received.... 1$,632,027 1$,000 $21,563 2$00,980 1$19,751 2$63,704
Net transfers between
Sub-Accounts and Fixed
Account...................... 883,782 -- 101,209 8,030 188,767 49,888
Withdrawals, surrenders,
annuitizations and contract
charges...................... (31,887 ) -- (28,493 ) (2,808 ) (28,268 ) (1,853 )
---------- ------ -------- -------- -------- --------
Net accumulation activity... 2$,483,922 1$,000 $94,279 2$06,202 2$80,250 3$11,739
---------- ------ -------- -------- -------- --------
Annuitization activity:
Annuitizations................ $ -- $-- $ -- $ -- $ -- $ --
Annuity payments.............. -- -- -- -- -- --
Adjustments to annuity
reserve...................... -- -- -- -- -- --
---------- ------ -------- -------- -------- --------
Net annuitization
activity................... $ -- $-- $ -- $ -- $ -- $ --
---------- ------ -------- -------- -------- --------
Increase (Decrease) in net
assets from participant
transactions................... 2$,483,922 1$,000 $94,279 2$06,202 2$80,250 3$11,739
---------- ------ -------- -------- -------- --------
Increase (Decrease) in net
assets....................... 2$,476,567 1$,053 1$55,672 2$31,269 3$30,951 3$30,084
NET ASSETS:
Beginning of year............... 1,053 -- 231,269 -- 330,084 --
---------- ------ -------- -------- -------- --------
End of year..................... 2$,477,620 1$,053 3$86,941 2$31,269 6$61,035 3$30,084
========== ====== ======== ======== ======== ========
</TABLE>
(a) For the period March 27, 1998 (commencement of operations) through December
31, 1998.
(b) For the period December 15, 1998 (commencement of operations) through
December 31, 1998.
See notes to financial statements
23
<PAGE>
FUTURITY, FUTURITY II, FUTURITY FOCUS AND FUTURITY ACCOLADE SUB-ACCOUNTS
INCLUDED IN
SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
STATEMENTS OF CHANGES IN NET ASSETS -- continued
<TABLE>
<CAPTION>
SB3 SB4 SCA1
Sub-Account Sub-Account Sub-Account
----------------------------- ----------------------------- -----------------------------
Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
December 31, December 31, December 31, December 31, December 31, December 31,
1999 1998 (a) 1999 1998 (b) 1999 1998 (d)
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss).... $265,621 $121,348 $ 87,064 $ 39,286 $ 121,386 $ 3
Net realized gains (losses)..... (42,967 ) 9,630 29,816 (1,146 ) -- --
Net unrealized gains (losses)... (245,059 ) (66,852 ) (209,993 ) 64,469 -- --
---------- ---------- ---------- ---------- ----------- ------
Increase (Decrease) in net
assets from operations..... $(22,405 ) $ 64,126 $(93,113 ) $102,609 $ 121,386 $ 3
---------- ---------- ---------- ---------- ----------- ------
PARTICIPANT TRANSACTIONS:
Accumulation activity:
Purchase payments received.... $186,390 2$,139,351 $ 31,408 1$,946,618 $ 9,316,611 2$,000
Net transfers between
Sub-Accounts and Fixed
Account...................... 4,084,937 722,156 4,100,758 945,488 2,207,048 --
Withdrawals, surrenders,
annuitizations and contract
charges...................... (416,075 ) (13,933 ) (391,898 ) (11,783 ) (299,102) --
---------- ---------- ---------- ---------- ----------- ------
Net accumulation activity... 3$,855,252 2$,847,574 3$,740,268 2$,880,323 $11,224,557 2$,000
---------- ---------- ---------- ---------- ----------- ------
Annuitization activity:
Annuitizations................ $ 30,708 $ -- $ 16,929 $ -- $ -- $--
Annuity payments.............. (1,119 ) -- (401 ) -- -- --
Adjustments to annuity
reserve...................... (764 ) -- (633 ) -- -- --
---------- ---------- ---------- ---------- ----------- ------
Net annuitization
activity................... $ 28,825 $ -- $ 15,895 $ -- $ -- $--
---------- ---------- ---------- ---------- ----------- ------
Increase (Decrease) in net
assets from participant
transactions................... 3$,884,077 2$,847,574 3$,756,163 2$,880,323 $11,224,557 2$,000
---------- ---------- ---------- ---------- ----------- ------
Increase (Decrease) in net
assets....................... 3$,861,672 2$,911,700 3$,663,050 2$,982,932 $11,345,943 2$,003
NET ASSETS:
Beginning of year............... 2,911,700 -- 2,982,932 -- 2,003 --
---------- ---------- ---------- ---------- ----------- ------
End of year..................... 6$,773,372 2$,911,700 6$,645,982 2$,982,932 $11,347,946 2$,003
========== ========== ========== ========== =========== ======
</TABLE>
(a) For the period February 20, 1998 (commencement of operations) through
December 31, 1998.
(b) For the period March 27, 1998 (commencement of operations) through December
31, 1998.
(d) For the period December 15, 1998 (commencement of operations) through
December 31, 1998.
See notes to financial statements
24
<PAGE>
FUTURITY, FUTURITY II, FUTURITY FOCUS AND FUTURITY ACCOLADE SUB-ACCOUNTS
INCLUDED IN
SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
STATEMENTS OF CHANGES IN NET ASSETS -- continued
<TABLE>
<CAPTION>
SCA2 SCA3 SCA4 SCA5
Sub-Acount Sub-Acount Sub-Acount Sub-Acount
----------------------------- ----------------------------- ------------- -------------
Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
December 31, December 31, December 31, December 31, December 31, December 31,
1999 1998 (a) 1999 1998 (a) 1999 (b) 1999 (b)
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss).... $142,200 $ 13 $ 61,844 $ (1 ) $ (3,062 ) $ 78,405
Net realized gains (losses)..... (27,836 ) (1) (2,410 ) -- 5,981 3,631
Net unrealized gains (losses)... (167,158 ) 21 (70,578 ) 97 217,754 437,614
---------- ------- ---------- ------ ---------- ----------
Increase (Decrease) in net
assets from operations..... $(52,794 ) $ 33 $(11,144 ) $ 96 $220,673 $519,650
---------- ------- ---------- ------ ---------- ----------
PARTICIPANT TRANSACTIONS:
Accumulation activity:
Purchase payments received.... 2$,424,622 $18,000 $407,264 7$,000 $278,857 $398,676
Net transfers between
Sub-Accounts and Fixed
Account...................... 5,953,092 -- 942,992 -- 863,821 2,064,556
Withdrawals, surrenders,
annuitizations and contract
charges...................... (374,597 ) -- (35,618 ) -- (16,360 ) (16,795 )
---------- ------- ---------- ------ ---------- ----------
Net accumulation activity... 8$,003,117 $18,000 1$,314,638 7$,000 1$,126,318 2$,446,437
---------- ------- ---------- ------ ---------- ----------
Annuitization activity:
Annuitizations................ $278,695 $ -- $ 3,427 $-- $ -- $ --
Annuity payments.............. (10,840 ) -- (216 ) -- -- --
Adjustments to annuity
reserve...................... 5,275 -- 7,216 -- -- --
---------- ------- ---------- ------ ---------- ----------
Net annuitization
activity................... $273,130 $ -- $ 10,427 $-- $ -- $ --
---------- ------- ---------- ------ ---------- ----------
Increase (Decrease) in net
assets from participant
transactions................... 8$,276,247 $18,000 1$,325,065 7$,000 1$,126,318 2$,446,437
---------- ------- ---------- ------ ---------- ----------
Increase (Decrease) in net
assets....................... 8$,223,453 $18,033 1$,313,921 7$,096 1$,346,991 2$,966,087
NET ASSETS:
Beginning of year............... 18,033 -- 7,096 -- -- --
---------- ------- ---------- ------ ---------- ----------
End of year..................... 8$,241,486 $18,033 1$,321,017 7$,096 1$,346,991 2$,966,087
========== ======= ========== ====== ========== ==========
</TABLE>
(a) For the period December 15, 1998 (commencement of operations) through
December 31, 1998.
(b) For the period May 17, 1999 (commencement of operations) through December
31, 1999.
See notes to financial statements
25
<PAGE>
FUTURITY, FUTURITY II, FUTURITY FOCUS AND FUTURITY ACCOLADE SUB-ACCOUNTS
INCLUDED IN
SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
STATEMENTS OF CHANGES IN NET ASSETS -- continued
<TABLE>
<CAPTION>
SCA6 WP1 WP2
Sub-Acount Sub-Acount Sub-Acount
------------- ----------------------------- -----------------------------
Year Ended Year Ended Year Ended Year Ended Year Ended
December 31, December 31, December 31, December 31, December 31,
1999 (c) 1999 1998 (a) 1999 1998 (b)
------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss).................. $ (405 ) $ 74,390 $ (679 ) $ 1,885 $(1,361 )
Net realized gains (losses)................... 897 82,122 (4,817 ) 126,813 (33,030 )
Net unrealized gains (losses)................. 53,913 337,601 (3,352 ) 285,485 (1,858 )
-------- ---------- -------- ---------- --------
Increase (Decrease) in net assets from
operations............................... $54,405 $494,113 $(8,848 ) $414,183 ($36,249 )
-------- ---------- -------- ---------- --------
Accumulation activity:
Purchase payments received.................. $41,486 $444,605 1$33,941 $260,046 1$69,921
Net transfers between Sub-Accounts and Fixed
Account.................................... 406,855 1,127,692 40,476 446,267 32,859
Withdrawals, surrenders, annuitizations and
contract charges........................... (1,944 ) (34,519 ) (742 ) (77,459 ) (879 )
-------- ---------- -------- ---------- --------
Net accumulation activity................. 4$46,397 1$,537,778 1$73,675 $628,854 2$01,901
-------- ---------- -------- ---------- --------
Annuitization activity:
Annuitizations.............................. $ -- $ 17,475 $ -- $ -- $ --
Annuity payments............................ -- (925 ) -- -- --
Adjustments to annuity reserve.............. 5,356 (10,499 ) -- -- --
-------- ---------- -------- ---------- --------
Net annuitization activity................ $5,356 $ 6,051 $ -- $ -- $ --
-------- ---------- -------- ---------- --------
Increase (Decrease) in net assets from
participant transactions..................... 4$51,753 1$,543,829 1$73,675 $628,854 2$01,901
-------- ---------- -------- ---------- --------
Increase (Decrease) in net assets........... 5$06,158 2$,037,942 1$64,827 1$,043,037 1$65,652
NET ASSETS:
Beginning of year............................. -- 164,827 -- 165,652 --
-------- ---------- -------- ---------- --------
End of year................................... 5$06,158 2$,202,769 1$64,827 1$,208,689 1$65,652
======== ========== ======== ========== ========
</TABLE>
(a) For the period February 20, 1998 (commencement of operations) through
December 31, 1998.
(b) For the period March 27, 1998 (commencement of operations) through December
31, 1998.
(c) For the period May 17, 1999 (commencement of operations) through December
31, 1999.
See notes to financial statements
26
<PAGE>
FUTURITY, FUTURITY II, FUTURITY FOCUS AND FUTURITY ACCOLADE SUB-ACCOUNTS
INCLUDED IN
SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
STATEMENTS OF CHANGES IN NET ASSETS -- continued
<TABLE>
<CAPTION>
WP3 WP4
Sub-Account Sub-Account
----------------------------- -----------------------------
Year Ended Year Ended Year Ended Year Ended
December 31, December 31, December 31, December 31,
1999 1998 (a) 1999 1998 (a)
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss).............................. $(3,389 ) $ (535 ) $ 83,413 $(2,271 )
Net realized gains (losses)............................... 6,481 (239 ) 57,255 (26,102 )
Net unrealized gains (losses)............................. 194,879 7,438 1,075,180 29,531
-------- -------- ---------- --------
Increase (Decrease) in net assets from operations..... 1$97,971 $6,664 1$,215,848 $1,158
-------- -------- ---------- --------
PARTICIPATION TRANSACTIONS:
Accumulation activity:
Purchase payments received.............................. 1$18,924 1$13,755 $528,621 3$78,201
Net transfers between Sub-Accounts and Fixed Account.... 322,835 17,358 1,685,706 (5,371 )
Withdrawals, surrenders, annuitizations and contract
charges................................................ (36,788 ) (830 ) (56,865 ) (2,707 )
-------- -------- ---------- --------
Net accumulation activity............................. 4$04,971 1$30,283 2$,157,462 3$70,123
-------- -------- ---------- --------
Annuitization activity:
Annuitizations.......................................... $18,900 $ -- $ -- $ --
Annuity payments........................................ (794 ) -- -- --
Annuity transfers....................................... -- -- -- --
-------- -------- ---------- --------
Adjustments to annuity reserve.......................... (7,889 ) -- -- --
-------- -------- ---------- --------
Net annuitization activity............................ $10,217 $ -- $ -- $ --
-------- -------- ---------- --------
Increase (Decrease) in net assets from participant
transactions............................................. 4$15,188 1$30,283 2$,157,462 3$70,123
Increase (Decrease) in net assets....................... 6$13,159 1$36,947 3$,373,310 3$71,281
NET ASSETS:
Beginning of year......................................... 136,947 -- 371,281 --
-------- -------- ---------- --------
End of year............................................... 7$50,106 1$36,947 3$,744,591 3$71,281
======== ======== ========== ========
</TABLE>
(a) For the period March 27, 1998 (commencement of operations) through
December 31, 1998.
See notes to financial statements
27
<PAGE>
FUTURITY, FUTURITY II, FUTURITY FOCUS AND FUTURITY ACCOLADE SUB-ACCOUNTS
INCLUDED IN
SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
NOTES TO FINANCIAL STATEMENTS
(1) ORGANIZATION
Sun Life of Canada (U.S.) Variable Account F (the "Variable Account") is a
separate account of Sun Life Assurance Company of Canada (U.S.), (the
"Sponsor"), and was established on July 13, 1989 as a funding vehicle for the
variable portion of Futurity contracts, Futurity II contracts, Futurity Focus
contracts and Futurity Accolade contracts (collectively, the "Contracts") and
certain other group and individual fixed and variable annuity contracts issued
by the Sponsor. 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 single corresponding investment portfolio
of certain registered open-end mutual funds. With respect to the Futurity
contracts, the Funds are: AIM Variable Insurance Funds, Inc., The Alger American
Fund, Goldman Sachs Variable Insurance Trust, J.P. Morgan Series Trust II, Lord
Abbett Series Fund, Inc., MFS/ Sun Life Series Trust, OCC Accumulation Trust,
Salomon Brothers Variable Series Funds Inc. and Warburg Pincus Trust. With
respect to the Futurity II contracts, the Funds are: AIM Variable Insurance
Funds, Inc., The Alger American Fund, Goldman Sachs Variable Insurance Trust,
J.P. Morgan Series Trust II, Lord Abbett Series Fund, Inc., MFS/Sun Life Series
Trust, OCC Accumulation Trust, Sun Capital Advisers Trust and Warburg Pincus
Trust. With respect to the Futurity Focus contracts, the Funds are: AIM Variable
Insurance Funds, Inc., The Alger American Fund, Goldman Sachs Variable Insurance
Trust, J.P. Morgan Series Trust II, Lord Abbett Series Fund, Inc., MFS/Sun Life
Series Trust, OCC Accumulation Trust, Sun Capital Advisers Trust and Warburg
Pincus Trust. With respect to the Futurity Accolade contracts, the Funds are:
AIM Variable Insurance Funds, Inc., The Alger American Fund, Goldman Sachs
Variable Insurance Trust, J.P. Morgan Series Trust II, Lord Abbet
Series Fund, Inc., MFS/Sun Life Series Trust, OCC Accumulation Trust and Sun
Capital Advisers Trust (collectively, "the Funds"). Massachusetts Financial
Services Company, an affiliate of the Sponsor, is the investment adviser to
MFS/Sun Life Series Trust. Sun Capital Advisers Inc., an affiliate of the
Sponsor, is the investment adviser to Sun Capital Advisers Trust.
(2) SIGNIFICANT ACCOUNTING POLICIES
GENERAL
The preparation of financial statements in conformity with generally accepted
accounting principles requires the Sponsor's management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenue and expenses during the reporting
period. Actual results could differ from those estimates.
INVESTMENT VALUATIONS
Investments in shares of the Funds are recorded at their net asset value.
Realized gains and losses on sales of shares of the Funds are determined on the
identified cost basis. Dividend income and capital gain distributions received
by the Sub-Accounts are reinvested in additional Fund shares and are recognized
on the ex-dividend date.
Exchanges between Sub-Accounts requested by contract participants are recorded
in the new Sub-Account upon receipt of the redemption proceeds.
28
<PAGE>
FUTURITY, FUTURITY II, FUTURITY FOCUS AND FUTURITY ACCOLADE SUB-ACCOUNTS
INCLUDED IN
SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
NOTES TO FINANCIAL STATEMENTS -- continued
(2) SIGNIFICANT ACCOUNTING POLICIES
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 taxable and,
therefore, no provision has been made for federal income taxes.
(3) CONTRACT CHARGES
A mortality and expense risk charge based on the value of the Sub-Accounts
included in 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. The deductions are transferred periodically to the Sponsor. Currently,
the deduction is at an effective annual rate of 1.25% for Futurity and Futurity
II contracts, 1.00% for Futurity Focus contracts and 1.30% for Futurity Accolade
contracts.
Each year on the account anniversary, an account administration fee ("Account
Fee") equal to the lesser of $30 in the case of Futurity contracts, $35 in the
case of Futurity II contracts and Futurity Accolade contracts and $50 in the
case of Futurity Focus contracts or 2% of the participant's account value in
Account Years one through five (thereafter, the Account Fee may be changed
annually, but it may not exceed the lesser of $50 or 2% of the participant's
account value) is deducted from the participant's account to reimburse the
Sponsor for certain administrative expenses. After the annuity commencement
date, the Account Fee will be deducted pro rata from each variable annuity
payment made during the year. As reimbursement for administrative expenses
attributable to contracts which exceed the revenues received from the Account
Fees, the Sponsor makes a deduction from the Variable Account at the end of each
valuation period at an effective annual rate of 0.15% of the net assets
attributable to such Contracts.
The Sponsor does not deduct a sales charge from purchase payments. However, a
withdrawal charge (contingent deferred sales charge) of up to 8% of certain
amounts withdrawn, when applicable, may be deducted to cover certain expenses
relating to the sale of the Futurity, Futurity II, and Futurity Focus Contracts,
including commissions paid to sales personnel, the costs of preparation of sales
literature, and other promotional costs and acquisition expenses.
(4) ANNUITY RESERVES
Annuity reserves are calculated using the 1983 Individual Annuitant Mortality
Table and an assumed interest rate of 3% per year. Required adjustments to the
reserves are accomplished by transfers to or from the Sponsor.
29
<PAGE>
FUTURITY, FUTURITY II, FUTURITY FOCUS AND FUTURITY ACCOLADE SUB-ACCOUNTS
INCLUDED IN
SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
NOTES TO FINANCIAL STATEMENTS -- continued
(5) UNIT ACTIVITY FROM PARTICIPANT TRANSACTIONS
<TABLE>
<CAPTION>
Units Outstanding
Beginning of Year Units Purchased
------------------------------ ------------------------------
Year Ended Year Ended Year Ended Year Ended
December 31, December 31, December 31, December 31,
1999 1998 1999 1998
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
FUTURITY CONTRACTS:
AIM1 (a) 141,292 -- 37,449 120,297
AIM2 (a) 204,502 -- 28,920 188,055
AIM3 (b) 332,662 -- 43,138 211,522
AIM4 (a) 216,812 -- 22,277 175,562
AL1 (b) 285,990 -- 96,119 220,381
AL2 (b) 194,995 -- 37,009 166,134
AL3 (b) 77,472 -- 12,426 46,464
GS1 (c) 210,952 -- 34,405 174,066
GS2 (a) 31,476 -- 556 28,820
GS3 (a) 282,488 -- 25,986 245,810
GS4 (a) 199,770 -- 10,206 146,654
GS5 (d) 30,394 -- 2,948 22,922
JP1 (b) 293,787 -- 83,392 153,409
JP2 (b) 52,419 -- 9,614 43,568
JP3 (b) 22,655 -- 8,150 14,226
LA1 (b) 333,805 -- 61,424 295,576
CAS (e) 403,733 -- 35,843 182,671
EGS (a) 397,132 -- 60,135 286,458
HYS (e) 217,924 -- 27,858 136,139
MMS (a) 371,404 -- 29,531 520,396
UTS (b) 278,221 -- 49,525 168,365
GSS (a) 150,350 -- 31,435 124,697
OP1 (a) 363,748 -- 45,042 249,514
OP2 (a) 93,160 -- 19,463 80,719
OP3 (b) 86,567 -- 11,061 62,966
SB1 (b) 21,329 -- 1,994 20,954
SB2 (b) 32,282 -- 11,451 27,151
SB3 (a) 277,473 -- 17,918 208,817
SB4 (b) 293,921 -- 4,406 199,267
WP1 (a) 22,480 -- 9,591 17,004
WP2 (b) 18,253 -- 5,461 17,656
WP3 (b) 14,715 -- 4,811 12,602
WP4 (b) 41,843 -- 2,953 42,727
<CAPTION>
Units Transferred
Between Sub-Accounts
and Units Withdrawn,
Fixed Accumulation Surrendered, and Units Outstanding
Account Annuitized End of Year
------------------------------ ------------------------------ ------------------------------
Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
December 31, December 31, December 31, December 31, December 31, December 31,
1999 1998 1999 1998 1999 1998
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
FUTURITY CONTRACTS:
AIM1 68,417 21,989 (19,423) (994) 227,735 141,292
AIM2 219,720 18,286 (10,712) (1,839) 442,430 204,502
AIM3 451,578 126,191 (27,993) (5,051) 799,385 332,662
AIM4 238,494 42,064 (18,770) (814) 458,813 216,812
AL1 424,506 66,702 (51,286) (1,093) 755,329 285,990
AL2 249,731 33,387 (46,903) (4,526) 434,832 194,995
AL3 96,080 31,855 (3,758) (847) 182,220 77,472
GS1 194,122 37,773 (16,398) (887) 423,081 210,952
GS2 51,143 2,730 (2,812) (74) 80,363 31,476
GS3 289,621 41,721 (22,792) (5,043) 575,303 282,488
GS4 109,158 54,644 (18,062) (1,528) 301,072 199,770
GS5 31,634 7,479 (2,001) (7) 62,975 30,394
JP1 220,364 143,890 (28,588) (3,512) 568,955 293,787
JP2 50,228 9,107 (6,937) (256) 105,324 52,419
JP3 11,780 8,529 (1,450) (100) 41,135 22,655
LA1 328,125 40,527 (42,184) (2,298) 681,170 333,805
CAS 74,342 225,749 (23,482) (4,687) 490,436 403,733
EGS 231,410 114,747 (44,248) (4,073) 644,429 397,132
HYS 363,603 82,554 (28,271) (769) 581,114 217,924
MMS 399,896 (145,427) (137,740) (3,565) 663,091 371,404
UTS 482,058 110,939 (47,559) (1,083) 762,245 278,221
GSS 482,313 30,755 (28,386) (5,102) 635,712 150,350
OP1 407,891 116,381 (46,676) (2,147) 770,005 363,748
OP2 104,339 12,844 (8,463) (403) 208,499 93,160
OP3 152,550 24,744 (14,649) (1,143) 235,529 86,567
SB1 8,915 660 (2,599) (285) 29,639 21,329
SB2 17,512 5,324 (2,530) (193) 58,715 32,282
SB3 394,310 69,996 (40,441) (1,340) 649,260 277,473
SB4 398,605 95,844 (39,609) (1,190) 657,323 293,921
WP1 37,994 5,576 (1,995) (100) 68,070 22,480
WP2 36,942 697 (7,725) (100) 52,931 18,253
WP3 5,081 2,213 (3,289) (100) 21,318 14,715
WP4 114,098 (84) (5,437) (800) 153,457 41,843
</TABLE>
(a) For the period February 20, 1998 (commencement of operations) through
December 31, 1998.
(b) For the period March 27, 1998 (commencement of operations) through December
31, 1998.
(c) For the period March 12, 1998 (commencement of operations) through December
31, 1998.
(d) For the period March 17, 1998 (commencement of operations) through December
31, 1998.
(e) For the period February 26, 1998 (commencement of operations) through
December 31, 1998.
30
<PAGE>
FUTURITY, FUTURITY II, FUTURITY FOCUS AND FUTURITY ACCOLADE SUB-ACCOUNTS
INCLUDED IN
SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
NOTES TO FINANCIAL STATEMENTS -- continued
(5) UNIT ACTIVITY FROM PARTICIPANT TRANSACTIONS -- continued
<TABLE>
<CAPTION>
Units Outstanding
Beginning of Year Units Purchased
------------------------------ ------------------------------
Year Ended Year Ended Year Ended Year Ended
December 31, December 31, December 31, December 31,
1999 1998 1999 1998
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
FUTURITY II CONTRACTS:
AIM1 (a) 100 -- 181,039 100
AIM2 (a) 1,049 -- 538,285 1,049
AIM3 (a) 1,704 -- 573,115 1,704
AIM4 (b) 2,553 -- 277,892 2,553
AL1 (a) 2,044 -- 798,097 2,044
AL2 (b) 1,785 -- 330,958 1,785
AL3 (a) 100 -- 134,245 100
GS1 (c) 786 -- 340,043 786
GS2 (a) 100 -- 26,340 100
GS3 (b) 2,341 -- 322,630 2,341
GS4 (a) 100 -- 78,401 100
GS5 (c) 578 -- 58,284 578
JP1 (a) 474 -- 315,983 474
JP2 (a) 100 -- 57,728 100
JP3 (a) 100 -- 39,434 100
LA1 (b) 1,763 -- 389,191 1,763
CAS (a) 2,367 -- 251,500 2,367
EGS (c) 3,662 -- 455,194 3,662
HYS (b) 729 -- 199,927 729
UTS (c) 821 -- 237,960 821
GSS (b) 1,027 -- 236,734 1,027
TRS (d) -- -- 145,867 --
MIT (d) -- -- 274,552 --
NWD (d) -- -- 31,539 --
MIS (d) -- -- 314,530 --
OP1 (b) 1,517 -- 196,083 1,517
OP2 (a) 150 -- 95,779 150
OP3 (a) 100 -- 36,287 100
OP4 (a) 100 -- 120,357 100
SCA1 (a) 200 -- 516,555 200
SCA2 (a) 1,806 -- 212,361 1,806
SCA3 (a) 705 -- 40,953 705
SCA4 (e) -- -- 14,166 --
SCA5 (e) -- -- 17,823 --
SCA6 (e) -- -- 3,004 --
WP1 (a) 100 -- 24,172 100
WP2 (a) 100 -- 17,409 100
WP3 (a) 100 -- 5,483 100
WP4 (a) 100 -- 41,639 100
<CAPTION>
Units Transferred
Between Sub-Accounts
and Units Withdrawn,
Fixed Accumulation Surrendered, and Units Outstanding
Account Annuitized End of Year
------------------------------ ------------------------------ ------------------------------
Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
December 31, December 31, December 31, December 31, December 31, December 31,
1999 1998 1999 1998 1999 1998
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
FUTURITY II CONTRACTS:
AIM1 123,465 -- (4,955) -- 299,649 100
AIM2 482,701 -- (24,533) -- 997,502 1,049
AIM3 656,563 -- (17,938) -- 1,213,444 1,704
AIM4 405,813 -- (26,694) -- 659,564 2,553
AL1 841,456 -- (21,446) -- 1,620,151 2,044
AL2 441,029 -- (17,839) -- 755,933 1,785
AL3 93,499 -- (5,898) -- 221,946 100
GS1 282,453 -- (12,429) -- 610,853 786
GS2 46,936 -- (1,555) -- 71,821 100
GS3 417,400 -- (27,737) -- 714,634 2,341
GS4 126,524 -- (2,740) -- 202,285 100
GS5 62,982 -- (1,965) -- 119,879 578
JP1 321,619 -- (13,072) -- 625,004 474
JP2 63,482 -- (2,767) -- 118,543 100
JP3 18,564 -- (463) -- 57,635 100
LA1 607,156 -- (15,964) -- 982,146 1,763
CAS 255,332 -- (8,903) -- 500,296 2,367
EGS 370,763 -- (25,152) -- 804,467 3,662
HYS 365,635 -- (12,291) -- 554,000 729
UTS 334,919 -- (21,239) -- 552,461 821
GSS 591,096 -- (21,291) -- 807,566 1,027
TRS 76,462 -- (11,284) -- 211,045 --
MIT 361,529 -- (6,897) -- 629,184 --
NWD 67,961 -- (288) -- 99,212 --
MIS 250,304 -- (10,654) -- 554,180 --
OP1 198,204 -- (7,187) -- 388,617 1,517
OP2 17,112 -- (4,189) -- 108,852 150
OP3 54,017 -- (1,806) -- 88,598 100
OP4 78,975 -- (2,615) -- 196,817 100
SCA1 220,638 -- (37,843) -- 699,550 200
SCA2 603,561 -- (49,583) -- 768,145 1,806
SCA3 98,307 -- (8,117) -- 131,848 705
SCA4 84,139 -- (1,485) -- 96,820 --
SCA5 202,111 -- (2,819) -- 217,115 --
SCA6 41,050 -- (185) -- 43,869 --
WP1 44,318 -- (1,413) -- 67,177 100
WP2 12,438 -- (8) -- 29,939 100
WP3 17,472 -- (529) -- 22,526 100
WP4 39,443 -- (1,304) -- 79,878 100
</TABLE>
(a) For the period December 15, 1998 (commencement of operations) through
December 31, 1998.
(b) For the period December 17, 1998 (commencement of operations) through
December 31, 1998.
(c) For the period December 29, 1998 (commencement of operations) through
December 31, 1998.
(d) For the period May 17, 1999 (commencement of operations) through December
31, 1999.
(e) For the period September 13, 1999 (commencement of operations) through
December 31, 1999.
31
<PAGE>
FUTURITY, FUTURITY II, FUTURITY FOCUS AND FUTURITY ACCOLADE SUB-ACCOUNTS
INCLUDED IN
SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
NOTES TO FINANCIAL STATEMENTS -- continued
(5) UNIT ACTIVITY FROM PARTICIPANT TRANSACTIONS -- continued
<TABLE>
<CAPTION>
Units Outstanding
Beginning of Year Units Purchased
------------------------------ ------------------------------
Year Ended Year Ended Year Ended Year Ended
December 31, December 31, December 31, December 31,
1999 1998 1999 1998
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
FUTURITY FOCUS CONTRACTS:
AIM1 (a) -- -- 13,472 --
AIM2 (a) -- -- 34,933 --
AIM3 (a) -- -- 60,253 --
AIM4 (a) -- -- 26,210 --
AL1 (a) -- -- 44,079 --
AL2 (a) -- -- 34,264 --
AL3 (a) -- -- 9,602 --
GS1 (a) -- -- 4,016 --
GS2 (a) -- -- 1,112 --
GS3 (a) -- -- 20,053 --
GS4 (a) -- -- 29,333 --
GS5 (a) -- -- 7,451 --
JP1 (a) -- -- 24,288 --
JP2 (a) -- -- 12,279 --
JP3 (a) -- -- 2,178 --
LA1 (b) -- -- 38,221 --
CAS (a) -- -- 21,046 --
EGS (a) -- -- 46,092 --
HYS (a) -- -- 25,654 --
UTS (a) -- -- 21,976 --
GSS (a) -- -- 48,404 --
TRS (b) -- -- 8,393 --
MIT (b) -- -- 74,974 --
NWD (b) -- -- 7,662 --
MIS (b) -- -- 34,173 --
OP1 (a) -- -- 10,772 --
OP2 (a) -- -- 10,112 --
OP3 (a) -- -- 3,882 --
OP4 (a) -- -- 4,578 --
SCA1 (a) -- -- 252,106 --
SCA2 (a) -- -- 34,864 --
SCA3 (a) -- -- 2,727 --
SCA4 (c) -- -- 319 --
SCA5 (c) -- -- 100 --
SCA6 (c) -- -- 578 --
WP1 (a) -- -- 989 --
WP2 (a) -- -- 100 --
WP3 (a) -- -- 100 --
WP4 (a) -- -- 123 --
<CAPTION>
Units Transferred
Between Sub-Accounts
and Units Withdrawn,
Fixed Accumulation Surrendered, and Units Outstanding
Account Annuitized End of Year
------------------------------ ------------------------------ ------------------------------
Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
December 31, December 31, December 31, December 31, December 31, December 31,
1999 1998 1999 1998 1999 1998
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
FUTURITY FOCUS CONTRACTS:
AIM1 181 -- (36) -- 13,617 --
AIM2 1,199 -- (259) -- 35,873 --
AIM3 2,227 -- (8,373) -- 54,107 --
AIM4 (398) -- (475) -- 25,337 --
AL1 2,632 -- (7,869) -- 38,842 --
AL2 (404) -- (1,424) -- 32,436 --
AL3 (382) -- (45) -- 9,175 --
GS1 76 -- (7) -- 4,085 --
GS2 -- -- -- -- 1,112 --
GS3 950 -- (405) -- 20,598 --
GS4 -- -- (76) -- 29,257 --
GS5 1,193 -- (23) -- 8,621 --
JP1 676 -- (6,274) -- 18,690 --
JP2 29 -- (74) -- 12,234 --
JP3 541 -- (10) -- 2,709 --
LA1 3,486 -- (1,429) -- 40,278 --
CAS 2,087 -- (82) -- 23,051 --
EGS 1,755 -- (6,539) -- 41,308 --
HYS 1,092 -- (4,817) -- 21,929 --
UTS 121 -- (1,412) -- 20,685 --
GSS (5,086) -- (388) -- 42,930 --
TRS 489 -- (41) -- 8,841 --
MIT 1,759 -- (2,255) -- 74,478 --
NWD (525) -- (9) -- 7,128 --
MIS 1,363 -- (5,611) -- 29,925 --
OP1 (3,121) -- (263) -- 7,388 --
OP2 (2,840) -- (296) -- 6,976 --
OP3 -- -- -- -- 3,882 --
OP4 1,122 -- (31) -- 5,669 --
SCA1 9,073 -- (219,651) -- 41,528 --
SCA2 796 -- (1,076) -- 34,584 --
SCA3 289 -- (374) -- 2,642 --
SCA4 1,839 -- (218) -- 1,940 --
SCA5 2,630 -- (380) -- 2,350 --
SCA6 675 -- -- -- 1,253 --
WP1 483 -- -- -- 1,472 --
WP2 761 -- -- -- 861 --
WP3 -- -- -- -- 100 --
WP4 71 -- -- -- 194 --
</TABLE>
(a) For the period May 15, 1999 (commencement of operations) through December
31, 1999.
(b) For the period May 17, 1999 (commencement of operations) through December
31, 1999.
(c) For the period September 13, 1999 (commencement of operations) through
December 31, 1999.
32
<PAGE>
FUTURITY, FUTURITY II, FUTURITY FOCUS AND FUTURITY ACCOLADE SUB-ACCOUNTS
INCLUDED IN
SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
NOTES TO FINANCIAL STATEMENTS -- continued
(5) UNIT ACTIVITY FROM PARTICIPANT TRANSACTIONS -- continued
<TABLE>
<CAPTION>
Units Transferred
Between Sub-Accounts
and
Units Outstanding Fixed Accumulation
Beginning of Year Units Purchased Account
----------------------------- ----------------------------- -----------------------------
Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
December 31, December 31, December 31, December 31, December 31, December 31,
1999 1998 1999 1998 1999 1998
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
FUTURITY ACCOLADE CONTRACTS (A):
AIM1 -- -- 28,060 -- (36) --
AIM2 -- -- 71,949 -- 184 --
AIM3 -- -- 41,491 -- 64 --
AIM4 -- -- 40,241 -- (216) --
AL1 -- -- 78,117 -- 248 --
AL2 -- -- 25,632 -- 82 --
AL3 -- -- 12,969 -- 7 --
GS1 -- -- 17,566 -- (22) --
GS2 -- -- 1,535 -- 244 --
GS3 -- -- 23,176 -- 253 --
GS4 -- -- 5,354 -- -- --
GS5 -- -- 6,485 -- 236 --
JP1 -- -- 6,364 -- 91 --
JP2 -- -- 10,762 -- (25) --
JP3 -- -- 228 -- 5,370 --
LA1 -- -- 55,648 -- 333 --
CAS -- -- 4,427 -- -- --
EGS -- -- 54,055 -- 4,868 --
HYS -- -- 44,529 -- 279 --
UTS -- -- 49,738 -- 573 --
GSS -- -- 10,569 -- 448 --
TRS -- -- 42,576 -- 259 --
MIT -- -- 48,217 -- 174 --
NWD -- -- 18,756 -- (74) --
MIS -- -- 55,995 -- 35 --
OP1 -- -- 102 -- -- --
OP2 -- -- 19,553 -- (99) --
OP3 -- -- 102 -- -- --
OP4 -- -- 25,960 -- 158 --
SCA1 -- -- 380,262 -- (13,639) --
SCA2 -- -- 11,119 -- 434 --
SCA3 -- -- 2,115 -- 166 --
SCA4 -- -- 9,040 -- (13) --
SCA5 -- -- 17,605 -- 277 --
SCA6 -- -- 410 -- (16) --
<CAPTION>
Units Withdrawn,
Surrendered, and Units Outstanding
Annuitized End of Year
----------------------------- -----------------------------
Year Ended Year Ended Year Ended Year Ended
December 31, December 31, December 31, December 31,
1999 1998 1999 1998
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
FUTURITY ACCOLADE CONTRACTS (A
AIM1 (231) -- 27,793 --
AIM2 (267) -- 71,866 --
AIM3 (321) -- 41,234 --
AIM4 (4) -- 40,021 --
AL1 (373) -- 77,992 --
AL2 (356) -- 25,358 --
AL3 (7) -- 12,969 --
GS1 (255) -- 17,289 --
GS2 (4) -- 1,775 --
GS3 (2) -- 23,427 --
GS4 -- -- 5,354 --
GS5 (139) -- 6,582 --
JP1 -- -- 6,455 --
JP2 (7) -- 10,730 --
JP3 -- -- 5,598 --
LA1 (422) -- 55,559 --
CAS -- -- 4,427 --
EGS (662) -- 58,261 --
HYS (579) -- 44,229 --
UTS (452) -- 49,859 --
GSS (5) -- 11,012 --
TRS (564) -- 42,271 --
MIT (5) -- 48,386 --
NWD (200) -- 18,482 --
MIS (257) -- 55,773 --
OP1 -- -- 102 --
OP2 (384) -- 19,070 --
OP3 -- -- 102 --
OP4 (333) -- 25,785 --
SCA1 -- -- 366,623 --
SCA2 -- -- 11,553 --
SCA3 -- -- 2,281 --
SCA4 -- -- 9,027 --
SCA5 (4) -- 17,878 --
SCA6 -- -- 394 --
</TABLE>
(a) For the period October 15, 1999 (commencement of operations) through
December 31, 1999.
33
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Participants in Futurity, Futurity II, Futurity Focus and Futurity
Accolade
and the Board of Directors of Sun Life Assurance Company of Canada (U.S.):
We have audited the accompanying statement of condition of AIM V.I. Capital
Appreciation Sub-Account, AIM V.I. Growth Sub-Account, AIM V.I. Growth and
Income Sub-Account, AIM V.I. International Equity Sub-Account, The Alger
American Growth Sub-Account, The Alger American Income and Growth Sub-Account,
The Alger American Small Capitalization Sub-Account, Goldman Sachs VIT CORE(SM)
Large Cap Growth Sub-Account, Goldman Sachs VIT CORE(SM) Small Cap Equity
Sub-Account, Goldman Sachs VIT CORE(SM) U.S. Equity Sub-Account, Goldman Sachs
VIT Growth and Income Sub-Account, Goldman Sachs VIT International Equity
Sub-Account, J.P. Morgan U.S. Disciplined Equity Sub-Account, J.P. Morgan
International Opportunities Sub-Account, J.P. Morgan Small Company Sub-Account,
Lord Abbett Growth and Income Sub-Account, MFS/Sun Life Capital Appreciation
Sub-Account, MFS/Sun Life Emerging Growth Sub-Account, MFS/Sun Life High Yield
Sub-Account, MFS/Sun Life Money Market Sub-Account, MFS/Sun Life Utilities
Sub-Account, MFS/Sun Life Government Securities Sub-Account, MFS/Sun Life Total
Return Sub-Account, MFS/Sun Life Massachusetts Investors Trust Sub-Account,
MFS/Sun Life New Discovery Sub-Account, MFS/Sun Life Massachusetts Investors
Growth Stock Sub-Account, OCC Equity Sub-Account, OCC Mid Cap Sub-Account, OCC
Small Cap Sub-Account, OCC Managed Sub-Account, Salomon Brothers Variable
Capital Sub-Account, Salomon Brothers Variable Investors Sub-Account, Salomon
Brothers Variable Strategic Bond Sub-Account, Salomon Brothers Variable Total
Return Sub-Account, Sun Capital Money Market Sub-Account, Sun Capital Investment
Grade Bond Sub-Account, Sun Capital Real Estate Sub-Account, Sun Capital Select
Equity Sub-Account, Sun Capital Blue Chip Mid Cap Sub-Account, Sun Capital
Investors Foundation Sub-Account, Warburg Pincus Emerging Markets Sub-Account,
Warburg Pincus International Equity Sub-Account, Warburg Pincus Post-Venture
Capital Sub-Account and Warburg Pincus Small Company Growth Sub-Account of Sun
Life of Canada (U.S.) Variable Account F, (the "Sub-Accounts") as of
December 31, 1999, the related statement of operations for the year then ended
and the statements of changes in net assets for the years ended December 31,
1999 and 1998. 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 of securities held at December 31, 1999 by correspondence with the
custodian. 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 Sub-Accounts as of December 31, 1999,
the results of their operations and the changes in their net assets for the
respective stated periods in conformity with generally accepted accounting
principles.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
February 10, 2000
<PAGE>
Annual Report
December 31, 1999
[LOGO]
A professionally managed annuity issued by Sun Life Assurance Company of Canada
(U.S.)
<TABLE>
<S> <C>
DIRECTORS AND OFFICERS OF SUN LIFE SUN LIFE ASSURANCE
ASSURANCE COMPANY OF CANADA (U.S.) COMPANY OF CANADA (U.S.)
--------------------------------------------- ---------------------------------------
DONALD A. STEWART, Chairman and Director ANNUITY SERVICE MAILING ADDRESS
C. JAMES PRIEUR, President and Director Sun Life of Canada (U.S.)
JAMES A. McNULTY, III, Senior Vice President, P.O. Box 9133
General Manager and Director Boston, MA 02103-9986
S. CAESAR RABOY, Director GENERAL DISTRIBUTOR
RICHARD B. BAILEY, Director Clarendon Insurance Agency, Inc.
M. COLYER CRUM, Director One Sun Life Executive Park
DAVID D. HORN, Director Wellesley Hills, MA 02481
ANGUS A. MacNAUGHTON, Director AUDITORS
GREGORY W. GEE, Director Deloitte & Touche LLP
PETER F. DEMUTH, Vice President, 200 Berkeley Street
Chief Counsel and Assistant Secretary Boston, MA 02116
DAVEY S. SCOON, Vice President, This report is prepared for the general information
Finance and Treasurer of contract owners and participants. It is
JAMES M. A. ANDERSON, Vice President, authorized for distribution to prospective
Investments purchasers only when preceded or accompanied by an
ROBERT P. VROLYK, Vice President and effective prospectus.
Actuary
ELLEN B. KING, Counsel
and Secretary
</TABLE>
ACCOUNT INFORMATION : For account information, please call toll-free:
1-888-717-4387 anytime from a touch-tone telephone. To speak to a
customer service representative, please call toll-free: 1-888-786-2435
on any business day from 8 a.m. to 6 p.m. Eastern Standard time.
FUTUS-2 2/00 7M
