<PAGE>
REGATTA, REGATTA GOLD, REGATTA CLASSIC, REGATTA PLATINUM AND REGATTA EXTRA
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. Past
performance is no guarantee of future results.
<TABLE>
<CAPTION>
Unit Value
--------------------------------- Percent Change
December 31, 1999 June 30, 2000 in Unit Value
----------------- ------------- --------------
<S> <C> <C> <C>
MFS REGATTA CONTRACTS:
Capital Appreciation Series -- Level
1.................................... $49.8052 $ 52.5697 5.55%
Capital Appreciation Series -- Level
2.................................... 20.1338 21.2670 5.63
Government Securities Series -- Level
1.................................... 17.3110 17.9199 3.52
Government Securities Series -- Level
2.................................... 11.1316 11.5317 3.59
High Yield Series -- Level 1.......... 23.0560 22.9245 (0.57)
High Yield Series -- Level 2.......... 11.7136 11.6554 (0.50)
Managed Sectors Series -- Level 1..... 55.3202 51.0617 (7.70)
Managed Sectors Series -- Level 2..... 24.9629 23.0583 (7.63)
Money Market Series -- Level 1........ 14.0901 14.3820 2.07
Money Market Series -- Level 2........ 11.1554 11.3949 2.15
Total Return Series -- Level 1........ 26.9360 27.5083 2.12
Total Return Series -- Level 2........ 13.5253 13.8229 2.20
Global Governments Series -- Level
1.................................... 17.4756 17.2278 (1.42)
Global Governments Series -- Level
2.................................... 10.4903 10.3492 (1.35)
MFS REGATTA GOLD CONTRACTS:
Bond Series........................... $10.2650 $ 10.5164 2.45%
Capital Appreciation Series........... 45.4986 48.0240 5.55
Capital Opportunities Series.......... 25.0521 26.8630 7.23
Massachusetts Investors Trust
Series............................... 33.5203 33.5269 0.02
Emerging Growth Series................ 39.9489 39.0201 (2.33)
Equity Income Series.................. 10.9848 11.6865 6.39
MFS/Foreign & Colonial Emerging
Markets Equity Series................ 11.2207 10.5982 (5.55)
International Growth and Income
Series............................... 12.6829 12.7223 0.31
International Growth Series........... 15.2129 15.6856 3.11
Government Securities Series.......... 14.5981 15.1115 3.52
High Yield Series..................... 18.9861 18.8779 (0.57)
Managed Sectors Series................ 46.5671 42.9824 (7.70)
Massachusetts Investors Growth Stock
Series............................... 16.0186 16.4989 3.00
Money Market Series................... 12.6229 12.8844 2.07
New Discovery Series.................. 16.6274 18.1925 9.41
Research Series....................... 29.0316 30.7225 5.82
Research Growth and Income Series..... 14.0374 14.1258 0.63
Research International Series......... 14.2620 14.3269 0.46
Strategic Income Series............... 12.1979 10.3638 (15.04)
Total Return Series................... 22.4371 22.9138 2.12
Utilities Series...................... 28.5407 29.4717 3.26
Global Asset Allocation Series........ 18.4932 18.8612 1.99
Global Governments Series............. 14.2506 14.0485 (1.42)
Global Growth Series.................. 29.1523 28.7259 (1.46)
Global Total Return Series............ 18.3636 18.6640 1.64
Strategic Growth Series............... 12.1979 13.0688 7.14
</TABLE>
1
<PAGE>
REGATTA, REGATTA GOLD, REGATTA CLASSIC, REGATTA PLATINUM AND REGATTA EXTRA
SUB-ACCOUNTS INCLUDED IN SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
PERFORMANCE SUMMARY -- continued
<TABLE>
<CAPTION>
Unit Value
--------------------------------- Percent Change
December 31, 1999 June 30, 2000 in Unit Value
----------------- ------------- --------------
<S> <C> <C> <C>
MFS REGATTA CLASSIC CONTRACTS:
Bond Series........................... $10.1232 $ 10.3839 2.58%
Capital Appreciation Series........... 20.0351 21.1731 5.68
Capital Opportunities Series.......... 23.3171 25.0334 7.36
Massachusetts Investors Trust
Series............................... 16.6602 16.6840 0.14
Emerging Growth Series................ 26.4915 25.9073 (2.21)
Equity Income Series.................. 11.2502 11.9836 6.52
MFS/Foreign & Colonial Emerging
Markets Equity Series................ 11.8522 11.2085 (5.43)
International Growth and Income
Series............................... 13.1278 13.1848 0.43
International Growth Series........... 14.7561 15.2333 3.23
Government Securities Series.......... 11.1508 11.5572 3.64
High Yield Series..................... 11.8516 11.7985 (0.45)
Managed Sectors Series................ 24.2876 22.4456 (7.58)
Massachusetts Investors Growth Stock
Series............................... 16.0843 16.5870 3.13
Money Market Series................... 11.1757 11.4212 2.20
New Discovery Series.................. 16.6956 18.2896 9.55
Research Series....................... 17.5948 18.6425 5.95
Research Growth and Income Series..... 13.8731 13.9776 0.75
Research International Series......... 16.8662 16.9638 0.58
Strategic Income Series............... 11.2108 10.3311 (7.85)
Total Return Series................... 13.3948 13.6962 2.25
Utilities Series...................... 19.2810 19.9345 3.39
Global Asset Allocation Series........ 13.5725 13.8596 2.12
Global Governments Series............. 10.7398 10.6006 (1.30)
Global Growth Series.................. 21.3313 21.0452 (1.34)
Global Total Return Series............ 14.0077 14.2543 1.76
Strategic Growth Series............... 11.2108 12.0193 7.21
</TABLE>
2
<PAGE>
REGATTA, REGATTA GOLD, REGATTA CLASSIC, REGATTA PLATINUM AND REGATTA EXTRA
SUB-ACCOUNTS INCLUDED IN SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
PERFORMANCE SUMMARY -- continued
<TABLE>
<CAPTION>
Unit Value
--------------------------------- Percent Change
December 31, 1999 June 30, 2000 in Unit Value
----------------- ------------- --------------
<S> <C> <C> <C>
MFS REGATTA PLATINUM CONTRACTS:
Bond Series........................... $10.0963 $ 10.3426 2.44%
Capital Appreciation Series........... 14.8295 15.6511 5.54
Capital Opportunities Series.......... 15.7265 16.8617 7.22
Massachusetts Investors Trust
Series............................... 11.4075 11.4086 0.01
Emerging Growth Series................ 20.0771 19.6084 (2.33)
Equity Income Series.................. 11.1059 11.8142 6.38
MFS/Foreign & Colonial Emerging
Markets Equity Series................ 12.2711 11.5892 (5.56)
International Growth and Income
Series............................... 12.4412 12.4787 0.30
International Growth Series........... 11.9538 12.3240 3.10
Government Securities Series.......... 10.0675 10.4206 3.51
High Yield Series..................... 10.0101 9.9521 (0.58)
Managed Sectors Series................ 19.3732 17.8801 (7.71)
Massachusetts Investors Growth Stock
Series............................... 15.9430 16.4195 2.99
Money Market Series................... 10.5145 10.7313 2.06
New Discovery Series.................. 16.4450 17.9911 9.40
Research Series....................... 13.4883 14.2725 5.81
Research Growth and Income Series..... 11.0284 11.0968 0.62
Research International Series......... 14.4906 14.5551 0.45
Strategic Income Series............... 12.0212 10.2758 (14.52)
Total Return Series................... 10.4327 10.6533 2.11
Utilities Series...................... 14.1367 14.5964 3.25
Global Asset Allocation Series........ 11.3461 11.5707 1.98
Global Governments Series............. 10.5290 10.3787 (1.43)
Global Growth Series.................. 16.9623 16.7126 (1.47)
Global Total Return Series............ 11.1787 11.3604 1.63
Strategic Growth Series............... 12.0212 12.8788 7.13
</TABLE>
3
<PAGE>
REGATTA, REGATTA GOLD, REGATTA CLASSIC, REGATTA PLATINUM AND REGATTA EXTRA
SUB-ACCOUNTS INCLUDED IN SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
PERFORMANCE SUMMARY -- continued
<TABLE>
<CAPTION>
Unit Value
--------------------------------- Percent Change
December 31, 1999 June 30, 2000 in Unit Value
----------------- ------------- --------------
<S> <C> <C> <C>
MFS REGATTA EXTRA CONTRACTS (a):
Bond Series -- Level 1................ $10.0000 $ 10.1722 1.72%
Bond Series -- Level 2................ 10.0000 10.1701 1.70
Bond Series -- Level 3................ 10.0000 10.1686 1.69
Bond Series -- Level 4................ 10.0000 10.1665 1.67
Capital Appreciation Series -- Level
1.................................... 10.0000 10.6432 6.43
Capital Appreciation Series -- Level
2.................................... 10.0000 10.6409 6.41
Capital Appreciation Series -- Level
3.................................... 10.0000 10.6393 6.39
Capital Appreciation Series -- Level
4.................................... 10.0000 10.6370 6.37
Capital Opportunities Series -- Level
1.................................... 10.0000 10.6956 6.96
Capital Opportunities Series -- Level
2.................................... 10.0000 10.6932 6.93
Capital Opportunities Series -- Level
3.................................... 10.0000 10.6916 6.92
Capital Opportunities Series -- Level
4.................................... 10.0000 10.6892 6.89
Massachusetts Investors Trust
Series -- Level 1.................... 10.0000 10.2115 2.12
Massachusetts Investors Trust
Series -- Level 2.................... 10.0000 10.2092 2.09
Massachusetts Investors Trust
Series -- Level 3.................... 10.0000 10.2076 2.08
Massachusetts Investors Trust
Series -- Level 4.................... 10.0000 10.2053 2.05
Emerging Growth Series -- Level 1..... 10.0000 10.6595 6.60
Emerging Growth Series -- Level 2..... 10.0000 10.6571 6.57
Emerging Growth Series -- Level 3..... 10.0000 10.6555 6.56
Emerging Growth Series -- Level 4..... 10.0000 10.6531 6.53
Equity Income Series -- Level 1....... 10.0000 10.4303 4.30
Equity Income Series -- Level 2....... 10.0000 10.4281 4.28
Equity Income Series -- Level 3....... 10.0000 10.4267 4.27
Equity Income Series -- Level 4....... 10.0000 10.4244 4.24
MFS/Foreign & Colonial Emerging
Markets Equity Series -- Level 1..... 10.0000 10.1255 1.26
MFS/Foreign & Colonial Emerging
Markets Equity Series -- Level 2..... 10.0000 10.1234 1.23
MFS/Foreign & Colonial Emerging
Markets Equity Series -- Level 3..... 10.0000 10.1220 1.22
MFS/Foreign & Colonial Emerging
Markets Equity Series -- Level 4..... 10.0000 10.1199 1.20
International Growth and Income
Series -- Level 1.................... 10.0000 10.2629 2.63
International Growth and Income
Series -- Level 2.................... 10.0000 10.2607 2.61
International Growth and Income
Series -- Level 3.................... 10.0000 10.2592 2.59
International Growth and Income
Series -- Level 4.................... 10.0000 10.2570 2.57
International Growth Series -- Level
1.................................... 10.0000 10.4226 4.23
International Growth Series -- Level
2.................................... 10.0000 10.4206 4.21
International Growth Series -- Level
3.................................... 10.0000 10.4193 4.19
Government Securities Series -- Level
1.................................... 10.0000 10.0822 0.82
Government Securities Series -- Level
2.................................... 10.0000 10.0799 0.80
Government Securities Series -- Level
3.................................... 10.0000 10.0784 0.78
Government Securities Series -- Level
4.................................... 10.0000 10.0760 0.76
High Yield Series -- Level 1.......... 10.0000 9.9690 (0.31)
High Yield Series -- Level 2.......... 10.0000 9.9670 (0.33)
High Yield Series -- Level 3.......... 10.0000 9.9656 (0.34)
High Yield Series -- Level 4.......... 10.0000 9.9636 (0.36)
Managed Sectors Series -- Level 1..... 10.0000 9.8077 (1.92)
Managed Sectors Series -- Level 2..... 10.0000 9.8055 (1.95)
Managed Sectors Series -- Level 3..... 10.0000 9.8041 (1.96)
Managed Sectors Series -- Level 4..... 10.0000 9.8019 (1.98)
Massachusetts Investors Growth Stock
Series -- Level 1.................... 10.0000 10.4852 4.85
Massachusetts Investors Growth Stock
Series -- Level 2.................... 10.0000 10.4829 4.83
Massachusetts Investors Growth Stock
Series -- Level 3.................... 10.0000 10.4813 4.81
Massachusetts Investors Growth Stock
Series -- Level 4.................... 10.0000 10.4789 4.79
</TABLE>
(a) Reflects unit value on the date of commencement of operations.
4
<PAGE>
REGATTA, REGATTA GOLD, REGATTA CLASSIC, REGATTA PLATINUM AND REGATTA EXTRA
SUB-ACCOUNTS INCLUDED IN SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
PERFORMANCE SUMMARY -- continued
<TABLE>
<CAPTION>
Unit Value
--------------------------------- Percent Change
December 31, 1999 June 30, 2000 in Unit Value
----------------- ------------- --------------
<S> <C> <C> <C>
MFS REGATTA EXTRA CONTRACTS (a): --
CONTINUED
Money Market Series -- Level 1........ $10.0000 $ 10.0815 0.82%
Money Market Series -- Level 2........ 10.0000 10.0794 0.79
Money Market Series -- Level 3........ 10.0000 10.0779 0.78
Money Market Series -- Level 4........ 10.0000 10.0758 0.76
New Discovery Series -- Level 1....... 10.0000 11.4210 14.21
New Discovery Series -- Level 2....... 10.0000 11.4185 14.19
New Discovery Series -- Level 3....... 10.0000 11.4168 14.17
New Discovery Series -- Level 4....... 10.0000 11.4142 14.14
Research Series -- Level 1............ 10.0000 10.6329 6.33
Research Series -- Level 2............ 10.0000 10.6305 6.31
Research Series -- Level 3............ 10.0000 10.6289 6.29
Research Series -- Level 4............ 10.0000 10.6265 6.26
Research Growth and Income Series --
Level 1.............................. 10.0000 10.0976 0.98
Research Growth and Income Series --
Level 2.............................. 10.0000 10.0955 0.96
Research Growth and Income Series --
Level 3.............................. 10.0000 10.0941 0.94
Research Growth and Income Series --
Level 4.............................. 10.0000 10.0920 0.92
Research International Series -- Level
1.................................... 10.0000 10.2092 2.09
Research International Series -- Level
2.................................... 10.0000 10.2069 2.07
Research International Series -- Level
3.................................... 10.0000 10.2054 2.05
Research International Series -- Level
4.................................... 10.0000 10.2032 2.03
Strategic Income Series -- Level 1.... 10.0000 10.1960 1.96
Strategic Income Series -- Level 2.... 10.0000 10.1939 1.94
Strategic Income Series -- Level 3.... 10.0000 10.1925 1.93
Strategic Income Series -- Level 4.... 10.0000 10.1903 1.90
Total Return Series -- Level 1........ 10.0000 10.1411 1.41
Total Return Series -- Level 2........ 10.0000 10.1389 1.39
Total Return Series -- Level 3........ 10.0000 10.1375 1.38
Total Return Series -- Level 4........ 10.0000 10.1353 1.35
Utilities Series -- Level 1........... 10.0000 10.2576 2.58
Utilities Series -- Level 2........... 10.0000 10.2553 2.55
Utilities Series -- Level 3........... 10.0000 10.2537 2.54
Utilities Series -- Level 4........... 10.0000 10.2514 2.51
Global Asset Allocation Series --
Level 1.............................. 10.0000 10.3871 3.87
Global Asset Allocation Series --
Level 2.............................. 10.0000 10.3848 3.85
Global Asset Allocation Series --
Level 3.............................. 10.0000 10.3832 3.83
Global Asset Allocation Series --
Level 4.............................. 10.0000 10.3809 3.81
Global Governments Series -- Level
1.................................... 10.0000 10.1930 1.93
Global Governments Series -- Level
2.................................... 10.0000 10.1907 1.91
Global Governments Series -- Level
3.................................... 10.0000 10.1892 1.89
Global Governments Series -- Level
4.................................... 10.0000 10.1870 1.87
Global Growth Series -- Level 1....... 10.0000 10.4484 4.48
Global Growth Series -- Level 2....... 10.0000 10.4460 4.46
Global Growth Series -- Level 3....... 10.0000 10.4445 4.45
Global Growth Series -- Level 4....... 10.0000 10.4421 4.42
Global Total Return Series -- Level
1.................................... 10.0000 10.1947 1.95
Global Total Return Series -- Level
2.................................... 10.0000 10.1924 1.92
Global Total Return Series -- Level
3.................................... 10.0000 10.1909 1.91
Global Total Return Series -- Level
4.................................... 10.0000 10.1887 1.89
Strategic Growth Series -- Level 1.... 10.0000 10.3528 3.53
Strategic Growth Series -- Level 2.... 10.0000 10.3506 3.51
Strategic Growth Series -- Level 3.... 10.0000 10.3490 3.49
Strategic Growth Series -- Level 4.... 10.0000 10.3467 3.47
</TABLE>
(a) Reflects unit value on the date of commencement of operations.
5
<PAGE>
REGATTA, REGATTA GOLD, REGATTA CLASSIC, REGATTA PLATINUM AND REGATTA EXTRA
SUB-ACCOUNTS INCLUDED IN SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
STATEMENT OF CONDITION -- June 30, 2000
<TABLE>
<CAPTION>
Assets:
Investments in MFS/Sun Life Series Trust: Shares Cost Value
----------- -------------- ---------------
<S> <C> <C> <C>
Bond Series (BDS)........................................................... 5,771,665 $ 60,072,962 $ 58,929,590
Capital Appreciation Series (CAS)........................................... 37,816,555 1,609,208,241 1,885,153,885
Capital Opportunities Series (COS).......................................... 25,390,769 493,408,750 596,826,173
Massachusetts Investors Trust Series (MIT).................................. 58,479,155 1,946,681,361 2,066,511,342
Emerging Growth Series (EGS)................................................ 40,503,578 945,371,331 1,443,288,427
Equity Income Series (EIS).................................................. 4,908,531 54,315,632 58,345,224
MFS/Foreign & Colonial Emerging Markets Equity Series (FCE)................. 3,853,495 38,371,063 41,852,635
International Growth Series (FCG)........................................... 7,090,834 81,645,655 91,979,385
International Growth and Income Series (FCI)................................ 6,001,839 78,480,097 83,981,421
Government Securities Series (GSS).......................................... 36,178,811 461,536,348 440,875,321
High Yield Series (HYS)..................................................... 36,372,587 327,527,411 297,974,274
Managed Sectors Series (MSS)................................................ 15,753,806 521,296,825 616,746,751
Massachusetts Investors Growth Stock Series (MIS)........................... 47,850,433 661,997,102 766,831,272
Money Market Series (MMS)................................................... 365,312,773 365,312,773 365,312,773
New Discovery Series (NWD).................................................. 7,992,330 125,341,365 140,202,936
Research Series (RES)....................................................... 48,001,088 973,129,345 1,261,600,356
Research Growth and Income Series (RGS)..................................... 5,628,088 76,503,450 80,858,909
Research International Series (RSS)......................................... 3,383,918 44,308,919 47,227,813
Strategic Income Series (SIS)............................................... 2,331,088 23,477,477 23,271,138
Total Return Series (TRS)................................................... 91,394,898 1,744,138,062 1,584,782,505
Utilities Series (UTS)...................................................... 24,545,040 412,270,742 455,086,298
Global Asset Allocation Series (GAA)........................................ 7,746,812 112,702,908 121,847,941
Global Governments Series (GGS)............................................. 5,954,471 64,317,870 58,083,069
Global Growth Series (GGR).................................................. 20,651,308 339,510,347 435,748,087
Global Total Return Series (GTR)............................................ 6,304,231 94,223,867 99,264,043
Strategic Growth Series (SGS)............................................... 3,849,322 47,382,536 50,331,016
-------------- ---------------
$11,702,532,439 $13,172,912,584
==============
Liability:
Payable to Sponsor......................................................................................... (1,117,606)
---------------
Net Assets........................................................................................... $13,171,794,978
===============
</TABLE>
<TABLE>
<CAPTION>
Applicable to Owners of Reserve
Deferred Variable Annuity Contracts for
---------------------------------------- Variable
NET ASSETS APPLICABLE TO CONTRACT OWNERS: Units Unit Value Value Annuities Total
------------- ---------- ------------ ---------- ------------
<S> <C> <C> <C> <C> <C>
MFS REGATTA CONTRACTS:
CAS -- Level 1......................... 11,470 $52.5697 $ 614,816 $ 85,117 $ 699,933
CAS -- Level 2......................... 7,311,199 21.2670 155,297,663 999,569 156,297,232
GSS -- Level 1......................... -- 17.9199 14,226 62,479 76,705
GSS -- Level 2......................... 2,481,154 11.5317 28,594,741 146,459 28,741,200
HYS -- Level 1......................... -- 22.9245 10,017 2,854 12,871
HYS -- Level 2......................... 924,797 11.6554 10,781,113 59,138 10,840,251
MSS -- Level 1......................... 2,335 51.0617 228,718 -- 228,718
MSS -- Level 2......................... 2,586,793 23.0583 59,461,606 168,516 59,630,122
MMS -- Level 1......................... 15,392 14.3820 422,491 21,479 443,970
MMS -- Level 2......................... 2,265,951 11.3949 25,559,781 204,053 25,763,834
TRS -- Level 1......................... 2,328 27.5083 80,464 25,265 105,729
TRS -- Level 2......................... 8,243,808 13.8229 113,889,461 1,160,037 115,049,498
GGS -- Level 1......................... -- 17.2278 11,516 -- 11,516
GGS -- Level 2......................... 542,426 10.3492 5,601,074 70,420 5,671,494
------------ ---------- ------------
$400,567,687 $3,005,386 $403,573,073
------------ ---------- ------------
</TABLE>
See notes to financial statements
6
<PAGE>
REGATTA, REGATTA GOLD, REGATTA CLASSIC, REGATTA PLATINUM AND REGATTA EXTRA
SUB-ACCOUNTS INCLUDED IN SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
STATEMENT OF CONDITION -- June 30, 2000 -- continued
<TABLE>
<CAPTION>
Applicable to Owners of
Deferred Variable Annuity Contracts Reserve for
NET ASSETS APPLICABLE TO CONTRACT OWNERS --------------------------------------- Variable
(CONTINUED): Units Unit Value Value Annuities Total
---------- ---------- -------------- ----------- --------------
<S> <C> <C> <C> <C> <C>
MFS REGATTA GOLD CONTRACTS:
BDS.................................... 1,943,624 $10.5164 $ 20,457,016 $ 69,395 $ 20,526,411
CAS.................................... 30,729,912 48.0240 1,475,524,510 8,197,128 1,483,721,638
COS.................................... 14,450,656 26.8630 388,200,401 511,565 388,711,966
MIT.................................... 44,688,011 33.5269 1,498,182,806 5,328,691 1,503,511,497
EGS.................................... 28,001,988 39.0201 1,092,684,519 2,738,666 1,095,423,185
EIS.................................... 1,540,333 11.6865 18,000,243 -- 18,000,243
FCE.................................... 2,670,693 10.5982 28,301,772 94,650 28,396,422
FCG.................................... 3,599,851 12.7223 45,798,576 74,772 45,873,348
FCI.................................... 4,322,365 15.6856 67,809,204 136,758 67,945,962
GSS.................................... 20,771,235 15.1115 313,943,290 1,399,099 315,342,389
HYS.................................... 11,213,553 18.8779 211,723,727 762,835 212,486,562
MSS.................................... 11,006,070 42.9824 472,533,315 1,520,091 474,053,406
MIS.................................... 15,360,738 16.4989 253,424,891 461,128 253,886,019
MMS.................................... 21,612,807 12.8844 278,515,178 1,463,214 279,978,392
NWD.................................... 3,257,402 18.1925 59,259,316 133,517 59,392,833
RES.................................... 34,192,699 30.7225 1,050,228,104 3,419,038 1,053,647,142
RGS.................................... 2,888,619 14.1258 40,806,549 109,287 40,915,836
RSS.................................... 1,352,950 14.3269 19,385,791 -- 19,385,791
SIS.................................... 852,551 10.3638 8,845,627 -- 8,845,627
TRS.................................... 53,276,887 22.9138 1,220,627,187 4,900,179 1,225,527,366
UTS.................................... 10,124,099 29.4717 298,367,551 739,676 299,107,227
GAA.................................... 5,950,044 18.8612 112,252,301 711,679 112,963,980
GGS.................................... 3,315,110 14.0485 46,589,681 329,255 46,918,936
GGR.................................... 13,283,814 28.7259 381,585,258 1,435,834 383,021,092
GTR.................................... 4,507,293 18.6640 84,124,680 410,410 84,535,090
SGS.................................... 2,374,750 13.0688 31,034,271 6,196 31,040,467
-------------- ----------- --------------
$9,518,205,764 $34,953,063 $9,553,158,827
-------------- ----------- --------------
</TABLE>
See notes to financial statements
7
<PAGE>
REGATTA, REGATTA GOLD, REGATTA CLASSIC, REGATTA PLATINUM AND REGATTA EXTRA
SUB-ACCOUNTS INCLUDED IN SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
STATEMENT OF CONDITION -- June 30, 2000 -- continued
<TABLE>
<CAPTION>
Applicable to Owners of
Deferred Variable Annuity Contracts Reserve for
NET ASSETS APPLICABLE TO CONTRACT OWNERS ------------------------------------ Variable
(CONTINUED): Units Unit Value Value Annuities Total
--------- ---------- ------------ ----------- ------------
<S> <C> <C> <C> <C> <C>
MFS REGATTA CLASSIC CONTRACTS:
BDS.................................... 28,876 $10.3839 $ 299,799 $-- $ 299,799
CAS.................................... 537,687 21.1731 11,381,274 -- 11,381,274
COS.................................... 478,183 25.0334 11,963,191 -- 11,963,191
MIT.................................... 1,302,307 16.6840 21,718,956 489 21,719,445
EGS.................................... 1,293,275 25.9073 33,497,821 -- 33,497,821
EIS.................................... 73,644 11.9836 882,393 -- 882,393
FCE.................................... 80,358 11.2085 900,381 -- 900,381
FCG.................................... 118,660 13.1848 1,564,585 -- 1,564,585
FCI.................................... 91,622 15.2333 1,396,384 -- 1,396,384
GSS.................................... 316,121 11.5572 3,660,117 -- 3,660,117
HYS.................................... 311,591 11.7985 3,674,799 -- 3,674,799
MSS.................................... 333,714 22.4456 7,489,253 -- 7,489,253
MIS.................................... 733,541 16.5870 12,169,145 -- 12,169,145
MMS.................................... 304,644 11.4212 3,481,356 -- 3,481,356
NWD.................................... 213,744 18.2896 3,909,562 -- 3,909,562
RES.................................... 985,423 18.6425 18,367,577 -- 18,367,577
RGS.................................... 59,573 13.9776 832,393 -- 832,393
RSS.................................... 66,411 16.9638 1,126,596 -- 1,126,596
SIS.................................... 32,869 10.3311 339,521 -- 339,521
TRS.................................... 1,853,523 13.6962 25,386,438 947 25,387,385
UTS.................................... 354,492 19.9345 7,060,550 -- 7,060,550
GAA.................................... 47,943 13.8596 665,142 -- 665,142
GGS.................................... 29,929 10.6006 317,249 -- 317,249
GGR.................................... 155,349 21.0452 3,267,719 -- 3,267,719
GTR.................................... 116,440 14.2543 1,659,351 519 1,659,870
SGS.................................... 55,916 12.0193 672,193 -- 672,193
------------ ------ ------------
$177,683,745 $1,955 $177,685,700
------------ ------ ------------
</TABLE>
See notes to financial statements
8
<PAGE>
REGATTA, REGATTA GOLD, REGATTA CLASSIC, REGATTA PLATINUM AND REGATTA EXTRA
SUB-ACCOUNTS INCLUDED IN SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
STATEMENT OF CONDITION -- June 30, 2000 -- continued
<TABLE>
<CAPTION>
Applicable to Owners of
Deferred Variable Annuity Contracts Reserve for
NET ASSETS APPLICABLE TO CONTRACT OWNERS ---------------------------------------- Variable
(CONTINUED): Units Unit Value Value Annuities Total
---------- ---------- --------------- ----------- ---------------
<S> <C> <C> <C> <C> <C>
MFS REGATTA PLATINUM CONTRACTS:
BDS.................................... 3,578,150 $10.3426 $ 37,011,123 $ 18,483 $ 37,029,606
CAS.................................... 14,389,861 15.6511 225,205,464 1,331,713 226,537,177
COS.................................... 10,814,916 16.8617 182,360,137 330,740 182,690,877
MIT.................................... 45,756,033 11.4086 522,016,498 1,957,543 523,974,041
EGS.................................... 15,188,528 19.6084 297,816,388 930,644 298,747,032
EIS.................................... 3,294,763 11.8142 38,923,641 12,387 38,936,028
FCE.................................... 1,010,180 11.5892 11,706,069 149,332 11,855,401
FCG.................................... 3,302,463 12.4787 41,211,519 62,706 41,274,225
FCI.................................... 1,157,056 12.3240 14,259,402 43,919 14,303,321
GSS.................................... 8,729,877 10.4206 90,968,391 198,385 91,166,776
HYS.................................... 6,984,744 9.9521 69,475,355 255,997 69,731,352
MSS.................................... 3,938,845 17.8801 70,426,160 224,775 70,650,935
MIS.................................... 29,147,674 16.4195 478,585,075 991,106 479,576,181
MMS.................................... 4,795,410 10.7313 51,463,555 240,022 51,703,577
NWD.................................... 3,915,242 17.9911 70,438,434 416,873 70,855,307
RES.................................... 12,833,537 14.2725 183,165,790 667,877 183,833,667
RGS.................................... 3,448,527 11.0968 38,268,230 78,303 38,346,533
RSS.................................... 1,652,420 14.5551 24,051,670 222,729 24,274,399
SIS.................................... 1,347,172 10.2758 13,843,298 -- 13,843,298
TRS.................................... 20,088,313 10.6533 214,012,709 977,253 214,989,962
UTS.................................... 9,901,739 14.5964 144,544,186 251,669 144,795,855
GAA.................................... 657,810 11.5707 7,610,925 6,173 7,617,098
GGS.................................... 464,399 10.3787 4,818,284 53,543 4,871,827
GGR.................................... 2,737,775 16.7126 45,754,757 58,551 45,813,308
GTR.................................... 1,122,114 11.3604 12,748,589 38,439 12,787,028
SGS.................................... 1,264,928 12.8788 16,290,022 -- 16,290,022
--------------- ----------- ---------------
$ 2,906,975,671 $ 9,519,162 $ 2,916,494,833
--------------- ----------- ---------------
</TABLE>
See notes to financial statements
9
<PAGE>
REGATTA, REGATTA GOLD, REGATTA CLASSIC, REGATTA PLATINUM AND REGATTA EXTRA
SUB-ACCOUNTS INCLUDED IN SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
STATEMENT OF CONDITION -- June 30, 2000 -- continued
<TABLE>
<CAPTION>
Applicable to Owners of
Deferred Variable Annuity Contracts Reserve for
NET ASSETS APPLICABLE TO CONTRACT OWNERS ---------------------------------------- Variable
(CONTINUED): Units Unit Value Value Annuities Total
---------- ---------- --------------- ----------- ---------------
<S> <C> <C> <C> <C> <C>
MFS REGATTA EXTRA CONTRACTS:
BDS -- Level 1......................... 675 $10.1722 $ 6,868 $ -- $ 6,868
BDS -- Level 2......................... 14,850 10.1701 151,029 -- 151,029
BDS -- Level 3......................... 61,905 10.1686 629,490 -- 629,490
BDS -- Level 4......................... 22,487 10.1665 228,596 -- 228,596
CAS -- Level 1......................... 82,119 10.6432 874,016 -- 874,016
CAS -- Level 2......................... 136,282 10.6409 1,450,159 -- 1,450,159
CAS -- Level 3......................... 278,962 10.6393 2,967,972 -- 2,967,972
CAS -- Level 4......................... 83,277 10.6370 884,959 -- 884,959
COS -- Level 1......................... 190,744 10.6956 2,040,127 -- 2,040,127
COS -- Level 2......................... 291,083 10.6932 3,112,622 -- 3,112,622
COS -- Level 3......................... 611,777 10.6916 6,540,894 -- 6,540,894
COS -- Level 4......................... 138,707 10.6892 1,699,977 -- 1,699,977
MIT -- Level 1......................... 210,543 10.2115 2,149,954 -- 2,149,954
MIT -- Level 2......................... 479,488 10.2092 4,895,179 -- 4,895,179
MIT -- Level 3......................... 773,617 10.2076 7,896,802 -- 7,896,802
MIT -- Level 4......................... 238,517 10.2053 2,432,219 -- 2,432,219
EGS -- Level 1......................... 228,470 10.6595 2,435,383 -- 2,435,383
EGS -- Level 2......................... 357,261 10.6571 3,807,378 -- 3,807,378
EGS -- Level 3......................... 562,036 10.6555 5,988,803 -- 5,988,803
EGS -- Level 4......................... 328,834 10.6531 3,501,060 -- 3,501,060
EIS -- Level 1......................... 13,809 10.4303 144,031 -- 144,031
EIS -- Level 2......................... 12,887 10.4281 134,386 -- 134,386
EIS -- Level 3......................... 16,469 10.4267 171,718 -- 171,718
EIS -- Level 4......................... 7,247 10.4244 75,558 -- 75,558
FCE -- Level 1......................... 19,482 10.1255 197,264 -- 197,264
FCE -- Level 2......................... 7,659 10.1234 77,536 -- 77,536
FCE -- Level 3......................... 19,771 10.1220 200,120 -- 200,120
FCE -- Level 4......................... 21,716 10.1199 219,629 -- 219,629
FCG -- Level 1......................... 42,511 10.2629 436,288 -- 436,288
FCG -- Level 2......................... 62,848 10.2607 644,864 -- 644,864
FCG -- Level 3......................... 160,489 10.2592 1,646,493 -- 1,646,493
FCG -- Level 4......................... 52,501 10.2570 538,011 -- 538,011
FCI -- Level 1......................... 4,080 10.4226 42,521 -- 42,521
FCI -- Level 2......................... 21,893 10.4206 228,137 -- 228,137
FCI -- Level 3......................... 4,886 10.4193 50,808 -- 50,808
GSS -- Level 1......................... 22,853 10.0822 230,408 -- 230,408
GSS -- Level 2......................... 53,239 10.0799 536,641 -- 536,641
GSS -- Level 3......................... 56,608 10.0784 570,516 -- 570,516
GSS -- Level 4......................... 68,006 10.0760 684,750 -- 684,750
HYS -- Level 1......................... 18,010 9.9690 179,546 -- 179,546
HYS -- Level 2......................... 32,809 9.9670 327,016 -- 327,016
HYS -- Level 3......................... 32,361 9.9656 322,489 -- 322,489
HYS -- Level 4......................... 28,354 9.9636 286,126 -- 286,126
MSS -- Level 1......................... 41,153 9.8077 403,615 -- 403,615
MSS -- Level 2......................... 79,048 9.8055 775,110 -- 775,110
MSS -- Level 3......................... 210,599 9.8041 2,064,729 -- 2,064,729
MSS -- Level 4......................... 132,986 9.8019 1,303,006 -- 1,303,006
MIS -- Level 1......................... 350,223 10.4852 3,672,167 -- 3,672,167
MIS -- Level 2......................... 500,652 10.4829 5,248,272 -- 5,248,272
MIS -- Level 3......................... 903,301 10.4813 9,467,767 -- 9,467,767
MIS -- Level 4......................... 243,492 10.4789 2,833,825 -- 2,833,825
MMS -- Level 1......................... 37,443 10.0815 377,479 -- 377,479
MMS -- Level 2......................... 91,335 10.0794 920,600 -- 920,600
MMS -- Level 3......................... 81,945 10.0779 825,833 -- 825,833
</TABLE>
See notes to financial statements
10
<PAGE>
REGATTA, REGATTA GOLD, REGATTA CLASSIC, REGATTA PLATINUM AND REGATTA EXTRA
SUB-ACCOUNTS INCLUDED IN SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
STATEMENT OF CONDITION -- June 30, 2000 -- continued
<TABLE>
<CAPTION>
Applicable to Owners of
Deferred Variable Annuity Contracts Reserve for
NET ASSETS APPLICABLE TO CONTRACT OWNERS ---------------------------------------- Variable
(CONTINUED): Units Unit Value Value Annuities Total
---------- ---------- --------------- ----------- ---------------
<S> <C> <C> <C> <C> <C>
MFS REGATTA EXTRA CONTRACTS -- continued:
MMS -- Level 4......................... 153,062 $10.0758 $ 1,540,151 $ -- $ 1,540,151
NWD -- Level 1......................... 80,543 11.4210 919,882 -- 919,882
NWD -- Level 2......................... 176,155 11.4185 2,011,417 -- 2,011,417
NWD -- Level 3......................... 140,149 11.4168 1,600,047 -- 1,600,047
NWD -- Level 4......................... 133,759 11.4142 1,525,929 -- 1,525,929
RES -- Level 1......................... 102,795 10.6329 1,093,004 -- 1,093,004
RES -- Level 2......................... 176,312 10.6305 1,874,277 -- 1,874,277
RES -- Level 3......................... 191,579 10.6289 2,036,263 -- 2,036,263
RES -- Level 4......................... 66,159 10.6265 702,357 -- 702,357
RGS -- Level 1......................... 11,324 10.0976 114,349 -- 114,349
RGS -- Level 2......................... 1,779 10.0955 17,958 -- 17,958
RGS -- Level 3......................... 54,969 10.0941 554,858 -- 554,858
RGS -- Level 4......................... 7,316 10.0920 73,737 -- 73,737
RSS -- Level 1......................... 36,711 10.2092 374,791 -- 374,791
RSS -- Level 2......................... 68,436 10.2069 698,522 -- 698,522
RSS -- Level 3......................... 116,849 10.2054 1,192,497 -- 1,192,497
RSS -- Level 4......................... 19,088 10.2032 194,453 -- 194,453
SIS -- Level 1......................... 3,624 10.1960 36,946 -- 36,946
SIS -- Level 2......................... 9,233 10.1939 94,117 -- 94,117
SIS -- Level 3......................... 2,451 10.1925 24,986 -- 24,986
SIS -- Level 4......................... 8,367 10.1903 86,643 -- 86,643
TRS -- Level 1......................... 88,619 10.1411 898,695 -- 898,695
TRS -- Level 2......................... 119,027 10.1389 1,206,803 -- 1,206,803
TRS -- Level 3......................... 101,123 10.1375 1,025,128 -- 1,025,128
TRS -- Level 4......................... 16,445 10.1353 168,157 -- 168,157
UTS -- Level 1......................... 76,682 10.2576 786,575 -- 786,575
UTS -- Level 2......................... 109,596 10.2553 1,123,939 -- 1,123,939
UTS -- Level 3......................... 180,795 10.2537 1,853,822 -- 1,853,822
UTS -- Level 4......................... 32,622 10.2514 341,060 -- 341,060
GAA -- Level 1......................... 4,137 10.3871 42,970 -- 42,970
GAA -- Level 2......................... 9,746 10.3848 101,207 -- 101,207
GAA -- Level 3......................... 41,718 10.3832 433,169 -- 433,169
GAA -- Level 4......................... 211 10.3809 2,077 -- 2,077
GGS -- Level 1......................... 11,825 10.1930 120,536 -- 120,536
GGS -- Level 2......................... 6,742 10.1907 68,706 -- 68,706
GGS -- Level 3......................... 4,852 10.1892 49,442 -- 49,442
GGS -- Level 4......................... 7,109 10.1870 72,354 -- 72,354
GGR -- Level 1......................... 41,351 10.4484 432,054 -- 432,054
GGR -- Level 2......................... 60,831 10.4460 635,440 -- 635,440
GGR -- Level 3......................... 167,126 10.4445 1,745,541 -- 1,745,541
GGR -- Level 4......................... 81,793 10.4421 853,726 -- 853,726
GTR -- Level 1......................... 3,174 10.1947 32,360 -- 32,360
GTR -- Level 2......................... 5,359 10.1924 54,616 -- 54,616
GTR -- Level 3......................... 19,861 10.1909 202,399 -- 202,399
GTR -- Level 4......................... 509 10.1887 5,184 -- 5,184
SGS -- Level 1......................... 20,412 10.3528 211,320 -- 211,320
SGS -- Level 2......................... 60,329 10.3506 624,439 -- 624,439
SGS -- Level 3......................... 103,386 10.3490 1,069,947 -- 1,069,947
SGS -- Level 4......................... 40,913 10.3467 422,948 -- 422,948
--------------- ----------- ---------------
$ 120,882,545 $ -- $ 120,882,545
--------------- ----------- ---------------
Net Assets..................................................... $13,124,315,412 $47,479,566 $13,171,794,978
=============== =========== ===============
</TABLE>
See notes to financial statements
11
<PAGE>
REGATTA, REGATTA GOLD, REGATTA CLASSIC, REGATTA PLATINUM AND REGATTA EXTRA
SUB-ACCOUNTS INCLUDED IN SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
STATEMENT OF OPERATIONS -- Six Months Ended June 30, 2000
<TABLE>
<CAPTION>
BDS CAS COS MIT
Sub-Account Sub-Account Sub-Account Sub-Account
------------ -------------- ------------- -------------
<S> <C> <C> <C> <C>
INCOME AND EXPENSES:
Dividend income and capital gain
distributions received.......... $ 2,376,672 $ 229,759,796 $ 59,697,952 $151,163,534
Mortality and expense risk
charges......................... (337,833) (11,166,803) (3,275,520) (12,523,866)
Distribution and administrative
expense charges................. (40,540) (1,340,016) (393,062) (1,502,864)
----------- ------------- ------------ ------------
Net investment income
(loss)...................... $ 1,998,299 $ 217,252,977 $ 56,029,370 $137,136,804
----------- ------------- ------------ ------------
REALIZED AND UNREALIZED GAINS
(LOSSES):
Realized gains (losses) on
investment transactions:
Proceeds from sales............ $ 8,531,541 $ 255,838,296 $ 20,138,284 $195,331,184
Cost of investments sold....... (8,748,871) (176,411,356) (10,174,259) (122,531,708)
----------- ------------- ------------ ------------
Net realized gains
(losses).................... $ (217,330) $ 79,426,940 $ 9,964,025 $ 72,799,476
----------- ------------- ------------ ------------
Net unrealized appreciation
(depreciation) on investments:
End of period.................. $(1,143,372) $ 275,945,644 $103,417,423 $119,829,981
Beginning of period............ (731,928) 473,751,561 136,961,819 331,150,359
----------- ------------- ------------ ------------
Change in unrealized
appreciation
(depreciation).............. $ (411,444) $(197,805,917) $(33,544,396) $(211,320,378)
----------- ------------- ------------ ------------
Realized and unrealized gains
(losses)...................... $ (628,774) $(118,378,977) $(23,580,371) $(138,520,902)
----------- ------------- ------------ ------------
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS................... $ 1,369,525 $ 98,874,000 $ 32,448,999 $ (1,384,098)
=========== ============= ============ ============
<CAPTION>
EGS EIS FCE
Sub-Account Sub-Account Sub-Account
------------- -------------- --------------
<S> <C> <C> <C>
INCOME AND EXPENSES:
Dividend income and capital gain
distributions received.......... $132,865,620 $ 546,227 $ 4,860
Mortality and expense risk
charges......................... (8,771,710) (302,453) (255,409)
Distribution and administrative
expense charges................. (1,052,605) (36,294) (30,649)
------------ ----------- -----------
Net investment income
(loss)...................... $123,041,305 $ 207,480 $ (281,198)
------------ ----------- -----------
REALIZED AND UNREALIZED GAINS
(LOSSES):
Realized gains (losses) on
investment transactions:
Proceeds from sales............ $ 67,526,105 $ 5,976,710 $11,941,272
Cost of investments sold....... (25,753,735) (5,816,026) (10,498,861)
------------ ----------- -----------
Net realized gains
(losses).................... $ 41,772,370 $ 160,684 $ 1,442,411
------------ ----------- -----------
Net unrealized appreciation
(depreciation) on investments:
End of period.................. $497,917,096 $ 4,029,592 $ 3,481,572
Beginning of period............ 696,941,762 815,964 7,573,821
------------ ----------- -----------
Change in unrealized
appreciation
(depreciation).............. $(199,024,666) $ 3,213,628 $(4,092,249)
------------ ----------- -----------
Realized and unrealized gains
(losses)...................... $(157,252,296) $ 3,374,312 $(2,649,838)
------------ ----------- -----------
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS................... $(34,210,991) $ 3,581,792 $(2,931,036)
============ =========== ===========
</TABLE>
<TABLE>
<CAPTION>
FCG FCI GSS HYS
Sub-Account Sub-Account Sub-Account Sub-Account
------------ ------------ ------------- -------------
<S> <C> <C> <C> <C>
INCOME AND EXPENSES:
Dividend income and capital gain
distributions received.......... $ 1,557,547 $ 8,131,650 $ 27,076,668 $ 26,830,340
Mortality and expense risk
charges......................... (485,045) (501,934) (2,738,181) (1,833,786)
Distribution and administrative
expense charges................. (58,205) (60,232) (328,582) (220,054)
----------- ----------- ------------ ------------
Net investment income
(loss)...................... $ 1,014,297 $ 7,569,484 $ 24,009,905 $ 24,776,500
----------- ----------- ------------ ------------
REALIZED AND UNREALIZED GAINS
(LOSSES):
Realized gains(losses) on
investment transactions:
Proceeds from sales............ $27,072,531 $44,847,133 $ 81,128,756 $ 52,578,466
Cost of investments sold....... (23,190,598) (43,337,705) (81,955,693) (58,056,729)
----------- ----------- ------------ ------------
Net realized gains
(losses).................... $ 3,881,933 $ 1,509,428 $ (826,937) $ (5,478,263)
----------- ----------- ------------ ------------
Net unrealized appreciation
(depreciation) on investments:
End of period.................. $10,333,730 $ 5,501,324 $(20,661,027) $(29,553,137)
Beginning of period............ 14,196,828 11,755,882 (13,183,512) (8,680,569)
----------- ----------- ------------ ------------
Change in unrealized
appreciation
(depreciation).............. $(3,863,098) $(6,254,558) $ (7,477,515) $(20,872,568)
----------- ----------- ------------ ------------
Realized and unrealized gains
(losses)...................... $ 18,835 $(4,745,130) $ (8,304,452) $(26,350,831)
----------- ----------- ------------ ------------
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS................... $ 1,033,132 $ 2,824,354 $ 15,705,453 $ (1,574,331)
=========== =========== ============ ============
<CAPTION>
MSS MIS MMS
Sub-Account Sub-Account Sub-Account
------------- --------------- ---------------
<S> <C> <C> <C>
INCOME AND EXPENSES:
Dividend income and capital gain
distributions received.......... $115,341,726 $ 28,048,136 $ 10,882,579
Mortality and expense risk
charges......................... (3,946,583) (4,091,366) (2,424,598)
Distribution and administrative
expense charges................. (473,590) (490,964) (290,952)
------------ ------------ ------------
Net investment income
(loss)...................... $110,921,553 $ 23,465,806 $ 8,167,029
------------ ------------ ------------
REALIZED AND UNREALIZED GAINS
(LOSSES):
Realized gains(losses) on
investment transactions:
Proceeds from sales............ $ 58,241,171 $ 14,669,611 $461,406,232
Cost of investments sold....... (34,083,512) (9,202,274) (461,406,232)
------------ ------------ ------------
Net realized gains
(losses).................... $ 24,157,659 $ 5,467,337 $ --
------------ ------------ ------------
Net unrealized appreciation
(depreciation) on investments:
End of period.................. $ 95,449,926 $104,834,170 $ --
Beginning of period............ 284,470,613 114,855,426 --
------------ ------------ ------------
Change in unrealized
appreciation
(depreciation).............. $(189,020,687) $(10,021,256) $ --
------------ ------------ ------------
Realized and unrealized gains
(losses)...................... $(164,863,028) $ (4,553,919) $ --
------------ ------------ ------------
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS................... $(53,941,475) $ 18,911,887 $ 8,167,029
============ ============ ============
</TABLE>
See notes to financial statements
12
<PAGE>
REGATTA, REGATTA GOLD, REGATTA CLASSIC, REGATTA PLATINUM AND REGATTA EXTRA
SUB-ACCOUNTS INCLUDED IN SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
STATEMENT OF OPERATIONS -- Six Months Ended June 30, 2000 -- continued
<TABLE>
<CAPTION>
NWD RES RGS RSS
Sub-Account Sub-Account Sub-Account Sub-Account
------------ -------------- ------------ -------------
<S> <C> <C> <C> <C>
INCOME AND EXPENSES:
Dividend income and capital gain
distributions received.......... $ 6,461,103 $ 127,950,420 $ 1,397,380 $ 2,181,345
Mortality and expense risk
charges......................... (627,445) (7,520,953) (479,755) (238,159)
Distribution and administrative
expense charges................. (75,293) (902,514) (57,571) (28,579)
----------- ------------- ----------- ------------
Net investment income
(loss)...................... $ 5,758,365 $ 119,526,953 $ 860,054 $ 1,914,607
----------- ------------- ----------- ------------
REALIZED AND UNREALIZED GAINS
(LOSSES):
Realized gains (losses) on
investment transactions:
Proceeds from sales............ $14,756,436 $ 70,734,804 $ 9,423,597 $ 6,270,621
Cost of investments sold....... (7,914,872) (39,576,820) (8,435,433) (4,627,751)
----------- ------------- ----------- ------------
Net realized gains
(losses).................... $ 6,841,564 $ 31,157,984 $ 988,164 $ 1,642,870
----------- ------------- ----------- ------------
Net unrealized appreciation
(depreciation) on investments:
End of period.................. $14,861,571 $ 288,471,011 $ 4,355,459 $ 2,918,894
Beginning of period............ 21,187,835 369,190,915 5,552,651 6,041,356
----------- ------------- ----------- ------------
Change in unrealized
appreciation
(depreciation).............. $(6,326,264) $ (80,719,904) $(1,197,192) $ (3,122,462)
----------- ------------- ----------- ------------
Realized and unrealized gains
(losses)........................ $ 515,300 $ (49,561,920) $ (209,028) $ (1,479,592)
----------- ------------- ----------- ------------
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS................... $ 6,273,665 $ 69,965,033 $ 651,026 $ 435,015
=========== ============= =========== ============
<CAPTION>
SIS TRS
Sub-Account Sub-Account
------------ ----------------
<S> <C> <C>
INCOME AND EXPENSES:
Dividend income and capital gain
distributions received.......... $ 896,245 $ 162,152,566
Mortality and expense risk
charges......................... (129,699) (9,932,255)
Distribution and administrative
expense charges................. (15,564) (1,191,871)
----------- ---------------
Net investment income
(loss)...................... $ 750,982 $ 151,028,440
----------- ---------------
REALIZED AND UNREALIZED GAINS
(LOSSES):
Realized gains (losses) on
investment transactions:
Proceeds from sales............ $ 4,031,894 $ 280,522,586
Cost of investments sold....... (3,860,314) (257,751,729)
----------- ---------------
Net realized gains
(losses).................... $ 171,580 $ 22,770,857
----------- ---------------
Net unrealized appreciation
(depreciation) on investments:
End of period.................. $ (206,339) $ (159,355,557)
Beginning of period............ 463,814 (14,746,361)
----------- ---------------
Change in unrealized
appreciation
(depreciation).............. $ (670,153) $ (144,609,196)
----------- ---------------
Realized and unrealized gains
(losses)........................ $ (498,573) $ (121,838,339)
----------- ---------------
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS................... $ 252,409 $ 29,190,101
=========== ===============
</TABLE>
<TABLE>
<CAPTION>
UTS GAA GGS GGR
Sub-Account Sub-Account Sub-Account Sub-Account
-------------- -------------- ------------- -------------
<S> <C> <C> <C> <C>
INCOME AND EXPENSES:
Dividend income and capital gain
distributions received.......... $ 43,299,993 $ 6,310,603 $ 2,420,231 $ 63,822,469
Mortality and expense risk
charges......................... (2,650,681) (739,919) (369,348) (2,690,811)
Distribution and administrative
expense charges................. (318,082) (88,790) (44,322) (322,897)
------------- ------------- ------------ ------------
Net investment income
(loss)...................... $ 40,331,230 $ 5,481,894 $ 2,006,561 $ 60,808,761
------------- ------------- ------------ ------------
REALIZED AND UNREALIZED GAINS
(LOSSES):
Realized gains (losses) on
investment transactions:
Proceeds from sales............ $ 14,177,857 $ 8,926,060 $ 12,259,484 $ 35,124,878
Cost of investments sold....... (9,454,550) (7,470,628) (14,605,016) (20,725,098)
------------- ------------- ------------ ------------
Net realized gains
(losses).................... $ 4,723,307 $ 1,455,432 $ (2,345,532) $ 14,399,780
------------- ------------- ------------ ------------
Net unrealized appreciation
(depreciation) on investments:
End of period.................. $ 42,815,556 $ 9,145,033 $ (6,234,801) $ 96,237,740
Beginning of period............ 77,255,375 13,719,084 (5,513,624) 178,498,769
------------- ------------- ------------ ------------
Change in unrealized
appreciation
(depreciation).............. $ (34,439,819) $ (4,574,051) $ (721,177) $(82,261,029)
------------- ------------- ------------ ------------
Realized and unrealized gains
(losses)........................ $ (29,716,512) $ (3,118,619) $ (3,066,709) $(67,861,249)
------------- ------------- ------------ ------------
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS................... $ 10,614,718 $ 2,363,275 $ (1,060,148) $ (7,052,488)
============= ============= ============ ============
<CAPTION>
GTR SGS
Sub-Account Sub-Account
-------------- ----------------
<S> <C> <C>
INCOME AND EXPENSES:
Dividend income and capital gain
distributions received.......... $ 7,281,344 $ 27,121
Mortality and expense risk
charges......................... (601,226) (197,104)
Distribution and administrative
expense charges................. (72,147) (23,652)
------------- ---------------
Net investment income
(loss)...................... $ 6,607,971 $ (193,635)
------------- ---------------
REALIZED AND UNREALIZED GAINS
(LOSSES):
Realized gains (losses) on
investment transactions:
Proceeds from sales............ $ 9,804,859 $ 1,215,530
Cost of investments sold....... (8,051,425) (1,006,100)
------------- ---------------
Net realized gains
(losses).................... $ 1,753,434 $ 209,430
------------- ---------------
Net unrealized appreciation
(depreciation) on investments:
End of period.................. $ 5,040,176 $ 2,948,480
Beginning of period............ 11,918,237 1,072,320
------------- ---------------
Change in unrealized
appreciation
(depreciation).............. $ (6,878,061) $ 1,876,160
------------- ---------------
Realized and unrealized gains
(losses)........................ $ (5,124,627) $ 2,085,590
------------- ---------------
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS................... $ 1,483,344 $ 1,891,955
============= ===============
</TABLE>
See notes to financial statements
13
<PAGE>
REGATTA, REGATTA GOLD, REGATTA CLASSIC, REGATTA PLATINUM AND REGATTA EXTRA
SUB-ACCOUNTS INCLUDED IN SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
BDS CAS
Sub-Account Sub-Account
----------------------------- -----------------------------------
Six Months Year Ended Six Months Year Ended
Ended December 31, Ended December 31,
June 30, 2000 1999 June 30, 2000 1999
-------------- ------------- -------------- -------------------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income
(loss).................... $ 1,998,299 $ (64,548) $ 217,252,977 $ 144,473,869
Net realized gains
(losses).................. (217,330) (20,595) 79,426,940 105,714,742
Net unrealized gains
(losses).................. (411,444) (1,017,930) (197,805,917) 186,413,366
------------ ------------ -------------- ------------------
Increase (Decrease) in
net assets from
operations............ $ 1,369,525 $ (1,103,073) $ 98,874,000 $ 436,601,977
------------ ------------ -------------- ------------------
CONTRACT OWNER TRANSACTIONS:
Accumulation Activity:
Purchase payments
received................ $ 3,511,642 $ 11,283,792 $ 38,418,818 $ 76,869,793
Net transfers between
Sub-Accounts and Fixed
Account................. 4,416,132 26,002,672 21,351,397 2,132,992
Withdrawals, surrenders,
annuitizations and
contract charges........ (2,414,534) (3,714,192) (109,473,273) (174,746,999)
------------ ------------ -------------- ------------------
Net accumulation
activity.............. $ 5,513,240 $ 33,572,272 $ (49,703,058) $ (95,744,214)
------------ ------------ -------------- ------------------
Annuitization Activity:
Annuitizations........... $ 15,856 $ 79,698 $ 1,069,122 $ 1,893,718
Annuity payments and
contract charges........ (87,382) (25,302) (1,132,341) (1,271,221)
Net Transfers between
Sub-Accounts............ -- -- 1,603 109,831
Adjustments to annuity
reserves................ (47,771) 2,648 (62,093) (272,714)
------------ ------------ -------------- ------------------
Net annuitization
activity.............. $ (119,297) $ 57,044 $ (123,709) $ 459,614
------------ ------------ -------------- ------------------
Increase (Decrease) in net
assets from contract owner
transactions.............. $ 5,393,943 $ 33,629,316 $ (49,826,767) $ (95,284,600)
------------ ------------ -------------- ------------------
Increase (Decrease) in
net assets.............. $ 6,763,468 $ 32,526,243 $ 49,047,233 $ 341,317,377
NET ASSETS:
Beginning of period........ 52,108,331 19,582,088 1,835,767,127 1,494,449,750
------------ ------------ -------------- ------------------
End of period.............. $ 58,871,799 $ 52,108,331 $1,884,814,360 $ 1,835,767,127
============ ============ ============== ==================
<CAPTION>
COS
Sub-Account
-----------------------------
Six Months Year Ended
Ended December 31,
June 30, 2000 1999
-------------- -------------
<S> <C> <C>
OPERATIONS:
Net investment income
(loss)................... $ 56,029,370 $ 1,603,428
Net realized gains
(losses)................. 9,964,025 10,214,814
Net unrealized gains
(losses)................. (33,544,396) 104,479,069
------------ ------------
Increase (Decrease) in
net assets from
operations........... $ 32,448,999 $116,297,311
------------ ------------
CONTRACT OWNER TRANSACTIONS:
Accumulation Activity:
Purchase payments
received............... $ 47,026,089 $ 42,581,763
Net transfers between
Sub-Accounts and Fixed
Account................ 109,440,571 100,363,903
Withdrawals, surrenders,
annuitizations and
contract charges....... (21,002,038) (18,079,962)
------------ ------------
Net accumulation
activity............. $135,464,622 $124,865,704
------------ ------------
Annuitization Activity:
Annuitizations.......... $ 250,618 $ 359,014
Annuity payments and
contract charges....... (125,423) (143,073)
Net Transfers between
Sub-Accounts........... -- 33,759
Adjustments to annuity
reserves............... (8,319) (43,544)
------------ ------------
Net annuitization
activity............. $ 116,876 $ 206,156
------------ ------------
Increase (Decrease) in net
assets from contract owne
transactions............. $135,581,498 $125,071,860
------------ ------------
Increase (Decrease) in
net assets............. $168,030,497 $241,369,171
NET ASSETS:
Beginning of period....... 428,729,157 187,359,986
------------ ------------
End of period............. $596,759,654 $428,729,157
============ ============
</TABLE>
See notes to financial statements
14
<PAGE>
REGATTA, REGATTA GOLD, REGATTA CLASSIC, REGATTA PLATINUM AND REGATTA EXTRA
SUB-ACCOUNTS INCLUDED IN SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
STATEMENTS OF CHANGES IN NET ASSETS -- continued
<TABLE>
<CAPTION>
MIT EGS
Sub-Account Sub-Account
------------------------------------- --------------------------------------------
Six Months Year Ended Six Months Year Ended
Ended December 31, Ended December 31,
June 30, 2000 1999 June 30, 2000 1999
-------------- --------------------- --------------------- ---------------------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss)..... $ 137,136,804 $ 116,479,963 $ 123,041,305 $ 452,941
Net realized gains (losses)...... 72,799,476 116,205,611 41,772,370 60,071,700
Net unrealized gains (losses).... (211,320,378) (121,684,348) (199,024,666) 502,048,606
-------------- -------------------- -------------------- --------------------
Increase (Decrease) in net
assets from operations...... $ (1,384,098) $ 111,001,226 $ (34,210,991) $ 562,573,247
-------------- -------------------- -------------------- --------------------
CONTRACT OWNER TRANSACTIONS:
Accumulation Activity:
Purchase payments received..... $ 60,562,636 $ 200,798,865 $ 67,421,222 $ 72,378,390
Net transfers between
Sub-Accounts and Fixed
Account....................... 9,925,761 215,949,849 113,150,554 80,609,004
Withdrawals, surrenders,
annuitizations and contract
charges....................... (99,202,231) (159,633,917) (57,078,354) (63,348,442)
-------------- -------------------- -------------------- --------------------
Net accumulation activity.... $ (28,713,834) $ 257,114,797 $ 123,493,422 $ 89,638,952
-------------- -------------------- -------------------- --------------------
Annuitization Activity:
Annuitizations................. $ 685,868 $ 2,805,581 $ 421,066 $ 1,166,495
Annuity payments and contract
charges....................... (627,952) (993,419) (424,817) (240,170)
Net Transfers between
Sub-Accounts.................. 18,376 (31,426) 70 24,221
Adjustments to annuity
reserves...................... (119,261) (68,461) 17,044 (5,370)
-------------- -------------------- -------------------- --------------------
Net annuitization activity... $ (42,969) $ 1,712,275 $ 13,363 $ 945,176
-------------- -------------------- -------------------- --------------------
Increase (Decrease) in net assets
from contract owner
transactions.................... $ (28,756,803) $ 258,827,072 $ 123,506,785 $ 90,584,128
-------------- -------------------- -------------------- --------------------
Increase (Decrease) in net
assets........................ $ (30,140,901) $ 369,828,298 $ 89,295,794 $ 653,157,375
NET ASSETS:
Beginning of period.............. 2,096,720,038 1,726,891,740 1,354,104,868 700,947,493
-------------- -------------------- -------------------- --------------------
End of period.................... $2,066,579,137 $ 2,096,720,038 $ 1,443,400,662 $ 1,354,104,868
============== ==================== ==================== ====================
<CAPTION>
EIS
Sub-Account
----------------------------
Six Months Year Ended
Ended December 31,
June 30, 2000 1999
-------------- -------------
<S> <C> <C>
OPERATIONS:
Net investment income (loss)..... $ 207,480 $ (268,821)
Net realized gains (losses)...... 160,684 950,678
Net unrealized gains (losses).... 3,213,628 220,608
----------- -----------
Increase (Decrease) in net
assets from operations...... $ 3,581,792 $ 902,465
----------- -----------
CONTRACT OWNER TRANSACTIONS:
Accumulation Activity:
Purchase payments received..... $ 3,501,826 $11,769,375
Net transfers between
Sub-Accounts and Fixed
Account....................... 12,155,150 22,083,804
Withdrawals, surrenders,
annuitizations and contract
charges....................... (1,829,407) (2,323,339)
----------- -----------
Net accumulation activity.... $13,827,569 $31,529,840
----------- -----------
Annuitization Activity:
Annuitizations................. $ -- $ 12,343
Annuity payments and contract
charges....................... (361) (181)
Net Transfers between
Sub-Accounts.................. -- --
Adjustments to annuity
reserves...................... (690) (177)
----------- -----------
Net annuitization activity... $ (1,051) $ 11,985
----------- -----------
Increase (Decrease) in net assets
from contract owner
transactions.................... $13,826,518 $31,541,825
----------- -----------
Increase (Decrease) in net
assets........................ $17,408,310 $32,444,290
NET ASSETS:
Beginning of period.............. 40,936,047 8,491,757
----------- -----------
End of period.................... $58,344,357 $40,936,047
=========== ===========
</TABLE>
See notes to financial statements
15
<PAGE>
REGATTA, REGATTA GOLD, REGATTA CLASSIC, REGATTA PLATINUM AND REGATTA EXTRA
SUB-ACCOUNTS INCLUDED IN SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
STATEMENTS OF CHANGES IN NET ASSETS -- continued
<TABLE>
<CAPTION>
FCE FCG
Sub-Account Sub-Account
---------------------------- ----------------------------
Six Months Year Ended Six Months Year Ended
Ended December 31, Ended December 31,
June 30, 2000 1999 June 30, 2000 1999
-------------- ------------- -------------- -------------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss)..... $ (281,198) $ (333,930) $ 1,014,297 $ (399,246)
Net realized gains (losses)...... 1,442,411 (1,729,186) 3,881,933 1,603,586
Net unrealized gains (losses).... (4,092,249) 12,931,317 (3,863,098) 14,716,273
----------- ----------- ----------- -----------
Increase (Decrease) in net
assets from operations...... $(2,931,036) $10,868,201 $ 1,033,132 $15,920,613
----------- ----------- ----------- -----------
CONTRACT OWNER TRANSACTIONS:
Accumulation Activity:
Purchase payments received..... $ 2,287,442 $ 2,257,666 $ 9,461,226 $ 7,721,195
Net transfers between
Sub-Accounts and Fixed
Account....................... 6,610,060 10,148,747 17,615,534 10,540,394
Withdrawals, surrenders,
annuitizations and contract
charges....................... (2,007,413) (2,575,449) (2,374,461) (3,292,901)
----------- ----------- ----------- -----------
Net accumulation activity.... $ 6,890,089 $ 9,830,964 $24,702,299 $14,968,688
----------- ----------- ----------- -----------
Annuitization Activity:
Annuitizations................. $ 61,320 $ 154,638 $ 34,065 $ 39,173
Annuity payments and contract
charges....................... (45,044) (8,635) (13,317) (9,967)
Net transfers between
Sub-Accounts.................. -- 54,153 -- --
Adjustments to annuity
reserves...................... (1,305) (3,330) 11,646 (15,216)
----------- ----------- ----------- -----------
Net annuitization activity... $ 14,971 $ 196,826 $ 32,394 $ 13,990
----------- ----------- ----------- -----------
Increase (Decrease) in net assets
from contract owner
transactions.................... $ 6,905,060 $10,027,790 $24,734,693 $14,982,678
----------- ----------- ----------- -----------
Increase (Decrease) in net
assets........................ $ 3,974,024 $20,895,991 $25,767,825 $30,903,291
NET ASSETS:
Beginning of period.............. 37,872,729 16,976,738 66,209,989 35,306,698
----------- ----------- ----------- -----------
End of period.................... $41,846,753 $37,872,729 $91,977,814 $66,209,989
=========== =========== =========== ===========
<CAPTION>
FCI
Sub-Account
----------------------------
Six Months Year Ended
Ended December 31,
June 30, 2000 1999
-------------- -------------
<S> <C> <C>
OPERATIONS:
Net investment income (loss)..... $ 7,569,484 $ 1,191,818
Net realized gains (losses)...... 1,509,428 5,298,157
Net unrealized gains (losses).... (6,254,558) 5,260,268
----------- -----------
Increase (Decrease) in net
assets from operations...... $ 2,824,354 $11,750,243
----------- -----------
CONTRACT OWNER TRANSACTIONS:
Accumulation Activity:
Purchase payments received..... $ 1,654,501 $ 4,415,080
Net transfers between
Sub-Accounts and Fixed
Account....................... 2,150,953 (1,761,772)
Withdrawals, surrenders,
annuitizations and contract
charges....................... (3,578,872) (5,447,333)
----------- -----------
Net accumulation activity.... $ 226,582 $(2,794,025)
----------- -----------
Annuitization Activity:
Annuitizations................. $ 33,035 $ 59,613
Annuity payments and contract
charges....................... (12,260) (14,579)
Net transfers between
Sub-Accounts.................. -- --
Adjustments to annuity
reserves...................... (1,291) (4,391)
----------- -----------
Net annuitization activity... $ 19,484 $ 40,643
----------- -----------
Increase (Decrease) in net assets
from contract owner
transactions.................... $ 246,066 $(2,753,382)
----------- -----------
Increase (Decrease) in net
assets........................ $ 3,070,420 $ 8,996,861
NET ASSETS:
Beginning of period.............. 80,896,713 71,899,852
----------- -----------
End of period.................... $83,967,133 $80,896,713
=========== ===========
</TABLE>
See notes to financial statements
16
<PAGE>
REGATTA, REGATTA GOLD, REGATTA CLASSIC, REGATTA PLATINUM AND REGATTA EXTRA
SUB-ACCOUNTS INCLUDED IN SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
STATEMENTS OF CHANGES IN NET ASSETS -- continued
<TABLE>
<CAPTION>
GSS HYS
Sub-Account Sub-Account
---------------------------- ----------------------------
Six Months Year Ended Six Months Year Ended
Ended December 31, Ended December 31,
June 30, 2000 1999 June 30, 2000 1999
-------------- ------------- -------------- -------------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss)..... $ 24,009,905 $ 15,668,791 $ 24,776,500 $ 20,575,633
Net realized gains (losses)...... (826,937) (2,683,104) (5,478,263) (3,849,529)
Net unrealized gains (losses).... (7,477,515) (27,290,375) (20,872,568) (700,282)
------------ ------------ ------------ ------------
Increase (Decrease) in net
assets from operations...... $ 15,705,453 $(14,304,688) $ (1,574,331) $ 16,025,822
------------ ------------ ------------ ------------
CONTRACT OWNER TRANSACTIONS:
Accumulation Activity:
Purchase payments received..... $ 7,335,470 $ 26,767,871 $ 7,936,252 $ 20,195,648
Net transfers between
Sub-Accounts and Fixed
Account....................... 10,774,726 91,170,433 3,228,398 20,734,522
Withdrawals, surrenders,
annuitizations and contract
charges....................... (37,634,143) (59,337,154) (18,420,419) (36,583,190)
------------ ------------ ------------ ------------
Net accumulation activity.... $(19,523,947) $ 58,601,150 $ (7,255,769) $ 4,346,980
------------ ------------ ------------ ------------
Annuitization Activity:
Annuitizations................. $ 397,786 $ 665,654 $ 201,719 $ 333,040
Annuity payments and contract
charges....................... (214,109) (452,725) (178,950) (295,312)
Net transfers between
Sub-Accounts.................. 17,643 (3,904) -- --
Adjustments to annuity
reserves...................... (14,406) (4,610) (57,676) (22,546)
------------ ------------ ------------ ------------
Net annuitization activity... $ 186,914 $ 204,415 $ (34,907) $ 15,182
------------ ------------ ------------ ------------
Increase (Decrease) in net assets
from contract owner
transactions.................... $(19,337,033) $ 58,805,565 $ (7,290,676) $ 4,362,162
------------ ------------ ------------ ------------
Increase (Decrease) in net
assets........................ $ (3,631,580) $ 44,500,877 $ (8,865,007) $ 20,387,984
NET ASSETS:
Beginning of period.............. 444,641,082 400,140,205 306,726,019 286,338,035
------------ ------------ ------------ ------------
End of period.................... $441,009,502 $444,641,082 $297,861,012 $306,726,019
============ ============ ============ ============
<CAPTION>
MSS
Sub-Account
----------------------------
Six Months Year Ended
Ended December 31,
June 30, 2000 1999
-------------- -------------
<S> <C> <C>
OPERATIONS:
Net investment income (loss)..... $110,921,553 $ (5,294,340)
Net realized gains (losses)...... 24,157,659 15,953,711
Net unrealized gains (losses).... (189,020,687) 267,741,266
------------ ------------
Increase (Decrease) in net
assets from operations...... $(53,941,475) $278,400,637
------------ ------------
CONTRACT OWNER TRANSACTIONS:
Accumulation Activity:
Purchase payments received..... $ 24,963,330 $ 16,920,035
Net transfers between
Sub-Accounts and Fixed
Account....................... 56,993,327 52,096,752
Withdrawals, surrenders,
annuitizations and contract
charges....................... (41,678,702) (51,120,379)
------------ ------------
Net accumulation activity.... $ 40,277,955 $ 17,896,408
------------ ------------
Annuitization Activity:
Annuitizations................. $ 379,611 $ 135,661
Annuity payments and contract
charges....................... (365,497) (320,573)
Net transfers between
Sub-Accounts.................. -- 118,980
Adjustments to annuity
reserves...................... (32,409) (51,415)
------------ ------------
Net annuitization activity... $ (18,295) $ (117,347)
------------ ------------
Increase (Decrease) in net assets
from contract owner
transactions.................... $ 40,259,660 $ 17,779,061
------------ ------------
Increase (Decrease) in net
assets........................ $(13,681,815) $296,179,698
NET ASSETS:
Beginning of period.............. 630,280,709 334,101,011
------------ ------------
End of period.................... $616,598,894 $630,280,709
============ ============
</TABLE>
See notes to financial statements
17
<PAGE>
REGATTA, REGATTA GOLD, REGATTA CLASSIC, REGATTA PLATINUM AND REGATTA EXTRA
SUB-ACCOUNTS INCLUDED IN SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
STATEMENTS OF CHANGES IN NET ASSETS -- continued
<TABLE>
<CAPTION>
MIS MMS
Sub-Account Sub-Account
---------------------------- ----------------------------
Six Months Year Ended Six Months Year Ended
Ended December 31, Ended December 31,
June 30, 2000 1999 June 30, 2000 1999
-------------- ------------- -------------- -------------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss)..... $ 23,465,806 $ (519,923) $ 8,167,029 $ 14,066,908
Net realized gains (losses)...... 5,467,337 6,220,402 -- --
Net unrealized gains(losses)..... (10,021,256) 103,443,251 -- --
------------ ------------ ------------ ------------
Increase (Decrease) in net
assets from operations...... $ 18,911,887 $109,143,730 $ 8,167,029 $ 14,066,908
------------ ------------ ------------ ------------
CONTRACT OWNER TRANSACTIONS:
Accumulation Activity:
Purchase payments received..... $ 74,524,611 $137,436,213 $ 33,581,867 $ 77,465,420
Net transfers
betweenSub-Accounts and Fixed
Account....................... 163,465,687 223,731,514 (8,846,873) 176,379,832
Withdrawals, surrenders,
annuitizations and contract
charges....................... (22,068,930) (20,457,443) (122,325,947) (230,737,769)
------------ ------------ ------------ ------------
Net accumulation activity.... $215,921,368 $340,710,284 $(97,590,953) $ 23,107,483
------------ ------------ ------------ ------------
Annuitization Activity:
Annuitizations................. $ 347,092 $ 755,518 $ -- $ 1,593,879
Annuity payments and contract
charges....................... (149,778) (48,148) (171,408) (347,973)
Net transfers between
Sub-Accounts.................. -- 47,324 (350) (646,987)
Adjustments to annuity
reserves...................... 76,817 (53,623) (14,010) (33,773)
------------ ------------ ------------ ------------
Net annuitization activity... $ 274,131 $ 701,071 $ (185,768) $ 565,146
------------ ------------ ------------ ------------
Increase (Decrease) in net assets
from contract owner
transactions.................... $216,195,499 $341,411,355 $(97,776,721) $ 23,672,629
------------ ------------ ------------ ------------
Increase (Decrease) in net
assets........................ $235,107,386 $450,555,085 $(89,609,692) $ 37,739,537
NET ASSETS:
Beginning of period.............. 531,745,990 81,190,905 454,644,884 416,905,347
------------ ------------ ------------ ------------
End of period.................... $766,853,376 $531,745,990 $365,035,192 $454,644,884
============ ============ ============ ============
<CAPTION>
NWD
Sub-Account
----------------------------
Six Months Year Ended
Ended December 31,
June 30, 2000 1999
-------------- -------------
<S> <C> <C>
OPERATIONS:
Net investment income (loss)..... $ 5,758,365 $ (241,342)
Net realized gains (losses)...... 6,841,564 1,355,381
Net unrealized gains(losses)..... (6,326,264) 19,683,822
------------ -----------
Increase (Decrease) in net
assets from operations...... $ 6,273,665 $20,797,861
------------ -----------
CONTRACT OWNER TRANSACTIONS:
Accumulation Activity:
Purchase payments received..... $ 18,407,437 $10,051,271
Net transfers
betweenSub-Accounts and Fixed
Account....................... 56,171,890 20,319,479
Withdrawals, surrenders,
annuitizations and contract
charges....................... (3,332,226) (2,113,261)
------------ -----------
Net accumulation activity.... $ 71,247,101 $28,257,489
------------ -----------
Annuitization Activity:
Annuitizations................. $ 50,173 $ 339,593
Annuity payments and contract
charges....................... (67,763) (15,934)
Net transfers between
Sub-Accounts.................. -- 41,259
Adjustments to annuity
reserves...................... 61,036 (46,627)
------------ -----------
Net annuitization activity... $ 43,446 $ 318,291
------------ -----------
Increase (Decrease) in net assets
from contract owner
transactions.................... $ 71,290,547 $28,575,780
------------ -----------
Increase (Decrease) in net
assets........................ $ 77,564,212 $49,373,641
NET ASSETS:
Beginning of period.............. 62,650,765 13,277,124
------------ -----------
End of period.................... $140,214,977 $62,650,765
============ ===========
</TABLE>
See notes to financial statements
18
<PAGE>
REGATTA, REGATTA GOLD, REGATTA CLASSIC, REGATTA PLATINUM AND REGATTA EXTRA
SUB-ACCOUNTS INCLUDED IN SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
STATEMENTS OF CHANGES IN NET ASSETS -- continued
<TABLE>
<CAPTION>
RES RGS
Sub-Account Sub-Account
---------------------------------- ---------------------------------------
Six Months Year Ended Six Months Year Ended
Ended December 31, Ended December 31,
June 30, 2000 1999 June 30, 2000 1999
-------------- ------------------ ------------------- ------------------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss)..... $ 119,526,953 $ 19,843,457 $ 860,054 $ (620,571)
Net realized gains (losses)...... 31,157,984 51,545,740 988,164 1,981,525
Net unrealized gains (losses).... (80,719,904) 146,995,453 (1,197,192) 2,065,260
-------------- ----------------- ----------------- -----------------
Increase (Decrease) in net
assets from operations...... $ 69,965,033 $ 218,384,650 $ 651,026 $ 3,426,214
-------------- ----------------- ----------------- -----------------
CONTRACT OWNER TRANSACTIONS:
Accumulation Activity:
Purchase payments received..... $ 27,852,468 $ 60,172,716 $ 3,000,060 $ 12,282,216
Net transfers between
Sub-Accounts and Fixed
Account....................... 21,558,888 46,692,915 5,755,140 27,754,724
Withdrawals, surrenders,
annuitizations and contract
charges....................... (53,632,492) (78,027,604) (3,727,219) (4,602,039)
-------------- ----------------- ----------------- -----------------
Net accumulation activity.... $ (4,221,136) $ 28,838,027 $ 5,027,981 $ 35,434,901
-------------- ----------------- ----------------- -----------------
Annuitization Activity:
Annuitizations................. $ 527,982 $ 727,314 $ 33,414 $ 45,656
Annuity payments and contract
charges....................... (313,047) (340,066) (14,760) (22,411)
Net transfers between
Sub-Accounts.................. 18,306 45,500 -- --
Adjustments to annuity
reserves...................... 26,414 (116,242) (1,182) 646
-------------- ----------------- ----------------- -----------------
Net annuitization activity... $ 259,655 $ 316,506 $ 17,472 $ 23,891
-------------- ----------------- ----------------- -----------------
Increase (Decrease) in net assets
from contract owner
transactions.................... $ (3,961,481) $ 29,154,533 $ 5,045,453 $ 35,458,792
-------------- ----------------- ----------------- -----------------
Increase (Decrease) in net
assets........................ $ 66,003,552 $ 247,539,183 $ 5,696,479 $ 38,885,006
NET ASSETS:
Beginning of period.............. 1,195,550,735 948,011,552 75,159,185 36,274,179
-------------- ----------------- ----------------- -----------------
End of period.................... $1,261,554,287 $ 1,195,550,735 $ 80,855,664 $ 75,159,185
============== ================= ================= =================
<CAPTION>
RSS
Sub-Account
----------------------------
Six Months Year Ended
Ended December 31,
June 30, 2000 1999
-------------- -------------
<S> <C> <C>
OPERATIONS:
Net investment income (loss)..... $ 1,914,607 $ (141,943)
Net realized gains (losses)...... 1,642,870 1,511,865
Net unrealized gains (losses).... (3,122,462) 5,914,674
----------- -----------
Increase (Decrease) in net
assets from operations...... $ 435,015 $ 7,284,596
----------- -----------
CONTRACT OWNER TRANSACTIONS:
Accumulation Activity:
Purchase payments received..... $ 8,168,728 $ 4,475,044
Net transfers between
Sub-Accounts and Fixed
Account....................... 10,059,463 15,355,290
Withdrawals, surrenders,
annuitizations and contract
charges....................... (1,263,096) (1,000,866)
----------- -----------
Net accumulation activity.... $16,965,095 $18,829,468
----------- -----------
Annuitization Activity:
Annuitizations................. $ 42,928 $ 206,502
Annuity payments and contract
charges....................... (55,101) --
Net transfers between
Sub-Accounts.................. -- --
Adjustments to annuity
reserves...................... 19,236 --
----------- -----------
Net annuitization activity... $ 7,063 $ 206,502
----------- -----------
Increase (Decrease) in net assets
from contract owner
transactions.................... $16,972,158 $19,035,970
----------- -----------
Increase (Decrease) in net
assets........................ $17,407,173 $26,320,566
NET ASSETS:
Beginning of period.............. 29,839,876 3,519,310
----------- -----------
End of period.................... $47,247,049 $29,839,876
=========== ===========
</TABLE>
See notes to financial statements
19
<PAGE>
REGATTA, REGATTA GOLD, REGATTA CLASSIC, REGATTA PLATINUM AND REGATTA EXTRA
SUB-ACCOUNTS INCLUDED IN SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
STATEMENTS OF CHANGES IN NET ASSETS -- continued
<TABLE>
<CAPTION>
SIS TRS
Sub-Account Sub-Account
---------------------------- ------------------------------
Six Months Year Ended Six Months Year Ended
Ended December 31, Ended December 31,
June 30, 2000 1999 June 30, 2000 1999
-------------- ------------- --------------- --------------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss)..... $ 750,982 $ 83,369 $ 151,028,440 $ 244,657,574
Net realized gains (losses)...... 171,580 89,915 22,770,857 43,556,184
Net unrealized gains (losses).... (670,153) 246,639 (144,609,196) (262,617,068)
----------- ----------- -------------- --------------
Increase (Decrease) in net
assets from operations...... $ 252,409 $ 419,923 $ 29,190,101 $ 25,596,690
----------- ----------- -------------- --------------
CONTRACT OWNER TRANSACTIONS:
Accumulation Activity:
Purchase payments received..... $ 1,904,369 $ 3,507,488 $ 21,861,343 $ 88,544,205
Net transfers between
Sub-Accounts and Fixed
Account....................... 3,005,248 8,565,548 (102,287,193) 81,610,921
Withdrawals, surrenders,
annuitizations and contract
charges....................... (1,334,482) (830,463) (126,675,376) (250,384,445)
----------- ----------- -------------- --------------
Net accumulation activity.... $ 3,575,135 $11,242,573 $ (207,101,226) $ (80,229,319)
----------- ----------- -------------- --------------
Annuitization Activity:
Annuitizations................. $ -- $ -- $ 1,274,056 $ 2,259,139
Annuity payments and contract
charges....................... -- -- (903,171) (1,437,038)
Net transfers between
Sub-Accounts.................. -- -- (55,787) (39,113)
Adjustments to annuity
reserves...................... -- -- (107,420) (169,445)
----------- ----------- -------------- --------------
Net annuitization activity... $ -- $ -- $ 207,678 $ 613,543
----------- ----------- -------------- --------------
Increase (Decrease) in net assets
from contract owner
transactions.................... $ 3,575,135 $11,242,573 $ (206,893,548) $ (79,615,776)
----------- ----------- -------------- --------------
Increase (Decrease) in net
assets........................ $ 3,827,544 $11,662,496 $ (177,703,447) $ (54,019,086)
NET ASSETS:
Beginning of period.............. 19,443,594 7,781,098 1,762,062,170 1,816,081,256
----------- ----------- -------------- --------------
End of period.................... $23,271,138 $19,443,594 $1,584,358,723 $1,762,062,170
=========== =========== ============== ==============
<CAPTION>
UTS
Sub-Account
----------------------------
Six Months Year Ended
Ended December 31,
June 30, 2000 1999
-------------- -------------
<S> <C> <C>
OPERATIONS:
Net investment income (loss)..... $ 40,331,230 $ 24,907,386
Net realized gains (losses)...... 4,723,307 10,701,662
Net unrealized gains (losses).... (34,439,819) 42,961,865
------------ ------------
Increase (Decrease) in net
assets from operations...... $ 10,614,718 $ 78,570,913
------------ ------------
CONTRACT OWNER TRANSACTIONS:
Accumulation Activity:
Purchase payments received..... $ 24,403,224 $ 34,302,650
Net transfers between
Sub-Accounts and Fixed
Account....................... 66,120,022 67,737,731
Withdrawals, surrenders,
annuitizations and contract
charges....................... (18,356,679) (19,915,248)
------------ ------------
Net accumulation activity.... $ 72,166,567 $ 82,125,133
------------ ------------
Annuitization Activity:
Annuitizations................. $ 252,591 $ 111,619
Annuity payments and contract
charges....................... (145,593) (154,181)
Net transfers between
Sub-Accounts.................. -- 324,919
Adjustments to annuity
reserves...................... (37,059) (15,579)
------------ ------------
Net annuitization activity... $ 69,939 $ 266,778
------------ ------------
Increase (Decrease) in net assets
from contract owner
transactions.................... $ 72,236,506 $ 82,391,911
------------ ------------
Increase (Decrease) in net
assets........................ $ 82,851,224 $160,962,824
NET ASSETS:
Beginning of period.............. 372,217,804 211,254,980
------------ ------------
End of period.................... $455,069,028 $372,217,804
============ ============
</TABLE>
See notes to financial statements
20
<PAGE>
REGATTA, REGATTA GOLD, REGATTA CLASSIC, REGATTA PLATINUM AND REGATTA EXTRA
SUB-ACCOUNTS INCLUDED IN SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
STATEMENTS OF CHANGES IN NET ASSETS -- continued
<TABLE>
<CAPTION>
GAA GGS
Sub-Account Sub-Account
---------------------------- ----------------------------
Six Months Year Ended Six Months Year Ended
Ended December 31, Ended December 31,
June 30, 2000 1999 June 30, 2000 1999
-------------- ------------- -------------- -------------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss)..... $ 5,481,894 $ 4,809,747 $ 2,006,561 $ 8,275,209
Net realized gains (losses)...... 1,455,432 2,885,303 (2,345,532) (1,779,438)
Net unrealized gains (losses).... (4,574,051) 10,272,405 (721,177) (12,083,431)
------------ ------------ ----------- ------------
Increase (Decrease) in net
assets from operations...... $ 2,363,275 $ 17,967,455 $(1,060,148) $ (5,587,660)
------------ ------------ ----------- ------------
CONTRACT OWNER TRANSACTIONS:
Accumulation Activity:
Purchase payments received..... $ 2,173,408 $ 2,661,148 $ 1,311,106 $ 1,751,874
Net transfers between
Sub-Accounts and Fixed
Account....................... 1,736,626 (14,351,525) (1,992,145) (4,727,708)
Withdrawals, surrenders,
annuitizations and contract
charges....................... (5,911,526) (8,142,859) (7,038,679) (14,312,841)
------------ ------------ ----------- ------------
Net accumulation activity.... $ (2,001,492) $(19,833,236) $(7,719,718) $(17,288,675)
------------ ------------ ----------- ------------
Annuitization Activity:
Annuitizations................. $ 181,614 $ 12,744 $ 52,911 $ 100,118
Annuity payments and contract
charges....................... (68,817) (102,934) (68,842) (114,238)
Net transfers between
Sub-Accounts.................. 70 (33,199) -- --
Adjustments to annuity
reserves...................... (19,657) 14,208 (2,938) (22,713)
------------ ------------ ----------- ------------
Net annuitization activity... $ 93,210 $ (109,181) $ (18,869) $ (36,833)
------------ ------------ ----------- ------------
Increase (Decrease) in net assets
from contract owner
transactions.................... $ (1,908,282) $(19,942,417) $(7,738,587) $(17,325,508)
------------ ------------ ----------- ------------
Increase (Decrease) in net
assets........................ $ 454,993 $ (1,974,962) $(8,798,735) $(22,913,168)
NET ASSETS:
Beginning of period.............. 121,370,650 123,345,612 66,900,795 89,813,963
------------ ------------ ----------- ------------
End of period.................... $121,825,643 $121,370,650 $58,102,060 $ 66,900,795
============ ============ =========== ============
<CAPTION>
GGR
Sub-Account
----------------------------
Six Months Year Ended
Ended December 31,
June 30, 2000 1999
-------------- -------------
<S> <C> <C>
OPERATIONS:
Net investment income (loss)..... $ 60,808,761 $ 6,750,260
Net realized gains (losses)...... 14,399,780 12,474,312
Net unrealized gains (losses).... (82,261,029) 145,129,697
------------ ------------
Increase (Decrease) in net
assets from operations...... $ (7,052,488) $164,354,269
------------ ------------
CONTRACT OWNER TRANSACTIONS:
Accumulation Activity:
Purchase payments received..... $ 15,967,052 $ 10,448,847
Net transfers between
Sub-Accounts and Fixed
Account....................... 30,459,662 11,508,041
Withdrawals, surrenders,
annuitizations and contract
charges....................... (24,392,662) (26,312,080)
------------ ------------
Net accumulation activity.... $ 22,034,052 $ (4,355,192)
------------ ------------
Annuitization Activity:
Annuitizations................. $ 394,280 $ 166,248
Annuity payments and contract
charges....................... (133,640) (116,958)
Net transfers between
Sub-Accounts.................. 70 (12,182)
Adjustments to annuity
reserves...................... (11,280) 22,465
------------ ------------
Net annuitization activity... $ 249,430 $ 59,573
------------ ------------
Increase (Decrease) in net assets
from contract owner
transactions.................... $ 22,283,482 $ (4,295,619)
------------ ------------
Increase (Decrease) in net
assets........................ $ 15,230,994 $160,058,650
NET ASSETS:
Beginning of period.............. 420,537,886 260,479,236
------------ ------------
End of period.................... $435,768,880 $420,537,886
============ ============
</TABLE>
See notes to financial statements
21
<PAGE>
REGATTA, REGATTA GOLD, REGATTA CLASSIC, REGATTA PLATINUM AND REGATTA EXTRA
SUB-ACCOUNTS INCLUDED IN SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
STATEMENTS OF CHANGES IN NET ASSETS -- continued
<TABLE>
<CAPTION>
GTR SGS
Sub-Account Sub-Account
---------------------------- ----------------------------
Six Months Year Ended Six Months Year Ended
Ended December 31, Ended December 31,
June 30, 2000 1999 June 30, 2000 1999(a)
-------------- ------------- -------------- -------------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss)..... $ 6,607,971 $ 5,898,913 $ (193,635) $ (7,994)
Net realized gains (losses)...... 1,753,434 3,497,527 209,430 (341,864)
Net unrealized gains (losses).... (6,878,061) (2,696,231) 1,876,160 1,072,320
------------ ------------ ----------- ----------
Increase (Decrease) in net
assets from operations....... $ 1,483,344 $ 6,700,209 $ 1,891,955 $ 722,462
------------ ------------ ----------- ----------
CONTRACT OWNER TRANSACTIONS:
Accumulation Activity:
Purchase payments received..... $ 1,519,308 $ 5,485,526 $ 8,101,076 $ 421,107
Net transfers between
Sub-Accounts and Fixed
Account....................... (1,489,456) 1,803,965 31,962,372 8,018,971
Withdrawals, surrenders,
annuitizations and contract
charges....................... (4,632,057) (6,850,689) (781,426) (4,249)
------------ ------------ ----------- ----------
Net accumulation activity.... $ (4,602,205) $ 438,802 $39,282,022 $8,435,829
------------ ------------ ----------- ----------
Annuitization Activity:
Annuitizations................. $ 7,913 $ 114,644 $ -- $ --
Annuity payments and contract
charges....................... (56,110) (78,129) (1,252) --
Net transfers between
Sub-Accounts.................. -- -- -- --
Adjustments to annuity
reserves...................... (2,565) (3,828) 320 --
------------ ------------ ----------- ----------
Net annuitization activity... $ (50,762) $ 32,687 $ (932) $ --
------------ ------------ ----------- ----------
Increase (Decrease) in net assets
from contract owner
transactions.................... $ (4,652,967) $ 471,489 $39,281,090 $8,435,829
------------ ------------ ----------- ----------
Increase (Decrease) in net
assets........................ $ (3,169,623) $ 7,171,698 $41,173,045 $9,158,291
NET ASSETS:
Beginning of period.............. 102,446,170 95,274,472 9,158,291 --
------------ ------------ ----------- ----------
End of period.................... $ 99,276,547 $102,446,170 $50,331,336 $9,158,291
============ ============ =========== ==========
</TABLE>
(a) For the period November 5, 1999 (commencement of operations of Sub-Account)
through December 31, 1999.
See notes to financial statements
22
<PAGE>
REGATTA, REGATTA GOLD, REGATTA CLASSIC, REGATTA PLATINUM AND REGATTA EXTRA
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"), a
separate account of Sun Life Assurance Company of Canada (U.S.) (the "Sponsor"),
was established on July 13, 1989 as a funding vehicle for the variable portion
of Regatta contracts, Regatta Gold contracts, Regatta Classic contracts, Regatta
Platinum contracts and Regatta Extra contracts (collectively, the "Contracts")
and certain other 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 attributable to the Contracts is invested in shares of a specific
corresponding series of MFS/Sun Life Series Trust (the "Series Trust"), an
open-end management investment company registered under the Investment Company
Act of 1940. Massachusetts Financial Services Company ("MFS"), an affiliate of
the Sponsor, is the investment adviser to the Series Trust.
(2) SIGNIFICANT ACCOUNTING POLICIES
GENERAL
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America 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 Series Trust are recorded at their net asset value.
Realized gains and losses on sales of shares of the Series Trust are determined
on the identified cost basis. Dividend income and capital gain distributions
received by the Sub-Accounts are reinvested in additional Series Trust shares
and are recognized on the ex-dividend date.
Exchanges between Sub-Accounts requested by participants under the Contracts are
recorded in the new Sub-Account upon receipt of the redemption proceeds.
FEDERAL INCOME TAX STATUS
The operations of the Variable Account are part of the operations of the Sponsor
and are not taxed separately. The Variable Account is not taxed as a regulated
investment company. The Sponsor qualifies for the federal income tax treatment
granted to life insurance companies under Subchapter L of the Internal Revenue
Code. Under existing federal income tax law, investment income and capital gains
earned by the Variable Account on contract owner reserves are not 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 Variable Account
is deducted from the Variable Account at the end of each valuation period for
the mortality and expense risks assumed by the
23
<PAGE>
REGATTA, REGATTA GOLD, REGATTA CLASSIC, REGATTA PLATINUM AND REGATTA EXTRA
SUB-ACCOUNTS
INCLUDED IN SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
NOTES TO FINANCIAL STATEMENTS -- continued
(3) CONTRACT CHARGES -- CONTINUED
Sponsor. The deductions are transferred periodically to the Sponsor. Currently,
the deduction is at an effective annual rate of 1.25% for Regatta, Regatta Gold
and Regatta Platinum contracts, 1.00% for Regatta Classic contracts and 1.30%
for Regatta Extra Level 1 contracts, 1.45% for Regatta Extra Level 2 contracts,
1.55% for Regatta Extra Level 3 contracts, and 1.70% for Regatta Extra Level 4
contracts.
Each year on the account anniversary, an account administration fee ("Account
Fee") equal to $30 in the case of Regatta contracts, the lesser of $30 or 2% of
the participant's account value in the case of Regatta Gold contracts, the
lesser of $35 or 2% of the participant's account value in the case of Regatta
Platinum contracts, $35 in the case of Regatta Extra contracts and $50 in the
case of Regatta Classic contracts (after account year 5, the account fee, for
Regatta Gold, Regatta Platinum and Regatta Extra contracts, 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.
The Sponsor does not deduct a sales charge from purchase payments. However, in
the case of Regatta, Regatta Gold, Regatta Platinum and Regatta Extra contracts,
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 contracts and certificates. In the case of Regatta
Classic contracts, a withdrawal charge of 1% is applied to purchase payments
withdrawn which have been credited to a participant's account for less than one
year.
For assuming the risk that withdrawal charges may be insufficient to compensate
it for the costs of distributing the Regatta contracts, the Sponsor makes a
deduction from the Variable Account at the end of each valuation period for the
first seven account years at an effective annual rate of 0.15% of the net assets
attributable to such contracts. No deduction for the distribution expense charge
is made after the seventh account anniversary.
As reimbursement for administrative expenses attributable to Regatta Gold,
Regatta Classic, Regatta Platinum and Regatta Extra contracts, which exceed the
revenues received from the Account Fees described above derived from such
contracts, 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.
(4) ANNUITY RESERVES
Annuity reserves are calculated using the 1983 Individual Annuitant Mortality
Table and an assumed interest rate of at least 4% or 3%, for Regatta, Regatta
Gold, Regatta Classic and Regatta Platinum as stated in each participant's
contract or certificate, as applicable, and the 2000 Individual Annuitant
Mortality Table and an assumed rate of 3% for Regatta Extra. Required
adjustments to the reserves are accomplished by transfers to or from the
Sponsor.
24
<PAGE>
REGATTA, REGATTA GOLD, REGATTA CLASSIC, REGATTA PLATINUM AND REGATTA EXTRA
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 Transferred
Between Sub-Accounts
and
Units Outstanding Fixed Accumulation
Beginning of Period Units Purchased Account
------------------------ ------------------------ ------------------------
Six Six Six
Months Year Months Year Months Year
Ended Ended Ended Ended Ended Ended
June 30, December 31, June 30, December 31, June 30, December 31,
2000 1999 2000 1999 2000 1999
--------- ------------- --------- ------------- --------- -------------
<S> <C> <C> <C> <C> <C> <C>
MFS REGATTA CONTRACTS:
------------------------------
CAS -- Level 1 22,958 464,349 1,434 1,694 (12,648) (403,678)
CAS -- Level 2 7,847,274 9,053,993 5,852 6,466 102,346 841,337
GSS -- Level 1 -- 325,241 -- 1,870 -- (310,743)
GSS -- Level 2 2,795,724 2,656,978 18,618 10,259 (30,665) 1,016,504
HYS -- Level 1 165 73,632 -- 165 (165) (69,249)
HYS -- Level 2 1,075,336 1,320,379 -- -- (2,939) 160,884
MSS -- Level 1 5,113 196,463 380 719 (3,157) (170,145)
MSS -- Level 2 2,678,028 2,730,897 4,329 8,046 156,498 791,231
MMS -- Level 1 16,140 268,447 -- 6,604 (105) (78,142)
MMS -- Level 2 2,672,617 3,722,758 7,413 46,627 540,395 4,208,078
TRS -- Level 1 31,742 898,137 389 980 (23,487) (753,744)
TRS -- Level 2 9,929,414 12,506,430 5,577 12,834 (324,178) 1,380,346
GGS -- Level 1 495 89,328 -- 762 (495) (80,050)
GGS -- Level 2 630,136 834,010 2,984 -- (17,192) 81,087
<CAPTION>
Units Withdrawn,
Surrendered, and Units Outstanding
Annuitized End of Period
------------------------- ------------------------
Six Six
Months Year Months Year
Ended Ended Ended Ended
June 30, December 31, June 30, December 31,
2000 1999 2000 1999
---------- ------------- --------- -------------
<S> <C> <C> <C> <C>
MFS REGATTA CONTRACTS:
------------------------------
CAS -- Level 1 (274) (39,407) 11,470 22,958
CAS -- Level 2 (644,273) (2,054,522) 7,311,199 7,847,274
GSS -- Level 1 -- (16,368) -- --
GSS -- Level 2 (302,523) (888,017) 2,481,154 2,795,724
HYS -- Level 1 -- (4,383) -- 165
HYS -- Level 2 (147,600) (405,927) 924,797 1,075,336
MSS -- Level 1 (1) (21,924) 2,335 5,113
MSS -- Level 2 (252,062) (852,146) 2,586,793 2,678,028
MMS -- Level 1 (643) (180,769) 15,392 16,140
MMS -- Level 2 (954,474) (5,304,846) 2,265,951 2,672,617
TRS -- Level 1 (6,316) (113,631) 2,328 31,742
TRS -- Level 2 (1,367,005) (3,970,196) 8,243,808 9,929,414
GGS -- Level 1 -- (9,545) -- 495
GGS -- Level 2 (73,502) (284,961) 542,426 630,136
</TABLE>
25
<PAGE>
REGATTA, REGATTA GOLD, REGATTA CLASSIC, REGATTA PLATINUM AND REGATTA EXTRA
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 Period Units Purchased Account
------------------------- ------------------------ -------------------------
Six Six Six
Months Year Months Year Months Year
Ended Ended Ended Ended Ended Ended
June 30, December 31, June 30, December 31, June 30, December 31,
2000 1999 2000 1999 2000 1999
---------- ------------- --------- ------------- ---------- -------------
<S> <C> <C> <C> <C> <C> <C>
MFS REGATTA GOLD CONTRACTS:
------------------------------
BDS 2,085,322 1,182,239 14,205 128,326 (32,846) 1,055,550
CAS 32,846,090 37,500,481 181,817 515,449 (340,894) (1,432,874)
COS 12,845,672 10,262,282 138,438 317,640 2,071,660 3,084,055
MIT 49,201,899 51,880,765 262,084 1,104,376 (2,196,592) 814,616
EGS 28,061,821 28,900,957 217,767 564,144 941,846 856,790
EIS 1,301,166 528,238 30,207 96,901 304,229 840,387
FCE 2,761,034 2,147,348 17,859 49,578 23,848 814,122
FCG 3,187,799 3,290,043 37,225 103,809 516,199 71,906
FCI 4,509,596 5,214,558 26,124 53,226 8,871 (373,297)
GSS 23,230,411 23,218,234 95,082 381,294 (451,045) 2,812,014
HYS 12,537,119 14,190,817 53,437 209,455 (600,795) (264,388)
MSS 11,032,465 11,245,144 79,599 111,495 609,878 874,242
MIS 11,985,320 4,121,518 248,169 1,179,064 3,782,231 7,769,109
MMS 28,447,843 29,387,086 388,770 1,347,998 172,188 10,642,975
NWD 1,599,416 794,859 79,011 99,202 1,684,347 818,140
RES 35,935,779 38,553,986 205,341 602,325 (284,763) (220,117)
RGS 3,153,242 2,408,676 19,305 120,353 (84,974) 906,773
RSS 1,114,581 190,267 77,526 29,576 216,575 929,786
SIS 892,490 622,914 18,048 67,062 45,036 260,781
TRS 62,923,966 71,102,020 304,989 922,198 (5,401,463) (771,786)
UTS 9,588,408 9,023,102 83,592 323,450 949,614 972,853
GAA 6,188,330 7,576,691 29,320 61,909 41,936 (972,115)
GGS 3,941,088 5,048,219 35,055 51,599 (219,954) (404,547)
GGR 13,513,835 14,522,129 81,812 189,567 494,925 82,020
GTR 4,907,545 5,354,633 22,549 80,538 (179,232) (144,224)
SGS(a) 558,856 -- 44,781 4,006 1,819,118 555,135
<CAPTION>
Units Withdrawn,
Surrendered, and Units Outstanding
Annuitized End of Period
------------------------- ----------------------------
Six Six
Months Year Months Year
Ended Ended Ended Ended
June 30, December 31, June 30, December 31,
2000 1999 2000 1999
---------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
MFS REGATTA GOLD CONTRACTS:
------------------------------
BDS (123,057) (280,793) 1,943,624 2,085,322
CAS (1,957,101) (3,736,966) 30,729,912 32,846,090
COS (605,114) (818,305) 14,450,656 12,845,672
MIT (2,579,380) (4,597,858) 44,688,011 49,201,899
EGS (1,219,446) (2,260,070) 28,001,988 28,061,821
EIS (95,269) (164,360) 1,540,333 1,301,166
FCE (132,048) (250,014) 2,670,693 2,761,034
FCG (141,372) (277,959) 3,599,851 3,187,799
FCI (222,226) (384,891) 4,322,365 4,509,596
GSS (2,103,213) (3,181,131) 20,771,235 23,230,411
HYS (776,208) (1,598,765) 11,213,553 12,537,119
MSS (715,872) (1,198,416) 11,006,070 11,032,465
MIS (654,982) (1,084,371) 15,360,738 11,985,320
MMS (7,395,994) (12,930,216) (21,612,807) 28,447,843
NWD (105,372) (112,785) 3,257,402 1,599,416
RES (1,663,658) (3,000,415) 34,192,699 35,935,779
RGS (198,954) (282,560) 2,888,619 3,153,242
RSS (55,732) (35,048) 1,352,950 1,114,581
SIS (103,023) (58,267) 852,551 892,490
TRS (4,550,605) (8,328,466) 53,276,887 62,923,966
UTS (497,515) (730,997) 10,124,099 9,588,408
GAA (309,542) (478,155) 5,950,044 6,188,330
GGS (441,079) (754,183) 3,315,110 3,941,088
GGR (806,758) (1,279,881) 13,283,814 13,513,835
GTR (243,569) (383,402) 4,507,293 4,907,545
SGS(a) (48,005) (285) 2,374,750 558,856
</TABLE>
(a) For the period November 5, 1999 (commencement of operations of Sub-Account)
through December 31, 1999.
26
<PAGE>
REGATTA, REGATTA GOLD, REGATTA CLASSIC, REGATTA PLATINUM AND REGATTA EXTRA
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 Period Units Purchased Account
------------------------- ------------------------ -------------------------
Six Six Six
Months Year Months Year Months Year
Ended Ended Ended Ended Ended Ended
June 30, December 31, June 30, December 31, June 30, December 31,
2000 1999 2000 1999 2000 1999
---------- ------------- --------- ------------- ---------- -------------
<S> <C> <C> <C> <C> <C> <C>
MFS REGATTA CLASSIC CONTRACTS:
------------------------------
BDS 48,210 35,123 3,825 38,838 (4,636) (23,411)
CAS 643,838 465,812 33,489 98,517 (103,875) 127,840
COS 450,750 277,518 48,008 98,185 13,134 94,668
MIT 1,467,541 1,213,193 94,833 343,708 (143,573) 47,381
EGS 1,130,669 959,802 79,470 206,621 135,879 (6,847)
EIS 74,460 12,113 10,311 36,114 (6,929) 28,711
FCE 72,781 43,654 3,369 14,933 6,690 17,553
FCG 98,698 83,820 17,682 33,705 4,771 (6,058)
FCI 89,652 90,582 4,661 5,230 (716) 289
GSS 282,054 297,310 25,644 100,923 21,415 (71,777)
HYS 312,392 342,363 27,078 64,265 (2,292) (62,579)
MSS 305,995 140,324 30,556 64,332 5,463 112,516
MIS 501,609 232,788 131,927 298,311 184,743 (19,461)
MMS 1,078,121 270,417 254,050 1,348,530 (103,506) (15,060)
NWD 99,057 29,182 26,600 55,212 91,261 19,871
RES 963,271 872,289 51,010 161,577 8,064 (26,160)
RGS 74,418 33,882 505 40,357 (6,074) 2,489
RSS 28,986 2,234 23,824 11,775 14,237 15,565
SIS 22,950 2,577 7,745 17,748 3,018 2,629
TRS 1,987,855 1,731,292 76,207 455,454 (158,552) (52,461)
UTS 356,269 178,136 40,204 90,782 (29,397) 119,327
GAA 43,343 53,167 4,433 1,943 1,257 (7,138)
GGS 42,362 40,071 1,151 13,692 (10,930) (7,500)
GGR 135,881 121,297 16,519 17,448 4,801 7,909
GTR 118,027 91,253 2,425 35,847 (2,754) (2,772)
SGS(a) 5,701 -- 19,203 -- 31,347 5,701
<CAPTION>
Units Withdrawn,
Surrendered, and Units Outstanding
Annuitized End of Period
------------------------- -------------------------
Six Six
Months Year Months Year
Ended Ended Ended Ended
June 30, December 31, June 30, December 31,
2000 1999 2000 1999
---------- ------------- ---------- -------------
<S> <C> <C> <C> <C>
MFS REGATTA CLASSIC CONTRACTS:
------------------------------
BDS (18,523) (2,340) 28,876 48,210
CAS (35,765) (48,331) 537,687 643,838
COS (33,709) (19,621) 478,183 450,750
MIT (116,494) (136,741) 1,302,307 1,467,541
EGS (52,743) (28,907) 1,293,275 1,130,669
EIS (4,198) (2,478) 73,644 74,460
FCE (2,482) (3,359) 80,358 72,781
FCG (2,491) (12,769) 118,660 98,698
FCI (1,975) (6,449) 91,622 89,652
GSS (12,992) (44,402) 316,121 282,054
HYS (25,587) (31,657) 311,591 312,392
MSS (8,300) (11,177) 333,714 305,995
MIS (84,738) (10,029) 733,541 501,609
MMS (924,021) (525,766) 304,644 1,078,121
NWD (3,174) (5,208) 213,744 99,057
RES (36,922) (44,435) 985,423 963,271
RGS (9,276) (2,310) 59,573 74,418
RSS (636) (588) 66,411 28,986
SIS (844) (4) 32,869 22,950
TRS (51,987) (146,430) 1,853,523 1,987,855
UTS (12,584) (31,976) 354,492 356,269
GAA (1,090) (4,629) 47,943 43,343
GGS (2,654) (3,901) 29,929 42,362
GGR (1,852) (10,773) 155,349 135,881
GTR (1,258) (6,301) 116,440 118,027
SGS(a) (335) -- 55,916 5,701
</TABLE>
(a) For the period November 24, 1999 (commencement of operations of Sub-Account)
through December 31, 1999.
27
<PAGE>
REGATTA, REGATTA GOLD, REGATTA CLASSIC, REGATTA PLATINUM AND REGATTA EXTRA
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 Period Units Purchased Account
------------------------- ------------------------- -------------------------
Six Six Six
Months Year Months Year Months Year
Ended Ended Ended Ended Ended Ended
June 30, December 31, June 30, December 31, June 30, December 31,
2000 1999 2000 1999 2000 1999
---------- ------------- ---------- ------------- ---------- -------------
<S> <C> <C> <C> <C> <C> <C>
MFS REGATTA PLATINUM
CONTRACTS:
------------------------------
BDS 2,970,448 628,000 228,968 941,360 473,344 1,491,043
CAS 10,770,738 1,683,164 1,604,224 4,849,607 2,407,387 4,545,428
COS 6,088,167 556,955 1,757,194 2,758,794 3,228,116 2,891,912
MIT 36,443,681 5,331,018 3,060,159 14,730,220 7,405,562 17,398,081
EGS 9,952,208 1,651,404 2,109,275 4,181,549 3,486,203 4,397,355
EIS 2,322,545 272,362 230,615 946,919 810,233 1,153,460
FCE 471,834 72,586 116,560 171,566 466,730 260,658
FCG 1,960,439 338,938 468,090 649,457 927,196 1,016,982
FCI 904,331 199,346 76,893 355,635 195,739 379,426
GSS 6,917,529 816,102 333,618 1,959,697 1,774,017 4,315,488
HYS 5,126,512 1,000,705 552,406 1,613,791 1,473,919 2,693,972
MSS 2,096,399 211,044 869,208 948,374 1,094,024 986,589
MIS 20,741,206 2,428,134 2,946,237 9,327,754 6,086,470 9,497,539
MMS 4,848,739 886,479 1,699,516 4,525,979 (1,051,967) (51,593)
NWD 2,064,540 436,178 653,896 750,621 1,276,834 945,469
RES 9,822,632 1,751,713 1,121,569 3,783,737 2,195,250 4,553,399
RGS 2,692,647 387,080 188,061 945,769 647,997 1,427,602
RSS 914,188 181,131 296,703 366,014 480,501 418,385
SIS 987,192 157,634 138,701 270,681 248,088 588,831
TRS 17,437,345 2,318,847 1,107,160 5,942,946 2,224,689 9,684,842
UTS 6,397,913 819,649 1,156,126 2,177,718 2,574,613 3,571,380
GAA 502,791 228,839 88,977 168,337 81,756 134,452
GGS 301,714 76,270 49,931 79,719 128,811 159,520
GGR 1,328,571 162,856 575,332 536,984 901,038 661,623
GTR 901,334 152,857 72,503 356,243 168,053 417,027
SGS(a) 189,701 -- 407,262 32,991 684,845 156,786
<CAPTION>
Units Withdrawn,
Surrendered, and Units Outstanding
Annuitized End of Period
------------------------- -------------------------
Six Six
Months Year Months Year
Ended Ended Ended Ended
June 30, December 31, June 30, December 31,
2000 1999 2000 1999
---------- ------------- ---------- -------------
<S> <C> <C> <C> <C>
MFS REGATTA PLATINUM
CONTRACTS:
------------------------------
BDS (94,610) (89,955) 3,578,150 2,970,448
CAS (392,488) (307,461) 14,389,861 10,770,738
COS (258,561) (119,494) 10,814,916 6,088,167
MIT (1,153,369) (1,015,638) 45,756,033 36,443,681
EGS (359,158) (278,100) 15,188,528 9,952,208
EIS (68,630) (50,196) 3,294,763 2,322,545
FCE (44,944) (32,976) 1,010,180 471,834
FCG (53,262) (44,938) 3,302,463 1,960,439
FCI (19,907) (30,076) 1,157,056 904,331
GSS (295,287) (173,758) 8,729,877 6,917,529
HYS (168,093) (181,956) 6,984,744 5,126,512
MSS (120,786) (49,608) 3,938,845 2,096,399
MIS (626,239) (512,221) 29,147,674 20,741,206
MMS (660,878) (512,126) 4,795,410 4,848,739
NWD (80,028) (67,728) 3,915,242 2,064,540
RES (305,914) (266,217) 12,833,537 9,822,632
RGS (80,178) (67,804) 3,448,527 2,692,647
RSS (38,972) (51,342) 1,652,420 914,188
SIS (26,809) (29,954) 1,347,172 987,192
TRS (680,881) (509,290) 20,088,313 17,437,345
UTS (226,913) (170,834) 9,901,739 6,397,913
GAA (15,714) (28,837) 657,810 502,791
GGS (16,057) (13,795) 464,399 301,714
GGR (67,166) (32,892) 2,737,775 1,328,571
GTR (19,776) (24,793) 1,122,114 901,334
SGS(a) (16,880) (76) 1,264,928 189,701
</TABLE>
(a) For the period November 5, 1999 (commencement of operations of Sub-Account)
through December 31, 1999.
28
<PAGE>
REGATTA, REGATTA GOLD, REGATTA CLASSIC, REGATTA PLATINUM AND REGATTA EXTRA
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 Period Units Purchased Account
------------------------- ------------------------ -------------------------
Six Six Six
Months Year Months Year Months Year
Ended Ended Ended Ended Ended Ended
June 30, December 31, June 30, December 31, June 30, December 31,
2000 1999 2000 1999 2000 1999
---------- ------------- --------- ------------- ---------- -------------
<S> <C> <C> <C> <C> <C> <C>
MFS REGATTA EXTRA
CONTRACTS:(a)
------------------------------
BDS -- Level 1 -- -- 675 -- -- --
BDS -- Level 2 -- -- 14,706 -- 144 --
BDS -- Level 3 -- -- 61,991 -- -- --
BDS -- Level 4 -- -- 22,487 -- -- --
CAS -- Level 1 -- -- 80,273 -- 1,924 --
CAS -- Level 2 -- -- 135,161 -- 1,199 --
CAS -- Level 3 -- -- 273,192 -- 7,209 --
CAS -- Level 4 -- -- 83,231 -- 224 --
COS -- Level 1 -- -- 178,729 -- 12,141 --
COS -- Level 2 -- -- 288,090 -- 3,356 --
COS -- Level 3 -- -- 608,145 -- 4,206 --
COS -- Level 4 -- -- 149,439 -- (8,698) --
MIT -- Level 1 -- -- 230,644 -- (19,991) --
MIT -- Level 2 -- -- 473,078 -- 10,479 --
MIT -- Level 3 -- -- 749,532 -- 25,867 --
MIT -- Level 4 -- -- 167,259 -- 73,517 --
EGS -- Level 1 -- -- 241,963 -- (13,424) --
EGS -- Level 2 -- -- 345,170 -- 12,636 --
EGS -- Level 3 -- -- 529,236 -- 34,540 --
EGS -- Level 4 -- -- 255,916 -- 74,917 --
EIS -- Level 1 -- -- 13,812 -- (3) --
EIS -- Level 2 -- -- 12,909 -- -- --
EIS -- Level 3 -- -- 16,469 -- -- --
EIS -- Level 4 -- -- 7,126 -- 121 --
FCE -- Level 1 -- -- 19,482 -- -- --
FCE -- Level 2 -- -- 6,651 -- 1,008 --
FCE -- Level 3 -- -- 17,307 -- 2,464 --
FCE -- Level 4 -- -- 21,587 -- 154 --
FCG -- Level 1 -- -- 41,649 -- 899 --
FCG -- Level 2 -- -- 62,246 -- 646 --
FCG -- Level 3 -- -- 156,109 -- 4,460 --
FCG -- Level 4 -- -- 52,008 -- 573 --
FCI -- Level 1 -- -- 3,877 -- 203 --
FCI -- Level 2 -- -- 21,893 -- -- --
FCI -- Level 3 -- -- 4,717 -- 169 --
<CAPTION>
Units Withdrawn,
Surrendered, and Units Outstanding
Annuitized End of Period
------------------------- -------------------------
Six Six
Months Year Months Year
Ended Ended Ended Ended
June 30, December 31, June 30, December 31,
2000 1999 2000 1999
---------- ------------- ---------- -------------
<S> <C> <C> <C> <C>
MFS REGATTA EXTRA
CONTRACTS:(a)
------------------------------
BDS -- Level 1 -- -- 675 --
BDS -- Level 2 -- -- 14,850 --
BDS -- Level 3 (86) -- 61,905 --
BDS -- Level 4 -- -- 22,487 --
CAS -- Level 1 (78) -- 82,119 --
CAS -- Level 2 (78) -- 136,282 --
CAS -- Level 3 (1,439) -- 278,962 --
CAS -- Level 4 (178) -- 83,277 --
COS -- Level 1 (126) -- 190,744 --
COS -- Level 2 (363) -- 291,083 --
COS -- Level 3 (574) -- 611,777 --
COS -- Level 4 (2,034) -- 138,707 --
MIT -- Level 1 (110) -- 210,543 --
MIT -- Level 2 (4,069) -- 479,488 --
MIT -- Level 3 (1,782) -- 773,617 --
MIT -- Level 4 (2,259) -- 238,517 --
EGS -- Level 1 (69) -- 228,470 --
EGS -- Level 2 (545) -- 357,261 --
EGS -- Level 3 (1,740) -- 562,036 --
EGS -- Level 4 (1,999) -- 328,834 --
EIS -- Level 1 -- -- 13,809 --
EIS -- Level 2 (22) -- 12,887 --
EIS -- Level 3 -- -- 16,469 --
EIS -- Level 4 -- -- 7,247 --
FCE -- Level 1 -- -- 19,482 --
FCE -- Level 2 -- -- 7,659 --
FCE -- Level 3 -- -- 19,771 --
FCE -- Level 4 (25) -- 21,716 --
FCG -- Level 1 (37) -- 42,511 --
FCG -- Level 2 (44) -- 62,848 --
FCG -- Level 3 (80) -- 160,489 --
FCG -- Level 4 (80) -- 52,501 --
FCI -- Level 1 -- -- 4,080 --
FCI -- Level 2 -- -- 21,893 --
FCI -- Level 3 -- -- 4,886 --
</TABLE>
(a) For the period April 10, 2000 (commencement of operations of Sub-Account)
through June 30, 2000.
29
<PAGE>
REGATTA, REGATTA GOLD, REGATTA CLASSIC, REGATTA PLATINUM AND REGATTA EXTRA
SUB-ACCOUNTS
INCLUDED IN SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
NOTES TO FINANCIAL STATEMENTS -- continued
<TABLE>
<CAPTION>
Units Transferred
Between Sub-Accounts
and
Units Outstanding Fixed Accumulation
Beginning of Period Units Purchased Account
------------------------- ------------------------ -------------------------
Six Six Six
Months Year Months Year Months Year
Ended Ended Ended Ended Ended Ended
June 30, December 31, June 30, December 31, June 30, December 31,
2000 1999 2000 1999 2000 1999
---------- ------------- --------- ------------- ---------- -------------
<S> <C> <C> <C> <C> <C> <C>
MFS REGATTA EXTRA
CONTRACTS:(a) -- CONTINUED
------------------------------
GSS -- Level 1 -- -- 22,065 -- 790 --
GSS -- Level 2 -- -- 52,667 -- 621 --
GSS -- Level 3 -- -- 56,186 -- 472 --
GSS -- Level 4 -- -- 72,909 -- (4,844) --
HYS -- Level 1 -- -- 17,697 -- 314 --
HYS -- Level 2 -- -- 32,572 -- 348 --
HYS -- Level 3 -- -- 29,909 -- 2,472 --
HYS -- Level 4 -- -- 28,673 -- (126) --
MSS -- Level 1 -- -- 41,051 -- 126 --
MSS -- Level 2 -- -- 77,098 -- 1,990 --
MSS -- Level 3 -- -- 207,821 -- 4,233 --
MSS -- Level 4 -- -- 58,275 -- 75,318 --
MIS -- Level 1 -- -- 358,653 -- (8,190) --
MIS -- Level 2 -- -- 489,556 -- 13,762 --
MIS -- Level 3 -- -- 877,912 -- 27,400 --
MIS -- Level 4 -- -- 257,763 -- (11,301) --
MMS -- Level 1 -- -- 67,504 -- (30,061) --
MMS -- Level 2 -- -- 130,529 -- (38,737) --
MMS -- Level 3 -- -- 106,521 -- (24,576) --
MMS -- Level 4 -- -- 475,968 -- (319,866) --
NWD -- Level 1 -- -- 88,153 -- (7,539) --
NWD -- Level 2 -- -- 171,558 -- 4,754 --
NWD -- Level 3 -- -- 127,693 -- 12,585 --
NWD -- Level 4 -- -- 66,939 -- 67,500 --
RES -- Level 1 -- -- 108,112 -- (5,271) --
RES -- Level 2 -- -- 175,146 -- 1,662 --
RES -- Level 3 -- -- 182,674 -- 10,189 --
RES -- Level 4 -- -- 64,718 -- 1,502 --
RGS -- Level 1 -- -- 24,158 -- (12,834) --
RGS -- Level 2 -- -- 1,779 -- -- --
RGS -- Level 3 -- -- 42,132 -- 12,837 --
RGS -- Level 4 -- -- 3,703 -- 3,653 --
RSS -- Level 1 -- -- 49,903 -- (13,192) --
RSS -- Level 2 -- -- 68,133 -- 437 --
RSS -- Level 3 -- -- 103,448 -- 13,660 --
RSS -- Level 4 -- -- 19,038 -- 50 --
SIS -- Level 1 -- -- 3,185 -- 439 --
<CAPTION>
Units Withdrawn,
Surrendered, and Units Outstanding
Annuitized End of Period
------------------------- -------------------------
Six Six
Months Year Months Year
Ended Ended Ended Ended
June 30, December 31, June 30, December 31,
2000 1999 2000 1999
---------- ------------- ---------- -------------
<S> <C> <C> <C> <C>
MFS REGATTA EXTRA
CONTRACTS:(a) -- CONTINUED
------------------------------
GSS -- Level 1 (2) -- 22,853 --
GSS -- Level 2 (49) -- 53,239 --
GSS -- Level 3 (50) -- 56,608 --
GSS -- Level 4 (59) -- 68,006 --
HYS -- Level 1 (1) -- 18,010 --
HYS -- Level 2 (111) -- 32,809 --
HYS -- Level 3 (20) -- 32,361 --
HYS -- Level 4 (193) -- 28,354 --
MSS -- Level 1 (24) -- 41,153 --
MSS -- Level 2 (40) -- 79,048 --
MSS -- Level 3 (1,455) -- 210,599 --
MSS -- Level 4 (607) -- 132,986 --
MIS -- Level 1 (240) -- 350,223 --
MIS -- Level 2 (2,666) -- 500,652 --
MIS -- Level 3 (2,011) -- 903,301 --
MIS -- Level 4 (2,970) -- 243,492 --
MMS -- Level 1 -- -- 37,443 --
MMS -- Level 2 (457) -- 91,335 --
MMS -- Level 3 -- -- 81,945 --
MMS -- Level 4 (3,040) -- 153,062 --
NWD -- Level 1 (71) -- 80,543 --
NWD -- Level 2 (157) -- 176,155 --
NWD -- Level 3 (129) -- 140,149 --
NWD -- Level 4 (680) -- 133,759 --
RES -- Level 1 (46) -- 102,795 --
RES -- Level 2 (496) -- 176,312 --
RES -- Level 3 (1,284) -- 191,579 --
RES -- Level 4 (61) -- 66,159 --
RGS -- Level 1 -- -- 11,324 --
RGS -- Level 2 -- -- 1,779 --
RGS -- Level 3 -- -- 54,969 --
RGS -- Level 4 (40) -- 7,316 --
RSS -- Level 1 -- -- 36,711 --
RSS -- Level 2 (134) -- 68,436 --
RSS -- Level 3 (259) -- 116,849 --
RSS -- Level 4 -- -- 19,088 --
SIS -- Level 1 -- -- 3,624 --
</TABLE>
(a) For the period April 10, 2000 (commencement of operations of Sub-Account)
through June 30, 2000.
30
<PAGE>
REGATTA, REGATTA GOLD, REGATTA CLASSIC, REGATTA PLATINUM AND REGATTA EXTRA
SUB-ACCOUNTS
INCLUDED IN SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
NOTES TO FINANCIAL STATEMENTS -- continued
<TABLE>
<CAPTION>
Units Transferred
Between Sub-Accounts
and
Units Outstanding Fixed Accumulation
Beginning of Period Units Purchased Account
------------------------- ------------------------ -------------------------
Six Six Six
Months Year Months Year Months Year
Ended Ended Ended Ended Ended Ended
June 30, December 31, June 30, December 31, June 30, December 31,
2000 1999 2000 1999 2000 1999
---------- ------------- --------- ------------- ---------- -------------
<S> <C> <C> <C> <C> <C> <C>
MFS REGATTA EXTRA
CONTRACTS:(a) -- CONTINUED
------------------------------
SIS -- Level 2 -- -- 9,233 -- -- --
SIS -- Level 3 -- -- 2,451 -- -- --
SIS -- Level 4 -- -- 8,542 -- -- --
TRS -- Level 1 -- -- 87,003 -- 1,616 --
TRS -- Level 2 -- -- 112,906 -- 6,555 --
TRS -- Level 3 -- -- 100,749 -- 537 --
TRS -- Level 4 -- -- 16,686 -- -- --
UTS -- Level 1 -- -- 75,642 -- 1,076 --
UTS -- Level 2 -- -- 108,689 -- 1,000 --
UTS -- Level 3 -- -- 178,941 -- 2,275 --
UTS -- Level 4 -- -- 34,110 -- 491 --
GAA -- Level 1 -- -- 4,137 -- -- --
GAA -- Level 2 -- -- 9,746 -- -- --
GAA -- Level 3 -- -- 40,975 -- 896 --
GAA -- Level 4 -- -- -- -- 211 --
GGS -- Level 1 -- -- 11,825 -- -- --
GGS -- Level 2 -- -- 6,742 -- -- --
GGS -- Level 3 -- -- 2,427 -- 2,425 --
GGS -- Level 4 -- -- 7,088 -- 45 --
GGR -- Level 1 -- -- 43,068 -- (1,677) --
GGR -- Level 2 -- -- 58,177 -- 2,741 --
GGR -- Level 3 -- -- 165,625 -- 1,642 --
GGR -- Level 4 -- -- 76,703 -- 6,160 --
GTR -- Level 1 -- -- 2,968 -- 206 --
GTR -- Level 2 -- -- 5,359 -- -- --
GTR -- Level 3 -- -- 19,388 -- 473 --
GTR -- Level 4 -- -- 509 -- -- --
SGS(a) -- Level 1 -- -- 19,845 -- 567 --
SGS(a) -- Level 2 -- -- 58,352 -- 2,364 --
SGS(a) -- Level 3 -- -- 102,856 -- 550 --
SGS(a) -- Level 4 -- -- 40,806 -- 107 --
<CAPTION>
Units Withdrawn,
Surrendered, and Units Outstanding
Annuitized End of Period
------------------------- -------------------------
Six Six
Months Year Months Year
Ended Ended Ended Ended
June 30, December 31, June 30, December 31,
2000 1999 2000 1999
---------- ------------- ---------- -------------
<S> <C> <C> <C> <C>
MFS REGATTA EXTRA
CONTRACTS:(a) -- CONTINUED
------------------------------
SIS -- Level 2 -- -- 9,233 --
SIS -- Level 3 -- -- 2,451 --
SIS -- Level 4 (175) -- 8,367 --
TRS -- Level 1 -- -- 88,619 --
TRS -- Level 2 (434) -- 119,027 --
TRS -- Level 3 (163) -- 101,123 --
TRS -- Level 4 (241) -- 16,445 --
UTS -- Level 1 (36) -- 76,682 --
UTS -- Level 2 (93) -- 109,596 --
UTS -- Level 3 (421) -- 180,795 --
UTS -- Level 4 (1,979) -- 32,622 --
GAA -- Level 1 -- -- 4,137 --
GAA -- Level 2 -- -- 9,746 --
GAA -- Level 3 (153) -- 41,718 --
GAA -- Level 4 -- -- 211 --
GGS -- Level 1 -- -- 11,825 --
GGS -- Level 2 -- -- 6,742 --
GGS -- Level 3 -- -- 4,852 --
GGS -- Level 4 (24) -- 7,109 --
GGR -- Level 1 (40) -- 41,351 --
GGR -- Level 2 (87) -- 60,831 --
GGR -- Level 3 (141) -- 167,126 --
GGR -- Level 4 (1,070) -- 81,793 --
GTR -- Level 1 -- -- 3,174 --
GTR -- Level 2 -- -- 5,359 --
GTR -- Level 3 -- -- 19,861 --
GTR -- Level 4 -- -- 509 --
SGS(a) -- Level 1 -- -- 20,412 --
SGS(a) -- Level 2 (387) -- 60,329 --
SGS(a) -- Level 3 (20) -- 103,386 --
SGS(a) -- Level 4 -- -- 40,913 --
</TABLE>
(a) For the period April 10, 2000 (commencement of operations of Sub-Account)
through June 30, 2000.
31
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Participants in Regatta, Regatta Gold, Regatta Classic, Regatta Platinum
and Regatta Extra Sub-Accounts and the Board of Directors of Sun Life Assurance
Company of Canada (U.S.):
We have audited the accompanying statement of condition of Bond Sub-Account,
Capital Appreciation Sub-Account, Capital Opportunities Sub-Account,
Massachusetts Investors Trust Sub-Account, Emerging Growth Sub-Account, Equity
Income Sub-Account, MFS/Foreign & Colonial Emerging Markets Equity Sub-Account,
International Growth Sub-Account, International Growth and Income Sub-Account,
Government Securities Sub-Account, High Yield Sub-Account, Managed Sectors
Sub-Account, Massachusetts Investors Growth Stock Sub-Account, Money Market
Sub-Account, New Discovery Sub-Account, Research Sub-Account, Research Growth
and Income Sub-Account, Research International Sub-Account, Strategic Income
Sub-Account, Total Return Sub-Account, Utilities Sub-Account, Global Asset
Allocation Sub-Account, Global Governments Sub-Account, Global Growth
Sub-Account, Global Total Return Sub-Account, and Strategic Growth Sub-Account
of Sun Life of Canada (U.S.) Variable Account F (the "Sub-Accounts") as of
June 30, 2000, the related statement of operations for the six months then ended
and the statements of changes in net assets for the six months ended June 30,
2000 and the year ended December 31, 1999. 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 auditing standards generally accepted
in the United States of America. 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 June 30,
2000 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 June 30, 2000 and the
results of their operations and the changes in their net assets for the
respective stated periods in conformity with accounting principles generally
accepted in the United States of America.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
August 11, 2000
<PAGE>
MFS REGATTA
MFS REGATTA GOLD
MFS REGATTA CLASSIC
MFS REGATTA PLATINUM
MFS REGATTA EXTRA
DIRECTORS AND OFFICERS OF
SUN LIFE ASSURANCE COMPANY OF CANADA (U.S.)
DONALD A. STEWART, Chairman and Director
C. JAMES PRIEUR, Vice Chairman and Director
JAMES A. McNULTY, III, President and Director
S. CAESAR RABOY, Director
RICHARD B. BAILEY, Director
DAVID D. HORN, Director
ANGUS A. MacNAUGHTON, Director
WILLIAM W. STINSON, Director
GREGORY W. GEE, Director
PETER F. DEMUTH, Vice President and Chief
Counsel and Assistant Secretary
DAVEY S. SCOON, Vice President, Finance and Treasurer
RONALD J. FERNANDES, Vice President,
Retirement Products and Services
JAMES M.A. ANDERSON, Vice President, Investments
ROBERT P. VROLYK, Vice President and Actuary
L. BROCK THOMSON, Vice President
and Treasurer
ELLEN B. KING, Counsel and Secretary
SUN LIFE ASSURANCE COMPANY
OF CANADA (U.S.)
ANNUITY SERVICE MAILING ADDRESS:
Sun Life Retirement Products & Services
P.O. Box 1024, Boston, Massachusetts 02103-9986
GENERAL DISTRIBUTOR
Clarendon Insurance Agency, Inc.
One Sun Life Executive Park
Wellesley Hills, Massachusetts 02481
CUSTODIAN
State Street Bank and Trust Company
225 Franklin Street, Boston, Massachusetts 02110-2875
AUDITORS
Deloitte & Touche LLP
200 Berkeley Street, Boston, Massachusetts 02116
This report is prepared for the general information of contract owners and
participants. It is authorized for distribution to prospective purchasers only
when preceded or accompanied by an effective prospectus.
ACCOUNT INFORMATION
For account information, please call toll free:
1-800-752-7218 anytime from a touch-tone telephone.
To speak with a customer service representative,
please call toll free: 1-800-752-7215 from 8 a.m.
to 6 p.m. Eastern Standard time on any business day.
GOLD-3 2/00 ?M
[LOGO]
SEMI-ANNUAL REPORT - JUNE 30, 2000
PROFESSIONALLY MANAGED ANNUITIES ISSUED BY
SUN LIFE ASSURANCE COMPANY OF CANADA (U.S.)
A MEMBER OF THE SUN LIFE
FINANCIAL GROUP OF COMPANIES
