497 1 masters2.htm masters2.htm
 
 

 

SUPPLEMENT DATED SEPTEMBER 30, 2011

TO PROSPECTUSES DATED APRIL 29, 2011
FOR SUN LIFE FINANCIAL MASTERS CHOICE II,
SUN LIFE FINANCIAL MASTERS EXTRA II,
AND SUN LIFE FINANCIAL MASTERS FLEX II

ISSUED BY SUN LIFE OF CANADA (U.S.) VARIABLE ACCOUNT F
SUN LIFE ASSURANCE COMPANY OF CANADA (U.S.)

This supplement updates the above-referenced prospectuses (each a “Prospectus”) to reflect changes in the variable investment options available under the flexible payment deferred annuity contracts and certificates (collectively, “Contracts”) described in the Prospectuses. Please read this supplement carefully and keep it with your Prospectus for future reference.

Effective October 31, 2011, Sun Life Assurance Company of Canada (U.S.) is adding the following new variable investment options under the Contracts. The list of the available investment options appearing on the first page, and under the section entitled “VARIABLE ACCOUNT OPTIONS: THE FUNDS,” of your Prospectus is revised accordingly. Please consult with your registered representative to obtain prospectuses with more detailed information about these investment options.  You should read those prospectuses, as well as your Prospectus, carefully before you invest, and keep them for future reference.

Large-Cap Equity Funds
Asset Allocation Funds
JPMorgan Insurance Trust U.S. Equity Portfolio, Class 2
Franklin Income Securities Fund, Class 4
MFS® Growth Portfolio, Service Class
PIMCO All Asset Portfolio, Advisor Class
Mutual Shares Securities Fund, Class 4
Putnam VT Absolute Return 500 Fund, Class IB
Putnam VT Equity Income Fund, Class IB
Emerging Markets Bond Fund
Universal Institutional Funds, Inc. - Growth Portfolio, Class II
PIMCO Emerging Markets Bond Portfolio, Advisor Class
Small -Mid-Cap Equity Funds
Global Bond Fund
AllianceBernstein Small/Mid Cap Value Portfolio, Class B
Templeton Global Bond Securities Fund, Class 4
Small-Cap Equity Fund
Intermediate Term Bond Funds
Franklin Small Cap Value Fund, Class 4
JPMorgan Insurance Trust Core Bond Portfolio, Class 2
International/Global Equity Funds
MFS® Research Bond Series, Service Class
Invesco V.I. International Growth Fund, Series II
Multi-Sector Bond Fund
PIMCO EqS Pathfinder Portfolio, Advisor Class
Franklin Strategic Income Securities Fund, Class 4
Specialty Sector Commodity Fund
 
PIMCO CommodityRealReturn® Strategy Portfolio,
 
Advisor Class
 

In addition, the section entitled “VARIABLE ACCOUNT OPTIONS: THE FUNDS” is revised to incorporate the following investment management disclosures:

AllianceBernstein L.P. advises the AllianceBernstein Portfolio. Franklin Advisers, Inc. advises Franklin Income Securities Fund, Franklin Strategic Income Securities Fund, and Templeton Global Bond Securities Fund. Franklin Advisory Services, LLC advises Franklin Small Cap Value Securities Fund. Franklin Mutual Advisers, LLC advises Mutual Shares Securities Fund. Invesco Advisers, Inc. advises the Invesco Fund. J.P. Morgan Investment Management Inc. advises the JPMorgan Portfolios. Massachusetts Financial Services Company, our affiliate, advises the MFS® Series. Morgan Stanley Investment Management Inc. advises The Universal Institutional Funds, Inc. Portfolio. Pacific Investment Management Company LLC advises the PIMCO Portfolios; PIMCO All Asset Portfolio (sub-advised by Research Affiliates, LLC). Putnam Investment Management, LLC advises the Putnam Funds.

The following Funds will not available for new investment under Contracts issued on or after October 31, 2011:

AllianceBernstein International Growth Portfolio, Class B
 
Columbia Variable Portfolio - Marsico 21st Century Fund, Class 2
 
Columbia Variable Portfolio - Marsico International Opportunities Fund, Class 2
 
Fidelity® Variable Insurance Products Fund IV - Freedom 2015 Portfolio, Service Class 2
 
Fidelity® Variable Insurance Products Fund IV - Freedom 2020 Portfolio, Service Class 2
 
Franklin Income Securities Fund, Class 2
 
Franklin Small Cap Value Securities Fund, Class 2
 
Franklin Strategic Income Securities Fund, Class 2
 
MFS® Bond Portfolio, Service Class
 
Mutual Shares Securities Fund, Class 2
 
PIMCO CommodityRealReturn® Strategy Portfolio, Administrative Class
 
PIMCO Emerging Markets Bond Portfolio, Administrative Class
 
Oppenheimer Capital Appreciation Fund/VA, Service Shares
 
Templeton Growth Securities Fund, Class 2
 

 
Masters II (US) 9/2011
 
 

 


On October 31, 2011, the list Designated Funds for all Contracts participating in Sun Income Riser III in each prospectus will be deleted and replaced the following:

Asset Allocation Models
Funds
Build Your Own Portfolio
AllianceBernstein Dynamic Asset Allocation Portfolio, Class B
Blended Model
MFS® Global Tactical Allocation Portfolio, Service Class
 
PIMCO All Asset Portfolio, Advisor Class
Dollar-Cost Averaging Program Options
PIMCO Global Multi-Asset Portfolio, Advisor Class
6-Month DCA Period
Putnam VT Absolute Return 500 Fund, Class IB
12-Month DCA Period
SCSM Ibbotson Balanced Fund, Service Class
 
SCSM Ibbotson Conservative Fund, Service Class

On October 31, 2011, the following replaces the appendix to your Prospectus that describes the “Build Your Own Portfolio” program:

BUILD YOUR OWN PORTFOLIO

This Appendix sets forth the Funds and percentage limits that constitute the “build your own portfolio” program. This program is more fully described under “BUILD YOUR OWN PORTFOLIO” in the Prospectus. Briefly, if you comply with this program, the portfolio you build will satisfy the Designated Funds requirement under certain optional living benefits. If you do not comply with the allocation percentage limits in effect under your Contract, your selection of the Build Your Own Portfolio model will not qualify as a Designated Fund and your participation in the Living Benefit will be cancelled.

For Contracts purchased with Sun Income Maximizer or Sun Income Maximizer Plus, the Funds available in each asset class and the percentage range assigned to each asset class under the Build Your Own Portfolio investment option are as follows:

Balanced Funds
Fixed Income Funds
0% to 60%
40% to 100%
AllianceBernstein Balanced Wealth Strategy Portfolio
Huntington VA Mortgage Securities Fund1
AllianceBernstein Dynamic Asset Allocation Portfolio
JPMorgan Insurance Trust Core Bond Portfolio
BlackRock Global Allocation V.I. Fund
MFS® Government Securities Portfolio
Fidelity® Variable Insurance Products III - Balanced Portfolio
MFS® Research Bond Series
Huntington VA Balanced Fund1
SCSM BlackRock Inflation Protected Bond Fund
Invesco Van Kampen V.I. Equity and Income Fund
SCSM Goldman Sachs Short Duration Fund
MFS® Global Tactical Allocation Portfolio
SCSM PIMCO Total Return Fund
MFS® Total Return Portfolio
Sun Capital Investment Grade Bond Fund®
PIMCO All Asset Portfolio
Sun Capital Money Market Fund®
PIMCO Global Multi-Asset Portfolio
Wells Fargo Variable Trust - VT Total Return Bond Fund
Putnam VT Absolute Return 500 Fund
 
SCSM Ibbotson Balanced Fund
 
SCSM Ibbotson Conservative Fund
 

1 Only available if you purchased your Contract through a Huntington Bank representative.


 
Masters II (US) 9/2011
 
 

 

For Contracts purchased on or after October 31, 2011, with Sun Income Riser III, the following is the Build Your Own Portfolio model that applies to your Contract. If you do not comply with the allocation percentage limits in effect under your Contract, then your selection of the Build Your Own Portfolio model will not qualify as a Designated Fund and your participation in the Living Benefit will be cancelled.

Fixed Income Funds
Core Retirement Strategies Funds
Asset Allocation Funds
Core Equity Funds
Growth Equity Funds
Specialty Funds
30% to 50%
40% to 60%
10% to 30%
0% to 20%
0% to 20%
0% to 10%
Sun Capital Investment Grade Bond Fund®
AllianceBernstein Dynamic Asset Allocation Portfolio
AllianceBernstein Balanced Wealth Strategy Portfolio
Lord Abbett Series Fund - Fundamental Equity Portfolio
Franklin Small Cap Value Securities Fund
Franklin Strategic Income Securities Fund
MFS® Government Securities Portfolio
PIMCO Global Multi-Asset Portfolio
Fidelity® Variable Insurance Products III - Balanced Portfolio
MFS® Value Portfolio
SCSM BlackRock Small Cap Index Fund
PIMCO Emerging Markets Bond Portfolio
Huntington VA Mortgage Securities Fund1
MFS® Global Tactical Allocation Portfolio
Franklin Income Securities Fund
Invesco Van Kampen V.I. Comstock Fund
Lord Abbett Series Fund - Growth Opportunities Portfolio
Sun Capital Global Real Estate Fund
Sun Capital Money Market Fund®
SCSM Ibbotson Balanced Fund
MFS® Total Return Portfolio
Mutual Shares Securities Fund
MFS® International Value Portfolio
PIMCO CommodityRealReturn® Strategy Portfolio
SCSM Goldman Sachs Short Duration Fund
SCSM Ibbotson Conservative Fund
Invesco Van Kampen V.I. Equity and Income Fund
MFS® Utilities Portfolio
MFS® Research International Portfolio
MFS® Emerging Markets Equity Portfolio
SCSM PIMCO Total Return Fund
PIMCO All Asset Portfolio
SCSM Ibbotson Growth Fund
MFS® Core Equity Portfolio
First Eagle Overseas Variable Fund
SCSM PIMCO High Yield Fund
SCSM BlackRock Inflation Protected Bond Fund
Putnam VT Absolute Return 500 Fund
BlackRock Global Allocation V.I. Fund
SCSM Davis Venture Value Fund
Oppenheimer Global Securities Fund/VA
Lazard Retirement Emerging Markets Equity Portfolio
Wells Fargo Variable Trust - VT Total Return Bond Fund
 
Huntington VA Balanced Fund1
Huntington VA Dividend Capture Fund1
Fidelity® Variable Insurance Products III - Mid Cap Portfolio
Huntington VA Rotating Markets Fund1
JPMorgan Insurance Trust Core Bond Portfolio
   
Huntington VA Income Equity Fund1
MFS® International Growth Portfolio
Huntington VA Real Strategies Fund1
MFS® Research Bond Series
   
SCSM Lord Abbett Growth & Income Fund
SCSM WMC Large Cap Growth Fund
Templeton Global Bond Securities Fund
     
SCSM Goldman Sachs Mid Cap Value Fund
Columbia Variable Portfolio - Marsico Growth Fund
 
     
SCSM BlackRock Large Cap Index Fund
Huntington VA Growth Fund1
 
     
JPMorgan Insurance Trust U.S. Equity Portfolio
Huntington VA Macro 100 Fund1
 
     
Putnam VT Equity Income Fund
Huntington VA Mid Corp America Fund1
 
       
Huntington VA New Economy Fund1
 
       
Huntington VA International Equity Fund1
 
       
Huntington VA Situs Fund1
 
       
SCSM WMC Blue Chip Mid Cap Fund
 
       
Universal Institutional Funds Inc. - Mid Cap Growth Portfolio
 
       
Invesco Van Kampen V.I. Mid Cap Value Fund
 
       
Fidelity® Variable Insurance Products Fund II - Contrafund® Portfolio
 
       
SCSM AllianceBernstein International Value Fund
 
       
SCSM Columbia Small Cap Value Fund
 

 
Masters II (US) 9/2011
 
 

 


Fixed Income Funds
Core Retirement Strategies Funds
Asset Allocation Funds
Core Equity Funds
Growth Equity Funds
Specialty Funds
30% to 50%
40% to 60%
10% to 30%
0% to 20%
0% to 20%
0% to 10%
       
SCSM Invesco Small Cap Growth Fund
 
       
SCSM BlackRock International Index Fund
 
       
AllianceBernstein Small/Mid Cap Value Portfolio
 
       
Invesco V.I. International Growth Fund
 
       
PIMCO EqS Pathfinder Portfolio
 
       
MFS® Growth Portfolio
 
       
Universal Institutional Funds Inc. - Growth Portfolio
 

1 Only available if you purchased your Contract through a Huntington Bank representative.



 
Masters II (US) 9/2011
 
 

 

For Contracts purchased prior to October 31, 2011, with Sun Income Riser III, the following is the Build Your Own Portfolio model that applies to your Contract. If you do not comply with the allocation percentage limits in effect under your Contract, then your selection of the Build Your Own Portfolio model will not qualify as a Designated Fund and your participation in the Living Benefit will be cancelled.

Fixed Income Funds
Core Retirement Strategies Funds
Asset Allocation Funds
Core Equity Funds
Growth Equity Funds
Specialty Funds
30% to 50%
40% to 60%
10% to 30%
0% to 20%
0% to 20%
0% to 10%
Sun Capital Investment Grade Bond Fund®
AllianceBernstein Dynamic Asset Allocation Portfolio
AllianceBernstein Balanced Wealth Strategy Portfolio
Lord Abbett Series Fund - Fundamental Equity Portfolio
Franklin Small Cap Value Securities Fund
Franklin Strategic Income Securities Fund
MFS® Government Securities Portfolio
PIMCO Global Multi-Asset Portfolio
Fidelity® Variable Insurance Products III - Balanced Portfolio
MFS® Value Portfolio
SCSM BlackRock Small Cap Index Fund
PIMCO Emerging Markets Bond Portfolio
MFS® Bond Portfolio
MFS® Global Tactical Allocation Portfolio
Franklin Income Securities Fund
Invesco Van Kampen V.I. Comstock Fund
Oppenheimer Capital Appreciation Fund/VA
Sun Capital Global Real Estate Fund
Huntington VA Mortgage Securities Fund1
SCSM Ibbotson Balanced Fund
MFS® Total Return Portfolio
Mutual Shares Securities Fund
Lord Abbett Series Fund - Growth Opportunities Portfolio
PIMCO CommodityRealReturn® Strategy Portfolio
Sun Capital Money Market Fund®
SCSM Ibbotson Conservative Fund
Invesco Van Kampen V.I. Equity and Income Fund
MFS® Utilities Portfolio
MFS® International Value Portfolio
MFS® Emerging Markets Equity Portfolio
SCSM Goldman Sachs Short Duration Fund
PIMCO All Asset Portfolio
Fidelity® Variable Insurance Products Fund IV - Freedom 2015 Portfolio
MFS® Core Equity Portfolio
MFS® Research International Portfolio
SCSM PIMCO High Yield Fund
SCSM PIMCO Total Return Fund
Putnam VT Absolute Return 500 Fund
Fidelity® Variable Insurance Products Fund IV - Freedom 2020 Portfolio
SCSM Davis Venture Value Fund
Templeton Growth Securities Fund
Lazard Retirement Emerging Markets Equity Portfolio
SCSM BlackRock Inflation Protected Bond Fund
 
SCSM Ibbotson Growth Fund
Huntington VA Dividend Capture Fund1
First Eagle Overseas Variable Fund
Huntington VA Rotating Markets Fund1
Wells Fargo Variable Trust - VT Total Return Bond Fund
 
BlackRock Global Allocation V.I. Fund
Huntington VA Income Equity Fund1
Oppenheimer Global Securities Fund/VA
Huntington VA Real Strategies Fund1
JPMorgan Insurance Trust Core Bond Portfolio
 
Huntington VA Balanced Fund1
SCSM Lord Abbett Growth & Income Fund
Columbia Variable Portfolio - Marsico International Opportunities Fund
Templeton Global Bond Securities Fund
MFS® Research Bond Series
   
SCSM Goldman Sachs Mid Cap Value Fund
Fidelity® Variable Insurance Products III - Mid Cap Portfolio
 
     
SCSM BlackRock Large Cap Index Fund
MFS® International Growth Portfolio
 
     
JPMorgan Insurance Trust U.S. Equity Portfolio
SCSM WMC Large Cap Growth Fund
 
     
Putnam VT Equity Income Fund
Columbia Variable Portfolio - Marsico Growth Fund
 
       
Columbia Variable Portfolio - Marsico 21st Century Fund
 
       
Huntington VA Growth Fund1
 
       
Huntington VA Macro 100 Fund1
 
       
Huntington VA Mid Corp America Fund1
 
       
Huntington VA New Economy Fund1
 
       
Huntington VA International Equity Fund1
 
       
Huntington VA Situs Fund1
 
       
SCSM WMC Blue Chip Mid Cap Fund
 
       
Universal Institutional Funds Inc. - Mid Cap Growth Portfolio
 
       
Invesco Van Kampen V.I. Mid Cap Value Fund
 

 
Masters II (US) 9/2011
 
 

 


Fixed Income Funds
Core Retirement Strategies Funds
Asset Allocation Funds
Core Equity Funds
Growth Equity Funds
Specialty Funds
30% to 50%
40% to 60%
10% to 30%
0% to 20%
0% to 20%
0% to 10%
       
AllianceBernstein International Growth Portfolio
 
       
Fidelity® Variable Insurance Products Fund II - Contrafund® Portfolio
 
       
SCSM AllianceBernstein International Value Fund
 
       
SCSM Columbia Small Cap Value Fund
 
       
SCSM Invesco Small Cap Growth Fund
 
       
SCSM BlackRock International Index Fund
 
       
AllianceBernstein Small/Mid Cap Value Portfolio
 
       
Invesco V.I. International Growth Fund
 
       
PIMCO EqS Pathfinder Portfolio
 
       
MFS® Growth Portfolio
 
       
Universal Institutional Funds Inc. - Growth Portfolio
 

1 Only available if you purchased your Contract through a Huntington Bank representative.




* * * * *



 
Masters II (US) 9/2011