497 1 saisr2masflas.htm The information in this supplement is not complete and may be changed

SUPPLEMENT

DATED JULY 27, 2004

TO

STATEMENT OF ADDITIONAL INFORMATION

DATED APRIL 30, 2004

SUN LIFE FINANCIAL MASTERS FLEX

COLUMBIA ALL-STAR

The above Statement of Additional Information ("SAI") is hereby amended to add the following tables under the heading "CALCULATION OF PERFORMANCE INFORMATION."

Under "Standardized Average Annual Total Return," the following tables are added to the SAI in states in which the Secured Returns 2 Benefit rider is available for sale:

SUN LIFE FINANCIAL MASTERS FLEX

STANDARDIZED AVERAGE ANNUAL TOTAL RETURN

PERIOD ENDING DECEMBER 31, 2003

Fund name

Inception Date

1 YR

5 YR

10 YR

LOF

Bond S Class

5/5/1998

-1.55

3.57

3.97

Capital Appreciation S Class

11/30/1989

16.62

-8.43

3.31

5.28

Capital Opportunities S Class

6/3/1996

16.28

-4.45

3.70

Emerging Growth S Class

5/1/1995

19.33

-7.43

4.64

Franklin Templeton VIP Trust Franklin Small Cap Value Securities

8/5/2002

20.30

17.37

Franklin Templeton VIP Trust Mutual Shares Securities Fund

8/5/2002

13.49

9.97

Franklin Templeton VIP Trust Templeton Foreign Securities

8/5/2002

20.38

10.16

Franklin Templeton VIP Trust Templeton Growth Securities

9/30/2002

20.32

21.18

Global Growth S Class

11/16/1993

23.23

1.59

5.14

5.67

Government Securities S Class

11/30/1989

-8.33

2.36

2.84

3.85

High Yield S Class

11/30/1989

9.65

1.35

2.91

5.01

Lord Abbett Series Fund Growth & Income

8/5/2002

19.21

18.77

Lord Abbett Series Fund Mid-Cap Value

5/1/2001

13.11

0.60

Mass Investors Trust S Class

10/31/1991

10.86

-5.90

5.90

6.07

Mass Invst Growth Stock S Class

5/5/1998

11.25

-6.43

-2.79

Mid Cap Growth S Class

8/31/2000

25.37

-22.53

Mid Cap Value S Class

4/30/2002

20.08

-4.83

Money Market S Class

11/30/1989

-9.67

-0.11

0.68

0.94

New Discovery S Class

5/5/1998

23.11

3.11

3.44

Oppenheimer Capital Appreciation Fund

8/5/2002

18.90

19.54

Oppenheimer Main St. Fund/VA

8/5/2002

14.75

10.86

Oppenheimer Main St. Small Cap Fund

8/5/2002

32.11

22.38

PIMCO Emerging Markets Bond Portfolio

9/30/2002

19.89

30.85

PIMCO Real Return Bond Portfolio

8/5/2002

-2.06

1.79

PIMCO Total Return Bond Portfolio

8/5/2002

-5.48

-1.83

Research International S Class

5/5/1998

21.55

3.36

1.44

Research S Class

11/7/1994

13.36

-5.82

5.61

Strategic Growth S Class

11/1/1999

15.35

-10.23

Strategic Income S Class

5/6/1998

1.19

2.71

2.05

Strategic Value S Class

4/30/2002

15.31

-7.16

Sun Capital All Cap Fund S Class

4/30/2002

40.23

0.75

Sun Capital Investment Grade Bond Fund S Class

12/14/1998

-1.59

2.78

2.69

Sun Capital Real Estate Fund

12/7/1998

24.02

11.55

11.02

Sun Capital Real Estate Fund S Class

12/14/1998

23.68

11.26

11.14

Total Return S Class

11/30/1989

5.38

2.49

6.44

6.85

Utilities S class

11/16/1993

24.10

-1.35

6.62

6.49

Value S Class

5/5/1998

13.43

3.49

3.56

COLUMBIA ALL-STAR

STANDARDIZED AVERAGE ANNUAL TOTAL RETURN

PERIOD ENDING DECEMBER 31, 2003

Fund name

Inception Date

1 YR

5 YR

10 YR

LOF

AIM Capital Appreciation Series 2

2/18/1998

17.43

-3.90

-1.62

AIM Intl Growth Series 2

2/17/1998

16.86

-4.33

-2.40

AIM Premier Equity Series 2

5/1/2001

13.19

-14.10

Alliance Bernstein VP Growth & Income Fund - B Class

5/1/2001

20.36

-6.85

Alliance Bernstein VP Premier Growth Fund - B Class

5/1/2001

11.76

-15.70

Alliance Bernstein VP Technology Fund - B Class

5/1/2001

31.68

-18.14

Alliance Bernstein VP Worldwide Privatization Fund - B

5/1/2001

30.97

0.67

Colonial Strategic Income Fund, Variable Series (B)

3/28/2002

6.83

6.81

Columbia High Yield, Variable Series

3/28/2002

4.25

-1.53

Columbia Real Estate Equity Fund, Variable Series

3/28/2002

21.83

7.46

Fidelity Dynamic Cap. App. Port. SC - 2

3/28/2002

13.27

-2.29

Fidelity Equity Income Portfolio SC - 2

3/28/2002

18.26

-5.14

Fidelity Growth Opportunities Portfolio SC - 2

3/28/2002

17.65

-6.17

Franklin Templeton Trust Franklin Growth & Income

5/1/2003

15.91

Franklin Templeton Trust Mutual Shares Securities

8/5/2002

13.50

9.97

Franklin Templeton Trust Templeton Foreign Securities

8/5/2002

20.38

10.16

Liberty Asset Allocation Fund, Variable Series

3/28/2002

8.76

-4.02

Liberty Federal Securities Fund, Variable Series (B)

3/28/2002

-7.93

-0.67

Liberty Growth & Income Fund, Variable Series

3/28/2002

8.14

-11.61

Liberty Money Market, Variable Series

3/28/2002

-9.39

-6.25

Liberty S&P 500 Index Fund, Variable Series (B)

3/28/2002

15.97

-7.91

Liberty Select Value Fund, Variable Series (B)

3/28/2002

15.73

-4.27

Lord Abbett Growth & Income

3/26/1998

19.22

3.09

2.56

Lord Abbett Mid-Cap Value

5/1/2001

13.11

0.60

MFS VIT Emerging Growth SC

3/28/2002

18.17

-12.00

MFS VIT Mass Investors Growth Stock SC

3/28/2002

11.02

-11.93

MFS VIT Mass Investors Trust SC

3/28/2002

10.27

-9.34

MFS VIT New Discovery SC

3/28/2002

21.58

-10.82

Newport Tiger Fund, Variable Series (B)

3/28/2002

33.04

1.83

PIMCO Real Return

8/5/2002

-2.06

1.79

PIMCO Total Return

8/5/2002

-5.48

-1.83

Rydex Financial Services Fund

3/28/2002

17.18

-5.06

Rydex Health Care Fund

3/28/2002

18.01

-5.39

Rydex VT OTC Fund

5/1/2001

33.27

-16.78

Stein Roe Growth Stock Fund, Variable Series (B)

3/28/2002

13.4

-12.13

Wanger International Select

3/28/2002

29.18

4.73

Wanger International Small Cap

3/28/2002

36.62

5.4

Wanger Select

3/28/2002

18.94

4.05

Wanger US Smaller Companies

3/28/2002

31.12

-0.41

Under "Non-Standardized Average Annual Total Return," the following tables are added to the SAI in states in which the Secured Returns 2 Benefit rider is available for sale:

SUN LIFE FINANCIAL MASTERS FLEX

NON-STANDARDIZED AVERAGE ANNUAL TOTAL RETURN

PERIOD ENDING DECEMBER 31, 2003

Fund name

Inception Date

1 YR

5 YR

10 YR

LOF

Bond S Class

5/5/1998

6.45

3.84

4.25

Capital Appreciation S Class

8/13/1985

24.89

-8.10

3.50

7.72

Capital Opportunities S Class

6/3/1996

24.56

-4.17

3.90

Emerging Growth S Class

5/1/1995

27.61

-7.13

4.82

Franklin Templeton VIP Trust Franklin Small Cap Value Securities

4/30/1998

28.58

8.31

2.26

Franklin Templeton VIP Trust Mutual Shares Securities Fund

11/8/1996

21.77

5.46

5.76

Franklin Templeton VIP Trust Templeton Foreign Securities

5/1/1992

28.66

-3.90

2.04

4.18

Franklin Templeton VIP Trust Templeton Growth Securities

3/15/1994

28.60

-0.19

4.11

Global Growth S Class

11/16/1993

31.50

1.84

5.34

5.89

Government Securities S Class

8/12/1985

-0.93

2.63

3.08

4.75

High Yield S Class

8/13/1985

17.93

1.64

3.16

5.09

Lord Abbett Series Fund All Value

4/30/2003

22.97

Lord Abbett Series Fund Growth & Income

12/11/1989

27.49

3.21

7.66

8.11

Lord Abbett Series Fund Growth Opportunities

4/30/2003

17.34

Lord Abbett Series Fund Mid-Cap Value

9/15/1999

21.39

11.96

Mass Investors Trust S Class

12/5/1986

19.14

-5.58

6.07

6.97

Mass Invst Growth Stock S Class

5/5/1998

19.53

-6.13

-2.51

Mid Cap Growth S Class

8/31/2000

33.65

-20.83

Mid Cap Value S Class

4/30/2002

28.36

-0.09

Money Market S Class

8/29/1985

-2.38

0.16

0.94

1.77

New Discovery S Class

5/5/1998

31.39

3.34

3.69

Oppenheimer Capital Appreciation Fund

4/3/1985

27.17

-1.66

6.85

7.72

Oppenheimer Global Securities Fund/VA

11/12/1990

38.66

5.44

5.84

7.66

Oppenheimer Main St. Fund/VA

7/5/1995

23.03

-2.63

7.22

Oppenheimer Main St. Small Cap Fund

5/1/1998

40.39

4.58

2.91

PIMCO Emerging Markets Bond Portfolio

9/30/2002

28.17

37.20

PIMCO Low Duration Portfolio

2/16/1999

-0.80

2.13

PIMCO Real Return Bond Portfolio

9/30/1999

5.88

8.30

PIMCO Total Return Bond Portfolio

12/31/1997

2.17

2.77

3.21

Research International S Class

5/5/1998

29.82

3.60

1.73

Research S Class

11/7/1994

21.64

-5.51

5.79

Strategic Growth S Class

11/1/1999

23.62

-9.80

Strategic Income S Class

5/6/1998

9.42

2.98

2.35

Strategic Value S Class

4/30/2002

23.59

-2.55

Sun Capital All Cap Fund S Class

4/30/2002

48.50

5.79

Sun Capital Investment Grade Bond Fund S Class

12/7/1998

6.39

3.05

2.98

Sun Capital Real Estate Fund

12/7/1998

32.30

11.80

11.26

Sun Capital Real Estate Fund S Class

12/7/1998

31.96

11.51

10.98

Total Return S Class

5/16/1988

13.66

2.75

6.64

7.43

Utilities S class

11/16/1993

32.38

-1.08

6.80

6.69

Value S Class

5/5/1998

21.71

3.75

3.82

COLUMBIA ALL-STAR

NON-STANDARDIZED AVERAGE ANNUAL TOTAL RETURN

PERIOD ENDING DECEMBER 31, 2003

Fund name

Inception Date

1 YR

5 YR

10 YR

LOF

AIM Capital Appreciation Series 2

5/5/1993

25.71

-3.62

4.73

6.00

AIM Intl Growth Series 2

5/5/1993

25.14

-4.03

1.83

3.19

AIM Premier Equity Series 2

5/5/1993

21.47

-6.20

5.25

6.10

Alliance Bernstein VP Growth & Income Fund - B Class

1/14/1991

28.64

2.48

9.78

8.56

Alliance Bernstein VP Premier Growth Fund - B Class

6/26/1992

20.04

-7.63

7.07

7.99

Alliance Bernstein VP Technology Fund - B Class

1/11/1996

39.96

-5.73

3.46

Alliance Bernstein VP Worldwide Privatization Fund - B

9/23/1994

39.25

3.72

6.02

Colonial Strategic Income Fund, Variable Series (B)

7/5/1994

15.11

3.26

4.88

Columbia High Yield, Variable Series

5/19/1998

12.52

-2.34

-2.84

Columbia Real Estate Equity Fund, Variable Series

3/3/1998

30.11

9.03

5.44

Fidelity Dynamic Cap. App. Port. SC - 2

9/25/2000

21.55

-12.70

Fidelity Equity Income Portfolio SC - 2

10/10/1986

26.53

0.41

7.71

8.03

Fidelity Growth Opportunities Portfolio SC - 2

1/5/1995

25.93

-8.40

4.28

Franklin Templeton Trust Franklin Growth & Income

1/24/1989

22.30

-2.45

4.07

4.31

Franklin Templeton Trust Mutual Shares Securities

11/8/1996

21.77

5.47

5.76

Franklin Templeton Trust Templeton Foreign Securities

5/1/1992

28.66

-3.89

2.05

4.18

Liberty Asset Allocation Fund, Variable Series

1/3/1989

17.04

-1.46

4.10

5.95

Liberty Federal Securities Fund, Variable Series (B)

1/3/1989

-0.49

3.10

3.49

4.55

Liberty Growth & Income Fund, Variable Series

7/5/1994

16.42

-1.34

8.49

Liberty Money Market, Variable Series

1/3/1989

-2.08

0.43

1.24

1.78

Liberty S&P 500 Index Fund, Variable Series (B)

5/25/2000

24.24

-7.94

Liberty Select Value Fund, Variable Series (B)

5/25/2000

24.01

4.71

Lord Abbett Growth & Income

12/11/1989

27.50

3.35

8.71

9.49

Lord Abbett Mid-Cap Value

9/15/1999

21.39

11.97

MFS VIT Emerging Growth SC

7/24/1995

26.45

-6.79

4.42

MFS VIT Mass Investors Growth Stock SC

5/3/1999

19.30

-3.03

MFS VIT Mass Investors Trust SC

10/9/1995

18.55

-5.71

4.52

MFS VIT New Discovery SC

4/29/1998

29.85

4.97

4.42

Newport Tiger Fund, Variable Series (B)

5/1/1995

41.31

4.29

-0.95

PIMCO Real Return

9/30/1999

5.89

8.30

PIMCO Total Return

12/31/1997

2.17

2.77

3.21

Rydex Financial Services Fund

3/28/2002

25.46

-0.58

Rydex Health Care Fund

3/28/2002

26.29

-0.93

Rydex VT OTC Fund

5/7/1997

41.55

-9.04

2.66

Stein Roe Growth Stock Fund, Variable Series (B)

1/3/1989

21.68

-7.27

4.70

7.49

Wanger International Select

2/1/1999

37.46

6.89

Wanger International Small Cap

5/3/1995

44.90

5.40

10.61

Wanger Select

2/1/1999

27.22

11.35

Wanger US Smaller Companies

5/3/1995

39.40

5.83

13.07

Under "Standardized Non-Standardized Average Annual Total Return," the following tables are added to the SAI in states in which the Secured Returns 2 Benefit rider is available for sale:

SUN LIFE FINANCIAL MASTERS FLEX

STANDARDIZED NON-STANDARDIZED AVERAGE ANNUAL TOTAL RETURN

PERIOD ENDING DECEMBER 31, 2003

Fund name

Inception Date

1 YR

5 YR

10 YR

LOF

Bond S Class

5/5/1998

-1.55

3.57

3.97

Capital Appreciation S Class

8/13/1985

16.62

-8.43

3.31

7.60

Capital Opportunities S Class

6/3/1996

16.28

-4.45

3.70

Emerging Growth S Class

5/1/1995

19.33

-7.43

4.64

Franklin Templeton VIP Trust Franklin Small Cap Value Securities

4/30/1998

20.30

8.06

1.94

Franklin Templeton VIP Trust Mutual Shares Securities Fund

11/8/1996

13.49

5.22

5.50

Franklin Templeton VIP Trust Templeton Foreign Securities

5/1/1992

20.38

-4.21

1.82

3.99

Franklin Templeton VIP Trust Templeton Growth Securities

3/15/1994

20.32

-0.48

3.89

Global Growth S Class

11/16/1993

23.23

1.59

5.14

5.67

Government Securities S Class

8/12/1985

-8.33

2.36

2.84

4.57

High Yield S Class

8/13/1985

9.65

1.35

2.91

4.92

Lord Abbett Series Fund All Value

4/30/2003

14.69

Lord Abbett Series Fund Growth & Income

12/11/1989

19.21

2.95

7.47

7.94

Lord Abbett Series Fund Growth Opportunities

4/30/2003

9.06

Lord Abbett Series Fund Mid-Cap Value

9/15/1999

13.11

11.70

Mass Investors Trust S Class

12/5/1986

10.86

-5.90

5.90

6.82

Mass Invst Growth Stock S Class

5/5/1998

11.25

-6.43

-2.79

Mid Cap Growth S Class

8/31/2000

25.37

-22.53

Mid Cap Value S Class

4/30/2002

20.08

-4.83

Money Market S Class

8/29/1985

-9.67

-0.11

0.68

1.54

New Discovery S Class

5/5/1998

23.11

3.11

3.44

Oppenheimer Capital Appreciation Fund

4/3/1985

18.90

-1.93

6.68

7.59

Oppenheimer Global Securities Fund/VA

11/12/1990

30.38

5.21

5.62

7.47

Oppenheimer Main St. Fund/VA

7/5/1995

14.75

-2.93

7.05

Oppenheimer Main St. Small Cap Fund

5/1/1998

32.11

4.32

2.60

PIMCO Emerging Markets Bond Portfolio

9/30/2002

19.89

30.85

PIMCO Low Duration Portfolio

2/16/1999

-8.22

1.86

PIMCO Real Return Bond Portfolio

9/30/1999

-2.06

8.01

PIMCO Total Return Bond Portfolio

12/31/1997

-5.48

2.50

2.95

Research International S Class

5/5/1998

21.55

3.36

1.44

Research S Class

11/7/1994

13.36

-5.82

5.61

Strategic Growth S Class

11/1/1999

15.35

-10.23

Strategic Income S Class

5/6/1998

1.19

2.71

2.05

Strategic Value S Class

4/30/2002

15.31

-7.16

Sun Capital All Cap Fund S Class

4/30/2002

40.23

0.75

Sun Capital Investment Grade Bond Fund S Class

12/7/1998

-1.59

2.78

2.71

Sun Capital Real Estate Fund

12/7/1998

24.02

11.55

11.02

Sun Capital Real Estate Fund S Class

12/7/1998

23.68

11.26

10.73

Total Return S Class

5/16/1988

5.38

2.49

6.44

7.27

Utilities S class

11/16/1993

24.10

-1.35

6.62

6.49

Value S Class

5/5/1998

13.43

3.49

3.56

COLUMBIA ALL-STAR

STANDARDIZED NON-STANDARDIZED AVERAGE ANNUAL TOTAL RETURN

PERIOD ENDING DECEMBER 31, 2003

Fund name

Inception Date

1 YR

5 YR

10 YR

LOF

AIM Capital Appreciation Series 2

5/5/1993

17.43

-3.90

4.54

5.83

AIM Intl Growth Series 2

5/5/1993

16.86

-4.33

1.60

2.99

AIM Premier Equity Series 2

5/5/1993

13.19

-6.51

5.08

5.93

Alliance Bernstein VP Growth & Income Fund - B Class

1/14/1991

20.36

2.21

9.62

8.39

Alliance Bernstein VP Premier Growth Fund - B Class

6/26/1992

11.76

-7.95

6.91

7.84

Alliance Bernstein VP Technology Fund - B Class

1/11/1996

31.68

-6.02

3.27

Alliance Bernstein VP Worldwide Privatization Fund - B

9/23/1994

30.97

3.45

5.78

Colonial Strategic Income Fund, Variable Series (B)

7/5/1994

6.83

2.98

4.64

Columbia High Yield, Variable Series

5/19/1998

4.25

-2.65

-3.17

Columbia Real Estate Equity Fund, Variable Series

3/3/1998

21.83

8.77

5.14

Fidelity Dynamic Cap. App. Port. SC - 2

9/25/2000

13.27

-14.63

Fidelity Equity Income Portfolio SC - 2

10/10/1986

18.26

0.12

7.54

7.87

Fidelity Growth Opportunities Portfolio SC - 2

1/5/1995

17.65

-8.76

4.10

Franklin Templeton Trust Franklin Growth & Income

1/24/1989

14.03

-2.76

3.86

4.11

Franklin Templeton Trust Mutual Shares Securities

11/8/1996

13.50

5.22

5.50

Franklin Templeton Trust Templeton Foreign Securities

5/1/1992

20.38

-4.20

1.82

3.99

Liberty Asset Allocation Fund, Variable Series

1/3/1989

8.76

-1.75

3.89

5.79

Liberty Federal Securities Fund, Variable Series (B)

1/3/1989

-7.93

2.84

3.25

4.35

Liberty Growth & Income Fund, Variable Series

7/5/1994

8.14

-1.62

8.33

Liberty Money Market, Variable Series

1/3/1989

-9.39

0.16

0.98

1.55

Liberty S&P 500 Index Fund, Variable Series (B)

5/25/2000

15.97

-9.68

Liberty Select Value Fund, Variable Series (B)

5/25/2000

15.73

2.91

Lord Abbett Growth & Income

12/11/1989

19.22

3.09

8.53

9.34

Lord Abbett Mid-Cap Value

9/15/1999

13.11

11.71

MFS VIT Emerging Growth SC

7/24/1995

18.17

-7.08

4.23

MFS VIT Mass Investors Growth Stock SC

5/3/1999

11.02

-3.31

MFS VIT Mass Investors Trust SC

10/9/1995

10.27

-6.03

4.31

MFS VIT New Discovery SC

4/29/1998

21.58

4.75

4.18

Newport Tiger Fund, Variable Series (B)

5/1/1995

33.04

4.04

-1.27

PIMCO Real Return

9/30/1999

-2.06

8.02

PIMCO Total Return

12/31/1997

-5.48

2.50

2.95

Rydex Financial Services Fund

3/28/2002

17.18

-5.06

Rydex Health Care Fund

3/28/2002

18.01

-5.39

Rydex VT OTC Fund

5/7/1997

33.27

-9.37

2.44

Stein Roe Growth Stock Fund, Variable Series (B)

1/3/1989

13.40

-7.58

4.52

7.36

Wanger International Select

2/1/1999

29.18

6.66

Wanger International Small Cap

5/3/1995

36.62

5.16

10.46

Wanger Select

2/1/1999

18.94

11.13

Wanger US Smaller Companies

5/3/1995

31.12

5.57

12.92