497 1 saisr2regflex2.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

REGATTA FLEX II

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 table is added to the SAI in states in which the Secured Returns 2 Benefit rider is available for sale:

REGATTA FLEX II

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

-1.34

3.77

4.17

Capital Appreciation S Class

11/30/1989

16.87

-8.25

3.52

5.50

Capital Opportunities S Class

6/3/1996

16.53

-4.25

3.91

Core Equity S Class

5/12/1997

16.04

-3.14

1.39

Emerging Growth S Class

5/1/1995

19.60

-7.23

4.86

Emerging Markets Equity S Class

6/5/1996

40.11

8.43

0.82

Global Governments S Class

11/30/1989

4.12

2.31

2.47

4.33

Global Growth S Class

11/16/1993

23.50

1.77

5.34

5.88

Global Total Return S Class

11/7/1994

11.19

1.97

6.50

Government Securities S Class

11/30/1989

-8.14

2.59

3.06

4.08

High Yield S Class

11/30/1989

9.89

1.58

3.14

5.23

International Growth S Class

6/3/1996

26.65

1.91

-0.03

International Value S Class

10/2/1995

21.61

1.07

3.38

Managed Sectors S Class

11/30/1989

13.51

-5.57

3.44

4.96

Mass Investors Growth Stock S Class

5/5/1998

11.50

-6.21

-2.56

Mass Investors Trust S Class

10/31/1991

11.11

-5.69

6.12

6.29

Mid Cap Growth S Class

8/31/2000

25.65

-22.39

Mid Cap Value S Class

4/30/2002

20.35

-4.64

Money Market S Class

11/30/1989

-9.48

0.10

0.89

1.15

New Discovery S Class

5/5/1998

23.38

3.36

3.69

Research S Class

11/7/1994

13.61

-5.63

5.82

Research International S Class

5/5/1998

21.81

3.58

1.66

Strategic Income S Class

5/6/1998

1.39

2.92

2.27

Strategic Growth S Class

11/1/1999

15.60

-10.02

Strategic Value S Class

4/30/2002

15.57

-6.97

Technology S Class

6/16/2000

33.49

-26.11

Total Return S Class

11/30/1989

5.62

2.71

6.66

7.08

Utilities S Class

11/16/1993

24.38

-1.17

6.83

6.70

Value S Class

5/5/1998

13.68

3.70

3.77

 

 

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

REGATTA FLEX II

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

6.66

4.04

4.44

Capital Appreciation S Class

8/13/1985

25.15

-7.92

3.71

7.93

Capital Opportunities S Class

6/3/1996

24.81

-3.97

4.11

Core Equity S Class

5/12/1997

24.32

-2.84

1.65

Emerging Growth S Class

5/1/1995

27.87

-6.94

5.04

Emerging Markets Equity S Class

6/5/1996

48.38

8.68

1.14

Global Governments S Class

5/16/1988

12.40

2.61

2.74

4.52

Global Growth S Class

11/16/1993

31.77

2.02

5.54

6.08

Global Total Return S Class

11/7/1994

19.47

2.25

6.71

Government Securities S Class

8/12/1985

-0.72

2.85

3.31

4.97

High Yield S Class

8/13/1985

18.17

1.87

3.38

5.32

International Growth S Class

6/3/1996

34.93

2.18

0.27

International Value S Class

10/2/1995

29.89

1.35

3.65

Managed Sectors S Class

5/27/1988

21.79

-5.29

3.63

7.28

Mass Investors Growth Stock S Class

5/5/1998

19.77

-5.91

-2.29

Mass Investors Trust S Class

12/5/1986

19.39

-5.38

6.30

7.20

Mid Cap Growth S Class

8/31/2000

33.93

-20.68

Mid Cap Value S Class

4/30/2002

28.62

0.11

Money Market S Class

8/29/1985

-2.18

0.37

1.15

1.98

New Discovery S Class

5/5/1998

31.66

3.59

3.93

Research S Class

11/7/1994

21.89

-5.32

6.01

Research International S Class

5/5/1998

30.09

3.83

1.95

Strategic Income S Class

5/6/1998

9.64

3.19

2.56

Strategic Growth S Class

11/1/1999

23.88

-9.60

Strategic Value S Class

4/30/2002

23.85

-2.35

Technology S Class

6/16/2000

41.77

-24.53

Total Return S Class

5/16/1988

13.90

2.98

6.86

7.65

Utilities S Class

11/16/1993

32.65

-0.89

7.01

6.90

Value S Class

5/5/1998

21.96

3.95

4.03

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

REGATTA FLEX II

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

-1.34

3.77

4.17

Capital Appreciation S Class

8/13/1985

16.87

-8.25

3.52

7.82

Capital Opportunities S Class

6/3/1996

16.53

-4.25

3.91

Core Equity S Class

5/12/1997

16.04

-3.14

1.39

Emerging Growth S Class

5/1/1995

19.60

-7.23

4.86

Emerging Markets Equity S Class

6/5/1996

40.11

8.43

0.82

Global Governments S Class

5/16/1988

4.12

2.31

2.47

4.31

Global Growth S Class

11/16/1993

23.50

1.77

5.34

5.88

Global Total Return S Class

11/7/1994

11.19

1.97

6.50

Government Securities S Class

8/12/1985

-8.14

2.59

3.06

4.80

High Yield S Class

8/13/1985

9.89

1.58

3.14

5.14

International Growth S Class

6/3/1996

26.65

1.91

-0.03

International Value S Class

10/2/1995

21.61

1.07

3.38

Managed Sectors S Class

5/27/1988

13.51

-5.57

3.44

7.15

Mass Investors Growth Stock S Class

5/5/1998

11.50

-6.21

-2.56

Mass Investors Trust S Class

12/5/1986

11.11

-5.69

6.12

7.05

Mid Cap Growth S Class

8/31/2000

25.65

-22.39

Mid Cap Value S Class

4/30/2002

20.35

-4.64

Money Market S Class

8/29/1985

-9.48

0.10

0.89

1.76

New Discovery S Class

5/5/1998

23.38

3.36

3.69

Research S Class

11/7/1994

13.61

-5.63

5.82

Research International S Class

5/5/1998

21.81

3.58

1.66

Strategic Income S Class

5/6/1998

1.39

2.92

2.27

Strategic Growth S Class

11/1/1999

15.60

-10.02

Strategic Value S Class

4/30/2002

15.57

-6.97

Technology S Class

6/16/2000

33.49

-26.11

Total Return S Class

5/16/1988

5.62

2.71

6.66

7.50

Utilities S Class

11/16/1993

24.38

-1.17

6.83

6.70

Value S Class

5/5/1998

13.68

3.70

3.77