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[CHUBB LOGO]
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ENSEMBLE II
Variable Universal Life Insurance
Issued by Chubb Life Insurance Company of America
Distributed by Chubb Securities Corporation
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CHUBB AMERICA FUND, INC.
SEMI-ANNUAL REPORT 1995
Domestic Growth Stock Portfolio
World Growth Stock Portfolio
Growth and Income Portfolio
Emerging Growth Portfolio
Capital Growth Portfolio
Money Market Portfolio
Gold Stock Portfolio
Balanced Portfolio
Bond Portfolio
<PAGE> 2
CHUBB AMERICA FUND, INC.
ONE GRANITE PLACE
CONCORD, NEW HAMPSHIRE 03301
Dear Policyholder:
On the strength of a reinvigorated domestic stock market and a resurgent bond
market, the portfolios underlying your Ensemble II variable universal life
insurance policy performed admirably for the first six months of 1995.
The market's strength was reflected in a 20 percent increase in the Standard &
Poor's 500 Index from January to June, with the technology sector driving the
increase. Nonetheless, the financial markets were not without their challenges.
International equities were unable to maintain their momentum from a strong
1994, and domestic small capitalization stocks were sluggish relative to large
company stocks.
Each one of Ensemble II's investment options posted positive returns for the
first six months of 1995, with the Growth and Income Portfolio leading the way,
followed by the Capital Growth Portfolio. In addition, the World Growth and Gold
Stock Portfolios exceeded their respective industry benchmarks.
These strong returns, coupled with a steady stream of new policyholders, pushed
Chubb America Fund's assets to nearly $200 million at mid-year -- an increase of
nearly 22 percent since January. The World Growth Portfolio, Ensemble's largest
investment option, saw its assets grow by more than 30 percent in the first half
and top $70 million. The Domestic Growth Stock Portfolio, with $41 million, also
grew by more than 30 percent.
But perhaps the most exciting news of the first half was the introduction of two
new Ensemble II investment options -- the Emerging Growth Portfolio and the
Templeton International Fund.
The Emerging Growth Portfolio provides policyowners with an avenue into the
small and mid-cap markets, with management by Massachusetts Financial Services
Company (MFS), the nation's oldest mutual fund organization. The Templeton
International Fund, managed by Templeton Investment Counsel, Inc., offers
policyowners the opportunity to invest in a true international portfolio, with
all holdings outside the United States. These additions reflect Chubb America
Fund's commitment to the future, as well as its desire to offer policyowners a
range of investment options that complement, rather than compete with, one
another.
In all, we are proud of the performance we achieved during the first half of
1995. We truly appreciate the opportunity to have you as a valued customer, and
look forward to a long and prosperous relationship as you pursue your financial
goals.
Sincerely,
/s/ BRUCE R. STEFANY
- - --------------------
Bruce R. Stefany
President
Chubb America Fund, Inc.
August 28, 1995
<PAGE> 3
CHUBB AMERICA FUND, INC.
PORTFOLIO COMPOSITION
WORLD GROWTH STOCK PORTFOLIO
% OF PORTFOLIO
<TABLE>
<S> <C>
Common Stock 78.95%
Short-Term Obligations 13.07%
Cash 3.15%
Corporate Bonds 2.89%
Preferred Stock 1.94%
</TABLE>
<TABLE>
<CAPTION>
% OF
TOP TEN EQUITIES PORTFOLIO
<S> <C>
Banco Popular Espanol, Ord. 2.10%
Pharmacia, AB, B Free, Ord. 1.84%
Swiss Reinsurance, Zurich, BR, Ord. 1.79%
International Paper Company 1.51%
Astra, AB, B-Free, Ord. 1.46%
Hitachi, Ltd., Ord. 1.40%
SKF, Ord. 1.37%
Fletcher Challenge, Ltd., Forestry Division, Ord. 1.34%
Bowater, Inc. 1.33%
Sociedade Construcoes Soares da Costa, Ord. 1.20%
</TABLE>
<TABLE>
<CAPTION>
% OF
TOP TEN COUNTRIES PORTFOLIO
<S> <C>
United States 49.31%
Sweden 5.68%
Netherlands 5.52%
United Kingdom 3.73%
Switzerland 3.52%
France 3.16%
New Zealand 2.86%
Canada 2.71%
Spain 2.57%
Norway 2.55%
</TABLE>
MONEY MARKET PORTFOLIO
% OF PORTFOLIO++
<TABLE>
<S> <C>
Short-Term Obligations 98.02%
Cash 1.98%
</TABLE>
PORTFOLIO QUALITY
<TABLE>
<CAPTION>
% OF
RATING PORTFOLIO
<S> <C>
AAA 100.00%
</TABLE>
DOLLAR WEIGHTED AVERAGE MATURITY
<TABLE>
<CAPTION>
RATING DAYS
<S> <C>
AAA 12.75
</TABLE>
i
<PAGE> 4
CHUBB AMERICA FUND, INC.
PORTFOLIO COMPOSITION-(Continued)
GOLD STOCK PORTFOLIO
% OF PORTFOLIO++
<TABLE>
<S> <C>
Common Stock 99.52%
Cash 0.48%
</TABLE>
<TABLE>
<CAPTION>
% OF
TOP TEN EQUITIES PORTFOLIO
<S> <C>
Barrick Gold Corp. 11.14%
Freeport-McMoRan Copper & Gold, Inc. 6.80%
Placer Dome, Inc. 6.38%
Newcrest Mining, Ltd., Ord. 5.17%
Battle Mountain Gold Co., Inc. 4.70%
Hemlo Gold Mines, Inc. 4.65%
Homestake Mining Company 4.59%
TVX Gold, Inc. 4.43%
Ashanti Goldfields Company, Ltd. 4.14%
Newmont Mining Corporation 3.58%
</TABLE>
<TABLE>
<CAPTION>
% OF
COUNTRY COMPOSITION PORTFOLIO
<S> <C>
Canada 47.68%
United States 38.52%
Australia 13.80%
</TABLE>
DOMESTIC GROWTH STOCK PORTFOLIO
% OF PORTFOLIO++
<TABLE>
<S> <C>
Common Stock 94.20%
Cash 5.80%
</TABLE>
<TABLE>
<CAPTION>
% OF
TOP TEN EQUITIES PORTFOLIO
<S> <C>
Cytec Industries Corp. 2.43%
American Bankers, Inc. 2.27%
Cambrex Corporation 2.23%
Student Loan Marketing Association 2.23%
Gentex Corporation 2.12%
N.N. Ball & Roller, Inc. 2.03%
Banyan Systems, Inc. 1.96%
Data General Corporation 1.95%
Enterra Corporation 1.90%
MediSense, Inc. 1.85%
</TABLE>
<TABLE>
<CAPTION>
% OF
TOP TEN INDUSTRIES PORTFOLIO
<S> <C>
Insurance 8.93%
Chemicals 7.30%
Financial Services 6.61%
Retail Stores 5.20%
Health & Personal Care 5.12%
Real Estate 4.89%
Computer & Office Equipment 4.89%
Shipping 4.61%
Machinery 4.49%
Software Development 4.44%
</TABLE>
ii
<PAGE> 5
CHUBB AMERICA FUND, INC.
PORTFOLIO COMPOSITION-(Continued)
BOND PORTFOLIO
% OF PORTFOLIO++
<TABLE>
<S> <C>
U.S. Government and Agency Obligations 92.29%
Cash 7.06%
Corporate Bonds 0.65%
</TABLE>
PORTFOLIO QUALITY
<TABLE>
<CAPTION>
% OF
RATING PORTFOLIO
<S> <C>
AAA 99.35%
A 0.65%
</TABLE>
DOLLAR WEIGHTED AVERAGE MATURITY
<TABLE>
<CAPTION>
RATING YEARS
<S> <C>
AAA 19.81
A 6.71
</TABLE>
GROWTH AND INCOME PORTFOLIO
% OF PORTFOLIO++
<TABLE>
<S> <C>
Common Stock 97.44%
Cash 2.56%
</TABLE>
<TABLE>
<CAPTION>
% OF
TOP TEN EQUITIES PORTFOLIO
<S> <C>
Redman Industries, Inc. 4.06%
Compaq Computer Corp. 3.67%
Avnet, Inc. 3.25%
K Mart Corporation 3.17%
Circuit City Stores, Inc. 3.15%
Merrill Lynch & Company, Inc. 3.14%
Borg-Warner Automotive, Inc. 3.12%
May Department Stores Company 3.11%
Chrysler Corporation 3.10%
Sotheby's Holdings, Inc. 3.00%
</TABLE>
<TABLE>
<CAPTION>
% OF
TOP TEN INDUSTRIES PORTFOLIO
<S> <C>
Banking 8.51%
Insurance 8.03%
Retail Stores 6.28%
Retail - Specialty 6.15%
Financial Services 5.98%
Automotive Parts & Accessories 5.68%
Mining & Metals 5.65%
Consumer Health 4.81%
Aerospace 4.34%
Building & Construction 4.06%
</TABLE>
iii
<PAGE> 6
CHUBB AMERICA FUND, INC.
PORTFOLIO COMPOSITION-(Continued)
CAPITAL GROWTH PORTFOLIO
% OF PORTFOLIO++
Common Stock-96.16%
Cash-3.84%
<TABLE>
<CAPTION>
% OF
TOP TEN EQUITIES PORTFOLIO
<S> <C>
General Motors Corp., Class E 3.50%
Kinnevik, AB, Ord., Class B Free 3.45%
Nabisco Holdings Corp. 3.40%
Getronics, NV, Ord. 3.23%
PepsiCo, Inc. 3.22%
Viacom, Inc., Class B 2.87%
Mattel, Inc. 2.81%
American Standard Companies 2.79%
Amway Asia Pacific, Ltd. 2.69%
Dial Corporation 2.63%
</TABLE>
<TABLE>
<CAPTION>
% OF
TOP TEN INDUSTRIES PORTFOLIO
<S> <C>
Software Products & Services 16.25%
Financial Services 7.08%
Manufacturing 6.63%
Consumer Products 6.18%
Pharmaceuticals 6.16%
Communication Systems 4.43%
Retail Stores 4.43%
Computers 3.66%
Food Processing 3.54%
Medical 3.29%
</TABLE>
BALANCED PORTFOLIO
% OF PORTFOLIO++
<TABLE>
<S> <C>
Common Stock 53.23%
U.S. Government and Agency Obligations 38.23%
Short-Term Obligations 8.32%
Cash 0.22%
</TABLE>
<TABLE>
<CAPTION>
% OF
TOP TEN LONG-TERM HOLDINGS PORTFOLIO
<S> <C>
U.S. Treasury Notes & Bonds 37.84%
General Electric Company 2.01%
Lockheed Martin Corporation 1.75%
Chevron Corporation 1.55%
Walgreen Company 1.35%
Equifax, Inc. 1.32%
Amoco Corporation 1.32%
Texaco, Inc. 1.30%
Schlumberger Limited 1.28%
Minnesota Mining & Manufacturing Co. 1.27%
</TABLE>
<TABLE>
<CAPTION>
% OF
TOP TEN INDUSTRIES PORTFOLIO
<S> <C>
Telecommunications 6.22%
Insurance 4.21%
Oil - International 4.18%
Oil Service Equipment 3.17%
Software Products & Services 2.96%
Aerospace Equipment 2.85%
Financial Services 2.84%
Health & Personal Care 2.72%
Retail Stores 2.52%
Electronics 2.51%
</TABLE>
iv
<PAGE> 7
CHUBB AMERICA FUND, INC.
PORTFOLIO COMPOSITION-(Continued)
EMERGING GROWTH PORTFOLIO
% OF PORTFOLIO++
<TABLE>
<S> <C>
Common Stock 89.91%
Short-Term Obligations 8.37%
Cash 1.72%
</TABLE>
<TABLE>
<CAPTION>
% OF
TOP TEN EQUITIES PORTFOLIO
<S> <C>
Hospitality Franchise System, Inc. 5.18%
Oracle Systems Corp. 4.68%
United Healthcare Corp. 4.59%
Autodesk, Inc. 3.88%
BMC Software, Inc. 3.19%
Office Depot, Inc. 3.12%
Promus Companies, Inc. 3.12%
Micro Warehouse, Inc. 3.08%
Sybase, Inc. 2.95%
Compuware Corp. 2.93%
</TABLE>
<TABLE>
<CAPTION>
% OF
TOP TEN INDUSTRIES PORTFOLIO
<S> <C>
Computer Software - Mainframe 21.97%
Insurance 11.82%
Medical - Hospitals 9.76%
Retail 8.49%
Restaurants & Food Service 7.19%
Lodging 6.81%
Computer Software - P.C. 6.18%
Entertainment & Leisure 5.87%
Commercial Services 4.35%
Telecommunication 2.81%
</TABLE>
++ Represents market value of investments plus cash.
v
<PAGE> 8
CHUBB AMERICA FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS-(UNAUDITED)
WORLD GROWTH STOCK PORTFOLIO
JUNE 30, 1995
<TABLE>
<CAPTION>
NUMBER MARKET
OF VALUE
COMPANY SHARES (NOTE B)
- - ------- ------ --------
<S> <C> <C>
COMMON STOCK-79.98%
AEROSPACE EQUIPMENT-2.11%
British Aerospace, Ord................................... 88,889 $ 796,151
Textron, Inc............................................. 11,700 680,063
----------
1,476,214
----------
AUTOMOTIVE MANUFACTURING-0.99%
Volkswagen, AG, Ord...................................... 2,400 690,979
----------
BANKING-7.59%
Bank of Ireland.......................................... 118,000 675,810
Banco Popular Espanol, Ord............................... 10,000 1,486,497
Banco Portugues de
Investimento, Ord...................................... 17,000 296,585
BankAmerica Corp......................................... 12,000 631,500
Barclays, PLC, ADR....................................... 7,000 304,500
Credit Foncier de France, Ord............................ 3,000 332,335
Kredietbank, NV, Ord..................................... 2,550 603,058
National Australia Bank, Ltd.,
ADR.................................................... 11,307 452,270
National Bank of Canada, Ord............................. 65,000 532,253
----------
5,314,808
----------
BEVERAGES-1.15%
Embotelladora Andina, S.A.,
ADR.................................................... 23,000 807,875
----------
BUILDING & CONSTRUCTION-2.07%
Corcemar Corp., Ord.,
B Shares+.............................................. 65,000 286,085
Perini Corporation+...................................... 30,000 307,500
Sociedade Construcoes Soares
da Costa, Ord.......................................... 48,100 852,957
----------
1,446,542
----------
BUILDING MATERIALS-4.02%
Enso-Gutzeit Oy, Ord..................................... 65,000 588,074
Masco Corporation........................................ 16,400 442,800
Owens-Corning Fiberglas
Corp.+................................................. 10,000 368,750
BUILDING MATERIALS-CONTINUED
Pioneer International, Ltd., ADR......................... 200,000 496,160
Pioneer International, Ltd., Ord......................... 195,000 483,776
Skane-Gripen, AB., Ord................................... 33,000 432,802
----------
2,812,362
----------
CHEMICALS-2.31%
BASF, AG, Ord............................................ 2,400 511,862
Bayer, ADR............................................... 20,000 497,066
Solvay S.A., Ord......................................... 1,100 608,803
----------
1,617,731
----------
COMMERCIAL SERVICES-1.17%
Jardine Matheson Holdings,
Ltd., ADR.............................................. 111,600 820,260
----------
CONSUMER PRODUCTS-0.48%
Desc Sociedad de Fomento
Industrial, Ord.+...................................... 100,000 334,340
----------
ELECTRONICS-2.19%
Great Wall Electronics,
Ltd., Ord.............................................. 720,000 62,280
Hitachi, Ltd., Ord....................................... 100,000 995,280
Sony Corporation, Ord.................................... 10,000 479,387
----------
1,536,947
----------
ENERGY SOURCES-0.83%
Total Petroles, Ord...................................... 9,600 578,276
----------
ENGINEERING & CONSTRUCTION-1.74%
Celsius Industrier, AB, Ord.............................. 19,000 288,329
Empresa ICA Sociedad
Controladora, S.A., ADR................................ 21,000 215,250
Internatio-Meuller, NV, Ord.............................. 10,000 712,670
----------
1,216,249
----------
ENTERTAINMENT & LEISURE-0.78%
Kuoni, Ord............................................... 340 545,952
----------
</TABLE>
- - ----------
+ Non-income producing security.
See notes to financial statements.
1
<PAGE> 9
CHUBB AMERICA FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS-(UNAUDITED)
WORLD GROWTH STOCK PORTFOLIO-(CONTINUED)
JUNE 30, 1995
<TABLE>
<CAPTION>
NUMBER MARKET
OF VALUE
COMPANY SHARES (NOTE B)
- - ------- ------ --------
<S> <C> <C>
COMMON STOCK-CONTINUED
ENVIRONMENTAL CONTROL-0.66%
Wheelabrator Technologies, Inc........................... 10,800 166,050
WMX Technologies, Inc.................................... 10,500 297,938
----------
463,988
----------
FINANCIAL SERVICES-5.09%
Brierley Investments Ltd., Ord........................... 525,000 396,427
Citicorp................................................. 13,500 781,313
Chile Fund, Inc.......................................... 11,570 621,888
Invesco Mim, Ord......................................... 200,000 676,120
Rhone-Poulenc, Ord....................................... 7,800 175,871
Thailand International Fund.............................. 12 387,000
The Turkey Trust, PLC, Ord............................... 145,000 525,944
----------
3,564,563
----------
FOREST PRODUCTS & PAPER-9.51%
Boise Cascade Corp....................................... 19,000 769,500
Bowater, Inc............................................. 21,000 942,375
Burlington Northern, Inc................................. 8,500 538,688
Carter Holt Harvey, Ltd., Ord............................ 279,251 682,964
Fletcher Challenge, Ltd., Forestry
Division, Ord.......................................... 720,000 947,808
International Paper Company.............................. 12,500 1,071,875
James River Corp., of Virginia........................... 22,000 607,750
Tampella, AB, 144A, Ord.................................. 120,000 302,976
Valmet Oy, Ord........................................... 20,000 451,196
Vital Forsikring, AS, Ord................................ 20,000 340,632
----------
6,655,764
----------
HEALTH & PERSONAL CARE-1.70%
Nationwide Health Properties............................. 12,000 468,000
Smithkline Beecham, PLC, ADR............................. 16,000 724,000
----------
1,192,000
----------
INSURANCE-4.29%
National Mutual Asia, Ltd., Ord.......................... 750,000 479,775
Swiss Reinsurance, Zurich, BR,
Ord.................................................... 1,650 1,270,316
Swiss Reinsurance, Reg., Ord............................. 220 169,375
U.S. Healthcare, Inc..................................... 20,000 612,500
UNUM Corporation......................................... 10,100 473,438
----------
3,005,404
----------
MANUFACTURING-2.88%
Draka Holding, NV, Ord................................... 24,000 614,508
Pechiney International, S.A.,
Ord.................................................... 17,000 429,602
SKF, Ord................................................. 48,000 969,014
----------
2,013,124
----------
MINING & METALS-4.40%
DeBeers/Centenary Linked Units,
ADR.................................................... 22,000 569,250
Inmet Mining Corp........................................ 51,000 366,568
Oregon Steel Mills, Inc.................................. 14,000 239,750
Potash Corp. of
Saskatchewan, Inc...................................... 13,600 759,900
Sociedad Quimica y Minera
de Chile, ADR.......................................... 16,000 756,000
Union Miniere, NPV, Ord.................................. 6,000 392,163
----------
3,083,631
----------
OIL DRILLING-0.37%
Parker Drilling Company+................................. 50,000 262,500
----------
OIL - INTERNATIONAL-1.25%
Royal Dutch Petroleum
Co., Ltd., ADR......................................... 5,000 609,375
YPF Sociedad Anonima,
S.A., ADR............................................. 14,000 264,250
----------
873,625
----------
PHARMACEUTICALS-4.77%
Ares-Serono, S.A., Ord................................... 875 512,644
Astra, AB, B Free, Ord................................... 34,500 1,037,615
Glaxo Holdings Corp., ADR................................ 20,000 487,500
Pharmacia, AB, B Free, Ord............................... 60,000 1,301,910
----------
3,339,669
----------
REAL ESTATE-0.44%
Wereldhave, NV, Ord...................................... 5,200 304,855
----------
RETAIL-2.46%
Karstadt, AG, Ord........................................ 1,300 569,169
The Limited, Inc......................................... 23,000 506,000
Tesco, PLC, Ord.......................................... 140,000 645,904
----------
1,721,073
----------
</TABLE>
- - ----------
+ Non-income producing security.
See notes to financial statements.
2
<PAGE> 10
CHUBB AMERICA FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS-(UNAUDITED)
WORLD GROWTH STOCK PORTFOLIO-(CONTINUED)
JUNE 30, 1995
<TABLE>
<CAPTION>
NUMBER MARKET
OF VALUE
COMPANY SHARES (NOTE B)
- - ------- ------ --------
<S> <C> <C>
COMMON STOCK-CONTINUED
SHIPPING-2.47%
Bergesen "B", Ord........................................ 20,000 $ 454,176
IHC Caland, Ord.......................................... 24,000 681,067
Transportation Maritima, S.A.,
Ord.+.................................................. 45,000 248,360
Unitor Ships Service, Ord................................ 20,000 347,120
----------
1,730,723
----------
TELECOMMUNICATION EQUIPMENT-1.04%
Alcatel Alsthom, CG, Ord.+............................... 8,079 727,983
----------
TELECOMMUNICATIONS-2.88%
Cable & Wireless, PLC, ADR............................... 22,000 451,000
MCI Communications Corp.................................. 36,000 792,000
Telefonica de Espana, ADR................................ 20,000 775,000
----------
2,018,000
----------
TEXTILES & APPAREL-1.01%
Liz Clairborne, Inc...................................... 24,500 520,625
Yue Yuen Industrial
Holdings, Ltd., Ord.................................... 766,000 186,061
----------
706,686
----------
TRANSPORTATION & SHIPPING-4.04%
America President Cos., Ltd.............................. 23,000 546,250
Frans Maas Groep, CVA, Ord............................... 17,000 513,121
Helikopter Service, AS, Ord.............................. 51,500 664,108
Nedlloyd Groep........................................... 14,000 476,746
Transport Development Group.............................. 170,000 630,139
----------
2,830,364
----------
TIRE & RUBBER-0.91%
Goodyear Tire & Rubber
Company................................................ 15,500 639,375
----------
UTILITIES - ELECTRIC & GAS-2.38%
Empresa Nacional
de Electricidad, ADR................................... 10,000 492,500
Iberdrola, SA, Ord....................................... 44,500 335,152
Shandong Huaneng Power,
ADR.................................................... 38,000 289,750
Texas Utilities Co....................................... 16,000 550,000
----------
1,667,402
==========
TOTAL COMMON STOCK
(Cost $46,183,962).................................. 55,999,264
----------
PREFERRED STOCK-1.96%
BANKING-0.64%
ANZ Banking Co., Pfd., Ord............................... 2,000 165,299
Wells Fargo & Co., Pfd.,
Series B................................................ 6,270 284,501
----------
449,800
----------
BUILDING MATERIALS-0.58%
Kaufman & Broad Home
Corp., Pfd.............................................. 26,000 403,000
----------
FINANCIAL SERVICES-0.51%
Bangkok Investments Co., Ltd.,
Pfd..................................................... 2,500 359,375
----------
RETAIL-0.23%
Dairy Farm International
Holding, Ltd., 6.50%, Cum.+............................. 210,000 160,073
----------
TOTAL PREFERRED STOCK
(Cost $1,335,876)................................... 1,372,248
----------
</TABLE>
- - ----------
+ Non-income producing security.
See notes to financial statements.
3
<PAGE> 11
CHUBB AMERICA FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS-(UNAUDITED)
WORLD GROWTH STOCK PORTFOLIO-(CONTINUED)
JUNE 30, 1995
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
COMPANY VALUE (NOTE B)
- - ------- --------- --------
<S> <C> <C>
CORPORATE BONDS-2.93%
News Corp. Zero Convertibles,
due 03/31/02, USD................................. 459,000 $ 449,820
PIV Investment Finance,
(Cayman) Ltd., Conv., 4.500%,
due 12/01/00, USD................................. 840,000 683,550
Softe, S.A., Conv., Ord.,
4.250%, due 07/30/98, ITL......................... 805,000,000 546,595
TNT Pacific Finance Conv.,
Ord., 9.000%,
due 07/27/98, AUD................................. 550,000 372,313
-----------
TOTAL CORPORATE BONDS
(Cost $1,862,266).............................. 2,052,278
-----------
SHORT-TERM OBLIGATIONS-13.24%
U.S. Treasury Bill, 5.660%, due
08/10/95......................................... $ 4,000,000 3,974,845
U.S. Treasury Bill, 5.650%, due
08/24/95......................................... 1,000,000 991,525
U.S. Treasury Bill, 5.560%, due
09/07/95......................................... 1,359,000 1,341,099
U.S. Treasury Bill, 5.360%, due
09/28/95......................................... 3,000,000 2,960,484
TOTAL SHORT-TERM
OBLIGATIONS
(Cost $9,271,345)............................. 9,267,953
-----------
TOTAL INVESTMENTS
(Cost $58,653,449*)............................ 98.11% 68,691,743
-----------
Other assets, less liabilities..................... 1.89 1,324,555
-----------
TOTAL NET ASSETS................................ 100.00% $70,016,298
=========== ===========
</TABLE>
- - ----------
* Aggregate cost for Federal income tax purposes.
See notes to financial statements.
4
<PAGE> 12
CHUBB AMERICA FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS-(UNAUDITED)
MONEY MARKET PORTFOLIO
JUNE 30, 1995
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
VALUE (NOTE B)
--------- --------
<S> <C> <C>
SHORT-TERM OBLIGATIONS-99.30%
Federal Farm Credit Bank Discount Note, 5.850%,
due 07/12/95........................................... $2,200,000 $2,196,068
FNMA, 5.850%, due 07/25/95.............................. 700,000 697,270
U.S. Treasury Bill, 5.480%, due 07/13/95................ 3,250,000 3,244,063
----------
TOTAL SHORT-TERM OBLIGATIONS
(Cost $6,137,401)................................... 6,137,401
----------
TOTAL INVESTMENTS
(Cost $6,137,401*)......................... 99.30% 6,137,401
Other assets, less liabilities................. 0.70 43,523
------- ----------
TOTAL NET ASSETS............................ 100.00% $6,180,924
======= ==========
</TABLE>
- - ----------
* Aggregate cost for Federal income tax purposes.
See notes to financial statements.
5
<PAGE> 13
CHUBB AMERICA FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS-(UNAUDITED)
GOLD STOCK PORTFOLIO
JUNE 30, 1995
<TABLE>
<CAPTION>
NUMBER MARKET
OF VALUE
COMPANY SHARES (NOTE B)
- - ------- ------ --------
<S> <C> <C>
COMMON STOCK-99.44%
AUSTRALIA-13.79%
Acacia Resources, Ltd.+................................... 45,000 $ 79,105
Australian Resources, Ltd., Ord........................... 70,000 66,486
Golden Shamrock Mines,
Ltd., Ord.+............................................. 50,000 37,565
Great Central Mines, N.L.+................................ 40,000 87,324
Herald Resources, Ltd..................................... 20,500 14,094
Mount Burgess Gold Mining Co.,
N.L., Ord.+............................................. 100,000 11,340
Newcrest Mining, Ltd., Ord.+.............................. 100,000 423,170
Placer Pacific, Ltd., Ord................................. 33,300 73,879
Plutonic Resources, Ltd., Ord............................. 20,000 80,806
Samantha Gold, N.L., Ord.................................. 39,286 77,692
Sons of Gwalia, N.L., ADR................................. 5,000 115,185
Wiluna Mines, Ord.+....................................... 40,000 42,528
Zapopan, N.L., Ord.+...................................... 15,000 20,733
-----------
1,129,907
-----------
CANADA-47.64%
Audrey Resources, Ltd., Inc.+............................. 51,000 48,256
Barrick Gold Corp......................................... 36,125 912,156
Bema Gold Corp.+.......................................... 25,000 50,000
Bolivar Goldfields, Ltd.+................................. 18,000 23,582
Bolivar Goldfields, Ltd.,
Warrants (exp. 09/28/95)+ (A)........................... 9,000 0
Dayton Mining Corporation+................................ 75,000 256,568
Dayton Mining Corporation,
Warrants (exp. 11/03/95)+ (A)........................... 12,500 0
Echo Bay Mines, Ltd....................................... 27,000 243,000
El Callao Mining Corp., Ord.+............................. 91,000 62,917
Glamis Gold, Ltd.......................................... 15,000 120,000
Hemlo Gold Mines, Inc..................................... 35,874 381,161
Miramar Mining Corp.+..................................... 30,000 161,250
Miramar Mining Corp.,
Warrants (exp. 10/12/95)+ (A)........................... 12,500 0
Pegasus Gold, Inc.+....................................... 25,000 253,125
Placer Dome, Inc.......................................... 20,000 522,500
Prime Resources Group, Inc.+.............................. 15,000 103,721
Rayrock Yellowknife+...................................... 5,000 54,590
CANADA-(CONTINUED)
Solitario Resources Corp.+................................ 30,000 35,373
TVXGold, Inc.+............................................ 50,000 362,500
Teck Corp., Class B....................................... 6,000 118,460
Texas Star Resources Corp.+............................... 45,000 17,028
Treminco Resources, Ltd.+................................. 100,000 26,200
Viceroy Resources Corp.+.................................. 30,000 152,850
-----------
3,905,237
-----------
UNITED STATES-38.01%
Ashanti Goldfields Company,
Ltd.+................................................... 15,000 339,375
Battle Mountain Gold Co., Inc............................. 40,000 385,000
Coeur D'Alene Mines Corp.................................. 6,000 104,250
Crown Resources Corporation+.............................. 30,000 138,750
FMCGold Co................................................ 30,000 120,000
Firstmiss Gold, Inc.+..................................... 3,000 60,000
Freeport-McMoRan Copper &
Gold, Inc............................................... 27,000 556,875
Hecla Mining Co.+......................................... 10,000 103,750
Homestake Mining Company.................................. 22,800 376,200
Newmont Gold Co........................................... 6,000 241,500
Newmont Mining Corporation................................ 6,999 293,083
Stillwater Mining Company+................................ 8,000 222,500
USMX, Inc.+............................................... 65,000 174,688
-----------
3,115,971
-----------
TOTAL COMMON STOCK
(Cost $6,344,215)..................................... 8,151,115
-----------
TOTAL INVESTMENTS
(Cost $6,344,215*).................................... 99.44% 8,151,115
Other assets, less liabilities............................ 0.56 46,190
-----------
TOTAL NET ASSETS....................................... 100.00% $ 8,197,305
======= ===========
</TABLE>
- - ----------
* Aggregate cost for Federal income tax purposes.
+ Non-income producing security.
(A) Restricted security, valued at fair value (Notes B and F).
See notes to financial statements.
6
<PAGE> 14
CHUBB AMERICA FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS-(UNAUDITED)
DOMESTIC GROWTH STOCK PORTFOLIO
JUNE 30, 1995
<TABLE>
<CAPTION>
NUMBER MARKET
OF VALUE
COMPANY SHARES (NOTE B)
- - ------- ------ --------
<S> <C> <C>
COMMON STOCK-95.55%
AEROSPACE EQUIPMENT-1.38%
Sunstrand Corporation..................................... 9,600 $ 573,600
-----------
AUTOMOTIVE PARTS & ACCESSORIES-3.42%
Gentex Corporation+....................................... 45,000 888,750
HI-LO Automotive, Inc.+................................... 50,000 525,000
-----------
1,413,750
-----------
BANKING-2.59%
Bay View Capital Corporation.............................. 15,000 408,750
Meridian Bancorp, Inc..................................... 19,300 663,437
-----------
1,072,187
-----------
CHEMICALS-7.41%
Cytec Industries Corp.+................................... 25,000 1,021,875
Cambrex Corporation....................................... 27,700 934,875
Ferro Corp................................................ 7,750 205,375
Furon Corp................................................ 30,000 660,000
Specialty Chemical
Resources,Inc.+......................................... 57,200 244,885
-----------
3,067,010
-----------
COMPUTER & OFFICE EQUIPMENT-4.96%
Amtech Corporation........................................ 90,000 551,250
Data General Corporation+................................. 85,000 818,125
Smith Corona Corp......................................... 45,100 62,013
Stratus Computers, Inc.................................... 20,000 620,000
-----------
2,051,388
-----------
COMPUTER SOFTWARE & SERVICES-2.94%
BancTec, Inc.+............................................ 40,000 625,000
Chipcom Corp.+............................................ 25,000 593,750
-----------
1,218,750
-----------
CONSUMER PRODUCTS-0.71%
American Greetings Corporatio............................. 10,000 293,750
-----------
CONTAINERS-1.38%
PCI Services, Inc.+....................................... 60,000 570,000
-----------
DRUG & HOSPITAL SUPPLIES-3.61%
MediSense, Inc.+.......................................... 40,000 775,000
Tenet Healthcare Corp.+................................... 50,000 718,750
-----------
1,493,750
-----------
ELECTRONICS-2.59%
Griffon Corporation+...................................... 65,000 520,000
Whittaker Corporation+.................................... 25,000 550,000
-----------
1,070,000
-----------
FINANCIAL SERVICES-6.70%
Aames Financial Corp...................................... 35,000 634,375
Great Western Financial................................... 25,000 515,625
New York Bancorp.......................................... 34,600 687,675
Student Loan Marketing
Association............................................. 20,000 937,500
-----------
2,775,175
-----------
FURNISHINGS & APPLIANCES-0.92%
Shelby Williams Industries, Inc........................... 33,400 379,925
-----------
HEALTH & PERSONAL CARE-5.20%
Allied Healthcare Products, Inc........................... 42,000 682,500
Bergen Brunswig Corp., Class A............................ 31,447 719,350
Integrated Health Services, Inc........................... 25,000 750,000
-----------
2,151,850
-----------
HEALTH CARE-4.01%
Coastal Physician Group, Inc.+............................ 45,000 579,375
Healthdyne Technologies, Inc. +........................... 40,766 417,850
Lincare Holdings, Inc.+................................... 25,000 664,063
-----------
1,661,288
-----------
INSURANCE-9.05%
American Bankers, Inc..................................... 30,000 952,500
Citizens Corporation...................................... 40,000 655,000
TIG Holdings, Inc......................................... 32,000 736,000
UNUM Corporation.......................................... 15,000 703,125
Western National Corp..................................... 56,700 701,663
-----------
3,748,288
-----------
LEISURE & ENTERTAINMENT-1.83%
Speedway Motorsports, Inc.+............................... 35,000 756,875
-----------
</TABLE>
- - ----------
+ Non-income producing security.
See notes to financial statements.
7
<PAGE> 15
CHUBB AMERICA FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS-(UNAUDITED)
DOMESTIC GROWTH STOCK PORTFOLIO-(CONTINUED)
JUNE 30, 1995
<TABLE>
<CAPTION>
NUMBER MARKET
OF VALUE
COMPANY SHARES (NOTE B)
- - ------- ------ --------
<S> <C> <C>
COMMON STOCK-CONTINUED
MACHINERY-4.55%
Farrel Corporation........................................ 17,800 $ 104,575
Lamson & Sessions, Inc.+.................................. 88,200 507,150
N.N. Ball & Roller, Inc................................... 48,000 852,000
Simpson Industries, Inc................................... 37,500 421,875
-----------
1,885,600
-----------
MANUFACTURING-1.66%
Paragon Trade Brands, Inc.+............................... 47,800 687,125
-----------
MEDICAL SUPPLIES-1.52%
Sun Healthcare Group, Inc.+............................... 40,000 630,000
-----------
MINING & METALS-2.90%
A.M. Castle & Co.......................................... 38,550 698,719
Roanoke Electric Steel Corp............................... 44,550 501,187
-----------
1,199,906
-----------
OIL - WELL EQUIPMENT & SERVICE-1.93%
Enterra Corporation+...................................... 38,000 798,000
-----------
OIL - DOMESTIC & CRUDE-1.39%
Seagull Energy Corp.+..................................... 35,000 577,500
-----------
REAL ESTATE-4.96%
Centerpoint Properties Corp............................... 35,000 721,875
Factory Stores of America................................. 35,000 717,500
Gables Residential........................................ 30,000 615,000
-----------
2,054,375
-----------
RETAIL STORES-5.27%
Caldor, Inc.+............................................. 30,000 536,250
Catherines Stores Company+................................ 29,000 322,625
Consolidated Stores Corp.+................................ 35,000 730,625
Designs, Inc. +........................................... 40,000 355,000
Pier 1 Imports, Inc....................................... 25,706 237,781
-----------
2,182,281
-----------
SHIPPING-4.68%
Airborne Freight Corp..................................... 35,000 708,750
American President Companies.............................. 25,000 593,750
Yellow Corp............................................... 35,000 634,375
-----------
1,936,875
-----------
SOFTWARE DEVELOPMENT-4.51%
Banyan Systems, Inc.+..................................... 60,000 825,000
Dataflex Corporation+..................................... 56,000 427,000
Marcam Corp.+............................................. 45,000 613,125
-----------
1,865,125
-----------
TEXTILES & APPAREL-3.48%
Lacrosse Footwear, Inc.................................... 60,000 660,000
Vans, Inc.+............................................... 100,000 456,250
Cato Corp................................................. 40,000 325,000
-----------
1,441,250
-----------
TOTAL COMMON STOCK
(Cost $35,342,100).................................... 39,555,623
-----------
TOTAL INVESTMENTS
(Cost $35,342,100*)................................... 95.55% 39,555,623
Other assets, less liabilities............................ 4.45 1,842,961
------- -----------
TOTAL NET ASSETS....................................... 100.00% $41,398,584
======= ===========
</TABLE>
- - ----------
* Aggregate cost for Federal income tax purposes.
+ Non-income producing security.
See notes to financial statements.
8
<PAGE> 16
CHUBB AMERICA FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS-(UNAUDITED)
BOND PORTFOLIO
JUNE 30, 1995
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
COMPANY VALUE (NOTE B)
- - ------- --------- --------
<S> <C> <C>
CORPORATE BONDS-0.64%
Corning Glass, 8.250%,
due 03/15/02..................................... $ 50,000 $ 53,833
----------
TOTAL CORPORATE
BONDS (Cost $48,403)........................... 53,833
----------
U.S. GOVERNMENT AND
AGENCY OBLIGATIONS-91.64%
FHLMC, #C80090, 6.000%,
due 01/01/24..................................... 594,878 558,167
FNMA, 9.550%, due 09/10/97......................... 55,000 59,029
FNMA, CMO, #8829B, 9.500%,
due 12/25/18..................................... 98,223 102,826
FNMA, Pool #248672, 6.000%,
due 12/01/23..................................... 189,878 177,892
FNMA, Pool #261605, 6.000%,
due 01/01/24..................................... 816,363 764,830
FNMA, Pool #267376, 6.000%,
due 01/01/24..................................... 187,403 175,573
GNMA, Pool #190666, 9.000%,
due 12/15/16..................................... 103,054 108,206
GNMA, Pool #404067, 9.000%,
due 03/15/25..................................... 2,590,959 2,720,492
U.S. GOVERNMENT AND
AGENCY OBLIGATIONS-(CONTINUED)
U.S. Treasury Note, 7.500%,
due 10/31/99..................................... 750,000 791,952
U.S. Treasury Note, 7.750%,
due 11/30/99..................................... 1,350,000 1,440,701
U.S. Treasury Note, 6.250%
due 02/15/03..................................... 500,000 501,093
U.S. Treasury Note, 10.375%,
due 11/15/12..................................... 175,000 231,820
----------
TOTAL U.S. GOVERNMENT
AND AGENCY OBLIGA-
TIONS (Cost $7,386,339)........................ 7,632,581
----------
TOTAL INVESTMENTS
(Cost $7,434,742*)............................. 92.28% 7,686,414
Other assets, less liabilities..................... 7.72 642,713
--------- ----------
TOTAL NET ASSETS................................ 100.00% $8,329,127
========= ==========
</TABLE>
- - ----------
* Aggregate cost for Federal income tax purposes.
See notes to financial statements.
9
<PAGE> 17
CHUBB AMERICA FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS-(UNAUDITED)
GROWTH AND INCOME PORTFOLIO
JUNE 30, 1995
<TABLE>
<CAPTION>
NUMBER MARKET
OF VALUE
COMPANY SHARES (NOTE B)
- - ------- ------ --------
<S> <C> <C>
COMMON STOCK-97.27%
AEROSPACE-4.34%
Boeing Company.......................................... 2,100 $ 131,512
General Motors Corporation,
Class H............................................... 5,500 217,250
-----------
348,762
-----------
APPLIANCES-2.74%
Whirlpool Corp.......................................... 4,000 220,000
-----------
AUTOMOTIVE PARTS & ACCESSORIES-5.67%
Borg-Warner Automotive, Inc............................. 8,800 250,800
Cummins Engine, Inc..................................... 4,700 205,038
-----------
455,838
-----------
AUTOMOTIVE MANUFACTURING-3.09%
Chrysler Corporation.................................... 5,200 248,950
-----------
BANKING-8.49%
First Chicago Corp...................................... 3,900 233,512
KeyCorp................................................. 7,233 226,935
Mellon Bank Corp........................................ 5,350 222,694
-----------
683,141
-----------
BUILDING & CONSTRUCTION-4.06%
Redman Industries, Inc.+................................ 5,000 326,250
-----------
BUILDING MATERIALS-2.84%
Owens-Corning Fiberglas
Corp.+................................................ 6,200 228,625
-----------
BUILDING - HOMES-2.97%
Toll Brothers, Inc.+.................................... 4,800 238,650
-----------
COMPUTERS-3.67%
Compaq Computer Corp.+.................................. 6,500 294,937
-----------
CONSUMER HEALTH-4.80%
American Home Products, Inc............................. 2,500 193,437
Baxter International, Inc............................... 5,300 192,788
-----------
386,225
-----------
FINANCIAL SERVICES-5.97%
Merrill Lynch & Company, Inc............................ 4,800 252,000
Paine Webber Group, Inc................................. 12,100 228,388
-----------
480,388
-----------
FOOD PROCESSING-2.96%
Philip Morris Companies, Inc............................ 3,200 238,000
-----------
FOREST PRODUCTS & PAPER-2.79%
Asian Pulp & Paper, Inc.+............................... 17,800 224,725
-----------
INSURANCE-8.01%
Old Republic International Corp......................... 8,500 222,062
Progressive Corp........................................ 4,900 188,038
W.R. Berkley Corp....................................... 6,600 234,300
-----------
644,400
-----------
MINING & METALS-5.64%
Cyprus Amax Minerals
Company............................................... 7,900 225,150
Inco, Ltd., ADR......................................... 8,100 228,825
-----------
453,975
-----------
OIL - INTERNATIONAL-2.72%
Exxon Corporation....................................... 3,100 218,937
-----------
OIL - REFINING-1.73%
Ultramar Corp........................................... 5,500 138,875
-----------
RETAIL STORES-6.27%
K Mart Corporation...................................... 17,400 254,475
May Department Stores
Company............................................... 6,000 249,750
-----------
504,225
-----------
</TABLE>
- - ----------
+ Non-income producing security.
See notes to financial statements.
10
<PAGE> 18
CHUBB AMERICA FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS-(UNAUDITED)
GROWTH AND INCOME PORTFOLIO-(CONTINUED)
JUNE 30, 1995
<TABLE>
<CAPTION>
NUMBER MARKET
OF VALUE
COMPANY SHARES (NOTE B)
- - ------- ------ --------
<S> <C> <C>
COMMON STOCK-CONTINUED
RETAIL - SPECIALITY-6.14%
Circuit City Stores, Inc................................ 8,000 $ 253,000
Sotheby's Holdings, Inc................................. 17,700 241,163
-----------
494,163
-----------
TECHNOLOGY - SEMICONDUCTORS-3.25%
Avnet, Inc.............................................. 5,400 261,225
-----------
TEXTILES-2.72%
Burlington Industries, Inc.+............................ 19,000 218,500
-----------
TRANSPORTATION-3.60%
Burlington Northern, Inc................................ 3,700 234,488
Federal Express Corp.................................... 900 54,675
-----------
289,163
-----------
TRANSPORTATION - SHIPPING-2.80%
Offshore Logistics, Inc.+............................... 16,100 225,400
-----------
TOTAL COMMON STOCK
(Cost $6,802,286)................................... 7,823,354
-----------
TOTAL INVESTMENTS.................................... 97.27% 7,823,354
(Cost $6,802,286*)
Other assets, less liabilities.......................... 2.73 219,772
--------- -----------
TOTAL NET ASSETS..................................... 100.00% $ 8,043,126
========= ===========
</TABLE>
- - ----------
* Aggregate cost for Federal income tax purposes.
+ Non-income producing security.
See notes to financial statements.
11
<PAGE> 19
CHUBB AMERICA FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS-(UNAUDITED)
CAPITAL GROWTH PORTFOLIO
JUNE 30, 1995
<TABLE>
<CAPTION>
NUMBER MARKET
OF VALUE
COMPANY SHARES (NOTE B)
- - ------- ------ --------
<S> <C> <C>
COMMON STOCK-97.37%
ADVERTISING-1.74%
British Sky Broadcasting, Ord.+......................... 41,646 $ 181,868
British Sky Broadcasting, ADR+.......................... 3,525 92,091
Central European Media
Center+............................................... 9,750 145,031
Katz Media Group, Inc.+................................. 15,025 238,522
-----------
657,512
-----------
APPLIANCES-0.82%
The Singer Company, N.V., ADR........................... 11,975 309,853
-----------
BANKING-1.42%
First Bank Systems...................................... 8,225 337,225
First Empire State Corporation.......................... 1,175 201,513
-----------
538,738
-----------
BEVERAGES-3.27%
PepsiCo, Inc............................................ 27,050 1,234,156
-----------
BROADCASTING-2.90%
Viacom, Inc., Class B+.................................. 23,675 1,097,928
-----------
BUILDING MATERIALS-0.39%
Assa Abloy AB-B+........................................ 28,596 149,231
-----------
COMMERCIAL SERVICES-0.33%
Sitel Corp.+............................................ 6,900 123,338
-----------
COMMUNICATION SYSTEMS-4.49%
Air Touch
Communications, Inc.+................................. 21,525 613,462
Millicom International Cellular, S.A.,
ADR+.................................................. 24,550 727,293
Paging Network, Inc.+................................... 10,300 352,775
-----------
1,693,530
-----------
COMPUTERS-3.71%
Boca Research, Inc.+.................................... 23,300 629,100
Microcom, Inc.+......................................... 33,425 501,375
Storemedia, Inc.+....................................... 8,500 267,750
-----------
1,398,225
-----------
CONSUMER PRODUCTS-6.26%
Amway Asia Pacific, Ltd................................. 28,325 1,026,781
Dial Corporation........................................ 40,675 1,006,706
Industrie Natuzzi SPA, ADR.............................. 1,325 43,891
Warnaco Group, Inc...................................... 14,225 284,500
-----------
2,361,878
-----------
ELECTRICAL EQUIPMENT-0.81%
Anadigics, Inc.+........................................ 5,725 111,637
C. P. Clare Corp.+...................................... 9,650 193,000
-----------
304,637
-----------
FINANCIAL SERVICES-7.17%
APS Holdings, Inc.+..................................... 12,975 342,216
Citicorp................................................ 7,800 451,425
Grupo Financiero Inbursa "B",
Ord.+................................................. 75,140 182,230
Kinnevik, AB, Ord., Class B
Free.................................................. 43,300 1,320,117
PMIGroup, Inc........................................... 9,425 408,809
-----------
2,704,797
-----------
FOOD & HOUSEHOLD PRODUCTS-0.47%
Duracell International, Inc............................. 1,375 59,469
Newell Company.......................................... 4,745 116,252
-----------
175,721
-----------
FOOD PROCESSING-3.59%
Hershey Foods Corporation............................... 1,000 55,250
Nabisco Holdings Corp................................... 48,075 1,298,025
-----------
1,353,275
-----------
HEALTH & PERSONAL CARE-0.47%
Maybelline Corporation.................................. 8,700 178,350
-----------
INSURANCE-0.65%
APPS Dental, Inc.+...................................... 11,700 245,700
-----------
LODGING & RESTAURANT-0.42%
Davco Restaurants, Inc.+................................ 12,300 159,900
-----------
</TABLE>
- - ----------
+ Non-income producing security.
See notes to financial statements.
12
<PAGE> 20
CHUBB AMERICA FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS-(UNAUDITED)
CAPITAL GROWTH PORTFOLIO-(CONTINUED)
JUNE 30, 1995
<TABLE>
<CAPTION>
NUMBER MARKET
OF VALUE
COMPANY SHARES (NOTE B)
- - ------- ------ --------
<S> <C> <C>
COMMON STOCK-CONTINUED
MACHINES - DIVERSIFIED-0.36%
Opal, Inc.+............................................. 7,250 $ 134,125
-----------
MANUFACTURED HOUSING-1.74%
Clayton Homes, Inc...................................... 19,500 319,313
Oakwood Homes........................................... 13,125 336,328
-----------
655,641
-----------
MANUFACTURING-6.71%
American Standard Companies+............................ 38,875 1,064,203
Chicago Miniature Lamp, Inc.+........................... 28,750 395,313
Mattel, Inc............................................. 41,312 1,074,112
-----------
2,533,628
-----------
MEDIA-2.41%
Heritage Media Corp., Class A+.......................... 26,725 771,685
Scandinavian Broadcasting
System+............................................... 6,725 136,181
-----------
907,866
-----------
MEDICAL-3.33%
American Oncology+...................................... 17,300 480,075
Horizon Healthcare Corp.+............................... 5,375 96,078
MedPartners, Inc.+...................................... 20,850 401,363
Occusystems, Inc.+...................................... 11,675 199,934
Pacificare Health B Systems+............................ 1,575 80,325
-----------
1,257,775
-----------
MEDICAL SUPPLIES-2.00%
Nellcor, Inc.+.......................................... 16,225 730,125
ResMed, Inc.+........................................... 1,950 23,400
-----------
753,525
-----------
OFFICE & BUSINESS EQUIPMENT-2.67%
Boise Cascade Office Products+.......................... 16,000 356,000
USOffice Products Co.+.................................. 17,950 215,400
Viking Office Products, Inc.+........................... 11,875 434,922
-----------
1,006,322
-----------
OIL & GAS - DOMESTIC-1.79%
EnronGlobal Power & Pipeline............................ 28,400 674,500
-----------
PACKAGING & CONTAINERS-1.92%
Crown, Cork & Seal
Company, Inc.+........................................ 14,425 723,053
-----------
PHARMACEUTICALS-6.24%
Johnson & Johnson....................................... 5,275 356,722
Pfizer, Inc............................................. 8,275 764,403
R.P. Scherer Corp.+..................................... 15,325 647,481
Roche Holding AGGenusshein.............................. 91 586,070
-----------
2,354,676
-----------
PUBLISHING-1.35%
News Corporation Limited, ADR........................... 10,225 231,341
Wolters Kluwer, CVA, Ord................................ 3,164 278,940
-----------
510,281
-----------
RESTAURANTS & FOOD SERVICE-2.05%
Outback Steakhouse, Inc.+............................... 13,750 397,031
Rainforest Cafe, Inc.+.................................. 20,000 375,000
-----------
772,031
-----------
RETAIL-1.53%
Global DirectMail Corp.+................................ 29,250 577,688
-----------
RETAIL STORES-4.48%
Federated Department Stores+............................ 37,425 963,694
Lowe's Companies, Inc................................... 24,350 727,456
-----------
1,691,150
-----------
SOFTWARE PRODUCTS & SERVICES-16.46%
ArcSys, Inc.+........................................... 5,300 180,200
BDM International, Inc.+................................ 6,400 130,400
C*ATS Software+......................................... 13,625 149,875
Computer Horizons Corp.+................................ 9,350 149,600
Datalogix International, Inc.+.......................... 12,825 312,609
Eagle Point Software Corp.+............................. 7,875 133,875
First Data Corp......................................... 10,075 573,016
</TABLE>
- - ----------
+ Non-income producing security.
See notes to financial statements.
13
<PAGE> 21
CHUBB AMERICA FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS-(UNAUDITED)
CAPITAL GROWTH PORTFOLIO-(CONTINUED)
JUNE 30, 1995
<TABLE>
<CAPTION>
NUMBER MARKET
OF VALUE
COMPANY SHARES (NOTE B)
- - ------- ------ --------
<S> <C> <C>
COMMON STOCK-CONTINUED
SOFTWARE PRODUCTS & SERVICES-(CONTINUED)
General Motors Corp., Class E........................... 30,750 $ 1,337,625
Getronics, NV, Ord...................................... 25,172 1,232,221
Keane, Inc.+............................................ 11,175 277,978
MDL Information Systems, Inc.+.......................... 54,725 814,034
Number Nine Visual
Technology Corp.+..................................... 15,400 319,550
Softkey International, Inc.+............................ 15,575 496,453
VideoServer,Inc.+....................................... 2,650 103,350
-----------
6,210,786
-----------
TELECOMMUNICATIONS-2.82%
ACT Networks, Inc.+..................................... 5,625 97,031
Numerex Corp., Class A+................................. 20,000 225,000
Vodafone Group, PLC, ADR................................ 19,625 743,297
-----------
1,065,328
-----------
TEXTILES & APPAREL-0.60%
Gap Incorporated........................................ 4,500 156,938
Reebok International, Ltd............................... 2,075 70,550
-----------
227,488
-----------
TOTAL COMMON STOCK
(Cost $32,729,716).................................. 36,742,632
-----------
TOTAL INVESTMENTS
(Cost $32,729,716*)................................. 97.37% 36,742,632
Other assets, less liabilities.......................... 2.63 993,622
------- -----------
TOTAL NET ASSETS..................................... 100.00% $37,736,254
======= ===========
</TABLE>
- - ----------
* Aggregate cost for Federal income tax purposes.
+ Non-income producing security.
See notes to financial statements.
14
<PAGE> 22
CHUBB AMERICA FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS-(UNAUDITED)
BALANCED PORTFOLIO
JUNE 30, 1995
<TABLE>
<CAPTION>
NUMBER MARKET
OF VALUE
COMPANY SHARES (NOTE B)
- - ------- ------ --------
<S> <C> <C>
COMMON STOCK-53.37%
AEROSPACE EQUIPMENT-2.85%
Boeing Co............................................... 2,200 $ 137,775
Lockheed Martin Corporation............................. 3,500 220,937
-----------
358,712
-----------
APPLIANCES-2.02%
General Electric Company................................ 4,500 253,688
-----------
BROADCASTING-1.97%
Capital Cities ABC, Inc................................. 1,100 118,800
Tele-Communications, Inc.,
Class A+.............................................. 5,500 128,906
-----------
247,706
-----------
CHEMICALS-1.38%
Air Products & Chemicals, Inc........................... 2,500 139,375
Engelhard Corp.......................................... 800 34,300
-----------
173,675
-----------
COMPUTERS-1.60%
Digital Equipment Corp.+................................ 2,500 101,875
Silicon Graphics, Inc.+................................. 2,500 99,688
-----------
201,563
-----------
ELECTRICAL EQUIPMENT-1.20%
Honeywell, Inc.......................................... 3,500 150,937
-----------
ELECTRONICS-2.51%
Cypress Semiconductor Corp.+............................ 2,500 101,250
Motorola, Inc........................................... 1,600 107,400
S3, Incorporated+....................................... 3,000 108,000
-----------
316,650
-----------
FINANCIAL SERVICES-2.85%
Bankers Trust N.Y. Corp................................. 1,800 111,600
Citicorp................................................ 1,700 98,387
Golden West Financial Group............................. 1,700 80,113
Merrill Lynch & Co., Inc................................ 1,300 68,250
-----------
358,350
-----------
FOOD PROCESSING-1.23%
CPC International, Inc.................................. 2,500 154,375
-----------
HEALTH & PERSONAL CARE-2.73%
American Home Products Corp............................. 1,600 123,800
Health Care REIT, Inc................................... 4,000 82,500
Nationwide Health
Properties, Inc....................................... 3,500 136,500
-----------
342,800
-----------
INDUSTRIAL MACHINES - ENGINES-1.23%
Caterpillar, Inc........................................ 2,400 154,200
-----------
INSURANCE-4.22%
Aetna Life & Casualty Co................................ 2,500 157,187
American International Group,
Inc................................................... 1,200 136,800
Interpublic Group of Companies,
Inc................................................... 3,500 131,250
ITTCorp................................................. 900 105,750
-----------
530,987
-----------
MACHINES-0.83%
Thermo Electron Corp.+.................................. 2,608 104,972
-----------
MANUFACTURING-1.27%
Minnesota Mining &
Manufacturing Co...................................... 2,800 160,300
MEDICAL - MANAGEMENT & SERVICES-0.28%
Coram Healthcare+....................................... 2,500 35,313
OIL SERVICE EQUIPMENT-3.18%
Baker Hughes, Inc....................................... 5,500 112,750
Schlumberger Limited.................................... 2,600 161,525
Tidewater, Inc.......................................... 5,000 125,625
-----------
399,900
-----------
OIL - INTERNATIONAL-4.19%
Amoco Corporation....................................... 2,500 166,562
Chevron Corporation..................................... 4,200 195,825
Texaco, Inc............................................. 2,500 164,063
-----------
526,450
-----------
OIL & GAS EXPLORATION-0.28%
Texas Meridian Resources
Corp.+................................................ 3,300 35,475
-----------
</TABLE>
- - ----------
+ Non-income producing security.
See notes to financial statements.
15
<PAGE> 23
CHUBB AMERICA FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS-(UNAUDITED)
BALANCED PORTFOLIO-(CONTINUED)
JUNE 30, 1995
<TABLE>
<CAPTION>
NUMBER MARKET
OF VALUE
COMPANY SHARES (NOTE B)
- - ------- ------ --------
<S> <C> <C>
COMMON STOCK-CONTINUED
PACKAGING & CONTAINERS-1.20%
Crown Cork & Seal, Inc.+................................ 3,000 $ 150,375
PHARMACEUTICALS-1.88%
Amgen, Inc.+............................................ 1,000 80,437
Warner Lambert Company.................................. 1,800 155,475
-----------
235,912
-----------
RETAIL STORES-2.53%
Kroger Co.+............................................. 5,500 147,813
Walgreen Company........................................ 3,400 170,425
-----------
318,238
-----------
SOFTWARE PRODUCTS & SERVICES-2.97%
Borland Int'l, Inc.+.................................... 9,000 115,875
Computer Association
International, Inc.................................... 1,500 101,625
Microsoft Corp.+........................................ 1,300 117,487
Sybase, Inc.+........................................... 1,300 38,188
-----------
373,175
-----------
TELECOMMUNICATIONS-6.24%
AT&TCorp................................................ 2,700 143,437
Bell Atlantic Corporation............................... 1,700 95,200
Equifax, Inc............................................ 5,000 166,875
GTE Corp................................................ 4,000 136,500
Qualcomm, Inc.+......................................... 3,400 117,513
U.S. West, Inc.......................................... 3,000 124,875
-----------
784,400
-----------
TELECOMMUNICATIONS EQUIPMENT-0.86%
U.S. Robotics Corp.+.................................... 1,000 109,000
-----------
TEXTILES & APPAREL-0.99%
Nine West Group, Inc.+.................................. 3,400 124,100
-----------
TRANSPORTATION-0.88%
Delta Air Lines, Inc.................................... 1,500 110,625
-----------
TOTAL COMMON STOCK
(cost $6,095,609)................................... 6,711,878
-----------
BONDS-38.32%
CORPORATE BONDS-0.38%
Albany International Corp............................... $ 50,000 $ 48,750
-----------
U.S. GOVERNMENT-37.94%
U.S. Treasury Bond, 7.500%,
due 11/15/16.......................................... 550,000 600,875
U.S. Treasury Bond, 6.250%,
due 08/15/23.......................................... 500,000 472,813
U.S. Treasury Bond, 7.625%,
due 02/15/25.......................................... 330,000 372,281
U.S. Treasury Note, 4.750%,
due 02/15/97.......................................... 750,000 737,344
U.S. Treasury Note, 6.000%,
due 10/15/99.......................................... 1,500,000 1,501,875
U.S. Treasury Note, 5.500%,
due 04/15/00.......................................... 400,000 392,500
U.S. Treasury Note, 7.250%,
due 05/15/04.......................................... 650,000 693,671
-----------
4,771,359
-----------
TOTAL BONDS
(COST $4,765,694)................................... 4,820,109
-----------
SHORT-TERM OBLIGATIONS-8.34%
AT&TCapital, 5.950%,
due 07/12/95.......................................... 175,000 174,682
Golden Peanut, 5.970%,
due 07/06/95.......................................... 445,000 444,631
Merrill Lynch, 6.000%,
due 07/10/95.......................................... 200,000 199,700
Merrill Lynch, 6.000%,
due 07/10/95.......................................... 180,000 179,730
Warner-Lambert, 5.950%,
due 07/07/95.......................................... 50,000 49,950
-----------
TOTAL SHORT-TERM
OBLIGATIONS
(Cost $1,048,693)................................... 1,048,693
-----------
TOTAL INVESTMENTS
(Cost $11,909,996*) 100.03% 12,580,680
Other assets, less liabilities (0.03) (4,372)
--------- -----------
TOTAL NET ASSETS 100.00% $12,576,308
========= ===========
</TABLE>
- - ----------
* Aggregate cost for Federal income tax purposes
+ Non-income producing security.
See notes to financial statements.
16
<PAGE> 24
CHUBB AMERICA FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS-(UNAUDITED)
EMERGING GROWTH PORTFOLIO
JUNE 30, 1995
<TABLE>
<CAPTION>
NUMBER MARKET
OF VALUE
COMPANY SHARES (NOTE B)
- - ------- ------ --------
<S> <C> <C>
COMMON STOCK-90.44%
BROADCASTING - RADIO & TV-0.13%
American Radio Systems
Corp.+................................................ 100 $ 2,275
Sinclair Broadcasting
Group, Inc.+.......................................... 100 2,800
--------
5,075
--------
COMMERCIAL SERVICES-4.38%
Business Resource Group, Inc.+.......................... 100 862
CUCInternational, Inc.+................................. 2,400 100,800
Franklin Quest Company, Inc.+........................... 1,000 24,000
Healthplan Services Corp.+.............................. 1,000 15,125
Interim Services,Inc.+.................................. 1,000 25,000
Sitel Corporation+...................................... 100 1,788
SOS Staffing Services, Inc.+............................ 200 1,350
--------
168,925
--------
COMPUTER & OFFICE EQUIPMENT-0.94%
Bay Networks, Inc.+..................................... 800 33,100
Storemedia, Inc.+....................................... 100 3,150
--------
36,250
--------
COMPUTER SOFTWARE - MAINFRAME-22.09%
ArcSys, Inc.+........................................... 100 3,400
Bean Company, N.V.+..................................... 100 3,087
BDM International, Inc.+................................ 100 2,037
BMC Software, Inc.+..................................... 1,600 123,600
Cadence Design Systems, Inc.+........................... 2,500 80,937
Compuware Corp.+........................................ 3,700 113,775
Datalogix International, Inc.+.......................... 100 2,437
Eagle Point Software Corp.+............................. 100 1,700
HNC Software, Inc.+..................................... 100 2,125
Interactive Group, Inc.+................................ 100 600
Marcam Corp.+........................................... 1,000 13,625
Maxis, Inc.+............................................ 100 2,662
Mysoftware Company+..................................... 100 1,250
National Data Corp...................................... 100 2,312
Number Nine Visual Technology
Corp.+................................................ 100 2,075
Oak Technology, Inc.+................................... 300 11,025
Oracle Systems Corp.+................................... 4,700 181,537
SPSTransaction Services
Corp.+................................................ 1,000 34,625
COMPUTER SOFTWARE - MAINFRAME-(CONTINUED)
Sybase, Inc.+........................................... 3,900 $114,562
Systems Software
Associates, Inc....................................... 5,600 112,000
Spyglass, Inc.+......................................... 100 2,863
The BISYS Group, Inc.+.................................. 1,500 33,375
UUNET Technologies, Inc.+............................... 100 2,750
VideoServer, Inc.+...................................... 100 3,900
--------
852,259
--------
COMPUTERS SOFTWARE - P.C.-6.22%
Autodesk, Inc........................................... 3,500 150,500
Softkey International, Inc.+............................ 2,800 89,250
--------
239,750
--------
ELECTRONICS-1.34%
Datametrics Corp.+...................................... 700 6,606
Liner Technology Corp................................... 500 33,000
Paradigm Technology,Inc.+............................... 100 2,244
Tower Semiconductor, Ltd.+.............................. 100 2,900
Ultratech Stepper, Inc.+................................ 200 7,050
--------
51,800
--------
ENTERTAINMENT & LEISURE-5.91%
Casino America, Inc.+................................... 1,000 15,125
Grand Casinos, Inc.+.................................... 2,500 88,438
Promus Companies, Inc.+................................. 3,100 120,900
Station Casinos, Inc.+.................................. 200 3,450
--------
227,913
--------
INDUSTRIAL MACHINES & ENGINES-0.05%
Hardinge,Inc............................................ 100 1,913
--------
INSURANCE-11.89%
APPSDental, Inc.+....................................... 100 2,100
Foundation Health Corp.+................................ 2,800 75,600
Healthsource, Inc.+..................................... 1,500 52,500
Mid Atlantic Medical
Services, Inc.+....................................... 6,100 112,850
Oxford Health Plans, Inc.+.............................. 800 37,800
United Healthcare Corp.................................. 4,300 177,913
--------
458,763
--------
</TABLE>
- - ----------
+ Non-income producing security.
See notes to financial statements.
17
<PAGE> 25
CHUBB AMERICA FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS-(UNAUDITED)
EMERGING GROWTH PORTFOLIO-(CONTINUED)
JUNE 30, 1995
<TABLE>
<CAPTION>
NUMBER MARKET
OF VALUE
COMPANY SHARES (NOTE B)
<S> <C> <C>
COMMON STOCK - CONTINUED
LODGING-6.85%
Amerihost Properties, Inc.+ ..................... 1,000 $ 5,500
Doubletree Corp.+ ............................... 200 4,313
Hospitality Franchise
System, Inc.+ .................................. 5,800 200,825
John Q Hammons Hotels, Inc.+ .................... 3,700 51,800
Studio Plus Hotels, Inc.+ ....................... 100 1,675
--------
264,113
--------
MACHINES - DIVERSIFIED-0.28%
AGAssociates, Inc.+ ............................. 100 1,750
Opal, Inc.+ ..................................... 100 1,850
Westinghouse Air Brake Co.+ ..................... 500 7,125
--------
10,725
--------
MANUFACTURING-0.16%
Chicago Miniature Lamp, Inc.+ ................... 100 1,375
Safety Components
International, Inc.+ .......................... 300 4,950
--------
6,325
--------
MEDICAL SUPPLIES-0.52%
ICUMedical, Inc.+ ............................... 100 1,413
Instent, Inc.+ .................................. 100 1,425
Orthofix International, N.V.+ ................... 1,000 17,125
--------
19,963
--------
MEDICAL - HOSPITALS-9.82%
American Oncology
Resources, Inc.+ .............................. 100 2,775
Horizon Healthcare Corp.+ ....................... 1,900 33,962
Integrated Health Services, Inc. ................ 3,200 96,000
Lincare Holdings, Inc.+ ......................... 1,400 37,187
Living Centers of America, Inc.+ ................ 500 13,563
Mariner Health Group, Inc.+ ..................... 1,000 11,250
Occusystems, Inc.+ .............................. 100 1,713
Pacificare Health
Systems, Inc.-B+ .............................. 2,100 107,100
Pediatric Services of
America, Inc.+ ................................ 400 6,600
Physicians Resource
Group, Inc.+ .................................. 200 2,675
Renal Treatment Centers, Inc.+ .................. 1,200 29,550
Surgical Care Affiliates,Inc .................... 1,900 36,338
--------
378,713
--------
RESTAURANTS & FOOD SERVICE-7.23%
Applebee's International, Inc. .................. 1,900 48,925
Apple South, Inc. ............................... 100 1,950
Brinker International, Inc.+ .................... 4,400 75,900
Buffets, Inc.+ .................................. 3,000 41,250
Hometown Buffet, Inc.+ .......................... 1,700 19,338
IHOPCorporation+ ................................ 2,500 64,375
Lone Star Steakhouse &
Saloon, Inc.+ ................................. 900 27,281
--------
279,019
--------
RETAIL-8.54%
Borders Group, Inc.+ ............................ 300 4,312
Consolidated Stores Corp.+ ...................... 2,200 45,925
Garden Ridge Corp.+ ............................. 100 2,475
Global DirectMail Corp.+ ........................ 800 15,800
Gymboree Corp.+ ................................. 700 20,344
Micro Warehouse, Inc.+ .......................... 2,600 119,600
Office Depot, Inc.+ ............................. 4,300 120,938
--------
329,394
--------
SEMICONDUCTORS-0.08%
C.P. Clare Corp.+ ............................... 100 2,000
Transwitch Corp.+ ............................... 100 913
--------
2,913
--------
TELECOMMUNICATION EQUIPMENT-0.09%
Harmonic Lightwaves, Inc.+ ...................... 100 1,675
Teletrend, Inc.+ ................................ 100 1,975
--------
3,650
--------
</TABLE>
- - ---------------
+ Non-income producing security.
See notes to financial statements.
18
<PAGE> 26
CHUBB AMERICA FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS-(UNAUDITED)
EMERGING GROWTH PORTFOLIO-(CONTINUED)
JUNE 30, 1995
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
COMPANY VALUE (NOTE B)
- - ------- --------- ---------
<S> <C> <C>
COMMON STOCK - CONTINUED
TELECOMMUNICATION-2.83%
ALC Communications Corp.+ ................... 1,000 $ 45,125
Equalnet Holding Corp.+ ..................... 2,000 30,000
Newbridge Networks
Corporation+ .............................. 200 7,050
Worldcom, Inc.+ ............................. 1,000 27,000
----------
109,175
----------
TRANSPORTATION-1.09%
American Medical
Response, Inc.+ ........................... 1,500 42,000
----------
TOTAL COMMON STOCK
(cost $3,187,165) ....................... 3,488,638
----------
SHORT-TERM OBLIGATIONS-8.42%
Federal Home Loan Bank,
6.090%, due 07/03/95 ...................... 325,000 324,890
----------
TOTAL SHORT-TERM
OBLIGATIONS
(Cost $324,890) ......................... 324,890
----------
TOTAL INVESTMENTS
(Cost $3,512,055*) ...................... 98.86% 3,813,528
Other assets, less liabilities .............. 1.14 44,031
------ ----------
TOTAL NET ASSETS ......................... 100.00% $3,857,559
====== ==========
</TABLE>
- - ---------------------
* Aggregate cost for Federal income tax purposes
+ Non-income producing security.
See notes to financial statements.
19
<PAGE> 27
CHUBB AMERICA FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES - (UNAUDITED)
JUNE 30, 1995
<TABLE>
<CAPTION>
WORLD
GROWTH MONEY GOLD
STOCK MARKET STOCK
PORTFOLIO PORTFOLIO PORTFOLIO
------------ ----------- -----------
<S> <C> <C> <C>
ASSETS
Investments-at cost-see accompanying portfolios .......... $ 58,653,449 $ 6,137,401 $ 6,344,215
============ =========== ===========
Investments, at market value (Note B and C) ............. $ 68,691,743 $ 6,137,401 $ 8,151,115
Cash .................................................... 2,235,543 124,188 39,198
Accrued investment income ............................... 437,524 461 5,443
Receivable for portfolio securities sold ................ 60,375
Receivable from Chubb Life Insurance Company of America.. 59,502
Deferred organization costs (Note B).....................
------------ ----------- -----------
TOTAL ASSETS ......................................... 71,424,312 6,262,050 8,256,131
LIABILITIES
Due to Chubb Life Insurance Company of America .......... 73,827 45,104
Payable for portfolio securities purchased .............. 1,296,622
Accrued investment advisory fees (Note D) ............... 88,753 6,065 10,576
Accrued custody fees .................................... 9,493 521 944
Payable to Chubb America Service Corp. .................. 13,146 713 2,202
------------ ----------- -----------
TOTAL LIABILITIES ..................................... 1,408,014 81,126 58,826
NET ASSETS ............................................... $ 70,016,298 $ 6,180,924 $ 8,197,305
============ =========== ===========
NET ASSETS CONSIST OF:
Capital paid in ......................................... $ 58,146,075 $ 5,993,532 $ 7,853,151
Undistributed net investment income ..................... 907,139 188,091 11,752
Accumulated net realized gain (loss) .................... 1,384,566 (699) (1,425,963)
Net unrealized gain on investments ...................... 10,038,294 1,806,900
Net unrealized gain (loss) translation of
assets and liabilities in foreign currencies (Note C) ... (7,489) (160)
Capital gain distributions required for
Federal tax purposes over amounts
recognized for financial reporting (Note C) ........... (452,287) (48,375)
------------ ----------- -----------
NET ASSETS ............................................... $ 70,016,298 $ 6,180,924 $ 8,197,305
============ =========== ===========
Shares of common stock outstanding (no par value,
1,000,000,000 shares authorized) ...................... 3,361,320 588,178 491,509
============ =========== ===========
Net asset value and offering price per share ............. $ 20.83 $ 10.51 $ 16.68
============ =========== ===========
</TABLE>
See notes to financial statements.
20
<PAGE> 28
<TABLE>
<CAPTION>
Domestic Growth
Growth and Capital Emerging
Stock Bond Income Growth Balanced Growth
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
- - ----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
$35,342,100 $ 7,434,742 $ 6,802,286 $32,729,716 $11,909,996 $ 3,512,055
=========== =========== =========== =========== =========== ===========
$39,555,623 $ 7,686,414 $ 7,823,354 $36,742,632 $12,580,680 $ 3,813,528
2,433,759 583,481 205,511 1,466,340 28,130 66,519
41,220 65,776 13,872 66,916 80,410 430
5,320 184,106 256,496 361,568
21,709 1,432 11,166 16,173 12,526 14,696
1,256 1,258 1,254
- - ----------- ----------- ----------- ----------- ----------- -----------
42,057,631 8,337,103 8,055,159 38,477,425 12,959,496 4,256,741
661
597,868 671,828 362,923 387,676
51,645 7,103 10,218 60,047 15,700 4,569
1,015 212 360 5,292 2,567 3,851
8,519 1,455 4,004 1,998 3,086
- - ----------- ----------- ----------- ----------- ----------- -----------
659,047 7,976 12,033 741,171 383,188 399,182
$41,398,584 $ 8,329,127 $ 8,043,126 $37,736,254 $12,576,308 $ 3,857,559
=========== =========== =========== =========== =========== ===========
$33,755,103 $ 7,832,370 $ 6,813,069 $32,462,936 $11,433,770 $ 3,556,232
164,976 380,931 53,497 121,088 276,611 (1,623)
3,264,982 (135,846) 155,492 1,252,984 195,243 1,477
4,213,523 251,672 1,021,068 4,012,916 670,684 301,473
502
(114,172)
=========== =========== =========== =========== =========== ===========
$41,398,584 $ 8,329,127 $ 8,043,126 $37,736,254 $12,576,308 $ 3,857,559
=========== =========== =========== =========== =========== ===========
2,411,371 778,360 594,719 2,477,430 1,083,511 351,896
=========== =========== =========== =========== =========== ===========
$ 17.17 $ 10.70 $ 13.52 $ 15.23 $ 11.61 $ 10.96
=========== =========== =========== =========== =========== ===========
</TABLE>
See notes to financial statements.
21
<PAGE> 29
CHUBB AMERICA FUND, INC.
STATEMENT OF OPERATIONS - (UNAUDITED)
For the Six Months Ended June 30, 1995
<TABLE>
<CAPTION>
WORLD
GROWTH MONEY GOLD
STOCK MARKET STOCK
PORTFOLIO PORTFOLIO PORTFOLIO
---------- --------- ---------
<S> <C> <C> <C>
INVESTMENT INCOME
Income
Interest ................................ $ 348,372 $ 212,463 $ 20,494
Dividends ............................... 1,007,720 34,289
Foreign taxes withheld .................. (63,287) (1,499)
----------- ---------- ---------
Total investment
income ............................... 1,292,805 212,463 53,284
----------- ---------- ---------
Expenses:
Advisory fees (Note D) .................. 235,167 18,964 29,946
Custodian fees .......................... 25,635 719 1,565
Shareholder reports ..................... 11,094 1,335 1,399
Professional fees ....................... 11,208 1,358 1,419
Insurance expenses ...................... 2,849 346 362
Directors fees .......................... 1,190 144 151
Security valuation ...................... 8,694 298 2,830
Miscellaneous expenses .................. 5,365 1,208 1,344
Amortization of deferred organization
costs (Note B)
----------- ---------- ---------
Total expenses ........................ 301,202 24,372 39,016
Net investment
income (loss) ........................ 991,603 188,091 14,268
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS AND FOREIGN CURRENCY
Net realized gain on investments ........ 1,384,566 187 35,621
Net realized foreign exchange loss ...... (84,199) (2,516)
Net unrealized gain on investments ...... 3,987,610 361,239
Net unrealized gain (loss) on translation
of assets and liabilities in foreign
currencies ............................. (4,504) (160)
----------- ---------- ---------
Net realized and unrealized gain on
investments and foreign currency ..... 5,283,473 187 394,184
----------- ---------- ---------
Net increase in net assets
resulting from operations .............. $ 6,275,076 $ 188,278 $ 408,452
=========== ========== =========
</TABLE>
See notes to financial statements.
22
<PAGE> 30
<TABLE>
<CAPTION>
DOMESTIC GROWTH
GROWTH AND CAPITAL EMERGING
STOCK BOND INCOME GROWTH BALANCED GROWTH
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- - ----------- ----------- ----------- ----------- ----------- ---------
<S> <C> <C> <C> <C> <C>
$ 47,199 $ 416,102 $ 8,403 $ 205,533 $ 276,905 $ 9,883
282,587 79,804 111,715 70,270
(231) (7,032)
- - ----------- ----------- ----------- ----------- ----------- ---------
329,786 416,102 87,976 310,216 347,175 9,883
- - ----------- ----------- ----------- ----------- ----------- ---------
139,866 28,093 26,754 159,485 54,530 4,569
3,603 571 1,486 9,323 5,851 3,851
6,548 1,944 1,275 5,572 2,509 220
6,625 1,996 1,286 5,635 2,566 206
1,697 516 324 1,450 665 16
709 216 135 606 278
2,355 533 1,367 2,988 2,430 840
3,407 1,302 1,495 3,618 1,379 1,804
357 357 356
- - ----------- ----------- ----------- ----------- ----------- ---------
164,810 35,171 34,479 189,034 70,564 11,506
164,976 380,931 53,497 121,182 276,611 (1,623)
3,264,982 93,755 155,492 1,252,984 195,243 1,477
(94)
380,257 620,305 1,148,411 3,043,578 864,933 301,473
495
- - ----------- ----------- ----------- ----------- ----------- ---------
3,645,239 714,060 1,303,903 4,296,963 1,060,176 302,950
- - ----------- ----------- ----------- ----------- ----------- ---------
$ 3,810,215 $ 1,094,991 $ 1,357,400 $ 4,418,145 $ 1,336,787 $ 301,327
- - ----------- ----------- ----------- ----------- ----------- ---------
</TABLE>
See notes to financial statements.
23
<PAGE> 31
CHUBB AMERICA FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
WORLD GROWTH MONEY MARKET GOLD STOCK
STOCK PORTFOLIO PORTFOLIO PORTFOLIO
------------------------- ------------------------ -------------------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
SIX SIX SIX
MONTHS YEAR MONTHS YEAR MONTHS YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
JUNE DECEMBER JUNE DECEMBER JUNE DECEMBER
30, 1995 31, 1994 30, 1995 31, 1994 30, 1995 31, 1994
----------- ----------- ----------- ---------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Increase(decrease) in net assets:
From operations:
Net investment income (loss).............. $ 991,603 $ 785,890 $ 188,091 $ 259,435 $ 14,268 $ 14,891
Net realized gain (loss) on
investments.............................. 1,384,566 2,028,789 187 (886) 35,621 109,276
Net realized foreign exchange
gain (loss).............................. (84,199) (102,259) (2,516) (2,987)
Net unrealized gain (loss)
on investments........................... 3,987,610 (4,688,920) (507) 361,239 (1,382,509)
Net unrealized gain (loss) on
translation of assets and
liabilities in foreign currencies........ (4,504) (2,985) (160)
----------- ----------- ----------- ---------- ----------- -----------
Net increase (decrease) in net assets
resulting from operations................ 6,275,076 (1,979,485) 188,278 258,042 408,452 (1,261,329)
Dividends to shareholders from
net investment income...................... (683,631) (259,435) (34) (11,870)
Dividends to shareholders in excess
of net investment income................... (265)
Distributions to shareholders from
capital gains.............................. (2,028,789) (48,375)
Distributions to shareholders in excess
of capital gains........................... (637,395)
Increase (decrease) in net assets derived
from shareholder transactions (Note E)..... 10,837,454 16,202,192 (1,687,839) 2,620,697 437,262 809,618
----------- ----------- ----------- ---------- ----------- -----------
Net increase (decrease) in
net assets................................ 17,112,530 10,872,627 (1,499,561) 2,619,304 845,680 (511,956)
Net Assets:
Beginning of period........................ 52,903,768 42,031,141 7,680,485 5,061,181 7,351,625 7,863,581
----------- ----------- ----------- ---------- ----------- -----------
End of period (1).......................... $70,016,298 $52,903,768 $ 6,180,924 $7,680,485 $ 8,197,305 $ 7,351,625
=========== =========== =========== ========== =========== ===========
(1) Including undistributed
net investment income..................... $ 907,139 $ 0 $ 188,091 $ 0 $ 11,752 $ 34
=========== =========== =========== ========== =========== ===========
<CAPTION>
DOMESTIC GROWTH STOCK
PORTFOLIO
-------------------------
(UNAUDITED)
SIX
MONTHS YEAR
ENDED ENDED
JUNE DECEMBER
30, 1995 31, 1994
----------- -----------
<S> <C> <C>
Increase(decrease) in net assets:
From operations:
Net investment income (loss).............. $ 164,976 $ 187,059
Net realized gain (loss) on
investments.............................. 3,264,982 2,737,402
Net realized foreign exchange
gain (loss)..............................
Net unrealized gain (loss)
on investments........................... 380,257 (729,515)
Net unrealized gain (loss) on
translation of assets and
liabilities in foreign currencies........
----------- -----------
Net increase (decrease) in net assets
resulting from operations................ 3,810,215 2,194,946
Dividends to shareholders from
net investment income...................... (187,059)
Dividends to shareholders in excess
of net investment income...................
Distributions to shareholders from
capital gains.............................. (1,027,482) (2,502,153)
Distributions to shareholders in excess
of capital gains...........................
Increase (decrease) in net assets derived
from shareholder transactions (Note E)..... 7,157,185 6,880,643
----------- -----------
Net increase (decrease) in
net assets................................ 9,939,918 6,386,377
Net Assets:
Beginning of period........................ 31,458,666 25,072,289
End of period (1).......................... $41,398,584 $31,458,666
=========== ===========
(1) Including undistributed
net investment income..................... $ 164,976 $ 0
=========== ===========
</TABLE>
See notes to financial statements.
24
<PAGE> 32
<TABLE>
<CAPTION>
Bond Growth and Income Capital Growth Balanced Emerging Growth
Portfolio Portfolio Portfolio Portfolio Portfolio
- - ------------------------- ----------------------- ------------------------- ------------------------- ---------------
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
Six Six Six Six Period
Months Year Months Year Months Year Months Year May 1,
Ended Ended Ended Ended Ended Ended Ended Ended 1995 to
June December June December June December June December June
30, 1995 31, 1994 30, 1995 31, 1994 30, 1995 31, 1994 30, 1995 31, 1994 30, 1995
- - ----------- ----------- ---------- ---------- ----------- ----------- ----------- ----------- ---------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$ 380,931 $ 472,011 $ 53,497 $ 65,424 $ 121,182 $ 53,475 $ 276,611 $ 448,353 $ (1,623)
93,755 (227,339) 155,492 128,139 1,252,984 288,852 195,243 159,254 1,477
(94) 17
620,305 (402,014) 1,148,411 (406,681) 3,043,578 (880,391) 864,933 (783,353) 301,473
495 7
- - ----------- ----------- ---------- ---------- ----------- ----------- ----------- ----------- ----------
1,094,991 (157,342) 1,357,400 (213,118) 4,418,145 (538,040) 1,336,787 (175,746) 301,327
(472,011) (65,424) (53,492) (448,353)
(1) (128,139) (288,852) (79,628) (159,254)
(64,199) (371,464) (4,485)
(5,832,309) 8,233,919 1,075,255 3,249,910 5,754,023 13,442,447 (3,445,704) 3,848,793 3,556,232
- - ----------- ----------- ---------- ---------- ----------- ----------- ----------- ----------- ----------
(4,737,318) 7,604,566 2,432,654 2,779,030 10,172,168 12,190,599 (2,188,545) 3,060,955 3,857,559
13,066,445 5,461,879 5,610,472 2,831,442 27,564,086 15,373,487 14,764,853 11,703,898 0
- - ----------- ----------- ---------- ---------- ----------- ----------- ----------- ----------- ----------
$ 8,329,127 $13,066,445 $8,043,126 $5,610,472 $37,736,254 $27,564,086 $12,576,308 $14,764,853 $3,857,559
=========== =========== ========== ========== =========== =========== =========== =========== ==========
$ 380,931 $ 0 $ 53,497 $ 0 $ 121,088 $ 0 $ 276,611 $ 0 $ (1,623)
=========== =========== ========== ========== =========== =========== =========== =========== ==========
</TABLE>
See notes to financial statements.
25
<PAGE> 33
NOTES TO FINANCIAL STATEMENTS
CHUBB AMERICA FUND, INC.
JUNE 30, 1995
NOTE A--ORGANIZATION
Chubb America Fund, Inc. (the "Company") is a diversified open-end series
management investment company registered under the Investment Company Act of
1940, as amended. The Company was incorporated under the laws of the State of
Maryland on October 19, 1984 for the purpose of funding Flexible Premium
Variable Life Insurance Policies issued by Chubb Life Insurance Company of
America ("Chubb Life"). The Company is composed of nine separate portfolios (the
"Portfolios"): the World Growth Stock Portfolio, the Money Market Portfolio, the
Gold Stock Portfolio, the Domestic Growth Stock Portfolio, the Bond Portfolio,
the Growth and Income Portfolio, the Capital Growth Portfolio, the Balanced
Portfolio and the Emerging Growth Portfolio. Chubb Life's ownership at June 30,
1995 is as follows:
<TABLE>
<CAPTION>
PERCENTAGE OF
PORTFOLIO SHARES OWNED SHARES OUTSTANDING
<S> <C> <C>
World Growth Stock ........................ 0 0
Money Market .............................. 0 0
Gold Stock ................................ 0 0
Domestic Growth Stock ..................... 0 0
Bond ...................................... 0 0
Growth and Income ......................... 23,456 3.94%
Capital Growth ............................ 13,481 0.54%
Balanced .................................. 17,137 1.58%
Emerging Growth ........................... 300,001 85.25%
</TABLE>
NOTE B--SIGNIFICANT ACCOUNTING POLICIES
Valuation of Investments:Investment securities are valued at the closing sales
price on the exchange on which such securities are principally traded;
securities traded in the over-the-counter market and securities traded on a
national exchange for which no sales took place on the day of valuation are
valued at the mean of the bid and ask prices at the close of trading. Quotations
for foreign securities are in United States dollars and, accordingly, unrealized
gains and losses on these securities reflect all foreign exchange fluctuations.
Restricted securities are valued at fair value as determined in good faith by
the Board of Directors. Short-term debt instruments with a remaining maturity of
60 days or less are valued at amortized cost, which approximates market value.
At June 30, 1995 the World Growth Portfolio owned short-term obligations with
remaining maturities of greater than 60 days that, in aggregate, differed from
amortized cost by $3,392.
Investment Security Transactions: Investment security transactions are recorded
as of the trade date, the date the order to buy or sell is executed. Dividend
income is recorded on the ex-dividend date. Interest income is recorded on the
accrual basis.
Deferred Organizational Costs: Costs incurred by the Company in connection with
the organization and initial public offering of the Growth and Income, Capital
Growth and Balanced Portfolios have been deferred and are being amortized over a
five year period using the straight line method from the date the shares were
first offered to the public. In the event that any of the initial shares are
redeemed, by any holder thereof, during the amortization period, the proceeds
will be reduced for any unamortized organizational costs in the same proportion
as the number of initial shares being redeemed bears to the number of initial
shares outstanding at the time of redemption.
Distributions to Shareholders:Distributions to shareholders from ordinary income
and net realized capital gains are declared and distributed at least once
annually. Distributions to shareholders are recorded on the ex-dividend date.
26
<PAGE> 34
NOTES TO FINANCIAL STATEMENTS
CHUBB AMERICA FUND, INC.
JUNE 30, 1995
NOTE B--SIGNIFICANT ACCOUNTING POLICIES--(CONTINUED)
The Company distinguishes between dividends on a tax basis and a financial
reporting basis and only distributions in excess of tax basis earnings and
profits are reported in the financial statements as a return of capital.
Differences in the recognition or classification of income between the financial
statements and tax earnings and profits which result in temporary
over-distributions for financial statement purposes are classified as dividends
in excess of net investment income or accumulated net realized gains.
Foreign Currency Transactions: The World Growth Stock, Gold Stock and Capital
Growth Portfolios engage in portfolio transactions that are denominated in
foreign currency. All related receivables and payables are marked to market
daily based on the most recent exchange rates listed at the close of the New
York Stock Exchange.
The portfolios do not isolate the portion of the operating results due to
changes in foreign exchange rates on investments from the fluctuations arising
from changes in the market value of securities held. Such fluctuations are
included with the net realized and unrealized gain or loss from investments.
Reported net realized foreign currency gains and losses arise from the
fluctuation of exchange rates between trade date and settlement date on security
transactions and from the difference between accrual date and payment date on
accrued investment income. Net unrealized foreign exchange gains and losses are
related to the fluctuation of exchange rates on the payables and receivables of
securities and accrued investment income at June 30, 1995.
Federal Income Taxes: It is the policy of the Company for each Portfolio to
continue to qualify as a regulated investment company by complying with the
requirements of the Internal Revenue Code applicable to regulated investment
companies, and by distributing all of its ordinary income and net realized
capital gains. Therefore, no Federal tax provision is required.
Foreign taxes withheld represents amounts withheld by foreign tax authorities,
net of refunds recoverable.
NOTE C--INVESTMENTS
Net realized gains and losses on investment securities sold are determined by
using the first-in, first-out method. The aggregate cost of investments owned
for Federal income tax purposes is the same as for financial reporting purposes.
As of June 30, 1995, gross unrealized gains and losses were as follows:
<TABLE>
<CAPTION>
GROSS GROSS NET
UNREALIZED UNREALIZED UNREALIZED
GAINS LOSSES GAIN/(LOSS)
----------- ---------- -----------
<S> <C> <C> <C>
World Growth Stock Portfolio .. $12,831,608 $2,793,314 $10,038,294
Gold Stock Portfolio .......... 2,555,239 748,339 1,806,900
Domestic Growth Stock Portfolio 6,568,324 2,354,801 4,213,523
Bond Portfolio ................ 254,432 2,760 251,672
Growth and Income Portfolio ... 1,101,589 80,521 1,021,068
Capital Growth Portfolio ...... 4,686,186 673,270 4,012,916
Balanced Portfolio ............ 727,814 57,130 670,684
Emerging Growth Portfolio ..... 373,719 72,246 301,473
</TABLE>
27
<PAGE> 35
NOTES TO FINANCIAL STATEMENTS
CHUBB AMERICA FUND, INC.
JUNE 30, 1995
NOTE C--INVESTMENTS--(CONTINUED)
As of June 30, 1995, the World Growth Stock Portfolio had an unrealized foreign
currency loss of $7,489, the Gold Stock Portfolio had a foreign currency loss of
$160 and the Capital Growth Portfolio had a foreign currency gain of $502.
At June 30, 1995, realized capital losses, for Federal income tax purposes,
available to be used to offset future realized capital gains are as follows: the
Money Market Portfolio has $699 which expires in 2002; the Gold Stock Portfolio
has $1,461,584, of which $376,773 expires in 1998, $430,365 expires in 1999,
$370,619 expires in 2000, and $283,827 expires in 2001; the Bond Portfolio has
$135,846 which expires in 2002.
In addition, during the period from November 1, 1994 through December 31, 1994,
the World Growth Stock Portfolio incurred foreign currency losses of $265 and
capital losses of $13,017, and the Capital Growth Portfolio incurred capital
losses of $114,172 that are treated for Federal income tax purposes as if they
had occurred on January 1, 1995.
Purchases and sales of investment securities for the period ended June 30, 1995,
other than short-term obligations, were as follows:
<TABLE>
<CAPTION>
Proceeds
Cost of from
Investment Investment
Securities Securities
Purchased Sold
----------- -----------
<S> <C> <C>
World Growth Stock Portfolio ........... $12,135,331 $ 5,543,627
Gold Stock Portfolio ................... 899,591 282,920
Domestic Growth Stock Portfolio ........ 15,578,712 9,882,945
Bond Portfolio ......................... 6,775,838 13,094,834
Growth and Income Portfolio ............ 2,438,941 1,387,514
Capital Growth Portfolio ............... 36,766,023 16,999,255
Balanced Portfolio ..................... 9,829,178 8,361,450
Emerging Growth Portfolio .............. 3,197,077 11,389
</TABLE>
NOTE D--INVESTMENT ADVISORY FEES AND MANAGEMENT AGREEMENT
The Company has entered into an investment management agreement with Chubb
Investment Advisory Corporation, a wholly-owned subsidiary of Chubb Life. Under
the agreement, Chubb Investment Advisory Corporation provides investment
management and certain administrative services for the Company. Chubb Investment
Advisory Corporation has, in turn, retained Templeton, Galbraith & Hansberger,
Ltd. to provide investment advisory services for the World Growth Stock
Portfolio; Chubb Asset Managers, Inc. to provide investment advisory services
for the Money Market, Bond, and Growth and Income Portfolios; Van Eck Associates
Corporation to provide investment advisory services for the Gold Stock
Portfolio; Pioneering Management Corporation to provide investment advisory
services for the Domestic Growth Stock Portfolio; Janus Capital Corporation to
28
<PAGE> 36
NOTES TO FINANCIAL STATEMENTS
CHUBB AMERICA FUND, INC.
JUNE 30, 1995
NOTE D--INVESTMENT ADVISORY FEES AND MANAGEMENT AGREEMENT--(CONTINUED)
provide investment advisory services for the Capital Growth Portfolio; Phoenix
Investment Counsel to provide investment advisory services for the Balanced
Portfolio, and MFS Asset Management Group to provide investment advisory
services for the Emerging Growth Portfolio. For its investment management and
administrative services, Chubb Investment Advisory Corporation is paid an annual
fee through a daily charge based on a percentage of the average daily net asset
value of each Portfolio as shown below:
<TABLE>
<CAPTION>
FIRST NEXT OVER
$200 $1.1 $1.3
MILLION BILLION BILLION
------- ------- -------
<S> <C> <C> <C>
World Growth Stock Portfolio .75% .70% .65%
Money Market Portfolio .50% .45% .40%
Gold Stock Portfolio .75% .70% .65%
Domestic Growth Stock Portfolio .75% .70% .65%
Bond Portfolio .50% .45% .40%
Growth and Income Portfolio .75% .70% .65%
Capital Growth Portfolio 1.00% .95% .90%
Balanced Portfolio .75% .70% .65%
Emerging Growth Portfolio .80% .75% .70%
</TABLE>
NOTE E--SHAREHOLDERS' TRANSACTIONS
Following is a summary of transactions with shareholders for each Portfolio.
<TABLE>
<CAPTION>
WORLD GROWTH STOCK PORTFOLIO
---------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1995 DECEMBER 31, 1994
--------------------------- ----------------------------
SHARES DOLLARS SHARES DOLLARS
-------- ------------ --------- ------------
<S> <C> <C> <C> <C>
Shares issued .................. 784,215 $ 15,161,130 1,035,573 $ 21,466,773
Shares issued as reinvestment of
dividends .................... 149,363 2,838,549 168,068 3,486,913
Shares redeemed ................ (356,034) (7,162,225) (431,951) (8,751,494)
-------- ------------ --------- ------------
Net increase ............... 577,544 $ 10,837,454 771,690 $ 16,202,192
======== ============ ========= ============
</TABLE>
29
<PAGE> 37
NOTES TO FINANCIAL STATEMENTS
CHUBB AMERICA FUND, INC.
JUNE 30, 1995
NOTE E--SHAREHOLDERS' TRANSACTIONS(CONTINUED)
<TABLE>
<CAPTION>
MONEY MARKET PORTFOLIO
--------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1995 DECEMBER 31, 1994
-------------------------- -----------------------------
SHARES DOLLARS SHARES DOLLARS
-------- ----------- ---------- ------------
<S> <C> <C> <C> <C>
Shares issued .................. 642,795 $ 6,678,628 1,254,266 $ 13,015,646
Shares issued as reinvestment of
dividends .................... 25,311 259,435 9,766 100,195
Shares redeemed ................ (829,259) (8,625,902) (1,008,034) (10,495,144)
-------- ----------- ---------- ------------
Net increase (decrease) .... (161,153) $(1,687,839) 255,998 $ 2,620,697
======== =========== ========= ============
</TABLE>
<TABLE>
<CAPTION>
GOLD STOCK PORTFOLIO
-----------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED
JUNE 31, 1995 DECEMBER 31, 1994
-------------------------- --------------------------
SHARES DOLLARS SHARES DOLLARS
-------- ----------- -------- -----------
<S> <C> <C> <C> <C>
Shares issued .................. 144,025 $ 2,215,270 157,979 $ 2,772,324
Shares issued as reinvestment of
dividends .................... 3,131 50,893 881 16,196
Shares redeemed ................ (107,955) (1,828,901) (120,493) (1,978,902)
-------- ----------- -------- -----------
Net increase ............... 39,201 $ 437,262 38,367 $ 809,618
======== =========== ======== ===========
</TABLE>
<TABLE>
<CAPTION>
DOMESTIC GROWTH STOCK PORTFOLIO
----------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1995 DECEMBER 31, 1994
------------------------- --------------------------
SHARES DOLLARS SHARES DOLLARS
------- ----------- -------- -----------
<S> <C> <C> <C> <C>
Shares issued .................. 416,746 $ 6,898,577 504,196 $ 8,172,260
Shares issued as reinvestment of
dividends .................... 119,026 1,896,979 185,687 2,977,104
Shares redeemed ................ (98,281) (1,638,371) (268,980) (4,268,721)
------- ----------- -------- -----------
Net increase ............... 437,491 $ 7,157,185 420,903 $ 6,880,643
======= =========== ======== ===========
</TABLE>
30
<PAGE> 38
NOTES TO FINANCIAL STATEMENTS
CHUBB AMERICA FUND, INC.
JUNE 30, 1995
NOTE E--SHAREHOLDERS' TRANSACTIONS(CONTINUED)
<TABLE>
<CAPTION>
BOND PORTFOLIO
--------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1995 DECEMBER 31, 1994
-------------------------- ----------------------------
SHARES DOLLARS SHARES DOLLARS
-------- ----------- --------- ------------
<S> <C> <C> <C> <C>
Shares issued .................. 297,680 $ 3,029,633 1,223,216 $ 12,359,424
Shares issued as reinvestment of
dividends .................... 48,644 472,011 41,407 426,036
Shares redeemed ................ (914,546) (9,333,953) (449,159) (4,551,541)
-------- ----------- --------- ------------
Net increase (decrease) .... (568,222) $(5,832,309) 815,464 $ 8,233,919
======== =========== ========= ============
</TABLE>
<TABLE>
<CAPTION>
GROWTH AND INCOME PORTFOLIO
----------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1995 DECEMBER 31, 1994
------------------------- -------------------------
SHARES DOLLARS SHARES DOLLARS
------- ----------- ------- -----------
<S> <C> <C> <C> <C>
Shares issued .................. 177,450 $ 2,159,769 293,263 $ 3,529,692
Shares issued as reinvestment of
dividends .................... 17,247 193,563 12,930 156,535
Shares redeemed ................ (99,890) (1,278,077) (35,479) (436,317)
------- ----------- ------- -----------
Net increase ............... 94,807 $ 1,075,255 270,714 $ 3,249,910
======= =========== ======= ===========
</TABLE>
<TABLE>
<CAPTION>
CAPITAL GROWTH PORTFOLIO
--------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1995 DECEMBER 31, 1994
-------------------------- ----------------------------
SHARES DOLLARS SHARES DOLLARS
-------- ----------- --------- ------------
<S> <C> <C> <C> <C>
Shares issued .................. 524,395 $ 7,264,043 1,017,067 $ 13,892,818
Shares issued as reinvestment of
dividends .................... 35,107 469,711 92,665 1,310,134
Shares redeemed ................ (142,272) (1,979,731) (127,748) (1,760,505)
-------- ----------- --------- ------------
Net increase ............... 417,230 $ 5,754,023 981,984 $ 13,442,447
======== =========== ========= ============
</TABLE>
31
<PAGE> 39
NOTES TO FINANCIAL STATEMENTS
CHUBB AMERICA FUND, INC.
JUNE 30, 1995
NOTE E--SHAREHOLDERS' TRANSACTIONS--(CONTINUED)
<TABLE>
<CAPTION>
BALANCED PORTFOLIO
-----------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1995 DECEMBER 31, 1994
-------------------------- --------------------------
SHARES DOLLARS SHARES DOLLARS
-------- ----------- -------- -----------
<S> <C> <C> <C> <C>
Shares issued .................. 230,616 $ 2,541,910 420,855 $ 4,654,199
Shares issued as reinvestment of
dividends .................... 49,731 527,979 41,717 466,037
Shares redeemed ................ (587,557) (6,515,593) (115,035) (1,271,443)
-------- ----------- -------- -----------
Net increase (decrease) .... (307,210) $(3,445,704) 347,537 $ 3,848,793
======== =========== ======== ===========
</TABLE>
<TABLE>
<CAPTION>
EMERGING GROWTH PORTFOLIO*
----------------------------
FOR PERIOD MAY 1, 1995
TO JUNE 30, 1995
----------------------------
SHARES DOLLARS
------- -----------
<S> <C> <C>
Shares issued ........................... 351,928 $ 3,556,850
Shares issued as reinvestment of
dividends..............................
Shares redeemed ......................... (32) (618)
------- -----------
Net increase ........................ 351,896 $ 3,556,232
======= ===========
</TABLE>
*Inception Date -- May 1, 1995
NOTE F--RESTRICTED SECURITIES
The Gold Stock Portfolio invests in securities which are restricted from resale.
The Portfolio does not have the right to demand that such securities be
registered. The Portfolio's policy is to invest no more than 5% of the value of
the Portfolio's assets in equity securities which are not readily marketable.
The securities are valued at fair value in accordance with the procedures
described in Note B.
The following securities are not registered in the U.S. or their country of
origin, and are considered restricted:
<TABLE>
<CAPTION>
RESTRICTED DATE OF MARKET
SECURITY ACQUISITION COST VALUE
- - ---------- -------------- ---- ------
<S> <C> <C> <C>
Bolivar Goldfields Ltd., Warrants April 20, 1994 $0 $0
Dayton Mining Corporation, Warrants May 3, 1994 0 0
Miramar Mining Corp., Warrants April 12, 1994 0 0
</TABLE>
The value of these restricted securities at June 30, 1995 was $0, representing
0.0% of net assets.
In addition, the Portfolio held unrestricted securities of the same issuer as
follows:
<TABLE>
<CAPTION>
UNRESTRICTED DATE OF MARKET DATE OF MARKET
SECURITY OF SAME ISSUER OFFERING VALUE ACQUISITION VALUE
- - ----------------------- -------- ------ ----------- ------
<S> <C> <C> <C> <C>
Dayton Mining Corporation April 13, 1994 $165,390 May 3, 1994 $153,535
Mirimar Mining Corp. February 24, 1994 21,368 April 12, 1994 24,418
</TABLE>
32
<PAGE> 40
CHUBB AMERICA FUND, INC.
FINANCIAL HIGHLIGHTS
For a share outstanding throughout the period:
<TABLE>
<CAPTION>
WORLD GROWTH STOCK PORTFOLIO
--------------------------------------------------------------------------------
(UNAUDITED)
SIX
MONTHS YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
JUNE DECEMBER DECEMBER DECEMBER DECEMBER DECEMBER
30, 1995 31, 1994 31, 1993 31, 1992 31, 1991 31, 1990
--------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period......................... $ 19.00 $ 20.89 $ 16.73 $ 16.45 $ 13.70 $ 16.07
INCOME FROM INVESTMENT
OPERATIONS
Net investment income.......... 0.27 0.25 0.24 0.35 0.34 0.36
Net gains and losses
on securities (both
realized and unrealized)...... 1.56 (0.89) 5.40 0.65 2.75 (2.00)
------- ------- ------- ------- ------- -------
Total from investment
operations.................... 1.83 (0.64) 5.64 1.00 3.09 (1.64)
LESS DISTRIBUTIONS TO
SHAREHOLDERS
Dividends from net
investment income............. (0.25) (0.24) (0.35) (0.34) (0.37)
Dividends in excess of net
investment income.............
Distributions from capital
gains......................... (0.81) (1.24) (0.37) (0.36)
Distributions in excess of
capital gains................. (0.19)
Returns of capital.............
------- ------- ------- ------- ------- -------
Total distributions............ 0.00 (1.25) (1.48) (0.72) (0.34) (0.73)
Net asset value, end of period... $ 20.83 $ 19.00 $ 20.89 $ 16.73 $ 16.45 $ 13.70
======= ======= ======= ======= ======= =======
Total Return(A).................. 9.61% (3.05%) 33.73% 6.10% 22.53% (10.38%)
Ratios to Average Net Assets:
(Annualized)
Expenses....................... 0.96% 1.00% 1.04% 1.17% 1.14% 1.22%
Net investment income.......... 4.12% 1.56% 1.64% 2.19% 2.40% 2.65%
Portfolio Turnover Rate.......... 10.68% 18.74% 34.90% 32.27% 50.06% 25.79%
Net Assets, At End of Period..... $70,016,298 $52,903,768 $42,031,141 $25,416,357 $22,659,930 $16,052,089
</TABLE>
(A) Total return assumes reinvestment of all dividends during the year and
does not reflect deduction of account fees and charges that apply to the
separate account or related insurance policies. Investment returns and principal
values will fluctuate and shares, when redeemed, may be worth more or less than
the original cost.
33
<PAGE> 41
CHUBB AMERICA FUND, INC.
FINANCIAL HIGHLIGHTS--(CONTINUED)
For a Share Outstanding Throughout the Period(A):
<TABLE>
<CAPTION>
MONEY MARKET PORTFOLIO
---------------------------------------------------------------------------
(UNAUDITED)
SIX
MONTHS YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
JUNE DECEMBER DECEMBER DECEMBER DECEMBER DECEMBER
30, 1995 31, 1994 31, 1993 31, 1992 31, 1991 31, 1990
---------- ---------- --------- --------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period........................ $ 10.25 $ 10.26 $ 10.22 $ 10.22 $ 10.21 $ 10.18
INCOME FROM INVESTMENT
OPERATIONS
Net investment income......... 0.26 0.35 0.20 0.29 0.52 0.73
Net gains and losses
on securities (both
realized and unrealized)..... (0.01) 0.04 0.01
---------- ---------- --------- --------- ---------- ----------
Total from investment
operations................... 0.26 0.34 0.24 0.29 0.53 0.73
LESS DISTRIBUTIONS TO
SHAREHOLDERS
Dividends from net
investment income............ (0.35) (0.20) (0.29) (0.52) (0.70)
Dividends in excess of net
investment income............
Distributions from capital
gains........................
Distributions in excess of
capital gains................
Returns of capital............
---------- ---------- --------- --------- ---------- ----------
Total distributions........... 0.00 (0.35) (0.20) (0.29) (0.52) (0.70)
Net asset value, end of period.. $ 10.51 $ 10.25 $ 10.26 $ 10.22 $ 10.22 $ 10.21
========== ========== ========= ========= ========== ==========
Total Return (B)................ 2.52% 3.28% 2.32% 2.83% 5.18% 7.15%
Ratios to Average Net Assets:
(Annualized)..................
Expenses...................... 0.65% 0.65% 0.74% 0.85% 0.85% 1.09%
Net investment income......... 4.98% 3.31% 2.32% 2.81% 4.95% 6.90%
Portfolio Turnover Rate (C)..... N/A N/A N/A N/A N/A N/A
Net Assets, At End of Period.... $6,180,924 $7,680,485 $5,061,181 $3,956,152 $3,672,941 $2,910,677
</TABLE>
(A) The per share amounts which are shown have been computed based on the
average number of shares outstanding during each period.
(B) Total return assumes reinvestment of all dividends during the year and does
not reflect deduction of account fees and charges that apply to the separate
account or related insurance policies. Investment returns and principal
values will fluctuate and shares, when redeemed, may be worth more or less
than the original cost.
(C) There were no purchases and/or sales of securities other than short-term
obligations during the year. Therefore, the portfolio turnover rate has not
been calculated.
34
<PAGE> 42
CHUBB AMERICA FUND, INC.
FINANCIAL HIGHLIGHTS--(Continued)
For a share outstanding throughout the period:
<TABLE>
<CAPTION>
GOLD STOCK PORTFOLIO
------------------------------------------------------------------------------
(UNAUDITED)
SIX
MONTHS YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
JUNE DECEMBER DECEMBER DECEMBER DECEMBER DECEMBER
30, 1995 31, 1994 31, 1993 31, 1992 31, 1991 31, 1990
----------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period........................ $ 16.25 $ 19.00 $ 11.57 $ 11.99 $ 12.76 $ 16.95
INCOME FROM INVESTMENT
OPERATIONS
Net investment income......... 0.02 0.03 0.02 0.03 0.07 0.07
Net gains and losses
on securities (both
realized and unrealized)..... 0.41 (2.65) 7.43 (0.42) (0.77) (4.19)
---------- ---------- ---------- ---------- ---------- ----------
Total from investment
operations................... 0.43 (2.62) 7.45 (0.39) (0.70) (4.12)
LESS DISTRIBUTIONS TO
SHAREHOLDERS
Dividends from net
investment income............ (0.03) (0.02) (0.03) (0.07) (0.07)
Dividends in excess of net
investment income............
Distributions from capital
gains........................
Distributions in excess of
capital gains................ (0.10)
Returns of capital............
---------- ---------- ---------- ---------- ---------- ----------
Total distributions........... (0.13) (0.02) (0.03) (0.07) (0.07)
Net asset value, end of period.. $ 16.68 $ 16.25 $ 19.00 $ 11.57 $ 11.99 $ 12.76
========== ========== ========== ========== ========== ==========
Total Return(A)................. 2.61% (13.77%) 63.90% (3.29%) (5.48%) (24.28%)
Ratios to Average Net Assets:
(Annualized)
Expenses...................... 0.98% 0.99% 1.01% 1.13% 1.16% 1.36%
Net investment income......... 1.34% 0.18% 0.14% 0.24% 0.57% 0.59%
Portfolio Turnover Rate......... 3.82% 17.43% 7.32% 7.78% 14.23% 17.61%
Net Assets, At End of Period.... $8,197,305 $7,351,625 $7,863,581 $4,338,297 $4,646,951 $5,390,279
</TABLE>
(A) Total return assumes reinvestment of all dividends during the year and does
not reflect deduction of account fees and charges that apply to the separate
account or related insurance policies. Investment returns and principal
values will fluctuate and shares, when redeemed, may be worth more or less
than the original cost.
35
<PAGE> 43
CHUBB AMERICA FUND, INC.
FINANCIAL HIGHLIGHTS-(CONTINUED)
For a share outstanding throughout the period:
<TABLE>
<CAPTION>
DOMESTIC GROWTH STOCK PORTFOLIO
-----------------------------------------------------------------------------
(UNAUDITED)
SIX
MONTHS YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
JUNE DECEMBER DECEMBER DECEMBER DECEMBER DECEMBER
30, 1995 31, 1994 31, 1993 31, 1992 31, 1991 31, 1990
----------- ----------- ---------- ---------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period....................... $ 15.94 $ 16.14 $ 15.16 $ 12.96 $ 10.15 $ 13.25
INCOME FROM INVESTMENT
OPERATIONS
Net investment income........ 0.07 0.09 0.12 0.14 0.24 0.26
Net gains and losses
on securities (both
realized and unrealized).... 1.63 1.12 2.29 3.27 3.13 (2.71)
----------- ----------- --------- --------- ----------- ---------
Total from investment
operations................. 1.70 1.21 2.41 3.41 3.37 (2.45)
LESS DISTRIBUTIONS TO
SHAREHOLDERS
Dividends from net
investment income........... (0.09) (0.12) (0.14) (0.24) (0.26)
Dividends in excess of net
investment income...........
Distributions from capital
gains....................... (0.47) (1.32) (1.31) (1.07) (0.32) (0.39)
Distributions in excess of
capital gains...............
Returns of capital...........
----------- ----------- ---------- ---------- ----------- ----------
Total distributions.......... (0.47) (1.41) (1.43) (1.21) (0.56) (0.65)
Net asset value, end of
period....................... $ 17.17 $ 15.94 $ 16.14 $ 15.16 $ 12.96 $ 10.15
=========== =========== ========== ========== =========== ==========
Total Return (A)............... 10.73% 7.66% 15.89% 26.50% 33.18% (18.55%)
Ratios to Average Net Assets:
(Annualized).................
Expenses..................... 0.88% 0.89% 0.97% 1.07% 1.13% 1.25%
Net investment income........ 0.89% 0.63% 0.76% 1.07% 2.02% 2.38%
Portfolio Turnover Rate........ 27.96% 46.65% 49.47% 41.36% 40.93% 15.17%
Net Assets, At End of Period... $41,398,584 $31,458,666 $25,072,289 $19,985,838 $15,583,806 $10,517,783
</TABLE>
(A) Total return assumes reinvestment of all dividends during the year and does
not reflect deduction of account fees and charges that apply to the separate
account or related insurance policies. Investment returns and principal
values will fluctuate and shares, when redeemed, may be worth more or less
than the original cost.
36
<PAGE> 44
CHUBB AMERICA FUND, INC.
FINANCIAL HIGHLIGHTS-(CONTINUED)
For a share outstanding throughout the period:
<TABLE>
<CAPTION>
BOND PORTFOLIO
-------------------------------------------------------------------------------
(UNAUDITED)
SIX
MONTHS YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
JUNE DECEMBER DECEMBER DECEMBER DECEMBER DECEMBER
30, 1995 31, 1994 31, 1993 31, 1992 31, 1991 31, 1990
----------- ----------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period........................ $ 9.70 $ 10.28 $ 10.21 $ 10.61 $ 9.83 $ 9.76
INCOME FROM INVESTMENT
OPERATIONS
Net investment income......... 0.49 0.35 0.74 0.66 0.72 0.75
Net gains and losses
on securities (both
realized and unrealized)..... 0.51 (0.58) 0.13 0.13 0.79 0.06
----------- ----------- ---------- ---------- ---------- ----------
Total from investment
operations................... 1.00 (0.23) 0.87 0.79 1.51 0.81
LESS DISTRIBUTIONS TO
SHAREHOLDERS
Dividends from net
investment income............ (0.35) (0.74) (0.66) (0.73) (0.74)
Dividends in excess of net
investment income............
Distributions from capital
gains........................ (0.06) (0.53)
Distributions in excess of
capital gains................
Returns of capital............
----------- ----------- ---------- ---------- ---------- ----------
Total distributions........... 0.00 (0.35) (0.80) (1.19) (0.73) (0.74)
Net asset value, end of period.. $ 10.70 $ 9.70 $ 10.28 $ 10.21 $ 10.61 $ 9.83
=========== =========== ========== ========== ========== ==========
Total Return (A)................ 10.28% (2.28%) 8.68% 7.46% 15.34% 8.44%
Ratios to Average Net Assets:
(Annualized)..................
Expenses...................... 0.63% 0.68% 0.74% 0.88% 1.03% 1.21%
Net investment income......... 6.82% 6.07% 7.59% 6.83% 7.12% 7.97%
Portfolio Turnover Rate......... 64.54% 140.30% 112.66% 81.23% 23.73% 29.25%
Net Assets, At End of Period.... $ 8,329,127 $13,066,445 $5,461,879 $4,042,506 $3,516,314 $2,905,564
</TABLE>
(A) Total return assumes reinvestment of all dividends during the year and does
not reflect deduction of account fees and charges that apply to the separate
account or related insurance policies. Investment returns and principal
values will fluctuate and shares, when redeemed, may be worth more or less
than the original cost.
37
<PAGE> 45
CHUBB AMERICA FUND, INC.
FINANCIAL HIGHLIGHTS--(CONTINUED)
For a share outstanding throughout the period:
<TABLE>
<CAPTION>
GROWTH AND INCOME PORTFOLIO
-------------------------------------------------------------------------
(UNAUDITED)
SIX PERIOD FROM
MONTHS YEAR YEAR MAY 1,
ENDED ENDED ENDED 1992 TO
JUNE DECEMBER DECEMBER DECEMBER
30, 1995 31,1994 31, 1993 31, 1992 (A)
----------- ---------- ---------- ------------
<S> <C> <C> <C> <C>
Net asset value, beginning of
period......................... $ 11.22 $ 12.35 $ 11.10 $ 10.27
INCOME FROM INVESTMENT
OPERATIONS
Net investment income.......... 0.09 0.13 0.12 0.02
Net gains and losses
on securities (both
realized and unrealized)...... 2.21 (0.65) 1.53 0.83
---------- ---------- ---------- ----------
Total from investment
operations.................... 2.30 (0.52) 1.65 0.85
LESS DISTRIBUTIONS TO
SHAREHOLDERS
Dividends from net
investment income............. (0.13) (0.12) (0.02)
Dividends in excess of net
investment income.............
Distributions from capital
gains......................... (0.48) (0.28)
Distributions in excess of
capital gains.................
Returns of capital.............
---------- ---------- ---------- ----------
Total distributions............ 0.00 (0.61) (0.40) (0.02)
Net asset value, end of period... $ 13.52 $ 11.22 $ 12.35 $ 11.10
========== ========== ========== ==========
Total Return(B).................. 20.51% (4.24%) 14.94% 12.48% (C)
Ratios to Average Net Assets:
(Annualized)
Expenses....................... 0.97% 1.10% 1.35% 2.09%(C)
Net investment income.......... 2.47% 1.52% 1.38% 0.36%(C)
Portfolio Turnover Rate.......... 16.39% 38.17% 77.68% 54.11%
Net Assets, At End of Period..... $8,043,126 $5,610,472 $2,831,442 $1,489,179
</TABLE>
(A) Per share data calculated from the initial offering date, May 1, 1992, for
sale to Chubb Separate Account A. For the period from the start of business
April 1, 1992 to April 30, 1992, net investment income per share aggregated
$0 for the Growth and Income portfolio.
(B) Total return assumes reinvestment of all dividends during the year and does
not reflect deduction of account fees and charges that apply to the separate
account or related insurance policies. Investment returns and principal
values will fluctuate and shares, when redeemed, may be worth more or less
than the original cost.
(C) Per share data and ratios calculated on an annualized basis.
38
<PAGE> 46
CHUBB AMERICA FUND, INC.
FINANCIAL HIGHLIGHTS--(CONTINUED)
For a share outstanding throughout the period:
<TABLE>
<CAPTION>
CAPITAL GROWTH PORTFOLIO
-----------------------------------------------------------
(UNAUDITED)
SIX PERIOD FROM
MONTHS YEAR YEAR MAY 1,
ENDED ENDED ENDED 1992 TO
JUNE DECEMBER DECEMBER DECEMBER
30, 1995 31,1994 31, 1993 31, 1992 (A)
----------- ----------- ----------- ------------
<S> <C> <C> <C> <C>
Net asset value, beginning of
period.......................... $ 13.38 $ 14.26 $ 12.42 $ 9.95
INCOME FROM INVESTMENT
OPERATIONS
Net investment income........... 0.05 0.03 (0.01)
Net gains and losses
on securities (both
realized and unrealized)....... 1.80 (0.49) 3.03 2.69
----------- ----------- ----------- ----------
Total from investment
operations..................... 1.85 (0.46) 3.03 2.68
LESS DISTRIBUTIONS TO
SHAREHOLDERS
Dividends from net
investment income.............. (0.03)
Dividends in excess of net
investment income..............
Distributions from capital
gains.......................... (0.33) (1.19) (0.21)
Distributions in excess of
capital gains.................. (0.06)
Returns of capital.............. ----------- ----------- ----------- ----------
Total distributions............. 0.00 (0.42) (1.19) (0.21)
Net asset value, end of period.... $ 15.23 $ 13.38 $ 14.26 $ 12.42
=========== =========== =========== ==========
Total Return (B).................. 13.85% (3.26%) 24.73% 40.40% (C)
Ratios to Average Net Assets:
(Annualized)
Expenses........................ 1.19% 1.22% 1.33% 1.96%(C)
Net investment income........... 0.76% 0.25% (0.11%) (0.37%)(C)
Portfolio Turnover Rate........... 76.40% 202.04% 162.79% 104.76%
Net Assets, At End of Period...... $37,736,254 $27,564,086 $15,373,489 $5,343,734
</TABLE>
(A) Per share data calculated from the initial offering date, May 1, 1992, for
sale to Chubb Separate Account A. For the period from the start of business
April 1, 1992 to April 30, 1992, net investment income per share aggregated
$0 for the Capital Growth Portfolio.
(B) Total return assumes reinvestment of all dividends during the year and does
not reflect deduction of account fees and charges that apply to the separate
account or related insurance policies. Investment returns and principal
values will fluctuate and shares, when redeemed, may be worth more or less
than the original cost.
(C) Per share data and ratios calculated on an annualized basis.
39
<PAGE> 47
CHUBB AMERICA FUND, INC.
FINANCIAL HIGHLIGHTS--(CONTINUED)
For a share outstanding throughout the period:
<TABLE>
<CAPTION>
BALANCED PORTFOLIO
----------------------------------------------------------------
(UNAUDITED)
SIX PERIOD FROM
MONTHS YEAR YEAR MAY 1,
ENDED ENDED ENDED 1992 TO
JUNE DECEMBER DECEMBER DECEMBER
30, 1995 31, 1994 31, 1993 31,1992 (A)
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Net asset value, beginning of
period........................... $ 10.62 $ 11.22 $ 10.77 $ 10.10
INCOME FROM INVESTMENT
OPERATIONS
Net investment income............ 0.26 0.32 0.25 0.16
Net gains and losses
on securities (both
realized and unrealized)........ 0.78 (0.47) 0.74 0.67
----------- ----------- ----------- ----------
Total from investment
operations...................... 1.04 (0.15) 0.99 0.83
LESS DISTRIBUTIONS TO
SHAREHOLDERS
Dividends from net
investment income............... (0.32) (0.25) (0.16)
Dividends in excess of net
investment income...............
Distributions from capital
gains........................... (0.05) (0.13) (0.25)
Distributions in excess of
capital gains................... (0.04)
Returns of capital...............
----------- ----------- ----------- ----------
Total distributions.............. (0.05) (0.45) (0.54) (0.16)
Net asset value, end of period..... $ 11.61 $ 10.62 $ 11.22 $ 10.77
=========== =========== =========== ==========
Total Return (B)................... 9.87% (1.33%) 9.27% 12.33% (C)
Ratios to Average Net Assets:
(Annualized)
Expenses......................... 0.97% 1.01% 1.07% 1.43%(C)
Net investment income............ 3.82% 3.34% 2.79% 2.80%(C)
Portfolio Turnover Rate............ 80.37% 103.68% 65.49% 77.33%
Net Assets, At End of Period....... $12,576,308 $14,764,853 $11,703,898 $6,944,437
</TABLE>
(A) Per share data calculated from the initial offering date, May 1, 1992, for
sale to Chubb Separate Account A. For the period from the start of business
April 1, 1992 to April 30, 1992, net investment income per share aggregated
$.03 for the Balanced portfolio.
(B) Total return assumes reinvestment of all dividends during the year and does
not reflect deduction of account fees and charges that apply to the separate
account or related insurance policies. Investment returns and principal
values will fluctuate and shares, when redeemed, may be worth more or less
than the original cost.
(C) Per share data and ratios calculated on an annualized basis.
40
<PAGE> 48
CHUBB AMERICA FUND, INC.
FINANCIAL HIGHLIGHTS-(CONTINUED)
For a share outstanding throughout the period:
<TABLE>
<CAPTION>
EMERGING GROWTH PORTFOLIO
-------------------------
(UNAUDITED)
PERIOD FROM
MAY 1,
1995 TO
JUNE
30, 1995 (A)
------------
<S> <C>
Net asset value, beginning of
period............................................ $ 10.00
INCOME FROM INVESTMENT
OPERATIONS
Net investment income.............................
Net gain on securities
(both realized
and unrealized).................................. 0.96
----------
Total from investment
operations....................................... 0.96
----------
LESS DISTRIBUTIONS TO
SHAREHOLDERS
Dividends from net
investment income................................
Dividends in excess of net
investment income................................
Distributions from capital
gains............................................
Distributions in excess of
capital gains....................................
Returns of capital................................
----------
Total distributions............................... 0.00
Net asset value, end of period...................... $ 10.96
==========
Total Return (B).................................... 9.62%
Ratios to Average Net Assets:
(Annualized)
Expenses.......................................... 1.00% (C)
Net investment income............................. 0.86% (C)
Portfolio Turnover Rate............................. 0.36%
Net Assets, At End of Period........................ $3,857,559
</TABLE>
(A) Per share data calculated from the initial offering date, May 1, 1992, for
sale to Chubb Separate Account A.
(B) Total return assumes reinvestment of all dividends during the year and does
not reflect deduction of account fees and charges that apply to the separate
account or related insurance policies. Investment returns and principal
values will fluctuate and shares, when redeemed, may be worth more or less
than the original cost.
(C) Per share data and ratios calculated on an annualized basis.
41
<PAGE> 49
DISTRIBUTOR
Chubb Securities Corporation
One Granite Place
Concord, New Hampshire 03301
This material has been prepared for policyowners of Ensemble II variable
universal life insurance. If used for prospecting purposes, it must be preceded
or accompanied by a current prospectus and personalized illustrations. Always
read these materials carefully before investing or sending money.
Chubb Life Insurance Company of America
Corporate Offices, One Granite Place, Concord, NH 03301
Chubb Group of Insurance Companies
Form 3-5653 Ed. 8/95
