<PAGE> 1
CHUBB LOGO
ENSEMBLE II
Variable Universal Life Insurance
Issued by Chubb Life Insurance Company of America
Distributed by Chubb Securities Corporation
CHUBB AMERICA FUND, INC.
SEMI-ANNUAL REPORT 1996
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:
The continued advances by many financial markets and the introduction of three
new Fidelity-managed portfolios to Ensemble II made for an exciting first half
of 1996.
Investors' growing appetite for equity investments brought a huge inflow of
capital into mutual funds during the first half of the year. This inflow
supported the positive results attained by many investors during the first half
of 1996, as it essentially outweighed any developments that might have
restrained market advances under conditions of less cash flow. Nearly all
investment options of Chubb America Fund shared in these positive results, with
the Capital Growth and Emerging Growth Portfolios returning 18.4% and 15.5%
respectively over the first six months of the year. The "Financial Highlights"
section of this semi-annual report includes the returns of all investment
options.
During the second quarter however, interest rate fears and signs of slowing
earnings momentum created increased volatility in financial markets. We believe
that diversification is an investor's best protection against short term market
volatility, and especially important when entering a period of potential market
uncertainty.
Ensemble II has always provided the capability to adequately diversify your
assets....and starting this year, three new portfolios managed by Fidelity
Management and Research provide more opportunities to allocate your investments
across a broad range asset classes. The Fidelity Contrafund and Index 500
Portfolio offer two new equity investment options, while the High Income
Portfolio creates access to the high-income bond market for Ensemble II
policyholders. The Ensemble II prospectus provides complete details on these
three Fidelity investment options as well as the additional ten investment
options offered by Chubb America Fund and the Templeton International Fund. If
you have any questions about your Ensemble II investment allocation, we
encourage you to contact your investment professional.
An expanded selection of investment options, the death benefit protection and
favorable tax treatment of variable universal life and the financial strength of
Chubb Life as a Standard & Poor's AAA rated company (for claims paying ability),
continue to make Ensemble II an innovative and powerful tool in helping you meet
your personal and business financial needs.
As always, we appreciate the opportunity to work with you toward your financial
goals, and look forward to a prosperous long-term relationship.
Sincerely,
/s/ Ronald R. Angarella
- ------------------------------------
Ronald R. Angarella
President
Chubb America Fund, Inc.
August 7, 1996
<PAGE> 3
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<PAGE> 4
CHUBB AMERICA FUND, INC.
PORTFOLIO COMPOSITION
<TABLE>
WORLD GROWTH STOCK PORTFOLIO
- -------------------------------------------------------------------------------
<CAPTION>
% OF PORTFOLIO++
[PIE CHART]
<S> <C> <C>
Common Stock 84.07%
Cash 2.99%
Preferred Stock 2.98%
Short-Term Obligations 7.27%
Corporate Bonds 2.69%
<CAPTION>
% OF
TOP TEN EQUITIES PORTFOLIO
<S> <C>
Banco Popular Espanol 2.01%
Bank of Ireland 1.82%
Astra AB, Class B 1.70%
Banco Portuguese de Investimento 1.38%
IHC Caland 1.33%
Cibi-Geigy, AG 1.31%
S.K.F. 1.29%
Citicorp 1.26%
Telefonica de Espana, ADR 1.25%
Alcatel Alsthom, CG 1.23%
<CAPTION>
% OF
TOP TEN COUNTRIES PORTFOLIO
<S> <C>
United States 36.55%
Spain 5.93%
United Kingdom 5.84%
France 4.97%
Netherlands 4.65%
Australia 4.49%
Sweden 4.40%
Hong Kong 3.95%
New Zealand 3.17%
Germany 3.16%
- -------------------------------------------------------------------------------
</TABLE>
<TABLE>
MONEY MARKET PORTFOLIO
- -------------------------------------------------------------------------------
<CAPTION>
% OF PORTFOLIO++
[PIE CHART]
<S> <C> <C>
Short-Term Obligations 98.80%
Cash 1.20%
PORTFOLIO QUALITY DOLLAR WEIGHTED AVERAGE MATURITY
% OF
RATING PORTFOLIO 27 DAYS
AAA 100.00%
- -------------------------------------------------------------------------------
</TABLE>
i
<PAGE> 5
CHUBB AMERICA FUND, INC.
PORTFOLIO COMPOSITION-(CONTINUED)
<TABLE>
GOLD STOCK PORTFOLIO
- -------------------------------------------------------------------------------
<CAPTION>
% OF PORTFOLIO++
[PIE CHART]
<S> <C>
Common Stock 97.50%
Cash 2.50%
<CAPTION>
% OF
TOP TEN EQUITIES PORTFOLIO
<S> <C>
Barrick Gold Corp. 4.88%
Homestake Mining Company 4.64%
GoldCorp., Inc., Class A 3.92%
Dayton Mining Corporation 3.57%
Freeport McMoRan Copper & Gold, Inc. 3.55%
Arizona Star Resources Corp. 3.47%
Resolute Samantha, Limited 3.02%
Hemlo Gold Mines, Inc. 2.95%
Newmont Mining Corporation 2.93%
Posgold, Limited 2.93%
<CAPTION>
% OF
TOP COUNTRIES PORTFOLIO
<S> <C>
Canada 47.92%
United States 42.87%
Australia 3.62%
Ghana 3.20%
South Africa 1.57%
Peru 0.82%
- -------------------------------------------------------------------------------
</TABLE>
<TABLE>
DOMESTIC GROWTH STOCK PORTFOLIO
- -------------------------------------------------------------------------------
<CAPTION>
% OF PORTFOLIO++
[PIE CHART]
<S> <C>
Common Stock 98.27%
Cash 1.73%
<CAPTION>
% OF
TOP TEN EQUITIES PORTFOLIO
<S> <C>
Lincare Holdings, Inc. 2.61%
Southern Energy Homes, Inc. 2.37%
Apria Healthcare Group, Inc. 2.32%
Ensco International, Inc. 2.16%
Host Marriott Corporation 2.13%
Integrated Health Services, Inc. 2.11%
Heartstream, Inc. 2.03%
Microage, Inc. 2.01%
Aames Financial Corp. 1.99%
EMC Corporation/Mass. 1.93%
<CAPTION>
% OF
TOP TEN INDUSTRIES PORTFOLIO
<S> <C>
Health Care 9.22%
Electronics 7.60%
Insurance 7.58%
Computer Software & Services 7.50%
Real Estate 5.15%
Commercial Services 4.76%
Financial Services 4.46%
Medical Supplies 4.37%
Machinery 4.32%
Computer & Office Equipment 4.12%
- -------------------------------------------------------------------------------
</TABLE>
ii
<PAGE> 6
CHUBB AMERICA FUND, INC.
PORTFOLIO COMPOSITION-(CONTINUED)
<TABLE>
Bond Portfolio
- -------------------------------------------------------------------------------
<CAPTION>
% OF PORTFOLIO++
[PIE CHART]
<S> <C> <C> <C>
U.S. Government and
Agency Obligations 90.25%
Cash 9.22%
Corporate Bonds 0.53%
PORTFOLIO QUALITY DOLLAR WEIGHTED AVERAGE MATURITY
% OF
RATING PORTFOLIO 14.78 YEARS
AAA 99.47%
A 0.53%
- -------------------------------------------------------------------------------
</TABLE>
<TABLE>
GROWTH AND INCOME PORTFOLIO
- -------------------------------------------------------------------------------
<CAPTION>
% OF PORTFOLIO++
[PIE CHART]
<S> <C>
Common Stock 96.27%
Cash 3.73%
<CAPTION>
% OF
TOP TEN EQUITIES PORTFOLIO
<S> <C>
Circuit City Stores, Inc. 3.47%
Asia Pulp & Paper Co., Ltd., ADR 3.35%
Borg Warner Automotive 3.34%
Reebok International, Ltd. 3.13%
Merrill Lynch & Company 2.96%
PaineWebber Group, Inc. 2.94%
Tektronix, Inc. 2.90%
Federal Express Corporation 2.89%
Burlington Industries, Inc. 2.76%
Mellon Bank Corp. 2.70%
<CAPTION>
% OF
TOP TEN INDUSTRIES PORTFOLIO
<S> <C>
Financial Services 8.45%
Insurance 7.86%
Banking 7.80%
Food Processing 7.45%
Automotive Parts & Accessories 5.96%
Textiles 5.89%
Transportation 5.44%
Oil - Domestic 5.04%
Automobiles 4.86%
Building Materials 4.48%
- -------------------------------------------------------------------------------
</TABLE>
iii
<PAGE> 7
CHUBB AMERICA FUND, INC.
PORTFOLIO COMPOSITION-(CONTINUED)
<TABLE>
CAPITAL GROWTH PORTFOLIO
- -------------------------------------------------------------------------------
<CAPTION>
% OF PORTFOLIO++
[PIE CHART]
<S> <C>
Common Stock 71.69%
Preferred Stock 0.54%
Cash 27.77%
<CAPTION>
% OF
TOP TEN EQUITIES PORTFOLIO
<S> <C>
Pittway Corporation 4.76%
AMRE, Inc. 3.32%
Sungard Data Systems, Inc. 3.28%
Nabisco Holdings Corp. 2.45%
Electronic Data Systems Corp. 2.38%
MDL Information Systems, Inc. 2.34%
Getronics, NV 2.34%
HFS, Inc. 2.12%
Waters Corporation 2.00%
Assa Abloy AB-B 1.82%
<CAPTION>
% OF
TOP TEN INDUSTRIES PORTFOLIO
<S> <C>
Software Products & Services 14.64%
Pharmaceuticals 6.80%
Commercial Services 6.15%
Electronics 5.84%
Manufacturing 5.38%
Financial Services 3.67%
Food Processing 3.22%
Communication Systems 2.67%
Lodging & Restaurant 2.34%
Consumer Products 2.25%
- -------------------------------------------------------------------------------
</TABLE>
<TABLE>
BALANCED PORTFOLIO
- -------------------------------------------------------------------------------
<CAPTION>
% OF PORTFOLIO
[PIE CHART]
<S> <C>
Common Stock 56.48%
Cash 0.03%
Municipal Bonds 1.96%
Short-Term Obligations 13.08%
U.S. Government and
Agency Obligations 28.43%
<CAPTION>
% OF
TOP TEN HOLDINGS PORTFOLIO
<S> <C>
U.S. Treasury Notes & Bonds 25.58%
Government National Mortgage Association 2.85%
PepsiCo, Inc. 1.60%
HBO & Co. 1.36%
Hewlett Packard Co. 1.35%
Tidewater, Inc. 1.29%
General Electric Company 1.27%
Medtronic, Inc. 1.25%
Nike, Inc. 1.21%
AT&T Corporation 1.21%
<CAPTION>
% OF
TOP TEN INDUSTRIES PORTFOLIO
<S> <C>
Software Products & Services 4.89%
Pharmaceuticals 4.70%
Oil Service Equipment 4.00%
Retail - Special Line 2.94%
Commercial Services 2.67%
Computers 2.50%
Medical - Biotechnology 2.30%
Communication Systems 2.22%
Insurance 2.11%
Lodging & Restaurant 2.02%
- -------------------------------------------------------------------------------
</TABLE>
iv
<PAGE> 8
CHUBB AMERICA FUND, INC.
PORTFOLIO COMPOSITION-(CONTINUED)
<TABLE>
EMERGING GROWTH PORTFOLIO
- -------------------------------------------------------------------------------
<CAPTION>
% OF PORTFOLIO++
[PIE CHART]
<S> <C>
Common Stock 87.97%
Cash 1.17%
Short-Term Obligations 10.86%
<CAPTION>
% OF
TOP TEN EQUITIES PORTFOLIO
<S> <C>
HFS, Inc. 5.87%
Oracle Systems Corp. 5.74%
Cadence Design Systems, Inc. 4.16%
BMC Software, Inc. 3.13%
Cabletron Systems, Inc. 3.13%
United Healthcare Corp. 2.54%
Computer Associates Int'l, Inc. 2.29%
Technology Solutions 2.08%
Applebee's International, Inc. 2.07%
Cisco Systems, Inc. 2.02%
<CAPTION>
% OF
TOP TEN INDUSTRIES PORTFOLIO
<S> <C>
Computer Software - Mainframe 24.19%
Commercial Services 8.27%
Computer Software - P.C. 7.36%
Lodging 7.27%
Telecommunications 4.08%
Medical - Hospitals 3.89%
Retail 3.46%
Computer & Office Equipment 3.45%
Electronics 3.39%
Insurance 3.39%
- -------------------------------------------------------------------------------
</TABLE>
++ Represents market value of investments plus cash.
V
<PAGE> 9
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<PAGE> 10
CHUBB AMERICA FUND, INC.
<TABLE>
SCHEDULE OF PORTFOLIO INVESTMENTS-(UNAUDITED)
WORLD GROWTH STOCK PORTFOLIO
JUNE 30, 1996
<CAPTION>
NUMBER MARKET
OF VALUE
COMPANY SHARES (NOTE B)
- ------- ------ --------
<S> <C> <C>
COMMON STOCK-84.11%
AEROSPACE EQUIPMENT-1.06%
Textron, Inc ................................... 11,700 $ 934,537
----------
AUTOMOTIVE MANUFACTURING-1.98%
Fiat, SPA ...................................... 255,300 855,178
Volkswagen, AG ................................. 2,400 893,216
----------
1,748,394
----------
BANKING-8.68%
Banco Popular Espanol .......................... 10,000 1,781,439
Banco Portugues de
Investimento+ ................................ 96,200 1,218,652
Bank of Ireland ................................ 236,000 1,613,461
BankAmerica Corp ............................... 12,000 909,000
Barclays, PLC, ADR ............................. 7,000 332,500
Kredietbank, NV ................................ 2,550 762,664
National Australia Bank, Ltd., ADR ............. 11,306 524,316
National Bank of Canada ........................ 65,000 542,607
----------
7,684,639
----------
BEVERAGES-0.69%
Embotelladora Andina, S.A., ADR ................ 16,500 606,375
----------
BUILDING & CONSTRUCTION-0.80%
Corcemar Corp., Class B+ ..... ................. 65,000 299,423
Sociedade Construcoes Soares
de Costa ..................................... 48,100 408,263
----------
707,686
----------
BUILDING MATERIALS-3.41%
Kaufman & Broad Home
Corporation .................................. 26,000 377,000
Masco Corporation .............................. 16,400 496,100
Owens Corning Glass
Corporation .................................. 10,000 430,000
Pioneer International, Ltd. .................... 195,000 567,840
Pioneer International, Ltd., ADR ............... 200,000 582,380
Skane-Gripen, AB ............................... 33,000 566,950
----------
3,020,270
----------
CHEMICALS-2.33%
BASF, AG ....................................... 2,400 683,512
Bayer, ADR ..................................... 20,000 706,242
Solvay, S.A .................................... 1,100 675,013
----------
2,064,767
----------
COMMERCIAL SERVICES-0.93%
Jardine Matheson Holdings,Ltd., ADR ............. 111,600 820,260
----------
COMPUTER SOFTWARE & SERVICES-0.49%
Enator, AB+...................................... 19,000 436,668
----------
CONSUMER PRODUCTS-0.90%
Ceramco Corp., Ltd. ............................. 620,100 781,636
Mcbride, PLC .................................... 7,400 14,833
----------
796,469
----------
ELECTRONICS-1.85%
Great Wall Electronics, Ltd+ .................... 714,000 51,622
Hitachi, Ltd. ................................... 100,000 929,960
Sony Corporation ................................ 10,000 657,357
----------
1,638,939
----------
ENERGY SOURCES-1.01%
Total Petroles .................................. 12,000 889,961
----------
ENGINEERING & CONSTRUCTION-1.28%
Celsius Industrier, AB .......................... 19,000 249,115
International-Mueller, NV ....................... 40,000 881,088
----------
1,130,203
----------
ENTERTAINMENT & LEISURE-0.88%
Kuoni ........................................... 340 779,616
----------
ENVIRONMENTAL CONTROL-1.91%
Wheelabrator Technologies, Inc .................. 45,000 686,250
WMX Technologies, Inc. .......................... 30,600 1,002,150
----------
1,688,400
----------
- ----------
<FN>
+ Non-income producing security.
</TABLE>
See notes to financial statements.
1
<PAGE> 11
CHUBB AMERICA FUND, INC.
<TABLE>
SCHEDULE OF PORTFOLIO INVESTMENTS-(UNAUDITED)
WORLD GROWTH STOCK PORTFOLIO
JUNE 30, 1996
<CAPTION>
NUMBER MARKET
OF VALUE
COMPANY SHARES (NOTE B)
- ------- ------ --------
<S> <C> <C>
COMMON STOCK-CONTINUED
FINANCIAL SERVICES-5.82%
American Express Company ........................ 8,700 $ 388,238
Brierley Investments, Ltd. ...................... 525,000 496,283
Chile Fund, Inc+. ............................... 23,140 566,930
Citicorp ........................................ 13,500 1,115,438
Hutchison Whampoa, Ltd. ......................... 132,000 830,478
Invesco Mim ..................................... 200,000 717,840
Rhone-Poulenc ................................... 7,800 204,996
Thailand International Fund+ .................... 12 387,000
The Turkey Trust, PLC ........................... 145,000 446,093
----------
5,153,296
----------
FOREST PRODUCTS & PAPER-7.41%
Boise Cascade Corp. ............................. 19,000 695,875
Bowater, Inc. ................................... 21,000 790,125
Carter Holt Harvey, Ltd. ........................ 279,251 637,027
Enso OY+ ........................................ 111,300 862,430
Fletcher Challenge, Ltd., Forestry
Division+ ..................................... 720,000 892,728
International Paper Company ..................... 25,000 921,875
James River Corp. of Virginia ................... 22,000 580,250
Tampella, AB .................................... 120,000 228,588
Valmet OY ....................................... 56,400 952,968
----------
6,561,866
----------
HEALTH & PERSONAL CARE-1.02%
Nationwide Health Properties .................... 42,600 899,925
----------
INSURANCE-1.73%
National Mutual Asia, Ltd. ...................... 750,000 658,800
UNUM Corporation ................................ 14,000 871,500
----------
1,530,300
----------
MACHINES-DIVERSIFIED-0.96%
Asea,AB ......................................... 8,000 847,566
----------
MANUFACTURING-3.26%
Draka Holding, NV ............................... 24,000 742,363
Pechiney S.A., Class A .......................... 9,440 381,224
Portucel Industrial Empressa, S.A., ADR ......... 97,000 620,878
S.K.F ........................................... 48,000 1,139,328
----------
2,883,793
----------
MINING & METALS-2.60%
Oregon Steel Mills, Inc. ........................ 67,800 932,250
Potash Corp. of Saskatchewan, Inc. .............. 13,600 906,255
Union Miniere, NPV .............................. 6,000 459,638
----------
2,298,143
----------
OIL - INTERNATIONAL-2.70%
Royal Dutch Petroleum Co., Ltd., ADR ............ 5,000 768,750
Societe Elf Aquitaine, S.A ...................... 10,500 772,189
YPF Sociedad Anonima, S.A., ADR ................. 37,600 846,000
----------
2,386,939
----------
OIL DRILLING-0.32%
Parker Drilling Company+ ........................ 50,000 287,500
----------
OIL/GAS EXPLORATION-0.93%
Repsol, S.A ..................................... 23,600 820,039
----------
PHARMACEUTICALS-3.01%
Astra, AB, Class B .............................. 34,500 1,502,603
Ciba-Geigy, AG+ ................................. 950 1,157,480
----------
2,660,083
----------
REAL ESTATE-2.42%
Meditrust Corporation ........................... 23,90 797,662
Union Du Credit Bail Immobilier Unibail ......... 10,700 1,068,318
Wereldhave, NV .................................. 5,200 280,261
----------
2,146,241
----------
RETAIL-5.17%
Coles Myer, Ltd. ................................ 282,700 1,027,925
Federated Department Stores, Inc+. .............. 13,600 464,100
Hudsons Bay Company ............................. 46,700 707,874
Karstadt, AG .................................... 1,300 517,561
Tesco, PLC ...................................... 198,800 908,138
The Limited, Inc. ............................... 44,600 958,900
----------
4,584,498
----------
- ----------
<FN>
+ Non-income producing security.
</TABLE>
See notes to financial statements.
2
<PAGE> 12
CHUBB AMERICA FUND, INC.
<TABLE>
SCHEDULE OF PORTFOLIO INVESTMENTS-(UNAUDITED)
WORLD GROWTH STOCK PORTFOLIO-(CONTINUED)
JUNE 30, 1996
<CAPTION>
NUMBER MARKET
OF VALUE
COMPANY SHARES (NOTE B)
- ------- ------ --------
<S> <C> <C>
COMMON STOCK-CONTINUED
SHIPPING-2.58%
IHC Caland ..................................... 24,000 $1,181,035
Transportation Maritima, S.A+ .................. 45,000 283,185
Unitor Ships Service ........................... 50,700 819,459
----------
2,283,679
----------
TELECOMMUNICATION EQUIPMENT-2.20%
Alcatel Alsthom, CG+ ........................... 12,479 1,088,378
DSC Communications Corporation+ ................ 28,500 858,562
----------
1,946,940
----------
TELECOMMUNICATIONS-3.84%
Cable & Wireless, PLC, ADR ..................... 22,000 434,500
MCI Communications Corp. ....................... 36,000 922,500
Stet Societa Finanziaria Telefonica, S.P.A ..... 277,700 938,376
Telefonica de Espana, ADR ...................... 20,000 1,102,500
----------
3,397,876
----------
TEXTILES & APPAREL-1.79%
Dawson International, PLC ...................... 366,000 466,321
Liz Claiborne, Inc. ............................ 24,500 848,312
Yue Yuen IndustrialHoldings, Ltd. .............. 960,000 272,832
----------
1,587,465
----------
TIRE & RUBBER-0.84%
Goodyear Tire & Rubber Company ................. 15,500 747,875
----------
TRANSPORTATION & SHIPPING-3.31%
American President Cos., Ltd+. ................. 23,000 600,875
Frans Maas Groep, CVA .......................... 17,000 676,224
Helikopter Service, AS ......................... 51,500 594,562
Nedlloyd Groep ................................. 14,200 326,928
Transport Development Group .................... 240,219 735,286
----------
2,933,875
----------
UTILITIES - ELECTRIC & GAS-2.87%
Empresa Nacional de Electricidad, ADR .......... 10,000 $ 626,250
Iberdrola, S.A ................................. 90,000 923,085
Shandong Huaneng Power, ADR .................... 38,000 313,500
Texas Utilities Co. ............................ 16,000 684,000
----------
2,546,835
----------
UTILITIES - WATER-1.13%
Thames Water Group, PLC ........................ 114,100 998,124
----------
TOTAL COMMON STOCK
(Cost $59,907,888) ......................... 74,450,042
----------
PREFERRED STOCK-2.98%
BANKING-0.32%
Wells Fargo & Co., Series B .................... 6,270 283,718
----------
FINANCIAL SERVICES-1.41%
Bangkok Investments Co., Ltd+. ................. 2,500 335,775
Nacional Financier, S.A., Conv., ADR ........... 26,700 914,475
----------
1,250,250
----------
RETAIL-0.18%
Dairy Farm International
Holding, Ltd+. ............................... 210,000 155,400
----------
UTILITIES - ELECTRIC & GAS-1.07%
Cia Energetica de Minas Gerais, ADR+ ........... 33,400 948,056
----------
TOTAL PREFERRED STOCK
(Cost $2,316,615) .......................... 2,637,424
----------
- ----------
<FN>
+ Non-income producing security.
</TABLE>
See notes to financial statements.
3
<PAGE> 13
CHUBB AMERICA FUND, INC.
<TABLE>
SCHEDULE OF PORTFOLIO INVESTMENTS-(UNAUDITED)
WORLD GROWTH STOCK PORTFOLIO-(CONTINUED)
JUNE 30, 1996
<CAPTION>
MARKET
PRINCIPALE VALUE
COMPANY VALUE (NOTE B)
- ------- ---------- --------
<S> <C> <C>
CORPORATE BONDS-2.69%
News Corp. Zero Convertibles, due 03/31/02 ..USD $ 459,000 $ 455,558
PIV Investment Finance,(Cayman) Ltd.,
Conv., 4.500%, due 12/01/00................USD 840,000 706,649
Softe, S.A., Conv., 4.250%, due 07/30/98 ITL ... 805,000,000 802,585
TNT Pacific Finance Conv., 9.000%,
due 07/27/98 AUD ............................ 550,000 422,057
TOTAL CORPORATE BONDS
(Cost $1,898,267) .......................... 2,386,849
-----------
SHORT-TERM OBLIGATIONS-7.28%
U.S. Treasury Bill, 4.900%, due 07/18/96 ....... $ 2,000,000 $ 1,994,828
U.S. Treasury Bill, 4.980%, due 08/01/96 ....... 1,500,000 1,493,146
U.S. Treasury Bill, 5.125%, due 10/17/96 ....... 3,000,000 2,953,827
-----------
TOTAL SHORT-TERM OBLIGATIONS
(Cost $6,440,995) ......................... 6,441,801
TOTAL INVESTMENTS
(Cost $70,563,765*) ........................ 97.06% 85,916,116
Other assets, less liabilities ................. 2.94 2,600,654
------ -----------
TOTAL NET ASSETS ............................ 100.00% $88,516,770
====== ===========
-----------------------------
USD - United States Dollar
ITL - Italian Lira
AUD - Australian Dollar
-----------------------------
- ----------
<FN>
* Aggregate cost for Federal income tax purposes.
</TABLE>
See notes to financial statements.
4
<PAGE> 14
CHUBB AMERICA FUND, INC.
<TABLE>
SCHEDULE OF PORTFOLIO INVESTMENTS-(UNAUDITED)
MONEY MARKET PORTFOLIO
JUNE 30, 1996
<CAPTION>
MARKET
PRINCIPALE VALUE
COMPANY VALUE (NOTE B)
- ------- ---------- --------
SHORT-TERM OBLIGATIONS-98.20%
<S> <C> <C>
Federal Farm Credit Bank,
5.180%, due 07/23/96 ......................... $1,000,000 $ 996,547
Federal Home Loan Bank,
5.280%, due 08/05/96 ......................... 1,100,000 1,094,031
Federal Home Loan Bank,
5.180%, due 07/01/96 ......................... 1,000,000 999,712
Federal Home Loan Mortgage Company,
5.280%, due 08/12/96 ......................... 600,000 596,128
Federal National Mortgage Association,
5.270%, due 07/12/96 ......................... 900,000 898,287
Federal NationalMortgage Association,
5.230%, due 07/30/96 ......................... 1,200,000 1,194,596
U.S. Treasury Bill, 4.910%, due 08/22/96 ....... 350,000 347,422
U.S. Treasury Bill, 4.940%, due 08/08/96 ....... 1,900,000 1,889,571
Total SHORT-TERM OBLIGATIONS
(Cost $8,016,294) .......................... 8,016,294
----------
TOTAL INVESTMENTS
(Cost $8,016,294*) ............... 98.20% 8,016,294
Other assets, less liabilities ....... 1.80 146,959
------ ----------
TOTAL NET ASSETS .................. 100.00% $8,163,253
====== ==========
- ----------
<FN>
* Aggregate cost for Federal income tax purposes
</TABLE>
See notes to financial statements.
5
<PAGE> 15
CHUBB AMERICA FUND, INC.
<TABLE>
SCHEDULE OF PORTFOLIO INVESTMENTS-(UNAUDITED)
GOLD STOCK PORTFOLIO
JUNE 30, 1996
<CAPTION>
NUMBER MARKET
OF VALUE
COMPANY SHARES (NOTE B)
- ------- ------ --------
<S> <C> <C>
COMMON STOCK-98.94%
AUSTRALIA-27.00%
Acacia Resources, Ltd.+ .......................... 45,000 $ 106,249
Australian Resources, Ltd. ....................... 70,000 57,848
Consolidated Gold, N.L ........................... 100,000 38,560
Croesus Mining, N.L .............................. 200,000 144,800
Delta Gold, Ltd. ................................. 35,000 89,527
Eagle Mining Corporation+ ........................ 75,000 179,445
Emperor Mines, Ltd. .............................. 40,000 94,444
Ghana Gold Mines, Ltd. ........................... 154,000 47,263
Giralia Resources, N.L.+ ......................... 40,000 13,852
Gold Mines of Kalgoorlie, Ltd.+ .................. 150,000 164,100
Golden Shamrock Mines, Ltd. ...................... 50,000 44,860
Great Central Mines, N.L.+ ....................... 50,000 136,945
Herald Resources, Ltd. ........................... 110,354 141,562
Melita Mining N.L.+ .............................. 100,000 38,170
Mount Burgess Gold Mining Co., N.L.+ ............. 100,000 18,100
Newcrest Mining, Ltd. ............................ 60,000 240,834
Posgold, Ltd. .................................... 100,000 246,340
Resolute Samantha, Ltd. .......................... 109,286 253,740
Sons of Gwalia, N.L., ADR ........................ 5,000 177,086
----------
2,233,725
----------
CANADA-35.77%
Arizona Star Resources Corporation+ .............. 70,000 292,173
Barrick Gold Corp. ............................... 15,125 410,266
Bema Gold Corp.+ ................................. 15,000 58,125
Bolivar Goldfields, Ltd+ ......................... 18,000 19,771
Cathedral Gold Corporation+ ...................... 15,000 29,656
Dayton Mining Corp.+ ............................. 50,000 300,000
Echo Bay Mines, Ltd.+ ............................ 17,000 182,750
El Callao Mining Corp.+ .......................... 111,000 93,473
Granges, Inc.+ ................................... 30,000 41,739
Granges, Inc., Units+ ............................ 60,000 83,616
Hemlo Gold Mines, Inc. ........................... 23,374 248,349
Indochina Goldfields, Ltd.+ ...................... 20,000 172,082
Miramar Mining Corp.+ ............................ 30,000 165,000
Placer Dome, Inc. ................................ 10,000 238,750
Prime Resources Group, Inc. ...................... 15,000 110,938
Solitario Resources Corp.+ ....................... 30,000 35,148
Teck Corp., Class B .............................. 6,000 123,021
Texas Star Resources Corp.+ ...................... 39,000 19,418
Tombstone Explorations Company Units+ ............ 100,000 $ 112,070
Treminco Resources, Ltd.+ ........................ 100,000 76,880
Viceroy Resources Corp.+ ......................... 25,200 145,779
----------
2,959,004
----------
GHANA-2.39%
Ashanti Goldfields Co., Ltd. ..................... 10,000 197,500
----------
PERU-0.61%
Compania de Minas Buenaventura, S.A.+ ............ 2,550 50,681
----------
SOUTH AFRICA-1.17%
Kloof Gold Mining Company, Ltd. .................. 10,000 96,875
----------
UNITED STATES-32.00%
Battle Mountain Gold Co., Inc. ................... 20,000 145,000
Crown Resources Corp.+ ........................... 30,000 157,500
Firstmiss Gold, Inc.+ ............................ 6,000 198,000
Freeport McMoRan Copper & Gold, Inc. ............. 10,000 298,750
Goldcorp, Inc., Class A .......................... 20,000 330,000
Homestake Mining Co. ............................. 22,800 390,450
Newmont Gold Co. ................................. 3,000 151,125
Newmont Mining Corporation ....................... 4,999 246,826
Pegasus Gold, Inc.+ .............................. 20,000 245,000
Royal Oak Mines, Inc. ............................ 50,000 184,375
Santa Fe Pacific Gold Corp. ...................... 4,200 59,325
Stillwater Mining Co.+ ........................... 4,500 106,313
USMX, Inc.+ ...................................... 55,000 134,063
----------
2,646,727
----------
TOTAL COMMON STOCK
(Cost $6,947,808) ............................ 8,184,512
----------
TOTAL INVESTMENTS
(Cost $6,947,808*) ........................... 98.94% 8,184,512
Other assets, less liabilities ................... 1.06 87,980
------ ----------
TOTAL NET ASSETS .............................. 100.00% $8,272,492
====== ==========
- ----------
<FN>
* Aggregate cost for Federal income tax purposes.
+ Non-income producing security.
</TABLE>
See notes to financial statements.
6
<PAGE> 16
CHUBB AMERICA FUND, INC.
<TABLE>
SCHEDULE OF PORTFOLIO INVESTMENTS-(UNAUDITED)
DOMESTIC GROWTH STOCK PORTFOLIO
JUNE 30, 1996
<CAPTION>
NUMBER MARKET
OF VALUE
COMPANY SHARES (NOTE B)
- ------- ------ --------
<S> <C> <C>
COMMON STOCK-98.22%
AUTOMOTIVE & TRUCKING-0.79%
Wabash National Corp. ............................ 30,000 $ 532,500
----------
BUILDING & CONSTRUCTION-2.22%
Southern Energy Homes, Inc. ...................... 70,000 1,505,000
----------
CHEMICALS-1.10%
Furon Corp.+ ..................................... 30,000 742,500
----------
COMMERCIAL SERVICES-4.75%
Accustaff, Inc. .................................. 30,000 817,500
Kelly Services, Inc., Class A .................... 40,000 1,170,000
Personnel Group of America, Inc.+ ................ 50,000 1,231,250
----------
3,218,750
----------
COMPUTER & OFFICE EQUIPMENT-4.12%
Amtech Corporation+ .............................. 100,000 750,000
Data General Corporation+ ........................ 90,000 1,170,000
Stratus Computers, Inc.+ ......................... 30,000 870,000
----------
2,790,000
----------
COMPUTER SOFTWARE & SERVICES-7.50%
Autodesk, Inc. ................................... 25,000 746,875
Banctec, Inc.+ ................................... 50,000 1,012,500
Banyan Systems, Inc.+ ............................ 60,000 435,000
DST Systems, Inc.+ ............................... 35,000 1,120,000
Dataflex Corporation+ ............................ 58,000 398,750
Microage, Inc.+ .................................. 100,000 1,362,500
----------
5,075,625
----------
COMPUTERS-4.10%
Cerion Technologies, Inc.+ ....................... 40,000 390,000
EMC Corporation/Mass+ ............................ 70,000 1,303,750
Silicon Graphics, Inc.+ .......................... 45,000 1,080,000
----------
2,773,750
----------
DRUG & HOSPITAL SUPPLIES-2.03%
Heartstream, Inc.+ ............................... 100,000 1,375,000
----------
ELECTRICAL EQUIPMENT-3.45%
Vishay Intertechnology, Inc. ..................... 47,250 1,116,281
Westinghouse Electric Company .................... 65,000 1,218,750
----------
2,335,031
----------
ELECTRONICS-7.60%
Arrow Electronics, Inc.+ ......................... 20,000 862,500
Griffon Corporation+ ............................. 100,000 812,500
Holophane Corp.+ ................................. 42,500 669,375
Tencor Instruments ............................... 60,000 1,132,500
Teradyne, Inc.+ .................................. 70,000 1,207,500
Whittaker Corporation+ ........................... 25,000 462,500
----------
5,146,875
----------
FINANCIAL SERVICES-4.45%
Aames Financial Corp.+ ........................... 37,500 1,345,313
DVI, Inc.+ ....................................... 40,000 630,000
PNC Banc Corp.+ .................................. 35,000 1,041,250
----------
3,016,563
----------
HEALTH CARE-9.21%
Apria Healthcare Group, Inc.+ .................... 50,000 1,568,750
Coastal Physician Group,Inc.+ .................... 60,000 412,500
Integrated Health Services, Inc.+ ................ 60,000 1,425,000
Lincare Holdings, Inc.+ .......................... 45,000 1,766,250
Tenet Healthcare Corp.+ .......................... 50,000 1,068,750
----------
6,241,250
----------
INSURANCE-7.58%
American Bankers, Inc. ........................... 25,000 1,090,625
Citizens Corporation ............................. 50,000 937,500
TIG Holdings, Inc. ............................... 32,000 928,000
UNUM Corporation ................................. 15,000 933,750
Western National Corp. ........................... 67,500 1,240,313
----------
5,130,188
----------
LEISURE & ENTERTAINMENT-1.48%
Arctco, Inc. ..................................... 80,000 1,000,000
----------
LODGING-2.13%
Host Marriott Corporation ........................ 110,000 1,443,750
----------
- ----------
<FN>
+ Non-income producing security.
</TABLE>
See notes to financial statements.
7
<PAGE> 17
CHUBB AMERICA FUND, INC.
<TABLE>
SCHEDULE OF PORTFOLIO INVESTMENTS-(UNAUDITED)
DOMESTIC GROWTH STOCK PORTFOLIO-(CONTINUED)
JUNE 30, 1996
<CAPTION>
NUMBER MARKET
OF VALUE
COMPANY SHARES (NOTE B)
- ------- ------ --------
<S> <C> <C>
COMMON STOCK-(CONTINUED)
MACHINERY-4.32%
Duriron, Inc. .................................... 35,000 $ 840,000
Lamson & Sessions, Inc.+ ......................... 88,200 1,047,375
N.N. Ball & Roller, Inc. ......................... 50,000 1,037,500
-----------
2,924,875
-----------
MANUFACTURING-3.31%
Paragon Trade Brands, Inc.+ ...................... 47,800 1,027,700
Toy Biz, Inc.+ ................................... 60,000 1,215,000
-----------
2,242,700
-----------
MEDICAL SUPPLIES-4.37%
Allied Healthcare Products, Inc. ................. 63,400 586,450
Healthdyne Technologies, Inc.+ ................... 91,766 1,192,958
Sun Healthcare Group, Inc.+ ...................... 45,000 641,250
Urologix, Inc.+ .................................. 40,000 540,000
-----------
2,960,658
-----------
MINING & METALS-2.59%
A.M. Castle & Co.+ ............................... 48,187 1,138,418
Roanoke Electric Steel Corp. ..................... 44,550 618,131
-----------
1,756,549
-----------
OIL - DOMESTIC & CRUDE-0.74%
Seagull Energy Corp.+ ............................ 20,000 500,000
-----------
OIL - WELL EQUIPMENT & SERVICE-3.58%
Ensco International, Inc.+ ....................... 45,000 1,462,500
Weatherford Enterra, Inc.+ ....................... 32,110 963,300
-----------
2,425,800
-----------
PHARMACEUTICALS-1.44%
Bergen Brunswig Corp., Class A ................... 35,247 978,104
-----------
REAL ESTATE-5.15%
Centerpoint Properties Corp. ..................... 50,000 1,212,500
Factory Stores of America ........................ 45,000 410,625
Gables Residential ............................... 30,000 705,000
Horizon Group, Inc. .............................. 56,500 1,158,250
-----------
3,486,375
-----------
RETAIL - SPECIAL LINE-1.18%
Party City Corporation+ .......................... 45,000 $ 798,750
-----------
RETAIL STORES-2.63%
Catherines Stores Company+ ....................... 50,000 493,750
Consolidated Stores Corp.+ ....................... 35,000 1,286,250
-----------
1,780,000
-----------
SHIPPING-3.08%
APL, Ltd. ........................................ 40,000 1,045,000
Airborne Freight Corp. ........................... 40,000 1,040,000
-----------
2,085,000
-----------
TELECOMMUNICATIONS-2.14%
American Paging, Inc.+ ........................... 113,800 846,387
DSC Communications
Corporation+ ................................... 20,000 602,500
-----------
1,448,887
-----------
TEXTILE & APPAREL-1.18%
Designer Holdings, Ltd.+ ......................... 30,000 798,750
-----------
TOTAL COMMON STOCK
(Cost $57,470,257) ........................... 66,513,230
-----------
TOTAL INVESTMENTS
(Cost $57,470,257*) .......................... 98.22% 66,513,230
Other assets, less liabilities ................... 1.78 1,206,360
------ -----------
TOTAL NET ASSETS .............................. 100.00% $67,719,590
====== ===========
- ----------
<FN>
* Aggregate cost for Federal income tax purposes.
+ Non-income producing security.
</TABLE>
See notes to financial statements.
8
<PAGE> 18
CHUBB AMERICA FUND, INC.
<TABLE>
SCHEDULE OF PORTFOLIO INVESTMENTS-(UNAUDITED)
BOND PORTFOLIO
JUNE 30, 1996
<CAPTION>
MARKET
PRINCIPALE VALUE
COMPANY VALUE (NOTE B)
- ------- ---------- --------
<S> <C> <C>
CORPORATE BONDS-0.53%
Corning Glass, 8.250%, due 03/15/02 ............ $ 50,000 $ 52,915
-----------
TOTAL CORPORATE BONDS (Cost $48,666) ........ 52,915
-----------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS-89.66%
Federal Home Loan Mortgage
Corporation, Pool#C80090,
6.000%, due 01/01/24 ......................... 557,246 510,058
Federal National Mortgage
Association, 9.550%,
due 09/10/97 ................................. 55,000 57,246
Federal National Mortgage
Association, CMO Pool#8829B,
9.500%, due 12/25/18 ......................... 74,934 78,544
Federal National Mortgage
Association, Pool#248672,
6.000%, due 12/01/23 ......................... 172,407 156,566
Federal National Mortgage
Association, Pool#261605,
6.000%, due 01/01/24 ......................... 776,747 705,377
Federal National Mortgage
Association, Pool#267376,
6.000%, due 01/01/24 ......................... 184,905 167,915
Government National Mortgage
Association, Pool#190666,
9.000%, due 12/15/16 ......................... 94,851 99,238
Government National Mortgage
Association, Pool#780339,
8.000%, due 12/15/23 ......................... 964,782 977,352
Government National Mortgage
Association, Pool#402760,
8.000%, due 08/15/25 ......................... 926,303 934,401
U.S. Treasury Bond, 10.375%,
due 11/15/12 ................................. 1,375,000 1,745,818
U.S. Treasury Note, 7.750%,
due 11/30/99 ................................. 1,180,000 1,228,675
U.S. Treasury Note, 6.750%,
due 04/30/00 ................................. 380,000 384,038
U.S. Treasury Note, 8.000%,
due 05/15/01 ................................. 200,000 212,500
U.S. Treasury Note, 6.250%,
due 02/15/03 ................................. 1,790,000 1,757,556
-----------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $9,127,087) .......................... 9,015,284
TOTAL INVESTMENTS
(Cost $9,175,753*) ......................... 90.19% 9,068,199
Other assets, less liabilities ................. 9.81 986,700
------ -----------
TOTAL NET ASSETS ............................ 100.00% $10,054,899
====== ===========
- ----------
<FN>
* Aggregate cost for Federal income tax purposes.
</TABLE>
See notes to financial statements.
9
<PAGE> 19
CHUBB AMERICA FUND, INC.
<TABLE>
SCHEDULE OF PORTFOLIO INVESTMENTS-(UNAUDITED)
GROWTH AND INCOME PORTFOLIO
JUNE 30, 1996
<CAPTION>
NUMBER MARKET
OF VALUE
COMPANY SHARES (NOTE B)
- ------- ------ --------
<S> <C> <C>
COMMON STOCK-96.15%
AEROSPACE& DEFENSE-2.59%
General Motors Corporation, Class H .............. 7,600 $ 456,950
----------
APPLIANCES-1.72%
Whirlpool Corp. .................................. 6,100 302,712
----------
AUTOMOBILES-4.85%
Chrysler Corporation ............................. 7,100 440,200
Ford Motor Company ............................... 12,800 414,400
----------
854,600
----------
AUTOMOTIVE - PARTS & ACCESSORIES-5.95%
Borg-Warner Automotive ........................... 14,900 588,550
Cummins Engine, Inc. ............................. 11,400 460,275
----------
1,048,825
----------
BANKING-7.79%
Chase Manhattan Corporation ...................... 6,100 430,812
KeyCorp .......................................... 12,033 466,279
Mellon Bank Corp. ................................ 8,350 475,950
----------
1,373,041
----------
BUILDING MATERIALS-4.48%
Lafarge Corporation .............................. 22,200 449,550
Owens Corning .................................... 7,900 339,700
----------
789,250
----------
COMPUTERS-2.63%
Compaq Computer Corp.+ ........................... 9,400 462,950
----------
ELECTRONICS-3.93%
Philips Electronics, NV .......................... 5,600 182,700
Tektronix, Inc. .................................. 11,400 510,150
----------
692,850
----------
FINANCIAL SERVICES-8.45%
First Chicago NBD Corporation .................... 11,459 448,333
Merrill Lynch & Co. .............................. 8,000 521,000
PaineWebber Group, Inc. .......................... 21,800 517,750
----------
1,487,083
----------
FOOD PROCESSING-7.44%
Archer-Daniels Midland Co. ....................... 22,135 423,332
IBP, Inc. ........................................ 15,600 430,950
Philip Morris Companies, Inc. .................... 4,400 457,600
----------
1,311,882
----------
FOREST PRODUCTS & PAPER-3.34%
Asia Pulp & Paper, Co., Ltd., ADR+ ............... 48,100 589,225
----------
HOLDING COMPANIES-2.06%
Hanson PLC, ADR .................................. 25,500 363,375
----------
INSURANCE-7.86%
LaSalle Re Holdings Ltd. ......................... 15,000 337,500
Old Republic International Corp. ................. 16,200 348,300
Progressive Corp. ................................ 7,700 356,125
W.R. Berkley Corp. ............................... 8,200 342,350
----------
1,384,275
----------
MINING & METALS-3.45%
Cyprus Amax Minerals ............................. 13,500 305,438
Inco Ltd., ADR ................................... 9,400 303,150
----------
608,588
----------
OIL - DOMESTIC-5.03%
Atlantic Richfield Co. ........................... 3,800 450,300
YPF Sociedad Anonima, S.A., ADR .................. 19,400 436,500
----------
886,800
----------
- ----------
<FN>
+ Non-income producing security.
</TABLE>
See notes to financial statements.
10
<PAGE> 20
CHUBB AMERICA FUND, INC.
<TABLE>
SCHEDULE OF PORTFOLIO INVESTMENTS-(UNAUDITED)
GROWTH AND INCOME PORTFOLIO-(CONTINUED)
JUNE 30, 1996
<CAPTION>
NUMBER MARKET
OF VALUE
COMPANY SHARES (NOTE B)
- ------- ------ --------
<S> <C> <C>
COMMON STOCK-CONTINUED
OIL - INTERNATIONAL-2.21%
Ultramar Corp. ................................. 13,400 $ 388,600
-----------
PACKAGING & CONTAINERS-2.27%
Owens-Illinois, Inc. ........................... 25,000 400,000
-----------
RETAIL - SPECIALTY-3.46%
Circuit City Stores, Inc. ...................... 16,900 610,513
-----------
RETAIL STORES-2.88%
May Department Stores Co. ...................... 10,400 455,000
Payless ShoeSource, Inc.+ ...................... 1,664 52,832
-----------
507,832
-----------
TECHNOLOGY - SEMICONDUCTORS-2.44%
Avnet, Inc. .................................... 10,200 429,675
-----------
TEXTILES-5.89%
Burlington Industries, Inc.+ ................... 34,400 485,900
Reebok International, Ltd. ..................... 16,400 551,450
-----------
1,037,350
-----------
TRANSPORTATION-5.43%
Canadian Pacific, Ltd. ......................... 20,400 448,800
Federal Express Corporation .................... 6,200 508,400
-----------
957,200
-----------
TOTAL COMMON STOCK
(Cost $14,478,741) ......................... 16,943,576
-----------
TOTAL INVESTMENTS ........................... 96.15% 16,943,576
(Cost $14,478,741*)
Other assets, less liabilities ................. 3.85 678,736
------ -----------
TOTAL NET ASSETS ............................ 100.00% $17,622,312
====== ===========
- ----------
<FN>
* Aggregate cost for Federal income tax purposes.
+ Non-income producing security.
</TABLE>
See notes to financial statements.
11
<PAGE> 21
CHUBB AMERICA FUND, INC.
<TABLE>
SCHEDULE OF PORTFOLIO INVESTMENTS-(UNAUDITED)
CAPITAL GROWTH PORTFOLIO
JUNE 30, 1996
<CAPTION>
NUMBER MARKET
OF VALUE
COMPANY SHARES (NOTE B)
- ------- ------ --------
<S> <C> <C>
COMMON STOCK-67.71%
ADVERTISING-0.32%
Central European Media Center+ ................. 9,343 $ 233,575
----------
AEROSPACE EQUIPMENT-0.41%
The Boeing Company ............................. 3,475 302,759
----------
BANKING-0.38%
First Empire State Corporation ................. 1,175 283,175
----------
BIOPHARMACEUTICALS-0.78%
Nexstar Pharmaceuticals, Inc.+ ................. 25,825 574,606
----------
BUILDING MATERIALS-1.72%
Assa Abloy AB, Class B ......................... 87,283 1,262,778
----------
CHEMICALS-1.19%
Cytec Industries, Inc.+ ........................ 1,850 158,175
The Carbide/Graphite Group+ .................... 38,275 717,656
----------
875,831
----------
COMMERCIAL SERVICES-5.81%
Amre, Inc.+ .................................... 105,550 2,308,906
Hays, PLC+ ..................................... 105,383 743,393
Medaphis Corporation ........................... 12,125 481,969
Robert Half International, Inc. ................ 26,700 744,263
----------
4,278,531
----------
COMMUNICATION SYSTEMS-2.52%
MFS Communications Co., Inc. ................... 5,175 194,709
Millicom International Cellular, S.A.,
ADR+ ......................................... 24,550 1,169,194
Paging Network, Inc.+ .......................... 20,600 494,400
----------
1,858,303
----------
COMPUTERS-0.28%
IBM Corp.+ ..................................... 100 9,900
Network Appliance, Inc.+ ....................... 6,575 195,606
----------
205,506
----------
Consumer Products-2.13%
Alco Standard Corp. ............................ 6,500 294,125
Amway Asia Pacific, Ltd. ....................... 28,325 856,831
Fila Holdings, SPA, ADR ........................ 4,275 368,719
Industrie Natuzzi, SPA, ADR .................... 925 47,406
----------
1,567,081
----------
ELECTRICAL EQUIPMENT-0.91%
UCAR International, Inc.+ ...................... 16,175 673,284
----------
ELECTRONICS-5.52%
ASE Test Limited+ .............................. 15,225 176,991
Dionex Corporation ............................. 17,725 571,631
Pittway Corp. .................................. 71,213 3,311,381
----------
4,060,003
----------
FINANCIAL SERVICES-3.47%
APS Holdings, Inc.+ ............................ 12,975 285,450
Chase Manhattan Corp. .......................... 13,936 984,230
CitiCorp ....................................... 7,200 594,900
First USA Paymentech, Inc.+ .................... 2,325 93,000
Wells Fargo & Co. .............................. 2,491 595,038
----------
2,552,618
----------
FOOD & HOUSEHOLD PRODUCTS-1.41%
JP Foodservice, Inc.+ .......................... 41,500 1,037,500
----------
FOOD PROCESSING-3.04%
Nabisco Holdings Corp. ......................... 48,075 1,700,653
Nutricia Verenigde Bedrijven ................... 5,080 537,172
----------
2,237,825
----------
INSURANCE-1.00%
United Insurance Companies+ .................... 32,300 734,825
----------
LODGING & RESTAURANT-2.21%
HFS, Inc. ...................................... 21,050 1,473,500
Renaissance Hotel Group, NV+ ................... 7,175 154,263
----------
1,627,763
----------
- ----------
<FN>
+ Non-income producing security.
</TABLE>
See notes to financial statements.
12
<PAGE> 22
CHUBB AMERICA FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS-(UNAUDITED)
<TABLE>
CAPITAL GROWTH PORTFOLIO-(CONTINUED)
JUNE 30, 1996
<CAPTION>
NUMBER MARKET
OF VALUE
COMPANY SHARES (NOTE B)
- ------- ------ -----------
<S> <C> <C>
COMMON STOCK-CONTINUED
MANUFACTURING-5.08%
Mattel, Inc. ................................... 38,858 $ 1,112,310
Orkla AS A-Aksjer .............................. 23,569 1,240,790
Waters Corp.+................................... 42,075 1,388,475
-----------
3,741,575
-----------
MEDIA-1.45%
Heritage Media Corp.,
Class A+...................................... 26,725 1,065,659
-----------
MEDICAL-1.55%
Atrix Laboratories, Inc.+....................... 64,050 640,500
HealthSouth Corp.+.............................. 13,900 500,400
-----------
1,140,900
-----------
MEDICAL SUPPLIES-1.49%
Coherent, Inc.+................................. 15,225 791,700
ICU Medical, Inc.+.............................. 22,125 304,219
-----------
1,095,919
-----------
PHARMACEUTICALS-6.42%
Eli Lilly and Company .......................... 11,950 776,750
Glaxo Wellcome, PLC ............................ 46,749 629,774
Intercardia, Inc.+.............................. 7,500 213,750
Johnson & Johnson .............................. 14,950 740,025
Pfizer, Inc. ................................... 12,600 899,325
Roche Holding, AG, Genusshein .................. 91 693,965
Smithkline Beecham, PLC, ADR ................... 14,250 774,844
-----------
4,728,433
-----------
PUBLISHING-0.78%
Hartland, (John H.) ............................ 8,850 217,931
Wolters Kluwer, CVA ............................ 3,164 359,390
-----------
577,321
-----------
RESTAURANTS & FOOD SERVICE-0.56%
Harvey Nichols, PLC+............................ 78,500 412,266
-----------
RETAIL-1.26%
Global DirectmailCorp+.......................... 23,450 $ 926,275
-----------
RETAIL STORES-0.83%
Zale Corporation+............................... 36,075 608,766
-----------
SOFTWARE PRODUCTS & SERVICES-13.83%
Electronic Data Systems Corp. .................. 30,750 1,652,813
Electronics For Imaging+........................ 9,700 672,938
First Data Corp. ............................... 10,075 802,222
Getronics, NV .................................. 73,467 1,626,876
MDL Information Systems, Inc.+.................. 54,725 1,628,069
Misys, PLC ..................................... 22,307 269,312
Objective Systems Integrator+................... 3,775 137,788
Sterling Commerce, Inc.+........................ 23,850 885,431
Sungard Data Systems, Inc.+..................... 56,850 2,281,106
Xylan Corp.+.................................... 4,750 220,875
-----------
10,177,430
-----------
TEXTILES & APPAREL-1.36%
Designer Holdings, Ltd.+ ....................... 37,550 999,769
-----------
TOTAL COMMON STOCK
(Cost $36,661,998) ......................... 49,840,276
-----------
PREFERRED STOCK-0.51%
BROADCASTING-0.51%
News Corporation, Ltd., ADR .................... 77,499 378,172
-----------
TOTAL PREFERRED STOCK
(Cost $384,207) ............................ 378,172
-----------
TOTAL INVESTMENTS
(Cost $37,046,205*) ........................ 68.22% 50,218,448
Other assets, less liabilities ................. 31.78 23,397,148
------ -----------
TOTAL NET ASSETS ............................ 100.00% $73,615,596
====== ===========
<FN>
- -----------------
* Aggregate cost for Federal income tax purposes.
+ Non-income producing security.
</TABLE>
See notes to financial statements.
13
<PAGE> 23
CHUBB AMERICA FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS-(UNAUDITED)
<TABLE>
BALANCED PORTFOLIO
JUNE 30, 1996
<CAPTION>
NUMBER MARKET
OF VALUE
COMPANY SHARES (NOTE B)
- ------- ------ --------
<S> <C> <C>
COMMON STOCK-53.97%
AEROSPACE EQUIPMENT-1.08%
The Boeing Co. ................................ 2,200 $191,675
--------
BANKING-1.02%
NationsBank Corp. ............................. 2,200 181,775
--------
BEVERAGES-1.53%
PepsiCo, Inc. ................................. 7,700 272,387
--------
BIOPHARMACEUTICALS-0.57%
Genzyme Corporation, General Division .......... 2,000 100,500
--------
BUILDING & CONSTRUCTION-1.03%
Fluor Corporation ............................. 2,800 183,050
--------
CHEMICALS-1.87%
Lilly, Eli & Co. .............................. 2,600 169,000
Monsanto Company .............................. 5,000 162,500
--------
331,500
--------
COMMERCIAL SERVICES-2.55%
Corrections Corporation of America ............ 1,400 98,000
Equifax, Inc. ................................. 6,800 178,500
Manpower, Inc. ................................ 4,500 176,625
--------
453,125
--------
COMMUNICATION SYSTEMS-2.12%
AT&T Corp. .................................... 3,300 204,600
United Technologies Corporation ............... 1,500 172,500
--------
377,100
--------
COMPUTERS-2.39%
HBO & Co. ..................................... 3,400 230,350
Sun Microsystems, Inc.+ ....................... 3,300 194,287
--------
424,637
--------
ELECTRICAL EQUIPMENT-0.81%
Raychem Corp. ................................. 2,000 143,750
--------
ELECTRONICS-1.22%
General Electric Company ...................... 2,500 $216,250
--------
ENTERTAINMENT & LEISURE-0.50%
Disney, Walt Co. .............................. 1,400 88,025
--------
FINANCIAL SERVICES-1.46%
Green Tree Financial Corp. .................... 2,700 84,375
SunAmerica, Inc. .............................. 3,100 175,150
--------
259,525
--------
FOOD & HOUSEHOLD PRODUCTS-1.02%
Proctor & Gamble Co. .......................... 2,000 181,250
--------
FOOD PROCESSING-1.00%
Philip Morris Companies, Inc. ................. 1,700 176,800
--------
HEALTH & PERSONAL CARE-1.02%
Gillette Co. .................................. 2,900 180,887
--------
INSURANCE-2.01%
American International Group, Inc ............. 1,800 177,525
Travelers Group, Inc. ......................... 3,950 180,219
--------
357,744
--------
LODGING & RESTAURANT-1.93%
HFS, Inc. ..................................... 2,600 182,000
Marriott International, Inc. .................. 3,000 161,250
--------
343,250
--------
MACHINES-0.93%
Dover Corporation ............................. 3,600 166,050
--------
MEDICAL - BIOTECHNOLOGY-2.20%
Guidant Corp. ................................. 3,600 177,300
Medtronic, Inc. ............................... 3,800 212,800
--------
390,100
--------
<FN>
- ---------------
+ Non-income producing security.
</TABLE>
See notes to financial statements.
14
<PAGE> 24
CHUBB AMERICA FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS-(UNAUDITED)
<TABLE>
BALANCED PORTFOLIO-(CONTINUED)
JUNE 30, 1996
<CAPTION>
NUMBER MARKET
OF VALUE
COMPANY SHARES (NOTE B)
- ------- ------ -----------
<S> <C> <C>
COMMON STOCK-Continued
MEDICAL - HOSPITAL MGT. & SERVICES-0.55%
Manor Care, Inc. .................................. 2,500 $ 98,438
----------
OFFICE & BUSINESS EQUIPMENT-1.29%
Hewlett Packard Co. ............................... 2,300 229,138
----------
OIL & GAS EXPLORATION-1.30%
Apache Corporation ................................ 2,700 88,762
Sonat Offshore Drilling ........................... 2,800 141,400
----------
230,162
----------
OIL SERVICE EQUIPMENT-3.82%
Halliburton Co. ................................... 3,200 177,600
Schlumberger Limited .............................. 2,100 176,925
Tidewater, Inc. ................................... 5,000 219,375
Western Atlas, Inc.+ .............................. 1,800 104,850
----------
678,750
----------
OIL/GAS - DOMESTIC-1.14%
Consolidated Natural Gas Co. ...................... 1,400 73,150
Enron Corporation ................................. 1,400 57,225
Sonat, Inc. ....................................... 1,600 72,000
----------
202,375
----------
PHARMACEUTICALS-4.49%
American Home Products Corp. ...................... 3,400 204,425
Amgen, Inc.+ ...................................... 1,300 70,200
Johnson & Johnson ................................. 3,600 178,200
Merck & Company, Inc. ............................. 2,700 174,488
Pfizer, Inc. ...................................... 2,400 171,300
----------
798,613
----------
RETAIL - SPECIAL LINE-2.81%
Autozone, Inc.+ ................................... 3,300 $ 114,675
Federated Department Stores, Inc.+ ................ 5,000 170,625
Melville Corporation .............................. 2,700 109,350
Petsmart, Inc. .................................... 2,200 105,050
----------
499,700
----------
SOFTWARE PRODUCTS & SERVICES-4.68%
Cisco Systems, Inc. ............................... 3,300 186,862
Computer Associates International, Inc. ........... 2,200 156,750
First Data Corporation ............................ 2,200 175,175
Microsoft Corp.+ .................................. 1,400 168,175
Netscape Communications Corp. ..................... 2,300 143,175
----------
830,137
----------
TELECOMMUNICATIONS-1.92%
Newbridge Networks Corp.+ ......................... 3,000 196,500
U.S. Robotics Corp. ............................... 1,700 145,350
----------
341,850
----------
TEXTILES & APPAREL-1.99%
Gucci Group, NV ................................... 2,300 148,350
Nike, Inc. ........................................ 2,000 205,500
----------
353,850
----------
TRANSPORTATION-1.02%
AMR Corporation+ .................................. 2,000 182,000
----------
TECHNOLOGY - SEMICONDUCTORS-0.70%
Intel Corporation ................................. 1,700 124,844
----------
TOTAL COMMON STOCK
(Cost $8,645,679) ............................. 9,589,237
----------
<FN>
- -----------------
+ Non-income producing security.
</TABLE>
See notes to financial statements.
15
<PAGE> 25
CHUBB AMERICA FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS-(UNAUDITED)
<TABLE>
BALANCED PORTFOLIO-(CONTINUED)
JUNE 30, 1996
<CAPTION>
MARKET
PRINCIPAL VALUE
COMPANY VALUE (NOTE B)
- ------- ---------- -----------
<S> <C> <C>
BONDS-29.06%
MUNICIPAL BONDS-1.89%
Kergen County, California, Pension
Obligation, 7.260%,
due 08/15/14 ............................... $ 30,000 $ 28,944
Long Beach, California, Pension
Obligation, 6.870%,
due 09/01/06 ............................... 20,000 19,208
Miami Beach, Florida, Special
Obligation, 8.600%,
due 09/01/21 ............................... 70,000 76,083
San Bernardino County, California,
Financing Auth. Pension
Obligation, 6.870%,
due 08/01/08 ............................... 10,000 9,428
San Bernardino County, California,
Financing Auth. Pension
Obligation, 6.940%,
due 08/01/09 ............................... 25,000 23,448
South Carolina State, Public
Service Authority, 5.000%,
due 01/01/25 ............................... 30,000 26,073
University of Miami, Exchangeable
Revenue, 7.650%,
due 04/01/20 ............................... 135,000 134,682
Ventura County, California, Pension
Obligation, 6.580%,
due 11/01/06 ............................... 20,000 18,622
-----------
336,488
-----------
U.S. GOVERNMENT AND
AGENCY OBLIGATIONS-27.17%
Government National Mortgage
Association, Pool #351336,
6.500%, due 12/15/23 ....................... 185,017 172,354
Government National Mortgage
Association, Pool #780035,
6.500%, due 07/15/24 ....................... 334,271 311,690
U.S. Treasury Bond, 7.500%,
due 11/15/16 ............................... 550,000 577,844
U.S. Treasury Bond, 6.250%,
due 08/15/23 ............................... 275,000 249,219
U.S. Treasury Note, 4.750%,
due 02/15/97 ............................... 750,000 745,781
U.S. Treasury Note, 6.000%,
due 10/15/99 ............................... 1,500,000 1,486,404
U.S. Treasury Note, 5.500%,
due 04/15/00 ............................... 400,000 388,250
U.S. Treasury Note, 5.750%,
due 10/31/00 ............................... 500,000 487,030
U.S. Treasury Note, 7.250%,
due 05/15/04 ............................... 395,000 409,072
-----------
4,827,644
-----------
TOTAL BONDS
(Cost $5,243,338) ........................ 5,164,132
-----------
SHORT-TERM OBLIGATIONS-12.50%
Allied-Signal, 5.400%,
due 07/12/96 ............................... 380,000 379,259
Coca Cola, 5.380%
due 07/26/96 ............................... 135,000 134,455
Federal Home Loan Mortgage,
5.250%, due 07/01/96 ....................... 260,000 259,924
Federal Home Loan Mortgage
5.290%, due 07/26/96 ....................... 285,000 283,869
GTE North, 5.370%,
due 07/01/96 ............................... 200,000 199,940
Heinz (H J), 5.300%,
due 07/11/96 ............................... 350,000 349,382
Preferred Rec. Funding,
5.450%, due 07/17/96 ....................... 170,000 169,537
Proctor & Gamble,
5.330%, due 07/17/96 ....................... 180,000 179,521
TDK USA, 5.500%,
due 07/09/96 ............................... 265,000 264,595
-----------
TOTAL SHORT-TERM OBLIGATIONS
(Cost $2,220,482) ........................ 2,220,482
-----------
TOTAL INVESTMENTS
(Cost $16,109,498*) ...................... 95.53% 16,973,851
Other assets, less liabilities ............... 4.47 794,669
---------- -----------
TOTAL NET ASSETS .......................... 100.00% $17,768,520
========== ===========
<FN>
- ---------------
* Aggregate cost for Federal income tax purposes
+ Non-income producing security.
</TABLE>
See notes to financial statements.
16
<PAGE> 26
CHUBB AMERICA FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS-(UNAUDITED)
<TABLE>
EMERGING GROWTH PORTFOLIO
JUNE 30, 1996
<CAPTION>
NUMBER MARKET
OF VALUE
COMPANY SHARES (NOTE B)
- ------- ------ ----------
<S> <C> <C>
COMMON STOCK-86.95%
AUTO PARTS & ACCESSORIES-0.54%
APS Holdings Corporation, Class A+ ................ 4,000 $ 88,000
Harvard Industries, Inc.+ ......................... 2,300 28,175
----------
116,175
----------
BROADCASTING - RADIO & TV-2.46%
American Radio Systems Corp.+ ..................... 1,500 64,500
Heritage Media Corporation, Class+ ................ 3,400 135,575
Infinity Broadcasting Corporation ................. 1,200 36,000
Jacor Communications, Inc.+ ....................... 3,000 92,625
LIN Television Corp.+ ............................. 1,900 68,400
Outdoor Systems, Inc. ............................. 100 3,525
Sinclair Broadcasting Group, Inc.+ ................ 2,900 126,150
----------
526,775
----------
CHEMICALS-0.53%
Praxair, Inc. ..................................... 1,500 63,375
SGL Carbon, AG, ADR+ .............................. 1,300 49,725
----------
113,100
----------
COMMERCIAL SERVICES-8.18%
Accustaff, Inc.+ .................................. 11,800 321,550
Affiliated Computer Services, Inc.+ ............... 5,000 235,000
CUC International, Inc.+ .......................... 9,500 337,250
Career Horizons, Inc. ............................. 2,800 98,000
Corestaff, Inc. ................................... 1,850 82,787
Employee Solutions, Inc. .......................... 6,000 189,000
Equity Corporation, International+ ................ 1,400 37,800
ICT Group, Inc.+ .................................. 100 1,925
Interim Services, Inc. ............................ 1,000 43,000
Learning Tree International, Inc.+ ................ 8,500 261,375
Loewen Group, Inc. ................................ 3,200 96,800
Meta Group, Inc.+ ................................. 100 2,450
Pharmaceutical Product Development, Inc.+ ......... 100 3,350
Service Corporation International ................. 700 40,250
----------
1,750,537
----------
COMPUTER & OFFICE EQUIPMENT-3.41%
Bay Networks, Inc.+ .............................. 400 10,300
Cabletron Systems, Inc.+ .......................... 9,650 662,231
IDX Systems Corp.+ ................................ 1,500 58,500
----------
731,031
----------
COMPUTER SOFTWARE - MAINFRAME-23.91%
BDM International, Inc.+ .......................... 1,000 46,500
BMC Software, Inc.+ ............................... 11,100 663,225
Cadence Design Systems, Inc. ...................... 26,100 880,875
Computer Associates International, Inc. ........... 6,800 484,500
Computer Sciences Co.+ ............................ 2,100 156,975
Compuware Corp.+ .................................. 9,200 363,400
DST Systems, Inc.+ ................................ 5,300 169,600
First Data Corporation ............................ 3,750 298,594
Forte Software, Inc.+ ............................. 100 5,225
Informix Corporation+ ............................. 1,700 38,250
Oracle Systems Corp. .............................. 30,800 1,214,675
Reynolds & Reynolds, Class A ...................... 1,400 74,550
Sapient Corporation+ .............................. 100 4,225
Sybase, Inc.+ ..................................... 12,600 297,675
Symantec Corporation+ ............................. 800 10,000
System Software Associates, Inc.+ ................. 12,200 207,400
The BISYS Group, Inc.+ ............................ 1,500 56,625
Transaction Systems Architects, Inc.+ ............. 2,200 147,400
----------
5,119,694
----------
<FN>
- --------------
+ Non-income producing security.
</TABLE>
See notes to financial statements.
17
<PAGE> 27
CHUBB AMERICA FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS-(UNAUDITED)
<TABLE>
EMERGING GROWTH PORTFOLIO-(CONTINUED)
JUNE 30, 1996
<CAPTION>
NUMBER MARKET
OF VALUE
COMPANY SHARES (NOTE B)
- ------- ------ ----------
<S> <C> <C>
COMMON STOCK-CONTINUED
COMPUTERS SOFTWARE - P.C.-7.28%
Adobe Systems, Inc. ...................................... 3,150 $ 113,006
Autodesk, Inc. ........................................... 7,300 218,087
Cisco Systems, Inc. ...................................... 7,550 427,519
Control Data Systems, Inc.+............................... 3,000 64,125
Edify Corporation+ ....................................... 100 2,650
Electronic Arts, Inc.+.................................... 400 10,700
Microsoft Corp.+.......................................... 1,000 120,125
Planning Sciences International,
Inc.+ .................................................. 100 2,250
Spectrum Holobyte, Inc.+.................................. 5,100 29,325
Sterling Commerce, Inc.+.................................. 800 29,700
Sun Microsystems, Inc.+................................... 1,350 79,481
Technology Solutions
Company+................................................ 12,700 439,738
USCS International, Inc.+................................. 1,100 21,175
----------
1,557,881
----------
ELECTRONICS-3.35%
ADT Limited+.............................................. 5,500 103,812
Altera Corporation+....................................... 4,000 152,000
Ceridian Corp.+........................................... 7,700 388,850
LSI Logic Corporation+ ................................... 2,800 72,800
----------
717,462
----------
ELECTRONICS - SEMICONDUCTOR-0.42%
Xilinx, Inc.+............................................. 2,800 88,900
----------
ENTERTAINMENT & LEISURE-2.66%
Bally Entertainment Corp. ................................ 2,500 68,750
Grand Casinos, Inc.+...................................... 5,900 151,925
Harrah's Entertainment, Inc.+ ............................ 10,800 305,100
Showboat, Inc. ........................................... 200 6,025
YES! Entertainment
Corporation + ........................................... 2,500 36,875
----------
568,675
----------
ENVIRONMENTAL CONTROL-0.68%
Republic Industries, Inc. ................................ 400 11,650
Sanifill, Inc.+ .......................................... 2,700 132,975
----------
144,625
----------
FINANCIAL SERVICES-0.02%
First USA Paymentech, Inc.+ .............................. 100 4,000
----------
INSURANCE-3.35%
Foundation Health Corp.+ ................................. 500 $ 17,937
Healthsource, Inc.+ ...................................... 3,400 59,500
Oxford Health Plans, Inc. ............................... 900 37,013
Pacificare Health Systems,
Class A+ ............................................... 1,000 66,000
United Healthcare Corp.+ ................................. 10,650 537,825
----------
718,275
----------
LODGING-7.18%
HFS, Inc. ................................................ 17,750 1,242,500
Interstate Hotels Company+ ............................... 300 6,675
Promus Hotel Corporation+ ................................ 6,400 189,600
Renaissance Hotel Group NV+ .............................. 4,600 98,900
----------
1,537,675
----------
MACHINES - DIVERSIFIED-0.10%
SI Handling Systems, Inc. ................................ 2,000 20,500
----------
MANUFACTURING-1.49%
Shaw Group, Inc.+ ........................................ 6,300 118,913
Tyco International, Ltd. ................................. 4,900 199,675
----------
318,588
----------
MEDICAL - BIOTECHNOLOGY-0.20%
Guidant Corp. ............................................ 800 39,400
Integra Lifesciences
Corporation+ ........................................... 400 3,900
----------
43,300
----------
MEDICAL - HOSPITALS-3.85%
Columbia/HCA Health ...................................... 200 10,675
Community Health Systems,
Inc.+ .................................................. 2,100 108,675
HealthManagement Associates,
Inc., Class A .......................................... 1,800 36,450
HealthSouth Corporation+ ................................. 10,600 381,600
Orthodontic Centers of
America, Inc. .......................................... 1,700 45,050
Pacificare Health Systems,
Class B+ ............................................... 2,100 142,275
Renal Treatment Centers, Inc. ............................ 2,400 69,000
Total Renal Care Holdings+ ............................... 700 29,575
----------
823,300
----------
<FN>
- -------------------------
+ Non-income producing security.
</TABLE>
See notes to financial statements.
18
<PAGE> 28
CHUBB AMERICA FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS-(UNAUDITED)
<TABLE>
EMERGING GROWTH PORTFOLIO-(CONTINUED)
JUNE 30, 1996
<CAPTION>
NUMBER MARKET
OF VALUE
COMPANY SHARES (NOTE B)
- ------- ------ -----------
<S> <C> <C>
COMMON STOCK-CONTINUED
MEDICAL SUPPLIES-1.25%
Cohr, Inc.+ ................................ 100 $ 2,375
Luxottica Group, SPA, ADR .................. 2,600 190,775
St. June Medical, Inc.+ .................... 2,250 75,375
-----------
268,525
-----------
MINING & METALS-0.13%
Titanium Metals Corporation+ ............... 1,100 28,463
-----------
OFFICE & BUSINESS EQUIPMENT-0.13%
BT Office Products International,
Inc.+ .................................... 1,500 26,812
-----------
OIL/GAS EQUIPMENT-0.38%
Seacor Holdings ............................ 1,800 80,550
-----------
PHARMACEUTICALS-1.06%
Biochem Pharma, Inc.+ ...................... 2,800 105,000
Elan Corporation, PLC, ADR+ ................ 1,100 62,837
Idec Pharmaceuticals, Inc.+ ................ 2,600 60,125
-----------
227,962
-----------
PUBLISHING/PRINTING-0.17%
Pulitzer Publishing Company ................ 600 35,550
-----------
RESTAURANTS & FOOD SERVICE-2.04%
Applebee's International, Inc. ............. 13,500 437,062
-----------
RETAIL-3.42%
Fila Holdings, SPA, ADR .................... 4,275 368,719
Global DirectMail Corp.+ ................... 700 2,650
Hollywood Entertainment Corp. .............. 4,100 63,550
Micro Warehouse, Inc.+ ..................... 600 12,000
Office Depot, Inc.+ ........................ 12,800 260,800
-----------
732,719
-----------
RETAIL - SPECIALTY-1.48%
Corporate Express, Inc.+ ................... 2,600 $ 104,000
General Nutrition Companies,
Inc.+ .................................... 9,000 157,500
Henry Schein, Inc.+ ........................ 100 3,825
Officemax, Inc.+ ........................... 2,200 52,525
-----------
317,850
-----------
TELECOMMUNICATION-4.03%
Asia Satellite Telec. Hldg.,
Ltd., ADR+ ............................... 100 2,975
ECI Telecom, Ltd., Ord. .................... 4,000 93,000
Korea Mobile, ADS+ ......................... 10,200 174,675
Premier Technologies, Inc.+ ................ 100 3,150
Tel-Save Holdings, Inc. .................... 4,550 96,688
Telecom Italia Mobile Di Risp,
Ord.+ .................................... 61,200 83,434
Worldcom, Inc. ............................. 7,400 409,775
-----------
863,697
-----------
TELECOMMUNICATION EQUIPMENT-1.47%
Glenayre Technologies, Inc. ................ 6,300 315,000
-----------
TEXTILES & APPAREL-1.51%
Gucci Group ................................ 2,150 138,675
Nine West Group, Inc.+ ..................... 3,600 184,050
322,725
TRANSPORTATION-0.27%
Wisconsin Central Transportation
Corporation .............................. 1,800 58,500
-----------
TOTAL COMMON STOCK
(Cost $15,473,340) ..................... 18,615,908
-----------
<FN>
- ---------------
* Aggregate cost for Federal income tax purposes
+ Non-income producing security.
</TABLE>
See notes to financial statements.
19
<PAGE> 29
CHUBB AMERICA FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS-(UNAUDITED)
<TABLE>
EMERGING GROWTH PORTFOLIO-(CONTINUED)
JUNE 30, 1996
<CAPTION>
MARKET
PRINCIPAL VALUE
COMPANY VALUE (NOTE B)
- ------- ---------- -----------
<S> <C> <C>
SHORT-TERM OBLIGATIONS-10.73%
Federal Home Loan Bank,
5.250%, due 07/05/96 .......... $2,300,000 $ 2,297,988
-----------
TOTAL SHORT-TERM
OBLIGATIONS
(Cost $2,297,988) ........... 2,297,988
-----------
TOTAL INVESTMENTS
(Cost $17,771,335*) ......... 97.68% 20,913,896
Other assets, less liabilities .. 2.32 495,443
---------- -----------
TOTAL NET ASSETS ............. 100.00% $21,409,339
========== ===========
<FN>
- -------------------
* Aggregate cost for Federal income tax purposes
+ Non-income producing security.
</TABLE>
See notes to financial statements.
20
<PAGE> 30
[This page intentionally left blank]
<PAGE> 31
CHUBB AMERICA FUND, INC.
<TABLE>
STATEMENT OF ASSETS AND LIABILITIES-(UNAUDITED)
JUNE 30, 1996
<CAPTION>
WORLD
GROWTH MONEY GOLD
STOCK MARKET STOCK
PORTFOLIO PORTFOLIO PORTFOLIO
------------ ----------- -----------
<S> <C> <C> <C>
ASSETS
Investments-at cost-see accompanying portfolios .......................... $70,563,765 $8,016,294 $6,947,808
=========== ========== ==========
Investments, at market value (Notes B and C) ............................ $85,916,116 $8,016,294 $8,184,512
Cash .................................................................... 2,644,523 99,368 209,998
Accrued investment income ............................................... 564,599 1,678 2,509
Receivable for portfolio securities sold ................................ 273,898 600,000 233,947
Net receivable for capital shares sold .................................. 49,892 45,904
Deferred organization costs (Note B) ....................................
----------- ---------- ----------
TOTAL ASSETS ......................................................... 89,449,028 8,763,244 8,630,966
LIABILITIES
Net payable for capital shares redeemed ................................. 27,729
Payable for portfolio securities purchased .............................. 858,585 596,040 319,955
Accrued investment advisory fees (Note D) ............................... 50,171 3,234 5,024
Accrued expenses ........................................................ 23,502 717 5,766
----------- ---------- ----------
TOTAL LIABILITIES ..................................................... 932,258 599,991 358,474
NET ASSETS ............................................................... $88,516,770 $8,163,253 $8,272,492
=========== ========== ==========
NET ASSETS CONSIST OF:
Capital paid in ......................................................... $69,412,906 $7,981,329 $7,068,528
Undistributed net investment income ..................................... 808,781 182,964 (93,422)
Accumulated net realized gain (loss) .................................... 2,946,464 (1,040) 61,123
Net unrealized gain (loss) on investments ............................... 15,352,351 1,236,704
Net unrealized loss on translation of assets and liabilities in foreign
currencies (Note C) ................................................... (3,732) (441)
----------- ---------- ----------
NET ASSETS ............................................................... $88,516,770 $8,163,253 $8,272,492
=========== ========== ==========
Shares of common stock outstanding (no par value,
1,000,000,000 shares authorized) ...................................... 3,876,398 777,081 437,658
=========== ========== ==========
Net asset value, offering and redemption price per share ................. $ 22.83 $ 10.51 $ 18.90
=========== ========== ==========
</TABLE>
See notes to financial statements.
22
<PAGE> 32
<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>
$57,470,257 $ 9,175,753 $14,478,741 $37,046,205 $16,109,498 $17,771,335
=========== =========== =========== =========== =========== ===========
$66,513,230 $ 9,068,199 $16,943,576 $50,218,448 $16,973,851 $20,913,896
1,172,606 920,880 657,152 19,306,664 3,997 247,456
71,740 98,248 35,568 79,033 76,922 7,939
4,081,378 1,034,703 2,744,687
7,558 73,559
542 545 540
- ----------- ----------- ----------- ----------- ----------- -----------
67,765,134 10,087,327 17,636,838 73,686,068 18,090,013 23,987,537
26,755 2,896 4,619 39,281
264,555 2,552,231
39,449 3,761 9,978 55,920 10,059 12,868
6,095 1,912 1,652 9,933 7,598 13,099
- ----------- ----------- ----------- ----------- ----------- -----------
45,544 32,428 14,526 70,472 321,493 2,578,198
$67,719,590 $10,054,899 $17,622,312 $73,615,596 $17,768,520 $21,409,339
=========== =========== =========== =========== =========== ===========
$52,953,927 $ 9,871,909 $14,551,814 $54,099,199 $15,890,405 $17,703,169
120,435 285,279 107,760 86,787 179,940 (56,661)
5,602,255 5,265 497,903 6,257,679 833,822 620,270
9,042,973 (107,554) 2,464,835 13,172,243 864,353 3,142,561
(312)
- ----------- ----------- ----------- ----------- ----------- -----------
$67,719,590 $10,054,899 $17,622,312 $73,615,596 $17,768,520 $21,409,339
=========== =========== =========== =========== =========== ===========
3,440,892 969,621 1,120,248 3,671,254 1,451,484 1,397,826
=========== =========== =========== =========== =========== ===========
$ 19.68 $ 10.37 $ 15.73 $ 20.05 $ 12.24 $ 15.32
=========== =========== =========== =========== =========== ===========
</TABLE>
See notes to financial statements.
23
<PAGE> 33
CHUBB AMERICA FUND, INC.
<TABLE>
STATEMENT OF OPERATIONS
FOR THE PERIOD ENDED JUNE 30, 1996
<CAPTION>
WORLD
GROWTH MONEY GOLD
STOCK MARKET STOCK
PORTFOLIO PORTFOLIO PORTFOLIO
----------- --------- ---------
<S> <C> <C> <C>
INVESTMENT INCOME
Income:
Interest ............................................................... $ 297,167 $207,379 $ 10,408
Dividends .............................................................. 1,523,773 26,101
Foreign taxes withheld ................................................. (124,613) (1,548)
---------- -------- --------
Total investment
income .............................................................. 1,696,327 207,379 34,961
---------- -------- --------
Expenses:
Advisory fees (Note D) ................................................. 307,912 20,098 32,449
Custodian fees ......................................................... 14,767 804 6,445
Shareholder reports .................................................... 15,102 1,476 1,576
Professional fees ...................................................... 9,058 1,010 1,030
Insurance expense ...................................................... 2,406 237 254
Directors fees ......................................................... 2,180 215 230
Security valuation ..................................................... 7,025 495 3,609
Miscellaneous expenses ................................................. 148 80 354
Amortization of deferred organization costs (Note B) ...................
---------- -------- --------
Total expenses ....................................................... 358,598 24,415 45,947
---------- -------- --------
Net investment
income (loss) ...................................................... 1,337,729 182,964 (10,986)
---------- -------- --------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS AND FOREIGN CURRENCY
Net realized gain (loss) on investments ................................. 2,946,465 (95) 394,057
Net realized loss from foreign currency transactions .................... (74,930) (10,632)
Net unrealized gain (loss) on investments ............................... 2,395,588 (1,316) 554,502
Net unrealized gain (loss) on translation of assets and liabilities in
foreign currencies .................................................... 25,306 (449)
---------- -------- --------
Net realized and unrealized gain (loss) on
investments and foreign currency ................................... 5,292,429 (1,411) 937,478
---------- -------- --------
Net increase (decrease) in net assets
resulting from operations .............................................. $6,630,158 $181,553 $926,492
========== ======== ========
</TABLE>
See notes to financial statements.
24
<PAGE> 34
<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>
$ 38,335 $ 315,149 $ 29,916 $ 202,338 $ 216,200 $ 30,547
344,776 145,655 248,211 48,784 12,849
(1,815) (11,641) (80) (1,064)
- ---------- --------- ---------- ----------- --------- ----------
383,111 315,149 173,756 438,908 264,904 42,332
- ---------- --------- ---------- ----------- --------- ----------
233,748 23,991 57,120 315,849 64,449 65,301
2,800 1,085 1,265 7,003 9,144 20,214
11,517 1,820 2,804 11,522 3,156 3,033
8,008 1,282 1,979 7,292 2,132 2,146
1,827 283 446 1,846 504 475
1,656 256 404 1,672 457 430
2,684 973 1,425 2,774 4,601 6,272
436 180 192 149 164 1,122
361 357 357
- ---------- --------- ---------- ----------- --------- ----------
262,676 29,870 65,996 348,464 84,964 98,993
- ---------- --------- ---------- ----------- --------- ----------
120,435 285,279 107,760 90,444 179,940 (56,661)
- ---------- --------- ---------- ----------- --------- ----------
5,602,255 39,930 630,077 6,257,679 833,822 620,270
(2,514)
1,229,101 (514,653) 603,660 4,284,973 (387,628) 1,703,182
(320)
- ---------- --------- ---------- ----------- --------- ----------
6,831,356 (474,723) 1,233,737 10,539,818 446,194 2,323,452
- ---------- --------- ---------- ----------- --------- ----------
$6,951,791 $(189,444) $1,341,497 $10,630,262 $ 626,134 $2,266,791
========== ========= ========== =========== ========= ==========
</TABLE>
See notes to financial statements.
25
<PAGE> 35
<TABLE>
CHUBB AMERICA FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
<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, 1996 31, 1995 30, 1996 31, 1996 31, 1995 31, 1995
----------- ----------- ---------- ---------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C>
Increase(decrease) in net assets:
From operations:
Net investment income (loss) .......... $ 1,337,729 $ 1,578,594 $ 182,964 $ 401,686 $ (10,986) $ 19,515
Net realized gain (loss) on
investments .......................... 2,946,465 2,331,370 (95) (59) 394,057 1,128,650
Net realized gain (loss) from foreign
currency transactions ................ (74,930) (144,377) (10,632) (5,423)
Net unrealized gain (loss)
on investments ....................... 2,395,588 6,906,079 (1,316) 1,316 554,502 (763,459)
Net unrealized gain (loss) on
translation of assets and
liabilities in foreign currencies .... 25,306 (26,053) (449) 8
----------- ----------- ---------- ---------- ---------- ----------
Net increase (decrease) in net assets
resulting from operations ............ 6,630,158 10,645,613 181,553 402,943 926,492 379,291
Dividends to shareholders from
net investment income .................. (1,504,890) (401,686) (19,549)
Dividends to shareholders in excess
of net investment income ............... (18,006)
Distributions to shareholders from
capital gains .......................... (556,741) (1,647,022)
Distributions to shareholders in excess
of capital gains
Increase (decrease) in net assets derived
from shareholder transactions (Note E) . 8,750,996 13,294,888 (330,976) 630,934 478,355 (825,716)
----------- ----------- ---------- ---------- ---------- ----------
Net increase (decrease) in
net assets ............................ 14,824,413 20,788,589 (149,423) 632,191 1,404,847 (483,980)
Net Assets:
Beginning of period .................... 73,692,357 52,903,768 8,312,676 7,680,485 6,867,645 7,351,625
----------- ----------- ---------- ---------- ---------- ----------
End of period .......................... $88,516,770 $73,692,357 $8,163,253 $8,312,676 $8,272,492 $6,867,645
=========== =========== ========== ========== ========== ==========
Including under (over) distribution
of net investment income ............... $ 1,262,799 $ (154,018) $ 182,964 $ 0 $ (71,804) $ (23,463)
=========== =========== ========== ========== ========== ==========
<CAPTION>
DOMESTIC GROWTH STOCK BOND GROWTH AND INCOME
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, 1996 31, 1995 30, 1996 31, 1995 30, 1996 31, 1995
----------- ----------- ----------- ----------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C>
Increase(decrease) in net assets:
From operations:
Net investment income (loss) .......... $ 120,435 $ 404,753 $ 285,279 $ 644,900 $ 107,760 $ 132,259
Net realized gain (loss) on
investments .......................... 5,602,255 6,833,811 39,930 194,936 630,077 263,627
Net realized gain (loss) from foreign
currency transactions
Net unrealized gain (loss)
on investments ....................... 1,229,101 3,980,606 (514,653) 775,732 603,660 1,988,518
Net unrealized gain (loss) on
translation of assets and
liabilities in foreign currencies
----------- ----------- ----------- ----------- ----------- -----------
Net increase (decrease) in net assets
resulting from operations ............ 6,951,791 11,219,170 (189,444) 1,615,568 1,341,497 2,384,404
Dividends to shareholders from
net investment income .................. (404,753) (644,900) (132,259)
Dividends to shareholders in excess
of net investment income
Distributions to shareholders from
capital gains .......................... (1,180,117) (6,681,176) (263,627)
Distributions to shareholders in excess
of capital gains ....................... (132,174)
Increase (decrease) in net assets derived
from shareholder transactions (Note E) . 13,430,030 12,925,979 1,014,253 (4,807,023) 3,154,792 5,659,207
----------- ----------- ----------- ----------- ----------- -----------
Net increase (decrease) in
net assets ............................ 19,201,704 17,059,220 824,809 (3,836,355) 4,496,289 7,515,551
Net Assets:
Beginning of period .................... 48,517,886 31,458,666 9,230,090 13,066,445 13,126,023 5,610,472
----------- ----------- ----------- ----------- ----------- -----------
End of period .......................... $67,719,590 $48,517,886 $10,054,899 $ 9,230,090 $17,622,312 $13,126,023
=========== =========== =========== =========== =========== ===========
Including under (over) distribution
of net investment income ............... $ 120,435 $ 0 $ 285,279 $ 0 $ 07,760 $ 0
=========== =========== =========== =========== =========== ===========
<FN>
(A) For the period from May 1, 1995 (Commencement of Operations) to December 31,
1995.
</TABLE>
See notes to financial statements.
26
<PAGE> 36
<TABLE>
<CAPTION>
CAPITAL GROWTH BALANCED EMERGING GROWTH
PORTFOLIO PORTFOLIO PORTFOLIO
-------------------------- -------------------------- ---------------------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
SIX SIX SIX PERIOD
MONTHS YEAR MONTHS YEAR MONTHS MAY, 1
ENDED ENDED ENDED ENDED ENDED 1995 TO
JUNE DECEMBER JUNE DECEMBER JUNE DECEMBER
30, 1996 31, 1996 30, 1996 30, 1995 30, 1996 31, 1995(A)
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Increase(decrease) in net assets:
From operations:
Net investment income (loss) .......... $ 90,444 $ 82,795 $ 179,940 $ 454,979 $ (56,661) $ (35,141)
Net realized gain (loss) on
investments .......................... 6,257,679 6,193,650 833,822 956,351 620,270 68,623
Net realized gain (loss) from foreign
currency transactions ................ (2,514) (1,143)
Net unrealized gain (loss)
on investments ....................... 4,284,973 7,917,932 (387,628) 1,446,230 1,703,182 1,439,379
Net unrealized gain (loss) on
translation of assets and
liabilities in foreign currencies .... (320) 1
----------- ----------- ----------- ----------- ----------- -----------
Net increase (decrease) in net assets
resulting from operations ............ 10,630,262 14,193,235 626,134 2,857,560 2,266,791 1,472,861
Dividends to shareholders from
net investment income .................. (82,795) (454,979)
Dividends to shareholders in excess
of net investment income
Distributions to shareholders from
capital gains .......................... (1,602,334) (4,477,144) (167,827) (868,152) (33,482)
Distributions to shareholders in excess
of capital gains
Increase (decrease) in net assets derived
from shareholder transactions (Note E) . 14,734,639 12,655,647 2,777,945 (1,767,014) 7,736,506 9,966,663
----------- ----------- ----------- ----------- ----------- -----------
Net increase (decrease) in
net assets ............................ 23,762,567 22,288,943 3,236,252 (232,585) 9,969,815 11,439,524
Net Assets:
Beginning of period .................... 49,853,029 27,564,086 14,532,268 14,764,853 11,439,524 0
----------- ----------- ----------- ----------- ----------- -----------
End of period .......................... $73,615,596 $49,853,029 $17,768,520 $14,532,268 $21,409,339 $11,439,524
=========== =========== =========== =========== =========== ===========
Including under (over) distribution
of net investment income ............... $ 87,930 $ (1,143) $ 179,940 $ 0 $ (56,661) $ 0
=========== =========== =========== =========== =========== ===========
<FN>
(A) For the period from May 1, 1995 (Commencement of Operations) to December 31,
1995.
</TABLE>
See notes to financial statements.
27
<PAGE> 37
NOTES TO FINANCIAL STATEMENTS
CHUBB AMERICA FUND, INC.
June 30, 1996
NOTE A--ORGANIZATION
<TABLE>
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,
1996 is as follows:
<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 24,399 2.18%
Capital Growth 15,095 0.41%
Balanced 18,781 1.29%
Emerging Growth 300,633 21.51%
</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.
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.
28
<PAGE> 38
NOTES TO FINANCIAL STATEMENTS
CHUBB AMERICA FUND, INC.
JUNE 30, 1996
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 Portfolios may 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 for
securities and accrued investment income at June 30, 1996.
Federal Income Taxes: It is the policy of the Company for each Portfolio 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.
<TABLE>
As of June 30, 1996, gross unrealized gains and losses were as follows:
<CAPTION>
GROSS GROSS NET
UNREALIZED UNREALIZED UNREALIZED
GAINS LOSSES GAIN (LOSS)
----------- ---------- -----------
<S> <C> <C> <C>
World Growth Stock Portfolio .. $18,348,879 $2,996,528 $15,352,351
Money Market Portfolio ........ -- -- --
Gold Stock Portfolio .......... 1,782,560 545,856 1,236,704
Domestic Growth Stock Portfolio 13,222,206 4,179,233 9,042,973
Bond Portfolio ................ 66,214 173,768 (107,554)
Growth and Income Portfolio ... 2,712,272 247,437 2,464,835
Capital Growth Portfolio ...... 13,666,086 493,843 13,172,243
Balanced Portfolio ............ 1,084,702 220,349 864,353
Emerging Growth Portfolio ..... 3,710,645 568,084 3,142,561
</TABLE>
29
<PAGE> 39
NOTES TO FINANCIAL STATEMENTS
CHUBB AMERICA FUND, INC.
JUNE 30, 1996
NOTE C--INVESTMENTS--(CONTINUED)
As of June 30, 1996, the World Growth Stock Portfolio had an unrealized foreign
currency loss of $3,732, the Gold Stock Portfolio had an unrealized foreign
currency loss of $441, and the Capital Growth Portfolio had an unrealized
foreign currency loss of $312.
At June 30, 1996, 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 $696 which expires in 2002; the Gold Stock Portfolio
has $332,934, of which $49,107 expires in 2000, and $283,827 expires in 2001;
the Bond Portfolio has $34,665 which expires in 2002.
In addition, during the period from November 1, 1995 through December 31, 1995,
the World Growth Stock Portfolio incurred foreign currency losses of $36,546,
the Money Market Portfolio incurred capital losses of $249, the Gold Stock
Portfolio incurred currency losses of $1,087, and the Growth and Income
Portfolio incurred capital losses of $132,174 that are treated for Federal
Income tax purposes as if they occurred on January 1, 1996. Accordingly, during
the year end 1995 these Portfolios made distributions, as required by Internal
Revenue Code Regulations, in excess of amounts recognized for financial
reporting purposes.
As of December 31, 1995, the Gold Stock Portfolio had investments in passive
foreign investment companies during the year which were marked to market for
Federal tax purposes. A distribution of $22,342 on the Gold Stock Portfolio was
declared based upon this mark to market adjustment, resulting in distributions
in excess of net investment income for financial statement purposes.
<TABLE>
Purchases and sales of investment securities for the period ended June 30, 1996,
other than short-term obligations, were as follows:
<CAPTION>
PROCEEDS
COST OF FROM
INVESTMENT INVESTMENT
SECURITIES SECURITIES
----------- -----------
PURCHASED SOLD
<S> <C> <C>
World Growth Stock Portfolio .. $14,615,606 $ 9,074,799
Gold Stock Portfolio .......... 2,981,860 2,128,040
Domestic Growth Stock Portfolio 24,420,413 16,987,856
Bond Portfolio ................ 1,450,863 1,394,030
Growth and Income Portfolio ... 4,585,406 2,054,537
Capital Growth Portfolio ...... 30,554,111 31,685,654
Balanced Portfolio ............ 14,406,389 14,075,572
Emerging Growth Portfolio ..... 13,146,090 7,105,475
</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
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
30
<PAGE> 40
NOTES TO FINANCIAL STATEMENTS
CHUBB AMERICA FUND, INC.
JUNE 30, 1996
NOTE D--INVESTMENT ADVISORY FEES AND MANAGEMENT AGREEMENT--(CONTINUED)
<TABLE>
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 assets of each
Portfolio as shown below:
<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
<TABLE>
Following is a summary of transactions with shareholders for each Portfolio.
<CAPTION>
WORLD GROWTH STOCK PORTFOLIO
----------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1996 DECEMBER 31, 1995
------------------------ ---------------------------
SHARES DOLLARS SHARES DOLLARS
------- ----------- --------- ------------
<S> <C> <C> <C> <C>
Shares issued .................. 297,664 $ 6,585,665 1,079,198 $ 21,534,683
Shares issued as reinvestment of
dividends .................... 173,957 3,708,652 149,363 2,838,549
Shares redeemed ................ (70,499) (1,543,321) (537,061) (11,078,344)
------- ----------- --------- ------------
Net increase ............... 401,122 $ 8,750,996 691,500 $ 13,294,888
======= =========== ========= ============
<CAPTION>
MONEY MARKET PORTFOLIO
-----------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1996 DECEMBER 31, 1995
------------------------- -----------------------------
SHARES DOLLARS SHARES DOLLARS
-------- ----------- ---------- -------------
<S> <C> <C> <C> <C>
Shares issued .................. 531,787 $ 5,530,430 1,632,081 $ 17,200,276
Shares issued as reinvestment of
dividends .................... 39,106 401,686 25,311 259,435
Shares redeemed ................ (603,083) (6,263,092) (1,597,452) (16,828,777)
------- ----------- --------- ------------
Net increase (decrease) .... (32,190) $ (330,976) 59,940 $ 630,934
======= =========== ========= ============
</TABLE>
31
<PAGE> 41
<TABLE>
NOTES TO FINANCIAL STATEMENTS
CHUBB AMERICA FUND, INC.
JUNE 30, 1996
NOTE E--SHAREHOLDERS' TRANSACTIONS-(CONTINUED)
<CAPTION>
GOLD STOCK PORTFOLIO
------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1996 DECEMBER 31, 1995
------------------------ -------------------------
SHARES DOLLARS SHARES DOLLARS
------ ----------- -------- -----------
<S> <C> <C> <C> <C>
Shares issued .................. 51,780 $1,043,650 186,086 $ 2,934,007
Shares issued as reinvestment of
dividends .................... 2,259 37,521 3,131 50,893
Shares redeemed ................ (29,813) (602,816) (228,093) (3,810,616)
------ ---------- ------- -----------
Net increase (decrease) .... 24,226 $ 478,355 (38,876) $ (825,716)
====== ========== ======= ===========
<CAPTION>
DOMESTIC GROWTH STOCK PORTFOLIO
--------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1996 DECEMBER 31, 1995
------------------------- ------------------------
SHARES DOLLARS SHARES DOLLARS
------- ----------- ------- ----------
<S> <C> <C> <C> <C>
Shares issued .................. 377,735 $ 7,222,648 772,787 $13,629,978
Shares issued as reinvestment of
dividends .................... 401,256 7,238,564 119,026 1,896,979
Shares redeemed ................ (53,770) (1,031,182) (150,022) (2,600,978)
------- ----------- ------- -----------
Net increase ............... 725,221 $13,430,030 741,791 $12,925,979
======= =========== ======= ===========
<CAPTION>
BOND PORTFOLIO
-----------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1996 DECEMBER 31, 1995
-----------------------------------------------------------
SHARES DOLLARS SHARES DOLLARS
--------- ----------- ----------- ------------
<S> <C> <C> <C> <C>
Shares issued .................. 200,679 $ 2,084,795 570,322 $ 6,012,459
Shares issued as reinvestment of
dividends .................... 60,897 644,900 48,644 472,011
Shares redeemed ................ (163,534) (1,715,442) (1,093,969) (11,291,493)
------- ----------- --------- ------------
Net increase (decrease) .... 98,042 $ 1,014,253 (475,003) $ (4,807,023)
======= =========== ========= ============
</TABLE>
32
<PAGE> 42
<TABLE>
NOTES TO FINANCIAL STATEMENTS
CHUBB AMERICA FUND, INC.
JUNE 30, 1996
NOTE E--SHAREHOLDERS' TRANSACTIONS-(CONTINUED)
<CAPTION>
GROWTH AND INCOME PORTFOLIO
-------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1996 DECEMBER 31, 1995
------------------------- -------------------------
SHARES DOLLARS SHARES DOLLARS
-------- ----------- -------- -----------
<S> <C> <C> <C> <C>
Shares issued .................. 309,656 $ 4,673,406 513,526 $ 7,033,965
Shares issued as reinvestment of
dividends .................... 36,642 528,059 17,247 193,563
Shares redeemed ................ (136,857) (2,046,673) (119,878) (1,568,321)
------- ----------- -------- -----------
Net increase ............... 209,441 $ 3,154,792 410,895 $ 5,659,207
======= =========== ======== ===========
<CAPTION>
CAPITAL GROWTH PORTFOLIO
-----------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1996 DECEMBER 31, 1995
-------------------------- ---------------------------
SHARES DOLLARS SHARES DOLLARS
------- ----------- --------- -----------
<S> <C> <C> <C> <C>
Shares issued .................. 528,802 $ 9,943,898 1,012,623 $15,822,540
Shares issued as reinvestment of
dividends .................... 348,517 6,162,273 35,107 469,711
Shares redeemed ................ (75,263) (1,371,532) (238,732) (3,636,604)
------- ----------- --------- -----------
Net increase ............... 802,056 $14,734,639 808,998 $12,655,647
======= =========== -======== ===========
<CAPTION>
Balanced Portfolio
-------------------------------------------------------
Six Months Ended Year Ended
June 30, 1996 December 31, 1995
------------------------ -------------------------
Shares Dollars Shares Dollars
-------- ----------- -------- -----------
<S> <C> <C> <C> <C>
Shares issued .................. 289,093 $ 3,462,091 423,487 $ 4,897,002
Shares issued as reinvestment of
dividends .................... 118,592 1,411,330 49,731 527,979
Shares redeemed ................ (176,640) (2,095,476) (643,500) (7,191,995)
------- ----------- ------- -----------
Net increase (decrease) .... 231,045 $ 2,777,945 (170,282) $(1,767,014)
======= =========== ======= ===========
</TABLE>
33
<PAGE> 43
<TABLE>
NOTES TO FINANCIAL STATEMENTS
CHUBB AMERICA FUND, INC.
JUNE 30, 1996
NOTE E--SHAREHOLDERS' TRANSACTIONS-(CONTINUED)
<CAPTION>
EMERGING GROWTH PORTFOLIO
---------------------------------------------------------
SIX MONTHS ENDED FOR PERIOD MAY 1, 1995
JUNE 30, 1996 TO DECEMBER 31, 1995*
------------------------- --------------------------
SHARES DOLLARS SHARES DOLLARS
-------- ----------- ------- -------------
<S> <C> <C> <C> <C>
Shares issued .................. 559,295 $8,052,101 864,931 $10,018,440
Shares issued as reinvestment of
dividends .................... 2,359 33,482
Shares redeemed ................ (24,706) (349,077) (4,053) (51,777)
------- ---------- ------- -----------
Net increase ............... 536,948 $7,736,506 860,878 $ 9,966,663
======= ========== ======= ===========
<FN>
* Inception Date May 1, 1995
</TABLE>
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.
<TABLE>
The following securities are not registered in the U.S. or their country of
origin, and are considered restricted:
<CAPTION>
RESTRICTED DATE OF MARKET
SECURITY ACQUISITION COST VALUE
- ---------- ----------- ------- --------
<S> <C> <C> <C>
Granges, Inc., Units April 25, 1996 $115,044 $ 83,616
Indochina Goldfields, Inc. June 26, 1996 220,530 172,082
Tombstone Explorations Company Units May 23, 1996 109,125 112,070
</TABLE>
34
<PAGE> 44
<TABLE>
CHUBB AMERICA FUND, INC.
FINANCIAL HIGHLIGHTS
For a share outstanding throughout the period:
<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, 1996 31, 1995 31, 1994 31, 1993 31, 1992 31, 1991
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period .......................... $ 21.20 $ 19.00 $ 20.89 $ 16.73 $ 16.45 $ 13.70
INCOME FROM INVESTMENT
OPERATIONS
Net investment income ........... 0.34 0.45 0.25 0.24 0.35 0.34
Net gains and losses on
securities and foreign currency
(both realized and unrealized) . 1.44 2.65 (0.89) 5.40 0.65 2.75
----------- ----------- ----------- ----------- ----------- -----------
Total from investment
operations ..................... 1.78 3.10 (0.64) 5.64 1.00 3.09
LESS DISTRIBUTIONS TO
SHAREHOLDERS
Dividends from net
investment income .............. (0.43) (0.25) (0.24) (0.35) (0.34)
Dividends in excess of net
investment income ..............
Distributions from capital
gains .......................... (0.15) (0.47) (0.81) (1.24) (0.37)
Distributions in excess of
capital gains .................. (0.19)
Returns of capital ..............
----------- ----------- ----------- ----------- ----------- -----------
Total distributions ............. (0.15) (0.90) (1.25) (1.48) (0.72) (0.34)
----------- ----------- ----------- ----------- ----------- -----------
Net asset value, end of period. ... $ 22.83 $ 21.20 $ 19.00 $ 20.89 $ 16.73 $ 16.45
=========== =========== =========== =========== =========== ===========
Total Return (A) .................. 8.42% 16.35% (3.05%) 33.73% 6.10% 22.53%
Ratios to Average Net Assets:
(Annualized)
Expenses ........................ 0.87% 0.96% 1.00% 1.04% 1.17% 1.14%
Net investment income ........... 3.07% 2.31% 1.56% 1.64% 2.19% 2.40%
Portfolio Turnover Rate ........... 12.30% 18.09% 18.47% 34.90% 32.27% 50.06%
Average Commission Rate Paid ...... $ 0.0346
Net Assets, At End of Period ...... $88,516,770 $73,692,357 $52,903,768 $42,031,141 $25,416,357 $22,659,930
<FN>
(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 insuranced policies. Investment returns and
principal values will fluctuate and shares, when redeemed, may be worth
more or less than the original cost. Total return figures for periods less
than one year have not been annualized.
</TABLE>
35
<PAGE> 45
<TABLE>
CHUBB AMERICA FUND, INC.
FINANCIAL HIGHLIGHTS-(CONTINUED)
For a share outstanding throughout the period (A):
<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, 1996 31, 1995 31, 1994 31, 1993 31, 1992 31, 1991
----------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period ........................... $ 10.27 $ 10.25 $ 10.26 $ 10.22 $ 10.22 $ 10.21
INCOME FROM INVESTMENT
OPERATIONS
Net investment income ............ 0.24 0.50 0.35 0.20 0.29 0.52
Net gains and losses
on securities (both
realized and unrealized) ........ 0.02 (0.01) 0.04 0.01
---------- ---------- ---------- ---------- ---------- ----------
Total from investment
operations ...................... 0.24 0.52 0.34 0.24 0.29 0.53
LESS DISTRIBUTIONS TO
SHAREHOLDERS
Dividends from net
investment income ............... (0.50) (0.35) (0.20) (0.29) (0.52)
Dividends in excess of net
investment income ...............
Distributions from capital
gains ...........................
Distributions in excess of
capital gains ...................
Returns of capital ...............
---------- ---------- ---------- ---------- ---------- ----------
Total distributions .............. 0.00 (0.50) (0.35) (0.20) (0.29) (0.52)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period. .... $ 10.51 $ 10.27 $ 10.25 $ 10.26 $ 10.22 $ 10.22
========== ========== ========== ========== ========== ==========
Total Return (B) ................... 2.27% 5.06% 3.28% 2.32% 2.83% 5.18%
Ratios to Average Net Assets:
(Annualized)
Expenses ......................... 0.61% 0.63% 0.65% 0.74% 0.85% 0.85%
Net investment income ............ 4.54% 4.89% 3.31% 2.32% 2.81% 4.95%
Portfolio Turnover Rate (C) ........ N/A N/A N/A N/A N/A N/A
Average Commission Rate Paid (D) ... N/A
Net Assets, At End of Period ....... $8,163,253 $8,312,676 $7,680,485 $5,061,181 $3,956,152 $3,672,941
<FN>
(A) The per share amounts which are shown have been computed based on the
average number of shares outstanding during each year.
(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 insuranced policies. Investment returns and
principal values will fluctuate and shares, when redeemed, may be worth
more or less than the original cost. Total return figures for periods less
than one year have not been annualized.
(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.
(D) During the period, the portfolio held less than 10% of the value of its
average net assets in equity securities. Therefore, the Average Commission
Rate Paid has not been calculated.
</TABLE>
36
<PAGE> 46
<TABLE>
CHUBB AMERICA FUND, INC.
FINANCIAL HIGHLIGHTS-(CONTINUED)
For a share outstanding throughout the period:
<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, 1996 31, 1995 31, 1994 31, 1993 31, 1992 31, 1991
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period .......................... $ 16.61 $ 16.25 $ 19.00 $ 11.57 $ 11.99 $ 12.76
INCOME FROM INVESTMENT
OPERATIONS
Net investment income ........... (0.04) 0.05 0.03 0.02 0.03 0.07
Net gains and losses on
securities and foreign currency
(both realized and unrealized) . 2.33 0.40 (2.65) 7.43 (0.42) (0.77)
---------- ---------- ---------- ---------- ---------- ----------
Total from investment
operations ..................... 2.29 0.45 (2.62) 7.45 (0.39) (0.70)
LESS DISTRIBUTIONS TO
SHAREHOLDERS
Dividends from net
investment income .............. (0.05) (0.03) (0.02) (0.03) (0.07)
Dividends in excess of net
investment income .............. (0.04)
Distributions from capital
gains ..........................
Distributions in excess of
capital gains .................. (0.10)
Returns of capital ..............
---------- ---------- ---------- ---------- ---------- ----------
Total distributions ............. 0.00 (0.09) (0.13) (0.02) (0.03) (0.07)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period .... $ 18.90 $ 16.61 $ 16.25 $ 19.00 $ 11.57 $ 11.99
========== ========== ========== ========== ========== ==========
Total Return (A) .................. 13.79% 2.76% (13.77%) 63.90% (3.29%) (5.48%)
Ratios to Average Net Assets:
(Annualized)
Expenses ........................ 1.06% 1.01% 0.99% 1.01% 1.13% 1.16%
Net investment income ........... (0.51%) 0.24% 0.18% 0.14% 0.24% 0.57%
Portfolio Turnover Rate ........... 25.75% 23.98% 11.12% 7.32% 7.78% 14.23%
Average Commission Rate Paid ...... $ 0.0075
Net Assets, At End of Period ...... $8,272,492 $6,867,645 $7,351,625 $7,863,581 $4,338,297 $4,646,951
<FN>
(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 insuranced policies. Investment returns and
principal values will fluctuate and shares, when redeemed, may be worth
more or less than the original cost. Total return figures for periods less
than one year have not been annualized.
</TABLE>
37
<PAGE> 47
<TABLE>
CHUBB AMERICA FUND, INC.
FINANCIAL HIGHLIGHTS-(CONTINUED)
For a share outstanding throughout the period:
<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, 1996 31, 1995 31, 1994 31, 1993 31, 1992 31, 1991
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period ....................... $ 17.87 $ 15.94 $ 16.14 $ 15.16 $ 12.96 $ 10.15
INCOME FROM INVESTMENT
OPERATIONS
Net investment income ........ 0.04 0.15 0.09 0.12 0.14 0.24
Net gains and losses
on securities (both
realized and unrealized) .... 1.44 4.48 1.12 2.29 3.27 3.13
----------- ----------- ----------- ----------- ----------- -----------
Total from investment
operations .................. 1.48 4.63 1.21 2.41 3.41 3.37
LESS DISTRIBUTIONS TO
SHAREHOLDERS
Dividends from net
investment income ........... (0.15) (0.09) (0.12) (0.14) (0.24)
Dividends in excess of net
investment income ...........
Distributions from capital
gains ....................... (0.36) (2.55) (1.32) (1.31) (1.07) (0.32)
Distributions in excess of
capital gains ...............
Returns of capital ...........
----------- ----------- ----------- ----------- ----------- -----------
Total distributions .......... (0.36) (2.70) (1.41) (1.43) (1.21) (0.56)
----------- ----------- ----------- ----------- ----------- -----------
Net asset value, end of period . $ 18.99 $ 17.87 $ 15.94 $ 16.14 $ 15.16 $ 12.96
=========== =========== =========== =========== =========== ===========
Total Return (A) ............... 12.26% 29.72% 7.66% 15.89% 26.50% 33.18%
Ratios to Average Net Assets:
(Annualized)
Expenses ..................... 0.84% 0.87% 0.89% 0.97% 1.07% 1.13%
Net investment income ........ 0.39% 0.95% 0.63% 0.76% 1.07% 2.02%
Portfolio Turnover Rate ........ 31.77% 64.17% 46.65% 49.47% 41.36% 40.93%
Average Commission Rate Paid ... $ 0.0553
Net Assets, At End of Period ... $67,719,590 $48,517,886 $31,458,666 $25,072,289 $19,985,838 $15,583,806
<FN>
(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 insuranced policies. Investment returns and
principal values will fluctuate and shares, when redeemed, may be worth
more or less than the original cost. Total return figures for periods less
than one year have not been annualized.
</TABLE>
38
<PAGE> 48
<TABLE>
CHUBB AMERICA FUND, INC.
FINANCIAL HIGHLIGHTS-(CONTINUED)
For a share outstanding throughout the period:
<CAPTION>
BOND PORTFOLIO
----------------------------------------------------------------------------------------------
(UNAUDITED)
SIX
MONTHS YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
JUNE DECEMBER DECEMBER DECEMBER DECEMBER DECEMBER
30, 1996 31, 1995 31, 1994 31, 1993 31, 1992 31, 1991
----------- ---------- ----------- --------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period ......................... $ 10.59 $ 9.70 $ 10.28 $ 10.21 $ 10.61 $ 9.83
INCOME FROM INVESTMENT
OPERATIONS
Net investment income .......... 0.29 0.74 0.35 0.74 0.66 0.72
Net gains and losses
on securities (both
realized and unrealized) ...... (0.51) 0.89 (0.58) 0.13 0.13 0.79
----------- ---------- ----------- --------- ---------- ----------
Total from investment
operations .................... (0.22) 1.63 (0.23) 0.87 0.79 1.51
LESS DISTRIBUTIONS TO
SHAREHOLDERS
Dividends from net
investment income ............. (0.74) (0.35) (0.74) (0.66) (0.73)
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 (0.74) (0.35) (0.80) (1.19) (0.73)
----------- ---------- ----------- --------- ---------- ----------
Net asset value, end of period ... $ 10.37 $ 10.59 $ 9.70 $ 10.28 $ 10.21 $ 10.61
=========== ========== =========== ========== ========== ==========
Total Return (A) ................. (2.08%) 16.76% (2.28%) 8.68% 7.46% 15.34%
Ratios to Average Net Assets:
(Annualized)
Expenses ....................... 0.62% 0.63% 0.68% 0.74% 0.88% 1.03%
Net investment income .......... 5.93% 6.43% 6.07% 7.59% 6.83% 7.12%
Portfolio Turnover Rate .......... 15.08% 127.74% 140.30% 112.66% 81.23% 23.73%
Average Commission Rate Paid (B) . N/A
Net Assets, At End of Period ..... $10,054,899 $9,230,090 $13,066,445 $5,461,879 $4,042,506 $3,516,314
<FN>
(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 insuranced policies. Investment returns and
principal values will fluctuate and shares, when redeemed, may be worth
more or less than the original cost. Total return figures for periods less
than one year have not been annualized.
(B)During the period, the portfolio held less than 10% of the value of its
average net assets in equity securities. Therefore, the Average Commission
Rate Paid has not been calculated.
</TABLE>
39
<PAGE> 49
<TABLE>
CHUBB AMERICA FUND, INC.
FINANCIAL HIGHLIGHTS-(Continued) For a share outstanding throughout the period:
<CAPTION>
GROWTH AND INCOME PORTFOLIO
----------------------------------------------------------------------------
(UNAUDITED)
SIX PERIOD FROM
MONTHS YEAR YEAR YEAR MAY 1,
ENDED ENDED ENDED ENDED 1992 TO
JUNE DECEMBER DECEMBER DECEMBER DECEMBER
30, 1996 31, 1995 31, 1994 31, 1993 31, 1992 (A)
----------- ----------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
period ........................ $ 14.41 $ 11.22 $ 12.35 $ 11.10 $ 10.27
INCOME FROM INVESTMENT
OPERATIONS
Net investment income ......... 0.10 0.15 0.13 0.12 0.02
Net gains and losses
on securities (both
realized and unrealized) ..... 1.22 3.62 (0.65) 1.53 0.83
----------- ----------- ---------- ---------- ----------
Total from investment
operations ................... 1.32 3.77 (0.52) 1.65 0.85
LESS DISTRIBUTIONS TO
SHAREHOLDERS
Dividends from net
investment income ............ (0.15) (0.13) (0.12) (0.02)
Dividends in excess of net
investment income ............
Distributions from capital
gains ........................ (0.29) (0.48) (0.28)
Distributions in excess of
capital gains ................ (0.14)
Returns of capital ............
----------- ----------- ---------- ---------- ----------
Total distributions ........... 0.00 (0.58) (0.61) (0.40) (0.02)
----------- ----------- ---------- ---------- ----------
Net asset value, end of period. . $ 15.73 $ 14.41 $ 11.22 $ 12.35 $ 11.10
=========== =========== ========== ========== ==========
Total Return (B) ................ 9.15% 33.58% (4.24%) 14.94% 12.48% (C)
Ratios to Average Net Assets:
(Annualized)
Expenses ...................... 0.87% 0.92% 1.10% 1.35% 2.09%(C)
Net investment income ......... 1.41% 1.50% 1.52% 1.38% 0.36%(C)
Portfolio Turnover Rate ......... 13.89% 32.30% 38.17% 77.68% 54.11%
Average Commission Rate Paid .... $ 0.0683
Net Assets, At End of Period .... $17,622,312 $13,126,023 $5,610,472 $2,831,442 $1,489,179
<FN>
(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 insuranced policies. Investment returns and
principal values will fluctuate and shares, when redeemed, may be worth
more or less than the original cost. Total return figures for periods less
than one year have not been annualized.
(C) Per share data and ratios calculated on an annualized basis.
</TABLE>
40
<PAGE> 50
<TABLE>
CHUBB AMERICA FUND, INC.
FINANCIAL HIGHLIGHTS-(Continued)
For a share outstanding throughout the period:
<CAPTION>
CAPITAL GROWTH PORTFOLIO
---------------------------------------------------------------------------
(UNAUDITED)
SIX PERIOD FROM
MONTHS YEAR YEAR YEAR MAY 1,
ENDED ENDED ENDED ENDED 1992 TO
JUNE DECEMBER DECEMBER DECEMBER DECEMBER
30, 1996 31, 1995 31, 1994 31, 1993 31, 1992 (A)
----------- ----------- ----------- ----------- ------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
period ........................... $ 17.38 $ 13.38 $ 14.26 $ 12.42 $ 9.95
INCOME FROM INVESTMENT
OPERATIONS
Net investment income ............ 0.02 0.03 0.03 (0.01)
Net gains and losses on securities
and foreign currency (both
realized and unrealized) ........ 3.13 5.56 (0.49) 3.03 2.69
----------- ----------- ----------- ----------- ----------
Total from investment
operations ...................... 3.15 5.59 (0.46) 3.03 2.68
LESS DISTRIBUTIONS TO
SHAREHOLDERS
Dividends from net
investment income ............... (0.03) (0.03)
Dividends in excess of net
investment income ...............
Distributions from capital
gains ........................... (0.48) (1.56) (0.33) (1.19) (0.21)
Distributions in excess of
capital gains ................... (0.06)
Returns of capital ...............
----------- ----------- ----------- ----------- ----------
Total distributions .............. (0.48) (1.59) (0.42) (1.19) (0.21)
----------- ----------- ----------- ----------- ----------
Net asset value, end of period. .... $ 20.05 $ 17.38 $ 13.38 $ 14.26 $ 12.42
=========== =========== =========== =========== ==========
Total Return (B) ................... 18.40% 41.74% (3.26%) 24.73% 40.40% (C)
Ratios to Average Net Assets:
(Annualized)
Expenses ......................... 1.10% 1.15% 1.22% 1.33% 1.96% (C)
Net investment income ............ 0.28% 0.21% 0.25% (0.11%) (0.37%)(C)
Portfolio Turnover Rate ............ 60.01% 170.32% 202.04% 162.79% 104.76%
Average Commission Rate Paid ....... $ 0.0448
Net Assets, At End of Period ....... $73,615,596 $49,853,029 $27,564,086 $15,373,489 $5,343,734
<FN>
(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 insuranced policies. Investment returns and
principal values will fluctuate and shares, when redeemed, may be worth
more or less than the original cost. Total return figures for periods less
than one year have not been annualized.
(c) Per share data and ratios calculated on an annualized basis.
</TABLE>
41
<PAGE> 51
<TABLE>
CHUBB AMERICA FUND, INC.
FINANCIAL HIGHLIGHTS-(Continued) For a share outstanding throughout the period:
<CAPTION>
BALANCED PORTFOLIO
--------------------------------------------------------------------------------------
(UNAUDITED)
SIX PERIOD FROM
MONTHS YEAR YEAR YEAR MAY 1,
ENDED ENDED ENDED ENDED 1992 TO
JUNE DECEMBER DECEMBER DECEMBER DECEMBER
30, 1996 31, 1995 31, 1994 31, 1993 31, 1992 (A)
----------- ----------- ----------- ----------- ------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
period ............................. $ 11.91 $ 10.62 $ 11.22 $ 10.77 $ 10.10
INCOME FROM INVESTMENT
OPERATIONS
Net investment income .............. 0.12 0.37 0.32 0.25 0.16
Net gains and losses
on securities (both
realized and unrealized) .......... 0.32 1.99 (0.47) 0.74 0.67
----------- ----------- ----------- ----------- ----------
Total from investment
operations ........................ 0.44 2.36 (0.15) 0.99 0.83
LESS DISTRIBUTIONS TO
SHAREHOLDERS
Dividends from net
investment income ................. (0.37) (0.32) (0.25) (0.16)
Dividends in excess of net
investment income .................
Distributions from capital
gains ............................. (0.11) (0.70) (0.13) (0.25)
Distributions in excess of
capital gains ..................... (0.04)
Returns of capital .................
----------- ----------- ----------- ----------- ----------
Total distributions ................ (0.11) (1.07) (0.45) (0.54) (0.16)
----------- ----------- ----------- ----------- ----------
Net asset value, end of period ....... $ 12.24 $ 11.91 $ 10.62 $ 11.22 $ 10.77
=========== =========== =========== =========== ==========
Total Return (B) ..................... 3.79% 22.35% (1.33%) 9.27% 12.33%(C)
Ratios to Average Net Assets:
(Annualized)
Expenses ........................... 0.99% 0.99% 1.01% 1.07% 1.43%(C)
Net investment income .............. 2.09% 3.20% 3.34% 2.79% 2.80%(C)
Portfolio Turnover Rate .............. 93.62% 164.70% 103.68% 65.49% 77.33%
Average Commission Rate Paid ......... $ 0.0620
Net Assets, At End of Period ......... $17,768,520 $14,532,268 $14,764,853 $11,703,898 $6,944,437
<FN>
(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 insuranced policies. Investment returns and
principal values will fluctuate and shares, when redeemed, may be worth
more or less than the original cost. Total return figures for periods less
than one year have not been annualized.
(C) Per share data and ratios calculated on an annualized basis.
</TABLE>
42
<PAGE> 52
<TABLE>
CHUBB AMERICA FUND, INC.
FINANCIAL HIGHLIGHTS-(Continued)
For a share outstanding throughout the period:
<CAPTION>
EMERGING GROWTH PORTFOLIO
--------------------------------
(UNAUDITED)
SIX PERIOD FROM
MONTHS SEPTEMBER 1,
ENDED 1995 THROUGH
JUNE DECEMBER
30, 1996 31, 1995(A)
------------- -------------
<S> <C> <C>
Net asset value, beginning of
period ............................. $ 13.29 $ 10.00
INCOME FROM INVESTMENT
OPERATIONS
Net investment income .............. (0.04) (0.04)
Net gain on securities
(both realized
and unrealized) ................... 2.10 3.33
----------- -----------
Total from investment
operations ........................ 2.06 3.29
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 ..................... (0.03)
Returns of capital ................. -----------
Total distributions ................ (0.03) 0.00
----------- -----------
Net asset value, end of period ....... $ 15.32 $ 13.29
=========== ===========
Total Return (B) ..................... 15.48% 32.91% (C)
Ratios to Average Net Assets:
(Annualized)
Expenses ........................... 1.21% 1.63% (C)
Net investment income .............. (0.69%) (0.84%) (C)
Portfolio Turnover Rate .............. 46.05% 30.31%
Average Commission Rate Paid $ 0.0437
Net Assets, At End of Period ......... $21,409,339 $11,439,524
<FN>
(A) Per share data calculated from the initial offering date, May 1, 1995, 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. Total return figures for periods less
than one year have not been annualized.
(C) Per share data and ratios calculated on an annualized basis.
</TABLE>
43
<PAGE> 53
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<PAGE> 54
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. 8/96
