<PAGE> 1
[CHUBB LOGO]
CHUBB
INVESTMENT
FUNDS
SEMI-ANNUAL
REPORT 1995
MONEY MARKET FUND
GOVERNMENT SECURITIES FUND
TOTAL RETURN FUND
TAX-EXEMPT FUND
GROWTH AND INCOME FUND
[DESCRIPTION OF ARTWORK: PHOTO OF A SEXTANT, COMPASS & MAPS]
<PAGE> 2
CHUBB INVESTMENT FUNDS, INC.
ONE GRANITE PLACE
CONCORD, NEW HAMPSHIRE 03301
Dear Fellow Shareholders:
The first half of 1995 was quite rewarding for owners of long-term financial
assets. In fact, the period might be described as "If you don't like this, you
are hard to please". Common stocks and bonds had an excellent six months,
providing favorable investment returns as a whole. While the past is never a
guarantee of the future, "Chubb value investing" again proved its merit in
rising markets as well as in those of an unsettled nature, such as 1994.
Recently, several of our funds have received favorable comment from various
publications including Fortune, Money and USA Today on its financial page. It
is with such background that we are looking forward to the fall launch of two
additional funds: a mid-cap equity fund and a global fixed income fund. The
first will capitalize on our equity investment capability and the second on our
extensive world wide fixed income knowledge. Both will continue the tradition
of "Chubb value investing".*
The financial markets this year have been stimulated by several significant
developments. First, there was growing evidence that the Federal Government was
finally going to deal with the budget deficit problem. Secondly, it was
recognized that the Federal Reserve Bank had done an excellent job guiding the
economy toward slower growth with low inflation. And finally, corporate profits
were rising smartly as U.S. management learned to deal in a global
environment.
As we move into the late summer and early fall, the political debate
surrounding how to control the budget deficit will, in all likelihood, cause
volatility in the financial markets. Volatility creates opportunity,
particularly for patient investors, and we expect to take full advantage of
those opportunities. One current example is that tax-exempt bonds have not done
as well as taxable bonds this year because of the fear that tax reform will
negatively impact the value of the tax exemption. While tax reform is probably
likely, there is currently value in tax-exempt bonds.
Looking forward to the balance of 1995 and into 1996, one should not expect
investment returns to be as robust as those earned earlier this year, but they
still should be satisfactory. We thank you for your continued support and
cherish our relationship. If you have any questions or suggestions please do
not hesitate to contact us.
Sincerely,
/s/ MICHAEL O'REILLY
------------------------------
Michael O'Reilly
President
Chubb Investment Funds, Inc.
*A registration statement relating to these securities has been filed with the
Securities and Exchange Commission but has not yet become effective. These
securities may not be sold nor may offers to buy be accepted prior to the time
the registration statement becomes effective. This (communication) shall not
constitute an offer to sell or the solicitation of an offer to buy nor shall
there be any sale of these securities in any State in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such State.
<PAGE> 3
CHUBB INVESTMENT FUNDS, INC.
PORTFOLIO COMPOSITION
MONEY MARKET FUND
<TABLE>
<CAPTION>
% OF PORTFOLIO++ PORTFOLIO QUALITY
SHORT-TERM OBLIGATIONS - 96.58%
CASH - 3.42%
% OF
RATING PORTFOLIO
<S> <C>
AAA 96.58%
Cash 3.42%
<CAPTION>
DOLLAR WEIGHTED AVERAGE MATURITY
RATING DAYS
<S> <C>
AAA 11.25
<CAPTION>
DOLLAR WEIGHTED AVERAGE COUPON
<S> <C>
[FIGURE 1] 5.43%
</TABLE>
GOVERNMENT SECURITIES FUND
<TABLE>
<CAPTION>
% OF PORTFOLIO++ DOLLAR WEIGHTED AVERAGE MATURITY
YEARS
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 99.05%
CASH - .95%
<S> <C>
26.59
<CAPTION>
PORTFOLIO DURATION
YEARS
<S> <C>
2.90
<CAPTION>
DOLLAR WEIGHTED AVERAGE COUPON
<S> <C>
8.09%
[FIGURE 2]
</TABLE>
i
<PAGE> 4
CHUBB INVESTMENT FUNDS, INC.
PORTFOLIO COMPOSITION-CONTINUED
TOTAL RETURN FUND
<TABLE>
<CAPTION>
% OF
% OF PORTFOLIO++ TOP TEN EQUITIES PORTFOLIO
<C> <S> <C>
COMMON STOCK - 71.77% Toll Brothers, Inc. 2.75%
U.S. GOVERNMENT AND AGENCY Avnet, Inc. 2.64%
OBLIGATIONS - 26.38% Baxter International, Inc. 2.62%
CASH - 1.85% Merrill Lynch & Company, Inc. 2.58%
Philip Morris Companies, Inc. 2.55%
Compaq Computer Corp. 2.48%
Boeing Company 2.43%
May Department Stores Company 2.40%
Circuit City Stores, Inc. 2.36%
Mellon Bank Corp. 2.27%
<CAPTION>
% OF
TOP TEN INDUSTRIES PORTFOLIO
<S> <C>
Banking 6.27%
Insurance 6.10%
Consumer Health 4.89%
Aerospace - Defense 4.54%
Retail Stores 4.50%
Building - Homes 4.37%
Retail - Speciality 4.35%
Financial Services 4.31%
Automotive Parts & Accessories 3.85%
Technology - Semiconductors 2.64%
[FIGURE 3]
</TABLE>
TAX-EXEMPT FUND
<TABLE>
<CAPTION>
PORTFOLIO QUALITY
% OF
% OF PORTFOLIO++ RATING PORTFOLIO
<C> <S> <C>
MUNICIPAL BONDS - 95.45% AAA 27.82%
CASH - 4.55% AA 30.98%
A 28.17%
BBB 1.75%
B 6.73%
Cash 4.55%
<CAPTION>
DOLLAR WEIGHTED AVERAGE MATURITY
YEARS
<S> <C>
18.00
<CAPTION>
PORTFOLIO DURATION
YEARS
<S> <C>
7.30
[FIGURE 4]
</TABLE>
ii
<PAGE> 5
<PAGE> 6
CHUBB INVESTMENT FUNDS, INC.
PORTFOLIO COMPOSITION-CONTINUED
GROWTH AND INCOME FUND
<TABLE>
<CAPTION>
% OF PORTFOLIO++ % OF
TOP TEN EQUITIES PORTFOLIO
<S> <C> <C>
COMMON STOCK - 99.58% Toll Brothers, Inc. 3.53%
CASH - .42% Compaq Computer Corp. 3.48%
Circuit City Stores, Inc. 3.34%
Avent, Inc. 3.31%
Philip Morris Companies, Inc. 3.26%
Baxter International, Inc. 3.20%
Old Republic International Corp. 3.11%
American Home Products, Inc. 3.03%
K Mart Corporation 3.02%
Redman Industries, Inc. 2.98%
<CAPTION>
% OF
TOP TEN INDUSTRIES PORTFOLIO
<S> <C> <C>
Insurance 8.76%
Banking 8.64%
Building - Homes 6.51%
Consumer Health 6.23%
Retail Stores 5.97%
Retail - Speciality 5.89%
Automotive Parts & Accessories 5.49%
Mining & Metals 5.37%
Financial Services 4.88%
Computers 3.48%
[FIGURE 5]
</TABLE>
++ Represents market value of investments plus uninvested cash.
iii
<PAGE> 7
CHUBB INVESTMENT FUNDS, INC.
SCHEDULE OF INVESTMENTS-(UNAUDITED)
CHUBB MONEY MARKET FUND
JUNE 30, 1995
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
VALUE (NOTE B)
----- --------
<S> <C> <C> <C>
SHORT-TERM OBLIGATIONS-96.71%
Federal Farm Credit Bank Discount Note, 5.850%,
due 07/12/95 . . . . . . . . . . . . . . . . . . . . . . . . $2,500,000 $2,495,531
U.S. Treasury Bill, 5.480%, due 07/13/95 . . . . . . . . . . . 4,635,000 4,626,534
----------
TOTAL SHORT-TERM
OBLIGATIONS (Cost $7,122,065) . . . . . . . . . . . . . . . 7,122,065
----------
TOTAL INVESTMENTS
(Cost $7,122,065*) . . . . . . . . . . . . . 96.71% 7,122,065
Other assets, less liabilities . . . . . . . . . 3.29 242,196
------ ----------
TOTAL NET ASSETS . . . . . . . . . . . . . . . 100.00% $7,364,261
====== ==========
</TABLE>
- -----------
* Aggregate cost for Federal income tax purposes.
See notes to financial statements.
1
<PAGE> 8
CHUBB INVESTMENT FUNDS, INC.
SCHEDULE OF INVESTMENTS-(UNAUDITED)
CHUBB GOVERNMENT SECURITIES FUND
JUNE 30, 1995
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
VALUE (NOTE B)
----- --------
<S> <C> <C> <C>
U.S. GOVERNMENT AND AGENCY OBLIGATIONS-98.36%
FNMA, CMO, Series 1058-H, 8.000%,
due 04/15/21 . . . . . . . . . . . . . . . . . . . . . . . . $ 623,177 $ 644,395
FNMA, Pool #029429, 9.000%, due 07/01/01 . . . . . . . . . . . 60,015 62,471
FNMA, Pool #282883, 7.000%, due 05/01/24 . . . . . . . . . . . 228,282 224,358
FNMA, Pool #306175, 7.000%, due 01/01/25 . . . . . . . . . . . 4,175,434 4,103,668
GNMA, Pool #166009, 9.000%, due 06/15/16 . . . . . . . . . . . 146,838 154,179
GNMA, Pool #404067, 9.000%, due 03/15/25 . . . . . . . . . . . 6,876,008 7,219,767
KPAC, CMO, Series 20-D, 9.900%, due 10/01/18 . . . . . . . . . 151,671 158,458
U.S. Treasury Note, 5.375%, due 05/31/98 . . . . . . . . . . . 1,050,000 1,035,890
U.S. Treasury Note, 10.375%, due 11/15/12 . . . . . . . . . . . 325,000 430,523
-----------
TOTAL U.S. GOVERNMENT AND AGENCY
OBLIGATIONS (Cost $13,746,525) . . . . . . . . . . . . . . 14,033,709
-----------
TOTAL INVESTMENTS
(Cost $13,746,525*) . . . . . . . . . . . . . 98.36% 14,033,709
Other assets, less liabilities . . . . . . . . . 1.64 233,426
------ -----------
TOTAL NET ASSETS . . . . . . . . . . . . . . . 100.00% $14,267,135
====== ===========
</TABLE>
- -----------
* Aggregate cost for Federal income tax purposes.
See notes to financial statements.
2
<PAGE> 9
CHUBB INVESTMENT FUNDS, INC.
SCHEDULE OF INVESTMENTS-(UNAUDITED)
CHUBB TOTAL RETURN FUND
JUNE 30, 1995
<TABLE>
<CAPTION>
NUMBER MARKET
OF VALUE
COMPANY SHARES (NOTE B)
- ------- ------ --------
<S> <C> <C>
COMMON STOCK-72.15%
AEROSPACE - DEFENSE-4.58%
Boeing Company . . . . . . . . . . . . . . . . . . . . . . . . 7,800 $ 488,475
General Motors Corporation,
Class H . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,800 426,600
----------
915,075
----------
AUTOMOTIVE MANUFACTURING-1.82%
Chrysler Corporation . . . . . . . . . . . . . . . . . . . . . 7,600 363,850
----------
AUTOMOTIVE PARTS & ACCESSORIES-3.87%
Borg-Warner Automotive, Inc. . . . . . . . . . . . . . . . . . 13,900 396,150
Cummins Engine, Inc. . . . . . . . . . . . . . . . . . . . . . 8,700 379,538
----------
775,688
----------
BANKING-6.30%
First Chicago Corp. . . . . . . . . . . . . . . . . . . . . . . 7,500 449,063
KeyCorp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,327 355,385
Mellon Bank Corp. . . . . . . . . . . . . . . . . . . . . . . . 11,000 457,875
----------
1,262,323
----------
BUILDING - HOMES-4.39%
Redman Industries, Inc.+ . . . . . . . . . . . . . . . . . . . 15,000 326,250
Toll Brothers, Inc.+ . . . . . . . . . . . . . . . . . . . . . 34,300 553,088
----------
879,338
----------
BUILDING MATERIALS-1.66%
Owens Corning Fiberglas
Corp.+ . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,000 331,875
----------
COMPUTERS-2.49%
Compaq Computer Corp.+ . . . . . . . . . . . . . . . . . . . . 11,000 499,124
----------
CONSUMER HEALTH-4.91%
American Home Products, Inc. . . . . . . . . . . . . . . . . . 5,900 456,513
Baxter International, Inc. . . . . . . . . . . . . . . . . . . 14,500 527,438
----------
983,951
----------
FINANCIAL SERVICES-4.33%
Merrill Lynch & Company, Inc. . . . . . . . . . . . . . . . . . 9,900 519,750
Paine Webber Group, Inc. . . . . . . . . . . . . . . . . . . . 18,450 348,244
----------
867,994
----------
FOOD PROCESSING-2.56%
Philip Morris Companies, Inc. . . . . . . . . . . . . . . . . . 6,900 513,187
----------
FOREST PRODUCTS-1.99%
Asia Pulp & Paper Co., Ltd.,
ADR+ . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,600 398,950
----------
HOUSEHOLD APPLIANCES-2.09%
Whirlpool Corp. . . . . . . . . . . . . . . . . . . . . . . . . 7,600 418,000
----------
INSURANCE-6.13%
Old Republic International Corp. . . . . . . . . . . . . . . . 14,800 386,650
Progressive Corp. . . . . . . . . . . . . . . . . . . . . . . . 11,000 422,125
W.R. Berkley Corporation . . . . . . . . . . . . . . . . . . . 11,800 418,900
----------
1,227,675
----------
MINING & METALS-1.99%%
Cyprus Amax Minerals Company . . . . . . . . . . . . . . . . . 14,000 399,000
----------
OIL - INTERNATIONAL-2.19%
Exxon Corporation . . . . . . . . . . . . . . . . . . . . . . . 6,200 437,874
----------
OIL - REFINING-1.41%
Ultramar Corp . . . . . . . . . . . . . . . . . . . . . . . . . 11,200 282,800
----------
RETAIL - SPECIALTY-4.37%
Circuit City Stores, Inc. . . . . . . . . . . . . . . . . . . . 15,000 474,375
Sotheby's Holdings, Inc. . . . . . . . . . . . . . . . . . . . 29,500 401,937
----------
876,312
----------
RETAIL STORES-4.52%
K Mart Corporation . . . . . . . . . . . . . . . . . . . . . . 28,900 422,663
May Department Stores
Company . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,600 482,850
----------
905,513
----------
</TABLE>
- -----------
+ Non-income producing security.
See notes to financial statements.
3
<PAGE> 10
CHUBB INVESTMENT FUNDS, INC.
SCHEDULE OF INVESTMENTS-(UNAUDITED)
CHUBB TOTAL RETURN FUND--(CONTINUED)
JUNE 30, 1995
<TABLE>
<CAPTION>
NUMBER MARKET
OF VALUE
COMPANY SHARES (NOTE B)
- ------- ------ --------
<S> <C> <C>
COMMON STOCK-CONTINUED
SHIPPING & FREIGHT-2.09%
Federal Express+ . . . . . . . . . . . . . . . . . . . . . . . 6,900 $ 419,175
----------
TECHNOLOGY - SEMICONDUCTORS-2.66%
Avnet, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 11,000 532,125
----------
TEXTILES-2.12%
Burlington Industries, Inc.+ . . . . . . . . . . . . . . . . . 36,900 424,350
----------
TRANSPORTATION - RAIL & TRUCK-2.21%
Burlington Northern, Inc. . . . . . . . . . . . . . . . . . . . 7,000 443,624
----------
TRANSPORTATION - SHIPPING-1.47%
Offshore Logistics, Inc.+ . . . . . . . . . . . . . . . . . . . 21,000 294,000
----------
TOTAL COMMON STOCK
(Cost $12,476,747) . . . . . . . . . . . . . . . . . . . . 14,451,803
----------
</TABLE>
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
VALUE (NOTE B)
----- --------
<S> <C> <C>
U.S. GOVERNMENT AND
AGENCY OBLIGATIONS-26.52%
U.S. Treasury Note, 7.875%,
due 07/15/96 . . . . . . . . . . . . . . . . . . . . . . . . $ 250,000 $ 255,234
U.S. Treasury Note, 8.000%,
due 01/15/97 . . . . . . . . . . . . . . . . . . . . . . . . 200,000 206,375
U.S. Treasury Note, 8.500%,
due 07/15/97 . . . . . . . . . . . . . . . . . . . . . . . . 40,000 42,050
U.S. Treasury Note, 8.875%,
due 11/15/97 . . . . . . . . . . . . . . . . . . . . . . . . 30,000 31,978
U.S. Treasury Note, 8.125%,
due 02/15/98 . . . . . . . . . . . . . . . . . . . . . . . . 65,000 68,494
U.S. Treasury Note, 5.375%,
due 05/31/98 . . . . . . . . . . . . . . . . . . . . . . . . 500,000 493,281
U.S. Treasury Note, 6.375%,
due 01/15/99 . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 1,014,061
U.S. Treasury Note, 8.875%,
due 05/15/00 . . . . . . . . . . . . . . . . . . . . . . . . 200,000 224,375
U.S. Treasury Note, 6.250%,
due 02/15/03 . . . . . . . . . . . . . . . . . . . . . . . . 1,150,000 1,152,514
U.S. Treasury Note Principal Strip,
Eff. Yield 7.050%,
due 02/15/97 . . . . . . . . . . . . . . . . . . . . . . . . 600,000 547,301
U.S. Treasury Note Principal Strip,
Eff. Yield 6.920%,
due 08/15/97 . . . . . . . . . . . . . . . . . . . . . . . . 1,150,000 1,019,002
U.S. Treasury Note Principal Strip,
Eff. Yield 6.680%,
due 02/15/98 . . . . . . . . . . . . . . . . . . . . . . . . 300,000 257,889
-----------
TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATIONS
(Cost $5,228,539) . . . . . . . . . . . . . . . . . . . . . 5,312,554
-----------
TOTAL INVESTMENTS
(Cost $17,705,286*) . . . . . . . . . . . . . . . . . . . . 98.67% 19,764,357
Other assets, less liabilities . . . . . . . . . . . . . . . . 1.33 266,986
------ -----------
TOTAL NET ASSETS . . . . . . . . . . . . . . . . . . . . . . 100.00% $20,031,343
====== ===========
</TABLE>
- --------------
* Aggregate cost for Federal income tax purposes.
+ Non-income producing security.
See notes to financial statements.
4
<PAGE> 11
CHUBB INVESTMENT FUNDS, INC.
SCHEDULE OF INVESTMENTS-(UNAUDITED)
CHUBB TAX-EXEMPT FUND
JUNE 30, 1995
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
VALUE (NOTE B)
----- --------
<S> <C> <C>
MUNICIPAL OBLIGATIONS-94.84%
ALASKA--1.09%
Anchorage, Alaska, Hospital Revenue, (Sisters of Providence Project),
Series 1991, 6.750%, due 10/01/02+ . . . . . . . . . . . . . . . . . . $ 150,000 $ 162,471
----------
COLORADO-0.78%
Platte River Power Authority, Colorado, Power Revenue,
Series AA, 6.875%, due 06/01/16+ . . . . . . . . . . . . . . . . . . . 110,000 115,467
----------
CONNECTICUT-1.21%
Connecticut State, General Obligation, Series C, 7.000%,
Prerefunded to 09/15/00 at 102+ . . . . . . . . . . . . . . . . . . . . 160,000 179,719
----------
DISTRICT OF COLUMBIA-11.49%
District of Columbia, Cert. of Participation, 7.300%, due 01/01/13+ . . . 300,000 297,371
District of Columbia, Series 93-A, Refunding, 5.875%, due 06/01/05 . . . 500,000 471,278
District of Columbia, Series A-3, 5.500%, due 06/01/06 . . . . . . . . . 250,000 226,831
District of Columbia, University Revenue, Georgetown University,
5.375%, due 04/01/23+ . . . . . . . . . . . . . . . . . . . . . . . . . 500,000 448,951
Metropolitan Washington Airport Authority Revenue Bonds,
Series 92A, MBIA Insured, 6.500%, due 10/01/07+ . . . . . . . . . . . . 250,000 267,539
----------
1,711,970
----------
FLORIDA-1.98%
Florida State Board of Education, Capital Outlay, 7.125%,
Prerefunded to 06/01/96 at 102+ . . . . . . . . . . . . . . . . . . . . 100,000 104,666
Jacksonville, Florida, Electric Authority Revenue, St. John's River Power Park,
Series 2, 7.250%, due 10/01/19+ . . . . . . . . . . . . . . . . . . . . 45,000 45,943
Jacksonville, Florida, Electric Authority Revenue, St. John's River Power Park,
Series 2, 7.250%, Prerefunded to 10/01/95 at 101.50+ . . . . . . . . . 80,000 81,834
Orlando & Orange County Expressway Authority, Florida Expressway
Revenue, Senior Lien, 7.250%, Prerefunded to 07/01/96 at 102+ . . . . . 60,000 63,021
----------
295,464
----------
GEORGIA-2.51%
Cartersville, Georgia Development Authority, Water & Wastewater
Facilities-Anheuser Busch, AMT, 6.750%, due 02/01/12+ . . . . . . . . . 250,000 265,326
Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue,
Series K, 7.250%, due 07/01/10+ . . . . . . . . . . . . . . . . . . . . 100,000 107,868
----------
373,194
----------
</TABLE>
- -----------
+ Issued with call provisions.
See notes to financial statements.
5
<PAGE> 12
CHUBB INVESTMENT FUNDS, INC.
SCHEDULE OF INVESTMENTS-(UNAUDITED)
CHUBB TAX-EXEMPT FUND--(CONTINUED)
JUNE 30, 1995
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
VALUE (NOTE B)
----- --------
<S> <C> <C>
ILLINOIS-9.41%
Chicago, Illinois, General Obligation, FGIC, 5.500%, due 01/01/24+ . . . $ 300,000 $ 276,572
Cook County, Illinois, General Obligation, MBIA Insured, Series 1990,
7.000%, due 11/01/99 . . . . . . . . . . . . . . . . . . . . . . . . . 150,000 163,501
Illinois Housing Development Authority, Residential Mortgage Revenue,
Series B, 7.750%, due 08/01/23+ . . . . . . . . . . . . . . . . . . . . 85,000 88,602
Illinois State Sales Tax Revenue, 6.800%, Prerefunded to 06/15/00 at 102+ 150,000 166,520
Illinois State Toll Highway, Series 92A, 6.375%, due 01/01/15+ . . . . . 350,000 353,473
Metropolitan Pier & Exposition Authority, Illinois, McCormick
Place Expansion Project, Series 92A, 6.500%, due 06/15/27+ . . . . . . 350,000 352,023
----------
1,400,691
----------
INDIANA-4.69%
Indiana Bond Bank, Revenue, State Revolving Fund,
6.000%, due 02/01/15+ . . . . . . . . . . . . . . . . . . . . . . . . . 550,000 538,197
Indiana State Housing Finance Authority, Single Family Mortgage 1990,
Series C, 7.800%, due 01/01/22+ . . . . . . . . . . . . . . . . . . . . 150,000 160,313
----------
698,510
----------
KENTUCKY-1.21%
Kentucky Turnpike Authority, Economic Development Revenue,
7.250%, Prerefunded to 05/15/00 at 101.50+ . . . . . . . . . . . . . . 160,000 179,866
----------
LOUISIANA-1.46%
Jefferson, Louisiana, Sales Tax Revenue, Refunding, FGIC Insured,
Series A, 6.750%, Prerefunded to 12/01/06+ . . . . . . . . . . . . . . 200,000 216,951
----------
MAINE-1.78%
Maine Educational Loan Authority, Series 92A, 6.950%, due 12/01/07+ . . . 250,000 265,098
----------
MINNESOTA-0.72%
Northern Municipal Power Agency, Minnesota, Electric System Revenue,
Series A, 7.250%, due 01/01/16+ . . . . . . . . . . . . . . . . . . . . 100,000 107,359
----------
MISSOURI-1.15%
Missouri Health & Educational Facilities Authority, St. Luke's Hospital,
MBIA Insured, 7.000%, Prerefunded to 11/15/01 at 102+ . . . . . . . . . 150,000 170,590
----------
NEVADA-1.11%
Nevada State, General Obligation, Series A, 6.750%,
Prerefunded to 08/01/99 at 102+ . . . . . . . . . . . . . . . . . . . . 150,000 164,667
----------
</TABLE>
- -----------
Issued with call provisions.
See notes to financial statements.
6
<PAGE> 13
CHUBB INVESTMENT FUNDS, INC.
SCHEDULE OF INVESTMENTS-(UNAUDITED)
CHUBB TAX-EXEMPT FUND--(CONTINUED)
JUNE 30, 1995
<TABLE>
<CAPTION> MARKET
PRINCIPAL VALUE
VALUE (NOTE B)
----- --------
<S> <C> <C>
NEW HAMPSHIRE-1.47%
New Hampshire Turnpike System, Revenue, Series A, FGIC Insured,
6.750%, due 11/01/11+ . . . . . . . . . . . . . . . . . . . . . . . . . $ 200,000 $ 218,625
----------
NEW JERSEY-4.79%
New Jersey Economic Development Authority, The Seeing Eye, Inc.
Project, 7.300%, due 04/01/11+ . . . . . . . . . . . . . . . . . . . . 250,000 261,686
New Jersey Wastewater Treatment, Revenue, 6.875%, due 06/15/07+ . . . . . 180,000 194,688
Salem County, New Jersey, PCR Waste Disposal Authority Revenue,
E.I. DuPont Project, 6.500%, due 11/15/21+ . . . . . . . . . . . . . . 250,000 256,954
----------
713,328
----------
NEW YORK-8.59%
Metropolitan Transportation Authority, New York, Transit Facilities,
Series 2, 8.000%, Prerefunded to 07/01/98 at 102+ . . . . . . . . . . . 100,000 112,230
Municipal Assistance Corporation for City of New York, Series 57, 7.250%,
due 07/01/08+ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125,000 130,649
New York City, New York, General Obligation, Series H, 6.875%,
due 02/01/02 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250,000 264,035
New York City, New York, General Obligation, Series H,
Subseries H-I, 5.800%, due 07/01/04 . . . . . . . . . . . . . . . . . . 250,000 245,665
New York State Local Government Assistance Corporation, Series B,
5.500%, due 04/01/21+ . . . . . . . . . . . . . . . . . . . . . . . . . 450,000 416,756
New York State Medical Care Facilities, Finance Agency Revenue,
FHA Insured, Mortgage Hospital A, 8.000%, due 02/15/25+ . . . . . . . . 100,000 109,795
----------
1,279,130
----------
NORTH CAROLINA-0.41%
North Carolina Municipal Power Agency, Number 1, Catawba Electric
Revenue, 7.000%, due 01/01/18+ . . . . . . . . . . . . . . . . . . . . 5,000 5,094
North Carolina Municipal Power Agency, Number 1, Catawba Electric
Revenue, 7.000%, Prerefunded to 01/01/96 at 101+ . . . . . . . . . . . 55,000 56,352
----------
61,446
----------
OKLAHOMA-4.70%
Grand River Dam Power Authority, Oklahoma, Revenue, 7.000%,
Prerefunded to 06/01/97 at 102+ . . . . . . . . . . . . . . . . . . . . 160,000 171,126
Oklahoma Industrial Development Authority, Sisters of Mercy, Series A,
5.000%, due 06/01/13+ . . . . . . . . . . . . . . . . . . . . . . . . . 600,000 529,055
----------
700,181
----------
PENNSYLVANIA-6.55%
Pennsylvania Housing Finance Agency, FNMA, Issue 1993, 5.750%,
due 07/01/14+ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 700,000 678,774
Philadelphia, Pennsylvania Hospital & Higher Education Authority,
Children's Hospital, 5.000%, due 02/15/01+ . . . . . . . . . . . . . . 350,000 296,798
----------
975,572
----------
</TABLE>
- -----------
+Issued with call provisions.
See notes to financial statements.
7
<PAGE> 14
CHUBB INVESTMENT FUNDS, INC.
SCHEDULE OF INVESTMENTS-(UNAUDITED)
CHUBB TAX-EXEMPT FUND--(CONTINUED)
JUNE 30, 1995
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
VALUE (NOTE B)
----- --------
<S> <C> <C>
PUERTO RICO-1.38%
Puerto Rico Commonwealth Highway Authority, Series Q, 8.000%,
Prerefunded to 07/01/00 at 102+ . . . . . . . . . . . . . . . . . . . . $ 175,000 $ 204,967
----------
SOUTH CAROLINA-0.95%
South Carolina State Public Service Authority, Electric Revenue &
Electric System Expansion Revenue, Series A, 7.300%, due 07/01/21+ . . 135,000 141,862
----------
TENNESSEE-5.03%
Memphis-Shelby Company, Tennessee Airport Authority
(Federal Express Corp.), 6.750%, due 09/01/12+ . . . . . . . . . . . . 250,000 258,420
Tennessee Housing Development Agency, 1993 Series A, 5.900%,
due 07/01/18+ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500,000 490,749
----------
749,169
----------
TEXAS-8.52%
Austin, Texas, Utility System Revenue Combined, Series C, 7.300%,
Prerefunded to 11/15/01 at 100+ . . . . . . . . . . . . . . . . . . . . 60,000 68,326
Brazos River Authority, Texas, Revenue Collateral, Houston Light & Power Co.,
7.750%, due 10/01/15+ . . . . . . . . . . . . . . . . . . . . . . . . . 60,000 64,634
Houston, Texas, Independent School District, Permanent School Fund,
Eff. Yield 6.700%, due 08/15/13 . . . . . . . . . . . . . . . . . . . . 1,150,000 393,172
Lower Colorado River Authority, Texas, Revenue, Priority, 7.000%,
Prerefunded to 01/01/97 at 102+ . . . . . . . . . . . . . . . . . . . . 100,000 105,915
Texas State Public Financing Authority Revenue, Series A, 7.375%,
Prerefunded to 02/01/98 at 100+ . . . . . . . . . . . . . . . . . . . . 140,000 150,052
Texas Veterans Housing Association, Series B-1, AMT,
5.700%, due 12/01/14+ . . . . . . . . . . . . . . . . . . . . . . . . . 510,000 485,826
----------
1,267,925
----------
UTAH-0.99%
Intermountain Power Agency, Utah, Special Obligation Revenue,
5th Crossover Refunding, 7.200%, due 07/01/19+ . . . . . . . . . . . . 140,000 146,858
----------
VIRGINIA-0.69%
Virginia State Housing Development Authority, Commonwealth Mortgage,
6.700%, due 07/01/08+ . . . . . . . . . . . . . . . . . . . . . . . . . 100,000 102,975
----------
</TABLE>
- ------------
+Issued with call provisions.
See notes to financial statements.
8
<PAGE> 15
CHUBB INVESTMENT FUNDS, INC.
SCHEDULE OF INVESTMENTS-(UNAUDITED)
CHUBB TAX-EXEMPT FUND--(CONTINUED)
JUNE 30, 1995
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
VALUE (NOTE B)
----- --------
<S> <C> <C>
WASHINGTON-10.18%
Lewis County, Washington, PUD #1, Revenue Series 91, 7.000%,
Prerefunded to 10/01/01 at 102+ . . . . . . . . . . . . . . . . . . . . $ 250,000 $ 283,825
Washington Health Care Facilities Authority, Revenue, MBIA Insured,
(Group Health Co-Op), 6.750%, due 12/01/11+ . . . . . . . . . . . . . . 300,000 314,025
Washington Health Care Facilities Authority, Revenue, Series 93,
6.250%, due 10/01/13+ . . . . . . . . . . . . . . . . . . . . . . . . . 500,000 509,433
Washington Housing Finance Commission, GNMA/FNMA MBS Programs,
7.100%, due 07/01/22+ . . . . . . . . . . . . . . . . . . . . . . . . . 145,000 150,820
Washington State Public Power Supply System, Nuclear Project Number 2,
Revenue, Series 90C, 7.625%, due 07/01/10+ . . . . . . . . . . . . . . 100,000 115,299
Washington State Public Power Supply System, Nuclear Project Number 3,
Revenue, Series B, 7.500%, Prerefunded to 07/01/00 at 102+ . . . . . . 125,000 142,725
-----------
1,516,127
-----------
TOTAL MUNICIPAL OBLIGATIONS . . . . . . . . . . . . . . . . . . . . . 14,120,182
-----------
TOTAL INVESTMENTS
(Cost $13,652,123*) . . . . . . . . . . . . . 94.84% 14,120,182
Other assets, less liabilities . . . . . . . . . 5.16 768,769
------ -----------
TOTAL NET ASSETS . . . . . . . . . . . . . . . 100.00% $14,888,951
====== ===========
</TABLE>
* Aggregate cost for Federal income tax purposes.
+ Issued with call provisions.
See notes to financial statements.
9
<PAGE> 16
CHUBB INVESTMENT FUNDS, INC.
SCHEDULE OF INVESTMENTS-(UNAUDITED)
CHUBB GROWTH AND INCOME FUND
JUNE 30, 1995
<TABLE>
<CAPTION>
NUMBER MARKET
OF VALUE
COMPANY SHARES (NOTE B)
- ------- ------ --------
<S> <C> <C>
COMMON STOCK-100.20%
AEROSPACE - DEFENSE-2.90%
Boeing Company . . . . . . . . . . . 11,700 $ 732,713
----------
AUTOMOTIVE MANUFACTURING-2.96%
Chrysler Corporation . . . . . . . . 15,700 751,638
----------
AUTOMOTIVE PARTS & ACCESSORIES-5.53%
Borg-Warner Automotive, Inc. . . . . 26,600 758,100
Cummins Engine, Inc. . . . . . . . . 14,800 645,650
----------
1,403,750
----------
BANKING-8.69%
First Chicago Corp. . . . . . . . . . 12,100 724,488
KeyCorp. . . . . . . . . . . . . . . 23,311 731,383
Mellon Bank Corp. . . . . . . . . . . 18,050 751,331
----------
2,207,202
----------
BUILDING - HOMES-6.55%
Redman Industries, Inc.+ . . . . . . 35,000 761,250
Toll Brothers, Inc.+ . . . . . . . . 56,000 903,000
----------
1,664,250
----------
BUILDING MATERIALS-2.95%
Owens Corning Fiberglas
Corp.+ . . . . . . . . . . . . . . 20,300 748,563
----------
COMPUTERS-3.50%
Compaq Computer Corp.+ . . . . . . . 19,600 889,350
----------
CONSUMER HEALTH-6.27%
American Home Products, Inc. . . . . 10,000 773,750
Baxter International, Inc. . . . . . 22,500 818,438
----------
1,592,188
----------
CONSUMER PHOTOGRAPHY-2.82%
Polaroid Corp. . . . . . . . . . . . 17,600 717,200
----------
FINANCIAL SERVICES-4.91%
Merrill Lynch & Company, Inc. . . . . 11,200 588,000
Paine Webber Group, Inc. . . . . . . 34,850 657,794
----------
1,245,794
----------
FOOD PROCESSING-3.28%
Philip Morris Companies, Inc. . . . . 11,200 833,000
----------
FOREST PRODUCTS-2.82%
Asia Pulp & Paper Co., Ltd.,
ADR+ . . . . . . . . . . . . . . . 56,800 717,100
----------
HOUSEHOLD APPLIANCES-2.56%
Whirlpool Corp. . . . . . . . . . . . 11,800 649,000
----------
INSURANCE-8.81%
W.R. Berkley Corp. . . . . . . . . . 21,100 749,050
Old Republic International Corp. . . 30,400 794,200
Progressive Corp. . . . . . . . . . . 18,100 694,588
----------
2,237,838
----------
MINING AND METALS-5.41%
Cyprus Amax Minerals Co. . . . . . . 23,900 681,150
Inco, Ltd., ADR . . . . . . . . . . . 24,500 692,125
----------
1,373,275
----------
OIL - INTERNATIONAL-2.81%
Exxon Corporation . . . . . . . . . . 10,100 713,313
----------
OIL - REFINING-2.20%
Ultramar Corp. . . . . . . . . . . . 22,100 558,024
----------
RETAIL - SPECIALTY-5.92%
Circuit City Stores, Inc. . . . . . . 27,000 853,874
Sotheby's Holdings, Inc. . . . . . . 47,700 649,913
----------
1,503,787
----------
RETAIL STORES-6.00%
K Mart Corporation . . . . . . . . . 52,700 770,736
May Department Stores . . . . . . . . 18,100 753,413
----------
1,524,149
----------
</TABLE>
- ----------
+Non-income producing security.
See notes to financial statements.
10
<PAGE> 17
CHUBB INVESTMENT FUNDS, INC.
SCHEDULE OF INVESTMENTS-(UNAUDITED)
CHUBB GROWTH AND INCOME FUND--(CONTINUED)
JUNE 30, 1995
<TABLE>
<CAPTION>
NUMBER MARKET
OF VALUE
COMPANY SHARES (NOTE B)
- ------- ------ --------
<S> <C> <C>
COMMON STOCK-Continued
SHIPPING & FREIGHT-2.97%
Federal Express+ . . . . . . . . . . 12,400 $ 753,300
-----------
TECHNOLOGY - SEMICONDUCTORS-3.33%
Avnet, Inc . . . . . . . . . . . . . 17,500 846,561
-----------
TEXTILES-2.75%
Burlington Industries, Inc.+ . . . . 60,800 699,200
-----------
TRANSPORTATION - RAIL & TRUCK-2.00%
Burlington Northern, Inc. . . . . . . 8,000 507,000
-----------
TRANSPORTATION - SHIPPING-2.26%
Offshore Logistics, Inc.+ . . . . . . 41,000 574,000
-----------
TOTAL COMMON STOCK
(Cost $22,160,173) . . . . . . . 25,442,195
-----------
TOTAL INVESTMENTS
(Cost $22,160,173*). . . . . . . 100.20% 25,442,195
-----------
Other assets, less liabilities . . . (0.20) (50,570)
------- -----------
TOTAL NET ASSETS . . . . . . . . . 100.00% $25,391,625
======= ===========
</TABLE>
- -----------
* Aggregate cost for Federal income tax purposes.
+ Non-income producing security.
See notes to financial statements.
11
<PAGE> 18
CHUBB INVESTMENT FUNDS, INC.
STATEMENT OF ASSETS AND LIABILITIES-(UNAUDITED)
JUNE 30, 1995
<TABLE>
<CAPTION>
CHUBB
CHUBB GROWTH
CHUBB GOVERNMENT CHUBB CHUBB AND
MONEY MARKET SECURITIES TOTAL RETURN TAX-EXEMPT INCOME
FUND FUND FUND FUND FUND
------------ ---------- ------------ ---------- ------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments at cost - see
accompanying portfolios . . . . . $ 7,122,065 $13,746,525 $17,705,286 $13,652,123 $22,160,173
=========== =========== =========== =========== ===========
Investments, at market value
(Notes B & C) . . . . . . . . . . 7,122,065 14,033,709 19,764,357 14,120,182 25,442,195
Cash . . . . . . . . . . . . . . . 250,512 119,706 372,157 673,621 108,407
Receivable for Fund shares sold . 780 19,227 12,327 534 37,589
Accrued investment income . . . . 595 122,611 118,500 256,750 60,778
----------- ----------- ----------- ----------- -----------
TOTAL ASSETS . . . . . . . . 7,373,952 14,295,253 20,267,341 15,051,087 25,648,969
----------- ----------- ----------- ----------- -----------
LIABILITIES
Dividends payable . . . . . . . . 87 136,044 64,605
Payable for Fund shares redeemed . 3,158 4,000 66,462 71,532 215,714
Payable to affiliate (Note D) . . 6,446 24,118 33,492 25,999 41,630
----------- ----------- ----------- ----------- -----------
TOTAL LIABILITIES . . . . . 9,691 28,118 235,998 162,136 257,344
NET ASSETS . . . . . . . . . . . . $ 7,364,261 $14,267,135 $20,031,343 $14,888,951 $25,391,625
=========== =========== =========== =========== ===========
NET ASSETS CONSIST OF:
Capital paid in . . . . . . . . . $ 7,365,042 $14,625,304 $17,722,886 $14,406,589 $21,414,114
Undistributed net investment
income . . . . . . . . . . . . . 177,863
Accumulated net realized
gain (loss) . . . . . . . . . . . (781) (645,353) 249,386 14,303 517,626
Net unrealized gain . . . . . . . 287,184 2,059,071 468,059 3,282,022
----------- ----------- ----------- ----------- -----------
TOTAL NET ASSETS . . . . . . $ 7,364,261 $14,267,135 $20,031,343 $14,888,951 $25,391,625
=========== =========== =========== =========== ===========
Shares of common stock outstanding,
100,000,000 shares auth. each Fund 7,365,044 1,359,875 1,295,273 1,248,712 1,406,768
=========== =========== =========== =========== ===========
NET ASSET VALUE PER SHARE . . . . . $1.00 $10.49 $15.46 $11.92 $18.05
=========== =========== =========== =========== ===========
MAXIMUM OFFERING PRICE PER SHARE
(Net asset value divided by .97 on
Government Securities Fund and
Tax-Exempt Fund, and by .95 on Total
Return Fund and Growth and Income
Fund. Money Market Fund is offered
at Net Asset Value per share) . . $1.00 $10.82 $16.28 $12.29 $19.00
=========== =========== =========== =========== ===========
</TABLE>
See notes to financial statements.
12
<PAGE> 19
CHUBB INVESTMENT FUNDS, INC.
STATEMENT OF OPERATIONS-(Unaudited)
FOR THE SIX MONTHS ENDED JUNE 30, 1995
<TABLE>
<CAPTION>
CHUBB
CHUBB GROWTH
CHUBB GOVERNMENT CHUBB CHUBB AND
MONEY MARKET SECURITIES TOTAL RETURN TAX-EXEMPT INCOME
FUND FUND FUND FUND FUND
------------ ---------- ------------ ---------- ------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME
Income:
Interest . . . . . . . . . $ 212,105 $ 496,901 $ 188,153 $ 460,757 $ 19,355
Dividends . . . . . . . . . 166,096 269,374
Foreign taxes withheld . . . . (689)
--------- --------- --------- --------- ---------
Total investment
income . . . . . . . . . 212,105 496,901 354,249 460,757 288,040
--------- --------- --------- --------- ---------
Expenses:
Administrative fees (Note D) 13,302 29,883 41,258 32,997 49,800
Advisory fees (Note D) . . . . 5,700 13,308 18,374 14,695 22,177
Distribution fees (Note D) . . 9,485 33,206 45,846 36,666 55,337
State registration fees . . . 5,039 8,922 12,119 9,702 14,997
Shareholder reports . . . . . 1,801 3,141 4,336 3,470 5,230
Professional fees . . . . . . 2,326 4,053 5,595 4,479 6,745
Director's fees . . . . . . . 451 786 1,085 869 1,308
Shareholder servicing costs . 11,697 20,163 27,759 22,347 33,289
Custodian fees . . . . . . . 400 547 1,292 1,692 1,072
Security valuation . . . . . . 184 665 1,483 6,334 786
Miscellaneous expenses . . . . 895 1,555 2,146 1,719 2,585
--------- --------- --------- --------- ---------
Total expenses . . . . . . . 51,280 116,229 161,293 134,970 193,326
Fees waived by Chubb
Asset Managers, Inc., Chubb
Investment Advisory Corp.,
Chubb Securities Corp., and
assumed by Chubb Life
(Note D) . . . . . . . . . . (32,333) (50,059) (70,012) (61,879) (83,237)
--------- --------- --------- --------- ---------
Net expenses . . . . . . . . 18,947 66,170 91,281 73,091 110,089
--------- --------- --------- --------- ---------
Net investment income . . . 193,158 430,731 262,968 387,666 177,951
REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on
investments . . . . . . . . . . 1 (13,510) 249,990 14,280 517,846
--------- --------- --------- --------- ---------
Net unrealized gain on investments 986,449 2,608,320 853,733 3,801,037
Net gain on investments . . . . 1 972,939 2,858,310 868,013 4,318,883
--------- --------- --------- --------- ---------
Net increase in net
assets resulting from operations $ 193,159 $1,403,670 $3,121,278 $1,255,679 $4,496,834
========= ========= ========= ========= =========
</TABLE>
See notes to financial statements.
13
<PAGE> 20
CHUBB INVESTMENT FUNDS, INC.
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
CHUBB
CHUBB GOVERNMENT CHUBB
MONEY MARKET SECURITIES TOTAL RETURN
FUND FUND FUND
-------------------------- -------------------------- -------------------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
SIX SIX SIX
MONTHS YEAR MONTHS YEAR MONTHS YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
JUNE DECEMBER JUNE DECEMBER JUNE DECEMBER
30, 1995 31, 1994 30, 1995 31, 1994 30, 1995 31, 1994
--------- --------- ---------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Increase (decrease)
in net assets:
From operations:
Net investment
income . . . $ 193,158 $ 214,978 $ 430,731 $ 817,729 $ 262,968 $ 447,304
Net realized
gain (loss) on
investments . . 1 (651) (13,510) (623,960) 249,990 638,671
Net unrealized
gain (loss)
on
investments . . 986,449 (691,375) 2,608,320 (1,834,164)
----------- ------------ ----------- ----------- ----------- -----------
Net increase
(decrease) in net
assets resulting
from
operations . . 193,159 214,327 1,403,670 (497,606) 3,121,278 (748,189)
Dividends to
shareholders from
net investment
income . . . . (193,158) (214,978) (430,731) (817,729) (262,968) (447,304)
Dividends to
shareholders in
excess of net
investment
income . . . . (80) (49)
Distributions to
shareholders
from capital
gains . . . . (74) (638,671)
Distributions to
shareholders
in excess of
capital gains (306,020)
Increase (decrease) in
net assets
derived from
shareholder
transactions
(Note E) . . . (130,483) 2,270,216 759,556 (829,206) 741,918 4,211,342
----------- ------------ ----------- ----------- ----------- -----------
Net increase
(decrease) in
net assets. . . (130,482) 2,269,565 1,732,495 (2,144,615) 3,600,148 2,071,109
Net Assets:
Beginning of
period . . . . 7,494,743 5,225,178 12,534,640 14,679,255 16,431,195 14,360,086
----------- ------------ ----------- ----------- ----------- -----------
End of
period . . . . $ 7,364,261 $ 7,494,743 $14,267,135 $12,534,640 $20,031,343 $16,431,195
=========== ============ =========== =========== =========== ===========
Undistributed net
investment
income . . . . $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
=========== ============ =========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
CHUBB
GROWTH
CHUBB AND
TAX-EXEMPT INCOME
FUND FUND
------------------------- ---------------------------
(UNAUDITED) (UNAUDITED)
SIX SIX
MONTHS YEAR MONTHS YEAR
ENDED ENDED ENDED ENDED
JUNE DECEMBER JUNE DECEMBER
30, 1995 31, 1994 30, 1995 31, 1994
<S> <C> <C> <C> <C>
Increase (decrease)
in net assets:
From operations:
Net investment
income . . . . $ 387,666 $ 815,871 $ 177,951 $ 312,724
Net realized
gain (loss) on
investments . . 14,280 1,425 517,846 813,524
Net unrealized
gain (loss)
on
investments . . 853,733 (1,832,129) 3,801,037 (2,012,505)
------------ ------------ ------------ ------------
Net increase
(decrease) in net
assets resulting
from
operations. . . 1,255,679 (1,014,833) 4,496,834 (886,257)
Dividends to
shareholders from
net investment
income . . . . (387,666) (815,871) (88) (312,724)
Dividends to
shareholders in
excess of net
investment
income . . . . (1,354) (44) (39)
Distributions to
shareholders
from capital
gains . . . . . (220) (813,524)
Distributions to
shareholders
in excess of
capital gains (362,631)
Increase (decrease) in
net assets
derived from
shareholder
transactions
(Note E). . . . 48,353 (601,685) 2,215,871 6,169,066
------------ ------------ ------------ ------------
Net increase
(decrease) in
net assets. . . 915,012 (2,432,433) 6,712,397 3,793,891
Net Assets:
Beginning of
period . . . . 13,973,939 16,406,372 18,679,228 14,885,337
------------ ------------ ------------ ------------
End of
period . . . . $14,888,951 $13,973,939 $25,391,625 $18,679,228
============ ============ ============ ============
Undistributed net
investment
income . . . . . $ 0 $ 0 $177,863 $ 0
============ ============ ============ ============
</TABLE>
See notes to financial statements.
14
<PAGE> 21
NOTES TO FINANCIAL STATEMENTS
CHUBB INVESTMENT FUNDS, INC.
June 30, 1995
NOTE A--ORGANIZATION
Chubb Investment Funds, Inc. (the "Company") was incorporated under the laws of
the State of Maryland on April 27, 1987 and is registered under the Investment
Company Act of 1940, as amended, as a diversified, open-end series management
investment company. The Company consists of five Funds (the "Funds"): Chubb
Money Market Fund, Chubb Government Securities Fund, Chubb Total Return Fund,
Chubb Tax-Exempt Fund and Chubb Growth and Income Fund. The Company was
established through the sale and issuance on December 1, 1987, of 100,000
shares of Chubb Money Market Fund, and 10,000 shares each of Chubb Government
Securities Fund, Chubb Total Return Fund, Chubb Tax-Exempt Fund and Chubb
Growth and Income Fund to Chubb Life Insurance Company of America ("Chubb
Life"), which is a wholly-owned subsidiary of The Chubb Corporation ("Chubb").
At June 30, 1995, Chubb, and its wholly-owned subsidiaries, owned 1,584,372;
209,024; 15,953; 173,614 and 15,074 shares of the Chubb Money Market Fund,
Chubb Government Securities Fund, Chubb Total Return Fund, Chubb Tax-Exempt
Fund and Chubb Growth and Income Fund, respectively.
NOTE B--SIGNIFICANT ACCOUNTING POLICIES
Valuation of Investments: Equity securities are valued at the closing sales
price on the exchange on which the securities are principally traded; or, if
traded in the over-the-counter market or on a national exchange for which no
sales took place on the day of valuation, at the mean of the bid and asked
prices at the close of trading. Debt instruments are valued on the basis of
valuations provided by a pricing service that determines valuations for
institutional size trading units of securities, without exclusive reliance upon
quoted prices. These valuations are believed to more accurately reflect fair
market value. 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.
Dividends to Shareholders: Dividends to shareholders from net investment
income are declared daily and distributed monthly for the Chubb Money Market
Fund and the Chubb Government Securities Fund; declared and distributed monthly
for the Chubb Tax-Exempt Fund; declared and distributed quarterly for the Chubb
Total Return Fund; and declared and distributed annually for the Chubb Growth
and Income Fund. Dividends from net realized capital gains are declared and
distributed at least once annually. Dividends distributed to shareholders are
recorded on the ex-dividend date.
15
<PAGE> 22
NOTES TO FINANCIAL STATEMENTS
CHUBB INVESTMENT FUNDS, INC.
JUNE 30, 1995
NOTE B--SIGNIFICANT ACCOUNTING POLICIES--(Continued)
Federal Income Taxes: It is the policy of the Company for each Fund to qualify
as a regulated investment company by complying with the requirements of the
Internal Revenue Code applicable to regulated investment companies, by
distributing all of its ordinary income and net realized capital gains.
Therefore, no Federal tax provision is required.
NOTE C--INVESTMENTS
The cost of investment securities held on June 30, 1995 for Federal income tax
purposes is the same as for financial reporting purposes. As of June 30, 1995,
gross unrealized gains and losses were as follows:
<TABLE>
<CAPTION>
GROSS GROSS NET
UNREALIZED UNREALIZED UNREALIZED
GAINS LOSSES GAIN
---------- ---------- ----------
<S> <C> <C> <C>
Chubb Government Securities Fund . . . . . . . . . . $ 293,846 $ 6,662 $ 287,184
Chubb Total Return Fund . . . . . . . . . . . . . . 2,396,222 337,151 2,059,071
Chubb Tax-Exempt Fund . . . . . . . . . . . . . . . 674,189 206,130 468,059
Chubb Growth and Income Fund . . . . . . . . . . . . 3,637,772 355,750 3,282,022
</TABLE>
Purchases and sales of investment securities for the period ended June 30,
1995, other than short-term obligations, were as follows:
<TABLE>
<CAPTION>
PROCEEDS
COST OF FROM
INVESTMENT INVESTMENT
SECURITIES SECURITIES
PURCHASED SOLD
---------- ----------
<S> <C> <C>
Chubb Government Securities Fund . . . . . . . . . . . . . . $27,186,830 $21,230,486
Chubb Total Return Fund . . . . . . . . . . . . . . . . . . . 2,804,688 2,511,299
Chubb Tax-Exempt Fund . . . . . . . . . . . . . . . . . . . 187,882 601,183
Chubb Growth and Income Fund . . . . . . . . . . . . . . . . 5,910,945 4,267,865
</TABLE>
At June 30, 1995, the Chubb Money Market Fund had $782 of accumulated realized
losses, for Federal income tax purposes, of which $99 expires in 2000, $32
expires in 2001, and $651 expires in 2002. At June 30, 1995, the Chubb
Government Securities Fund had $639,952 of accumulated realized losses, of
which $13,510 expires in 2003 and $626,442 expires in 2002. These losses are
available to be used to offset future realized capital gains.
In addition, during the period from November 1, 1994 through December 31, 1994,
the Chubb Government Securities Fund and the Chubb Total Return Fund incurred
capital losses of $5,401 and $524, respectively, that are treated for Federal
income tax purposes as if they had occurred on January 1, 1995.
NOTE D--MANAGEMENT AGREEMENTS AND EXPENSES
Each of the Funds has entered into an investment management agreement with
Chubb Asset Managers, Inc. ("Investment Manager"), a wholly-owned subsidiary of
Chubb, and Chubb Investment Advisory Corporation ("Investment Administrator"),
a wholly-owned subsidiary of Chubb Life.
16
<PAGE> 23
NOTES TO FINANCIAL STATEMENTS
CHUBB INVESTMENT FUNDS, INC.
JUNE 30, 1995
NOTE D--MANAGEMENT AGREEMENTS AND EXPENSES-(Continued)
Under the terms of the agreements, the Investment Manager is responsible for
the overall investment management of each Fund's portfolio, consistent with
each Fund's investment objectives, policies and restrictions. The Investment
Administrator provides certain administrative services and facilities which are
necessary for the Company to conduct its business.
The Company has entered into a distribution agreement under the Investment
Company Act of 1940 with Chubb Securities Corporation ("Distributor"). Under
the terms of the agreement, the Distributor will distribute the Company's
shares among investors and broker-dealers with which it has contracted to sell
the Company's shares. During the period ended June 30, 1995, the Distributor
received $248,498 in sales loads of which $193,432 was reallowed to
broker-dealers. Also, the Company has adopted a plan of distribution pursuant
to Rule 12b-1 that provides that the Company may, directly or indirectly,
engage in activities primarily intended to result in the sale of the Company's
shares. The maximum expenditure the Company may make under the plan will be
.25% per annum of the average daily net asset value of the Chubb Money Market
Fund and .50% per annum of the average daily net asset value of the Chubb
Government Securities Fund, Chubb Total Return Fund, Chubb Tax-Exempt Fund and
Chubb Growth and Income Fund. During the period ended June 30, 1995, payments
were made by the Company to the Distributor under the plan of distribution in
the amount of $71,915.
Investment management fees, which compensate both the Investment Manager and
Investment Administrator are computed at the following annual percentages of
average daily net asset value:
<TABLE>
<CAPTION>
CHUBB GOVERNMENT SECURITIES FUND
CHUBB TOTAL RETURN FUND
CHUBB MONEY CHUBB TAX-EXEMPT FUND
MARKET FUND CHUBB GROWTH AND INCOME FUND
------------------------------ --------------------------------
AVERAGE DAILY INVESTMENT INVESTMENT INVESTMENT INVESTMENT
NET ASSET VALUE MANAGER ADMINISTRATOR MANAGER ADMINISTRATOR
---------- ------------- ----------- --------------
<S> <C> <C> <C> <C>
First $200 Million . . . 0.15% 0.35% 0.20% 0.45%
Next $1.1 Billion . . . 0.14% 0.31% 0.19% 0.41%
Over $1.3 Billion . . . 0.13% 0.27% 0.18% 0.37%
</TABLE>
The Company is responsible for certain expenses relating to the Company's
operations in addition to the fees described above, including: taxes, transfer
agent, legal, accounting, custodian, audit, printing, registration, directors,
security valuation and miscellaneous other expenses. For the period ended June
30, 1995, the rate was .50% of the average daily net assets of the Chubb Money
Market Fund, 1.00% of the average daily net assets of the Chubb Government
Securities Fund and Chubb Tax-Exempt Fund, and 1.25% of the average daily net
assets of the Chubb Total Return Fund and Chubb Growth and Income Fund. For the
period ended June 30, 1995, the Investment Manager, Investment Administrator
and Distributor waived all or a portion of their fees. In addition, Chubb Life
assumed a portion of all other expenses.
17
<PAGE> 24
NOTES TO FINANCIAL STATEMENTS
CHUBB INVESTMENT FUNDS, INC.
JUNE 30, 1995
NOTE E--SHAREHOLDERS' TRANSACTIONS
Following is a summary of transactions with shareholders for each Fund.
<TABLE>
<CAPTION>
CHUBB MONEY MARKET FUND
-------------------------------------------------------------
FOR THE SIX MONTHS YEAR ENDED
ENDED JUNE 30, 1995 DECEMBER 31, 1994
---------------------------- ---------------------------
SHARES DOLLARS SHARES DOLLARS
---------- ----------- ---------- -----------
<S> <C> <C> <C> <C>
Shares sold . . . . . . . . . . 4,027,898 $ 4,027,898 8,649,844 $ 8,649,844
Shares issued as reinvestment of
dividends . . . . . . . . . . 173,924 173,924 209,547 209,547
Shares redeemed . . . . . . . . (4,332,305) (4,332,305) (6,589,175) (6,589,175)
---------- ----------- ---------- -----------
Net increase (decrease) . . (130,483) $ (130,483) 2,270,216 $ 2,270,216
========== =========== ========== ===========
</TABLE>
<TABLE>
<CAPTION>
CHUBB GOVERNMENT SECURITIES FUND
----------------------------------------------------------
FOR THE SIX MONTHS YEAR ENDED
ENDED JUNE 30, 1995 DECEMBER 31, 1994
-------------------------- ------------------------
SHARES DOLLARS SHARES DOLLARS
-------- ----------- -------- -----------
<S> <C> <C> <C> <C>
Shares sold . . . . . . . . . . 163,466 $ 1,666,378 333,515 $ 3,440,659
Shares issued as reinvestment of
dividends . . . . . . . . . . 33,804 345,416 66,145 669,371
Shares redeemed . . . . . . . . (123,481) (1,252,238) (484,198) (4,939,236)
-------- ----------- -------- -----------
Net increase (decrease) . . 73,789 $ 759,556 (84,538) $ (829,206)
======== =========== ======== ===========
</TABLE>
<TABLE>
<CAPTION>
CHUBB TOTAL RETURN FUND
-----------------------------------------------------------
FOR THE SIX MONTHS YEAR ENDED
ENDED JUNE 30, 1995 DECEMBER 31, 1994
-------------------------- --------------------------
SHARES DOLLARS SHARES DOLLARS
-------- ----------- --------- -----------
<S> <C> <C> <C> <C>
Shares sold . . . . . . . . . . 142,817 $ 2,052,743 412,277 $ 6,013,357
Shares issued as reinvestment of
dividends . . . . . . . . . . 63,939 866,804 75,416 1,100,365
Shares redeemed . . . . . . . . (153,369) (2,177,629) (202,493) (2,902,380)
-------- ----------- --------- -----------
Net increase . . . . . . . 53,387 $ 741,918 285,200 $ 4,211,342
======== =========== ======== ===========
</TABLE>
18
<PAGE> 25
NOTES TO FINANCIAL STATEMENTS
CHUBB INVESTMENT FUNDS, INC.
JUNE 30, 1995
NOTE E--SHAREHOLDERS' TRANSACTIONS--(CONTINUED)
<TABLE>
<CAPTION>
CHUBB TAX-EXEMPT FUND
-----------------------------------------------------------
FOR THE SIX MONTHS YEAR ENDED
ENDED JUNE 30, 1995 DECEMBER 31, 1994
-------------------------- -------------------------
SHARES DOLLARS SHARES DOLLARS
-------- ---------- -------- -----------
<S> <C> <C> <C> <C>
Shares sold . . . . . . . . . . 145,731 $1,717,483 367,109 $ 4,400,156
Shares issued as reinvestment of
dividends . . . . . . . . . . 29,833 351,111 60,697 715,788
Shares redeemed . . . . . . . . (171,885) (2,020,241) (486,580) (5,717,629)
-------- ---------- -------- -----------
Net increase (decrease) . . 3,679 $ 48,353 (58,774) $ (601,685)
======== =========== ======== ===========
</TABLE>
<TABLE>
<CAPTION>
CHUBB GROWTH AND INCOME FUND
-----------------------------------------------------------
FOR THE SIX MONTHS YEAR ENDED
ENDED JUNE 30, 1995 DECEMBER 31, 1994
-------------------------- -------------------------
SHARES DOLLARS SHARES DOLLARS
-------- ----------- -------- -----------
<S> <C> <C> <C> <C>
Shares sold . . . . . . . . . . 204,900 $ 3,298,875 515,132 $ 8,425,191
Shares issued as reinvestment of
dividends . . . . . . . . . . 72,849 1,094,198 61,521 1,013,868
Shares redeemed . . . . . . . . (135,400) (2,177,202) (203,394) (3,269,993)
-------- ----------- -------- -----------
Net increase . . . . . . . 142,349 $ 2,215,871 373,259 $ 6,169,066
======== =========== ======== ===========
</TABLE>
19
<PAGE> 26
CHUBB INVESTMENT FUNDS, INC.
FINANCIAL HIGHLIGHTS
For a share outstanding throughout the period (A):
<TABLE>
<CAPTION>
CHUBB MONEY MARKET FUND
(UNAUDITED)
SIX
MONTHS YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
JUNE DECEMBER DECEMBER DECEMBER DECEMBER DECEMBER
30, 1995 31, 1994 31, 1993 31, 1992 31, 1991 31, 1990
----------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of
period. . . . . . . . . . . . $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
INCOME FROM INVESTMENT
OPERATIONS
Net investment
income. . . . . . . . . . . 0.025 0.034 0.025 0.030 0.052 0.071
Net gains and
losses on securities
(both realized
and unrealized) . . . . . .
---------- ---------- ---------- ---------- ---------- ----------
Total from investment
operations. . . . . . . . . 0.025 0.034 0.025 0.030 0.052 0.071
LESS DISTRIBUTIONS TO
SHAREHOLDERS
Dividends from net
investment
income. . . . . . . . . . . (0.025) (0.034) (0.025) (0.030) (0.052) (0.071)
Dividends in excess
of net investment
income. . . . . . . . . . .
Distributions from
capital gains . . . . . . .
Distributions in
excess of capital
gains . . . . . . . . . . .
Returns of
capital . . . . . . . . . .
---------- ---------- ---------- ---------- ---------- ----------
Total
distributions . . . . . . . (0.025) (0.034) (0.025) (0.030) (0.052) (0.071)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value,
end of period . . . . . . . . $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
========== ========== ========== ========== ========== ==========
Total Return (B) . . . . . . . 2.59% 3.41% 2.50% 3.00% 5.20% 7.10%
Ratios to Average Net Assets:
(Annualized)
Expenses (C) . . . . . . . . 0.50% 0.50% 0.50% 0.50% 0.50% 0.50%
Net investment
income. . . . . . . . . . . 5.11% 3.43% 2.48% 3.06% 5.25% 7.10%
Portfolio Turnover
Rate. . . . . . . . . . . . . N/A N/A N/A N/A N/A N/A
Net Assets, At End
of Period. . . . . . . . . . $7,364,261 $7,494,743 $5,225,178 $4,212,869 $4,410,966 $4,144,116
</TABLE>
(A) The per share amounts which are shown have been computed based on the
average number of shares outstanding during each period.
(B) Total return assumes reinvestment of all dividends during the period.
Investment returns and principal values may fluctuate and shares, when
redeemed, may be worth more or less than the original cost. Total return for
periods of less than one year have not been annualized.
(C) All related party fees have been waived for the period and all other
expenses of the Fund have been assumed in part for 1995, 1994, 1993, 1992,
1991 and 1990 and in their entirety for the prior fiscal periods by Chubb
Life. Had the fees not been waived and expenses not been assumed, the ratios
of expenses to average net assets would have been 1.36% for the six months
ended June 30, 1995, 1.31% in 1994, 1.50% in 1993, 2.38% in 1992, and 2.50%
in 1991 and 1990, pursuant to the most restrictive state limitation.
See notes to financial statements.
20
<PAGE> 27
CHUBB INVESTMENT FUNDS, INC.
FINANCIAL HIGHLIGHTS-(CONTINUED)
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD:
<TABLE>
<CAPTION>
CHUBB GOVERNMENT SECURITIES FUND
----------------------------------------------------------------------------------
(UNAUDITED)
SIX
MONTHS YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
JUNE DECEMBER DECEMBER DECEMBER DECEMBER DECEMBER
30, 1995 31, 1994 31, 1993 31, 1992 31, 1991 31, 1990
------------ ----------- ----------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period..................... $ 9.750 $ 10.710 $ 10.700 $ 11.160 $ 10.360 $ 10.330
INCOME FROM INVESTMENT
OPERATIONS
Net investment
income...................... 0.329 0.607 0.770 0.766 0.750 0.815
Net gains and losses on
securities (both realized
and unrealized) ............ 0.740 (0.960) 0.199 0.021 0.838 0.049
------------ ----------- ----------- ---------- ---------- ----------
Total from investment
operations.................. 1.069 (0.353) 0.969 0.787 1.588 0.864
LESS DISTRIBUTIONS
TO SHAREHOLDERS
Dividends from net
investment income .......... (0.329) (0.607) (0.770) (0.766) (0.750) (0.815)
Dividends in excess of
net investment income.......
Distributions from
capital gains .............. (0.170) (0.481) (0.038) (0.019)
Distributions in excess
of capital gains ........... (0.019)
Returns of capital ..........
------------ ----------- ----------- ---------- ---------- ----------
Total distributions.......... (0.329) (0.607) (0.959) (1.247) (0.788) (0.834)
------------ ----------- ----------- ---------- ---------- ----------
Net asset value, end of
period ....................... $ 10.490 $ 9.750 $ 10.710 $ 10.700 $ 11.160 $ 10.360
=========== =========== =========== ========== ========== ==========
Total Return (A) .............. 11.11% (3.34%) 9.29% 7.44% 15.97% 8.90%
Ratios to Average Net Assets:
(Annualized)
Expenses (B) ................ 1.00% 1.00% 1.00% 1.00% 1.00% 1.05%
Net investment income........ 6.52% 5.96% 7.04% 6.94% 7.12% 8.05%
Portfolio Turnover Rate........ 225.39% 113.36% 197.08% 310.29% 26.96% 24.78%
Net Assets, At End of Period... $14,267,135 $12,534,640 $14,679,255 $7,392,150 $4,080,963 $2,109,061
</TABLE>
(A) Total return assumes reinvestment of all dividends during the year and does
not reflect deduction of sales charge. Investment returns and principal
values will fluctuate and shares, when redeemed, may be worth more or less
than the original cost. Total return for period of less than one year have
not been annualized.
(B) A portion of all related party fees of the Fund have been waived for 1995,
1994 and 1993. All related party fees have been waived and all other
expenses of the Fund have been assumed in part for 1992, 1991 and 1990 in
their entirety for the prior fund period by Chubb Life. Had the fees not
been waived and expenses not been assumed, the ratios of expenses to average
net assets would have been 1.76% for the six months ended June 30, 1995,
1.71% in 1994, 1.89% in 1993 and 2.50% in 1992, 1991 and 1990, pursuant to
the most restrictive state limitation.
See notes to financial statements.
21
<PAGE> 28
CHUBB INVESTMENT FUNDS, INC.
FINANCIAL HIGHLIGHTS-(CONTINUED)
For a share outstanding throughout the period:
<TABLE>
<CAPTION>
CHUBB TOTAL RETURN FUND
----------------------------------------------------------------------------------------
(UNAUDITED)
SIX
MONTHS YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
JUNE DECEMBER DECEMBER DECEMBER DECEMBER DECEMBER
30, 1995 31, 1994 31, 1993 31, 1992 31, 1991 31, 1990
----------- ----------- ----------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period............................... $ 13.230 $ 15.010 $ 13.890 $ 13.850 $ 11.270 $ 12.090
INCOME FROM INVESTMENT
OPERATIONS
Net investment income............... 0.204 0.373 0.405 0.382 0.387 0.437
Net gains and
losses on securities (both
realized and unrealized)........... 2.230 (0.994) 1.529 0.577 2.870 (0.493)
----------- ----------- ----------- ----------- ---------- ----------
Total from investment
operations......................... 2.434 (0.621) 1.934 0.959 3.257 (0.056)
LESS DISTRIBUTIONS TO
SHAREHOLDERS
Dividends from net
investment income.................. (0.204) (0.373) (0.405) (0.382) (0.387) (0.437)
Dividends in excess of
net investment income..............
Distributions from capital
gains.............................. (0.786) (0.409) (0.537) (0.290) (0.327)
Distributions in excess of
capital gains......................
Returns of capital..................
----------- ----------- ----------- ----------- ---------- ----------
Total distributions................. (0.204) (1.159) (0.814) (0.919) (0.677) (0.764)
----------- ----------- ----------- ----------- ---------- ----------
Net asset value, end of period........ $ 15.460 $ 13.230 $ 15.010 $ 13.890 $ 13.850 $ 11.270
=========== =========== =========== =========== ========== ==========
Total Return (A)...................... 18.46% (4.21%) 14.03% 7.11% 29.23% (0.51%)
Ratios to Average Net Assets:
(Annualized)
Expenses (B)........................ 1.00% 1.00% 1.00% 1.00% 1.00% 1.02%
Net investment income............... 2.88% 2.66% 2.83% 2.97% 3.26% 3.93%
Portfolio Turnover Rate............... 13.94% 37.53% 66.15% 73.89% 106.90% 110.09%
Net Assets, At End of Period.......... $20,031,343 $16,431,195 $14,360,086 $10,000,441 $5,259,055 $1,963,120
</TABLE>
(A) Total return assumes reinvestment of all dividends during the year and does
not reflect deduction of sales charge. Investment returns and principal
values will fluctuate and shares, when redeemed, may be worth more or less
than the original cost. Total return for periods of less than one year have
not been annualized.
(B) A portion of all related party fees of the Fund have been waived for 1995,
1994 and 1993. All related party fees have been waived and all other
expenses of the Fund have been assumed in part for 1992, 1991 and 1990 in
their entirety for the prior fund period by Chubb Life. Had the fees not
been waived and expenses not been assumed, the ratios of expenses to average
net assets would have been 1.77% for the six months ended June 30, 1995,
1.73% in 1994, 1.93% in 1993, 2.41% in 1992, and 2.50% in 1991 and 1990,
pursuant to the most restrictive state limitation.
See notes to financial statements.
22
<PAGE> 29
CHUBB INVESTMENT FUNDS, INC.
FINANCIAL HIGHLIGHTS-(CONTINUED)
For a share outstanding throughout the period:
<TABLE>
<CAPTION>
CHUBB TAX-EXEMPT FUND
---------------------------------------------------------------------------------
(UNAUDITED)
SIX
MONTHS YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
JUNE DECEMBER DECEMBER DECEMBER DECEMBER DECEMBER
30, 1995 31, 1994 31, 1993 31, 1992 31, 1991 31, 1990
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period........................ $ 11.220 $ 12.580 $ 11.740 $ 11.380 $ 10.880 $ 11.010
INCOME FROM INVESTMENT
OPERATIONS
Net investment
income......................... 0.312 0.618 0.583 0.619 0.634 0.653
Net gains and
losses on
securities (both
realized and
unrealized).................... 0.701 (1.360) 0.850 0.401 0.500 (0.115)
----------- ----------- ----------- ---------- ---------- ----------
Total from
investment
operations..................... 1.013 (0.742) 1.433 1.020 1.134 0.538
LESS DISTRIBUTIONS TO
SHAREHOLDERS
Dividends from net
investment income.............. (0.312) (0.618) (0.583) (0.619) (0.634) (0.653)
Dividends in excess of
net investment
income......................... (0.001)
Distributions from
capital gains.................. (0.004) (0.041) (0.015)
Distributions in
excess of
capital gains.................. (0.006)
Returns of capital..............
----------- ----------- ----------- ---------- ---------- ----------
Total
distributions.................. (0.313) (0.618) (0.593) (0.660) (0.634) (0.668)
----------- ----------- ----------- ---------- ---------- ----------
Net asset value,
end of period.................... $ 11.920 $ 11.220 $ 12.580 $ 11.740 $ 11.380 $ 10.880
=========== =========== =========== ========== ========== ==========
Total Return (A).................. 9.07% (5.97%) 12.42% 9.19% 10.71% 5.10%
Ratios to Average
Net Assets:
(Annualized)
Expenses (B).................... 1.00% 1.00% 1.00% 1.00% 1.00% 1.05%
Net investment
income......................... 5.32% 5.21% 4.81% 5.40% 5.80% 6.15%
Portfolio Turnover
Rate............................. 1.33% 8.37% 1.55% 17.11% 4.41% 26.13%
Net Assets, At End
of Period........................ $14,888,951 $13,973,939 $16,406,372 $9,250,893 $6,734,020 $4,326,788
</TABLE>
(A) Total return assumes reinvestment of all dividends during the year and does
not reflect deduction of sales charge. Investment returns and principal
values will fluctuate and shares, when redeemed, may be worth more or less
than the original cost. Total return for periods of less than one year have
not been annualized.
(B) A portion of all related party fees of the Fund have been waived for 1995,
1994 and 1993. All related party fees have been waived and all other
expenses of the Fund have been assumed in part for 1992, 1991 and 1990 in
their entirety for the prior fund period by Chubb Life. Had the fees not
been waived and expenses not been assumed, the ratios of expenses to average
net assets would have been 1.85% for the six months ended June 30, 1995,
1.80% in 1994, 1.97% in 1993, 2.42% in 1992, and 2.50% in 1991 and 1990,
pursuant to the most restrictive state limitation.
See notes to financial statements.
23
<PAGE> 30
CHUBB INVESTMENT FUNDS, INC.
FINANCIAL HIGHLIGHTS-(CONTINUED)
For a share outstanding throughout the period:
<TABLE>
<CAPTION>
CHUBB GROWTH AND INCOME FUND
-----------------------------------------------------------------------------------
(UNAUDITED)
SIX
MONTHS YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
JUNE DECEMBER DECEMBER DECEMBER DECEMBER DECEMBER
30, 1995 31, 1994 31, 1993 31, 1992 31, 1991 31, 1990
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period............ $ 14.770 $ 16.700 $ 15.140 $ 14.830 $ 11.950 $ 13.040
INCOME FROM INVESTMENT
OPERATIONS
Net investment
income....................... 0.126 0.247 0.277 0.214 0.243 0.244
Net gains and
losses on
securities (both
realized and
unrealized).................. 3.154 (0.954) 2.039 0.794 3.756 (0.664)
----------- ----------- ----------- ---------- ---------- ----------
Total from
investment
operations................... 3.280 (0.707) 2.316 1.008 3.999 (0.420)
LESS DISTRIBUTIONS TO
SHAREHOLDERS
Dividends from net
investment
income....................... (0.247) (0.277) (0.214) (0.243) (0.244)
Dividends in excess of
net investment
income.......................
Distributions from
capital gains................ (0.976) (0.479) (0.484) (0.876) (0.426)
Distributions in
excess of
capital gains................
Returns of capital............
----------- ----------- ----------- ---------- ---------- ----------
Total
distributions................ 0.000 (1.223) (0.756) (0.698) (1.119) (0.670)
----------- ----------- ----------- ---------- ---------- ----------
Net asset value,
end of period.................. $ 18.050 $ 14.770 $ 16.700 $ 15.140 $ 14.830 $ 11.950
=========== =========== =========== ========== ========== ==========
Total Return (A)................ 22.21% (4.26%) 15.29% 6.84% 33.48% (3.36%)
Ratios to Average Net Assets:
(Annualized)
Expenses (B).................. 1.00% 1.00% 1.00% 1.00% 1.00% 1.04%
Net investment
income....................... 1.62% 1.66% 2.04% 1.82% 2.34% 2.78%
Portfolio Turnover
Rate........................... 19.95% 46.17% 81.96% 87.87% 152.56% 152.93%
Net Assets, At End
of Period...................... $25,391,625 $18,679,228 $14,885,337 $9,457,836 $4,445,996 $1,758,808
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(A) Total return assumes reinvestment of all dividends during the year and
does not reflect deduction of sales charge. Investment returns and
principal values will fluctuate and shares, when redeemed, may be worth
more or less than the original cost. Total return for periods of less than
one year have not been annualized.
(B) A portion of all related party fees of the Fund have been waived for 1995,
1994 and 1993. All related party fees have been waived and all other
expenses of the Fund have been assumed in part for 1992, 1991 and 1990 in
their entirety for the prior fund period by Chubb Life. Had the fees not
been waived and expenses not been assumed, the ratios of expenses to
average net assets would have been 1.76% for the six months ended June 30,
1995, 1.71% in 1994, 1.92% in 1993 and 2.50% in 1992, 1991 and 1990,
pursuant to the most restrictive state limitation.
See notes to financial statements.
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This semi-annual report has been prepared for shareholders of the Chubb
Investment Funds. It must be preceded or accompanied by a prospectus if used
for prospecting purposes. Always read the prospectus carefully before
investing or sending money.
[CHUBB LOGO]
CHUBB INVESTMENT FUNDS, INC.
Distributed by Chubb Securities Corporation
One Granite Place, Concord, New Hampshire 03301
1-800-452-4822
Shareholder Services 1-800-541-2053
<PAGE> 33
<TABLE>
<S> <C>
CHUBB BULK RATE
INVESTMENT US POSTAGE
FUNDS PAID
PERMIT NO. 7
One Granite Place ASHLAND, MA
PO Box 515
Concord, NH 03302
Form 3-577(1) Ed. 9/95
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