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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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025 A000502 DELETE
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<PAGE> PAGE 23
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055 A000500 N
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<PAGE> PAGE 24
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<PAGE> PAGE 25
070 O010500 Y
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<PAGE> PAGE 26
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024 000600 Y
025 A000601 LEHMAN BROTHERS
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
070 F010600 Y
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<PAGE> PAGE 30
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024 000700 N
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
075 A000700 0
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SIGNATURE DAVID LAFFERTY
TITLE ACCOUNTANT
[ARTICLE] 6
[SERIES]
[NUMBER] 6
[NAME] CHUBB INVESTMENT FUNDS, INC.
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] DEC-31-1996
[INVESTMENTS-AT-COST] 5444126
[INVESTMENTS-AT-VALUE] 6308152
[RECEIVABLES] 39998
[ASSETS-OTHER] 194662
[OTHER-ITEMS-ASSETS] 9808
[TOTAL-ASSETS] 6552620
[PAYABLE-FOR-SECURITIES] 79280
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 32769
[TOTAL-LIABILITIES] 112049
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 5470988
[SHARES-COMMON-STOCK] 495668
[SHARES-COMMON-PRIOR] 153462
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 105557
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 864026
[NET-ASSETS] 6440571
[DIVIDEND-INCOME] 59859
[INTEREST-INCOME] 15181
[OTHER-INCOME] 0
[EXPENSES-NET] 42546
[NET-INVESTMENT-INCOME] 32494
[REALIZED-GAINS-CURRENT] 205469
[APPREC-INCREASE-CURRENT] 841609
[NET-CHANGE-FROM-OPS] 1079572
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 32494
[DISTRIBUTIONS-OF-GAINS] 99912
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 356581
[NUMBER-OF-SHARES-REDEEMED] 24388
[SHARES-REINVESTED] 10013
[NET-CHANGE-IN-ASSETS] 4844317
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 7475
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 68151
[AVERAGE-NET-ASSETS] 3729771
[PER-SHARE-NAV-BEGIN] 10.40
[PER-SHARE-NII] .07
[PER-SHARE-GAIN-APPREC] 2.80
[PER-SHARE-DIVIDEND] .07
[PER-SHARE-DISTRIBUTIONS] .21
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 12.99
[EXPENSE-RATIO] 1.13
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[SERIES]
[NUMBER] 7
[NAME] CHUBB INVESTMENT FUNDS, INC.
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] DEC-31-1996
[INVESTMENTS-AT-COST] 10476192
[INVESTMENTS-AT-VALUE] 10823476
[RECEIVABLES] 248924
[ASSETS-OTHER] 1176481
[OTHER-ITEMS-ASSETS] 9808
[TOTAL-ASSETS] 12258689
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 31811
[TOTAL-LIABILITIES] 31811
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 11888642
[SHARES-COMMON-STOCK] 1193895
[SHARES-COMMON-PRIOR] 1048603
[ACCUMULATED-NII-CURRENT] 969
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] (2690)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 339957
[NET-ASSETS] 12226878
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 768178
[OTHER-INCOME] 0
[EXPENSES-NET] 140214
[NET-INVESTMENT-INCOME] 627964
[REALIZED-GAINS-CURRENT] 9102
[APPREC-INCREASE-CURRENT] 62138
[NET-CHANGE-FROM-OPS] 699204
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 627964
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 89229
[NUMBER-OF-SHARES-REDEEMED] 6369
[SHARES-REINVESTED] 62432
[NET-CHANGE-IN-ASSETS] 1521316
[ACCUMULATED-NII-PRIOR] 8250
[ACCUMULATED-GAINS-PRIOR] (19073)
[OVERDISTRIB-NII-PRIOR] 29
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 22735
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 191457
[AVERAGE-NET-ASSETS] 11345420
[PER-SHARE-NAV-BEGIN] 10.21
[PER-SHARE-NII] .55
[PER-SHARE-GAIN-APPREC] .03
[PER-SHARE-DIVIDEND] .55
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 10.24
[EXPENSE-RATIO] 1.23
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[SERIES]
[NUMBER] 2
[NAME] CHUBB INVESTMENT FUNDS, INC.
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] DEC-31-1996
[INVESTMENTS-AT-COST] 12605865
[INVESTMENTS-AT-VALUE] 12645177
[RECEIVABLES] 113764
[ASSETS-OTHER] 70959
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 12829900
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 11450
[TOTAL-LIABILITIES] 11450
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 13198822
[SHARES-COMMON-STOCK] 1222744
[SHARES-COMMON-PRIOR] 1287696
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] (419684)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 39312
[NET-ASSETS] 12818450
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 930139
[OTHER-INCOME] 0
[EXPENSES-NET] 126207
[NET-INVESTMENT-INCOME] 803932
[REALIZED-GAINS-CURRENT] 82884
[APPREC-INCREASE-CURRENT] (483663)
[NET-CHANGE-FROM-OPS] 403153
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 803932
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 413101
[NUMBER-OF-SHARES-REDEEMED] 540335
[SHARES-REINVESTED] 62282
[NET-CHANGE-IN-ASSETS] (1068028)
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] (502568)
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 26891
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 216887
[AVERAGE-NET-ASSETS] 13417013
[PER-SHARE-NAV-BEGIN] 10.78
[PER-SHARE-NII] .62
[PER-SHARE-GAIN-APPREC] (.30)
[PER-SHARE-DIVIDEND] .62
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 10.48
[EXPENSE-RATIO] .93
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[SERIES]
[NUMBER] 5
[NAME] CHUBB INVESTMENT FUNDS, INC.
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] DEC-31-1996
[INVESTMENTS-AT-COST] 31348117
[INVESTMENTS-AT-VALUE] 39790590
[RECEIVABLES] 328319
[ASSETS-OTHER] 287287
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 40406196
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 124347
[TOTAL-LIABILITIES] 124347
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 31389590
[SHARES-COMMON-STOCK] 1914289
[SHARES-COMMON-PRIOR] 1568900
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 449786
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 8442473
[NET-ASSETS] 40281849
[DIVIDEND-INCOME] 769617
[INTEREST-INCOME] 35120
[OTHER-INCOME] 6387
[EXPENSES-NET] 366148
[NET-INVESTMENT-INCOME] 444976
[REALIZED-GAINS-CURRENT] 3562614
[APPREC-INCREASE-CURRENT] 3263516
[NET-CHANGE-FROM-OPS] 7271106
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 444976
[DISTRIBUTIONS-OF-GAINS] 2606711
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 632505
[NUMBER-OF-SHARES-REDEEMED] 428191
[SHARES-REINVESTED] 141075
[NET-CHANGE-IN-ASSETS] 11137688
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] (221)
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 505896
[GROSS-ADVISORY-FEES] 19141
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 142727
[AVERAGE-NET-ASSETS] 34164940
[PER-SHARE-NAV-BEGIN] 18.58
[PER-SHARE-NII] .25
[PER-SHARE-GAIN-APPREC] 3.93
[PER-SHARE-DIVIDEND] .25
[PER-SHARE-DISTRIBUTIONS] 1.47
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 21.04
[EXPENSE-RATIO] 1.06
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[SERIES]
[NUMBER] 1
[NAME] CHUBB INVESTMENT FUNDS, INC.
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] DEC-31-1996
[INVESTMENTS-AT-COST] 8724501
[INVESTMENTS-AT-VALUE] 8724501
[RECEIVABLES] 298214
[ASSETS-OTHER] 137551
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 9160266
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 306250
[TOTAL-LIABILITIES] 306250
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 8854859
[SHARES-COMMON-STOCK] 8854862
[SHARES-COMMON-PRIOR] 7620969
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] (843)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 0
[NET-ASSETS] 8854016
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 456595
[OTHER-INCOME] 0
[EXPENSES-NET] 43848
[NET-INVESTMENT-INCOME] 412747
[REALIZED-GAINS-CURRENT] (82)
[APPREC-INCREASE-CURRENT] 0
[NET-CHANGE-FROM-OPS] 412665
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 412747
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 11445668
[NUMBER-OF-SHARES-REDEEMED] 10605776
[SHARES-REINVESTED] 394000
[NET-CHANGE-IN-ASSETS] 1233810
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] (761)
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 13048
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 106392
[AVERAGE-NET-ASSETS] 8698076
[PER-SHARE-NAV-BEGIN] 1.00
[PER-SHARE-NII] .05
[PER-SHARE-GAIN-APPREC] 0
[PER-SHARE-DIVIDEND] .05
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 1.00
[EXPENSE-RATIO] .50
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[SERIES]
[NUMBER] 4
[NAME] CHUBB INVESTMENT FUNDS, INC.
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] DEC-31-1996
[INVESTMENTS-AT-COST] 13859222
[INVESTMENTS-AT-VALUE] 14608125
[RECEIVABLES] 255384
[ASSETS-OTHER] 236176
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 15099685
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 38303
[TOTAL-LIABILITIES] 38303
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 14312516
[SHARES-COMMON-STOCK] 1239556
[SHARES-COMMON-PRIOR] 1237682
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] (37)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 748903
[NET-ASSETS] 15061382
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 931093
[OTHER-INCOME] 0
[EXPENSES-NET] 152263
[NET-INVESTMENT-INCOME] 778830
[REALIZED-GAINS-CURRENT] 67216
[APPREC-INCREASE-CURRENT] (249230)
[NET-CHANGE-FROM-OPS] 596816
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 778830
[DISTRIBUTIONS-OF-GAINS] 52975
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 345568
[NUMBER-OF-SHARES-REDEEMED] 403013
[SHARES-REINVESTED] 59319
[NET-CHANGE-IN-ASSETS] (197967)
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 14278
[GROSS-ADVISORY-FEES] 7561
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 58650
[AVERAGE-NET-ASSETS] 15458491
[PER-SHARE-NAV-BEGIN] 12.33
[PER-SHARE-NII] .61
[PER-SHARE-GAIN-APPREC] (.14)
[PER-SHARE-DIVIDEND] .61
[PER-SHARE-DISTRIBUTIONS] .04
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 12.15
[EXPENSE-RATIO] .98
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[SERIES]
[NUMBER] 3
[NAME] CHUBB INVESTMENT FUNDS, INC.
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] DEC-31-1996
[INVESTMENTS-AT-COST] 24965373
[INVESTMENTS-AT-VALUE] 30065386
[RECEIVABLES] 320198
[ASSETS-OTHER] 717499
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 31103083
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 38984
[TOTAL-LIABILITIES] 38984
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 25783073
[SHARES-COMMON-STOCK] 1784176
[SHARES-COMMON-PRIOR] 1388932
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 181013
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 5100013
[NET-ASSETS] 31064099
[DIVIDEND-INCOME] 403160
[INTEREST-INCOME] 474649
[OTHER-INCOME] 7628
[EXPENSES-NET] 285822
[NET-INVESTMENT-INCOME] 599615
[REALIZED-GAINS-CURRENT] 1864506
[APPREC-INCREASE-CURRENT] 1949555
[NET-CHANGE-FROM-OPS] 4413676
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 599615
[DISTRIBUTIONS-OF-GAINS] 1467709
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 597305
[NUMBER-OF-SHARES-REDEEMED] 317920
[SHARES-REINVESTED] 115859
[NET-CHANGE-IN-ASSETS] 8892773
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] (80)
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 215704
[GROSS-ADVISORY-FEES] 52825
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 422840
[AVERAGE-NET-ASSETS] 25152978
[PER-SHARE-NAV-BEGIN] 15.96
[PER-SHARE-NII] .37
[PER-SHARE-GAIN-APPREC] 2.32
[PER-SHARE-DIVIDEND] .37
[PER-SHARE-DISTRIBUTIONS] .87
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 17.41
[EXPENSE-RATIO] 1.08
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
Board of Directors
Chubb Investment Funds, Inc.
In planning and performing our audit of the financial statements of the
Chubb Investment Funds, Inc. (comprising, respectively, the Chubb
Money Market Fund, Chubb Government Securities Fund, Chubb Total
Return Fund, Chubb Tax-Exempt Fund, Chubb Growth and Income Fund,
Chubb Capital Appreciation Fund, and Chubb Global Income Fund) for
the year ended December 31, 1996, we considered its internal control
structure, including procedures for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the requirements
of Form N-SAR, not to provide assurance on the internal control
structure.
The management of Chubb Investment Funds, Inc. is responsible for
establishing and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of internal control structure
policies and procedures. Two of the objectives of an internal control
structure are to provide management with reasonable, but not absolute,
assurance that assets are safeguarded against loss from unauthorized use
or disposition and that transactions are executed in accordance with
management's authorization and recorded properly to permit preparation
of financial statements in conformity with generally accepted accounting
principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of
Certified Public Accountants. A material weakness is a condition in which
the design or operation of the specific internal control structure elements
does not reduce to a relatively low level the risk that errors or
irregularities in amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a timely
period by employees in the normal course of performing their assigned
functions. However, we noted no matters involving the internal control
structure, including procedures for safeguarding securities, that we
consider to be material weaknesses as defined above at December 31,
1996.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
ERNST &
YOUNG LLP
February 14, 1997
