<PAGE>
- --------------------------------------------------------------------------------
PRESIDENT'S LETTER
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
Dear Policyholder:
I am pleased to offer this inaugural president's letter on behalf of the Chubb
Series Trust. The investment options offered by the Trust stand behind an
innovative collaboration between Chubb Life Insurance Company of America and
Morgan Guaranty Trust Company of New York -- The Chubb Heritage Series of
variable universal life insurance policies.
The Chubb Heritage alliance recognizes and capitalizes on the respective
strengths of these internationally-recognized companies: Morgan's asset
management expertise and Chubb's risk management experience. Together, we bring
the affluent marketplace a powerful estate planning tool combining the
flexibility and protection of tax-advantaged universal life insurance with the
opportunity to invest in Morgan-managed portfolios. We are exceedingly proud of
this relationship, and of our shared commitment to integrity, honesty and
excellence.
As the Federal Reserve Bank sought to guide the economy toward controlled growth
with low inflation, common stocks and bonds enjoyed a strong six-month rally. As
a result, the performance of each of the Trust's investment options was quite
rewarding for the first half of 1995, with the Equity and Small Company
Portfolios generating attractive returns for the period.
Going forward, Morgan's experienced investment professionals will continue to
seek the market's most rewarding investment opportunities. We truly appreciate
the opportunity to have you as a valued policyholder, and look forward to a long
and prosperous relationship.
Sincerely,
/s/ Bruce R. Stefany
Bruce R. Stefany
President, Chubb Series Trust
August 28, 1995
<PAGE>
[This page intentionally left blank]
<PAGE>
- --------------------------------------------------------------------------------
RESOLUTE TREASURY MONEY MARKET PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
IN THIS SECTION
- --------------------------------------------------------------------------------
Portfolio Facts
Investment Comparison
Portfolio Composition
Schedule of Portfolio Investments
- --------------------------------------------------------------------------------
PORTFOLIO FACTS
- --------------------------------------------------------------------------------
INCEPTION DATE
January 3, 1995
- --------------------------------------------------------------------------------
FUND MANAGER
Morgan Guaranty Trust Co. of New York
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE AND STRATEGY
The Resolute Treasury Money Market Portfolio's investment objective is to
provide current income, maintain a high level of liquidity and preserve capital.
The Portfolio will invest in Treasury Bills, Notes and Bonds, all of which are
backed as to principal and interest payments by the full faith and credit of the
United States of America.
- --------------------------------------------------------------------------------
NET ASSETS AS OF 6/30/95
$1,174,320
- --------------------------------------------------------------------------------
NUMBER OF HOLDINGS
5
- --------------------------------------------------------------------------------
PORTFOLIO QUALITY
AAA-100%
- --------------------------------------------------------------------------------
DOLLAR WEIGHT AVERAGE MATURITY
78.9 days
- --------------------------------------------------------------------------------
1
<PAGE>
- --------------------------------------------------------------------------------
RESOLUTE TREASURY MONEY MARKET PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
INVESTMENT COMPARISON
- --------------------------------------------------------------------------------
Resolute Treasury Money Market Portfolio and the
Donoghue Treasury and Repurchase Agreement Average
Comparison of change in value of $10,000 investment
- --------------------------------------------------------------------------------
- --------------------------------------------------
Total Returns
for period ending 6/30/95
- --------------------------------------------------
THIS QUARTER YTD SINCE INCEPTION
1.30% 2.49% 2.49%
- --------------------------------------------------
<TABLE>
<CAPTION>
DATE
<S> <C>
01/03/95 $10,000
01/31/95 $10,035
02/28/95 $10,073
03/31/95 $10,138
04/28/95 $10,158
05/31/95 $10,204
06/30/95 $10,249
</TABLE>
<TABLE>
<CAPTION>
ACCOUNT
DATE VALUE
<S> <C>
12/31/94 10,000
01/31/95 10,040
02/28/95 10,083
03/31/95 10,127
04/28/95 10,171
05/31/95 10,215
06/30/95 10,260
</TABLE>
DONOGHUE TREASURY AND REPURCHASE AGREEMENT AVERAGE MONEY MARKET
PORTFOLIO
Past performance is not predictive of future performance.
This graph compares an initial $10,000 investment made in the Resolute Treasury
Money Market Portfolio at its inception with a similar investment in the
Donoghue Treasury and Repurchase Agreement Average. For the purpose of this
graph and the accompanying table, the total return for the Portfolio reflects
all recurring expenses (advisory fees, account fees) and includes the
reinvestment of all dividends and distributions.
Shares of the Portfolio are offered only through divisions of Chubb Separate
Account C established by Chubb Life Insurance Company of America to fund
flexible premium variable life insurance policies. Total returns do not reflect
any separate account expenses imposed on the policies which include a 3% sales
charge, 2.5% premium tax charge, DAC tax sales charge, cost of insurance,
mortality expenses and surrender charges.
The Donoghue Treasury and Repurchase Agreement Average is an unmanaged index and
includes the reinvestment of all dividends, but does not reflect the payment of
transaction costs, advisory fees or expenses that are associated with an
investment in the Portfolio.
2
<PAGE>
- --------------------------------------------------------------------------------
RESOLUTE TREASURY MONEY MARKET PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
[PIE CHART APPEARS HERE]
- --------------------------------------------------------------------------------
LIST OF TOP HOLDINGS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PERCENT OF
TOTAL INVESTMENTS
<S> <C>
U.S. Treasury Bill, 5.375%, due 09/21/95 85.10%
U.S. Treasury Bill, 5.450%, due 09/14/95 7.31
U.S. Treasury Bill, 5.685%, due 08/03/95 3.21
U.S. Treasury Bill, 5.580%, due 08/03/95 2.28
U.S. Treasury Bill, 5.410%, due 09/28/95 2.10
- --------------------------------------------------------------------------------
TOTAL 100.00%
- --------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
- --------------------------------------------------------------------------------
RESOLUTE TREASURY MONEY MARKET PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED)
SHORT-TERM OBLIGATIONS--100.25%
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
U.S. TREASURY BILLS VALUE (NOTE B)
<S> <C> <C>
5.580%, due 08/03/95 $ 27,000 $ 26,860
5.685%, due 08/03/95 38,000 37,802
5.450%, due 09/14/95 87,000 86,042
5.375%, due 09/21/95 1,014,000 1,001,853
5.410%, due 09/28/95 25,000 24,671
----------
TOTAL SHORT-TERM OBLIGATIONS
(Cost $1,176,925) $1,177,228
----------
</TABLE>
SUMMARY OF TOTAL NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $1,176,925)* 100.25% $1,177,228
Other assets, less liabilities (0.25) (2,908)
------- ----------
TOTAL NET ASSETS 100.00% $1,174,320
------- ----------
</TABLE>
*Aggregate cost for Federal income tax purposes.
See notes to financial statements.
4
<PAGE>
- --------------------------------------------------------------------------------
RESOLUTE BOND PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
IN THIS SECTION
- --------------------------------------------------------------------------------
Portfolio Facts
Investment Comparison
Portfolio Composition
Schedule of Portfolio Investments
- --------------------------------------------------------------------------------
PORTFOLIO FACTS
- --------------------------------------------------------------------------------
INCEPTION DATE
January 3, 1995
- --------------------------------------------------------------------------------
FUND MANAGER
Morgan Guaranty Trust Co. of New York
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE AND STRATEGY
To provide a high total return consistent with moderate risk of capital and
maintenance of liquidity. Total return will consist of income plus realized and
unrealized capital gains and losses.
- --------------------------------------------------------------------------------
NET ASSETS AS OF 6/30/95
$1,254,740
- --------------------------------------------------------------------------------
NUMBER OF HOLDINGS
16
- --------------------------------------------------------------------------------
PORTFOLIO TURNOVER
179.85%
- --------------------------------------------------------------------------------
PORTFOLIO QUALITY
AAA-72.40%
AA - 4.58%
A - 16.23%
BBB- 6.79%
- --------------------------------------------------------------------------------
AVERAGE MATURITY
9.9 years
- --------------------------------------------------------------------------------
5
<PAGE>
- --------------------------------------------------------------------------------
RESOLUTE BOND PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
INVESTMENT COMPARISON
- --------------------------------------------------------------------------------
Resolute Bond Portfolio
and the Salomon Investment Grade Bond Index
Comparison of change in value of $10,000 investment
- --------------------------------------------------------------------------------
- -------------------------------------------------------
Total Returns
for period ending 6/30/95
- -------------------------------------------------------
THIS QUARTER YTD SINCE INCEPTION
6.20% 10.03% 10.03%
- -------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C>
DATE
01/03/95 $10,000
01/31/95 $10,146
02/28/95 $10,320
03/31/95 $10,360
04/28/95 $10,488
05/01/95 $10,907
06/30/95 $11,003
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
DATE
12/31/94 10,000
01/31/95 10,207
02/28/95 10,446
03/31/95 10,506
04/28/95 10,650
05/31/95 11,073
06/30/95 11,151
</TABLE>
SALOMON INVESTMENT GRADE BOND INDEX BOND PORTFOLIO
Past performance is not predictive of future performance.
This graph compares an initial $10,000 investment made in the Resolute Bond
Portfolio at its inception with a similar investment in the Salomon Investment
Grade Bond Index. For the purpose of this graph and the accompanying table, the
total return for the Portfolio reflects all recurring expenses (advisory fees,
account fees) and includes the reinvestment of all dividends and distributions.
Shares of the Portfolio are offered only through divisions of Chubb Separate
Account C established by Chubb Life Insurance Company of America to fund
flexible premium variable life insurance policies. Total returns do not reflect
any separate account expenses imposed on the policies which include a 3% sales
charge, 2.5% premium tax charge, DAC tax sales charge, cost of insurance,
mortality expenses and surrender charges.
The Salomon Investment Grade Bond Index is an unmanaged index and includes the
reinvestment of all dividends, but does not reflect the payment of transaction
costs, advisory fees or expenses that are associated with an investment in the
Portfolio.
6
<PAGE>
- --------------------------------------------------------------------------------
RESOLUTE BOND PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
[PIE CHART APPEARS HERE]
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------
LIST OF TOP TEN HOLDINGS
- --------------------------------------------------------------------------------------------------------
PERCENT OF
TOTAL INVESTMENTS
<S> <C>
U.S. Treasury Bond, 9.250%, due 02/15/16 14.69%
U.S. Treasury Note, 7.625%, due 04/30/96 14.69
U.S. Treasury Note, 7.500%, due 11/15/01 11.85
U.S. Treasury Note, 7.750%, due 11/30/99 11.39
U.S. Treasury Bond, 12.000%, due 08/15/13 6.77
Greentree Financial Corp., 7.200%, due 04/15/19 4.58
Continental Bank, N.A., Sub Notes, 7.875%, due 02/01/03 4.41
Pacific Gas & Electric Co., 7.875%, due 03/01/02 4.03
Chrysler Financial Corp., 8.125%, due 12/15/96 3.91
Ford Motor Credit Co., 8.250%, due 05/15/96 3.88
Balance - 6 Security Positions 19.80
- --------------------------------------------------------------------------------------------------------
TOTAL 100.00%
- --------------------------------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
- --------------------------------------------------------------------------------
RESOLUTE BOND PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------
CORPORATE BONDS--28.86%
- -------------------------------------------------------------------
BANKING--4.61%
PRINCIPAL MARKET VALUE
COMPANY VALUE (NOTE B)
<S> <C> <C>
Continental Bank, N.A.,
Sub Notes, 7.875%,
due 02/01/03 $ 55,000 $ 57,881
----------
<CAPTION>
FINANCIAL SERVICES--16.07%
PRINCIPAL MARKET VALUE
COMPANY VALUE (NOTE B)
<S> <C> <C>
Chrysler Financial Corp.,
8.125%, due 12/15/96 50,000 51,265
Ford Motor Credit Co.,
8.250%, due 05/15/96 50,000 50,872
GMAC Medium Term Note,
5.700%, due 12/22/97 40,000 39,296
Greentree Financial Corp.,
7.200%, due 04/15/19 60,000 60,125
----------
Total 201,558
----------
<CAPTION>
UTILITIES - ELECTRIC--8.18%
PRINCIPAL MARKET VALUE
COMPANY VALUE (NOTE B)
<S> <C> <C>
Pacific Gas & Electric Co.,
7.875%, due 03/01/02 50,000 52,898
Texas Utilities Electric Co.,
1st Mortgage, 7.875%
due 04/01/24 50,000 49,750
----------
Total 102,648
----------
TOTAL CORPORATE BONDS
(Cost $346,833) $ 362,087
----------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS-69.19%
- -------------------------------------------------------------------
PRINCIPAL MARKET VALUE
AGENCY VALUE (NOTE B)
<S> <C> <C>
FHLMC, 7.500%,
due 07/01/25 $ 50,000 $ 50,250
----------
U.S. TREASURY BONDS
12.000%, due 08/15/13 $ 60,000 $ 88,819
9.250%, due 02/15/16 150,000 192,797
----------
Total 281,616
----------
U.S. TREASURY NOTES
7.625%, due 04/30/96 190,000 192,790
4.750%, due 10/31/98 40,000 38,562
7.750%, due 11/30/99 140,000 149,406
7.500%, due 11/15/01 145,000 155,558
----------
Total 817,932
----------
TOTAL U.S. GOVERNMENT AND AGENCY
OBLIGATIONS
(Cost $831,062) $ 868,182
----------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------
SHORT-TERM OBLIGATIONS--6.53%
- -------------------------------------------------------------------
PRINCIPAL MARKET VALUE
U.S. TREASURY BILLS VALUE (NOTE B)
<S> <C> <C>
5.460%, due 09/21/95 $ 10,000 $ 9,880
5.410%, due 09/28/95 73,000 72,038
----------
TOTAL SHORT-TERM OBLIGATIONS
(Cost $81,899) $ 81,918
----------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------
SUMMARY OF TOTAL NET ASSETS
- -------------------------------------------------------------------
TOTAL INVESTMENTS
<S> <C> <C>
(Cost $1,259,794)* 104.58% $1,312,187
Other assets, less liabilities (4.58) (57,447)
------- ----------
TOTAL NET ASSETS 100.00% $1,254,740
------- ----------
</TABLE>
*Aggregate cost for Federal income tax purposes.
See notes to financial statements.
8
<PAGE>
- --------------------------------------------------------------------------------
RESOLUTE EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
IN THIS SECTION
- --------------------------------------------------------------------------------
Portfolio Facts
Investment Comparison
Portfolio Composition
Schedule of Portfolio Investments
- --------------------------------------------------------------------------------
PORTFOLIO FACTS
- --------------------------------------------------------------------------------
INCEPTION DATE
January 3, 1995
- --------------------------------------------------------------------------------
FUND MANAGER
Morgan Guaranty Trust Co. of New York
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE AND STRATEGY
To provide a high total return from a portfolio comprised of selected
equity securities.
Portfolio invests primarily in the common stock of large and medium sized
U.S. corporations with market capitalization above $1.5 billion.
- --------------------------------------------------------------------------------
NET ASSETS AS OF 6/30/95
$3,709,454
- --------------------------------------------------------------------------------
NUMBER OF HOLDINGS
87
- --------------------------------------------------------------------------------
PORTFOLIO TURNOVER
27.68%
- --------------------------------------------------------------------------------
9
<PAGE>
- --------------------------------------------------------------------------------
RESOLUTE EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
INVESTMENT COMPARISON
- --------------------------------------------------------------------------------
RESOLUTE EQUITY PORTFOLIO
AND THE S&P 500 INDEX
Comparison of change in value of $10,000 investment
- --------------------------------------------------------------------------------
- -----------------------------------------------------
Total Returns
for period ending 6/30/95
- -----------------------------------------------------
THIS QUARTER YTD SINCE INCEPTION
8.12% 19.38% 19.38%
- -----------------------------------------------------
DATE
01/03/95 $10,000
01/31/95 $10,207
02/28/95 $10,647
03/31/95 $11,041
04/28/95 $11,290
05/31/95 $11,717
06/30/95 $11,938
DATE
01/03/95 10,000
01/31/95 10,262
02/28/95 10,662
03/31/95 10,976
04/28/95 11,299
05/31/95 11,750
06/30/95 12,023
- -----------------------------------------------------------------------------
- --------- S&P 500 INDEX ---------- EQUITY PORTFOLIO
Past performance is not predictive of future performance.
This graph compares an initial $10,000 investment made in the Resolute Equity
Portfolio at its inception with a similar investment in the S&P 500 Index. For
the purpose of this graph and the accompanying table, the total return for the
Portfolio reflects all recurring expenses (advisory fees, account fees) and
includes the reinvestment of all dividends and distributions.
Shares of the Portfolio are offered only through divisions of Chubb Separate
Account C established by Chubb Life Insurance Company of America to fund
flexible premium variable life insurance policies. Total returns do not reflect
any separate account expenses imposed on the policies which include a 3% sales
charge, 2.5% premium tax charge, DAC tax sales charge, cost of insurance,
mortality expenses and surrender charges.
The S&P 500 Index is an unmanaged index and includes the reinvestment of all
dividends, but does not reflect the payment of transaction costs, advisory fees
or expenses that are associated with an investment in the Portfolio.
10
<PAGE>
- --------------------------------------------------------------------------------
RESOLUTE EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
[PIE CHART GOES HERE]
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
LIST OF TOP TEN HOLDINGS
- --------------------------------------------------------------------------------------------------------------
PERCENT OF
TOTAL INVESTMENTS
<S> <C>
Bausch & Lomb, Inc. 2.96%
General Motors Corporation 2.35
Tele-Communications, Class A, ADR 2.29
BankAmerica Corporation 2.22
Columbia/HCA Healthcare 2.17
Philip Morris Companies, Inc. 2.16
Providian Corporation 2.11
NationsBank Corporation 1.98
AT&T Corporation 1.96
Harris Corporation 1.91
Balance - 77 Security Positions 77.89
- --------------------------------------------------------------------------------------------------------------
TOTAL 100.00%
- --------------------------------------------------------------------------------------------------------------
</TABLE>
11
<PAGE>
- --------------------------------------------------------------------------------
RESOLUTE EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
PORTFOLIO COMPOSITION (CONTINUED)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
LIST OF TOP TEN INDUSTRIES
- --------------------------------------------------------------------------------------------------------------
PERCENT OF
TOTAL INVESTMENTS
<S> <C>
Oil - Production 10.63%
Entertainment, Leisure & Media 7.17
Banking 6.54
Telecommunications 6.42
Retail 6.14
Household Products 5.36
Health Supplies 5.13
Financial Services 4.91
Manufacturing 4.20
Pharmaceuticals 3.79
- --------------------------------------------------------------------------------------------------------------
TOTAL 60.29%
- --------------------------------------------------------------------------------------------------------------
</TABLE>
12
<PAGE>
- --------------------------------------------------------------------------------
RESOLUTE EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------
COMMON STOCK--99.04%
- -----------------------------------------------------------------
AEROSPACE--0.46%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Coltec Industries, Inc.+ 1,000 $ 17,250
----------
<CAPTION>
AUTOMOTIVE MANUFACTURING--2.40%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
General Motors Corporation 1,900 89,062
----------
<CAPTION>
AUTOMOTIVE SERVICES & SUPPLIES--0.92%
Number Market Value
Company Of Shares (Note B)
<S> <C> <C>
Cooper Tire & Rubber Co. 1,400 34,125
----------
<CAPTION>
BANKING--6.67%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
BankAmerica Corporation 1,600 84,200
First Union Corp. 800 36,200
Fleet Financial Group, Inc. 1,400 51,975
NationsBank Corp. 1,400 75,075
----------
Total 247,450
----------
<CAPTION>
CHEMICAL--3.72%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
E.I. Dupont DeNemours &
Company 300 20,625
Monsanto Co. 300 27,037
Union Carbide Corp. 1,400 46,725
Wellman, Inc. 1,600 43,800
----------
Total 138,187
----------
<CAPTION>
COMMERCIAL SERVICES--1.62%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Services Corporation
International 1,900 60,088
----------
<CAPTION>
COMPUTER - PERIPHERALS--3.19%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Bay Networks, Inc.+ 1,600 66,200
Conner Peripherals, Inc.+ 1,900 23,512
International Business Machines 300 $ 28,800
----------
Total 118,512
----------
<CAPTION>
COMPUTER - SOFTWARE--1.88%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Novell, Inc.+ 3,500 69,781
----------
<CAPTION>
ELECTRICAL EQUIPMENT--1.43%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Advanced Micro-Devices, Inc. 500 18,187
Magnetek, Inc.+ 400 5,450
W.W. Grainger, Inc. 500 29,375
----------
Total 53,012
----------
<CAPTION>
ELECTRONICS--2.40%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
General Electric Co. 1,100 62,012
Motorola, Inc. 400 26,850
----------
Total 88,862
----------
<CAPTION>
ENTERTAINMENT, LEISURE & MEDIA--7.32%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
CBS, Inc. 500 33,500
Circus Circus Enterprises+ 1,900 66,975
International Game
Technology+ 2,200 33,825
R.R. Donnelley & Sons Co. 1,400 50,400
Tele-Communications,
Class A, ADR+ 3,700 86,719
----------
Total 271,419
----------
<CAPTION>
FINANCIAL SERVICES--5.01%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
AMBAC, Inc. 1,100 44,137
Citicorp 300 17,362
Dean Witter Discover & Co. 1,100 51,700
Firstar Corp. 300 10,087
</TABLE>
See notes to financial statements.
13
<PAGE>
- --------------------------------------------------------------------------------
RESOLUTE EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED)
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------
COMMON STOCK (CONTINUED)
- ---------------------------------------------------------------------
FINANCIAL SERVICES (CONTINUED)
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Great Western Financial Corp. 1,900 $ 39,187
ITT Corp. 200 23,500
----------
Total 185,973
----------
<CAPTION>
FOOD PROCESSING--2.64%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Archer Daniels Midland Co. 1,400 26,075
CPC International, Inc. 500 30,875
General Mills, Inc. 800 41,100
----------
Total 98,050
----------
<CAPTION>
FURNITURE & APPLIANCES--0.30%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Interco, Inc. 1,900 11,163
----------
<CAPTION>
HEALTH SUPPLIES--5.24%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Bausch & Lomb, Inc. 2,700 112,050
Columbia/HCA Healthcare 1,900 82,175
----------
Total 194,225
----------
<CAPTION>
HOME CONSTRUCTION--1.22%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Manville Corp.+ 3,300 45,375
----------
<CAPTION>
HOUSEHOLD PRODUCTS--5.48%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
First Brands Corp. 500 21,437
PepsiCo, Inc. 1,400 63,875
Philip Morris Companies, Inc. 1,100 81,813
Procter & Gamble Co. 500 35,938
----------
Total 203,063
----------
<CAPTION>
INSURANCE--2.15%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Providian Corp. 2,200 79,750
----------
<CAPTION>
MANUFACTURING--4.28%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Allied Signal, Inc. 1,600 $ 71,200
Johnson Controls, Inc. 500 28,250
Tyco International, Ltd. 1,100 59,400
----------
Total 158,850
----------
<CAPTION>
METAL & MINING--2.06%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Freeport McMoRan, Inc. 1,400 24,675
Reynolds Metals Co. 1,000 51,750
----------
Total 76,425
----------
<CAPTION>
OFFICE PRODUCTS--1.95%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Harris Corp. 1,400 72,275
----------
<CAPTION>
OIL - PRODUCTION--10.85%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Anadarko Petroleum Corp. 600 25,875
Cooper Cameron Corp.+ 3,600 67,950
Diamond Shamrock, Inc. 1,100 28,325
Exxon Corporation 500 35,312
Mobil Corporation 300 28,800
Oryx Energy Company+ 2,500 34,375
Repsol, S.A., ADR 1,100 34,788
Royal Dutch Petroleum Co., ADR 300 36,563
Sun Company, Inc. 1,400 38,325
Texaco, Inc. 1,100 72,188
----------
Total 402,501
----------
<CAPTION>
PACKAGING & CONTAINERS--0.41%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Crown Cork & Seal
Company, Inc.+ 300 15,037
----------
<CAPTION>
PERSONAL CARE--0.90%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Avon Products, Inc. 500 33,500
----------
</TABLE>
See notes to financial statements.
14
<PAGE>
- --------------------------------------------------------------------------------
RESOLUTE EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED)
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------
COMMON STOCK (CONTINUED)
- ---------------------------------------------------------------------
PHARMACEUTICALS--3.87%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Alza Corp., Class A+ 1,600 $ 37,400
Eli Lilly & Co. 800 62,800
Warner-Lambert Co. 500 43,188
----------
Total 143,388
----------
POLLUTION CONTROL--0.79%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Wheelabrator Technologies,
Inc. 1,900 29,213
----------
RAILROAD--1.05%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Conrail, Inc. 700 38,937
----------
RETAIL--6.27%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Limited, Inc. 2,700 59,400
Melville Corp. 1,900 65,075
Price/Costco, Inc. 2,200 35,750
Wal-Mart Stores, Inc. 2,700 72,225
----------
Total 232,450
----------
TELECOMMUNICATIONS--6.55%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
AT&T Corp. 1,400 74,375
BellSouth Corporation 500 31,750
MCI Communications Corp. 2,700 59,400
Pacific Telesis Group 1,100 29,425
Telefonos de Mexico,
S.A., ADR 500 14,813
U.S. West, Inc. 800 33,300
----------
Total 243,063
----------
TEXTILES--0.91%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Fruit of the Loom, Inc.,
Class A+ 1,600 33,800
----------
COMMON STOCK (CONTINUED)
TRUCKING & FREIGHT CARRIERS--2.37%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Canadian Pacific, Ltd., Ord. 2,200 $ 38,225
Union Pacific Corp. 900 49,838
----------
Total 88,063
----------
UTILITIES - ELECTRIC--2.73%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Allegheny Power Systems, Inc. 500 11,750
Dominion Resources, Inc. 500 18,250
Entergy Corp. 1,600 38,600
SCEcorp 1,900 32,538
----------
Total 101,138
----------
TOTAL COMMON STOCK
(Cost $3,493,352) $3,673,987
----------
- ---------------------------------------------------------------------
SHORT-TERM OBLIGATIONS--3.03%
- ---------------------------------------------------------------------
Principal Market Value
U.S. Treasury Bills Value (Note B)
<S> <C> <C>
5.380%, due 08/03/95 $73,000 $ 72,632
5.425%, due 08/03/95 22,000 21,891
5.410%, due 09/21/95 18,000 17,784
----------
TOTAL SHORT-TERM OBLIGATIONS
(Cost $112,301) $ 112,307
----------
- ---------------------------------------------------------------------
SUMMARY OF TOTAL NET ASSETS
- ---------------------------------------------------------------------
TOTAL INVESTMENTS
<S> <C> <C>
(Cost $3,605,653)* 102.07% $3,786,294
------- ----------
Other assets, less liabilities (2.07) (76,840)
------- ----------
TOTAL NET ASSETS 100.00% $3,709,454
------- ----------
</TABLE>
* Aggregate cost for Federal income tax purposes.
+ Non-income producing security.
See notes to financial statements.
15
<PAGE>
[This page intentionally left blank]
16
<PAGE>
- --------------------------------------------------------------------------------
RESOLUTE SMALL COMPANY PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
IN THIS SECTION
- --------------------------------------------------------------------------------
Portfolio Facts
Investment Comparison
Portfolio Composition
Schedule of Portfolio Investments
- --------------------------------------------------------------------------------
PORTFOLIO FACTS
- --------------------------------------------------------------------------------
INCEPTION DATE
January 3, 1995
- --------------------------------------------------------------------------------
FUND MANAGER
Morgan Guaranty Trust Co. of New York
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE AND STRATEGY
To provide a high total return from a portfolio of equity securities
of small companies.
The Portfolio invests at least 65% of the value of its total assets in
the common stock of small U.S. companies, primarily with market
capitalizations less than $1.5 billion.
- --------------------------------------------------------------------------------
NET ASSETS AS OF 6/30/95
$2,450,739
- --------------------------------------------------------------------------------
NUMBER OF HOLDINGS
296
- --------------------------------------------------------------------------------
PORTFOLIO TURNOVER
45.93%
- --------------------------------------------------------------------------------
17
<PAGE>
- --------------------------------------------------------------------------------
RESOLUTE SMALL COMPANY PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
INVESTMENT COMPARISON
- --------------------------------------------------------------------------------
RESOLUTE SMALL COMPANY PORTFOLIO
AND THE RUSSELL 2500 INDEX
Comparison of change in value of $10,000 investment
- --------------------------------------------------------------------------------
- --------------------------------------------
Total Returns
for period ending 6/30/95
- --------------------------------------------
THIS QUARTER YTD SINCE INCEPTION
9.33% 17.58% 17.58%
- --------------------------------------------
DATE
01/03/95 $10,000
01/31/95 $10,009
02/28/95 $10,441
03/31/95 $10,754
04/28/95 $10,990
05/31/95 $10,155
06/30/95 $11,757
DATE
12/31/94 10,000
01/31/95 9,980
02/28/95 10,482
03/31/95 10,739
04/28/95 10,930
05/31/95 11,161
06/30/95 11,696
- -------------------------------------------------------------------------------
- ----------- RUSSELL 2500 INDEX -------- SMALL COMPANY PORTFOLIO
Past performance is not predictive of future performance.
This graph compares an initial $10,000 investment made in the Resolute Small
Company Portfolio at its inception with a similar investment in the Russell 2500
Index. For the purpose of this graph and the accompanying table, the average
annual total return for the Portfolio reflects all recurring expenses (advisory
fees, account fees) and includes the reinvestment of all dividends and
distributions.
Shares of the Portfolio are offered only through divisions of Chubb Separate
Account C established by Chubb Life Insurance Company of America to fund
flexible premium variable life insurance policies. Total returns do not reflect
any separate account expenses imposed on the policies which include a 3% sales
charge, 2.5% premium tax charge, DAC tax sales charge, cost of insurance,
mortality expenses and surrender charges.
The Russell 2500 Index is an unmanaged index and includes the reinvestment of
all dividends, but does not reflect the payment of transaction costs, advisory
fees or expenses that are associated with an investment in the Portfolio.
18
<PAGE>
- --------------------------------------------------------------------------------
RESOLUTE SMALL COMPANY PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
[PIE CHART GOES HERE]
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------
LIST OF TOP TEN HOLDINGS
- ---------------------------------------------------------------------------------------------------------------
PERCENT OF
TOTAL INVESTMENTS
<S> <C>
Wellman, Inc. 1.93%
ADT Limited 1.84
Mesa Airlines, Inc. 1.72
Allegheny Ludlum Corp. 1.39
First Commerce Corp. 1.39
Black & Decker, Inc. 1.33
Firstar Corp. 1.32
Oryx Energy Company 1.24
Capital RE Corp. 1.22
American Water Works, Inc. 1.12
Balance - 286 Security Positions 85.50
- ----------------------------------------------------------------------------------------------------------------
TOTAL 100.00%
</TABLE>
19
<PAGE>
- --------------------------------------------------------------------------------
RESOLUTE SMALL COMPANY PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
PORTFOLIO COMPOSITION (CONTINUED)
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------
LIST OF TOP TEN INDUSTRIES
- ---------------------------------------------------------------------------------------------------------------
PERCENT OF
TOTAL INVESTMENTS
<S> <C>
Hospital Services & Supplies 6.76%
Computer - Software 6.00
Electronics 5.84
Banking 5.39
Real Estate 4.08
Metal & Mining 3.94
Utilities - Electric 3.82
Oil - Production 3.69
Financial Services 3.54
Retail 3.41
- -----------------------------------------------------------------------------------------------------------------
TOTAL 46.47%
</TABLE>
20
<PAGE>
- --------------------------------------------------------------------------------
RESOLUTE SMALL COMPANY PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------
COMMON STOCK--93.91%
- -----------------------------------------------------------------
ADVERTISING--0.15%
Number Market Value
Company Of Shares (Note B)
<S> <C> <C>
Advo Systems, Inc. 200 $ 3,775
----------
AEROSPACE--2.78%
Number Market Value
Company Of Shares (Note B)
<S> <C> <C>
Coltec Industries, Inc.+ 1,300 22,425
Kaydon Corp. 600 17,850
Orbital Sciences Corp.+ 500 9,125
Rohr Industries, Inc.+ 1,000 14,375
Watkins-Johnson Co. 100 4,450
----------
Total 68,225
----------
AIRLINE--1.79%
Number Market Value
Company Of Shares (Note B)
<S> <C> <C>
Mesa Airlines, Inc.+ 4,800 43,800
----------
AUTOMOTIVE MANUFACTURING--0.19%
Number Market Value
Company Of Shares (Note B)
<S> <C> <C>
Paccar, Inc. 100 4,675
----------
AUTOMOTIVE SERVICES & SUPPLIES--2.32%
Number Market Value
Company Of Shares (Note B)
<S> <C> <C>
Cooper Tire & Rubber Co. 500 12,188
Excel Industries, Inc. 600 8,700
Intermet Corp.+ 1,900 18,050
Simpson Industries, Inc. 1,600 18,000
----------
Total 56,938
----------
BANKING--5.61%
Number Market Value
Company Of Shares (Note B)
<S> <C> <C>
First Commerce Corp. 1,200 35,400
First Virginia Banks, Inc. 300 11,250
Firstar Corp. 1,000 33,625
Silicon Valley Bancshares+ 200 3,600
Southern National Corp. 1,080 25,920
Sterling Bancshares, Inc. 150 1,988
Trustco Bank Corp. NY 400 8,700
Wilmington Trust Corp. 600 $ 16,950
----------
Total 137,433
----------
BIOPHARMACEUTICALS--0.07%
Number Market Value
Company Of Shares (Note B)
<S> <C> <C>
Human Genome Sciences, Inc.+ 100 1,675
----------
BROADCASTING--0.51%
Number Market Value
Company Of Shares (Note B)
<S> <C> <C>
Comcast UK Cable Partners+ 100 1,613
Emmis Broadcasting Corp.,
Class A+ 100 2,725
Heartland Wireless+ 100 2,375
Heritage Media Corp., Class A+ 200 5,775
----------
Total 12,488
----------
CHEMICAL--2.59%
Number Market Value
Company Of Shares (Note B)
<S> <C> <C>
Albemarle Corp. 300 4,687
Bush Boake Allen, Inc.+ 100 3,038
Georgia Gulf Corp. 200 6,525
Wellman, Inc. 1,800 49,275
----------
Total 63,525
----------
COMMERICAL SERVICES--1.28%
Number Market Value
Company Of Shares (Note B)
<S> <C> <C>
Measurex Corp. 100 3,038
Service Corporation International 900 28,462
----------
Total 31,500
----------
COMMUNICATIONS SERVICES--0.90%
Number Market Value
Company Of Shares (Note B)
<S> <C> <C>
America Online, Inc.+ 500 22,000
----------
</TABLE>
21
<PAGE>
- --------------------------------------------------------------------------------
RESOLUTE SMALL COMPANY PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------
COMMON STOCK (CONTINUED)
- ------------------------------------------------------------------------
COMPUTER - PERIPHERALS--1.72%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Boca Research, Inc.+ 100 $ 2,700
Network Computing
Devices, Inc.+ 200 1,725
Nexgen+ 100 2,363
Planar Systems, Inc.+ 100 2,225
Quantum Corp.+ 1,000 22,875
Tandem Computers, Inc.+ 200 3,225
Xcellenet, Inc.+ 300 6,975
----------
Total 42,088
----------
<CAPTION>
COMPUTER - SOFTWARE--6.25%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Adobe Systems, Inc. 200 11,600
Autodesk, Inc. 300 12,900
Avid Technology, Inc.+ 100 3,750
BMC Software, Inc.+ 100 7,725
Ceridian Corp.+ 100 3,687
Cheyenne Software, Inc.+ 100 1,850
Compuware Corp.+ 100 3,075
Davidson & Associates, Inc. 100 3,975
Dialogic Corporation+ 300 5,325
General Magic, Inc.+ 100 1,350
Inso Corp.+ 100 5,975
Intersolv, Inc.+ 100 2,325
Maxis, Inc.+ 100 2,662
McAfee Associates, Inc.+ 200 6,062
Microtec Research, Inc.+ 500 3,875
Network General Corp.+ 300 8,175
Network Peripherals, Inc.+ 200 4,362
Oak Technology, Inc.+ 100 3,675
Parametric Technology Corp.+ 100 4,975
Phoenix Technology, Ltd.+ 300 3,225
Pinnacle Systems, Inc.+ 200 4,500
Plaintree Systems, Inc.+ 100 1,050
Project Software &
Development, Inc.+ 200 5,950
Quarterdeck Office Systems+ 300 3,488
Rational Software Corp.+ 200 2,725
Read-Rite Corp.+ 700 18,725
Security Dynamics Tech, Inc.+ 100 4,500
Softkey Int'l, Inc.+ 100 $ 3,188
Spyglass, Inc.+ 100 2,863
Symantec Corp.+ 100 2,887
UUNET Technologies, Inc.+ 100 2,750
----------
Total 153,174
----------
<CAPTION>
EDUCATION SERVICES--0.56%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
DeVRY, Inc., Delaware+ 200 4,000
Flightsafety International, Inc. 200 9,750
----------
Total 13,750
----------
<CAPTION>
ELECTRICAL EQUIPMENT--0.85%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Charter Power Systems, Inc. 200 4,800
Encore Wire Corp.+ 200 2,200
Kuhlman Corp. 100 1,125
Micrel, Inc.+ 400 9,200
Microchip Technologies, Inc.+ 100 3,638
----------
Total 20,963
----------
<CAPTION>
ELECTRONICS--6.08%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
ADT Limited+ 4,000 47,000
American Technology
Materials, Inc.+ 500 5,250
Amphenol Corp.+ 200 5,825
Brooktree Corp.+ 400 6,900
General Signal Corp. 600 23,850
Mentor Graphics Corp.+ 300 5,175
Perkin-Elmer Corp. 100 3,550
S3, Incorporated+ 100 3,600
SDL, Inc.+ 200 6,000
Solectron Corp.+ 200 6,825
Sundstrand Corp. 300 17,925
Symbol Technologies+ 200 7,675
Xilinx, Inc.+ 100 9,400
----------
Total 148,975
----------
</TABLE>
22
<PAGE>
- --------------------------------------------------------------------------------
RESOLUTE SMALL COMPANY PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------
COMMON STOCK (CONTINUED)
- --------------------------------------------------------------------
ENTERTAINMENT, LEISURE & MEDIA--2.29%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Argosy Gaming Corp.+ 100 $ 1,275
Boyd Gaming Corp.+ 1,500 24,937
Cinergi Pictures
Entertainment, Inc.+ 500 3,375
IMAX Corp.+ 200 2,225
Johnson Worldwide
Association, Inc., Class A+ 300 7,050
Players International, Inc.+ 150 3,000
Royal Caribbean Cruises, Ltd. 600 13,200
Sports Club Co.+ 200 1,025
----------
Total 56,087
----------
<CAPTION>
FINANCIAL SERVICES--3.69%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Banknorth Group, Inc. 400 10,750
Capital RE Corp. 1,200 31,200
Charter One Financial, Inc. 400 9,800
Commerce Bancorp, Inc. NJ 400 7,750
Community First Bankshares 200 3,400
First National Bancorp GA 200 4,300
GBC Bancorp Calif 200 2,400
HUBCO, Inc. 100 1,787
National Commerce
Bancorporation 100 2,525
Payco American Corp.+ 300 2,325
Roosevelt Financial Group, Inc. 500 8,344
Southwest Securities Group, Inc. 700 5,775
----------
Total 90,356
----------
<CAPTION>
FOOD PROCESSING--0.57%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
John B. Sanfilippo & Son, Inc. 100 1,025
Universal Foods Corp. 400 12,950
----------
Total 13,975
----------
<CAPTION>
FURNITURE & APPLIANCES--0.06%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Bush Industries, Inc. 125 1,406
----------
<CAPTION>
HEALTH SERVICES--0.37%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Phycor, Inc.+ 100 $ 3,513
Summit Care Corp.+ 300 5,475
----------
Total 8,988
----------
<CAPTION>
HOME CONSTRUCTION--0.73%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Apogee Enterprises, Inc. 200 3,550
Congoleum Corp.+ 100 1,338
D.R. Horton, Inc.+ 972 13,000
----------
Total 17,888
----------
<CAPTION>
HOSPITAL SERVICES & SUPPLIES--7.04%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Bioject Medical
Technologies, Inc.+ 200 300
Biomet, Inc.+ 100 1,550
Caremark International, Inc. 200 4,000
C.R. Bard, Inc. 200 6,000
Cellpro, Inc.+ 800 10,700
Community Health Systems+ 100 3,387
Corvita Corp.+ 300 1,575
Fresenius USA, Inc.+ 900 11,812
Healthcare Retirement Corp.+ 800 23,400
Health Management
Association, Inc.+ 900 26,325
Hooper Holmes, Inc. 300 2,531
ICU Medical, Inc.+ 100 1,412
Instent, Inc.+ 100 1,425
Mariner Health Group, Inc.+ 1,000 11,250
Occusystems+ 100 1,713
Oncor, Inc.+ 1,200 7,275
Owens & Minor, Inc. 1,000 12,500
Perseptive Biosystems, Inc.+ 1,200 13,200
St. Jude Medical, Inc. 100 5,012
Stryker Corp. 100 3,838
Sunrise Medical, Inc.+ 100 3,113
Vital Signs, Inc. 700 12,075
Vivra, Inc.+ 300 8,138
----------
Total 172,531
----------
</TABLE>
23
<PAGE>
RESOLUTE SMALL COMPANY PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED)
HOUSEHOLD PRODUCTS--1.84%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Dekalb Genetics Corp. 300 $ 13,200
Dreyers Grand Ice Cream 100 3,662
First Brands Corp. 100 4,287
Libbey, Inc. 500 10,375
Nabisco Holdings Corp. 400 10,800
Riviana Foods, Inc. 200 2,663
---------
Total 44,987
---------
<CAPTION>
INSURANCE--3.24%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
AMBAC, Inc. 500 20,062
First Colony Corp. 800 19,200
Fremont General Corp. 180 4,342
Hilb, Rogal & Hamilton Co. 200 2,500
MMI Companies, Inc. 1,000 19,625
Mid Ocean, Ltd., Ord. 100 3,163
Partnerre Holdings, Ltd. 400 10,450
---------
Total 79,342
---------
<CAPTION>
LODGING--0.09%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Doubletree Corp.+ 100 2,156
---------
<CAPTION>
MACHINERY--2.84%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Applied Power, Inc. 500 14,437
Asyst Technologies, Inc.+ 100 3,712
Black & Decker, Inc. 1,100 33,963
Credence Systems Corp.+ 150 4,538
Greenfield Industries, Inc. 100 2,900
Helix Technology Corp. 100 4,300
Micron Corp.+ 200 2,700
Regal Beloit Corp. 200 3,100
---------
Total 69,650
---------
<CAPTION>
MANUFACTURING--1.44%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Glatfelter (P.H.) Co. 400 8,050
Maverick Tube Corp.+ 400 3,050
Safety 1st, Inc.+ 200 3,925
W.H. Brady Co., Class A 300 20,400
---------
Total 35,425
---------
<CAPTION>
MEDICAL BIOTECH--0.06%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Genetic Therapy, Inc.+ 100 1,487
---------
<CAPTION>
METAL & MINING--4.11%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Allegheny Ludlum Corp. 1,800 35,550
Commercial Metals Co. 600 16,200
Freeport-McMoRan Copper &
Gold, Class A 800 16,500
Kaiser Aluminum Corp.+ 600 8,325
Oregon Steel Mills, Inc. 400 6,850
NSteel Technologies, Inc. 1,500 17,250
---------
Total 100,675
---------
<CAPTION>
OFFICE PRODUCTS--1.23%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Harris Corp. 500 25,812
Nu-Kote Holdings, Inc.+ 100 3,175
U.S. Office Products Co.+ 100 1,200
---------
Total 30,187
---------
<CAPTION>
OIL - INTERNATIONAL--0.70%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Anadarko Petroleum Corp. 400 17,250
---------
<CAPTION>
OIL - PRODUCTION--3.85%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Devon Energy Corp. 500 10,750
Holly Corp. 200 4,625
Oryx Energy Company+ 2,300 31,625
Tesoro Petroleum Corp. 100 1,000
</TABLE>
24
<PAGE>
- --------------------------------------------------------------------------------
RESOLUTE SMALL COMPANY PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED)
OIL - PRODUCTION (CONTINUED)
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Texas Meridian, Inc.+ 200 $ 2,150
TransCanada Pipelines, Ltd. 1,900 25,413
Vintage Petroleum, Inc. 1,000 18,750
---------
Total 94,313
---------
OIL - SERVICES--1.42%
<CAPTION>
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Dreco Energy Services, Ltd.+ 400 5,800
El Paso Natural Gas Company 100 2,850
Noble Affiliates, Inc. 100 2,550
Noble Drilling Corp.+ 2,000 14,750
Oceaneering
International, Inc.+ 1,000 8,875
---------
Total 34,825
---------
PHARMACEUTICALS--2.04%
<CAPTION>
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Allergan, Inc. 200 5,425
Athena Neurosciences, Inc.+ 600 5,475
Inhale Therapeutic Systems+ 300 2,400
IVAX Corp. 200 4,925
Mylan Laboratories, Inc. 100 3,075
Northfield Laboratories, Inc.+ 200 2,975
SangStat Medical Corp.+ 400 2,050
Targeted Genetics Corp.+ 400 1,550
Univax Biologics, Inc.+ 600 2,850
Vertex Pharmaceuticals, Inc.+ 400 6,550
Vical, Inc.+ 500 4,875
Watson Pharmaceutical+ 200 7,800
---------
Total 49,950
---------
POLLUTION CONTROL-1.55%
<CAPTION>
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Dames & Moore, Inc. 1,700 22,100
Mid-American Waste
Systems, Inc.+ 1,000 4,875
Sevenson Environmental
Services, Inc. 200 3,650
Tetra Technologies+ 600 7,275
---------
Total 37,900
---------
PUBLISHING & PRINTING--0.85%
<CAPTION>
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Banta Corp. 500 16,625
Consolidated Graphics, Inc.+ 300 4,125
---------
Total 20,750
---------
REAL ESTATE--4.25%
<CAPTION>
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Cali Realty Corp. 100 1,937
Capstone Capital Trust, Inc. 300 5,362
Chelsea GCA Realty, Inc. 200 5,400
Colonial Properties 100 2,300
Developer Diversified
Realty Corp. 200 5,750
Equity Inns, Inc. 200 2,150
FelCor Suite Hotels, Inc. 100 2,550
Gables Residential Trust 100 2,050
Health & Retirement
Properties Trust 1,300 19,500
Healthcare Realty 600 12,150
Home Properties NY, Inc. 200 3,525
Liberty Property Trust 100 1,962
Merry Land & Investment, Inc. 100 2,038
RFS Hotel Investors, Inc. 200 3,050
ROC Communities, Inc. 400 8,850
Security Capital Pacific Trust 500 8,688
South West Property Trust 500 5,750
Starwood Lodging Trust+ 100 2,350
Storage Trust Realty 200 4,050
Sun Communities, Inc. 100 2,500
Wellsford Residential Properties 100 2,275
---------
Total 104,187
---------
</TABLE>
25
<PAGE>
- --------------------------------------------------------------------------------
RESOLUTE SMALL COMPANY PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED)
RESTAURANTS--0.93%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Brinker International, Inc.+ 300 $ 5,175
Sbarro, Inc. 600 13,950
Starbucks Corp.+ 100 3,563
---------
Total 22,688
---------
<CAPTION>
RETAIL--3.55%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Borders, Inc.+ 100 1,437
Brauns Fashions Corp.+ 400 900
Catherine Stores Corp.+ 900 10,012
Charming Shoppes, Inc. 2,500 13,125
Fastenal Co. 200 5,462
Garden Ridge Corp.+ 100 2,475
Hannaford Brothers Co. 100 2,850
Kohls Corp.+ 200 9,125
Leslie's Poolmart+ 100 1,500
Office Depot, Inc.+ 100 2,813
One Price Clothing
Stores, Inc.+ 1,000 3,750
Penn Traffic Co., New+ 400 14,150
Stop & Shop Companies, Inc.+ 100 2,563
TJX Companies, Inc. 800 10,600
Urban Outfitters+ 100 2,175
Vons Companies, Inc.+ 200 4,025
---------
Total 86,962
---------
<CAPTION>
TELECOMMUNICATIONS--2.48%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Andrew Corp.+ 100 5,787
Applied Digital Access+ 500 6,500
Arch Communications Group+ 100 2,225
Comdial Corp.+ 700 2,887
Leasing Solutions, Inc.+ 100 1,163
MFS Communications, Inc.+ 100 3,225
Mobilemedia, Inc.+ 100 2,050
Network Express, Inc.+ 100 1,388
Nynex CableComms Group+ 200 4,050
Paging Network+ 600 20,550
Tellabs, Inc.+ 200 9,625
Videotron Holdings, PLC+ 100 1,400
---------
Total 60,850
---------
<CAPTION>
TEXTILES--1.57%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Collins & Aikman, New+ 500 4,500
Fruit of the Loom, Inc.,
Class A+ 1,000 21,125
Nine West Group, Inc.+ 200 7,300
St. John Knits, Inc. 100 4,488
Worldtex, Inc.+ 200 1,175
---------
Total 38,588
---------
<CAPTION>
TRUCKING & LEASING--0.84%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
American Freightways Corp.+ 100 2,050
Heartland Express, Inc.+ 200 5,100
USA Truck, Inc.+ 100 1,525
Werner Enterprises, Inc. 600 12,000
---------
Total 20,675
---------
<CAPTION>
UTILITIES - ELECTRIC--3.98%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Alleghany Power Systems, Inc. 500 11,750
California Energy Co.+ 500 8,188
Central Hudson Gas &
Electric Corp. 700 18,900
Central Louisiana Electric, Inc. 200 4,700
Illinova Corp. 200 5,075
Pinnacle West Capital Corp. 1,100 26,950
Potomac Electric Power Co. 200 4,300
Washington Water Power Co. 1,100 17,600
---------
Total 97,463
---------
<CAPTION>
UTILITIES - GAS--1.12%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Atlantic Gas and Light 300 10,425
</TABLE>
26
<PAGE>
- --------------------------------------------------------------------------------
RESOLUTE SMALL COMPANY PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED)
UTILITIES - GAS (CONTINUED)
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Brooklyn Union Gas Company 300 $ 7,875
Providence Energy Corp. 300 4,575
United Cities Gas Co. 300 4,500
----------
Total 27,375
----------
UTILITIES - WATER & SEWER--1.53%
<CAPTION>
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
American Water Works, Inc. 900 28,575
Aquarion Co. 100 2,300
E'Town 100 2,713
Southern California Water Co. 200 3,875
---------
Total 37,463
---------
TOTAL COMMON STOCK
(Cost $2,071,023) $2,301,363
----------
PREFERRED STOCK--0.14%
TELECOMMUNICATIONS EQUIPMENT-0.14%
<CAPTION>
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
MFS Communications, Conv.,
Pfd., 8.000% 100 $ 3,450
----------
TOTAL PREFERRED STOCK
(Cost $3,350) $ 3,450
----------
SHORT-TERM OBLIGATIONS--10.11%
<CAPTION>
PRINCIPAL MARKET VALUE
U.S. TREASURY BILLS VALUE (NOTE B)
<S> <C> <C>
5.400%, due 08/03/95 $ 20,000 $ 19,901
5.425%, due 08/03/95 18,000 17,911
5.510%, due 08/03/95 12,000 11,938
5.550%, due 08/03/95 8,000 7,959
5.350%, due 08/31/95 120,000 118,948
5.450%, due 09/14/95 15,000 14,835
5.375%, due 09/21/95 20,000 19,761
5.390%, due 09/21/95 15,000 14,820
5.410%, due 09/21/95 12,000 11,856
5.380%, due 09/21/95 10,000 9,880
---------
TOTAL SHORT-TERM OBLIGATIONS
(Cost $247,751) $ 247,809
----------
SUMMARY OF TOTAL NET ASSETS
Total Investments
(Cost $2,322,124)* 104.16% $2,552,622
Other assets, less liabilities (4.16) (101,883)
------- -----------
TOTAL NET ASSETS 100.00% $2,450,739
======= ===========
</TABLE>
*Aggregate cost for Federal income tax purposes.
+Non-income producing security.
27
<PAGE>
[This page intentionally left blank]
28
<PAGE>
- --------------------------------------------------------------------------------
RESOLUTE INTERNATIONAL EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
PORTFOLIO FACTS
- --------------------------------------------------------------------------------
INCEPTION DATE
January 3, 1995
- --------------------------------------------------------------------------------
FUND MANAGER
Morgan Guaranty Trust Co. of New York
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE AND STRATEGY
To provide a high total return from a portfolio of equity securities
of foreign corporations.
- --------------------------------------------------------------------------------
The Portfolio seeks to achieve its investment objective through country
allocation and stock valuation and selection.
- --------------------------------------------------------------------------------
NET ASSETS AS OF 6/30/95
$3,718,733
- --------------------------------------------------------------------------------
NUMBER OF HOLDINGS
210
- --------------------------------------------------------------------------------
PORTFOLIO TURNOVER
49.98%
- --------------------------------------------------------------------------------
IN THIS SECTION
- --------------------------------------------------------------------------------
Portfolio Facts
Investment Comparison
Portfolio Composition
Schedule of Portfolio Investments
- --------------------------------------------------------------------------------
29
<PAGE>
- --------------------------------------------------------------------------------
RESOLUTE INTERNATIONAL EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
INVESTMENT COMPARISON
- --------------------------------------------------------------------------------
RESOLUTE INTERNATIONAL EQUITY PORTFOLIO
AND THE MODIFIED MSCI EAFE INDEX
Comparison of change in value of $10,000 investment
- --------------------------------------------------------------------------------
Total Returns
for period ending 6/30/95
THIS QUARTER YTD SINCE INCEPTION
0.72% 2.29% 2.29%
DATE
01/03/95 $10,000
01/31/95 9,847
02/28/95 9,637
03/31/95 10,155
04/28/95 10,426
05/31/95 10,320
06/30/95 10,229
12/31/94 $10,000
01/31/95 9,616
02/28/95 9,588
03/31/95 10,186
04/28/95 10,569
05/31/95 10,631
06/30/95 10,540
- --------------------------------------------------------------------------------
------ MODIFIED MSCI EAFE INDEX ------ INTERNATIONAL EQUITY PORTFOLIO
Past performance is not predictive of future performance.
This graph compares an initial $10,000 investment made in the Resolute
International Equity Portfolio at its inception with a similar investment in the
Modified MSCI EAFE Index. The Modified MSCI EAFE Index reflects actual portfolio
composition for the period. For the purpose of this graph and the accompanying
table, the total return for the Portfolio reflects all recurring expenses
(advisory fees, account fees) and includes the reinvestment of all dividends and
distributions.
Shares of the Portfolio are offered only through divisions of Chubb Separate
Account C established by Chubb Life Insurance Company of America to fund
flexible premium variable life insurance policies. Total returns do not reflect
any separate account expenses imposed on the policies which include a 3% sales
charge, 2.5% premium tax charge, DAC tax sales charge, cost of insurance,
mortality expenses and surrender charges.
The Modified MSCI EAFE Index is an unmanaged index and includes the reinvestment
of all dividends, but does not reflect the payment of transaction costs,
advisory fees or expenses that are associated with an investment in the
Portfolio.
30
<PAGE>
- --------------------------------------------------------------------------------
RESOLUTE INTERNATIONAL EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
[PIE CHART OF CHUBB SERIES TRUST APPEARS HERE]
<TABLE>
<CAPTION>
LIST OF TOP TEN COUNTRIES
PERCENT OF
TOTAL INVESTMENTS
<S> <C>
Japan 30.02%
United Kingdom 19.06
France 12.28
Germany 8.18
Switzerland 7.19
Hong Kong 5.41
Australia 3.37
Netherlands 2.79
Norway 2.76
Singapore 2.52
- ------------------------------------------------------------------------------
TOTAL 93.58%
</TABLE>
31
<PAGE>
- --------------------------------------------------------------------------------
RESOLUTE INTERNATIONAL EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
PORTFOLIO COMPOSITION (CONTINUED)
<TABLE>
<CAPTION>
LIST OF TOP TEN INDUSTRIES
PERCENT OF
TOTAL INVESTMENTS
<S> <C>
Banking 14.59%
Pharmaceuticals 7.24
Chemicals & Plastics 5.97
Utilities 5.75
Metals & Mining 5.70
Telecommunications 5.34
Automobiles, Trucks & Parts 5.08
Oil & Gas-Integrated 4.51
Food Processing 4.43
Retail Stores 4.19
- --------------------------------------------------------------------------------
TOTAL 62.80%
- --------------------------------------------------------------------------------
<CAPTION>
LIST OF TOP TEN HOLDINGS
PERCENT OF
TOTAL INVESTMENTS
<S> <C>
Hitachi 1.39%
Veba, A.G. 1.31
Munchener Ruckversicherungs 1.22
Norsk Hydro 1.17
Acatel Alsthom 1.14
Glaxo, PLC, Ord. 1.14
British Telecommunications, PLC 1.11
Sandoz, A.G. 1.06
Citic Pacific, Ltd. 1.05
Ciba Geigy, A. G. 1.04
Balance - 200 Security Positions 88.37
- --------------------------------------------------------------------------------
TOTAL 100.00%
- --------------------------------------------------------------------------------
</TABLE>
32
<PAGE>
- --------------------------------------------------------------------------------
RESOLUTE INTERNATIONAL EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK--96.40%
AUSTRALIA--3.25%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Broken Hill Properties Co.,
Ltd., Ord. 2,440 $ 29,957
C.S.R., Ltd., Ord. 4,000 12,476
National Australia Bank,
Ltd., Ord. 2,800 22,071
News Corporation, Ltd., Ord. 3,000 16,715
Southcorp Holdings, Ltd., Ord. 7,600 15,139
TNT Limited, Ord. 4,100 5,377
Western Mining Corp.
Holdings Ord., 3,500 19,179
---------
Total 120,914
---------
<CAPTION>
BELGUIM--1.67%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Generale de Banque, NPV, Ord. 65 20,877
Solvay, S.A., Ord. 35 19,371
Tractebel Cap, NPV, Ord. 60 21,769
---------
Total 62,017
---------
<CAPTION>
DENMARK--1.10%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Carlsberg, A.S., Ord., B 160 7,465
Den Danske Bank, Ord. 100 6,277
International Service System B,
Ord. 130 3,394
Novo Nordisk, A.S., Ord.,
Class B 50 5,333
Sophus Berendsen, Ord.,
Class B 100 9,424
Tele Danmark, A.S., Ord., B 160 8,902
---------
Total 40,795
---------
<CAPTION>
FRANCE--11.83%
NUMBER MARKET VALUE
COMPANY 0F SHARES (NOTE B)
<S> <C> <C>
AXA, Ord. 322 17,404
Air Liquide (L'), Ord. 75 11,991
Alcatel Alsthom, Ord. 455 40,999
Bouygues, Ord. 175 20,975
Carrefour, Ord. 50 25,632
Christian Dior, S.A., Ord. 190 16,744
Cie Generale des Eaux, Ord. 130 14,482
Compagnie Financiere de
Paribas, Ord. 360 21,656
Dollfus-Mieg & Cie, Ord. 200 11,263
Elf Aquitane, Ord. 410 30,322
Groupe Danone, Ord. 192 32,320
Lafarge-Coppee, Ord. 155 12,061
Lagardere Groupe, Ord. 430 8,915
Lyonnaise des Eaux, Ord. 60 5,679
Promodes, Ord. 80 18,236
Renault, S.A., Ord. 400 12,542
Rhone-Poulenc, S.A., Ord., A 700 15,783
Sanofi, Ord. 250 13,847
Seita, Ord. 400 12,031
Societe Generale, Ord. 280 32,751
Synthelabo, Ord. 380 21,581
Television Francaise, Ord. 130 13,111
Total, S.A., Ord, `B' Shares 400 24,095
Ugine, S.A., Ord. 80 5,628
---------
Total 440,048
---------
<CAPTION>
GERMANY--7.89%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
AVA Allegemeine
Handelsgelessschaft der
Verbraucher, A.G.,Ord. 10 4,010
Bayer, A.G., Ord. 150 37,248
Deutsche Bank, A.G., Ord. 500 24,312
Deutsche Pfandbrief &
Hypothekenbank, Ord. 40 20,244
M.A.N., A.G., Ord. 60 15,411
Munchener
Ruckversicherungs, Ord. 20 43,783
SKW Trostberg, Ord. + 200 4,191
Schering, A.G., Ord. 400 27,946
Seimens, A.G., Ord. 40 19,805
</TABLE>
33
<PAGE>
- --------------------------------------------------------------------------------
RESOLUTE INTERNATIONAL EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED)
GERMANY (CONTINUED)
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Thyssen, A.G., Ord. 110 $ 20,481
Veba, A.G., Ord. 120 47,077
Volkswagen, A.G., Ord. 100 28,791
---------
Total 293,299
---------
<CAPTION>
HONG KONG--5.22%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Citic Pacific, Ltd., Ord. 15,000 37,706
HSBC Holdings, PLC, Ord. 1,600 20,524
Hong Kong
Telecommunication, Ord. 13,600 26,892
Hong Kong Electric
Holdings, Ltd., Ord. 7,000 23,793
Sun Hung Kai
Properties, Ltd., Ord. 5,000 36,995
Swire Pacific, Ltd., Ord.,
`A' Shares 4,000 30,501
Television Broadcast,
Ltd., Ord. 5,000 17,577
---------
Total 193,988
---------
<CAPTION>
JAPAN--28.93%
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Chugai Pharmaceutical
Co., Ord. 3,000 30,318
Chuo Trust and Banking
Co., Ord. 1,000 11,307
Cosmo Oil Co., Ltd., Ord. 5,000 28,210
Dai-Ichi Kangyo Bank,
Ltd., Ord. 2,000 36,043
Daiei, Inc., Ord. 1,000 12,132
Daishi Bank, Ord. 3,000 20,742
Daito Trust Construction
Co., Ltd., Ord. 2,000 18,845
Daiwa Bank, Ord. 3,000 28,906
East Japan Railway Co., Ord. 5 25,618
Fuji Denki Reiki, Ord. 1,000 10,848
Fuji Electric Co., Ltd., Ord. 3,000 15,088
Fuji Heavey Industries, Ord. 3,000 11,131
Gunze Sangyo, Inc., Ord. 5,000 20,671
Hitachi, Ord. 5,000 49,765
Hokkaido Takushoku
Bank, Ord. 5,000 13,663
Honda Motor Co., Ord. 2,000 30,624
Industrial Bank of Japan,
Ltd., Ord. 1,000 26,031
Ishikawa Jima-Harima
Industries, Ord. 6,000 23,534
Japan Tobacco, Ord. 1 8,928
Joroku Bank, Ord. 2,000 12,909
Kanematsu Corp., Ord. 5,000 18,846
Komatsu Forklift Co.,
Ltd., Ord. 4,000 22,144
Kurabo Industries, Ord. 5,000 18,021
Matsushita Electric
Industries, Ord. 2,000 31,095
Mineba Co., Ltd., Ord. 2,000 12,815
Mitsubishi Cable
Industries, Ord. 2,000 11,519
Mitsui Fudosan Co., Ltd., Ord. 1,000 11,437
Mitsui Toatsu Chemicals,
Inc., Ord. 3,000 11,025
NEC Corp., Ord. 3,000 32,827
NKK Corporation, Ord. 5,000 11,720
Nagasakiya Co., Ord. 2,000 8,975
Nichiban Co., Ord. 5,000 26,973
Nichii Co., Ltd., Ord., Tokyo 1,000 10,848
Nikkiso Co., Ord. 2,000 13,639
Nippon Credit Bank, Ord. 4,000 19,788
Nippon Kinzoku Co., Ord. 2,000 8,598
Nippon Paper Industries, Ord. 2,000 12,956
Nippon Road Co., Ltd., Ord. 1,000 9,894
Nippon Suisan Kaisha, Ord. 2,000 9,446
Nissan Diesel Motor Co., Ord. 1,000 4,511
Nissin Corp. Ord. 4,000 16,537
Nomura Securities Corp.,
Ltd., Ord. 2,000 34,865
Ricoh Co., Ord. 2,000 17,150
</TABLE>
34
<PAGE>
- --------------------------------------------------------------------------------
RESOLUTE INTERNATIONAL EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED)
JAPAN (CONTINUED)
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Ryobi, Ltd., Ord. 3,000 $ 14,841
Sakura Bank, Ltd., Ord. 3,000 31,272
Snow Brand Milk Products
Co., Ltd., Ord. 2,000 15,666
Sony Corp., Ord. 500 23,969
Sumitomo Forestry Co., Ord. 1,000 16,608
Sumitomo Metal
Industries, Ord. 10,000 26,031
Takashimaya Co., Ltd., Ord. 1,000 13,428
Toho Gas Co., Ltd., Ord. 5,000 17,786
Tohoku Electric
Power Co., Inc., Ord. 1,000 27,680
Tokio Marine & Fire
Insurance Co., Ord. 1,000 11,449
Toyo Construction Co., Ord. 3,000 15,654
Toyota Motor Co., Ltd., Ord. 1,000 19,788
UBE Industries, Ltd., Ord. 5,000 17,432
Zexel Corp., Ord. 2,000 13,475
---------
Total 1,076,021
---------
MALAYSIA--2.38%
<CAPTION>
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Public Bank, Bhd., Ord. 14,000 31,298
Tan Chong Motor Holdings,
Bhd., Ord. 18,000 20,526
Tanjong Co., Ord. 4,000 13,782
Telekom Malaysia, Bhd., Ord. 3,000 22,766
---------
Total 88,372
---------
NETHERLANDS--2.69%
<CAPTION>
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
ABN Amro Holding, NV, Ord. 250 9,642
Dutchstate Mines, NV, Ord. 140 12,054
Elsevier, N.V., Ord. 1,040 12,274
Internationale Nederlanden
Groep, NV, Ord. 150 8,291
Philips Electronics, Ord. 310 13,116
Royal Dutch Petroleum, Ord. 260 31,726
Unilever, N.V., CVA, Ord. 100 13,002
---------
Total 100,105
---------
NORWAY--2.66%
<CAPTION>
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Hafslund Nycomed, Ord.,
Series B 700 16,180
Kvaerner, A.S., Ord., Series B 500 21,898
Norsk Hydro, A.S., Ord. 1,000 41,930
Orkla, A.S., Ord., Series B 450 19,051
---------
Total 99,059
---------
SINGAPORE--2.43%
<CAPTION>
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Cycle and Carriage, Ltd., Ord. 1,000 8,944
DBS LAND, Ltd., Ord. 5,000 15,671
Development Bank of
Singapore, Ord. 2,000 22,755
Sembawang Corp., Ltd., Ord. 1,000 6,082
Sime Darby, Bhd., Ord. 10,000 27,764
Singapore Airlines, Ltd., Ord. 1,000 9,231
---------
Total 90,447
---------
SPAIN--0.86%
<CAPTION>
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Bankinter, Ord. 230 20,704
Iberdrola, S.A., Ord. 1,500 11,297
---------
Total 32,001
---------
SWITZERLAND--6.93%
<CAPTION>
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
BBC, Brown, Boveri and Cie,
A.G., Ord. 83 16,642
CS Holding, Bearer, Ord. 75 6,868
Ciba Geigy, A.G., Ord. 51 37,361
</TABLE>
35
<PAGE>
- --------------------------------------------------------------------------------
RESOLUTE INTERNATIONAL EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED)
SWITZERLAND (CONTINUED)
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Compagnie Finaciere
Richemont-Units, Ord., "A" 5,000 $ 6,163
Holderbank Financiere
Glaris, Ord., Warrants+ 2 3
Holderbank Financiere
Glaris, A.G., Ord. 10 8,202
Nestle, S.A., Ord. 33 34,343
Roche Holdings
Genusscheine, NPV, Ord. 5 32,202
Sandoz, A.G., Ord. 55 37,905
Schweizerische
Ruckversicherungs, Ord. 15 11,548
Schweizerischer Bank
Gesellschaft, Ord. 16 16,568
Schweizerischer
Bankverein, Ord. 70 24,789
Swissair, A.G., Ord., Zurich 18 12,452
Zurich Versicherungs, Ord. 10 12,560
---------
Total 257,606
---------
UNITED KINGDOM--18.38%
<CAPTION>
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Abbey National, PLC, Ord. 2,200 16,382
Agryll Group, PLC, Ord. 2,400 12,830
Allied Colloids Group,
PLC, Ord. 4,900 9,746
Argos, Ord. 1,900 13,060
B.A.T. Industries, PLC, Ord. 2,000 15,306
BICC Group, Ord. 1,500 7,088
BOC Group, PLC, Ord. 500 6,388
BTR, PLC, Ord. 2,600 13,217
British Gas, PLC, Ord. 2,200 10,134
British Petroleum, PLC, Ord. 2,207 15,819
British Telecommunications
PLC, Ord. 6,400 39,917
Cable & Wireless, PLC, Ord. 2,100 14,368
Chubb Security, Ord. 1,900 9,492
Forte, Ord. 3,000 10,859
General Electric, PLC, Ord. 1,900 9,281
Glaxo, PLC, Ord. 3,335 40,938
Glynwed, PLC, Ord. 1,000 5,179
Granada Group, PLC, Ord. 800 7,739
Grand Metropolitan, PLC, Ord. 2,300 14,107
Guardian Royal
Exchange, PLC, Ord. 3,800 12,515
Guinness, PLC, Ord. 2,100 15,804
HSBC Holdings, Ord. 1,050 13,557
Hanson Trust, PLC, Ord. 5,500 19,252
Hillsdown Holding, PLC, Ord. 4,500 12,888
Inchape, PLC, Ord. 1,620 7,578
Kingfisher, Ord. 2,200 14,877
Kwik Save Group, Ord. 550 5,679
Lloyds Bank, PLC, Ord. 1,750 17,375
MEPC, Ord. 1,800 10,969
Pearson, PLC, Ord. 700 6,627
Peninsular & Oriental Steam
Navigation, Ord. 800 7,370
RTZ Corp., PLC, Ord. 1,000 13,047
Reckitt and Coleman, Ord. 890 9,389
Redland, PLC, Ord. 1,300 8,522
Reuter's Holding, Ord. 2,000 16,674
Rexam, PLC, Ord. 1,400 10,759
Rolls Royce, Ord. 5,000 13,882
Royal Bank of Scotland,
PLC, Ord. 2,000 13,604
Scottish Hydro-Electric,
PLC, Ord. 2,000 10,183
Scottish and Newcastle,
PLC, Ord. 1,500 13,198
Sears Holdings, Ord. 6,700 10,607
Shell Transport and
Trading Co., Ord. 2,100 25,093
Smithkline Beecham, Ord.,
Equity Units 800 7,103
Smithkline Beecham, Ord. 750 6,790
Standard Chartered Bank, Ord. 2,600 13,941
Sun Alliance Group, PLC, Ord. 2,000 10,660
Tarmac, PLC, Ord. 8,000 14,320
Thorn EMI, PLC, Ord. 400 8,306
Tomkins, Ord. 2,700 9,666
</TABLE>
36
<PAGE>
- --------------------------------------------------------------------------------
RESOLUTE INTERNATIONAL EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED)
UNITED KINGDOM (CONTINUED)
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
United Buiscuts,
PLC, Ord. 2,600 $ 13,279
Vickers, PLC, Ord. 1,300 4,282
Willis Corroon Group,
PLC, Ord. 2,800 6,683
Yorkshire Electricity
Group, Ord. 1,000 11,042
Yorkshire Water, Ord. 1,200 10,998
Zeneca Group, Ord. 300 5,069
---------
Total 683,438
---------
UNITED STATES--0.18%
<CAPTION>
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
<S> <C> <C>
Repsol, ADR 200 6,325
U.S. Industries, Inc.+ 31 423
----------
Total 6,748
----------
TOTAL COMMON STOCK
(Cost $3,565,079) $3,584,858
----------
TOTAL INVESTMENTS
(Cost $3,565,079)* 96.40% $3,584,858
Other assets, less liabilities 3.60 133,875
------- ----------
TOTAL NET ASSETS 100.00% $3,718,733
======= ==========
</TABLE>
* Aggregate cost for Federal income tax purposes.
+ Non-income producing security.
37
<PAGE>
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED)
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
JUNE 30, 1995
<TABLE>
<CAPTION>
RESOLUTE
TREASURY RESOLUTE RESOLUTE
MONEY RESOLUTE RESOLUTE SMALL INTERNATIONAL
MARKET BOND EQUITY COMPANY EQUITY
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------- ----------- ----------- ----------- -------------
ASSETS
<S> <C> <C> <C> <C> <C>
Investments, at cost-see accompanying
portfolios ................................. $ 1,176,925 $ 1,259,794 $ 3,605,653 $ 2,322,124 $ 3,565,079
=========== =========== =========== =========== ===========
Investments, at market value (Note B)....... $ 1,177,228 $ 1,312,187 $ 3,786,294 $ 2,552,622 $ 3,584,858
Cash........................................ 170 3,069 8,159 334 865,796
Accrued investment income................... 18,425 4,211 3,713 22,272
Receivable for portfolio securities sold.... 138,197 85,355 10,284 41,774
Deferred organization costs (Note F)........ 8,884 8,884 8,884 8,884 8,884
----------- ----------- ----------- ----------- -----------
Total Assets.......................... 1,186,282 1,480,762 3,892,903 2,575,837 4,523,584
LIABILITIES
Due to Chubb Life Insurance Company
of America................................. 41 11,119 42,646 13,287 44,669
Payable for portfolio securities purchased.. 201,834 125,372 90,721 737,885
Accrued expenses............................ 11,921 13,069 15,431 21,090 22,297
----------- ----------- ----------- ----------- -----------
Total Liabilities..................... 11,962 226,022 183,449 125,098 804,851
----------- ----------- ----------- ----------- -----------
NET ASSETS................................... $ 1,174,320 $ 1,254,740 $ 3,709,454 $ 2,450,739 $ 3,718,733
=========== =========== =========== =========== ===========
NET ASSETS CONSIST OF:
Paid in capital............................. $ 1,148,575 $ 1,144,176 $ 3,461,607 $ 2,089,738 $ 3,679,175
Undistributed net investment income......... 25,491 35,738 13,819 12,164 22,922
Accumulated net realized gain (loss)
from investments........................... (49) 22,433 53,387 118,339 38,147
Undistributed net realized loss from
foreign currency transactions.............. (39,322)
Net unrealized gain on investments (Note C). 303 52,393 180,641 230,498 19,779
Net unrealized loss on translation of assets
and liabilities in foreign currencies
(Note C).................................. (1,968)
----------- ----------- ----------- ----------- -----------
NET ASSETS................................... $ 1,174,320 $ 1,254,740 $ 3,709,454 $ 2,450,739 $ 3,718,733
=========== =========== =========== =========== ===========
Shares of common stock outstanding
(unlimited shares authorized)............... 114,579 114,039 310,730 208,434 361,245
=========== =========== =========== =========== ===========
Net asset value and offering price per share. $ 10.25 $ 11.00 $ 11.94 $ 11.76 $ 10.29
=========== =========== =========== =========== ===========
</TABLE>
See notes to financial statements.
38
<PAGE>
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS (UNAUDITED)
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
FOR THE PERIOD JANUARY 3, 1995 (COMMENCEMENT OF OPERATIONS) TO JUNE 30, 1995
<TABLE>
<CAPTION>
RESOLUTE
TREASURY RESOLUTE RESOLUTE
MONEY RESOLUTE RESOLUTE SMALL INTERNATIONAL
MARKET BOND EQUITY COMPANY EQUITY
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------- ----------- ----------- ----------- -------------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME
INCOME:
Interest..................................... $ 28,528 $ 39,923 $ 5,120 $ 6,562 $ 2,720
Dividends.................................... 15,251 17,821 34,857
Foreign taxes withheld....................... (5) (1,242)
----------- ----------- ----------- ----------- -----------
Total investment
income.................................... 28,528 39,923 20,366 24,383 36,335
EXPENSES:
Advisory fees (Note D)....................... 2,024 2,790 4,365 8,500 8,942
Director's fees.............................. 5,044 5,503 9,770 10,541 10,809
Professional fees............................ 4,771 5,195 6,319 9,958 10,173
Security valuation........................... 1,880 2,053 2,543 3,931 4,040
Shareholder reports.......................... 1,433 1,556 1,867 2,986 3,037
Amortization of deferred organization
costs (Note F).............................. 949 949 949 949 949
Insurance expense............................ 839 917 1,135 1,754 1,803
Custodian fees............................... 254 558 1,091 2,125 2,794
Miscellaneous expenses....................... 780 783 793 813 816
----------- ----------- ----------- ----------- -----------
Total expenses............................. 17,974 20,304 28,832 41,557 43,363
Expenses reimbursed by Chubb Life
and Morgan (Note D)......................... (14,937) (16,119) (22,285) (29,338) (29,950)
----------- ----------- ----------- ----------- -----------
Net expenses............................... 3,037 4,185 6,547 12,219 13,413
----------- ----------- ----------- ----------- -----------
Net investment income...................... 25,491 35,738 13,819 12,164 22,922
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS AND FOREIGN CURRENCY
Net realized gain (loss) on investments...... (49) 22,433 53,387 118,339 38,147
Net realized loss from foreign
currency transactions....................... (39,322)
Net unrealized gain on investments........... 303 52,393 180,641 230,498 19,779
Net change in unrealized loss on translation of
assets and liabilities in foreign currencies (1,968)
----------- ----------- ----------- ----------- -----------
Net realized and unrealized gain on
investments and foreign currency.......... 254 74,826 234,028 348,837 16,636
----------- ----------- ----------- ----------- -----------
Net increase in net assets
resulting from operations.................... $ 25,745 $ 110,564 $ 247,847 $ 361,001 $ 39,558
=========== =========== =========== =========== ===========
</TABLE>
See notes to financial statements.
39
<PAGE>
- --------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS (UNAUDITED)
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
FOR THE PERIOD JANUARY 3, 1995 (COMMENCEMENT OF OPERATIONS) TO JUNE 30, 1995
<TABLE>
<CAPTION>
RESOLUTE
TREASURY RESOLUTE RESOLUTE
MONEY RESOLUTE RESOLUTE SMALL INTERNATIONAL
MARKET BOND EQUITY COMPANY EQUITY
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------- ----------- ----------- ----------- -------------
<S> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
From operations:
Net investment income.......................... $ 25,491 $ 35,738 $ 13,819 $ 12,164 $ 22,922
Net realized gain (loss) on
investments................................... (49) 22,433 53,387 118,339 38,147
Net realized foreign exchange loss............. (39,322)
Net change in unrealized gain
on investments................................ 303 52,393 180,641 230,498 19,779
Net change in unrealized loss on translation of
assets and liabilities in foreign currencies.. (1,968)
----------- ----------- ----------- ----------- -----------
Net increase in net assets
resulting from operations..................... 25,745 110,564 247,847 361,001 39,558
Increase in net assets derived from
shareholder transactions (Note E)............. 1,148,565 1,144,166 3,461,597 2,089,728 3,679,165
----------- ----------- ----------- ----------- -----------
Net increase in
net assets.................................... 1,174,310 1,254,730 3,709,444 2,450,729 3,718,723
Net Assets:
Beginning of period........................... 10 10 10 10 10
----------- ----------- ----------- ----------- -----------
End of period (1)............................. $ 1,174,320 $ 1,254,740 $ 3,709,454 $ 2,450,739 $ 3,718,733
=========== =========== =========== =========== ===========
(1) Including undistributed net investment
income.................................... $ 25,491 $ 35,738 $ 13,819 $ 12,164 $ 22,922
=========== =========== =========== =========== ===========
</TABLE>
See notes to financial statements.
40
<PAGE>
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
JUNE 30, 1995
NOTE A--ORGANIZATION
Chubb Series Trust (the "Trust") is an open-end management investment company
registered under the Investment Company Act of 1940. The Trust was organized as
a Delaware Business Trust on October 28, 1993 for the purpose of funding
Flexible Premium Variable Life Insurance Policies issued by Chubb Life Insurance
Company of America ("Chubb Life") and its affiliated insurance companies. The
Trust is composed of five separate portfolios (the "Portfolios"): the Resolute
Treasury Money Market Portfolio, the Resolute Bond Portfolio, the Resolute
Equity Portfolio, the Resolute Small Company Portfolio and the Resolute
International Equity Portfolio. Chubb Life's ownership at June 30, 1995 is as
follows:
<TABLE>
<CAPTION>
PERCENTAGE OF
PORTFOLIO SHARES OWNED SHARES OUTSTANDING
<S> <C> <C>
Resolute Treasury Money Market Portfolio... 100,001 87.28%
Resolute Bond Portfolio.................... 100,001 87.69%
Resolute Equity Portfolio.................. 100,001 32.18%
Resolute Small Company Portfolio........... 200,001 95.95%
Resolute International Equity Portfolio.... 200,001 55.36%
</TABLE>
NOTE B--SIGNIFICANT ACCOUNTING POLICIES
Valuation of Investments: An equity security listed on a stock exchange is
valued at the closing sale price on the exchange on which such security is
principally traded. If no sale took place, the mean of the bid and asked prices
at the close of trading is used. A security not listed on a stock exchange is
valued at the closing sale price as reported on a readily available market
quotation system, or, if no sales took place, the mean of the bid and asked
prices at the close of trading in the over-the-counter market. Quotations of
foreign securities in foreign currencies are converted to U.S. dollar
equivalents using appropriately translated foreign market closing prices.
Securities listed on a foreign exchange are valued at the last quoted sale price
available before the time when net assets are valued. Securities or other assets
for which market quotations are not readily available are valued at fair value
in accordance with procedures established by the Portfolios' Trustees. All
portfolio securities with a remaining maturity of less than 60 days are valued
by the amortized cost method.
Trading in securities on most foreign exchanges and over-the-counter markets is
normally completed before the close of the domestic market and may also take
place on days on which the domestic market is closed. If events materially
affecting the value of foreign securities occur between the time when the
exchange on which they are traded closes and the time when the Portfolio's net
asset value is calculated, such securities will be valued at fair value in
accordance with procedures established by and under the general supervision of
the Portfolios' Trustees.
The books and records of the Portfolios are maintained in U.S. dollars. The
market values of investment securities, other assets and liabilities and forward
contracts stated in foreign currencies are translated at the prevailing exchange
rates at the end of the period. Purchases, sales, income and expense are
translated at the exchange rate prevailing on the respective dates of such
transactions. Translation gains and losses resulting from changes in the
exchange rate during the reporting period and gains and losses realized upon
settlement of foreign currency transactions are reported in the Statement of
Operations.
41
<PAGE>
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
JUNE 30, 1995
NOTE B--SIGNIFICANT ACCOUNTING POLICIES--(Continued)
Since the net assets of the Portfolios are presented at the exchange rates and
market values prevailing at the end of the period, the Portfolios do not isolate
the portion of the results of operations arising as a result of changes in
foreign exchange rates from the fluctuations arising from changes in the market
prices of securities during the period.
The Portfolios may enter into forward foreign currency contracts to protect
securities and related receivables and payables against fluctuations in future
foreign currency rates. A forward contract is an agreement to buy or sell
currencies of different countries on a specified future date at a specified
rate. Risks associated with such contracts include the movement in the value of
the foreign currency relative to the U.S. dollar and the ability of the
counterparty to perform. The market value of the contract will fluctuate with
changes in currency exchange rates. Contracts are valued daily and the change in
the market value is recorded by the Portfolio as unrealized appreciation or
depreciation of foreign currency translations. At June 30, 1995, the Resolute
International Equity Portfolio had the following open forward foreign currency
contracts:
SUMMARY OF OPEN CONTRACTS
<TABLE>
U.S. Dollar Net Unrealized
Foreign Currency Contracts to Value at Appreciation/
Purchase Contracts Settlement Date Receive Cost 06/30/95 (Depreciation)
------------------- -------------------- ------------------- ---------- -------------- -----------------
<S> <C> <C> <C> <C> <C>
French Franc 07/03/95-07/04/95 909,897 $186,480 $187,705 $ 1,225
Great British Pound 07/03/95-07/04/95 193,671 309,981 308,147 (1,834)
Hong Kong Dollar 07/03/95-07/04/95 258,269 33,379 33,381 2
Italian Lira 07/03/95 46,114,500 27,098 28,169 1,071
Japanese Yen 07/03/95-07/04/95 6,949,271 82,390 81,852 (538)
Malysian Ringgit 07/05/95 83,635 34,329 34,306 (23)
Singapore Dollar 07/04/95 52,495 37,590 37,563 (27)
Spanish Pesata 07/04/95 1,438,919 11,912 11,883 (29)
Swiss Franc 07/04/95 14,418 12,573 12,514 (59)
-------- -------- -------
$735,732 $735,520 $ (212)
======== ======== =======
U.S. Dollar
Foreign Currency Contracts to Value at Net Unrealized
Sale Contracts Settlement Date Deliver Cost 06/30/95 Depreciation
------------------- --------------------- ------------------ ----------- ----------------- ----------------
<S> <C> <C> <C> <C> <C>
French Franc 07/03/95 72,553 $ 14,908 $ 14,967 $ (59)
Great British Pound 08/01/95 43,882,955 26,679 26,807 (128)
Japanese Yen 07/10/95 25,515,100 339,706 341,762 (2,056)
--------- --------- ---------
$ 381,293 $ 383,536 $ (2,243)
========= ========= =========
</TABLE>
Security Transactions and Investment Income: Security transactions are recorded
on a trade date basis. Realized gains and losses on investments sold are
recorded on the basis of the first-in, first-out method. Interest income,
including where applicable, amortization of discount on investments, is recorded
on the accrual basis. Dividend income is recorded on the ex-dividend date,
except for
42
<PAGE>
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
JUNE 30, 1995
NOTE B--SIGNIFICANT ACCOUNTING POLICIES--(Continued)
certain dividends from foreign securities, which are recorded as soon as the
Portfolios are informed of the dividend.
Repurchase Agreements: The Trust may purchase Portfolio securities from
financial institutions deemed to be creditworthy by the investment adviser
subject to the seller's agreement to repurchase and the Trust's agreement to
resell such securities at mutually agreed upon prices. Securities purchased
subject to such repurchase agreements are deposited with the Trust's custodian
or are maintained in the Federal Reserve/Treasury book-entry system and must
have, at all times, an aggregate market value greater than 101% of the
repurchase price (including accrued interest).
If the value of the underlying security, including accrued interest, falls below
the value of 101% of the repurchase price plus accrued interest, the Trust will
require the seller to deposit the additional collateral by the next business
day. Default or bankruptcy of the seller may, however, expose the applicable
Portfolio of the Trust to possible delay in connection with the disposition of
the underlying securities of loss to the extent that proceeds from a sale of the
underlying securities were less than the repurchase price under the agreement.
Dividends and Distributions to Shareholders: Distributions to shareholders from
ordinary income and net realized capital gains are declared and distributed at
least once annually. Dividends and distributions are recorded on the ex-dividend
date.
Federal Taxes: It is the policy of the Trust that each Portfolio continue to
qualify as a regulated investment company by complying with the requirements of
the Internal Revenue Code applicable to regulated investment companies, and by
distributing substantially all of its taxable earnings to its shareholders.
Therefore, no Federal tax provision is required.
NOTE C--INVESTMENTS
Net realized gains and losses on investment securities sold are determined by
using the first-in, first-out method. The aggregate cost of investments owned
for Federal income tax purposes is the same as for financial reporting purposes.
As of June 30, 1995, gross unrealized gains and losses were as follows:
<TABLE>
<CAPTION>
GROSS GROSS NET
UNREALIZED UNREALIZED UNREALIZED
GAINS LOSSES GAINS
----------- ----------- -----------
<S> <C> <C> <C>
Resolute Treasury Money Market Portfolio ........ $ 303 $ 0 $ 303
Resolute Bond Portfolio ......................... 53,063 670 52,393
Resolute Equity Portfolio ....................... 198,893 18,252 180,641
Resolute Small Company Portfolio ................ 284,258 53,760 230,498
Resolute International Equity Portfolio ......... 138,694 118,915 19,779
</TABLE>
As of June 30, 1995, the International Equity Portfolio had unrealized
foreign currency losses of $1,968.
43
<PAGE>
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
JUNE 30, 1995
Purchases and sales of investment securities for the period ended June 30, 1995,
other than short-term obligations, were as follows:
<TABLE>
<CAPTION>
PROCEEDS
COST OF FROM
INVESTMENT INVESTMENT
SECURITIES SECURITIES
PURCHASED SOLD
----------- ----------
<S> <C> <C>
Resolute Bond Portfolio ......................... $3,056,023 $1,894,136
Resolute Equity Portfolio ....................... 4,034,693 594,709
Resolute Small Company Portfolio ................ 2,900,324 944,245
Resolute International Equity Portfolio ......... 4,668,621 1,146,826
</TABLE>
NOTE D--INVESTMENT ADVISORY FEES, MANAGEMENT AGREEMENTS
The Trust has entered into an investment management agreement with Chubb
Investment Advisory Corporation, ("Chubb Investment"), a wholly-owned subsidiary
of Chubb Life. Under the agreement, Chubb Investment provides investment
management, administrative and transfer agency services for the Trust. Chubb
Investment is paid a fee for its services, computed daily and paid monthly, at
the annual rate of: .40% of average daily net assets of the Resolute Treasury
Money Market Portfolio; .50% of average daily net assets of the Resolute Bond
Portfolio; .60% of average daily net assets of the Resolute Equity Portfolio;
.80% of average daily net assets of the Resolute Small Company Portfolio, and
.80% of average daily net assets of the Resolute International Equity Portfolio.
Morgan Guaranty Trust Company of New York ("Morgan") serves as sub-investment
manager to the Trust, providing investment advice and management services for
each Portfolio. As compensation for its services, Morgan is entitled to receive
fees from Chubb Investment (and not from the Portfolios), computed daily and
paid monthly, at an annual rate of: .20% of average daily net assets of the
Resolute Treasury Money Market Portfolio; .30% of average daily net assets of
the Resolute Bond Portfolio; .40% of average daily net assets of the Resolute
Equity Portfolio; .60% of average daily net assets of the Resolute Small Company
Portfolio, and .60% of the average daily net assets of the Resolute
International Equity Portfolio.
Chubb Life and Morgan have agreed that for the first two years of the Trust's
existence they will each assume 50% of the expenses of each Portfolio of the
Trust in excess of .60%, .75%, .90%, 1.15% and 1.20% of the average daily net
assets value respectively of the Resolute Treasury Money Market, Bond, Equity,
Small Company and International Equity Portfolios.
44
<PAGE>
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
JUNE 30, 1995
NOTE E--SHAREHOLDERS' TRANSACTIONS
Following is a summary of transactions with shareholders for each Portfolio for
the period January 3, 1995 to June 30, 1995.
<TABLE>
<CAPTION>
RESOLUTE TREASURY MONEY MARKET PORTFOLIO
SHARES DOLLARS
---------- ----------
<S> <C> <C>
Shares sold............... 116,971 $1,173,002
Shares redeemed........... (2,393) (24,437)
---------- ----------
Net increase.......... 114,578 $1,148,565
========== ==========
</TABLE>
<TABLE>
<CAPTION>
RESOLUTE BOND PORTFOLIO
SHARES DOLLARS
---------- ----------
<S> <C> <C>
Shares sold............... 116,680 $1,172,243
Shares redeemed........... (2,642) (28,077)
---------- ----------
Net increase.......... 114,038 $1,144,166
========== ==========
</TABLE>
RESOLUTE EQUITY PORTFOLIO
<TABLE>
SHARES DOLLARS
---------- ----------
<S> <C> <C>
Shares sold............... 314,531 $3,506,269
Shares redeemed........... (3,802) (44,672)
---------- ----------
Net increase.......... 310,729 $3,461,597
========== ==========
</TABLE>
45
<PAGE>
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
JUNE 30, 1995
NOTE E--SHAREHOLDERS' TRANSACTIONS-(CONTINUED)
RESOLUTE SMALL COMPANY PORTFOLIO
<TABLE>
<CAPTION>
SHARES DOLLARS
---------- ----------
<S> <C> <C>
Shares sold............ 209,688 $2,104,065
Shares redeemed........ (1,255) (14,337)
---------- ----------
Net increase....... 208,433 $2,089,728
========== ==========
</TABLE>
RESOLUTE INTERNATIONAL EQUITY PORTFOLIO
<TABLE>
<CAPTION>
SHARES DOLLARS
--------- ----------
<S> <C> <C>
Shares sold............ 366,687 $3,734,726
Shares redeemed........ (5,443) (55,561)
--------- ----------
Net increase....... 361,244 $3,679,165
========= ==========
</TABLE>
NOTE F--ORGANIZATION COSTS
Costs incurred in connection with the initial organization of the Trust are
being amortized on the straight-line basis over a period of five years.
46
<PAGE>
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD FROM JANUARY 3, 1995
(COMMENCEMENT OF OPERATIONS) TO JUNE 30, 1995
<TABLE>
<CAPTION>
RESOLUTE
TREASURY RESOLUTE RESOLUTE
MONEY RESOLUTE RESOLUTE SMALL INTERNATIONAL
MARKET BOND EQUITY COMPANY EQUITY
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------- ----------- ----------- ----------- -------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
period............................ $ 10.00 $ 10.00 $ 10.00 $ 10.00 $ 10.00
INCOME FROM INVESTMENT
OPERATIONS
Net investment income............. 0.22 0.31 0.04 0.06 0.06
Net gains and losses
on securities (both
realized and unrealized)......... 0.03 0.69 1.90 1.70 0.23
------------ ----------- ----------- ----------- -----------
Total from investment
operations....................... 0.25 1.00 1.94 1.76 0.29
Net asset value, end of period ..... $ 10.25 $ 11.00 $ 11.94 $ 11.76 $ 10.29
=========== =========== =========== =========== ===========
Total Return (A).................... 2.49% 10.03% 19.38% 17.58% 2.29%
Ratios to average net assets:
(Annualized)
Expenses.......................... 0.60% 0.75% 0.90% 1.15% 1.20%
Net investment income............. 5.03% 6.43% 1.88% 1.14% 2.05%
Portfolio turnover rate............. N/A 179.85% 27.68% 45.93% 49.98%
Net assets, at end of period........ $ 1,174,320 $ 1,254,740 $ 3,709,454 $ 2,450,739 $ 3,718,733
</TABLE>
(A) Total return assumes reinvestment of all dividends during the period and
does not reflect deduction of account fees and charges. Investment returns
and principal values will fluctuate and shares, when redeemed, may be worth
more or less than the original cost. Total returns for periods of less than
one year have not been annualized.
47
