<PAGE> 1
- --------------------------------------------------------------------------------
PRESIDENT'S LETTER
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
Dear Shareholder:
The continued advances by many financial markets provided investors with
favorable returns during the first half of 1996. The Chubb Heritage Series
shared in these positive results, as each portfolio's performance was consistent
with or exceeded their comparative benchmark indices as shown later in this
report.
Investors' growing appetite for equity investments brought a huge inflow of
capital into mutual funds during the first half of the year. This inflow
supported the positive results attained by many investors during the first half
of 1996, as it essentially outweighed any negative developments that might have
restrained market advances under conditions of less cash flow. During the second
quarter however, interest rate fears and slowing earnings momentum created
increased volatility in financial markets. We believe that diversification is an
investor's best protection against short term market volatility, and especially
important when entering a period of potential market uncertainty.
Chubb's Heritage Series provides the opportunity to adequately diversify your
assets through accounts managed by Morgan Guaranty Trust of New York. The asset
management expertise of Morgan, the death benefit protection and favorable tax
treatment of variable universal life and the financial strength of Chubb as a
Standard & Poor's AAA rated company (for claims paying ability), continue to
make the Heritage Series an innovative and powerful tool in helping you attain
your personal, estate or business planning goals.
We appreciate and value the opportunity to assist you in meeting your financial
needs.
Sincerely,
/s/ Ronald Angarella
Ronald Angarella
President
Chubb Series Trust
August 7, 1996
<PAGE> 2
[This page intentionally left blank]
<PAGE> 3
- --------------------------------------------------------------------------------
RESOLUTE TREASURY MONEY MARKET PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
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 6/30/96
$1,283,398
- ----------------------------------------------
NUMBER OF HOLDINGS
7
- ----------------------------------------------
PORTFOLIO QUALITY
AAA-100%
- ----------------------------------------------
DOLLAR WEIGHTED AVERAGE MATURITY
48 days
- ----------------------------------------------
- ----------------------------------------------
- ----------------------------------------------
IN THIS SECTION
- ----------------------------------------------
Portfolio Facts
Portfolio Composition
Schedule of Portfolio Investments
- ----------------------------------------------
1
<PAGE> 4
- --------------------------------------------------------------------------------
RESOLUTE TREASURY MONEY MARKET PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
<TABLE>
------------------------------------------------------------------
LIST OF TOP HOLDINGS
------------------------------------------------------------------
<CAPTION>
PERCENT OF
TOTAL INVESTMENTS
<S> <C>
U.S. Treasury Bill, 4.750%, due 08/01/96 38.48%
U.S. Treasury Bill, 4.820%, due 08/08/96 38.44
U.S. Treasury Bill, 4.970%, due 07/25/96 9.63
U.S. Treasury Bill, 5.100%, due 09/19/96 8.09
U.S. Treasury Bill, 5.235%, due 04/03/97 2.96
U.S. Treasury Bill, 5.330%, due 05/01/97 1.55
U.S. Treasury Bill, 4.999%, due 07/25/96 0.85
------------------------------------------------------------------
TOTAL 100.00%
------------------------------------------------------------------
</TABLE>
2
<PAGE> 5
- --------------------------------------------------------------------------------
RESOLUTE TREASURY MONEY MARKET PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED)
<TABLE>
------------------------------------------------------------
SHORT-TERM OBLIGATIONS--100.82%
------------------------------------------------------------
<CAPTION>
Principal Market Value
U.S. Treasury Bills Amount (Note B)
------------------- --------- ------------
<S> <C> <C>
4.970%, due 07/25/96 $125,000 $ 124,551
4.999%, due 07/25/96 11,000 10,960
4.750%, due 08/01/96 500,000 497,823
4.820%, due 08/08/96 500,000 497,322
5.100%, due 09/19/96 106,000 104,799
5.235%, due 04/03/97 40,000 38,381
5.330%, due 05/01/97 21,000 20,051
----------
TOTAL SHORT-TERM OBLIGATIONS
(Cost $1,293,856) $1,293,887
----------
------------------------------------------------------------
</TABLE>
<TABLE>
------------------------------------------------------------
SUMMARY OF TOTAL NET ASSETS
------------------------------------------------------------
<CAPTION>
Market Value
(Note B)
------------
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $1,293,856)* 100.82% $1,293,887
Other assets, less liabilities (0.82) (10,489)
------ ----------
TOTAL NET ASSETS 100.00% $1,283,398
====== ==========
------------------------------------------------------------
<FN>
*Aggregate cost for Federal income tax purposes.
</TABLE>
See notes to financial statements.
3
<PAGE> 6
[This page intentionally left blank]
<PAGE> 7
- --------------------------------------------------------------------------------
RESOLUTE BOND 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 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 06/30/96
$1,544,150
- -----------------------------------------
NUMBER OF HOLDINGS
25
- -----------------------------------------
PORTFOLIO TURNOVER
127.90%
- -----------------------------------------
PORTFOLIO QUALITY
AAA - 78.90%
AA - 3.14%
A - 12.85%
BBB - 5.11%
- -----------------------------------------
AVERAGE MATURITY
16 years
- -----------------------------------------
- ----------------------------------------------
- ----------------------------------------------
IN THIS SECTION
- ----------------------------------------------
Portfolio Facts
Inverstment Comparison
Portfolio Composition
Schedule of Portfolio Investments
- ----------------------------------------------
5
<PAGE> 8
- --------------------------------------------------------------------------------
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
<TABLE>
- ------------------------------------------
Total Returns for period ending 6/30/96
- ------------------------------------------
<CAPTION>
Since
YTD 1 yr. Inception
<S> <C> <C> <C>
Portfolio -2.37% 3.68% 9.24%
Index -1.26% 4.98% 11.07%
- ------------------------------------------
</TABLE>
[Line Chart]
CST: BOND FUND SALOMON BROAD INVESTMENT GRADE INDEX
DATE ACCOUNT VALUE ACCOUNT VALUE
- ---- -------------- ------------------------------------
01/03/95 $10,000
01/31/95 $10,146 $10,207
02/28/95 $10,320 $10,448
03/31/95 $10,360 $10,506
04/28/95 $10,488 $10,650
05/31/95 $10,907 $11,073
06/30/95 $11,000 $11,151
07/31/95 $11,128
08/31/95 $11,080 $11,256
09/30/95 $11,191 $11,362
10/31/95 $11,356 $11,515
11/30/95 $11,518 $11,694
12/31/95 $11,685 $11,856
01/31/96 $11,761 $11,936
02/29/96 $11,498 $11,733
03/31/96 $11,386 $11,849
04/30/96 $11,304 $11,563
05/31/96 $11,256 $11,557
06/30/96 $11,408 $11,706
Bond Portfolio Salomon Investment Grade Bond Index
Commencement of Operations January 3, 1995. 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> 9
- --------------------------------------------------------------------------------
RESOLUTE BOND PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
[Pie Chart]
U.S. Government & Agency
Obligations 61.99%
Corporate Bonds 17.96%
Asset-Backed Securities 13.51%
Short-Term Obligations 6.54%
<TABLE>
- -----------------------------------------------------------------------------------------
LIST OF TOP TEN LONG-TERM HOLDINGS
- -----------------------------------------------------------------------------------------
<CAPTION>
PERCENT OF
TOTAL INVESTMENTS
<S> <C>
Federal Home Loan Mortgage Corporation, 8.000%, due 07/15/26 12.71%
Federal National Mortgage Association, 7.500%, due 07/15/26 10.83
U.S. Treasury Bond, 9.250%, due 02/15/16 9.76
Government National Mortgage Association, 6.500%, due 12/15/23 8.00
U.S. Treasury Note, 7.500%, due 11/15/01 5.49
Federal Home Loan Mortgage Association, 5.500%, due 03/01/11 5.21
U.S. Treasury Note, 7.750%, due 11/30/99 4.38
Access Financial, 6.375%, due 05/15/21 3.59
Greentree Financial Corp., 7.200%, due 04/15/19 3.14
Ford Motor Credit, 5.625%, due 03/03/97 2.89
Balance - 15 Security Positions 34.00
- -----------------------------------------------------------------------------------------
TOTAL 100.00%
- -----------------------------------------------------------------------------------------
</TABLE>
7
<PAGE> 10
- --------------------------------------------------------------------------------
RESOLUTE BOND PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED)
<TABLE>
- ---------------------------------------------------------------
CORPORATE BONDS--22.12%
- ---------------------------------------------------------------
<CAPTION>
Principal Market Value
Company Amount (Note B)
------- --------- ------------
<S> <C> <C>
ELECTRONICS--3.15%
Philips Electronics,
6.750%, due 08/15/03 $50,000 $ 48,653
--------
FINANCIAL SERVICES--12.62%
Chrysler Financial Corp.,
8.125%, due 12/15/96 50,000 50,532
Ford Motor Credit Co.,
5.625%, due 03/03/97 55,000 54,884
GMAC Medium Term Note,
5.700%, due 12/22/97 40,000 39,681
Household Finance Company,
6.780%, due 04/17/01 50,000 49,675
--------
194,772
--------
MERCHANDISING--3.21%
Sears Roebuck Acceptance
Medium Term Note,
6.220%, due 03/25/99 50,000 49,592
--------
UTILITIES - ELECTRIC--3.14%
Texas Utilities Electric Co.,
1st Mortgage, 7.875%,
due 04/01/24 50,000 48,535
--------
TOTAL CORPORATE BONDS
(Cost $338,713) $341,552
--------
- ---------------------------------------------------------------
</TABLE>
<TABLE>
- ---------------------------------------------------------------
ASSET-BACKED SECURITIES--16.64%
- ---------------------------------------------------------------
<CAPTION>
Principal Market Value
Company Amount (Note B)
------- --------- ------------
<S> <C> <C>
Access Financial MHL,
6.375%, due 05/15/21 $70,000 $ 68,312
Greentree Recreational
Equipment Trust,
5.550%, due 02/15/16 43,130 41,614
Greentree Financial Corp.,
7.200%, due 04/15/19 60,000 59,819
Premier Auto Trust,
4.650%, due 11/02/99 37,871 37,306
World Omni Auto Lease
Securities,
6.300%, due 06/25/02 50,000 49,883
--------
TOTAL ASSET-BACKED SECURITIES
(Cost $260,374) $256,934
--------
- ---------------------------------------------------------------
</TABLE>
See notes to financial statements.
8
<PAGE> 11
- --------------------------------------------------------------------------------
RESOLUTE BOND PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED)
<TABLE>
- ---------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS--76.37%
- ---------------------------------------------------------------
<CAPTION>
Principal Market Value
Agency Amount (Note B)
------ --------- ------------
<S> <C> <C>
Federal Home Loan
Mortgage Corporation,
5.500%, due 03/01/11 $106,889 $ 99,039
Federal Home Loan
Mortgage Corporation,
8.000%, due 08/01/26 240,000 241,725
Federal National Mortgage
Association,
7.500%, due 07/01/26 210,000 205,931
Government National
Mortgage Association,
6.500%, due 12/15/23 163,382 152,199
----------
698,894
----------
U.S. Treasury Bonds
9.250%, due 02/15/16 150,000 185,578
----------
U.S. TREASURY NOTES
7.750%, due 11/30/99 80,000 83,325
6.375%, due 03/31/01 55,000 54,759
7.500%, due 11/15/01 100,000 104,406
5.750%, due 08/15/03 55,000 52,336
----------
294,826
----------
TOTAL U.S. GOVERNMENT AND AGENCY
OBLIGATIONS
(Cost $1,160,005) $1,179,298
----------
- ---------------------------------------------------------------
</TABLE>
<TABLE>
- ---------------------------------------------------------------
SHORT-TERM OBLIGATIONS--8.05%
- ---------------------------------------------------------------
<CAPTION>
Principal Market Value
U.S. Treasury Bills Amount (Note B)
------------------- --------- ------------
<S> <C> <C>
4.935%, due 07/25/96 $ 88,000 $ 87,686
4.940%, due 07/25/96 6,000 5,979
5.100%, due 09/19/96 12,000 11,864
5.110%, due 09/19/96 19,000 18,785
--------
TOTAL SHORT-TERM OBLIGATIONS
(Cost $124,305) $124,314
--------
- ---------------------------------------------------------------
</TABLE>
<TABLE>
- ---------------------------------------------------------------
SUMMARY OF TOTAL NET ASSETS
- ---------------------------------------------------------------
<CAPTION>
Market Value
(Note B)
------------
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $1,883,397)* 123.18% $1,902,098
Other assets, less liabilities (23.18) (357,948)
------ ----------
TOTAL NET ASSETS 100.00% $1,544,150
====== ==========
- ---------------------------------------------------------------
<FN>
*Aggregate cost for Federal income tax purposes.
</TABLE>
See notes to financial statements.
9
<PAGE> 12
[This page intentionally left blank]
<PAGE> 13
- --------------------------------------------------------------------------------
RESOLUTE 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 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 6/30/96
$5,096,578
- -----------------------------------------
NUMBER OF HOLDINGS
100
- -----------------------------------------
PORTFOLIO TURNOVER
42.11%
- -----------------------------------------
- ----------------------------------------------
- ----------------------------------------------
IN THIS SECTION
- ----------------------------------------------
Portfolio Facts
Investment Comparison
Portfolio Composition
Schedule of Portfolio Investments
- ----------------------------------------------
11
<PAGE> 14
- --------------------------------------------------------------------------------
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
<TABLE>
- -------------------------------------------------
Total Returns for period ending 6/30/96
- -------------------------------------------------
<CAPTION>
Since
YTD 1 yr. Inception
<S> <C> <C> <C>
Portfolio 9.15% 22.43% 29.00%
Index 10.09% 25.98% 32.13%
</TABLE>
[Line Chart]
EQUITY PORTFOLIO S&P 500 INDEX
$10,000 10,000
10,207 10,262
10,687 10,662
11,041 10,976
11,290 11,299
11,717 11,760
11,938 12,020
12,418 12,421
12,784 12,452
12,438 12,977
13,161 12,931
13,391 13,495
13,740 13,758
14,038 14,226
14,318 14,358
14,605 14,497
14,783 14,710
14,616 15,090
15,147
Commencement of Operations January 3, 1995. 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&P500 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.
12
<PAGE> 15
- --------------------------------------------------------------------------------
RESOLUTE EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
[Pie Chart]
Common Stock 94.61%
Short-Term Obligations 5.39%
<TABLE>
- -----------------------------------------------------------------------
LIST OF TOP TEN LONG-TERM HOLDINGS
- -----------------------------------------------------------------------
<CAPTION>
Percent of
Total Investments
<S> <C>
Philip Morris Companies, Inc. 2.61%
Wal Mart Stores, Inc. 2.25
Procter & Gamble Co. 2.10
Bausch & Lomb, Inc. 2.05
Tyco International, Ltd. 2.04
WMX Technologies, Inc. 1.89
Tele Communications TCI Group 1.89
Union Pacific Corp. 1.89
Exxon Corporation 1.84
AT&T Corp. 1.79
Balance - 90 Security Positions 79.65
- -----------------------------------------------------------------------
TOTAL 100.00%
- -----------------------------------------------------------------------
</TABLE>
13
<PAGE> 16
- --------------------------------------------------------------------------------
RESOLUTE EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
<TABLE>
PORTFOLIO COMPOSITION (CONTINUED)
- -----------------------------------------------------------------------
LIST OF TOP TEN INDUSTRIES
- -----------------------------------------------------------------------
<CAPTION>
Percent of
Total Investments
<S> <C>
Oil - Production 8.12%
Retail 6.88
Telecommunications 6.21
Manufacturing 5.82
Banking 5.07
Financial Services 4.92
Pharmaceuticals 4.63
Consumer Products 4.38
Chemicals 4.34
Health Supplies 4.23
- -----------------------------------------------------------------------
TOTAL 54.60%
- -----------------------------------------------------------------------
</TABLE>
14
<PAGE> 17
- --------------------------------------------------------------------------------
RESOLUTE EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED)
<TABLE>
- ---------------------------------------------------------------
COMMON STOCK--96.33%
- ---------------------------------------------------------------
<CAPTION>
Number Market Value
Company of Shares (Note B)
------- --------- ------------
<S> <C> <C>
AEROSPACE--1.82%
Boeing Co. 900 $ 78,412
Coltec Industries, Inc.+ 1,000 14,250
--------
92,662
--------
AUTOMOTIVE--1.34%
General Motors Corporation 1,300 68,088
--------
AUTOMOTIVE PARTS & SERVICES--0.57%
Cooper Tire & Rubber Co. 1,300 28,925
--------
BANKING--5.16%
BankAmerica Corporation 700 53,025
First Hawaiian, Inc. 400 11,400
Fleet Financial Group, Inc. 1,500 65,250
NationsBank Corp. 1,100 90,888
Standard Federal
Bancorporation 1,100 42,350
--------
262,913
--------
BROADCAST, RADIO & TV--0.16%
Turner Broadcasting
System, Inc. 300 8,250
--------
CHEMICAL--4.42%
Du Pont (E.I.) De Nemours
& Company 1,100 87,038
Union Carbide Corp. 2,300 91,425
Wellman, Inc. 2,000 46,750
--------
225,213
--------
COMPUTER - PERIPHERALS--0.69%
Quantum Corp.+ 2,400 35,100
--------
COMPUTER - SOFTWARE--2.58%
Adobe Systems, Inc. 600 21,525
Autodesk, Inc. 600 17,925
Cisco Systems, Inc. 600 33,975
EMC Corporation+ 2,700 50,287
Softkey Intl., Inc.+ 400 7,575
--------
131,287
--------
- ---------------------------------------------------------------
</TABLE>
<TABLE>
- ---------------------------------------------------------------
COMMON STOCK (CONTINUED)
- ---------------------------------------------------------------
<CAPTION>
Number Market Value
Company of Shares (Note B)
------- --------- ------------
<S> <C> <C>
CONSUMER PRODUCTS--4.46%
PepsiCo, Inc. 2,600 $ 91,975
Philip Morris Companies, Inc. 1,300 135,200
--------
227,175
--------
ELECTRICAL EQUIPMENT--3.25%
Advanced Micro-Devices, Inc.+ 700 9,537
Anixter International, Inc.+ 2,200 32,725
General Instruments
Corporation+ 2,300 66,413
Grainger (W.W.), Inc. 700 54,250
Magnetek, Inc.+ 300 2,888
--------
165,813
--------
ELECTRONICS--2.87%
General Electric Co. 600 51,900
Hewlett Packard Co. 500 49,813
Motorola, Inc. 400 25,150
Perkin Elmer Corporation 400 19,300
--------
146,163
--------
ENTERTAINMENT & LEISURE--3.43%
International Game
Technology 2,000 33,750
Tele-Communications,
TCI Group, Class A 5,400 97,875
Time Warner, Inc. 1,100 43,175
--------
174,800
--------
FINANCIAL SERVICES--5.00%
AMBAC, Inc. 1,100 57,337
Citicorp 400 33,050
Dean Witter Discover & Co. 1,300 74,425
First USA, Inc. 400 22,000
Firstar Corp. 600 27,675
Great Western Financial Corp. 1,700 40,588
--------
255,075
--------
FOOD PROCESSING--2.56%
CPC International, Inc. 700 50,400
- ---------------------------------------------------------------
</TABLE>
See notes to financial statements.
15
<PAGE> 18
- --------------------------------------------------------------------------------
RESOLUTE EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED)
<TABLE>
- ---------------------------------------------------------------
COMMON STOCK (CONTINUED)
- ---------------------------------------------------------------
<CAPTION>
Number Market Value
Company of Shares (Note B)
------- --------- ------------
<S> <C> <C>
FOOD PROCESSING (CONTINUED)
Ralston Purina Group 800 $ 51,300
Unilever NV 200 29,025
--------
130,725
--------
FURNITURE & APPLIANCES--0.73%
Furniture Brands, Inc.+ 3,400 37,400
--------
HEALTH SUPPLIES--4.31%
Bausch & Lomb, Inc. 2,500 106,250
Columbia/HCA Healthcare 1,400 74,725
Forest Laboratories, Inc.+ 1,000 38,625
--------
219,600
--------
HOME CONSTRUCTION--2.68%
Schuller Corp. 2,500 25,938
Service Corp. International 1,000 57,500
USG Corp.+ 1,900 52,963
--------
136,401
--------
HOUSEHOLD PRODUCTS--3.30%
Colgate Palmolive Co. 700 59,325
Procter & Gamble Co. 1,200 108,750
--------
168,075
--------
INSURANCE--3.75%
Humana, Inc.+ 3,600 64,350
Providian Corp. 2,000 85,750
U.S. Life Corp. 1,250 41,094
--------
191,194
MANUFACTURING--5.92%
Allied Signal, Inc. 1,200 68,550
Cooper Industries, Inc. 1,847 76,650
Teledyne, Inc. 1,400 50,575
Tyco International, Ltd. 2,600 105,950
--------
301,725
--------
METAL & MINING--2.19%
Allegheney Ludlum Corp 300 5,662
Aluminum Company of
America 700 40,162
- ---------------------------------------------------------------
</TABLE>
<TABLE>
- ---------------------------------------------------------------
COMMON STOCK (CONTINUED)
- ---------------------------------------------------------------
<CAPTION>
Number Market Value
Company of Shares (Note B)
------- --------- ------------
<S> <C> <C>
METAL & MINING (CONTINUED)
MAPCO, Inc. 800 $ 45,100
Reynolds Metals Co. 400 20,850
--------
111,774
--------
OFFICE PRODUCTS--0.60%
Harris Corp. 500 30,500
--------
OIL - PRODUCTION--8.27%
Anadarko Petroleum Corp. 900 52,200
Cooper Cameron Corp.+ 569 24,894
Diamond Shamrock, Inc. 1,500 43,312
Exxon Corporation 1,100 95,562
Repsol, S.A., ADR 1,300 45,175
Royal Dutch Petroleum Co., ADR 300 46,125
Sun Company, Inc. 2,100 63,788
Texaco, Inc. 600 50,325
--------
421,381
--------
PHARMACEUTICALS--4.71%
Alza Corp., Class A+ 1,600 43,800
American Home Products
Corporation 800 48,100
Pfizer, Inc. 1,000 71,375
Warner-Lambert Co. 1,400 77,000
--------
240,275
--------
POLLUTION CONTROL--1.93%
WMX Technologies, Inc. 3,000 98,250
--------
RETAIL--7.00%
Circuit City Stores, Inc. 1,600 57,800
Limited, Inc. 2,800 60,200
Melville Corp. 1,400 56,700
Toys "R" Us, Inc.+ 2,300 65,550
Wal-Mart Stores, Inc. 4,600 116,725
--------
356,975
--------
TELECOMMUNICATIONS--6.33%
AT&T Corp. 1,500 93,000
Ameritech Corporation 1,100 65,312
GTE Corp. 1,700 76,075
- ---------------------------------------------------------------
</TABLE>
See notes to financial statements.
16
<PAGE> 19
- --------------------------------------------------------------------------------
RESOLUTE EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED)
<TABLE>
- ---------------------------------------------------------------
COMMON STOCK (CONTINUED)
- ---------------------------------------------------------------
<CAPTION>
Number Market Value
Company of Shares (Note B)
------- --------- ------------
<S> <C> <C>
TELECOMMUNICATIONS (CONTINUED)
MCI Communications Corp. 2,500 $ 64,063
Paging Network, Inc.+ 1,000 24,000
----------
322,450
----------
TEXTILES--1.15%
Fruit of the Loom, Inc.,
Class A+ 2,300 58,650
----------
TRUCKING & FREIGHT CARRIERS--2.62%
Consolidated Freightways,Inc. 1,700 35,912
Union Pacific Corp. 1,400 97,825
----------
133,737
----------
UTILITIES - ELECTRIC--2.53%
Entergy Corp. 700 19,862
P P & L Resources, Inc. 1,000 23,625
Pacific Gas & Electric
Company 2,100 48,825
Pinnacle West Capital 1,200 36,450
----------
128,762
----------
TOTAL COMMON STOCK
(Cost $4,382,483) $4,909,338
----------
- ---------------------------------------------------------------
</TABLE>
<TABLE>
- ---------------------------------------------------------------
SHORT-TERM OBLIGATIONS--5.49%
- ---------------------------------------------------------------
<CAPTION>
Principal Market Value
U.S. Treasury Bills Amount (Note B)
------------------- --------- ------------
<S> <C> <C>
4.940%, due 07/25/96 $ 15,000 $ 14,946
5.055%, due 09/19/96 13,000 12,853
5.095%, due 09/19/96 14,000 13,841
5.100%, due 09/19/96 166,000 164,119
5.110%, due 09/19/96 23,000 22,739
5.110%, due 09/19/96 39,000 38,558
5.030%, due 10/17/96 13,000 12,800
--------
TOTAL SHORT-TERM OBLIGATIONS
(Cost $279,784) $279,856
--------
- ---------------------------------------------------------------
</TABLE>
<TABLE>
- ---------------------------------------------------------------
SUMMARY OF TOTAL NET ASSETS
- ---------------------------------------------------------------
<CAPTION>
Market Value
(Note B)
------------
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $4,662,267)* 101.82% $5,189,194
Other assets, less liabilities (1.82) (92,616)
------ ----------
Total Net Assets 100.00% $5,096,578
====== ==========
- ---------------------------------------------------------------
<FN>
*Aggregate cost for Federal income tax purposes.
+Non-income producing security.
</TABLE>
See notes to financial statements.
17
<PAGE> 20
[This page intentionally left blank]
<PAGE> 21
- --------------------------------------------------------------------------------
RESOLUTE SMALL COMPANY 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
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 06/30/96
$3,434,837
- -----------------------------------------
NUMBER OF HOLDINGS
364
- -----------------------------------------
PORTFOLIO TURNOVER
54.99%
- -----------------------------------------
- ----------------------------------------------
- ----------------------------------------------
IN THIS SECTION
- ----------------------------------------------
Portfolio Facts
Investment Comparison
Portfolio Composition
Schedule of Portfolio Investments
- ----------------------------------------------
19
<PAGE> 22
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
<TABLE>
- --------------------------------------------
Total Returns for period ending 6/30/96
- --------------------------------------------
<CAPTION>
Since
YTD 1 yr. Inception
<S> <C> <C> <C>
Portfolio 11.20% 25.70% 29.97%
Index 10.26% 24.16% 28.24%
- --------------------------------------------
</TABLE>
[Line Chart]
DATE SMALL COMPANY PORTFOLIO RUSSELL 2500 INDEX
01/03/95 $10,000.00 9,980
01/31/95 10,009.17 10,462
02/28/95 10,441.44 10,739
03/31/95 10,754.49 10,930
04/28/95 10,990.05 11,161
05/31/95 11,154.96 11,695
06/30/95 11,757.88 12,386
08/31/95 12,647.16 12,584
09/30/95 12,654.67 12,819
10/31/95 12,407.86 12,418
11/30/95 13,027.79 12,948
12/31/95 13,291.13 13,170
01/31/96 13,379.65 13,263
02/29/96 13,933.07 13,683
03/31/96 14,154.19 13,943
04/30/96 14,913.82 14,587
05/31/96 15,471.62 14,882
06/30/96 14,779.57 14,522
Commencement of Operations January 3, 1995. 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.
20
<PAGE> 23
- --------------------------------------------------------------------------------
RESOLUTE SMALL COMPANY PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
[Pie Chart]
Common Stock 96.25%
Short-Term Obligations 3.75%
<TABLE>
- -----------------------------------------------------------------
LIST OF TOP TEN LONG-TERM HOLDINGS
- -----------------------------------------------------------------
<CAPTION>
PERCENT OF
TOTAL INVESTMENTS
<S> <C>
Paging Network 1.66%
Capital RE Corp. 1.65
Dekalb Genetics 1.31
Commercial Metals, Inc. 1.26
Mesa Airlines, Inc. 1.22
MMI Companies, Inc. 1.17
General Chemical 1.15
Vivra, Inc. 0.96
American Water Works, Inc. 0.92
TransCanada Pipelines, Ltd. 0.86
Balance - 354 Security Positions 87.84
- -----------------------------------------------------------------
TOTAL 100.00%
- -----------------------------------------------------------------
</TABLE>
21
<PAGE> 24
- --------------------------------------------------------------------------------
RESOLUTE SMALL COMPANY PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
PORTFOLIO COMPOSITION (CONTINUED)
<TABLE>
- -----------------------------------------------------------------
LIST OF TOP TEN INDUSTRIES
- -----------------------------------------------------------------
<CAPTION>
PERCENT OF
TOTAL INVESTMENTS
<S> <C>
Financial Services 6.15%
Computer - Software 5.46
Telecommunications 5.24
Retail Stores 5.05
Banking 4.89
Real Estate 4.60
Electronics 4.38
Metals & Mining 3.74
Machinery 3.51
Chemicals 3.37
- -----------------------------------------------------------------
TOTAL 46.39%
- -----------------------------------------------------------------
</TABLE>
22
<PAGE> 25
- --------------------------------------------------------------------------------
RESOLUTE SMALL COMPANY PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED)
<TABLE>
- ---------------------------------------------------------------
COMMON STOCK--99.81%
- ---------------------------------------------------------------
<CAPTION>
Number Market Value
Company of Shares (Note B)
------- --------- ------------
<S> <C> <C>
ADVERTISING--0.19%
CKS Group, Inc.+ 200 $ 6,450
-------
AEROSPACE--1.70%
Coltec Industries, Inc.+ 1,300 18,525
Kaydon Corp. 300 12,900
Orbital Sciences Corp.+ 750 12,188
Rohr Industries, Inc.+ 700 14,613
-------
58,226
-------
AIRLINE--1.26%
Mesa Airlines, Inc.+ 3,650 43,344
-------
AUTOMOTIVE--1.30%
Paccar, Inc. 580 28,420
Wabash National Corporation 910 16,153
-------
44,573
-------
AUTOMOTIVE PARTS & ACCESSORIES--1.60%
Excel Industries, Inc. 1,150 14,375
Intermet Corp.+ 1,850 25,784
Simpson Industries, Inc. 1,600 14,800
-------
54,959
-------
BANKING--5.07%
CCB Financial Corp. 100 5,125
Colonial Bankgroup, Inc. 300 10,050
Dime Bancorp, Inc.+ 1,200 15,600
First Colorado Bancorp, Inc. 300 3,975
First Commerce Corp. 600 21,225
First Hawaiian, Inc. 100 2,850
Firstar Corp. 350 16,144
Greenpoint Financial
Corporation 710 20,058
Mountain Parks Financial Corp.+ 100 2,700
Pinnacle Financial Services, Inc. 200 4,250
Security First Network Bank+ 100 3,300
Silicon Valley Bancshares+ 100 2,575
Southern National Corp. 920 29,210
Standard Federal 200 7,700
Sterling Bancshares, Inc. 225 3,122
- ---------------------------------------------------------------
- ---------------------------------------------------------------
COMMON STOCK (CONTINUED)
- ---------------------------------------------------------------
<CAPTION>
Number Market Value
Company of Shares (Note B)
------- --------- ------------
<S> <C> <C>
BANKING (CONTINUED)
Trustco Bank Corp., NY 200 $ 3,850
Wilmington Trust Corp. 690 22,382
--------
174,116
--------
BIOPHARMACEUTICALS--0.79%
Human Genome Sciences, Inc.+ 200 7,350
Incyte Pharmaceuticals+ 300 11,569
Microcide Pharmaceuticals, Inc.+ 100 1,275
Neurogen+ 100 2,575
Somatogen, Inc.+ 300 4,238
--------
27,007
--------
BROADCAST, RADIO & TV--0.49%
Digital Generation Systems+ 100 956
Heartland Wireless+ 200 4,750
Heritage Media Corp., Class A+ 100 3,988
Peoples Choice TV Corp.+ 400 7,300
--------
16,994
--------
BUILDING MATERIALS--0.05%
BMC West Corporation+ 100 1,713
--------
CHEMICAL--3.50%
Albemarle Corp. 1,500 27,375
Bush Boake Allen, Inc.+ 100 2,175
Cytec Industries, Inc. 100 8,550
General Chemical Group, Inc. 2,030 41,107
Landec Corp.+ 100 1,900
Petrolite Corporation 100 3,144
Polymer Group, Inc.+ 200 3,500
RPM, Inc. Ohio 610 9,531
Schulman (A.), Inc. 200 4,900
Synalloy Corp. 100 1,625
Wellman, Inc. 700 16,363
--------
120,170
--------
COMMERCIAL SERVICES--1.57%
Equity Corp. Intl.+ 100 2,700
Measurex Corp. 200 5,850
Ogden Corporation 350 6,344
- ---------------------------------------------------------------
</TABLE>
See notes to financial statements.
23
<PAGE> 26
- --------------------------------------------------------------------------------
RESOLUTE SMALL COMPANY PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED)
<TABLE>
- ------------------------------------------------------------
COMMON STOCK (CONTINUED)
- ------------------------------------------------------------
<CAPTION>
Number Market Value
Company of Shares (Note B)
------- --------- ------------
<S> <C> <C>
COMMERCIAL SERVICES (CONTINUED)
Pinkertons, Inc.+ 200 $ 4,625
Robert Half Intl, Inc. 200 5,575
Service Corporation
International 500 28,750
-------
53,844
-------
COMMUNICATION SERVICES--0.14%
May & Speh, Inc.+ 300 4,725
-------
COMPUTER - PERIPHERALS--1.78%
EMC Corporation+ 1,010 18,811
Mylex Corp.+ 650 11,537
Planar Systems, Inc.+ 950 13,538
Quantum Corp.+ 1,100 16,088
Telxon Corporation 100 1,175
-------
61,149
-------
COMPUTER - SOFTWARE--5.67%
Acxiom Corporation+ 300 10,237
Adept Technology+ 750 10,500
Analogy, Inc.+ 200 1,450
Aspen Technologies, Inc.+ 200 11,000
Autodesk, Inc. 410 12,249
Avid Technology, Inc.+ 100 1,850
BMC Software, Inc.+ 110 6,573
Broderbund Software, Inc.+ 200 6,450
Checkfree Corp.+ 100 1,987
DST Systems, Inc.+ 100 3,200
Edify Corporation+ 100 2,650
ISOCOR+ 100 1,525
Informix Corp.+ 230 5,175
Inso Corp.+ 100 5,237
Mathsoft, Inc.+ 650 3,819
MetaTools, Inc.+ 100 2,350
Metromail Corp.+ 200 4,475
Microware Systems Corporation+ 100 1,800
Network General Corp. 600 12,900
ON Technology Corporation+ 650 6,662
Oak Technology, Inc. 1,290 12,094
Parcplace Digitalk, Inc.+ 650 5,931
Pinnacle Systems, Inc.+ 300 6,225
- ------------------------------------------------------------
- ------------------------------------------------------------
COMMON STOCK (CONTINUED)
- ------------------------------------------------------------
Number Market Value
Company of Shares (Note B)
------- --------- ------------
<S> <C> <C>
COMPUTER - SOFTWARE (CONTINUED)
Powercerv Corporation+ 200 $ 2,450
Rational Software Corp.+ 200 10,750
Read-Rite Corp.+ 870 12,289
SPSTransaction Services, Inc.+ 580 10,440
Softkey Int'l, Inc.+ 410 7,764
Symantec Corp.+ 690 8,625
Tripos,Inc.+ 300 2,625
Vanstar Corporation+ 200 3,350
--------
194,632
--------
CONSUMER PRODUCTS--2.25%
Coors, Adolph Co., Class B 200 3,575
Dekalb Genetics Corp. 1,800 46,800
Dreyers Grand Ice Cream 200 6,300
Eskimo Pie Corp. 300 5,325
Riviana Foods, Inc. 200 3,025
Tambrands, Inc. 300 12,263
--------
77,288
--------
EDUCATION SERVICES--0.57%
DeVRY, Inc., Delaware+ 300 13,500
Flightsafety International, Inc. 110 5,967
--------
19,467
--------
ELECTRICAL EQUIPMENT--1.96%
Anixter International,Inc.+ 910 13,536
Bolder Technologies
Corporation+ 200 2,550
Encore Wire Corp.+ 400 4,200
Integrated Device
Technology,Inc.+ 350 3,719
Kuhlman Corp. 100 1,737
Micrel, Inc.+ 700 11,725
Microchip Technologies, Inc.+ 350 8,662
Vishay Intertechnology 241 5,694
W.W. Grainger, Inc. 200 15,500
--------
67,323
--------
ELECTRONICS--4.54%
ADT Limited+ 920 17,365
Actel Corp+. 750 13,875
- ------------------------------------------------------------
</TABLE>
See notes to financial statements.
24
<PAGE> 27
- --------------------------------------------------------------------------------
RESOLUTE SMALL COMPANY PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED)
<TABLE>
- ------------------------------------------------------------
COMMON STOCK (CONTINUED)
- ------------------------------------------------------------
<CAPTION>
Number Market Value
Company of Shares (Note B)
------- --------- ------------
<S> <C> <C>
ELECTRONICS (CONTINUED)
Advanced Technology
Materials, Inc.+ 950 $ 12,825
Affinity Technology Group+ 100 850
Altera Corporation+ 300 11,400
Brooktree Corp.+ 850 8,925
Gemstar International Group
Limited+ 100 3,000
Input/Output, Inc. 430 13,921
Itron, Inc.+ 200 5,675
Mentor Graphics Corp.+ 688 11,180
Nimbus CD International, Inc.+ 400 5,250
Perkin-Elmer Corp. 410 19,783
SDL, Inc. 975 27,056
Sensormatic Electronics Corp. 230 3,766
Sierra Semiconductor+ 100 1,163
--------
156,034
--------
EMERGING TECHNOLOGY--0.07%
FEI Company+ 200 2,525
--------
ENTERTAINMENT & LEISURE--1.95%
Ascent Entertainment
Group, Inc.+ 300 7,575
Boyd Gaming Corp.+ 900 13,500
IMAX Corp.+ 300 11,025
Johnson Worldwide
Association, Inc., Class A+ 300 4,125
Royal Caribbean Cruises, Ltd. 580 16,530
SCP Pool Corp.+ 100 1,800
WMS Industries, Inc.+ 500 12,313
--------
66,868
--------
FINANCIAL SERVICES--6.37%
Amresco, Inc.+ 200 3,425
Banknorth Group, Inc. 200 6,850
Capital RE Corp. 1,600 58,800
Charter One Financial, Inc. 750 26,156
Commerce Bancorp, Inc. NJ 200 4,700
Community First Bankshares 200 4,700
Edwards (A.G.), Inc. 450 12,206
GBC Bancorp Calif 200 4,625
- ------------------------------------------------------------
- ------------------------------------------------------------
COMMON STOCK (CONTINUED)
- ------------------------------------------------------------
<CAPTION>
Number Market Value
Company of Shares (Note B)
------- --------- ------------
<S> <C> <C>
FINANCIAL SERVICES (CONTINUED)
HUBCO, Inc. 400 $ 8,450
IMC Mortgage Company+ 200 4,500
Litchfield Financial Corp.+ 100 1,400
Mark Twain Bancshares, Inc. 200 7,400
Mercury Finance Company 350 4,463
National Commerce
Bancorporation 650 20,475
Roosevelt Financial
Group, Inc. 1,250 24,063
Southwest Securities
Group, Inc. 850 9,881
WFS Financial, Inc. 300 6,750
Westamerica Bancorp 200 10,050
--------
218,894
--------
FOOD PROCESSING--0.75%
Dean Foods Company 300 7,425
Sanderson Farms, Inc. 100 1,250
Universal Foods Corp. 460 16,963
--------
25,638
--------
FOOD PRODUCTS & PAPER--0.18%
Caraustar Industries, Inc. 200 5,300
Universal Forest Products, Inc. 100 1,038
--------
6,338
--------
FURNITURE & APPLIANCES--0.55%
Aaron Rents, Inc. 200 2,525
Bush Industries, Inc. 200 6,800
Leggett & Platt, Inc. 350 9,712
--------
19,037
--------
HEALTH SERVICES--0.89%
Living Centers of America+ 350 12,031
Summit Care Corp.+ 850 18,700
--------
30,731
--------
HOME CONSTRUCTION--1.59%
Centex Corporation 410 12,761
D.R. Horton, Inc. 1,554 16,317
- ------------------------------------------------------------
</TABLE>
See notes to financial statements.
25
<PAGE> 28
- --------------------------------------------------------------------------------
RESOLUTE SMALL COMPANY PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED)
<TABLE>
- ------------------------------------------------------------
COMMON STOCK (CONTINUED)
- ------------------------------------------------------------
<CAPTION>
Number Market Value
Company of Shares (Note B)
------- --------- ------------
<S> <C> <C>
HOME CONSTRUCTION (CONTINUED)
USG Corp.+ 920 $ 25,645
--------
54,723
--------
HOSPITAL SERVICES & SUPPLIES--2.58%
Caremark International, Inc.+ 230 5,807
Cellpro, Inc.+ 400 7,200
Fresenius USA, Inc.+ 900 19,350
Mariner Health Group, Inc.+ 750 13,781
Perseptive Biosystems, Inc.+ 800 7,450
Professional Sports Care
Management, Inc. 100 750
Vivra, Inc.+ 1,040 34,190
--------
88,528
--------
HOUSEHOLD PRODUCTS--0.70%
Department 56, Inc.+ 810 18,326
Libbey, Inc. 200 5,550
--------
23,876
--------
INSURANCE--3.26%
AMBAC, Inc. 400 20,850
Chartwell RE Corporatio 100 2,212
First Colony Corp. 230 7,130
Healthsource, Inc.+ 300 5,250
MMI Companies, Inc. 1,350 41,681
Mid Ocean, Ltd., Ord. 200 8,200
Partnerre, Ltd., Bermuda 580 17,328
Renaissancere Holdings, Ltd. 300 9,225
--------
111,876
--------
LODGING--0.38%
Doubletree Corp.+ 100 3,550
Extended Stay America, Inc. 300 9,450
--------
13,000
--------
MACHINERY--3.64%
American Standard
Companies, Inc.+ 810 26,730
Applied Power, Inc. 1,050 29,400
Asyst Technologies, Inc.+ 100 1,875
Black & Decker, Inc. 400 15,450
- ------------------------------------------------------------
- ------------------------------------------------------------
COMMON STOCK (CONTINUED)
- ------------------------------------------------------------
<CAPTION>
Number Market Value
Company of Shares (Note B)
------- --------- ------------
<S> <C> <C>
MACHINERY (CONTINUED)
Credence Systems Corp.+ 750 $ 10,078
Gardner Denver
Machinery Co.+ 500 13,187
Modine Manufacturing Co. 1,010 26,765
Special Devices, Inc.+ 100 1,600
--------
125,085
--------
MANUFACTURING--1.91%
ABC Rail Products Corporation+ 100 2,162
Alumax, Inc.+ 200 6,075
Amcast Industrial Corporation 100 2,025
Cincinnati Milacron, Inc. 510 12,240
Fisher Scientific International 100 3,750
Glatfelter (P.H.) Co. 580 10,658
Safety 1st, Inc.+ 1,150 9,631
Strategic Manufacturing, Inc.+ 400 3,150
Trinova Corp. 110 3,671
W.H. Brady Co., Class A 550 12,238
--------
65,600
--------
MEDICAL - BIOTECHNOLOGY--0.91%
Affymetrix, Inc.+ 100 1,525
Aksys Limited+ 100 1,525
Biofield Corporation+ 200 2,725
Cardiac Pathways Corp.+ 100 1,450
Kensey Nash Corporation+ 300 4,012
Keravision, Inc.+ 650 10,156
NABI, Inc.+ 400 3,800
Sequana Therapeutics, Inc.+ 300 4,650
Virus Research Institute, Inc.+ 300 2,738
--------
32,581
--------
MEDICAL - MGMT. & SERVICES--1.38%
APRIA Healthcare Group, Inc.+ 410 12,864
Diagnostic Health
Services, Inc.+ 100 675
Foundation Health Corporation+ 200 7,175
Health Systems
International, Inc.+ 510 13,834
Sierra Health Services, Inc.+ 200 6,300
Sterling House Corp.+ 200 3,800
- ------------------------------------------------------------
</TABLE>
See notes to financial statements.
26
<PAGE> 29
- --------------------------------------------------------------------------------
RESOLUTE SMALL COMPANY PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED)
<TABLE>
- ------------------------------------------------------------
COMMON STOCK (CONTINUED)
- ------------------------------------------------------------
<CAPTION>
Number Market Value
Company of Shares (Note B)
------- --------- ------------
<S> <C> <C>
MEDICAL - MGMT. & SERVICES
(CONTINUED)
Sunrise Assisted Living, Inc.+ 100 $ 2,400
--------
47,048
--------
MEDICAL - SUPPLIES--1.01%
Eclipse Surgical
Technologies, Inc.+ 100 1,375
Heartstream, Inc.+ 200 2,750
Imagyn Medical, Inc.+ 100 1,100
Physio-Control International
Corporation+ 200 3,525
Research Medical, Inc.+ 650 14,381
Sola International, Inc.+ 400 11,500
--------
34,631
--------
METAL & MINING--3.87%
AK Steel Holding Corporation 200 7,825
Allegheny Ludlum Corp. 1,300 24,537
Commercial Metals Co. 1,350 44,888
MAPCO, Inc. 200 11,275
Oregon Steel Mills, Inc. 950 13,063
Schnitzer Steel Industries,
Inc., Class A 200 5,350
Steel Technologies, Inc. 1,700 26,138
--------
133,076
--------
OFFICE PRODUCTS--0.41%
Harris Corp. 230 14,030
--------
OIL - INTERNATIONAL--0.39%
Anadarko Petroleum Corp. 230 13,340
--------
OIL - PRODUCTION--2.14%
Devon Energy Corp. 400 9,800
Flores & Rucks, Inc.+ 200 6,900
Newfield Exploration
Company+ 100 3,887
Pogo Producing Co. 100 3,813
Sonat Offshore Drilling
Company 100 5,050
Texas Meridian Resources
Corporation+ 650 5,850
- ------------------------------------------------------------
</TABLE>
<TABLE>
- ------------------------------------------------------------
COMMON STOCK (CONTINUED)
- ------------------------------------------------------------
<CAPTION>
Number Market Value
Company of Shares (Note B)
------- --------- ------------
<S> <C> <C>
TransCanada
Pipelines, Ltd., ADR 2,080 $ 30,680
Vastar Resources, Inc. 200 7,475
--------
73,455
--------
OIL - SERVICES--1.49%
Camco International, Inc. 200 6,775
Dreco Energy Services, Ltd.+ 400 11,000
El Paso Natural Gas Company 110 4,235
Landmark Graphics Corp.+ 400 7,700
Noble Affiliates, Inc. 350 13,212
Smith International, Inc.+ 200 6,025
Tejas Power Corporation+ 300 2,175
--------
51,122
--------
PHARMACEUTICALS--1.05%
Allergan, Inc. 230 9,027
Houghton Pharmaceuticals, Inc.+ 200 1,600
IDEC Pharmaceuticals
Corporation 100 2,312
Neurocrine Biosciences, Inc.+ 100 888
Onyx Pharmaceuticals, Inc.+ 300 2,400
SangStat Medical Corp.+ 300 5,100
Targeted Genetics Corp.+ 200 950
Vertex Pharmaceuticals, Inc.+ 300 9,113
Vical, Inc.+ 300 4,800
--------
36,190
--------
POLLUTION CONTROL-1.73%
Culligan Water Technology+ 100 3,800
Dames & Moore, Inc. 1,650 20,006
Sevenson Environmental
Services, Inc. 100 1,738
Tetra Technologies+ 1,350 23,625
USA Waste Services, Inc.+ 350 10,369
--------
59,538
--------
PUBLISHING & PRINTING--1.16%
Banta Corp. 300 7,575
Consolidated Graphics, Inc.+ 850 18,487
Edmark Corporation+ 100 2,000
- ------------------------------------------------------------
</TABLE>
See notes to financial statements.
27
<PAGE> 30
- --------------------------------------------------------------------------------
RESOLUTE SMALL COMPANY PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED)
<TABLE>
- ------------------------------------------------------------
COMMON STOCK (CONTINUED)
- ------------------------------------------------------------
<CAPTION>
Number Market Value
Company of Shares (Note B)
------- --------- ------------
<S> <C> <C>
PUBLISHING & PRINTING
(CONTINUED)
K-III Communications
Corporation+ 750 $ 9,375
Norwood Promotional
Products, Inc.+ 100 2,250
-------
39,687
-------
PACKAGING & CONTAINERS--0.09%
Jefferson Smurfit Corporation+ 300 3,262
-------
RAILROAD--0.40%
Gatx Corporation 200 9,650
Genesee & Wyoming,Inc.+ 200 4,100
-------
13,750
-------
REAL ESTATE--4.77%
Associated Estate Realty 200 4,200
Beacon Properties Corporation 100 2,562
CBL & Associates
Properties, Inc. 100 2,237
Capstone Capital Trust, Inc. 850 17,425
Chelsea GCA Realty,Inc. 200 6,350
Colonial Properties 400 9,700
Columbus Realty Trust 400 7,750
Debartolo Realty Corporation 230 3,709
Developer Diversified
Realty Corp. 300 9,563
Equity Residential Properties
Trust 660 21,698
Gables Residential Trust 300 7,050
Health & Retirement
Properties Trust 690 11,902
Healthcare Realty 450 10,687
Highwood Properties, Inc. 200 5,525
Kimco Realty Corp. 100 2,825
Liberty Property Trust 500 9,937
Macerich Company, The 100 2,100
Merry Land & Investment, Inc. 300 6,300
Oasis Residential, Inc. 300 6,562
Patriot American
Hospitality, Inc. 100 2,963
Sovran Self Storage 100 2,650
- ------------------------------------------------------------
</TABLE>
<TABLE>
- ------------------------------------------------------------
COMMON STOCK (CONTINUED)
- ------------------------------------------------------------
<CAPTION>
Number Market Value
Company of Shares (Note B)
------- --------- ------------
<S> <C> <C>
REAL ESTATE (CONTINUED)
Starwood Lodging, Inc. 100 $ 3,638
Storage Trust Realty 200 4,100
Wellsford Residential Properties 100 2,250
--------
163,683
--------
RESTAURANTS--1.76%
Darden Restaurants, Inc. 2,540 27,305
Landry's Seafood+
Restaurants, Inc. 200 4,950
Papa John's International, Inc. 100 4,875
Planet Hollywood
International, Inc.+ 100 2,700
Starbucks Corp.+ 200 5,650
Wendy's International, Inc. 810 15,086
--------
60,566
--------
RETAIL STORES--5.24%
Books-a-Million, Inc.+ 300 2,512
Catherine Stores Corp.+ 1,250 12,344
Charming Shoppes, Inc.+ 1,350 9,534
Circuit City Stores, Inc. 420 15,172
Garden Ridge Corp. 200 10,100
General Nutrition
Companies, Inc.+ 1,700 29,750
Hannaford Brothers Co. 110 3,589
Kohls Corp. 210 7,691
Leslie's Poolmart+ 200 3,500
Office Depot, Inc.+ 690 14,059
One Price Clothing
Stores, Inc.+ 1,300 7,150
Penn Traffic Co.+ 1,150 9,775
Petco Animal Supplies, Inc. 100 2,875
Sports Authority, Inc. (The) 100 3,275
TJX Companies, Inc. 510 17,213
Talbots, Inc. 200 6,475
Thrifty Payless
Holdings, Inc., Class B+ 860 14,835
Urban Outfitters 400 10,100
--------
179,949
--------
- ------------------------------------------------------------
</TABLE>
See notes to financial statements.
28
<PAGE> 31
- --------------------------------------------------------------------------------
RESOLUTE SMALL COMPANY PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED)
<TABLE>
- ------------------------------------------------------------
COMMON STOCK (CONTINUED)
- ------------------------------------------------------------
<CAPTION>
Number Market Value
Company of Shares (Note B)
------- --------- ------------
<S> <C> <C>
TELECOMMUNICATIONS--5.43%
Applied Digital Access+ 550 $ 5,775
Broadband Technologies+ 300 9,675
Comdial Corp.+ 1,250 10,781
Digital Microwave
Corporation+ 650 10,806
Frontier Corporation 810 24,806
International Cabletel, Inc.+ 100 2,950
Leasing Solutions, Inc.+ 200 3,150
Metrocall, Inc.+ 100 1,112
Mobilemedia, Inc.+ 850 10,306
Omnipoint Corp.+ 100 2,606
P-COM, Inc.+ 300 9,450
Paging Network, Inc.+ 2,470 59,280
Premiere Technologies, Inc.+ 100 3,150
QUALCOMM, Inc.+ 110 5,844
Scientific Atlanta, Inc. 1,500 23,250
Wireless One, Inc.+ 200 3,600
--------
186,541
--------
TEXTILES & SHOES--0.49%
Collins & Aikman+ 1,150 6,900
Donna Karan
International, Inc.+ 200 5,600
Wolverine World Wide Inc. 100 3,250
Worldtex, Inc.+ 200 1,200
--------
16,950
--------
TRANSPORTATION--0.06%
Trico Marine Services, Inc.+ 100 2,225
--------
TRUCKING & FREIGHT CARRIERS--0.26%
Rollins Truck Leasing 850 8,819
--------
TRUCKING & LEASING--1.07
American Freightways Corp.+ 750 8,344
Roadway Express, Inc. 710 10,029
USA Truck, Inc.+ 100 1,050
Werner Enterprises, Inc. 660 17,160
--------
36,583
--------
- ------------------------------------------------------------
</TABLE>
<TABLE>
- ------------------------------------------------------------
COMMON STOCK (CONTINUED)
- ------------------------------------------------------------
<CAPTION>
Number Market Value
Company of Shares (Note B)
------- --------- ------------
<S> <C> <C>
UTILITIES - ELECTRIC--2.45%
Central Hudson Gas &
Electric Corp. 700 $ 21,875
Central Louisiana Electric, Inc. 300 7,988
Idaho Power Company 100 3,112
Illinova Corp. 580 16,675
Minnesota Power & Light
Company 410 11,890
Pinnacle West Capital Corp. 460 13,973
Washington Water Power Co. 460 8,568
----------
84,081
----------
UTILITIES - GAS--1.47%
AGL Resources, Inc. 580 10,947
Brooklyn Union Gas Company 350 9,538
New Jersey Resources
Corporation 100 2,875
Providence Energy Corp. 600 10,350
United Cities Gas Co. 850 12,856
Wicor, Inc. 100 3,775
----------
50,341
----------
UTILITIES - OIL--0.20%
K N Energy,Inc. 200 6,700
----------
UTILITIES - WATER & SEWER--1.33%
American Water Works, Inc. 810 32,602
Aquarion Co. 100 2,475
E'Town 100 2,775
SJW Corp. 100 3,325
Southern California Water Co. 200 4,400
----------
45,577
----------
TOTAL COMMON STOCK
(Cost $3,150,360) $3,428,458
----------
- ------------------------------------------------------------
</TABLE>
See notes to financial statements.
29
<PAGE> 32
- --------------------------------------------------------------------------------
RESOLUTE SMALL COMPANY PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED)
<TABLE>
- ------------------------------------------------------------
SHORT-TERM OBLIGATIONS--3.89%
- ------------------------------------------------------------
<CAPTION>
Principal Market Value
U.S. Treasury Bills Amount (Note B)
------------------- --------- ------------
<S> <C> <C>
5.095%, due 09/19/96 $42,000 $ 41,524
5.100%, due 09/19/96 51,000 50,422
5.110%, due 09/19/96 42,000 41,524
--------
TOTAL SHORT-TERM OBLIGATIONS
(Cost $133,431) $133,470
--------
- ------------------------------------------------------------
</TABLE>
<TABLE>
- ------------------------------------------------------------
SUMMARY OF TOTAL NET ASSETS
- ------------------------------------------------------------
Market Value
(Note B)
------------
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $3,283,791)* 103.70% $3,561,928
Other assets, less liabilities (3.70) (127,091)
------ ----------
Total Net Assets 100.00% $3,434,837
====== ==========
- ------------------------------------------------------------
<FN>
*Aggregate cost for Federal income tax purposes.
+Non-income producing security.
</TABLE>
See notes to financial statements.
30
<PAGE> 33
- --------------------------------------------------------------------------------
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 06/30/96
$4,770,701
- ---------------------------------------------
NUMBER OF HOLDINGS
236
- ---------------------------------------------
PORTFOLIO TURNOVER
47.55%
- ---------------------------------------------
- ----------------------------------------------
- ----------------------------------------------
IN THIS SECTION
- ----------------------------------------------
Portfolio Facts
Investment Comparison
Portfolio Composition
Schedule of Portfolio Investments
- ----------------------------------------------
31
<PAGE> 34
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
<TABLE>
- --------------------------------------------
Total Returns for period ending 6/30/96
- --------------------------------------------
Since
YTD 1 yr. Inception
<S> <C> <C> <C>
Portfolio 6.77% 17.30% 13.01%
Index 5.58% 13.28% 13.09%
- --------------------------------------------
</TABLE>
[Line Chart]
INTERNATIONAL EQUITY PORTFOLIO MODIFIED MSCIEAFE INDEX
10,000 9,616
9,647 9,588
9,607 10,166
10,155 10,568
10,128 10,631
10,320 10,540
10,228 11,145
10,578 10,725
10,740 10,970
10,595 10,758
10,808 10,979
11,236 11,381
11,383 11,495
11,443 11,597
11,596 11,807
11,665 12,068
11,840 11,956
11,906 12,025
Commencement of Operations January 3, 1995. 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.
32
<PAGE> 35
- --------------------------------------------------------------------------------
RESOLUTE INTERNATIONAL EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
[Pie Chart]
Hong Kong 4.05%
Spain 3.02%
Australia 2.79%
Norway 2.57%
Other Countries 7.61%
Japan 23.13%
United Kingdom 18.86%
France 15.08%
Germany 14.06%
Switzerland 4.46%
Netherlands 4.37%
<TABLE>
- ---------------------------------------------------------------------------
LIST OF TOP TEN COUNTRIES
- ---------------------------------------------------------------------------
<CAPTION>
PERCENT OF
TOTAL INVESTMENTS
<S> <C>
Japan 23.13%
United Kingdom 18.86
France 15.08
Germany 14.06
Switzerland 4.46
Netherlands 4.37
Hong Kong 4.05
Spain 3.02
Australia 2.79
Norway 2.57
- ---------------------------------------------------------------------------
TOTAL 92.39%
- ---------------------------------------------------------------------------
</TABLE>
33
<PAGE> 36
- --------------------------------------------------------------------------------
RESOLUTE INTERNATIONAL EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
PORTFOLIO COMPOSITION (CONTINUED)
<TABLE>
- ---------------------------------------------------------------------------
LIST OF TOP TEN INDUSTRIES
- ---------------------------------------------------------------------------
<CAPTION>
PERCENT OF
TOTAL INVESTMENTS
<S> <C>
Banking 8.42%
Chemicals & Plastics 7.05
Financial Services 6.97
Oil & Gas-Integrated 6.64
Automobiles, Trucks & Parts 6.04
Pharmaceuticals 6.03
Insurance 5.80
Utilities 5.48
Manufacturing - Diversified 4.98
Telecommunications 4.42
- ---------------------------------------------------------------------------
TOTAL 61.83%
- ---------------------------------------------------------------------------
- ---------------------------------------------------------------------------
LIST OF TOP TEN LONG-TERM HOLDINGS
- ---------------------------------------------------------------------------
<CAPTION>
PERCENT OF
TOTAL INVESTMENTS
<S> <C>
BASF, A.G. 1.82%
Volkswagen, A.G. 1.74
Royal Dutch Petroleum 1.64
Veba, A.G. 1.36
Munchener Ruckversicherungs 1.35
Sandoz, A.G. 1.34
Glaxo, PLC 1.23
Siemens, A.G. 1.12
Henderson Land Development Co., Ltd. 1.12
Toyota Motor Co., Ltd. 1.06
Balance - 226 Security Positions 86.22
- ---------------------------------------------------------------------------
TOTAL 100.00%
- ---------------------------------------------------------------------------
</TABLE>
34
<PAGE> 37
- --------------------------------------------------------------------------------
RESOLUTE INTERNATIONAL EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED)
<TABLE>
- ------------------------------------------------------------
COMMON STOCK--96.80%
- ------------------------------------------------------------
<CAPTION>
Number Market Value
Company of Shares (Note B)
------- --------- ------------
<S> <C> <C>
AUSTRALIA--2.75%
Broken Hill Properties
Co., Ltd. 2,240 $ 30,977
C.S.R., Ltd. 4,000 14,136
National Australia
Bank, Ltd. 2,200 20,346
News Corporation, Ltd. 3,000 17,025
Southcorp Holdings, Ltd. 7,600 18,843
TNT Limited 4,100 4,615
Western Mining Corp.
Holdings 3,500 25,069
--------
131,011
--------
BELGIUM--2.54%
Arbed, NPV+ 100 11,443
Electrabel, NPV 161 34,380
Fortis, AG 150 19,678
Generale de Banque, NPV 35 12,149
Petrofina, S.A. 70 21,941
Solvay, S.A. 35 21,478
--------
121,069
--------
DENMARK--0.48%
Carlsberg, A.S., Class B+ 160 9,411
Sophus Berendsen, Class B 100 13,370
--------
22,781
--------
FINLAND--0.71%
Nokia, OY, AB, Class A 400 14,723
Rautaruukki, OY 900 6,528
Sampo Insurance Co., Class A 80 4,632
UPM - Kymmene, OY+ 400 8,274
--------
34,157
--------
FRANCE--14.87%
Air Liquide (L') 116 20,483
Alcatel Alsthom 252 21,979
Bouygues 128 14,272
Canal Plus 50 12,228
Carrefour 37 20,728
Cetelem 100 22,475
Christian Dior, S.A. 190 24,728
- ------------------------------------------------------------
</TABLE>
<TABLE>
- ------------------------------------------------------------
COMMON STOCK (CONTINUED)
- ------------------------------------------------------------
<CAPTION>
Number Market Value
Company of Shares (Note B)
------- --------- ------------
<S> <C> <C>
FRANCE (CONTINUED)
Cie Generale des Eaux 253 $ 28,259
Credit Commercial de France 300 13,904
Credit Local de France 130 10,581
Dollfus-Mieg & Cie 200 8,897
Elf Aquitane 464 34,124
Groupe Danone 292 44,186
Havas Advertising 80 9,013
Lafarge-Coppee 170 10,287
Lagardere Groupe 430 11,084
Legrand, S.A. 70 8,226
Peugot, S.A. 225 30,113
Pinault Printemps Redoute 50 17,492
Promodes 120 34,592
Rexel 50 13,811
Rhone-Poulenc, S.A., Class A 710 18,660
S.I.T.A. 75 18,517
Saint Gobain 140 18,737
Sanofi 375 28,103
Schneider, S.A. 200 10,489
Seita 400 18,337
Sidel 70 17,799
Societe Generale 301 33,094
Synthelabo 380 32,110
Television Francaise 130 14,849
Total, S.A., Class B 500 37,083
Union Assurance Federal 270 33,304
Usinor Sacilor 600 8,654
Valeo, S.A. 150 8,027
--------
709,225
--------
GERMANY--13.14%
AVA Allegemeine
Handels-Der Verbr. 60 18,330
Allianz Holding Co.+ 28 48,675
BASF, A.G. 30 85,441
Bilfinger and Berger, A.G. 45 18,951
Deutsche Bank, A.G. 500 23,684
Deutsche Pfandbrief &
Hypothekenbank 500 19,874
Dresdner Bank, A.G. 1,500 37,645
Henkel 70 30,261
- ------------------------------------------------------------
</TABLE>
See notes to financial statements.
35
<PAGE> 38
- --------------------------------------------------------------------------------
RESOLUTE INTERNATIONAL EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED)
<TABLE>
- ------------------------------------------------------------
COMMON STOCK (CONTINUED)
- ------------------------------------------------------------
<CAPTION>
Number Market Value
Company of Shares (Note B)
------- --------- ------------
<S> <C> <C>
GERMANY (CONTINUED)
Lufthansa, A.G. 65 $ 9,203
M.A.N., A.G.+ 120 30,077
Mannesmann, A.G. 40 13,770
Munchener
Ruckversicherungs+ 31 63,340
S.A.P. 100 14,730
Seimens, A.G. 980 52,525
Thyssen, A.G. 80 14,638
Veba, A.G. 1,200 63,780
Volkswagen, A.G. 220 81,880
--------
626,804
--------
HONG KONG--3.99%
Cheung Kong Holdings, Ltd. 3,000 21,607
HSBC Holdings, PLC 1,200 18,138
Henderson Land
Development Co., Ltd. 7,000 52,451
Hong Kong
Telecommunication 11,200 20,112
Hong Kong Electric
Holdings, Ltd. 4,500 13,720
Hutchinson Whampoa, Ltd. 3,000 18,875
Swire Pacific, Ltd., Class A 4,000 34,236
Television Broadcast, Ltd. 3,000 11,259
--------
190,398
--------
IRELAND--0.82%
Bank of Ireland 3,000 20,419
Irish Life 2,000 7,893
Smurfit Jefferson Group 4,000 10,737
--------
39,049
--------
ITALY--2.44%
Assicurasioni Genera, SPA 900 20,754
ENI 3,700 18,452
Fiat, SPA 6,900 23,113
Instituto Mobiliare Italiano 2,800 23,380
Telecom Italia, SPA 14,400 30,952
--------
116,651
--------
- ------------------------------------------------------------
</TABLE>
<TABLE>
- ------------------------------------------------------------
COMMON STOCK (CONTINUED)
- ------------------------------------------------------------
<CAPTION>
Number Market Value
Company of Shares (Note B)
------- --------- ------------
<S> <C> <C>
JAPAN--21.83%
Asahi Bank Limited 3,000 $34,737
Chugai Pharmaceutical Co. 3,000 29,267
Chugoku Bank 1,000 18,691
Cosmo Oil Co., Ltd. 2,000 12,363
Dai-Ichi Kangyo Bank, Ltd. 1,000 18,599
Daiei, Inc. 1,000 12,035
Daiwa Bank 5,000 37,076
East Japan Railway Co. 5 26,212
Ebari Corp. 2,000 31,911
Fuji Denki Reiki 1,000 12,764
Fuji Electric Co., Ltd. 2,000 10,813
Fuji Fire & Marine Industries 2,000 11,123
Fujitsu 1,000 9,117
Fukui Bank 2,000 11,506
Gunze, Ltd. 2,000 12,527
Hitachi 5,000 46,498
Hokkaido Takushoku Bank 3,000 9,081
Honshu Paper Co., Ltd. 1,000 7,084
Japan Airport Terminals 1,000 14,132
Kyowa Hakko Kogyo Co., Ltd. 1,000 9,573
Marubeni Corporation 3,000 16,411
Matsushita Electric Industries 1,000 18,599
Mitsubishi Chemical Co. 3,000 13,840
Mitsubishi Heavy
Industries, Ltd. 2,000 17,378
Mitsui Fudosan Co., Ltd. 1,000 13,494
Mitsui Mining and
Smelting Co. 2,000 8,169
Mitsui Petrochemical Industries 2,000 16,046
Mitsui Toatsu Chemicals, Inc. 3,000 11,843
Minzuno Corp. 2,000 18,782
Nippon Hodo Co. 1,000 16,958
Nippon Sheet Glass Co. 2,000 9,792
Nippon Steel Corp. 11,000 37,709
Nissan Diesel Motor Co. 1,000 5,917
Nissan Motor, Ltd. 3,000 26,613
Nomura Securities Corp., Ltd. 2,000 39,022
Sanwa Bank 1,000 18,508
Sakura Bank, Ltd.+ 4,000 44,493
Sony Corp. 400 26,294
Sumitomo Forestry Co. 1,000 14,861
- ------------------------------------------------------------
</TABLE>
See notes to financial statements.
36
<PAGE> 39
- --------------------------------------------------------------------------------
RESOLUTE INTERNATIONAL EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED)
<TABLE>
- ------------------------------------------------------------
COMMON STOCK (CONTINUED)
- ------------------------------------------------------------
<CAPTION>
Number Market Value
Company of Shares (Note B)
------- --------- ------------
<S> <C> <C>
JAPAN (CONTINUED)
Takashimaya Co., Ltd. 2,000 $ 30,999
Toho Gas Co., Ltd. 5,000 16,685
Tohoku Electric Power
Co., Inc. 900 20,104
Tokio Marine & Fire
Insurance Co. 1,000 13,311
Tokyo Electric Power Co. 400 10,138
Toyo Construction Co. 3,000 15,290
Toyo Trust and
Banking Co., Ltd. 3,000 30,908
Toyota Motor Co., Ltd. 2,000 49,963
Tsubakimoto Chain 2,000 13,621
UBE Industries, Ltd. 5,000 19,010
Yamato Transport 2,000 23,523
Yamazai Baking Co., Ltd.+ 1,000 18,508
Yokohama Rubber Co., Ltd. 3,000 18,791
Yuasa Trading Co. 2,000 10,977
----------
1,041,666
----------
NETHERLANDS--4.31%
ABN Amro Holding, NV 285 15,294
Aegon, NV 410 18,880
Dutchstate Mines, NV 200 19,861
Internationale Nederlanden
Groep, NV 375 11,183
Koninklijke PTT Nederland, NV 400 15,139
Philips Electronics 300 9,755
Royal Dutch Petroleum 500 77,216
Unilever, NV, CVA 185 26,771
Wolters Kluwer 100 11,360
----------
205,459
----------
NORWAY--1.70%
Hafslund Nycomed, Class B 400 2,524
Kvaerner, A.S., Class B 500 19,319
Norsk Hydro, A.S. 900 44,056
Nycomed, A.S., Class B+ 400 5,542
Orkla, A.S., Class B 200 9,729
----------
81,170
----------
- ------------------------------------------------------------
</TABLE>
<TABLE>
- ------------------------------------------------------------
COMMON STOCK (CONTINUED)
- ------------------------------------------------------------
<CAPTION>
Number Market Value
Company of Shares (Note B)
------- --------- ------------
<S> <C> <C>
SINGAPORE--1.26%
Natsteel, Ltd. 2,000 $ 3,968
Singapore Airlines, Ltd. 1,000 10,557
Singapore
Telecommunications, Ltd.+ 8,000 21,312
United Overseas Bank 2,000 19,130
United Overseas Land 3,000 5,271
--------
60,238
--------
SPAIN--2.98%
Banco Popular Espanol 100 17,814
Bankinter 240 26,824
Fuerzas Electridad de
Cataluna, S.A. Class A 2,075 16,913
Hidroelectrica del
Cantabrico, S.A. 300 10,436
Iberdrola, S.A. 2,300 23,590
Repsol 500 17,374
Repsol, ADR 200 6,950
Telefonica De Espana, S.A. 1,200 22,089
--------
141,990
--------
SWITZERLAND--4.39%
Ciba Geigy, A.G. 11 13,403
Fischer George 11 12,700
Nestle, S.A. 28 31,968
Roche Holdings
Genusscheine, NPV 3 22,879
Sandoz, A.G 55 62,883
Schweizerische
Ruckversicherungs 15 15,400
Schweizerischer Bankverein 195 38,483
Societe Generale de
Surveillance Holding 5 11,965
--------
209,681
--------
UNITED KINGDOM--18.59%
Abbey National, PLC 2,100 17,720
Allied Colloids Group, PLC 6,000 12,214
Allied Domecq, PLC 2,100 14,783
Amersham Int'l., PLC 500 8,159
B.A.T. Industries, PLC 3,000 23,357
- ------------------------------------------------------------
</TABLE>
See notes to financial statements.
37
<PAGE> 40
- --------------------------------------------------------------------------------
RESOLUTE INTERNATIONAL EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED)
<TABLE>
- ------------------------------------------------------------
COMMON STOCK (CONTINUED)
- ------------------------------------------------------------
<CAPTION>
Number Market Value
Company of Shares (Note B)
------- --------- ------------
<S> <C> <C>
UNITED KINGDOM (CONTINUED)
BOC Group, PLC 600 $ 8,615
BTR, PLC 4,000 15,758
Barclays Bank 1,700 20,362
Britannic Assurance, PLC+ 1,500 22,681
British Gas, PLC 3,100 8,671
British Petroleum, PLC 3,207 28,133
British Telecommunications
PLC 4,650 25,002
Cable & Wireless, PLC 1,400 9,268
Caradon, PLC 4,500 15,105
Dalgety, PLC 900 4,930
General Electric, PLC+ 3,000 16,177
Glaxo, PLC 4,300 57,901
Glynwed, PLC 2,000 9,852
Guardian Royal
Exchange, PLC 5,400 20,811
Guinness, PLC 2,100 15,273
HSBC Holdings 1,650 25,846
Hanson Trust, PLC 2,500 7,012
Hillsdown Holding, PLC 7,500 20,280
Hyder, PLC 500 5,517
Inchape, PLC 2,100 9,594
J. Sainsbury, PLC 3,400 20,025
Kingfisher 1,200 12,065
Ladbroke Group 300 8,322
Lloyds Bank, PLC 4,380 21,441
MEPC 1,800 11,357
Marks & Spencer, PLC 2,100 15,354
National Westminster Bank 1,700 16,221
National Grid 3,000 7,949
National Power, PLC 3,550 28,687
Pearson, PLC 1,900 19,605
Peninsular & Oriental Steam
Navigation 800 6,042
Prudential Corp., Ltd. 2,500 15,773
RTZ Corp., PLC 1,400 20,733
Racal Electronics 1,800 8,559
Rank Organization, PLC 2,250 17,448
Reuter's Holding 1,950 23,606
Rolls Royce 5,000 17,405
Sears Holdings 11,700 18,000
- ------------------------------------------------------------
</TABLE>
<TABLE>
- ------------------------------------------------------------
COMMON STOCK (CONTINUED)
- ------------------------------------------------------------
<CAPTION>
Number Market Value
Company of Shares (Note B)
------- --------- ------------
<S> <C> <C>
UNITED KINGDOM (CONTINUED)
Shell Transport and
Trading Co. 1,800 $ 26,378
Smithkline Beecham 2,164 23,156
South West Water, PLC 800 8,131
Standard Chartered Bank 1,000 9,961
Tarmac, PLC 8,000 13,800
Tesco, PLC 3,000 13,753
Thorn EMI, PLC 700 19,515
Tomkins 4,700 17,712
Unilever, PLC 800 15,888
Vondafone Group, PLC 5,000 18,648
Zeneca Group 370 8,182
----------
886,737
----------
TOTAL COMMON STOCK
(Cost $4,299,239) $4,618,086
----------
- ------------------------------------------------------------
- ------------------------------------------------------------
PREFERRED STOCK--0.72%
- ------------------------------------------------------------
<CAPTION>
Number Market Value
Company of Shares (Note B)
------- --------- ------------
<S> <C> <C>
GERMANY--0.72%
RWE, AG 1,120 $34,400
-------
Total Preferred Stock
(Cost $33,628) $34,400
-------
- ------------------------------------------------------------
</TABLE>
See notes to financial statements.
38
<PAGE> 41
[SET VERTICALLY ON RIGHT SIDE OF PAGE:] RESOLUTE INTERNATIONAL EQUITY PORTFOLIO
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED)
================================================================================
WARRANTS--0.05%
================================================================================
NUMBER MARKET VALUE
COMPANY OF SHARES (NOTE B)
- ------- --------- --------
JAPAN--0.04%
Dowa Mining Co., exp. 1997 2 $2,325
------
SINGAPORE--0.01%
United Overseas Land,
exp. 2001 300 149
------
TOTAL WARRANTS
(Cost $2,799) $2,474
------
- --------------------------------------------------------------------------------
================================================================================
GOVERNMENT BONDS--0.07%
================================================================================
PRINCIPAL MARKET VALUE
AMOUNT (NOTE B)
------ --------
ITALY--0.07%
Republic of Italy,
Conv, 6.500%,
due 06/28/01 ITL 5,000,000 $3,315
------
TOTAL GOVERNMENT BONDS
(Cost $3,249) $3,315
------
- --------------------------------------------------------------------------------
================================================================================
CORPORATE BONDS--0.92%
================================================================================
PRINCIPAL MARKET VALUE
COMPANY AMOUNT (NOTE B)
- ------- ------ --------
JAPAN--0.92%
NEC Corporation,
Conv, 1.900%,
due 03/30/01 JPY 2,000,000 $22,192
Ricoh Co., Ltd.,
Conv., 1.500%,
due 03/29/02 JPY 1,000,000 10,895
Ryobi, Ltd., 2.800%,
due 03/29/02 JPY 1,000,000 10,685
-------
TOTAL CORPORATE BONDS
(Cost $44,759) $43,772
-------
- --------------------------------------------------------------------------------
================================================================================
SUMMARY OF TOTAL NET ASSETS
================================================================================
MARKET VALUE
(NOTE B)
--------
TOTAL INVESTMENTS
(Cost $4,383,674)* 98.56% $4,702,047
Other assets, less liabilities 1.44 68,654
------ ----------
Total Net Assets 100.00% $4,770,701
====== ==========
- --------------------------------------------------------------------------------
* Aggregate cost for Federal income tax purposes.
+ Non-income producing security.
See notes to financial statements.
39
<PAGE> 42
<TABLE>
[SET VERTICALLY ON LEFT SIDE OF PAGE:] STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED)
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
JUNE 30, 1996
<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>
ASSETS
Investments, at cost--see accompanying
Schedule of Portfolio Investments .............. $1,293,856 $1,883,397 $4,662,267 $3,283,791 $4,383,674
========== ========== ========== ========== ==========
Investments, at market value (Note B) .......... $1,293,887 $1,902,098 $5,189,194 $3,561,928 $4,702,047
Cash & currencies .............................. 1,918 1,020 303 535 115,479
Receivable for accrued investment
income (Note B) ............................... 16,480 9,772 3,846 33,852
Receivable for portfolio securities sold ....... 439,457 16,429 39,727 60,112
Net receivable for foreign forward
contracts (Note B) ............................ 11,836
Deferred organization costs (Note F) ........... 6,923 6,923 6,923 6,923 6,923
---------- ---------- ---------- ---------- ----------
Total Assets ............................. 1,302,728 2,365,978 5,222,621 3,612,959 4,930,249
LIABILITIES
Net payable for capital shares redeemed ........ 11,818 127,652 90,807 56,546 89,776
Payable for portfolio securities purchased ..... 686,348 24,715 111,537 58,436
Accrued expenses ............................... 589 905 3,598 3,116 4,413
Payable to Chubb America Service Corp. ......... 6,923 6,923 6,923 6,923 6,923
---------- ---------- ---------- ---------- ----------
Total Liabilities ........................ 19,330 821,828 126,043 178,122 159,548
---------- ---------- ---------- ---------- ----------
NET ASSETS ...................................... $1,283,398 $1,544,150 $5,096,578 $3,434,837 $4,770,701
========== ========== ========== ========== ==========
NET ASSETS CONSIST OF:
Paid in capital ................................ $1,255,462 $1,484,327 $4,288,957 $2,848,636 $4,222,669
Undistributed net investment income ............ 27,911 44,631 49,932 9,985 42,490
Accumulated net realized gain (loss) from
investments ................................... (6) (3,509) 230,762 298,079 234,194
Undistributed net realized loss from
foreign currency transactions ................. (58,858)
Net unrealized gain on investments (Note C) .... 31 18,701 526,927 278,137 318,373
Net unrealized gain on translation of assets
and liabilities in foreign currencies
(Note C) ...................................... 11,833
---------- ---------- ---------- ---------- ----------
Net Assets ...................................... $1,283,398 $1,544,150 $5,096,578 $3,434,837 $4,770,701
========== ========== ========== ========== ==========
Shares of common stock outstanding
(no par value, unlimited shares authorized) .... 124,732 145,223 375,106 270,832 411,375
========== ========== ========== ========== ==========
Net asset value and offering price per share .... $ 10.29 $ 10.63 $ 13.59 $ 12.68 $ 11.60
========== ========== ========== ========== ==========
</TABLE>
See notes to financial statements.
40
<PAGE> 43
<TABLE>
[SET VERTICALLY RIGHT SIDE:] STATEMENT OF OPERATIONS (UNAUDITED)
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
FOR THE SIX MONTHS ENDED JUNE 30, 1996
<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 ....................................... $ 31,580 $ 50,330 $ 6,621 $ 4,682 $ 1,139
Dividends ...................................... 65,535 23,947 74,813
Foreign taxes withheld ......................... (325) (164) (5,853)
-------- -------- -------- -------- --------
Total investment
income ...................................... 31,580 50,330 71,831 28,465 70,099
EXPENSES:
Advisory fees (Note D) ......................... 2,446 3,799 14,599 12,839 18,023
Custodian fees ................................. 306 760 3,650 3,258 5,632
Shareholder reports ............................ 1,284 1,590 5,036 3,279 4,675
Professional fees .............................. 3,380 4,193 13,344 8,737 12,373
Director's fees ................................ 2,397 2,977 9,527 6,276 8,824
Security valuation ............................. 1,974 3,060 7,364 8,502 19,581
Insurance expense .............................. 394 489 1,567 1,032 1,451
Miscellaneous expenses ......................... 781 788 873 831 1,439
Amortization of deferred organization
costs (Note F) ................................ 981 981 981 981 981
-------- -------- -------- -------- --------
Total expenses ............................... 13,943 18,637 56,941 45,735 72,979
Expenses reimbursed by Chubb Life
and Morgan (Note D) ........................... (10,274) (12,938) (35,042) (27,255) (45,370)
-------- -------- -------- -------- --------
Net expenses ................................. 3,669 5,699 21,899 18,480 27,609
-------- -------- -------- -------- --------
Net investment income ........................ 27,911 44,631 49,932 9,985 42,490
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS AND FOREIGN CURRENCY
Net realized gain (loss) on investments ........ (6) (3,509) 230,762 298,079 226,664
Net realized loss from foreign
currency transactions ......................... (41,740)
Net unrealized gain (loss) on investments ...... (608) (74,845) 137,021 26,190 68,198
Net unrealized gain on translation of
assets and liabilities in foreign currencies .. 6,765
-------- -------- -------- -------- --------
Net realized and unrealized gain (loss) on
investments and foreign currency ............ (614) (78,354) 367,783 324,269 259,887
-------- -------- -------- -------- --------
Net increase (decrease) in net assets
from operations ................................ $ 27,297 $(33,723) $417,715 $334,254 $302,377
======== ======== ======== ======== ========
</TABLE>
See notes to financial statements.
41
<PAGE> 44
<TABLE>
[VERTICALLY LEFT ON PAGE:] STATEMENT OF CHANGES IN NET ASSETS (UNAUDITED)
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
FOR THE SIX MONTHS ENDED JUNE 30, 1996
<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 IN NET ASSETS
From operations:
Net investment income ........................ $ 27,911 $ 44,631 $ 49,932 $ 9,985 $ 42,490
Net realized gain (loss) on
investments ................................. (6) (3,509) 230,762 298,079 226,664
Net realized loss from foreign
currency transactions ....................... (41,740)
Net unrealized gain (loss) on investments .... (608) (74,845) 137,021 26,190 68,198
Net unrealized gain on translation of
assets and liabilities in foreign currency .. 6,765
----------- ----------- ----------- ----------- -----------
Net increase (decrease) in net assets
resulting from operations ................... 27,297 (33,723) 417,715 334,254 302,377
Distributions to shareholders from
net investment income .......................
Distributions to shareholders from realized
capital gains ............................... (2,043) (73,000) (119,033)
Increase (decrease) in net assets derived from
shareholder transactions (Note E) ........... (16,831) 163,222 607,405 683,358 476,049
----------- ----------- ----------- ----------- -----------
Net increase in net assets ................... 10,466 127,456 952,120 898,579 778,426
Net Assets:
Beginning of period ......................... 1,272,932 1,416,694 4,144,458 2,536,258 3,992,275
----------- ----------- ----------- ----------- -----------
End of period ............................... $ 1,283,398 $ 1,544,150 $ 5,096,578 $ 3,434,837 $ 4,770,701
=========== =========== =========== =========== ===========
Undistributed net investment income .......... $ 27,911 $ 44,631 $ 49,932 $ 9,985 $ 42,490
=========== =========== =========== =========== ===========
</TABLE>
See notes to financial statements.
42
<PAGE> 45
[SET VERTICALLY RIGHT ON PAGE:] NOTES TO FINANCIAL STATEMENTS
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
JUNE 30, 1996
NOTE A--ORGANIZATION
<TABLE>
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"). The Trust is composed of five separate
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, 1996 is as follows:
<CAPTION>
PERCENTAGE OF
PORTFOLIO SHARES OWNED SHARES OUTSTANDING
<S> <C> <C>
Resolute Treasury Money Market Portfolio ...... 104,432 83.73%
Resolute Bond Portfolio ....................... 107,290 73.88%
Resolute Equity Portfolio ..................... 107,578 28.68%
Resolute Small Company Portfolio .............. 233,068 86.06%
Resolute International Equity Portfolio ....... 206,933 50.30%
</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 which approximates market value. U.S. Treasury
securities and other obligations issued or guaranteed by the U.S. Government,
its agencies, or instrumentalities with remaining maturities of more than 60
days, are valued at representative quoted # NOTES TO FINANCIAL STATEMENTS CHUBB
SERIES TRUST JUNE 30, 1996 prices from bond pricing services. Long-term publicly
traded corporate bonds are valued at prices obtained from a bond pricing service
when such prices are available or, when appropriate, from broker-dealers who
make a market in those securities.
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.
43
<PAGE> 46
[SET VERTICALLY LEFT HAND SIDE:] NOTES TO FINANCIAL STATEMENTS
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
JUNE 30, 1996
NOTE B--SIGNIFICANT ACCOUNTING POLICIES--(CONTINUED)
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.
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 on securities from the fluctuations arising from changes
in the market prices of securities held during the period. Such fluctuations are
included with the net realized and unrealized gain or loss from investments.
Reported net realized gain or loss from foreign currency transactions arise from
sales and maturities of short-term securities, sales of foreign currencies,
currency gains or losses realized between the trade and settlement dates on
securities transactions, the difference between the amounts of dividends,
interest, and foreign withholding taxes recorded on the Portfolio's books, and
the U.S. dollar equivalent of the amounts actually received or paid. Net
unrealized gain or loss from foreign currency transactions arises from changes
in the value of assets and liabilities other than investments in securities at
fiscal year end, resulting from changes in the exchange rate.
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, 1996, the Resolute
International Equity Portfolio had the following open forward foreign currency
contracts:
<TABLE>
- ------------------------------------------------------------------------------------------------------------
SUMMARY OF OPEN FORWARD FOREIGN CURRENCY CONTRACTS
- ------------------------------------------------------------------------------------------------------------
<CAPTION>
U.S. Dollar Net Unrealized
Foreign Currency Contracts to Value at Appreciation/
Sale Contracts Settlement Date Deliver Cost 06/30/96 Depreciation
-------------------- --------------- ------- ---- -------- ------------
<S> <C> <C> <C> <C> <C>
German Deutsche Mark 08/22/96 227,388 $150,000 $149,849 $ 151
French Franc 08/22/96 1,117,542 215,720 217,707 (1,987)
Japanese Yen 08/22/96 45,915,100 435,047 421,383 13,664
- ------------------------------------------------------------------------------------------------------------
</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 certain dividends from foreign securities, which are recorded
as soon as the Portfolios are informed of the dividend.
44
<PAGE> 47
[SET VERTICALLY RIGHT SIDE OF PAGE:] NOTES TO FINANCIAL STATEMENTS
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
JUNE 30, 1996
NOTE B--SIGNIFICANT ACCOUNTING POLICIES--(CONTINUED)
Dividends and Distributions to Shareholders: Dividends and distributions to
shareholders from ordinary income and net realized capital gains are declared
and distributed at least once annually. The Trust distinguishes between
dividends on a tax basis and a financial reporting basis and only distribution s
in excess of tax basis earnings and profits are reported in the financial
statements as a return of capital. Differences in the recognition or
classification of income between the financial statements and tax earnings and
profits which result in temporary over-distributions for financial statements
purposes are classified as dividends in excess of net investment income or
accumulated net realized gains.
Federal Taxes: It is the policy of the Trust that each Portfolio intends 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.
<TABLE>
As of June 30, 1996, gross unrealized gains and losses were as follows:
<CAPTION>
Gross Gross Net
Unrealized Unrealized Unrealized
Gains Losses Gain
---------- ---------- ----------
<S> <C> <C> <C>
Resolute Treasury Money Market Portfolio ........... $ 33 $ 2 $ 31
Resolute Bond Portfolio ............................ 28,176 9,475 18,701
Resolute Equity Portfolio .......................... 617,108 90,181 526,927
Resolute Small Company Portfolio ................... 453,084 174,947 278,137
Resolute International Equity Portfolio ............ 434,999 116,626 318,373
</TABLE>
As of June 30, 1996, the International Equity Portfolio had an unrealized
foreign currency gain of $11,833.
45
<PAGE> 48
[SET VERTICALLY LEFT HAND SIDE OF PAGE:] NOTES TO FINANCIAL STATEMENTS
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
JUNE 30, 1996
NOTE C--INVESTMENTS--(CONTINUED)
<TABLE>
Purchases and sales of investment securities for the period ended June 30, 1996,
other than short-term obligations, were as follows:
<CAPTION>
PROCEEDS
COST OF FROM
INVESTMENT INVESTMENT
SECURITIES SECURITIES
PURCHASED SOLD
---------- ----------
<S> <C> <C>
Resolute Bond Portfolio ............................. $2,419,068 $1,957,862
Resolute Equity Portfolio ........................... 2,297,738 1,956,328
Resolute Small Company Portfolio .................... 2,021,250 1,685,935
Resolute International Equity Portfolio ............. 2,485,080 2,095,751
</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 until May 1, 1997 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, respectively, of the
Resolute Treasury Money Market, Bond, Equity, Small Company and International
Equity Portfolios.
46
<PAGE> 49
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
JUNE 30, 1996
NOTE E--SHAREHOLDERS' TRANSACTIONS
<TABLE>
Following is a summary of transactions with shareholders for each Portfolio for
the period.
=====================================================
RESOLUTE TREASURY MONEY MARKET PORTFOLIO
=====================================================
<CAPTION>
FOR THE SIX MONTHS YEAR ENDED
ENDED JUNE 30, 1996 DECEMBER 31, 1995
SHARES DOLLARS SHARES DOLLARS
------ ------- ------ -------
<S> <C> <C> <C> <C>
Shares sold ................................... 14,290 $ 145,552 146,904 $1,483,290
Shares issued as
reinvestment of dividends .................... 5,605 56,408
Shares redeemed ............................... (21,663) (218,791) (20,405) (211,007)
------- --------- ------- ----------
Net increase .............................. (1,768) $ (16,831) 126,499 $1,272,283
======= ========= ======= ==========
-----------------------------------------------------
</TABLE>
<TABLE>
=====================================================
RESOLUTE BOND PORTFOLIO
=====================================================
<CAPTION>
FOR THE SIX MONTHS YEAR ENDED
ENDED JUNE 30, 1996 DECEMBER 31, 1995
SHARES DOLLARS SHARES DOLLARS
------ ------- ------ -------
<S> <C> <C> <C> <C>
Shares sold ................................... 25,805 $ 273,082 132,729 $1,351,277
Shares issued as
reinvestment of dividends .................... 9,477 103,292
Shares redeemed ............................... (19,959) (213,152) (2,830) (30,182)
------- --------- ------- ----------
Net increase .............................. 15,323 $ 163,222 129,899 $1,321,095
======= ========= ======= ==========
-----------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
=====================================================
RESOLUTE EQUITY PORTFOLIO
=====================================================
FOR THE SIX MONTHS YEAR ENDED
ENDED JUNE 30, 1996 DECEMBER 31, 1995
SHARES DOLLARS SHARES DOLLARS
------ ------- ------ -------
<S> <C> <C> <C> <C>
Shares sold ................................... 32,403 $ 428,103 332,783 $3,738,063
Shares issued as
reinvestment of dividends .................... 25,185 321,571
Shares redeemed ............................... (10,552) (142,269) (4,714) (56,521)
------- --------- ------- ----------
Net increase .............................. 47,036 $ 607,405 328,069 $3,681,542
======= ========= ======= ==========
-----------------------------------------------------
</TABLE>
47
<PAGE> 50
[SET VERTICALLY LEFT ON PAGE:] NOTES TO FINANCIAL STATEMENTS
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
JUNE 30, 1996
NOTE E--SHAREHOLDERS' TRANSACTIONS-(CONTINUED)
<TABLE>
=====================================================
RESOLUTE SMALL COMPANY PORTFOLIO
=====================================================
<CAPTION>
FOR THE SIX MONTHS YEAR ENDED
ENDED JUNE 30, 1996 DECEMBER 31, 1995
SHARES DOLLARS SHARES DOLLARS
------ ------- ------ -------
<S> <C> <C> <C> <C>
Shares sold ................................... 27,367 $341,052 215,696 $2,181,106
Shares issued as
reinvestment of dividends .................... 36,193 431,401
Shares redeemed ............................... (7,052) (89,095) (1,373) (15,838)
------ --------- ------- ----------
Net increase .............................. 56,508 $683,358 214,323 $2,165,268
====== ======== ======= ==========
-----------------------------------------------------
</TABLE>
<TABLE>
=====================================================
RESOLUTE INTERNATIONAL EQUITY PORTFOLIO
=====================================================
<CAPTION>
FOR THE SIX MONTHS YEAR ENDED
ENDED JUNE 30, 1996 DECEMBER 31, 1995
SHARES DOLLARS SHARES DOLLARS
------ ------- ------ -------
<S> <C> <C> <C> <C>
Shares sold ................................... 47,393 $ 522,709 373,752 $3,810,249
Shares issued as
reinvestment of dividends .................... 12,740 138,377
Shares redeemed ............................... (16,314) (185,037) (6,197) (63,639)
------- --------- ------- ----------
Net increase .............................. 43,819 $ 476,049 367,555 $3,746,610
======= ========= ======= ==========
-----------------------------------------------------
</TABLE>
NOTE F--ORGANIZATION COSTS
Costs incurred in connection with the initial organization of the Trust are
being amortized on a straight-line basis over a period of five years. At June
30, 1996, the balances reported as deferred organization costs are payable to
Chubb America Service Corp., an affiliated entity, and have been included as a
liability in the Statement of Assets and Liabilities.
48
<PAGE> 51
[This page intentionally left blank]
<PAGE> 52
<TABLE>
[SET VERTICALLY LEFT SIDE OF PAGE:] FINANCIAL HIGHLIGHTS
CHUBB SERIES TRUST
- --------------------------------------------------------------------------------
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
<CAPTION>
Resolute Resolute
Treasury Money Market Bond
Portfolio Portfolio
---------------------------------- ---------------------------------
(Unaudited) (Unaudited)
Six Six
Months Year Months Year
Ended Ended Ended Ended
June 30, 1996 December 31, 1995 June 30, 1996 December 31, 1995
------------- ----------------- ------------- -----------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 10.06 $ 10.00 $ 10.91 $ 10.00
INCOME FROM INVESTMENT
OPERATIONS
Net investment income ............. 0.22 0.45 0.31 0.58
Net gains and losses on securities
(both realized and unrealized) ... 0.01 0.06 (0.58) 1.11
---------- ---------- ---------- ----------
Total from investment
operations ....................... 0.23 0.51 (0.27) 1.69
LESS DISTRIBUTIONS TO
SHAREHOLDERS
Dividends from net
investment income ................. (0.45) (0.58)
Dividends in excess of net
investment income ................
Dividends from net
capital gains .................... (0.01) (0.20)
---------- ---------- ---------- ----------
Total distributions ................. 0.00 (0.45) (0.01) (0.78)
---------- ---------- ---------- ----------
Net asset value, end of period ...... $ 10.29 $ 10.06 $ 10.63 $ 10.91
========== ========== ========== ==========
Total Return (A) .................... 2.25% 5.09% (2.37%) 16.85%
Ratios to average net assets:
(Annualized)
Expenses (B) ...................... 0.60% 0.60% 0.75% 0.75%
Net investment income ............. 4.56% 4.95% 5.87% 6.00%
Portfolio turnover rate ............. N/A N/A 127.90% 238.96%
Average Commission Rate Paid ........ N/A N/A N/A N/A
Net assets, at end of period ........ $1,283,398 $1,272,932 $1,544,150 $1,416,694
</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.
(B) All related party fees have been waived and all other expenses of the
Portfolios have been assumed in part for 1996 and 1995 by Chubb Life and
Morgan. Had the fees not been waived and expenses not been assumed, the
ratios of expenses to average net assets would have been 2.28%, 2.45%,
2.34%, 2.85%, and 3.21% in 1996 and 2.77%, 2.90%, 2.70%, 3.22% and 3.16% in
1995, for the Resolute Treasury Money Market Portfolio, Resolute Bond
Portfolio, Resolute Equity Portfolio, Resolute Small Company Portfolio, and
Resolute International Equity Portfolio, respectively.
50
<PAGE> 53
<TABLE>
[SET VERTICALLY ON RIGHT SIDE:] FINANCIAL HIGHLIGHTS CHUBB SERIES TRUST
<CAPTION>
Resolute Resolute Resolute
Equity Small Company International Equity
Portfolio Portfolio Portfolio
------------------------------- --------------------------------- ---------------------------------
(Unaudited) (Unaudited) (Unaudited)
Six Six Six
Months Year Months Year Months Year
Ended Ended Ended Ended Ended Ended
June 30, 1996 December 31, 1995 June 30, 1996 December 31, 1995 June 30, 1996 December 31, 1995
- ------------- ----------------- ------------- ----------------- ------------- -----------------
<S> <C> <C> <C> <C> <C>
$ 12.63 $ 10.00 $ 11.83 $ 10.00 $ 10.86 $ 10.00
0.13 0.12 0.04 0.11 0.01 0.15
1.03 3.26 1.27 3.18 0.73 1.08
---------- ---------- ---------- ---------- ---------- ----------
1.16 3.38 1.31 3.29 0.74 1.23
(0.12) (0.11) (0.09)
(0.10)
(0.20) (0.63) (0.46) (1.35) (0.18)
---------- ---------- ---------- ---------- ---------- ----------
(0.20) (0.75) (0.46) (1.46) 0.00 (0.37)
---------- ---------- ---------- ---------- ---------- ----------
$ 13.59 $ 12.63 $ 12.68 $ 11.83 $ 11.60 $ 10.86
========== ========== ========== ========== ========== ==========
9.15% 33.91% 11.20% 32.91% 6.77% 12.38%
0.90% 0.90% 1.15% 1.15% 1.20% 1.20%
2.05% 1.48% 0.62% 0.99% 1.90% 1.06%
42.11% 65.60% 54.99% 100.43% 47.55% 68.00%
$ 0.0553 N/A $ 0.0507 N/A $ 0.0012 N/A
$5,096,578 $4,144,458 $3,434,837 $2,536,258 $4,770,701 $3,992,275
</TABLE>
51
<PAGE> 54
[This page intentionally left blank]
<PAGE> 55
[This page intentionally left blank]
<PAGE> 56
[This page intentionally left blank]
<PAGE> 57
This material has been prepared for policyowners of The Chubb Heritage Series.
If used for prospecting purposes, it must be preceded or accompanied by a
current prospectus and personalized illustrations. Always read these materials
carefully before investing or sending money.
DISTRIBUTED BY:
Chubb Securities Corporation
One Granite Place, P.O. Box 2005
Concord, New Hampshire 03302
CHUBB LIFE INSURANCE COMPANY OF AMERICA
Concord, New Hampshire
Chubb Group of Insurance Companies
Form 3-00768 Ed. 8/96
