<PAGE> 1
United States Securities and Exchange Commission
Washington, D.C. 20549
Form 11-K
(Mark One)
(x) Annual Report Pursuant to Section 15(d) of the Securities Exchange Act of
1934 (Fee Required)
For the Fiscal year ended December 31, 1995
( ) Transition Report Pursuant to Section 15(d) of the Securities Exchange
Act of 1934 (No Fee Required)
For the transition period from
--------------- ---------------
Commission file number 0-7849
A. Full title of the Plan and the address of the Plan, if different from
that of the issuer named below:
W.R. Berkley Corporation Profit Sharing Plan
B. Name of issuer of the securities held pursuant to the Plan and the
address of its principal executive office:
W. R. Berkley Corporation
165 Mason Street
Greenwich, CT 06836-2518
<PAGE> 2
W. R. Berkley Corporation Profit Sharing Plan
Index to Financial Statements
<TABLE>
<CAPTION>
Page
<S> <C>
Independent Auditors' Report ..................................................... 3
Statements of Net Assets Available for Plan Participants as of
December 31, 1995 and 1994........................................................ 4
Statements of Changes in Net Assets Available for Plan Participants
for the three years ended December 31, 1995....................................... 5
Notes to Financial Statements..................................................... 6
Schedule I - Investments (1)......................................................
Schedule II - Allocation of Plan Assets and Liabilities to Investment
Programs as of December 31, 1995 and 1994 (1)................................
Schedule III - Allocation of Plan Income and Changes in Plan Equity to
Investment Programs for the three years ended December 31, 1995 (1)
</TABLE>
(1) Included in the notes to the Financial Statements.
2
<PAGE> 3
Independent Auditors' Report
The Board of Directors and Shareholders
W.R. Berkley Corporation:
We have audited the financial statements of the W.R. Berkley Corporation Profit
Sharing Plan as listed in the accompanying index. These financial statements are
the responsibility of the Plan's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the Statements of Net Assets Available for Plan
Participants of the W.R. Berkley Corporation Profit Sharing Plan as of December
31, 1995 and 1994, and the Statement of Changes in Net Assets Available for Plan
Participants for each of the years in the three-year period ended December 31,
1995, in conformity with generally accepted accounting principles.
KPMG Peat Marwick LLP
New York, New York
April 26, 1996
3
<PAGE> 4
W.R. Berkley Corporation
Profit Sharing Plan
Statements of Net Assets Available
for Plan Participants
December 31, 1995 and 1994
<TABLE>
<CAPTION>
1995 1994
---- ----
<S> <C> <C>
Assets:
Cash $ 7,475 $ --
Investments, at fair value (cost $55,286,804 and 44,376,733) 59,358,758 44,543,829
Employer contributions receivable 5,681,495 4,689,438
Employee contributions receivable 436,904 193,024
Accrued interest and dividends receivable 48,280 530,671
----------- -----------
65,532,912 49,956,962
Liabilities:
Accrued expenses -- 34,215
Other liabilities -- 22,084
----------- -----------
Net assets available for plan participants $65,532,912 $49,900,663
=========== ===========
</TABLE>
See accompanying notes to financial statements.
4
<PAGE> 5
W.R. Berkley Corporation
Profit Sharing Plan
Statements of Changes in Net Assets Available
for Plan Participants
Years ended December 31, 1995, 1994 and 1993
<TABLE>
<CAPTION>
1995 1994 1993
---- ---- ----
<S> <C> <C> <C>
Net assets available for plan participants, beginning of year $ 49,900,663 $ 45,740,684 $ 39,659,424
------------ ------------ ------------
Additions:
Employer contributions 5,681,495 4,690,411 4,138,621
Employee contributions 4,594,657 3,570,510 2,953,933
Rollover and reinstatement contributions 969,510 414,290 464,807
Interest and dividend income 2,568,651 2,898,595 2,739,586
Realized gains (losses) on sale of investments 1,820,094 (229,185) 9,173
Net change in unrealized appreciation in fair value 3,904,858 -- --
Other 31,297 -- --
------------ ------------ ------------
19,570,562 11,344,621 10,306,120
Deductions:
Payments to participants (3,938,313) (4,721,479) (3,863,138)
Administrative expenses -- (48,000) (42,000)
Net change in unrealized depreciation in fair value of investments -- (2,415,163) (319,722)
------------ ------------ ------------
(3,938,313) (7,184,642) (4,224,860)
------------ ------------ ------------
Net additions 15,632,249 4,159,979 6,081,260
------------ ------------ ------------
Net assets available for plan participants, end of year $ 65,532,912 $ 49,900,663 $ 45,740,684
============ ============ ============
</TABLE>
See accompanying notes to financial statements.
5
<PAGE> 6
W.R. Berkley Corporation
Profit Sharing Plan
Notes to Financial Statements
(1) Plan Description
The following brief description of the W.R. Berkley Corporation (the
"Company") Profit Sharing Plan (the "Plan") is provided for general
information purposes only. Participants should refer to the Plan document
for more complete information. The plan is a defined contribution plan
and was established for the benefit of eligible employees of W.R. Berkley
Corporation and participating subsidiaries. The Plan was established as
of January 1, 1973 and amended and restated as of January 1, 1994 to
reflect the change in tax laws and restated as of January 1, 1995 to
reflect changes in investment elections. The major provisions of the Plan
include: (i) the minimum annual employer contribution is 5% of eligible
compensation; (ii) employer contributions are made on an annual basis;
(iii) a Company 401(k) Savings Account was established in conjunction
with the Profit Sharing Plan, whereby a minimum of 40% of the employer
contribution to the Plan is allocated to the Company 401(k) account; and
(iv) employees may elect to make voluntary tax-deferred contributions up
to 16% of eligible compensation, subject to certain limitations, to the
Employee 401(k) account.
Participants are 100% vested in their Employee 401(k) voluntary
contributions as well as the employer contribution to their Company
401(k) account. Vesting in the portion of the employer contribution that
is not allowed to the Company 401(k) account occurs at the rate of 20%
per year beginning after three years of continuous employment and
participation in the Plan. However, in the event of death, disability or
retirement, in accordance with the provisions of the Plan, the
participant becomes 100% vested. Distributions from the Plan are made in
a lump sum or in annual installments, not to exceed 15 years.
Effective January 1, 1995, Shawmut Bank was appointed Trustee, Custodian
and Recordkeeper of the Plan. Effective April 1, 1995, participants were
allowed to direct the investment of prior and future contributions as
described above among eight investment funds. The Company appointed a
Profit Sharing Plan Finance Committee to select the investment
alternatives provided by the Plan and to assist in the liquidation of the
December 31, 1994 assets maintained in the prior trust. The Company also
appointed a Profit Sharing Plan Administrative Committee to assist in the
administration of the Plan. The account of each Participant is valued at
the end of each month (the "Valuation Date").
The assets maintained in the prior trust are referred to as the WRBC
Fund. These assets were liquidated during 1995 and transferred into the
new trust according to the participant's current investment election.
Effective November 1995, Shawmut Bank was acquired by Fleet Bank. The
trustee, custodian and record keeping functions for the Plan were
transferred to Fleet Investment Services.
(2) Summary of Significant Accounting Policies:
(a) The accompanying Statements of Plan Net Assets Available for Plan
Participants and Statements of Changes in Net Assets Available for
Plan Participants present financial information of the Plan on an
accrual basis. The Plan consists of eight funds:
Galaxy Money Market Fund
W.R. Berkley Corporation Common Stock Fund
Galaxy Large Company Index Fund
Fidelity Advisor Limited Term Bond Fund
Fidelity Advisor Growth Opportunities Fund
Fidelity Advisor Income & Growth Fund
Fidelity Advisor Overseas Fund
Fidelity Advisor Government Investment Fund
6
<PAGE> 7
W.R. Berkley Corporation
Profit Sharing Plan
Notes to Financial Statements
An investment in any of the above funds shall be made at the fair market
value of such fund on the date such investment is made. Special rules may
apply for this purpose in the case of the W. R. Berkley Corporation
Common Stock Fund, as discussed below under the description of the
investment objective of such fund.
Investment management fees, including brokerage fees and commissions on
the purchase and sale of securities and other related portfolio
management expenses will be paid from assets of, and applied against the
investment performance of, the respective investment funds. General
expenses of operating and administering the Plan are paid by the Company,
but may be charged against investment fund assets in the future, as
determined by the Company.
(b) Description of Investments
The following description of investments, except for the W.R. Berkley
Corporation Common Stock Fund, has been derived from the fund prospectus.
GALAXY MONEY MARKET FUND
Investments in the Galaxy Money Market Funds include obligations of
domestic and foreign banks (including negotiable certificates of deposit,
non-negotiable time deposits, savings deposits and bankers' acceptances);
commercial paper (including variable and floating rate notes);
obligations issued or guaranteed by the U.S. Government, its agencies or
instrumentalities; and repurchase agreements issued by financial
institutions such as banks and broker/dealers. These instruments have
remaining maturities of one year or less (except for certain variable and
floating rate notes and securities underlying certain repurchase
agreements).
W.R. BERKLEY CORPORATION COMMON STOCK FUND
The W. R. Berkley Corporation Common Stock fund is invested primarily in
shares of common stock of W.R. Berkley Corporation ("Common Stock"), but
is also invested in a minimal amount of money market instruments so as to
facilitate transfers into and out of the fund. The Trustee may purchase
Common Stock for this fund either on the open market or from the Company.
However, any purchases from the Company are limited to shares of Common
Stock which are held by the Company as treasury stock.
If Common Stock is purchased from the Company, the fair market value of
Common Stock for this purpose is the average of the high bid and low
asking price for the Common Stock as quoted on the National Market System
of the National Association of Securities Dealers Automated Quotation
System on the day before the date of purchase or, if there are no such
quotes on such date, the most recent prior business day on which high bid
and low asking prices are quoted. If no high bid and low asking prices
are quoted within such last five business days, fair market value will
instead be determined by the Trustee.
GALAXY LARGE COMPANY INDEX FUND
Normally, the Large Company Index Fund will hold all 500 stocks in the
S&P 500 and will hold each stock in approximately the same percentage as
it is represented in the S&P 500.
7
<PAGE> 8
W.R. Berkley Corporation
Profit Sharing Plan
Notes to Financial Statements
FIDELITY ADVISOR INTERMEDIATE BOND FUND
Under normal circumstances, the Fidelity Advisor Intermediate Bond
Fund will invest in fixed-income securities as follows:
(i) Corporate obligations which are rated AAA, AA, or A by S&P, or Aaa, Aa, or
A by Moody's;
(ii) Obligations issued or guaranteed as to interest and principal by the
government of the U.S., or any agency or instrumentality thereof;
(iii) Obligations (including certificates of deposit and bankers' acceptances)
of U.S. banks which at the date of investment have capital gains, surplus
and undivided profits (as of the date of their most recently published
annual financial statements) in excess of $100,000,000;
(iv) Commercial paper which at the date of investment is rated A-1 or A-2 by
S&P or Prime-1 or Prime-2 by Moody's or, if not rated, is issued by
companies which at the date of investment have an outstanding debt issue
rated AAA, AA, or A by S&P or Aaa, Aa, or A by Moody's; and
(v) Such other fixed-income instruments as the Board of Trustees, in its
judgment, deems to be of comparable quality to those enumerated above.
FIDELITY ADVISOR GROWTH OPPORTUNITIES FUND
Under normal circumstances, at least 65% of the Fidelity Advisor Growth
Opportunities Fund's total assets will be invested in securities of companies
that have long-term growth potential. Growth can be considered either
appreciation of the security itself or growth of the company's earnings or gross
sales. Accordingly, these securities will often pay little, if any, income,
which will be entirely incidental to the objective of capital growth.
The Fund also has the ability to purchase other securities, such as preferred
stock and bonds that may produce capital growth. Securities may be of all types
or quality. The Fund may invest in lower-quality, high-yielding debt securities
(sometimes referred to as "junk bonds"), although it intends to limit its
investments in these securities to 35% of its assets.
The Fund may purchase foreign investments of all types without limitation and
may enter into foreign forward currency exchange contracts. The Fund may
purchase or engage in indexed securities, illiquid investments, loans and other
direct debt instruments, options and futures contracts, repurchase agreements
and securities loans, restricted securities, reverse repurchase agreements, swap
agreements and warrants.
The Fund may make substantial temporary investments in high-quality debt
securities and money market instruments, including commercial paper, obligations
of banks of the U.S. government and repurchase agreements for defensive purposes
when economic or market conditions warrant.
FIDELITY ADVISOR INCOME & GROWTH FUND
The Fidelity Advisor Income & Growth Fund invests in equity securities,
convertible securities, preferred and common stock paying any combination of
dividends and capital gains and in fixed-income securities. The Fund also may
buy securities that are not providing dividends but offer prospects for growth
of capital or future income. The proportion of the Fund's assets invested in
each type of security will vary from time to time in accordance with economic
conditions.
8
<PAGE> 9
W.R. Berkley Corporation
Profit Sharing Plan
Notes to Financial Statements
FIDELITY ADVISOR OVERSEAS FUND
Normally, at least 65% of the Fidelity Advisor Overseas Fund's
total assets will be invested in securities of issuers from at
least three different countries outside of North America. The Fund
expects to invest most of its assets in securities of issuers
located in developed countries in these general geographic areas:
The Americas (other than the U.S.); the Far East and the Pacific
Basin; and Western Europe, In determining whether a company's or
organization's principal activities are in a particular region,
such factors as the location of assets, personnel, sales and
earnings are considered.
FIDELITY ADVISOR GOVERNMENT INVESTMENT FUND
The Fidelity Advisor Government Investment Fund invests primarily
in obligations issued or guaranteed by the U.S. government or any
of its agencies or instrumentalities (U.S. government securities),
including U.S. Treasury bonds, notes and bills, Government
National Mortgage Association mortgage-backed pass-through
certificates (Ginnies Maes) and mortgage backed securities issued
by the Federal National Mortgage Association (Fannie Maes) or the
Federal Home Loan Mortgage Corporation (Freddie Macs). The U.S.
government securities the Fund invests in may or may not be fully
backed by the U.S. government. The Fund may enter into repurchase
agreements involving any securities in which it may invest and
also may enter into reverse repurchase agreements. The Fund
considers "government securities" to include U.S. government
securities subject to repurchase agreements. The Fund is not
restricted as to the percentage of its assets.
(c) Distributions to terminated participants are based upon the
participant's account balance following the end of the month in
which the participant terminated. Monthly withdrawals to active
participants are based upon the valuation date prior to the
request for withdrawal.
(d) Contributions to the Plan are approved by the Board of Directors
of each participating subsidiary. The employer contributions
aggregated $5,681,495 and $4,690,411, respectively, for the years
ended December 31, 1995 and 1994.
(3) Plan Termination
Although it has not expressed any intent to do so, the Company has the
right under the Plan to discontinue its contributions at any time and to
terminate the Plan subject to the provisions of the Employee Retirement
Income Security Act of 1974 (ERISA).
Upon termination of the Plan, all amounts credited to the participants
become fully vested, and all assets remaining after payments of any
expenses properly chargeable against the Plan will be distributed to the
participants in accordance with the value of each participant's account
on the date of such termination.
9
<PAGE> 10
W.R. Berkley Corporation
Profit Sharing Plan
Notes to Financial Statements
(4) Investments
Investments as of December 31, 1995 and 1994 consisted of the following:
<TABLE>
<CAPTION>
Fair
Par Value/Shares December 31, 1995 Cost Value
- ---------------- ----------------- ---- -----
<S> <C> <C> <C>
Galaxy Money Market Fund $10,359,310 $10,359,310
77,657 W.R. Berkley Corporation Common Stock Fund 3,000,117 4,206,843
231,742 Galaxy Large Company Index Fund 4,527,177 4,414,688
379,080 Fidelity Advisor Limited Term Bond Fund 4,003,080 4,105,434
578,257 Fidelity Advisor Growth Opportunities Fund 16,157,677 18,296,063
682,884 Fidelity Advisor Income & Growth Fund 10,290,744 10,728,101
219,933 Fidelity Advisor Overseas Fund 3,039,769 3,162,640
414,790 Fidelity Advisor Government Investment Fund 3,907,930 4,085,679
----------- -----------
Total $55,286,804 $59,358,758
=========== ===========
<CAPTION>
Fair
Par Value/Shares December 31, 1995 Cost Value
- ---------------- ----------------- ---- -----
<C> <C> <C> <C>
Commercial paper and money market funds $ 5,607,130 $ 5,607,130
16,515,445 U.S. Government obligations 16,457,414 16,145,023
14,588,338 Corporate bonds and notes 14,821,086 13,994,988
3,250,000 Municipal bonds 3,410,611 3,300,400
178,151 Common stocks 2,099,367 3,583,788
100,000 Preferred stocks 1,981,125 1,912,500
----------- -----------
Total $44,376,733 $44,543,829
=========== ===========
</TABLE>
10
<PAGE> 11
W.R. Berkley Corporation
Profit Sharing Plan
Notes to Financial Statements
Net change in unrealized appreciation (depreciation) for the years ended
December 31, 1995, 1994 and 1993 is as follows:
<TABLE>
<CAPTION>
1995 1994 1993
---- ---- ----
<S> <C> <C> <C>
W.R. Berkley Corporation Common Stock Fund $ 1,206,726 $ -- $ --
Galaxy Large Company Index Fund (112,489) -- --
Fidelity Advisor Limited Term Bond Fund 101,354 -- --
Fidelity Advisor Growth Opportunities Fund 2,138,386 -- --
Fidelity Advisor Income and Growth Fund 437,357 -- --
Fidelity Advisor Overseas Fund 122,871 -- --
Fidelity Advisor Government Investment Fund 177,749 -- --
US Government Obligations 312,391 (1,237,004) 13,493
Corporate Bonds & Notes 826,098 (1,010,626) 7,622
Municipal Bonds 110,211 (269,536) 95,246
Common Stocks (1,484,421) 159,753 (425,208)
Preferred Stocks 68,625 (57,750) (10,875)
----------- ----------- ---------
Total $ 3,904,858 $(2,415,163) $(319,722)
=========== =========== =========
</TABLE>
(5) Tax Status
The Internal Revenue Service has determined and informed the Company by a
letter dated December 12, 1995 that the Plan and related trust are
designed in accordance with applicable sections of the Internal Revenue
Code (IRC).
(6) Subsequent Events
Effective January 1, 1996, the Plan allows participants to borrow from
their account. Participants may borrow up to 50% of their vested account
balance; the minimum amount of any loan from the Plan is $1,000, and the
maximum amount is the lesser of $50,000 or 50% of the value of the
participant's account. The interest rate charged on the loan, and repaid
to the participant's account is determined by the Profit Sharing Plan
Finance Committee. In addition, effective January 1, 1996 each
participants account is valued daily.
11
<PAGE> 12
W.R. Berkley Corporation
Profit Sharing Plan
Notes to Financial Statements
(7) Statement of Net Assets available for Plan Participants
December 31, 1995
<TABLE>
<CAPTION>
W.R.
Berkley Galaxy Fidelity Fidelity
Galaxy Corp. Large Advisor Advisor
Money Common Company Limited Growth
WRBC Market Stock Index Term Bond Opportunities
Fund Fund Fund Fund Fund Fund
------ ------- -------- --------- --------- -------------
<S> <C> <C> <C> <C> <C> <C>
Assets:
Cash $7,548 $ (97) $ -- $ -- $ 24 $ --
Investments, at fair value -- 10,359,310 4,206,843 4,414,688 4,105,434 18,296,063
Accrued Investment Income -- 45,955 137 1,310 59 444
Employee Contributions -- 47,639 29,478 36,610 28,579 160,862
Employer Contributions -- 857,069 439,546 427,663 363,310 1,895,544
------ ------------ ---------- ---------- ---------- -----------
Net Assets $7,548 $ 11,309,876 $4,676,004 $4,880,271 $4,497,406 $20,352,913
====== ============ ========== ========== ========== ===========
<CAPTION>
Fidelity Fidelity
Advisor Fidelity Advisor
Income Advisor Government
& Growth Overseas Investment
Fund Fund Fund Total
-------- -------- ---------- -----
<S> <C> <C> <C> <C>
Assets:
Cash $ -- $ -- $ -- $ 7,475
Investments, at fair value 10,728,101 3,162,640 4,085,679 59,358,758
Accrued Investment Income 232 70 73 48,280
Employee Contributions 78,666 26,810 28,260 436,904
Employer Contributions 1,001,930 356,787 339,646 5,681,495
----------- ---------- ---------- -----------
Net Assets $11,808,929 $3,546,307 $4,453,658 $65,532,912
=========== ========== ========== ===========
</TABLE>
For 1995 all investment elections are made by the participants. Information for
1994 is not considered necessary due to there being only one Fund.
12
<PAGE> 13
W. R. Berkley Corporation
Profit Sharing Plan
Notes to Financial Statements
(8) Statement of Changes in Net Assets
For the year ended December 31, 1995
<TABLE>
<CAPTION>
W.R.
Berkley Galaxy Fidelity
Galaxy Corp. Large Advisor
Money Common Company Limited
WRBC Market Stock Index Term Bond
Fund Fund Fund Fund Fund
------ -------- --------- --------- -----------
<S> <C> <C> <C> <C> <C>
Net assets available as of 1/1/95 $ 49,900,663 $ -- $ -- $ -- $ --
Additions:
Employer contributions -- 857,069 439,546 427,663 363,310
Employee contributions 1,075,409 489,215 230,068 251,451 239,769
Rollover and reinstatement contributions 232,580 50,308 55,956 59,328 44,500
Interest and dividend income 965,813 378,964 19,473 107,969 150,467
Realized investment gains (losses) 1,091,731 -- 25,208 640,860 764
Net change in unrealized appreciation (167,096) -- 1,206,726 (112,489) 101,354
(depreciation)
Other Income (expenses) 29,062 41,660 (2,819) (690) (2,938)
----------- ----------- ----------- ----------- -----------
Additions 3,227,499 1,817,216 1,974,158 1,374,092 897,226
----------- ----------- ----------- ----------- -----------
Deduction:
Benefit Payments (1,878,069) (717,344) (72,707) (141,285) (179,993)
Transfers between funds (51,242,545) 10,210,004 2,774,553 3,647,464 3,780,173
------------ ------------ ----------- ----------- -----------
Net change in assets (49,893,115) 11,309,876 4,676,004 4,880,271 4,497,406
------------ ------------ ----------- ----------- -----------
Net assets available as of 12/31/95 $ 7,548 $ 11,309,876 $ 4,676,004 $ 4,880,271 $ 4,497,406
============ ============ =========== =========== ===========
<CAPTION>
Fidelity Fidelity Fidelity
Advisor Advisor Fidelity Advisor
Growth Income Advisor Government
Opportunities & Growth Overseas Investment
Fund Fund Fund Fund Total
------------- -------- -------- ---------- -----
<S> <C> <C> <C> <C> <C>
Net assets available as of 1/1/95 $ -- $ -- $ -- $ -- $ 49,900,663
Additions:
Employer contributions 1,895,544 1,001,930 356,787 339,646 5,681,495
Employee contributions 1,238,034 622,271 238,903 209,537 4,594,657
Rollover and reinstatement contributions 300,196 178,975 20,966 26,701 969,510
Interest and dividend income 456,095 338,110 22,345 129,415 2,568,651
Realized investment gains (losses) 43,164 11,509 4,713 2,145 1,820,094
Net change in unrealized appreciation 2,138,386 437,357 122,871 177,749 3,904,858
(depreciation)
Other Income (expenses) (21,742) (3,572) (4,049) (3,615) 31,297
------------ ------------ ----------- ----------- ------------
Additions 6,049,677 2,586,580 762,536 881,578 19,570,562
------------ ------------ ----------- ----------- ------------
Deduction:
Benefit Payments (468,600) (363,994) (57,644) (58,677) (3,938,313)
Transfers between funds 14,771,836 9,586,343 2,841,415 3,630,757 --
------------ ------------ ----------- ----------- ------------
Net change in assets 20,352,913 11,808,929 3,546,307 4,453,658 15,632,249
------------ ------------ ----------- ----------- ------------
Net assets available as of 12/31/95 $ 20,352,913 $ 11,808,929 $ 3,546,307 $ 4,453,658 $ 65,532,912
============ ============ =========== =========== ============
</TABLE>
For 1995 all investment elections are made by the participants. Information for
1994 is not considered necessary due to there being only one Fund.
13
<PAGE> 14
Signatures
----------
Pursuant to the requirements of the Securities Exchange Act of 1934, the Finance
Committee have duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
W.R. BERKLEY CORPORATION
By /s/ WILLIAM R. BERKLEY
----------------------------
William R. Berkley
June 18, 1996
14
