þ | Annual Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934 |
o | Transition Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934 |
A. | Full title of the plan and the address of the plan, if different from that of the issuer named below: |
B. | Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: |
Page(s) | ||
Report of Independent Registered Public Accounting Firm | 1 | |
Financial Statements: | ||
Statements of Net Assets Available for Plan Benefits as of December 31, 2011 and 2010 | 2 | |
3 | ||
Notes to Financial Statements | 4-11 | |
Supplemental Schedules*: | ||
12-13 | ||
14 | ||
Exhibit 23- Consent of Independent Registered Public Accounting Firm | EX-23 | |
* | Schedules required by Form 5500 which are not applicable have not been included herein. |
2011 | 2010 | ||||||
Assets: | |||||||
Investments, at fair value (note 6): | |||||||
W. R. Berkley Corporation Common Stock Fund | $ | 73,439,193 | $ | 57,039,981 | |||
Mutual Funds | 461,157,400 | 450,858,445 | |||||
Total investments | 534,596,593 | 507,898,426 | |||||
Participant loans Receivable | 15,507,320 | 13,955,600 | |||||
Contributions receivable: | |||||||
Employer | 25,340,801 | 26,107,164 | |||||
Participants | 866,065 | 889,482 | |||||
Total receivables | 26,206,866 | 26,996,646 | |||||
Net assets available for plan benefits | $ | 576,310,779 | $ | 548,850,672 | |||
Additions to net assets attributed to: | |||
Investment income: | |||
Net depreciation in fair value of investments (note 6) | $ | (4,737,727 | ) |
Interest and dividends | 10,643,751 | ||
Net investment income | 5,906,024 | ||
Interest on participant loans | 545,582 | ||
Contributions: | |||
Employer | 25,340,801 | ||
Participants | 25,047,824 | ||
Rollovers | 5,332,178 | ||
Total contributions | 55,720,803 | ||
Total additions | 62,172,409 | ||
Deductions from net assets attributed to: | |||
Benefits paid to participants | 34,660,571 | ||
Administrative expenses | 51,731 | ||
Total deductions | 34,712,302 | ||
Net increase in net assets available for plan benefits | 27,460,107 | ||
Net assets available for plan benefits at: | |||
Beginning of year | 548,850,672 | ||
End of year | $ | 576,310,779 | |
(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. This brief description is qualified in its entirety by the text of the Plan, and Participants should refer to the Plan document for a more complete description of the Plan. Capitalized terms used herein shall have the respective meanings as set forth in the Plan. |
(a) | General | ||
The Plan is a defined contribution plan and was established for the benefit of eligible Employees of the Company and its participating subsidiaries. Up until June 30, 2011, an Employee became eligible to participate in the Plan on the first day of the Calendar Quarter following the first full Calendar Quarter after completing 250 Hours-of-Service, or on the first day of the Calendar Quarter following the first year in which the Employee completed 1,000 Hours-of-Service. Effective July 1, 2011, eligible Employees of the Company and its participating subsidiaries, can participate in the Plan for purposes of making Tax-Deferred Contributions, Catch-Up Contributions and Rollover Contribution/Transfer Amounts on the date they are first credited with an Hour-of-Service. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). The Plan allows for mandatory distributions to terminated Participants whose vested Account balance is less than $1,000. | |||
Fidelity Management Trust Company (“Fidelity”) is the Trustee, custodian and recordkeeper for the Plan. The Company has a Profit Sharing Plan Finance Committee ("Finance Committee") to select the investment alternatives provided by the Plan. The Company has a Profit Sharing Plan Administrative Committee to assist in the administration of the Plan. | |||
(b) | Contributions | ||
Employer Contributions | |||
Each Plan Year, the Company makes an Employer Profit Sharing Contribution to the Plan. The Company’s current minimum Employer Profit Sharing Contribution for each Plan Year is 5% of a Participant’s Eligible Earnings, as defined in the Plan for the period of the calendar year that the Employee was a Participant, up to the Internal Revenue Code’s (IRC) maximum for any one year. The Company’s contribution is allocated as follows: 60% to the Participant’s Company Profit Sharing Account, subject to the Plan’s Vesting Schedule; and 40% to the Participant’s Company 401(k) Account which is 100% vested. | |||
Employer Profit Sharing Contributions are determined separately for each Participating Employer prior to the end of each calendar year and are allocated as of the last day of the calendar year based on the Participant’s Earnings. Eligible earnings accrue on the first day of the Calendar Quarter following the first full Calendar Quarter in which the Participant completes 250 Hours-of-Service, or on the first day of the Calendar Quarter following the first employment year (the 12 consecutive month period measured from the date of the first Hour-of-Service) in which the Participant completes at least 1,000 Hours-of-Service provided they are an employee on the first day of such Calendar Quarter. If the Participant’s employment during a single Plan Year was divided between two or more Participating Employers, and the Participant is eligible for an Employer Profit Sharing Contribution for the Plan Year, each Participating Employer for which the Participant worked will make the appropriate contribution to the Participant’s Account based on their period of service with, and Earnings from, the Participating Employer. |
Nonexempt Transaction | |||
There were no unintentional delays during 2011 in submitting Participant contributions to the Trustee. Delays occurred in the submission of $1,015 during 2010. The Company reimbursed lost interest of $49 in June 2011. | |||
Participant Contributions | |||
Tax-Deferred Contributions | |||
A Participant in the Plan may elect to have voluntary tax-deferred contributions deducted from their pay, for each pay period, in any amount from 1% to 50% of their Eligible Earnings. A Participant may also elect to have an amount in excess of 50% of their Earnings for a pay period deducted provided that their aggregate Tax-Deferred Contributions for the calendar year does not exceed 50% of the Participant’s Earnings to date up to a statutory limit ($16,500 for 2011). A Participant may change or suspend their Tax-Deferred Contributions election. | |||
Roth Contributions | |||
A Participant may designate part or all of their Plan contributions as either Tax-Deferred Contributions or as after-tax Roth Contributions combined not to exceed 50% of the Participant’s Earnings for the Plan year up to a statutory limit ($16,500 for 2011). An in-Plan Roth conversion feature is available subject to terms and conditions established by the Plan's Administrative Committee. Participants may be eligible to convert certain pre-tax contributions and earnings in Plan accounts that are eligible for in-service withdrawal (other than hardship withdrawal) to a designated Roth account within the Plan. | |||
Rollover Contributions/Transfer Amounts | |||
A Participant who receives a qualifying rollover distribution from an eligible retirement plan may make a Rollover Contribution even though the Participant has not otherwise become eligible to participate in the Plan. Amounts that are attributable to Roth Contributions may be rolled into the Plan only from another employer’s eligible retirement plan; they may not be rolled into the Plan from a Roth IRA, even if the only monies held in the Roth IRA were previously distributed from an eligible retirement plan. In addition, amounts attributable to Roth Contributions must be rolled over to the Plan by means of a Direct Rollover. | |||
Catch-Up Contributions | |||
In addition to the regular Tax-Deferred Contributions and/or Roth Contributions described above, Plan Participants who will be at least 50 years old by the end of the calendar year and who have contributed the maximum amount of regular Tax-Deferred Contributions and/or Roth Contributions for the year may make additional “Catch-Up Contributions” to the Plan. For 2011, Tax-Deferred and Roth Catch-up Contributions have a combined limit of $5,500. | |||
(c) | Participants’ Accounts | ||
Each Participant’s Account is credited with the Participant’s contributions, the appropriate amount of the Company’s contributions and an allocation of investment fund earnings or losses in which the Participant has directed his or her contribution. The benefit to which a Participant is entitled is the benefit that can be provided from the Participant’s vested Account. The Account of each Participant is valued on a daily basis. |
(d) | Vesting | ||
Participants are fully vested in their tax-deferred and after tax Roth contributions, roll-over contributions, catch-up contributions, the employer contribution to their 401(k) Account, and earnings thereon. Effective January 1, 2007, the vesting percent in the portion of the employer contribution allocated to the Participant’s Company Profit Sharing Account occurs at the rate of 20% per year beginning after two years of continuous employment. Prior to 2007 vesting occurred at the rate of 20% per year beginning after 3 years of continuous employement. In the event of death, disability or retirement, in accordance with the provisions of the Plan, the Participant becomes fully vested. |
(e) | Payments of Benefits | ||
On termination of employment, retirement or death, a Participant or Participant’s beneficiary may elect to receive the payment benefits in a lump sum or in annual installments not to exceed 15 years. Distributions to terminated Participants are based upon the closing price of the funds on the date the Participant requests the distribution from Fidelity. Withdrawals to active Participants are based on the date the withdrawals have been approved by the Plan Administrator and are processed by Fidelity. | |||
Hardship withdrawals are allowed under certain circumstances as defined in the Plan Document. Participants are suspended from making contributions for six months after taking a hardship withdrawal from the Plan. | |||
(f) | Forfeitures | ||
Forfeitures are retained in the Plan and are allocated among the Accounts of the remaining active Participants as of the last day of the Plan Year in which the forfeiture occurs. Forfeitures are allocated in the subsequent year and totaled $729,975 and $869,972 for years ended December 31, 2011 and 2010, respectively. | |||
(g) | Participant Loans | ||
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 vested Account. A Participant may request a loan for any reason and the loan may be repaid over 60 months. For the purchase of a primary residence, however, the loan may be repaid over 25 years. At December 31, 2011 and 2010, there were 2,005 and 1,864 individual loans outstanding, respectively, bearing an interest rate ranging from 3.25% to 9.50% with maturities ranging from 1 to 25 years for both years. | |||
The interest rate charged on the loan and repaid to the Participant’s Account is set to the prime rate as of the first of each quarter and fixed for the duration of the loan. A Participant may have up to two loans outstanding at a time. Payment is made through payroll deductions or the loan may be paid in full by a lump-sum payment. A partial repayment is not permitted. A Participant with an outstanding loan balance who separates from service with the Company has the option of repaying the loan in a lump sum or continuing to pay the monthly loan payment amount directly to Fidelity. |
(h) | Investments | ||
Participants are responsible for directing the investment of their respective Accounts. Starting in 2011 any contributions for which the Participant does not provide investment direction will be invested in the Plan’s designated default option (the “Plan Designated Fund”). Effective August 15, 2011, the Fidelity Freedom K Fund became the Plan Designated Default Fund. Investment changes requested by Participants are implemented as soon as administratively practical in accordance with the Plan document. | |||
Investment options no longer deemed appropriate by the Finance Committee are eliminated. Contributions into those investments were frozen as of the market close on January 14, 2011 and were transferred automatically into new investment options unless directed otherwise by the Participants. The new funds offered similar investment strategy and risk. Three new investment options were also added to the investment options in 2011. |
(2) | Summary of Significant Accounting Policies | |
The following are the more significant accounting policies followed by the Plan: |
(a) | Recent Accounting Pronouncements | ||
All recently issued but not yet effective accounting and reporting guidance is either not applicable to the Plan, or is not expected to have a material impact to the Plan. |
(b) | Basis of Accounting and Use of Estimates | ||
The financial statements of the Plan are prepared under the accrual method of accounting. The preparation of financial statements in conformity with GAAP requires the Plan to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, as well as disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates and assumptions. | |||
(c) | Investment Valuation and Income Recognition | ||
The Plan’s investments are stated at fair value. Shares of registered investment companies (mutual funds) are valued at quoted market prices, which represent the net asset value of shares held by the Plan at year-end. The W. R. Berkley Company Common Stock Fund (the Company Common Stock Fund) is valued at its year-end unit closing price. A net asset value (“NAV”) per unit is determined on a daily basis. In determining the NAV, the value of the Company Common Stock Fund is based on the closing price of the Company’s Shares on the New York Stock Exchange (“NYSE”). The NAV will be adjusted by dividends paid on common stock, interest on short-term investments held in the fund and expenses of the fund. Purchases and sales of investments are recorded on a trade date basis. Realized gains and losses are based on specific identification method and are included in net appreciation in fair value of investments. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. | |||
Investment management fees, including brokerage fees and commissions on the purchase and sale of securities and other related portfolio management expenses, are paid from assets of, and applied against the investment performance of, the respective investment funds. | |||
(d) | Plan Expenses | ||
Certain 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. | |||
(e) | Payment of Benefits | ||
Benefit payments are recorded when paid. |
(3) | Risks and Uncertainties | |
The Plan offers a number of investment options including the Company Common Stock Fund and a variety of pooled investment funds, which consist of registered investment companies. The investment funds are comprised of U.S. equities, international equities, and fixed income securities. Investment securities, in general, are exposed to various risks, such as interest rate, credit, and overall market volatility risk. Due to the level of risk associated with certain investment securities, it is reasonable to expect that changes in the values of investment securities will occur in the near term and that such changes could materially affect Participant Account balances and the Statement of Changes in Net Assets Available for Plan Benefits. |
The Plan’s exposure to a concentration of credit risk is limited by the diversification of investments across all Participant-directed fund elections. Additionally, the investments within each Participant-directed fund election are further diversified into varied financial instruments, with the exception of the Company Common Stock Fund, which principally invests in a security of a single issuer. More than 10% of the Plan’s net assets were invested in the Company Common Stock Fund as of December 31, 2011 and 2010. | ||
The Plan investments include mutual funds that may directly or indirectly invest in securities with contractual cash flows, such as asset backed securities, collateralized mortgage obligations and commercial mortgage backed securities, including securities backed by subprime mortgage loans. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate value, delinquencies or defaults, or both, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates. | ||
(4) | 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 ERISA. | ||
In the event of termination of the Plan, all amounts credited to the Participants will 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. | ||
(5) | Tax Status | |
The Internal Revenue Service has determined and informed the Company by a letter dated February 12, 2012 that the Plan and related trust are designed in accordance with applicable sections of the Internal Revenue Code of 1986, as amended (the “Code”). | ||
Accounting principles generally accepted in the United States of America require plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the Internal Revenue Service. The Plan Administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2011, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. | ||
In 2010, the Plan Sponsor submitted a filing under the Department of Labor’s Voluntary Fiduciary Correction Program for delinquent remittances of certain participant contributions. The Department of Labor has decided not to take any further action against the Plan. There were no delinquent remittances of participant contributions in 2011. |
(6) | Investments | ||||||||
The following investments represent 5% or more of the Plan’s net assets as of December 31, 2011 and 2010: | |||||||||
2011 | 2010 | ||||||||
W. R. Berkley Corporation Common Stock Fund | $ | 73,439,193 | $ | 57,039,981 | |||||
Mutual Funds: | |||||||||
Fidelity Contrafund® — Class K | 62,184,631 | 64,640,512 | |||||||
Vanguard Retirement Money Market Fund | 54,033,404 | — | |||||||
Fidelity Retirement Money Market Portfolio | — | 53,924,169 | |||||||
Fidelity Puritan® Fund — Class K | $ | 29,653,493 | $ | 29,954,235 |
The net appreciation (depreciation) on investments (including gains and losses on investments bought and sold, as well as held) for the year ended December 31, 2011 are as follows: | |||||
W. R. Berkley Corporation Common Stock Fund | $ | 15,320,959 | |||
Mutual funds | (20,058,686 | ) | |||
Net depreciation in fair value of investments | $ | (4,737,727 | ) | ||
(7) | Fair Value Measurement of Investments | |
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Plan uses ASC 820 fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value as follows: | ||
Level 1 — Quoted prices in active markets for identical assets or liabilities. | ||
Level 2 — Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or inputs that are observable or corroborated by observable market date for substantially the full term of the assets or liabilities. | ||
Level 3 — Unobservable inputs supported by little or no market activity and that reflect the reporting entity’s own assumptions about the exit price, including assumptions that market participants would use in pricing the asset or liability. |
The following table sets forth by level, within the fair value hierarchy, the Plan’s assets at fair value as of December 31, 2011 and 2010: | |||||||||||||||
Fair Value Measurements at December 31, 2011 | |||||||||||||||
Quoted | Significant | ||||||||||||||
prices in | other | Significant | |||||||||||||
Total assets | active | observable | unobservable | ||||||||||||
measured at | markets | market data | market data | ||||||||||||
fair value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
W. R. Berkley Corporation Common Stock Fund | $ | 73,439,193 | $ | 73,439,193 | — | — | |||||||||
Mutual funds: | |||||||||||||||
Large Cap equity funds | 168,718,447 | 168,718,447 | — | — | |||||||||||
Fixed Income funds | 70,553,701 | 70,553,701 | — | — | |||||||||||
Money Market funds | 54,033,404 | 54,033,404 | — | — | |||||||||||
Target Date blended funds | 57,670,155 | 57,670,155 | — | — | |||||||||||
International equity funds | 32,572,576 | 32,572,576 | — | — | |||||||||||
Small Cap equity funds | 33,141,384 | 33,141,384 | — | — | |||||||||||
Other blended funds | 29,653,493 | 29,653,493 | — | — | |||||||||||
Other funds | 5,726,502 | 5,726,502 | — | — | |||||||||||
Specialty funds | 5,375,891 | 5,375,891 | — | — | |||||||||||
Mid Cap equity funds | 3,711,847 | 3,711,847 | — | — | |||||||||||
Total investments | $ | 534,596,593 | $ | 534,596,593 | — | — |
Fair Value Measurements at December 31, 2010 | |||||||||||||||
Quoted | Significant | ||||||||||||||
prices in | other | Significant | |||||||||||||
Total assets | active | observable | unobservable | ||||||||||||
measured at | markets | market data | market data | ||||||||||||
fair value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
W. R. Berkley Corporation Common Stock Fund | $ | 57,039,981 | $ | 57,039,981 | — | — | |||||||||
Mutual funds: | |||||||||||||||
Large Cap equity funds | 168,304,274 | 168,304,274 | — | — | |||||||||||
Fixed Income funds | 69,683,284 | 69,683,284 | — | — | |||||||||||
Money Market fund | 53,924,169 | 53,924,169 | — | — | |||||||||||
Target Date blended funds | 45,265,454 | 45,265,454 | — | — | |||||||||||
International equity funds | 38,492,126 | 38,492,126 | — | — | |||||||||||
Small Cap equity fund | 37,345,061 | 37,345,061 | — | — | |||||||||||
Other blended fund | 29,954,235 | 29,954,235 | — | — | |||||||||||
Specialty fund | 5,543,194 | 5,543,194 | — | — | |||||||||||
Mid Cap equity fund | 2,346,648 | 2,346,648 | — | — | |||||||||||
Total investments | $ | 507,898,426 | $ | 507,898,426 | — | — | |||||||||
(8) | Related Party Transactions | |
Certain Plan investments are managed or sponsored by Fidelity Investments, an affiliate of Fidelity Management Trust Company who is the Trustee as defined by the Plan and accordingly, these transactions with Fidelity Investments qualify as party-in-interest transactions. Investments in the Company Common Stock Fund also qualify as party-in-interest transactions. |
Fair value at | ||||||
Description and number of | December 31, | |||||
Identity of issuer | shares/units | 2011 | ||||
* W. R. Berkley Corporation Common Stock Fund | Common Stock Fund: 1,240,946 units | $ | 73,439,193 | |||
* Fidelity Capital Appreciation Fund — Class K | Mutual Funds: 227,842 shares | 5,614,023 | ||||
* Fidelity Contrafund® — Class K | Mutual Funds: 922,484 shares | 62,184,631 | ||||
* Fidelity Diversified International Fund — Class K | Mutual Funds: 550,104 shares | 14,016,657 | ||||
* Fidelity Equity-Income Fund — Class K | Mutual Funds: 338,254 shares | 13,966,515 | ||||
* Fidelity Freedom K 2000 Fund | Mutual Funds: 102,197 shares | 1,168,107 | ||||
* Fidelity Freedom K 2010 Fund | Mutual Funds: 723,027 shares | 8,748,627 | ||||
* Fidelity Freedom K 2020 Fund | Mutual Funds: 1,701,868 shares | 21,154,214 | ||||
* Fidelity Freedom K 2030 Fund | Mutual Funds: 1,208,871 shares | 15,159,245 | ||||
* Fidelity Freedom K 2040 Fund | Mutual Funds: 655,001 shares | 8,233,363 | ||||
* Fidelity Freedom K 2050 Fund | Mutual Funds: 124,798 shares | 1,578,688 | ||||
* Fidelity Freedom K Income Fund | Mutual Funds: 144,063 shares | 1,627,911 | ||||
* Fidelity Government Income Fund | Mutual Funds: 1,845,411 shares | 19,875,080 | ||||
* Fidelity Growth Company Fund — Class K | Mutual Funds: 328,514 shares | 26,547,234 | ||||
* Fidelity Intermediate Bond Fund | Mutual Funds: 1,578,416 shares | 17,173,165 | ||||
* Fidelity Magellan® Fund — Class K | Mutual Funds: 203,799 shares | 12,820,993 | ||||
* Fidelity Overseas Fund — Class K | Mutual Funds: 267,564 shares | 7,066,353 | ||||
* Fidelity Puritan® Fund — Class K | Mutual Funds: 1,677,234 shares | 29,653,493 | ||||
* Fidelity Select Gold Portfolio | Mutual Funds: 127,300 shares | 5,375,891 |
Fair value at | ||||||
Description and number of | December 31, | |||||
Identity of issuer | shares/units | 2011 | ||||
AIM Small Cap Growth Fund — Class I | Mutual Funds: 263,888 shares | 7,723,988 | ||||
Columbia Dividend Income Fund — Class Z | Mutual Funds: 303,997 shares | 4,140,440 | ||||
Invesco Van Kampen Comstock CL Y | Mutual Funds: 173,422 shares | 2,637,752 | ||||
Janus Aspen Series: Worldwide Growth Portfolio — Institutional Class | Mutual Funds: 112,704 shares | 2,911,146 | ||||
Janus Research Fund | Mutual Funds: 493,103 shares | 13,856,191 | ||||
PIMCO Low Duration Fund — Institutional Class | Mutual Funds: 630,659 shares | 6,489,476 | ||||
PIMCO Total Return Fund — Institutional Class | Mutual Funds: 2,360,936 shares | 25,663,375 | ||||
Royce Low-Priced Stock Fund — Institutional Class | Mutual Funds: 722,575 shares | 10,376,183 | ||||
RS Emerging Markets CL Y | Mutual Funds: 105,945 shares | 2,243,915 | ||||
Spartan Extended Money Market Index Fund – Fidelity Advantage Class | Mutual Funds: 104,677 shares | 3,711,847 | ||||
Spartan International Index Fund – Fidelity Advantage Class | Mutual Funds: 49,878 shares | 1,483,881 | ||||
Spartan U.S. Bond Index Fund – Fidelity Advantage Class | Mutual Funds: 114,822 shares | 1,352,605 | ||||
Thornburg International Value Fund Class R5 | Mutual Funds: 197,662 shares | 4,850,624 | ||||
Vanguard Inflation-Protected Securities Fund Admiral Shares | Mutual Funds: 206,658 shares | 5,726,502 | ||||
Vanguard Institutional Index Fund Institutional Shares | Mutual Funds: 234,272 shares | 26,950,668 | ||||
Vanguard Prime Money Market Fund Institutional | Mutual Funds: 54,033,404 shares | 54,033,404 | ||||
Wells Fargo Advantage Small Cap Value Fund — Investor Class | Mutual Funds: 504,062 shares | 15,041,213 | ||||
Total Mutual Funds | 461,157,400 | |||||
* Participant loans | 2,005 Participant loans | |||||
(interest rates range from 3.25% to 9.5 % with maturities ranging | ||||||
from 1 to 25 years) | 15,507,320 | |||||
Total investments and participant loans | $ | 550,103,913 | ||||
* Party-in-interest as defined by ERISA See accompanying report of independent registered public accounting firm |
Total that constitute nonexempt prohibited Transactions | ||||||||||||||||
Participant | Contributions | Contributions | Total fully corrected | |||||||||||||
contributions | Contributions | corrected | pending | under VFCP and PTE | ||||||||||||
transferred late to plan | not corrected | outside VFCP | correction in VFCP | 2002-51 | ||||||||||||
— | — | — | — | — |
Total that constitute nonexempt prohibited transactions | ||||||||||||||||||
Participant | Contributions | Contributions | Total fully corrected | |||||||||||||||
contributions | Contributions | corrected | pending | under VFCP and PTE | ||||||||||||||
transferred late to plan | not corrected | outside VFCP | correction in VFCP | 2002-51 | ||||||||||||||
$1,015 | — | — | — | $ | 1,015 |
W. R. BERKLEY CORPORATION | |||
PROFIT SHARING PLAN | |||
By | /s/ Eugene G. Ballard Eugene G. Ballard | ||
Member, Profit Sharing Plan | |||
Administrative Committee | |||
June 19, 2012 |