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AMO 401(k) Plan Summary Annual Report: 1/2000-12/2000
      This is a summary of the annual report for the AMERICAN MARITIME OFFICERS 401(k) PLAN, EIN 11-2978754, Plan No. 002, for the period January 1, 2000 through December 31, 2000. The annual report has been filed with the Department of Labor, as required under the Employee Retirement Income Security Act of 1974 (ERISA).

Basic Financial Statement
     Benefits under the plan are provided through a trust fund. Plan expenses were $3,748,014. These expenses included $353,361 in administrative expenses and $3,394,653 in benefits paid to participants and beneficiaries. A total of 2,394 persons were participants in or beneficiaries of the plan at the end of the plan year, although not all of these persons had yet earned the right to receive benefits.
     The value of plan assets, after subtracting liabilities of the plan, was $82,832,459 as of December 31, 2000, compared to $71,564,424 as of January 1, 2000. During the plan year, the plan experienced an increase in its net assets of $11,268,035. This increase includes unrealized appreciation and depreciation in the value of plan assets; that is, the difference between the value of the plan's assets at the end of the year and the value of the assets at the beginning of the year or the cost of assets acquired during the year. The plan had total income of $15,016,049, including employer contributions of $1,105,370, employee contributions of $14,034,965, and earnings from investments of ($472,034) and other income of $347,748.

Your Rights To Additional Information
     You have the right to receive a copy of the full annual report, or any part thereof, on request. The items listed below are included in that report:
  1. An accountant's report;
  2. Financial information and information on payments to service providers;
  3. Assets held for investment; and
  4. Transactions in excess of 5% of plan assets
     To obtain a copy of the full annual report, or any part thereof, write or call the office of Jan Vitale, who is Director of Finance, BOARD OF TRUSTEES AMERICAN MARITIME OFFICERS 401(k) PLAN, 2 WEST DIXIE HIGHWAY, DANIA BEACH, FL 33004, (954) 920-4247. The charge to cover copying costs will be $1.80 for the full annual report, or 10 cents per page for any part thereof.
     You also have the right to receive from the plan administrator, on request and at no charge, a statement of the assets and liabilities of the plan and accompanying notes, or a statement of income and expenses of the plan and accompanying notes, or both. If you request a copy of the full annual report, these two statements and accompanying notes will be included as part of that report. The charge to cover copying costs given above does not include a charge for the copying of these portions of the report because these portions are furnished without charge.
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