AMO 401(k) Plan Summary Annual Report: 1/1/2001-12/31/2001

AMO 401(k) Plan Summary Annual Report: 1/1/2001-12/31/2001

      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, 2001 through December 31, 2001. The annual report has been filed with the Pension and Welfare Benefits Administration, U.S. 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 $4,503,154. These expenses included $366,884 in administrative expenses and $4,136,270 in benefits paid to participants and beneficiaries. A total of 2,844 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 $91,157,451 as of December 31, 2001, compared to $82,832,459 as of January 1, 2001. During the plan year, the plan experienced an increase in its net assets of $8,324,992. 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 $12,828,146, including employer contributions of $1,334,463, employee contributions of $16,674,345, other income of $362,564 and earnings from investments of ($5,543,226).

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:

An accountant's report;
Financial information and information on payments to service providers;
Assets held for investment;
Transactions in excess of 5% of the plan assets; and
information regarding any common or collective trusts, pooled separate accounts, master trusts or 103-12 investment entities in which the plan participates.

      To obtain a copy of the full annual report, or any part thereof, write or call the office of Jan Vitale, who is the 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 $2.00 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 from the plan administrator, 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.
      You also have the legally protected right to examine the annual report at the main office of the plan (Board of Trustees, American Maritime Officers 401(k) Plan, 2 West Dixie Highway, Dania Beach, FL 33004) and at the U.S. Department of Labor in Washington, D.C., or to obtain a copy from the U.S. Department of Labor upon payment of copying costs. Requests to the Department should be addressed to: Public Disclosure Room, Room N1513, Pension and Welfare Benefits Administration, U.S. Department of Labor, 200 Constitution Avenue N.W., Washington, D.C. 20210.

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