SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB


(Mark One)
   [X]   Quarterly report under Section 13 or 15(d) of the Securities Exchange
         Act of 1934 for the quarterly  period ended September 30, 2001.

   [  ]  Transition report under Section 13 or 15(d) of the Securities Exchange
         Act of 1934 for the transition period from              to            .



         Commission file number: 0-29321
                                 -------


                             ASWAN INVESTMENTS, INC.
        (Exact name of small business issuer as specified in its charter)




                  Nevada                              87-0643635
                  ------                              ----------
     (State or other jurisdiction of               (I.R.S. Employer
      incorporation or organization)              Identification No.)





                 1403 East 900 South, Salt Lake City, Utah 84105
                 -----------------------------------------------
               (Address of principal executive office) (Zip Code)


                                 (801) 582-9609
                                 --------------
                           (Issuer's telephone number)


Check whether the issuer: (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.

                                    Yes XX No


The number of outstanding shares of the issuer's common stock, $0.001 par value
(the only class of voting stock), as of October 31, 2001was 6,564,500.


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                                TABLE OF CONTENTS

                                     PART I

ITEM 1.  FINANCIAL STATEMENTS..................................................3

Unaudited Balance Sheet as of September 30, 2001 ..............................4

Unaudited Statement of Operations for the three and nine months ended September
30, 2001, and September 30, 2000, and the period from Date of Inception to
September 30, 2001.............................................................5

Unaudited Statement of Cash Flows for the nine months ended September 30, 2001,
and September 30, 2000, and the period from Date of Inception to September 30,
2001...........................................................................6

Notes to Unaudited Financial Statements........................................7

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.............8

                                     PART II

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K......................................8

SIGNATURES.....................................................................9

INDEX TO EXHIBITS.............................................................10












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                                        2

<PAGE>



                                     PART I

ITEM 1.           FINANCIAL STATEMENTS

As used herein, the term "Company" refers to Aswan Investments, Inc., a Nevada
corporation, unless otherwise indicated. Unaudited interim financial statements
including a balance sheet for the Company as of the quarter ended September 30,
2001, statement of operations, and statement of cash flows for the interim
period up to the date of such balance sheet and the period since inception are
attached hereto as Pages 4 through 7 and are incorporated herein by this
reference.




























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                                        3

<PAGE>





                             Aswan Investments, Inc.
                         (A Developmental Stage Company)
                             Unaudited Balance Sheet
                            As of September 30, 2001
<TABLE>
<S>                                                                           <C>

                                                                               September 30, 2001
                                                                                  (unaudited)
                                                                                    --------
ASSETS
      Current Assets - cash                                                         $     81
                                                                                    --------

            Total Assets                                                                  81

                                                                                    --------

LIABILITIES AND STOCK HOLDERS' EQUITY
      Current Liabilities:
                  Accounts Payable                                                  $  2,539
                  Accounts Payable- Related Parties                                    2,500
                                                                                    --------

            Total Current Liabilities
                Total Current Liabilities                                              5,039
                                                                                    --------

      Stockholders' equity
            Preferred stock ($.001 par value, 5,000,000 shares authorized;
                 no shares issued and outstanding                                          -
            Common stock ($.001 par value 45,000,000 shares authorized;
                 6,564,500 shares issued and outstanding September 30, 2001            6,565
            Additional paid in capital                                                 2,817
            Accumulated Deficit                                                      (14,340)
                                                                                    --------

                 Total stockholders' equity (deficit)                                 (4,958)
                                                                                    --------

TOTAL LIABILITIES AND EQUITY                                                        $     81
                                                                                    --------

                                                                                    --------
</TABLE>


    The accompanying notes are an integral part of these financial statements












                                        4

<PAGE>








                             Aswan Investments, Inc.
                         (A Developmental Stage Company)
                       Unaudited Statements of Operations
<TABLE>
<CAPTION>



                                                                                             December
                                      Three months ending          Nine months ending        7, 1999
                                         September 30,               September 30,          (inception) to
                                                                                            September
                                    2001            2000           2001         2000         30, 2001
<S>                              <C>           <C>             <C>          <C>            <C>

                                  ---------      ---------      ---------     ---------     ----------
Revenues                          $       -      $       -      $             $       -      $       -
General & administrative costs          357          2,237          3,299         9,539         14,340
                                  ---------      ---------      ---------     ---------      ---------

Net Loss                          $   (357)      $ (2,237)      $ (3,299)     $ (9,539)      $(14,340)

                                  ---------      ---------      ---------     ---------      ---------

Loss per common share-basic
and diluted                       $    0.00      $    0.00      $    0.00     $    0.00      $    0.00

                                  ---------      ---------      ---------     ---------      ---------

Weighted average common
shares basic and diluted          6,565,000      6,044,000      6,305,000     5,740,000      5,374,000

                                  ---------      ---------      ---------     ---------      ---------

</TABLE>


    The accompanying notes are an integral part of these financial statements























                                        5

<PAGE>








                             Aswan Investments, Inc.
                         (A Developmental Stage Company)
                       Unaudited Statements of Cash Flows


<TABLE>
<CAPTION>

                                                                                          December
                                                                   Nine Months Ended       7, 1999
                                                                     September 30,      (inception) to
                                                                                          September
                                                                   2001         2000      30, 2001
<S>                                                             <C>          <C>          <C>

                                                                 -------      -------      --------
CASH FLOWS FROM OPERATING ACTIVITIES
       Net Loss                                                  $(3,299)     $(9,539)     $(14,340)
       Adjustments to reconcile Net Loss to Net Cash
          (used in) operations:
             Stock compensation expense                                -        5,007         5,007
             Increase in accounts payable and accrued expenses     (191)        2,642         2,539
                                                                 -------      -------      --------
       Net cash provided by (used in ) Operating Activities      (3,490)      (1,890)       (6,794)
                                                                 -------      -------      --------


CASH FLOWS FROM INVESTING ACTIVITIES                                   -            -
                                                                 -------      -------      --------


CASH FLOWS FROM FINANCING ACTIVITIES
            Issuance of common stock                               3,000            -         3,910
            Decrease in stock subscription receivable                  -          465           465
            Increase in related party payable                          -        2,000         2,500
                                                                 -------      -------      --------
       Net cash Provided (used) by Financing Activities            3,000        2,465         6,865
                                                                 -------      -------      --------


NET CASH INCREASE (DECREASE) FOR PERIOD                            (490)          575            81
                                                                 -------      -------      --------

CASH, BEGINNING OF PERIOD                                            571            -             -
                                                                 -------      -------      --------

CASH, END OF PERIOD                                              $    81      $   575      $     81

</TABLE>








   The accompanying notes are an integral part of these financial statements.

                                        6

<PAGE>



                             ASWAN INVESTMENTS, INC
              NOTES TO CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS
                               September 30, 2001


1.  Basis of Presentation

The accompanying unaudited condensed financial statements have been prepared by
management in accordance with the instructions in Form 10-QSB and, therefore, do
not include all information and footnotes required by generally accepted
accounting principles and should, therefore, be read in conjunction with the
Company's financial statements filed on Form 10-KSB, filed with the Securities
and Exchange Commission on April 2, 2001. These statements do include all normal
recurring adjustments which the Company believes necessary for a fair
presentation of the statements. The interim operations results are not
necessarily indicative of the results for the full year ended December 31, 2001.

2.  Additional footnotes included by reference

Except as indicated in Notes above, there have been no other material changes in
the information disclosed in the notes to the financial statements included in
the Company's Form 10-KSB, filed with the Securities and Exchange Commission on
April 2, 2001. Therefore, those footnotes are included herein by reference.















                                        7

<PAGE>



ITEM 2.           MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

Plan of Operations

The Company's plan of operation for the coming year is to identify and acquire a
favorable business opportunity. The Company does not plan to limit its options
to any particular industry, but will evaluate each opportunity on its merits.
The Company anticipates that its owners, affiliates, and consultants will
provide it with sufficient capital to continue operations until the end of the
fourth quarter of 2001, but there can be no assurance that this expectation will
be fully realized.

The Company does not expect to generate any meaningful revenue or incur
operating expenses unless and until it acquires an interest in an operating
company.

                                     PART II

ITEM 6.           EXHIBITS AND REPORTS ON FORM 8-K

(a)      Exhibits Exhibits required to be attached by Item 601 of Regulation S-B
         are listed in the Index to Exhibits on page 10 of this Form 10-QSB, and
         are incorporated herein by this reference.

(b)      Reports on Form 8-K.  No reports on Form 8-K were filed during the
         period covered by this Form 10-QSB.


























                                        8

<PAGE>



                                   SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, hereunto duly
authorized, this 31st day of October, 2001.




ASWAN INVESTMENTS, INC.



/s/ Ruairidh Campbell                            October 31, 2001
----------------------
Ruairidh Campbell
President and Director






















                                        9

<PAGE>


                                INDEX TO EXHIBITS

EXHIBIT    PAGE
NO.        NO.        DESCRIPTION

3(i)       *          Articles of Incorporation of the Company (incorporated
                      herein by reference from Exhibit No. 3(i) of the Company's
                      Form 10-SB as filed with the Securities and Exchange
                      Commission on February 3, 2000).

3(ii)      *          Bylaws of the Company, as amended
                      (incorporated herein by reference from
                      Exhibit 3(ii) of the Company's Form 10-SB as
                      filed with the Securities and Exchange
                      Commission on February 3, 2000).











                                       10

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