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<SEC-DOCUMENT>0000791963-02-000003.txt : 20020701
<SEC-HEADER>0000791963-02-000003.hdr.sgml : 20020701
<ACCEPTANCE-DATETIME>20020701112528
ACCESSION NUMBER:		0000791963-02-000003
CONFORMED SUBMISSION TYPE:	11-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20011231
FILED AS OF DATE:		20020701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FAHNESTOCK VINER HOLDINGS INC
		CENTRAL INDEX KEY:			0000791963
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		IRS NUMBER:				980080034
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		11-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12043
		FILM NUMBER:		02692858

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 1110, P.O. BOX 2015
		STREET 2:		20 EGLINTON AVE. WEST
		CITY:			TORONTO ONTARIO CANADA
		STATE:			A0
		ZIP:			M4R 1K8
		BUSINESS PHONE:		(416)322-1515

	MAIL ADDRESS:	
		STREET 1:		PO BOX 2015 SUITE 1110
		STREET 2:		20 EGLINTON AVENUE WEST
		CITY:			TORONTO ONTARIO CANADA
		STATE:			A6
		ZIP:			M4R 1K8

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GOLDALE INVESTMENTS LTD
		DATE OF NAME CHANGE:	19861030

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VINER E A HOLDINGS LTD
		DATE OF NAME CHANGE:	19880622
</SEC-HEADER>
<DOCUMENT>
<TYPE>11-K
<SEQUENCE>1
<FILENAME>f11k01b.htm
<TEXT>
<!DOCTYPE HTML PUBLIC "-//IETF//DTD HTML//EN">
<html>

<body bgcolor="#FFFFFF">

<p align="center"><font size="4" face="Arial"><b>SECURITIES AND
EXCHANGE COMMISSION</b></font></p>

<p align="center"><font size="4" face="Arial"><b>WASHINGTON D.C.
20542</b></font></p>

<p align="center"><font size="4" face="Arial"><b>FORM 11-K</b></font></p>

<p align="left"><font size="4" face="Arial"><b>X </b></font><font
face="Arial">ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 for the fiscal year ended
December 31, 2001</font></p>

<p align="left"><font face="Arial">or</font></p>

<p align="left"><font face="Arial">TRANSITION REPORT PURSUANT TO
SECTION 15(d) OF THE SECURITIES EXCHNAGE ACT OF 1934 for the
transition period from --- to ---.</font></p>

<p align="left"><font face="Arial">Commission File No. 1-12043</font></p>

<p align="left"><font face="Arial">A. Full title of the plan and
address of the plan, if different from that of the isuer named
below:</font></p>

<p align="center"><font face="Arial">FAHNESTOCK &amp; CO., INC.
401(k) PLAN<br>
125 Broad Street<br>
New York NY 10004<br>
U.S.A.</font></p>

<p align="left"><font face="Arial">B. Name of issuer of the
securities held pursuant to the plan and the address of its
principal executive office:</font></p>

<p align="center"><font face="Arial">FAHNESTOCK VINER HOLDINGS
INC.<br>
Suite 1110, PO Box 2015<br>
20 Eglinton Avenue West<br>
Toronto ON M4R 1K8<br>
Canada</font></p>

<p align="left">&nbsp;</p>

<p align="left"><font size="4" face="Arial">REQUIRED INFORMATION</font></p>

<p align="left"><font face="Arial">Item 1. Not applicable</font></p>

<p align="left"><font face="Arial">Item 2. Not applicable</font></p>

<p align="left"><font face="Arial">Item 3. Not applicable</font></p>

<p align="left"><font face="Arial">Item 4. Financial Statements
and Supplemental Information</font></p>

<p align="left">&nbsp;</p>

<p align="left">&nbsp;</p>

<p align="center"><font face="Arial"><b>Fahnestock &amp; Co.,
Inc. 401(k) Plan<br>
Financial Statements and Schedule<br>
December 31, 2001 and 2000</b></font></p>

<p align="left">Report of Independent Accountants 1</p>

<p align="left">Financial Statements: <br>
Statements of Net Assets Available for Benefits as of December
31, 2001 and 2000 2<br>
Statement of Changes in Net Assets Available for Benefits for the
Year Ended December 31, 2001 3<br>
Notes to Financial Statements 4-9</p>

<p align="left">Supplemental Schedule:<br>
Schedule I - Schedule of Assets (Held at End of Year) as of
December 31, 2001 10</p>

<p align="left">&nbsp;</p>

<p align="center"><b>Report of Independent Accountants</b></p>

<p align="left">&nbsp;</p>

<p align="left">To the Trustees of the Fahnestock &amp; Co., Inc.
401(k) Plan</p>

<p align="left">In our opinion, the accompanying statements of
net assets available for benefits and the related statement of
changes in net assets available for benefits present fairly, in
all material respects, the net assets available for benefits of
the Fahnestock &amp; Co., Inc. 401(k) Plan (the &quot;Plan&quot;)
at December 31, 2001 and 2000, and the changes in net assets
available for benefits for the year ended December 31, 2001, in
conformity with accounting principles generally accepted in the
United States of America. These financial statements are the
responsibility of the Plan&#146;s management; our responsibility
is to express an opinion on these financial statements based on
our audits. We conducted our audits of these statements in
accordance with auditing standards generally accepted in the
United States of America, which 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, assessing
the accounting principles used and significant estimates made by
management, and evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.</p>

<p align="left">Our audits were conducted for the purpose of
forming an opinion on the basic financial statements taken as a
whole. The supplemental schedule as listed on the accompanying
index is presented for the purpose of additional analysis and is
not a required part of the basic financial statements but is
supplementary information required by the Department of
Labor&#146;s Rules and Regulations for Reporting and Disclosure
under the Employee Retirement Income Security Act of 1974. This
supplemental schedule is the responsibility of the Plan&#146;s
management. The supplemental schedule has been subjected to the
auditing procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.</p>

<p align="left">June 15, 2002</p>

<p align="left">PRICEWATERHOUSECOOPERS LLP</p>

<p align="left">&nbsp;</p>

<p align="left"><strong>Fahnestock &amp; Co., Inc. 401(k) Plan<br>
Statements of Net Assets Available for Benefits</strong></p>

<table border="0" cellpadding="0" cellspacing="0" width="95%">
    <tr>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="55%" height="18">&nbsp;</td>
        <td valign="bottom" colspan="3" width="32%" height="18"><p
        align="center"><b>December 31,</b></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="55%" height="18">&nbsp;</td>
        <td valign="bottom" width="15%" height="18"><p
        align="center"><b>2001</b></p>
        </td>
        <td valign="bottom" width="1%" height="18">&nbsp;</td>
        <td valign="bottom" width="16%" height="18"><p
        align="center"><b>2000</b></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="55%" height="18">&nbsp;</td>
        <td valign="bottom" width="15%" height="18">&nbsp;</td>
        <td valign="bottom" width="1%" height="18">&nbsp;</td>
        <td valign="bottom" width="16%" height="18">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" colspan="4" width="9%" height="18"><p
        align="left">Assets</p>
        </td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="55%" height="18">&nbsp;</td>
        <td valign="bottom" width="15%" height="18">&nbsp;</td>
        <td valign="bottom" width="1%" height="18">&nbsp;</td>
        <td valign="bottom" width="16%" height="18">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" colspan="6" width="66%" height="18"><p
        align="left">Investments, at fair value</p>
        </td>
        <td valign="bottom" width="15%" height="18"><p
        align="right">$ 69,479,555 </p>
        </td>
        <td valign="bottom" width="1%" height="18"><p
        align="right">&nbsp;</p>
&nbsp;        </td>
        <td valign="bottom" width="16%" height="18"><p
        align="right">$ 73,321,982 </p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="55%" height="18">&nbsp;</td>
        <td valign="bottom" width="15%" height="18">&nbsp;</td>
        <td valign="bottom" width="1%" height="18">&nbsp;</td>
        <td valign="bottom" width="16%" height="18">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" colspan="7" width="68%" height="18"><p
        align="left">Contributions receivable from</p>
        </td>
        <td valign="bottom" width="15%" height="18">&nbsp;</td>
        <td valign="bottom" width="1%" height="18">&nbsp;</td>
        <td valign="bottom" width="16%" height="18">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" colspan="6" width="66%" height="18"><p
        align="left">Fahnestock &amp; Co. Inc.</p>
        </td>
        <td valign="bottom" width="15%" height="18"><p
        align="right">1,524,556 </p>
        </td>
        <td valign="bottom" width="1%" height="18">&nbsp;</td>
        <td valign="bottom" width="16%" height="18"><p
        align="right">- </p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" colspan="6" width="66%" height="18"><p
        align="left">Participants</p>
        </td>
        <td valign="bottom" width="15%" height="18"><p
        align="right">59,398 </p>
        </td>
        <td valign="bottom" width="1%" height="18">&nbsp;</td>
        <td valign="bottom" width="16%" height="18"><p
        align="right">358,189 </p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="55%" height="18">&nbsp;</td>
        <td valign="bottom" width="15%" height="18">&nbsp;</td>
        <td valign="bottom" width="1%" height="18">&nbsp;</td>
        <td valign="bottom" width="16%" height="18">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" colspan="7" width="68%" height="18"><p
        align="left">Loans receivable from participants</p>
        </td>
        <td valign="bottom" width="15%" height="18"><p
        align="right">1,872,019 </p>
        </td>
        <td valign="bottom" width="1%" height="18">&nbsp;</td>
        <td valign="bottom" width="16%" height="18"><p
        align="right">1,394,480 </p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="55%" height="18">&nbsp;</td>
        <td valign="bottom" width="15%" height="18">&nbsp;</td>
        <td valign="bottom" width="1%" height="18">&nbsp;</td>
        <td valign="bottom" width="16%" height="18">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" colspan="7" width="68%" height="18"><p
        align="left">Accrued income receivable</p>
        </td>
        <td valign="bottom" width="15%" height="18"><p
        align="right">46,793 </p>
        </td>
        <td valign="bottom" width="1%" height="18">&nbsp;</td>
        <td valign="bottom" width="16%" height="18"><p
        align="right">39,247 </p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="55%" height="18">&nbsp;</td>
        <td valign="bottom" width="15%" height="18">&nbsp;</td>
        <td valign="bottom" width="1%" height="18">&nbsp;</td>
        <td valign="bottom" width="16%" height="18">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" colspan="4" width="61%" height="18"><p
        align="left">Total assets</p>
        </td>
        <td valign="bottom" width="15%" height="18"><p
        align="right">$ 72,982,321 </p>
        </td>
        <td valign="bottom" width="1%" height="18"><p
        align="right">&nbsp;</p>
&nbsp;        </td>
        <td valign="bottom" width="16%" height="18"><p
        align="right">$ 75,113,898 </p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="55%" height="18">&nbsp;</td>
        <td valign="bottom" width="15%" height="18">&nbsp;</td>
        <td valign="bottom" width="1%" height="18">&nbsp;</td>
        <td valign="bottom" width="16%" height="18">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" colspan="5" width="11%" height="18"><p
        align="left">Liabilities</p>
        </td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="55%" height="18">&nbsp;</td>
        <td valign="bottom" width="15%" height="18">&nbsp;</td>
        <td valign="bottom" width="1%" height="18">&nbsp;</td>
        <td valign="bottom" width="16%" height="18">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" colspan="6" width="66%" height="18"><p
        align="left">Payable to Fahnestock &amp; Co. Inc.</p>
        </td>
        <td valign="bottom" width="15%" height="18"><p
        align="right">- </p>
        </td>
        <td valign="bottom" width="1%" height="18">&nbsp;</td>
        <td valign="bottom" width="16%" height="18"><p
        align="right">575,853 </p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="55%" height="18">&nbsp;</td>
        <td valign="bottom" width="15%" height="18">&nbsp;</td>
        <td valign="bottom" width="1%" height="18">&nbsp;</td>
        <td valign="bottom" width="16%" height="18">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" colspan="4" width="61%" height="18"><p
        align="left">Total liabilities</p>
        </td>
        <td valign="bottom" width="15%" height="18"><p
        align="right">- </p>
        </td>
        <td valign="bottom" width="1%" height="18">&nbsp;</td>
        <td valign="bottom" width="16%" height="18"><p
        align="right">575,853 </p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="55%" height="18">&nbsp;</td>
        <td valign="bottom" width="15%" height="18">&nbsp;</td>
        <td valign="bottom" width="1%" height="18">&nbsp;</td>
        <td valign="bottom" width="16%" height="18">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" colspan="4" width="61%" height="18"><p
        align="left">Net assets available for benefits</p>
        </td>
        <td valign="bottom" width="15%" height="18"><p
        align="right">$ 72,982,321 </p>
        </td>
        <td valign="bottom" width="1%" height="18"><p
        align="right">&nbsp;</p>
&nbsp;        </td>
        <td valign="bottom" width="16%" height="18"><p
        align="right">$ 74,538,045 </p>
        </td>
    </tr>
</table>

<p align="center">The accompanying notes are an integral part of
these financial statements.</p>

<p align="left">&nbsp;</p>

<p align="left">&nbsp;</p>

<p align="left"><strong>Fahnestock &amp; Co., Inc. 401(k) Plan<br>
Statements of Changes in Net Assets Available for Benefits<br>
For the year ended December 31, 2001</strong></p>

<table border="0" cellpadding="0" cellspacing="0" width="95%">
    <tr>
        <td valign="bottom" colspan="7" width="85%" height="18"><p
        align="left">Additions to net assets attributed to</p>
        </td>
        <td valign="bottom" width="15%" height="18">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="15%" height="18">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" colspan="7" width="85%" height="18"><p
        align="left">Contributions</p>
        </td>
        <td valign="bottom" width="15%" height="18">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" colspan="6" width="73%" height="18"><p
        align="left">Participants</p>
        </td>
        <td valign="bottom" width="15%" height="18"><p
        align="right">$ 5,337,768 </p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" colspan="6" width="73%" height="18"><p
        align="left">Employer</p>
        </td>
        <td valign="bottom" width="15%" height="18"><p
        align="right">1,524,556 </p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="15%" height="18">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" colspan="4" width="48%" height="18"><p
        align="left">Total contributions</p>
        </td>
        <td valign="bottom" width="15%" height="18"><p
        align="right">6,862,324 </p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="15%" height="18">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" colspan="7" width="85%" height="18"><p
        align="left">Additions (deductions) from net assets
        attributed to</p>
        </td>
        <td valign="bottom" width="15%" height="18">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" colspan="6" width="73%" height="18"><p
        align="left">Net realized and unrealized losses on
        investments</p>
        </td>
        <td valign="bottom" width="15%" height="18"><p
        align="right">(4,796,070)</p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" colspan="5" width="60%" height="18"><p
        align="left">Interest</p>
        </td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="15%" height="18"><p
        align="right">297,045 </p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" colspan="6" width="73%" height="18"><p
        align="left">Dividends</p>
        </td>
        <td valign="bottom" width="15%" height="18"><p
        align="right">743,767 </p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="15%" height="18">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" colspan="4" width="48%" height="18"><p
        align="left">Net investment loss</p>
        </td>
        <td valign="bottom" width="15%" height="18"><p
        align="right">(3,755,258)</p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="15%" height="18">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" colspan="6" width="73%" height="18"><p
        align="left">Benefits paid to participants</p>
        </td>
        <td valign="bottom" width="15%" height="18"><p
        align="right">4,662,790 </p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="15%" height="18">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" colspan="4" width="48%" height="18"><p
        align="left">Total deductions</p>
        </td>
        <td valign="bottom" width="15%" height="18"><p
        align="right">8,418,048 </p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="15%" height="18">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" colspan="4" width="48%" height="18"><p
        align="left">Net decrease in net assets</p>
        </td>
        <td valign="bottom" width="15%" height="18"><p
        align="right">(1,555,724)</p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="15%" height="18">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" colspan="7" width="85%" height="18"><p
        align="left">Net assets available for benefits</p>
        </td>
        <td valign="bottom" width="15%" height="18">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" colspan="6" width="73%" height="18"><p
        align="left">Beginning of year</p>
        </td>
        <td valign="bottom" width="15%" height="18"><p
        align="right">74,538,045 </p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" width="15%" height="18">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="12%" height="18">&nbsp;</td>
        <td valign="bottom" colspan="6" width="73%" height="18"><p
        align="left">End of year</p>
        </td>
        <td valign="bottom" width="15%" height="18"><p
        align="right">$ 72,982,321 </p>
        </td>
    </tr>
</table>

<p align="center">The accompanying notes are an integral part of
these financial statements.</p>

<p align="center">&nbsp;</p>

<p align="left"><strong>Fahnestock &amp; Co., Inc. 401(k) Plan<br>
Notes to Financial Statements</strong></p>

<p align="left"><b>1. Description of the Plan</b></p>

<blockquote>
    <blockquote>
        <p align="left">The following description of the
        Fahnestock &amp; Co., Inc. 401(k) Plan (the
        &quot;Plan&quot;) provides only general information.
        Participants should refer to the plan agreement for a
        more complete description of the Plan&#146;s provisions.</p>
        <p align="left"><b>General<br>
        </b>The Plan was established on January&nbsp;1, 1987 and
        was amended and restated to add a profit-sharing
        provision effective January&nbsp;1, 1991. The Plan was
        subsequently amended effective January 1, 1998 to change
        the rates used in computing the discretionary profit
        sharing contribution from Fahnestock &amp; Co., Inc. (the
        &quot;Company&quot;).</p>
        <p align="left">Effective January 1, 1999, employees of
        the First of Michigan Division of the Company became
        eligible to participate in the Plan.</p>
        <p align="left">Employees of the Company who are 21 and
        have completed one year of service shall be eligible to
        receive an allocation of the discretionary profit sharing
        contribution. Employees of the Company who are 21 and
        have completed six months of service shall be eligible to
        make elective deferrals into the Plan.</p>
        <p align="left"><b>Allocation provisions<br>
        </b>Under the terms of the Plan, the individual makes all
        investment decisions with respect to his/her account
        balance, subject to available investment alternatives.
        Participants should refer to the respective fund
        prospectus for a more complete description of the
        investment objectives. These investment alternatives
        include:</p>
        <p align="left">Bond Fund - Funds are invested in U.S.
        government and high quality U.S. corporate securities.</p>
        <p align="left">Money Market Fund - Funds are invested in
        the Fahnestock Prime Cash Series Fund.</p>
        <p align="left">Vanguard Index Trust Fund - Funds are
        invested in shares of a registered investment company
        that invests in large capitalization stocks that is
        designed to replicate the performance of the Standard and
        Poors 500 Index.</p>
        <p align="left">AIM Value Fund - Funds are invested in
        shares of a registered investment company that seeks long
        term growth by investing in under valued securities.</p>
        <p align="left">MFS Emerging Growth Fund - Funds are
        invested in shares of a registered investment company
        that seeks long term growth by primarily investing in
        stocks of small and emerging companies.</p>
        <p align="left">Templeton World Fund - Funds are invested
        in shares of a registered investment company that seeks
        long term growth by investing in companies throughout the
        world.</p>
        <p align="left">Putnam Fund for Growth and Income - Funds
        are invested in shares of a registered investment company
        that seeks capital growth and current income.</p>
        <p align="left">Certificate of Deposit Fund - Funds are
        invested in certificates of deposits and the Fahnestock
        Prime Cash Series Fund.</p>
        <p align="left">Fahnestock Viner Holdings Inc. Common
        Stock Fund - Funds are invested in common stock of the
        Company&#146;s parent, Fahnestock Viner Holdings Inc.</p>
        <p align="left">Ivy U.S. Emerging Growth Fund - Funds are
        invested in shares of a registered investment company
        that seeks long-term capital growth primarily through
        investment in equity securities.</p>
        <p align="left"><b>Company contributions<br>
        </b>As discussed above, the Company may contribute to the
        Plan a discretionary profit-sharing amount (the
        &quot;Employer Regular Contribution&quot;). The Employer
        Regular Contribution is determined by its Board of
        Directors and is subject to guidelines set forth in the
        Plan description.</p>
        <p align="left">Employer Regular Contributions for the
        year ending December 31, 2001 were determined as follows:
        </p>
    </blockquote>
</blockquote>

<blockquote>
    <blockquote>
        <ul>
            <li>1.9% of the first $30,000 of a participant&#146;s
                compensation;</li>
            <li>4.8% of the next $10,000 of a participant&#146;s
                compensation;</li>
            <li>5.5% of the next $25,000 of a participant&#146;s
                compensation;</li>
            <li>6.0% of the next $35,000 of a participant&#146;s
                compensation;</li>
            <li>2.0% of the next $60,000 of a participant&#146;s
                compensation; and</li>
            <li>0% above $160,000 of a participant&#146;s
                compensation.</li>
        </ul>
    </blockquote>
</blockquote>

<blockquote>
    <blockquote>
        <p align="left">If participants elect to receive their
        Employer Regular Contribution in the form of common stock
        of Fahnestock Viner Holdings Inc. (&quot;Holdings&quot;),
        the Company may make an additional contribution of
        Holdings common stock up to or equal to 15 percent of the
        purchase price of the common stock (the &quot;Employer
        Stock Contribution&quot;) at the discretion of the
        Directors of the Board.</p>
        <p align="left">For the year ended December 31, 2001 the
        total Company contribution was approximately $1,525,000
        plus approximately $681,000 which was contributed by the
        Company as an Employer Stock Contribution from forfeited
        accounts.</p>
        <p align="left">Employees may make salary deferral
        contributions of up to 14% of compensation. Current law
        limits participant deferrals to $10,500 for the plan year
        ended December&nbsp;31, 2001.</p>
        <p align="left"><b>Vesting<br>
        </b>All participants are immediately and fully vested in
        all Employee Elective Deferrals and the income derived
        from the investment of such contributions.</p>
        <p align="left">Participants will be vested in Employer
        Regular Contributions plus the income thereon upon the
        completion of service with the Company or an affiliate at
        the following rate:</p>
    </blockquote>
</blockquote>

<blockquote>
    <blockquote>
        <ul>
            <li>Less than 3 years of service 0%</li>
            <li>After 3 years of service 20%</li>
            <li>After 4 years of service 40%</li>
            <li>After 5 years of service 60%</li>
            <li>After 6 years of service 80%</li>
            <li>After 7 years of service 100%</li>
        </ul>
    </blockquote>
</blockquote>

<blockquote>
    <blockquote>
        <p align="left">All years of service with the Company or
        an affiliate are counted to determine a
        participant&#146;s nonforfeitable percentage except years
        of service before the Plan was restated in 1991.
        Participants will be 100 percent vested in the additional
        portion of the Employer Stock Contributions only upon
        completion of 5 years service.</p>
        <p align="left">At December 31, 2001, forfeited nonvested
        accounts totaled approximately $988,000. These accounts
        will be used to reduce future employer contributions. The
        2001 employer contributions were reduced by approximately
        $681,000 from forfeited nonvested accounts.</p>
        <p align="left">Company Qualified Matching and Qualified
        Non-Elective Contributions as defined in the Plan
        document, if required, are fully vested when made. No
        payments under these provisions were required during the
        year ended December 31, 2001.</p>
        <p align="left">Notwithstanding the vesting schedules
        specified above, with respect to retirement, a
        participant&#146;s right to his or her accounts will be
        nonforfeitable upon the attainment of: the later of age
        65 or the fifth anniversary of the participation
        commencement date; death; or disability, as defined.</p>
        <p align="left"><b>Payment of benefits<br>
        </b>Payment of vested benefits under the Plan will be
        made in the event of a participant&#146;s termination of
        employment, death, retirement, or financial hardship and
        may be paid in either a lump-sum distribution or over a
        certain period of time as determined by IRS rules or by
        participant election.</p>
        <p align="left"><b>Loans to participants<br>
        </b>Loans are made available to all participants. Loans
        must be adequately collateralized using not more than
        fifty percent of the participant&#146;s vested account
        balance and bear a fixed interest rate of 8%. Loan
        principal and interest payments are applied to fund
        balances from which proceeds were drawn unless otherwise
        specified by the participant.</p>
        <p align="left"><b>Income tax status<br>
        </b>The Plan received a determination letter on
        August&nbsp;2, 1994, from the Internal Revenue Service
        (IRS) qualifying the Plan under the IRS code as exempt
        from Federal income taxes. The Plan has been amended
        since receiving the determination letter. However, the
        Plan administrator believes that the Plan continues to be
        designed and operated in compliance with the applicable
        requirements of the Internal Revenue Code.</p>
    </blockquote>
</blockquote>

<p align="left"><b>2. Significant Accounting Policies</b></p>

<blockquote>
    <blockquote>
        <p align="left">Securities transactions are recorded on a
        trade date basis with gains and losses reflected in
        income. Interest and dividend income are recorded on the
        accrual basis.</p>
        <p align="left">Investments are stated at fair value,
        based on quoted market prices for valuation of common
        stock, debt obligations, and mutual funds. Assets held in
        money market accounts are valued at cost which
        approximates fair value.</p>
        <p align="left">Benefits are recorded when paid.</p>
        <p align="left">The Plan presents in the statement of
        changes in net assets available for benefits the net
        depreciation in the fair value of its investments which
        consists of the realized gains or losses and the
        unrealized appreciation (depreciation) on those
        investments.</p>
        <p align="left">The preparation of financial statements
        in conformity with generally accepted accounting
        principles requires management to make estimates and
        assumptions that affect the reported amounts of assets
        and liabilities and disclosure of contingent assets and
        liabilities at the dates of the financial statements and
        the reported amounts of additions and contribution to,
        and deductions from net assets during the reporting
        period. Actual results could differ from those estimates.</p>
        <p align="left">The Plan provides for various investment
        options in any combination of stocks, bonds, fixed income
        securities, mutual funds, and other investment
        securities. Investment securities are subject to interest
        rate, market, foreign exchange and credit risks.</p>
        <p align="left">Due to the risk associated with certain
        investment securities and the level of uncertainty
        related to changes in the value of investment securities,
        it is at least reasonably possible that changes in the
        near term could materially affect participants&#146;
        account balances and the amounts reported in the
        statements of net assets available for benefits and the
        statement of changes in net assets available for
        benefits.</p>
    </blockquote>
</blockquote>

<p align="left"><b>3. Related Parties</b></p>

<blockquote>
    <blockquote>
        <p align="left">The Company acts as investment advisor
        and administrator. It is the custodian of the Plan assets
        in the Bond Fund, the Money Market Fund, the Certificate
        of Deposit Fund, and the Fahnestock Viner Holdings Inc.
        Common Stock Fund. The Company executes the Plan&#146;s
        transactions, and provides accounting and other
        administrative services for which no charge is made to
        the Plan.</p>
        <p align="left">The Trustees of the Plan are also
        officers and directors of the Company.</p>
    </blockquote>
</blockquote>

<p align="left"><b>4. Concentration of Investments</b></p>

<blockquote>
    <blockquote>
        <p align="left">The following investments represent 5% or
        more of net assets available for plan benefits as of
        December 31, 2001:</p>
        <table border="0">
            <tr>
                <td width="10" height="18" class="xl22"
                style="height:14.1pt;width:8pt">&nbsp;</td>
                <td width="10" class="xl22" style="width:8pt">&nbsp;</td>
                <td width="10" class="xl22" style="width:8pt">&nbsp;</td>
                <td width="10" class="xl22" style="width:8pt">&nbsp;</td>
                <td width="10" class="xl22" style="width:8pt">&nbsp;</td>
                <td width="10" class="xl22" style="width:8pt">&nbsp;</td>
                <td width="288" style="width:216pt">&nbsp;</td>
                <td width="83" style="width:62pt">&nbsp;</td>
                <td width="34" style="width:26pt">&nbsp;</td>
                <td width="50" class="xl24" style="width:38pt">Percent
                of Net</td>
                <td width="32" style="width:24pt">&nbsp;</td>
            </tr>
            <tr>
                <td height="18" class="xl23"
                style="height:14.1pt">&nbsp;</td>
                <td class="xl23">&nbsp;</td>
                <td class="xl23">&nbsp;</td>
                <td class="xl23">&nbsp;</td>
                <td class="xl23">&nbsp;</td>
                <td class="xl23">&nbsp;</td>
                <td class="xl23">&nbsp;</td>
                <td class="xl24">Market</td>
                <td class="xl23">&nbsp;</td>
                <td class="xl24">Assets Available</td>
                <td class="xl23">&nbsp;</td>
            </tr>
            <tr>
                <td height="18" class="xl23"
                style="height:14.1pt">&nbsp;</td>
                <td class="xl23">&nbsp;</td>
                <td class="xl23">&nbsp;</td>
                <td class="xl23">&nbsp;</td>
                <td class="xl23">&nbsp;</td>
                <td class="xl23">&nbsp;</td>
                <td class="xl23">&nbsp;</td>
                <td class="xl24">Value</td>
                <td class="xl23">&nbsp;</td>
                <td class="xl24">for Plan Benefits</td>
                <td class="xl23">&nbsp;</td>
            </tr>
            <tr>
                <td height="13" class="xl23"
                style="height:9.95pt">&nbsp;</td>
                <td class="xl23">&nbsp;</td>
                <td class="xl23">&nbsp;</td>
                <td class="xl23">&nbsp;</td>
                <td class="xl23">&nbsp;</td>
                <td class="xl23">&nbsp;</td>
                <td class="xl23">&nbsp;</td>
                <td class="xl24">&nbsp;</td>
                <td class="xl23">&nbsp;</td>
                <td class="xl24">&nbsp;</td>
                <td class="xl23">&nbsp;</td>
            </tr>
            <tr>
                <td colspan="7" height="18" class="xl25"
                style="height:14.1pt;mso-ignore:colspan"
                x:str="Fahnestock Prime Cash Series ">Fahnestock
                Prime Cash Series </td>
                <td class="xl27">&nbsp;</td>
                <td class="xl27">&nbsp;</td>
                <td class="xl27">&nbsp;</td>
                <td class="xl27">&nbsp;</td>
            </tr>
            <tr>
                <td height="18" class="xl22"
                style="height:14.1pt">&nbsp;</td>
                <td colspan="5" class="xl25"
                style="mso-ignore:colspan" x:str="Held by: ">Held
                by: </td>
                <td class="xl25">Money Market Fund</td>
                <td class="xl27" x:num="6402075"><p align="right"><font
                color="#000000">6,402,075</font></p>
                </td>
                <td class="xl26">&nbsp;</td>
                <td class="xl26">&nbsp;</td>
                <td class="xl26">&nbsp;</td>
            </tr>
            <tr>
                <td height="18" class="xl22"
                style="height:14.1pt">&nbsp;</td>
                <td class="xl22">&nbsp;</td>
                <td class="xl25">&nbsp;</td>
                <td class="xl25">&nbsp;</td>
                <td class="xl25">&nbsp;</td>
                <td class="xl22">&nbsp;</td>
                <td class="xl25">Bond Fund</td>
                <td align="right" class="xl26" x:num="26656"><font
                color="#000000">26,656</font></td>
                <td class="xl26">&nbsp;</td>
                <td class="xl26">&nbsp;</td>
                <td class="xl26">&nbsp;</td>
            </tr>
            <tr>
                <td height="18" class="xl22"
                style="height:14.1pt">&nbsp;</td>
                <td class="xl22">&nbsp;</td>
                <td class="xl25">&nbsp;</td>
                <td class="xl25">&nbsp;</td>
                <td class="xl25">&nbsp;</td>
                <td class="xl22">&nbsp;</td>
                <td class="xl25">Certificate of Deposit Fund</td>
                <td align="right" class="xl28" x:num="227577"><font
                color="#000000">227,577</font></td>
                <td class="xl26">&nbsp;</td>
                <td class="xl26">&nbsp;</td>
                <td class="xl26">&nbsp;</td>
            </tr>
            <tr>
                <td colspan="7" height="18" class="xl25"
                style="height:14.1pt;mso-ignore:colspan">Total
                Fahnestock Prime Cash Series</td>
                <td align="right" class="xl28" x:num="6656308"
                x:fmla="=SUM(H6:H8)"><font color="#000000">6,656,308</font></td>
                <td class="xl26">&nbsp;</td>
                <td align="right" class="xl29"
                x:num="9.1200000000000003E-2">9.12%</td>
                <td class="xl26">&nbsp;</td>
            </tr>
            <tr>
                <td height="13" class="xl25"
                style="height:9.95pt">&nbsp;</td>
                <td class="xl25">&nbsp;</td>
                <td class="xl25">&nbsp;</td>
                <td class="xl25">&nbsp;</td>
                <td class="xl25">&nbsp;</td>
                <td class="xl25">&nbsp;</td>
                <td class="xl26">&nbsp;</td>
                <td class="xl26">&nbsp;</td>
                <td class="xl26">&nbsp;</td>
                <td class="xl29">&nbsp;</td>
                <td class="xl26">&nbsp;</td>
            </tr>
            <tr>
                <td colspan="7" height="18" class="xl25"
                style="height:14.1pt;mso-ignore:colspan">Fahnestock
                Viner Holdings Inc. - Common Stock Fund</td>
                <td align="right" class="xl26" x:num="19360030"><font
                color="#000000">19,360,030</font></td>
                <td class="xl26">&nbsp;</td>
                <td align="right" class="xl29"
                x:num="0.26529999999999998">26.53%</td>
                <td class="xl26">&nbsp;</td>
            </tr>
            <tr>
                <td colspan="7" height="18" class="xl25"
                style="height:14.1pt;mso-ignore:colspan">Vanguard
                Index Trust Fund</td>
                <td align="right" class="xl26" x:num="9698686"><font
                color="#000000">9,698,686</font></td>
                <td class="xl26">&nbsp;</td>
                <td align="right" class="xl29"
                x:num="0.13289999999999999">13.29%</td>
                <td class="xl26">&nbsp;</td>
            </tr>
            <tr>
                <td colspan="7" height="18" class="xl25"
                style="height:14.1pt;mso-ignore:colspan">AIM
                Value Fund</td>
                <td align="right" class="xl26" x:num="10833438"><font
                color="#000000">10,833,438</font></td>
                <td class="xl26">&nbsp;</td>
                <td align="right" class="xl29" x:num="0.1484">14.84%</td>
                <td class="xl26">&nbsp;</td>
            </tr>
            <tr>
                <td colspan="7" height="18" class="xl25"
                style="height:14.1pt;mso-ignore:colspan">MFS
                Emerging Growth Fund</td>
                <td align="right" class="xl26" x:num="6908679"><font
                color="#000000">6,908,679</font></td>
                <td class="xl26">&nbsp;</td>
                <td align="right" class="xl29"
                x:num="9.4700000000000006E-2">9.47%</td>
                <td class="xl26">&nbsp;</td>
            </tr>
            <tr>
                <td colspan="7" height="18" class="xl25"
                style="height:14.1pt;mso-ignore:colspan">Templeton
                World Fund</td>
                <td align="right" class="xl26" x:num="4952092"><font
                color="#000000">4,952,092</font></td>
                <td class="xl26">&nbsp;</td>
                <td align="right" class="xl29"
                x:num="6.7900000000000002E-2">6.79%</td>
                <td class="xl26">&nbsp;</td>
            </tr>
            <tr>
                <td colspan="7" height="18" class="xl25"
                style="height:14.1pt;mso-ignore:colspan">Putnam
                Fund for Growth and Income</td>
                <td align="right" class="xl26" x:num="3782277"><font
                color="#000000">3,782,277</font></td>
                <td class="xl26">&nbsp;</td>
                <td align="right" class="xl29"
                x:num="5.1799999999999999E-2">5.18%</td>
                <td class="xl26">&nbsp;</td>
            </tr>
        </table>
    </blockquote>
</blockquote>

<blockquote>
    <blockquote>
        <p align="left">&nbsp;</p>
        <p align="left">During 2001, the Plan&#146;s investments
        (including gains and losses on investments bought and
        sold, as well as held during the year) depreciated in
        value by $4,796,070 as follows:</p>
    </blockquote>
</blockquote>

<table border="0" cellpadding="0" cellspacing="0" width="95%">
    <tr>
        <td valign="top" width="80%"><p align="left">Mutual funds</p>
        </td>
        <td valign="top" width="20%"><p align="right">$(7,757,312)</p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="80%"><p align="left">Common stock</p>
        </td>
        <td valign="top" width="20%"><p align="right">2,877,523</p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="80%"><p align="left">Corporate
        bonds</p>
        </td>
        <td valign="top" width="20%"><p align="right">18,729</p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="80%"><p align="left">U.S.
        Government securities</p>
        </td>
        <td valign="top" width="20%"><p align="right">27,511</p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="80%"><p align="left">Certificate
        of deposit</p>
        </td>
        <td valign="top" width="20%"><p align="right">37,479</p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="80%">&nbsp;</td>
        <td valign="top" width="20%"><p align="right">$(4,796,070)</p>
        </td>
    </tr>
</table>

<p align="left">&nbsp;</p>

<p align="left"><b>5. Plan Termination</b></p>

<blockquote>
    <blockquote>
        <p align="left">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
        (&quot;ERISA&quot;). In the event of Plan termination,
        participants will become 100 percent vested in their
        contributions and related investment earnings.</p>
    </blockquote>
</blockquote>

<p align="left"><b>6. Reconciliation of Financial Statements to
Form 5500</b></p>

<blockquote>
    <blockquote>
        <p align="left">The following is a reconciliation of net
        assets available for benefits per the financial
        statements to the Form 5500:</p>
    </blockquote>
</blockquote>

<table border="0" cellpadding="0" cellspacing="0" width="95%">
    <tr>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="64%" height="18">&nbsp;</td>
        <td valign="bottom" width="21%" height="18">&nbsp;</td>
        <td valign="bottom" width="3%" height="18">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="64%" height="18">&nbsp;</td>
        <td valign="bottom" width="21%" height="18"><p
        align="center"><font size="3"><b>December 31, 2001</b></font></p>
        </td>
        <td valign="bottom" width="3%" height="18">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="64%" height="18">&nbsp;</td>
        <td valign="bottom" width="21%" height="18">&nbsp;</td>
        <td valign="bottom" width="3%" height="18">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" colspan="7" width="76%" height="18"><p
        align="left"><font size="3">Net assets available for
        benefits per the financial statements</font></p>
        </td>
        <td valign="bottom" width="21%" height="18"><p
        align="right"><font size="3">$ 72,982,321 </font></p>
        </td>
        <td valign="bottom" width="3%" height="18">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" colspan="7" width="76%" height="18"><p
        align="left"><font size="3">Amounts allocated to
        withdrawing participants</font></p>
        </td>
        <td valign="bottom" width="21%" height="18"><p
        align="right"><font size="3">(181,295)</font></p>
        </td>
        <td valign="bottom" width="3%" height="18">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="64%" height="18">&nbsp;</td>
        <td valign="bottom" width="21%" height="18">&nbsp;</td>
        <td valign="bottom" width="3%" height="18">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" colspan="2" width="66%" height="18"><p
        align="left"><font size="3"><b>Net assets available for
        benefits per the Form 5500</b></font></p>
        </td>
        <td valign="bottom" width="21%" height="18"><p
        align="right"><font size="3">$ 72,801,026 </font></p>
        </td>
        <td valign="bottom" width="3%" height="18">&nbsp;</td>
    </tr>
</table>

<blockquote>
    <blockquote>
        <p align="left">The following is a reconciliation of
        benefits paid to participants per the financial
        statements to the Form 5000:</p>
    </blockquote>
</blockquote>

<table border="0" cellpadding="0" cellspacing="0" width="95%">
    <tr>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="64%" height="18">&nbsp;</td>
        <td valign="bottom" width="21%" height="18"><p
        align="center"><font size="3"><b>Year ended</b></font></p>
        </td>
        <td valign="bottom" width="3%" height="18">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="64%" height="18">&nbsp;</td>
        <td valign="bottom" width="21%" height="18"><p
        align="center"><font size="3"><b>December 31, 2001</b></font></p>
        </td>
        <td valign="bottom" width="3%" height="18">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="64%" height="18">&nbsp;</td>
        <td valign="bottom" width="21%" height="18">&nbsp;</td>
        <td valign="bottom" width="3%" height="18">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" colspan="7" width="76%" height="18"><p
        align="left"><font size="3">Benefits paid to participants
        per the financial statements</font></p>
        </td>
        <td valign="bottom" width="21%" height="18"><p
        align="right"><font size="3">$ 4,662,790 </font></p>
        </td>
        <td valign="bottom" width="3%" height="18">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" colspan="7" width="76%" height="18"><p
        align="left"><font size="3">Add: Amounts allocated to
        withdrawing participants at </font></p>
        </td>
        <td valign="bottom" width="21%" height="18">&nbsp;</td>
        <td valign="bottom" width="3%" height="18">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" colspan="6" width="74%" height="18"><p
        align="left"><font size="3">December 31, 2001</font></p>
        </td>
        <td valign="bottom" width="21%" height="18"><p
        align="right"><font size="3">181,295 </font></p>
        </td>
        <td valign="bottom" width="3%" height="18">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="64%" height="18">&nbsp;</td>
        <td valign="bottom" width="21%" height="18">&nbsp;</td>
        <td valign="bottom" width="3%" height="18">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" width="2%" height="18">&nbsp;</td>
        <td valign="bottom" colspan="2" width="66%" height="18"><p
        align="left"><font size="3"><b>Benefits paid to
        participants per the Form 5500</b></font></p>
        </td>
        <td valign="bottom" width="21%" height="18"><p
        align="right"><font size="3">$ 4,844,085 </font></p>
        </td>
        <td valign="bottom" width="3%" height="18">&nbsp;</td>
    </tr>
</table>

<blockquote>
    <blockquote>
        <p align="left">Amounts allocated to withdrawing
        participants are recorded on the Form 5500 for benefit
        claims that have been processed and approved for payment
        prior to December 31, but not yet paid as of that date.</p>
    </blockquote>
</blockquote>

<p align="left"><b>7. Subsequent Events</b></p>

<blockquote>
    <blockquote>
        <p align="left">In January 2002 the Plan invested the
        employer contribution in accordance with the
        participants&#146; elections.</p>
        <p align="left">Effective July 1, 2002, the following
        plans were merged into the Plan:</p>
    </blockquote>
</blockquote>

<blockquote>
    <blockquote>
        <ul>
            <li>First of Michigan A Division of Fahnestock &amp;
                Co. Inc. Capital Accumulation 401(k) Plan</li>
            <li>Josephthal &amp; Co., Inc. Employee Savings Plan</li>
            <li>Prime Charter Limited Tax Deferred Savings Plan</li>
            <li>Buy&amp;hold.com Inc. 401(k) Retirement Plan</li>
        </ul>
    </blockquote>
</blockquote>

<blockquote>
    <blockquote>
        <p align="left">The Plan document was amended effective
        July 1, 2002. Nationwide Trust Company was appointed as
        trustee and The 401K Company was hired to administer the
        Plan.</p>
    </blockquote>
</blockquote>

<p align="left">Fahnestock &amp; Co., Inc. 401(k) Plan<br>
Schedule of Assets (Held at End of Year)<br>
December 31, 2001 </p>

<p align="right">Schedule 1</p>

<table border="0" cellpadding="0" cellspacing="0" width="95%">
    <tr>
        <td valign="bottom" width="2%" height="16">&nbsp;</td>
        <td valign="bottom" width="2%" height="16">&nbsp;</td>
        <td valign="bottom" width="2%" height="16">&nbsp;</td>
        <td valign="bottom" width="2%" height="16">&nbsp;</td>
        <td valign="bottom" width="2%" height="16">&nbsp;</td>
        <td valign="bottom" width="2%" height="16">&nbsp;</td>
        <td valign="bottom" width="55%" height="16">&nbsp;</td>
        <td valign="bottom" width="3%" height="16">&nbsp;</td>
        <td valign="bottom" width="12%" height="16">&nbsp;</td>
        <td valign="bottom" width="2%" height="16">&nbsp;</td>
        <td valign="bottom" width="15%" height="16"><p
        align="center"><font size="2"><b>Fair or</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="14">&nbsp;</td>
        <td valign="bottom" width="2%" height="14">&nbsp;</td>
        <td valign="bottom" width="2%" height="14">&nbsp;</td>
        <td valign="bottom" width="2%" height="14">&nbsp;</td>
        <td valign="bottom" width="2%" height="14">&nbsp;</td>
        <td valign="bottom" width="2%" height="14">&nbsp;</td>
        <td valign="bottom" width="55%" height="14"><p
        align="left"><font size="2"><b><u>Description</u></b></font></p>
        </td>
        <td valign="bottom" width="3%" height="14">&nbsp;</td>
        <td valign="bottom" width="12%" height="14">&nbsp;</td>
        <td valign="bottom" width="2%" height="14">&nbsp;</td>
        <td valign="bottom" width="15%" height="14"><p
        align="center"><font size="2"><b>Stated Value</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="55%" height="5">&nbsp;</td>
        <td valign="bottom" width="3%" height="5">&nbsp;</td>
        <td valign="bottom" width="12%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="15%" height="5">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" colspan="6" width="12%" height="15"><p
        align="left"><font size="2"><b>Bond Fund</b></font></p>
        </td>
        <td valign="bottom" width="55%" height="15">&nbsp;</td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="12%" height="15">&nbsp;</td>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" width="15%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="55%" height="5">&nbsp;</td>
        <td valign="bottom" width="3%" height="5">&nbsp;</td>
        <td valign="bottom" width="12%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="15%" height="5">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" colspan="7" width="67%" height="15"><p
        align="left"><font size="2">Fahnestock Prime Cash Series
        Fund</font></p>
        </td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="12%" height="15">&nbsp;</td>
        <td valign="bottom" width="2%" height="15"><p
        align="right">&nbsp;</p>
&nbsp;        </td>
        <td valign="bottom" width="15%" height="15"><p
        align="right"><font size="2">$ 26,656 </font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" colspan="4" width="8%" height="15"><p
        align="left"><font size="2">Notes:</font></p>
        </td>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" width="55%" height="15">&nbsp;</td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="12%" height="15">&nbsp;</td>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" width="15%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" colspan="6" width="65%" height="15"><p
        align="left"><font size="2">U.S. Treasury Notes, 7.5% due
        May 15, 2002</font></p>
        </td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="12%" height="15">&nbsp;</td>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" width="15%" height="15"><p
        align="right"><font size="2">102,156 </font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" colspan="6" width="65%" height="15"><p
        align="left"><font size="2">U.S. Treasury Notes, 5.125%
        due December 31, 2002</font></p>
        </td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="12%" height="15">&nbsp;</td>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" width="15%" height="15"><p
        align="right"><font size="2">154,546 </font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" colspan="6" width="65%" height="15"><p
        align="left"><font size="2">U.S. Treasury Notes, 4.75%
        due January 31, 2003</font></p>
        </td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="12%" height="15">&nbsp;</td>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" width="15%" height="15"><p
        align="right"><font size="2">256,953 </font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" colspan="6" width="65%" height="15"><p
        align="left"><font size="2">U.S. Treasury Notes, 6.25%
        due February 15, 2003</font></p>
        </td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="12%" height="15">&nbsp;</td>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" width="15%" height="15"><p
        align="right"><font size="2">104,438 </font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" colspan="6" width="65%" height="15"><p
        align="left"><font size="2">U.S. Treasury Notes, 4.25%
        due November 15, 2003</font></p>
        </td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="12%" height="15">&nbsp;</td>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" width="15%" height="15"><p
        align="right"><font size="2">255,938 </font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" colspan="6" width="65%" height="15"><p
        align="left"><font size="2">U.S. Treasury Notes, 4.75%,
        due February 15, 2004</font></p>
        </td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="12%" height="15">&nbsp;</td>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" width="15%" height="15"><p
        align="right"><font size="2">258,125 </font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" colspan="6" width="65%" height="15"><p
        align="left"><font size="2">U.S. Treasury Notes, 7.25%,
        due August 15, 2004</font></p>
        </td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="12%" height="15">&nbsp;</td>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" width="15%" height="15"><p
        align="right"><font size="2">136,485 </font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" colspan="6" width="65%" height="15"><p
        align="left"><font size="2">U.S. Treasury Notes, 6.5% due
        August 15, 2005</font></p>
        </td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="12%" height="15">&nbsp;</td>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" width="15%" height="15"><p
        align="right"><font size="2">162,469 </font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" colspan="6" width="65%" height="15"><p
        align="left"><font size="2">U.S. Treasury Notes, 5.75%,
        due November 15, 2005</font></p>
        </td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="12%" height="15">&nbsp;</td>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" width="15%" height="15"><p
        align="right"><font size="2">264,140 </font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" colspan="6" width="65%" height="15"><p
        align="left"><font size="2">U.S. Treasury Notes, 6.5%,
        due October 15, 2006</font></p>
        </td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="12%" height="15">&nbsp;</td>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" width="15%" height="15"><p
        align="right"><font size="2">163,359 </font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" colspan="6" width="65%" height="15"><p
        align="left"><font size="2">U.S. Treasury Notes, 6.125%,
        due August 15, 2007</font></p>
        </td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="12%" height="15">&nbsp;</td>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" width="15%" height="15"><p
        align="right"><font size="2">107,594 </font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="55%" height="5">&nbsp;</td>
        <td valign="bottom" width="3%" height="5">&nbsp;</td>
        <td valign="bottom" width="12%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="15%" height="5">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="16">&nbsp;</td>
        <td valign="bottom" width="2%" height="16">&nbsp;</td>
        <td valign="bottom" width="2%" height="16">&nbsp;</td>
        <td valign="bottom" colspan="4" width="61%" height="16"><p
        align="left"><font size="2">Total Notes</font></p>
        </td>
        <td valign="bottom" width="3%" height="16">&nbsp;</td>
        <td valign="bottom" width="12%" height="16">&nbsp;</td>
        <td valign="bottom" width="2%" height="16">&nbsp;</td>
        <td valign="bottom" width="15%" height="16"><p
        align="right"><font size="2">1,966,203 </font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="55%" height="5">&nbsp;</td>
        <td valign="bottom" width="3%" height="5">&nbsp;</td>
        <td valign="bottom" width="12%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="15%" height="5">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" colspan="7" width="67%" height="15"><p
        align="left"><font size="2">Corporate Bonds:</font></p>
        </td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="12%" height="15">&nbsp;</td>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" width="15%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" colspan="6" width="65%" height="15"><p
        align="left"><font size="2">Warner Lambert, 5.75% January
        15, 2003</font></p>
        </td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="12%" height="15">&nbsp;</td>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" width="15%" height="15"><p
        align="right"><font size="2">76,784 </font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" colspan="6" width="65%" height="15"><p
        align="left"><font size="2">Atlantic Richfield, 5.55%
        April 15, 2003</font></p>
        </td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="12%" height="15">&nbsp;</td>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" width="15%" height="15"><p
        align="right"><font size="2">206,734 </font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" colspan="6" width="65%" height="15"><p
        align="left"><font size="2">Wells Fargo Company, 7.20%
        May 1, 2003</font></p>
        </td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="12%" height="15">&nbsp;</td>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" width="15%" height="15"><p
        align="right"><font size="2">105,466 </font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" colspan="6" width="65%" height="15"><p
        align="left"><font size="2">Campbell Soup Company, 4.75%
        October 1, 2003</font></p>
        </td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="12%" height="15">&nbsp;</td>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" width="15%" height="15"><p
        align="right"><font size="2">101,978 </font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" colspan="6" width="65%" height="15"><p
        align="left"><font size="2">Bank of America Corporation,
        7.625% June 15, 2004</font></p>
        </td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="12%" height="15">&nbsp;</td>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" width="15%" height="15"><p
        align="right"><font size="2">108,298 </font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" colspan="6" width="65%" height="15"><p
        align="left"><font size="2">GTE North Inc., 6.4% February
        15, 2005</font></p>
        </td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="12%" height="15">&nbsp;</td>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" width="15%" height="15"><p
        align="right"><font size="2">103,108 </font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="55%" height="5">&nbsp;</td>
        <td valign="bottom" width="3%" height="5">&nbsp;</td>
        <td valign="bottom" width="12%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="15%" height="5">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="16">&nbsp;</td>
        <td valign="bottom" width="2%" height="16">&nbsp;</td>
        <td valign="bottom" width="2%" height="16">&nbsp;</td>
        <td valign="bottom" colspan="4" width="61%" height="16"><p
        align="left"><font size="2">Total Corporate Bonds</font></p>
        </td>
        <td valign="bottom" width="3%" height="16">&nbsp;</td>
        <td valign="bottom" width="12%" height="16">&nbsp;</td>
        <td valign="bottom" width="2%" height="16">&nbsp;</td>
        <td valign="bottom" width="15%" height="16"><p
        align="right"><font size="2">702,368 </font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="55%" height="5">&nbsp;</td>
        <td valign="bottom" width="3%" height="5">&nbsp;</td>
        <td valign="bottom" width="12%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="15%" height="5">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="16">&nbsp;</td>
        <td valign="bottom" width="2%" height="16">&nbsp;</td>
        <td valign="bottom" width="2%" height="16">&nbsp;</td>
        <td valign="bottom" colspan="4" width="61%" height="16"><p
        align="left"><font size="2">Total Bond Fund</font></p>
        </td>
        <td valign="bottom" width="3%" height="16">&nbsp;</td>
        <td valign="bottom" width="12%" height="16">&nbsp;</td>
        <td valign="bottom" width="2%" height="16">&nbsp;</td>
        <td valign="bottom" width="15%" height="16"><p
        align="right"><font size="2">2,695,227 </font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="55%" height="5">&nbsp;</td>
        <td valign="bottom" width="3%" height="5">&nbsp;</td>
        <td valign="bottom" width="12%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="15%" height="5">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" colspan="7" width="67%" height="15"><p
        align="left"><font size="2"><b>Fahnestock Viner Holdings
        Inc. - Common Stock Fund</b></font></p>
        </td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="12%" height="15">&nbsp;</td>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" width="15%" height="15"><p
        align="right"><font size="2">19,360,030 </font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="55%" height="5">&nbsp;</td>
        <td valign="bottom" width="3%" height="5">&nbsp;</td>
        <td valign="bottom" width="12%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="15%" height="5">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" colspan="7" width="67%" height="15"><p
        align="left"><font size="2"><b>Vanguard Index Trust Fund</b></font></p>
        </td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="12%" height="15">&nbsp;</td>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" width="15%" height="15"><p
        align="right"><font size="2">9,698,686 </font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="55%" height="5">&nbsp;</td>
        <td valign="bottom" width="3%" height="5">&nbsp;</td>
        <td valign="bottom" width="12%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="15%" height="5">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" colspan="7" width="67%" height="15"><p
        align="left"><font size="2"><b>Money Market Fund</b></font></p>
        </td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="12%" height="15">&nbsp;</td>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" width="15%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="16">&nbsp;</td>
        <td valign="bottom" colspan="6" width="65%" height="16"><p
        align="left"><font size="2">Fahnestock Prime Cash Series
        Fund</font></p>
        </td>
        <td valign="bottom" width="3%" height="16">&nbsp;</td>
        <td valign="bottom" width="12%" height="16">&nbsp;</td>
        <td valign="bottom" width="2%" height="16">&nbsp;</td>
        <td valign="bottom" width="15%" height="16"><p
        align="right"><font size="2">6,402,075 </font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="55%" height="5">&nbsp;</td>
        <td valign="bottom" width="3%" height="5">&nbsp;</td>
        <td valign="bottom" width="12%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="15%" height="5">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" colspan="7" width="67%" height="15"><p
        align="left"><font size="2"><b>Certificate of Deposit
        (&quot;C.D.&quot;) Fund:</b></font></p>
        </td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="12%" height="15">&nbsp;</td>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" width="15%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="16">&nbsp;</td>
        <td valign="bottom" colspan="6" width="65%" height="16"><p
        align="left"><font size="2">Fahnestock Prime Cash Series
        Fund</font></p>
        </td>
        <td valign="bottom" width="3%" height="16">&nbsp;</td>
        <td valign="bottom" width="12%" height="16">&nbsp;</td>
        <td valign="bottom" width="2%" height="16">&nbsp;</td>
        <td valign="bottom" width="15%" height="16"><p
        align="right"><font size="2">227,577 </font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="55%" height="5">&nbsp;</td>
        <td valign="bottom" width="3%" height="5">&nbsp;</td>
        <td valign="bottom" width="12%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="15%" height="5">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" colspan="6" width="65%" height="15"><p
        align="left"><font size="2">Cross Country Bank CD 4.75%
        due May 2, 2003</font></p>
        </td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="12%" height="15">&nbsp;</td>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" width="15%" height="15"><p
        align="right"><font size="2">864,510 </font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="55%" height="5">&nbsp;</td>
        <td valign="bottom" width="3%" height="5">&nbsp;</td>
        <td valign="bottom" width="12%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="15%" height="5">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" colspan="6" width="65%" height="15"><p
        align="left"><font size="2">BNC National Bank CD 4.80%
        due May 16, 2003</font></p>
        </td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="12%" height="15">&nbsp;</td>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" width="15%" height="15"><p
        align="right"><font size="2">666,731 </font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="55%" height="5">&nbsp;</td>
        <td valign="bottom" width="3%" height="5">&nbsp;</td>
        <td valign="bottom" width="12%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="15%" height="5">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="16">&nbsp;</td>
        <td valign="bottom" width="2%" height="16">&nbsp;</td>
        <td valign="bottom" width="2%" height="16">&nbsp;</td>
        <td valign="bottom" colspan="4" width="61%" height="16"><p
        align="left"><font size="2">Total C.D. Fund</font></p>
        </td>
        <td valign="bottom" width="3%" height="16">&nbsp;</td>
        <td valign="bottom" width="12%" height="16">&nbsp;</td>
        <td valign="bottom" width="2%" height="16">&nbsp;</td>
        <td valign="bottom" width="15%" height="16"><p
        align="right"><font size="2">1,758,818 </font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="55%" height="5">&nbsp;</td>
        <td valign="bottom" width="3%" height="5">&nbsp;</td>
        <td valign="bottom" width="12%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="15%" height="5">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" colspan="7" width="67%" height="15"><p
        align="left"><font size="2"><b>Ivy U.S. Emerging Growth
        Fund</b></font></p>
        </td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="12%" height="15">&nbsp;</td>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" width="15%" height="15"><p
        align="right"><font size="2">3,088,233 </font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="55%" height="5">&nbsp;</td>
        <td valign="bottom" width="3%" height="5">&nbsp;</td>
        <td valign="bottom" width="12%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="15%" height="5">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" colspan="7" width="67%" height="15"><p
        align="left"><font size="2"><b>AIM Value Fund</b></font></p>
        </td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="12%" height="15">&nbsp;</td>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" width="15%" height="15"><p
        align="right"><font size="2">10,833,438 </font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="55%" height="5">&nbsp;</td>
        <td valign="bottom" width="3%" height="5">&nbsp;</td>
        <td valign="bottom" width="12%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="15%" height="5">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" colspan="7" width="67%" height="15"><p
        align="left"><font size="2"><b>MFS Emerging Growth Fund</b></font></p>
        </td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="12%" height="15">&nbsp;</td>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" width="15%" height="15"><p
        align="right"><font size="2">6,908,679 </font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="55%" height="5">&nbsp;</td>
        <td valign="bottom" width="3%" height="5">&nbsp;</td>
        <td valign="bottom" width="12%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="15%" height="5">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" colspan="7" width="67%" height="15"><p
        align="left"><font size="2"><b>Templeton World Fund</b></font></p>
        </td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="12%" height="15">&nbsp;</td>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" width="15%" height="15"><p
        align="right"><font size="2">4,952,092 </font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="55%" height="5">&nbsp;</td>
        <td valign="bottom" width="3%" height="5">&nbsp;</td>
        <td valign="bottom" width="12%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="15%" height="5">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" colspan="7" width="67%" height="15"><p
        align="left"><font size="2"><b>Putnam Fund for Growth and
        Income</b></font></p>
        </td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="12%" height="15">&nbsp;</td>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" width="15%" height="15"><p
        align="right"><font size="2">3,782,277 </font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="55%" height="5">&nbsp;</td>
        <td valign="bottom" width="3%" height="5">&nbsp;</td>
        <td valign="bottom" width="12%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="15%" height="5">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="16">&nbsp;</td>
        <td valign="bottom" width="2%" height="16">&nbsp;</td>
        <td valign="bottom" colspan="5" width="63%" height="16"><p
        align="left"><font size="2">Total investments</font></p>
        </td>
        <td valign="bottom" width="3%" height="16">&nbsp;</td>
        <td valign="bottom" width="12%" height="16">&nbsp;</td>
        <td valign="bottom" width="2%" height="16">&nbsp;</td>
        <td valign="bottom" width="15%" height="16"><p
        align="right"><font size="2">69,479,555 </font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="4">&nbsp;</td>
        <td valign="bottom" width="2%" height="4">&nbsp;</td>
        <td valign="bottom" width="2%" height="4">&nbsp;</td>
        <td valign="bottom" width="2%" height="4">&nbsp;</td>
        <td valign="bottom" width="2%" height="4">&nbsp;</td>
        <td valign="bottom" width="2%" height="4">&nbsp;</td>
        <td valign="bottom" width="55%" height="4">&nbsp;</td>
        <td valign="bottom" width="3%" height="4">&nbsp;</td>
        <td valign="bottom" width="12%" height="4">&nbsp;</td>
        <td valign="bottom" width="2%" height="4">&nbsp;</td>
        <td valign="bottom" width="15%" height="4">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="95%">
    <tr>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" width="30%" height="15">&nbsp;</td>
        <td valign="bottom" width="11%" height="15"><p
        align="center"><font size="2">Number</font></p>
        </td>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" width="11%" height="15"><p
        align="center"><font size="2">Interest</font></p>
        </td>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" width="11%" height="15"><p
        align="center"><font size="2">Maturity</font></p>
        </td>
        <td valign="bottom" width="5%" height="15">&nbsp;</td>
        <td valign="bottom" width="15%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" colspan="6" width="12%" height="15"><p
        align="left"><font size="2"><u>Description</u></font></p>
        </td>
        <td valign="bottom" width="30%" height="15">&nbsp;</td>
        <td valign="bottom" width="11%" height="15"><p
        align="center"><font size="2">of Loans</font></p>
        </td>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" width="11%" height="15"><p
        align="center"><font size="2">Rates</font></p>
        </td>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" width="11%" height="15"><p
        align="center"><font size="2">Dates</font></p>
        </td>
        <td valign="bottom" width="5%" height="15">&nbsp;</td>
        <td valign="bottom" width="15%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="30%" height="5">&nbsp;</td>
        <td valign="bottom" width="11%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="11%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="11%" height="5">&nbsp;</td>
        <td valign="bottom" width="5%" height="5">&nbsp;</td>
        <td valign="bottom" width="15%" height="5">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" colspan="7" width="42%" height="15"><p
        align="left"><font size="2">*Participant loans</font></p>
        </td>
        <td valign="bottom" width="11%" height="15"><p
        align="right"><font size="2">194 </font></p>
        </td>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" width="11%" height="15"><p
        align="right"><font size="2">8%</font></p>
        </td>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" width="11%" height="15"><p
        align="left"><font size="2">Jan 2002 -</font></p>
        </td>
        <td valign="bottom" width="5%" height="15">&nbsp;</td>
        <td valign="bottom" width="15%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" width="30%" height="15">&nbsp;</td>
        <td valign="bottom" width="11%" height="15">&nbsp;</td>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" width="11%" height="15">&nbsp;</td>
        <td valign="bottom" width="2%" height="15">&nbsp;</td>
        <td valign="bottom" width="11%" height="15"><p
        align="left"><font size="2">May 2025</font></p>
        </td>
        <td valign="bottom" width="5%" height="15">&nbsp;</td>
        <td valign="bottom" width="15%" height="15"><p
        align="right"><font size="2">$ 1,872,019 </font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="30%" height="5">&nbsp;</td>
        <td valign="bottom" width="11%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="11%" height="5">&nbsp;</td>
        <td valign="bottom" width="2%" height="5">&nbsp;</td>
        <td valign="bottom" width="11%" height="5">&nbsp;</td>
        <td valign="bottom" width="5%" height="5">&nbsp;</td>
        <td valign="bottom" width="15%" height="5">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="17">&nbsp;</td>
        <td valign="bottom" width="2%" height="17">&nbsp;</td>
        <td valign="bottom" colspan="5" width="38%" height="17"><p
        align="left"><font size="2">Total assets held for
        investment</font></p>
        </td>
        <td valign="bottom" width="11%" height="17">&nbsp;</td>
        <td valign="bottom" width="2%" height="17">&nbsp;</td>
        <td valign="bottom" width="11%" height="17">&nbsp;</td>
        <td valign="bottom" width="2%" height="17">&nbsp;</td>
        <td valign="bottom" width="11%" height="17">&nbsp;</td>
        <td valign="bottom" width="5%" height="17">&nbsp;</td>
        <td valign="bottom" width="15%" height="17"><p
        align="right"><font size="2">$ 71,351,576 </font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="2%" height="4">&nbsp;</td>
        <td valign="bottom" width="2%" height="4">&nbsp;</td>
        <td valign="bottom" width="2%" height="4">&nbsp;</td>
        <td valign="bottom" width="2%" height="4">&nbsp;</td>
        <td valign="bottom" width="2%" height="4">&nbsp;</td>
        <td valign="bottom" width="2%" height="4">&nbsp;</td>
        <td valign="bottom" width="30%" height="4">&nbsp;</td>
        <td valign="bottom" width="11%" height="4">&nbsp;</td>
        <td valign="bottom" width="2%" height="4">&nbsp;</td>
        <td valign="bottom" width="11%" height="4">&nbsp;</td>
        <td valign="bottom" width="2%" height="4">&nbsp;</td>
        <td valign="bottom" width="11%" height="4">&nbsp;</td>
        <td valign="bottom" width="5%" height="4">&nbsp;</td>
        <td valign="bottom" width="15%" height="4">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" colspan="7" width="42%" height="21"><p
        align="left"><font size="2">*Party in interest</font></p>
        </td>
        <td valign="bottom" width="11%" height="21">&nbsp;</td>
        <td valign="bottom" width="2%" height="21">&nbsp;</td>
        <td valign="bottom" width="11%" height="21">&nbsp;</td>
        <td valign="bottom" width="2%" height="21">&nbsp;</td>
        <td valign="bottom" width="11%" height="21">&nbsp;</td>
        <td valign="bottom" width="5%" height="21">&nbsp;</td>
        <td valign="bottom" width="15%" height="21">&nbsp;</td>
    </tr>
</table>

<p align="left">&nbsp;</p>

<p align="left">&nbsp;</p>

<p align="center"><strong>SIGNATURES</strong></p>

<p align="left">Pursuant to the requirements of the Securities
Exchange Act of 1934, the Trustees for the Fahnestock &amp; Co.,
Inc. 401(k) Plan have duly caused this annual report to be signed
on their behalf by the undersigned thereunto duly authorized.</p>

<p align="left">FAHNESTOCK &amp; CO., INC. 401(k) PLAN</p>

<p align="left">signed &quot;A.G. Lowenthal&quot;<br>
Albert G. Lowenthal, as Trustee of the<br>
Fahnestock &amp; Co., Inc. 401(k) Plan</p>

<p align="left">Date: June 28, 2002</p>

<p align="center"><strong>EXHIBIT INDEX</strong></p>

<p align="left">Exhibit 23 Consent of Independent Accountants</p>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>2
<FILENAME>ex2301c.htm
<DESCRIPTION>CONSENT OF INDEPENDENT ACCOUNTANTS
<TEXT>
<!DOCTYPE HTML PUBLIC "-//IETF//DTD HTML//EN">
<html>

<body bgcolor="#FFFFFF">

<p align="right">EXHIBIT 23</p>

<p align="center"><b>CONSENT OF INDEPENDENT ACCOUNTANTS</b></p>

<p align="left">We consent to the inclusion in this Annual Report
on Form 11-K of our report dated June 15, 2002 on our audit of
the financial statements and financial statement schedule of the
Fahnestock &amp; Co., Inc. 401(k) Plan for the Plan year ended
December 31, 2001.</p>

<p align="left">&quot;PRICEWATERHOUSECOOPERS LLP&quot;</p>

<p align="left">New York, New York</p>

<p align="left">June 28, 2002</p>
</body>
</html>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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