SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q

          [ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                             SECURITIES ACT OF 1934

                  FOR THE QUARTERLY PERIOD ENDED June 30, 2000

                                       OR

             [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

         FOR THE TRANSITION PERIOD FROM APRIL 01, 2000 TO JUNE 30, 2000

                       INSTITUTIONAL EQUITY HOLDINGS, INC.
                            (FORMERLY EUROMED, INC.)
             (Exact name of registrant as specified in its charter)

                         COMMISSION FILE NUMBER 0-27720

<TABLE>
<S>                              <C>                                                    <C>

                                 NEVADA                                                    88-0317700
                     (State or other jurisdiction of                                    (I.R.S. Employer
                     incorporation or organization)                                    Identification No.)


          5910 North Central Expressway, Suite 1480
                               DALLAS, TX                                                     75206
                (Address of principal executive offices)                                   (Zip Code)
</TABLE>

                                 (214) 237-3223
              (Registrant's telephone number, including area code)

           Indicate  by check  mark  whether  the  registrant  (1) has filed all
reports  required to be filed by Section 13 or 15(d) of the Securities  Exchange
Act of 1934  during  the past 12 months  (or for such  shorter  period  that the
registrant was required to file such reports),  and (2) has been subject to such
filing requirements for the past 90 days.

                                 Yes    X            No
                              -----              --------------

2,359,000 shares of Common Stock, par value $.01 per share,  were outstanding at
August 18, 2000









<PAGE>





                                   FORM 10-QSB

                                      INDEX
<TABLE>
<S>                                                                                                     <C>


                                                                                                        PAGE NO.
PART I.  FINANCIAL INFORMATION                                                                           --------------

   ITEM 1. FINANCIAL STATEMENTS (UNAUDITED):

              Balance Sheets -
                      June 30, 2000 (unaudited) and December 31, 1999                                                3

                  Statements of Operations -
                      Three months and six months ended June 30, 2000 and 1999(unaudited)                            4

              Statements of Cash Flows -
                      Six months ended June 30, 2000 and 1999(unaudited)                                             6

              Notes to Financial Statements                                                                          8

   ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                      CONDITION AND RESULTS OF OPERATIONS                                                           11


PART II.  OTHER INFORMATION

   ITEM 3. CHANGES IN SECURITIES AND USE OF PROCEEDS                                                                14

   ITEM 4. OTHER INFORMATION                                                                                        14

   ITEM 5. EXHIBITS AND REPORTS ON FORM 8-K                                                                         14

SIGNATURES
</TABLE>


<PAGE>



                         PART 1 - FINANCIAL INFORMATION

                       INSTITUTIONAL EQUITY HOLDINGS, INC.

                            (FORMERLY EUROMED, INC.)

                           CONSOLIDATED BALANCE SHEETS

                                     ASSETS
<TABLE>
<S>                                                                       <C>             <C>

                                                                      June 30,            December 31,
                                                                         2000                1999

                                                                     (Unaudited)
Current Assets

   Cash                                                             $      9,157            $   315,904
   Trading Securities, at market                                         513,372                548,736
   Receivables
       Commissions                                                       109,550                516,762
       Good Faith Deposits                                               438,267                150,000
       Other, net of allowance for
          doubtful accounts of $190,000
          and $25,000 in 2000 and 1999,
           respectively                                                   33,329                 56,623
   Prepaid Expenses                                                       56,845                301,413
                                                                     -----------             ----------

              Total Current Assets                                     1,160,520              1,889,438

Furniture and Equipment, net
   of accumulated depreciation of $359,023
   and $333,543, respectively                                            343,321                382,409
Restricted Investment, at market                                               -              1,304,043
Other Assets                                                              49,806                259,185
                                                                     -----------             ----------

              Total Assets                                            $1,553,647             $3,835,075
                                                                      ==========             ==========

</TABLE>


<PAGE>


                       INSTITUTIONAL EQUITY HOLDINGS, INC.

                            (FORMERLY EUROMED, INC.)

                           CONSOLIDATED BALANCE SHEETS

                      LIABILITIES AND STOCKHOLDERS' EQUITY
<TABLE>
<S>                                                                       <C>                       <C>

                                                                       June 30,           December 31,
                                                                        2000                    1999

                                                                     (Unaudited)
Current Liabilities

   Cash Overdraft                                                  $       7,131              $     31,649
   Loans Payable                                                         100,000                   527,170
   Due to Broker                                                         340,617                    96,594
   Securities Sold, not yet purchased                                      6,540                    25,034
   Accounts Payable and Accrued Liabilities                            1,538,813                 1,106,333
                                                                      ----------                ----------

              Total Current Liabilities                                1,993,101                 1,786,780

Loan Subordinated to Claims of

   General Creditors                                                     100,000                   150,000
Restricted Investment Loan                                             1,522,659                 1,304,043
Due to Related Party                                                     245,000                   245,000
                                                                      ----------                  --------

              Total Liabilities                                        3,860,760                 3,485,823
                                                                      ----------                ----------

Stockholders' Equity

   Undesignated Preferred Stock, par value
      $.01 per share; 3,190,000  shares authorized,
      none outstanding                                                         -                         -
   10% Designated  Series A Preferred Stock,
      par value $.01 per share; 1,060,000 shares
      authorized,  issued and outstanding                                 10,600                    10,600
   10% Designated Series B Preferred Stock,
       par value $.01 per share; 750,000 shares
      authorized; 75,000 and 37,500 shares issued
      and outstanding in 2000 and 1999, respectively                         750                       375
   Common Stock, par value

      $.01 per share; 20,000,000 shares authorized;
       2,382,000 and 2,312,000 issued and
      outstanding, respectively                                           23,820                    23,120
   Additional paid-in capital                                          3,922,159                 3,778,234
   Retained (deficit)                                                 (6,132,192)               (3,330,827)
                                                                     -----------               -----------

                                                                      (2,174,863)                  481,502
       Less Treasury Shares, at cost                                    (132,250)                 (132,250)
                                                                     -----------                ----------

              Total Shareholders' Equity                              (2,307,113)                  349,252
                                                                     -----------                ----------
              Total Liabilities and

                 Shareholders' Equity                                 $1,553,647                $3,835,075
                                                                      ==========                ==========
</TABLE>





<PAGE>



                                             INSTITUTIONAL EQUITY HOLDINGS, INC.
                                                  (FORMERLY EUROMED, INC.)

                      CONSOLIDATED STATEMENT OF OPERATIONS

                                   (UNAUDITED)
<TABLE>
<CAPTION>

                                                       For the Three Months Ended        For the Six Months Ended
                                                            June 30,                           June 30,
                                                                  ----------------------------------------
                                                           2000               1999             2000      1999
                                                      ---------------     ------------   ---------------  ----
<S>                                                      <C>              <C>                    <C>       <C>


Revenues

   Commissions                                          $    738,936      $ 2,090,666      $  3,179,288     $ 3,616,669
   Gain (loss) on firm securities accounts                  (907,614)         416,534        (675,256)         655,972

   Underwriting and syndicate income                        186,567           121,506         935,616          200,010

   Other income                                                   -                 -          97,893                -
   Interest income                                           34,748               414          45,891              414
                                                      -------------            ------   -------------          -------

       Total Revenue                                         52,637         2,629,120       3,583,432        4,473,065


Costs and expenses

   Commissions paid to other broker-dealers                 127,426         1,040,683         387,138        1,446,904

   Employee compensation                                  1,377,563           954,524       4,013,180        2,041,744

   General and administrative expenses                    1,018,763           760,527       1,751,255        1,291,317

   Interest expense                                          46,365            40,791         119,654          632,898
                                                       ------------      ------------     -----------     ------------

       (Loss) From Continuing
          Operations Before Preferred

             Stock Dividend                              (2,517,480)         (167,405)     (2,687,795)        (939,798)
Preferred Stock Dividend                                    (58,570)           (5,229)       (113,570)          (5,229)

Federal income tax expense                                                          -                                -
                                                              -----          --------             ---           ------

       Net (Loss) From Continuing

           Operations                                    (2,576,050)         (172,634)     (2,801,365)        (945,027)


Discontinued operations

   Operating (loss)                                               -                -               -                 -

   Gain (loss) on sale                                            -                -                -           15,047
                                                            -------   --------------          -------     ------------


       Net (Loss)                                       $(2,576,050)      $  (172,634)    $(2,801,365)     $  (929,980)
                                                        ===========       ===========     ===========      ===========


Net (Loss) per share

   Continuing operations                             $       (1.08)     $       (.07)    $ (1.19)    $       (.37)
   Discontinued operations
       Gain on sale of discontinued operations                    -               -         -                    -
                                                              ---------------------    ------      ----------------  -

                                                     $       (1.08)     $       (.07)  $       (1.19)    $       (.37)
                                                         =============      =============  =============     =============

Pro forma weighted average number
   of shares of common stock outstanding                  2,382,000         2,542,000       2,362,000        2,542,000
                                                         ==========       ===========   =============      ===========

</TABLE>

<PAGE>



                                             INSTITUTIONAL EQUITY HOLDINGS, INC.
                                                  (FORMERLY EUROMED, INC.)

                                            CONSOLIDATED STATEMENT OF CASH FLOWS

                                                         (UNAUDITED)
<TABLE>
<CAPTION>

                                                                         Six Months Ended June 30,
                                                                   ----------------------------------
                                                                        2000                   1999
                                                                   --------------          --------------
<S>                                                                <C>                             <C>

Cash Flow from Operating Activities

   Net (loss)                                                     $ (2,801,365)                 $(929,980)
   Adjustment to reconcile net income (loss)
       to net cash from operating activities
           Depreciation                                                 43,789                      9,000
           Change in restricted investment loan                        218,616                          -
           Loss on sale of assets                                       25,601                          -
           Issuance of stock warrants                                        -                    575,547
   Changes in assets and liabilities
           Investments                                                  35,364                   (688,434)
           Receivables                                                 142,239                    301,590
           Prepaid expenses                                            244,568                     27,629
           Other assets                                                209,378                    (34,570)
           Cash overdraft                                              (24,518)                         -
           Due to brokers                                              244,023                    (85,167)
           Securities sold, not yet purchased                          (18,494)                    40,753
           Accounts payable and accrued liabilities                    432,481                    (58,215)
                                                                  ------------                  ---------

              Net Cash Flow (Used) By

                Operating Activities                                (1,248,318)                  (841,847)
                                                                   -----------                  ---------

Cash Flow from Investing Activities

   Equipment purchases                                                (103,402)                   (21,297)
   Proceeds from sale of assets                                         73,100                          -
                                                                  ------------                       ----

              Net Cash Flow (Used) By

                 Investing Activities                                  (30,302)                   (21,297)
                                                                  ------------                   --------

Cash Flow from Financing Activities

   Sale of restricted investment                                     1,304,043                         -
   Notes payable payments                                             (527,170)                         -
   Proceeds from loans                                                 100,000                    500,770
   Repayment of subordinated loans                                     (50,000)                         -
   Sale of common stock                                                 70,000                          -
   Sale of preferred tock                                               75,000                     380,000
                                                                 -------------                    --------

              Net Cash Flow Provided

                 By Financing Activities                               971,873                    880,770
                                                                 -------------                  ---------

Net Increase (Decrease) In Cash                                       (306,747)                    17,626


                                   (Continued)

</TABLE>

<PAGE>


                       INSTITUTIONAL EQUITY HOLDINGS, INC.
                            (FORMERLY EUROMED, INC.)

                      CONSOLIDATED STATEMENT OF CASH FLOWS

                                   (UNAUDITED)
                                   (CONTINUED)
<TABLE>
<S>                                                                    <C>                 <C>

                                                                         Six Months Ended June 30,
                                                                   ----------------------------------
                                                                        2000                   1999
                                                                   --------------          --------------

Cash at the Beginning of the Period                                       315,904                 118,130
                                                                     ------------               ---------

Cash at the End of the Period                                      $        9,157                $135,756
                                                                   ==============                ========

Cash Paid During the Year:
   Interest                                                           $   119,386               $  73,289
                                                                      ===========               =========

   Income Taxes                                                  $             -              $          -
                                                                 ===============                 ============

</TABLE>
































<PAGE>


                       INSTITUTIONAL EQUITY HOLDINGS, INC.

                            (FORMERLY EUROMED, INC.)

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                                   (UNAUDITED)

                                  June 30, 2000

NOTE 1:  BUSINESS

Swiss  Nassau  Corporation  was  incorporated  on May 17,  1994 in the  state of
Nevada,  United States of America,  with  authorized and issued share capital of
1,000 shares of common stock with no par value (the "Common  Stock") and on June
15,1994,  all  authorized  shares of Swiss Nassau  Corporation  were issued.  On
October 20, 1995, Swiss Nassau Corporation  changed its name into EuroMed,  Inc.
and increased its authorized  shares to 20,000,000 shares of Common Stock with a
new par value of $0.01 per share,  and  5,000,000  preferred  shares  with a par
value of $0.01 per share. On October 20, 1995, EuroMed,  Inc. effected a 150 for
1 stock split of its Common Stock. On April 23, 1999, EuroMed,  Inc. changed its
name to Institutional Equity Holdings, Inc. (the "Company" or "IEH").

In November 1995, the Company began acquiring pharmaceutical companies operating
exclusively  in Europe.  The Company  completed the  acquisitions  using the net
proceeds from the sale of 1,150,000  shares of its common stock (issue price was
$6.50 per  share) in March  1996 and the  issuance  of  2,700,000  shares of its
common stock.  Subsequent to the  acquisitions,  laws relating to the pricing of
pharmaceuticals  in Europe were  changed and as a result the  operations  of the
pharmaceutical companies owned by the Company were severely impacted,  resulting
in significant operating losses. The Company realized  approximately  $1,146,000
in cash and  cancelled  2,700,000  shares of its  common  stock upon sale of its
European subsidiaries in 1997.

The Company had no business activities in the calendar year of 1998, except that
on November 6, 1998, the Company's Board of Directors  approved and executed the
"Agreement and Plan of Reorganization"  by and among the Company,  Institutional
Equity Corporation ("IEC", a wholly owned subsidiary of the Company and formerly
known as Redstone Acquisition Corp.) and Redstone Securities, Inc. ("Redstone"),
a licensed broker and dealer of securities.

Effective  February  16,  1999,  Redstone  was merged  into the newly  organized
subsidiary  IEC. The Company  issued  600,000  shares of its Common Stock to the
three principals of Redstone,  Thomas Laundrie,  Gary Prucell,  and Richard Belz
(collectively  referred to as the "Redstone  Shareholders") and was obligated to
issue an additional  500,000  shares (the  "Restricted  Shares") upon the market
price of the  Company's  Common  Stock  reaching  certain  price  levels  or IEC
reporting certain levels of net income.  Notwithstanding the price levels of the
Common Stock or net income performance  levels, the Restricted Shares fully vest
on February 16, 2002. Redstone has been a registered broker dealer since 1988.

The  Redstone  Shareholders  agreed to  terminate  their  relationship  with the
Company in February 2000 subject to certain compensation  payments, to forgo the
collections of the Company's  subordinated notes due the Redstone  Shareholders,
to assume an  investment  in a certain  security at its book value and to modify
the number of shares of the  Company's  common  stock from  1,100,000 to 500,000
shares of fully vested common stock. The Company has a right to repurchase these
shares of its common stock at a price of $2.00 per share as follows:

                                   (Continued)
<TABLE>
<S>                                   <C>                                      <C>

                              Number of Redemption

                                        Shares                              Period
                                    -------------                       ---------------------

                                      100,000                           Calendar year 2000
                                      100,000                           Calendar year 2001
                                      300,000                           On or before February 16, 2002
</TABLE>



<PAGE>



                       INSTITUTIONAL EQUITY HOLDINGS, INC.
                            (FORMERLY EUROMED, INC.)

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                                   (UNAUDITED)

                                  JUNE 30, 2000

NOTE 1:  BUSINESS (CONTINUED)

The termination of the relationship with the Redstone  Shareholders is reflected
in the consolidated financial statement for the year ended December 31, 1999.

IEH is a holding  company whose only operating  subsidiary is IEC a full service
brokerage  firm engaged in the purchase and sale of  securities  from and to the
public and for its own account and investment  banking  activities.  The Company
operates in one industry segment, the financial services industry.

NOTE 2:  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accompanying unaudited financial statements have been prepared in accordance
with generally accepted accounting  principles for interim financial information
and  with  the  instructions  to Form  10-Q  and  Article  10  regulations  S-X.
Accordingly,  they do not include all of the information and footnotes  required
by generally accepted accounting  principles for complete financial  statements.
In the opinion of management,  all adjustments  (consisting of normal  recurring
accruals)  considered  necessary  for a  fair  presentation  of the  results  of
operations for the periods presented have been included.

The  financial  data at December  31,  1999 is derived  from  audited  financial
statements,  which are included in the Company's  Form 10-KSB and should be read
in conjunction with the audited financial statements and notes thereto.  Interim
results are not necessarily indicative of results for the full year.

The preparation of financial  statements in conformity  with generally  accepted
accounting principles requires management to make estimates and assumptions that
affect the amounts reported in the financial  statements and accompanying notes.
Actual results could differ from those estimates.

NOTE 3:  NET LOSS PER COMMON SHARE

Basic (loss) per common  share has been  calculated  using the weighted  average
number of shares of common stock outstanding during the periods.  Diluted (loss)
per common  share is not  disclosed  because  the effect of the  exercise of the
common stock warrants and options would be anti-dilutive.

NOTE 4:  NET CAPITAL REQUIREMENTS

The NASD's net capital rule requires that  broker/dealers  maintain a designated
minimum  level of  financial  capital.  The net capital  rule  places  limits on
certain  of  the  Company's   operations   such  as   underwriting   activities,
market-making and other principal trading activities. If the Company falls below
the  minimum  net  capital  required,  the  Company  could be forced to  suspend
activities until additional  capital is obtained.  On June 26, 2000, the Company
notified the NASD of its violation of the net capital  requirements.  The stated
basis for this action was the failure by the Company to comply with certain NASD
rules regarding the net capital  requirements of a $100,000 for a broker dealer.
In response,  the Company has since  re-capitalized its position and the Company
notified  the  NASD  that  it  was in  compliance  with  the  NASD  net  capital
requirements as of August 11, 2000.


<PAGE>



                                                           ITEM 2

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

THREE MONTHS ENDED JUNE 30, 2000 COMPARED TO THREE MONTHS ENDED JUNE 30, 1999

Revenues  for the three  months  ended June 30,  2000,  declined  98% to $52,637
compared to $2,629,120  for the three months ended June 30, 1999. On Monday June
26,  2000,  the Company  notified  the NASD that it did not meet the minimum net
capital  requirement  of a broker dealer.  At that date the Company  voluntarily
ceased its  brokerage  operations,  except  for  executing  sale  orders for its
customers.  The severe  reduction  in brokerage  commissions  (65 % in the three
month period ended June 30, 2000,  as compared to the same three month period in
1999) was  attributable to the volatility of the stock market in April and early
May 2000,  the closing of three offices in the three month period ended June 30,
2000 and the  ceasing of  brokerage  operations  on June 26,  2000.  The Company
realized a $907,614 loss on security  trading in the three months ended June 30,
2000  compared  to a $416,534  gain in the three  months  ended  June 30,  1999,
primarily  due to losses on stocks  initially  taken public by the Company,  and
which were being held in its investment portfolio.

Expenses for the three months  ended June 30,  2000,  declined 8% to  $2,570,117
compared to $2,796,525  for the three months ended March 31, 1999. The following
summarizes the changes in expenses:


<TABLE>
<CAPTION>


                                                                        Percentage
                                      Percentage of Total Expenses              Increase (Decrease)
                                           Three Months Ended June 30,              In Expenses
                                          -----------------------------        --------------------
                                         2000                     1999                2000
                                      ----------                 ------
<S>                                    <C>                       <C>                      <C>

Employee Compensation                   54%                     34%                       44%
Commissions Paid to
   Other Broker-Dealers                  5                      37                       (88)%
                                        --                     ---

    Total Compensation

       Expense                           59                     71                       (25)%

General And

        Administrative Expenses          39                     27                        34%
Interest Expense                          2                     2                         14%
                                          ---------           -----
              Total Expenses            100%                  100%                       (8)%
                                           ====        ====
</TABLE>

Overall expenses decreased 8% in 2000, as compared to 1999. The most significant
decrease  in  expenses  were  the 25%  decrease  in  employee  compensation  and
commissions  paid to other brokers to $1,504,989 for the three months ended June
30, 2000, compared to $1,995,207 for the three months ended June 30, 1999. These
expenses are  directly  related to  commission  revenue,  which  reflected a 65%
decline  for the three  months  ended June 30,  2000.  The  employee  and broker
compensation  did not decline as much as revenue since the Company's  management
and certain  brokers are paid  salaries.  General  and  administrative  expenses
increased due to increased  office rents applicable to newly leased office space
and an  increase in the number of offices as compared to 1999 and an increase in
professional  fees.  For the three  months  ended  June 30,  2000,  the  Company
reported a net loss of  $2,576,050  compared to a loss of $172,634 for the three
months  ended  June 30,  1999.  The  increase  in the loss was the result of the
reduction  in revenues  by 98% and only a 8% decline in  expenses  for the three
months ended June 30, 2000 as compared to the three months ended June 30, 1999.

SIX MONTHS ENDED JUNE 30, 2000 COMPARED TO SIX MONTHS ENDED JUNE 30, 1999

Revenues  for the six months ended June 30, 2000,  decreased  20% to  $3,583,432
compared to $4,473,065 for the six months ended June 30, 1999. On June 26, 2000,
the  Company  notified  the NASD that it did not meet the  minimum  net  capital
requirement of a broker dealer. At that date the Company  voluntarily ceased its
brokerage  operations,  except for executing sale orders for its customers.  The
reduction in brokerage  commissions  was  attributable  to the volatility of the
stock  market in April and early May 2000,  the closing of three  offices in the
period ended June 30, 2000 and the ceasing of brokerage  operations  on June 26,
2000. The Company realized a $675,256 loss on security trading in the six months
ended June 30, 2000 compared to a $655,972 gain in the six months ended June 30,
1999,  primarily due to losses on stocks  initially  taken public by the Company
and which were being held in its investment portfolio.

Expenses  for the six months ended June 30, 2000,  increased  16% to  $6,271,227
compared to  $5,412,863  for the six months ended June 30, 1999.  The  following
summarizes the changes in expenses:

<TABLE>
<CAPTION>

                                                               Percentage

                                       Percentage of Total Expenses             Increase (Decrease)
                                             Six Months Ended June 30,              In Expenses
                                          -----------------------------        --------------------
                                         2000                     1999                2000
                                      ----------                 ------
<S>                                   <C>                    <C>                     <C>

Employee Compensation                     64%                   38%                       96%
Commissions Paid to
   Other Broker-Dealers                   6                     27                        (73)%
                                         --                    ---
    Total Compensation
       Expense                           70                     65                         26%
General And
        Administrative Expenses          28                     24                         36%
Interest Expense                          2                     11                        (81)%
                                         --                   -----
              Total Expenses            100%                   100%                       16%
                                        ====                  ====

    Total Expenses as a Per-
        Centage of Revenues             175%                      121%
                                        ====                        ====
</TABLE>

Overall  expenses  increased  16%  in  2000,  as  compared  to  1999.  The  most
significant  increase in expenses was the 26% increase in employee  compensation
and  commissions  paid to other brokers to  $4,400,318  for the six months ended
June 30, 2000,  compared to  $3,488,648  for the six months ended June 30, 1999.
The employee  compensation  and  commissions  paid to other brokers  increase is
attributable  to the increased  number of brokers and other support staff in the
new offices and the increased compensation related to the underwriting activity.
The brokers and officers generally received approximately sixty percent (60%) of
the  revenues  derived  from  the  underwritings   plus  an  allocation  of  the
underwriter's  warrants.  General and  administrative  expenses increased due to
increased office rent on newly leased office space and an increase in the number
of offices as compared to 1999 and an increase in professional fees.

In March 1999,  the Company  entered into an agreement  with an  individual  for
delivery to the Company of a stock  certificate  representing  66,250  shares of
common stock of Westower  Corporation  (which has  subsequently  converted  into
119,912  shares  of  Spectrasite  Holdings,  Inc.).  The  agreement  included  a
provision that the individual was to receive  compensation equal to five percent
(5%) of the average  daily  closing sales price of the common stock and warrants
to purchase 414,062 shares of the Company's common stock at an exercise price of
$2.00 per  share  (estimated  fair  value of the  warrants  at date of issue was
($571,406).  The  $571,406 of  compensation  to the  individual  was included in
interest expense for the six months ended June 30, 1999.

For the six  months  ended June 30,  2000,  the  Company  reported a net loss of
$2,801,365  compared  to a loss of  $929,980  for the six months  ended June 30,
1999. The increase in the loss is attributable to the 20% decline in revenues in
2000 and the 16% increase in operating expense in 2000.

LIQUIDITY AND CAPITAL RESOURCES

Cash used in operations  was  $1,248,318 for the six months ended June 30, 2000,
compared  with cash used in operations of $841,847 for the six months ended June
30, 1999.

To finance the operating  losses,  the Company sold 53,000 shares of Spectrasite
Holdings,   Inc.'s  common  stock  for  an  aggregate  value  of   approximately
$1,092,000.  The  proceeds  from the sale of these  shares  were used to repay a
$407,170  loan from a  brokerage  firm and to finance  current  operations.  The
shares of Spectrasite Holdings,  Inc. are owned by an individual and were loaned
to the  Company.  The  Company  must  return  these  shares  to the  individual;
therefore, the Company will be required to purchase 53,000 shares of Spectrasite
Holdings,  Inc.  in the public  market.  The trading  price of these  shares has
ranged  from a high of $28.75  (June 30,  2000) to a low of $11.06  (January  3,
2000) with a trading  price of $23.00 on August 14, 2000.  The Company also sold
70,000  shares of its common stock for $1.00 per share and 37,500  shares of its
Series B Preferred Stock for $2.00 per share.

On June 26,2000,  the Company voluntarily notified NASD that it did not meet the
minimum net capital  requirements  of a broker dealer.  At that time the Company
ceased its  brokerage  operations,  except  for  executing  sale  orders for its
customers.  The  management  of the  Company  immediately  began to develop  and
implement a plan to raise sufficient  capital to allow the Company to resume its
normal  business  activities  and to be in compliance  with the NASD net capital
requirements.  Subsequent to June 30, 2000, the Company exchanged 221,247 shares
of its  common  stock for  368,908  shares of common  stock in  publicly  traded
companies with a fair value of approximate  $1,030,000.  Subsequent to obtaining
the  $1,030,000 in publicly  traded common stocks the Company  notified the NASD
that it was in compliance  with the NASD net capital  requirements  as of August
11,  2000.  The  Company's  management  is currently  attempting  to extend this
exchange program to other publicly traded companies to raise additional capital.
Also the Company has authorized the sale of up to 1,500,000 shares of its Series
C Preferred Stock for $2.00 per share.

For the six months ended June 30, 2000,  the Company  expended  $103,482 for the
purchase of furniture and equipment.  The Company requires additional capital to
continue its business operations. There is no guarantee that the Company will be
successful in obtaining sufficient capital to  continue operations.

SAFE HARBOR STATEMENT

Certain  statements in this Form 10-QSB,  including  information set forth under
   Item 2  Management's  Discussion  and  Analysis of  Financial  Condition  and
   Results of Operations constitute "forward-looking statements" within

the meaning of the Private  Securities  Litigation Reform Act of 1955 (the Act).
The Company  desires to avail itself of certain "safe harbor"  provisions of the
Act and is therefore including this special note to enable the Company to do so.
Forward-looking  statements  in this Form 10-QSB or hereafter  included in other
publicly  available  statements  issued or released by the Company involve known
and unknown risks, uncertainties and other

factors which could cause the Company's actual results,  performance  (financial
or operating) or  achievements  to differ from the future  results,  performance
(financial  or  operating)  or   achievements   expressed  or  implied  by  such
forward-looking statements. Such future results are based upon management's best
estimates  based  upon  current  conditions  and  the  most  recent  results  of
operations.

YEAR 2000 EFFORTS
In 1999 and  2000,  the  Company  took  various  steps to  address  the issue of
computer  programs  and  embedded  computer  chips being  unable to  distinguish
between  the year 1900 and the year 2000 (the "Y2K"  issue).  The Company has no
proprietary  operating  system  or  applications  software,  nor  do  any of its
operations use main frame or  mini-computer  systems.  Therefore,  the company's
focus with  respect  to the Y2K issue  was:  (1) its PC  hardware  and  software
purchased from third parties;  and (2) external suppliers and service providers.
While  there is no  assurance  that  associated  problems  may not  arise in the
future,  to date the Company has not experienced any material  problems relating
to the Y2K issue.


<PAGE>



                           PART II - OTHER INFORMATION

ITEM 3: CHANGES IN SECURITIES AND USE OF PROCEEDS

In March  2000,  the  Company  sold  70,000  shares  of its  common  stock to an
individual for $1.00 per share. In April 2000, the Company sold 37,500 shares of
its Series B Preferred Stock for $2.00 per share. The proceeds have been used to
fund operations of the Company.

ITEM 4: OTHER INFORMATION

None

ITEM 5: EXHIBITS AND REPORTS ON FORM 8-K

   (a)      Number                                   Exhibit Description

             27.1                               Financial Data Schedule.(*)

             *     Filed herewith.

   (b)       Reports of Form 8-K:

             None


<PAGE>



                                   SIGNATURES

   Pursuant to the  requirements  of the  Securities  Exchange Act of 1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.

Institutional Equity Holdings, Inc.

Dated:


       Signature                                      Title

   /s/ Robert A. Shuey, III                             President and
----------------------------------------------
Robert A. Shuey, III                           Chief Executive Officer




Michael E. Vinez                                 Chief Financial Officer
----------------------------------------------------
Michael E. Vinez




<PAGE>


                                                        Exhibit Index

Exhibit No.                     Description

27.1                            Financial Data Schedule.(*)


(*)                             Filed herewith