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 March 31, 2000

                                       OR

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

     FOR THE TRANSITION PERIOD FROM _______________ TO ____________________

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

                         COMMISSION FILE NUMBER 0-27720


                                 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)

                         (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
May 14, 2000








                                        1


<PAGE>


                                   FORM 10-QSB
<TABLE>
<CAPTION>

                                      INDEX

                                                                                                               PAGE NO.
PART I.  FINANCIAL INFORMATION                                                                           --------------
<S>                                                                                                                <C>

   ITEM 1. FINANCIAL STATEMENTS (UNAUDITED):

              Balance Sheets -
                      March 31, 2000 and December 31, 1999                                                           3

                  Statements of Operations -
                      Three months ended March 31, 2000 and 1999                                                     4

              Statement of Stockholders' Equity

                      Three months ended March 31, 2000 and 1999                                                     5

              Statements of Cash Flows -
                      Three months ended March 31, 2000 and 1999                                                     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>

                                        2


<PAGE>


                         PART 1 - FINANCIAL INFORMATION

                       INSTITUTIONAL EQUITY HOLDINGS, INC.

                            (FORMERLY EUROMED, INC.)

                           CONSOLIDATED BALANCE SHEETS

                                     ASSETS
<TABLE>
<CAPTION>

                                                                              March 31,December 31,
                                                                               2000             1999
                                                                         ------------  -----------------
                                                                     (Unaudited)
Current Assets
<S>                                                                           <C>                    <C>

   Cash                                                              $   349,609             $  315,904
   Trading Securities, at market                                         775,437                548,736
   Receivables
       Commissions                                                       550,150                516,762
       Good Faith Deposits                                               270,000                150,000
       Other                                                             195,575                 56,623
   Prepaid Expenses                                                      270,159                301,413
                                                                     -----------               --------

              Total Current Assets                                     2,410,930              1,889,438

Furniture and Equipment, net
   of accumulated depreciation of $352,864
   and $333,543, respectively                                            453,496                382,409
Restricted Investment, at market                                         687,856              1,304,043
Other Assets                                                             229,471                259,185
                                                                     -----------              ---------

              Total Assets                                            $3,781,753             $3,835,075
                                                                      ==========             ==========

</TABLE>
























                                        3

                       INSTITUTIONAL EQUITY HOLDINGS, INC.

                            (FORMERLY EUROMED, INC.)

                           CONSOLIDATED BALANCE SHEETS

                      LIABILITIES AND STOCKHOLDERS' EQUITY
<TABLE>
<CAPTION>

                                                                              March 31,December 31,
                                                                                  2000             1999
-                                                                          -----------  -----------------
                                                                     (Unaudited)
Current Liabilities
<S>                                                                           <C>                 <C>

   Cash Overdraft                                                    $    37,756              $     31,649
   Loans Payable                                                               -                   527,170
   Due to Broker                                                               -                    96,594
   Securities Sold, not yet purchased                                      6,540                    25,034
   Accounts Payable and Accrued Liabilities                            1,629,214                 1,106,333
                                                                      ----------                ----------

              Total Current Liabilities                                1,673,510                 1,786,780

Loan Subordinated to Claims of

   General Creditors                                                     150,000                   150,000
Restricted Investment Loan                                             1,519,306                 1,304,043
Due to Related Party                                                     245,000                   245,000
                                                                       ---------                  --------

              Total Liabilities                                        3,587,816                 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 in 1999                                                 10,600                    10,600
   10% Designated Series B Preferred Stock,
       par value $.01 per share; 750,000
      shares authorized; 37,500 shares
      issued and outstanding in 1999                                         375                       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                                          3,847,534                 3,778,234
   Retained (deficit)                                                 (3,556,142)               (3,330,827)
                                                                      ----------               -----------

                                                                         326,187                   481,502
       Less Treasury Shares, at cost                                    (132,250)                 (132,250)
                                                                     -----------                ----------

              Total Shareholders' Equity                                 193,937                   349,252
                                                                     -----------                ----------
              Total Liabilities and

                 Shareholders' Equity                                 $3,781,753                $3,835,075
                                                                      ==========                ==========

</TABLE>





                                        4


<PAGE>


                       INSTITUTIONAL EQUITY HOLDINGS, INC.

                            (FORMERLY EUROMED, INC.)

                      CONSOLIDATED STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>

                                   (UNAUDITED)

                                                                    Three Months Ended March 31,

                                                                        2000                       1999
                                                                   -------------                  ------
<S>                                                                        <C>                     <C>

Revenues:
   Commission     $2,440,352                                          $1,526,003
   Gain (Loss) on Firm Securities Accounts                               232,358                  239,438
   Underwriting and Syndicate Income                                     749,049                   78,504
   Other Income                                                           97,893                        -
   Interest Income                                                        11,143                        -
                                                                      ----------                  -------

       Total Revenue                                                   3,530,795                1,843,945
                                                                      ----------               ----------

Expenses:
   Employee Compensation                                               2,635,617                1,087,220
   Commissions Paid to Other Broker-Dealers                              259,712                  406,221
   General and Administrative Expenses                                   732,492                  536,445
   Interest Expense                                                       73,289                  571,406
                                                                     -----------              -----------

       Total Expenses                                                  3,701,110                2,601,292
                                                                      ----------               ----------

(Loss) Before Federal Income Tax                                        (170,315)                (757,347)

Federal Income Tax Expense                                                     -                        -
Preferred Stock Dividends                                                (55,000)                       -
                                                                     -----------                     ----


           Net (Loss)                                                $  (225,315)              $ (757,347)
                                                                     ===========               ==========


Weighted Average Number of Common

   Shares Outstanding                                                  2,305,000                2,542,000
                                                                      ==========               ==========

Net (Loss) Per Common Share                                            $  (0.10)                 $  (0.30)
                                                                       =============         ============
</TABLE>










                                        5


<PAGE>




                       INSTITUTIONAL EQUITY HOLDINGS, INC.

                            (FORMERLY EUROMED, INC.)

                      CONSOLIDATED STATEMENT OF CASH FLOWS

                                   (UNAUDITED)
<TABLE>
<CAPTION>

                                                                    Three Months Ended March 31,

                                                                       2000                        1999
                                                                   -----------                    ------
<S>                                                                      <C>                    <C>

Cash Flow from Operating Activities

   Net (loss)                                                       $(225,315)                $  (757,347)
   Adjustment to reconcile net income (loss)
       to net cash from operating activities
           Depreciation                                                19,321                       9,000
           Issuance of stock warrants                                        -                    571,406
   Changes in assets and liabilities
           Investments                                               (226,701)                   (361,963)
           Receivables                                               (292,340)                    341,001
           Prepaid expenses                                             31,254                     28,593
           Other assets                                                29,714                         430
           Cash overdraft                                                6,107                     59,453
           Due to brokers                                             (96,594)                    (18,703)
           Securities sold, not yet purchased                         (18,494)                     (6,828)
           Accounts payable and accrued liabilities                    522,881                     66,992
                                                                     ---------                    -------

              Net Cash Flow (Used) By

                Operating Activities                                 (250,167)                    (67,966)
                                                                    ---------                  ----------

Cash Flow from Investing Activities

   Equipment Purchases                                                (90,408)                     (8,903)
                                                                    ---------                 -----------

Cash Flow from Financing Activities

   Change in restricted investments                                   616,187                  (1,859,140)
   Increase in restricted investment loan                            215,263                    1,859,140
   Notes payable payments                                            (527,170)                          -
   Sale of Common Stock                                                 70,000                          -
                                                                    ----------                ----------
              Net Cash Flow Provided

                 By Financing Activities                               374,280                          -
                                                                    ----------             --------------
Net Increase (Decrease) In Cash                                         33,705                    (76,869)

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

Cash at the End of the Period                                        $ 349,609                $    41,261
                                                                     =========                ===========

</TABLE>



                                   (Continued)

                                        6


<PAGE>


                       INSTITUTIONAL EQUITY HOLDINGS, INC.

                            (FORMERLY EUROMED, INC.)

                      CONSOLIDATED STATEMENT OF CASH FLOWS

                                   (UNAUDITED)

                                   (CONTINUED)

                                               Three Months Ended March 31,

                                                2000                      1999
                                          -----------                    ------


Cash Paid During the Year:
   Interest                              $73,289                    $          -
                                           =======                  ============
   Income Taxes                          $                          $          -
                                          ===========                 ==========





































                                        7


<PAGE>


                       INSTITUTIONAL EQUITY HOLDINGS, INC.

                            (FORMERLY EUROMED, INC.)

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                                   (UNAUDITED)

                                 MARCH 31, 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 subordinate 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:

                              Number of Redemption

                           Shares                              Period

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

                          100,000                 Calendar year 2000
                          100,000                 Calendar year 2001
                          300,000                 On or before February 16, 2002




                                   (Continued)

                                        8


<PAGE>


                       INSTITUTIONAL EQUITY HOLDINGS, INC.

                            (FORMERLY EUROMED, INC.)

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                                   (UNAUDITED)

                                 MARCH 31, 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.

                                        9


<PAGE>


                                     ITEM 2

                       INSTITUTIONAL EQUITY HOLDINGS, INC.

                            (FORMERLY EUROMED, INC.)

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                                   (UNAUDITED)

                                 MARCH 31, 2000

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF 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 digger 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.

THREE MONTHS ENDED MARCH 31, 2000 COMPARED TO THREE MONTHS ENDED MARCH 31, 1999

Revenues for the three months ended March 31, 2000,  increased 91% to $3,530,795
compared to $1,843,945  for the three months ended March 31, 1999. In 1999,  the
Company  had three (3)  offices  in New York and one (1) office in  Florida.  In
2000, the Company added three (3) offices,  two in Texas, and one in New Jersey.
The new offices were the source of increased  commission  revenue.  In 1999, the
Company did not act as managing  underwriter  on any public or private  security
offerings,  while in 2000, the Company was the managing underwriter for four (4)
securities  offerings,  raising  approximately  $11,750,000.  These underwriting
activities resulted in the 854% increase in underwriting revenue.

Expenses for the three months ended March 31, 2000,  increased 42% to $3,701,110
compared to $2,601,292  for the three months ended March 31, 1999. The following
summarizes the changes in expenses:

                                       10
<TABLE>
<CAPTION>

                                                                                        2000

                                                                                        Percentage
                                                                                Increase (Decrease)
                                          Percentage of Total Expenses              In Expenses
                                         ------------------------------        --------------------
                                         1998                     1999
                                      ----------                 ------
<S>                                     <C>                      <C>                       <C>

Employee Compensation                     71%                     42%                      142%
Commissions Paid to
   Other Broker-Dealers                  7                      16                        (36)%
General And
        Administrative Expenses          20                     20                         36%
Interest Expense                          2                     22                        (87)%
                                         --                   -----
              Total Expenses             100%                  100%                        42%
                                         ====                  ====

    Total Expenses as a Per-
        Centage of Revenues             104%                   141%
                                         ====                  ====
</TABLE>

Overall  expenses  increased  42%  in  2000,  as  compared  to  1999.  The  most
significant increase in expenses was the 142% increase in employer  compensation
to $2,635,617 for the three months ended March 31, 2000,  compared to $1,087,220
for the three months ended March 31, 1999. The employee compensation 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. The decrease in commissions paid to other broker dealers
was the result of the  reduction  in  independent  brokers  closing  their sales
through the Company.

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 three months ended March 31, 1999.

For the three months ended March 31,  2000,  the Company  reported a net loss of
$225,315  compared to a loss of $757,347  for the three  months  ended March 31,
1999.  The  decrease  in the loss was the result of the  reduction  in  interest
expense  associated  with the issuance of stock warrants in 1999,  offset by the
growth in employee and non-employee compensation,  which could not be off set by
increased revenues.

LIQUIDITY AND CAPITAL RESOURCES

Cash used in operations  was $250,167 for the three months ended March 31, 2000,
compared  with cash used in  operations  of $67,966 for the three  months  ended
March 31,  1999.  This  significant  increase in cash used was  attributable  to
increases in employee and operating costs  associated with the new offices.  The
Company  is  currently  reassessing  its  staffing  levels  and need for  branch
offices.  With changes being considered by management,  the Company expects that
it can achieve profitable operations by June 2000.

                                       11

In February 2000, the Company sold 40,000 shares of Spectrasite  Holdings,  Inc.
for an aggregate value of approximately $830,000. The proceeds, from the sale of
shares,  were used to repay a $407,170 loan from a brokerage firm and to finance
current operations.  The shares of Spectrasite  Holdings,  Inc. were 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 40,000
shares of Spectrasite Holdings,  Inc. in the public market. The trading price of
these  shares has  ranged  from a high of $28.31  (March  31,  2000) to a low of
$11.06 (January 3, 2000) with a trading price of $21.25 on May 8, 2000.

In 2000,  the  Company  will  require  substantial  amount  of cash to funds its
operations. Management of the Company is currently assessing the manner in which
the funds can be  acquired  with the  minimum  advise  effect  upon the  current
shareholders.

For the month  ended  March 31,  2000,  the  Company  expended  $90,408  for the
purchase of furniture and equipment.

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.

                           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.  The proceeds have been used to fund  operations
of the Company.

ITEM 4: OTHER INFORMATION

None

                                       12

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




 /s/ Mike Vinez                                        Chief Financial Officer,
----------------------------------------------------
Michael E. Vinez                                      Treasurer and Secretary









                                       13


<PAGE>


                                  Exhibit Index

Exhibit No.                     Description

27.1                            Financial Data Schedule.(*)


(*)                             Filed herewith









































                                       14