FORM 10-QSB--QUARTERLY OR TRANSITIONAL REPORT UNDER SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

                        Quarterly or Transitional Report

                      U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   Form 10-QSB

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

                   For the quarterly period ended March 31, 2000


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


                For the transition period from _________to _________

                         Commission file number 0-14470

                         INVESTORS FIRST-STAGED EQUITY L.P.
         (Exact name of small business issuer as specified in its charter)



         Delaware                                           36-3310965
(State or other jurisdiction of                          (I.R.S. Employer
 incorporation or organization)                         Identification No.)

                          55 Beattie Place, PO Box 1089

                        Greenville, South Carolina 29602

                      (Address of principal executive offices)

                                 (864) 239-1000

                           (Issuer's telephone number)

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

                         PART I - FINANCIAL INFORMATION

ITEM 1.     FINANCIAL STATEMENTS

a)

                         INVESTORS FIRST-STAGED EQUITY L.P.
                           CONSOLIDATED BALANCE SHEET

                                   (Unaudited)

                          (in thousands, except unit data)

                                 March 31, 2000

Assets

   Cash and cash equivalents                                         $ 2,589
   Receivables and deposits                                              280
   Restricted escrows                                                    575
   Other assets                                                          743
   Investment properties:
       Land                                              $ 6,431
       Buildings and related personal property            29,417
                                                          35,848

       Less accumulated depreciation                     (21,705)     14,143
                                                                    $ 18,330

Liabilities and Partners' Deficit
Liabilities

   Accounts payable                                                 $     20
   Accrued interest                                                      319
   Tenant security deposit liabilities                                   277
   Disposition fee payable to affiliates of General
     Partner                                                             603
   Accrued property taxes                                                 47
   Other liabilities                                                      69
   Advances from affiliates of General Partner                           340
   Mortgage notes payable                                             30,155

Partners' Deficit

   General partner                                        $ (120)
   Limited partners (16,261.152 units issued and
      outstanding)                                       (13,380)    (13,500)
                                                                    $ 18,330

            See Accompanying Notes to Consolidated Financial Statements


b)

                         INVESTORS FIRST-STAGED EQUITY L.P.
                      CONSOLIDATED STATEMENTS OF OPERATIONS

                                   (Unaudited)

                          (in thousands, except unit data)

                                                          Three Months Ended
                                                              March 31,
                                                           2000        1999
Revenues:                                                           (restated)
   Rental income                                        $  1,416     $ 1,353
   Other income                                              126          69
      Total revenues                                       1,542       1,422
Expenses:
   Operating                                                 402         391
   General and administrative                                 50          57
   Depreciation                                              381         360
   Interest                                                  544         544
   Property taxes                                            102          78
      Total expenses                                       1,479       1,430

Income (loss) from continuing operations                      63          (8)
Income from discontinued operations                           --         111

Net income                                              $     63     $   103

Net income allocated to general partners (1%)           $      1     $     1
Net income allocated to limited partners (99%)                62         102

                                                        $     63     $   103

Net income (loss) per limited partnership unit:

Income from continuing operations                       $   3.81     $  (.49)
Income from discontinued operations                           --        6.76

      Net income                                        $   3.81     $  6.27

Distributions per limited partnership unit              $ 473.58     $    --

            See Accompanying Notes to Consolidated Financial Statements


c)

                         INVESTORS FIRST-STAGED EQUITY L.P.
               CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' DEFICIT
                                   (Unaudited)

                          (in thousands, except unit data)


<TABLE>
<CAPTION>

                                     Limited
                                   Partnership    General     Limited
                                      Units       Partner     Partners      Total

<S>                                  <C>          <C>        <C>         <C>
Partners' deficit at
   December 31, 1999                16,261.152   $ (121)     $ (5,741)    $ (5,862)

Distributions to limited
   partners                                --        --        (7,701)      (7,701)

Net income for the three months
   ended March 31, 2000                    --         1            62           63

Partners' deficit
   at March 31, 2000                16,261.152   $ (120)     $(13,380)    $(13,500)


            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

d)
                         INVESTORS FIRST-STAGED EQUITY L.P.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS

                                   (Unaudited)

                                  (in thousands)
<TABLE>
<CAPTION>

                                                                 Three Months Ended
                                                                       March 31,

                                                                  2000        1999
Cash flows from operating activities:

<S>                                                             <C>          <C>
  Net income                                                    $    63      $   103
  Adjustments to reconcile net income to net cash
   provided by operating activities:
   Depreciation                                                     381          474
   Amortization of loan costs and leasing commissions                25           45
  Change in accounts:
      Receivables and deposits                                      300         (123)
      Other assets                                                  (98)         (60)
      Accounts payable                                              (27)         (42)
      Accrued interest                                              176            8
      Tenant security deposit liabilities                             1           (4)
      Accrued property taxes                                         47           86
      Other liabilities                                             (66)          20

       Net cash provided by operating activities                    802          507

Cash flows from investing activities:

  Property improvements and replacements                            (43)         (38)
  Net deposits to restricted escrows                                (33)         (68)

       Net cash used in investing activities                        (76)        (106)

Cash flows from financing activities:

  Distributions to limited partners                              (7,701)          --
  Payments on mortgage notes payable                                (50)        (218)
  Advances from affiliates                                           --            1

       Net cash used in financing activities                     (7,751)        (217)

Net (decrease) increase in cash and cash equivalents             (7,025)         184
Cash and cash equivalents at beginning of period                  9,614        1,184

Cash and cash equivalents at end of period                      $ 2,589      $ 1,368

Supplemental disclosure of cash flow information:

  Cash paid for interest                                        $   343      $   768

            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

e)
                         INVESTORS FIRST-STAGED EQUITY L.P.
                     NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)

Note A - Going Concern

The accompanying  consolidated  financial statements have been prepared assuming
Investors  First-Staged  Equity L.P. (the  "Partnership  or  "Registrant")  will
continue as a going concern.  During the fourth quarter of 1999, the Partnership
was notified that it is in default on the Residual Proceeds  Agreements relating
to Rivercrest Village Apartments and Richardson  Highlands  Apartments,  the two
remaining  investment  properties  owned by the  Partnership.  These  agreements
require,  among other things, that each property be marketed for sale six months
prior to January 15, 2000, which was the maturity date of the subordinated notes
payable, and that half of certain residual proceeds from the sale be paid to the
lender.  The Partnership did not market these  properties for sale in accordance
with the  agreements,  which also provide that the lender may commence an action
for the  appointment of a receiver to sell each property.  If the properties are
not sold within 180 days thereafter, the lender may foreclose on the properties.
After  notifying the  Partnership of such defaults,  the lender  proposed that a
party believed by the  Partnership to be an affiliate of the lender purchase the
properties.  However,  MAERIL,  Inc. (the "General  Partner")  believes that the
Residual  Proceeds  Agreement  may no  longer be  effective,  since the debt was
repaid in full prior to maturity.  The  Partnership  currently is in discussions
with the lender with respect to the resolution of these issues.

There  can be no  assurance  that a  receiver  will  not be  appointed  for  the
properties or that the  properties  will not be sold or foreclosed  upon. If the
Partnership  loses  its  remaining   investment   properties   through  sale  or
foreclosure, then it will be forced to terminate.

As a result of the above,  there is  substantial  doubt about the  Partnership's
ability to continue as a going concern. The consolidated financial statements do
not  include  any  adjustments  to reflect the  possible  future  effects on the
recoverability  and  classification  of assets or amounts and  classification of
liabilities that may result from this uncertainty.

Note B - Basis of Presentation

The accompanying  unaudited consolidated financial statements of the Partnership
have been prepared in accordance with generally accepted  accounting  principles
for interim  financial  information and with the instructions to Form 10-QSB and
Item  310(b) of  Regulation  S-B.  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 the General Partner,  all
adjustments (consisting of normal recurring accruals) considered necessary for a
fair  presentation  have been  included.  Operating  results for the three month
period ended March 31, 2000, are not necessarily  indicative of the results that
may be expected  for the fiscal  year  ending  December  31,  2000.  For further
information,  refer  to the  consolidated  financial  statements  and  footnotes
thereto included in the Partnership's  Annual Report on Form 10-KSB for the year
ended December 31, 1999.

Reclassifications

Certain  reclassifications  have been made to the 1999  financial  statements to
conform with the 2000 presentation.

Principles of Consolidation

The financial  statements  include all the accounts of the  Partnership  and its
three  99.99%  owned  partnerships.  The  General  Partner  of the  consolidated
partnerships is MAERIL,  Inc. MAERIL, Inc. may be removed as the general partner
of the consolidated partnerships by the Registrant;  therefore, the consolidated
partnerships are controlled and consolidated by the Registrant.  All significant
interpartnership balances have been eliminated.

Note C - Transfer of Control

Pursuant  to a series  of  transactions  which  closed  on  October  1, 1998 and
February 26, 1999,  Insignia Financial Group, Inc. and Insignia Properties Trust
merged into Apartment Investment and Management Company,  ("AIMCO"),  a publicly
traded real estate investment trust, with AIMCO being the surviving  corporation
(the "Insignia Merger").  As a result, AIMCO acquired 100% ownership interest in
the General Partner.  The General Partner does not believe that this transaction
has had or will have a material  effect on the  affairs  and  operations  of the
Partnership.

Note D - Transactions with Affiliates and Related Parties

The Partnership has no employees and is dependent on the General Partner and its
affiliates for the management and administration of all Partnership  activities.
The Partnership  Agreement  provides for (i) certain  payments to affiliates for
services and (ii)  reimbursement of certain  expenses  incurred by affiliates on
behalf of the  Partnership.  The following  payments were made or accrued to the
General Partner and its affiliates  during the three months ended March 31, 2000
and 1999:

                                                     2000                1999
                                                           (in thousands)

Property management fees (included in
  operating expenses)                                $ 58                $ 56
Reimbursement for services of affiliates
  (included in general and administrative
   expense)                                            26                  39
Real estate brokerage commission due to
  general partner (included in disposition
  fee payable to General Partner)                     603                  --

During the three months ended March 31, 2000 and 1999, affiliates of the General
Partner  were  entitled  to  receive  5% of  gross  receipts  from  both  of the
Registrant's  residential  properties as  compensation  for  providing  property
management  services.  The  Registrant  paid  to such  affiliates  approximately
$58,000  and  $56,000  for the  three  months  ended  March  31,  2000 and 1999,
respectively.

An  affiliate  of the General  Partner  received  reimbursement  of  accountable
administrative  expenses amounting to approximately  $26,000 and $39,000 for the
three months ended March 31, 2000 and 1999, respectively.

In prior years the  Partnership was advanced funds from a former General Partner
in order to meet its existing obligations. Interest accrues on these advances at
rates agreed to by the Partnership and the former General Partner.  The interest
rates at March 31, 2000 ranged from 4.70% to 9.50%.  The unpaid balance on these
advances  at March 31, 2000 and the related  accrued  interest is  approximately
$340,000.

In connection  with the sale of Serramonte  Plaza in December 1999, a commission
of approximately  $603,000 was accrued to the General Partner in accordance with
the terms of the  Partnership  Agreement.  Payment of the commission will not be
made until the  limited  partners  have  received  distributions  equal to their
original  invested  capital  plus  a  6%  per  annum  non-compounded  cumulative
preferred return on their adjusted invested capital.

AIMCO and its affiliates currently own 2,497.46 limited partnership units in the
Partnership  representing  15.358% of the  outstanding  units. A number of these
units were acquired  pursuant to tender offers made by AIMCO or its  affiliates.
It is possible  that AIMCO or its  affiliates  will make one or more  additional
offers to acquire  additional limited  partnership  interests in the Partnership
for cash or in exchange for units in the operating  partnership of AIMCO.  Under
the  Partnership  Agreement,  unitholders  holding a  majority  of the Units are
entitled  to take action  with  respect to a variety of matters.  When voting on
matters,  AIMCO would in all  likelihood  vote the Units it acquired in a manner
favorable to the interest of the General  Partner  because of their  affiliation
with the General Partner.

Note E - Disposition of Property/Operating Segment

On December 16, 1999,  Serramonte Plaza, located in Daly City,  California,  was
sold to an unaffiliated  third party.  Serramonte  Plaza was the only commercial
property  owned  by  the   Partnership   and  represented  one  segment  of  the
Partnership's  operations.  Due to the sale of this property, the results of the
commercial  segment  have been  shown as income  from  discontinued  operations.
Accordingly,  the consolidated 1999 statement of operations has been restated to
reflect this presentation. Revenues of this property were approximately $771,000
for 1999. Income from discontinued operations was approximately $111,000 for the
three month period ended March 31, 1999.

Note F - Segment Information

Description  of the types of products  and  services  from which the  reportable
segment derives its revenues:

The  Partnership  had two  reportable  segments:  residential  properties  and a
commercial property. The Partnership's  residential property segment consists of
two apartment complexes both of which are located in California. The Partnership
rents apartment  units to tenants for terms that are typically  twelve months or
less.  The  commercial  property  segment  consisted of office space  located in
Serramonte,  California, which was sold on December 16, 1999. As a result of the
sale of the commercial  property during 1999, the commercial segment is shown as
a discontinued operation.

Measurement of segment profit or loss:

The  Partnership  evaluates  performance  based on segment  profit (loss) before
depreciation. The accounting policies of the reportable segments are the same as
those of the Partnership as described in the Partnership's Annual Report on Form
10-KSB for the year ended December 31, 1999.

Factors management used to identify the enterprise's reportable segment:

The  Partnership's  reportable  segments  consist of investment  properties that
offer different products and services.  The reportable segments are each managed
separately  because they  provide  distinct  services  with  different  types of
products and customers.

Segment  information for the three months ended March 31, 2000 and 1999 is shown
in the tables below (in  thousands).  The "Other"  column  includes  Partnership
administration  related  items and  income  and  expense  not  allocated  to the
reportable segments.
<TABLE>
<CAPTION>

                 2000

                                        Residential   Commercial    Other     Totals
                                                     (discontinued)
<S>                                       <C>            <C>         <C>      <C>
Rental income                             $ 1,416        $ --        $ --     $1,416
Other income                                   59           --          67       126
Interest expense                              544           --          --       544
Depreciation                                  381           --          --       381
General and administrative expenses            --           --          50        50
Segment profit                                 63           --          --        63
Total assets                               16,870           --       1,460    18,330
Capital expenditures                           43           --          --        43
</TABLE>

<TABLE>
<CAPTION>

                 1999

                                        Residential   Commercial    Other    Totals
                                                     (discontinued)
<S>                                       <C>            <C>        <C>      <C>
Rental income                             $ 1,353        $ --       $ --     $1,353
Other income                                   63           --          6        69
Interest expense                              544           --         --       544
Depreciation                                  360           --         --       360
General and administrative expense             --           --         57        57
Income from discontinued operations            --          111         --       111
Segment profit (loss)                          43          111        (51)      103
Total assets                               17,476        8,296        663    26,435
Capital expenditures                           33            5         --        38
</TABLE>

Note G - Distributions

A distribution  of  approximately  $7,701,000  from the proceeds of the sale  of
Serramonte Plaza  (approximately  $473.58 per limited partnership unit) was made
during the three month period ended March 31, 2000. No cash  distributions  were
paid during the three months ended March 31, 1999. The Registrant's distribution
policy is reviewed on an annual basis.  Future cash distributions will depend on
the levels of net cash  generated  from  operations,  the  availability  of cash
reserves, debt maturities,  refinancings, and/or property sales. There can be no
assurance,  however,  that the Registrant  will generate  sufficient  funds from
operations,   after  required  capital  improvement   expenditures,   to  permit
distributions to its partners in 2000 or subsequent periods.

Note H - Legal Proceedings

The Partnership is unaware of any pending or outstanding  litigation that is not
of a routine nature arising in the ordinary course of business.

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

The  matters  discussed  in this Form  10-QSB  contain  certain  forward-looking
statements  and  involve  risks and  uncertainties  (including  changing  market
conditions,   competitive  and  regulatory   matters,   etc.)  detailed  in  the
disclosures  contained  in this  Form  10-QSB  and the  other  filings  with the
Securities and Exchange Commission made by the Registrant from time to time. The
discussions of the  Registrant's  business and results of operations,  including
forward-looking  statements  pertaining  to such  matters,  does not  take  into
account the effects of any changes to the  Registrant's  business and results of
operations.  Accordingly,  actual  results  could differ  materially  from those
projected in the forward-looking  statements as a result of a number of factors,
including those identified herein.

The Partnership's  investment properties consist of two apartment complexes. The
following  table sets forth the average  occupancy for these  properties for the
three months ended March 31, 2000 and 1999:

                                                   Average Occupancy

      Property                                      2000       1999

      Rivercrest Village Apartments                 92%        90%
         Sacramento, California
      Richardson Highlands Apartments               99%        99%
         Marin City, California

Results of Operations

The  Registrant's  net  income for the three  months  ended  March 31,  2000 was
approximately  $63,000 compared to net income of approximately  $103,000 for the
three  months  ended March 31,  1999.  The  decrease in net income for the three
months  ended March 31, 2000 is primarily  attributable  to a decrease in income
from discontinued  operations as a result of the sale of the Partnership's  sole
commercial property, Serramonte Plaza on December 16, 1999.

Excluding the impact of the operations and sale of the commercial property,  the
Registrant's income from continuing  operations for the three months ended March
31, 2000 was approximately $63,000 as compared to a loss of approximately $8,000
for the three  months  ended  March 31,  1999.  The  increase in net income from
continuing  operations was due to an increase in total revenues partially offset
by an increase in total expenses.  The increase in total revenues was the result
of  increases  in  rental  income  and other  income.  Rental  income  increased
primarily  as a result  of the  increase  in  occupancy  at  Rivercrest  Village
Apartments  and an increase in average  annual  rental rates at both  Rivercrest
Village Apartments and Richardson  Highlands  Apartments.  The increase in other
income was primarily due to higher interest income as a result of an increase in
cash balances held in interest bearing accounts.

Total  expenses  increased for the three months ended March 31, 2000 as a result
of increases  in property tax and  depreciation  expenses  which were  partially
offset by a decrease general and administrative  expenses.  Property tax expense
increased  as a result  of an  increase  in the  assessed  value  of  Richardson
Highlands Apartments.  Depreciation expense increased as a result of significant
capital improvements placed in service during the past twelve months.

General  and  administrative  expense  decreased  as a result of a  decrease  in
professional expenses and general costs of the Partnership.  Included in general
and  administrative  expenses for the three months ended March 31, 2000 and 1999
are  management   reimbursements  to  the  General  Partner  allowed  under  the
Partnership  Agreement.  In addition,  costs  associated  with the quarterly and
annual  communications  with  investors and  regulatory  agencies and the annual
audit required by the Partnership Agreement are also included.

As part of the ongoing  business plan of the  Partnership,  the General  Partner
monitors the rental market  environment of its  investment  properties to assess
the feasibility of increasing rents,  maintaining or increasing occupancy levels
and protecting the Partnership from increases in expenses. As part of this plan,
the  General  Partner  attempts to protect  the  Partnership  from the burden of
inflation-related  increases in expenses by increasing  rents and  maintaining a
high overall occupancy level.  However,  due to changing market conditions which
can  result in the use of rental  concessions  and rental  reductions  to offset
softening market conditions, there is no guarantee that the General Partner will
be able to sustain such a plan.

Liquidity and Capital Resources

At March 31, 2000, the Registrant had cash and cash equivalents of approximately
$2,589,000 as compared to  approximately  $1,368,000 at March 31, 1999. Cash and
cash equivalents decreased  approximately  $7,025,000 for the three months ended
March 31, 2000 from the  Registrant's  year end,  primarily due to approximately
$7,751,000 of cash used in financing  activities,  and approximately  $76,000 of
cash used in investing  activities  which were partially offset by approximately
$802,000  of cash  provided  by  operating  activities.  Cash used in  financing
activities consisted of distributions to limited partners and principal payments
on the mortgages encumbering the Registrant's properties. Cash used in investing
activities consisted of property  improvements and replacements and net deposits
to the escrow accounts maintained by the mortgage lender. The Registrant invests
its working capital reserves in money market accounts.

The sufficiency of existing  liquid assets to meet future  liquidity and capital
expenditure   requirements   is  directly   related  to  the  level  of  capital
expenditures  required at the  properties  to  adequately  maintain the physical
assets and other  operating needs of the Partnership and to comply with Federal,
state, and local legal and regulatory requirements. Capital improvements planned
for each of the Partnership's properties are detailed below.

Rivercrest Village Apartments

Capital improvements  budgeted for, but not limited to,  approximately  $587,000
are planned for 2000 at this property consisting primarily of roof replacements,
fencing  replacements,  floor  covering and  appliance  replacements,  and major
landscaping.  As of March 31, 2000 approximately $25,000 of capital improvements
have  been  incurred  consisting  primarily  of  appliance  and  floor  covering
replacements.  These  improvements  were funded from  operations and Partnership
reserves.

Richardson Highlands Apartments

Capital improvements  budgeted for, but not limited to,  approximately  $121,000
are planned for 2000 at this  property  consisting  primarily of  appliance  and
floor  covering  replacements,  and pavement  resurfacing.  As of March 31, 2000
approximately  $18,000 of capital  improvements  have been  incurred  consisting
primarily of  appliances  water heater and floor  covering  replacements.  These
improvements were funded from cash flows from operations.

The additional  capital  expenditures will be incurred only if cash is available
from  operations  or  Partnership  reserves.  To the extent  that such  budgeted
capital improvements are completed, the Registrant's distributable cash flow, if
any, may be adversely affected at least in the short term.

The  Registrant's  current assets are thought to be sufficient for any near-term
needs  (exclusive  of capital  improvements)  of the  Registrant.  The  mortgage
indebtedness of approximately $30,155,000 has maturity dates of January 2005 and
January  2008,  with  balloon  payments  due at  maturity,  at  which  time  the
properties will either be refinanced and/or sold.

During the fourth  quarter of 1999, the  Partnership  was notified that it is in
default on the  Residual  Proceeds  Agreements  relating to  Rivercrest  Village
Apartments and Richardson  Highlands  Apartments,  the two remaining  investment
properties  owned by the  Partnership.  These  agreements  require,  among other
things,  that each property be marketed for sale six months prior to January 15,
2000,  which was the maturity date of the subordinated  notes payable,  and that
half of  certain  residual  proceeds  from the sale be paid to the  lender.  The
Partnership  did not market these  properties  for sale in  accordance  with the
agreements,  which also  provide  that the lender may commence an action for the
appointment of a receiver to sell each property.  If the properties are not sold
within 180 days  thereafter,  the lender may foreclose on the properties.  After
notifying the  Partnership  of such defaults,  the lender  proposed that a party
believed  by the  Partnership  to be an  affiliate  of the lender  purchase  the
properties.  However,  the General Partner  believes that the Residual  Proceeds
Agreement may no longer be effective, since the debt was repaid in full prior to
maturity.  The  Partnership  currently  is in  discussions  with the lender with
respect to the resolution of these issues.

There  can be no  assurance  that a  receiver  will  not be  appointed  for  the
properties or that the  properties  will not be sold or foreclosed  upon. If the
Partnership  loses  its  remaining   investment   properties   through  sale  or
foreclosure, then it will be forced to terminate.

As a result of the above,  there is  substantial  doubt about the  Partnership's
ability to continue as a going concern.  The financial statements do not include
any adjustments to reflect the possible future effects on the recoverability and
classification  of assets or amounts and  classification of liabilities that may
result from this uncertainty.

A distribution  of  approximately  $7,701,000  from the proceeds of the sale  of
Serramonte Plaza  (approximately  $473.58 per limited partnership unit) was made
during the three month period ended March 31, 2000. No cash  distributions  were
paid during the three months ended March 31, 1999. The Registrant's distribution
policy is reviewed on an annual basis.  Future cash distributions will depend on
the levels of net cash  generated  from  operations,  the  availability  of cash
reserves, debt maturities,  refinancings, and/or property sales. There can be no
assurance,  however,  that the Registrant  will generate  sufficient  funds from
operations,   after  required  capital  improvement   expenditures,   to  permit
distributions  to its  partners  during  the  remainder  of 2000  or  subsequent
periods.

                           PART II - OTHER INFORMATION

ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

            a)    Exhibits:

                  Exhibit 27, Financial Data Schedule, is filed as an exhibit to
                  this report.

            b)    Reports on Form 8-K:

                  None filed during the quarter ended March 31, 2000.


<PAGE>



                                   SIGNATURES

In accordance with the  requirements of the Exchange Act, the Registrant  caused
this  report to be  signed on its  behalf  by the  undersigned,  thereunto  duly
authorized.

                                 INVESTORS FIRST-STAGED EQUITY L.P.
                                 (Registrant)


                                 By:     MAERIL, Inc.,
                                         Its General Partner

                                 By:     /s/Patrick J. Foye
                                         Patrick J. Foye
                                         Executive Vice President

                                 By:     /s/Martha L. Long
                                         Martha L. Long
                                         Senior Vice President and
                                         Controller

                               Date:     May 12, 2000