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

                             FORM 10-QSB

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

     FOR THE QUARTERLY PERIOD ENDED:  March 31, 2001

                                  OR

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

                  COMMISSION FILE NUMBER:  333-83125

                     FIRST GROWTH INVESTORS, INC.
        (Exact name of registrant as specified in its charter)


           NEVADA                                    87-0569467
     (State or other jurisdiction                 (I.R.S. Employer
     of incorporation or organization)            Identification No.)


           2508 South 1300 East, Salt Lake City, Utah 84106
               (Address of principal executive offices)

                            (801) 466-7808
         (Registrant's telephone number, including area code)


(Former name, former address and former fiscal year, if changed since last
report)

Check whether the issuer (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was
required to file such report(s),                  YES [X]  NO [ ]

and (2) has been subject to such filing requirements for the past 90 days.
                                                  YES [X]  NO [ ]

The number of $.001 par value common shares outstanding at March 31, 2001:
2,000,000

<PAGE>

                    PART I - FINANCIAL INFORMATION


ITEM 1.   FINANCIAL STATEMENTS

     See attached.

<PAGE>












                    FIRST GROWTH INVESTORS, INC.
                   (A Development Stage Company)

                        FINANCIAL STATEMENTS

                 THREE MONTHS ENDED MARCH 31, 2001
                            (UNAUDITED)

                                AND

                    YEAR ENDED DECEMBER 31, 1999


<PAGE>
<TABLE>
<S>                                                  <C>        <C><C>
FIRST GROWTH INVESTORS, INC.
(A Development Stage Company)

BALANCE SHEETS

ASSETS

                                                     March 31,  December 31,
                                                        2001        2000
                                                     ______________________
                                                    (Unaudited)

CURRENT ASSETS:
  Cash                                                      $241       $266
  Inventory                                               47,000     47,000
                                                     ___________ __________

    Total Current Assets                                  47,241     47,266
                                                     ___________ __________

OTHER ASSETS:
  Deferred cost - warrant registration                         0     14,476
                                                     ___________ __________

    Total Other Assets                                         0     14,476
                                                     ___________ __________

TOTAL ASSETS                                             $47,241    $61,742
                                                     =========== ==========

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
  Accounts payable                                            $0     $1,500
  Accrued interest payable                                   632        453
  Stockholder loan payable                                 9,500      5,500
                                                     ___________ __________

    Total Current Liabilities                             10,132      7,453
                                                     ___________ __________

STOCKHOLDERS' EQUITY:
  Preferred stock; $.001 par value, 1,000,000 shares
    authorized no shares issued and outstanding                0          0
  Common stock; $.001 par value, 24,000,000 shares
    authorized 2,000,000 shares issued and                 2,000      2,000
    outstanding both periods
  Capital in excess of par value                          47,362     47,362
  Earnings(deficit) accumulated during the               (12,253)     4,927
    development stage                                ___________ __________

    Total Stockholders' Equity                            37,109     54,289
                                                     ___________ __________

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY               $47,241    $61,742
                                                     =========== ==========

See Notes to Financial Statements.


</TABLE>
<PAGE>
<TABLE>
<S>                                          <C>    <C><C>  <C>  <C>
FIRST GROWTH INVESTORS, INC.
(A Development Stage Company)

STATEMENTS OF OPERATIONS
(Unaudited)

                                             For the Three       Cumulative
                                             Months Ended        During the
                                               March 31,         Development
                                              2001    2000         Stage

REVENUE
  Sales                                           $0      $0       $87,938
  Cost of goods sold                               0       0       (70,268)
                                             _____________________________

    Gross profit                                   0       0        17,670
                                             _____________________________

EXPENSES
  Professional fees                            2,500   1,380         9,900
  Fees and licenses                               25      30         1,826
  Costs - warrant registration                14,476       0        14,476
  Amortization expense                             0       0           250
                                             _____________________________

    Total expenses                            17,001   1,410        26,452
                                             _____________________________

INCOME(LOSS) FROM OPERATIONS-                (17,001) (1,410)       (8,782)
                                             _____________________________

OTHER INCOME (EXPENSE)
  Other income                                     0       0         1,000
  Interest expense                              (179)    (75)       (1,816)
                                             _____________________________

NET INCOME BEFORE INCOME TAXES               (17,180) (1,485)       (9,598)
  Provision for income taxes                       0       0        (1,905)
                                             _____________________________

NET INCOME(LOSS) BEFORE CUMULATIVE
EFFECT OF ACCOUNTING CHANGE                  (17,180) (1,485)      (11,503)
  Cumulative effect of accounting change for
    organization costs                             0       0          (750)
                                             _____________________________

NET INCOME (LOSS)                           $(17,180) $(1,485)    $(12,253)
                                             =============================

EARNINGS (LOSS) PER SHARE BEFORE
ACCOUNTING CHANGE                              $0.01    $0.00        $0.01
                                             =============================
CUMULATIVE EFFECT OF ACCOUNTING CHANGE         $0.00    $0.00        $0.00
                                             =============================
EARNINGS (LOSS) PER SHARE                      $0.01    $0.00        $0.01
                                             =============================

See Notes to Financial Statements.



</TABLE>
<PAGE>
<TABLE>
<S>                                              <C>   <C><C>   <C><C>
FIRST GROWTH INVESTORS, INC.
(A Development Stage Company)

STATEMENTS OF CASH FLOWS
(Unaudited)

                                                 For the Three   Cumulative
                                                 Months Ended    During the
                                                 March 31,       Development
                                                  2001    2000      Stage

CASH FLOWS FROM OPERATING ACTIVITIES
  Sales                                             $0       $0      $87,938
  Organization costs                                 0        0       (1,000)
  Cash paid for inventory and related costs          0        0     (115,698)
  Cash paid to suppliers and others             (4,025)  (1,410)     (12,236)
  Cash paid for taxes                                0        0       (1,905)
  Cash paid for interest                             0        0         (994)
                                                ____________________________

     Net Cash Provided (Used) by Operating      (4,025)  (1,410)     (43,895)
     Activities                                 ____________________________

CASH FLOWS FROM INVESTING ACTIVITIES                 0        0            0
                                                ____________________________

CASH FLOWS FROM FINANCING ACTIVITIES
  Stockholder loan                               4,000        0        9,500
  Sale of common stock                               0        0       55,050
  Direct costs of common stock sale                  0        0       (5,688)
  Direct costs of warrants registration              0        0      (14,476)
  Proceeds from short term advance and loan          0        0       27,100
  Loan payment                                       0   (6,100)     (27,350)
                                                ____________________________

    Net Cash Provided(used) by Financing         4,000   (6,100)      44,136
    Activities                                  ____________________________

NET INCREASE (DECREASE) IN CASH                    (25)  (7,510)         241

CASH  -  BEGINNING OF PERIOD                       266   10,703            0
                                                ____________________________

CASH  -  END OF PERIOD                            $241   $3,193         $241
                                                ============================

RECONCILIATION OF NET INCOME(LOSS) TO NET CASH
  PROVIDED (USED) BY OPERATING ACTIVITIES

NET INCOME (LOSS)                             $(17,180) $(1,485)    $(12,253)
                                                ____________________________

Adjustment to reconcile net income (loss) to net
  cash provided(used) by operating activities
    Amortization of organization costs               0        0          250
    Cumulative change in accounting principle        0        0          750
    Changes in assets and liabilities
      (Increase) decrease in inventory               0        0      (47,000)
      Decrease in prepaid expenses                   0        0            0
      Decrease in deferred warrant costs        14,476        0       14,476
      (Increase) in organization costs               0        0       (1,000)
      (Decrease) in accounts payable            (1,500)       0            0
      Increase (decrease) in accrued interest      179       75          632
      Increase in income tax payable                 0        0            0
      Increase in note payable                       0        0          250
                                                ____________________________

      Total Adjustments                         13,155       75      (31,642)
                                                ____________________________

NET CASH PROVIDED(USED) BY OPERATING ACTIVITIES $(4,025)$(1,410)    $(43,895)
                                                ============================


See Notes to Financial Statements.

</TABLE>
<PAGE>

                    FIRST GROWTH INVESTORS, INC.
                   (A DEVELOPMENT STAGE COMPANY)

              NOTES TO UNAUDITED FINANCIAL STATEMENTS

  NOTE 1  -  CONDENSED FINANCIAL STATEMENTS

       The Company, without audit, has prepared the accompanying
       financial statements. In the opinion of management, all
       adjustments (which include only normal recurring adjustments)
       necessary to present fairly the financial position, results of
       operation and cash flows at March 31, 2000 and 1999 and for all
       periods presented have been made.

       Certain information and footnote disclosures normally included in
       financial statements prepared in accordance with generally
       accepted accounting principles have been condensed or omitted.  It
       is suggested that these condensed financial statements be read in
       conjunction with the financial statements and notes thereto
       included in the Company's December 31, 1999 audited financial
       statements.  The results of operations for the periods ended March
       31, 2000 and 1999 are not necessarily indicative of the operating
       results for the full year.

  NOTE 2  -  DIRECT COSTS - WARRANT REGISTRATION

       During the quarter ended March 31, 2001, the Company wrote-
       off the deferred costs of its warrant registration to expense.
       The amount written-off was $14,476.
<PAGE>

ITEM 2:  MANAGEMENT'S DISCUSSION & ANALYSIS OR PLAN OF OPERATIONS

     The Company was incorporated September 9, 1997. Upon inception, the
Company issued 1,750,000 shares of common stock to its founding stockholders.
On October 15, 1997, the Company commenced a public offering of up to 250,000
shares of its common stock, in reliance upon Rule 504 of Regulation D,
promulgated by the U.S. Securities & Exchange Commission under the Securities
Act of 1933.  The offering closed in November, 1997.  Pursuant thereto, the
Company sold 250,000 shares, increasing the total issued and outstanding
common stock to 2,000,000 shares.  In July, 1999, the Company filed a
registration statement on Form SB-2 with the U.S. Securities & Exchange
Commission under the Securities Act of 1933, to register the distribution and
exercise of warrants.  This registration statement was declared effective on
October 8, 1999.  At that time the Company became subject to the information
requirements of the Securities Exchange Act of 1934.  Accordingly, the Company
files annual and quarterly reports and other information with the Commission.
No securities have yet been sold pursuant to this offering.

PLAN OF OPERATIONS.

     Management's plan of operation for the next twelve months is to continue
using existing capital and any funds from exercise of warrants in the offering
to acquire another inventory of select wines to hold for investment and
resale, and also to provide general working capital during the next twelve
months.  Under this plan of operations First Growth Investors has no specific
capital commitments and the timing of capital expenditures will depend upon
the receipt of additional funds from warrant exercise or elsewhere, none of
which is assured.  Cash flows will also depend upon the timing of sale of the
wines, which is also not assured, and receipt of the proceeds from these
sales. We have not determined how long existing capital can satisfy any cash
requirements, but we do not presently anticipate that we will have to raise
additional funds within the next twelve months.  While we do not anticipate
any need to raise additional capital, we believe First Growth Investors will
have the opportunity to invest whatever additional funds may be received from
the exercise of warrants in purchasing additional vintages of investment grade
wines. We do not anticipate any capital commitments for product research and
development or significant purchases of plant or equipment, or any change in
the number of employees.

     Initially, we purchased eleven different vintages of investment grade
wines at a cost of $54,588. During the first quarter of 1999, we sold these
wines for $76,138.  We made these purchases, and all purchases to date, from
non affiliated third parties.  We did not purchase any of the inventory from,
or sell any of the inventory to, persons affiliated with First Growth
Investors.

<PAGE>


                     PART II - OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

     None.

ITEM 2.  CHANGES IN SECURITIES AND USE OF PROCEEDS

     (a)  None.

     (b)  None.

     (c)  See Part I, Item 1 (financial statements) and Item 2 (management's
          discussion) for financial information and a discussion regarding
          use of proceeds.

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

     None.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

     None.

ITEM 5.  OTHER INFORMATION

     None.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

     None

<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.


                              FIRST GROWTH INVESTORS, INC.



Date:  May 7, 2001                 by:   /s/ Pam Jowett
                                   Pam Jowett, President & Director