<ARTICLE>                             5
<LEGEND>

This schedule  contains summary financial  information  extracted from Investors
First-Staged  Equity  1999  Second  Quarter  10-QSB/A  and is  qualified  in its
entirety by reference to such 10-QSB/A filing.

</LEGEND>

<CIK>                                 0000768834
<NAME>                                Investors First-Staged Equity
<MULTIPLIER>                                  1,000


                                     
<PERIOD-TYPE>                         12-MOS
<FISCAL-YEAR-END>                     DEC-31-1999
<PERIOD-START>                        JAN-01-1999
<PERIOD-END>                          JUN-30-1999
<CASH>                                        1,602
<SECURITIES>                                      0
<RECEIVABLES>                                   747
<ALLOWANCES>                                      0
<INVENTORY>                                       0
<CURRENT-ASSETS>                                  0 <F1>
<PP&E>                                       48,577
<DEPRECIATION>                              (26,907)
<TOTAL-ASSETS>                               26,183
<CURRENT-LIABILITIES>                             0 <F1>
<BONDS>                                      42,444
<PREFERRED-MANDATORY>                             0
<PREFERRED>                                       0
<COMMON>                                          0
<OTHER-SE>                                  (17,638)
<TOTAL-LIABILITY-AND-EQUITY>                 26,183
<SALES>                                           0
<TOTAL-REVENUES>                              4,429
<CGS>                                             0
<TOTAL-COSTS>                                     0
<OTHER-EXPENSES>                              4,228
<LOSS-PROVISION>                                  0
<INTEREST-EXPENSE>                            1,631
<INCOME-PRETAX>                                   0
<INCOME-TAX>                                      0
<INCOME-CONTINUING>                               0
<DISCONTINUED>                                    0
<EXTRAORDINARY>                                   0
<CHANGES>                                         0
<NET-INCOME>                                    201
<EPS-BASIC>                                   12.24 <F2>
<EPS-DILUTED>                                     0
<FN>

<F1> Registrant has an unclassified balance sheet. <F2> Multiplier is 1.

</FN>