<PAGE>   1

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                   FORM 10-QSB

(Mark One)

[X]  Quarterly report under Section 13 or 15(d) of the Securities Exchange Act
     of 1934 for the quarterly period ended March 31, 2000.

[ ]  Transition report under Section 13 or 15(d) of the Securities Exchange Act
     of 1934 for the transition period from ------------ to --------------


       Commission file number: 000-28777

                           CHEROKEE INVESTMENTS, INC.
                     --------------------------------------
        (Exact name of small business issuer as specified in its charter)

            Wyoming                                      86-0970157
(State or other jurisdiction of             (I.R.S. Employer Identification No.)
 incorporation or organization)

                   5505 N. Indian Trail, Tucson, Arizona 85750
                   ------------------------------------------
               (Address of principal executive office) (Zip Code)

                                 (520) 577-1516
                             ----------------------
                           (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 XX                                No
                 -----                                -----

       The number of outstanding shares of the issuer's common stock, $0.001 par
value, as of May 1, 2000 was 1,000,000.


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                                TABLE OF CONTENTS

                         PART I - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS..................................................3

       Condensed Balance Sheets as of September 30, 1999
              and March 31, 2000...............................................5

       Condensed Statements of Operations
              for the Three and Six Month Periods Ended
              March 31, 2000 and 1999..........................................6

       Condensed Statements of Cash Flows
              for the Six Month Periods Ended
              March 31, 2000 and 1999..........................................7

       Notes to Unaudited Condensed Financial Statements.......................9

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS.................................10

                           PART II - OTHER INFORMATION

ITEM 1 LEGAL PROCEEDINGS......................................................12

ITEM 2 CHANGES IN SECURITIES..................................................12

ITEM 5 OTHER INFORMATION......................................................12

INDEX TO EXHIBITS.............................................................13



                 [THIS SPACE HAS BEEN INTENTIONALLY LEFT BLANK]



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                                     PART I

ITEM 1.  FINANCIAL STATEMENTS

       As used herein, the term "Company" refers to Cherokee Investments, Inc.,
a Wyoming corporation, and its subsidiaries and predecessors unless otherwise
indicated. Unaudited, condensed interim financial statements including a balance
sheet for the Company as of the quarter ended March 31, 2000 and statements of
operations and statements of cash flows for the interim period up to the date of
such balance sheet and the comparable period of the preceding year.



                 [THIS SPACE HAS BEEN LEFT BLANK INTENTIONALLY]



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                         INDEPENDENT ACCOUNTANTS' REPORT

Cherokee Investments, Inc.
(A Development Stage Company)

       We have reviewed the accompanying balance sheets of Cherokee Investments,
Inc. (a development stage company) as of March 31, 2000, and the related
statements of operations for the three and six month periods then ended, and
cash flows for the six month period then ended. These financial statements are
the responsibility of the Company's management.

       We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures to
financial data and making inquiries of persons responsible for financial and
accounting matters. It is substantially less in scope than an audit conducted in
accordance with generally accepted auditing standards, the objective of which is
the expression of an opinion regarding the financial statement taken as a whole.
Accordingly, we do not express such an opinion.

       Based on our review, we are not aware of any material modifications that
should be made to the accompanying financial statements for them to be in
conformity with generally accepted accounting principles.

                                        Respectfully submitted



                                        /s/ Robinson, Hill & Co.
                                        ------------------------
                                        Certified Public Accountants


Salt Lake City, Utah
May 11, 2000


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                           CHEROKEE INVESTMENTS, INC.
                          (A Development Stage Company)
                                 BALANCE SHEETS

<TABLE>
<CAPTION>
                                                                   March 31,               September 30,
                                                                     2000                       1999
                                                                 ------------              -------------
<S>                                                              <C>                       <C>
ASSETS:                                                          $          -              $           -
                                                                 ============              =============

LIABILITIES & STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts Payable & Accrued Expenses                              $          -               $          -
                                                                 ------------              -------------
Stockholders' Equity:
  Common Stock, Par value $.001
    Authorized 100,000,000 shares,
    Issued 1,000,000 Shares at March 31, 2000
    and September 30, 1999                                              1,000                      1,000
  Paid-In Capital                                                       1,005                         75
  Retained Deficit                                                    (1,075)                    (1,075)
  Deficit Accumulated During the
    Development Stage                                                   (930)                          -
                                                                 ------------              -------------
    Total Stockholders' Equity                                              -                          -
                                                                 ------------              -------------

     Total Liabilities and
       Stockholders' Equity                                      $          -              $           -
                                                                 ============              =============
</TABLE>



                 See accompanying notes and accountants' report.


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                           CHEROKEE INVESTMENTS, INC.
                          (A Development Stage Company)
                            STATEMENTS OF OPERATIONS

<TABLE>
<CAPTION>
                                                                                                                   Cumulative
                                          For the Three Months                For the Six Months             since October 20, 1999
                                                 Ended                               Ended                  Inception of Development
                                                March 31,                           March 31,                        Stage
                                    --------------------------------   ----------------------------------         -----------
                                        2000                1999          2000                   1999
                                        ----                ----          ----                   ----
<S>                                 <C>                  <C>           <C>                    <C>                 <C>
Revenues                            $         -          $         -   $          -           $         -         $         -
                                    -----------          -----------   ------------           -----------         -----------

Expenses
   General and Administrative                 -                    -            930                     -                 930
                                    -----------          -----------   ------------           -----------         -----------

       Net Loss                     $         -          $         -   $      (930)           $         -         $     (930)
                                    ===========          ===========   ============           ===========         ===========

Basic & Diluted loss per share      $         -          $         -   $          -           $         -
                                    ===========          ===========   ============           ===========
</TABLE>


                 See accompanying notes and accountants' report.


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                           CHEROKEE INVESTMENTS, INC.
                          (A Development Stage Company)
                            STATEMENTS OF CASH FLOWS

<TABLE>
<CAPTION>
                                                                                                                  Cumulative
                                                                                                                 Since October
                                                                                For the six months ended           20, 1999
                                                                                        March 31,                 Inception of
                                                                              -----------------------------       Development
                                                                                 2000               1999             Stage
                                                                              ----------         ----------        ---------
<S>                                                                           <C>                <C>               <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
-------------------------------------
Net Loss                                                                      $     (930)        $        -        $    (930)
Adjustments to reconcile net loss to net cash
Provided by operating activities
Increase (Decrease) in:
  Accounts Payable & Accrued Expenses                                                  -                  -                -
                                                                              ----------         ----------        ---------
  Net Cash Used in operating activities                                             (930)                 -             (930)
                                                                              ----------         ----------        ---------

CASH FLOWS FROM INVESTING ACTIVITIES:
-------------------------------------
Net cash provided by investing activities                                              -                  -                -
                                                                              ----------         ----------        ---------

CASH FLOWS FROM FINANCING ACTIVITIES:
-------------------------------------
Capital contributed by shareholder                                                   930                  -              930
                                                                              ----------         ----------        ---------
Net Cash Provided by
  Financing Activities                                                               930                  -              930
                                                                              ----------         ----------        ---------

Net (Decrease) Increase in
  Cash and Cash Equivalents                                                            -                  -                -
Cash and Cash Equivalents
  at Beginning of Period                                                               -                  -                -
                                                                              ----------         ----------        ---------
Cash and Cash Equivalents
  at End of Period                                                            $        -         $        -        $       -
                                                                              ==========         ==========        =========

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
-------------------------------------------------
Cash paid during the year for:
  Interest                                                                    $        -         $        -        $       -
  Franchise and income taxes                                                           -                  -        $      75

SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: None
-----------------------------------------------------------------------
</TABLE>



                 See accompanying notes and accountants' report.


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                           CHEROKEE INVESTMENTS, INC.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
            FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2000 AND 1999

NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

       This summary of accounting policies for Cherokee Investments, Inc. (a
development stage company) is presented to assist in understanding the Company's
financial statements. The accounting policies conform to generally accepted
accounting principles and have been consistently applied in the preparation of
the financial statements.

Interim Reporting

       The unaudited financial statements as of March 31, 2000 and for the three
and six month periods then ended reflect, in the opinion of management, all
adjustments (which include only normal recurring adjustments) necessary to
fairly state the financial position and results of operations for the three and
six months. Operating results for interim periods are not necessarily indicative
of the results which can be expected for full years.

Organization and Basis of Presentation

       The Company was incorporated under the laws of the State of Wyoming on
May 28, 1996. The Company ceased all operating activities during the period from
May 28, 1996 to October 20, 1999 and was considered dormant. Since October 20,
1999, the Company is in the development stage, and has not commenced planned
principal operations.

Nature of Business

       The Company has no products or services as of March 31, 2000. The Company
was organized as a vehicle to seek merger or acquisition candidates. The Company
intends to acquire interests in various business opportunities, which in the
opinion of management will provide a profit to the Company.

Cash and Cash Equivalents

       For purposes of the statement of cash flows, the Company considers all
highly liquid debt instruments purchased with a maturity of three months or less
to be cash equivalents to the extent the funds are not being held for investment
purposes.

Pervasiveness of Estimates

       The preparation of financial statements in conformity with generally
accepted accounting principles required management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.

Loss per Share

       The reconciliations of the numerators and denominators of the basic loss
per share computations are as follows:


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                           CHEROKEE INVESTMENTS, INC.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
            FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2000 AND 1999
                                   (Continued)

NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(CONTINUED)

<TABLE>
<CAPTION>
                                     Three Months Ended                               Three Months Ended
                                       March 31, 2000                                   March 31, 1999
                      ----------------------------------------------     -------------------------------------------
                                                                                           Number of         Loss
                         Loss         Number of Shares      Loss Per        Loss            Shares            Per
                      (numerator)      (denominator)         Share       (numerator)     (denominator)       Share
                      -----------     ----------------     ---------     -----------     -------------     ---------
<S>                   <C>             <C>                  <C>           <C>             <C>               <C>
Loss to Common
  Shareholders        $         -            1,000,000     $       -     $         -         1,000,000     $       -
                      ===========     ================     =========     ===========     =============     =========
</TABLE>

<TABLE>
<CAPTION>
                                      Six Months Ended                                  Six Months Ended
                                       March 31, 2000                                    March 31, 1999
                      ----------------------------------------------     -------------------------------------------
                                                                                           Number of         Loss
                         Loss         Number of Shares      Loss Per        Loss            Shares           Per
                      (numerator)      (denominator)         Share       (numerator)     (denominator)      Share
                      -----------     ----------------     ---------     -----------     -------------     ---------
<S>                   <C>             <C>                  <C>           <C>             <C>               <C>
Loss to Common
  Shareholders        $      (930)           1,000,000     $       -     $         -         1,000,000     $       -
                      ===========     ================     =========     ===========     =============     =========
</TABLE>

       The effect of outstanding stock equivalents would be anti-dilutive for
March 31, 2000 and 1999 and are thus not considered.

NOTE 2 - INCOME TAXES

       As of March 31, 2000, the Company has a net operating loss carryforward
for income tax reporting purposes of approximately $2,000 that may be offset
against future taxable income through 2011. Current tax laws limit the amount of
loss available to be offset against future taxable income when a substantial
change in ownership occurs. Therefore, the amount available to offset future
taxable income may be limited. No tax benefit has been reported in the financial
statements, because the Company believes there is a 50% or greater change the
carry-forwards will expire unused. Accordingly, the potential tax benefits of
the loss carry-forwards are offset by a valuation allowance of the same amount.

NOTE 3 - DEVELOPMENT STAGE COMPANY

       The Company has not begun principal operations and as is common with a
development stage company, the Company has had recurring losses during its
development stage.

NOTE 4 - COMMITMENTS

       As of March 31, 2000 all activities of the Company have been conducted by
corporate officers from either their homes or business offices. Currently, there
are no outstanding debts owed by the Company for the use of these facilities and
there are no commitments for future use of the facilities.


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                           CHEROKEE INVESTMENTS, INC.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
            FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2000 AND 1999
                                   (Continued)

NOTE 5 - STOCK SPLIT

       On October 20, 1999 the Board of Directors authorized 1,000 to 1 stock
split, changed the authorized number of shares to 100,000,000 shares and the par
value to $.001 for the Company's common stock. As a result of the split, 999,000
shares were issued. All references in the accompanying financial statements to
the number of common shares and per-share amounts for 1999 and 1998 have been
restated to reflect the stock split.

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

       This Quarterly Report contains certain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended, which are
intended to be covered by the safe harbors created thereby. Investors are
cautioned that all forward-looking statements involve risks and uncertainty,
including without limitation, the ability of the Company to continue its
expansion strategy, changes in costs of raw materials, labor, and employee
benefits, as well as general market conditions, competition and pricing.
Although the Company believes that the assumptions underlying the
forward-looking statements contained herein are reasonable, any of the
assumptions could be inaccurate, and therefore, there can be no assurance that
the forward-looking statements included in this Quarterly Report will prove to
be accurate. In light of the significant uncertainties inherent in the
forward-looking statements including herein, the inclusion of such information
should not be regarded as are presentation by the Company or any other person
that the objectives and plans of the Company will be achieved.

       As used herein the term "Company" refers to Cherokee Investments, Inc., a
Wyoming corporation and its predecessors, unless the context indicates
otherwise. The Company is currently a shell company whose purpose is to acquire
operations through an acquisition or merger or to begin its own start-up
business.

       The Company is in the process of attempting to identify and acquire a
favorable business opportunity. The Company has reviewed and evaluated a number
of business ventures for possible acquisition or participation by the Company.
The Company has not entered into any agreement, nor does it have any commitment
or understanding to enter into or become engaged in a transaction as of the date
of this filing. The Company continues to investigate, review, and evaluate
business opportunities as they become available and will seek to acquire or
become engaged in business opportunities at such time as specific opportunities
warrant.

RESULTS OF OPERATIONS

       The Company had no sales or sales revenues for the three months ended
March 31, 2000 or 1999 because it is a shell company that has not had any
business operations for the past three years.

       The Company had no costs of sales revenues for the three months ended
March 31, 2000 or 1999 because it is a shell company that has not had any
business operations for the past three years. The


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Company had no general and administrative expenses for the three months period
ended December 31, 2000 or for the same period in 1999.

       The Company recorded net loss of $930 for the three months ended March
31, 2000 compared to $0 loss for the same period in 1999.

CAPITAL RESOURCES AND LIQUIDITY

       At March 31, 2000, the Company had total current assets of $0 and total
assets of $0 as compared to $0 current assets and $0 total assets at December
31, 1999. The Company had a net working capital deficit of $0 at March 31, 2000
and December 31, 1999.

       Net stockholders' deficit in the Company was $0 as of March 31, 2000 and
December 31, 1999.





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                            PART II-OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

None.

ITEM 2.  CHANGES IN SECURITIES AND USE OF PROCEEDS

None.

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

None/Not Applicable.

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

None/Not Applicable.

ITEM 5.  OTHER INFORMATION

None.

ITEM 6.  EXHIBITS

(a)    Exhibits. Exhibits required to be attached by Item 601 of Regulation S-B
       are listed in the Index to Exhibits on page 12 of this Form 10-QSB, and
       are incorporated herein by reference.

(b)    Reports on Form 8-K. No reports on Form 8-K were filed during the period
       covered by this Form 10-QSB.

                                   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, this 11th day of May, 2000.

Cherokee Investments, Inc.

/s/         Daniel L. Hodges
  ------------------------------------
      Daniel L. Hodges                                              May 11, 2000
      President/CFO and Director


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                                  EXHIBIT INDEX

<TABLE>
<S>              <C>               <C>
Exhibit No.      Page No.          Description

27               12                Financial Data Schedule "CE"
</TABLE>







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