<PAGE>   1
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-Q

(Mark One)

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

       FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2000

                                     OR

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

For the transition period from _________to_________

Commission File No. 000-17994

                      MACKENZIE INVESTMENT MANAGEMENT INC.
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)

            DELAWARE                                     59-2522153
-------------------------------             ---------------------------------
(State or other jurisdiction of             (IRS Employer Identification No.)
 incorporation or organization)

  700 SOUTH FEDERAL HIGHWAY, SUITE 300
             BOCA RATON, FL                                            33432
----------------------------------------                             ----------
(Address of principal executive offices)                             (Zip Code)

        Registrant's telephone number, including area code (561) 393-8900

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

         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 preceding 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 [ ]

As of July 24, 2000, there were 18,707,800 shares of the Registrant's Common
Stock, par value $.01 per share issued and outstanding.


<PAGE>   2


                      MACKENZIE INVESTMENT MANAGEMENT INC.

                               Index to Form 10-Q

                                     Part I

                              FINANCIAL INFORMATION

                                                                           PAGE
                                                                           ----

Item 1.    CONDENSED FINANCIAL STATEMENTS

           Condensed Consolidated Balance Sheets                              1

           Condensed Consolidated Statements of Operations                    2

           Condensed Consolidated Statement of Changes in
             Stockholders' Equity                                             3

           Condensed Consolidated Statements of Cash Flows                    4

           Notes to Condensed Consolidated Financial Statements             5-7

Item 2.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF
             FINANCIAL CONDITION AND RESULTS OF OPERATIONS                 8-11

Item 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES
             ABOUT MARKET RISK                                            12-13

                                     Part II

                                OTHER INFORMATION

Item 1.    LEGAL PROCEEDINGS                                                 13

Item 2.    CHANGES IN SECURITIES AND USE OF PROCEEDS                         13

Item 3.    DEFAULTS UPON SENIOR SECURITIES                                   14

Item 4.    SUBMISSION OF MATTERS TO A VOTE OF
             SECURITIES HOLDERS                                              14

Item 5.    OTHER INFORMATION                                                 14

Item 6.    EXHIBITS AND REPORTS ON FORM 8-K                                  14



<PAGE>   3


                     PART I. - FINANCIAL INFORMATION

ITEM 1. CONDENSED FINANCIAL STATEMENTS

MACKENZIE INVESTMENT MANAGEMENT INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

<TABLE>
<CAPTION>

                                                                        JUNE 30,
                                                                          2000              MARCH 31,
                                                                       -----------          ---------
                                                                       (UNAUDITED)            2000
<S>                                                                   <C>                <C>
ASSETS:

Cash and cash equivalents                                             $ 41,224,786       $ 41,095,301
Marketable securities                                                    3,518,874          3,388,768
Receivables:
  Funds for fees and expense advances                                    3,767,253          4,725,964
  Other                                                                  1,372,289          1,893,628
Property and equipment, net of accumulated
  depreciation of $3,149,533 as of June 30, 2000
  and $2,958,305 as of March 31, 2000                                      984,553          1,084,212
Management contracts, net of accumulated
  amortization of $8,258,257 as of June 30, 2000
  and $7,954,929 as of March 31, 2000                                    5,129,249          5,430,191
Deferred selling commissions                                             6,633,785          5,828,749
Other assets                                                               787,246            624,964
                                                                      ------------       ------------
     TOTAL ASSETS                                                     $ 63,418,035       $ 64,071,777
                                                                      ============       ============

LIABILITIES AND STOCKHOLDERS' EQUITY:

Liabilities:
  Payable to Funds for purchases of Funds' shares
    and expense reimbursements                                        $    218,696       $    488,920
  Sub-advisory fees payable                                                 46,257          3,249,994
  Accounts payable                                                         776,017            760,636
  Accrued expenses and other liabilities                                 2,429,356          1,311,084
  Income taxes payable                                                     655,532            275,650
  Deferred tax liability                                                 1,851,066          1,690,899
                                                                      ------------       ------------
     Total liabilities                                                   5,976,924          7,777,183
                                                                      ------------       ------------

Commitments

Stockholders' equity:
  Capital stock, $0.01 par value, 100,000,000 shares authorized;
    18,707,800 shares as of June 30, 2000 and 18,591,800
    shares as of March 31, 2000 issued and outstanding                     187,078            185,918
  Additional paid-in capital                                            38,596,222         37,952,532
  Retained earnings                                                     19,305,325         18,156,144
  Unearned stock compensation                                             (613,860)                --
  Accumulated other comprehensive loss, net of tax                         (33,654)                --
                                                                      ------------       ------------
     Total stockholders' equity                                         57,441,111         56,294,594
                                                                      ------------       ------------
     TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                       $ 63,418,035       $ 64,071,777
                                                                      ============       ============



</TABLE>


         The accompanying notes are an integral part of these condensed
                       consolidated financial statements.




                                       1
<PAGE>   4



MACKENZIE INVESTMENT MANAGEMENT INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
UNAUDITED
<TABLE>
<CAPTION>

                                                           THREE MONTHS ENDED
                                                                JUNE 30,
                                                         ---------------------
                                                         2000             1999
                                                         ----             ----
<S>                                                 <C>              <C>
REVENUES:
  Management fees                                   $ 7,555,887      $ 8,057,538
  Sub-advisory fees from Canadian Funds               3,029,430        1,807,393
  12b-1 Service and Distribution fees                 2,297,774        2,136,159
  Transfer agent fees                                   784,870          722,915
  Administrative services fees                          764,066          801,248
  Fund accounting fees                                  209,149          177,746
  Underwriting fees                                     112,582           35,606
  Redemption fees                                       145,251           50,320
  Interest, dividends and other                         673,569        1,083,811
                                                    -----------      -----------
                                                     15,572,578       14,872,736
                                                    -----------      -----------

EXPENSES:
  Sales literature, advertising and promotion         1,727,359        1,474,547
  12b-1 Service fees                                  1,789,362        1,938,214
  Employee compensation and benefits                  4,104,947        2,981,062
  Sub-advisory fees                                   1,864,248        3,484,368
  Amortization of management contracts                  303,328          270,474
  Amortization of deferred selling commissions          700,420          223,057
  Depreciation                                          195,213          163,888
  General and administrative                          1,865,742        1,464,245
  Occupancy and equipment rental                        329,637          263,942
  Reimbursement to Funds for expenses                   731,957          450,672
                                                    -----------      -----------
                                                     13,612,213       12,714,469
                                                    -----------      -----------
Income before income taxes                            1,960,365        2,158,267
  Provision for income taxes                            811,184          963,466
                                                    -----------      -----------
NET INCOME                                            1,149,181        1,194,801
                                                    ===========      ===========
BASIC EARNINGS PER SHARE                            $      0.06      $      0.06
                                                    ===========      ===========
WEIGHTED AVERAGE NUMBER OF COMMON SHARES
  OUTSTANDING USED IN BASIC CALCULATION              18,669,053       18,981,738
                                                    ===========      ===========
DILUTED EARNINGS PER SHARE                          $      0.06      $      0.06
                                                    ===========      ===========
WEIGHTED AVERAGE NUMBER OF COMMON AND
  COMMON EQUIVALENT SHARES OUTSTANDING
  USED IN DILUTED CALCULATION                        18,810,975       19,023,867
                                                    ===========      ===========

</TABLE>


              The accompanying notes are an integral part of these
                  condensed consolidated financial statements.




                                       2
<PAGE>   5





MACKENZIE INVESTMENT MANAGEMENT INC.

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
FOR THE THREE MONTHS ENDED JUNE 30, 2000
UNAUDITED

<TABLE>
<CAPTION>


                                                                                                     Accumulated
                                    Capital Stock         Additional                   Unearned         Other           Total
                            -------------------------       Paid-in    Retained         Stock        Comprehensive   Stockholders'
                                Shares     Amount          Capital     Earnings       Compensation  Loss, net of tax   Equity
                            ------------ ------------   ------------  ----------    --------------  ---------------- -----------

<S>            <C> <C>        <C>        <C>            <C>           <C>           <C>            <C>            <C>
Balance, March 31, 2000       18,591,800 $   185,918    $37,952,532   $18,156,144   $        --    $        --    $56,294,594

Issuance of common stock
  under stock option plan          1,000          10          4,290            --            --             --          4,300

Issuance of common stock
  under stock compensation
  agreement                      115,000       1,150        639,400            --      (640,550)            --             --

Amortization of unearned
  stock compensation                  --          --             --            --        26,690             --         26,690

Other comprehensive
  loss, net of tax                                                                                     (33,654)       (33,654)

Net income for the quarter            --          --             --     1,149,181            --             --      1,149,181
                             ----------- -----------    -----------   -----------   -----------    -----------    -----------

Balance, June 30, 2000        18,707,800 $   187,078    $38,596,222   $19,305,325   $  (613,860)   $   (33,654)   $57,441,111
                             =========== ===========    ===========   ===========   ===========    ===========    ===========
</TABLE>





              The accompanying notes are an integral part of these
                  condensed consolidated financial statements.




                                       3
<PAGE>   6


MACKENZIE INVESTMENT MANAGEMENT INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
UNAUDITED
<TABLE>
<CAPTION>

                                                               THREE MONTHS ENDED
                                                                  JUNE 30,
                                                        ----------------------------
                                                            2000            1999
                                                        ------------    ------------
<S>                                                     <C>             <C>
Cash flows from operating activities:
  Net income                                            $  1,149,181    $  1,194,801
  Adjustments to reconcile net income to net cash
    provided by (used in) operating activities:
    Depreciation                                             195,213         163,888
    Amortization of management contracts                     303,328         270,474
    Amortization of deferred selling commissions             700,420         223,057
    Amortization of unearned compensation                     26,690              --
    Deferred tax expense                                     181,302         345,000
    Payment of deferred selling commissions               (1,505,456)       (688,665)
    Other                                                    148,967        (483,869)
    Change in assets and liabilities:
      Receivables                                          1,480,050        (155,495)
      Other assets                                          (162,282)     (2,117,390)
      Payable to Funds for purchases of Funds' shares
        and expense reimbursements                          (270,224)         12,459
      Sub-advisory fees payable                           (3,203,737)         39,166
      Accounts payable, accrued expenses and
        other liabilities                                  1,133,653         102,694
      Income taxes payable                                   379,882      (8,631,325)
                                                        ------------    ------------
Net cash provided by (used in) operating activities          556,987      (9,725,205)
                                                        ------------    ------------
Cash flows from investing activities:
  Purchase of management contracts                            (2,386)             --
  Purchases of property and equipment                        (95,554)       (195,989)
  Purchases of marketable securities                        (901,007)             --
  Proceeds from the sale of marketable securities            567,145              --
                                                        ------------    ------------
Net cash used in investing activities                       (431,802)       (195,989)
                                                        ------------    ------------
Cash flows from financing activities:
  Purchase and retirement of common stock                         --      (1,593,388)
  Proceeds from the exercise of stock options                  4,300              --
                                                        ------------    ------------
Net cash provided by (used in) financing activities            4,300      (1,593,388)
                                                        ------------    ------------
Net increase (decrease) in cash and cash equivalents         129,485     (11,514,582)
Cash and cash equivalents, beginning of period            41,095,301      51,032,223
                                                        ------------    ------------
Cash and cash equivalents, end of period                $ 41,224,786    $ 39,517,641
                                                        ============    ============



</TABLE>


              The accompanying notes are an integral part of these
                  condensed consolidated financial statements.


                                       4
<PAGE>   7


                      MACKENZIE INVESTMENT MANAGEMENT INC.

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                  June 30, 2000
                                   (Unaudited)

1.   BASIS OF PRESENTATION

     The unaudited interim financial statements of Mackenzie Investment
     Management Inc. ("MIMI") and its consolidated subsidiaries (the "Company")
     included herein have been prepared in accordance with generally accepted
     accounting principles for interim financial information and with the
     instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly,
     they do not include all footnote disclosures normally included in
     consolidated financial statements prepared in accordance with generally
     accepted accounting principles. In the opinion of management, these
     condensed consolidated financial statements include all appropriate
     adjustments, consisting of normal recurring adjustments, necessary for a
     fair presentation of the financial position and results of operations for
     the periods shown. Certain prior year amounts have been reclassified to
     conform to current year presentation. The results of operations for the
     three-month period ended June 30, 2000 are not necessarily indicative of
     the results of operations to be expected for the year ended March 31, 2001.
     These interim condensed consolidated financial statements should be read in
     conjunction with the Company's audited consolidated financial statements
     for the fiscal year ended March 31, 2000.

2.   NORMAL COURSE ISSUER BID

     In June 1998, the Company entered into a normal course issuer bid, which
     was approved by The Toronto Stock Exchange ("TSE"), to repurchase up to 5%
     of the outstanding shares of the Company's common stock. The normal course
     issuer bid terminated in June 1999. During the first quarter of fiscal year
     2000, the Company purchased 378,000 of its common shares at a total cost of
     $1,593,388 under this normal course issuer bid.

     In July 1999, the Company entered into a normal course issuer bid to
     purchase up to 941,610 of its common shares, representing 5% of the issued
     and outstanding common shares at the date of the notice. From the July 1999
     bid commencement date through June 30, 2000, the Company purchased 243,400
     of its common shares at a total cost of $867,504. All shares were acquired
     at market price at the time of acquisition and were immediately retired.

     The Company has filed another notice with the TSE to commence a normal
     course issuer bid to purchase up to an additional 500,000 of its common
     shares, representing approximately 2.7% of the issued and outstanding
     common shares at the date of the notice. The bid was approved by the TSE
     effective on July 24, 2000 and will terminate on the earlier of the date on
     which the maximum number of common shares have been purchased, the date the
     Company provides notice of termination, or July 23, 2001.

3.   COMPREHENSIVE INCOME

     Comprehensive income was $1,115,527 and $1,194,801 for the three-month
     periods ended June 30, 2000 and 1999, respectively. Other comprehensive
     loss for the three-month period ended June 30, 2000 relates to unrealized
     depreciation on marketable securities.





                                       5
<PAGE>   8


4.   EARNINGS PER SHARE

     The following table reconciles the weighted average shares outstanding used
     to calculate basic and diluted earnings per share for the three-month
     periods ended June 30, 2000 and 1999.

<TABLE>
<CAPTION>

                                                          2000              1999
                                                       ----------      ----------
<S>                                                    <C>             <C>
     Weighted average number of common shares
     outstanding used in basic calculation             18,669,053      18,981,738

     Effect of dilutive stock options                     141,922          42,129
                                                       ----------      ----------

     Weighted average number of common and
     common equivalent shares outstanding used in
     the diluted calculation                           18,810,975      19,023,867
                                                       ==========      ==========
</TABLE>


     During the three-month periods ended June 30, 2000 and 1999, options to
     purchase 1,106,360 and 967,780, respectively, shares of common stock were
     excluded from the computation of diluted earnings per share due to their
     antidilutive effect.

5.   STOCK COMPENSATION

     In May 2000, the Company awarded a grant of 115,000 shares of the Company's
     common stock to a key salaried employee. The shares vest in three
     installments over three years provided the employee remains in the
     Company's employ on each of the vesting dates. In the event the employment
     terminates for any reason, all shares, which on the date of such
     termination have not vested, shall be forfeited and cancelled. The shares
     issued were recorded at their fair market value on the date of the grant
     with a corresponding reduction of stockholders' equity, which will be
     amortized as compensation expense on a straight-line basis over the related
     vesting period. Compensation expense of $26,690 was recorded for the
     three-month period ended June 30, 2000 in connection with this grant.

6.   EMPLOYEE STOCK PURCHASE PLAN

     On May 12, 2000, the Board of Directors approved the adoption of the 2000
     Employee Stock Purchase Plan (the "Employee Stock Plan") under which
     500,000 shares of the Company's common stock will initially be reserved for
     issuance pursuant to the terms of the Employee Stock Plan. At the
     shareholders meeting to be held on September 7, 2000 ("the Annual
     Shareholders Meeting"), the shareholders will be asked to approve the
     Employee Stock Plan. The Employee Stock Plan will provide the Company's
     employees the continuing opportunity to acquire stock in the Company and
     will serve as an incentive for them to remain with the Company.

7.   DIRECTOR STOCK PURCHASE PLAN

     On May 12, 2000, the Board of Directors approved the adoption of the 2000
     Director Stock Purchase Plan (the "Director Stock Plan"). At the Annual
     Shareholders Meeting, the shareholders will be asked to approve the
     Director Stock Plan. The purpose of the Director Stock Plan is to provide
     the non-employee directors the continuing opportunity to acquire stock in
     the Company and to attract and retain non-employee directors.









                                       6
<PAGE>   9



8.   NEW ACCOUNTING PRONOUNCEMENTS

     In June 2000, the Financial Accounting Standards Board issued Statement of
     Financial Accounting Standards No. 138 ("Statement No. 138"), "Accounting
     for Certain Derivative Instruments and Certain Hedging Activities - an
     amendment of Financial Accounting Standards Board Statement No. 133".
     Statement No. 138 expands the normal purchases and sales exception,
     redefines identified specific risks, recognizes that
     foreign-currency-denominated assets and liabilities may be the hedged item
     in fair value or cash flow hedges, and allows the designation of
     inter-company derivatives as hedging instruments in certain cash flow
     hedges. The implementation of this statement is not expected to have a
     material effect on the Company's financial position, results of operations
     or cash flows.



                                       7
<PAGE>   10


     ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
             RESULTS OF OPERATIONS

     FORWARD-LOOKING STATEMENTS

     Certain statements in the Quarterly Report on Form 10-Q under the caption
     "Management's Discussion and Analysis of Financial Condition and Results of
     Operations", and elsewhere in this report constitute "forward-looking
     statements" within the meaning of the Private Securities Litigation Reform
     Act of 1995. Such forward-looking statements involve known and unknown
     risks, uncertainties and other factors, which may cause the actual results,
     performance or achievements of the Company to be materially different from
     any future results, performance or achievements expressed or implied by
     such forward-looking statements. Such factors include, among others, the
     following: general economic and business conditions; the loss of, or the
     failure to replace, any significant sub-advisory relationships; changes in
     the relative investment performance; and investor sentiment for
     international investing. The Company wishes to caution readers not to place
     undue reliance on such forward-looking statements and remind readers that
     these forward-looking statements speak only as of the date of this
     Quarterly Report. The Company expressly disclaims any obligation or
     undertaking to release publicly any updates or revisions to any
     forward-looking statements contained herein to reflect any change in the
     Company's expectations with regard thereto or any change in events,
     conditions or circumstances on which any such statement is based.

     GENERAL

     MIMI is a public company listed on the TSE. Its majority shareholder,
     Mackenzie Financial Corporation ("MFC"), a Toronto-based investment counsel
     and mutual fund management company, owns 85.5% of the outstanding common
     shares of MIMI at June 30, 2000. MIMI is an investment adviser and has
     three wholly owned subsidiaries, as follows:

     o   Ivy Management, Inc. ("IMI"), an investment adviser;

     o   Ivy Mackenzie Distributors, Inc. ("IMDI"), a broker/dealer; and

     o   Ivy Mackenzie Services Corp. ("IMSC"), a transfer agent.

     The Company's principal business activities are carried on solely in the
     United States and include:

     o   Managing public mutual funds offered in the U.S. by Ivy Fund (the "U.S.
         Funds") which is a U.S. open-end series investment company registered
         under the Investment Company Act of 1940, as amended;

     o   Providing investment advisory services to the U.S. Funds and
         sub-advisory services to thirteen Universal Funds at June 30, 2000 sold
         only in Canada and managed by MFC (the "Canadian Funds");

     o   Underwriting, selling and otherwise distributing redeemable shares of
         the U.S. Funds in the U.S. through various distribution channels; and

     o   Providing transfer agent, administrative and fund accounting services
         to the U.S. Funds.

     The Company derives its revenues principally from on-going management fees
     and sub-advisory fees, calculated as a percentage of average daily net
     assets under management, and from fees related to services performed for
     the U.S. Funds under contracts for administrative, transfer agent and fund
     accounting services. The level of net assets under management is affected
     by gross sales, redemptions and changes in market values of the mutual
     fund's portfolio of investments. As the level of assets under management
     fluctuates so does management, sub-advisory, distribution, and
     administrative services fee revenue. While an increase in assets under






                                       8
<PAGE>   11



     management will most likely increase transfer agent fees, these fees are
     more directly related to the number of shareholder accounts in the U.S.
     Funds.

     IVY INTERNATIONAL FUND

     During the first quarter of fiscal year 2001, the Company internalized the
     portfolio management of its largest fund, Ivy International Fund, which has
     approximately $1.7 billion in net assets at June 30, 2000. Previously, Ivy
     International Fund had been sub-advised by an unrelated third party under a
     sub-advisory agreement, which was terminated as of May 27, 2000. The
     sub-advisory agreement provided for payment of sub-advisory fees at the
     rate of 0.60% of average daily net assets. The Company reopened Ivy
     International Fund, which had been closed to new investors, on June 1,
     2000.

     FUND INTRODUCTION

     On April 18, 2000, the Company launched Ivy Cundill Value Fund, which is
     sub-advised by Peter Cundill & Associates.

     FUND MERGERS

     On June 27, 2000, the assets of Ivy Pan-Europe Fund were merged into the
     assets of Ivy European Opportunities Fund and the assets of Ivy Growth with
     Income Fund were merged into the assets of Ivy US Blue Chip Fund. On July
     21, 2000, the assets of Ivy South America Fund were merged into the assets
     of Ivy Developing Markets Fund. The respective portfolios in each merger
     had similar investment objectives and policies. Management believes that
     these mergers will achieve enhanced investment performance and distribution
     capabilities, as well as achieve certain economies of scale and cost
     savings over time.

     FUND DISSOLUTION

     Effective April 26, 2000, the Board of Trustees of Mackenzie Solutions
     approved the termination and dissolution of Mackenzie Solutions Trust and
     its five separate portfolios. Management believes that the dissolution will
     not have a material effect on the Company's operations.

     RESULTS OF OPERATIONS

     THREE MONTHS ENDED JUNE 30, 2000 COMPARED TO THREE MONTHS ENDED JUNE 30,
     1999

     Net assets under management, exclusive of net assets of the thirteen
     Canadian Funds, decreased 7% to $3,096 million at June 30, 2000 from $3,338
     million at June 30, 1999.

     At June 30, 2000, the net assets of the Canadian Funds were approximately
     $3,482 million as compared to $1,716 million at June 30, 1999, representing
     a 103% increase.

     Sales of the U.S. Funds for the three-month period ended June 30, 2000
     increased by $100 million compared to the three-month period ended June 30,
     1999, while redemptions increased by $232 million for the three-month
     period ended June 30, 2000 compared to the three-month ended June 30, 1999.
     Ivy International Fund, which had been closed to new investors from April
     1997 through June 2000, accounted for 74% and 69% of the redemptions for
     the three-month periods ended June 30, 2000 and 1999, respectively. If Ivy
     International Fund sales and redemptions were excluded from these figures,
     the Company would show net sales of $24 million for the three-month period





                                       9
<PAGE>   12



     ended June 30, 2000 as compared to net redemptions of $44 million for the
     three-month period ended June 30, 1999.

     REVENUES

     Total revenues increased by 5% for the three-month period ended June 30,
     2000 as compared to the three-month period ended June 30, 1999 due to the
     increase in the net assets of the Canadian Funds.

     Management fees, transfer agent fees, administrative services fees and fund
     accounting fees decreased 5% for the three-month period ended June 30, 2000
     as compared to the three-month period ended June 30, 1999 primarily as a
     result of the decrease in the U.S. Funds' net assets under management.

     12b-1 Service and Distribution fees increased 8% for the three-month period
     ended June 30, 2000 as compared to the three-month period ended June 30,
     1999 due to an increase in the asset base on which the Company collects
     12b-1 Distribution fees. Underwriting and redemption fees have increased by
     $77,000 and $95,000, respectively, for the three-month period ended June
     30, 2000 as compared to the three-month period ended June 30, 1999 due to
     increases in Class A share sales and redemptions of Class B and C shares,
     respectively.

     Sub-advisory fees from the Canadian Funds increased 68% for the three-month
     period ended June 30, 2000 as compared to the three-month period ended June
     30, 1999. This increase is attributable to a 105% increase in the Canadian
     Funds' average net assets to $3,241 million for the three-month period
     ended June 30, 2000 from $1,582 million for the three-month period ended
     June 30, 1999.

     Interest, dividends and other revenue decreased 38% for the three-month
     period ended June 30, 2000 compared to the three-month period ended June
     30, 1999 due to an increase in dividends received on investments held by
     the Company which were offset by a decrease in other revenue. Other
     revenue, for the three-month period ended June 30, 1999, included $480,000
     in unrealized appreciation on marketable securities. Unrealized
     depreciation on marketable securities has been included as a component of
     stockholders' equity for the three-month period ended June 30, 2000.

     EXPENSES

     Total operating expenses for the three-month period ended June 30, 2000
     increased 7% compared to the three-month period ended June 30, 1999. The
     increase in expenses is related to compensation costs, fund mergers, and
     the dissolution of Mackenzie Solutions Trust.

     Sales literature, advertising and promotion increased 17% for the
     three-month period ended June 30, 2000 compared to the three-month period
     ended June 30, 1999 due to increased marketing costs related to the
     development of a new product plan for more diverse fund offerings and the
     promotion of existing products.

     12b-1 Service fees paid to broker/dealers decreased 8% for the three-month
     period ended June 30, 2000 compared to the three-month period ended June
     30, 1999 due to the decrease in net assets under management.

     Employee compensation and benefits increased 38% for the three-month period
     ended June 30, 2000 compared to the three-month period ended June 30, 1999.
     This increase is due to cost of living increases and an increase in
     staffing levels at June 30, 2000 as compared to June 30, 1999. The
     increased staffing levels generally relate to the internalization of the




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<PAGE>   13



     portfolio management of Ivy International Fund and the hiring of
     experienced marketing personnel.

     Sub-advisory fees decreased 46% for the three-month period ended June 30,
     2000 compared to the three-month period ended June 30, 1999 due to the
     internalization of the portfolio management of Ivy International Fund.

     Amortization of deferred selling commissions increased 214% for the
     three-month period ended June 30, 2000 compared to the three-month period
     ended June 30, 1999 due to a higher Class B share asset base and stronger
     Class B share sales.

     General and administrative expenses increased 27% for the three-month
     period ended June 30, 2000 compared to the three-month period ended June
     30, 1999 as a result of expenses related to fund mergers and the
     dissolution of Mackenzie Solutions Trust. For the three-month period ended
     June 30, 2000, expenses related to fund mergers and the dissolution of
     Mackenzie Solutions Trust which have been incurred by the Company are
     approximately $514,000.

     IMI voluntarily limits total fund expenses for certain U.S. Funds and bears
     expenses in excess of such limits. The increase of 62% for the three-month
     period ended June 30, 2000 compared to the three-month period ended June
     30, 1999 resulted from (i) expense reimbursement to the Mackenzie Solutions
     Funds (prior to dissolution), which were not in existence during the
     comparable period in the prior year; (ii) the introduction of a new fund in
     April 2000; and (iii) a decrease in the net asset values of funds that IMI
     voluntarily limits expenses.

     LIQUIDITY AND CAPITAL RESOURCES

     Liquidity and capital resources are primarily derived from the operating
     cash flows received by the Company from managing and providing investment
     advisory services to the Ivy Funds and from providing sub-advisory services
     to the Canadian Funds. The Company manages its resources to ensure the
     availability of sufficient cash flows to meet all of its financial
     commitments.

     The Company's cash and cash equivalents increased by $129,000 for the
     period from March 31, 2000 to June 30, 2000. The increase resulted from (i)
     cash provided by operating activities of $557,000, primarily related to a
     decrease in sub-advisory fees payable; (ii) cash used in investing
     activities of $432,000, primarily related to purchases and sales of
     marketable securities; and (iii) cash provided from investing activities of
     $4,300 from the exercise of stock options.

     The payment of deferred selling commissions to broker/dealers increased to
     $1.5 million for the three-month period ended June 30, 2000 as compared to
     $689,000 for the three-month period ended June 30, 1999. The increase, in
     the opinion of management, can be attributed to the increased interest in
     international investing noted during the three-month period ended June 30,
     2000. Commission payments made during the three-month periods ended June
     30, 2000 and 1999 were funded internally from operations.

     YEAR 2000

     The Company did not experience any interruptions to its business or
     operations as a result of the transition to the year 2000, nor did it have
     to implement any of its contingency plans. Although it incurred costs in
     preparation for the transition, those costs did not affect its financial
     position in any material way.







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     ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

     COMPETITION

     The financial services industry is highly competitive and has increasingly
     become a global industry. There are over 7,500 open-end investment
     companies of varying sizes, investment policies and objectives whose shares
     are being offered to the public in the U.S. Given the large number of
     competitors in the U.S., the Company has focused its efforts on becoming an
     investment specialist with a worldwide perspective offering mutual funds
     with an emphasis on international and emerging growth investing. With this
     focus, the Company considers that it has narrowed the competitive field to
     a certain extent as it competes primarily with mutual fund managers that
     provide specialty mutual funds, such as international and emerging market
     funds, to investors.

     The Company competes with the financial services and other investment
     alternatives offered by stock brokerage and investment banking firms,
     insurance companies, banks, savings and loan associations and other
     financial institutions. Many of the Company's competitors have
     substantially greater resources than the Company. In addition, there has
     been a trend of consolidation in the mutual fund industry which has
     resulted in stronger competitors. Such competition could negatively impact
     the Company's market share, revenues and net income.

     ASSET MIX

     The Company's revenues are derived primarily from investment management
     activities. Broadly speaking, the direction and amount of change in the net
     assets of the U.S. Funds and the Canadian Funds (collectively, the "Funds")
     depend upon two factors: (1) the level of sales of shares of the Funds as
     compared to redemptions of the shares of the Funds; and (2) the increase or
     decrease in the market value of the securities owned by the Funds. The
     Company is subject to an increased risk of volatility from changes in the
     global equity markets. Despite this volatility, management believes that in
     the long run the Company is more competitive as a result of greater
     diversity of global investments available to its customers.

     Market values are affected by many things, including the general condition
     of national and world economics and the direction and volume of changes in
     interest rates and/or inflation rates. Fluctuations in interest rates and
     in the yield curve will have an effect on fixed-income net assets under
     management as well as on the flow of monies to and from fixed-income funds
     and, as a result, will affect the Company's revenues from such funds. The
     effects of the foregoing factors on equity funds and fixed-income funds
     often operate inversely and it is, therefore, difficult to predict the net
     effect of any particular set of conditions on the level of net assets under
     management.

     Certain portions of the Company's managed portfolios are invested in
     various securities of corporations located or doing business in developing
     regions of the world, commonly known as emerging markets. These portfolios
     and the Company's revenues derived from the management of such portfolios
     are subject to significant risks of loss from, among other factors,
     unfavorable political and diplomatic developments, currency fluctuations,
     social instability, changes in governmental policies, expropriation,
     nationalization, confiscation of assets and changes in legislation relating
     to foreign ownership. Foreign trading markets, particularly in some
     emerging market countries, are often smaller, less liquid, less regulated
     and significantly more volatile.






                                       12
<PAGE>   15




     INVESTOR SENTIMENT FOR INTERNATIONAL INVESTING

     Given the risk associated with investing in foreign and emerging markets,
     investors may from time to time be less supportive of investing in
     international funds than in U.S. equity or fixed income funds and sales of
     those Funds which invest in these areas may decrease.

     REGULATORY ENVIRONMENT

     Virtually all aspects of the Company's business are subject to various
     federal and state laws and regulations. As discussed above, the Company and
     its subsidiaries are registered with federal and state governmental
     agencies. These supervisory agencies have broad administrative powers,
     including the power to limit or restrict the Company from carrying on its
     business if it fails to comply with applicable laws and regulations. In the
     event of non-compliance, the possible sanctions that may be imposed include
     suspending individual employees, limiting the Company's ability to engage
     in business for specified periods of time, revoking the investment advisor
     or broker-dealer registrations and censures and fines.

     ABSENCE OF PUBLIC TRADING MARKET

     MFC owns 85.5% of the issued and outstanding common shares of MIMI as of
     June 30, 2000. The shares have been thinly traded. Further, the number of
     common shares of MIMI held by persons other than MFC are very small by
     market standards and this may have an adverse impact on liquidity and
     trading of the common shares.

                           PART II - OTHER INFORMATION

     ITEM 1. LEGAL PROCEEDINGS

     There are currently no legal proceedings pending to which the Company is a
     party or of which any of its property is the subject. Further, there are no
     material legal proceedings to which any director, officer, or affiliate of
     the Company or any associate thereof is a party which is adverse to the
     Company. There are no material administrative or judicial proceedings
     pending or known to be contemplated by any governmental authorities.

     ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS

         (c) Changes in Securities

     Effective May 1, 2000, the Company granted 115,000 shares of its common
     stock, par value $.01 per share (the "Common Stock"), to a key salaried
     employee of the Company which shares shall vest as follows: 25% of the
     shares shall become vested upon the first anniversary of the date of the
     grant which is May 1, 2000 (the "Grant Date"), 25% of the shares shall
     become vested upon the second anniversary of the Grant Date, and 50% of the
     shares shall become vested upon the third anniversary of the Grant Date,
     provided that the employee continues to be employed by the Company on each
     of said dates. In the event that the employee's employment with the Company
     terminates for any reason, all shares which on the date of such termination
     are not vested in accordance with the terms of the stock grant agreement
     shall be forfeited, the certificate(s) representing the shares shall be
     cancelled, and the employee shall have no right to or interest in the
     forfeited shares. No underwriters were involved in the foregoing sale which
     was made in reliance upon an exemption from the registration provisions of
     the Securities Act of 1933, as amended (the "Securities Act"), set forth in
     Section 4(2) thereof, or the rules and regulations thereunder, relative to
     sales by an issuer not involving any public offering.






                                       13
<PAGE>   16



     ITEM 3. DEFAULTS UPON SENIOR SECURITIES

         None

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

         None

     ITEM 5. OTHER INFORMATION

         None

     ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

     (A) EXHIBITS:

         The following exhibits are filed herewith or incorporated by reference
as indicated below.

     EXHIBIT #             DESCRIPTION
     ---------             -----------
     27.1                  Financial Data Schedule

     (B) REPORTS ON FORM 8-K:

         The following Current Reports on Form 8-K were filed by the Company
during the quarter ended June 30, 2000:

1.            On May 1, 2000, the Company filed a Form 8-K under Item 5
              announcing the hiring of a new portfolio manager who will serve as
              Senior Vice President and Chief Investment Officer-International
              Equities. It was also announced that Ivy International Fund would
              be reopened to new investors on or about June 1, 2000.

2.            On May 15, 2000, the Company filed a Form 8-K under Item 5
              announcing its financial results for the fourth quarter and year
              ended March 31, 2000.

     SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
         this report has been signed below by the following persons on behalf of
         the Company and in the capacities and on the dates indicated.

<TABLE>
<CAPTION>

     NAME                                CAPACITY                                             DATE
     ----                                --------                                             ----
<S>                                   <C>                                                 <C>

 /s/  KEITH J. CARLSON
----------------------------
 Keith J. Carlson                    President and Chief Executive Officer                July 26, 2000


 /s/  BEVERLY YANOWITCH
----------------------------
 Beverly Yanowitch                   Vice President and Chief Financial Officer           July 26, 2000


</TABLE>





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