<PAGE>   1
                        SECURITIES & EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 1O-QSB

(X)      Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
         Exchange Act of 1934

         For the quarterly period ended October 31, 1999

                                       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.0-24211

                       NATIONAL VENTURE CAPITAL FUND, INC.
                       -----------------------------------
        (Exact Name of Small Business Issuer as specified in its charter)


           Colorado                                         84-1432661
        ---------------                             --------------------------
        (State or other                             (IRS Employer File Number)
        jurisdiction of
        incorporation)

                1977 S. Vivian Street
                   Lakewood, Colorado                         80228
        ----------------------------------------            ---------
        (Address of principal executive offices)            (zip code)


                                 (303) 763-5630
                                 --------------
              (Registrant's telephone number, including area code)

     Securities to be Registered Pursuant to Section 12(b) of the Act: None

        Securities to be Registered Pursuant to Section 12(g) of the Act:

                    Common Stock, $0.0001 per share par value

Indicate by check mark whether the Registrant (1) had 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     No  X
                                       ---    ---

The number of shares outstanding of Registrant's common stock, par value $0.0001
per share, as of October 31, 1999 were 20,101,000 common shares.


<PAGE>   2


References in this document to "us," "we," or "the Company" refer to National
Venture Capital Fund, Inc.

                         PART 1 - FINANCIAL INFORMATION

ITEM I.           Financial Statements

<PAGE>   3
                       NATIONAL VENTURE CAPITAL FUND, INC.
                          (A DEVELOPMENT STAGE COMPANY)






                          FORM 10-QSB QUARTERLY REPORT


                                OCTOBER 31, 1999






                            JANET LOSS, C.P.A., P.C.
                           CERTIFIED PUBLIC ACCOUNTANT
                         1780 S. BELLAIRE ST., SUITE 500
                             DENVER, COLORADO 80222



<PAGE>   4


                       NATIONAL VENTURE CAPITAL FUND, INC.
                          (A DEVELOPMENT STAGE COMPANY)

                      INDEX TO FORM 10-QSB QUARTERLY REPORT


                                TABLE OF CONTENTS
                         PART I - FINANCIAL INFORMATION


<TABLE>
<CAPTION>
ITEM 1 - FINANCIAL STATEMENTS                                 PAGE
-----------------------------                                 ----
<S>                                                          <C>

Unaudited Balance Sheets at October
31, 1999 and April 30, 1999 (Audited)...................      F-2

Statements of Operations for the three
And six months ended October 31, 1999
And 1998 and for the period from June
12, 1997 through October 31, 1999.......................      F-3

Statements of Stockholders' Equity
(Deficit) for the six months
Ended October 31, 1999..................................      F-4

Statements of Cash Flows for the three
And six months ended October 31, 1999
And 1998 and for the period from June
12, 1997 through October 31, 1999.......................      F-5

Notes to Financial Statements...........................      F-6
</TABLE>




                                      F-1
<PAGE>   5

                       NATIONAL VENTURE CAPITAL FUND, INC.
                          (A DEVELOPMENT STAGE COMPANY)

                                 BALANCE SHEETS

<TABLE>
<CAPTION>
                                                        (UNAUDITED)        AUDITED
                                                        OCTOBER 31,        APRIL 30,
      ASSETS                                               1999              1999
                                                       ------------      ------------
<S>                                                    <C>               <C>

CURRENT ASSETS:
Cash in checking                                       $      2,550      $     12,842

Prepaid Rent                                                      0               540
                                                       ------------      ------------

     TOTAL CURRENT ASSETS                                     2,550            13,382
                                                       ------------      ------------

OTHER ASSETS:

Organization Costs, net
     Of Amortization                                            267               317
                                                       ------------      ------------

TOTAL ASSETS                                           $      2,817      $     13,699
                                                       ============      ============

      LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:

Accounts Payable                                       $          0      $      1,138
                                                       ------------      ------------

STOCKHOLDERS' EQUITY:

Preferred Stock, 10,000,000 shares
 Authorized $0.0001 par value per
 Share, none issued                                               0                 0

Common stock, 100,000,000 shares
 Authorized $0.0001 par value per
 Per share, 20,101,000 shares
 issued and outstanding                                       2,010             2,010

 Additional Paid-in-Capital                                  30,490            30,490

 (Deficit)                                                  (29,683)          (19,939)
                                                       ------------      ------------

     Total Stockholders' Equity                               2,817            12,561
                                                       ------------      ------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY                                   $      2,817      $     13,699
                                                       ============      ============
</TABLE>

The accompanying notes are an integral part of the financial statements.



                                      F-2
<PAGE>   6

                       NATIONAL VENTURE CAPITAL FUND, INC.
                          (A DEVELOPMENT STAGE COMPANY)

                            STATEMENTS OF OPERATIONS
          For the Three and Six Months Ended October 31, 1999 and 1998
               And for the Period From June 12, 1997 (Inception)
                            Through October 31, 1999

<TABLE>
<CAPTION>
                                         FOR THE THREE                        FOR THE SIX             FROM JUNE 12, 1997
                                          MONTHS ENDED                        MONTHS ENDED               (INCEPTION)
                                           OCTOBER 31,                         OCTOBER 31,                 THROUGH
                                     1999              1998              1999              1998        OCTOBER 31, 1999
                                 ------------      ------------      ------------      ------------   ------------------

<S>                              <C>               <C>               <C>               <C>            <C>
REVENUES:                        $          0      $          0      $          0      $          0      $          0
                                 ------------      ------------      ------------      ------------      ------------


OPERATING EXPENSES:
Accounting and
     Legal fees                  $      2,032      $          0      $      3,332      $          0      $     11,932
Advertising                                 0                 0                 0               547               547
Amortization                               25                25                50                50               233
Consulting Services                         0                 0                 0             1,000             3,000
Edgar Filings                             384                 0               384                 0               384
Entertainment                               0               228                 0               457             1,248
Filing and
     Transfer fees                          0                 0                 0                 0             1,310
Office Expense                              0               259                 0               946             1,701
Postage                                     0               526                 0               526             1,002
Referral Fees                               0                 0             5,000                 0             5,000
Rent Expenses                               0                 0               540                 0             1,080
Telephone Expenses                          0               140               438               540             2,246
                                 ------------      ------------      ------------      ------------      ------------
     TOTAL OPERATING
     EXPENSES                           2,441             1,178             9,744             4,066            29,683
                                 ------------      ------------      ------------      ------------      ------------

NET (LOSS)                       $     (2,441)     $     (1,178)     $     (9,744)     $     (4,066)     $    (29,683)
                                 ============      ============      ============      ============      ============

NET INCOME (LOSS)
     PER COMMON SHARE                     N/A               N/A               N/A               N/A               N/A
                                 ============      ============      ============      ============      ============

WEIGHTED AVERAGE NUMBER
OF SHARES OUTSTANDING              20,101,000        20,101,000        20,101,000        20,101,000        20,101,000
                                 ============      ============      ============      ============      ============
</TABLE>


The accompanying notes are an integral part of the financial statements.



                                      F-3
<PAGE>   7

                       NATIONAL VENTURE CAPITAL FUND, INC.
                          (A DEVELOPMENT STAGE COMPANY_

                  STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT)
                  For the Three Months Ended October 31, 1999

<TABLE>
<CAPTION>
                                                                                  Accumulated
                                 Common                                            (Deficit)          Total
                                 Stock                           Additional       During the       Stockholders'
                                Number of      Common Stock        Paid-in        Development         Equity
                                 Shares           Amount           Capital           Stage           (Deficit)
                              ------------     ------------     ------------     ------------      -------------
<S>                          <C>              <C>              <C>              <C>               <C>

May 1, 1999                     20,101,000     $      2,010     $     30,490     $    (19,939)     $     12,561

Net (Loss) for the Six
Months Ended October
31, 1999                                 0                0                0           (9,744)           (9,744)
                              ------------     ------------     ------------     ------------      ------------

Balance October
31, 1999                        20,101,000     $      2,010     $     30,490     $    (29,683)     $      2,817
                              ============     ============     ============     ============      ============
</TABLE>


    The accompanying notes are an integral part of the financial statements.


                                      F-4
<PAGE>   8

                       NATIONAL VENTURE CAPITAL FUND, INC.
                          (A DEVELOPMENT STAGE COMPANY)

                            STATEMENTS OF CASH FLOWS
               For the Six Months Ended October 31, 1999 and 1998
               And for the Period From June 12, 1997 (Inception)
                            Through October 31, 1999

<TABLE>
<CAPTION>
                                                                           FOR THE PERIOD
                                                                         FROM JUNE 12, 1997
                                         FOR THE SIX MONTHS ENDED       (INCEPTION) THROUGH
                                    OCTOBER 31, 1999  OCTOBER 31, 1998   OCTOBER 31, 1999
                                    ----------------  ----------------  -------------------
<S>                                 <C>               <C>               <C>
CASH FLOWS FROM
OPERATING ACTIVITIES:
     Net Income (Loss)                $     (9,744)     $     (4,066)     $    (29,683)

ADJUSTMENTS TO RECONCILE
NET (LOSS) TO CASH FLOW FROM
OPERATING ACTIVITIES:
Amortization                                    50                50               233
(Increase) Decrease in
     Prepaid Rent                              540                 0                 0
Increase (Decrease) in
     Accounts Payable                       (1,138)                0                 0
Stock Issued for
     Services                                    0                 0             2,000
Stock Issued for
     Organization Costs                          0                 0               500
                                      ------------      ------------      ------------

NET CASH PROVIDED BY
     OPERATING ACTIVITIES                  (10,292)           (4,016)          (26,950)

CASH FLOWS FROM INVESTING
ACTIVITIES:
Organization Costs                               0                 0              (500)
Deferred Offering Costs                          0            (3,855)                0
Proceeds From Issuance of
     Capital Stock                               0            30,000            30,000
                                      ------------      ------------      ------------

NET (DECREASE) INCREASE
     IN CASH                               (10,292)           22,129             2,550

     CASH, BEGINNING OF
         PERIOD                             12,842                 0                 0
                                      ------------      ------------      ------------

CASH, END OF PERIOD                   $      2,550      $     22,129      $      2,550
                                      ============      ============      ============
</TABLE>


The accompanying notes are an integral part of the financial statements.


                                      F-5
<PAGE>   9

                       NATIONAL VENTURE CAPITAL FUND, INC.
                          (A DEVELOPMENT STAGE COMPANY)

                          NOTES TO FINANCIAL STATEMENTS


NOTE I - HISTORY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

National Venture Capital Fund, Inc. (A Development Stage Company), a Colorado
Corporation, was incorporated June 12, 1997, for the purpose of seeking
potential businesses acquisition or mergers.

     Accounting Method

     The company record income and expenses on the accrual method.

     Organization Costs

     Costs incurred in organizing the company are being amortized over a
     sixty-month period.

     Year End

     The Company has elected a fiscal year-end of April 30th.

     Loss Per Share

     Net Loss is calculated by dividing the net loss by the weighted average
     number or common shares outstanding.


NOTE III - RELATED PARTY TRANSACTION

The Company maintains its office in space provided by an officer of the Company
pursuant to an oral agreement with reimbursement for out of pocket expenses,
such as telephone.



                                      F-6
<PAGE>   10

ITEM 2.           Management's Discussion and Analysis of Financial Condition
                  and Results of Operations

Forward-Looking Statements

         The following discussion contains forward-looking statements regarding
us, our business, prospects and results of operations that are subject to
certain risks and uncertainties posed by many factors and events that could
cause our actual business, prospects and results of operations to differ
materially from those that may be anticipated by such forward-looking
statements. Factors that may affect such forward-looking statements include,
without limitation: our ability to successfully develop operations, our success
in finding one or more acquisition candidates, and the impact of competition on
the development of revenues

         When used in this discussion, words such as "believes", "anticipates",
"expects", "intends" and similar expressions are intended to identify
forward-looking statements, but are not the exclusive means of identifying
forward-looking statements. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date of this
report. We undertake no obligation to revise any forward-looking statements in
order to reflect events or circumstances that may subsequently arise. Readers
are urged to carefully review and consider the various disclosures made by us in
this report and other reports filed with the Securities and Exchange Commission
that attempt to advise interested parties of the risks and factors that may
affect our business.

Results of Operations

         We have not generated any revenues from operations since our inception.
Our Total Operating Expenses for the three months ended October 31, 1999 were
$2,441 compared to Total Operating Expenses for the three months ended October
31, 1998 of $1,178. We had Total Operating Expenses for the six months ended
October 31, 1999 were $9,744 compared to Total Operating Expenses for the six
months ended October 31, 1998 of $4,066. We had Total Operating Expenses since
inception of $29,683. Since we have not generated Revenues, our Net Losses for
these periods was the same as our Total Operating Losses. Since we have not
generated revenues and have never been in a profitable position, we operate with
minimal overhead. Our primary activity will be to seek an acquisition candidate.
As of the end of the reporting period, we had concluded no acquisitions and had
spoken with no potential candidates. The attempt to seek an acquisition
candidate or candidates will be our primary focus in the coming fiscal year.



<PAGE>   11

Liquidity and Capital Resources

         As of the end of the reporting period and since inception, we had
$2,550 in cash, compared to $22,129 for the six months ended October 31, 1999.
We had no Accounts Receivable or Accounts Payable for the period.

         Management feels that we have inadequate working capital to pursue any
business opportunities other than seeking an acquisition candidate. We will have
minimal capital requirements prior to the consummation of any acquisition but
can pursue an acquisition candidate. Until a suitable candidate is identified,
our officers and directors will personally provide the necessary funds for our
operation, which are expected to be minimal. There is no plan to reimburse any
of our officers and directors for any advances. We do not intend to pay
dividends in the foreseeable future.

                           PART II - OTHER INFORMATION

ITEM 1.           Legal Proceedings

         No legal proceedings of a material nature to which we are a party were
pending during the reporting period, and we know of no legal proceedings of a
material nature pending or threatened or judgments entered against any of our
directors or officers in his capacity as such.

ITEM 2.           Changes in Securities. None.

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.

No exhibits as set forth in Regulation S-K are considered necessary in this
lO-QSB filing. No reports on Form 8-K were filed as of the most recent fiscal
quarter.


<PAGE>   12


                                   SIGNATURES

In accordance with Section 12 of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.


                                        NATIONAL VENTURE CAPITAL, INC.




Dated:12/04/00                          By: /s/ Farhad Behzadi
      --------                             -------------------------
                                                Farhad Behzadi
                                                President


         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
Registrant and in the capacities and on the dates indicated.


                                        CHIEF FINANCIAL AND ACCOUNTING
                                                OFFICER



Dated:12/04/00                          By: /s/ Marc Baker
      --------                             -------------------------
                                                Marc Baker
                                                Treasurer


<PAGE>   13


                               INDEX TO EXHIBITS

<TABLE>
<CAPTION>
EXHIBIT
NUMBER                   DESCRIPTION
-------                  -----------
<S>                      <C>

 27                      Financial Data Schedule
</TABLE>