<PAGE>
 
                                                            Total # of Pages: 15

                      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, 1998
                                                -------------

                                      OR

( )  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND
     EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM_____________________ TO
     _________________

Commission File Number        0-12935
                       ---------------------------------------------------------


                    BOETTCHER VENTURE CAPITAL PARTNERS, L.P
--------------------------------------------------------------------------------
            (Exact name of registrant as specified in its charter)


          DELAWARE                                  84-0958632
--------------------------------        -----------------------------------
(State or other jurisdiction of         (I.R.S. Employer Identification No.)
 incorporation or organization)


     77 West Wacker Drive
       Chicago Illinois                                  60601
---------------------------------       -----------------------------------
(Address of principal executive                        (Zip Code)
 offices)

Registrant's telephone number, including area code          (312) 574-6000
                                                   -----------------------------

Indicate by checkmark whether the registrant (1) has filed all reports to be
filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
receding 12 months (or 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  ______
                   -----             
<PAGE>
 
<TABLE> 
<CAPTION> 
                                     INDEX
                                     -----
                                                                        Page No.
                                                                        --------
<S>                                                                     <C> 
PART I.   Financial Information

Item 1.     Financial Statements (unaudited)

             Statements of Assets & Liabilities                            3
               June 30, 1998 and December 31, 1997
 
             Schedule of Portfolio Investments                             4
               June 30, 1998
 
             Statements of Operations                                      5
               Three and six months ended June 30, 1998 and 1997
 
             Statement of Partners' Capital                                6
               Six months ended June 30, 1998
 
             Statements of Cash Flows                                      7
               Six months ended June 30, 1998 and 1997
 
             Statements of Changes in Net Assets                           8
               Six months ended June 30, 1998 and 1997
 
             Notes to Financial Statements                                 9
 
Item 2.      Management's Discussion and Analysis of                      13
               Financial Condition and Results of Operations
 
PART II.     Other Information                                            14
 
Item 1.      Legal Proceedings                                            14  
Item 2.      Changes in Securities                                        14
Item 3.      Defaults upon Senior Securities                              14
Item 4.      Submission of Matters to a Vote of Security Holders          14
Item 5.      Other Information                                            14
Item 6.      Exhibits and Reports on Form 8-K                             14
 
SIGNATURE                                                                 15
</TABLE>

                                       2
<PAGE>

  PART I. Financial Information
          ---------------------
  Item 1. Financial Statements 

                   BOETTCHER VENTURE CAPITAL PARTNERS, L.P.
                            (A Limited Partnership)

                     STATEMENTS OF ASSETS AND LIABILITIES

<TABLE>
<CAPTION>
                                                                   June 30,
                                                                    1998        December 31,
                                                                 (unaudited)        1997
                                                                 -----------    ------------
<S>                                                              <C>            <C>
ASSETS:
  Cash                                                           $    2,321     $   13,770
  Portfolio investments, at estimated fair value
   (cost $869,630 and $821,584, respectively)                       869,630        821,584
  Short-term investments at cost, which
   approximates market value                                      1,220,078      1,217,544
  Other receivables                                                      --         13,156
                                                                 ----------     ----------
 
      Total Assets                                                2,092,029      2,066,054
                                                                 ----------     ----------
 
LIABILITIES:
  Payable to Managing General Partner                                18,260         47,840
  Accounts Payable                                                    4,500          4,675
                                                                 ----------     ----------
 
      Total Liabilities                                              22,761         52,515
                                                                 ----------     ----------
 
      Net Assets                                                 $2,069,269     $2,013,539
                                                                 ==========     ==========
 
Partners' Capital:
  Managing General Partner                                       $  419,538     $  409,976
  Individual General Partners                                         1,394          1,377
  Limited partners                                                1,648,337      1,602,186
                                                                 ----------     ----------
 
Total partners' capital applicable to outstanding partnership
  interests ($193.50 and $188.29, respectively,                  
  per limited partnership unit)                                  $2,069,269     $2,013,539
                                                                 ==========     ==========
</TABLE>

See accompanying notes to financial statements.

                                       3
<PAGE>
 
                   BOETTCHER VENTURE CAPITAL PARTNERS, L.P.
                            (A Limited Partnership)

                       SCHEDULE OF PORTFOLIO INVESTMENTS
                                 June 30, 1998
                                  (unaudited)

<TABLE>
<CAPTION>
                                                              Original                          
                                                             Investment                Estimated
Company                           Position                      Date         Cost     Fair Value
--------------------------------  -----------------------   -------------  ---------  ----------
<S>                               <C>                       <C>            <C>        <C>       
Coleman Natural Products, Inc.    600,935 shares of                                             
                                  Series A Preferred                                            
                                  Stock                     March 1989     $ 600,935  $ 600,935 
                                                                                                
                                  188,090 shares of                                             
                                  Common Stock              March 1989       268,694    268,694
                                                                                                
                                  Warrants to purchase                                          
                                  32,412 shares of Common                                       
                                  Stock                     November 1990          1          1 
                                                                           ---------  ---------
 
                                  Total                                    $ 869,630  $ 869,630
                                                                           =========  =========
</TABLE>

See accompanying notes to financial statements.

                                       4
<PAGE>
 
                   BOETTCHER VENTURE CAPITAL PARTNERS, L.P.
                            (A Limited Partnership)

                           STATEMENTS OF OPERATIONS
               Three and six months ended June 30, 1998 and 1997
                                  (unaudited)

<TABLE>
<CAPTION>
                                          Three Months Ended     Six Months Ended
                                               June 30,              June 30,
                                          ------------------   ------------------- 
                                            1998      1997       1998       1997
                                          --------  --------   --------  ---------
<S>                                       <C>       <C>        <C>       <C>
Investment Income:
    Interest and dividends from
      short-term and portfolio
      investments                          $28,581  $ 22,828    $64,925  $  54,264
                                           -------  --------    -------  ---------
 
Expenses:
    Administrative fee                           -    35,302          -     70,605
    Professional fees                        3,401     3,002     16,518     15,928
    Independent General Partners'
      fees and expenses                          -     3,375          -      7,650
    Other expenses                           2,360     2,168      5,177      6,275
                                           -------  --------    -------  ---------
 
Total expenses                               5,761    43,847     21,695    100,458
                                           -------  --------    -------  ---------
 
Net investment gain (loss)                  22,820   (21,019)    43,230    (46,194)
 
Realized gain on sale of portfolio
  investments                                    -         -     12,500    113,659
                                           -------  --------    -------  ---------
 
Net investment loss and realized gain
  allocable to partners                     22,820   (21,019)    55,730     67,465
 
Net change in unrealized appreciation
  of portfolio investments                       -         -          -   (300,062)
                                           -------  --------    -------  ---------
 
Net increase (decrease) in net assets      $22,820  $(21,019)   $55,730  $(232,597)
                                           =======  ========    =======  =========
 
Net investment gain (loss) per unit of
  Limited partner interest                   $2.13    $(1.97)     $5.21     $(4.32)
                                           =======  ========    =======  =========
 
Weighted average number of limited
  partnership units outstanding             10,694    10,694     10,694     10,694
                                           =======  ========    =======  =========
</TABLE>

See accompanying notes to financial statements.

                                       5
<PAGE>
 
                   BOETTCHER VENTURE CAPITAL PARTNERS, L.P.
                            (A Limited Partnership)

                        STATEMENT OF PARTNERS' CAPITAL
                        Six months ended June 30, 1998
                                  (unaudited)

<TABLE>
<CAPTION>
                                                        Managing      Individual                       Total                   
                                                         General       General        Limited        Partners'        
                                                         Partner       Partners       Partners        capital         
                                                         --------     ----------     ----------      ----------       
<S>                                                      <C>          <C>            <C>             <C>              
                                                                                                                      
Balances at December 31, 1997                            $409,976     $1,377         $1,602,186      $2,013,539       
                                                                                                                      
Net investment losses and realized gains allocable to                                                                 
  partners for the six months ended June 30, 1998           9,562         17             46,151          55,730       
                                                         --------     ------         ----------      ----------       
                                                                                                                      
Balances at June 30, 1998                                $419,538     $1,394         $1,648,337      $2,069,269       
                                                         ========     ======         ==========      ==========        
 
</TABLE>

See accompanying notes to financial statements.

                                       6
<PAGE>
 
                   BOETTCHER VENTURE CAPITAL PARTNERS, L.P.
                            (A Limited Partnership)

                           STATEMENTS OF CASH FLOWS
                    Six months ended June 30, 1998 and 1997
                                  (unaudited)

<TABLE>
<CAPTION>
                                                                1998            1997   
                                                              ---------      ----------
<S>                                                           <C>            <C>       
Cash flows from operating activities:                                                  
 Net investment loss and realized gain                                                 
    allocable to partners                                     $ 55,730       $  67,465 
 Adjustment to reconcile net investment loss and                                       
    realized gain allocable to partners to net cash                                    
    used in operating activities:                                                      
      Gain on sale of portfolio investments                    (12,500)       (113,659)
      Paid in kind dividends                                   (48,046)        (16,055)
 Change in operating assets and liabilities                                            
  (Increase) decrease in other receivables                      13,156            (363)
  Increase (decrease) in payable to Managing                                           
   General Partner                                             (29,580)          5,014 
  Increase (decrease) in accounts payable                         (175)            468 
                                                              --------       --------- 
                                                                                       
Net cash used in operating activities                          (21,415)        (57,130)
                                                              --------       --------- 
                                                                                       
Cash flows from investing activities:                                                  
 Exercise of options included in portfolio investments               -          (9,929)
 Investment in short-term investments                           (5,050)       (107,500)
 Proceeds from the disposition of portfolio investments         12,500         589,652 
 Proceeds from maturities of short-term investments              2,516         477,881 
                                                              --------       --------- 
                                                                                       
Net cash provided by investing activities                        9,966         950,104 
                                                              --------       --------- 
                                                                                       
Cash flows used by financing activities-distributions                                  
  to partners                                                        -        (898,580)
                                                              --------       --------- 
                                                                                       
Net decrease in cash                                           (11,449)         (5,606)
                                                                                       
Cash at beginning of period                                     13,770          17,211 
                                                              --------       --------- 
                                                                                       
Cash at end of period                                         $  2,321       $  11,605 
                                                              ========       =========  
</TABLE>

See accompanying notes to financial statements.

                                       7
<PAGE>
 
                   BOETTCHER VENTURE CAPITAL PARTNERS, L.P.
                            (A Limited Partnership)

                      STATEMENTS OF CHANGES IN NET ASSETS
                    Six months ended June 30, 1998 and 1997
                                  (unaudited)

<TABLE>
<CAPTION>
                                                               1998             1997     
                                                            -----------     -------------
<S>                                                         <C>             <C>          
From investment activities:                                                              
    Net investment gain (loss)                              $    43,230     $    (46,194)
    Realized gain on sale of portfolio investments               12,500          113,659 
    Net change in unrealized appreciation                                                
      of portfolio investments                                        -         (300,062)
                                                             ----------      ----------- 
                                                                                         
Net increase (decrease) in net assets resulting from                                     
  operations                                                     55,730         (232,597)
                                                                                         
From financing activities-distributions to partners                   -         (898,580)
                                                             ----------      ----------- 
                                                                                         
Net increase (decrease) in net assets                            55,730       (1,131,177)
                                                                                         
Net assets at beginning of period                             2,013,539        3,070,910 
                                                             ----------      ----------- 
                                                                                         
Net assets at end of period                                 $ 2,069,269     $  1,939,733 
                                                             ==========      ===========  
</TABLE>

See accompanying notes to financial statements.

                                       8
<PAGE>
 
                   BOETTCHER VENTURE CAPITAL PARTNERS, L.P.
                            (A Limited Partnership)

                         Notes to Financial Statements

                                 June 30, 1998
                                  (unaudited)


(1)  Financial Statement Adjustments and Footnote Disclosure
     -------------------------------------------------------

The accompanying financial statements are unaudited.  However, the Managing
General Partner of Boettcher Venture Capital Partners, L.P. believes all
material adjustments necessary for a fair presentation of the interim financial
statements have been made.  Certain information and footnotes normally included
in financial statements prepared in accordance with generally accepted
accounting principles have been omitted pursuant to Securities and Exchange
Commission rules and regulations. Management believes the disclosures made are
adequate to make the information not misleading and suggests that these
condensed financial statements be read in conjunction with the financial
statements and notes thereto included in the Boettcher Venture Capital Partners,
L.P. December 31, 1997 Annual Report.

(2)  Significant Accounting Principles
     ---------------------------------

     Organization
     ------------

Boettcher Venture Capital Partners, L.P. (the "Partnership"), a Delaware limited
partnership, was formed on September 22, 1983 for the primary purpose of making
venture capital investments.  The Partnership sold 10,690 units of limited
partnership interests at $1,000 per unit in a public offering which closed on
September 27, 1984.

The Managing General Partner of the Partnership is EVEREN Securities, Inc.
("EVEREN Securities").  The Individual General Partners are three individuals
who are independent of EVEREN Securities and its affiliates; and the President
and Chief Operating Officer of EVEREN Securities.

     Partnership Agreement
     ---------------------

  The Partnership Agreement (the "Agreement") provides for the allocation of the
following:

<TABLE>
<CAPTION>
                                                Limited         Managing General  
                                                Partners             Partner      
                                               ---------       -----------------  
  <S>                                          <C>             <C>                
  Administrative Fee (a)                             99%                1%        
  Annual Realized Gains                              80%               20%        
  Annual Losses (b)                                  80%               20%        
  General Income                                     80%               20%        
  General Expense                                    99%                1%        
  Income from Short-Term Investments                 99%                1%         
</TABLE>

                                       9
<PAGE>
 
                   BOETTCHER VENTURE CAPITAL PARTNERS, L.P.
                            (A Limited Partnership)

                         Notes to Financial Statements

                                 June 30, 1998
                                  (unaudited)


(a)  Administrative overhead (exclusive of General Expenses, as defined in the
     Agreement) will be paid in its entirety by the Managing General Partner,
     which will receive the Administrative Fee for this purpose.

(b)  Allocations of Annual Losses to the Managing General Partner in any given
     year are limited to the sum of its share of any Annual Realized Gains
     during that year plus any balance then remaining in its Capital Account.
     Any additional losses will be allocated 1% to the Managing General Partner.

Allocations of costs, expenses, profits and losses to and among the Limited
Partners shall be deemed to include the Individual General Partners to the
extent of their initial contributions to the capital of the Partnership, as
defined in the Agreement.

Income Taxes
------------
No provision has been made for federal income taxes in the accompanying
financial statements as the revenue and expenses of the Partnership are
reportable in the income tax returns of its partners.

Valuation of Investments
------------------------
Short-term investments with maturities of 60 days or less are recorded at
amortized cost or cost plus accrued interest which approximates market.
Investments with maturities greater than 60 days are generally recorded at
current value based upon quoted market prices or prices obtained from other
independent sources.

The portfolio investments are valued at $869,630 and $821,584 (42% and 40% of
total assets, respectively) at June 30, 1998 and December 31, 1997,
respectively.  These values have been estimated by the Managing General Partner
under the supervision of the Individual General Partners in the absence of
readily ascertainable market values.  The Managing General Partner follows the
guidelines listed below in valuing portfolio investments:

     .    Portfolio investments are carried at cost until significant
          developments affecting the investee occur that provide a different
          basis for valuation.

     .    Any publicly traded securities not subject to restrictions on free
          marketability are valued at a 10% discount from the quoted bid or
          closing price on the valuation date.

     .    Increases or decreases in quoted market prices subsequent to the
          balance sheet date are not reflected in the valuations until the
          following period.

     .    In all cases, valuations are based on the judgment of the Managing
          General Partner after consideration of the above and other factors
          including, but not limited to, original cost, operating results, and
          financial condition of the portfolio concerns.

                                       10
<PAGE>
 
                   BOETTCHER VENTURE CAPITAL PARTNERS, L.P.
                            (A Limited Partnership)

                         Notes to Financial Statements

                                 June 30, 1998
                                  (unaudited)


Due to the inherent uncertainty of valuation, those estimated values may differ
significantly from the values that would have been used had a ready market for
the securities existed, and the differences could be material.


(3)  Transactions with Related Parties
     ---------------------------------

Pursuant to the Partnership Agreement the Managing General Partner is to receive
an annual management fee (the "Administrative Fee") for providing ongoing
management and administrative services to the Partnership, equal to no more than
3% of the first $10,000,000 of limited partnership interests, plus 2% of the
excess over $10,000,000, payable quarterly in arrears.  During the period from
commencement of operations through June 30, 1990, the Administrative Fee equaled
$300,000.  The following reductions in the fee were agreed to by the Managing
General Partner:

<TABLE>
<CAPTION>
                       Effective               Adjusted 
                         Date                    Fee   
                       ---------               --------
                     <S>                       <C>     
                     July 1, 1990              $282,420
                     July 1, 1991              $251,040
                     July 1, 1993              $219,660
                     April 1, 1994             $156,900
                     April 1, 1996             $141,210 
</TABLE>

No Administrative Fees were paid for the periods ended June 30, 1998, due to the
Partnership's termination as of December 31, 1997, more fully discussed in Note
4.

Through June 30, 1990 each Individual General Partner received an annual fee of
$10,000, paid quarterly, from the Partnership, plus $1,000 for each day or part
thereof during which he attended meetings of the Partnership or related
committees, together with all reasonable out-of-pocket expenses relating to
attendance at these meetings.  The following reductions were agreed to by the
Individual General Partners:

<TABLE>
<CAPTION>
       Effective               Adjusted           Adjusted  
         Date                 Annual Fee         Meeting Fee
       --------               ----------         ----------- 
      <S>                     <C>                <C>        
      July 1, 1990              $9,000               $900   
      July 1, 1991              $8,000               $800   
      July 1, 1993              $7,000               $700   
      April 1, 1994             $5,000               $500   
      April 1, 1996             $4,500               $450    
</TABLE>

                                       11
<PAGE>
 
                   BOETTCHER VENTURE CAPITAL PARTNERS, L.P.
                            (A Limited Partnership)

                         Notes to Financial Statements

                                 June 30,1998
                                  (unaudited)

No annual fees and reimbursements to the Individual General Partners were paid
for the periods ended June 30, 1998 due to the Partnership's termination as of
December 31, 1997, more fully discussed in Note 4.


(4)  Partnership Liquidation
     -----------------------


Pursuant to the Second Amended and Restated Agreement of limited partnership of
the Partnership, the Partnership terminated effective December 31, 1997.
However, in conjunction with Section 17-801 of the Delaware Revised Uniform
Limited Partnership Act (the "Act"), the Partnership will be "dissolved" on that
date even though the Managing General Partner is permitted under Section 17-803
of the Act to wind up the Partnership's affairs after December 31, 1997.


The Act provides that the Managing General Partner may gradually settle and
close the business of the Partnership, dispose of and convey the Partnership's
property, discharge or make reasonable provision for the Partnership's
liabilities and distribute to the Partnership's limited partners any remaining
assets of the Partnership.


After the dissolution of the Partnership, the Act states that the Partnership
will continue its existence as a separate legal entity until the cancellation of
the certificate of limited partnership.  The filing will not be done until the
wind-up process is completed, this would include, without limitation, the
payment or making of reasonable provision for the payment of obligations and
liabilities and the distribution of assets to creditors and partners of the
Partnership.


As of June 30, 1998, the Managing General Partner remains in the process of
finalizing a plan of distribution of the remaining Partnership assets and paying
its remaining liabilities.  The Partnership's remaining portfolio investment,
Coleman Natural Products, Inc., may be distributed in kind or in cash as part of
the final distribution to partners.

                                       12
<PAGE>
 
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations


  For the three and six months ended June 30, 1998, the Partnership had a net
investment gain of $22,820 and $43,230, respectively, representing improvements
of $43,839 and of $89,424 when compared to the losses of $21,019
and $46,194 reported in the respective periods of 1997.  The net investment loss
and realized gain allocable to partners for the six months ended June 30, 1998
was a gain of $55,730, compared to a gain of $67,465 in the comparable period
of 1997. In the first quarter of 1997 the Partnership sold 20,000 shares of its
INTERLINQ stock resulting in a gain of $73,587 and converted a portion of its
Coleman Natural Products, Inc. warrants to common stock, selling it and
realizing a gain of $40,072.  These transactions resulted in a net realized gain
on the sale of portfolio investments of $113,659.  In the first quarter of 1998,
the Partnership had a net realized gain of $12,500, resulting from the final
bankruptcy settlement of the Partnership's former portfolio investment in PST
Enterprises, Inc.


  Interest and dividend income increased $5,753 (25%) and $10,661 (20%) to
$28,581 and $64,925 for the three and six months ended June 30, 1998 from
$22,828 and $54,264 for the three and six months ended June 30, 1997. These
increases in interest and dividend income in the current quarter are the result
of the maintenance of higher cash balances in the current year.


  Total expenses were $5,761 and $21,695 for the three and six months ended June
30, 1998, representing decreases of $38,086 (87%) and $78,763 (78%) when
compared to the corresponding periods in 1997.  No fees were paid to the
Managing General Partner and the Individual General Partners in the first half
of 1998 due to the wind-down of operations.  See Notes 3 and 4 of the Notes to
Financial Statements as contained in Item 1 of this report for further
discussion. Professional fees increased slightly by $590 or (4%) for the  six
months ended June 30, 1998 when compared to 1997, primarily the result of
increased legal costs related to the dissolution of the Partnership.


Liquidity and Capital Resources
-------------------------------


  Cash for the six months ended June 30, 1998 was $2,321, a decrease of $11,449
when compared to the 1997 fiscal year-end balance. This decrease is the net
result of the Partnership's net cash used in operations of $21,415 and net cash
provided by investing activities of $9,966. The payable to Managing General
Partner decreased $29,580 due to the termination of the payment of management
fees by the Partnership in its wind down phase.


  Net cash provided by investing amounted to $9,966, which consists primarily of
the net effect of proceeds from the final bankruptcy settlement of the
Partnership's former portfolio investment in PST Enterprises, Inc. of $12,500,
which was subsequently invested in a short-term money market account.


  The Partnership's increase in net assets for the six months ended June 30,
1998 amounted to $55,730, and is comprised of its net investment gain of $43,230
and a gain on sale of portfolio investments of $12,500.

                                       13
<PAGE>
 
PART II.  Other Information
          -----------------

Item 1. Legal Proceedings

         Not Applicable.

Item 2. Changes in Securities

         Not Applicable.

Item 3. Defaults upon Senior Securities

         Not Applicable.

Item 4. Submission of Matters to a Vote of Security Holders

         Not Applicable.

Item 5. Other Information

         Not Applicable.

Item 6. Exhibits and Reports on Form 8-K

          No report on Form 8-K was filed for the period covered by this report.

                                       14
<PAGE>
 
                                   SIGNATURE

Pursuant to the requirements of Section 13 or 15 (d) 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.



                           BOETTCHER VENTURE CAPITAL PARTNERS, L.P.


                           By:  EVEREN Securities, Inc.
                                Its Managing General Partner



Dated:  August 14, 1998             By: /s/ Daniel D. Williams
                                      ---------------------------------
                                     Daniel D. Williams
                                     Chief Financial Officer
                                     (Principal Financial and Accounting Officer
                                     of the Partnership)

                                       15