<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 March 31, 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
----------------------------------------------------------------------------


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


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

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>
 
                                    INDEX
                                                                Page No.
                                                                --------
PART I.   Financial Information

Item 1.        Financial Statements (unaudited)

               Statements of Assets & Liabilities                     3
                    March 31, 1998 and December 31, 1997

               Schedule of Portfolio Investments                      4
                    March 31, 1998

               Statements of Operations                               5
                    Three months ended March 31, 1998 and 1997

               Statement of Partners' Capital                         6
                    Three months ended March 31, 1998

               Statements of Cash Flows                               7
                    Three months ended March 31, 1998 and 1997

               Statements of Changes in Net Assets                    8
                    Three months ended March 31, 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

                                       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>
                                                  March 31,
                                                    1998       December 31,
                                                 (unaudited)       1997
                                                 -----------   ------------
<S>                                               <C>           <C>
ASSETS:
  Cash                                            $    4,370    $   13,770
  Portfolio investments, at estimated fair value
       (cost $829,611 and $821,584, respectively)    829,611       821,584
  Short-term investments at cost, which
       approximates market value                   1,215,028     1,217,544
  Other receivables                                   26,489        13,156
                                                  ----------    ----------
            Total assets                           2,075,498     2,066,054
                                                  ----------    ----------

LIABILITIES:
  Payable to Managing General Partner                 14,449        47,840
  Accounts Payable                                    14,600         4,675
                                                  ----------    ----------
            Total liabilities                         29,049        52,515
                                                  ----------    ----------
            Net assets                            $2,046,449    $2,013,539
                                                  ==========    ==========

Partners' Capital:
  Managing General Partner                        $  415,213    $  409,976
  Individual General Partners                          1,387         1,377
  Limited partners                                 1,629,849     1,602,186
                                                  ----------    ----------

Total partners' capital applicable to
  outstanding partnership interests ($192.73
  and $188.29, respectively, per limited
  partnership unit)                               $2,046,449    $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
                                March 31, 1998
                                 (unaudited)

<TABLE>
<CAPTION>

                                                            Original
                                                            Investment                Estimated
Company                            Position                 Date             Cost     Fair Value
------------------------------     ----------------------   -----------    --------   ----------
<S>                                <C>                      <C>            <C>        <C>
Coleman Natural Products, Inc.     600,937 shares of
                                   Series A Preferred
                                   Stock                    March 1989     $600,937   $600,937

                                   178,362 shares of
                                   Common Stock             March 1989      228,673    228,673

                                   Warrants to purchase
                                   32,412 shares of Common
                                   Stock                    November 1990         1          1
                                                                           --------   --------
                                   Total                                   $829,611   $829,611
                                                                           ========   ========
</TABLE>


See accompanying notes to financial statements.

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

                           STATEMENTS OF OPERATIONS
                  Three months ended March 31, 1998 and 1997
                                 (unaudited)
<TABLE>
<CAPTION>

                                                         1998       1997
                                                       --------   --------
<S>                                                    <C>        <C>
Investment Income:
     Interest and dividends from short-term and
          portfolio investments                        $ 36,344   $ 31,436
                                                       --------   --------

Expenses:
     Administrative fee                                       -     35,303
     Professional fees                                   13,117     12,926
     Independent General Partners' fees and expenses          -      4,275
     Other expenses                                       2,817      4,107
                                                       --------   --------

Total expenses                                           15,934     56,611
                                                       --------   --------

Net investment gain (loss)                               20,410    (25,175)

Realized gain on sale of portfolio investments           12,500    113,659
                                                       --------   --------

Net investment loss and realized gain allocable
  to partners                                            32,910     88,484

Net change in unrealized appreciation of portfolio
     investments                                              -   (300,062)
                                                       --------   --------

Net increase (decrease) in net assets                  $ 32,910  $(211,578)
                                                       ========   ========
Net investment gain (loss) per unit of limited partner
     interest                                          $   3.08  $   (2.35)
                                                       ========   ========
Weighted average number of limited partnership
     units outstanding                                   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
                      Three months ended March 31, 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 three
     months ended March 31, 1998            5,237        10        27,663        32,910
                                         --------    ------    ----------    ----------

Balances at March 31, 1998               $415,213    $1,387    $1,629,849    $2,046,449
                                         ========    ======    ==========    ==========

</TABLE>


See accompanying notes to financial statements.

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

                           STATEMENTS OF CASH FLOWS
                  Three months ended March 31, 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                                $ 32,910    $  88,484
   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)
   Change in operating assets and liabilities
   Increase in other receivables                            (13,333)     (50,182)
   Increase (decrease) in payable to Managing
     General Partner                                        (33,391)      14,526
   Increase in accounts payable                               9,925        1,468
                                                           --------    ---------

Net cash used in operating activities                       (16,389)     (59,363)
                                                           --------    ---------

Cash flows from investing activities:
   Exercise of options included in portfolio investments          -       (9,929)
   Increase in portfolio investments, payment-in-kind
     dividends                                               (8,027)      (8,027)
   Investment in short-term investments                           -     (107,500)
   Proceeds from the disposition of portfolio investments    12,500      143,588
   Proceeds from maturities of short-term investments         2,516       36,185
                                                           --------    ---------

Net cash provided by investing activities                     6,989       54,317
                                                           --------    ---------

Net decrease in cash                                         (9,400)      (5,046)

Cash at beginning of period                                  13,770       17,211
                                                           --------    ---------

Cash at end of period                                      $  4,370    $  12,165
                                                           ========    =========

</TABLE>


See accompanying notes to financial statements.

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

                     STATEMENTS OF CHANGES IN NET ASSETS
                  Three months ended March 31, 1998 and 1997
                                 (unaudited)


<TABLE>
<CAPTION>
                                                      1998          1997
                                                   ----------   -----------
<S>                                                <C>          <C>
From investment activities:
Net investment gain (loss)                         $   20,410   $  (25,175)
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                  32,910     (211,578)

Net assets:
     Beginning of Period                            2,013,539    3,070,910
                                                   ----------   ----------

     End of Period                                 $2,046,449   $2,859,332
                                                   ==========   ==========
</TABLE>


See accompanying notes to financial statements.

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

                        Notes to Financial Statements
                                March 31, 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
                                March 31, 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 $829,611 and $821,584 (40% and 40%
    of total assets, respectively) at March 31, 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
                                March 31, 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 March 31, 1990, the
Administrative Fee equaled $300,000.  The following reductions in the fee were
agreed to by the Managing General Partner:

                          Effective         Adjusted
                             Date             Fee
                         -------------      --------
                         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

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

Through March 31, 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:

                 Effective         Adjusted       Adjusted
                   Date           Annual Fee     Meeting Fee
               -------------      ----------     -----------
               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

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

                        Notes to Financial Statements
                                March 31, 1998
                                 (unaudited)

No annual fees and reimbursements to the Individual General Partners were paid
for the quarter ended March 31, 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 March 31, 1998, the Managing General Partner is in the process of
implementing 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 months ended March 31, 1998, the Partnership had a net
investment gain of $20,410, representing an improvement of $45,585 (181%) when
compared to the loss of $25,175 reported in the first quarter of 1997.  The
net investment loss and realized gain allocable to partners for the quarter
ended March 31, 1998 was a gain of $32,910, compared to a gain of $88,484 in
the comparable quarter of 1997.  The current quarter gains come as a result of
the Partnership's termination and lack of "on-going" operations, more fully
disclosed in the Notes to the Financial Statements in Item 1 of this report.

     Interest and dividend income increased $4,908 to $36,344 for the three
months ended March 31, 1998 when compared to the corresponding period in 1997,
primarily due to the continuation of dividend accruals on the Partnership's
preferred stock investment in Coleman Natural Products, Inc.

     Total expenses were $15,934 for the three months ended March 31, 1998,
representing a decrease of $40,677 (72%) when compared to the corresponding
period in 1997.  No fees were paid to the Managing General Partner and the
Individual General Partners in the first quarter 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 $191 or (1%) for the three months ended March 31, 1998
when compared to 1997 and consisted of legal costs related to the dissolution
of the Partnership and audit fees.

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

     Cash as of March 31, 1998 was $4,370, a decrease of $9,400 when compared
to the 1997 fiscal year-end balance.  This decrease is the net result of the
Partnership's net cash used in operations and the net cash provided by
investing activities.  Other receivables increased $13,333 from the year-end
1997 balance due to the accrual of dividends from the investment in Coleman
Natural Holdings, Inc. The payable to Managing General Partner decreased
$33,391 due to no accruals of  management fees due to the dissolution of the
Partnership.

     Net cash provided by investing amounted to $6,989, 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,
and preferred stock dividend accrual in Coleman Natural Products, Inc. of
$8,027.

     The Partnership's increase in net assets for the three months ended March
31, 1998 amounted to $32,910, and is comprised of its net investment gain of
$20,410 and the realized 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:  May 15, 1998                    By:  /s/ Daniel D. Williams
                                             ------------------------------
                                                 Daniel D. Williams
                                                 Chief Financial Officer
                                                 (Principal Financial and
                                                 Accounting Officer of the
                                                 Partnership)

                                       15