<PAGE>   1


                                    FORM 10-Q

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

(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, 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 number           0-17737
                        --------------------------------------------------------

                        Fiduciary Capital Partners, L.P.
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)

                Delaware                            86-0653603
        -----------------------                 -------------------
        (State of organization)                  (I.R.S. Employer
                                                Identification No.)

            410 17th Street
               Suite 400
           Denver, Colorado                            80202
         ---------------------                       ----------
         (Address of principal                       (Zip Code)
          executive offices)

        Registrant's telephone number, including area code (800) 866-7607
                                                           --------------

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    .
                                       ---     ---

<PAGE>   2


                        Fiduciary Capital Partners, L.P.
                      Quarterly Report on Form 10-Q for the
                           Quarter Ended June 30, 1999



                                Table of Contents

<TABLE>
<CAPTION>
                                                                                                  Page
                                                                                                  ----
  <S>             <C>                                                                             <C>
  Part I.         FINANCIAL INFORMATION

                  Item 1.    Financial Statements (unaudited)                                       3

                             Schedule of Investments -
                             June 30, 1999                                                          3

                             Schedule of Covered Call Options
                             Written - June 30, 1999                                                5

                             Balance Sheets - June 30, 1999 and
                             December 31, 1998                                                      6

                             Statements of Operations for the three
                             months ended June 30, 1999 and 1998                                    7

                             Statements of Operations for the six
                             months ended June 30, 1999 and 1998                                    8

                             Statements of Cash Flows for the six
                             months ended June 30, 1999 and 1998                                    9

                             Statements of Changes in Net Assets for
                             the six months ended June 30, 1999 and
                             for the year ended December 31, 1998                                   10

                             Selected Per Unit Data and Ratios                                      11

                             Notes to Financial Statements                                          12

                  Item 2.    Management's Discussion and Analysis
                             of Financial Condition and Results of
                             Operations                                                             14

  Part II.        OTHER INFORMATION

                  Item 6.Exhibits and Reports on Form 8-K                                           21
</TABLE>


                                        2
<PAGE>   3


                          Part I. FINANCIAL INFORMATION

Item 1.  Financial Statements

                        FIDUCIARY CAPITAL PARTNERS, L.P.

                             SCHEDULE OF INVESTMENTS

                                  JUNE 30, 1999
                                   (unaudited)

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------

Principal
Amount/                                              Investment          Amortized                    % of Total
Shares              Investment                          Date               Cost          Value        Investments
---------------------------------------------------------------------------------------------------------------------
<S>                 <C>                              <C>               <C>            <C>               <C>
MANAGED COMPANIES:

26,629 sh.          KEMET Corporation,
                    Common Stock(1)*                 07/11/91          $     9,439    $   609,971
---------------------------------------------------------------------------------------------------------------------
                                                                             9,439        609,971        5.9%
---------------------------------------------------------------------------------------------------------------------
$1,967,040          LMC Corporation, 12.00%
                    Senior Subordinated              11/01/96
                    Revolving Notes                   through
                    due 10/31/00                     01/13/99            1,967,040      1,967,040
$620,317            LMC Corporation, 12.00%
                    Senior Subordinated              02/11/99
                    Revolving Notes                   through
                    due 10/1/99 (Note 5)             05/25/99              620,317        620,317
260,400 sh.         LMC Corporation, 7.00%
                    Cumulative Redeemable
                    Preferred Stock*                 06/10/94            2,596,621      2,596,621
5,523,500 sh.       LMC Corporation,                 02/09/96
                    Common Stock*                     through
                                                     08/05/98            3,034,549      2,176,469
52.08 sh.           LMC Credit Corp.,
                    Common Stock*                    02/09/96                    1              1
---------------------------------------------------------------------------------------------------------------------
                                                                         8,218,528      7,360,448       70.8
---------------------------------------------------------------------------------------------------------------------
$1,460,000          R.B.M. Precision Metal
                    Products, Inc., 13.00%
                    Senior Subordinated
                    Secured Notes due
                    5/24/02(2)                       05/24/95            1,403,073        732,393
14,265.6 sh.        R.B.M. Precision Metal
                    Products, Inc., Warrants to
                    Purchase Common Stock*           05/24/95               82,955              1
14,392 sh.          R.B.M. Precision Metal
                    Products, Inc., Common
                    Stock*                           12/09/98                    1              1
---------------------------------------------------------------------------------------------------------------------
                                                                         1,486,029        732,395        7.0
---------------------------------------------------------------------------------------------------------------------
     Total Investments in Managed Companies (88.9% of net assets)        9,713,996      8,702,814       83.7
---------------------------------------------------------------------------------------------------------------------
</TABLE>




              The accompanying notes to financial statements are an
                         integral part of this schedule.

                                        3
<PAGE>   4


                        FIDUCIARY CAPITAL PARTNERS, L.P.

                       SCHEDULE OF INVESTMENTS (CONTINUED)

                                  JUNE 30, 1999
                                   (unaudited)


<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
Principal
Amount/                                            Investment            Amortized                   % of Total
Shares              Investment                        Date                 Cost            Value     Investments
---------------------------------------------------------------------------------------------------------------------
<S>                 <C>                              <C>               <C>            <C>              <C>
NON-MANAGED COMPANY:

989,414 sh.         WasteMasters, Inc.,
                    Common Stock(3)*                 06/03/98            1,321,795              1
---------------------------------------------------------------------------------------------------------------------
     Total Investment in Non-Managed Company (0.0% of net assets)        1,321,795              1        0.0
---------------------------------------------------------------------------------------------------------------------

TEMPORARY INVESTMENTS:

$1,700,000          General Electric Capital Corp.,
                    4.96% Notes due 7/13/99          06/29/99            1,697,195      1,697,195
---------------------------------------------------------------------------------------------------------------------
     Total Temporary Investments (17.3% of net assets)                   1,697,195      1,697,195       16.3
---------------------------------------------------------------------------------------------------------------------
     Total Investments (106.2% of net assets)                          $12,732,986    $10,400,010      100.0%
=====================================================================================================================
</TABLE>

(1) The KEMET Corporation common stock trades on the NASDAQ National Market
    System.
(2) The notes will amortize in three equal annual installments of $486,667
    commencing on May 24, 2000.
(3) The WasteMasters, Inc. common stock, which trades on the OTC Market System,
    is subject to a 24 month lock up period, a call option and a right of first
    refusal.
 *  Non-income producing security.



              The accompanying notes to financial statements are an
                         integral part of this schedule.


                                        4
<PAGE>   5


                        FIDUCIARY CAPITAL PARTNERS, L.P.

                     SCHEDULE OF COVERED CALLOPTIONS WRITTEN

                                  JUNE 30, 1999
                                   (unaudited)

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
Shares
Subject to                   Common Stock                            Expiration Date /
Call                         Investment                              Exercise Price                           Value
---------------------------------------------------------------------------------------------------------------------
<S>                          <C>                                     <C>                                     <C>
21,916 sh.                   KEMET Corporation                       July / $17.50                           $120,538

4,383 sh.                    KEMET Corporation                       October / $17.50                          27,394
---------------------------------------------------------------------------------------------------------------------
     Total (premiums received $24,773)                                                                       $147,932
=====================================================================================================================
</TABLE>









              The accompanying notes to financial statements are an
                         integral part of this schedule.

                                        5
<PAGE>   6


                        FIDUCIARY CAPITAL PARTNERS, L.P.

                                 BALANCE SHEETS

                       JUNE 30, 1999 AND DECEMBER 31, 1998
                                   (unaudited)

<TABLE>
<CAPTION>
                                                     1999           1998
                                                 -----------     -----------
<S>                                              <C>             <C>
ASSETS:
   Investments:
     Portfolio investments, at value:
       Managed companies (amortized cost -
         $9,713,996 and $9,037,112,
         respectively)                           $ 8,702,814     $ 7,735,102
     Non-managed company (amortized cost-
      $1,321,795                                           1               1
     Temporary investments, at amortized cost      1,697,195       2,546,274
                                                 -----------     -----------
       Total investments                          10,400,010      10,281,377
   Cash and cash equivalents                         385,970         837,202
   Accrued interest receivable                        97,718         103,233
   Other assets                                        6,133          31,859
                                                 -----------     -----------
     Total assets                                $10,889,831     $11,253,671
                                                 ===========     ===========

LIABILITIES:
   Covered call options written, at value
     (premiums received $24,773)                 $   147,932     $        --
   Payable to affiliates (Notes 2, 3 and 4)           47,686          31,197
   Accounts payable and accrued liabilities          568,839         539,360
   Distributions payable to partners                 336,271         336,271
                                                 -----------     -----------
     Total liabilities                             1,100,728         906,828
                                                 -----------     -----------

COMMITMENTS AND CONTINGENCIES (Note 5)

NET ASSETS:
   Managing General Partner                         (212,588)       (207,011)
     Limited Partners (equivalent $9.01
     and $9.51, respectively, per limited
     partnership unit based on 1,109,694
     units outstanding)                           10,001,691      10,553,854
                                                 -----------     -----------
       Net assets                                  9,789,103      10,346,843
                                                 -----------     -----------

         Total liabilities and net assets        $10,889,831     $11,253,671
                                                 ===========     ===========
</TABLE>



              The accompanying notes to financial statements are an
                         integral part of this schedule.


                                        6
<PAGE>   7


                        FIDUCIARY CAPITAL PARTNERS, L.P.

                            STATEMENTS OF OPERATIONS

                FOR THE THREE MONTHS ENDED JUNE 30, 1999 AND 1998
                                   (unaudited)

<TABLE>
<CAPTION>
                                                1999          1998
                                              --------    -----------
<S>                                           <C>         <C>
INVESTMENT INCOME:
   Income:
     Interest                                 $126,697    $   214,948
                                              --------    -----------

       Total investment income                 126,697        214,948
                                              --------    -----------


   Expenses:
     Fund administration fees (Note 3)          35,842         35,842
     Investment advisory fees (Note 2)          24,275         32,986
     Administrative expenses (Note 3)           20,277         20,277
     Professional fees                          29,608         36,969
     Independent General Partner fees
       and expenses (Note 4)                    12,939         14,879
     Other expenses                             12,284         18,930
                                              --------    -----------

       Total expenses                          135,225        159,883
                                              --------    -----------

NET INVESTMENT (LOSS) INCOME                    (8,528)        55,065
                                              --------    -----------

REALIZED AND unrealized
   GAIN (LOSS) ON investments:
     Net realized loss on investments           (6,155)    (2,971,463)
     Net change in unrealized loss
       on investments                          166,795      2,905,923
                                              --------    -----------

          Net gain (loss) on investments       160,640        (65,540)
                                              --------    -----------

NET INCREASE (DECREASE) IN NET ASSETS
   RESULTING FROM OPERATIONS                  $152,112    $   (10,475)
                                              ========    ===========
</TABLE>





              The accompanying notes to financial statements are an
                         integral part of this schedule.

                                        7
<PAGE>   8


                        FIDUCIARY CAPITAL PARTNERS, L.P.

                            STATEMENTS OF OPERATIONS

                 FOR THE SIX MONTHS ENDED JUNE 30, 1999 AND 1998
                                   (unaudited)

<TABLE>
<CAPTION>
                                                1999         1998
                                              --------    -----------
<S>                                           <C>         <C>
INVESTMENT INCOME:
   Income:
     Interest                                 $226,387    $   460,887
                                              --------    -----------

       Total investment income                 226,387        460,887
                                              --------    -----------

   Expenses:
     Fund administration fees (Note 3)          71,685         71,685
     Investment advisory fees (Note 2)          48,550         68,751
     Administrative expenses (Note 3)           40,553         40,553
     Professional fees                          42,721        125,448
     Independent General Partner fees
       and expenses (Note 4)                    37,882         36,156
     Other expenses                             31,708         34,038
                                              --------    -----------

       Total expenses                          273,099        376,631
                                              --------    -----------

NET INVESTMENT (LOSS) INCOME                   (46,712)        84,256
                                              --------    -----------

REALIZED AND unrealized
   GAIN (LOSS) ON investments:
     Net realized loss on investments           (6,155)    (2,984,344)
     Net change in unrealized loss
       on investments                          167,669      2,721,116
                                              --------    -----------

          Net gain (loss) on investments       161,514       (263,228)
                                              --------    -----------

NET INCREASE (DECREASE) IN NET ASSETS
   RESULTING FROM OPERATIONS                  $114,802    $  (178,972)
                                              ========    ===========
</TABLE>




              The accompanying notes to financial statements are an
                         integral part of this schedule.

                                        8
<PAGE>   9


                        FIDUCIARY CAPITAL PARTNERS, L.P.

                            STATEMENTS OF CASH FLOWS

                 FOR THE SIX MONTHS ENDED JUNE 30, 1999 AND 1998
                                   (unaudited)

<TABLE>
<CAPTION>
                                                                          1999         1998
                                                                       ---------    -----------
<S>                                                                    <C>          <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
   Net increase (decrease) in net assets resulting from operations     $ 114,802    $  (178,972)
   Adjustments to reconcile net increase (decrease) in
     net assets resulting from operations to net cash
     (used in) provided by operating activities:
       Accreted discount on portfolio investments                         (2,393)        (9,577)
       Change in assets and liabilities:
         Accrued interest receivable                                       5,515          4,097
         Other assets                                                     25,726         60,524
         Payable to affiliates                                            16,489         (9,020)
         Accounts payable and accrued liabilities                           (577)        (1,663)
       Net realized loss on investments                                    6,155      2,984,344
       Net change in unrealized loss on investments                     (167,669)    (2,721,116)
                                                                       ---------    -----------
         Net cash (used in) provided by operating activities              (1,952)       128,617
                                                                       ---------    -----------

CASH FLOWS FROM INVESTING ACTIVITIES:
   Purchase of portfolio investments                                    (674,957)    (1,985,300)
   Proceeds from dispositions of portfolio investments                    49,140        818,812
   Sale of temporary investments, net                                    849,079      4,055,494
                                                                       ---------    -----------
     Net cash provided by investing activities                           223,262      2,889,006
                                                                       ---------    -----------

CASH FLOWS FROM FINANCING ACTIVITIES:
   Cash distributions paid to partners                                  (672,542)    (2,541,157)
                                                                       ---------    -----------
     Net cash used in financing activities                              (672,542)    (2,541,157)
                                                                       ---------    -----------

NET (DECREASE) INCREASE IN CASH
   AND CASH EQUIVALENTS                                                 (451,232)       476,466

CASH AND CASH EQUIVALENTS AT
   BEGINNING OF PERIOD                                                   837,202        263,694
                                                                       ---------    -----------

CASH AND CASH EQUIVALENTS AT
   END OF PERIOD                                                       $ 385,970    $   740,160
                                                                       =========    ===========

NONCASH INVESTING AND
   FINANCING ACTIVITIES:
     Investments exchanged for other investments                       $      --    $ 1,639,201
                                                                       =========    ===========
</TABLE>


              The accompanying notes to financial statements are an
                         integral part of this schedule.

                                        9
<PAGE>   10


                        FIDUCIARY CAPITAL PARTNERS, L.P.

                       STATEMENTS OF CHANGES IN NET ASSETS

                     FOR THE SIX MONTHS ENDED JUNE 30, 1999

                    AND FOR THE YEAR ENDED DECEMBER 31, 1998
                                   (unaudited)

<TABLE>
<CAPTION>
                                                        1999            1998
                                                     -----------     -----------
<S>                                                 <C>              <C>
Increase in net assets resulting from operations:
   Net investment income                             $   (46,712)    $   107,781
   Net realized loss on investments                       (6,155)     (3,008,930)
   Net change in unrealized loss on
     investments                                         167,669       1,919,453
                                                     -----------     -----------
       Net increase (decrease) in net assets
         resulting from operations                       114,802        (981,696)

Repurchase of limited partnership units                       --        (893,895)

Distributions to partners from -
   Net investment income                                      --        (129,001)
   Realized gain on investments                               --      (1,742,647)
   Return of capital                                    (672,542)     (1,363,193)
                                                     -----------     -----------

     Total decrease in net assets                       (557,740)     (5,110,432)

Net assets:
   Beginning of period                                10,346,843      15,457,275
                                                     -----------     -----------

   End of period (including no undistributed
     net investment income)                          $ 9,789,103     $10,346,843
                                                     ===========     ===========
</TABLE>



              The accompanying notes to financial statements are an
                         integral part of this schedule.

                                       10
<PAGE>   11


                        FIDUCIARY CAPITAL PARTNERS, L.P.

                        SELECTED PER UNIT DATA AND RATIOS
                                   (unaudited)

<TABLE>
<CAPTION>
                                                           For the Three Months                 For the Six Months
                                                              Ended June 30,                      Ended June 30,
                                                       ----------------------------        ----------------------------
                                                          1999              1998              1999              1998
                                                       ----------        ----------        ----------        ----------
<S>                                                    <C>               <C>               <C>               <C>
Per Unit Data:
   Investment income                                   $      .11        $      .18        $      .20        $      .38
   Expenses                                                  (.12)             (.13)             (.24)             (.31)
                                                       ----------        ----------        ----------        ----------
     Net investment (loss) income                            (.01)              .05              (.04)              .07

   Net realized loss on investments                          (.01)            (2.45)             (.01)            (2.46)

   Net change in unrealized loss on
     investments                                              .15              2.39               .15              2.24

   Distributions declared to partners                        (.30)            (1.00)             (.60)            (2.09)
                                                       ----------        ----------        ----------        ----------

     Net decrease in net asset value                         (.17)            (1.01)             (.50)            (2.24)

       Net asset value:
         Beginning of period                                 9.18             11.68              9.51             12.91
                                                       ----------        ----------        ----------        ----------
         End of period                                 $     9.01        $    10.67        $     9.01        $    10.67
                                                       ==========        ==========        ==========        ==========

Ratios (annualized):
   Ratio of expenses to average net assets                   5.47%             4.77%             5.49%             5.35%
   Ratio of net investment income to
     average net assets                                     (0.03)%            1.64%            (0.94)%            1.20%

Number of limited partnership units at end of period    1,109,694         1,201,564         1,109,694         1,201,564
</TABLE>





              The accompanying notes to financial statements are an
           integral part of these selected per unit data and ratios.

                                       11
<PAGE>   12


                        FIDUCIARY CAPITAL PARTNERS, L.P.

                          NOTES TO FINANCIAL STATEMENTS

                                  JUNE 30, 1999
                                   (unaudited)

1.       GENERAL

The accompanying unaudited interim financial statements include all adjustments
(consisting solely of normal recurring adjustments) which are, in the opinion of
FCM Fiduciary Capital Management Company ("FCM"), the Managing General Partner
of Fiduciary Capital Partners, L.P. (the "Fund"), necessary to fairly present
the financial position of the Fund as of June 30, 1999 and the results of its
operations, changes in net assets and its cash flows for the periods then ended.

These financial statements should be read in conjunction with the Significant
Accounting Policies and other Notes to Financial Statements included in the
Fund's annual audited financial statements for the year ended December 31, 1998.

2.       INVESTMENT ADVISORY FEES

As compensation for its services as investment adviser, FCM receives a
subordinated monthly fee at the annual rate of 1% of the Fund's available
capital, as defined in the Partnership Agreement. Investment advisory fees of
$48,550 were paid by the Fund for the six months ended June 30, 1999.

3.       FUND ADMINISTRATION FEES

As compensation for its services as fund administrator, FCM receives a monthly
fee at the annual rate of 0.45% of net proceeds available for investment, as
defined in the Partnership Agreement. Fund administration fees of $71,685 were
paid by the Fund for the six months ended June 30, 1999. FCM is also reimbursed,
subject to various limitations, for administrative expenses incurred in
providing accounting and investor services to the Fund. The Fund reimbursed FCM
for administrative expenses of $40,553 for the six months ended June 30, 1999.

4.       INDEPENDENT GENERAL PARTNER FEES AND EXPENSES

As compensation for services rendered to the Fund, each of the Independent
General Partners receives from the Fund and Fiduciary Capital Pension Partners,
L.P., an affiliated fund, (collectively, the "Funds") an annual fee of $30,000,
payable monthly in arrears, together with all out-of-pocket expenses. Each
Fund's allocation of these fees and expenses is based on the relative number of
outstanding Units. Fees and expenses paid by the Fund for the six months ended
June 30, 1999 totaled $37,882.

                                       12
<PAGE>   13


                        FIDUCIARY CAPITAL PARTNERS, L.P.

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                  JUNE 30, 1999
                                   (unaudited)

5.       COMMITMENTS AND CONTINGENCIES

LMC Commitment LMC Corporation ("LMC") is entitled to draw down a total of
$849,750 pursuant to the terms of the Senior Subordinated Revolving Notes due
October 1, 1999, which are held by the Fund. As of June 30, 1999, LMC had drawn
down $620,317.



                                       13
<PAGE>   14
Item 2.  Management's Discussion and Analysis of Financial Condition and Results
         of Operations

The following discussion should be read in conjunction with the Fund's unaudited
Financial Statements and the Notes thereto. This report contains, in addition to
historical information, forward-looking statements that include risks and other
uncertainties. The Fund's actual results may differ materially from those
anticipated in these forward-looking statements. While the Fund can not always
predict what factors would cause actual results to differ materially from those
indicated by the forward-looking statements, factors that might cause such a
difference include general economic and business conditions, competition and
other factors discussed elsewhere in this report. Readers are urged to consider
statements that include the terms "believes", "expects", "plans", "anticipates",
"intends" or the like to be uncertain and forward-looking. The Fund undertakes
no obligation to release publicly any revisions to these forward-looking
statements to reflect events or circumstances after the date hereof or to
reflect the occurrence of anticipated or unanticipated events.

LIQUIDITY AND CAPITAL RESOURCES

As of June 30, 1999, the Fund held portfolio investments in three Managed
Companies and one Non-Managed Company, with an aggregate original cost of
approximately $11.0 million. The value of these portfolio investments, which
were made from net offering proceeds and the reinvestment of proceeds from the
sale of other portfolio investments, represents approximately 88.6% of the
Fund's net assets.

When acquired, the Fund's portfolio investments generally consisted of
high-yield subordinated debt, linked with an equity participation or a
comparable participation feature in middle market companies. The securities were
typically issued in private placement transactions and were subject to certain
restrictions on transfer or sale, thereby limiting their liquidity. A number of
the portfolio companies have prepaid their subordinated debt that the Fund held.
In addition, three of the portfolio companies have successfully completed
initial public offerings ("IPOs") of their stock. The Fund has sold the stock it
held in these three companies, except for a portion of its KEMET Corporation
("KEMET") stock.

As of June 30, 1999, the Fund's remaining liquid assets were invested in
short-term commercial paper. These funds are available to fund the annual
repurchase offer, to fund follow-on investments in existing portfolio companies,
to pay Fund expenses and for distribution to the partners.

The Fund's investment period ended on December 31, 1995. Although the Fund has
been permitted to make additional investments in existing portfolio companies
since 1995, the Fund is no longer permitted to acquire investments in new
portfolio companies. Consequently, the Fund has been in a liquidation mode.
Since the middle of 1997, the Fund has liquidated a significant percentage of
its investments and has distributed approximately $5.63 per Unit to the Limited
Partners, with the cash coming primarily from the liquidation of these
investments. The Fund presently has only four remaining investments in portfolio
companies, which are expected to generate only limited amounts of interest
income for the Fund during 1999 and future years.

Pursuant to the terms of the Fund's periodic unit repurchase policy, the Fund
has annually offered to purchase from its Limited Partners, up to 7.5% of its
outstanding Units for an amount equal to the current net asset value per Unit,
net of a fee (not to exceed 2%) to be retained by the Fund to offset expenses
incurred in connection with the repurchase offer. If the number of tendered
Units in any

                                       14

<PAGE>   15


year exceeds 7.5% of the outstanding Units, the Fund's General Partners may vote
to repurchase up to an additional 2% of the outstanding Units.

The Fund previously indicated that it might be unable to fund a repurchase offer
during 1999 due to the lack of sufficient liquidity. However, during July 1999,
the General Partners determined that the Fund will proceed with the 1999
repurchase offer, which will be completed during the fourth quarter of 1999.

The General Partners are presently considering a number of alternative actions
through which the Fund could be liquidated during 1999 or 2000. An overall plan
of liquidation was adopted at a meeting of the General Partners held in January
1999. The General Partners will follow the requisite regulatory procedures
required to liquidate the Fund. These procedures are expected to include
requesting an exemptive order from the Securities and Exchange Commission (the
"SEC"), which will permit the Fund to act as an operating company instead of an
SEC registered investment company. Once this order is obtained, the Fund will
finalize its liquidation plan and prepare a proxy statement setting forth the
details of the plan as well as the changes required in the Fund's Partnership
Agreement. Late in the fourth quarter of 1999 or early in 2000, the Limited
Partners will be requested to approve the implementation of the liquidation plan
and the Partnership Agreement changes. As currently contemplated, Fund investors
would become direct shareholders of LMC as a result of the liquidation plan, if
all approvals are received.

During February 1999, the Fund agreed to purchase $849,750 of LMC's Senior
Subordinated Revolving Notes due October 1, 1999. As of June 30, 1999, $620,317
of this investment had been funded.

During April 1999, the Fund began writing covered call options with respect to
its shares of KEMET stock. During the three months ended June 30, 1999, the Fund
received $29,536 of premiums from the sale of the options and $19,604 from the
exercise of the options for 1,315 shares. At June 30, 1999, 26,299 options were
outstanding at a strike price of $17.50.

Accrued interest receivable decreased $5,515 from $103,233 at December 31, 1998
to $97,718 at June 30, 1999. This decrease resulted primarily from the fact that
the quarterly interest payment that was due on the LMC Corporation ("LMC") notes
on October 1, 1998 was not received by the Fund until January 1999. The impact
of the past due status of this LMC interest payment at December 31, 1998 was
partially offset by interest income earned during the three months ended June
30, 1999 on the LMC follow-on investments that were acquired during 1998 and
1999 and by interest accrued on the R.B.M. Precision Metal Products, Inc.
("RBM") subordinated debt investment at June 30, 1999. (See discussion below
concerning interest payments due on the Fund's RBM subordinated debt
investment.)

Other assets decreased $25,726 from $31,859 at December 31, 1998 to $6,133 at
June 30, 1999. This decrease resulted from decreases in both prepaid insurance
and deposits.

During the six months ended June 30, 1999, the Fund paid cash distributions
pertaining to the fourth quarter of 1998 and the first quarter of 1999, each in
the amount of $336,271, or $0.30 per Unit. The distribution for the second
quarter of 1999 will be paid on August 13, 1999 at a rate of $0.30 per Unit. The
Fund's ability to continue to pay quarterly distributions after the second
quarter of 1999 is uncertain at this time. The distribution question will be
addressed on a quarterly

                                       15
<PAGE>   16


basis, and will involve the consideration of a number of issues. A significant
portion of the 1999 distributions is expected to constitute a return of capital.

RESULTS OF OPERATIONS

Investment Income and Expenses

The Fund's net investment loss was $(8,528) for the three months ended June 30,
1999 as compared to net investment income of $55,065 for the corresponding
period of the prior year. Net investment income (loss) per limited partnership
unit decreased from $0.05 to $(0.01) and the ratio of net investment income
(loss) to average net assets decreased from 1.64% to (0.03)% for the three
months ended June 30, 1999 as compared to the corresponding period of the prior
year.

The Fund's net investment loss was $(46,712) for the six months ended June 30,
1999 as compared to net investment income of $84,256 for the corresponding
period of the prior year. Net investment income (loss) per limited partnership
unit decreased from $0.07 to $(0.04) and the ratio of net investment income
(loss) to average net assets decreased from 1.20% to (0.94)% for the six months
ended June 30, 1999 as compared to the corresponding period of the prior year.

Net investment income (loss) for the three and six month periods ended June 30,
1999 decreased primarily as a result of decreases in investment income as
compared to the corresponding periods of the prior year. The impact of the
decreases in investment income was partially offset by decreases in total
expenses.

Investment income decreased $88,251 and $234,500, or 41.1% and 50.9%, for the
three and six month periods ended June 30, 1999 as compared to the corresponding
periods of the prior year. These decreases resulted primarily from the decision
not to record interest on the Fund's RBM subordinated debt investment during the
period from August 25, 1998 through May 24, 1999 (see discussion below) and a
decrease in the amount of the Fund's temporary investments. The amount of the
Fund's temporary investments decreased because of (i) return of capital
distributions made by the Fund, (ii) purchases of additional LMC follow-on
investments, and (iii) the Fund's repurchase of 7.65% of its Units during the
fourth quarter of 1998. The negative effect of these items was partially offset
by an increase in interest income earned on the LMC follow-on investments that
were acquired during 1998 and 1999.

Total expenses decreased $24,658 and $103,532, or 15.4% and 27.5%, for the three
and six month periods ended June 30, 1999 as compared to the corresponding
periods of the prior year. These decreases resulted primarily from decreases in
professional fees and investment advisory fees.

Professional fees decreased during the three and six month periods ended June
30, 1999 as compared to the corresponding periods of the prior year, primarily
because of fees incurred during the prior year in connection with LMC related
litigation.

The investment advisory fees decreased during the three and six month periods
ended June 30, 1999 as compared to the corresponding periods of the prior year,
primarily as a result of (i) the repurchase of Units during the fourth quarter
of 1998, (ii) the payment of quarterly cash distributions during 1998 that
exceeded the Limited Partners' Preferred Returns (as defined in the Fund's
Partnership Agreement), and (iii) losses realized by the Fund during the second
quarter of

                                       16
<PAGE>   17


1998 with respect to the Mobile Technology, Inc., Atlas Environmental, Inc.
("Atlas") and AR Accessories Group, Inc. portfolio investments. All three of
these items decreased the amount of the Fund's available capital (as defined in
the Partnership Agreement), which is the base with respect to which the
investment advisory fees are calculated.

Realized Gain (Loss) on Investments

On April 9, 1999, the Fund wrote covered call options (May / $15.00) with
respect to 5,479 shares of its KEMET stock, for which it received $4,763 of
premiums. The options for 1,315 of these shares were exercised on May 21, 1999
and the balance expired unexercised. The Fund recorded aggregate gains of
$23,901 from these transactions.

The Fund incurred approximately $30,000 of realized losses during the three
months ended June 30, 1999 as a result of adjustments relating to certain
previously held investments.

Net Unrealized Gain (Loss) on Investments

FCM values the Fund's portfolio investments on a weekly basis utilizing a
variety of methods. For securities that are publicly traded and for which market
quotations are available, valuations are set by the closing sales or an average
of the closing bid and ask prices, as of the valuation date.

Fair value for securities that are not traded in any liquid public markets or
that are privately held are determined pursuant to valuation policies and
procedures that have been approved by the Independent General Partners and
subject to their supervision. There is a range of values that are reasonable for
such investments at any particular time. Each such investment is valued
initially based upon its original cost to the Fund ("cost method"). The cost
method is used until significant developments affecting the portfolio company
provide a basis for use of an appraisal valuation. Appraisal valuations are
based upon such factors as the portfolio company's earnings, cash flow and net
worth, the market prices for similar securities of comparable companies and an
assessment of the portfolio company's future financial prospects. In a case of
unsuccessful operations, the appraisal may be based upon liquidation value.
Appraisal valuations are necessarily subjective. The Fund also may use, when
available, third-party transactions in a portfolio company's securities as the
basis of valuation ("private market method"). The private market method is used
only with respect to completed transactions or firm offers made by
sophisticated, independent investors.

As of December 31, 1998, the Fund had recorded $309,704 of unrealized gain and
$2,933,508 of unrealized loss on investments. Therefore, as of December 31,
1998, the Fund had recorded a total net unrealized loss on investments of
$2,623,804.

                                       17
<PAGE>   18


The decrease in unrealized loss on investments during the three and six month
periods ended June 30, 1999 and the cumulative net unrealized loss on
investments as of June 30, 1999 consisted of the following components:


<TABLE>
<CAPTION>
                                                      Net Changes in
                                                  Unrealized Gain (Loss)
                                           -------------------------------------             Net Unrealized
                                           During the Three      During the Six               Gain (Loss)
                                             Months Ended         Months Ended               Recorded As of
       Portfolio Company                    June 30, 1999         June 30, 1999               June 30, 1999
---------------------------------          ----------------      ---------------             --------------
<S>                                            <C>                   <C>                       <C>
Unrealized gains recorded during
   prior periods with respect to
   investments disposed of during
   the period                                  $(14,574)             $(14,574)                 $         -
KEMET                                           181,369               182,243                      477,373
LMC                                                   -                     -                     (858,080)
RBM                                                   -                     -                     (753,634)
WMI                                                   -                     -                   (1,321,794)
                                               --------              --------                  -----------
                                               $166,795              $167,669                  $(2,456,135)
                                               ========              ========                  ===========
</TABLE>


KEMET stock, which trades on the NASDAQ National Market System, closed at
$22.90625 (an average of the closing bid and ask prices) on June 30, 1999. This
price is up significantly from the closing prices of $11.46875 and $11.4375 on
March 31, 1999 and December 31, 1998, respectively. Based on the $22.90625
closing trading price of the common stock, the 26,629 shares of common stock
that the Fund held at June 30, 1999, had a market value of $609,971.

As of June 30, 1999, the Fund had written outstanding covered call options with
respect to 26,299 shares of KEMET stock. These options, for which the Fund
received $24,773 of premiums, had a market value of $147,932 as of June 30,
1999.

LMC experienced significant operating problems after the Fund acquired its LMC
investment during 1994 and the Fund was involved in a restructuring of its LMC
investment during 1995. In the restructuring, the Fund's then existing LMC
subordinated debt and warrants were converted into preferred stock and the Fund
purchased $545,600 of new common stock. As a result of LMC's operational
difficulties and the fact that the Fund's investment was converted from debt
securities to equity securities, the Fund wrote its LMC investment down by
$540,800 during 1995.

LMC has a defined contribution plan (the "Plan"), which was closed during 1995.
The current and previous trustees of the Plan failed to assure that the Plan was
properly funded. In order to rectify this problem, LMC made demands on the
current and previous trustees of the Plan and the previous controlling
shareholder that these parties make the necessary payments to the Plan. LMC has
filed suit against the current trustee and the former controlling shareholder,
whose wholly-owned company currently owns approximately 9% of LMC's common
stock, and expects to prevail in this litigation, although there can be no
assurance that this will be the case.

The Internal Revenue Service ("IRS") performed an audit on the Plan during 1998,
in which it reviewed certain of the years with respect to which the Plan was not
properly funded. At the conclusion of its audit, the IRS notified LMC that it
had determined the underfunding for the years reviewed to be $243,385, plus
interest on that amount. The IRS also imposed excise taxes and interest of
$16,823, which LMC has paid. LMC is currently in discussions with the IRS
concerning

                                       18
<PAGE>   19


how and when the $243,385 underfunding, and the related excise taxes and
interest, must be paid. If LMC is required to make the payments prior to
resolution of the litigation with the current trustee of the Plan, it will have
a negative impact on LMC's working capital availability. In addition, it is
possible that additional assessments could be made in the future for
underfundings of the Plan with respect to earlier years.

As a result of this matter and its potential impact on LMC, the Fund recorded an
additional $317,280 write down in the value of its LMC investment during 1997.
On a cumulative basis, as of June 30, 1999, the Fund's LMC investment has been
written down in value by $858,080. The Fund and LMC's other stockholders made
follow-on investments in LMC during 1996, 1997, 1998 and 1999 in order to
provide LMC with working capital required to fund significant continuing
operating losses, develop a new product, finance the downpayment on and move to
a new facility and to purchase capital equipment needed to modernize the
company's production operations.

RBM had a record year for fiscal 1998, with sales of approximately $30 million
and EBITDA of approximately $2.7 million. However, these sales were achieved
primarily through one contract with Digital Equipment Corporation ("DEC").
During August 1998, RBM notified the Fund that anticipated sales to DEC and
other large customers were expected to decline significantly in the upcoming
year. Of particular concern were sales to DEC, which has been acquired by Compaq
Computer Corp. As a result of the expected decline in sales, RBM began the
process of restructuring its debt, including the subordinated debt held by the
Fund. The Fund received the quarterly interest payment that was due from RBM on
August 24, 1998. The interest payment that was due during November 1998 was
deferred and subsequently converted to equity pursuant to the restructuring
described below.

During December 1998, RBM and its lenders completed a restructuring under which
a new senior lender, Norwest Business Credit, replaced Bank of America. As part
of this transaction, RBM's equity sponsor contributed additional equity to the
company and the subordinated lenders, including the Fund, agreed to accept
shares of RBM's common stock as payment for the next three quarterly interest
payments beginning with the payment that was due during November 1998. As a
consequence, the Fund's ownership of RBM, on a fully-diluted basis, increased
from 6.6% to 8.1%, assuming exercise of its warrants. The restructuring was
designed to provide RBM with a period of time in which to secure additional
customers and return to a more stable financial position under which RBM could
meet its interest obligations to its creditors, including the Fund.

As a result of these developments, the Fund stopped accruing interest on its RBM
subordinated debt effective August 24, 1998. In addition, the Fund recorded
aggregate writedowns of $753,634 relating to RBM during the year ended December
31, 1998.

The Fund did not record any interest income as a result of the receipt of the
shares of RBM's common stock in payment of the interest due on its RBM
subordinated debt for the period from August 25, 1998 through May 24, 1999, and
no value was assigned to the stock. The Fund expects to receive the quarterly
interest payment due on August 24, 1999 in cash. As a result, the Fund has
accrued the interest due on the debt from the period from May 25, 1999 through
June 30, 1999 in the accompanying financial statements.

During June 1998, the Fund exchanged its Atlas Environmental, Inc. ("Atlas")
(which was in bankruptcy proceedings) subordinated notes and warrants for
989,414 shares of common stock of WasteMasters, Inc. ("WMI"), an Atlanta,
Georgia based waste management company. Pursuant to

                                       19
<PAGE>   20


the terms of the agreement, the Fund is prohibited from selling its WMI common
stock for 24 months. In addition, the Fund granted the entity acquiring the
Fund's Atlas securities a call on the Fund's WMI common stock during the 24
month lock up period and a right of first refusal thereafter. The call price is
$11.25 per share.

The WMI common stock, which trades on the OTC Market System ("WASTE"), closed at
$1.78 (an average of the closing bid and ask prices) on the date of the exchange
(June 3, 1998). Based on this price, the Fund's WMI had a trading value of
$1,761,157 on the date of the exchange. However, due to a number of factors,
including the speculative nature of the WMI stock, the two year lock up period
and the relative size of the Fund's stock position versus the daily trading
volume, FCM has decided to carry the WMI stock at the same $1 nominal value that
the Atlas securities were previously carried by the Fund. The WMI common stock
has recently traded near its 52-week low of $0.025 per share.

The Fund recorded a realized loss of $2,560,453 on the exchange, which was equal
to the amount of the loss which the Fund claimed for income tax purposes from
the disposition of the Atlas securities. The $1,321,794 balance of the
unrealized loss previously recorded by the Fund with respect to the Atlas
securities continues to be carried by the Fund as an unrealized loss.

FCM continually monitors both the Fund's portfolio companies and the markets,
and continually evaluates the decision to hold or sell its traded securities.

Readiness for Year 2000

FCM has completed a review of the accounting and other information systems that
are currently being utilized by FCM and the Fund with regard to Year 2000
issues. This review involved both actual tests of parts of the information
systems that were conducted by third party consultants and representations
received from various software vendors. FCM believes that all of these systems
are Year 2000 compliant. All of the costs associated with this review were paid
by FCM.

FCM also corresponded with appropriate third parties, such as the Fund's
custodian and transfer agent, concerning whether their information systems are
Year 2000 compliant. These third parties have represented that their information
systems are either currently Year 2000 compliant or that they have identified
the scope of required upgrades or changes to their information systems that are
needed and that they have a plan in place to complete these upgrades on a timely
basis.

As a result of the above discussed review, Year 2000 issues are not expected to
have any material adverse effects on the Fund's results of operations or
financial condition.

                                       20
<PAGE>   21


                           Part II. OTHER INFORMATION

Item 6.    Exhibits and Reports on Form 8-K

(a)        Exhibits and Reports to be filed:

Exhibit No.       Description
-----------       -----------

   11.1           Statement of Computation of Net Investment Income Per Limited
                  Partnership Unit.

   27.1           Financial Data Schedule.

(b)  The Registrant did not file any reports on Form 8-K during the second
     quarter of the fiscal year ending December 31, 1999.

                                       21
<PAGE>   22


                                    SIGNATURE

Pursuant to the requirements 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.

                                 Fiduciary Capital Partners, L.P.
                                 (Registrant)

                                 By:    FCM Fiduciary Capital Management Company
                                        Managing General Partner

Date: August 9, 1999                    By:      /s/ Donald R. Jackson
                                                 ---------------------
                                                 Donald R. Jackson
                                                 Chief Financial Officer

                                       22

<PAGE>   23


                                  EXHIBIT INDEX


<TABLE>
<CAPTION>
      Exhibit No.                  Description                             Page
      -----------                  -----------                             ----
      <S>                  <C>                                             <C>
         11.1              Statement of Computation of Net Investment
                           Income Per Limited Partnership Unit.

         27.1              Financial Data Schedule.
</TABLE>




                                       E-1