<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                March 31, 2001
                              --------------------------------------------------

                                       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                           86-0653600
       -----------------------------         -----------------------
         (State of organization)               (I.R.S. Employer
                                              Identification No.)



           1530 16th Street
               Suite 200
           Denver, Colorado                     80202-1306
           ----------------                     ----------
         (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 March 31, 2001




                                Table of Contents


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

                  Item 1.    Condensed Financial Statements (unaudited)                             3

                             Schedule of Investments -
                             March 31, 2001                                                         3

                             Balance Sheets - March 31, 2001 and
                             December 31, 2000                                                      5

                             Statements of Operations for the three months
                             ended March 31, 2001 and 2000                                          6

                             Statements of Cash Flows for the three months
                             ended March 31, 2001 and 2000                                          7

                             Statements of Changes in Net Assets for the
                             three months ended March 31, 2001 and
                             for the year ended December 31, 2000                                   8

                             Selected Per Unit Data and Ratios                                      9

                             Notes to Financial Statements                                         10

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


  Part II.        OTHER INFORMATION

                  Item 6.    Exhibits and Reports on Form 8-K                                      17
</TABLE>



                                        2
<PAGE>   3



                          Part I. FINANCIAL INFORMATION

Item 1.  Financial Statements


                        FIDUCIARY CAPITAL PARTNERS, L.P.

                             SCHEDULE OF INVESTMENTS

                                 MARCH 31, 2001
                                   (unaudited)


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

$1,967,040          LMC Corporation, 12.00%
                    Senior Subordinated              11/01/96
                    Revolving Notes                   through
                    due 10/31/00(1)                  01/13/99         $  1,967,040    $           1
$41,404             LMC Corporation, 12.00%          02/07/00
                    Promissory Notes due              through
                    8/7/00(2)                        04/11/00               41,404                1
                                                                      ------------    -------------  -------------
                                                                         2,008,444                2        0.0%
                                                                      ------------    -------------  -------------
$1,460,000          R.B.M. Precision Metal
                    Products, Inc., 13.00%
                    Senior Subordinated
                    Secured Notes due
                    5/24/02(3)                       05/24/95            1,432,711        1,460,000
14,265.6 sh.        R.B.M. Precision Metal
                    Products, Inc., Warrants to
                    Purchase Common Stock(3)*        05/24/95               82,955           26,479
14,392 sh.          R.B.M. Precision Metal
                    Products, Inc., Common
                    Stock(3)*                        12/09/98                    1           26,612
                                                                      ------------    -------------  -------------
                                                                         1,515,667        1,513,091       90.4
                                                                      ------------    -------------  -------------
     Total Investments in Managed Companies (88.8% of net assets)        3,524,111        1,513,093       90.4
                                                                      ------------    -------------  -------------

NON-MANAGED COMPANIES:

$173,099            Niigata Engineering              12/01/99
                    Co., Ltd.,                        through
                    Receivables(4)                   01/03/00              161,513          161,513
                                                                      ------------    -------------  -------------
                                                                           161,513          161,513        9.6
                                                                      ------------    -------------  -------------
</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

                                 MARCH 31, 2001
                                   (unaudited)

<TABLE>
<CAPTION>
Principal
Amount/                                              Investment          Amortized                    % of Total
Shares              Investment                          Date               Cost          Value        Investments
---------           ------------------------        ------------      ------------    -------------  -------------
<S>                 <C>                             <C>               <C>             <C>            <C>
989,414 sh.         WasteMasters, Inc.,
                    Common Stock(5)*                 06/03/98            1,321,795                1
                                                                      ------------    -------------  -------------
                                                                         1,321,795                1        0.0
                                                                      ------------    -------------  -------------
     Total Investment in Non-Managed Companies (9.5% of net assets)      1,483,308          161,514        9.6
                                                                      ------------    -------------  -------------
     Total Investments (98.3% of net assets)                          $  5,007,419    $   1,674,607      100.0%
                                                                      ============    =============  =============
</TABLE>

(1)   The accrual of interest on the notes was discontinued by the Fund
      effective July 1, 1999.
(2)   The Fund has not accrued any interest on these notes.
(3)   On April 5, 2001, R.B.M. Precision Metal Products, Inc. ("RBM") prepaid
      these notes at face value, plus accrued interest, and purchased the common
      stock and warrants for $53,091.
(4)   These are non-interest bearing receivables, which were purchased from LMC
      Corporation ("LMC") at a discount. Payments are due on May 21, 2001 and
      November 21, 2001 each in the amount of $55,639 and on May 21, 2002 in the
      amount of $61,821.
(5)   See Note 5 regarding significant issues concerning the ownership and
      transferability of this stock.

      * 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.

                                 BALANCE SHEETS

                      MARCH 31, 2001 AND DECEMBER 31, 2000
                                   (unaudited)


<TABLE>
<CAPTION>
                                                              2001            2000
                                                          ------------    ------------
<S>                                                       <C>             <C>
ASSETS:
   Investments:
     Portfolio investments, at value:
       Managed companies (amortized cost -
        $3,524,111)                                       $  1,513,093    $  1,513,093
       Non-managed companies (amortized cost -
         $1,483,308 and $1,479,063, respectively)              161,514         157,269
                                                          ------------    ------------
           Total investments                                 1,674,607       1,670,362
   Cash and cash equivalents                                   141,938         132,885
   Accrued interest receivable                                  19,022          20,765
   Other assets                                                 15,314          24,285
                                                          ------------    ------------

     Total assets                                         $  1,850,881    $  1,848,297
                                                          ============    ============

LIABILITIES:
   Payable to affiliates                                  $     36,792    $      4,097
   Accounts payable and accrued liabilities                    109,797         119,189
                                                          ------------    ------------

     Total liabilities                                         146,589         123,286
                                                          ------------    ------------

COMMITMENTS AND CONTINGENCIES

NET ASSETS:
   Managing General Partner                                   (154,706)       (178,084)
   Limited Partners (equivalent to $2.00
     and $2.04, respectively, per limited
     partnership unit based on 930,725
     units outstanding)                                      1,858,998       1,903,095
                                                          ------------    ------------

       Net assets                                            1,704,292       1,725,011
                                                          ------------    ------------

         Total liabilities and net assets                 $  1,850,881    $  1,848,297
                                                          ============    ============
</TABLE>


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

                                        5

<PAGE>   6


                        FIDUCIARY CAPITAL PARTNERS, L.P.

                            STATEMENTS OF OPERATIONS

               FOR THE THREE MONTHS ENDED MARCH 31, 2001 AND 2000
                                   (unaudited)


<TABLE>
<CAPTION>
                                                   2001          2000
                                                ----------    ----------
<S>                                             <C>           <C>
INVESTMENT INCOME:
   Income:
     Interest                                   $   52,836    $   66,625
                                                ----------    ----------

       Total investment income                      52,836        66,625
                                                ----------    ----------

   Expenses:
     Fund administration fees                       34,809        35,843
     Administrative expenses                        20,041        20,276
     Independent General Partner fees
       and expenses                                 12,088        12,330
     Professional fees                               7,657        21,640
     Other expenses                                 22,338        23,172
     Investment advisory fees                           --        22,451
                                                ----------    ----------

       Total expenses                               96,933       135,712
                                                ----------    ----------

NET INVESTMENT LOSS                                (44,097)      (69,087)
                                                ----------    ----------

NET DECREASE IN NET ASSETS
   RESULTING FROM OPERATIONS                    $  (44,097)   $  (69,087)
                                                ==========    ==========
</TABLE>


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

                                        6


<PAGE>   7


                        FIDUCIARY CAPITAL PARTNERS, L.P.

                            STATEMENTS OF CASH FLOWS

               FOR THE THREE MONTHS ENDED MARCH 31, 2001 AND 2000
                                   (unaudited)


<TABLE>
<CAPTION>
                                                                  2001          2000
                                                               ----------    ----------
<S>                                                            <C>           <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
   Net decrease in net assets resulting from operations        $  (44,097)   $  (69,087)
   Adjustments to reconcile net decrease in net assets
     resulting from operations to net cash used in
     operating activities:
       Accreted discount on portfolio investments                  (4,245)      (13,037)
       Change in assets and liabilities:
         Accrued interest receivable                                1,743         1,492
         Other assets                                               8,971         8,800
         Payable to affiliates                                     32,695        23,733
         Accounts payable and accrued liabilities                  (9,392)       (6,642)
                                                               ----------    ----------
           Net cash used in operating activities                  (14,325)      (54,741)
                                                               ----------    ----------

CASH FLOWS FROM INVESTING ACTIVITIES:
   Purchase of portfolio investments                                   --      (210,703)
   Sale of temporary investments, net                                  --       649,689
                                                               ----------    ----------
     Net cash provided by investing activities                         --       438,986
                                                               ----------    ----------

CASH FLOWS FROM FINANCING ACTIVITIES:
   General Partner capital contributions                           23,378            --
   Cash distributions paid to partners                                 --      (310,992)
                                                               ----------    ----------
     Net cash provided by (used in) financing activities           23,378      (310,992)
                                                               ----------    ----------

NET INCREASE IN CASH AND
   CASH EQUIVALENTS                                                 9,053        73,253

CASH AND CASH EQUIVALENTS AT
   BEGINNING OF PERIOD                                            132,885       218,111
                                                               ----------    ----------

CASH AND CASH EQUIVALENTS AT
   END OF PERIOD                                               $  141,938    $  291,364
                                                               ==========    ==========
</TABLE>


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

                                        7

<PAGE>   8


                        FIDUCIARY CAPITAL PARTNERS, L.P.

                       STATEMENTS OF CHANGES IN NET ASSETS

                    FOR THE THREE MONTHS ENDED MARCH 31, 2001

                    AND FOR THE YEAR ENDED DECEMBER 31, 2000
                                   (unaudited)


<TABLE>
<CAPTION>
                                                                        2001            2000
                                                                    ------------    ------------
<S>                                                                 <C>             <C>
(Decrease) increase in net assets resulting from operations:
   Net investment loss                                              $    (44,097)   $   (262,883)
   Net realized loss on investments                                           --      (6,049,513)
   Net change in unrealized loss on
     investments                                                              --       7,002,993
                                                                    ------------    ------------
       Net (decrease) increase in net assets
         resulting from operations                                       (44,097)        690,597

General partner capital contributions                                     23,378              --

Repurchase of limited partnership units                                       --         (64,017)
                                                                    ------------    ------------

     Total (decrease) increase in net assets                             (20,719)        626,580

Net assets:

   Beginning of period                                                 1,725,011       1,098,431
                                                                    ------------    ------------

   End of period (including no undistributed
     net investment income)                                         $  1,704,292    $  1,725,011
                                                                    ============    ============
</TABLE>

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

                                        8

<PAGE>   9


                        FIDUCIARY CAPITAL PARTNERS, L.P.

                        SELECTED PER UNIT DATA AND RATIOS

               FOR THE THREE MONTHS ENDED MARCH 31, 2001 AND 2000
                                   (unaudited)


<TABLE>
<CAPTION>
                                                                2001             2000
                                                            ------------     ------------
<S>                                                         <C>              <C>
Per Unit Data:
   Investment income                                        $       0.06     $       0.06
   Expenses                                                        (0.10)           (0.13)
                                                            ------------     ------------
     Net investment loss and net decrease
       in net asset value                                          (0.04)           (0.07)

         Net asset value:
           Beginning of period                                      2.04             1.26
                                                            ------------     ------------
           End of period                                    $       2.00     $       1.19
                                                            ============     ============

Ratios (annualized):
   Ratio of expenses to average net assets                         22.61%           51.02%
   Ratio of net investment loss to average
     net assets                                                   (10.29)%         (25.98)%

Number of limited partnership units at end of period             930,725        1,026,273
</TABLE>


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

                                         9

<PAGE>   10


                        FIDUCIARY CAPITAL PARTNERS, L.P.

                          NOTES TO FINANCIAL STATEMENTS

                                 MARCH 31, 2001
                                   (unaudited)


1.       GENERAL

The accompanying unaudited interim condensed 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 March 31, 2001 and the
results of its operations, changes in net assets and its cash flows for the
period 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, 2000.


2.       INVESTMENT ADVISORY FEES

As compensation for its services as investment adviser, FCM was entitled to
receive, subject to certain limitations, a subordinated monthly fee at the
annual rate of 1% of the Fund's available capital, as defined in the Partnership
Agreement. The investment advisory fees for 2000 were not paid during 2000 due
to the failure of the Fund to satisfy the applicable subordination provisions.
During March 2001, in connection with the adoption of the plan of liquidation
for the Fund, FCM permanently waived its rights to receive any future investment
advisory fees from the Fund, retroactive to January 1, 2000. As a result, the
quarterly accruals for investment advisory fees that were made during 2000 were
reversed as of December 31, 2000 and the Fund did not record any investment
advisory fees during the three months ended March 31, 2001.


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 $34,809 were
paid by the Fund for the three months ended March 31, 2001. 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 $20,041 for the three months ended March 31,
2001.

                                       10


<PAGE>   11


                        FIDUCIARY CAPITAL PARTNERS, L.P.

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                 MARCH 31, 2001
                                   (unaudited)


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 three months ended
March 31, 2001 totaled $12,088.


5.       COMMITMENTS AND CONTINGENCIES

WasteMasters, Inc. ("WasteMasters") The Fund acquired its WasteMasters stock,
which trades on the OTC Bulletin Board System, from Nikko Trading of America
Corporation ("Nikko") on June 3, 1998. The stock was subject to a 24-month
lock-up period through May 2000. Upon expiration of the lock-up period, the Fund
requested that WasteMasters issue the Fund a new stock certificate without the
restrictive legend that existed on the Fund's original certificate, so that the
stock could be sold. WasteMasters refused to comply with this request because of
a court order during March 2000 that authorized the cancellation of all
WasteMasters stock that had been issued to Nikko, including the shares that
Nikko had previously transferred to the Fund. At this time, the Fund is
uncertain as to how, or when, these issues regarding the ownership and
transferability of its WasteMasters stock will be resolved. The Fund has
retained counsel and WasteMasters' attorneys are considering the Fund's request
to be treated as a bona fide purchaser of the shares from Nikko. Others are in
the same position as the Fund and have requested similar treatment.
WasteMasters' attorneys have indicated that they will not be in a position to
make a determination as to the Fund's position as a bona fide purchaser until
other ongoing litigation is resolved. There can be no assurance that a
conclusion favorable to the Fund will be achieved, or that a determination will
be made prior to the final liquidation of the Fund.



                                       11

<PAGE>   12


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 March 31, 2001, the Fund held portfolio investments in two Managed
Companies and two Non-Managed Companies, with an aggregate original cost of
approximately $5.0 million. The value of these portfolio investments, which were
made through the reinvestment of proceeds from the sale of other portfolio
investments, represents approximately 98.3% of the Fund's net assets as of March
31, 2001.

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
1995.

As provided for in the Partnership Agreement, the Fund's term expired, and the
dissolution of the Fund was effective, as of December 31, 2000. The General
Partners are proceeding with the liquidation and distribution of the Fund's
assets in accordance with a plan of liquidation that was adopted by the General
Partners on March 2, 2001. It is currently anticipated that the liquidation of
the Fund will be completed prior to December 31, 2001 and that additional
distributions to Limited Partners during 2001 will total between $1.25 and $1.75
per Unit.

During December 2000, RBM and the Fund began negotiating a transaction in which
RBM would prepay the RBM notes held by the Fund and purchase the RBM common
stock and warrants held by the Fund. In this transaction, which was consummated
on April 5, 2001, RBM (i) prepaid the $1,460,000 of RBM notes held by the Fund
at par, plus accrued interest, and (ii) purchased the RBM stock and warrants
held by the Fund for $53,091.

As of March 31, 2001, the Fund's remaining liquid assets were invested in money
market funds. These funds, along with the cash proceeds received during April
2001 from the RBM transaction, are available to fund the 2001 repurchase offer,
to pay Fund expenses and for distribution to the partners. The Fund does not
anticipate making any additional follow-on investments in existing portfolio
companies.



                                       12


<PAGE>   13


During April 2001, the Fund declared a cash distribution of $1.25 per Unit,
which will be paid to the Fund's partners on May 10, 2001.

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 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.
If Units in excess of this amount are tendered, Units are purchased on a pro
rata basis after giving priority to Limited Partners owning less than 100 Units.

If, as presently anticipated, the liquidation of the Fund is not completed prior
to October 2001, the Fund will make a repurchase offer during October 2001. If
the plan of liquidation is proceeding as anticipated, the net asset value per
Unit at the time of the repurchase offer is anticipated to be a nominal amount.

Payables to affiliates increased $32,695 from $4,097 at December 31, 2000 to
$36,792 at March 31, 2001. This increase resulted primarily from an increase in
the amount of reimbursements due FCM for expenses incurred on behalf of the
Fund.

RESULTS OF OPERATIONS

Investment Income and Expenses

The Fund's net investment loss was $44,097 for the three months ended March 31,
2001 as compared to a net investment loss of $69,087 for the corresponding
period of the prior year. Net investment loss per limited partnership unit
decreased from $0.07 to $0.04 and the ratio of net investment loss to average
net assets decreased from 25.98% to 10.29% for the three months ended March 31,
2001 as compared to the corresponding period of the prior year.

The net investment loss for the three months ended March 31, 2001 decreased
primarily as a result of a decrease in total expenses as compared to the
corresponding period of the prior year. The impact of the decrease in total
expenses was partially offset by a decrease in investment income.

Investment income decreased $13,789, or 20.7%, for the three months ended March
31, 2001, as compared to the corresponding period of the prior year. This
decrease resulted primarily from a decrease in the amount of the Fund's
temporary and money market investments and a decrease in the balance of the
Niigata Engineering Co., Ltd. ("Niigata") receivables. The amount of the Fund's
temporary and money market investments decreased because of (i) a cash
distributions made by the Fund during February 2000 that constituted a return of
capital, (ii) purchases of additional LMC follow-on investments (including the
Niigata receivables), (iii) the Fund's repurchase of 9.31% of its Units during
the fourth quarter of 2000, and (iv) operating losses incurred by the Fund. The
balance of the Niigata receivables decreased because of payments received from
Niigata during May and November of 2000.

Total expenses decreased $38,779, or 28.6%, for the three months ended March 31,
2001, as compared to the corresponding period of the prior year. This decrease
resulted primarily from decreases in professional and investment advisory fees.

                                       13


<PAGE>   14


Professional fees decreased because prior year legal fees included a significant
amount of fees incurred in connection with LMC related litigation. The Fund's
obligation to pay the monthly investment advisory fees to FCM was subject to the
Fund satisfying applicable subordination provisions as set forth in the
Partnership Agreement. The investment advisory fees were not paid during 2000
due to the failure of the Fund to satisfy these subordination provisions. During
March 2001, in connection with the adoption of the plan of liquidation for the
Fund, FCM permanently waived its rights to receive any future investment
advisory fees from the Fund, retroactive to January 1, 2000. As a result, the
quarterly accruals for investment advisory fees that were made during 2000 were
reversed as of December 31, 2000 and the Fund did not record any investment
advisory fees during the three months ended March 31, 2001.

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, 2000, the Fund had recorded $3,332,812 of unrealized loss on
investments. There were no changes to these unrealized losses on investments
during the three months ended March 31, 2001. The cumulative net unrealized loss
on investments as of March 31, 2001 consisted of the following components:

<TABLE>
<CAPTION>
                                                              Net Changes in
                                                          Unrealized Gain (Loss)            Net Unrealized
                                                              During the Three               Gain (Loss)
                                                                Months Ended                Recorded As of
          Portfolio Company                                    March 31, 2001               March 31, 2001
------------------------------------                      ----------------------            --------------
<S>                                                       <C>                               <C>
LMC                                                              $      --                  $   (2,008,442)
RBM                                                                     --                          (2,576)
WasteMasters                                                            --                      (1,321,794)
                                                                 ---------                  --------------
                                                                 $      --                  $   (3,332,812)
                                                                 =========                  ==============
</TABLE>

                                       14

<PAGE>   15


LMC experienced significant cash flow shortfalls in December 1999 and January
2000. These cash flow shortfalls, combined with significant reductions in the
cash available under LMC's revolving line of credit with CIT, forced a cessation
of production of equipment and severely curtailed LMC's ability to fulfill
orders for spare parts. Substantially all of LMC's employees were terminated
during December 1999 and January 2000.

While LMC held discussions with several potential purchasers of its business, in
whole or in part, no meaningful offers were received. LMC did consummate a
consignment joint venture with respect to its spare parts business during March
2000.

LMC received a notice of default, dated April 6, 2000, from CIT with respect to
its revolving line of credit. On April 28, 2000, LMC filed for Chapter 11
bankruptcy protection. On November 9, 2000, CIT repossessed LMC's assets that
had been pledged as collateral on the line of credit (all of LMC's assets except
for its real property). On January 17, 2001, CIT conducted a foreclosure sale of
the repossessed assets. The proceeds of the foreclosure sale totaled less than
the amount of LMC's indebtedness to CIT. LMC is currently attempting to sell its
real property. All proceeds realized from the sale will be payable to LMC's
creditors, including the Fund.

The Fund wrote its LMC investment down by $540,800 and $317,280 during 1995 and
1997, respectively. As a result of the above discussed developments, the Fund
created additional reserves of $7,402,297 and $314,602 against the carrying
values of the Fund's LMC investment during the years ended December 31, 1999 and
2000, respectively. As of December 31, 2000, the Fund wrote the cost of all of
its LMC equity investments off as realized losses. There is a possibility that
the Fund could recover a small portion of its investment in LMC debt during 2001
out of proceeds derived from the sale of LMC's real property.

During December 2000, RBM and the Fund began negotiating a transaction in which
RBM would prepay the RBM notes held by the Fund and purchase the RBM common
stock and warrants held by the Fund. In this transaction, which was consummated
on April 5, 2001, RBM (i) prepaid the $1,460,000 of RBM notes held by the Fund
at par, plus accrued interest, and (ii) purchased the RBM stock and warrants
held by the Fund for $53,091.

As of December 31, 2000, the Fund adjusted the carrying value of its RBM
investments to amounts equal to the proceeds received from RBM during April
2001.

During June 1998, the Fund exchanged its Atlas subordinated notes and warrants
for 989,414 shares of common stock in WasteMasters, a waste management company
headquartered in El Reno, Oklahoma. The Fund's WasteMasters stock, which was
acquired from Nikko Trading of America Corporation ("Nikko"), was subject to a
24-month lock-up period through May 2000. Upon expiration of the lock-up period,
the Fund requested that WasteMasters issue the Fund a new stock certificate
without the restrictive legend that existed on the Fund's original certificate,
so the stock could be sold. WasteMasters refused to comply with this request
because of a court order during March 2000 that authorized the cancellation of
all WasteMasters stock that had been issued to Nikko, including the shares that
Nikko had previously transferred to the Fund. At this time, the Fund is
uncertain as to how, or when, these issues regarding the ownership and
transferability of its WasteMasters stock will be resolved. The Fund has
retained counsel and WasteMasters' attorneys are considering the Fund's request
to be treated as a bona fide purchaser of the shares from Nikko. Others are in
the same position as the Fund and have requested similar


                                       15

<PAGE>   16


treatment. WasteMasters' attorneys have indicated that they will not be in a
position to make a determination as to the Fund's position as a bona fide
purchaser until other ongoing litigation is resolved. There can be no assurance
that a conclusion favorable to the Fund will be achieved, or that a
determination will be made prior to the final liquidation of the Fund.

The WasteMasters common stock, which trades on the OTC Bulletin Board System
("WASTE"), closed at $1.78 (an average of the closing bid and ask prices) on
June 3, 1998 (the date of the exchange). However, due to a number of factors,
including the speculative nature of the WasteMasters stock, the two-year lock-up
period and the relative size of the Fund's stock position, FCM recorded the
WasteMasters stock at the same nominal value that the Atlas securities had
previously been carried by the Fund.

The Fund recorded a realized loss of $2,560,453 on the exchange, which is equal
to the amount of the loss that the Fund claimed for income tax purposes from the
disposition of the Atlas securities. The 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.

The 52-week low for the WasteMasters common stock is $0.02 per share and the
current bid price (April 30, 2001) is $0.05 per share.



                                       16


<PAGE>   17



                           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.

(b)      The Registrant filed a report on Form 8-K on March 26, 2001 to report
         (i) the dissolution of the Partnership, (ii) the adoption of a plan of
         liquidation by the General Partners, and (iii) the General Partners'
         decision to permanently suspend the recognition of transfers of Units
         that were not consummated and approved prior to April 15, 2001.




                                       17

<PAGE>   18


                                   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: May 2, 2001                      By:      /s/ Donald R. Jackson
                                                ---------------------
                                                Donald R. Jackson
                                                Chief Financial Officer



                                       18

<PAGE>   19


                                 EXHIBIT INDEX


<TABLE>
<CAPTION>
        EXHIBIT
        NUMBER             DESCRIPTION
        -------            -----------
<S>                        <C>
         11.1              Statement of Computation of Net Investment
                           Income Per Limited Partnership Unit.
</TABLE>