<PAGE>
                                    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           September 30, 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>



                        Fiduciary Capital Partners, L.P.
                      Quarterly Report on Form 10-Q for the
                        Quarter Ended September 30, 2001




                                Table of Contents

<Table>
<Caption>



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

                  Item 1.    Condensed Financial Statements (unaudited)                             3

                             Schedule of Investments -
                             September 30, 2001                                                     3

                             Balance Sheets - September 30, 2001 and
                             December 31, 2000                                                      4

                             Statements of Operations for the three months
                             ended September 30, 2001 and 2000                                      5

                             Statements of Operations for the nine months
                             ended September 30, 2001 and 2000                                      6

                             Statements of Cash Flows for the nine months
                             ended September 30, 2001 and 2000                                      7

                             Statements of Changes in Net Assets for the
                             nine months ended September 30, 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>



                          Part I. FINANCIAL INFORMATION

Item 1. Financial Statements


                        FIDUCIARY CAPITAL PARTNERS, L.P.

                             SCHEDULE OF INVESTMENTS

                               SEPTEMBER 30, 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%
                                                                        ----------       --------     -----------
     Total Investments in Managed Companies (0.0% of net assets)         2,008,444              2             0.0


NON-MANAGED COMPANIES:

$117,460            Niigata Engineering              12/01/99
                    Co., Ltd.,                        through
                    Receivables(3)                   12/10/99              112,588        112,588
                                                                        ----------       --------     -----------
                                                                           112,588        112,588           100.0
                                                                        ----------       --------     -----------
989,414 sh.         Environmental Energy
                    Services, Inc.,
                    Common Stock(4)*                 06/03/98            1,321,795              1
                                                                        ----------       --------     -----------
                                                                         1,321,795              1             0.0
                                                                        ----------       --------     -----------
     Total Investment in Non-Managed Companies
       (28.5% of net assets)                                             1,434,383        112,589           100.0
                                                                        ----------       --------     -----------
     Total Investments (28.5% of net assets)                            $3,442,827       $112,591           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)  These are non-interest bearing receivables, which were purchased from LMC
     Corporation ("LMC") at a discount. Payments are due on November 21, 2001 in
     the amount of $55,639 and on May 21, 2002 in the amount of $61,821.

(4)  See Note 5 regarding significant issues concerning the ownership and
     transferability of this stock. (Environmental Energy Services, Inc.
     ("EESV") is a successor to WasteMasters, Inc.)

*    Non-income producing security.

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

                                        3

<PAGE>

                        FIDUCIARY CAPITAL PARTNERS, L.P.

                                 BALANCE SHEETS

                    SEPTEMBER 30, 2001 AND DECEMBER 31, 2000
                                   (unaudited)

<Table>
<Caption>

                                                          2001               2000
                                                       -----------       -----------
<S>                                                    <C>               <C>
ASSETS
   Investments:
     Portfolio investments, at value:
       Managed companies (amortized cost -
         $2,008,444 and $3,524,111, respectively)      $         2       $ 1,513,093
       Non-managed companies (amortized cost -
         $1,434,383 and $1,479,063, respectively)          112,589           157,269
                                                       -----------       -----------
           Total investments                               112,591         1,670,362
   Cash and cash equivalents                               425,083           132,885
   Accrued interest receivable                               1,091            20,765
   Other assets                                             27,981            24,285
                                                       -----------       -----------

     Total assets                                      $   566,746       $ 1,848,297
                                                       ===========       ===========

LIABILITIES
   Payable to affiliates                               $    29,557       $     4,097
   Accounts payable and accrued liabilities                142,203           119,189
                                                       -----------       -----------

     Total liabilities                                     171,760           123,286
                                                       -----------       -----------

COMMITMENTS AND CONTINGENCIES

NET ASSETS
   Managing General Partner                                (97,552)         (178,084)
   Limited Partners (equivalent to $0.53
     and $2.04, respectively, per limited
     partnership unit based on 930,725
     units outstanding)                                    492,538         1,903,095
                                                       -----------       -----------

       Net assets                                          394,986         1,725,011
                                                       -----------       -----------

         Total liabilities and net assets              $   566,746       $ 1,848,297
                                                       ===========       ===========
</Table>

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

                                        4

<PAGE>

                        FIDUCIARY CAPITAL PARTNERS, L.P.

                            STATEMENTS OF OPERATIONS

             FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
                                   (unaudited)


<Table>
<Caption>

                                                          2001                2000
                                                       ------------       ------------
<S>                                                    <C>                <C>
INVESTMENT INCOME
   Income:
     Interest                                          $      6,915       $     60,470
                                                       ------------       ------------

       Total investment income                                6,915             60,470
                                                       ------------       ------------

   Expenses:
     Fund administration fees                                34,293             35,843
     Administrative expenses                                 19,924             20,275
     Independent General Partner fees
       and expenses                                          12,060             12,743
     Liquidation expenses                                    29,822                 --
     Professional fees                                        9,065             20,267
     Other expenses                                          14,767             28,235
     Investment advisory fees                                    --             22,451
                                                       ------------       ------------

       Total expenses                                       119,931            139,814
                                                       ------------       ------------

NET INVESTMENT LOSS                                        (113,016)           (79,344)
                                                       ------------       ------------

REALIZED AND UNREALIZED
   GAIN (LOSS) ON INVESTMENTS
     Net realized loss on investments                        (2,576)                --
     Net change in unrealized loss on investments             2,576           (314,602)
                                                       ------------       ------------

       Net loss on investments                                   --           (314,602)
                                                       ------------       ------------

NET DECREASE IN NET ASSETS
   RESULTING FROM OPERATIONS                           $   (113,016)      $   (393,946)
                                                       ============       ============
</Table>



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

                                        5

<PAGE>

                        FIDUCIARY CAPITAL PARTNERS, L.P.

                            STATEMENTS OF OPERATIONS

              FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
                                   (unaudited)


<Table>
<Caption>

                                                           2001               2000
                                                       ------------       ------------
<S>                                                    <C>                <C>
INVESTMENT INCOME
   Income:
     Interest                                          $     74,869       $    190,778
                                                       ------------       ------------

       Total investment income                               74,869            190,778
                                                       ------------       ------------

   Expenses:
     Fund administration fees                               103,394            107,528
     Administrative expenses                                 59,889             60,828
     Independent General Partner fees
       and expenses                                          36,208             38,260
     Liquidation expenses                                    29,822                 --
     Professional fees                                       24,857             43,960
     Other expenses                                          56,098            115,499
     Investment advisory fees                                    --             67,352
                                                       ------------       ------------

       Total expenses                                       310,268            433,427
                                                       ------------       ------------

NET INVESTMENT LOSS                                        (235,399)          (242,649)
                                                       ------------       ------------

REALIZED AND UNREALIZED
   GAIN (LOSS) ON INVESTMENTS
     Net realized loss on investments                        (2,576)                --
     Net change in unrealized loss on investments             2,576           (314,602)
                                                       ------------       ------------

       Net loss on investments                                   --           (314,602)
                                                       ------------       ------------

NET DECREASE IN NET ASSETS
   RESULTING FROM OPERATIONS                           $   (235,399)      $   (557,251)
                                                       ============       ============
</Table>


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

                                        6


<PAGE>



                        FIDUCIARY CAPITAL PARTNERS, L.P.

                            STATEMENTS OF CASH FLOWS

              FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
                                   (unaudited)


<Table>
<Caption>

                                                                2001               2000
                                                             -----------       -----------
<S>                                                          <C>               <C>
CASH FLOWS FROM OPERATING ACTIVITIES
   Net decrease in net assets resulting from operations      $  (235,399)      $  (557,251)
   Adjustments to reconcile net decrease in net assets
     resulting from operations to net cash used in
     operating activities:
       Accreted discount on portfolio investments                (10,959)          (33,327)
       Change in assets and liabilities:
         Accrued interest receivable                              19,674               916
         Other assets                                             (3,696)           (8,184)
         Payable to affiliates                                    25,460            63,361
         Accounts payable and accrued liabilities                 23,014            (4,633)
       Net realized loss on investments                            2,576                --
       Net change in unrealized loss on investments               (2,576)          314,602
                                                             -----------       -----------
         Net cash used in operating activities                  (181,906)         (224,516)
                                                             -----------       -----------

CASH FLOWS FROM INVESTING ACTIVITIES
   Purchase of portfolio investments                                  --          (225,570)
   Proceeds from dispositions of portfolio investments         1,568,730            88,569
   Sale of temporary investments, net                                 --           649,689
                                                             -----------       -----------
     Net cash provided by investing activities                 1,568,730           512,688
                                                             -----------       -----------

CASH FLOWS FROM FINANCING ACTIVITIES
   General Partner capital contributions                          80,532                --
   Cash distributions paid to partners                        (1,175,158)         (310,992)
                                                             -----------       -----------
     Net cash used in financing activities                    (1,094,626)         (310,992)
                                                             -----------       -----------

NET INCREASE IN CASH AND
   CASH EQUIVALENTS                                              292,198           (22,820)

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

CASH AND CASH EQUIVALENTS AT
   END OF PERIOD                                             $   425,083       $   195,291
                                                             ===========       ===========
</Table>




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


                                        7

<PAGE>

                        FIDUCIARY CAPITAL PARTNERS, L.P.

                       STATEMENTS OF CHANGES IN NET ASSETS

                  FOR THE NINE MONTHS ENDED SEPTEMBER 30, 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                                            $  (235,399)      $  (262,883)
   Net realized loss on investments                                    (2,576)       (6,049,513)
   Net change in unrealized loss on
     investments                                                        2,576         7,002,993
                                                                  -----------       -----------
       Net (decrease) increase in net assets
         resulting from operations                                   (235,399)          690,597

General Partner capital contributions                                  80,532                --

Distributions                                                      (1,175,158)               --

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

     Total (decrease) increase in net assets                       (1,330,025)          626,580

Net assets:

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

   End of period (including no undistributed
     net investment income)                                       $   394,986       $ 1,725,011
                                                                  ===========       ===========
</Table>


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

                                        8

<PAGE>

                        FIDUCIARY CAPITAL PARTNERS, L.P.

                        SELECTED PER UNIT DATA AND RATIOS
                                   (unaudited)

<Table>
<Caption>

                                                      For the Three Months                      For the Nine Months
                                                       Ended September 30,                      Ended September 30,
                                                ----------------------------------        ----------------------------------
                                                    2001                 2000                 2001                  2000
                                                -------------        -------------        -------------        -------------
<S>                                             <C>                  <C>                  <C>                  <C>
Per Unit Data:
   Investment income                            $        0.01        $        0.06        $        0.07        $        0.19
   Expenses                                             (0.13)               (0.14)               (0.33)               (0.43)
                                                -------------        -------------        -------------        -------------
     Net investment loss                                (0.12)               (0.08)               (0.26)               (0.24)

   Net change in unrealized loss
     on investments                                        --                (0.30)                  --                (0.30)

   Distributions declared to partners                      --                   --                (1.25)                  --
                                                -------------        -------------        -------------        -------------

     Net decrease in net asset value                    (0.12)               (0.38)               (1.51)               (0.54)

       Net asset value:
         Beginning of period                             0.65                 1.10                 2.04                 1.26
                                                -------------        -------------        -------------        -------------
         End of period                          $        0.53        $        0.72        $        0.53        $        0.72
                                                =============        =============        =============        =============

Ratios (annualized):
   Ratio of expenses to average net assets             110.45%               75.76%               38.40%               64.14%
   Ratio of net investment loss to average
     net assets                                       (104.08)%             (43.00)%             (29.14)%             (35.91)%

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

                        FIDUCIARY CAPITAL PARTNERS, L.P.

                          NOTES TO FINANCIAL STATEMENTS

                               SEPTEMBER 30, 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 September 30, 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 nine months ended September 30, 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 $103,394 were
paid by the Fund for the nine months ended September 30, 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 $59,889 for the nine months ended September
30, 2001.






                                       10

<PAGE>

                        FIDUCIARY CAPITAL PARTNERS, L.P.

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                               SEPTEMBER 30, 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 nine months ended
September 30, 2001 totaled $36,208.


5.       COMMITMENTS AND CONTINGENCIES

Environmental Energy Services, Inc. ("EESV") (as a successor to WasteMasters,
Inc.) The Fund acquired its EESV 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 EESV 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. EESV refused to comply with this
request because of a court order during March 2000 that authorized the
cancellation of all EESV stock that had been issued to Nikko, including the
shares that Nikko had previously transferred to the Fund. The Fund retained
counsel and EESV's attorneys agreed to consider 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. On October 12, 2001,
EESV agreed to treat the Fund as a bona fide purchaser of the shares and to
issue new restricted shares to the Fund, subject to execution of a definitive
settlement agreement.





                                       11

<PAGE>

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 September 30, 2001, the Fund held portfolio investments in one Managed
Company and two Non-Managed Companies, with an aggregate original cost of
approximately $3.4 million. The value of these portfolio investments, which were
made through the reinvestment of proceeds from the sale of other portfolio
investments, represents approximately 28.5% of the Fund's net assets as of
September 30, 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 has not been 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 final 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. A cash
distribution of $1.25 per Unit was paid to Limited Partners on May 10, 2001 and
it is anticipated that the Fund will make one additional cash distribution
during 2001. It is currently anticipated that this additional distribution will
be less than $0.50 per Unit. In addition, it appears likely that a liquidating
trust will be created to hold assets of the Fund that are not liquidated prior
to December 31, 2001. It is currently anticipated that the assets to be
transferred to the trust will consist primarily of the Fund's claim in the LMC
bankruptcy proceedings and its EESV stock.

On April 5, 2001, R.B.M. Precision Metal Products, Inc. ("RBM") (i) prepaid the
$1,460,000 of RBM notes held by the Fund at par, plus accrued interest, and (ii)
repurchased its common stock and warrants held by the Fund for $53,091.

As of September 30, 2001, the Fund's remaining liquid assets were invested in
money market funds. These funds 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>

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.
The 2001 repurchase offer was mailed to the Limited Partners on October 9, 2001.
The actual redemption of Units will occur on November 21, 2001.

Accrued interest receivable decreased $19,674 from $20,765 at December 31, 2000
to $1,091 at September 30, 2001. This decrease resulted primarily from the
prepayment of the RBM notes as of April 5, 2001.

Payables to affiliates increased $25,460 from $4,097 at December 31, 2000 to
$29,557 at September 30, 2001. This increase resulted primarily from an increase
in the amount of reimbursements due FCM for expenses incurred on behalf of the
Fund.

Accounts payable and accrued expenses increased $23,014 from $119,189 at
December 31, 2000 to $142,203 at September 30, 2001. This increase resulted
primarily from the accrual of an additional $29,822 of liquidation expenses
during the nine months ended September 30, 2001.

RESULTS OF OPERATIONS

Investment Income and Expenses

The Fund's net investment loss was $113,016 for the three months ended September
30, 2001 as compared to a net investment loss of $79,344 for the corresponding
period of the prior year. Net investment loss per limited partnership unit
increased from $0.08 to $0.12 and the ratio of net investment loss to average
net assets increased from 43.00% to 104.08% for the three months ended September
30, 2001 as compared to the corresponding period of the prior year.

The Fund's net investment loss was $235,399 for the nine months ended September
30, 2001 as compared to a net investment loss of $242,649 for the corresponding
period of the prior year. Net investment loss per limited partnership unit
increased from $0.24 to $0.26 and the ratio of net investment loss to average
net assets decreased from 35.91% to 29.14% for the nine months ended September
30, 2001 as compared to the corresponding period of the prior year.

The net investment loss for the three months ended September 30, 2001 increased
primarily as a result of a decrease in investment income as compared to the
corresponding period of the prior year. The impact of the decrease in investment
income was partially offset by a decrease in total expenses.

The net investment loss for the nine months ended September 30, 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 substantially offset by a decrease in investment income.



                                       13


<PAGE>

Investment income decreased $53,555 and $115,909, or 88.6% and 60.8%, for the
three and nine month periods ended September 30, 2001, as compared to the
corresponding periods of the prior year. These decreases resulted primarily from
the sale of the Fund's RBM notes during April 2001, 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 cash
distributions made by the Fund during February 2000 and May 2001 that
constituted a return of capital, the Fund's repurchase of 9.31% of its Units
during the fourth quarter of 2000, and operating losses incurred by the Fund.
These decreases were partially offset by the proceeds received from the sale of
the Fund's RBM investments during April 2001. The balance of the Niigata
receivables decreased because of payments received from Niigata during May and
November of 2000 and May 2001.

Total expenses decreased $19,883 and $123,159, or 14.2% and 28.4%, for the three
and nine month periods ended September 30, 2001, as compared to the
corresponding periods of the prior year. These decreases resulted primarily from
decreases in investment advisory fees, professional fees and other expenses.
These decreases were partially offset by an accrual of liquidation expenses
during the three months ended September 30, 2001.

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 nine months ended September 30, 2001.

The decreases in professional fees and other expenses for the three and nine
month periods ended September 30, 2001 resulted primarily from decreases in
legal fees and other expenses incurred in connection with the Fund's investments
in LMC.

Realized Gain (Loss) on Investments

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) repurchased its common stock and
warrants held by the Fund for $53,091. In the aggregate, the Fund realized a net
loss of $2,576 from these transactions.

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

                                       14

<PAGE>

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. The net decrease in unrealized loss on investments during the nine
months ended September 30, 2001 and cumulative net unrealized loss on
investments as of September 30, 2001 consisted of the following components:

<Table>
<Caption>

                                                               Net Changes in
                                                           Unrealized Gain (Loss)          Net Unrealized
                                                               During the Nine               Gain (Loss)
                                                                Months Ended               Recorded As of
          Portfolio Company                                  September 30, 2001          September 30, 2001
-----------------------------------------------            ----------------------        ------------------
<S>                                                        <C>                           <C>
Unrealized losses recorded during prior
   periods with respect to investments
   disposed of during the nine months
   ended September 30, 2001                                    $     2,576                    $        --
LMC                                                                     --                     (2,008,442)
EESV                                                                    --                     (1,321,794)
                                                               -----------                    -----------
                                                               $     2,576                    $(3,330,236)
                                                               ===========                    ===========
</Table>

On April 28, 2000, LMC filed for Chapter 11 bankruptcy protection. On November
9, 2000, LMC's secured lender, CIT, repossessed LMC's assets that had been
pledged as collateral on a 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. On October 26, 2001, the Bankruptcy Court
converted LMC's bankruptcy proceedings to a case under Chapter 7 of the United
States Bankruptcy Code. 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 to a negligible amount between 1995 and
2000. 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 out of proceeds derived
from the sale of LMC's real property.

During June 1998, the Fund exchanged its Atlas Environmental, Inc. ("Atlas")
subordinated notes and warrants for 989,414 shares of common stock in EESV (as a
successor to WasteMasters, Inc.), a waste management company headquartered in El
Reno, Oklahoma. The Fund's EESV 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


                                       15

<PAGE>

lock-up period, the Fund requested that EESV 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. EESV refused to comply with this
request because of a court order during March 2000 that authorized the
cancellation of all EESV stock that had been issued to Nikko, including the
shares that Nikko had previously transferred to the Fund. The Fund retained
counsel and EESV's attorneys agreed to consider 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. On October 12, 2001,
EESV agreed to treat the Fund as a bona fide purchaser of the shares and to
issue new restricted shares to the Fund, subject to execution of a definitive
settlement agreement.

The EESV common stock, which trades on the OTC Bulletin Board System ("EESV"),
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 EESV stock, the two-year lock-up period and the
relative size of the Fund's stock position, the Fund recorded the EESV 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 and the current bid price (October 31, 2001) for the EESV common
stock are $0.0125 and $0.014 per share, respectively.

                                       16


<PAGE>



                           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.

    19.1        Reports Furnished to Securities Holders.

(b)      The Registrant did not file any reports on Form 8-K during the third
         quarter of the fiscal year ending December 31, 2001.

                                       17

<PAGE>

                                    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: October 31, 2001                  By:  /s/ Donald R. Jackson
                                           ------------------------------------
                                             Donald R. Jackson
                                             Chief Financial Officer




                                       18

<PAGE>

                                  EXHIBIT INDEX

<Table>
<Caption>

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

 19.1              Reports Furnished to Securities Holders.
</Table>

                                       E-1