<PAGE>   1
                                    FORM 10-Q

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

(Mark One)

     [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
                              EXCHANGE ACT OF 1934

For the quarterly period ended                 June 30, 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           0-17738
                      ----------------------------------------------------------



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


       Delaware                                                   86-0653603
-----------------------                                      -------------------
(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 Pension Partners, L.P.
                      Quarterly Report on Form 10-Q for the
                           Quarter Ended June 30, 2001



                                Table of Contents


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

                  Item 1.      Condensed Financial Statements (unaudited)                                3

                               Schedule of Investments -
                               June 30, 2001                                                             3

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

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

                               Statements of Operations for the six months
                               ended June 30, 2001 and 2000                                              6

                               Statements of Cash Flows for the six months
                               ended June 30, 2001 and 2000                                              7

                               Statements of Changes in Net Assets for the
                               six months ended June 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>   3

                          Part I. FINANCIAL INFORMATION

Item 1. Financial Statements


                    FIDUCIARY CAPITAL PENSION PARTNERS, L.P.

                             SCHEDULE OF INVESTMENTS

                                  JUNE 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:

$1,632,960          LMC Corporation, 12.00%
                    Senior Subordinated              11/01/96
                    Revolving Notes                   through
                    due 10/31/00(1)                  01/13/99           $1,632,960        $     1
$14,096             LMC Corporation, 12.00%          02/07/00
                    Promissory Notes due              through
                    8/7/00(2)                        04/11/00               14,096              1
                                                                        ----------        -------      -----
                                                                         1,647,056              2        0.0%
                                                                        ----------        -------      -----
     Total Investments in Managed Companies
       (0.0% of net assets)                                              1,647,056              2        0.0
                                                                        ----------        -------      -----

NON-MANAGED COMPANIES:

$53,540             Niigata Engineering              12/01/99
                    Co., Ltd.,                        through
                    Receivables(3)                   12/10/99               49,961         49,961
                                                                        ----------        -------      -----
                                                                            49,961         49,961      100.0
                                                                        ----------        -------      -----
821,376 sh.         WasteMasters, Inc.,
                    Common Stock(4)*                 06/03/98            1,097,307              1
                                                                        ----------        -------      -----
                                                                         1,097,307              1        0.0
                                                                        ----------        -------      -----
     Total Investment in Non-Managed Companies
       (11.2% of net assets)                                             1,147,268         49,962      100.0
                                                                        ----------        -------      -----
     Total Investments (11.2% of net assets)                            $2,794,324        $49,964      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 $25,361 and on May 21, 2002 in the amount of $28,179.

(4)  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.



                                        3
<PAGE>   4

                    FIDUCIARY CAPITAL PENSION PARTNERS, L.P.

                                 BALANCE SHEETS

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


<Table>
<Caption>
                                                         2001            2000
                                                     ------------    ------------
<S>                                                  <C>             <C>
ASSETS:
  Investments:
     Portfolio investments, at value:
        Managed companies (amortized cost -
          $1,647,056 and $2,986,240, respectively)   $          2    $  1,336,911
        Non-managed companies (amortized cost -
          $1,147,268 and $1,168,992, respectively)         49,962          71,686
                                                     ------------    ------------
             Total investments                             49,964       1,408,597
  Cash and cash equivalents                               518,862             100
  Accrued interest receivable                               1,601          17,772
  Other assets                                              8,085          20,514
                                                     ------------    ------------

     Total assets                                    $    578,512    $  1,446,983
                                                     ============    ============

LIABILITIES:
  Payable to affiliates                              $     25,894    $      4,950
  Accounts payable and accrued liabilities                105,381         111,089
                                                     ------------    ------------

     Total liabilities                                    131,275         116,039
                                                     ------------    ------------

COMMITMENTS AND CONTINGENCIES

NET ASSETS:
  Managing General Partner                                (83,850)       (124,842)
  Limited Partners (equivalent to $0.66
     and $1.81 respectively, per limited
     partnership unit based on 805,741
     units outstanding)                                   531,087       1,455,786
                                                     ------------    ------------

        Net assets                                        447,237       1,330,944
                                                     ------------    ------------

          Total liabilities and net assets           $    578,512    $  1,446,983
                                                     ============    ============
</Table>



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



                                        4
<PAGE>   5

                    FIDUCIARY CAPITAL PENSION PARTNERS, L.P.

                            STATEMENTS OF OPERATIONS

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


<Table>
<Caption>
                                                       2001          2000
                                                    ----------    ----------
<S>                                                 <C>           <C>
INVESTMENT INCOME:
   Income:
     Interest                                       $   11,787    $   51,451
                                                    ----------    ----------

       Total investment income                          11,787        51,451
                                                    ----------    ----------

   Expenses:
     Fund administration fees                           31,132        29,582
     Administrative expenses                            17,576        17,224
     Independent General Partner fees
       and expenses                                     10,440        11,214
     Professional fees                                   7,178         3,285
     Other expenses                                     14,735        33,721
     Investment advisory fees                               --        19,185
                                                    ----------    ----------

       Total expenses                                   81,061       114,211
                                                    ----------    ----------

NET INVESTMENT LOSS                                    (69,274)      (62,760)
                                                    ----------    ----------

REALIZED AND UNREALIZED
   GAIN (LOSS) ON INVESTMENTS:
     Net realized loss on investments                   (2,275)           --
     Net change in unrealized loss on investments        2,275            --
                                                    ----------    ----------

       Net loss on investments                              --            --
                                                    ----------    ----------

NET DECREASE IN NET ASSETS
   RESULTING FROM OPERATIONS                        $  (69,274)   $  (62,760)
                                                    ==========    ==========
</Table>



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



                                        5
<PAGE>   6

                    FIDUCIARY CAPITAL PENSION PARTNERS, L.P.

                            STATEMENTS OF OPERATIONS

                 FOR THE SIX MONTHS ENDED JUNE 30, 2001 AND 2000
                                   (unaudited)


<Table>
<Caption>
                                                       2001          2000
                                                    ----------    ----------
<S>                                                 <C>           <C>
INVESTMENT INCOME:
   Income:
     Interest                                       $   55,271    $  104,866
                                                    ----------    ----------

       Total investment income                          55,271       104,866
                                                    ----------    ----------

   Expenses:
     Fund administration fees                           61,747        59,164
     Administrative expenses                            35,035        34,448
     Independent General Partner fees
       and expenses                                     20,904        21,701
     Professional fees                                  14,597        22,246
     Other expenses                                     33,808        54,332
     Investment advisory fees                               --        38,370
                                                    ----------    ----------

       Total expenses                                  166,091       230,261
                                                    ----------    ----------

NET INVESTMENT LOSS                                   (110,820)     (125,395)
                                                    ----------    ----------

REALIZED AND UNREALIZED
   GAIN (LOSS) ON INVESTMENTS:
     Net realized loss on investments                   (2,275)           --
     Net change in unrealized loss on investments        2,275            --
                                                    ----------    ----------

       Net loss on investments                              --            --
                                                    ----------    ----------

NET DECREASE IN NET ASSETS
   RESULTING FROM OPERATIONS                        $ (110,820)   $ (125,395)
                                                    ==========    ==========
</Table>



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



                                        6
<PAGE>   7

                    FIDUCIARY CAPITAL PENSION PARTNERS, L.P.

                            STATEMENTS OF CASH FLOWS

                 FOR THE SIX MONTHS ENDED JUNE 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   $   (110,820)   $   (125,395)
   Adjustments to reconcile net decrease in net assets
     resulting from operations to net cash used in
     operating activities:
       Accreted discount on portfolio investments               (3,637)        (16,225)
       Change in assets and liabilities:
         Accrued interest receivable                            16,171           1,069
         Other assets                                           12,429          15,517
         Payable to affiliates                                  20,944          37,203
         Accounts payable and accrued liabilities               (5,708)         (4,248)
       Net realized loss on investments                          2,275              --
       Net change in unrealized gain on investments             (2,275)             --
                                                          ------------    ------------
         Net cash used in operating activities                 (70,621)        (92,079)
                                                          ------------    ------------

CASH FLOWS FROM INVESTING ACTIVITIES:
   Purchase of portfolio investments                                --         (94,602)
   Proceeds from dispositions of portfolio investments       1,362,270          36,931
   Sale of temporary investments, net                               --         374,820
                                                          ------------    ------------
     Net cash provided by investing activities               1,362,270         317,149
                                                          ------------    ------------

CASH FLOWS FROM FINANCING ACTIVITIES:
   General partner capital contributions                        40,993              --
   Cash distributions paid to partners                        (813,880)       (263,575)
                                                          ------------    ------------
     Net cash used in financing activities                    (772,887)       (263,575)
                                                          ------------    ------------

NET INCREASE (DECREASE) IN CASH
   AND CASH EQUIVALENTS                                        518,762         (38,505)

CASH AND CASH EQUIVALENTS AT
   BEGINNING OF PERIOD                                             100         130,566
                                                          ------------    ------------

CASH AND CASH EQUIVALENTS AT
   END OF PERIOD                                          $    518,862    $     92,061
                                                          ============    ============
</Table>



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



                                        7
<PAGE>   8

                    FIDUCIARY CAPITAL PENSION PARTNERS, L.P.

                       STATEMENTS OF CHANGES IN NET ASSETS

                     FOR THE SIX MONTHS ENDED JUNE 30, 2001

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


<Table>
<Caption>
                                                         2001            2000
                                                     ------------    ------------
<S>                                                  <C>             <C>
(Decrease) increase in net assets from operations:
   Net investment loss                               $   (110,820)   $   (222,801)
   Net realized loss on investments                        (2,275)     (5,131,299)
   Net change in unrealized loss on
     investments                                            2,275       5,996,978
                                                     ------------    ------------
       Net (decrease) increase in net
         assets resulting from operations                (110,820)        642,878

General Partner capital contributions                      40,993          28,831

Distributions                                            (813,880)             --

Repurchase of limited partnership units                        --         (28,184)
                                                     ------------    ------------

     Total (decrease) increase in net assets             (883,707)        643,525

Net assets:

   Beginning of period                                  1,330,944         687,419
                                                     ------------    ------------

   End of period (including no undistributed
     net investment income )                         $    447,237    $  1,330,944
                                                     ============    ============
</Table>



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



                                        8
<PAGE>   9

                    FIDUCIARY CAPITAL PENSION PARTNERS, L.P.

                        SELECTED PER UNIT DATA AND RATIOS
                                   (unaudited)


<Table>
<Caption>
                                              For the Three Months      For the Six Months
                                                 Ended June 30,            Ended June 30,
                                             ---------------------     ---------------------
                                               2001         2000         2001         2000
                                             --------     --------     --------     --------
<S>                                          <C>          <C>          <C>          <C>
Per Unit Data:
   Investment income                         $     --     $   0.06     $   0.06     $   0.12
   Expenses                                     (0.10)       (0.13)       (0.21)       (0.26)
                                             --------     --------     --------     --------
     Net investment loss                        (0.10)       (0.07)       (0.15)       (0.14)

   Distributions declared to partners           (1.00)          --        (1.00)          --
                                             --------     --------     --------     --------

     Net decrease in net asset value            (1.10)       (0.07)       (1.15)       (0.14)

       Net asset value:
         Beginning of period                     1.76         0.91         1.81         0.98
                                             --------     --------     --------     --------
         End of period                       $   0.66     $   0.84     $   0.66     $   0.84
                                             ========     ========     ========     ========

Ratios (annualized):
   Ratio of expenses to average net assets      36.91%       76.60%       32.27%       73.71%
   Ratio of net investment loss to average
     net assets                                (31.75)%     (42.09)%     (21.53)%     (40.14)%

Number of limited partnership units at
   end of period                              805,741      869,796      805,741      869,796
</Table>



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

                                        9
<PAGE>   10

                    FIDUCIARY CAPITAL PENSION PARTNERS, L.P.

                          NOTES TO FINANCIAL STATEMENTS

                                  JUNE 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 Pension Partners, L.P. (the "Fund"),
necessary to fairly present the financial position of the Fund as of June 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 six months ended June 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 $61,747 were
paid by the Fund for the six months ended June 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 $35,035 for the six months ended June 30, 2001.



                                       10
<PAGE>   11

                    FIDUCIARY CAPITAL PENSION PARTNERS, L.P.

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                  JUNE 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 Partners, L.P., an
affiliated fund, (collectively, the "Funds") an annual fee of $30,000, payable
monthly in arrears, together with all out-of-pocket expenses. Each Fund's
allocation of these fees and expenses is based on the relative number of
outstanding Units. Fees and expenses paid by the Fund for the six months ended
June 30, 2001 totaled $20,904.


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 cannot always
predict what factors would cause actual results to differ materially from those
indicated by the forward-looking statements, factors that might cause such a
difference include general economic and business conditions, competition and
other factors discussed elsewhere in this report. Readers are urged to consider
statements that include the terms "believes", "expects", "plans", "anticipates",
"intends" or the like to be uncertain and forward-looking. The Fund undertakes
no obligation to release publicly any revisions to these forward-looking
statements to reflect events or circumstances after the date hereof or to
reflect the occurrence of anticipated or unanticipated events.

LIQUIDITY AND CAPITAL RESOURCES

As of June 30, 2001, the Fund held portfolio investments in one Managed Company
and two Non-Managed Companies, with an aggregate original cost of approximately
$2.8 million. The value of these portfolio investments, which were made through
the reinvestment of proceeds from the sale of other portfolio investments,
represents approximately 11.2% of the Fund's net assets as of June 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 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 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 $1.00 per Unit was paid to Limited Partners on May 10, 2001 and
it is anticipated that the Fund will make one or more additional cash
distributions during 2001. It is currently anticipated that these additional
distributions will total less than $0.50 per Unit.

On April 5, 2001, R.B.M. Precision Metal Products, Inc. ("RBM") (i) prepaid the
$1,290,000 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 $46,909.

As of June 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>   13

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.

Accrued interest receivable decreased $16,171 from $17,772 at December 31, 2000
to $1,601 at June 30, 2001. This decrease resulted primarily from the prepayment
of the RBM notes as of April 5, 2001.

Payables to affiliates increased $20,944 from $4,950 at December 31, 2000 to
$25,894 at June 30, 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 $69,274 for the three months ended June 30,
2001 as compared to a net investment loss of $62,760 for the corresponding
period of the prior year. Net investment loss per limited partnership unit
increased from $0.07 to $0.10 and the ratio of net investment loss to average
net assets decreased from 42.09% to 31.75% for the three months ended June 30,
2001 as compared to the corresponding period of the prior year.

The Fund's net investment loss was $110,820 for the six months ended June 30,
2001 as compared to a net investment loss of $125,395 for the corresponding
period of the prior year. Net investment loss per limited partnership unit
increased from $0.14 to $0.15 and the ratio of net investment loss to average
net assets decreased from 40.14% to 21.53% for the six months ended June 30,
2001 as compared to the corresponding period of the prior year.

The net investment losses for both the three and six month periods ended June
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 partially offset by a decrease in investment
income.

Investment income decreased $39,664 and $49,595, or 77.1% and 47.3%, for the
three and six month periods ended June 30, 2001, as compared to the
corresponding period 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



                                       13
<PAGE>   14

by the Fund during February 2000 and May 2001 that constituted a return of
capital, the Fund's repurchase of 7.36% 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 $33,150 and $64,170, or 29.0% or 27.9%, for the three
and six month periods ended June 30, 2001, as compared to the corresponding
period of the prior year. These decreases resulted primarily from decreases in
investment advisory fees, professional fees and other expenses.

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 six months ended June 30, 2001.

The decreases in professional fees for the six months ended June 30, 2001 and in
other expenses for both the three and six month periods ended June 30, 2001
resulted primarily from decreases in legal fees and other expenses incurred in
connection with the Fund's investments in LMC Corporation ("LMC").

Realized Gain (Loss) on Investments

On April 5, 2001, RBM (i) prepaid the $1,290,000 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 $46,909. In the aggregate, the Fund realized a net
loss of $2,275 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 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



                                       14
<PAGE>   15

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 $2,746,635 of unrealized loss on
investments. The net decrease in unrealized loss on investments during the six
months ended June 30, 2001 and cumulative net unrealized loss on investments as
of June 30, 2001 consisted of the following components:

<Table>
<Caption>
                                               Net Changes in
                                           Unrealized Gain (Loss)     Net Unrealized
                                               During the Six          Gain (Loss)
                                                Months Ended          Recorded As of
          Portfolio Company                     June 30, 2001         June 30, 2001
          -----------------                ----------------------     --------------
<S>                                        <C>                        <C>
Unrealized losses recorded during prior
   periods with respect to investments
   disposed of during the six months
   ended June 30, 2001                           $     2,275           $        --
LMC                                                       --            (1,647,054)
WasteMasters                                              --            (1,097,306)
                                                 -----------           -----------
                                                 $     2,275           $(2,744,360)
                                                 ===========           ===========
</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. 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 $459,200 and $282,720 during 1995 and
1997, respectively. As a result of the above-discussed developments, the Fund
created additional reserves of $6,238,506 and $240,894 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 June 1998, the Fund exchanged its Atlas Environmental, Inc. ("Atlas")
subordinated notes and warrants for 821,376 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



                                       15
<PAGE>   16

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.

The WasteMasters common stock, which trades on the OTC Bulletin Board System
("WAST"), 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, the Fund 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 $2,125,574 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.

During June 2001, WasteMasters filed two Forms 8-K with the Securities and
Exchange Commission describing a corporate reorganization plan, in which a
WasteMasters subsidiary, Environmental Energy Services, Inc. became
WasteMasters' parent corporation, followed by a sale of the WasteMasters
corporate entity for a nominal amount. These described transactions appear to
represent an effort by the company to rid itself of certain of WasteMasters'
liabilities and lawsuits, while effectively continuing in business under a
revised corporate structure. Notwithstanding these filings, as of July 24, 2001
the stock continues to trade under the name of WasteMasters.

Both the 52-week low and the current bid price (July 24, 2001) for the
WasteMasters common stock are $0.02 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.

     19.1      Reports Furnished to Securities Holders.

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


                                    By: FCM Fiduciary Capital Management Company
                                                 Managing General Partner



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



                                       18
<PAGE>   19

                                  EXHIBIT INDEX


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

         19.1              Reports Furnished to Securities Holders.
</Table>



                                       E-1