TUDOR FUND FOR EMPLOYEES LP - 10-Q Quarterly Report

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FORM 10-Q

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTER ENDED: 3/31/03

COMMISSION FILE NUMBER: 333-52543

TUDOR FUND FOR EMPLOYEES L.P.

(Exact name of registrant as specified in its charter)

Delaware		13-3543779
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

1275 King Street, Greenwich, Connecticut		06831
(Address of principal executive offices)		(Zip Code)

(203) 863-6700
(Registrant’s telephone number, including area code)

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 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.

x YES NO ¨

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).

¨ YES NO x

TUDOR FUND FOR EMPLOYEES L.P.

QUARTERLY REPORT ON FORM 10-Q

TABLE OF CONTENTS

		Page
	PART I
Item 1.	Financial Statements
	Statements of Financial Condition as of March 31, 2003 and December 31, 2002	3
	Condensed Schedule of Investments as of March 31, 2003	4
	Condensed Schedule of Investments as of December 31, 2002	5
	Statements of Operations for the three months ended March 31, 2003 and 2002	6
	Statements of Changes in Partners’ Capital for the Period ended March 31, 2003 and the year ended December 31, 2002	7
	Notes to Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	13
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	16
Item 4.	Controls and Procedures	18
	PART II
Item 1.	Legal Proceedings	19
Item 2.	Changes in Securities and Use of Proceeds	19
Item 3.	Defaults Upon Senior Securities	19
Item 4.	Submission of Matters to a Vote of Security Holders	19
Item 5.	Other Information	19
Item 6.	Exhibits and Reports on Form 8-K	20
Signatures		21
Certifications		22

PART I—FINANCIAL INFORMATION

Item 1.—Financial Statements

TUDOR FUND FOR EMPLOYEES L.P.

STATEMENTS OF FINANCIAL CONDITION

	MARCH 31, 2003		DECEMBER 31, 2002
	(UNAUDITED)		(AUDITED)
Assets
Cash and cash equivalents	$	46,356,726	$	45,498,833
Due from brokers		4,834,345		3,257,380

Total assets	$	51,191,071	$	48,756,213

Liabilities and partners’ capital:

Liabilities:
Pending partner additions	$	2,314,843	$	2,595,000
Redemptions payable		248,000		332,259
Incentive fee payable		—		107,676
Management fee payable		131,901		123,057
Accrued professional fees and other		289,975		235,475

Total liabilities		2,984,719		3,393,467

Partners’ capital:
Limited Partners, 20,000 units authorized and 4,497.825 and 3,990.202 outstanding at March 31, 2003 and December 31, 2002		46,187,693		43,232,851
General Partner, 196.580 units outstanding at March 31, 2003 and December 31, 2002		2,018,659		2,129,895

Total partners’ capital		48,206,352		45,362,746

Total liabilities and partners’ capital	$	51,191,071	$	48,756,213

See accompanying notes to financial statements.

TUDOR FUND FOR EMPLOYEES L.P.

CONDENSED SCHEDULE OF INVESTMENTS

Description	Market Value			Percentage of Net Assets
March 31, 2003 (UNAUDITED)

Futures
Equity indexes futures
North America	$	(142,392	)	(0.30	)%
Asia		(125,382	)	(0.26	)
Europe		146,686		0.30

Total equity indexes futures		(121,088	)	(0.26	)

Foreign exchange futures
North America		(640	)	0.00

Total foreign exchange futures		(640	)	0.00

Total futures		(121,728	)	(0.26	)


Swaps
Commodity swaps
North America		(194,428	)	(0.40	)

Total commodity swaps		(194,428	)	(0.40	)

Equity swaps
North America		67,268		0.14
Europe		(80,176	)	(0.17	)

Total equity swaps		(12,908	)	(0.03	)

Total swaps		(207,336	)	(0.43	)


Forwards
Foreign exchange forwards
North America		87,852		0.18
Asia		104,350		0.22
Europe		436		0.00

Total foreign exchange forwards		192,638		0.40


Non-financial derivatives
Metal forwards
North America		(212,128	)	(0.44	)

Total metal forwards		(212,128	)	(0.44	)

Total investments, at market value⁽¹⁾	$	(348,554	)	(0.73	)%

(1)

All such amounts are included in due from broker on the statement of financial condition.

See accompanying notes to financial statements.

TUDOR FUND FOR EMPLOYEES L.P.

CONDENSED SCHEDULE OF INVESTMENTS


Description	Market Value			Percentage of Net Assets
December 31, 2002 (AUDITED)

Options
Interest rate swaptions
Europe	$	240,933		0.53	%

Total interest rate swaptions		240,933		0.53


Futures
Equity indexes futures
Asia		(3,382	)	(0.01	)

Total equity indexes futures		(3,382	)	(0.01	)

Interest rate futures
Europe		1,536		0.00

Total interest rate futures		1,536		0.00

Foreign exchange futures
North America		104,000		0.23

Total foreign exchange futures		104,000		0.23

Total futures		102,154		0.23


Forwards
Foreign exchange forwards
North America		2,042		0.00
Asia		167,459		0.37
Europe		24,348		0.05

Total foreign exchange forwards		193,849		0.42

Forward rate agreements
Europe		7,864		0.02

Total forward rate agreements		7,864		0.02

Total forwards		201,713		0.44

Total investments, at market value⁽¹⁾	$	544,800		1.20	%

(1)

All such amounts are included in due from broker on the statement of financial condition.

See accompanying notes to financial statements.

TUDOR FUND FOR EMPLOYEES L.P.

STATEMENTS OF OPERATIONS

FOR THE THREE MONTHS ENDED MARCH 31, 2003 AND 2002

(UNAUDITED)

	Three Months Ended March 31,
	2003		2002
Investment income
Interest	$	146,856	$	145,130

Total investment income		146,856		145,130 <

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