TUDOR FUND FOR EMPLOYEES LP - 10-Q Quarterly Report

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SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

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

FOR THE QUARTER ENDED: 3/31/04

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, 2004 and December 31, 2003	3
	Condensed Schedule of Investments as of March 31, 2004	4
	Condensed Schedule of Investments as of December 31, 2003	5
	Statements of Operations for the three months ended March 31, 2004 and 2003	6
	Statements of Changes in Partners’ Capital for the three months ended March 31, 2004 and the year ended December 31, 2003	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	19

	PART II

Item 1.	Legal Proceedings	20
Item 2.	Changes in Securities and Use of Proceeds	20
Item 3.	Defaults Upon Senior Securities	20
Item 4.	Submission of Matters to a Vote of Unit Holders	20
Item 5.	Other Information	20
Item 6.	Exhibits and Reports on Form 8-K	21
Signatures		22

PART I—FINANCIAL INFORMATION

Item 1.—Financial Statements

TUDOR FUND FOR EMPLOYEES L.P.

STATEMENTS OF FINANCIAL CONDITION


	MARCH 31, 2004		DECEMBER 31, 2003
	(UNAUDITED)		(AUDITED)
Assets:
Cash and cash equivalents	$	66,562,892	$	51,326,211
Due from brokers		8,919,601		7,368,022

Total assets	$	75,482,493	$	58,694,233

Liabilities and partners’ capital:
Liabilities:
Pending partner additions	$	1,976,179	$	2,045,527
Redemptions payable		3,262,570		2,036,104
Incentive fee payable		602,651		—
Management fee payable		188,767		221,828
Accrued professional fees and other		170,931		117,179

Total liabilities		6,201,098		4,420,638

Partners’ capital:
Limited Partners, 20,000 units authorized and 5,209.482 and 4,383.242 units outstanding as of March 31, 2004 and December 31, 2003		66,762,124		51,944,007
General Partner, 196.580 units outstanding as of March 31, 2004 and December 31, 2003		2,519,271		2,329,588

Total partners’ capital		69,281,395		54,273,595

Total liabilities and partners’ capital	$	75,482,493	$	58,694,233

Net asset value per unit	$	12,815.50	$	11,850.59

See accompanying notes to financial statements.

TUDOR FUND FOR EMPLOYEES L.P.

CONDENSED SCHEDULE OF INVESTMENTS


March 31, 2004 (unaudited)	Cost		Market or Fair Value			Percent of Partners’ Capital
Long contracts⁽¹⁾
Options
Metal	$	231,230	$	647,855		0.94	%
Futures
Equity index				1,279,601		1.85
Commodity				167,665		0.24
Foreign exchange				(61,600	)	(0.09	)

Total futures				1,385,666		2.00

Forwards
Metal				14,332		0.02
Foreign exchange				717,939		1.04

Total forwards				732,271		1.06

Swaps
Commodity				456,841		0.66
Short contracts⁽¹⁾
Futures
Foreign exchange			$	60,800		0.09	%
Commodity				14,817		0.02
Bond				534,068		0.77
Equity index				(800	)	(0.00	)

Total futures				608,885		0.88

Forwards
Foreign exchange				143		0.00

⁽¹⁾	All such amounts are included, net, in due from brokers on the statements of financial condition.

See accompanying notes to financial statements.

TUDOR FUND FOR EMPLOYEES L.P.

CONDENSED SCHEDULE OF INVESTMENTS


December 31, 2003 (audited)	Cost		Market or Fair Value			Percent of Partners’ Capital
Long contracts⁽¹⁾
Options
Metal	$	66,980	$	134,677		0.25	%
Futures
Bond				443,052		0.82
Interest rate				212,500		0.39
Commodity				425		0.00
Foreign exchange				(140,080	)	(0.26	)

Total futures				515,897		0.95

Forwards
Metal				12,680		0.02
Swaps
Equity index				1,168,183		2.15
Short contracts⁽¹⁾
Futures
Foreign exchange			$	138,720		0.26	%
Bond				137,530		0.25
Equity index				(190,512	)	(0.35	)

Total futures				85,738		0.16

Forwards
Foreign exchange				(281	)	0.00

⁽¹⁾	All such amounts are included, net, in due from brokers on the statements of financial condition.

See accompanying notes to financial statements.

TUDOR FUND FOR EMPLOYEES L.P.

STATEMENTS OF OPERATIONS

(UNAUDITED)


	THREE MONTHS ENDED MARCH 31,
	2004			2003
Investment income
Interest	$	152,794		$	146,856

Total investment income		152,794			146,856

Investment expenses
Brokerage commissions		113,795			76,311
Interest		2,689			536

Total investment expenses		116,484			76,847

Net investment income		36,310			70,009
Operating expenses
Management fee		264,112			196,805
Incentive fee		602,651			—
Professional fees and other		64,287			63,954

Total operating expenses		931,050			260,759

Total expenses		1,047,534			337,606
Net operating loss		(894,740	)		(190,750	)

Net realized and unrealized gains/losses on trading activities
Net realized gain (loss)		4,768,820			(1,515,071	)
Change in net unrealized appreciation (depreciation)		1,738,934			(829,197	)

Net realized and unrealized gains (losses)		6,507,754			(2,344,268	)

Net increase (decrease) in net assets resulting from operations	$	5,613,014		$	(2,535,018	)

Limited Partners’ net increase (decrease) in net assets resulting from operations	$	5,423,331		$	(2,423,782	)
General Partner’s net increase (decrease) in net assets resulting from operations		189,683			(111,236	)

Net increase (decrease) in net assets resulting from operations	$	5,613,014		$	(2,535,018	)

Change in net asset value per unit	$	964.91		$	(565.85	)

Net increase (decrease) in net assets per unit	$	1,074.04		$	(556.70	)

See accompanying notes to financial statements.

TUDOR FUND FOR EMPLOYEES L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL

FOR THE THREE MONTHS ENDED MARCH 31, 2004 (UNAUDITED)

AND THE YEAR ENDED DECEMBER 31, 2003 (AUDITED)


	Limited Partners					General Partner			Total Capital			Net Asset Value Per Unit
	Units		Capital			Units	Capital		Total Capital			Net Asset Value Per Unit
Partners’ Capital, December 31, 2002	3,990.202		$	43,232,851		196.580	$	2,129,895	$	45,362,746		$	10,834.75
Net increase in net assets resulting from operations	—			5,115,684		—		199,693		5,315,377
TIC 401(k) Plan unit adjustment^(a)	27.598			—		—		—		—
Capital contributions	1003.074			10,708,900		—		—		10,708,900
Capital redemptions	(637.632	)		(7,113,428	)	—		—		(7,113,428	)

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