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SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K

(Mark One)

For the fiscal year ended December 31, 2003

OR

For the transition period from                      to                     

Commission file number 333-52543

Tudor Fund For Employees L.P.

(Exact name of registrant as specified in its charter)

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

Securities registered pursuant to Section 12(g) of the Act:

Securities registered pursuant to Section 12(g) of the Act:

N/A

(Title of class)

N/A

(Title of class)

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  ¨

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.    ¨

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act).    Yes  ¨    No  x

State the aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant. The aggregate market value shall be computed by reference to the price at which the common equity was sold, or the average bid and asked prices of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter.

Not Applicable

APPLICABLE ONLY TO REGISTRANTS INVOLVED IN BANKRUPTCY

PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

Not Applicable

DOCUMENTS INCORPORATED BY REFERENCE.

List hereunder the following documents if incorporated by reference and the Part of the Form 10-K (e.g., Part I, Part II, etc.) into which the document is incorporated: (1) any annual report to security holders; (2) any proxy or information statements; and (3) any prospectus filed pursuant to Rule 424(b) or (c) under the Securities Act of 1933. The listed documents should be clearly described for identification purposes (e.g., annual report to security holders for fiscal year ended December 24, 1980).

Partnership’s Registration Statement on Form S-1, File No. 333-52543, dated June 9, 1998 (the “Registration Statement”)(Certain Exhibits are incorporated by reference in Part IV)

Prospectus Supplement, dated May 18, 1999 (Part I and Part II)

Post-Effective Amendment No. 1 to the Registration Statement, filed May 27, 1999 (Certain Exhibits are incorporated by reference in Part IV)

Prospectus, dated June 18, 1999 (Part I and Part II)

Prospectus Supplement, dated March 21, 2000 (Part I and Part II)

Post-Effective Amendment No. 2 to the Registration Statement, filed May 25, 2000 (Certain Exhibits are incorporated by reference in Part IV)

Prospectus, dated June 15, 2000 (Part I and Part II)

Prospectus Supplement, dated March 9, 2001 (Part I and Part II)

Post-Effective Amendment No. 3 to the Registration Statement, filed May 17, 2001 (Certain Exhibits are incorporated by reference in Part IV)

Prospectus, dated June 14, 2001 (Part I and Part II)

Prospectus Supplement, dated March 8, 2002 (Part I and Part II)

Post-Effective Amendment No. 4 to the Registration Statement, filed May 14, 2002 (Certain Exhibits are incorporated by reference in Part IV)

Prospectus, dated June 14, 2002 (Part I and Part II)

Prospectus Supplement, dated March 21, 2003 (Part I and Part II)

Post-Effective Amendment No. 5 to the Registration Statement, filed May 21, 2003 (Certain Exhibits are incorporated by reference in Part IV)

Prospectus, dated June 9, 2003 (Part I and Part II)

Prospectus Supplement, dated March 24, 2004 (Part I and Part II)

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TUDOR FUND FOR EMPLOYEES L.P.

2003 FORM 10-K

TABLE OF CONTENTS

Forward Looking Statements

The Partnership has included in this Form 10-K filing, and from time to time its management may make, statements which may constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not historical facts but instead represent only the Partnership’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the Partnership’s or its management’s control. Statements preceded by, followed by, or that include the words “expect,” “will,” “may,” “could,” “intend,” “anticipate,” “believe,” “plans,” “estimates,” “predicts,” “potential,” “continue,” and “should”, involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or those of the industry in which the Partnership operates, to be materially different from any expected future results, performance or achievements expressed or implied in these forward-looking statements. It is possible that actual results may differ, possibly materially, from the anticipated results indicated in these forward-looking statements. Important factors that could cause actual results to differ from those in the Partnership’s specific forward-looking statements include:

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PART I

ITEM 1. BUSINESS.

(a) GENERAL DEVELOPMENT OF BUSINESS.

Tudor Fund For Employees L.P., a Delaware limited partnership (the “Partnership”), was formed on November 22, 1989. The business and objective of the Partnership is to generate appreciation of its assets through speculative trading of futures, forwards, option contracts, swaps and other derivative instruments, including commodity interests (collectively, “derivatives”). Only employees of Tudor Investment Corporation (“TIC”) or its affiliates, and certain employee benefit plans of TIC or its affiliates, are eligible to become limited partners (each such owner a “Limited Partner”) of the Partnership. TIC is primarily engaged in the business of providing trading advisory services to customers and affiliates with respect to commodity and security interests traded in the United States and international markets.

Second Management LLC, a Delaware limited liability company and the general partner of the Partnership (the “General Partner” and together with the Limited Partners, the “Partners”), is responsible for selecting and monitoring the commodity trading advisors and brokers used by the Partnership and for performing all administrative services necessary to the Partnership’s operations. The General Partner’s main business office is located at 1275 King Street, Greenwich, Connecticut 06831, telephone (203) 863-6700, facsimile (203) 863-8600.

In connection with a public offering of 10,000 units of Limited Partnership Interest (“LP Units”) (together with units of General Partnership Interest issued to the General Partner (“GP Units”)), an S-1 Registration Statement was filed with the Securities and Exchange Commission on June 20, 1990. Beginning on June 22, 1990, the Partnership solicited initial subscriptions for LP Units at an offering price of $1,000 per LP Unit, with a minimum subscription of $1,000. At the initial closing held on July 2, 1990, the Partnership sold a total of 421 LP Units for an aggregate capital contribution of $421,000 and 400 GP Units for an aggregate capital contribution of $400,000 and commenced trading activities. The Partnership registered an additional 10,000 LP Units pursuant to an S-1 Registration Statement (the “Registration Statement”) that became effective on June 9, 1998.

LP Units are offered for sale on a continuous basis (the “Continuing Offering”) at quarterly closings at a purchase price equal to 100% of the Net Asset Value per LP Unit as of the opening of business on the first business day of the month in which the General Partner accepts the subscription. The minimum subscription is $1,000. Amounts in excess of this minimum must be contributed in increments of $1,000.

For definitions of the terms “Management Agreement”, “Trading Profits”, “Charges and Expenses”, “Trading Managers”, “Net Asset Value per Unit” and “Net Assets”, refer to the Registration Statement.

Management.

The General Partner conducts and manages the business of the Partnership. The General Partner is authorized to delegate complete trading authority of all of the Partnership’s Net Assets to one or more trading advisors. The General Partner has appointed TIC as the Partnership’s sole trading advisor pursuant to a management agreement between TIC and the Partnership (the “Management Agreement”). The Management Agreement may be terminated at any time upon twenty-four hours written notice to the other party.

The General Partner, on behalf of the Partnership, may engage and compensate from the funds of the Partnership, such persons as the General Partner deems advisable, including any person or entity affiliated with the General Partner. The General Partner is also authorized to retain futures brokers.

Other responsibilities of the General Partner include, but are not limited to, the following: determining whether the Partnership will make distributions; administering redemptions of LP Units; preparing account statements, filings, registrations and other documents required by applicable regulatory bodies, exchanges, or boards; depositing the Partnership’s assets in an account or accounts at banks or brokers selected by the General Partner; directing the investment of the Partnership’s assets; executing various documents on behalf of the Partnership and the Limited Partners; and supervising the liquidation of the Partnership, if an event causes the termination of the Partnership to occur.

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Professional fees and other.

The Partnership pays ordinary administrative expenses, including the ordinary and recurring legal, accounting and auditing expenses incurred in connection with preparing and printing reports and tax information for Limited Partners and regulatory bodies, and mailing costs and filing fees. Such expenses were $263,587, $301,570 and $143,721 for the years ended December 31, 2003, 2002 and 2001, respectively.

Compensation of the Trading Advisor.

Pursuant to the Management Agreement, the Partnership pays TIC a quarterly incentive fee equal to 12% of the Trading Profits earned as of the end of each fiscal quarter and pays a monthly management fee equal to 1/12 of 2% of the Net Assets (a 2% annual rate) calculated as of the end of each month. TIC does not receive incentive and management fees attributable to LP Units held at the beginning of each month by the Tudor Investment Corporation 401(k) Savings and Profit-Sharing Plan (the “TIC 401(k) Plan”).

The General Partner estimates that, considering the above charges, the Partnership may have to generate gross trading profits of up to approximately 2% of the Partnership’s average annual Net Assets, depending on trading volume and the interest income it receives, simply to break even. It is contemplated that the greatest of these charges will be brokerage commissions (estimated at up to approximately 1% of the Partnership’s average annual Net Assets) even though the General Partner endeavors to negotiate rates that are reasonable based on comparable industry standards.

Futures Brokers.

The Partnership’s commodity trading accounts are carried by its futures brokers including Barclays Capital, Inc., Bear Stearns Securities Corp., Cargill Investor Services, Inc., Goldman, Sachs & Co., J.P. Morgan Futures, Inc., Lehman Brothers Inc., Merrill Lynch Futures Inc., Morgan Stanley & Co., Prudential Securities Incorporated, and UBS Securities LLC. The General Partner in its sole discretion may at any time appoint new commodity brokers. The commodity brokers are responsible for holding and maintaining the Partnership’s funds, commodities and other property; executing and/or clearing trades for the Partnership’s accounts; and performing other record keeping and preparing and transmitting to the Partnership daily confirmations of transactions and monthly statements of account, calculating equity balances and margin requirements for the Partnership’s account and other similar administrative functions.

Foreign Exchange Dealer.

The Partnership engages in the trading of foreign exchange forward and metal forward contracts with Bellwether Partners LLC, a Delaware limited liability company (“BPL”) which is an affiliate of both the General Partner and TIC. BPL does not charge commissions for transacting the Partnership’s foreign exchange and metal forward contracts.

Regulation.

Congress enacted the Commodity Exchange Act, as amended, (the “CE Act”) to regulate trading in commodity interests, the exchanges on which they are traded, the individual brokers who are members of such exchanges and the commodity professionals and commodity brokerage houses that trade in these commodity interests. The Commodity Futures Trading Commission (“CFTC”) is an independent federal agency which administers the CE Act and is authorized to promulgate rules thereunder. Under the CE Act, the CFTC is empowered, among other things, to (i) hear and adjudicate customer complaints against all individuals and firms registered or subject to registration under the CE Act; (ii) seek injunctions and restraining orders; (iii) issue orders to cease and desist; and (iv) levy substantial fines. Transactions in spot or forward contracts on exchanges located outside the United States may not be within the jurisdiction of the CFTC, and to the extent that the Partnership engages in such transactions, it may be engaging in “unregulated” transactions.

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Both the General Partner and TIC are registered with the CFTC as commodity pool operators (“CPO”) and commodity trading advisors (“CTA”) as defined in the CE Act. As such, each is subject to regulation by the CFTC. If the registration of the General Partner were suspended, revoked or not renewed, the Partnership would no longer be able to trade until a substitute general partner could be duly elected and registered. If the registration of TIC as a CTA was suspended, revoked or not renewed, TIC would not be permitted by the General Partner to advise the Partnership.

The CFTC has adopted extensive regulations affecting CPOs and CTAs which, among other things, requires distribution of disclosure documents to new customers, requires the retention of current trading and other records, prohibits CPOs from commingling pool assets with those of the operator or its other customers and requires CPOs to provide their customers with monthly account statements and annual reports.

Limited Partners are afforded certain rights for reparations under the CE Act. Limited Partners may also be able to maintain a private right of action for certain violations of the CE Act. The CFTC has adopted rules implementing the reparations provision of the CE Act which provide that any person may file a complaint for a reparation award with the CFTC for violation of the CE Act against a floor broker, futures commission merchant, CTA, CPO or their respective associated persons.

In order to prevent excessive speculation and attempted undue concentrated control in certain markets, the CFTC and certain United States exchanges have imposed speculative position limits on transactions in certain commodity interest contracts. In addition, certain exchanges have set limits on the total net positions that may be held by a commodity broker. Position limits are subject to certain exemptions, such as bona fide hedging transactions. While foreign exchanges do not generally impose position limits, such limits are set by many of the member firms. The Partnership is subject to the rules and regulations of the various exchanges on which it trades.

The General Partner and TIC are members of the National Futures Association (“NFA”), a self-regulatory organization authorized by the CFTC. The NFA became operational in 1982 and has assumed certain functions which were previously the responsibility of the CFTC, (e.g., audits of registrants). Among other things, the NFA has assumed responsibility for all CFTC registrations; has developed training and proficiency standards for members; and has established arbitration procedures for its members and customers of its members.

(b) FINANCIAL INFORMATION ABOUT SEGMENTS.

The Partnership’s business constitutes only one segment, a speculative commodity pool, for financial reporting purposes. (See “Net increase in net assets resulting from operations” contained in Item 6, “Selected Financial Data” appearing elsewhere in this report.)

(c) NARRATIVE DESCRIPTION OF BUSINESS.

(1) See discussion under Item 1 (a) above. (i)—(ix): Not applicable.

(x) Competition.

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The Partnership experiences and will continue to experience competition from publicly and privately offered commodity pools and other investment funds, such as mutual funds. The Partnership also competes with other customers of TIC and with affiliates of the General Partner that trade proprietary trading accounts. Under TIC’s trading method, all commodity-only accounts under management are generally traded in a parallel fashion, with substantially equivalent trades made for all accounts on a proportional basis (other than proprietary accounts which may be more leveraged). When TIC trades commodity interest contracts on behalf of an affiliate, an investment pool or a customer with narrower or broader investment parameters, hedging, loss reduction, arbitrage and similar strategies often mandate that such accounts be traded in a manner that is not parallel with commodity-only accounts. Thus, the Partnership is in competition with such accounts for the same or similar positions at a particular time in a particular market. The widespread utilization of trend-based and technical computerized trading methods by many participants in the commodities markets causes similar trades to be made at or about the same time which increases competition for the Partnership as described above.

The General Partner and TIC have a conflict of interest in managing the Partnership because its affiliate, BPL, executes foreign exchange forward contracts for the Partnership. This involves posting collateral with BPL in amounts of up to 5% of the Partnership’s Net Assets. BPL does not receive a fee for its services. Many of the employee traders of TIC are also employees of BPL. There is no affiliation, and consequently there is no conflict of interest, between the clearing brokers and the General Partner, TIC or BPL.

The Partnership trades in markets in competition with other traders whose assets are greater than the Partnership’s assets.

(xi) - (xii): Not applicable.

(xiii): The Partnership has no employees; however, the General Partner has arranged for TIC to provide certain management and administrative responsibilities.

(d) FINANCIAL INFORMATION ABOUT GEOGRAPHIC AREAS.

The Partnership has engaged in the trading of commodity interest contracts on exchanges located in foreign countries and has derived significant revenue therefrom.

(e) AVAILABLE INFORMATION.

(1) The Partnership files reports on Form 10-K and 10-Q with the Securities and Exchange Commission (the “SEC”).

(2) The public may read and copy any materials filed by the Partnership with the SEC at the SEC’s Public Reference Room at 450 Fifth Street, NW, Washington DC 20549. The public may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. In addition, the SEC maintains an Internet site (http://www.sec.gov) that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.

ITEM 2. PROPERTIES.

The Partnership does not utilize any physical properties in the conduct of its business.

ITEM 3. LEGAL PROCEEDINGS.

The Partnership is not aware of any material pending legal proceedings to which it is a party or to which any of its assets are subject.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF UNIT HOLDERS.

To date, there have been no items which have been presented to the LP Unit holders.

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PART II.

ITEM 5. MARKET FOR REGISTRANT’S UNITS AND RELATED UNIT HOLDER MATTERS.

(a) MARKET FOR REGISTRANT’S UNITS.

There is no established public trading market for the Units. There have been no general distributions by the Partnership since its organization. Pursuant to the Partnership Agreement, the General Partner has the sole discretion to determine what distributions, if any, the Partnership will make to its Partners.

Limited Partners may redeem some or all of their respective LP Units at the end of each calendar month. Redemption of LP Units in $1,000 increments and full redemption by a Limited Partner of all of its LP Units are made at 100% of the Net Asset Value per Unit effective as of the last business day of any month as defined in the Limited Partnership Agreement. Partial redemptions of LP Units which would reduce the Net Asset Value of a Limited Partner’s unredeemed LP Units to less than the minimum investment then required of new Limited Partners’ or such Limited Partner’s initial investment, whichever is less, will be honored only to the extent of such limitation.

(b) USE OF PROCEEDS.

The Partnership initially registered 10,000 LP Units pursuant to a registration statement (Commission file number 33-33982) that was declared effective on June 22, 1990. The Partnership registered an additional 10,000 LP Units on June 9, 1998 (Commission file number 333-52543). Of the 20,000 LP Units that have been registered, 12,422 LP Units having an aggregate value of $42,917,302 have been sold through January 1, 2002, 13,237 LP Units having an aggregate value of $51,061,256 had been sold through January 1, 2003 and 14,173 LP Units having an aggregate value of $61,220,684 had been sold through January 1, 2004. At January 1, 2004 the Partnership had a total of 153 Limited Partners. The proceeds from the sale of new LP Units were used in connection with the Partnership’s investment activities.

ITEM 6. SELECTED FINANCIAL DATA.

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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

The following discussion should be read in conjunction with the financial statements of the Partnership and related notes thereto and Item 6, “Selected Financial Data” appearing elsewhere in this report.

CRITICAL ACCOUNTING POLICIES

The discussion and analysis of the financial condition and results of operations are based on our financial statements, which have been prepared in conformity with accounting principles generally accepted in the United States. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Management believes that the estimates utilized in preparing its financial statements are reasonable and prudent; however, actual results may vary from these estimates. A summary of the accounting policies is set forth in Note 2 to our financial statements. In our view, the policy that involves the most subjective judgment is set forth below.

The Partnership values derivative contracts at independent market values when readily available from major exchanges. Otherwise, valuations are based on independent broker quotations or pricing models that consider the time value of money, volatility, and the current market and contractual prices of the underlying financial instruments.

OVERVIEW AND BUSINESS

The Partnership commenced operations on July 2, 1990. Following the closing of the initial offering period, the Partnership had 37 Limited Partners who subscribed for 421 units of Limited Partnership Interest (“LP Units”) for $421,000. In addition, the General Partner purchased 400 units of General Partnership Interest (“GP Units” and collectively with LP Units, “Units”) for $400,000. From inception through January 1, 2004, the Partnership received total Limited Partner subscriptions and contributions of $61,220,684 and had total withdrawals (inclusive of trading gains) of $43,799,442. In addition, the General Partner contributed $1,900,000 since inception. The General Partner redeemed $2,000,000 (inclusive of trading gains) on March 31, 1994 and $1,400,000 (inclusive of trading gains) on December 31, 1996. The General Partner’s equity in the Partnership as of January 1, 2004 was $2,329,597 representing approximately 4% of the Partnership’s equity. At January 1, 2004, the Partnership had a total of 153 Limited Partners.

As specified in its Limited Partnership Agreement, the Partnership may accept investments from certain employee benefit plans of affiliates to the extent that such investments do not exceed 25% of the aggregate value of outstanding Units, excluding Units held by the General Partner, TIC, and certain of their affiliates. On August 1, 1995, the Partnership accepted an investment of $99,306 from the TIC 401(k) Plan, a qualified plan organized for the benefit of employees of TIC and certain of its affiliates. The Partnership has received TIC 401(k) Plan contributions in the aggregate amount from inception through January 1, 2004 of $5,391,251. The TIC 401(k) Plan’s equity in the Partnership as of January 1, 2004 was $11,123,065 representing approximately 19.75% of the Partnership’s equity or approximately 21.82% excluding Units held by the General Partner, TIC and certain of their affiliates. TIC has waived its right to receive management and incentive fees attributable to Units held by the TIC 401(k) Plan. The number of LP Units held by the TIC 401(k) Plan will be restated as necessary to equate the per Unit value of the TIC 401(k) Plan’s capital account with the Partnership’s per Unit value. Furthermore, BPL does not charge commissions for transacting the Partnership’s foreign exchange spot and forward and commodity forward contracts.

CURRENT MARKET ENVIRONMENT

The Partnership’s trading results for the year ended December 31, 2003 were positive overall across a range of markets and instruments. The Partnership benefited in currencies and fixed income with increased volatility in the currency markets as the U.S. dollar hit all time lows against the Euro, while long term interest rates in Japan reached new highs. Trading results early in the year were down as correlations among the major financial asset classes diverged from the relationships that have existed in the past.

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RESULTS OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2003 AS COMPARED TO THE YEAR ENDED DECEMBER 31, 2002 AND FOR THE YEAR ENDED DECEMBER 31, 2002 AS COMPARED TO THE YEAR ENDED DECEMBER 31, 2001

The Partnership reported a net increase in net assets resulting from operations of $5,315,377 for the year ended December 31, 2003 compared to a net increase in net assets resulting from operations of $8,079,828 and $7,296,150 for the years ended December 31, 2002 and December 31,2001.

The following table compares Net Asset Value per Unit for the years ended December 31, 2003, 2002 and 2001:

INVESTMENT INCOME

Interest income for the year ended December 31, 2003 was $576,170 compared to the years ended December 31, 2002 and December 31, 2001 of $671,243 and $1,182,347. The Partnership earns interest income on cash and cash equivalents maintained with banks or in trading accounts held with clearing brokers and counterparties and used by the Partnership as collateral to engage in futures, option and forward contracts and other commodity interest contracts. The Partnership’s interest income fluctuates with its levels of collateral pledged with counterparties as well as changes in overall interest rates.

INVESTMENT EXPENSE

Interest expense for the year ended December 31, 2003 was $27,146 compared to the years ended December 31, 2002 and December 31, 2001 of $13,146 and $8,249. The Partnership’s interest expense fluctuates with its levels of collateral pledged by counterparties.

Brokerage commissions expense for the year ended December 31, 2003 was $365,241 compared to the years ended December 31, 2002 and December 31, 2001 of $363,088 and $187,282. These expenses represent all brokerage commissions, exchange, National Futures Association and other fees incurred in connection with the execution and clearing of commodity interest trades and will vary based on the Partnership’s trading activity during the year. The General Partner anticipates that the Partnership will normally pay approximately 1% of its average Net Assets in brokerage commissions and other transaction costs and charges annually.

OPERATING EXPENSES

Management fees for the year ended December 31, 2003 were $848,340 compared to the years ended December 31, 2002 and December 31, 2001 of $660,969 and $512,176. Because management fees are calculated as a percentage of the Partnership’s net assets, the increase in fees in 2003 and in 2002 was due to the overall increase in assets under management.

Incentive fees for the year ended December 31, 2003 were $494,538 compared to the years ended December 31, 2002 and December 31, 2001 of $729,533 and $702,994. Incentive fees fluctuate based on the amount, if any, of Net Trading Profits earned by the Partnership at each quarter-end.

Professional fees and other expenses for the year ended December 31, 2003 were $263,587 compared to the years ended December 31, 2002 and December 31, 2001 of $301,570 and $143,721. The increase in professional fees and other expenses from 2001 to 2002 was primarily due to additional services rendered by the Partnership’s administrative, legal, and audit providers. Professional fees and other expenses remained relatively stable from 2002 to 2003.

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NET REALIZED AND UNREALIZED GAINS (LOSSES) ON TRADING ACTIVITIES

Net realized and unrealized trading gains and losses are recorded in the statements of operations. The following table summarizes the components (in thousands) of net realized and unrealized gains and losses, net of brokerage commissions, for the three years ended December 31, 2003, 2002 and 2001:

As the Partnership is a speculative trader in the commodities markets, current period results are generally not comparable to prior period’s results. The following table illustrates the Partnership’s net realized and unrealized gains and losses on trading activities as a percentage of average Net Assets, brokerage commissions and fees as a percentage of average Net Assets, and incentive fees as a percentage of net realized and unrealized gains and losses on trading activities:

Inflation is not expected to be a major factor in the Partnership’s operations, except that traditionally the commodities markets have tended to be more active during inflationary periods. Since the commencement of the Partnership’s trading operations in July 1990, inflation has not been a material factor in the Partnership’s operations.

LIQUIDITY

The Partnership’s assets are deposited with banks or in trading accounts with clearing brokers and counterparties. These assets are used by the Partnership as margin to engage in derivative instruments trading. Since the Partnership’s sole purpose is to trade in derivative instruments, it is anticipated that the Partnership will continue to maintain substantial liquid assets for collateral purposes.

Cash and cash equivalents are part of the Partnership’s inventory. Cash and cash equivalents of $51,326,211 and $45,498,833 represented approximately 87% and 93% of the Partnership’s assets as of December 31, 2003 and December 31, 2002. The cash and cash equivalents satisfy the Partnership’s need for cash on both a short term and long term basis.

Since futures trading generates a significant percentage of the Partnership’s income, any restriction or limit on that trading may render the Partnership’s investment in futures contracts illiquid. Most commodity exchanges limit fluctuations in certain commodity contract prices during a single day by regulations referred to as a “daily price fluctuation limit” or “daily limits”. Pursuant to such regulations, during a single trading day, no trade may be executed at a price beyond the daily limits. If the price for a contract or a particular commodity has increased or decreased by an amount equal to the “daily limit,” positions in such contracts can neither be taken, nor liquidated unless traders are willing to effect trades at or within the limit. Commodity interest contract prices have occasionally moved the daily limit for several consecutive days with little or no trading. Such market conditions could prevent the Partnership from promptly liquidating its commodity positions.

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CAPITAL RESOURCES

The Partnership does not have, nor does it expect to have, any fixed assets. Redemptions and additional sales of Units in the future will impact the amount of funds available for investment in commodity interest contracts in subsequent periods. As the amount of capital changes, the size of the positions taken by the Partnership may be adjusted.

The Partnership is currently open to new subscriptions and contributions, which can be made quarterly. Periodically, the Partnership opens up subscriptions and contributions on a monthly basis. Such subscriptions and contributions are limited to employees of TIC and its principals or its affiliates and certain employee benefit plans, including, but not limited to, the TIC 401(k) Plan.

OFF-BALANCE SHEET ARRANGEMENTS

In the normal course of business, the Partnership is a party to a variety of off-balance sheet financial instruments in connection with its trading of derivative instruments. For certain derivative instruments, the unrealized gain or loss, rather than the contract notional amounts, represents the approximate future cash requirements. See “Net Realized and Unrealized Gains (Losses) on Trading Activities” above for additional information.

NEW ACCOUNTING PRONOUNCEMENT

On May 15, 2003, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 150, Accounting for Certain Instruments with Characteristics of both Liabilities and Equity (“SFAS 150”). This Statement establishes standards for classifying and measuring as liabilities certain financial instruments that embody obligations of the issuer and have characteristics of both liabilities and equity. SFAS 150 requires that financial instruments that are issued in the form of shares that are mandatorily redeemable on a fixed or determinable date or upon an event certain to occur be classified as liabilities. For SEC registrants deemed “non-public” entities under SFAS 150, SFAS 150 is effective for fiscal periods beginning after December 15, 2003. The Partnership will adopt SFAS 150 on January 1, 2004. As a result of adopting the new standard, it is expected that the Partnership will reclassify limited partner capital that is redeemable upon an event certain (e.g., the death of the Partner) to liabilities with subsequent returns on the related units reflected as interest expense on the statements of operations. As of December 31, 2003, this amount is approximately $41 million. Adoption of SFAS 150 will therefore also affect the presentation of the Partnership’s net increase in net assets resulting from operations and ratios to average net assets as a result of the reclassification, but it will have no impact on the value of Partner Units.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Market Risk Management

The Partnership maintains positions in derivative instruments that trade both on exchanges and “over-the-counter” (“OTC”). The Partnership is subject to credit risk and changes in market value associated with the financial instruments that are traded. In conjunction with other customer and proprietary accounts, TIC takes an active role in managing the Partnership’s market and counterparty risks and has established formal internal control procedures that are reviewed on an ongoing basis.

TIC has developed a set of guidelines and policies that are designed to maintain risk at levels that are deemed appropriate and necessary to achieve targeted rates of return. These guidelines and policies include quantitative and qualitative criteria for individual risk factors as well as for aggregate risk. TIC’s Risk Management Department, in conjunction with various senior personnel from different disciplines throughout TIC and its affiliates, regularly assesses and evaluates the Partnership’s potential exposures to market risk based on analyses performed by the department.

TIC evaluates the positions taken by the Partnership in various instruments and markets globally and assesses the market risk associated with those positions. TIC uses a statistical technique known as Value at Risk (“VaR”) to assist in measuring market risk. The VaR model is a proprietary system, and is one of several tools used to monitor and review the Partnership’s trading portfolios. The VaR model projects potential losses based on a historical simulation methodology which uses two years of historical data, a one day holding period, and a 99% confidence level. Other analytical techniques used in monitoring the Partnership’s market risk include regular reviews of the Partnership’s largest exposures. Additionally, regular reviews are performed of various liquidity factors, including average daily volume, number of days to liquidate, and percentage of net assets for all individual positions.

As a writer of options, the Partnership receives a premium upon initial settlement and then bears the risk of changes in the price of the financial instrument underlying the option. The Partnership’s ultimate obligations for options written may exceed the amount recognized in the statements of financial condition.

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The following table illustrates the VaR for each component of market risk as of December 31, 2003 and 2002. The dollar values represent the VaR at the 99% confidence level for a one day holding period.

The Partnership is an active trader and the instruments and investments utilized by the Partnership change frequently. As the objective of the Partnership is to generate appreciation of its assets through speculative trading of derivatives, the risk taken in interest rates, foreign exchange rates, equity prices and non-financial derivatives will vary dependent on the strategies utilized by the Partnership as well as current economic conditions and global events.

The following table illustrates the Partnership’s high, low and average daily VaR during the years ended December 31, 2003 and 2002 for each component of market risk noted above:

At December 31, 2003, the Partnership’s primary market exposure was to interest rate and non-financial derivative risk.

Changes in interest rates directly affect the price of interest rate futures and may, indirectly, affect the price of foreign exchange futures and equity index futures. At December 31, 2003, the Partnership’s interest rate exposure was primarily attributable to interest rate fluctuations in the United States and other G-7 countries.

The Partnership’s foreign exchange contract exposure is a result of fluctuations in exchange rates. Exchange rates fluctuate due to many factors including changes in interest rates, rates of inflation and government policies and programs.

The Partnership’s equity index exposure was primarily attributable to equity price risk in the United States and other G-7 countries. Stock index futures traded by the Partnership are principally limited to futures on broad based equity indices.

The Partnership’s exposure to non-financial derivative instruments was primarily attributable to trading in commodities.

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In addition to exchange traded instruments, the Partnership is exposed to various OTC derivative instruments including swaps and forward contracts. In addition to having price risk that may be similar to exchange traded instruments, OTC instruments may result in the Partnership having credit risk associated with its OTC contract counterparties.

Cash and Due from Brokers balances are held principally at U.S. banks, U.S. securities dealers, and certain international financial institutions.

Credit Risk Management

Derivative instruments are bilateral agreements that result in credit exposure between counterparties. Exchange traded derivatives settle through clearing houses backed by multiple members and present relatively low credit risk. Certain derivative instruments are traded in unregulated markets. Derivative instruments are either liquidated by entering into offsetting contracts with the same counterparty or held to maturity. For certain of these instruments the unrealized gain or loss, rather than the contract or notional amounts, represents the present value of future net cash requirements. OTC derivatives are settled with individual counterparties and, therefore, present potential concentrated credit risk exposure.

TIC attempts to minimize exposure to trading counterparties and brokers through the use of bilateral collateral agreements (“Collateral Agreements”) with OTC derivative counterparties and through formal credit policies and monitoring procedures. TIC has a Credit Committee, comprised of senior managers from different disciplines throughout TIC and its affiliates, which meets regularly to analyze the credit risks associated with the Partnership’s counterparties, intermediaries and service providers. A significant portion of the Partnership’s positions, including cash and due from brokers, are invested with or held at top tier banks and securities dealers. TIC establishes counterparty exposure limits and specifically designates which product types are approved for trading. TIC attempts to reduce the credit risk of the Partnership by establishing stringent credit terms in its legal trade documentation (i.e., ISDA agreements, master netting agreements, etc.) with counterparties. In addition, TIC monitors exposure levels and actively moves collateral with counterparties to reduce exposure.

Notwithstanding the risk monitoring and credit review performed by TIC, there is always a risk of non-performance with respect to its counterparties.

Generally, financial contracts can be closed out at TIC’s discretion. An illiquid or closed market, however, could prevent the close-out of positions.

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

See Item 15 for attached financial statements:

Statements of Financial Condition as of December 31, 2003 and 2002

Condensed Schedules of Investments as of December 31, 2003 and 2002

Statements of Operations for the years ended December 31, 2003, 2002 and 2001

Statements of Changes in Partners’ Capital for the years ended December 31, 2003, 2002 and 2001

Notes to Financial Statements, December 31, 2003, 2002 and 2001

The financial statements presented have been prepared pursuant to rules and regulations of the Securities and Exchange Commission (“SEC”) and, in the opinion of management of the General Partner, includes all adjustments necessary for a fair statement of each year presented.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.

A change in independent auditors from Arthur Andersen LLP to Ernst & Young LLP was reported in a Current Report on Form 8-K dated June 17, 2002.

As discussed in the 8-K, the reports of Arthur Andersen LLP on the Partnership’s financial statements for the years ended December 31, 2000 and December 31, 2001 did not contain an adverse opinion, disclaimer of opinion or qualification or modification as to uncertainty, audit scope or accounting principles. During the years ended December 31, 2000 and December 31, 2001 and the subsequent interim period, there were no disagreements with Arthur Andersen LLP on any matters of accounting principles or practices, financial statement disclosure or auditing scope or procedures. In addition, during the years ended December 31, 2000 and December 31, 2001 and the subsequent interim period through the date of the 8-K, there were no reportable events (as defined in Item 304(a)(1)(v) of Regulation S-K).

The action to dismiss Arthur Andersen LLP as the Partnership’s independent auditor and to replace it with Ernst & Young LLP was taken by the Partnership at the direction of the General Partner.

ITEM 9A. CONTROLS AND PROCEDURES.

The Partnership’s management, with the President and Chief Executive Officer and the Chief Financial Officer of the General Partner of the Partnership, has evaluated the effectiveness of the Partnership’s disclosure controls and procedures as of December 31, 2003. Based on that evaluation, the Partnership’s management, including the President and Chief Executive Officer and the Chief Financial Officer of the General Partner of the Partnership, concluded that the Partnership’s disclosure controls and procedures were effective as of December 31, 2003. There were no material changes in the Partnership’s internal control over financial reporting during the fourth quarter of 2003.

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PART III.

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT.

Second Management LLC, a Delaware limited liability company (the “General Partner”), is the general partner of the Partnership. The General Partner’s principal office is located at 1275 King Street, Greenwich, Connecticut 06831; Telephone No. 203-863-6700; and Facsimile No. 203-863-8600. The General Partner is registered with the CFTC as a CPO and CTA and is a member of the NFA in such capacities.

Tudor Investment Corporation, a Delaware corporation (“TIC”), is the Trading Advisor to the Partnership. TIC’s principal office is located at 1275 King Street, Greenwich, Connecticut 06831; Telephone No. 203-863-6700; and Facsimile No. 203-863-8600. TIC is registered with the CFTC as a CPO and CTA and is a member of the NFA in such capacities.

TIC and its United Kingdom affiliate, Tudor Capital (U.K.), L.P., act as general partner and/or trading advisor or sub-advisor to other United States and non-United States investment funds that invest in global fixed income and equity securities, currencies, commodities, and derivatives.

Paul Tudor Jones, II, age 49, is the Chairman, the Chief Executive Officer, and the controlling principal of TIC. Mr. Jones formed Tudor in 1980, and has operated the company continuously since 1983. Mr. Jones is a member of the Commodity Exchange, Inc., the New York Board of Trade, Inc., the Chicago Board of Trade, and the Chicago Mercantile Exchange. In addition, Mr. Jones is a member of the Board of Directors of the Cantor Fitzgerald Futures Exchange. Mr. Jones served as Chairman of the New York Cotton Exchange (which is now a division of the New York Board of Trade, Inc.) from August 1992 through June 1995. Mr. Jones is the Founder and a Director of The Robin Hood Foundation, a charitable foundation,

and is a Director of the National Fish and Wildlife Foundation and The Everglades Foundations Inc.

Mark F. Dalton, age 53, is the President of TIC. Prior to joining TIC in September 1988, Mr. Dalton was employed by

Kidder, Peabody & Co. Incorporated where he served in various senior positions, including Chief Financial Officer. Mr. Dalton is also a director of Progenics Pharmaceuticals, Inc., Cathay Investment Fund Limited, and certain non-for-profit educational and charitable organizations.

John G. Macfarlane, III, age 49, is the Chief Operating Officer and a Managing Director of TIC. Prior to joining TIC in January 1998, Mr. Macfarlane was employed by Salomon Brothers and its affiliates where he served in various senior positions, including Managing Director and head of United States and Asian Fixed Income Derivatives, and Treasurer. Mr. Macfarlane does not participate in the trading of customer accounts of TIC or its affiliates. Mr. Macfarlane is also a director

of certain non-for-profit educational and charitable organizations.

Andrew S. Paul, age 51, is a Managing Director, the General Counsel and the Secretary of TIC. Mr. Paul joined Tudor in July 1989. Mr. Paul does not participate in the trading of customer accounts for TIC or its affiliates.

James J. Pallotta, age 46, is a Managing Director and the Director-U.S. Equities Group of TIC. Prior to joining TIC in

August 1993, Mr. Pallotta was a principal portfolio manager at Essex Investment Management Company, Inc. He joined Essex in 1983 as a Vice President, became a Senior Vice President and the Director of Research in 1989, and commenced managing client funds in January 1989. Mr. Pallotta is also a director of certain non-for-profit educational and charitable organizations.

John R. Torell, age 41, is a Managing Director and the Chief Financial Officer of TIC. Mr. Torell joined TIC in May 1994. Mr. Torell does not participate in the trading of customer accounts of TIC or its affiliates.

Mark A. Withy, age 37, is a Managing Director of the affiliates of TIC that maintain offices in Surrey, England. Mr. Withy does not participate in the trading of customer accounts of TIC or its affiliates.

Mark R. Nicholson, age 43, is an Executive Manager of an affiliate of TIC. Mr. Nicholson does not participate in the trading of customer accounts of TIC or its affiliates.

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Robert P. Forlenza, age 48, is a Managing Director of TIC. Prior to joining TIC in January 1995, Mr. Forlenza was a Vice President of Carlisle Capital Corporation, a private leveraged buyout firm, where he was responsible for the management of several of its portfolio companies. Mr. Forlenza is a director of PRT Group Inc. and various private companies in the United States.

Richard L. Fisher, age 50, is an outside Director of TIC. Since September 1983, Mr. Fisher has been a Managing Director of Dunavant Enterprises, Inc. Mr. Fisher has been a Director of Tudor since June 1991. Mr. Fisher does not participate in the trading or day-to-day management of TIC or its affiliates.

There have been no material administrative, civil or criminal actions against the General Partner, TIC or any of their executive officers or directors within the last five years, except as follows:

On October 31, 2000, a private civil lawsuit was filed in the United States District Court for the District of Delaware against Art Technology Group, Inc. (“ATG”), TIC, and certain investment funds and other entities managed by or affiliated with TIC. The Partnership was not named as a defendant. The lawsuit alleged that certain of the defendants realized substantial profits in transactions of equity securities of ATG that are subject to short-swing profit recovery under Section 16(b) of the United States Securities Exchange Act of 1934 as amended. TIC strongly disputed such allegations. However, in accordance with a settlement agreement that became final on April 18, 2002, the defendants agreed to pay ATG $1.45 million.

The General Partner of the Partnership has a Code of Ethics which is applicable to all officers and employees of the General Partner of the Partnership, including the President and Chief Executive Officer (its principal executive officer and principal financial and accounting officer, respectively).

ITEM 11. EXECUTIVE COMPENSATION.

The Partnership has no officers or directors. The General Partner administers the business and affairs of the Partnership. Mr. Jones, the Chairman, Chief Executive Officer and controlling shareholder of the General Partner receives no compensation from the Partnership. TIC earned $1,342,878, $1,390,502, and $1,215,170 in incentive and management fees from the Partnership during 2003, 2002 and 2001, respectively.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED UNIT HOLDER MATTERS.

(a) Security Ownership of Certain Beneficial Owners.

As of January 1, 2004, the only Unit holders who owned more than five percent (5%) of the total Units outstanding were:

(b) Security Ownership of Management.

As of January 1, 2004, the General Partner and the executive officers of the General Partner collectively owned 9.48% of the outstanding interests in the Partnership. As of January 1, 2004, in addition to the persons identified in the table above, Mark Dalton, Andrew Paul and Robert P. Forlenza, each of whom is a principal of both the General Partner and TIC, owned 24.6276 LP Units (0.52%), 110.5747 LP Units (2.33%), and 118.4452 LP Units (2.49%), respectively.

(c) Changes in Control.

There exists no arrangement known to the Partnership, the operations of which may at a subsequent date result in a change in control of the Partnership.

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ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

(a) Transactions with Management and Others.

See Item 1(a), GENERAL DEVELOPMENT OF BUSINESS, MANAGEMENT; Item 1(c)(1)(x), NARRATIVE DESCRIPTION OF BUSINESS, COMPETITION; Item 11, EXECUTIVE COMPENSATION; and Note 5—“Related Party Transactions” of ”Notes To Financial Statements” in the accompanying Financial Statements.

(b) Certain Business Relationships.

(1) None.

(2) The Partnership incurred incentive and management fees payable to TIC of $1,342,878, for the year ended December 31, 2003, which were in excess of 5% of the Partnership’s total revenues for the year.

(3) None.

(4) Not applicable.

(5) Not applicable.

(6) None.

(c) Indebtedness of Management.

None.

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Audit Fees

The aggregate fees for professional services rendered by Ernst & Young LLP in connection with their audit of our financial statements and reviews of the financial statements included in our Quarterly Reports on Form 10-Q for the years ended December 31, 2003 and 2002 were $73,500 and $67,500, respectively.

Audit-Related Fees

There were no audit-related fees billed by Ernst & Young LLP during the years ended December 31, 2003 and 2002.

Tax Fees

Tax fees billed by Ernst & Young LLP during the years ended December 31, 2003 and 2002 were $19,000 and $17,000, respectively. Tax services primarily involve assistance with tax return compliance.

Other Fees

There were no other fees billed for services by Ernst & Young LLP during the years ended December 31, 2003 and 2002.

PART IV.

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K.

(a) 1. Financial Statements.

The following financial statements and report of independent auditors are set forth in the annexed financial statements:

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The Partnership meets all the provisions of SFAS No. 102, Paragraph 7, “Statement of Cash Flows—Exemption of Certain Enterprises and Classification of Cash Flows from Certain Securities Required for Resale.” Therefore, statements of cash flows have not been provided.

Omission of Review of Our Quarterly Reports Prior to Filing by Our Independent Auditors

As explained in the Partnership’s Current Report filed on Form 8-K on June 20, 2002, Ernst & Young LLP was retained as the Partnership’s independent auditors effective June 17, 2002, replacing Arthur Andersen LLP. In connection with transitioning to Ernst & Young’s audit procedures, the Partnership now understands that the procedures which had been in place between Arthur Andersen and the Partnership’s did not provide for Arthur Andersen’s review of the Partnership’s quarterly reports on Form 10-Q prior to their filing, as is required under Rule 10-01(d) of Regulation S-X of the SEC.

As a result, the Partnership does not believe that its quarterly reports on Form 10-Q filed during the period:

received the review by Arthur Andersen required under Rule 10-01(d) and the Statement on Auditing Standards No. 71 – Interim Financial Information. The quarterly reports on Form 10-Q which the Partnership filed on August 14, 2002 and on November 14, 2002 and all quarterly reports filed during 2003 did receive the required review by Ernst & Young.

In connection with the discovery of this omission, the management of the Partnership instituted policies and procedures to insure that Rule 10-01(d) is complied with in respect to future quarterly reports. In addition, management of the Partnership requested that Ernst & Young undertake a review of the quarterly reports previously filed for the periods ended March 31, 2001, June 30, 2001, September 30, 2001 and March 31, 2002, as well as the quarterly information for the quarter ended December 31, 2001, to determine whether they believed that a review in accordance with the standards established by SAS No. 71 of such reports would have, at the time the reports were filed, raised any material accounting or reporting issues. E&Y completed this review and noted no significant findings.

2. No financial statement schedules are required to be filed.

3. Exhibits. (unless otherwise indicated, each Exhibit was previously filed and has not been amended in any material respect).

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(b) Reports on Form 8-K

The Partnership did not file any Current Reports on Form 8-K during the three months ended December 31, 2003.

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CERTIFICATIONS

I, Mark F. Dalton, certify that:

March 30, 2004

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CERTIFICATIONS

I, John R. Torell, certify that:

March 30, 2004

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CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

I, the President and Chief Executive Officer of the General Partner of Tudor Fund For Employees L.P. (the “Partnership”), certify, pursuant to Section §906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

March 30, 2004

A signed original of this written statement required by Section 906 has been provided to the Partnership and will be retained by the Partnership and furnished to the Securities and Exchange Commission or its staff upon request.

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CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

I, the Chief Financial Officer of the General Partner of Tudor Fund For Employees L.P. (the “Partnership”), certify, pursuant to Section §906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

March 30, 2004

A signed original of this written statement required by Section 906 has been provided to the Partnership and will be retained by the Partnership and furnished to the Securities and Exchange Commission or its staff upon request.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) 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.

DATE: March 30, 2004

Pursuant to the requirements of the Securities and Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

SECOND MANAGEMENT LLC

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TUDOR FUND FOR EMPLOYEES L.P.

INDEX TO FINANCIAL STATEMENTS

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Report of Independent Auditors

To the Partners of Tudor Fund For Employees L.P.

We have audited the accompanying statements of financial condition of Tudor Fund For Employees L.P. (the “Partnership”), including the condensed schedules of investments, as of December 31, 2003 and 2002, and the related statements of operations and changes in partners’ capital for the years then ended. These financial statements are the responsibility of the Partnership’s management. Our responsibility is to express an opinion on these financial statements based on our audits. The Partnership’s statements of operation and changes in partners’ capital for the year ended December 31, 2001 were audited by other auditors who have ceased operations and whose report dated March 5, 2002, expressed an unqualified opinion on those statements.

We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements, audited by us, referred to above present fairly, in all material respects, the financial position of Tudor Fund For Employees L.P. at December 31, 2003 and 2002, and the results of its operations and changes in partners’ capital for the years then ended in conformity with accounting principles generally accepted in the United States of America.

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REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

To the Partners of Tudor Fund For Employees L.P.

We have audited the accompanying statements of financial condition of Tudor Fund For Employees L.P. (a Delaware limited partnership) as of December 31, 2001 and 2000, including the condensed schedule of investments as of December 31, 2001, and the related statements of operations and changes in partners’ capital for each of the three years in the period ended December 31, 2001. These financial statements are the responsibility of the Partnership’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Tudor Fund For Employees L.P. as of December 31, 2001 and 2000, and the results of its operations for each of the three years in the period ended December 31, 2001 in conformity with accounting principles generally accepted in the United States.

This is a copy of the audit report previously issued by Arthur Andersen LLP in connection with the Tudor Fund For Employees L.P.’s filing on Form 10-K for the year ended December 31, 2001. This audit report has not been reissued by Arthur Andersen LLP in connection with this filing on Form 10-K.

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PART I – FINANCIAL INFORMATION

Item 1. – Financial Statements

TUDOR FUND FOR EMPLOYEES L.P.

STATEMENTS OF FINANCIAL CONDITION

See accompanying notes to financial statements.

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TUDOR FUND FOR EMPLOYEES L.P.

CONDENSED SCHEDULE OF INVESTMENTS

See accompanying notes to financial statements.

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TUDOR FUND FOR EMPLOYEES L.P.

CONDENSED SCHEDULE OF INVESTMENTS

See accompanying notes to financial statements.

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TUDOR FUND FOR EMPLOYEES L.P.

STATEMENTS OF OPERATIONS

FOR THE YEARS ENDED DECEMBER 31, 2003, 2002 AND 2001