Index: wp-includes/post-template.php
===================================================================
--- wp-includes/post-template.php	(revision 17388)
+++ wp-includes/post-template.php	(working copy)
@@ -163,8 +163,10 @@
  * @param string $stripteaser Optional. Teaser content before the more text.
  */
 function the_content($more_link_text = null, $stripteaser = 0) {
+	global $post;
 	$content = get_the_content($more_link_text, $stripteaser);
-	$content = apply_filters('the_content', $content);
+	if ( ! post_password_required($post) )
+		$content = apply_filters('the_content', $content);
 	$content = str_replace(']]>', ']]>', $content);
 	echo $content;
 }