Prospectus Cross Reference
                                                      June 15, 2000







                          TUDOR FUND FOR EMPLOYEES L.P.
                        (A Delaware Limited Partnership)


                                Supplement to the
                         Prospectus Dated June 15, 2000


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          This Supplement is an integral part of, and should be read
          together with, the Prospectus dated June 15, 2000
          ("Prospectus"), also delivered herewith. All capitalized terms
          used in this Supplement and not defined herein have the same
          meanings as used in the Prospectus.

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                     CARGILL INVESTOR SERVICES, INC.



Neither Tudor Fund For Employees L.P. nor Tudor Investment Corporation is
affiliated with Tudor Fund, a U.S. mutual fund registered under the Investment
Company Act of 1940, or with Tudor Management Co., Inc., a wholly-owned
subsidiary of Weiss Peck & Greer.

                  The date of this Supplement is March 9, 2001




GENERAL INFORMATION

         The Prospectus is amended to reflect accuracy and timeliness of
information, including discussion of clearing brokers, capitalization,
management of the Trading Advisor, selected financial data, financial condition
and results of operations, and performance information.

AMENDMENTS TO PROSPECTUS

         1. The Partnership. The information regarding the Partnership's sale of
Units on page 8 (first paragraph) is deleted in its entirety and the following
is substituted therefor:

                  Since July 1990, the Partnership has been offering unsold
         Units for sale at a price equal to 100% of the Net Asset Value of a
         Unit as of the opening of business on the first day of each calendar
         quarter. After the January 1, 2001 closing, 3,713 Units were
         outstanding, with 13,078 Units having been sold, 6,922 Units remaining
         unsold, 9,447 of the sold Units having been redeemed, and 82 Units
         having been allocated to the TIC 401(k) Plan. In addition, the General
         Partner holds 197 units of general partnership interest.

         2. Capitalization. The information regarding the capitalization of the
Partnership on page 15 (second full paragraph and table) is deleted in its
entirety and the following is substituted therefor:

         The following table shows

         o   the actual capitalization of the partnership as of January 1, 2001
             based on the Units outstanding on that date; and

         o   the pro forma capitalization of the Partnership if all unsold Units
             (6,922 Units) were sold at the Net Asset Value thereof as of
             January 1, 2001 (i.e., $7,095.78).


                                                                                 Pro Forma
                                                    Actual                     Amount if the
                                                    Amount                   Maximum Number of
         Title of Class                      as of January 1, 2001         Unsold Units is Sold
         --------------                      ---------------------         --------------------
                                                                           
Units of Limited Partnership Interest             $26,347,549                    $75,464,537
Units of General Partnership Interest (1)           1,394,893                      1,394,893
                                                  ----------                     -----------
         TOTAL                                    $27,742,442                    $76,859,430
                                                  ===========                    ===========

- ------------------------
(1)  The actual amount shown reflects the Net Asset Value of units of general
     partnership interest outstanding as of January 1, 2001 (197 Units). The Net
     Asset Value of a unit of general partnership interest is equivalent to the
     Net Asset Value of a Unit of limited partnership interest. The General
     Partner has agreed to contribute such amounts to the Partnership as are
     necessary from time to time to make the General Partner's capital
     contribution equal to the greater of (i) $200,000 and (ii) the sum of (a)
     the lesser of $100,000 or 3% of the first $10,000,000 in aggregate capital
     contributions to the Partnership by all Partners and (b) 1% of the
     aggregate capital contributions to the Partnership by all Partners in
     excess of $10,000,000.

                                       1


         3. Selected Financial Data. The table set forth on page 15 is deleted
in its entirety and the following is substituted therefor:


                                     Nine Months
                                       Ended                         Years Ended December 31,
                                     September   --------------------------------------------------------------
                                      30, 2000      1999         1998         1997         1996        1995
                                    ------------ ------------ ------------ ------------ ----------- -----------
                                                                                   
Revenues.........................    $1,357,986   $1,976,283   $5,153,767   $3,362,714   $1,417,232  $2,657,575
Expenses.........................      $505,843     $678,923     $956,633     $649,909     $596,480    $608,851
                                    ------------ ------------ ------------ ----------- ------------ -----------
Net Income.......................      $852,143   $1,297,360   $4,197,134   $2,712,805     $820,752  $2,048,724
Total Assets.....................   $20,036,392  $22,242,164  $18,265,036  $17,166,451  $12,138,706  $9,323,890
Partners' Capital (see              $18,735,284  $16,332,215  $14,891,112   $9,495,687   $8,526,366  $8,113,393
"REDEMPTIONS")...................
Units Outstanding................         3,134        2,847        2,786        2,383        2,718       2,833
Net Asset Value Per Unit.........        $5,979       $5,737        5,344       $3,985       $3,136      $2,864
Change in Net Asset Value Per Unit         $242         $393       $1,359         $849         $273        $665
Net Income Per Unit..............          $248         $379       $1,327         $845         $246        $690


         4. Management's Discussion and Analysis of Financial Condition and
Results of Operations. The information regarding liquidity, capital resources,
results of operations, and risk management on pages 16-18 is deleted in its
entirety and the following is substituted therefor:

         Liquidity

                  The assets of the Partnership are deposited with BPL, banks,
         and clearing brokers in trading accounts, and are used as margin and
         collateral to engage in commodity interest contract trading. The
         Partnership invests in United States Government obligations approved by
         the various contract markets to fulfill margin and collateral
         requirements.

                  As of September 30, 2000, approximately 81% of the total
         assets of the Partnership were held as United States Government
         securities purchased under agreements to resell (i.e., reverse
         repurchase agreements), but this proportion varies each day. Since the
         Partnership's sole purpose is to trade in commodity interest contracts,
         it is anticipated that the Partnership will continue to maintain
         substantial liquid assets for margin and collateral purposes.

                  Interest income for the quarter ended September 30, 2000 was
         $299,184 compared to $210,407 for the quarter ended September 30, 1999.
         Interest income for the years ended December 31, 1999, 1998, and 1997
         was $842,756, $655,889, and $571,106, respectively.

                  In addition to United States Government securities purchased
         under agreement to resell, the Partnership also holds cash and cash
         equivalents. Cash and cash equivalents deposited with banks represented
         approximately 4% and 19% of the Partnership's assets as of September
         30, 2000 and December 31, 1999, respectively. The cash and Unites
         States Government securities held at banks and clearing brokers satisfy
         the Partnership's need for cash on a short-term and long-term basis.

                                       2


                  Since futures contract trading generates a large percentage of
         the Partnership's income, any restrictions or limits on that trading
         may render the Partnership's investment in futures contracts illiquid.
         Most United States commodity exchanges prohibit trading outside of a
         designated price range, referred to as a "daily limit." If prices move
         the daily limit for several days with little or no trading, the
         Partnership might be unable to promptly liquidate its open positions.
         See "PRINCIPAL RISK FACTORS -- COMMODITY INTEREST CONTRACT TRADING MAY
         BE ILLIQUID."

         Capital Resources

                  Redemptions and additional sales of Units in the future will
         affect the amount of funds available for investment in commodity
         interest contracts in subsequent periods. See "INVESTMENT PROGRAM AND
         USE OF PROCEEDS."

         Results of Operations

                  The following table compares Net Asset Values at year-end
         1999, 1998 and 1997:

                                                          Increase During Year
                                       Net Asset Value  ------------------------
                                           Per Unit         $            %
                                      ----------------  ------------- ----------
         December 31, 1999..........      $5,736.93       $  392.72      7.35%
         December 31, 1998..........      $5,344.21       $1,359.22     34.11%
         December 31, 1997..........      $3,984.99       $  848.53     27.05%

                  The following table compares Net Asset Values as of September
         30, 2000 and 1999:

                                     Net Asset Value  Increase (Decrease) During
                                                                Quarter
                                                      --------------------------
                                         Per Unit           $            %
                                     ---------------- ------------  ------------
         September 30, 2000.........      5,978.89       $414.01       7.44%
         September 30, 1999.........      5,149.25       $271.85       5.57%

                  The following table summarizes trading gains and losses by
         type of contract for the nine months ended September 30, 2000 and 1999
         and for the years 1999, 1998, and 1997.

                                       3



                                            For the Nine Months                For the Year Ended
                                            Ended September 30,                   December 31,
                                            ---------------------     --------------------------------------
                                              2000         1999         1999          1998            1997
                                            -------      --------     -------        -------        -------
                                                                                       
Interest Rate Futures and Option                                   ($ in thousands)
Contracts:
    Domestic............................      $(106)       $(221)       $ 103         $1,072          $ 982
    Foreign.............................         43          104          388          2,181            413
Foreign Exchange Contracts..............     (1,159)      (1,323)      (1,370)          (219)           373
Equity Index Futures Contracts:
    Domestic............................      1,338         (637)        (621)           329             (4)
    Foreign.............................       (345)        (364)         363            543            173
Over-the-Counter Contracts:
    Forward Currency Contracts..........        713           884         884            792            307
    Commodity Swaps.....................       (245)           63          59           (350)           (51)
    Equity Index Swaps..................        172           (98)        (99)           (82)           (78)
    Interest Rate Swaps.................          2        ---            236          ---              (64)
Non-Derivative Financial Instruments....        (99)          602         981            (36)           552
                                            -------      --------     -------        -------        -------
    Total...............................      $ 314         $(990)        924         $4,034         $2,603
                                            =======      ========     =======        =======        =======


                  Since the Partnership is a speculative trader in the
         commodities markets, current year results are not necessarily
         comparable to the previous year's results.

                  The following table illustrates the Partnership's net trading
         gain as a return on Net Assets, and also shows brokerage commissions
         and fees as a percentage of Net Assets. In addition, the table shows
         incentive fees as a percentage of Net Trading Gains.



                                                   For the Nine Months            For the Year Ended
                                                   Ended September 30,               December 31,
                                                   ---------------------    --------------------------------
                                                    2000         1999       1999    1998     1997     1996
                                                   -------     ---------    ------ -------- -------- -------
                                                                                     
Net Trading Gain (Loss) as a % of Net Assets.......  1.7%        (5.7)%      5.3%    31.4%    22.3%    6.8%
Brokerage Commissions & Fees as a % of Net Assets..  0.9%          1.0%      1.2%     1.4%     1.6%    1.1%
Incentive Fees as a % of Net Trading Gains.........  0.0%          0.0%      6.7%     9.3%     5.9%   22.2%


                  In general, commission rates have remained stable during the
         past three years.

                  Professional fees and other expenses remained stable during
         each of the past three years.

                  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 and thus potentially more
         profitable during times of high inflation. Since the commencement of
         the Partnership's trading operations in July 1990, inflation has not
         been a major factor in the Partnership's operations.

         Risk Management

                  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 activities. These activities include the trading of
         financial futures, forwards, swaps, exchange traded and negotiated
         over-the-counter options and the other commodity interests. These
         financial instruments give rise to market and credit risk in excess of
         the amounts recognized in the statements of financial

                                       4


         condition. The Partnership is subject to market and credit risk
         associated with changes in the value of underlying financial
         instruments, as well as the loss of appreciation on certain instruments
         if its counterparties fail to perform.

                  TIC takes an active role in managing and controlling the
         Partnership's market and credit risks and has established formal
         control procedures that are reviewed on an ongoing basis. TIC attempts
         to minimize credit risk exposure to trading counterparties and brokers
         through formal credit policies and monitoring procedures.

                  In order to control the Partnership's market exposure, TIC
         applies risk management guidelines and policies designed to protect the
         Partnership's capital. These guidelines and policies include
         quantitative and qualitative criteria for evaluating the appropriate
         risk levels for the Partnership. TIC's Risk Management Committee,
         comprised of senior personnel from different disciplines throughout the
         firm, regularly assesses and evaluates the Partnership's potential
         exposures to the financial markets based on analysis provided by the
         Risk Management Department. The Risk Management Department's
         responsibilities include: focusing on the positions taken in various
         instruments and markets globally; ascertaining that all such positions
         are accurately reflected on the Partnership's position reports; and
         evaluating the risk exposure associated with all such positions.

                  The Partnership uses a statistical technique known as Value at
         Risk ("VaR") to assist the Risk Management Department in measuring its
         exposure to market risk related to its trading positions. The VaR model
         projects potential losses in the portfolio and is based on a
         methodology which uses a one-year observation period of hypothetical
         daily changes in trading portfolio value, a one-day holding period and
         one standard deviation level. These figures can be scaled-up to
         indicate risk exposure at the 95% or 99% confidence level.

                  TIC has a formal Credit Committee, comprised of senior
         managers from different disciplines throughout the firm, that meets
         regularly to analyze the credit risk associated with the Partnership's
         counterparties, intermediaries and service providers. A significant
         portion of the Partnership's positions are invested with or held at
         institutions with high credit standing. TIC establishes counterparty
         exposure limits and specifically designates which product types are
         approved for trading.

                  The following table illustrates the VaR for each component of
         market risk as of September 30, 2000. The dollar values represent the
         VaR assuming a 1.65 standard deviation move in each of the financial
         instruments indicated.



                                       5


                                                                       VaR
         Risk Factors                                           (95% Confidence)
         ------------                                           ----------------

         Interest Rate Futures and Option Contracts:
             Domestic                                                $ 45,375
             Foreign                                                 $150,150

         Foreign Exchange Contracts                                   $32,835

         Equity index futures:
             Domestic                                                $182,985
             Foreign                                                 $130,845

         Non-Derivative Financial Instruments                        $148,500

                  See also "CAPITALIZATION" and "TUDOR FUND FOR EMPLOYEES L.P.
         FINANCIAL STATEMENTS AS OF DECEMBER 31, 1999 AND 1998 TOGETHER WITH
         AUDITORS' REPORT" and "TUDOR FUND FOR EMPLOYEES L.P. FINANCIAL
         STATEMENTS AS OF MARCH 31, 2000 (UNAUDITED)."

         5. Performance Record of the Partnership. The information regarding the
performance record of the Partnership beginning with the last paragraph on page
19 is deleted in its entirety and the following is substituted therefor:

                  The performance record of the Partnership from January 1, 1996
         through February 28, 2001 is shown below. The Partnership's complete
         performance record since it began trading (July 2, 1990 through
         February 28, 2001) is shown in Item 9 below. The information below and
         in Item 9 is the actual trading performance of the Partnership after
         payment of advisory fees, transaction costs, and all other expenses and
         costs. The rates of return shown below and in Item 9 are representative
         of the rates of return experienced by each investor holding a Unit
         during the period shown.

                  The information below and in Item 9 has not been audited.
         However, the General Partner believes that such information is accurate
         and fairly presented.

                  You should be aware that past performance information cannot
         predict how the Partnership will perform in the future. It is possible
         that the Partnership will incur losses in the future.

                                       6



           ACTUAL PERFORMANCE RECORD OF TUDOR FUND FOR EMPLOYEES L.P.
                             Rates of Return (1)(2)


                                        2001       2000       1999      1998       1997      1996
                                        ----       ----       ----      ----       ----      ----
                                                                           
January.............................   -0.64%     -0.85%     -4.05%    -0.35%      2.69%     9.92%
February (3)........................    2.38%      5.10%      6.31%     1.27%      8.65%     0.69%
March...............................              -7.98%     -6.03%     4.23%      4.96%     1.70%
April...............................              -0.43%     -2.46%    -4.32%      0.48%     7.93%
May.................................               5.69%     -0.94%    -0.74%      1.65%    -2.50%
June................................              -3.87%     -1.46%     1.07%     -0.40%    -1.42%
July................................              -0.95%      3.39%     2.72%      3.49%     0.54%
August..............................               1.81%      2.05%    11.29%      3.94%    -0.99%
September...........................               6.54%      0.07%    12.82%     -5.13%    -3.67%
October.............................              -1.92%      4.52%    -0.20%     -1.55%    -0.34%
November............................               8.34%      4.49%    -2.15%      4.33%    -2.26%
December............................              11.70%      2.01%     5.46%      1.74%     0.42%
                                        ----      -----      ----      -----      -----      ----
Annual (Period) Rate of Return (3)      1.72%     23.69%     7.35%     34.11%     27.05%     9.52%
                                        ====      =====      ====      =====      =====      ====




                                                         
Name of Fund:                                               Tudor Fund For Employees L.P.
Type of Fund:                                               Publicly Offered
Inception of Trading:                                       July 2, 1990
Aggregate Subscriptions Since Inception (4):                $36,797,000
Aggregate Redemptions Since Inception:                      $27,262,000
Current Net Assets (3):                                     $28,228,000
Largest Monthly Percentage Drawdown (5):                    March 2000 (-7.98%)
Worst Peak to Valley Percentage Drawdown (6):               March 1, 1999-June 30, 1999 (-10.53%)


         THE ACCOMPANYING FOOTNOTES ARE AN INTEGRAL PART OF THIS TABLE.

                               FOOTNOTES TO TABLE

The performance data presented above has been calculated on an accrual basis of
accounting in accordance with United States generally accepted accounting
principles.

(1)  Monthly rate of return ("Monthly Rate of Return") is calculated by dividing
     Net Performance by Beginning Net Assets plus Additions (as such terms are
     defined below). Monthly Rate of Return does not take into account
     Withdrawals (as such term is defined below). Because Withdrawals occur only
     at the month-end, their effect on the calculation of Monthly Rate of Return
     is not material.

     "Additions" represents all additional capital contributed during a month.

     "Beginning Net Assets" represents the sum of cash and cash equivalents and
     the equity in the Partnership accounts, less accrued and paid expenses as
     of the beginning of a month.

                                       7


     "Net Performance" represents the change in Net Assets, net of Additions and
     Withdrawals. "Net Assets means the market value of the Partnership's assets
     less any accrued liabilities.

     "Withdrawals" represents all withdrawals of capital during a month.

(2)  Annual (Period) Rate of Return is calculated by determining the rate of
     return for each month during the relevant period and compounding such
     returns by subsequent monthly rates of return achieved during such period.

(3)  Figure for this period in 2001 is estimated.

(4)  Aggregate Subscriptions Since Inception includes subscriptions to the
     Partnership at the January 1, 2001 Quarterly Closing.

(5)  Largest Monthly Percentage Drawdown represents the greatest cumulative
     percentage decline in month-end Net Assets due to losses sustained by the
     Partnership during any one-month period shown in the table.

(6)  Worst Peak to Valley Percentage Drawdown represents the greatest cumulative
     percentage decline in month-end Net Assets due to losses sustained by the
     Partnership during any period shown in the table in which Net Assets at any
     prior month-end are not equaled or exceeded by subsequent Net Assets.

        PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

         6. Trading Advisor and Principals. The information regarding the
Trading Advisor and its principals on page 21 is amended as follows:

         The first paragraph is amended by the deletion of the second and third
sentences and the substitution therefor of the following: "TIC's principal
office and its Investor Services Department are located at 1275 King Street,
Greenwich, Connecticut 06831."

         The second paragraph is amended by the insertion of the following at
the end of the paragraph: "Tudor Capital (U.K.), L.P., TIC's investment adviser
affiliate in the United Kingdom, is registered with the United Kingdom
Securities and Futures Authority. Tudor Capital (U.K.), L.P. is also registered
with the CFTC as a CPO and CTA, and is a member of the NFA in such capacities."

         7. The Clearing Brokers. The table on pages 25 to 26 showing clearing
brokers with which the Partnership currently holds trading accounts is amended
in that the references to Bear, Stearns Securities Corp. and Greenwich Capital
Markets, Inc. are deleted in their entirety. The table

                                       8


regarding recent material actions against clearing brokers on pages 27 to 30 is
amended in that the reference to Bear, Stearns Securities Corp. is deleted in
its entirety, and the descriptions of the litigation matters in the following
table are added to the information provided for Salomon Smith Barney Inc.:


- --------------------------------------------------------------------------------
Salomon Smith Barney Inc.     o  In September 1992, Ameritech Corporation, its
                                 pension-plan trustee, and an officer filed a
                                 complaint against Salomon Brothers Inc. and an
                                 affiliate in the U.S. District Court for the
                                 Northern District of Illinois, alleging that
                                 the defendants sold approximately $20.9 million
                                 of participations in a portfolio of motels in
                                 violation of the Employee Retirement Income
                                 Security Act ("ERISA"), the Racketeer
                                 Influenced and Corrupt Organizations Act, and
                                 state law. Following dismissal by several
                                 courts, in June 2000 the U.S. Supreme Court
                                 remanded one remaining ERISA claim back to the
                                 trial court. Both the Department of Labor and
                                 the Internal Revenue Service are also reviewing
                                 the transactions.

                              o  In December 1996, Orange County, California
                                 filed in the U.S. Bankruptcy Court for the
                                 Central District of California a complaint
                                 against numerous brokerage firms, including
                                 Salomon Smith Barney, seeking unspecified
                                 monetary damages and alleging, among other
                                 things, that the defendants recommended and
                                 sold to the plaintiff unsuitable securities. In
                                 May 1999, the parties settled the matter.
- --------------------------------------------------------------------------------

         8. Security Ownership of Certain Beneficial Owners and Management. The
information regarding the Security Ownership of Certain Beneficial Owners and
Management of the Partnership on page 39 is deleted in its entirety and the
following is substituted therefor:

                  Security Ownership of Certain Beneficial Owners. As of January
         1, 2001, the only persons who owned more than five percent (5%) of the
         outstanding interests in the Partnership were:

                                       9





Name (1)                                   Address                                No. Units   Percent
- ----                                       -------                                ---------   -------
                                                                                     
Tudor Investment Corporation 401(k)        1275 King Street                        706.3197   18.1%
Savings and Profit-Sharing Plan ......     Greenwich, CT 06831

Robert P. Forlenza....................     c/o Tudor Investment Corporation        229.4980    5.9%
                                           40 Rowes Wharf
                                           Boston, MA 02110

Mark Pickard..........................     c/o Tudor Investment Corporation        223.0035    5.7%
                                           1275 King Street
                                           Greenwich, CT 06831

Second Management LLC ................     1275 King Street                        196.5807    5.0%
                                           Greenwich, CT 06831


- -----------------------
(1)  The persons named in this table have sole voting and investment power with
     respect to all interests in the Partnership shown as beneficially owned by
     them, subject to community property or similar laws where applicable.

                  Security Ownership of Management. As of January 1, 2001, the
         General Partner and the executive officers of the General Partner
         collectively owned 16.47% of the outstanding interests in the
         Partnership. As of January 1, 2001, in addition to the persons
         identified in the table above, Mark Dalton and Andrew Paul, each of
         whom is a principal of both the General Partner and the Trading
         Advisor, owned 118.8156 Units (3.04%) and 105.6967 Units (2.70%),
         respectively.

         9. Additional Partnership Performance. The information regarding the
performance record of the Partnership on pages Appendix A-1 and A-2 is deleted
in its entirety and the following is substituted therefor:

                       ADDITIONAL PARTNERSHIP PERFORMANCE

                  The Partnership's complete performance record since it began
         trading (July 2, 1990 through February 28, 2001) is shown below.

                  The information below is the actual trading performance of the
         Partnership after payment of advisory fees, transaction costs, and all
         other expenses and costs. The rates of return shown below are
         representative of the rates of return experienced by each investor
         holding a Unit during the period shown.

                  The information below has not been audited. However, the
         General Partner believes that such information is accurate and fairly
         presented.

                                       10


                  You should be aware that past performance information cannot
         predict how the Partnership will perform in the future. It is possible
         that the Partnership will incur losses in the future.

           ACTUAL PERFORMANCE RECORD OF TUDOR FUND FOR EMPLOYEES L.P.
                             Rates of Return (1)(2)



                     2001     2000     1999     1998     1997     1996     1995     1994     1993     1992      1991     1990
                    -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------- --------
                                                                               
January........     -0.64%   -0.85%   -4.05%   -0.35%    2.69%    9.92%    4.12%    4.61%   -2.80%    9.61%     3.96%
February (3)...      2.38%    5.10%    6.31%    1.27%    8.65%    0.69%    3.59%   -2.24%   -0.83%    6.07%    -8.01%
March..........              -7.98%   -6.03%    4.23%    4.96%    1.70%   12.14%   -0.23%   -1.45%    8.13%     0.47%
April..........              -0.43%   -2.46%   -4.32%    0.48%    7.93%    0.53%   -1.28%   -1.39%    3.02%     5.96%
May............               5.69%   -0.94%   -0.74%    1.65%   -2.50%   -3.96%   -1.64%   -2.99%   -4.03%    -0.75%
June...........              -3.87%   -1.46%    1.07%   -0.40%   -1.42%   -3.19%    5.62%    0.98%   -6.88%     7.95%
July...........              -0.95%    3.39%    2.72%    3.49%    0.54%    0.18%   -4.37%    1.59%   -4.03%    -4.41%   -9.62%
August.........               1.81%    2.05%   11.29%    3.94%   -0.99%    5.50%    1.04%    0.05%    1.11%     0.10%   13.44%
September......               6.54%    0.07%   12.82%   -5.13%   -3.67%    1.49%    8.29%    1.23%   13.23%     1.55%    2.46%
October........              -1.92%    4.52%   -0.20%   -1.55%   -0.34%    4.73%   -3.58%    2.57%   10.13%     5.78%   17.19%
November.......               8.34%    4.49%   -2.15%    4.33%   -2.26%    0.50%    2.04%    1.02%   -3.10%     9.07%   -1.87%
December.......              11.70%    2.01%    5.46%    1.74%    0.42%    2.08%   -0.79%    4.12%   -0.98%    -1.76%    3.83%
- ------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------- -------- -------- --------
Annual (Period)      1.72%   23.69%    7.35%   34.11%   27.05%    9.52%   30.26%    6.87%     1.88%   34.01%   20.13%   25.44%
Rate of Return (3)
=================== ======== ======== ======== ======== ======== ======== ======== ======== ========= ======== ======== ========




                                                         
Name of Fund:                                               Tudor Fund For Employees L.P.
Type of Fund:                                               Publicly Offered
Inception of Trading:                                       July 2, 1990
Aggregate Subscriptions Since Inception (4):                $36,797,000
Aggregate Redemptions Since Inception:                      $27,262,000
Current Net Assets (3):                                     $28,228,000
Largest Monthly Percentage Drawdown (5):                    March 2000 (-7.98%)
Worst Peak to Valley Percentage Drawdown (6):               March 1, 1999-June 30, 1999 (-10.53%)


         THE ACCOMPANYING FOOTNOTES ARE AN INTEGRAL PART OF THIS TABLE.

                               FOOTNOTES TO TABLE

(1)  Monthly rate of return ("Monthly Rate of Return") is calculated by dividing
     Net Performance by Beginning Net Assets plus Additions (as such terms are
     defined below). Monthly Rate of Return does not take into account
     Withdrawals (as such term is defined below). Because Withdrawals occur only
     at the month-end, their effect on the calculation of Monthly Rate of Return
     is not material.

     "Additions" represents all additional capital contributed during a month.

     "Beginning Net Assets" represents the sum of cash and cash equivalents and
     the equity in the Partnership accounts, less accrued and paid expenses as
     of the beginning of a month.

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     "Net Performance" represents the change in Net Assets, net of Additions and
     Withdrawals. "Net Assets means the market value of the Partnership's assets
     less any accrued liabilities.

     "Withdrawals" represents all withdrawals of capital during a month.

(2)  Annual (Period) Rate of Return is calculated by determining the rate of
     return for each month during the relevant period and compounding such
     returns by subsequent monthly rates of return achieved during such period.

(3)  Figure for this period in 2001 is estimated.

(4)  Aggregate Subscriptions Since Inception includes subscriptions to the
     Partnership at the January 1, 2001 Quarterly Closing.

(5)  Largest Monthly Percentage Drawdown represents the greatest cumulative
     percentage decline in month-end Net Assets due to losses sustained by the
     Partnership during any one-month period shown in the table.

(6)  Worst Peak to Valley Percentage Drawdown represents the greatest cumulative
     percentage decline in month-end Net Assets due to losses sustained by the
     Partnership during any period shown in the table in which Net Assets at any
     prior month-end are not equaled or exceeded by subsequent Net Assets.

        PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

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