Prospectus Cross Reference
June 14, 2002

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

Supplement to the
Prospectus Dated June 14, 2002

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This Supplement is an integral part of, and should be read together with,
the Prospectus dated June 14, 2002 ("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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CIS SECURITIES, 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 21, 2003

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, performance information, and tax information.

AMENDMENTS TO PROSPECTUS

1. The Partnership. The information regarding the Partnership's sale of
Units on page 8 (third full paragraph under "THE PARTNERSHIP") 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 March 1, 2003 closing, 4,520 Units were outstanding, with
13,650 Units having been sold, 6,350 Units remaining unsold, 9,280 of
the sold Units having been redeemed, and 150 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 under "CAPITALIZATION")
is deleted in its entirety and the following is substituted therefor:

The following table shows

o the actual capitalization of the Partnership as of March 1, 2003
based on the Units outstanding on that date; and

o the pro forma capitalization of the Partnership if all unsold
Units (6,350 Units) were sold at the Net Asset Value thereof as
of March 1, 2003 (i.e., $10,430.34).

Pro Forma
Actual Amount if the
Amount Maximum Number of
Title of Class as of March 1, 2003 Unsold Units is Sold
-------------- ------------------- --------------------
Units of Limited Partnership
Interest $47,140,844 $113,368,935
Units of General Partnership
Interest (1) 2,054,776 2,054,776
---------- ----------
TOTAL $49,195,621 $115,423,711
=========== ============
- ------------------------

(1) The actual amount shown reflects the Net Asset Value of units of general
partnership interest outstanding as of March 1, 2003 (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.

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

Nine Months Ended Years Ended December 31,
--------------------- -----------------------------------------------------------
September September 2001 2000 1999 1998 1997
30, 2002 30, 2001
----------- ----------- ----------- ----------- ----------- ----------- -----------

Revenues......................... $7,459,112 $8,877,508 $8,850,572 $5,538,110 $1,981,370 $5,159,521 $3,362,714
Expenses......................... $1,569,507 $1,335,565 $1,554,422 $1,035,471 $684,010 $962,387 $649,909
----------- ----------- ----------- ----------- ----------- ----------- -----------
Net Income....................... $5,889,605 $7,541,943 $7,296,150 $4,502,639 $1,297,360 $4,197,134 $2,712,805
Total Assets..................... $43,877,549 $35,234,509 $33,669,386 $27,918,377 $22,242,164 $18,265,036 $17,166,451
Partners' Capital (see
"REDEMPTIONS")................... $42,335,782 $31,718,171 $31,790,384 $22,161,072 $16,332,215 $14,891,112 $9,495,687
Units Outstanding................ 4,098 3,522 3,560 3,123 2,847 2,786 2,383
Net Asset Value Per Unit......... $10,331 $9,006 $8,929 $7,096 $5,737 $5,344 $3,985
Change in Net Asset Value Per
Unit............................. $1,402 $1,910 $1,833 $1,359 $393 $1,359 $849
Net Income Per Unit.............. $1,468 $1,918 $1,898 $1,337 $379 $1,327 $845

4. Management's Discussion and Analysis of Financial Condition and
Results of Operations. The information regarding liquidity, capital resources
and results of operations on pages 16-17 is supplemented by adding the following
information:

Current Market Environment

The Partnership's trading results in the third quarter of 2002 were
mixed across trading strategies as global markets continued to show weakness due
to concerns of corporate profits and the health of the world economy. The
Partnership was modestly down on the quarter from positions in U.S. fixed income
and global equity indices. Losses were offset somewhat by active trading in
currencies.

The Partnership's trading results for the nine-month period ended
September 30, 2002 were positive across a range of markets and instruments, with
most trading strategies tied to weakness in the U.S. economy and U.S. equity
markets. News of corporate failures, profit warnings and accounting
irregularities increased volatility and created opportunities for directional
trading in various markets. As these events unfolded, the Partnership benefited
from positions in U.S. fixed income and U.S. equity indices as well as in
positions in currencies.

Results of Operations

The Partnership reported a net increase (decrease) in net assets
resulting from operations of ($760,407) and $5,889,605 for the three- and
nine-month periods ended September 30, 2002 compared to a net increase in net
assets resulting from operations of $4,556,917 and $7,541,943 for the three- and
nine-month periods ended September 30, 2001.

The following table compares Net Asset Value per Unit for the three-
and nine-month periods ended September 30, 2002 and 2001:

Change in Net Asset Value Per Unit
----------------------------------

Net Asset Value Three Months Ended Nine Months Ended
per Unit September 30 September 30
-------- ------------ ------------

September 30, 2002 $10,331.04 $ (192.85) (1.83)% $1,402.14 15.70%
September 30, 2001 $ 9,006.18 $1,179.72 15.07% $1,910.41 26.92%

Interest Income

Interest income for the three- and nine-month periods ended September
30, 2002 was $189,599 and $507,309 compared to the three- and nine-month periods
ended September 30, 2001 of $279,248 and $1,010,310. 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 margin and collateral to engage in futures, option and forward
contracts and other commodity interest contracts. The decrease in interest
income was due primarily to the periodic lowering of interest rates by the
Federal Reserve.

Interest and Transaction Expenses

Interest expense for the three- and nine-month periods ended September
30, 2002 was $3,471 and $10,733 compared to the three- and nine-month periods
ended September 30, 2001 of $32,505 and $87,095. The decrease in interest
expense was due primarily to the decrease in trading volume of equity swap
transactions.

Brokerage commission expense for the three- and nine-month periods
ended September 30, 2002 was $75,480 and $254,882 compared to the three- and
nine-month periods ended September 30, 2001 of $47,086 and $146,247. 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. The increase in brokerage commissions is
due to the increase in trade volume driven by the increase in assets under
management. The General Partner anticipates that the Partnership will normally
pay annually approximately 1% of its average Net Assets in brokerage commissions
and other transaction costs and charges.

Operating Expenses

Management fees for the three- and nine-month periods ended September
30, 2002 were $172,607 and $479,255 compared to the three- and nine-month
periods ended September 30, 2001 of $133,708 and $382,810. Because management
fees are calculated as a percentage of the Partnership's net assets, this
increase was due to the increase in assets under management.

Other expenses for the three- and nine-month periods ended September
30, 2002 were $121,398 and $213,513, compared to the three- and nine-month
periods ended September 30, 2001 of $34,382 and $103,514. This increase was due
to additional services rendered by the Partnership's administrative, legal,
accounting and audit service providers.

Net Realized and Unrealized Gains/Losses on Trading Activities

Net realized and unrealized trading gains and losses, net of brokerage
commissions from strategies that use a variety of derivative financial
instruments, are recorded in the statements of operations. The following table
summarizes the components (in thousands) of net realized and unrealized gains
and losses, for the three- and nine-month periods ended September 30, 2002 and
2001.

Three Months Ended Nine Months Ended
September 30, September 30,
------------- -------------
2001 2002 2001 2002
---- ---- ---- ----
Exchange-traded:
Interest rate futures and options $(927) $2,254 $ 1,635 $2,148
Foreign exchange futures (3) (105) 159 (12)
Equity index futures (575) 2,186 992 3,577
Over-the-counter contracts:
Foreign exchange forwards 793 601 4,202 2,889
Commodity swaps 62 97 33 (556)
Equity index swaps -- (253) (334) (468)
Interest rate swaps 150 -- 150 (112)
Non-financial derivative instruments (152) 141 (129) 341
----- ------ ------ ------
Total $(652) $4,921 $6,708 $7,807
===== ====== ====== ======

Since the Partnership is a speculative trader in the commodities
markets, current period results are 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:

Three Months Ended Nine Months Ended
------------------ -----------------
September September September September
30, 2002 30, 2001 30, 2002 30, 2001
-------- -------- -------- --------

Net realized and unrealized gain
(loss) on trading activities
as a percentage of average
Net Assets (1.3)% 15.4% 18.0% 25.7%

Brokerage commissions and fees
as a percentage of average
Net Assets 0.2% 0.2% 0.7% 0.5%

Incentive fees as a percentage
of net realized and
unrealized gains
on trading activities 0.0% 8.9% 8.9% 9.1%

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 major
factor in the Partnership's operations.
Liquidity

The Partnership's assets are deposited and maintained with banks or in
trading accounts with clearing brokers and counterparties. These assets are used
by the Partnership as margin and collateral 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 margin purposes.

Cash and cash equivalents are part of the Partnership's inventory. Cash
and cash equivalents of $39,935,789 and $29,804,258 represented approximately
91% and 89% of the Partnership's assets as of September 30, 2002 and December
31, 2001. The cash and cash equivalents satisfy the Partnership's need for cash
on both a short term and long term basis.

Since futures contract trading generates a significant 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 limit fluctuations in certain commodity contract prices
during a single day by regulations prohibiting trading outside of a designated
price range, which regulations are 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. See
"PRINCIPAL RISK FACTORS--Commodity Interest Contract Trading May Be Illiquid."

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 is adjusted.

The Partnership is currently open to new investments, which can be made
quarterly. Such investments 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. See "INVESTMENT PROGRAM AND USE OF PROCEEDS."

Market Value

The Partnership values its derivative instruments at market value, with
the accompanying gains and losses reflected in the statements of operations. The
determination of market value is generally based upon independent market values
when available from major exchanges or, if none are available, from independent
broker quotations. Additionally, in determining market value, management
utilizes pricing models with market quoted inputs and also considers closing
exchange prices of related instruments, time value of money, volatility factors
of the underlying instruments, and other market conditions.

5. Risk Management. The information regarding risk management on pages
17-18 is deleted in its entirety and the following is substituted therefor:

Market Risk

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 derivative
instruments. For derivative instruments, the unrealized gain or loss, rather
than the contract notional amounts, represents the approximate future cash
requirements. As a writer of options, the Partnership bears the risk of
unfavorable changes in the price of the underlying instrument which may be in
excess of the premium received.

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. Such
losses may be in excess of the amounts recognized in the statements of financial
condition. TIC takes an active role in managing and controlling the
Partnership's market and credit risk and has established formal control
procedures that are reviewed on an ongoing basis.

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
Management Committee, together with TIC's Risk Management Department assesses
and evaluates the Partnership's potential exposures to market risk based on
analyses performed by the Risk Management Department. The 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 of those positions. The Risk Management Department
uses a statistical technique known as Value at Risk ("VaR") to assist TIC in
measuring the Partnership's exposure to

market risk related to its trading positions. The VaR model is a proprietary
system and is one of several analytical tools used by TIC to monitor and review
the market risk exposure of the Partnership's trading portfolio. The VaR model
projects potential losses of the portfolio based on a historical simulation
methodology which uses a two-year observation period of hypothetical daily
changes in trading portfolio value and a one-day holding period.

The following table illustrates the VaR for each component of market
risk as of September 30, 2002. The dollar values represent the VaR at the 99%
confidence level.

VaR (99% confidence)
Risk Factors September 30, 2002
------------ ------------------
Interest rate derivatives $ 244,387
Foreign exchange derivatives 876,528
Equity index derivatives 199,785
----------
$1,320,700
==========

The following table illustrates the Partnership's high, low and average
daily VaR during the nine-month period ended September 30, 2002 for each
component of market risk noted above:

Risk Factors High Low Average
------------ ---- --- -------
Interest rate derivatives $1,051,417 $45,909 $ 363,138
Foreign exchange derivatives 1,424,552 274,626 597,858
Equity index derivatives 643,822 -- 159,296
Non-financial derivative
instruments 173,062 14,783 157,528
---------- -------- ----------
$3,292,853 $35,318 $1,277,820
========== ======= ==========

At September 30, 2002, the Partnership's primary market exposure was to
foreign exchange instruments.

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 September 30, 2002, the Partnership's interest rate
exposure was primarily 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 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.

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

Cash and due from brokers balances are held principally at high credit
quality United States banks, United States securities dealers, and certain
international financial institutions.

Exchange-traded futures and option contracts are marked-to-market
daily, with variations in value settled on a daily basis with the exchange upon
which they are traded and with the futures commission merchant through which the
futures and options contracts are executed. Forward contracts are generally cash
settled with the counterparty two days after the trade.

TIC attempts to minimize credit risk exposure to trading counterparties
and brokers through formal credit policies and monitoring procedures. TIC has a
Credit Committee, comprised of senior managers from different disciplines, that
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 cash equivalents, are invested
with or held at institutions of high credit standing. The Credit Committee
establishes counterparty exposure limits and specifically designates which
instrument types are approved for trading.

TIC also attempts to minimize the Partnership's credit risk exposure to
trading counterparties by entering into bilateral collateral agreements. These
agreements typically include specialized margin terms, collateral thresholds and
master agreements with certain counterparties that include netting provisions
that incorporate the right of "offset" across over-the-counter contracts with
such counterparties. Accordingly, TIC monitors exposure levels of the
Partnership and actively moves collateral with counterparties to reduce
exposure.

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

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

6. Performance Record of the Partnership. The information regarding the
performance record of the Partnership beginning with the last paragraph on page
19 under "PERFORMANCE RECORD OF THE PARTNERSHIP" is deleted in its entirety and
the following is substituted therefor:

The performance record of the Partnership from January 1, 1998
through February 28, 2003 is shown below. The Partnership's complete
performance record since it began trading (July 2, 1990 through
February 28, 2003) is shown in Item 12 below. The information below and
in Item 13 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 12 are

representative of the rates of return experienced by each investor
holding a Unit during the period shown.

The information below and in Item 13 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.

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

2003 2002 2001 2000 1999 1998
---------- ---------- --------- ---------- --------- ----------

January......................... -1.05% 1.55% -0.64% -0.85% -4.05% -0.35%
February........................ -2.71% 0.64% 2.38% 5.10% 6.31% 1.27%
March........................... 1.24% 8.21% -7.98% -6.03% 4.23%
April........................... 2.71% -4.11% -0.43% -2.46% -4.32%
May............................. 4.88% 1.26% 5.69% -0.94% -0.74%
June............................ 5.76% 3.20% -3.87% -1.46% 1.07%
July............................ -2.26% 4.45% -0.95% 3.39% 2.72%
August.......................... -1.12% 5.87% 1.81% 2.05% 11.29%
September....................... 1.57% 4.07% 6.54% 0.07% 12.82%
October......................... -0.54% 2.05% -1.92% 4.52% -0.20%
November........................ 4.08% -4.19% 8.34% 4.49% -2.15%
December........................ 1.31% 1.40% 11.70% 2.01% 5.46%
---------- ---------- --------- ---------- --------- ----------
Annual (Period) Rate of Return (2)(3) -3.73% 21.34% 25.83% 23.69% 7.35% 34.11%
========== ========== ========= ========== ========= ==========

Name of Fund: Tudor Fund For Employees L.P.
Type of Fund: Publicly Offered
Inception of Trading: July 2, 1990
Aggregate Subscriptions Since Inception (3): $55,432,000
Aggregate Redemptions Since Inception (3): $38,025,000
Current Net Assets (3): $49,202,000
Largest Monthly Percentage Drawdown (4): March 2000 (-7.98%)
Worst Peak to Valley Percentage Drawdown (5): 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 is calculated by dividing Net Performance by
Beginning Net Assets plus Additions. Monthly Rate of Return does not
take into account Withdrawals. 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.

"Net Assets" means the market value of the Partnership's assets less
any accrued liabilities.

"Net Performance" represents the change in Net Assets, net of
Additions and Withdrawals.

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

(2) "Annual (Period) Rate of Return" is calculated by determining the
Monthly 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) As of March 1, 2003.

(4) "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.

(5) "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.

7. Trading Advisor and Principals. The information regarding the
Trading Advisor and its principals on pages 22-23 is amended as follows:

Mark V. Houghton-Berry is no longer a Director or principal of the
Trading Advisor. Mark R. Nicholson and Mark A. Withy have become Directors and
principals of the Trading Advisor. The biography of Mr. Houghton-Berry is
deleted and replaced with the following:

Mark R. Nicholson. Mr. Nicholson, age 42, is a Managing Director of the
affiliates of the General Partner which maintain offices in Surrey, England. Mr.
Nicholson joined such affiliates in April 1994.

Mark A. Withy. Mr. Withy, age 36, is a Managing Director of the
affiliates of TIC which maintain offices in Surrey, England. Mr. Withy joined
such affiliates in March 1995. Mr. Withy does not participate in the trading of
customer accounts of TIC or its affiliates.

8. Description of the Clearing Brokers. The table beginning on page 25
showing clearing brokers with which the Partnership currently maintains trading
accounts is amended as follows.

The second row in the table relating to "Cargill Investor Services,
Inc." is deleted in its entirety and replaced with the following:

- ----------------------------------------------------------------------------------------------------------------------
Clearing Broker Main Business Office Regulatory Organization Memberships and Registrations
- ----------------------------------------------------------------------------------------------------------------------

Bear, Stearns Securities One Metrotech Center North o Registered with CFTC as an FCM.
Corp. Brooklyn, New York 11201 o Member of NFA as an FCM.
o Subsidiary of Bear, Tel.: 212-272-1000 o Registered with SEC as a B-D.
Stearns & Co. Inc. o Member of NASD as a a B-D.

- ----------------------------------------------------------------------------------------------------------------------
Credit Suisse First Boston 11 Madison Avenue o Registered with CFTC as an FCM.
New York, New York 10010 o Member of NFA as an FCM.
Tel.: 212-325-2000 o Registered with SEC as a B-D.
o Member of NASD as a B-D.
- ----------------------------------------------------------------------------------------------------------------------

9. Recent Material Actions Against Clearing Brokers. The information
regarding material actions against certain clearing brokers on page 27 in the
last paragraph under "IPO Allocation Matters" is amended by deleting the last
two sentences thereof and replacing them with the following:

These various class action complaints have been coordinated for
pre-trial purposes before one judge in the SDNY (different from the
judge handling the antitrust complaints). On February 19, 2003, the
presiding judge granted in part, and denied in part, numerous motions
to dismiss the plaintiff's complaints.

The table on page 28 is amended by adding the following:

Bear Stearns Securities Corp. o In May 2000 in a case before the U.S.
("BSSC") District Court for the Southern
("BSSC") District of NY ("SDNY"), Bear
Stearns & Co. Inc. ("Bear Stearns")
and an affiliate were found liable for
negligence to a former customer in
connection with certain foreign
currency futures trading and
over-the-counter foreign exchange
currency trading and were ordered to
pay $111.5 million in damages. In
September 2002, the U.S. Court of
Appeals for the Second Circuit
overturned the verdict. The plaintiff
has sought reargument.

BSSC, continued. o In July 1997, 277 alleged customers of
a Lebanese introducing broker filed a
civil action against Bear Stearns in
the SDNY alleging fraud, negligence,
breach of fiduciary duty, breach of
contract and other claims. Bear
Stearns has denied the allegations. In
a related matter, two lawsuits have
been filed in Lebanon alleging breach
of contractual obligations in
connection with the alleged wiring of
certain funds by the plaintiffs to
Bear Stearns for investment on their
behalf.

o Bear Stearns and BSSC are defendants
in several actions resulting from
their relationship with A.R. Baron &
Company, Inc. ("Baron") for which Bear
Stearns provided clearing services and
financing. The actions allege, among
others, certain securities law
violations, fraud and breach of
fiduciary duty. BSSC previously
settled an administrative proceeding
filed by the SEC in connection with
its activities on behalf of Baron.

o Bear Stearns is a defendant in several
actions arising out of a merger
between McKesson Corporation and HBO &
Company. These actions allege, among
others, certain securities law
violations, misrepresentation, fraud,
breach of contract and breach of
fiduciary duty.

o Bear Stearns and BSSC are defendants
in two purported class actions in
connection with Bear Stearns' role as
clearing broker for Sterling Foster &
Co., Inc. The actions allege, among
others, certain securities law
violations and fraud.

o Bear Stearns was a defendant in the
DOJ Market-Makers Antitrust
Litigation.

o Bear Stearns was a defendant in the
Class Action Market-Makers Antitrust
Lititgation.

o Bear Stearns was a defendant in the
SEC Market-Makers Investigation.

o Bear Stearns is a defendant in the
Class Action Underwriting Fee
Litigation.

o Bear Stearns is a defendant in the IPO
Allocation Matters.

Credit Suisse First Boston o CSFB is a defendant in the Municipal
Bond Advance Refunding Litigation.
("CSFB")

o CSFB was a defendant in the Municipal
Bond Advance Refunding Litigation.

o CSFB was a defendant in the DOJ
Market-Makers Antitrust Litigation.

o CSFB was a defendant in the Class
Action Market-Makers Antitrust
Litigation.

o CSFB was a defendant in the SEC
Market-Makers Investigation.

o CSFB is a defendant in the Class
Action Underwriting Fee Litigation.

o CSFB is a defendant in the IPO
Allocation Matters.

10. Money Laundering Prevention. The information regarding "MONEY
LAUNDERING PREVENTION" on page 40 is deleted in its entirety and the following
substituted therefor:

"The Uniting and Strengthening America by Providing Appropriate
Tools Required to Intercept and Obstruct Terrorism Act of 2001" (the
"USA Patriot Act"), effective as of October 26, 2001, requires certain
financial institutions, including the Partnership, to establish and
maintain anti-money laundering programs. On September 18, 2002, the
Treasury Department published proposed regulations that will, if
enacted in their current form, require unregistered investment
companies (as defined in the proposed regulations) to (a) establish and
maintain an anti-money laundering compliance program, (b) periodically
test the required compliance program, (c) designate and train
responsible personnel, and (d) file a written notice with the United
States Treasury Department within 90 days of the effective date of the
regulations that identifies certain information regarding the subject
company, including the dollar amount of assets under company management
and the number of interest holders in the subject company. As the
proposed rule is currently drafted, an "unregistered investment
company" includes any issuer that (i) would be an investment company
but for the exclusion from registration provided for by Section 3(c)(1)
or 3(c)(7) of the Investment Company Act, (ii) permits an owner to
redeem his or her ownership interest within two years of the purchase
of that interest, (iii) has total assets over $1,000,000 and (iv) is
organized in the United States or is "organized, operated, or
sponsored" by a U.S. person. The Partnership takes the view that it
falls under the ambit of the proposed rule and will take all steps
required to comply with it once the final rule is promulgated. In the
future, other rules and regulations that support the USA Patriot Act
may require the Partnership to verify both the identity of any person
submitting a completed subscription agreement as well as the source of
such person's investment. Corporate investors may also be required to
produce certain information to the Partnership confirming certain other
information already requested by the Partnership in its form of
Subscription

Agreement. It also is possible that, in connection with the
establishment of anti-money laundering procedures, legislation or other
regulation could be promulgated that will require the Partnership, the
Trading Advisor, the General Partner, the Selling Agent, or other
service providers to the Partnership to share information with
governmental authorities with respect to investors.

11. Security Ownership of Certain Beneficial Owners and Management. The
information regarding "SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT" of the Partnership on page 40 is deleted in its entirety and the
following is substituted therefor:

Security Ownership of Certain Beneficial Owners

As of March 1, 2003, the only persons who owned more than five
percent (5%) of the outstanding interests in the Partnership were:

Name (1) Address No. Units Percent
---- ------- ---------- -------

Tudor Investment Corporation 401(k) Savings 1275 King Street 793.9903 16.8%
and Profit-Sharing Plan ................ Greenwich, CT 06831

James Pulaski........................... c/o Tudor Investment Corporation 361.5982 7.7%
1275 King Street
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 March 1, 2003, the General Partner and the executive officers
of the General Partner collectively owned 8.2% of the outstanding
interests in the Partnership. As of March 1, 2003, in addition to the
persons identified in the table above, Mark F. Dalton and Andrew S.
Paul, each of whom is a principal of both the General Partner and the
Trading Advisor, owned 70.4178 Units (1.5%) and 119.3146 Units (2.5%),
respectively.

12. Federal Income Tax Aspects. The information summarizing material
United States income tax considerations is amended by the insertion of the
following after the subsection entitled, "Unrelated Business Taxable Income," on
page 50:

New Tax Shelter Disclosure Regulations

Recently issued Treasury regulations and revenue procedures set
forth the

circumstances under which certain transactions must be disclosed in a
disclosure statement attached to a taxpayer's federal income tax return
(a copy of such statement must also be sent to the IRS Office of Tax
Shelter Analysis). In addition, the regulations impose a requirement on
certain "material advisors" to maintain a list of persons participating
in such transactions, which list must be furnished to the IRS upon
written request. These regulations can apply in situations not
conventionally considered to involve "tax shelters." Consequently, it
is possible that such disclosure could be required by the Partnership,
the Limited Partners or both, (i) if the Partnership incurs a
significant foreign currency loss on certain foreign currency
transactions or a significant loss with respect to a position that
formed part of a straddle (in each case, computed without regard to
offsetting gains or other income) or (ii) in the unlikely event that
the Partnership's activities result in certain book/tax differences or
(iii) possibly in other circumstances. Furthermore, the Partnership's
material advisors could be required to maintain a list of persons
investing in the Partnership pursuant to the list maintenance
regulations.

13. Additional Partnership Performance. The information regarding the
performance record of the Partnership on pages SAI-1 and SAI-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, 2003) 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.

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)

2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990
-----------------------------------------------------------------------------------------------------------

January...... -1.05% 1.55% 0.64% -0.85% -4.05% -0.35% 2.69% 9.92% 4.12% 4.61% -2.80% 9.61% 3.96%
February..... -2.71% 0.64% 2.38% 5.10% 6.31% 1.27% 8.65% 0.69% 3.59% -2.24% -0.83% 6.07% -8.01%
March........ 1.24% 8.21% -7.98% -6.03% 4.23% 4.96% 1.70% 12.14% -0.23% -1.45% 8.13% 0.47%
April........ 2.71% -4.11% -0.43% -2.46% -4.32% 0.48% 7.93% 0.53% -1.28% -1.39% 3.02% 5.96%
May.......... 4.88% 1.26% 5.69% -0.94% -0.74% 1.65% -2.50% -3.96% -1.64% -2.99% -4.03% -0.75%
June......... 5.76% 3.20% -3.87% -1.46% 1.07% -0.40% -1.42% -3.19% 5.62% 0.98% -6.88% 7.95%
July......... -2.26% 4.45% -0.95% 3.39% 2.72% 3.49% 0.54% 0.18% -4.37% 1.59% -4.03% -4.41% -9.62%
August....... -1.12% 5.87% 1.81% 2.05% 11.29% 3.94% -0.99% 5.50% 1.04% 0.05% 1.11% 0.10% 13.44%
September.... 1.57% 4.07% 6.54% 0.07% 12.82% -5.13% -3.67% 1.49% 8.29% 1.23% 13.23% 1.55% 2.46%
October...... -0.54% 2.05% -1.92% 4.52% -0.20% -1.55% -0.34% 4.73% -3.58% 2.57% 10.13% 5.78% 17.19%
November..... 4.08% -4.19% 8.34% 4.49% -2.15% 4.33% -2.26% 0.50% 2.04% 1.02% -3.10% 9.07% -1.87%
December..... 1.31% 1.40% 11.70% 2.01% 5.46% 1.74% 0.42% 2.08% -0.79% 4.12% -0.98% -1.76% 3.83%
- -------------------------------------------------------------------------------------------------------------------------
Annual -3.73% 21.34% 25.83% 23.69% 7.35% 34.11% 27.05% 9.52% 30.26% 6.87% 1.88% 34.01% 20.13% 25.44%
(Period) Rate
of Return (2)
=========================================================================================================================

THE ACCOMPANYING FOOTNOTES ARE AN INTEGRAL PART OF THIS TABLE.

FOOTNOTES TO TABLE

(1) Monthly Rate of Return is calculated by dividing Net Performance
by Beginning Net Assets plus Additions. Monthly Rate of Return
does not take into account Withdrawals. 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.

"Net Assets" means the market value of the Partnership's assets
less any accrued liabilities.

"Net Performance" represents the change in Net Assets, net of
Additions and Withdrawals.

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

(2) "Annual (Period) Rate of Return" is calculated by determining the
Monthly 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) As of March 1, 2003.

(4) "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.

(5) "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.