Prospectus Cross Reference
June 9, 1998
TUDOR FUND FOR EMPLOYEES L.P.
(A Delaware Limited Partnership)
Supplement to the
Prospectus Dated June 9, 1998
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This Supplement is an integral part of, and should be read together
with, the Prospectus dated June 9, 1998 ("Prospectus"). 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 May 18, 1999
<PAGE>
AMENDMENTS TO PROSPECTUS
1. Performance Record of the Partnership. The information regarding the
performance record of the Partnership on pages 18 and 19 is deleted in its
entirety and the following is substituted therefor:
The performance record of the Partnership from January 1, 1994
through April 30, 1999 is shown below. The Partnership's complete
performance record since it began trading (July 2, 1990 through April
30, 1999) is shown in Item 2 below. The information below and in Item 2
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 2 are representative of the
rates of return experienced by each investor holding a Unit during the
periods shown.
The information below and in Item 2 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.
<TABLE>
<CAPTION>
ACTUAL PERFORMANCE RECORD OF TUDOR FUND FOR EMPLOYEES L.P.
Rates of Return (1)(2)
1999 1998 1997 1996 1995 1994
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<S> <C> <C> <C> <C> <C> <C>
January ....................................... -4.05% -0.35% 2.69% 9.92% 4.12% 4.61%
February ...................................... 6.31% 1.27% 8.65% 0.69% 3.59% -2.24%
March ......................................... -6.03% 4.23% 4.96% 1.70% 12.14% -0.23%
April (3) ..................................... -2.43% -4.32% 0.48% 7.93% 0.53% -1.28%
May ........................................... -0.74% 1.65% -2.50% -3.96% -1.64%
June .......................................... 1.07% -0.40% -1.42% -3.19% 5.62%
July .......................................... 2.72% 3.49% 0.54% 0.18% -4.37%
August ........................................ 11.29% 3.94% -0.99% 5.50% 1.04%
September ..................................... 12.82% -5.13% -3.67% 1.49% 8.29%
October ....................................... -0.20% -1.55% -0.34% 4.73% -3.58%
November ...................................... -2.15% 4.33% -2.26% 0.50% 2.04%
December ...................................... 5.46% 1.74% 0.42% 2.08% -0.79%
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Annual (Period) Rate of Return (3)....... -6.48% 34.11% 27.05% 9.52% 30.26% 6.87%
============================================================================
</TABLE>
<TABLE>
<S> <C>
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): $24,758,000
Aggregate Redemptions Since Inception (4): $18,124,600
Current Net Assets (4): $18,276,200
Largest Monthly Percentage Draw-down (5): March 1999 (-6.03%)
Worst Peak to Valley Percentage Draw-down (6): May 1, 1996-November 30, 1996 (-10.22%)
</TABLE>
2
<PAGE>
THE ACCOMPANYING FOOTNOTES ARE AN INTEGRAL PART OF THIS 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 (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 end of a
month, 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 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) Figure for this period in 1999 is estimated.
(4) As of April 30, 1999.
(5) Largest Monthly Percentage Draw-down 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 Draw-down 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.
3
<PAGE>
2. 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:
The Partnership's complete performance record since it began
trading (July 2, 1990 through April 30, 1999) 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.
<TABLE>
<CAPTION>
ACTUAL PERFORMANCE RECORD OF TUDOR FUND FOR EMPLOYEES L.P.
Rates of Return (1)(2)
1999 1998 1997 1996 1995 1994 1993 1992 1991 1990
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
January ..................... -4.05% -0.35% 2.69% 9.92% 4.12% 4.61% -2.80% 9.61% 3.96%
February .................... 6.31% 1.27% 8.65% 0.69% 3.59% -2.24% -0.83% 6.07% -8.01%
March ....................... -6.03% 4.23% 4.96% 1.70% 12.14% -0.23% -1.45% 8.13% 0.47%
April (3) ................... -2.43% -4.32% 0.48% 7.93% 0.53% -1.28% -1.39% 3.02% 5.96%
May ......................... -0.74% 1.65% -2.50% -3.96% -1.64% -2.99% -4.03% -0.75%
June ........................ 1.07% -0.40% -1.42% -3.19% 5.62% 0.98% -6.88% 7.95%
July ........................ 2.72% 3.49% 0.54% 0.18% -4.37% 1.59% -4.03% -4.41% -9.62%
August ...................... 11.29% 3.94% -0.99% 5.50% 1.04% 0.05% 1.11% 0.10% 13.44%
September ................... 12.82% -5.13% -3.67% 1.49% 8.29% 1.23% 13.23% 1.55% 2.46%
October ..................... -0.20% -1.55% -0.34% 4.73% -3.58% 2.57% 10.13% 5.78% 17.19%
November .................... -2.15% 4.33% -2.26% 0.50% 2.04% 1.02% -3.10% 9.07% -1.87%
December .................... 5.46% 1.74% 0.42% 2.08% -0.79% 4.12% -0.98% -1.76% 3.83%
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Annual (Period) Rate of -6.48% 34.11% 27.05% 9.52% 30.26% 6.87% 1.88% 34.01% 20.13% 25.44%
Return (3)...................
===============================================================================================
</TABLE>
<TABLE>
<S> <C>
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): $24,758,000
Aggregate Redemptions Since Inception (4): $18,124,600
Current Net Assets (4): $18,276,200
Largest Monthly Percentage Draw-down (5): July 1990 (-9.62%)
Worst Peak to Valley Percentage Draw-down (6): May 1, 1992-July 31,1992 (-14.50%)
</TABLE>
THE ACCOMPANYING FOOTNOTES ARE AN INTEGRAL PART OF THIS TABLE.
4
<PAGE>
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 (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 end of a
month, 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 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) Figure for this period in 1999 is estimated.
(4) As of April 30, 1999.
(5) Largest Monthly Percentage Draw-down 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 Draw-down 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.
5
