The table below demonstrates the approximate impact of a change in the
"stub" on various TEDs.
     Assumptions:
     1. All securities and futures prices remain unchanged (the only change
is in the stub)
     2. The settlement date used was 5/15/2001
     3. All results were rounded

(Embedded image moved to file: pic13030.pcx)



The information contained herein is based upon sources that we believe to
be reliable, but we do not represent that it is complete or accurate.
Estimates and expectations expressed are not a representation or a
guarantee that such estimates or expectations will be achieved.  Nothing
contained herein should be considered as an offer to sell or a solicitation
of an offer to buy any financial instruments discussed herein.  Any
opinions expressed herein are solely those of the author.  As such, they
may differ in material respects from those of, or expressed or published by
or on behalf of Carr Futures, its affiliates, officers, directors or
employees.  Carr Futures.



Carr Futures
10 S. Wacker Dr., Suite 1100
Chicago, IL 60606  USA
Tel:  312-368-2313
Fax:  312-368-2281
bcampbell@carrfut.com
http://www.carrfut.com
 - pic13030.pcx