18f-3  Multiple  Class  Plan
As  Restated  June  2000


                           THE  CALVERT  GROUP  OF  FUNDS

                         RULE  18F-3  MULTIPLE  CLASS  PLAN
                    UNDER  THE  INVESTMENT  COMPANY  ACT  OF  1940

              AS  RESTATED  JUNE  2000  FOR  THE  SOLE  PURPOSE  OF  ADDING
                  CALVERT  SOCIAL  INDEX  SERIES,  INC.  TO  THE  PLAN


     RULE  18F-3 UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE "1940
ACT"), REQUIRES THAT AN INVESTMENT COMPANY DESIRING TO OFFER MULTIPLE CLASSES OF
SHARES PURSUANT TO THE RULE ADOPT A PLAN SETTING FORTH THE DIFFERENCES AMONG THE
CLASSES WITH RESPECT TO SHAREHOLDER SERVICES, DISTRIBUTION ARRANGEMENTS, EXPENSE
ALLOCATIONS  AND  ANY  RELATED  CONVERSION  FEATURES OR EXCHANGE PRIVILEGES. ANY
MATERIAL  AMENDMENT  TO  THE  PLAN  MUST BE APPROVED BY THE INVESTMENT COMPANY'S
BOARD  OF  TRUSTEES/DIRECTORS,  INCLUDING  A MAJORITY OF THE DISINTERESTED BOARD
MEMBERS,  WHO  MUST  FIND  THAT  THE PLAN IS IN THE BEST INTERESTS OF EACH CLASS
INDIVIDUALLY  AND  THE  INVESTMENT  COMPANY  AS  A  WHOLE.

     THIS  RULE 18F-3 MULTIPLE CLASS PLAN ("PLAN") SHALL APPLY TO THOSE FUNDS IN
THE  CALVERT GROUP OF FUNDS LISTED IN EXHIBIT I (EACH A "FUND" AND COLLECTIVELY,
"FUNDS")  AND  TO  ANY  FUTURE  FUND  FOR  WHICH  THIS PLAN HAS BEEN APPROVED IN
ACCORDANCE  WITH  THE  ABOVE  PARAGRAPH.

     THE  PROVISIONS  OF THIS PLAN ARE SEVERABLE FOR EACH FUND OR SERIES THEREOF
("SERIES")  OR  CLASS,  AND  WHENEVER ACTION IS TO BE TAKEN WITH RESPECT TO THIS
PLAN,  THAT  ACTION  MUST  BE  TAKEN  SEPARATELY  FOR EACH FUND, SERIES OR CLASS
AFFECTED  BY  THE  MATTER.

1.     CLASS  DESIGNATION.  A FUND MAY OFFER SHARES DESIGNATED CLASS A, CLASS B,
CLASS C , CLASS I, AND FOR CERTAIN MONEY MARKET PORTFOLIOS, CLASS O AND CLASS T.

2.     DIFFERENCES  IN  AVAILABILITY.  CLASS  A,  CLASS  B, CLASS C, AND CLASS O
SHARES  SHALL  EACH  BE AVAILABLE THROUGH THE SAME DISTRIBUTION CHANNELS, EXCEPT
THAT  (A)  CLASS  B SHARES MAY NOT BE AVAILABLE THROUGH SOME DEALERS AND ARE NOT
AVAILABLE FOR PURCHASES OF $500,000 OR MORE, (B) CLASS B SHARES OF CALVERT FIRST
GOVERNMENT MONEY MARKET FUND ARE AVAILABLE ONLY THROUGH EXCHANGE FROM CLASS B OR
CLASS  C  SHARES  OF  ANOTHER  CALVERT  FUND,  AND (C) CLASS C SHARES MAY NOT BE
AVAILABLE THROUGH SOME DEALERS AND ARE NOT AVAILABLE FOR PURCHASES OF $1 MILLION
OR MORE. CLASS I SHARES ARE GENERALLY AVAILABLE ONLY DIRECTLY FROM CALVERT GROUP
AND NOT THROUGH DEALERS, AND EACH CLASS I SHAREHOLDER MUST MAINTAIN A $1 MILLION
MINIMUM  ACCOUNT  BALANCE.  CLASS  T  SHARES  ARE ONLY AVAILABLE THROUGH CERTAIN
DEALERS.

3.     DIFFERENCES  IN  SERVICES.  THE  SERVICES OFFERED TO SHAREHOLDERS OF EACH
CLASS  SHALL  BE SUBSTANTIALLY THE SAME, EXCEPT THAT THE RIGHTS OF ACCUMULATION,
LETTERS OF INTENT AND REINVESTMENT PRIVILEGES SHALL BE AVAILABLE ONLY TO HOLDERS
OF  CLASS  A  SHARES. CLASS I PURCHASES AND REDEMPTIONS MAY ONLY BE MADE BY BANK
WIRE.  CLASS  T  SHARES HAVE LIMITED SERVICES BY CALVERT, RATHER THE SERVICES TO
SHAREHOLDERS  ARE  PROVIDED  BY  THE  DEALER  OFFERING  THE  CLASS  T  SHARES.

4.     DIFFERENCES IN DISTRIBUTION ARRANGEMENTS. CLASS A SHARES SHALL BE OFFERED
WITH  A  FRONT-END  SALES  CHARGE,  AS  SUCH TERM IS DEFINED IN RULE 2830 OF THE
CONDUCT RULES OF THE NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC. THE AMOUNT
OF THE SALES CHARGE ON CLASS A SHARES IS SET FORTH AT EXHIBIT II. SALES OF CLASS
A  SHARES  OF  $1  MILLION  OR  MORE  SOLD  AT  NAV  SHALL BE SUBJECT TO A 1.00%
CONTINGENT  DEFERRED SALES CHARGE ("CDSC") IF THE SHARES ARE REDEEMED WITHIN ONE
YEAR  OF  PURCHASE.  CLASS  A  SHARES  SHALL  BE  SUBJECT TO A DISTRIBUTION PLAN
ADOPTED  PURSUANT  TO  RULE  12B-1  UNDER  THE  1940  ACT.  THE  AMOUNT  OF  THE
DISTRIBUTION  PLAN  EXPENSES FOR CLASS A SHARES, AS SET FORTH AT EXHIBIT II, ARE
USED  TO  PAY THE FUND'S PRINCIPAL UNDERWRITER FOR DISTRIBUTING AND OR PROVIDING
SERVICES TO THE FUND'S CLASS A SHARES. THIS AMOUNT INCLUDES A SERVICE FEE AT THE
ANNUAL  RATE  OF .25 OF 1% OF THE VALUE OF THE AVERAGE DAILY NET ASSETS OF CLASS
A.

     CLASS  B SHARES SHALL BE OFFERED WITH A CDSC AND NO FRONT-END SALES CHARGE.
THE  AMOUNT  OF  THE  CDSC ON CLASS B SHARES IS SET FORTH AT EXHIBIT II. CLASS B
SHARES  SHALL  BE  SUBJECT TO A DISTRIBUTION PLAN ADOPTED PURSUANT TO RULE 12B-1
UNDER  THE  1940  ACT.  THE AMOUNT OF THE DISTRIBUTION PLAN EXPENSES FOR CLASS B
SHARES,  AS  SET  FORTH  AT  EXHIBIT  II,  ARE USED TO PAY EACH FUND'S PRINCIPAL
UNDERWRITER  FOR  DISTRIBUTING  AND  OR PROVIDING SERVICES TO THE FUND'S CLASS B
SHARES.  THIS  AMOUNT  INCLUDES A SERVICE FEE AT THE ANNUAL RATE OF .25 OF 1% OF
THE  VALUE  OF  THE  AVERAGE  DAILY  NET  ASSETS  OF  CLASS  B.

     CLASS  C SHARES SHALL NOT BE SUBJECT TO A FRONT-END SALES CHARGE, BUT SHALL
BE  SUBJECT  TO  A  1.00%  CDSC  IF  THE  SHARES ARE REDEEMED WITHIN ONE YEAR OF
PURCHASE.  CLASS  C  SHARES  SHALL  BE  SUBJECT  TO  A DISTRIBUTION PLAN ADOPTED
PURSUANT  TO  RULE 12B-1 UNDER THE 1940 ACT. THE AMOUNT OF THE DISTRIBUTION PLAN
EXPENSES  FOR  CLASS  C  SHARES  ARE  SET  FORTH  AT  EXHIBIT  II.  THE  CLASS C
DISTRIBUTION  PLAN  PAYS  EACH  APPLICABLE  FUND'S  PRINCIPAL  UNDERWRITER  FOR
DISTRIBUTING  AND  OR  PROVIDING  SERVICES  TO  SUCH FUND'S CLASS C SHARES. THIS
AMOUNT  INCLUDES  A  SERVICE FEE AT THE ANNUAL RATE OF .25 OF 1% OF THE VALUE OF
THE  AVERAGE  DAILY  NET  ASSETS  OF  CLASS  C.

     CLASS  I  AND  CLASS O SHARES SHALL BE SUBJECT TO NEITHER A FRONT-END SALES
CHARGE, NOR A CDSC, NOR ARE THEY SUBJECT TO A DISTRIBUTION PLAN ADOPTED PURSUANT
TO  RULE  12B-1  UNDER  THE  1940  ACT.

CLASS T SHARES SHALL BE SUBJECT TO NEITHER A FRONT-END SALES CHARGE, NOR A CDSC,
BUT THEY ARE SUBJECT TO A DISTRIBUTION PLAN ADOPTED PURSUANT TO RULE 12B-1 UNDER
THE  1940  ACT.

5.     EXPENSE  ALLOCATION.  THE  FOLLOWING  EXPENSES SHALL BE ALLOCATED, TO THE
EXTENT  PRACTICABLE,  ON A CLASS-BY-CLASS BASIS: (A) DISTRIBUTION PLAN FEES; (B)
TRANSFER  AGENT AND SHAREHOLDER SERVICING FEES; (C) ADMINISTRATIVE SERVICE FEES;
AND  (E)  CERTAIN  STATE  REGISTRATION  FEES.

6.     CONVERSION  FEATURES.  CLASS  B  SHARES  SHALL BE SUBJECT TO AN AUTOMATIC
CONVERSION FEATURE INTO CLASS A SHARES AFTER THEY HAVE BEEN HELD FOR THAT NUMBER
OF  YEARS SET FORTH IN EXHIBIT II. CLASS A, CLASS C ,CLASS I, CLASS O, AND CLASS
T  ARE  NOT  SUBJECT  TO  AUTOMATIC  CONVERSION.

7.     EXCHANGE  PRIVILEGES.  CLASS A SHARES SHALL BE EXCHANGEABLE ONLY FOR: (A)
CLASS  A SHARES OF OTHER FUNDS MANAGED OR ADMINISTERED BY THE CALVERT GROUP; (B)
SHARES  OF  FUNDS MANAGED OR ADMINISTERED BY THE CALVERT GROUP WHICH DO NOT HAVE
SEPARATE  SHARE  CLASSES;  AND  (C) SHARES OF CERTAIN OTHER FUNDS SPECIFIED FROM
TIME  TO  TIME.

     CLASS  B SHARES SHALL BE EXCHANGEABLE ONLY FOR: (A) CLASS B SHARES OF OTHER
FUNDS  MANAGED OR ADMINISTERED BY THE CALVERT GROUP; (B) CLASS A SHARES OF OTHER
FUNDS MANAGED OR ADMINISTERED BY THE CALVERT GROUP, IF THE FRONT-END LOAD ON THE
CLASS  A  SHARES  IS PAID AT THE TIME OF THE EXCHANGE; AND (C) SHARES OF CERTAIN
OTHER  FUNDS  SPECIFIED  FROM  TIME  TO  TIME.

     CLASS  C SHARES SHALL BE EXCHANGEABLE ONLY FOR: (A) CLASS C SHARES OF OTHER
FUNDS MANAGED OR ADMINISTERED BY THE CALVERT GROUP AND CLASS B SHARES OF CALVERT
FIRST GOVERNMENT MONEY MARKET FUND; (B) CLASS A SHARES OF OTHER FUNDS MANAGED OR
ADMINISTERED  BY  THE CALVERT GROUP, IF THE FRONT-END LOAD ON THE CLASS A SHARES
IS  PAID  AT  THE  TIME  OF  THE EXCHANGE; AND (C) SHARES OF CERTAIN OTHER FUNDS
SPECIFIED  FROM  TIME  TO  TIME.

     CLASS  I SHARES SHALL BE EXCHANGEABLE ONLY FOR: (A) CLASS I SHARES OF OTHER
FUNDS  MANAGED OR ADMINISTERED BY THE CALVERT GROUP; (B) CLASS A SHARES OF OTHER
FUNDS MANAGED OR ADMINISTERED BY THE CALVERT GROUP, IF THE FRONT-END LOAD ON THE
CLASS  A  SHARES  IS PAID AT THE TIME OF THE EXCHANGE; AND (C) SHARES OF CERTAIN
OTHER  FUNDS  SPECIFIED  FROM  TIME  TO  TIME.

     CLASS  T SHARES SHALL BE EXCHANGEABLE ONLY FOR: (A) CLASS T SHARES OF OTHER
FUNDS  MANAGED OR ADMINISTERED BY THE CALVERT GROUP; (B) CLASS A SHARES OF OTHER
FUNDS MANAGED OR ADMINISTERED BY THE CALVERT GROUP, IF THE FRONT-END LOAD ON THE
CLASS  A  SHARES  IS PAID AT THE TIME OF THE EXCHANGE; AND (C) SHARES OF CERTAIN
OTHER  FUNDS  SPECIFIED  FROM  TIME  TO  TIME.



                                    EXHIBIT  I

THE  CALVERT  FUND

CALVERT  TAX-FREE  RESERVES

CALVERT  MUNICIPAL  FUND,  INC.

CALVERT  SOCIAL  INVESTMENT  FUND

CALVERT  WORLD  VALUES  FUND,  INC.

CALVERT  NEW  WORLD  FUND,  INC.

FIRST  VARIABLE  RATE  FUND

CALVERT  SOCIAL  INDEX  SERIES,  INC.

Calvert Impact Fund, Inc.

DATED:  JUNE  2000
Revised: March 2001



                                   EXHIBIT  II

CALVERT  SOCIAL  INVESTMENT  FUND  (CSIF)

                         MAXIMUM     MAXIMUM              MAXIMUM
                         CLASS  A    CLASS  A             CLASS  C
                         FRONT-END   12B-1  FEE            12B-1  FEE
                         SALES  CHARGE
CSIF  BALANCED           4.75%       0.35%                1.00%

CSIF  EQUITY             4.75%       0.35%                1.00%

CSIF  MANAGED  INDEX     4.75%       0.25%                1.00%

CSIF  BOND               3.75%       0.35%                1.00%


                                        BALANCED,
CLASS  B                                EQUITY,  AND                MAXIMUM
CONTINGENT  DEFERRED  SALES  CHARGE     MANAGED  INDEX     BOND     12B-1  FEE
SHARES  HELD  LESS  THAN  ONE  YEAR  AFTER  PURCHASE     5%      4%       1.00%

MORE  THAN  ONE  YEAR  BUT  LESS  THAN  TWO       4%      3%

MORE  THAN  TWO  YEARS  BUT  LESS  THAN  THREE    4%      2%

MORE  THAN  THREE  YEARS  BUT  LESS  THAN  FOUR   3%      1%

MORE  THAN  FOUR  YEARS  BUT  LESS  THAN  FIVE    2%

MORE  THAN  FIVE  YEARS  BUT  LESS  THAN  SIX     1%

CONVERTS  TO  CLASS  A  AFTER                     8  YRS.  6  YRS.




                                   EXHIBIT  II

CALVERT  TAX-FREE  RESERVES  (CTFR)

                   MAXIMUM    MAXIMUM        MAXIMUM     MAXIMUM
                   CLASS  A    CLASS  A        CLASS  C     CLASS  T
                  FRONT-END   12B-1  FEE      12B-1FEE    12B-1  FEE
                SALES  CHARGE

CTFR  MONEY  MARKET   N/A       N/A            N/A         0.25%

CTFR  LONG-TERM     3.75%     0.35%          1.00%

CTFR  VERMONT       3.75%     N/A            1.00%


                                                 LONG-TERM   MAXIMUM
CLASS  B                                         AND         CLASS  B
CONTINGENT  DEFERRED  SALES  CHARGE              VERMONT     12B-1  FEE
SHARES  HELD  LESS  THAN  ONE  YEAR  AFTER  PURCHASE    4%           1.00%

MORE  THAN  ONE  YEAR  BUT  LESS  THAN  TWO             3%

MORE  THAN  TWO  YEARS  BUT  LESS  THAN  THREE          2%

MORE  THAN  THREE  YEARS  BUT  LESS  THAN  FOUR         1%

CONVERTS  TO  CLASS  A  AFTER                    6  YRS.



                                   EXHIBIT  II

CALVERT  MUNICIPAL  FUND,  INC.  (CMF)

                           MAXIMUM           MAXIMUM     MAXIMUM
                           CLASS  A          CLASS  A    CLASS  C
                           FRONT-END         12B-1  FEE   12B-1FEE
     SALES  CHARGE
NATIONAL  INTERMEDIATE      2.75%             0.25%       N/A

CALIFORNIA  INTERMEDIATE    2.75%             0.25%       N/A

MARYLAND  INTERMEDIATE      2.75%             0.25%       N/A

VIRGINIA  INTERMEDIATE      2.75%             0.25%       N/A

                                                         MAXIMUM
CLASS  B                                                 CLASS  B
CONTINGENT  DEFERRED  SALES  CHARGE               CMF       12B-1  FEE
SHARES  HELD  LESS  THAN  ONE  YEAR  AFTER  PURCHASE   3%       1.00%

MORE  THAN  ONE  YEAR  BUT  LESS  THAN  TWO     2%

MORE  THAN  TWO  YEARS  BUT  LESS  THAN  THREE  2%

MORE  THAN  THREE  YEARS  BUT  LESS  THAN  FOUR        1%

CONVERTS  TO  CLASS  A  AFTER                   4  YRS.




                                   EXHIBIT  II

THE  CALVERT  FUND

                           MAXIMUM             MAXIMUM     MAXIMUM
                           CLASS  A            CLASS  A    CLASS  C
                           FRONT-END           12B-1  FEE   12B-1FEE
                           SALES  CHARGE

NEW  VISION  SMALL  CAP    4.75%               0.25%       1.00%

CALVERT  INCOME  FUND      3.75%               0.50%       1.00%


                                                                   MAXIMUM
CLASS  B                                                           CLASS  B
CONTINGENT  DEFERRED  SALES  CHARGE               NEW  VISION  INCOME  12B-1 FEE
SHARES  HELD  LESS  THAN  ONE  YEAR  AFTER  PURCHASE  5%          4%      1.00%

MORE  THAN  ONE  YEAR  BUT  LESS  THAN  TWO    4%          3%

MORE  THAN  TWO  YEARS  BUT  LESS  THAN  THREE        4%          2%

MORE  THAN  THREE  YEARS  BUT  LESS  THAN  FOUR       3%          1%

MORE  THAN  FOUR  YEARS  BUT  LESS  THAN  FIVE        2%

MORE  THAN  FIVE  YEARS  BUT  LESS  THAN  SIX         1%

CONVERTS  TO  CLASS  A  AFTER                  8  YRS.      6  YRS.



                                   EXHIBIT  II

CALVERT  WORLD  VALUES  FUND,  INC.  (CWVF)

                          MAXIMUM          MAXIMUM        MAXIMUM
                          CLASS  A          CLASS  A        CLASS  C
                          FRONT-END        12B-1  FEE      12B-1FEE
                          SALES  CHARGE
INTERNATIONAL  EQUITY     4.75%              0.35%        1.00%

CAPITAL  ACCUMULATION     4.75%              0.35%        1.00%


                                                          MAXIMUM
CLASS  B                                                  CLASS  B
CONTINGENT  DEFERRED  SALES  CHARGE             CWVF      12B-1  FEE
SHARES  HELD  LESS  THAN  ONE  YEAR  AFTER  PURCHASE   5%        1.00%

MORE  THAN  ONE  YEAR  BUT  LESS  THAN  TWO     4%

MORE  THAN  TWO  YEARS  BUT  LESS  THAN  THREE         4%

MORE  THAN  THREE  YEARS  BUT  LESS  THAN  FOUR        3%

MORE  THAN  FOUR  YEARS  BUT  LESS  THAN  FIVE         2%

MORE  THAN  FIVE  YEARS  BUT  LESS  THAN  SIX          1%

CONVERTS  TO  CLASS  A  AFTER                   8  YRS.





                                   EXHIBIT  II

CALVERT  NEW  WORLD  FUND,  INC.  (CNWF)

                         MAXIMUM             MAXIMUM      MAXIMUM
                         CLASS  A             CLASS  A      CLASS  C
                         FRONT-END           12B-1  FEE    12B-1FEE
                         SALES  CHARGE
CALVERT  NEW  AFRICA     4.75%                   0.25%    1.00%


                                                          MAXIMUM
CLASS  B                                                  CLASS  B
CONTINGENT  DEFERRED  SALES  CHARGE               CNWF    12B-1  FEE
SHARES  HELD  LESS  THAN  ONE  YEAR  AFTER  PURCHASE     5%      1.00%

MORE  THAN  ONE  YEAR  BUT  LESS  THAN  TWO       4%

MORE  THAN  TWO  YEARS  BUT  LESS  THAN  THREE    4%

MORE  THAN  THREE  YEARS  BUT  LESS  THAN  FOUR   3%

MORE  THAN  FOUR  YEARS  BUT  LESS  THAN  FIVE    2%

MORE  THAN  FIVE  YEARS  BUT  LESS  THAN  SIX     1%

CONVERTS  TO  CLASS  A  AFTER                     8  YRS.



                                   EXHIBIT  II

FIRST  VARIABLE  RATE  FUND  (FVRF)

                  MAXIMUM     MAXIMUM     MAXIMUM     MAXIMUM
                  CLASS  A    CLASS  A    CLASS  C    CLASS  T
                  FRONT-END   12B-1  FEE   12B-1FEE    12B-1  FEE
                SALES  CHARGE
FIRST  GOVERNMENT
MONEY  MARKET      N/A         N/A         1.00%       0.25%


                                                      MAXIMUM
CLASS  B                                              CLASS  B
CONTINGENT  DEFERRED  SALES  CHARGE                   12B-1  FEE
CDSC  OF  ORIGINAL  CLASS  B  FUND  PURCHASED         1.00%
IS  APPLIED  UPON  REDEMPTION  FROM  CLASS  B
OF  CALVERT  FIRST  GOVERNMENT  MONEY  MARKET  FUND.

CONVERSION  PERIOD  OF  ORIGINAL  CLASS  B  FUND  PURCHASED  IS  APPLIED.



                                   EXHIBIT  II

CALVERT  SOCIAL  INDEX  SERIES,  INC.

                                 MAXIMUM     MAXIMUM     MAXIMUM
                                 CLASS  A     CLASS  A     CLASS  C
                                 FRONT-END   12B-1  FEE   12B-1FEE
                                 SALES  CHARGE
CALVERT  SOCIAL  INDEX  FUND     4.75%       0.25%       1.00%




CLASS  B                                                 MAXIMUM
CONTINGENT  DEFERRED  SALES  CHARGE                      12B-1  FEE
SHARES  HELD  LESS  THAN  ONE  YEAR  AFTER  PURCHASE   5%       1.00%

MORE  THAN  ONE  YEAR  BUT  LESS  THAN  TWO     4%

MORE  THAN  TWO  YEARS  BUT  LESS  THAN  THREE         4%

MORE  THAN  THREE  YEARS  BUT  LESS  THAN  FOUR        3%

MORE  THAN  FOUR  YEARS  BUT  LESS  THAN  FIVE         2%

MORE  THAN  FIVE  YEARS  BUT  LESS  THAN  SIX          1%

CONVERTS  TO  CLASS  A  AFTER                   8  YRS.


                                   EXHIBIT  II

CALVERT  Impact Fund,  INC.  (CIF)

                          MAXIMUM           MAXIMUM     MAXIMUM
                          CLASS  A          CLASS  A    CLASS  C
                          FRONT-END         12B-1  FEE  12B-1FEE
                          SALES  CHARGE
CALVERT  Large Cap Growth   4.75%             0.25%        1.00%
CALVERT  South  AFRICA      4.75%             0.25%        1.00%


                                                          MAXIMUM
CLASS  B                                                  CLASS  B
CONTINGENT  DEFERRED  SALES  CHARGE               CNWF    12B-1  FEE
SHARES  HELD  LESS  THAN  ONE  YEAR  AFTER  PURCHASE     5%      1.00%

MORE  THAN  ONE  YEAR  BUT  LESS  THAN  TWO       4%

MORE  THAN  TWO  YEARS  BUT  LESS  THAN  THREE    4%

MORE  THAN  THREE  YEARS  BUT  LESS  THAN  FOUR   3%

MORE  THAN  FOUR  YEARS  BUT  LESS  THAN  FIVE    2%

MORE  THAN  FIVE  YEARS  BUT  LESS  THAN  SIX     1%

CONVERTS  TO  CLASS  A  AFTER                     8  YRS.


DATED:  JUNE  2000
Revised: March 2001