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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>/in/edgar/work/0000004457-00-000105/0000004457-00-000105.txt : 20001114
<SEC-HEADER>0000004457-00-000105.hdr.sgml : 20001114
ACCESSION NUMBER:		0000004457-00-000105
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20000930
FILED AS OF DATE:		20001113

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERCO /NV/
		CENTRAL INDEX KEY:			0000004457
		STANDARD INDUSTRIAL CLASSIFICATION:	 [7510
]		IRS NUMBER:				880106815
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0331
</COMPANY-DATA>

		FILING VALUES:
			FORM TYPE:		10-Q
			SEC ACT:		
			SEC FILE NUMBER:	001-11255
			FILM NUMBER:		761463
</FILING-VALUES>

			BUSINESS ADDRESS:	
				STREET 1:		1325 AIRMOTIVE WY STE 100
				CITY:			RENO
				STATE:			NV
				ZIP:			89502
				BUSINESS PHONE:		7756886300
</BUSINESS-ADDRESS>

				MAIL ADDRESS:	
					STREET 1:		1325 AIRMOTIVE WAY
					STREET 2:		SUITE 100
					CITY:			RENO
					STATE:			NV
					ZIP:			89502
</MAIL-ADDRESS>

					FORMER COMPANY:	
						FORMER CONFORMED NAME:	AMERCO
						DATE OF NAME CHANGE:	19770926
</FORMER-COMPANY>
</FILER>
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>0001.txt
<DESCRIPTION>FORM 10-Q 09/30/00
<TEXT>

<PAGE>  1

                UNITED STATES SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 10-Q

(Mark One)

[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934


                For the quarterly period ended September 30, 2000

                                       OR

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE
    ACT OF 1934

        For the transition period from __________________ to __________________

Commission          Registrant, State of Incorporation         I.R.S. Employer
File Number           Address and Telephone Number            Identification No.
________________________________________________________________________________

1-11255               AMERCO                                     88-0106815
                      (A Nevada Corporation)
                      1325 Airmotive Way, Ste. 100
                      Reno, Nevada  89502-3239
                      Telephone (775) 688-6300


2-38498               U-Haul International, Inc.                 86-0663060
                      (A Nevada Corporation)
                      2727 N. Central Avenue
                      Phoenix, Arizona 85004
                      Telephone (602) 263-6645

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes [X] No [ ].

22,075,737 shares of AMERCO Common Stock, $0.25 par value were
outstanding at November 10, 2000.

5,385 shares of U-Haul International, Inc. Common Stock, $0.01 par value,
were outstanding at November 10, 2000. U-Haul International, Inc. meets the
conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is
therefore filing this form with the reduced disclosure format.
<PAGE>  2
                                TABLE OF CONTENTS



PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements

         a)  Condensed Consolidated Balance Sheets as of September 30, 2000
             (unaudited) and March 31, 2000...............................     4

         b)  Condensed Consolidated Statements of Earnings for the Six months
             ended September 30, 2000 and 1999 (unaudited).................    6

         c)  Condensed Consolidated Statements of Comprehensive Income for
             the Six months ended September 30, 2000 and 1999 (unaudited)..    7

         d)  Condensed Consolidated Statements of Earnings for the Quarters
             ended September 30, 2000 and 1999 (unaudited)..................   8

         e)  Condensed Consolidated Statements of Cash Flows for the
             Six months ended September 30, 2000 and 1999 (unaudited)......    9

         f)  Notes to Condensed Consolidated Financial Statements -
             September 30, 2000 (unaudited), March 31, 2000 and
             September 30, 1999 (unaudited)................................   10

Item 2.  Management's Discussion and Analysis of Financial Condition
         and Results of Operations.........................................   20

Item 3.  Quantitative and Qualitative Disclosures About Market Risk........   28

PART II. OTHER INFORMATION

Item 1.  Legal Proceedings.................................................   29

Item 4.  Submission of Matters to a Vote of Security Holders...............   30

Item 6.  Exhibits and Reports on Form 8-K..................................   31
<PAGE>  3


















                                 THIS PAGE LEFT
                               INTENTIONALLY BLANK
<PAGE>  4
                         PART I.  FINANCIAL INFORMATION

                          ITEM 1.  FINANCIAL STATEMENTS


                      AMERCO AND CONSOLIDATED SUBSIDIARIES

                      Condensed Consolidated Balance Sheets


                                                  September 30,   March 31,
Assets                                                2000           2000
                                                  -------------------------
                                                   (Unaudited)
                                                        (in thousands)


Cash and cash equivalents                       $    26,408         48,435
Notes and mortgage, net                              63,514         49,866
Inventories, net                                     83,671         84,614
Prepaid expenses                                     12,003         17,822
Investments, fixed maturities                       874,122        884,824
Investments, other                                  489,359        320,695
Other assets                                        351,590        336,307
                                                  ------------------------

Property, plant and equipment, at cost:
  Buildings and improvements                        817,666        853,403
  Rental trucks                                   1,006,364      1,035,585
  Other property, plant, and equipment              653,492        672,122
                                                  ------------------------
                                                  2,477,522      2,561,110
  Less accumulated depreciation                   1,143,096      1,178,448
                                                  ------------------------

       Total property, plant and equipment        1,334,426      1,382,662
                                                  ------------------------








Total Assets                                    $ 3,235,093      3,125,225
                                                  ========================

























The accompanying notes are an integral part of these consolidated financial
statements.
<PAGE>  5










                                                  September 30,   March 31,
Liabilities and Stockholders' Equity                  2000           2000
                                                  -------------------------
                                                   (Unaudited)
                                                        (in thousands)

Liabilities:
  Notes and loans payable                       $ 1,096,240      1,137,840
  Policy benefits and losses, claims and
    loss expenses payable                           553,716        548,043
  Liabilities from premium deposits                 463,360        461,673
  Deferred income taxes                             169,441        109,413
  Other liabilities                                 271,478        282,962
                                                  ------------------------
         Total liabilities                        2,554,235      2,539,931

Stockholders' equity:
  Serial preferred stock -
    Series A preferred stock                            -              -
    Series B preferred stock                            -              -
  Serial common stock -
    Series A common stock                             1,441          1,441
  Common stock                                        9,122          9,122
  Additional paid-in capital                        311,708        275,242
  Accumulated other comprehensive income            (50,125)       (42,317)
  Retained earnings                                 827,536        755,172
  Cost of common shares in treasury, net           (402,661)      (397,000)
  Unearned ESOP shares                              (16,163)       (16,366)
                                                  ------------------------
         Total stockholders' equity                 680,858        585,294

Contingent liabilities and commitments
                                                  ------------------------

Total Liabilities and Stockholders' Equity      $ 3,235,093      3,125,225
                                                  ========================

























The accompanying notes are an integral part of these consolidated financial
statements.
<PAGE>  6

                      AMERCO AND CONSOLIDATED SUBSIDIARIES

                 Condensed Consolidated Statements of Earnings

                         Six months ended September 30,
                                   (Unaudited)

                                                        2000         1999
                                                  -------------------------
                                                     (in thousands, except
                                                   share and per share data)

Revenues
  Rental revenue                                 $    680,283      643,030
  Net sales                                           113,961      110,121
  Premiums                                            121,495      107,803
  Net investment and interest income                   46,604       41,485
                                                   -----------------------
       Total revenues                                 962,343      902,439

Costs and expenses
  Operating expenses                                  486,828      467,378
  Cost of sales                                        65,974       62,734
  Benefits and losses                                  95,815       84,015
  Amortization of deferred policy
    acquisition costs                                  16,569       14,981
  Lease expense                                        86,536       64,212
  Depreciation, net                                    44,485       38,551
                                                   -----------------------
Total costs and expenses                              796,207      731,871

Earnings from operations                              166,136      170,568

  Interest expense                                     44,052       39,815
                                                   -----------------------

Pretax earnings                                       122,084      130,753

Income tax expense                                    (43,239)     (46,319)
                                                   -----------------------

       Net earnings                              $     78,845       84,434
                                                   =======================

Earnings per common share:
  Basic                                          $       3.35         3.53
  Diluted                                        $       3.35         3.46
                                                   =======================

Weighted average common shares outstanding:
  Basic                                            21,606,388   21,958,826
  Diluted                                          21,606,388   22,542,159
                                                   =======================






















The accompanying notes are an integral part of these consolidated financial
statements.
<PAGE>  7
                      AMERCO AND CONSOLIDATED SUBSIDIARIES

           Condensed Consolidated Statements of Comprehensive Income

                         Six months ended September 30,
                                   (Unaudited)

                                                        2000         1999
                                                       -------------------
                                                          (in thousands)
Comprehensive income:
  Net earnings                                       $ 78,845       84,434
    Changes in other comprehensive income:
     Foreign currency translation                      (3,585)       2,605
     Fair market value of cash flow hedge                (182)       1,497
     Unrealized gain on investments                    (4,041)      (8,521)
                                                       -------------------

     Total comprehensive income                      $ 71,037       80,015
                                                       ===================























































The accompanying notes are an integral part of these consolidated financial
statements.
<PAGE> 8

                      AMERCO AND CONSOLIDATED SUBSIDIARIES

                 Condensed Consolidated Statements of Earnings

                          Quarters ended September 30,
                                   (Unaudited)

                                                        2000         1999
                                                  --------------------------
                                                    (in thousands, except
                                                  share and per share data)

Revenues
  Rental revenue                                 $    357,535      337,464
  Net sales                                            53,815       52,481
  Premiums                                             66,508       51,727
  Net investment and interest income                   25,048       21,254
                                                   -----------------------
       Total revenues                                 502,906      462,926

Costs and expenses
  Operating expense                                   255,184      246,647
  Cost of sales                                        32,777       31,360
  Benefits and losses                                  53,580       40,306
  Amortization of deferred policy
    acquisition costs                                   8,694        7,019
  Lease expense                                        46,102       32,816
  Depreciation, net                                    21,675       19,772
                                                   -----------------------
Total costs and expenses                              418,012      377,920

Earnings from operations                               84,894       85,006

  Interest expense                                     21,242       19,617
                                                   -----------------------

Pretax earnings                                        63,652       65,389

Income tax expense                                    (22,419)     (23,262)
                                                   -----------------------

       Net earnings                              $     41,233       42,127
                                                   =======================

Earnings per common share:
  Basic                                          $       1.77         1.77
  Diluted                                        $       1.77         1.76
                                                   =======================

Weighted average common shares outstanding:
  Basic                                            21,489,970   21,964,452
  Diluted                                          21,489,970   22,131,119
                                                   ========================























The accompanying notes are an integral part of these consolidated financial
statements.
<PAGE>  9


                      AMERCO AND CONSOLIDATED SUBSIDIARIES

                 Condensed Consolidated Statements of Cash Flows

                         Six months ended September 30,
                                   (Unaudited)

                                                         2000        1999
                                                       -------------------
                                                          (in thousands)

Net cash provided by operating activities              118,092     160,493
                                                       -------------------

Cash flows from investing activities:
  Purchases of investments:
    Property, plant and equipment                     (260,914)   (182,680)
    Fixed maturities                                   (52,636)    (62,530)
    Mortgage loans                                     (13,591)     (8,395)
  Proceeds from sale of investments:
    Property, plant and equipment                      231,147     120,403
    Fixed maturities                                    58,550      66,219
  Changes in other investments                         (56,462)    (23,960)
                                                       -------------------
Net cash used by investing activities                  (93,906)    (90,943)
                                                       -------------------

Cash flows from financing activities:
  Net change in short-term borrowings                  (41,566)   (147,335)
  Investment contract deposits                          40,128      31,856
  Investment contract withdrawals                      (37,750)    (31,519)
  Changes in other financing activities                 (7,025)     82,578
                                                       -------------------

Net cash used by financing activities                  (46,213)    (64,420)
                                                       -------------------

Increase (decrease) in cash and cash equivalents       (22,027)      5,130

Cash and cash equivalents at beginning of period        48,435      44,505
                                                       -------------------

Cash and cash equivalents at end of period           $  26,408      49,635
                                                       ===================






























The accompanying notes are an integral part of these consolidated financial
statements.
<PAGE> 10

                      AMERCO AND CONSOLIDATED SUBSIDIARIES

              Notes to Condensed Consolidated Financial Statements

            September 30, 2000, March 31, 2000 and September 30, 1999
                                   (Unaudited)


1.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

ORGANIZATION
     AMERCO, a Nevada corporation (AMERCO), is the holding company for U-Haul
International, Inc. (U-Haul), Amerco Real Estate Company (Real Estate), Republic
Western Insurance Company (RepWest) and Oxford Life Insurance Company (Oxford).

PRINCIPLES OF CONSOLIDATION
     The condensed consolidated financial statements include the accounts of
the parent corporation, AMERCO, and its wholly-owned subsidiaries.  All
material intercompany accounts and transactions of AMERCO and its subsidiaries
have been eliminated.  The financial statements and notes are presented as
permitted by Form 10-Q and do not contain certain information included in
AMERCO's annual financial statements and notes.

     The condensed consolidated balance sheet as of September 30, 2000 and the
related condensed consolidated statements of earnings for the three and six
months ended September 30, 2000 and 1999 and the condensed consolidated
statements of comprehensive income and the condensed consolidated cash flows for
the six months ended September 30, 2000 and 1999 are unaudited.  In the opinion
of management, all adjustments necessary for a fair presentation of such
condensed financial statements have been included.  Such adjustments consisted
only of normal recurring items.  Interim results are not necessarily indicative
of results for a full year.

     The operating results and financial position of AMERCO's consolidated
insurance operations are determined on a one quarter lag.  There were no effects
related to intervening events which would materially affect the consolidated
financial position or results of operations for the financial statements
presented herein.

     Certain reclassifications have been made to the financial statements for
the three and six months ended September 30, 1999 to conform with the current
year's presentation.

NEW ACCOUNTING STANDARDS
     During the quarter ended June 30, 2000, AMERCO adopted Staff Accounting
Bulletin No. 101 (SAB 101), "Revenue Recognition in Financial Statements",
which provides guidance on the recognition, presentation and disclosure of
revenue in the financial statements filed with the Securities and Exchange
Commission.  The adoption of SAB 101 was not material to AMERCO's condensed
consolidated financial statements.
<PAGE> 11


                      AMERCO AND CONSOLIDATED SUBSIDIARIES

        Notes to Condensed Consolidated Financial Statements, Continued
                                   (Unaudited)


2.  INVESTMENTS

     A comparison of amortized cost to market for fixed maturities is as
follows:

     June 31, 2000
     -------------        Par Value               Gross       Gross    Estimated
     Consolidated         or number  Amortized  unrealized  unrealized   market
     Held-to-Maturity     of shares     cost      gains       losses      value
                          ------------------------------------------------------
                                               (in thousands)

     U.S. treasury
       securities
       and government
       obligations        $  17,775  $  17,105        112        (352)   16,865
     U.S. government
       agency mortgage-
       backed securities  $  16,641     16,559         36        (378)   16,217
     Corporate
       securities         $  66,500     67,252        389      (4,363)   63,278
     Mortgage-backed
       securities         $  34,777     34,243        248        (485)   34,006
     Redeemable preferred
       stocks                 4,561    115,174        211     (17,136)   98,249
                                       ----------------------------------------

                                       250,333        996     (22,714)  228,615
                                       ----------------------------------------

     June 30, 2000
     -------------        Par Value               Gross       Gross    Estimated
     Consolidated         or number  Amortized  unrealized  unrealized   market
     Available-for-Sale   of shares     cost      gains       losses      value
                          ------------------------------------------------------
                                               (in thousands)

     U.S. treasury
       securities
       and government
       obligations        $  41,270  $  41,863        889      (1,137)   41,615
     U.S. government
       agency mortgage-
       backed securities  $  35,172     34,899        223        (534)   34,588
     Obligations of
       states and
       political
       subdivisions       $  16,135     16,346        407        (160)   16,593
     Corporate
       securities         $ 488,333    487,181      1,933     (21,992)  467,122
     Mortgage-backed
       securities         $  35,712     35,464        375        (495)   35,344
     Redeemable preferred
       stocks                 1,311     32,675         63      (4,211)   28,527
                                       ----------------------------------------

                                       648,428      3,890     (28,529)  623,789
                                       ----------------------------------------

            Total                    $ 898,761      4,886     (51,243)  852,404
                                       ========================================






<PAGE> 12
                      AMERCO AND CONSOLIDATED SUBSIDIARIES

         Notes to Condensed Consolidated Financial Statements, Continued
                                   (Unaudited)


3.  SUMMARIZED CONSOLIDATED FINANCIAL INFORMATION OF INSURANCE SUBSIDIARIES

     A summarized condensed consolidated balance sheet for RepWest is presented
below:

                                                           June 30,
                                                     -------------------
                                                       2000        1999
                                                     -------------------
                                                        (in thousands)

    Investments, fixed maturities                  $ 392,243     408,273
    Receivables                                      176,416     111,227
    Deferred policy acquisition costs                 21,450      11,710
    Deferred federal income taxes                     11,384      11,477
    Other assets                                      63,644      79,752
                                                     -------------------

         Total assets                              $ 665,137     622,439
                                                     ===================

    Policy liabilities and accruals                $ 325,043     328,114
    Unearned premiums                                 77,364      46,260
    Other policyholders' funds and liabilities        52,867      34,515
                                                     -------------------
      Total liabilities                              455,274     408,889

    Stockholder's equity                             209,863     213,550
                                                     -------------------

         Total liabilities and
           stockholder's equity                    $ 665,137     622,439
                                                     ===================


     A summarized condensed consolidated income statement for RepWest is
presented below:

                                         Quarter ended        Six months ended
                                           June 30,               June 30,
                                     ------------------------------------------
                                        2000      1999          2000      1999
                                     ------------------------------------------
                                                   (in thousands)

    Premiums                         $ 41,925    30,775        72,332    64,568
    Net investment income               7,744     8,537        15,752    16,689
                                      -----------------       -----------------
      Total revenue                    49,669    39,312        88,084    81,257

    Benefits and losses                35,519    25,428        60,101    53,713
    Amortization of deferred
      policy acquisition costs          3,191     3,437         6,371     6,832
    Operating expenses                 11,405     7,462        19,717    15,736
                                      -----------------       -----------------
      Total expenses                   50,115    36,327        86,189    76,281

        Income (loss) from operations    (446)    2,985         1,895     4,976
    Income tax benefit (expense)          273      (939)         (590)   (1,566)
                                      -----------------       -----------------

        Net income (loss)           $    (173)    2,046         1,305     3,410
                                      =================       =================

<PAGE> 13
                      AMERCO AND CONSOLIDATED SUBSIDIARIES

        Notes to Condensed Consolidated Financial Statements, Continued
                                   (Unaudited)


3.   SUMMARIZED  CONSOLIDATED FINANCIAL INFORMATION OF INSURANCE  SUBSIDIARIES,
continued

     A summarized condensed consolidated balance sheet for Oxford is presented
below:

                                                            June 30,
                                                     -------------------
                                                       2000        1999
                                                     -------------------
                                                        (in thousands)

    Investments, fixed maturities                  $ 481,879     473,121
    Investments, other                               148,115     152,577
    Deferred policy acquisition costs                 74,787      77,054
    Other assets                                      22,674      45,051
                                                     -------------------

        Total assets                               $ 727,455     747,803
                                                     ===================

    Policy liabilities and accruals                $ 149,151     151,401
    Premium deposits                                 463,360     457,612
    Other policyholders' funds and liabilities        27,327      48,088
                                                     -------------------
      Total liabilities                              639,838     657,101

    Stockholder's equity                              87,617      90,702
                                                     -------------------
        Total liabilities and
          stockholder's equity                     $ 727,455     747,803
                                                     ===================


     A summarized condensed consolidated income statement for Oxford is
presented below:

                                        Quarter ended         Six months ended
                                          June 30,                June 30,
                                      ----------------------------------------
                                       2000      1999          2000      1999
                                      ----------------------------------------
                                                   (in thousands)

    Premiums                        $ 26,020    22,095        51,524    47,207
    Net investment income              6,659     4,624        12,363    10,241
                                      ----------------        ----------------
      Total revenue                   32,679    26,719        63,887    57,448

    Benefits and losses               18,061    14,878        35,714    30,302
    Amortization of deferred
      policy acquisition costs         5,503     3,582        10,198     8,149
    Operating expenses                 7,626     5,653        13,231    12,531
                                      ----------------        ----------------
      Total expenses                  31,190    24,113        59,143    50,982

        Income from operations         1,489     2,606         4,744     6,466
    Income tax expense                   (56)     (911)       (1,125)   (2,172)
                                      ----------------        ----------------

        Net income                  $  1,433     1,695         3,619     4,294
                                      ================        ================

<PAGE> 14
                      AMERCO AND CONSOLIDATED SUBSIDIARIES

        Notes to Condensed Consolidated Financial Statements, Continued
                                   (Unaudited)


4.  CONTINGENT LIABILITIES AND COMMITMENTS

     During the six months ended September 30, 2000, a subsidiary of U-Haul
entered into thirty-one transactions and has subsequently entered into one
transaction, whereby the subsidiary sold rental trucks, which were subsequently
leased back.  AMERCO has guaranteed $49,098,000 of residual values at September
30, 2000 for these assets at the end of the respective lease terms.  U-Haul also
entered into one transaction where it leased computer equipment and one
transaction where it leased general rental items (GRI).  Following are the lease
commitments for the leases executed during the quarter ended September 30, 2000,
and subsequently which have a term of more than one year (in thousands):

                                              Net activity
             Year ended           Lease       subsequent to
              March 31,        Commitments      period end      Total
             --------------------------------------------------------

             2001              $  24,986          1,697        26,683
             2002                 33,976          4,183        38,159
             2003                 33,924          4,183        38,107
             2004                 33,574          4,183        37,757
             2005                 33,558          4,183        37,741
             Thereafter           66,576         10,854        77,430
                                 ------------------------------------
                               $ 226,594         29,283       255,877
                                 ====================================

     In the normal course of business, AMERCO is a defendant in a number of
suits and claims.  AMERCO is also a party to several administrative proceedings
arising from state and local provisions that regulate the removal and/or clean-
up of underground fuel storage tanks.  It is the opinion of management that
none of such suits, claims or proceedings involving AMERCO, individually or in
the aggregate are expected to result in a material loss.


5.  SUPPLEMENTAL CASH FLOWS INFORMATION

     The (increase) decrease in receivables, inventories, investment, other
and accounts payable and accrued liabilities net of other operating and
investing activities follows:

                                                            Six months ended
                                                              September 30,
                                                          2000          1999
                                                       ----------------------
                                                           (in thousands)

        Receivables                                 $  (20,937)        (2,917)
                                                       ======================

        Investment, other (refer to Note 7)         $  (98,351)           -
                                                       ======================

        Inventories                                 $      943          3,831
                                                       ======================

        Accounts payable and accrued expenses       $   (7,709)        (8,595)
                                                       ======================





<PAGE> 15
                      AMERCO AND CONSOLIDATED SUBSIDIARIES

         Notes to Condensed Consolidated Financial Statements, Continued
                                   (Unaudited)


6.  EARNINGS PER SHARE
<TABLE>
     The following table reflects the calculation of the earnings per share:
<CAPTION>

                                                               Weighted Average
                                                                Common Shares
                                                 Income          Outstanding       Per Share
                                              (Numerator)       (Denominator)       Amount
                                             _____________     _______________     _________
                                                            (in thousands, except
                                                          share and per share data)
<S>                                          <C>                 <C>               <C>
Quarter ended September 30, 2000:
 Earnings from operations                    $   41,233
 Less:  preferred stock dividends                 3,241
                                                 ------
 Basic and diluted earnings
   per common share                              37,992          21,489,970        $  1.77
                                                 ======          ==========           ====
Quarter ended September 30, 1999:
 Earnings from operations                    $   42,127
 Less:  preferred stock dividends                 3,313
                                                 ------
 Basic earnings per common share                 38,814          21,964,452        $  1.77

 Effects of dilutive securities -
   preferred stock conversion                        72             166,667
                                                 ------          ----------
 Diluted earnings per common share               38,886          22,131,119        $  1.76
                                                 ======          ==========           ====
Six months ended September 30, 2000:
 Earnings from operations                    $   78,845
 Less:  preferred stock dividends                 6,481
                                                 ------
 Basic and diluted earnings
   per common share                              72,364          21,606,388        $  3.35
                                                 ======          ==========           ====

 Six months ended September 30, 1999:
 Earnings from operations                    $   84,434
 Less:  preferred stock dividends                 7,018
                                                 ------
 Basic earnings per common share                 77,416          21,958,826        $  3.53

Effect of dilutive securities -
   Series B preferred shares                        537             583,333
                                                 ------          ----------
 Diluted earnings per common share               77,953          22,542,159        $  3.46
                                                 ======          ==========           ====


</TABLE>






















<PAGE> 16
                      AMERCO AND CONSOLIDATED SUBSIDIARIES

         Notes to Condensed Consolidated Financial Statements, Continued
                                   (Unaudited)



7.  RELATED PARTIES

     During the six months ended September 30, 2000, subsidiaries of AMERCO held
various senior and junior notes with SAC Holding Corporation and its
subsidiaries (SAC Holdings).  The voting common stock of SAC Holdings is held by
Mark V. Shoen, a major stockholder of AMERCO.  AMERCO's subsidiaries received
interest payments of $15,431,564 and principal payments of $71,591 from SAC
Holdings during the six months ended September 30, 2000. The terms of the notes
with SAC Holdings are consistent with the terms of notes held by U-Haul for
other properties owned by unrelated parties and managed by U-Haul.  These
amounts are reflected in Investments, other of the condensed consolidated
balance sheet.

     During the six months ended September 30, 2000, a subsidiary of AMERCO
funded through a note the purchase of properties and construction costs for
SAC Holdings of approximately $141,087,000.  This amount is reflected in
Investments, other of the condensed consolidated balance sheet.

     U-Haul currently manages the properties owned by SAC Holdings pursuant to a
management agreement, under which U-Haul receives a management fee equal to 6%
of the gross receipts from the properties.  Management fees of $2,690,000 and
$2,269,000 were received during the six months ended September 30, 2000 and
1999, respectively.  The management fee percentage is consistent with the fees
received by U-Haul for other properties owned by unrelated parties and managed
by U-Haul.

     In June 2000, Real Estate completed the sale of twenty-four storage
properties to Twelve SAC Self-Storage Corporation, Thirteen SAC Self-Storage
Corporation and Fourteen SAC Self-Storage Corporation, subsidiaries of SAC
Holding Corporation, for $98,351,000.  Real Estate received cash and notes from
the sale.  The gain is reflected in the equity section of the condensed
consolidated balance sheet.

     Management believes that the foregoing transactions were consummated on
terms equivalent to those that prevail in arm's-length transactions.

<PAGE> 17
                      AMERCO AND CONSOLIDATED SUBSIDIARIES

         Notes to Condensed Consolidated Financial Statements, Continued
                                   (Unaudited)


8. INDUSTRY SEGMENT AND GEOGRAPHIC AREA DATA

     Industry Segment Data - AMERCO has four industry segments represented by
Moving and Storage Operations (U-Haul), Real Estate (AREC), Property and
Casualty Insurance (RepWest) and Life Insurance (Oxford).

<TABLE>
     Information concerning operations by industry segment follows:
<CAPTION>
                  Moving and         Property/           Adjustments
                    Storage   Real   Casualty    Life        and
                  Operations Estate  Insurance Insurance Eliminations Consolidated
                  ----------------------------------------------------------------
                                           (in thousands)

   Six months ended
   September 30, 2000
   ------------------
   <S>           <C>        <C>      <C>       <C>        <C>          <C>
   Revenues:
    Outside      $  806,415   6,318   86,418    63,192         -         962,343
    Intersegment        -    34,845    1,666       695     (37,206)          -
                  --------- -------  -------   -------    ---------    ---------
    Total
     revenues    $  806,415  41,163   88,084    63,887     (37,206)      962,343
   Depreciation/
    amortization $   48,687   5,384    6,755    10,625         -          71,451
   Interest
    expense      $   44,052  22,244      -         -       (22,244)       44,052
   Pretax
    earnings     $  107,345   8,100    1,895     4,744         -         122,084
   Income tax    $  (38,689) (2,835)    (590)   (1,125)        -         (43,239)
   Identifiable
    assets       $1,437,776 747,255  665,137   727,455    (342,530)    3,235,093


   Six months ended
   September 30, 1999
   ------------------
   Revenues:
    Outside      $  761,710   5,996   77,907    56,826         -         902,439
    Intersegment        -    35,298    3,350       622     (39,270)          -
                  --------- -------  -------   -------    ---------    ---------
    Total
     revenues    $  761,710  41,294   81,257    57,448     (39,270)      902,439
   Depreciation/
    amortization $   40,416   5,041    6,985    11,357         -          63,799
   Interest
    expense      $   39,815  20,273      -         -       (20,273)       39,815
   Pretax
    earnings     $  105,395  13,916    4,976     6,466         -         130,753
   Income tax    $  (37,710) (4,871)  (1,566)   (2,172)        -         (46,319)
   Identifiable
    assets       $1,400,884 708,010  622,439   747,803    (352,003)    3,127,133

</TABLE>


<PAGE> 18
                      AMERCO AND CONSOLIDATED SUBSIDIARIES

         Notes to Condensed Consolidated Financial Statements, Continued
                                   (Unaudited)


 8. INDUSTRY SEGMENT AND GEOGRAPHIC AREA DATA, continued
<TABLE>
<CAPTION>
                      Moving              Property/             Adjustments
                    and Storage   Real    Casualty     Life         and
                    Operations   Estate   Insurance  Insurance  Eliminations  Consolidated
                    ----------------------------------------------------------------------
                                               (in thousands)
   Quarter ended
   September 30, 2000
   ------------------
   <S>              <C>          <C>       <C>        <C>         <C>            <C>
   Revenues:
     Outside        $  418,193     3,802    48,590     32,321          -           502,906
     Intersegment          -      17,102     1,079        358      (18,539)            -
                     ---------   -------   -------    -------     --------       ---------

     Total revenue  $  418,193    20,904    49,669     32,679      (18,539)        502,906
   Depreciation/
     amortization   $   24,381     2,632     3,298      5,556          -            35,867
   Interest expense $   21,242    10,911       -          -        (10,911)         21,242
   Pretax earnings  $   58,419     4,190      (446)     1,489          -            63,652
   Income tax       $  (21,177)   (1,459)      273        (56)         -           (22,419)
   Identifiable
     assets         $1,437,776   747,255   665,137    727,455     (342,530)      3,235,093


   Quarter ended
   September 30, 1999
   ------------------
   Revenues:
     Outside        $  394,999     3,039    38,485     26,403          -           462,926
     Intersegment          -      17,688       827        316      (18,831)            -
                     ---------   -------   -------    -------     --------       ---------
     Total revenue  $  394,999    20,727    39,312     26,719      (18,831)        462,926
   Depreciation/
     amortization   $   21,272     2,566     3,626      6,788          -            34,252
   Interest expense $   19,617    10,035       -          -        (10,035)         19,617
   Pretax earnings  $   53,660     6,138     2,985      2,606          -            65,389
   Income tax       $  (19,263)   (2,149)     (939)      (911)         -           (23,262)
   Identifiable
     assets         $1,400,884   708,010   622,439    747,803     (352,003)      3,127,133
</TABLE>


<TABLE>
<CAPTION>
   Geographic Area Data -  United                            United
     (All amounts are in   States     Canada   Consolidated  States   Canada  Consolidated
                           ---------------------------------------------------------------
      U.S. $'s)                    Six months ended                  Quarter ended
                           ---------------------------------------------------------------
                                                     (in thousands)
   September 30, 2000
   ------------------
   <S>                   <C>           <C>       <C>        <C>         <C>       <C>
   Total revenues        $   939,062   23,281      962,343    490,212   12,694      502,906
   Depreciation/
     amortization        $    69,281    2,170       71,451     34,765    1,102       35,867
   Interest expense      $    44,045        7       44,052     21,241        1       21,242
   Pretax earnings       $   116,869    5,215      122,084     60,738    2,914       63,652
   Income tax            $   (43,233)      (6)     (43,239)   (22,413)      (6)     (22,419)
   Identifiable assets   $ 3,177,402   57,691    3,235,093  3,177,402   57,691    3,235,093

   September 30, 1999
   ------------------
   Total revenues        $   881,585   20,854      902,439    451,357   11,569      462,926
   Depreciation/
     amortization        $    62,099    1,700       63,799     33,347      905       34,252
   Interest expense      $    39,804       11       39,815     19,614        3       19,617
   Pretax earnings       $   126,976    3,777      130,753     62,928    2,461       65,389
   Income tax            $   (46,319)     -        (46,319)   (23,262)     -        (23,262)
   Identifiable assets   $ 3,082,969   44,164    3,127,133  3,082,969   44,164    3,127,133
</TABLE>




<PAGE> 19
                      AMERCO AND CONSOLIDATED SUBSIDIARIES

         Notes to Condensed Consolidated Financial Statements, Continued
                                   (Unaudited)

 9. SUBSEQUENT EVENTS

     On November 7, 2000, AMERCO declared a cash dividend of $3,241,000
($0.53125 per preferred share) to preferred stockholders of record as of
November 17, 2000.


<PAGE> 20
           ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                       CONDITION AND RESULTS OF OPERATIONS

FORWARD-LOOKING STATEMENTS
     This report contains forward-looking statements.  Additional written or
oral forward-looking statements may be made by AMERCO from time to time in
filings with the Securities and Exchange Commission or otherwise.  Management
believes such forward-looking statements are within the meaning of the safe-
harbor provisions.  Such statements may include, but not be limited to,
projections of revenues, income or loss, estimates of capital expenditures,
plans for future operations, products or services and financing needs or plans,
as well as assumptions relating to the foregoing.  The words "believe",
"expect", "anticipate", "estimate", "project" and similar expressions identify
forward-looking statements, which speak only as of the date the statement was
made.  Forward-looking statements are inherently subject to risks and
uncertainties, some of which cannot be predicted or quantified.  Future events
and actual results could differ materially from those set forth in, contemplated
by or underlying the forward-looking statements.  The following disclosures, as
well as other statements in this report and in the Notes to AMERCO's
Consolidated Financial Statements, describe factors, among others, that could
contribute to or cause such differences, or that could affect AMERCO's stock
price.

GENERAL
     Information on industry segments is incorporated by reference from "Item 1.
Financial Statements - Notes 1, 3 and 8 of Notes to Consolidated Financial
Statements".  The notes discuss the principles of consolidation, summarized
consolidated financial information and industry segment and geographical area
data, respectively.  In consolidation, all intersegment premiums are eliminated
and the benefits, losses and expenses are retained by the insurance companies.


RESULTS OF OPERATIONS

SIX MONTHS ENDED SEPTEMBER 30, 2000 VERSUS SIX MONTHS ENDED SEPTEMBER 30, 1999

Moving and Storage Operations
     Revenues consist of rental revenues and net sales.  Total rental revenue
was $679.1 million and $641.8 million for the six months ended September 30,
2000 and 1999, respectively.  Net revenues from the rental of moving related
equipment increased by $31.1 million.  This increase is primarily attributable
to higher truck and trailer rental revenues and storage revenues.

     Net sales revenues were $114.0 million and $110.1 million for the six
months ended September 30, 2000 and 1999, respectively.  Revenue growth resulted
from an increase in the sale of moving support items and an increase in the sale
of hitches.

     Cost of sales was $66.0 million and $62.7 million for the six months ended
September 30, 2000 and 1999, respectively.  A higher sales volume contributed to
the increase.

     Operating expenses before intercompany eliminations were $491.8 million and
$476.5 million for the six months ended September 30, 2000 and 1999,
respectively.  Increased expenditure levels for personnel and rental equipment
maintenance, due to an increase in truck rental transactions and in fleet size,
were primarily responsible.

     Net depreciation expense was $39.2 million and $33.9 million for the six
months ended September 30, 2000 and 1999, respectively.  The increase reflects
depreciation on the rental truck fleet.

     Operating profit before tax and intercompany elimination was $121.6 million
and $117.9 million for the six months ended September 30, 2000 and 1999,
respectively.


<PAGE> 21
Real Estate Operations
     Rental revenue before intercompany eliminations was $36.1 million and $36.5
million for the six months ended September 30, 2000 and 1999, respectively.
Intercompany revenue was $34.8 million and $35.3 million for the six months
ended September 30, 2000 and 1999, respectively.

     Net investment and interest income was $5.1 million and $4.7 million for
the six months ended September 30, 2000 and 1999, respectively.  This increase
correlates to an increase in average note and mortgage outstanding.

     Net depreciation expense was $5.3 million and $4.6 million for the six
months ended September 30, 2000 and 1999, respectively.  The increase is due
to the build out of storage facilities.

     Operating profit before tax and intercompany elimination was $8.1 million
and $13.9 million for the six months ended September 30, 2000 and 1999,
respectively.  The decrease reflects increases in lease expenses.

Property and Casualty
     RepWest's premiums were $72.3 million and $64.6 million for the six months
ended June 30, 2000 and 1999, respectively.  General agency premiums were $20.3
million and $8.2 million for the six months ended June 30, 2000 and 1999,
respectively.  Assumed treaty reinsurance premium was $22.9 million and $20.9
million for the six months ended June 30, 2000 and 1999, respectively.  Rental
industry revenue was $17.0 million and $23.9 million for the six months ending
June 30, 2000 and 1999, respectively.  This change was caused by the
restructuring of the rental industry Business Auto General Liability Policy.

     Net investment income was $15.8 million and $16.7 million for the six
months ended June 30, 2000 and 1999, respectively.  The reduction is
attributable to decreased gains and decreased invested assets.

     Benefits and losses were $60.1 million and $53.7 million for the six months
ended June 30, 2000 and 1999, respectively.  This increase is due to new agency
programs in Non-Standard Auto and Transportation, which were offset by a
decrease in rental industry incurred.

     The amortization of deferred acquisition costs (DAC) were $6.4 million and
$6.8 million for the six months ended June 30, 2000 and 1999, respectively.  The
decrease was related to the timing of inception of new business.

     Operating expenses were $19.7 million and $15.7 million for the six months
ended June 30, 2000 and 1999, respectively.  The difference was due to
increased personnel, changes in claims handling procedures and commissions on
new agency business premium writings.

     Operating profit before tax and intercompany elimination was $1.9 million
and $5.0 million for the six months ended June 30, 2000 and 1999, respectively.
The decrease is the result of additional incurred losses and operating expense,
and decreased investment income, offset by an increase in earned premiums.

<PAGE> 22
Life Insurance
     Net premiums were $51.5 million and $47.2 million for the six months ended
June 30, 2000 and 1999, respectively.  The difference was primarily due to a
$2.2 million increase in the credit insurance lines and a $2.6 million increase
in the Medicare supplement line.

     Net investment income before intercompany eliminations was $12.4 million
and $10.2 million for the six months ended June 30, 2000 and 1999, respectively.
The increase was due to improved interest rate spreads on the interest sensitive
products and a larger invested asset base.

     Benefits were $35.7 million and $30.3 million for the six months ended June
30, 2000 and 1999, respectively.  Medicare supplement benefits increased $3.7
million from 1999; credit insurance benefits increased $2.1 million from 1999.
These increases are primarily due to higher loss ratios.  Other health insurance
benefits increased $0.8 million for the year primarily from one-time charges.
The life insurance lines have had better mortality experience in 2000, resulting
in a $1.2 million decrease in benefits from 1999.

     Amortization of DAC was $10.2 million and $8.1 million for the six months
ended June 30, 2000 and 1999, respectively.  The increase resulted from a $1.0
million increase in the annuity lines and $1.1 million increase in the credit
insurance lines.

     Operating expenses were $13.2 million and $12.5 million for the six months
ended June 30, 2000 and 1999, respectively.  The increase is due to premium
volume increases.

     Operating profit before tax and intercompany eliminations was $4.7 million
and $6.5 million for the six months ended June 30, 2000 and 1999, respectively.
The decrease is due to loss ratios on the Medicare supplement business and
Credit insurance business.

Interest Expense
     Interest expense was $44.1 million and $39.8 million for the six months
ended September 30, 2000 and 1999, respectively.  The increase can be attributed
to increases in the average debt outstanding and in the average cost of debt.

Consolidated Group
     As a result of the foregoing, pretax earnings totaled $122.1 million and
$130.8 million for the six months ended September 30, 2000 and 1999,
respectively.  After providing for income taxes, net earnings were $78.8 million
and $84.4 million for the six months ended September 30, 2000 and 1999,
respectively.


<PAGE> 23
QUARTER ENDED SEPTEMBER 30, 2000 VERSUS QUARTER ENDED SEPTEMBER 30, 1999

Moving and Storage Operations
     Revenues consist of rental revenues and net sales.  Total rental revenue
was $356.7 million and $336.8 million for the quarters ended September 30, 2000
and 1999, respectively.  Net revenues from the rental of moving related
equipment increased by $17.8 million.  This increase is primarily attributable
to higher truck and trailer rental revenues and storage revenues increased $2.1
million due to increases in rates and in the number of storage rooms rented.

     Net sales revenues were $53.8 million and $52.5 million for the quarters
ended September 30, 2000 and 1999, respectively.  Revenue growth resulted from
the sale of moving support items (i.e. boxes, etc.) which led to the majority of
the increase during the quarter.

     Cost of sales was $32.8 million and $31.4 million for the quarters ended
September 30, 2000 and 1999, respectively.  Rising material costs from the sale
of propane accounted for almost half of the increase.

     Operating expenses before intercompany elimination were $255.2 million and
$250.9 million for the quarters ended September 30, 2000 and 1999,
respectively.  The increase reflects higher personnel and rental equipment
maintenance expenditures associated with an increase in truck rental
transactions and inventory levels.

     Net depreciation expense was $19.0 million and $17.2 million for the
quarters ended September 30, 2000 and 1999, respectively.  The increase reflects
an increase in depreciation recognized on the rental truck fleet.

     Operating profit before tax and intercompany elimination was $66.7 million
and $59.7 million for the quarters ended September 30, 2000 and 1999,
respectively.  The increase reflects increases in revenues over increases in
operating expenses.


Real Estate Operations
     Rental revenue before intercompany eliminations was $17.9 million and $18.4
million for the quarters ended September 30, 2000 and 1999, respectively.
Intercompany revenue was $17.1 million and $17.7 million for the quarters ended
September 30, 2000 and 1999, respectively.

     Net investment and interest income was $3.0 million and $2.4 million for
the quarters ended September 30, 2000 and 1999, respectively.  This increase
correlates to an increase in average note and mortgages outstanding.

     Net depreciation expense remained constant at $2.6 million for the quarters
ended September 30, 2000 and 1999.

     Operating profit before tax and intercompany elimination was $4.2 million
and $6.1 million for the quarters ended September 30, 2000 and 1999,
respectively.  The decrease reflects increases in lease expenses.


<PAGE> 24
Property and Casualty

     RepWest's premiums were $41.9 million and $30.8 million for the quarters
ended June 30, 2000 and 1999, respectively.  The increase is directly related to
general agency premiums, of $12.7 million and $4.2 million for the quarters
ended June 30, 2000 and 1999, respectively.  Assumed treaty reinsurance premium
were $13.2 million and $11.0 million for the quarters ended June 30, 2000 and
1999, respectively.

     Net investment income was $7.7 million and $8.5 million for the quarters
ended June 30, 2000 and 1999, respectively.  This resulted from decreased gains
and invested assets.

     Benefits and losses incurred were $35.5 million and $25.4 million for the
quarters ended June 30, 2000 and 1999, respectively.  The increase is a result
of new general agency business writings in Non-Standard Auto and
Transportation.

     The amortization of deferred acquisition costs (DAC) was $3.2 million and
$3.4 million for the quarters ended June 30, 2000 and 1999, respectively.  The
decrease was related to the timing of inception of new business.

     Operating expenses were $11.4 million and $7.5 million for the quarters
ended June 30, 2000 and 1999, respectively. The change is due to increased
general and administrative expenses, due to an increase in personnel and
overhead required to support new business expansion.  Commission expense also
increased due to new agency business premium writings on Non-standard Auto and
Transportation coverages.

     Operating profit (loss) before tax and intercompany elimination was ($0.4)
million and $3.0 million for the quarters ended June 30, 2000 and 1999,
respectively.  This decrease is the result of increased incurred losses and
operating expense, decreased investment income, offset by an increase in earned
premiums.

<PAGE> 25
Life Insurance
     Net premiums were $26.0 million and $22.1 million for the quarters ended
June 30, 2000 and 1999, respectively.  The change is primarily due to a $1.4
million increase in the credit insurance line and a $1.6 million increase in the
Medicare supplement line.

     Net investment income before intercompany eliminations was $6.7 million and
$4.6 million for the quarters ended June 30, 2000 and 1999, respectively.  This
increase is due to improved spreads on the interest sensitive products timing
difference and a larger invested asset base.

     Benefits were $18.1 million and $14.9 million for the quarters ended June
30, 2000 and 1999, respectively.  Medicare supplement benefits increased $1.7
million from 1999 due to higher loss ratios.  Credit insurance benefits
increased $0.6 million due to volume of insurance.  Other health insurance
benefits increased $0.7 million due to one-time charges.

     Amortization of DAC was $5.5 million and $3.6 million for the quarters
ended June 30, 2000 and 1999, respectively.  Annuity lines and credit insurance
lines increased $0.8 million and $1.1 million, respectively for the quarter
ending June 30, 2000.

     Operating expenses were $7.6 million and $5.7 million for the quarters
ended June 30, 2000 and 1999, respectively.  This increase included $0.8
million in Medical Supplement commissions to agents, $0.4 million for outside
fronting fees and administration costs, $0.3 million of personnel costs and
$0.4 million of other expense.

     Operating profit before tax and intercompany eliminations was $1.5 million
and $2.6 million for the quarters ended June 30, 2000 and 1999, respectively.
The decrease is due to loss ratios on the Medicare supplement business.

Interest Expense
     Interest expense was $21.2 million and $19.6 million for the quarters ended
September 30, 2000 and 1999, respectively.  The increase can be attributed to an
increase in the average cost of debt partially offset by a decrease in average
debt outstanding.

Consolidated Group
     As a result of the foregoing, pretax earnings were $63.7 million and $65.4
million for the quarters ended September 30, 2000 and 1999, respectively.  After
providing for income taxes, net earnings were $41.2 million and $42.1 million
for the quarters ended September 30, 2000 and 1999, respectively.














<PAGE> 26
LIQUIDITY AND CAPITAL RESOURCES

Moving and Storage Operations
     To meet the needs of its customers, U-Haul maintains a large inventory
of rental items.  In the six months ended September 30, 2000 and 1999,
capital expenditures were $260.9 million and $182.7 million, respectively.
These expenditures primarily reflect the expansion of the rental truck fleet.
The capital required to fund these acquisitions was obtained through internally
generated funds from operations and through lease financings.

     Cash provided by operating activities was $61.0 million and $96.1 million
for the six months ended September 30, 2000 and 1999, respectively.  The
decrease resulted primarily from an increase in receivables and a decrease in
accounts payable and accrued liabilities.

     At September 30, 2000, total outstanding notes and loans payable was
$1,096.2 million as compared to $1,137.8 million at March 31, 2000.

Real Estate Operations
     Cash provided by operating activities was $8.3 million and $2.5 million for
the six months ended September 30, 2000 and 1999, respectively.  The increase
resulted from a decrease in receivables.

Property and Casualty
     Cash used by operating activities was $(1.8) million and $(6.6) million for
six months ended June 30, 2000 and 1999, respectively.  This change resulted
from increases in unearned premuium and reinsurance losses payable from December
1999 to June 2000.  The increase was offset by a larger decrease in loss and
loss adjusting expense reserves from December 1999 to June 2000, decreased net
income and a larger increase in deferred policy acquisition costs.

     RepWest's cash and cash equivalents and short-term investment portfolio
were $10.4 million and $10.5 million at June 30, 2000 and 1999, respectively.

     RepWest maintains a diversified securities investment portfolio, primarily
in bonds, at varying maturity levels with 88.0% of the fixed-income securities
consisting of investment grade securities.  The maturity distribution is
designed to provide sufficient liquidity to meet future cash needs.  Current
liquidity remains strong with current invested assets equal to 92.2% of total
liabilities.

     The liability for reported and unreported losses isare based upon company
historical and industry averages.  Unpaid loss adjustment expenses are based on
historical ratios of loss adjustment expenses paid to losses paid.  Unpaid loss
and loss expenses are not discounted.

<PAGE> 27
Life Insurance
     Oxford's primary sources of cash are premiums, receipts from interest-
sensitive products and investment income.  The primary uses of cash are
operating costs and benefit payments to policyholders.  Matching the investment
portfolio to the cash flow demands of the types of insurance being written is an
important consideration.

     Cash provided (used) by operating activities was ($3.4) million and $2.4
million for the six months ended June 30, 2000 and 1999, respectively.  The
decrease is due to higher benefit payouts in relation to collected premium.
Cash provided by financing activities were $2.4 million and $0.3 million for the
six months ended June 30, 2000 and 1999, respectively.  The increase is due to a
better ratio of annuity deposits to withdrawals.

     In addition to cash flows from operating and financing activities, a
substantial amount of liquid funds is available through Oxford's short-term
portfolio. Short-term investments were $51.6 million and $75.6 million for the
six months ending June 30, 2000 and 1999, respectively.  Management believes
that the overall sources of liquidity will continue to meet foreseeable cash
needs.

Consolidated Group
     During each of the fiscal years ended March 31, 2001, 2002 and 2003, AMERCO
estimates gross capital expenditures will average approximately $380 million
primarily reflecting rental fleet rotation.  This level of capital expenditures,
combined with an average of approximately $72 million in annual long-term debt
maturities during this same period, are expected to create annual average
funding needs of approximately $452 million.

Credit Agreements
     AMERCO's operations are funded by various credit and financing
arrangements, including unsecured long-term borrowings, unsecured medium-term
notes and revolving lines of credit with domestic and foreign banks.
Principally to finance its fleet of trucks and trailers, AMERCO routinely enters
into sale and leaseback transactions.  As of September 30, 2000, AMERCO had
$1,096.2 million in total notes and loans payable outstanding and
unutilized lines of credit of approximately $284.2 million.

     Certain of AMERCO's credit agreements contain restrictive financial and
other covenants, including, among others, covenants with respect to incurring
additional indebtedness, maintaining certain financial ratios and placing
certain additional liens on its properties, assets and restricting the issuance
of certain types of preferred stock.  At September 30, 2000, AMERCO was in
compliance with these covenants.

     Reference is made to Note 5 of Notes to Consolidated Financial Statements
in AMERCO's Annual Report on Form 10-K for the fiscal year ended March 31, 2000
for additional information about AMERCO's credit agreements.

<PAGE> 28
       ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

     Reference is made to Part II, Item 7A, Quantitative and Qualitative
Disclosure About Market Risk, in AMERCO's Annual Report on Form 10-K for the
fiscal year ended March 31, 2000.

<PAGE> 29
                           PART II.  OTHER INFORMATION


                           ITEM 1.  LEGAL PROCEEDINGS

     In the normal course of business, AMERCO is a defendant in a number of
suits and claims.  AMERCO is also a party to several administrative proceedings
arising from state and local provisions that regulate the removal and/or cleanup
of underground fuel storage tanks.  It is the opinion of management that none of
the suits, claims or proceedings involving AMERCO, individually or in the
aggregate, are expected to result in a material loss.

     Reference is made to Part I, Item 1, Business, in AMERCO's Annual Report on
Form 10-K for the fiscal year ended March 31, 2000 for a discussion of certain
environmental proceedings and to Note 15 of Notes to Consolidated Financial
Statements in AMERCO's Annual Report on Form 10-K for the fiscal year ended
March 31, 2000 for a discussion of the California overtime litigation.

<PAGE> 30
           ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

       The 2000 Annual Meeting of Stockholders was held on September 8, 2000.

      At the 2000 Annual Meeting of Stockholders, Edward J. Shoen and Richard J.
Herrera were elected to serve until the 2004 Annual Meeting of Stockholders.
John M. Dodds and James P. Shoen continue to serve as directors with terms that
expire at the 2001 Annual Meeting of Stockholders; William E. Carty and Charles
J. Bayer continue as directors with terms that expire at the 2002 Annual Meeting
of Stockholders; and John P. Brogan and James J. Grogan continue as directors
with terms that expire at the 2003 Annual Meeting of Stockholders.

     The following table sets forth the votes cast for, against or withheld, as
well as the number of abstentions and broker non-votes with respect to each
matter voted on at the 2000 Annual Meeting of Stockholders:

<TABLE>

<CAPTION>
Matters                                    Votes                                 Broker
Submitted                  Votes Cast      Cast        Votes                      Non-
To a Vote                     For         Against     Withheld     Abstentions   Votes

<S>                        <C>            <C>        <C>           <C>           <C>
Election of Directors

    Edward J. Shoen        19,678,903      3,557      711,814           -           -

    Richard J. Herrera     19,433,633      6,806      886,455           -           -
</TABLE>



<PAGE> 31
                    ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

(a) Exhibits

     Exhibit No.              Description
     -----------              -----------

          3.1     Restated Articles of Incorporation (1)
          3.2     Restated By-Laws of AMERCO as of August 27, 1997 (2)
         10.1     Management Agreement between Twelve SAC Self Storage
                  Corporation and a subsidiary of AMERCO
         10.2     Management Agreement between Thirteen SAC Self Storage
                  Corporation and a subsidiary of AMERCO
         10.3     Management Agreement between Fourteen SAC Self Storage
                  Corporation and a subsidiary of AMERCO
         27       Financial Data Schedule

(b) Reports on Form 8-K.

          No report on Form 8-K was filed during the quarter ended September 30,
         2000.

_________________

(1)  Incorporated by reference to AMERCO's Quarterly Report on Form 10-Q
     for the quarter ended December 31, 1992, file no. 1-11255.

(2)  Incorporated by reference to AMERCO's Quarterly Report on Form 10-Q
     for the quarter ended December 31, 1997, file no. 1-11255.

<PAGE> 32
SIGNATURES

    Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.


                                  AMERCO
                                  ____________________________________
                                           (Registrant)


Dated: November 13, 2000            By: /S/ GARY B. HORTON
                                  ____________________________________
                                       Gary B. Horton, Treasurer
                                     (Principal Financial Officer)
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>0002.txt
<DESCRIPTION>MANAGEMENT AGREEMENT WITH TWELVE SAC
<TEXT>

<PAGE>
                         PROPERTY MANAGEMENT AGREEMENT
                         -----------------------------

        THIS PROPERTY MANAGEMENT AGREEMENT (this "Agreement") is entered
into as of June 30, 2000 among Twelve SAC Self-Storage Corporation,
a Nevada corporation, with its principal place of business at
715 South Country Club Drive, Mesa, AZ 85210 ("Owner"), and the property
managers identified on Exhibit A attached hereto and incorporated herein
by reference (each such property manager is respectively referred to herein
as "U-Haul").

                                   RECITALS
                                   --------

	A.  Owner owns the leasehold estate in the real property and self-
storage related improvements thereon located at the street addresses
identified on Exhibit A hereto (hereinafter, collectively the "Property").

	B.  Owner intends that the Property be rented on a space-by-space
retail basis to corporations, partnerships, individuals and/or other entities
for use as self-storage facilities.

	C.  Owner desires that U-Haul manage the Property and U-Haul
desires to act as the property manager for the Property, all in accordance
with the terms and conditions of this Agreement and as more specifically
designated on Exhibit A hereto.

	NOW, THEREFORE, in consideration of the mutual covenants
herein contained, Owner and U-Haul hereby agree as follows.

1.  Employment.
    ----------

	(a) Owner hereby retains U-Haul, and U-Haul agrees to act as
manager of the Property upon the terms and conditions hereinafter set
forth.

	(b) Owner acknowledges that U-Haul, and/or U-Haul affiliates, is
in the business of managing self-storage facilities, both for its own account
and for the account of others.  It is hereby expressly agreed that
notwithstanding this Agreement, U-Haul and such affiliates may continue
to engage in such activities, may manage facilities other than those
presently managed by U-Haul and its affiliates (whether or not such other
facilities may be in direct or indirect competition with Owner) and may in
the future engage in other business which may compete directly or
indirectly with activities of Owner.

        (c) In the performance of their respective duties under
this Agreement, each U-Haul property manager shall occupy the
position of an independent contractor with respect to Owner.
Nothing contained herein shall be construed as making the parties

<PAGE>
hereto (or any of them) partners or joint venturors, nor (except as expressly
otherwise provided for herein) construed as making U-Haul an agent or employee
of Owner or of any other U-Haul property manager hereunder.

2.  Duties and Authority of U-Haul.
    ------------------------------

        (a) GENERAL DUTIES AND AUTHORITY.  Subject only to the
restrictions and limitations provided in paragraphs (o) and (p) of this
Section 2  and the right of Owner to terminate this Agreement as provided
in Section 6 hereof, U-Haul shall have the sole and exclusive authority to
fully manage the Property and supervise and direct the business and affairs
associated or related to the daily operation thereof, and, to that end on
behalf of Owner, to execute such documents and instruments as, in the
sole judgment of U-Haul, are reasonably necessary or advisable under the
circumstances in order to fulfill U-Haul's duties hereunder.  Such duties
and authority shall include, without limitation, those set forth below.

        (b) RENTING OF THE PROPERTY.  U-Haul shall establish policies and
procedures for the marketing activities for the Property, and may advertise
the Property through such media as U-Haul deems advisable, including,
without limitation, advertising with the Yellow Pages.  U-Haul shall have
the sole discretion, which discretion shall be exercised in good faith, to
establish the terms and conditions of occupancy by the tenants of the
Property, and U-Haul is hereby authorized to enter into rental agreements
on behalf and for the account of Owner with such tenants and to collect
rent from such tenants. U-Haul may jointly advertise the Property with
other properties owned or managed by U-Haul, and in that event, U-Haul
shall reasonably allocate the cost of such advertising among such
properties.

        (c) REPAIR, MAINTENANCE AND IMPROVEMENTS.  U-Haul shall
make, execute, supervise and have control over the making and executing
of all decisions concerning the acquisition of furniture, fixtures and
supplies for the Property, and may purchase, lease or otherwise acquire the
same on behalf of Owner.  U-Haul shall make and execute, or supervise
and have control over the making and executing of all decisions
concerning the maintenance, repair, and landscaping of the Property.
U-Haul shall, on behalf of Owner, negotiate and contract for and supervise
the installation of all capital improvements related to the Property;
provided, however, that U-Haul agrees to secure the prior written approval
of Owner on all such expenditures in excess of $5,000.00 for any one item,
except monthly or recurring operating charges and/or emergency repairs if
in the opinion of U-Haul such emergency-related expenditures are
necessary to protect the Property from damage or to maintain services to
the tenants as called for in their respective leases.

        (d) PERSONNEL.  U-Haul shall select all vendors, suppliers,
contractors, subcontractors and employees with respect to the
Property and shall hire, discharge and

<PAGE>
supervise all labor and employees required for the operation and maintenance
of the Property.  Any employees so hired shall be employees of U-Haul, and
shall be carried on the payroll of U-Haul.  Employees may include, but will
not be limited to, on-site resident managers, on-site assistant managers, and
relief managers located, rendering services, or performing activities on the
Property in connection with its operation and management.  The cost of
employing such persons shall not exceed prevailing rates for comparable persons
performing the same or similar services with respect to real estate similar
to the Property.

        (e) AGREEMENTS.  U-Haul shall negotiate and execute on behalf of
Owner such agreements which U-Haul deems necessary or advisable for
the furnishing of utilities, services, concessions and supplies, for the
maintenance, repair and operation of the Property and such other
agreements which may benefit the Property or be incidental to the matters
for which U-Haul is responsible hereunder.

        (f) OTHER DECISIONS.  U-Haul shall make all decisions in
connection with the daily operation of the Property.

        (g) REGULATIONS AND PERMITS.  U-Haul shall comply in all material
respects with any statute, ordinance, law, rule, regulation or order of any
governmental or regulatory body, having jurisdiction over the Property,
respecting the use of the Property or the maintenance or operation thereof.
 U-Haul shall apply for and attempt to obtain and maintain, on behalf of
Owner, all licenses and permits required or advisable (in the sole judgment
of U-Haul) in connection with the management and operation of the
Property.

        (h) RECORDS AND REPORTS OF DISBURSEMENTS AND COLLECTIONS.  U-Haul
shall establish, supervise, direct and maintain the operation of a system
of record keeping and bookkeeping with respect to all receipts and
disbursements in connection with the management and operation of the
Property.  The books, records and accounts shall be maintained at the U-Haul
office or at such other location as U-Haul shall determine, and shall
be available and open to examination and audit quarterly by Owner, its
representatives, any mortgagee of the Property, and such mortgagee's
representative.  On or before thirty (30) days after the close of each
quarter, U-Haul shall cause to be prepared and delivered to Owner, a
monthly statement of receipts, expenses and charges, together with a
statement of the disbursements made by U-Haul during such period on
Owner's behalf.

	(i) [Reserved].

        (j) COLLECTION.  U-Haul shall be responsible for the billing and
collection of all accounts receivable and for payment of all accounts
payable with respect to the Property

<PAGE>
and shall be responsible for establishing policies and procedures to minimize
the amount of bad debts.

        (k) LEGAL ACTIONS.  U-Haul shall cause to be instituted, on behalf
and in the name of Owner, any and all legal actions or proceedings U-Haul
deems necessary or advisable to collect charges, rent or other income due
to Owner with respect to the Property and to oust or dispossess tenants or
other persons unlawfully in possession under any lease, license concession
agreement or otherwise, and to collect damages for breach thereof or
default thereunder by such tenant, licensee, concessionaire or occupant.

        (l) INSURANCE.  U-Haul shall use its best efforts to assure that there
is obtained and maintained in force, fire, comprehensive liability and other
insurance policies in amounts generally carried with respect to similar
facilities. U-Haul may in its discretion obtain employee theft or similar
insurance in amounts and with such deductibles as U-Haul deems
appropriate.  U-Haul shall promptly provide Owner with such certificates
of insurance as Owner may reasonably request in writing, evidencing such
insurance coverage.

        (m) TAXES.  During the term of this Agreement, U-Haul shall pay
from Owner's funds, prior to delinquency, all real estate taxes, personal
property taxes, and all other taxes assessed to, or levied upon, the
Property.  If required by the holder of any note secured by the Property,
U-Haul will set aside, from Owner's funds, a reserve from each month's rent
and other income collected, in an amount required by said holder for
purposes of payment of real property taxes.

        (n) [Reserved]

        (o) LIMITATIONS ON U-HAUL AUTHORITY.  Notwithstanding anything
to the contrary set forth in this Section 2, U-Haul shall not, without
obtaining the prior written consent of Owner, (i) rent storage space in the
Property by written lease or agreement for a stated term in excess of one
year, (ii) alter the building or other structures of the Property in any
material manner; (iii) make any other agreements which exceed a term of
one year and are not terminable on thirty day's notice at the will of Owner,
without penalty, payment or surcharge; (iv) act in violation of any law; or
(v) act in violation of any duty or responsibility of Owner under any
mortgage loan secured by the Property.

        (p) SHARED EXPENSES.  Owner acknowledges that certain economies may
be achieved with respect to certain expenses to be incurred by U-Haul on
behalf of Owner hereunder if materials, supplies, insurance or services
are purchased by U-Haul in quantity for use not only in connection with
the Property but in connection with other properties owned or managed by
U-Haul or its affiliates.  U-Haul shall have the right to purchase such
materials, supplies, insurance and/or services in its own name and charge

<PAGE>
Owner a pro rata allocable share of the cost of the foregoing; provided,
however, that the pro rata cost of such purchase to Owner shall not result in
expenses greater than would otherwise be incurred at competitive prices and
terms available in the area where the Property is located; and provided
further, U-Haul shall give Owner access to records so Owner may review any
such expenses incurred.

        (q) DEPOSIT OF GROSS REVENUES.   All Gross Revenues (as
hereinafter defined) shall be deposited into a "lock box account"
maintained by U-Haul International, Inc., parent company of U-Haul, in
accordance with the terms of a certain Cash Management Agreement
dated as of the date hereof among Owner, Wells Fargo Bank, National
Association (as lender and agent) and U-Haul (the "CMA").  Borrower
and U-Haul each hereby covenant and agree that they shall comply with
the terms and provisions of the CMA.

3.  Duties of Owner.
    ---------------

	Owner hereby agrees to cooperate with U-Haul in the performance
of U-Haul's duties under this Agreement and to that end, upon the request
of U-Haul, to provide, at such rental charges, if any, as are deemed
appropriate, reasonable office space for U-Haul employees on the
premises of the Property and to give U-Haul access to all files, books and
records of Owner relevant to the Property.  Owner shall not unreasonably
withhold or delay any consent or authorization to U-Haul required or
appropriate under this Agreement.

4.  Compensation of U-Haul.
    ----------------------

        (a) MANAGEMENT FEE. Owner shall pay to U-Haul as the full
amount due for the services herein provided a fee (the "Management
Fee") equal to six percent (6%) of the "Gross Revenue" derived from
or connected with the Property so managed by U-Haul hereunder.  The
term "Gross Revenue" shall mean all receipts (excluding security
deposits unless and until Owner recognizes the same as income) of
Owner (whether or not received by U-Haul on behalf or for the account
of Owner) arising from the operation of the Property, including
without limitation, rental payments of lessees of space in the Property,
vending machine or concessionaire revenues, maintenance charges, if any,
paid by the tenants of the Property in addition to basic rent, parking
fees, if any, and all monies whether or not otherwise described herein
paid for the use of the Property.  "Gross  Revenue" shall be determined
on a cash basis.  The Management Fee shall be paid promptly at the end
of each calendar quarter and shall be calculated on the basis of

<PAGE>
the "Gross Revenue" of such preceding quarter.  The Management Fee shall
be paid to each U-Haul property manager herein identified based on the
Gross Revenue of each respective Property for which such property manager
is responsible as set forth on Exhibit A hereto.  Each property manager
                               ---------
agrees that its monthly Management Fee shall be subordinate to that month's
principal balance and interest payment on any first lien position mortgage
loan on the Property.

	It is understood and agreed that the Management Fee will not be
reduced by the cost to Owner of those employees and independent
contractors engaged by or for Owner, including but not limited to the
categories of personnel specifically referred to in Section 2(d).  Except as
provided in this Section 4, it is further understood and agreed that U-Haul
shall not be entitled to additional compensation of any kind in connection
with the performance by it of its duties under this Agreement.

        (b) REIMBURSEMENT OF CERTAIN EXPENSES.  In addition to the
Management Fee described above, U-Haul shall be entitled to reimbursement
from Owner, on a quarterly basis, for all out-of-pocket expenses incurred
by U-Haul hereunder in connection with the management and operation of the
Property, including, without limitation, taxes, insurance, operational
expenses, overhead, litigation and dispute resolution related expenses,
capital improvement expenses, and costs of sales.

5.  Use of Trademarks, Service Marks and Related Items.
    --------------------------------------------------

	Owner acknowledges the significant value of the "U-Haul" name
in the operations of Owner's property and it is therefore understood and
agreed that the name,  trademark and service mark, "U-Haul", and related
marks, slogans, caricatures, designs and other trade or service items
shall be utilized for the non-exclusive benefit of Owner in the rental
and operation of the Property, and in comparable operations elsewhere.
It is further understood and agreed that this name and all such marks,
slogans, caricatures, designs and other trade or service items shall
remain and be at all times the property of U-Haul and its affiliates, and
that, except during the term hereof and as expressly provided herein,
Owner shall have no right whatsoever therein.  Owner agrees that during
the term of this agreement the sign faces at the property will have the
name "U-Haul."  The U-Haul sign faces will be paid for by Owner.  Upon
termination of this agreement at any time for any reason, all such use by
and for the benefit of Owner of any such name, mark, slogan, caricature,
design or other trade or service item in connection with the Property
shall, in any event, be terminated and any signs bearing any of the foregoing
shall be removed from view and no longer used by Owner.  In addition,
upon termination of this Agreement at any time for any reason, Owner shall
not enter into any new leases of Property using the U-Haul lease form or
use other forms prepared by U-Haul.  It is understood and agreed that
U-Haul will use and shall be unrestricted in its use of such name, mark,
slogan, caricature, design or other trade or service item in the management

<PAGE>
and operation of other storage facilities both during and after the expiration
or termination of the term of this Agreement.

6.  Termination.
    -----------

	Owner or U-Haul may terminate this Agreement with or without
cause by giving not less than sixty days' written notice to the other party
pursuant to Section 11 hereof.  In addition, if Owner fails to pay U-Haul
any amounts owed under this Agreement when due, U-Haul may terminate
this Agreement by giving Owner not less than ten days written notice
pursuant to Section 11 hereof.  Notwithstanding the foregoing, however,
U-Haul shall not resign as property manager of the Property until a
nationally recognized and reputable successor property manager is
available and prepared to assume property management responsibilities
with respect to the Property in question  Upon termination of this
Agreement, U-Haul shall promptly return to Owner all monies, books,
records and other materials held by U-Haul for or on behalf of Owner.  In
addition, if U-Haul has contracted to advertise the Property in the Yellow
Pages, Owner shall, at the option of U-Haul, continue to be responsible for
the cost of such advertisement and shall either (i) pay U-Haul the
remaining amount due under such contract in a lump sum; or (ii) pay U-
Haul monthly for the amount due under such contract.

7.  Indemnification.
    ---------------

	Owner hereby agrees to indemnify and hold each of U-Haul, all
persons and companies affiliated with U-Haul, and all officers,
shareholders, directors, employees and agents of U-Haul and of any
affiliated companies or persons (collectively, the "Indemnified Persons")
harmless from any and all costs, expenses, attorneys' fees, suits, liabilities,
judgments, damages, and claims in connection with the management of
the Property (including the loss of use thereof following any damage,
injury or destruction), arising from any cause except for the willful
misconduct or gross negligence on the part of the Indemnified Persons.  In
addition, no Indemnified Person shall be liable for any error of judgment
or for any mistake of fact or law, or for anything which it may do or
refrain from doing hereafter, except in cases of willful misconduct or gross
negligence.  U-Haul hereby agrees to indemnify and hold Owner harmless
from any and all costs, expenses, attorneys' fees, suits, liabilities,
judgments, damages and claims in connection with the management of the
Property arising from the willful misconduct of, gross negligence of, or
breach of this Agreement by the Indemnified Persons.  In addition, U-Haul
shall not be liable to Owner for the acts or omissions of U-Haul's officers,
shareholders, directors, employees, and agents except for U-Haul's own
gross negligence or willful misconduct.

<PAGE>
8.  Assignment.
    ----------

	This Agreement may be assigned by Owner in connection with any
mortgage loan on the Property, whether pursuant to a conditional or
unconditional, absolute assignment.  U-Haul shall have the right to assign
this Agreement to an affiliate or a wholly or majority owned subsidiary;
provided, however, any such assignee must assume all obligations of U-
Haul hereunder, Owner's rights hereunder will be enforceable against any
such assignee and U-Haul shall not be released from its liabilities
hereunder unless Owner shall expressly agree thereto in writing.

9.  Headings.
    --------

	The headings contained herein are for convenience of reference
only and are not intended to define, limit or describe the scope or intent of
any provision of this Agreement.

10.  Governing Law.
     -------------

	The validity of this Agreement, the construction of its terms and
the interpretation of the rights and duties of the parties shall be governed
by the internal laws of the State of Arizona.

11.  Notices.
     -------

	Any notice required or permitted herein shall be in writing and
shall be personally delivered or mailed first class postage prepaid or
delivered by an overnight delivery service to the respective addresses of
the parties set forth below their signatures on the signature page thereof, or
to such other address as any party may give  to the other in writing.  Any
notice required by this Agreement will be deemed to have been given
when personally served or one day after delivery to an overnight delivery
service or five days after deposit in the first class mail.

12.  Severability.
     ------------

	Should any term or provision hereof be deemed invalid, void or
unenforceable either in its entirety or in a particular application, the
remainder of this Agreement shall nonetheless remain in full force and
effect and, if the subject term or provision is deemed to be invalid, void or
unenforceable only with respect to a particular application, such term or
provision shall remain in full force and effect with respect to all other
applications.

<PAGE>
13.  Successors.
     ----------

	This Agreement shall be binding upon and inure to the benefit of
the respective parties hereto and their permitted assigns and successors in
interest.

14.  Attorneys' Fees.
     ---------------

	If it shall become necessary for any party hereto to engage
attorneys to institute legal action for the purpose of enforcing their
respective rights hereunder or for the purpose of defending legal action
brought by the other party hereto, the party or parties prevailing in such
litigation shall be entitled to receive all costs, expenses and fees (including
reasonable attorneys' fees) incurred by it in such litigation (including
appeals).

15.  Counterparts.
     ------------

	This Agreement may be executed in one or more counterparts,
each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument.

16.  Scope of Property Manager Responsibility.
     ----------------------------------------

	The duties, obligations and liability of each property manager
identified herein shall extend only so far as to relate to the Property for
which such property manager is managing located in the domicile state of
such property manager, as more specifically described on Exhibit A
hereto, and no individual property manager hereunder shall be liable for
the acts or omissions of any other property manager hereunder.  Each
property manager shall use its best efforts to assist Owner in fulfilling
Owner's obligations arising under any loan to Owner that is secured by the
Property, including but not limited to preparing and providing financial
and accounting reports, and maintaining the Property.  Each property
manager agrees that it will perform its obligations hereunder according to
reasonable industry standards, in good faith, and in a commercially
reasonable manner.  U-Haul agrees that, in discharging its duties
hereunder, it will not have any relationship with any of its affiliates that
would be less favorable to Owner than would reasonably be available in a
transaction with an unaffiliated party.


[Rest of page intentionally left blank]

<PAGE>
	IN WITNESS WHEREOF, the parties hereto execute this
Agreement as of the date first above written.

"Owner"

Twelve SAC Self-Storage Corporation,
a Nevada corporation

By: /S/ BRUCE BROCKHAGEN
    ___________________________
    Bruce Brockhagen, Secretary


U-Haul Co. of Arizona

By: /S/ DON MURNEY
    ___________________________


U-Haul Co. of New York

By: /S/ DON MURNEY
    ___________________________


U-Haul Co. of Louisiana

By: /S/ DON MURNEY
    ___________________________


U-Haul Co. of California

By: /S/ DON MURNEY
    ___________________________

U-Haul Co. of Texas

By: /S/ DON MURNEY
    ___________________________


U-Haul Co. of Florida

By: /S/ DON MURNEY
    ___________________________


U-Haul Co. of Massachusetts

By: /S/ DON MURNEY
    ___________________________


(PAGE>
                                  EXHIBIT A

- ----------------------------------------------------------------
Number             Name                   City      State  Owner
- ----------------------------------------------------------------
710022  U-HAUL CENTER VACAVILLE     VACAVILLE        CA   12 SAC
713059  U-HAUL CTR COVINA           COVINA           CA   12 SAC
723031  U-HAUL CENTER HAYDEN        SCOTTSDALE       AZ   12 SAC
744023  U-HAUL CENTER GRISSOM ROAD  SAN ANTONIO      TX   12 SAC
745045  U-HAUL CENTER I-10 WEST     HOUSTON NORTH    TX   12 SAC
747055  U-HAUL CTR TULANE           NEW ORLEANS      LA   12 SAC
788052  U-HAUL CTR BROWARD          FORT LAUDERDALE  FL   12 SAC
806070  U-HAUL CENTER ROCKVILLE     ROCKVILLE        NY   12 SAC
837078  U-HAUL OF MEDFORD           MEDFORD          MA   12 SAC

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>0003.txt
<DESCRIPTION>MANAGEMENT AGREEMENT WITH THIRTEEN SAC
<TEXT>

<PAGE>
                         PROPERTY MANAGEMENT AGREEMENT
                         -----------------------------

	THIS PROPERTY MANAGEMENT AGREEMENT (this "Agreement") is entered
into as of June 30, 2000 among Thirteen SAC Self-Storage Corporation,
a Nevada corporation, with its principal place of business at
715 South Country Club Drive, Mesa, AZ 85210 ("Owner"), and the property
managers identified on Exhibit A attached hereto and incorporated by
                       ---------
reference (each such property manager is respectively referred to herein
as "U-Haul").

                                   RECITALS
                                   --------

	A.  Owner owns the leasehold estate in the real property and self-
storage related improvements thereon located at the street addresses
identified on Exhibit A hereto (hereinafter, collectively the "Property").

	B.  Owner intends that the Property be rented on a space-by-space
retail basis to corporations, partnerships, individuals and/or other entities
for use as self-storage facilities.

	C.  Owner desires that U-Haul manage the Property and U-Haul
desires to act as the property manager for the Property, all in accordance
with the terms and conditions of this Agreement and as more specifically
designated on Exhibit A hereto.

	NOW, THEREFORE, in consideration of the mutual covenants
herein contained, Owner and U-Haul hereby agree as follows.

1.  Employment.
    ----------

	(a) Owner hereby retains U-Haul, and U-Haul agrees to act as
manager of the Property upon the terms and conditions hereinafter set
forth.

	(b) Owner acknowledges that U-Haul, and/or U-Haul affiliates, is
in the business of managing self-storage facilities, both for its own account
and for the account of others.  It is hereby expressly agreed that
notwithstanding this Agreement, U-Haul and such affiliates may continue
to engage in such activities, may manage facilities other than those
presently managed by U-Haul and its affiliates (whether or not such other
facilities may be in direct or indirect competition with Owner) and may in
the future engage in other business which may compete directly or
indirectly with activities of Owner.

        (c) In the performance of their respective duties under
this Agreement, each U-Haul property manager shall occupy the
position of an independent contractor with respect to Owner.
Nothing contained herein shall be construed as making the parties

<PAGE>
hereto (or any of them) partners or joint venturors, nor (except as expressly
otherwise provided for herein) construed as making U-Haul an agent or employee
of Owner or of any other U-Haul property manager hereunder.

2.  Duties and Authority of U-Haul.
    ------------------------------

        (a) GENERAL DUTIES AND AUTHORITY.  Subject only to the
restrictions and limitations provided in paragraphs (o) and (p) of this
Section 2  and the right of Owner to terminate this Agreement as provided
in Section 6 hereof, U-Haul shall have the sole and exclusive authority to
fully manage the Property and supervise and direct the business and affairs
associated or related to the daily operation thereof, and, to that end on
behalf of Owner, to execute such documents and instruments as, in the
sole judgment of U-Haul, are reasonably necessary or advisable under the
circumstances in order to fulfill U-Haul's duties hereunder.  Such duties
and authority shall include, without limitation, those set forth below.

        (b) RENTING OF THE PROPERTY.  U-Haul shall establish policies and
procedures for the marketing activities for the Property, and may advertise
the Property through such media as U-Haul deems advisable, including,
without limitation, advertising with the Yellow Pages.  U-Haul shall have
the sole discretion, which discretion shall be exercised in good faith, to
establish the terms and conditions of occupancy by the tenants of the
Property, and U-Haul is hereby authorized to enter into rental agreements
on behalf and for the account of Owner with such tenants and to collect
rent from such tenants. U-Haul may jointly advertise the Property with
other properties owned or managed by U-Haul, and in that event, U-Haul
shall reasonably allocate the cost of such advertising among such
properties.

        (c) REPAIR, MAINTENANCE AND IMPROVEMENTS.  U-Haul shall
make, execute, supervise and have control over the making and executing
of all decisions concerning the acquisition of furniture, fixtures and
supplies for the Property, and may purchase, lease or otherwise acquire the
same on behalf of Owner.  U-Haul shall make and execute, or supervise
and have control over the making and executing of all decisions
concerning the maintenance, repair, and landscaping of the Property. U-
Haul shall, on behalf of Owner, negotiate and contract for and supervise
the installation of all capital improvements related to the Property;
provided, however, that U-Haul agrees to secure the prior written approval
of Owner on all such expenditures in excess of $5,000.00 for any one item,
except monthly or recurring operating charges and/or emergency repairs if
in the opinion of U-Haul such emergency-related expenditures are
necessary to protect the Property from damage or to maintain services to
the tenants as called for in their respective leases.

        (d) PERSONNEL.  U-Haul shall select all vendors, suppliers,
contractors, subcontractors and employees with respect to the
Property and shall hire, discharge and

<PAGE>
supervise all labor and employees required for the operation and maintenance
of the Property.  Any employees so hired shall be employees of U-Haul, and
shall be carried on the payroll of U-Haul.  Employees may include, but will
not be limited to, on-site resident managers, on-site assistant managers,
and relief managers located, rendering services, or performing activities
on the Property in connection with its operation and management.  The cost
of employing such persons shall not exceed prevailing rates for comparable
persons performing the same or similar services with respect to real estate
similar to the Property.

        (e) AGREEMENTS.  U-Haul shall negotiate and execute on behalf of
Owner such agreements which U-Haul deems necessary or advisable for
the furnishing of utilities, services, concessions and supplies, for the
maintenance, repair and operation of the Property and such other
agreements which may benefit the Property or be incidental to the matters
for which U-Haul is responsible hereunder.

        (f) OTHER DECISIONS.  U-Haul shall make all decisions in
connection with the daily operation of the Property.

        (g) REGULATIONS AND PERMITS.  U-Haul shall comply in all material
respects with any statute, ordinance, law, rule, regulation or order of any
governmental or regulatory body, having jurisdiction over the Property,
respecting the use of the Property or the maintenance or operation thereof.
 U-Haul shall apply for and attempt to obtain and maintain, on behalf of
Owner, all licenses and permits required or advisable (in the sole judgment
of U-Haul) in connection with the management and operation of the
Property.

        (h) RECORDS AND REPORTS OF DISBURSEMENTS AND COLLECTIONS.  U-
Haul shall establish, supervise, direct and maintain the operation of a
system of record keeping and bookkeeping with respect to all receipts and
disbursements in connection with the management and operation of the
Property.  The books, records and accounts shall be maintained at the U-
Haul office or at such other location as U-Haul shall determine, and shall
be available and open to examination and audit quarterly by Owner, its
representatives, any mortgagee of the Property, and such mortgagee's
representative.  On or before thirty (30) days after the close of each
quarter, U-Haul shall cause to be prepared and delivered to Owner, a
monthly statement of receipts, expenses and charges, together with a
statement of the disbursements made by U-Haul during such period on
Owner's behalf.

	(i) [Reserved].

        (j) COLLECTION.  U-Haul shall be responsible for the billing and
collection of all accounts receivable and for payment of all accounts
payable with respect to the Property

<PAGE>
and shall be responsible for establishing policies and procedures to minimize
the amount of bad debts.

        (k) LEGAL ACTIONS.  U-Haul shall cause to be instituted, on behalf
and in the name of Owner, any and all legal actions or proceedings U-Haul
deems necessary or advisable to collect charges, rent or other income due
to Owner with respect to the Property and to oust or dispossess tenants or
other persons unlawfully in possession under any lease, license concession
agreement or otherwise, and to collect damages for breach thereof or
default thereunder by such tenant, licensee, concessionaire or occupant.

        (l) INSURANCE.  U-Haul shall use its best efforts to assure that there
is obtained and maintained in force, fire, comprehensive liability and other
insurance policies in amounts generally carried with respect to similar
facilities. U-Haul may in its discretion obtain employee theft or similar
insurance in amounts and with such deductibles as U-Haul deems
appropriate.  U-Haul shall promptly provide Owner with such certificates
of insurance as Owner may reasonably request in writing, evidencing such
insurance coverage.

        (m) TAXES.  During the term of this Agreement, U-Haul shall pay
from Owner's funds, prior to delinquency, all real estate taxes, personal
property taxes, and all other taxes assessed to, or levied upon, the
Property.  If required by the holder of any note secured by the Property, U-
Haul will set aside, from Owner's funds, a reserve from each month's rent
and other income collected, in an amount required by said holder for
purposes of payment of real property taxes.

        (n) [Reserved]

        (o) LIMITATIONS ON U-HAUL AUTHROITY.  Notwithstanding anything
to the contrary set forth in this Section 2, U-Haul shall not, without
obtaining the prior written consent of Owner, (i) rent storage space in the
Property by written lease or agreement for a stated term in excess of one
year, (ii) alter the building or other structures of the Property in any
material manner; (iii) make any other agreements which exceed a term of
one year and are not terminable on thirty day's notice at the will of Owner,
without penalty, payment or surcharge; (iv) act in violation of any law; or
(v) act in violation of any duty or responsibility of Owner under any
mortgage loan secured by the Property.

        (p) SHARED EXPENSES.  Owner acknowledges that certain economies may
be achieved with respect to certain expenses to be incurred by U-Haul on
behalf of Owner hereunder if materials, supplies, insurance or services
are purchased by U-Haul in quantity for use not only in connection with
the Property but in connection with other properties owned or managed
by U-Haul or its affiliates.  U-Haul shall have the right to purchase such
materials, supplies, insurance and/or services in its own name and charge

<PAGE>
Owner a pro rata allocable share of the cost of the foregoing; provided,
however, that the pro rata cost of such purchase to Owner shall not result
in expenses greater than would otherwise be incurred at competitive prices
and terms available in the area where the Property is located; and provided
further, U-Haul shall give Owner access to records so Owner may review any
such expenses incurred.

        (q) DEPOSIT OF GROSS REVENUES.   All Gross Revenues (as hereinafter
defined) shall be deposited into a "lock box account" maintained by
U-Haul International, Inc., parent company of U-Haul, in accordance with the
terms of a certain Cash Management Agreement dated as of the date hereof
among Owner, Wells Fargo Bank, National Association (as lender and agent) and
U-Haul (the "CMA").  Borrower and U-Haul each hereby covenant and agree that
they shall comply with the terms and provisions of the CMA.

3.  Duties of Owner.
    ---------------

	Owner hereby agrees to cooperate with U-Haul in the performance
of U-Haul's duties under this Agreement and to that end, upon the request
of U-Haul, to provide, at such rental charges, if any, as are deemed
appropriate, reasonable office space for U-Haul employees on the
premises of the Property and to give U-Haul access to all files, books and
records of Owner relevant to the Property.  Owner shall not unreasonably
withhold or delay any consent or authorization to U-Haul required or
appropriate under this Agreement.

4.  Compensation of U-Haul.
    ----------------------

        (a) MANAGEMENT FEE. Owner shall pay to U-Haul as the full amount
due for the services herein provided a fee (the "Management Fee") equal
to six percent (6%) of the "Gross Revenue" derived from or connected with
the Property so managed by U-Haul hereunder.  The term "Gross Revenue"
shall mean all receipts (excluding security deposits unless and until
Owner recognizes the same as income) of Owner (whether or not received by
U-Haul on behalf or for the account of Owner) arising from the operation
of the Property, including without limitation, rental payments of lessees
of space in the Property, vending machine or concessionaire revenues,
maintenance charges, if any, paid by the tenants of the Property in addition
to basic rent, parking fees, if any, and all monies whether or not otherwise
described herein paid for the use of the Property.  "Gross  Revenue" shall
be determined on a cash basis.  The Management Fee shall be paid promptly
at the end of each calendar quarter and shall be calculated on the basis of

<PAGE>
the "Gross Revenue" of such preceding quarter.  The Management Fee shall be
paid to each U-Haul property manager herein identified based on the Gross
Revenue of each respective Property for which such property manager is
responsible as set forth on Exhibit A hereto.  Each property manager agrees
                            ---------
that its monthly Management Fee shall be subordinate to that month's principal
balance and interest payment on any first lien position mortgage loan on the
Property.

	It is understood and agreed that the Management Fee will not be
reduced by the cost to Owner of those employees and independent
contractors engaged by or for Owner, including but not limited to the
categories of personnel specifically referred to in Section 2(d).  Except as
provided in this Section 4, it is further understood and agreed that U-Haul
shall not be entitled to additional compensation of any kind in connection
with the performance by it of its duties under this Agreement.

        (b) REIMBURSEMENT OF CERTAIN EXPENSES.  In addition to the Management
Fee described above, U-Haul shall be entitled to reimbursement from Owner, on
a quarterly basis, for all out-of-pocket expenses incurred by U-Haul hereunder
in connection with the management and operation of the Property, including,
without limitation, taxes, insurance, operational expenses, overhead,
litigation and dispute resolution related expenses, capital improvement
expenses, and costs of sales.

5.  Use of Trademarks, Service Marks and Related Items.
    --------------------------------------------------

	Owner acknowledges the significant value of the "U-Haul" name
in the operations of Owner's property and it is therefore understood and
agreed that the name,  trademark and service mark, "U-Haul", and related
marks, slogans, caricatures, designs and other trade or service items shall
be utilized for the non-exclusive benefit of Owner in the rental and
operation of the Property, and in comparable operations elsewhere.  It is
further understood and agreed that this name and all such marks, slogans,
caricatures, designs and other trade or service items shall remain and
be at all times the property of U-Haul and its affiliates, and that,
except during the term hereof and as expressly provided herein, Owner
shall have no right whatsoever therein.  Owner agrees that during the
term of this agreement the sign faces at the property will have the
name "U-Haul."  The U-Haul sign faces will be paid for by Owner.  Upon
termination of this agreement at any time for any reason, all such use
by and for the benefit of Owner of any such name, mark, slogan, caricature,
design or other trade or service item in connection with the Property
shall, in any event, be terminated and any signs bearing any of the foregoing
shall be removed from view and no longer used by Owner.  In addition,
upon termination of this Agreement at any time for any reason, Owner shall
not enter into any new leases of Property using the U-Haul lease form
or use other forms prepared by U-Haul.  It is understood and agreed that
U-Haul will use and shall be unrestricted in its use of such name, mark,
slogan, caricature, design or other trade or service item in the management

<PAGE>
and operation of other storage facilities both during and after
the expiration or termination of the term of this Agreement.

6.  Termination.
    -----------

	Owner or U-Haul may terminate this Agreement with or without
cause by giving not less than sixty days' written notice to the other party
pursuant to Section 11 hereof.  In addition, if Owner fails to pay U-Haul
any amounts owed under this Agreement when due, U-Haul may terminate
this Agreement by giving Owner not less than ten days written notice
pursuant to Section 11 hereof.  Notwithstanding the foregoing, however,
U-Haul shall not resign as property manager of the Property until a
nationally recognized and reputable successor property manager is
available and prepared to assume property management responsibilities
with respect to the Property in question  Upon termination of this
Agreement, U-Haul shall promptly return to Owner all monies, books,
records and other materials held by U-Haul for or on behalf of Owner.  In
addition, if U-Haul has contracted to advertise the Property in the Yellow
Pages, Owner shall, at the option of U-Haul, continue to be responsible for
the cost of such advertisement and shall either (i) pay U-Haul the
remaining amount due under such contract in a lump sum; or (ii) pay U-
Haul monthly for the amount due under such contract.

7.  Indemnification.
    ---------------

	Owner hereby agrees to indemnify and hold each of U-Haul, all
persons and companies affiliated with U-Haul, and all officers,
shareholders, directors, employees and agents of U-Haul and of any
affiliated companies or persons (collectively, the "Indemnified Persons")
harmless from any and all costs, expenses, attorneys' fees, suits, liabilities,
judgments, damages, and claims in connection with the management of
the Property (including the loss of use thereof following any damage,
injury or destruction), arising from any cause except for the willful
misconduct or gross negligence on the part of the Indemnified Persons.  In
addition, no Indemnified Person shall be liable for any error of judgment
or for any mistake of fact or law, or for anything which it may do or
refrain from doing hereafter, except in cases of willful misconduct or gross
negligence.  U-Haul hereby agrees to indemnify and hold Owner harmless
from any and all costs, expenses, attorneys' fees, suits, liabilities,
judgments, damages and claims in connection with the management of the
Property arising from the willful misconduct of, gross negligence of, or
breach of this Agreement by the Indemnified Persons.  In addition, U-Haul
shall not be liable to Owner for the acts or omissions of U-Haul's officers,
shareholders, directors, employees, and agents except for U-Haul's own
gross negligence or willful misconduct.

<PAGE>
8.  Assignment.
    ----------

	This Agreement may be assigned by Owner in connection with any
mortgage loan on the Property, whether pursuant to a conditional or
unconditional, absolute assignment.  U-Haul shall have the right to assign
this Agreement to an affiliate or a wholly or majority owned subsidiary;
provided, however, any such assignee must assume all obligations of U-
Haul hereunder, Owner's rights hereunder will be enforceable against any
such assignee and U-Haul shall not be released from its liabilities
hereunder unless Owner shall expressly agree thereto in writing.

9.  Headings.
    --------

	The headings contained herein are for convenience of reference
only and are not intended to define, limit or describe the scope or intent of
any provision of this Agreement.

10.  Governing Law.
     -------------

	The validity of this Agreement, the construction of its terms and
the interpretation of the rights and duties of the parties shall be governed
by the internal laws of the State of Arizona.

11.  Notices.
     -------

	Any notice required or permitted herein shall be in writing and
shall be personally delivered or mailed first class postage prepaid or
delivered by an overnight delivery service to the respective addresses of
the parties set forth below their signatures on the signature page thereof, or
to such other address as any party may give  to the other in writing.  Any
notice required by this Agreement will be deemed to have been given
when personally served or one day after delivery to an overnight delivery
service or five days after deposit in the first class mail.

12.  Severability.
     ------------

	Should any term or provision hereof be deemed invalid, void or
unenforceable either in its entirety or in a particular application, the
remainder of this Agreement shall nonetheless remain in full force and
effect and, if the subject term or provision is deemed to be invalid, void or
unenforceable only with respect to a particular application, such term or
provision shall remain in full force and effect with respect to all other
applications.

<PAGE>
13.  Successors.
     ----------

	This Agreement shall be binding upon and inure to the benefit of
the respective parties hereto and their permitted assigns and successors in
interest.

14.  Attorneys' Fees.
     ---------------

	If it shall become necessary for any party hereto to engage
attorneys to institute legal action for the purpose of enforcing their
respective rights hereunder or for the purpose of defending legal action
brought by the other party hereto, the party or parties prevailing in such
litigation shall be entitled to receive all costs, expenses and fees (including
reasonable attorneys' fees) incurred by it in such litigation (including
appeals).

15.  Counterparts.
     ------------

	This Agreement may be executed in one or more counterparts,
each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument.

16.  Scope of Property Manager Responsibility.
     ----------------------------------------

	The duties, obligations and liability of each property manager
identified herein shall extend only so far as to relate to the Property for
which such property manager is managing located in the domicile state of
such property manager, as more specifically described on Exhibit A
hereto, and no individual property manager hereunder shall be liable for
the acts or omissions of any other property manager hereunder.  Each
property manager shall use its best efforts to assist Owner in fulfilling
Owner's obligations arising under any loan to Owner that is secured by the
Property, including but not limited to preparing and providing financial
and accounting reports, and maintaining the Property.  Each property
manager agrees that it will perform its obligations hereunder according to
reasonable industry standards, in good faith, and in a commercially
reasonable manner.  U-Haul agrees that, in discharging its duties
hereunder, it will not have any relationship with any of its affiliates that
would be less favorable to Owner than would reasonably be available in a
transaction with an unaffiliated party.


[Rest of page intentionally left blank]

<PAGE>
	IN WITNESS WHEREOF, the parties hereto execute this
Agreement as of the date first above written.

"Owner"

Thirteen SAC Self-Storage Corporation,
a Nevada corporation

By:  /S/ BRUCE BROCKHAGEN
     ___________________________
     Bruce Brockhagen, Secretary


U-Haul Co. of Georgia

     /S/ DON MURNEY
     ________________________


U-Haul Co. of California

     /S/ DON MURNEY
     ________________________


U-Haul Co. of Kansas

     /S/ DON MURNEY
     ________________________

U-Haul Co. of Louisiana

     /S/ DON MURNEY
     ________________________

U-Haul Co. of Texas

     /S/ DON MURNEY
     ________________________

U-Haul Co. of Florida

     /S/ DON MURNEY
     ________________________

U-Haul Co. of Massachusetts

     /S/ DON MURNEY
     ________________________

<PAGE>
U-Haul Co. of Missouri

     /S/ DON MURNEY
     ________________________

U-Haul Co. of Oregon

     /S/ DON MURNEY
     ________________________

U-Haul Co. of Pennsylvania

     /S/ DON MURNEY
     ________________________

U-Haul Co. of Virginia

     /S/ DON MURNEY
     ________________________

<PAGE>
                                  EXHIBIT A


- --------------------------------------------------------------
Number             Name                  City     State  Owner
- --------------------------------------------------------------

704027  U-HAUL CT OF TIGARD          TIGARD         OR  13 SAC
715059  U-HAUL LAMBERT ROAD          LA HABRA       CA  13 SAC
734025  U-HAUL CENTER OF OLATHE      OLATHE         KS  13 SAC
736055  U-HAUL KINGSHIGHWAY          SAINT LOUIS    MO  13 SAC
737024  U-HAUL CENTER OF ROUND ROCK  ROUND ROCK     TX  13 SAC
746071  U-HAUL CTR BEAUMONT          BEAUMONT       TX  13 SAC
747073  U-HAUL GAUSE BLVD            SLIDELL        LA  13 SAC
779069  U-HAUL CTR SAVANNAH          SAVANNAH       GA  13 SAC
785053  U-HAUL CENTER GOLDENROD      ORLANDO        FL  13 SAC
791031  U-HAUL WORCESTER             WORCESTER      MA  13 SAC
796067  U-HAUL OF HYANNIS            HYANNIS        MA  13 SAC
811055  U-HAUL MECHANICSBRG          MECHANICSBURG  PA  13 SAC
825053  U-HAUL CTR DOWNTOWN          NORFOLK        VA  13 SAC

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>0004.txt
<DESCRIPTION>MANAGEMENT AGREEMENT WITH FOURTEEN SAC
<TEXT>

<PAGE>
                        PROPERTY MANAGEMENT AGREEMENT
                        -----------------------------

        THIS PROPERTY MANAGEMENT AGREEMENT (this "Agreement") is entered
into as of June 30, 2000 among Fourteen SAC Self-Storage Corporation, a
Nevada corporation, with its principal place of business at
715 South Country Club Drive, Mesa, AZ 85210 ("Owner"), and the property
managers identified on Exhibit A attached hereto and incorportated herein
                       ---------
by reference (each such property manager is respectively referred to herein
as "U-Haul").

                                   RECITALS
                                   --------

	A.  Owner owns the leasehold estate in the real property and self-
storage related improvements thereon located at the street addresses
identified on Exhibit A hereto (hereinafter, collectively the "Property").

	B.  Owner intends that the Property be rented on a space-by-space
retail basis to corporations, partnerships, individuals and/or other entities
for use as self-storage facilities.

	C.  Owner desires that U-Haul manage the Property and U-Haul
desires to act as the property manager for the Property, all in accordance
with the terms and conditions of this Agreement and as more specifically
designated on Exhibit A hereto.

	NOW, THEREFORE, in consideration of the mutual covenants herein
contained, Owner and U-Haul hereby agree as follows.

1.  Employment.
    ----------

	(a) Owner hereby retains U-Haul, and U-Haul agrees to act as
manager of the Property upon the terms and conditions hereinafter set
forth.

	(b) Owner acknowledges that U-Haul, and/or U-Haul affiliates, is
in the business of managing self-storage facilities, both for its own account
and for the account of others.  It is hereby expressly agreed that
notwithstanding this Agreement, U-Haul and such affiliates may continue
to engage in such activities, may manage facilities other than those
presently managed by U-Haul and its affiliates (whether or not such other
facilities may be in direct or indirect competition with Owner) and may in
the future engage in other business which may compete directly or
indirectly with activities of Owner.

	(c) In the performance of their respective duties under
this Agreement, each U-Haul property manager shall occupy the
position of an independent contractor with respect to Owner.
Nothing contained herein shall be construed as making the parties

<PAGE>
hereto (or any of them) partners or joint venturors, nor (except as
expressly otherwise provided for herein) construed as making U-Haul an
agent or employee of Owner or of any other U-Haul property manager hereunder.

2.  Duties and Authority of U-Haul.
    ------------------------------

        (a) GENERAL DUTIES AND AUTHORITY.  Subject only to the restrictions
and limitations provided in paragraphs (o) and (p) of this Section 2  and
the right of Owner to terminate this Agreement as provided in Section 6
hereof, U-Haul shall have the sole and exclusive authority to fully manage
the Property and supervise and direct the business and affairs associated or
related to the daily operation thereof, and, to that end on behalf of Owner,
to execute such documents and instruments as, in the sole judgment of U-Haul,
are reasonably necessary or advisable under the circumstances in order to
fulfill U-Haul's duties hereunder.  Such duties and authority shall include,
without limitation, those set forth below.

        (b) RENTING OF THE PROPERTY.  U-Haul shall establish policies and
procedures for the marketing activities for the Property, and may advertise
the Property through such media as U-Haul deems advisable, including,
without limitation, advertising with the Yellow Pages.  U-Haul shall have
the sole discretion, which discretion shall be exercised in good faith, to
establish the terms and conditions of occupancy by the tenants of the
Property, and U-Haul is hereby authorized to enter into rental agreements
on behalf and for the account of Owner with such tenants and to collect
rent from such tenants. U-Haul may jointly advertise the Property with
other properties owned or managed by U-Haul, and in that event, U-Haul
shall reasonably allocate the cost of such advertising among such
properties.

        (c) REPAIR, MAINTENANCE AND IMPROVEMENTS.  U-Haul shall make,
execute, supervise and have control over the making and executing of all
decisions concerning the acquisition of furniture, fixtures and supplies
for the Property, and may purchase, lease or otherwise acquire the same
on behalf of Owner.  U-Haul shall make and execute, or supervise and have
control over the making and executing of all decisions concerning the
maintenance, repair, and landscaping of the Property. U-Haul shall, on
behalf of Owner, negotiate and contract for and supervise the installation
of all capital improvements related to the Property; provided, however, that
U-Haul agrees to secure the prior written approval of Owner on all such
expenditures in excess of $5,000.00 for any one item, except monthly or
recurring operating charges and/or emergency repairs if in the opinion of
U-Haul such emergency-related expenditures are necessary to protect the
Property from damage or to maintain services to the tenants as called for
in their respective leases.

        (d) PERSONNEL.  U-Haul shall select all vendors, suppliers,
contractors, subcontractors and employees with respect to the Property
and shall hire, discharge and

<PAGE>
supervise all labor and employees required for the operation and maintenance
of the Property.  Any employees so hired shall be employees of U-Haul, and
shall be carried on the payroll of U-Haul.  Employees may include, but
will not be limited to, on-site resident managers, on-site assistant
managers, and relief managers located, rendering services, or performing
activities on the Property in connection with its operation and management.
The cost of employing such persons shall not exceed prevailing rates for
comparable persons performing the same or similar services with respect to
real estate similar to the Property.

        (e) AGREEMENTS.  U-Haul shall negotiate and execute on behalf of
Owner such agreements which U-Haul deems necessary or advisable for
the furnishing of utilities, services, concessions and supplies, for the
maintenance, repair and operation of the Property and such other
agreements which may benefit the Property or be incidental to the matters
for which U-Haul is responsible hereunder.

        (f) OTHER DECISIONS.  U-Haul shall make all decisions in
connection with the daily operation of the Property.

        (g) REGULATIONS AND PERMITS.  U-Haul shall comply in all material
respects with any statute, ordinance, law, rule, regulation or order of any
governmental or regulatory body, having jurisdiction over the Property,
respecting the use of the Property or the maintenance or operation thereof.
 U-Haul shall apply for and attempt to obtain and maintain, on behalf of
Owner, all licenses and permits required or advisable (in the sole judgment
of U-Haul) in connection with the management and operation of the
Property.

        (h) RECORDS AND REPORTS OF DISBURSEMENTS AND COLLECTIONS.  U-Haul
shall establish, supervise, direct and maintain the operation of a system of
record keeping and bookkeeping with respect to all receipts and disbursements
in connection with the management and operation of the Property.  The books,
records and accounts shall be maintained at the U-Haul office or at such other
location as U-Haul shall determine, and shall be available and open to
examination and audit quarterly by Owner, its representatives, any mortgagee
of the Property, and such mortgagee's representative.  On or before thirty (30)
days after the close of each quarter, U-Haul shall cause to be prepared and
delivered to Owner, a monthly statement of receipts, expenses and charges,
together with a statement of the disbursements made by U-Haul during such
period on Owner's behalf.

	(i) [Reserved].

        (j) COLLECTION.  U-Haul shall be responsible for the billing and
collection of all accounts receivable and for payment of all accounts
payable with respect to the Property

<PAGE>
and shall be responsible for establishing policies and procedures to minimize
the amount of bad debts.

        (k) LEGAL ACTIONS.  U-Haul shall cause to be instituted, on behalf
and in the name of Owner, any and all legal actions or proceedings U-Haul
deems necessary or advisable to collect charges, rent or other income due
to Owner with respect to the Property and to oust or dispossess tenants or
other persons unlawfully in possession under any lease, license concession
agreement or otherwise, and to collect damages for breach thereof or
default thereunder by such tenant, licensee, concessionaire or occupant.

        (l) INSURANCE.  U-Haul shall use its best efforts to assure that there
is obtained and maintained in force, fire, comprehensive liability and other
insurance policies in amounts generally carried with respect to similar
facilities. U-Haul may in its discretion obtain employee theft or similar
insurance in amounts and with such deductibles as U-Haul deems
appropriate.  U-Haul shall promptly provide Owner with such certificates
of insurance as Owner may reasonably request in writing, evidencing such
insurance coverage.

        (m) TAXES.  During the term of this Agreement, U-Haul shall pay
from Owner's funds, prior to delinquency, all real estate taxes, personal
property taxes, and all other taxes assessed to, or levied upon, the
Property.  If required by the holder of any note secured by the Property, U-
Haul will set aside, from Owner's funds, a reserve from each month's rent
and other income collected, in an amount required by said holder for
purposes of payment of real property taxes.

        (n) [Reserved]

        (o) LIMITATIONS ON U-HAUL AUTHORITY.  Notwithstanding anything
to the contrary set forth in this Section 2, U-Haul shall not, without
obtaining the prior written consent of Owner, (i) rent storage space in the
Property by written lease or agreement for a stated term in excess of one
year, (ii) alter the building or other structures of the Property in any
material manner; (iii) make any other agreements which exceed a term of
one year and are not terminable on thirty day's notice at the will of Owner,
without penalty, payment or surcharge; (iv) act in violation of any law; or
(v) act in violation of any duty or responsibility of Owner under any
mortgage loan secured by the Property.

        (p) SHARED EXPENSES.  Owner acknowledges that certain economies
may be achieved with respect to certain expenses to be incurred by U-Haul
on behalf of Owner hereunder if materials, supplies, insurance or services
are purchased by U-Haul in quantity for use not only in connection with
the Property but in connection with other properties owned or managed by
U-Haul or its affiliates.  U-Haul shall have the right to purchase such
materials, supplies, insurance and/or services in its own name and charge

<PAGE>
Owner a pro rata allocable share of the cost of the foregoing; provided,
however, that the pro rata cost of such purchase to Owner shall not result
in expenses greater than would otherwise be incurred at competitive prices
and terms available in the area where the Property is located; and provided
further, U-Haul shall give Owner access to records so Owner may review any
such expenses incurred.

        (q) DEPOSIT OF GROSS REVENUES.   All Gross Revenues (as
hereinafter defined) shall be deposited into a "lock box account"
maintained by U-Haul International, Inc., parent company of U-Haul, in
accordance with the terms of a certain Cash Management Agreement
dated as of the date hereof among Owner, Wells Fargo Bank, National
Association (as lender and agent) and U-Haul (the "CMA").  Borrower
and U-Haul each hereby covenant and agree that they shall comply with
the terms and provisions of the CMA.

3.  Duties of Owner.
    ---------------

	Owner hereby agrees to cooperate with U-Haul in the performance
of U-Haul's duties under this Agreement and to that end, upon the request
of U-Haul, to provide, at such rental charges, if any, as are deemed
appropriate, reasonable office space for U-Haul employees on the
premises of the Property and to give U-Haul access to all files, books and
records of Owner relevant to the Property.  Owner shall not unreasonably
withhold or delay any consent or authorization to U-Haul required or
appropriate under this Agreement.

4.  Compensation of U-Haul.
    ----------------------

        (a) MANAGEMENT FEE. Owner shall pay to U-Haul as the full amount
due for the services herein provided a fee (the "Management Fee") equal
to six percent (6%) of the "Gross Revenue" derived from or connected with
the Property so managed by U-Haul hereunder.  The term "Gross Revenue"
shall mean all receipts (excluding security deposits unless and until Owner
recognizes the same as income) of Owner (whether or not received by U-Haul
on behalf or for the account of Owner) arising from the operation of the
Property, including without limitation, rental payments of lessees of space
in the Property, vending machine or concessionaire revenues, maintenance
charges, if any, paid by the tenants of the Property in addition to basic
rent, parking fees, if any, and all monies whether or not otherwise described
herein paid for the use of the Property.  "Gross  Revenue" shall be
determined on a cash basis.  The Management Fee shall be paid promptly at
the end of each calendar quarter and shall be calculated on the basis of

<PAGE>
the "Gross Revenue" of such preceding quarter.  The Management Fee shall
be paid to each U-Haul property manager herein identified based on the
Gross Revenue of each respective Property for which such property manager
is responsible as set forth on Exhibit A hereto.  Each property manager
                               ---------
agrees that its monthly Management Fee shall be subordinate to that month's
principal balance and interest payment on any first lien position mortgage
loan on the Property.

	It is understood and agreed that the Management Fee will not be
reduced by the cost to Owner of those employees and independent contractors
engaged by or for Owner, including but not limited to the categories of
personnel specifically referred to in Section 2(d).  Except as provided in
this Section 4, it is further understood and agreed that U-Haul shall not
be entitled to additional compensation of any kind in connection with the
performance by it of its duties under this Agreement.

        (b) REIMBURSEMENT OF CERTAIN EXPENSES.  In addition to the
Management Fee described above, U-Haul shall be entitled to reimbursement
from Owner, on a quarterly basis, for all out-of-pocket expenses incurred
by U-Haul hereunder in connection with the management and operation of the
Property, including, without limitation, taxes, insurance, operational
expenses, overhead, litigation and dispute resolution related expenses,
capital improvement expenses, and costs of sales.

5.  Use of Trademarks, Service Marks and Related Items.
    --------------------------------------------------

        Owner acknowledges the significant value of the "U-Haul" name in
the operations of Owner's property and it is therefore understood and
agreed that the name,  trademark and service mark, "U-Haul", and related
marks, slogans, caricatures, designs and other trade or service items
shall be utilized for the non-exclusive benefit of Owner in the rental
and operation of the Property, and in comparable operations elsewhere.
It is further understood and agreed that this name and all such marks,
slogans, caricatures, designs and other trade or service items shall
remain and be at all times the property of U-Haul and its affiliates,
and that, except during the term hereof and as expressly provided herein,
Owner shall have no right whatsoever therein.  Owner agrees that during the
term of this agreement the sign faces at the property will have the name
"U-Haul."  The U-Haul sign faces will be paid for by Owner.  Upon termination
of this agreement at any time for any reason, all such use by and for
the benefit of Owner of any such name, mark, slogan, caricature, design
or other trade or service item in connection with the Property shall,
in any event, be terminated and any signs bearing any of the foregoing
shall be removed from view and no longer used by Owner.  In addition,
upon termination of this Agreement at any time for any reason, Owner shall
not enter into any new leases of Property using the U-Haul lease form or
use other forms prepared by U-Haul.  It is understood and agreed that
U-Haul will use and shall be unrestricted in its use of such name, mark,
slogan, caricature, design or other trade or service item in the management

<PAGE>
and operation of other storage facilities both during and after the expiration
or termination of the term of this Agreement.

6.  Termination.
    -----------

	Owner or U-Haul may terminate this Agreement with or without
cause by giving not less than sixty days' written notice to the other party
pursuant to Section 11 hereof.  In addition, if Owner fails to pay U-Haul
any amounts owed under this Agreement when due, U-Haul may terminate
this Agreement by giving Owner not less than ten days written notice
pursuant to Section 11 hereof.  Notwithstanding the foregoing, however,
U-Haul shall not resign as property manager of the Property until a
nationally recognized and reputable successor property manager is
available and prepared to assume property management responsibilities
with respect to the Property in question  Upon termination of this
Agreement, U-Haul shall promptly return to Owner all monies, books,
records and other materials held by U-Haul for or on behalf of Owner.  In
addition, if U-Haul has contracted to advertise the Property in the Yellow
Pages, Owner shall, at the option of U-Haul, continue to be responsible for
the cost of such advertisement and shall either (i) pay U-Haul the
remaining amount due under such contract in a lump sum; or (ii) pay U-
Haul monthly for the amount due under such contract.

7.  Indemnification.
    ---------------

	Owner hereby agrees to indemnify and hold each of U-Haul, all
persons and companies affiliated with U-Haul, and all officers,
shareholders, directors, employees and agents of U-Haul and of any
affiliated companies or persons (collectively, the "Indemnified Persons")
harmless from any and all costs, expenses, attorneys' fees, suits, liabilities,
judgments, damages, and claims in connection with the management of
the Property (including the loss of use thereof following any damage,
injury or destruction), arising from any cause except for the willful
misconduct or gross negligence on the part of the Indemnified Persons.  In
addition, no Indemnified Person shall be liable for any error of judgment
or for any mistake of fact or law, or for anything which it may do or
refrain from doing hereafter, except in cases of willful misconduct or gross
negligence.  U-Haul hereby agrees to indemnify and hold Owner harmless
from any and all costs, expenses, attorneys' fees, suits, liabilities,
judgments, damages and claims in connection with the management of the
Property arising from the willful misconduct of, gross negligence of, or
breach of this Agreement by the Indemnified Persons.  In addition, U-Haul
shall not be liable to Owner for the acts or omissions of U-Haul's officers,
shareholders, directors, employees, and agents except for U-Haul's own
gross negligence or willful misconduct.


<PAGE>
8.  Assignment.
    ----------

	This Agreement may be assigned by Owner in connection with any
mortgage loan on the Property, whether pursuant to a conditional or
unconditional, absolute assignment.  U-Haul shall have the right to assign
this Agreement to an affiliate or a wholly or majority owned subsidiary;
provided, however, any such assignee must assume all obligations of U-
Haul hereunder, Owner's rights hereunder will be enforceable against any
such assignee and U-Haul shall not be released from its liabilities
hereunder unless Owner shall expressly agree thereto in writing.

9.  Headings.
    --------

	The headings contained herein are for convenience of reference
only and are not intended to define, limit or describe the scope or intent of
any provision of this Agreement.

10.  Governing Law.
     -------------

	The validity of this Agreement, the construction of its terms and
the interpretation of the rights and duties of the parties shall be governed
by the internal laws of the State of Arizona.

11.  Notices.
     -------

	Any notice required or permitted herein shall be in writing and
shall be personally delivered or mailed first class postage prepaid or
delivered by an overnight delivery service to the respective addresses of
the parties set forth below their signatures on the signature page thereof, or
to such other address as any party may give  to the other in writing.  Any
notice required by this Agreement will be deemed to have been given
when personally served or one day after delivery to an overnight delivery
service or five days after deposit in the first class mail.

12.  Severability.
     ------------

	Should any term or provision hereof be deemed invalid, void or
unenforceable either in its entirety or in a particular application, the
remainder of this Agreement shall nonetheless remain in full force and
effect and, if the subject term or provision is deemed to be invalid, void or
unenforceable only with respect to a particular application, such term or
provision shall remain in full force and effect with respect to all other
applications.

<PAGE>
13.  Successors.
     ----------

	This Agreement shall be binding upon and inure to the benefit of
the respective parties hereto and their permitted assigns and successors in
interest.

14.  Attorneys' Fees.
     ---------------

	If it shall become necessary for any party hereto to engage
attorneys to institute legal action for the purpose of enforcing their
respective rights hereunder or for the purpose of defending legal action
brought by the other party hereto, the party or parties prevailing in such
litigation shall be entitled to receive all costs, expenses and fees (including
reasonable attorneys' fees) incurred by it in such litigation (including
appeals).

15.  Counterparts.
     ------------

	This Agreement may be executed in one or more counterparts,
each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument.

16.  Scope of Property Manager Responsibility.
     ----------------------------------------

	The duties, obligations and liability of each property manager
identified herein shall extend only so far as to relate to the Property for
which such property manager is managing located in the domicile state of
such property manager, as more specifically described on Exhibit A
hereto, and no individual property manager hereunder shall be liable for
the acts or omissions of any other property manager hereunder.  Each
property manager shall use its best efforts to assist Owner in fulfilling
Owner's obligations arising under any loan to Owner that is secured by the
Property, including but not limited to preparing and providing financial
and accounting reports, and maintaining the Property.  Each property
manager agrees that it will perform its obligations hereunder according to
reasonable industry standards, in good faith, and in a commercially
reasonable manner.  U-Haul agrees that, in discharging its duties
hereunder, it will not have any relationship with any of its affiliates that
would be less favorable to Owner than would reasonably be available in a
transaction with an unaffiliated party.


[Rest of page intentionally left blank]

<PAGE>
	IN WITNESS WHEREOF, the parties hereto execute this
Agreement as of the date first above written.

"Owner"

Fourteen SAC Self-Storage Corporation,
a Nevada corporation

By:  /S/ BRUCE BROCKHAGEN
     ___________________________
     Bruce Brockhagen, Secretary


U-Haul Co. of New York

     /S/ DON MURNEY
     __________________________


U-Haul Co. of Texas

     /S/ DON MURNEY
     __________________________


U-Haul Co. of Nevada

     /S/ DON MURNEY
     __________________________


U-Haul Co. of Illinois

     /S/ DON MURNEY
     __________________________


<PAGE>
                                  EXHIBIT A



- ------------------------------------------------------------
Number           Name               City      State  Owner
____________________________________________________________

758059  U-HAUL CENTER NEW-TOWN  CHICAGO NORTH  IL    14 SAC
800057  U-HAUL CTR ALBANY       ALBANY         NY    14 SAC
803079  U-HAUL KINGS BRIDGE     BRONX          NY    14 SAC
806056  U-HAUL FIVE TOWNS       INWOOD         NY    14 SAC

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-27
<SEQUENCE>5
<FILENAME>0005.txt
<DESCRIPTION>FDS 09/30/00
<TEXT>

<TABLE> <S> <C>

<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
FORM 10-Q SEPTEMBER 30, 2000 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          MAR-31-2001
<PERIOD-END>                               SEP-30-2000
<CASH>                                          26,408
<SECURITIES>                                         0
<RECEIVABLES>                                  579,977<F1>
<ALLOWANCES>                                         0
<INVENTORY>                                     83,671
<CURRENT-ASSETS>                                     0<F2>
<PP&E>                                       2,477,522
<DEPRECIATION>                               1,143,096
<TOTAL-ASSETS>                               3,235,093
<CURRENT-LIABILITIES>                                0
<BONDS>                                      1,096,240
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                        10,563
<OTHER-SE>                                     670,295
<TOTAL-LIABILITY-AND-EQUITY>                 3,235,093
<SALES>                                        113,961
<TOTAL-REVENUES>                               963,343
<CGS>                                           65,974
<TOTAL-COSTS>                                  728,181
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                 2,052
<INTEREST-EXPENSE>                              44,052
<INCOME-PRETAX>                                122,084
<INCOME-TAX>                                    43,239
<INCOME-CONTINUING>                             78,845
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    78,845
<EPS-BASIC>                                       3.35
<EPS-DILUTED>                                     3.35
<FN>
<F1>THE VALUE FOR RECEIVABLES REPRESENTS THEIR AMOUNT NET OF THEIR ALLOWANCES.
<F2>AN UNCLASSIFIED BALANCE SHEET EXISTS IN THE REGISTRANT'S FINANCIAL
STATEMENTS.
</FN>



</TABLE>
</TEXT>
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