This paper presents a fuel cycle program for an intermediate power research reactor utilizing fully enriched MTR type fuel elements. The fuel cycle program is considered at equilibrium after many cycles have past. The program consists of shifting elements from positions of high importance outward to positions of low importance through several paths. The paths are staggered so that only the elements in one path are shifted at the conclusion of a cycle, and only one element is replaced. The method of calculating the fuel remaining in each element is shown utilizing a fractional burn-up factor for each position. Sample calculations are shown for the LPTR with 23 standard elements in the core and a desired burn-up of 15%. A method is proposed to obtain such an equilibrium condition starting with an initial loading of fuel elements having nearly equal fuel loading.