In "What's Happening with the Pension Fund? -- Part 14" the section headed "The Fourth Layer" is wrong. The S&P 500 Index data which I got from the Internet is in error (it does not include dividends, which is necessary for calculation of Total Returns.) The original Policy Benchmark data shown in Table 1 is correct.  I apologize for this mistake.

Other parts of this paper stand; and there is much that UC officials still have to explain about their investment activities.

Charlie Schwartz
December 20, 2002