[January 15,1998]

Several recent changes affect University of California Tax-Deferred 403(b) Plan participants with monies invested at The Calvert Group.

Effective January 1, 1999, the name of The Calvert Group Social Investment Fund Managed Growth Portfolio has been changed to the Calvert Social Investment Fund Balanced Portfolio. The Calvert Group believes the new name will better reflect the investment philosophy of the fund.

Effective January 8, 1999, The Calvert Group is using a new record keeper, Boston Financial Data Systems. As a result of the change in record keeper, each Calvert Group Account has been assigned a new account number. A notice will be sent to each UC participant by the end of January 1999, noticing them of their new account number. Participants may also contact The Calvert Group UC Customer Service Center Department directly at 1-800-368-2745 to obtain the new account number.

A revised quarterly statement will be issued with the next statement, dated March 31, 1999. The revised statement will be more inclusive and informative.

Calvert's automated telephone service is no longer available as a result of the change in record keeper, but web access to account information will still be provided at the same web address (www.calvertgroup.com). Until participants receive their new account number, however, they will not be able to use the web to access account information. Until then, participants can call Calvert's UC Customer Service Center Department at 1-800-368-2745 with questions.

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