ALTERNATIVE INVESTMENT UPDATE/OPPORTUNITIES

On November 18, 1996 the initial $350,000 capital investment in Boston Ventures Limited Partnership V was completed. The total commitment as approved by the Investment Committee is $5,000,000.

A current summary of the Foundation's alternative investment commitments are as follows:

Total committed to date	$28,000,000

Amount invested	$18,935,000

Percent invested	68%

A number of alternative investment opportunities have been presented to the Foundation as evidenced by the attached investment log.

A formal alternative investment recommendation is not being made at this time pending further review and analysis.

The November 25, 1996 Investment Committee Meeting will include a general discussion of the opportunities in the alternative investment area to obtain the Committee's current interest in additional alternative investments.

For your information a summary of the Foundation's alternative investments compared to a recent survey of alternative investment activity is included on the following page.

1995 Survey Goldman Sachs/Frank Russell Capital

(254 largest funds)

Allocation	Percentage

Of 1995	Of Funds	Bradley

Dollar	That	Foundation

Commitments	Participate	11/19/96

Total	Actual

Commitment	Investment

Leveraged

Buyout Funds	43.9%	17.4%	1.01%	.07%

Venture Capital	22.3	25.8

Other	9.0	7.9

Mezzanine

Financing	6.5	10.7	1.01%	.12%

International

Private Equity	5.8	12.9	1.63%	1.5%

Distressed

Securities	3.9	9.0	2.28%	2.28%

Oil and Gas

Programs	3.8	8.1

Targeted

Investments	2.4	3.9

Timber or

Farmland	2.4	4.2

100.0%

Note: The 1.5% represents the China investments. These could also be classified as venture capital.