FFOG SPRING 2002 SURVEY

SURVEY RESULTS

ASSET ALLOCATION

Mean	Weighted	Allocation BRADLEY

Average	Average	$500M-$1B	FOUNDATION

Donor Stock	6.8%	19.4	4.3	0.0

Mid/Large Cap	34.4	26.7	36.4	34.4

Small Cap	7.5	4.6	8.7	16.3

International Developed Equity	9.8	11.4	12.3	18.1

International Emg. Mkt. Equity	1.5	1.5	2.2	1.3

Total Equity	60.0	63.6	63.9	70.1

Fixed Income	19.5	15.6	19.4	10.6

International Developed Fixed	.7	.5	2.3	0.2

International Emg. Mkt. Fixed	0.1	0.1	0.1	0.0

Total Fixed Income	20.3	16.2	21.8	10.8

Real Estate	2.6	2.2	3.1	5.1

Cash	3.0	3.7	2.2	5.8

Other	14.1	14.3	9.0	8.2

100.0%	100.0%	100.0%	100.0%

INVESTMENT PERFORMANCE

Total Return (Gross of Fees)

Two Year	Three Year

Year Ended	Annualized	Annualized

FFOG SURVEY	12/31/01	12/31/01	12/31/01

5th percentile	6.5%	8.5%	11.9%

25th percentile	-0.6	1.9	8.1

50th percentile	-4.4	-1.6	5.1

75th percentile	-7.8	-4.1	2.8

95th percentile	-15.0	-8.6	-1.1

BRADLEY FOUNDATION	-0.74%	-3.29%	6.47%