CAMBRIDGE ASSOCIATES, INC.

Analysis of Foundation

Investment Pool Returns

This schedule presents a summary of a 1994 investment performance survey conducted by Cambridge Associates, Inc. The survey included 88 foundations of which 67 were independent foundations and 2 were operating or community foundations. The Bradley Foundation was one of the survey respondents.

1994

Bradley	Mean %

Asset Allocation:	Foundation	Survey

Domestic Common Stock	45.0%	46.8%

Foreign Currency Common Stock	16.1	10.8

Domestic Fixed Income	24.6	27.7

Foreign Currency Fixed Income	3.5	2.5

Domestic Cash & Cash Equivalents	7.0	5.4

Real Estate	-	1.7

Other (GIC, etc.)	3.8	5.1

100.0%	100.0%

Total Return:

Total Rate of Return	-1.3%	-0.7%

Range	-8.2% to 8.6%

Rank	46th out of

88 survey respondents

Spending Rate	6.6%	5.4%

(Grants paid + operating expenses	(57 foundations)

+ investment related expenses

divided by the beginning pool

market value)

External Investment

Management Expenses	0.50%	0.42%

(% of average market value

of externally managed assets

as of 12/31/93 and 12/31/94)

Custody Expenses	0.06%	0.06%

(% of average market value

of assets held in custody

as of 12/31/93 and 12/31/94)