GREENWICH ASSOCIATES

INVESTMENT MANAGEMENT SURVEY

Each year Greenwich Associates conducts an investment survey of large pension plans. In 1995 2,153 major pension plans participated in the survey. While pension plans have different objectives than foundations, the comparative investment data is useful as a general benchmark for the Bradley Foundation investment activities. Selected information from the Greenwich Associates Investment Management Survey is presented below:

Bradley

$251M-	Foundation

All Funds	$500M	12/31/95

I.	Asset Allocation

Number of Funds	2153	340	1

Type of Investment

Domestic Equity

Active common stock	27.5%	38.0%	52.8%

Passive common stock	13.2	6.5	3.6

Company run securities	5.6	5.7	0.0

Total domestic equity	46.3	50.2	56.4

International

Active international stocks	6.9	5.5	12.6

Passive international stocks	1.9	1.2	0.0

International bonds	1.7	1.1	1.7

Total international	10.5	7.8	14.3

Domestic Bonds

Active bonds	24.4	21.7	23.2

Immunized/Dedicated bonds	1.3	0.6	0.0

Other passive bonds	2.4	2.0	.2

Total domestic bonds	28.1	24.3	23.4

Other

Equity real estate	3.1	1.6	0.0

Real estate mortgages	1.4	0.4	0.0

Guaranteed investment

contracts	3.9	7.9	2.4

Short-term securities/cash	3.5	3.8	3.5

Other	3.2	4.0	0.0

Total other	15.1	17.7	5.9

GRAND TOTAL	100.0%	100.0%	100.0%

II.	Fees Paid to Outside Managers

Basis Points

Mean	39.7

Median	38.0

Bradley Foundation	44.6

III.	Percent of Funds Where Performance Fees Paid to Investment Managers

1993 19%

1994 17%

1995 14%

IV.	Demand for Alternative Investments

Hedge	Derivative-Based

Funds	Structured Investments

Now use	9%	11%

Would consider	4	2

Total demand	13%	13%

V.	Use of Directed Brokerage Commissions

All funds	41%

$251M-$500M	34%