INVESTMENT REPORT SUMMARY

APRIL 2000

In April 2000 the overall market declined as evidenced by negative returns of -3.01% for the S&P 500 index and - % for the NASDAQ. The Bradley Foundation total investment return for April 2000 was a negative - % resulting in a year to date April 30,2000 return of - (-$ ). This compares to a % return ($ ) for year to date April 30, 1999.

TCW Small Cap and Nicholas Applegate, the high flying investment managers in 1999, came back to earth with negative returns in April 2000 of -24.41% and -18.15%, respectively. The REIT investment diversification strategy proved beneficial in April with Urdang Investment Management achieving the highest monthly return of +6.5%. Other investment managers with positive returns included Capital Guardian Emerging Markets (+5.03%), Fayez Sarofim (+1.20%) and TCW High Yield (+0.77%).

The overall loss in April, 2000 was somewhat mitigated with a positive investment return of $6,089,667 for the alternative investment portfolio. A significant portion of this positive return actually related to unrealized gains from prior periods recorded by certain of the limited partnerships but not reported to Northern Trust until April, 2000. In this regard, we are evaluating a change in accounting for the alternative investment portfolio which would not recognize gains until actually realized by the limited partnerships. Unrealized gains are generally estimates by the general partners that may not be supported by independent market values. This matter will be presented to the Investment Committee for review and discussion.

The equity portfolio allocation dropped from 77.74% at March 31, 2000 to % at April 30, 2000. Since January 1, 2000 all expenditures and alternative investment capital calls have been funded from the equity portfolio.

Thus far May, 2000 has been volatile and uncertain as evidenced by the current indices:

As of	As of	Percent

5/17/00	4/30/00	Change

Dow Jones	10770	10734	+0.33%

S&P 500	1448	1452	-0.28%

NASDAQ	3645	3861	-5.60%

Russell 2000	500	506	-1.19%