THE LYNDE AND HARRY BRADLEY FOUNDATION, INC.

INVESTMENT MANAGER SEARCH AND SELECTION PROCESS

TABLE OF CONTENTS

ITEM	TAB

Approach to Investment Manager Search Process	1

Interview Schedule	2

Selected Investment Manager Interview Questions	3

Small Cap Value Managers	4

Mid Cap Value Managers	5

Small/Mid Cap Growth Managers	6

Request for Proposal List	7

THE LYNDE AND HARRY BRADLEY FOUNDATION, INC.

APPROACH TO INVESTMENT MANAGER SEARCH PROCESS

The investment manager search process included the following sources:

1.	Recommendations from Investment Committee members

2.	Products offered by the Foundation's existing investment managers

3.	Staff search of various databases; Wilshire, Nelson, etc.

4.	Information from R. Berkopec's recent participation on the team that conducted an investment manager search for the Marquette University Endowment fund

5.	Statistical data and other data from Fund Evaluation Group, Inc., Cincinnati, Ohio

Request for proposals were sent to twenty-eight firms of which twenty-three firms responded. From this information, certain investment managers were selected for final review and interviews.

Profiles and other information for the small cap value managers (pages 2-4) and mid cap value managers (pages 5-7) selected as finalists are included in the following pages.

The process had a bias to the identification of small/mid-cap value managers candidates. Adding one or two value managers would provide diversification and style neutrality to the Foundation's small/mid- cap portfolio. In addition, information was obtained for small-cap growth managers.

Due to time constraints the formal manager interviews included those investment managers not well known to the Foundation. Existing Foundation investment managers and other investment managers known by Investment Committee members were not included in the interview schedule. However, the aforementioned investment managers were clearly considered as viable candidates for selection.

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THE LYNDE AND HARRY BRADLEY FOUNDATION, INC.

INVESTMENT MANAGER SEARCH AND SELECTION PROCESS

AUGUST, 1997

THE LYNDE AND HARRY BRADLEY FOUNDATION, INC.

Selected Investment Manager Interview Questions

1.	What has been the growth of firm's assets under management in the last 3 years? How many investment professionals were added to accommodate this growth?

2.	What is your business plan regarding future growth, and how is the firm positioned to accommodate this growth?

3.	Describe the depth of your in-house research capabilities for evaluating securities.

4.	To what degree is "outside" research incorporated into your overall research effort?

5.	How are the accounts managed: by an individual portfolio manager, by a team or by a committee?

6.	Please describe your approach to investment management. What criteria are used for purchase and sale of securities? Please give a recent example of a security which has been either purchased or sold.

7.	How much discretion does an individual portfolio manager have in structuring portfolios?

8.	Describe the level of experience of your chief investment officer, research analysts and portfolio managers.

9.	How does the firm cash in an account?

10.	Who would be responsible for the client service of our account?

THE LYNDE AND HARRY BRADLEY FOUNDATION, INC.

APPROACH TO INVESTMENT MANAGER SEARCH PROCESS

The investment manager search process included the following sources:

1.	Recommendations from Investment Committee members

2.	Products offered by the Foundation's existing investment managers

3.	Staff search of various databases; Wilshire, Nelson, etc.

4.	Information from R. Berkopec's recent participation on the team that conducted an investment manager search for the Marquette University Endowment fund

5.	Statistical data and other data from Fund Evaluation Group, Inc., Cincinnati, Ohio

Request for proposals were sent to twenty-eight firms of which twenty-three firms responded. From this information, certain investment managers were selected for final review and interviews.

Profiles and other information for the investment manager finalists are included in the following tabs:

Small Cap Value Managers	Tab 4

Mid Cap Value Managers	Tab 5

Small/Mid Cap Growth Managers	Tab 6

The process had a bias to the identification of small/mid-cap value managers candidates. Adding one or two value managers would provide diversification and style neutrality to the Foundation's small/mid-cap portfolio. In addition, information was obtained for small-cap growth managers.

Due to time constraints the formal manager interviews included those investment managers not well known to the Foundation. Existing Foundation investment managers and other investment managers known by Investment Committee members were not included in the interview schedule. However, the aforementioned investment managers were clearly considered as viable candidates for selection.

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