COMPARATIVE INVESTMENT PERFORMANCE

TRUST UNIVERSE COMPARISON

1996 WITH COMPARATIVE DATA FOR 1995

The following pages include summarized information from the 1996 and 1995 Trust Universe Comparison Service Statistical Summary.

General Observations:

1.	Total return and equity segment return percentile rankings in 1996 dropped because of the following reasons:

a.	TCW Small Cap performance at 87th percentile. Since the TCW small cap portfolio represents 11% of the total portfolio and 15.6% of the equity portfolio, the effect is magnified.

b.	Higher cash positions during manager changes.

c.	Poor performance of Provident Investment during first quarter 1996.

d.	Alternative investments are included with the equity segment, thereby depressing the equity segment return. This will be changed for future reports.

2.	Fayez Sarofin & Co. was the "star" performer in 1996, ranking in the 10th percentile compared to all portfolios and the 8th percentile when compared to large growth portfolio.

3.	TCW Large Cap wins the "turnaround" award, rising from the 88th percentile in 1995 to the 26th percentile in 1996.

4.	Capital Guardian fixed income portfolio had a very respectable 1996 performance ranking in the 18th percentile.

5.	The equity portfolio's potential volatility increased as evidenced by increases in the price/earnings ratio, portfolio beta and earnings risk. (See page III-4) The higher volatility is driven principally by the small cap portfolios.

Page III-7 presents a summary of the 1996 Year-end Market Review.

III-1

BRADLEY FOUNDATION

Comparative Performance Data

(Source: TUCS Master Trust Performance Review)

I.	Performance Overview

Number

Percentile	of

Return	Rank	Observations

Total Investment Return

Year ended 12/31/96	16.3%	29	236

Year ended 12/31/95	28.3%	22	232

Two years ended 12/31/96	21.4%	24	228

Equity Segment Returns

Year ended 12/31/96	21.6%	44	218

Year ended 12/31/95	38.5%	10	221

Two years ended 12/31/96	29.8%	14	204

Fixed Income Segment Returns

Year ended 12/31/96	5.3%	18	212

Year ended 12/31/95	19.5%	43	214

Two years ended 12/31/96	11.8%	38	194

Asset Allocation (12/31/96)	Percent	Percentile Rank

Equities, includes alternative investments	75.1%	9

Bonds	20.6	77

Cash EQ.	2.2	73

Convert	0.6	17

Other	1.5	51

III-2

BRADLEY FOUNDATION

Comparative Performance Data

(Source: TUCS Master Trust Performance Review)

II.	Returns by Investment Managers (Year Ended 12/31/96)

Compared	Compared	Compared	Compared	Compared

to all	to Large	to Large	to Large	to Small

Portfolios	Neutral	Value	Growth	Growth

(1259)	(310)	(145)	(249)	(83)

All Portfolios

5th Percentile	33.22	29.24	27.71	30.69	34.11

25th Percentile	24.84	24.23	24.26	25.40	25.88

Median	22.47	22.49	22.88	22.92	17.94

S&P 500

Fund Return	23.07	23.07	23.07	23.07	23.07

Fund Rank	42	41	47	48	32

TCW Small Cap

Fund Return	15.59	15.59
15.59

Fund Rank	87	61

TCW Large Cap

Fund Return	24.62	24.62

Fund Rank	26	20

Capital Guardian (Domestic)

Fund Return	23.18	23.18

Fund Rank	40	37

Fayez Sarofin & Co.

Fund Return	28.59	28.59

Fund Rank	10	8

Founders Management

Fund Return	23.01	23.01

Fund Rank	43	32

Sanford Bernstein (Domestic)

Fund Return	23.67	23.67

Fund Rank	34	33

III-3

III.	Equity Portfolio Characteristics

(Average for Quarter Ending)

Bradley Foundation	Universe

12/31/96	12/31/95	12/31/96	12/31/95

Price/Earnings

Value	21.4	19.1	18.5	16.9

Rank	10	15

Dividend Yield

Value	1.2	1.5	1.8	2.1

Rank	88	87

5 Years EPS Growth

Value	11.3	10.5	10.9	7.7

Rank	37	12

Capitalization

Value	22.45B	17.34B	20.11	17.36

Rank	40	51

Beta: Measures the anticipated sensitivity of a portfolio to general movements in the securities market. General market moves are measured by the S&P 500 Stock Composite. A portfolio whose BETA is equal to 1.0 has an expected return-subject to random deviation-equal to that of the market. A portfolio whose BETA is greater than 1.0 would be expected to advance more rapidly than the index in rising markets and decline more rapidly in falling markets. A portfolio with a BETA less than 1.0 would usually gain less than the market in rising markets and lose less in falling markets.

Portfolio Beta	12/31/96	12/31/95	12/31/96	12/31/95

Value	1.27	1.25	1.13	1.12

Rank	10	15

R Squared: Measures the degree of diversification of a portfolio relative to the market. An equity portfolio with a diversification of 1.00 would move identically to or in direct proportion to the S&P 500. Individual securities typically have a diversification of between 0.30 and 0.50. The diversification of most managed equity portfolios ranges above 0.80.

R Squared	12/31/96	12/31/95	12/31/96	12/31/95

Value	0.90	0.93	0.94	0.95

Rank	77	76

III-4

III.	Equity Portfolio Characteristics. Continued

(Average for Quarter Ending)

Bradley Foundation	Universe

Earnings Risk: A measure of risk associated with a lack of stability in earnings as evidenced by variability in earnings and cash flow, and sensitivity of earnings to changes in the economy. The average value is 50.

12/31/96	12/31/95	12/31/96	12/31/95

Earnings Risk

Value	52	51	50	50

Rank	29	37

Financial Risk: A measure of risk associated with leverage as evidenced by debt to equity and fixed charges coverage. The average value is 50.

12/31/96	12/31/95	12/31/96	12/31/95

Financial Risk

Value	44	44	48	47

Rank	87	88

III-5

BRADLEY FOUNDATION

Comparative Performance Data

(Source: TUCS Master Trust Performance Review)

IV.	Bond Portfolio Characteristics

(Average for Quarter Ending)

Bradley Foundation	Universal

Fixed Income	Medians

Maturity	12/31/96	12/31/95	12/31/96	12/31/95

Value	9.0	9.5	10.4	10.7

Percentile Rank	67	59

Bond Maturity: The average maturity of fixed income obligations held in the portfolio. Call provisions and sinking fund effects are ignored.

Duration Years	12/31/96	12/31/95	12/31/96	12/31/95

Value	6.5	6.7	5.9	6.3

Percentile Rank	35	39

Bond Duration: A measure of the average time to receipt of all bond cash flows. It is used as a measure of the sensitivity of the portfolio to changes in the general level of interest rates.

Coupon	12/31/96	12/31/95	12/31/96	12/31/95

Value	2.7	5.6	7.0	7.0

Percentile Rank	92	79

Bond Coupon: The average coupon level of the bonds held in the portfolio (coupon interest rate).

III-6