BRADLEY FOUNDATION

Comparative Performance Data

(Source: TUCS Master Trust Performance Review)

I.	Performance Overview

Percentile

Return	Rank

Total Investment Return

Year ended 12/31/97	21.2%	24

Year ended 12/31/96	16.3%	29

Year ended 12/31/95	28.3%	22

Three years ended 12/31/97	21.3%	24

Equity Segment Returns

Year ended 12/31/97	25.0%	52

Year ended 12/31/96	21.6%	44

Year ended 12/31/95	38.5%	10

Three years ended 12/31/97	28.1%	28

Fixed Income Segment Returns

Year ended 12/31/97	9.8%	47

Year ended 12/31/96	5.3%	18

Year ended 12/31/95	19.5%	43

Three years ended 12/31/97	11.3%	33

II.	Asset Allocation	1997

Percent	Percentile Rank

Equities, includes alternative investments	81.7%	7

Bonds	15.9	87

Cash EQ.	1.8	74

Convert	0.3	15

Other	0.3	57

1996

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

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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

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III.	Equity Portfolio Characteristics

(Average for Quarter Ending)

Bradley Foundation

12/31/97	12/31/96	12/31/95

Price/Earnings

Value	21.4	21.4	19.1

Rank	52	10	15

Dividend Yield

Value	1.3	1.2	1.5

Rank	66	88	87

5 Years EPS Growth

Value	16.1	11.3	10.5

Rank	25	37	12

Capitalization

Value	40.24B	22.45B	17.34B

Rank	19	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	12/31/97	12/31/96	12/31/95

Value	1.18	1.27	1.25

Rank	29	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	12/31/97	12/31/96	12/31/95

Value	0.93	0.90	0.93

Rank	59	77	76

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III.	Equity Portfolio Characteristics. Continued

(Average for Quarter Ending)

Bradley Foundation

Earnings Risk: A measure of risk associated with a lack of stability in earnings. Higher numbers are associated with lack of stability of earnings and cash flow and high earning sensitivity to changes in economic conditions. The average value is 50.

12/31/97	12/31/96	12/31/95

Earnings Risk

Value	50	52	51

Rank	41	29	37

Financial Risk: Higher numbers indicate financial structures that are more sensitive to changes in interest rates, sales and other factors. Important data items include long-term debt relative to book and market values of equity cash flow to current liabilities and estimated probability of non-coverage of fixed charges.

12/31/97	12/31/96	12/31/95

Financial Risk

Value	44	44	44

Rank	92	87	88

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BRADLEY FOUNDATION

Comparative Performance Data

(Source: TUCS Master Trust Performance Review)

IV.	Bond Portfolio Characteristics

(Average for Quarter Ending)

Bradley Foundation

Fixed Income

Maturity	12/31/97	12/31/96	12/31/95

Value	8.9	9.0	9.5

Percentile Rank	72	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	12/31/97	12/31/96	12/31/95

Value	6.5	6.5	6.7

Percentile Rank	46	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	12/31/97	12/31/96	12/31/95

Value	5.3	2.7	5.6

Percentile Rank	69	92	79

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

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