COMPARATIVE INVESTMENT PERFORMANCE

TRUST UNIVERSE COMPARISON

SEPTEMBER 30, 1996

Presented below is summarized information from the September 30, 1996 Trust Universe Comparison Service Statistical Summary. The Bradley Foundation's total performance for the first nine months of 1996 was favorable when compared to the trust universe. The total investment return of 10.7% was ranked at the 19th percentile and the fixed income gain of 2.5% was ranked at the 13th percentile.

Return	Percentile Rank

Total Investment Return

Year to date 9/30/96	10.7%	19

Year ended 9/30/96	15.1%	24

Equity Segment Return

Year to date 9/30/96	14.0%	40

Year ended 9/30/96	18.5%	48

Fixed Income Segment Return

Year to date 9/30/96	2.5%	13

Year ended 9/30/96	6.8%	17

Asset Allocation

Percent Equities	71.4%	16

Percent Bonds	22.6%	72

Note: Above statistics do not include BZW Barclays or Acacia Institutional Partners.