ASB AllEgIAncE REAl EStAtE Fund 2011 yEAR-EnD REPORT
Returns as of 12/31/11
Gross Return, Fourth Quarter 5.34%
Gross Return, One year 21.02%
Gross Return, Five years 1.96%
Gross Return, Inception to Date 7.63%
net Asset Value $1.64 Billion
All returns shown are gross of investment advisory fees
through 12/31/11. Past performance is not necessarily
indicative of future results. The advisory fees and any other
expenses the Fund may incur in the management of its
investment advisory account will reduce client returns.
In 1984, ASB Capital Management launched an equity real estate investment product
designed to provide qualified pension plans with an opportunity to invest in high quality
commercial real estate. The investment objectives of the ASB Allegiance Real Estate Fund
are to provide a competitive rate of return, stable and predictable income, increasing
cash flows, potential for appreciation in value, a hedge against inflation, and meaningful
portfolio diversification. We thank our investors, past and present, that have made the
Fund a success.
On THE COvER: StAtIon lAndIng – Medford, Massachusetts
RoBERt B. BEllIngER, CFA
Dear Clients and Friends,
We are pleased to present the 2011 Annual Report for the For most of 2011, economic data has been mixed and vola-
ASB Allegiance Real Estate Fund. This year, the Allegiance tility has remained elevated. Employment gains have been
Fund produced an annual return of 21.0%, outperforming steady, but over six million jobs are still unrecovered since
the nFI-ODCE value-weighted index by more than 500 the recession and unemployment levels remain unaccept-
basis points. The Fund’s twelve-month performance was ably high in many markets. There is little doubt that real
the single best among the eighteen open-end funds that estate investing in this landscape requires caution, experi-
comprise the ODCE index and represents a continuation of ence, and strategic insight. Although the national economy
a long track record of successful top quartile real estate as a whole continues to muddle through a recovery, diversi-
investing. The ASB Allegiance Fund’s multi-year returns also fied regional economies with strong technology sectors like
rank first or second among ODCE funds in the five-year, Boston, Los Angeles, Washington, D.C., and San Francisco,
seven-year and ten-year periods. all markets where ASB has a strong presence, have signifi-
cantly outperformed peer geographies. These markets offer
All investors in every asset class have been severely tested superior real estate fundamentals as a result of competitive
over the past ten years through the challenges of two deep economies that produce above average employment growth
recessions and extraordinary volatility. Through this turmoil, and real estate markets that feature meaningful supply
the Allegiance Fund has produced a long-term track record constraints. As we head into 2012, we expect that the Fund
at the top of our industry by generating alpha through good will continue to benefit from its primary market investment
markets and bad. In an environment where fundamentals strategy as core real estate in strong economies is poised
and economic growth vary greatly across geographies and to experience the best improvement in fundamentals. We
by asset class, this enduring outperformance is a testament will continue to focus our investment efforts in markets
to our successful strategy of investing in markets with healthy with these characteristics.
diversified economies and in assets that have sustainable
competitive advantages that drive tenant demand over the In 2011, the Allegiance Fund attracted $138 million in new
long term. capital with repeat contributions from 34 existing clients,
or 25% of our investor base, underscoring the loyalty and
In 2011, the Fund benefitted from exceptional income growth satisfaction felt by our investors. As we continue to deliver
that was driven both by increasing tenant absorption and on our promise to provide significant portfolio diversifica-
by rent growth that exceeded national averages. After tion benefits and superior risk-adjusted returns, we extend
increasing occupancy by 700,000 square feet in 2010, our thanks and appreciation for the continued support and
portfolio income grew to $74 million in 2011, representing confidence of our investors.
a 17% increase year-over-year. This income growth was a
key ingredient in the Fund’s strong return performance. Respectfully,
This year, we continued to enhance the strength of the
Fund’s long-term income stability, consummating 1.6 million
square feet of gross leasing activity to increase operating
occupancy by 90 basis points, generating approximately Robert B. Bellinger, CFA
$2.2 million in additional nOI. Fund Portfolio Manager and President,
ASB Real Estate Investments
In the fourth quarter, the Fund posted a gross return of above average rent growth, both commercial and resi-
5.34%, with 1.43% from income and 3.88% from dential tenants are shifting demand towards large urban
appreciation. For the year, the ASB Allegiance Real areas with strong economic drivers, particularly those
Estate Fund generated a gross return of 21.02%, with in the technology, healthcare, and education sectors.
5.17% from income and 15.13% from appreciation. These factors have greatly benefitted the Allegiance
This performance ranked the Allegiance Fund as the Fund’s portfolio which has experienced robust occu-
top performing Fund in the ODCE Index in 2011. pancy and income gains from strong leasing activity
Additionally, the Fund ranks either first or second attributable to its strong weighting in the nation’s top
among ODCE funds in the five-year, seven-year and real estate markets like Boston, Washington, D.C., San
ten-year periods. Francisco, West Los Angeles and Denver.
The Fund’s strong performance during 2011 was attrib- With ongoing foreclosure challenges and a tight lending
utable to marked gains in investment income. Portfolio environment, the fundamentals for multi-family have
income at the Fund increased by 17% to $74 million, been exceptional, especially in markets where job growth
as superior fundamentals drove rent growth at multi- has been strong. Although the Fund benefitted from
family assets and rents commenced from new office 16% rent increases at its largest multi-family asset in
leases signed in 2010. In those markets experiencing Boston, above inflation rent growth was broad based in
the Fund’s multi-family portfolio, which ended the year
with 95% occupancy, a 200 basis points improvement
ASB vs. NFI-ODCE Return Quartiles 12/31/11 over the prior year end. Overall, multi-family was the
Fund’s best performing sector generating a 38% total
return comprising 6.6% from income and 29.8% from
21.02% The office portfolio was also a significant driver of returns
20% for the Fund as leasing activity drove occupancy increases.
Strong leasing at Colorado Center, the Fund’s mixed use
office and retail asset located in Denver, CO, resulted
in over 70,000 square feet of net absorption pushing
-0.07% 1.96% occupancy to 94% by year-end. Outside of Colorado
Center, many other large office assets in the portfolio
including 455 Massachusetts Avenue (Washington, D.C.),
Infomart (Dallas), and Two Financial (Boston) experi-
-10% enced growth in income from positive net absorption.
As a result, the office sector saw the greatest improve-
ment in portfolio operating occupancy with a 280 basis
-20% point increase year-over-year in 20111.
1-yr 3-yr 5-yr 10-yr
The broad-based occupancy and income gains are a
ASB First Quartile Third Quartile
Second Quartile Fourth Quartile
reflection of the high quality of the Fund’s portfolio.
On an unlevered basis, the Fund’s total return of 16.4%
for 2011 outperformed the NPI total return of 14.3%
The ASB Allegiance Real Estate Fund is benchmarked against nCREIF Fund Index-Open-End by over 200 basis points.
Diversified Core Equity (nFI-ODCE), presented on an equal weighted basis, which tracks the
performance of other national open-end core equity real estate investment vehicles. All perfor-
mance is presented gross of investment fees through 12/31/11, as of the Fund’s Inception date
of June 1984. Past performance is not necessarily indicative of future results. 1
Includes office assets owned for the entire year.
200 PowEll StREEt – San Francisco, California
Performance as of 12/31/11
3 Mos 12 Mos 3 Yrs 5 Yrs 10 Yrs
ASB Allegiance Real Estate Fund 5.34% 21.02% -0.07% 1.96% 7.50%
nFI – ODCE Equal Weight 3.02% 15.96% -2.26% -0.57% 5.79%
S&P 500 11.82% 2.11% 14.11% -0.25% 2.92%
EAFE (US$) 3.33% -12.14% 7.65% -4.74% 4.66%
Barclays Aggregate 1.12% 7.84% 6.77% 6.50% 5.78%
All Returns shown are gross of investment advisory fees through 12/31/11. Past performance is not necessarily indicative of future results. The
advisory fees and any other expenses the Fund may incur in the management of its investment advisory account will reduce client returns. Part
II of ASB Capital Management’s Form ADv describes the investment advisory fees.
As of December 31, 2011, the ASB Allegiance Real Estate Strong outperformance: Our performance is among the
Fund had 51 investments in 131 properties in 22 major highest of any open-end core fund in the country. We
markets. Here are some of the Fund’s important recent rank in the top tier of the top quartile of ODCE funds
accomplishments: in the 1-year, 3-year, 5-year, 7-year and 10-year periods.
In the six quarters of negative returns after the NFI-
capital overview: The Fund ended 2011 with $1.64 ODCE index peaked in June 2008, ASB’s cumulative
billion in net assets under management. The Allegiance returns outperformed the NFI-ODCE benchmark by
Fund attracted $138 million in new capital during 2011 more than 460 basis points. ASB’s sustained outperfor-
from 12 new clients and 34 existing clients. Withdrawals mance in both up and down markets is a clear indication
for the year totaled $63 million, with only four clients that our strategy and operating model generate sustain-
leaving the Fund. The Fund has available liquidity of able alpha for our investors.
approximately $200 million in cash which includes $165
million in available borrowing from our line of credit.
coloRAdo cEntER – Denver, Colorado
Robust leasing: Our portfolio continues to experience
strong tenant demand and leasing activity that outpaces Fund Facts
the market. We generated over 1.6 million square feet
of gross leasing this year, producing $2.2 million in Inception Date 6/1/1984
incremental NOI for the portfolio. On average, “same number of Investors 142
store” NOI increased by 18% over calendar year 2011. number of Investments 51
number of Properties 131
Playa Vista Sale: In the first quarter, the Fund sold the Leverage 27.87%
Fox Media Center at Playa Vista, a 487,000 square foot, Rentable SF 11.7 million SF
class-A office asset located in West Los Angeles. The Operating Occupancy 87%
building was 90% leased to Fox Interactive Media, a
subsidiary of News Corp and was sold for $605 per
square foot, a new high water mark for this submarket.
The sale price represented a 30% premium to our total investment liquidity, and produce meaningful cost sav-
cost basis. ings, we believe that the strategy not only benefits the
environment but also enhances value for our investors,
ncREIF odcE Admission: In the second quarter, the tenants, and partners.
ASB Allegiance Real Estate Fund was accepted into the
nation’s leading index for open-end core real estate design Excellence: Playa Vista won five Calibre awards
funds: the NCREIF Fund Index Open-End Diversified for excellence in lobby interior design. The annual
Core Equity (NFI-ODCE). ODCE admission criteria award sponsored by the International Interior Design
include conservative leverage constraints, asset class Association of Southern California evaluated submis-
and geographic diversification requirements, primary sions based on project statement, design philosophy,
NAV composition in operating assets from the core and creative solutions to special challenges.
property types, and comprehensive reporting in
compliance with NCREIF Real Estate Information liability Management: In 2011, ASB refinanced a group
Standards (REIS). of the portfolio’s largest loans as part of a liability man-
agement strategy designed to create a more balanced
Altus Engagement: The ASB Allegiance Real Estate Fund debt maturity profile, capitalize on historically low
has retained The Altus Group as part of our policy to interest rates and diversify the financing base with a
have 100% of our assets externally appraised each broader group of top-tier lenders. ASB executed $320
quarter. Altus manages asset appraisals for most of the million in debt financing at 455 Massachusetts Avenue
core real estate funds in the ODCE index. (Washington, DC), Capella Tower (Minneapolis), and
Arborpoint at Station Landing (Boston). The loans
Environmental Stewardship: To date, a number of port- financed by Wells Fargo, Mass Mutual and MetLife have
folio assets have obtained certification in Leadership in a weighted average maturity date of 2017, and a weighted
Energy and Environmental Design (LEED), recognized average current interest rate of 3.76%.
for a broad range of asset characteristics that reduce
waste, conserve natural resources, and improve air
quality. Capella Tower, Colorado Center and Playa Vista
all received LEED Gold status in 2011. Given that
LEED certification can improve leasing velocity, increase
This year, new tenants leased approximately 500,000 income growth. The Allegiance Fund’s office portfolio
square feet, renewing tenants leased approximately enjoyed robust leasing at Colorado Center (Denver),
1,000,000 square feet, and expanding tenants leased Capella Tower (Minneapolis), and Infomart (Dallas),
approximately 180,000 square feet. In the broader U.S. which together generated over 800,000 square feet of
market, many buildings, particularly in suburban loca- gross leasing.
tions, have struggled to maintain occupancy as renewing
tenants have downsized and demand from new tenants Leasing activity was also strong in the Fund’s residential
has been lackluster. However, leasing fundamentals have portfolio. As a result of exposure to strong local econo-
been stronger for our properties, particularly in our core mies experiencing positive job growth and steady
markets where we benefitted from positive net absorp- household formation, our residential occupancy
tion in 2011, generating $2.2 million in annual net increased two hundred basis points to 95% at the end
of 2011. Demand was most notable in Boston and in
Minneapolis where improving fundamentals led to
meaningful rent spikes and exceptional NOI growth.
During 2011, rental rates increased by 16% at Arborpoint
at Station Landing (Boston), 8% at The Peninsula
(Boston), and 5% at Blue (Minneapolis). While devel-
opers are eager to add new supply in markets with the
strongest fundamentals, we expect that landlords will
maintain pricing power in supply constrained markets
over the near to medium-term.
Overall, the Fund’s operating occupancy increased by 90
basis points to 86.9% in 2011. Please find an overview of
the most notable leasing activity at select assets below:
colorado center: Leasing at the Colorado Center, the
Fund’s class-A mixed-use office complex located in
Denver was exceptional during 2011. Over 191,000
square feet of new and renewing leases pushed occu-
pancy to 94% by year-end, 8% higher than the Denver
office market occupancy of 86%, according to PPR. In
the third quarter, we executed a ten-year 51,000 square
foot lease with Willis Group, a global insurance provider.
The tenant consolidated its footprint from multiple
locations and was attracted to Colorado Center’s central
location and convenient access via the light rail station
at the property.
capella tower: During the third quarter, we signed an
cAPEllA towER early renewal with Capella Education, the Fund’s largest
Minneapolis, Minnesota office tenant which occupies 30% of Capella Tower in
downtown Minneapolis. ASB proactively approached
the tenant and executed an early renewal for 420,000 band. This lease highlights the importance of our con-
square feet with little additional tenant improvement tinued commitment to invest in our assets even during
expenditure. The tenant slightly reduced its footprint in the downturn. In 2011, we continued other capital
exchange for a longer lease term which now expires in projects in our retail portfolio including a site plan and
seven years, providing enhanced income stability and facade upgrade at Spotsylvania Crossing and a parking
security to the portfolio. Over 50,000 square feet of new lot refinishing project at Prince William Square.
leases were also executed with a number of smaller ten-
ants during 2011. The building’s recently expanded 2040 lofts: At 2040 Lofts, our student housing asset
amenity program, including a conference facility and located near the campus of Marquette University, we lev-
concierge service, has been popular with tenants and eraged a proactive leasing strategy to increase occupancy
has helped drive leasing. to 95%, representing a 10% increase year-over-year. In
an effort to tap all pockets of demand, property man-
Infomart: During the year, we executed two sizable lease agement has cultivated long-term relationships with
expansions with existing tenants: 36,000 square feet with organizations including campus student groups, gradu-
Equinix and 21,000 square feet with Cologix. Both ate organizations, and summer internship employers.
tenants are rapidly growing technology firms that were
attracted to the important competitive advantages of lease Expirations: The Fund’s commercial lease rollover
the asset including its superior fiber-optic capacity, over the next five years is less than 44% of total leased
electrical infrastructure and telecommunications net- space. The majority of the Fund’s rollover is concen-
work. Lease commencements from leases executed in trated in its industrial portfolio, which will have a
2010, contributed to year-over-year NOI growth of modest impact on the Fund on an economic basis as a
15.5%. Income has grown at this asset every year during result of the lower rents per square foot paid by indus-
the past six years of our ownership. trial tenants.
dobbin center: We executed a major retail lease with
Destination XL at Dobbin Center, our 126,000 square
foot shopping center, located outside of Washington,
D.C. The 10,000 square foot lease increased occupancy
to 95% and was signed subsequent to a 2010 renova-
tion at the property, upgrading the facade and signage
Real Estate Fund Lease Rollover Schedule 1
Rentable SF 2 leased SF % leased 2012 2013 2014 2015 2016
Residential 2,781,994 2,651,039 95.3% n/A n/A n/A n/A n/A
Industrial 4,166,451 3,310,624 79.5% 32.9% 8.8% 4.3% 4.7% 6.6%
Office 3,484,944 3,059,200 87.8% 3.0% 8.4% 4.4% 4.3% 8.1%
Retail 985,301 904,171 91.8% 3.0% 8.5% 9.4% 4.0% 17.2%
total 11,418,690 9,925,034 86.9% 16.9% 8.6% 4.9% 4.4% 8.4%
Residential properties are excluded from the lease rollover analysis given rental apartments typically have one-year
leases, such that rollover is essentially 100% each year.
Excludes non-operating investments.
Fund GeoGraphic diversiFication
(by net asset value)
East Central 12.3%
West Central 11.7%
Fund property type diversiFication
Mid-Atlantic 9.7% (by net asset value)
Target Markets Allocation (by net asset value)
San Francisco 9.1%
Los Angeles 8.2%
new york 0.5%
0.0% 5.0% 10.0% 15.0% 20.0% 25.0%
Over 89% of the Fund’s portfolio is located in our target MSAs which are among the largest cities in the
nation with the strongest real estate fundamentals.
Property and Geographic Sector Diversification
The ASB Allegiance Real Estate Fund maintained a pursuing several potential acquisitions of residential
balanced asset class mix and a diversified geographic and retail assets.
footprint in 2011.
We believe that a large component of our ability to
Driven primarily by the sale of Playa Vista in early 2011, outperform during both the downturn and subsequent
the Fund reduced its office concentration to 38% by recovery resulted from the Fund’s strategy of investing
year-end, in line with the NFI-OCDE office concentra- in large, dynamic gateway cities characterized by mature
tion. In 2012, the Fund plans to grow its exposure to liquid markets with strong economies that drive
transit-oriented multi-family residential and urban high above-average employment and population growth.
street retail. Initially, this will be achieved through the Going forward, ASB plans to increase its exposure to
development of the Fund’s 333 Fremont site in San the Pacific, Mid-Atlantic and Northeast regions where
Francisco, where the Fund will invest approximately many of the nation’s strongest local and regional econ-
$33 million in additional capital. The Fund is also omies are located.
BluE – Minneapolis, Minnesota
1315 lIncoln BoulEVARd – Santa Monica, California
Property name use location Purchase date Purchase Price (Millions)
1315 Lincoln Boulevard Office Santa Monica, CA 9/13/2011 $ 12.6
Fortune Oregon Industrial Portland, OR 5/12/2011 $ 7.9
Property name use location Sell date Sales Price (Millions)
Fox Media Center Office West Los Angeles, CA 1/31/2011 $294.0
Resource–Tanglewood Court Residential Houston, TX 9/19/2011 $ 35.0
Outlook and Opportunity
In 2011, the commercial real estate market continued San Francisco, and San Jose where hiring in technology
to rebound. With almost $211 billion in total sales, drove office rent growth into the double digits. Nation-
transaction volume has normalized back to 2003 levels, ally, the outlook for 2012 looks somewhat better than
representing a healthy 55% increase year-over-year. 2011 with expectations of 130,000 new jobs per
Investment activity was most concentrated in major month, likely not enough to cause a significant decline
markets where pricing also saw the greatest gains. With in unemployment which ended the year at 8.5%. With
mixed economic news for most of 2011, volatility in the the possibility of a Eurozone recession dampening
stock market remained at elevated levels and demand exports and ongoing government deficits potentially
for core real estate was driven by defensive positioning causing cutbacks in government spending, our outlook
and increasing value placed on current income. for the economy is guarded.
Apartment fundamentals again outperformed in 2011 The 2012 outlook for commercial real estate however
given continued weakness in home prices and steady remains stable. Although expectations for fundamen-
employment gains. Vacancies continued to decline tals are modest, peaking productivity, flush corporate
another 70 basis points to 6.6% nationally driving 4.6% balance sheets and record private sector profits suggest
rent growth, the strongest since 2005. Fundamentals that hiring could pick up meaningfully once some of
were strongest in the top employment markets like the headline risk is mitigated and confidence returns.
Boston and San Francisco, which averaged 9.5% rent Furthermore, the technical macro factors bode well
growth and 4.1% vacancy. In response, the development for real estate. Treasury yields are not likely to move
pipeline is growing. PPR expects new supply to add higher until the economy gains substantial traction. In
4.0% to inventories nationally in the next four years. that scenario, hiring and spending will lead to higher
While new development could cause the pace of rent occupancy, rent growth and NOI. Core real estate will
growth to decelerate in the medium-term, we expect remain a favored asset class as it provides downside pro-
rent growth to remain above inflation well into 2013. tection as well as value upside. A third quarter investor
survey conducted by RERC highlights this: commercial
Fundamentals have been far weaker for office, industrial real estate has a higher investment rating than stocks,
and retail. Despite steady absorption in the strongest bonds and cash and has widened its lead over the prior
employment markets pushing vacancy moderately 12 months.
lower, national vacancy rates still hover around peak
recession levels with the exception of industrial which
has seen a 70 basis point decline in vacancy driven
by 110 million square feet of net absorption in 2011
according to Grubb & Ellis. Despite this good news,
office, retail and industrial rents were flat to slightly
negative in 2011 with the exception of Santa Monica,
The ASB Allegiance Real Estate Fund is an open-end, oPERAtIng ModEl
commingled real estate fund managed by ASB Real The Fund invests in partnerships with experienced
Estate Investments, a division of ASB Capital Manage- local real estate operators who have extensive local net-
ment, LLC. Chevy Chase Trust Company, an affiliate, works, deep product knowledge, and a track record of
is the Trustee for the Fund. The Fund is comprised of success. Many of the Fund’s operating partners have
premium-quality, income-producing properties, which a long-standing relationship with the Fund after years
are diversified by product type, location, and lease of repeat business. Through an investment structure
exposures. The ASB Allegiance Real Estate Fund is one that aligns operating partner economics with back-end
of the top performing open-end diversified core funds investment performance, the Fund is able to harness
in the country. The Fund has consistently generated the knowledge, creativity and energy of its partners to
alpha for clients through an investment strategy focused create value and drive returns for investors.
on acquiring best-in-class commercial real estate assets
in markets with the strongest long-term fundamentals. The Fund’s organizational culture and size also provide
a distinct competitive advantage. The ASB Allegiance
InVEStMEnt StRAtEgY Fund’s senior management team has worked together
The Fund’s investment strategy has two important fea- for over seven years, and the flat organizational struc-
tures: 1) a proprietary top-down analysis to determine ture allows the Fund’s acquisition team to move quickly
the most compelling markets to target for long-term when speed is important. In addition, the Fund has
capital deployment and 2) a bottom-up approach to the capacity to source smaller investments requiring
identify assets that are well positioned to garner tenant as little as $10 million in equity that may typically fall
demand over the long term. under the institutional radar. Investment professionals at
ASB focus on both acquisitions and asset management,
target Market Strategy: The Fund focuses on investment providing accountability and team continuity over the
opportunities in markets with three important criteria: life of an investment.
1) a diversified competitive economy with robust employ-
ment that creates above average household formation, Through strategic asset selection, active hands-on
2) geographic or regulatory hurdles that constrain new asset management, and prudent risk management, the
supply, and 3) a dynamic urban core featuring a vibrant Allegiance Fund’s investment objective is to generate
pedestrian experience, mass-transit infrastructure, and superior risk-adjusted returns for its clients. The Fund
strong cultural institutions that enhance quality of life. targets investments in which it can protect and pre-
We believe that these markets will experience superior serve clients’ capital, while at the same time generating
real estate fundamentals that will drive rent and NOI market-leading income returns and capital appreciation.
growth, significantly enhancing value for investors over
the long term.
Asset Selection Strategy: We assume a tenant’s perspec-
tive when evaluating acquisition targets for the Fund.
We purchase high-quality real estate assets that satisfy
the demanding needs of tenants in the marketplace
and provide desirable spaces in which our residents
and tenants can live, work and play. This approach drives
tenant satisfaction, keeping the Fund’s portfolio more
highly occupied over the long term.
responsible investment policy
The ASB Allegiance Real Estate Fund, throughout its 27-year history, has maintained a responsible
investment policy which seeks to promote responsible stewardship of the environment, safe living
and working conditions, and employment of the highest skilled workers from the building and
construction union trades. This investment policy extends the effective life of our assets, reduces
operating costs, and creates a better experience for our tenants.
ABOvE: thE dAllAS InFoMARt – Dallas, Texas
ASB Real Estate Investments
7501 Wisconsin Avenue
Bethesda, MD 20814
ASB Allegiance Real Estate Fund and ASB Capital Management LLC are
registered marks in the U.S. Patent and Trademark Office.
This report is published by ASB Real Estate Investments, a division of ASB
Capital Management LLC. Information and statements contained in this
issue are based on data obtained from sources we believe to be reliable,
but are not guaranteed as to accuracy and do not purport to be complete.
ASB Allegiance Real Estate Fund is an open-end, commingled equity real
estate fund that focuses on the Taft-Hartley market. For more information,
please contact Judy K. McCoy, Managing Director at (240) 482-2908 or
visit our website at asbrealestate.com.