AmeriServ Trust and Financial Services Company as Trustee

The trustee of a series of labor-sensitive commingled real estate funds hired IFS as an independent fiduciary to opine as to whether the proposed merger of several of those funds-- which invest only in particular states-- into a more broadly diversified fund-- which invests across a larger geographic area-- is in the collective interest of the investors of each state fund. We submitted our opinion in January regarding all four of the state funds.