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1 THE ASSOCIATION FOR REAL ESTATE SECURITIZATION May-June

2

3 ARES SPECIAL ARES May-June

4 4 ARES May-June 2007 ARES SPECIAL

5 5 ARES May-June 2007 ARES SPECIAL

6 6 ARES May-June 2007 ARES SPECIAL

7 ARES SPECIAL ARES May-June

8 ARES SPECIAL 8 ARES May-June 2007

9 9 ARES May-June 2007 ARES SPECIAL

10 ARES SPECIAL 10 ARES May-June 2007

11 11 ARES May-June 2007 ARES SPECIAL

12 ARES SPECIAL 12 ARES May-June 2007

13 13 ARES May-June 2007 ARES SPECIAL

14 ARES SPECIAL 14 ARES May-June 2007

15 ARES SPECIAL ARES May-June

16 ARES SPECIAL 16 ARES May-June 2007

17 17 ARES May-June 2007 ARES SPECIAL

18 ARES SPECIAL 18 ARES May-June 2007

19 ARES SPECIAL ARES May-June

20 ARES SPECIAL NOI BMV0.5CI0.5PS0.33NOI (EMWBMV)PSCI BMV0.5CI0.5PS0.33NOI 20 ARES May-June 2007

21 ARES SPECIAL NOI NOI NOI 0.33NOI NOI NOI NOI 0.33NOI ARES May-June

22 ARES SPECIAL NOI BMV0.5CI0.5PS0.417NOI (EMWBMV)PSCI BMV0.5CI0.5PS0.417NOI NOI NOI NOI NOI NOI NOI 0.417NOI 22 ARES May-June 2007

23 23 ARES May-June 2007 ARES SPECIAL

24 ARES SPECIAL 24 ARES May-June 2007

25 ARES SPECIAL ARES May-June

26 ARES SPECIAL 26 ARES May-June 2007

27 ARES SPECIAL ARES May-June

28 ARES SPECIAL 28 ARES May-June 2007

29 ARES SPECIAL ARES May-June

30 ARES SPECIAL 30 ARES May-June 2007

31 31 ARES May-June 2007 ARES SPECIAL

32 32 ARES May-June 2007 ARES SPECIAL

33 ARES SPECIAL ARES May-June

34 ARES SPECIAL 34 ARES May-June 2007

35 ARES SPECIAL ARES May-June

36 ARES SPECIAL 36 ARES May-June 2007

37 ARES SPECIAL ARES May-June

38 ARES SPECIAL 38 ARES May-June 2007

39 ARES SPECIAL ARES May-June

40 ARES SPECIAL 40 ARES May-June 2007

41 41 ARES May-June 2007 ARES SPECIAL

42 42 ARES May-June 2007 ARES SPECIAL

43 43 ARES May-June 2007 ARES SPECIAL

44 44 ARES May-June 2007 ARES SPECIAL

45 45 ARES May-June 2007 ARES SPECIAL

46 ARES SPECIAL 46 ARES May-June 2007

47 ARES SPECIAL ARES May-June

48 48 ARES May-June 2007 ARES SPECIAL

49 ARES SPECIAL ARES May-June

50 ARES SPECIAL 50 ARES May-June 2007

51 ARES SPECIAL ARES May-June

52 ARES SPECIAL 52 ARES May-June 2007

53 ARES SPECIAL ARES May-June

54 ARES SPECIAL 54 ARES May-June 2007

55 55 ARES May-June 2007 ARES SPECIAL

56 ARES SPECIAL 56 ARES May-June 2007

57 57 ARES May-June 2007 ARES SPECIAL

58 ARES REPORT ARES REPORT 58 ARES May-June 2007

59 59 ARES May-June 2007 ARES REPORT

60 ARES REPORT 60 ARES May-June 2007

61 ARES REPORT ARES May-June

62 62 ARES May-June 2007 ARES REPORT ARES REPORT

63 63 ARES May-June 2007 ARES REPORT

64 ARES REPORT ARES REPORT 64 ARES May-June 2007

65 65 ARES May-June 2007 ARES REPORT

66 ARES REPORT 66 ARES May-June 2007

67 ARES May-June

68 68 ARES May-June 2007

69 ARES May-June

70 70 ARES May-June 2007

71 ARES May-June

72 72 ARES May-June 2007

73 Vol May-June

74 74 May-June 2007

75 May-June

76 76 May-June 2007

77 May-June

78 78 May-June 2007

79 May-June

80 80 May-June 2007

81 81 May-June 2007

82 82 May-June 2007

83 May-June

84 84 May-June 2007

85 May-June

86 86 May-June 2007

87 May-June

88 88 May-June 2007

89 89 May-June 2007

90 90 May-June 2007

91 May-June

92 92 May-June 2007

93 May-June

94 94 May-June 2007

95 95 May-June 2007

96 96 May-June 2007

97 97 May-June 2007

98 98 May-June 2007

99 99 May-June 2007

100 100 May-June 2007

101 May-June

102 102 May-June 2007

103 May-June

104 104 May-June 2007

105 May-June

106 106 May-June 2007

107 May-June

108 108 May-June 2007

109 109 May-June 2007

110 110 May-June 2007

111 ARES May-June

112

39...\1-4

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