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SIGNATURE MARY JANE MALONEY
TITLE MANAGER
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<NAME> EII REALTY SECURITIES TRUST
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<NAME> EII REALTY SECURITIES FUND
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EXHIBIT A
Attachment to item 77B: Accountant's report on internal control
Report of Independent Auditors
To the Shareholders and Board of Trustees of
E.I.I. Realty Securities Fund
In planning and performing our audit of the financial statements of E.I.I.
Realty Securities Fund, a series of the E.I.I. Realty Securities Trust, for
the period from June 11, 1998 (commencement of operations) to June 30,
1998, we considered its internal control, including control activities for
safeguarding securities, in order to determine our auditing procedures for
the purpose of expressing our opinion on the financial statements and to
comply with the requirements of Form N-SAR, not to provide assurance on the
internal control.
The management of E.I.I. Realty Securities Fund is responsible for
establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of controls. Generally,
controls that are relevant to an audit pertain to the entity's objective
of preparing financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may
occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of the internal control would not necessarily disclose
all matters in the internal control that might be material weaknesses
under standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design or
operation of one or more of the internal control components does not reduce
to a relatively low level the risk that errors or fraud in amounts that
would be material in relation to the financial statements being audited
may occur and not be detected within a timely period by employees in the
normal course of performing their assigned functions. However, we noted no
matters involving the internal control and its operation, including
controls for safeguarding securities, that we consider to be material
weaknesses as defined above at June 30, 1998.
This report is intended solely for the information and use of the board of
trustees and management of E.I.I. Realty Securities Fund and the Securities
and Exchange Commission.
/s/Ernst & Young LLP
ERNST & YOUNG LLP
July 17, 1998
