[GRAPHIC OMITTED]
E.I.I. REALTY
SECURITIES FUND
INSTITUTIONAL SHARES
JUNE 30, 2000
ANNUAL REPORT
888-323-8912
<PAGE>
E.I.I. REALTY SECURITIES TRUST
E.I.I. REALTY SECURITIES FUND
TABLE OF CONTENTS
Letter to Shareholders .................................................. 1
Schedule of Investments ................................................. 3
Statement of Assets and Liabilities ..................................... 5
Statement of Operations ................................................. 6
Statements of Changes in Net Assets ..................................... 7
Financial Highlights .................................................... 8
Notes to Financial Statements ........................................... 9
Report of Independent Auditors .......................................... 11
<PAGE>
E.I.I. REALTY SECURITIES TRUST
E.I.I. REALTY SECURITIES FUND
JUNE 30, 2000
To Our Shareholders:
We are pleased to report to you that we have completed our second full year of
operations in strong fashion. For the fiscal year ended June 30, 2000, the
E.I.I. Realty Securities Fund (the "Fund") produced a return of 6.2% compared to
the NAREIT Equity Index return of 3.0%. For the six months ended June 30, the
Fund returned 15.4% compared to NAREIT's 13.2% return. Net Assets of the Fund
were $130.1 million.
For the first six months of the Fund's fiscal year (period ending December
1999), REITs continued their lackluster performance as investors' appetite for
high risk investments out weighed their appetite for income-oriented investments
with stable earnings. However, as the NASDAQ meltdown began late in March 2000
REITs began to rebound. The rebound continued into the June quarter driven by
strong real estate fundamentals supporting stable, consistent earnings growth by
most REITs. In the first six months of 2000, REIT returns have surpassed those
returns experienced in most other sectors of the equity and fixed income
markets.
What is most impressive about the recent performance of REITs is the stability
and consistency with which the outperformance was generated. Despite wild and
violent gyrations in the levels of both the S&P 500 and the NASDAQ Composite,
REITs have marched to their own drummer this year and have actually performed
best when the other indexes were at their worst. Heightened volatility in the
stock market caused investors to rediscover the attraction of investments with
low volatility and steady cash flow.
We believe that the REIT market has transitioned from the "capital markets
driven leg" of the REIT cycle, to the "real estate driven leg", where valuations
and performance going forward will be much more closely tied to the performance
of the properties held by the REITs, and less by the external variables such as
"positive spread investing." In recent years these external variables caused the
REITs' share prices to be more volatile due to the REITs' dependence upon the
availability of attractively priced new capital for growth. IN SHORT, WE BELIEVE
INVESTORS SHOULD ANTICIPATE MORE REAL ESTATE-LIKE RETURNS GOING FORWARD.
We also believe the most important lesson which investors can take away from the
recent REIT performance is the REAFFIRMATION OF THE ROLE OF REITS WITHIN A
PROPER ASSET ALLOCATION. Simplistically, investors who have significant holdings
in operating companies, where those companies are subject to the ravages of
operating margin pressure due to higher costs (rents and interest rates, for
example) can partially hedge themselves by having an allocation to the asset
class which stands to benefit most from this set of circumstances.
In summary, the REIT market is healthy driven by solid supply/demand
fundamentals in the real estate markets.
Our fellow shareholders should take comfort in knowing that the employees,
officers and directors of both the Manager and the Trust continue to have
approximately $1.0 million invested in the E.I.I Realty Securities Fund and that
we remain dedicated in a very meaningful way to achieve solid performance.
Lastly, we want to thank you for the continued support and confidence you have
placed with us.
Very Truly Yours,
S:RICHARD J. ADLER S:DAVID P. O'CONNOR
Richard J. Adler David P. O'Connor
Chairman President
<PAGE>
E.I.I. REALTY SECURITIES TRUST
E.I.I. REALTY SECURITIES FUND
JUNE 30, 2000
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF PLOT POINTS USED IN PRINTED GRAPHIC
EII MAREIT WILSHIRE
6/11/98 $10,000 $10,000 $10,000
6/30/98 10,260 10,253 10,253
7/31/98 9,650 9,587 9,539
8/31/98 8,940 8,683 8,548
9/30/98 9,390 9,174 9,027
10/31/98 9,213 9,004 8,903
11/30/98 9,415 9,137 9,071
12/31/98 9,306 8,907 8,941
1/31/99 9,112 8,720 8,747
2/28/99 9,000 8,515 8,678
3/31/99 8,908 8,477 8,631
4/30/99 9,801 9,281 9,551
5/31/99 10,039 9,485 9,712
6/30/99 9,728 9,332 9,547
7/31/99 9,382 9,035 9,182
8/31/99 9,309 8,920 9,044
9/30/99 8,910 8,581 8,636
10/31/99 8,613 8,370 8,475
11/30/99 8,571 8,234 8,342
12/31/99 8,955 8,495 8,656
1/31/00 8,987 8,523 8,691
2/29/00 8,847 8,421 8,525
3/31/00 9,256 8,698 8,899
4/30/00 9,856 9,283 9,533
5/31/00 9,933 9,374 9,648
6/30/00 10,336 9,615 9,973
--------------------------------------------------------------------------------
RETURNS FOR THE PERIODS ENDED JUNE 30, 2000
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL
CUMULATIVE TOTAL RETURN RETURN
------------------------------------- ---------------------
CALENDAR TWELVE SINCE
YEAR TO DATE MONTHS INCEPTION* SINCE INCEPTION*
------------------------------------------------------------
<S> <C> <C> <C> <C>
E.I.I. REALTY SECURITIES FUND 15.42% 6.25% 3.36% 1.62%
NAREIT Equity Index(1) 13.18% 3.03% (3.85%) (1.89%)
Wilshire Real Estate Securities Index(1) 15.21% 4.46% (0.27%) (0.13%)
<FN>
* Inception date was June 11, 1998.
(1) For the period from June 11, 1998 through June 30, 1998, the Morgan Stanley
REIT Index was used to calculate the returns.
</FN>
</TABLE>
Returns are historical and include change in share price and reinvestment of
dividends and capital gains. Past performance does not guarantee future results.
Investment performance fluctuates. Fund shares, when redeemed, may be worth more
or less than original cost. The Fund's performance takes into account all
applicable fees and expenses. The benchmarks are widely accepted unmanaged
indices of overall market performance and do not take into account charges, fees
and other expenses.
--------------------------------------------------------------------------------
2
<PAGE>
E.I.I. REALTY SECURITIES TRUST
E.I.I. REALTY SECURITIES FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2000
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
COMMON STOCK -- 93.1%
<S> <C> <C>
Alexander & Baldwin, Inc. 10,800 $ 238,275
AMB Property Corp. 160,400 3,659,125
Apartment Investment & Management Company, Class A 140,300 6,067,975
Arden Realty Group, Inc. 183,300 4,307,550
Avalonbay Communities, Inc. 98,531 4,113,669
Boston Properties, Inc. 142,700 5,449,356
Bradley Real Estate Trust, Inc. 59,800 1,274,487
Brandywine Realty Trust 131,100 2,507,287
BRE Properties, Inc., Class A 86,100 2,486,138
CarrAmerica Realty Corp. 115,200 3,052,800
Charles E. Smith Residential Realty, Inc. 63,200 2,401,600
Chateau Communities, Inc. 128,332 3,625,379
Equity Office Properties Trust 357,012 9,840,143
Equity Residential Properties Trust 145,699 6,702,154
Franchise Finance Corporation of America 180,900 4,160,700
Highwoods Properties, Inc. 111,900 2,685,600
Kilroy Realty Corp. 129,000 3,345,938
Kimco Realty Corp. 121,500 4,981,500
Liberty Property Trust 96,400 2,500,375
Macerich Co. 86,900 1,917,231
Nationwide Health Properties, Inc. 178,000 2,480,875
Post Properties, Inc. 70,420 3,098,480
Prologis Trust 321,993 6,862,476
Public Storage, Inc. 119,970 2,811,797
Rouse Company 122,300 3,026,925
Simon Property Group, Inc. 156,800 3,479,000
SL Green Realty Corp. 99,700 2,666,975
Spieker Properties, Inc. 120,200 5,679,450
Starwood Hotels & Resorts Worldwide, Inc. 148,186 4,788,260
Storage USA, Inc. 41,900 1,236,050
Sun Communities, Inc. 105,400 3,524,313
Taubman Centers, Inc. 170,900 1,879,900
Trizec Hahn Corp. 80,000 1,430,000
Vornado Realty Trust 124,900 4,340,275
------------
TOTAL COMMON STOCK (Cost $115,485,218) 122,622,058
------------
</TABLE>
See Accompanying Notes to Financial Statements
3
<PAGE>
E.I.I. REALTY SECURITIES TRUST
E.I.I. REALTY SECURITIES FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2000
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
PREFERRED STOCK -- 1.2%
Vornado Realty Trust Preferred Convertible, Series A 31,500 $ 1,632,094
------------
TOTAL PREFERRED STOCK (Cost $1,579,194) 1,632,094
------------
PAR (000)
---------
TEMPORARY INVESTMENTS -- 5.7%
Provident Institutional Funds, T-Fund Portfolio $ 764 764,724
Provident Institutional Funds, Treasury Trust
Portfolio 6,682 6,682,870
-----------
TOTAL TEMPORARY INVESTMENTS (Cost $7,447,594) 7,447,594
------------
TOTAL INVESTMENTS -- 100% (Cost $124,512,006) + $131,701,746
============
<FN>
+ The cost for federal income tax purposes is $124,853,825
</FN>
</TABLE>
See Accompanying Notes to Financial Statements
4
<PAGE>
E.I.I. REALTY SECURITIES TRUST
E.I.I. REALTY SECURITIES FUND
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2000
ASSETS
Investments at value (Cost $124,512,006)................. $131,701,746
Receivable from advisor.................................. 2,464
Dividends receivable..................................... 972,647
Interest receivable...................................... 41,638
Receivable for fund shares sold.......................... 250,000
Organizational expenses.................................. 107,617
Prepaid expenses and other assets........................ 36,843
------------
TOTAL ASSETS......................................... 133,112,955
-----------
LIABILITIES
Payable for investment securities purchased.............. 2,921,228
Accrued expenses......................................... 124,125
------------
TOTAL LIABILITIES.................................... 3,045,353
------------
NET ASSETS (Applicable to 13,718,831
Institutional Class shares outstanding, $.01
Par value, unlimited shares authorized).................. $130,067,602
============
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER INSTITUTIONAL CLASS SHARE...................... $9.48
=====
See Accompanying Notes to Financial Statements
5
<PAGE>
E.I.I. REALTY SECURITIES TRUST
E.I.I. REALTY SECURITIES FUND
STATEMENT OF OPERATIONS
Year Ended
June 30, 2000
-------------
INVESTMENT INCOME
Dividends.......................................... $5,635,924
Interest........................................... 217,274
----------
Total Investment Income................... 5,853,198
----------
EXPENSES
Management fee..................................... 597,897
Administrative fee................................. 199,299
Legal fees......................................... 96,000
Directors' fees and expenses....................... 40,000
Organization expense............................... 36,640
Filing fees........................................ 30,152
Transfer Agent fee................................. 30,000
Audit fee.......................................... 28,000
Custodian fee...................................... 24,211
Insurance expense.................................. 11,551
Shareholders' reports.............................. 7,605
Other expenses..................................... 5,841
----------
TOTAL EXPENSES............................ 1,107,196
Less: Expenses Waived or Reimbursable.............. (310,005)
----------
NET EXPENSES.............................. 797,191
----------
NET INVESTMENT INCOME.............................. 5,056,007
----------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENT SECURITIES
Net Realized Loss on Investment Securities......... 2,876,733)
Change in Unrealized Appreciation (Depreciation) of
Investment Securities........................... 7,461,871
----------
NET GAIN ON INVESTMENT SECURITIES......... 4,585,138
----------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS................................ $9,641,145
==========
See Accompanying Notes to Financial Statements
6
<PAGE>
E.I.I. REALTY SECURITIES TRUST
E.I.I. REALTY SECURITIES FUND
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Year Ended Year Ended
June 30, 2000 June 30, 1999
------------- -------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net Investment Income ........................... $ 5,056,007 $ 1,661,894
Net Realized Loss on Investment Securities ...... (2,876,733) (690,030)
Change in Unrealized Appreciation (Depreciation)
of Investment Securities .................... 7,461,871 (286,028)
------------ -----------
Net Increase in Assets Resulting
From Operations ......................... 9,641,145 685,836
------------ -----------
Distributions From:
Net Investment Income ........................... (3,641,186) (1,022,314)
Net Realized Gains .............................. -- --
------------ -----------
Total Distributions .................... (3,641,186) (1,022,314)
------------ -----------
Capital Share Transactions - Institutional Class: (1)
Shares Issued ................................... 73,923,152 53,243,697
Shares Issued in Reinvestment of Distributions .. 2,987,283 944,623
Shares Redeemed ................................. (5,191,245) (2,017,245)
------------ -----------
Net Increase from Capital Share
Transactions ....................... 71,719,190 52,171,075
------------ -----------
Total Increase in Net Assets ........................ 77,719,149 51,834,597
------------ -----------
NET ASSETS
Beginning of Year ............................... 52,348,453 513,856
------------ -----------
End of Year ..................................... $130,067,602 $52,348,453
============ ===========
(1) SHARES ISSUED AND REDEEMED - INSTITUTIONAL CLASS
Shares Issued ................................... 8,374,422 5,642,946
Shares Reinvested ............................... 350,493 108,533
Shares Redeemed ................................. (586,753) (220,901)
------------ -----------
8,138,162 5,530,578
============ ===========
</TABLE>
c
7
<PAGE>
E.I.I. REALTY SECURITIES TRUST
E.I.I. REALTY SECURITIES FUND
FINANCIAL HIGHLIGHTS
FOR AN INSTITUTIONAL CLASS SHARE OUTSTANDING THROUGHOUT EACH PERIOD.
<TABLE>
<CAPTION>
Year Year June 11, 1998 (a)
Ended Ended through
June 30, 2000 June 30, 1999 June 30, 1998
------------- ------------- -------------
<S> <C> <C> <C>
Net Asset Value, Beginning of Period ........................ $ 9.38 $ 10.26 $10.00
-------- ------- ------
INCOME (LOSS) FROM INVESTMENT OPERATIONS
Net Investment Income .................................. 0.47 0.39 0.05
Net Gain (Loss) on Securities (Realized and Unrealized) 0.06 (0.95) 0.21
-------- ------- ------
Total from Investment Operations ................... 0.53 (0.56) 0.26
-------- ------- ------
LESS DISTRIBUTIONS
Net Investment Income .................................. (0.43) (0.32) --
Net Realized Gains ..................................... -- -- --
-------- ------- ------
Total Distributions ................................ (0.43) (0.32) --
-------- ------- ------
Net Asset Value, End of Period .............................. $ 9.48 $ 9.38 $10.26
======== ======= ======
Total Return ................................................ 6.25% (5.18)% 2.60%#
Net Assets, End of Period (thousands) ....................... $130,068 $52,348 $ 514
Ratio of Expenses to Average Net Assets ..................... 1.00% 1.00% 1.00%*
Ratio of Expenses to Average Net Assets (Excluding
Waivers and Assumptions of Expenses) ..................... 1.39% 1.83% 37.75%*
Ratio of Net Investment Income to Average Net Assets ........ 6.34% 6.11% 10.50%*
Ratio of Net Investment Income to Average Net Assets
(Excluding Waivers and Assumptions of Expenses) .......... 5.95% 5.28% (26.25)%*
Portfolio Turnover Rate ..................................... 25% 17% 22%
<FN>
* Annualized
# Non-Annualized
(a) Commencement of Operations
</FN>
</TABLE>
See Accompanying Notes to Financial Statements
8
<PAGE>
E.I.I. REALTY SECURITIES TRUST
E.I.I. REALTY SECURITIES FUND
NOTES TO THE FINANCIAL STATEMENTS
A. ORGANIZATION:
E.I.I. Realty Securities Trust was incorporated in the State of Delaware on
December 22, 1997 and is registered under the Investment Company Act of 1940, as
amended, as an open-end management investment company. E.I.I. Realty Securities
Trust may offer one or more portfolios of its shares; at present only shares of
E.I.I. Realty Securities Fund (the "Fund") are being offered. The Fund may offer
three classes of shares; Institutional, Adviser and Investor. As of June 30,
2000, the Adviser and Investor Classes had not commenced operations. Shares of
all classes represent equal pro-rata interests in the Fund, except that each
class will bear different expenses which will reflect the difference in the
range of services to be provided to them.
B. SIGNIFICANT ACCOUNTING POLICIES:
The following significant accounting policies are in conformity with generally
accepted accounting principles. Such policies are consistently followed by the
Fund in preparation of its financial statements.
The preparation of financial statements in accordance with generally accepted
accounting principles may require management to make estimates and assumptions
that affect the reported amounts and disclosures in the financial statements.
Actual results could differ from those estimates. Estimates include the
classification of distributions received by the Fund from the issuers of the
Fund's portfolio securities. These distributions may be classified as either
dividend income, capital gains or as non-taxable distributions. The final
classifications of these distributions can not be determined until reported to
the Fund by the issuers of the Fund's portfolio securities, which normally
occurs in January after the end of the calendar year. Reclassification of
distributions made to the Fund will not affect the net assets of the Fund. The
reclassification of distributions received by the Fund may require the Fund to
reclassify a portion of its distributions to Fund shareholders.
SECURITY VALUATION: Securities traded on a nationally recognized securities
exchange will be valued at the last sale price, or if no sale, at the mean
between the latest bid and asked price. Securities traded in any other U.S. or
foreign market shall be valued in a manner as similar as possible to the above,
or if not so traded, on the basis of the latest available price. Where there are
no readily available quotations for securities they will be valued at a fair
value as determined by the Board of Trustees acting in good faith.
FEDERAL INCOME TAXES: The Fund's policy is to comply with the requirements of
the Internal Revenue Code that are applicable to regulated investment companies
and to distribute all its taxable income to its shareholders. Therefore, no
federal income tax provision is required.
The Fund has a capital loss carryforward for federal income tax purposes of
$1,094,594 of which $2,486, $1,876 and $1,090,232 are available as a reduction
of future net capital gains realized through years June 30, 2006, 2007, and
2008, respectively.
Capital losses incurred after October 31 ("post-October losses") within the
taxable year are deemed to arise on the first business day of the Fund's next
taxable year. The Fund incurred approximately $1,853,000 of net capital losses
after October 31, 1999, and will elect to defer these post-October losses.
ORGANIZATIONAL COSTS: Organizational costs have been capitalized and are being
amortized on a straight line basis over a period of 60 months.
9
<PAGE>
E.I.I. REALTY SECURITIES TRUST
E.I.I. REALTY SECURITIES FUND
NOTES TO THE FINANCIAL STATEMENTS
OTHER: Security transactions are accounted for on the date the securities are
purchased or sold. Costs used in determining realized gains and losses on the
sale of investment securities are those of specific securities sold. Dividend
income and distributions to shareholders are recorded on the ex-dividend date.
Interest income is recorded on an accrual basis.
C. INVESTMENT ADVISORY AND ADMINISTRATIVE SERVICES:
The Fund has entered into an Investment Advisory Agreement with E.I.I. Realty
Securities, Inc. (the "Adviser" or "E.I.I.") for day-to-day portfolio management
services to be provided by the Adviser. The Investment Advisory Agreement
provides for the Adviser to receive a fee calculated daily and payable monthly
at an annual rate of 0.75% of the Fund's average daily net assets.
E.I.I. will also provide administrative services to the Fund. Under the
Administrative Services Agreement, E.I.I. will receive a fee payable monthly at
an annual rate of 0.25% of the Fund's average daily net assets. For the
Institutional Share Class, E.I.I. has agreed to waive 0.10% of its
administrative fee resulting in a net annual rate of 0.15% of average daily net
assets. E.I.I. has entered into a sub-administration contract with PFPC Inc.
under which E.I.I. pays PFPC Inc. to provide certain administrative services to
E.I.I.
E.I.I. has agreed to waive a portion of its Investment Advisory Fee and/or
assume the expenses of the Fund to the extent necessary to keep the annual
expenses of the Fund to not more than 1.00% of the average daily net assets of
the Institutional Share Class of the Fund.
D. INVESTMENT TRANSACTIONS:
For the period ended June 30, 2000, the Fund made the following purchases and
sales of investment securities other than U.S. Government Securities:
Purchases...................................... $87,059,951
Sales.......................................... 18,937,772
At June 30, 2000, gross unrealized appreciation and depreciation for federal
income tax purposes on investment securities for the Fund was as follows:
Gross Unrealized Appreciation.................... $8,326,390
Gross Unrealized Depreciation.................... (1,478,469)
----------
Net.............................................. $6,847,921
==========
E. COMPONENTS OF NET ASSETS:
At June 30, 2000, net assets consisted of:
Paid-In Capital ....................................... $124,390,265
Undistributed Net Investment Income ................... 2,056,919
Accumulated Net Realized Loss ......................... (3,569,322)
Net Unrealized Appreciation of
Investment Securities ............................... 7,189,740
------------
$130,067,602
============
10
<PAGE>
E.I.I. REALTY SECURITIES TRUST
E.I.I. REALTY SECURITIES FUND
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
The Shareholders and Board of Directors
E.I.I. Realty Securities Fund
We have audited the accompanying statement of assets and liabilities of E.I.I.
Realty Securities Fund (the "Fund"), a series of the E.I.I. Realty Securities
Trust, including the schedule of investments, as of June 30, 2000 and the
related statement of operations for the year then ended, the statement of
changes in net assets for each of the two years in the period then ended and the
financial highlights for each of the periods indicated therein. These financial
statements and financial highlights are the responsibility of the Fund's
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements and financial highlights. Our procedures included
confirmation of securities owned as of June 30, 2000, by correspondence with the
custodian and others. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of E.I.I.
Realty Securities Fund at June 30, 2000, the results of its operations for the
year then ended, the changes in its net assets for each of two years in the
period then ended and the financial highlights for each of the indicated
periods, in conformity with accounting principles generally accepted in the
United States.
S: Ernst & Young LLP
New York, New York
August 10, 2000
11
<PAGE>
[INTENTIONALLY LEFT BLANK]
<PAGE>
INVESTMENT ADVISOR & ADMINISTRATOR OFFICERS & TRUSTEES
---------------------------------- -------------------
E.I.I. Realty Securities, Inc. Richard J. Adler, Chairman, CHIEF
667 Madison Avenue EXECUTIVE OFFICER & TRUSTEE
16th Floor David P. O'Connor, PRESIDENT & TRUSTEE
New York, NY 10021 Alissa R. Fox, TREASURER
(212) 644-0794 Peter J. Gavey, SECRETARY
Samuel R. Karetsky, TRUSTEE
TRANSFER AGENT Warren K. Greene, INDEPENDENT TRUSTEE
-------------- Joseph Gyourko, INDEPENDENT TRUSTEE
PFPC, Inc. Richard W. Hutson, INDEPENDENT TRUSTEE
400 Bellevue Parkway Carl W. Schafer, INDEPENDENT TRUSTEE
Wilmington, DE 19809-3710
CUSTODIAN & SUB-ADMINISTRATOR
-----------------------------
PFPC Trust Company
400 Bellevue Parkway
Wilmington, DE 19809-3710
[GRAPHIC OMITTED]
E.I.I. REALTY
SECURITIES FUND
888-323-8912
