485BPOS XBRL

0001193125-12-459833.txt : 20121108 0001193125-12-459833.hdr.sgml : 20121108 20121108131208 ACCESSION NUMBER: 0001193125-12-459833 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20121108 DATE AS OF CHANGE: 20121108 EFFECTIVENESS DATE: 20121108 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EII REALTY SECURITIES TRUST CENTRAL INDEX KEY: 0001054556 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-45959 FILM NUMBER: 121189337 BUSINESS ADDRESS: STREET 1: 640 FIFTH AVENUE STREET 2: 8TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10019 BUSINESS PHONE: 212-735-9500 MAIL ADDRESS: STREET 1: 640 FIFTH AVENUE STREET 2: 8TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10019 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EII REALTY SECURITIES TRUST CENTRAL INDEX KEY: 0001054556 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-08649 FILM NUMBER: 121189338 BUSINESS ADDRESS: STREET 1: 640 FIFTH AVENUE STREET 2: 8TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10019 BUSINESS PHONE: 212-735-9500 MAIL ADDRESS: STREET 1: 640 FIFTH AVENUE STREET 2: 8TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10019

0001054556 S000001205 E.I.I. REALTY SECURITIES FUND

C000003289 INSTITUTIONAL CLASS SHARE EIIRX

0001054556 S000001206 E.I.I. INTERNATIONAL PROPERTY FUND

C000003292 INSTITUTIONAL CLASS SHARE EIIPX

0001054556 S000015770 E.I.I. Global Property Fund

C000043278 Institutional Class Share EIIGX

485BPOS 1 d426490d485bpos.htm 485BPOS XBRL 485BPOS XBRL

As filed via EDGAR with the Securities and Exchange Commission on November 8, 2012

File No. 333-45959

ICA No. 811-08649

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT

UNDER


		*THE SECURITIES ACT OF 1933*		x
		Pre-Effective Amendment No.		¨
		Post-Effective Amendment No. 23		x

And

REGISTRATION STATEMENT

UNDER

THE INVESTMENT COMPANY ACT OF 1940


		Amendment No. 25		x

E.I.I. REALTY SECURITIES TRUST

(Exact Name of Registrant as Specified in Charter)

640 Fifth Avenue, 8th Floor

New York, New York 10019

(Address of Principal Executive Office) (Zip Code)

Registrant’s Telephone Number, including Area Code: (800) 667-0974

Richard J. Adler

European Investors Incorporated

640 Fifth Avenue, 8th Floor

New York, New York 10019

(Name and Address of Agent for Service)

Copies to:

Susan J. Penry-Williams, Esq.

Kramer Levin Naftalis & Frankel LLP

1177 Avenue of the Americas

New York, New York 10036

Approximate date of proposed public offering: As soon as practicable after this registration statement becomes effective.

It is proposed that this filing will become effective (check appropriate box)

If appropriate, check the following box:

immediately upon filing pursuant to paragraph (b)

on (date) pursuant to paragraph (b)

60 days after filing pursuant to paragraph (a)(1)

on (date) pursuant to paragraph (a)(1)

75 days after filing pursuant to paragraph (a)(2)

on (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this registration statement under Rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment to the Registration Statement on Form N-1A to be signed on its behalf by the undersigned, thereto duly authorized in the City of New York, and the State of New York on this 8th day of November, 2012.

E.I.I. REALTY SECURITIES TRUST

(Registrant)



By:		/s/ Richard J. Adler
		Richard J. Adler, Chief Executive Officer and President


SIGNATURE		TITLE

/s/ Richard J. Adler Richard J. Adler		Chief Executive Officer, President and Trustee

/s/ Michael J. Meagher Michael J. Meagher		Chief Compliance Officer and Treasurer

/s/ Warren K. Greene * Warren K. Greene		Chairman of the Board and Trustee

/s/ Joseph Gyourko * Joseph Gyourko		Trustee

/s/ Juan M. Meyer * Juan M. Meyer		Trustee

/s/ Christian A. Lange Christian A. Lange		Trustee

/s/ Michael J. Abbott * Michael J. Abbott		Trustee

*	By Susan J. Penry-Williams, Esq., Attorney-In-Fact

EXHIBIT INDEX


Exhibit Number		Description

EX-101.INS		XBRL Instance Document

EX-101.SCH		XBRL Taxonomy Extension Schema Document

EX-101.CAL		XBRL Taxonomy Extension Calculation Linkbase

EX-101.DEF		XBRL Taxonomy Extension Definition Linkbase

EX-101.LAB		XBRL Taxonomy Extension Labels Linkbase

EX-101.PRE		XBRL Taxonomy Extension Presentation Linkbase

EX-101.INS 2 erst1-20121026.xml XBRL INSTANCE DOCUMENT 0001054556 erst1:S000001205Member erst1:C000003289Member 2011-10-30 2012-10-29 0001054556 erst1:S000001206Member erst1:C000003292Member 2011-10-30 2012-10-29 0001054556 erst1:S000001206Member 2011-10-30 2012-10-29 0001054556 erst1:S000001205Member 2011-10-30 2012-10-29 0001054556 erst1:S000015770Member erst1:C000043278Member 2011-10-30 2012-10-29 0001054556 erst1:S000015770Member 2011-10-30 2012-10-29 0001054556 2011-10-30 2012-10-29 0001054556 erst1:S000001206Member rr:AfterTaxesOnDistributionsMember erst1:C000003292Member 2011-10-30 2012-10-29 0001054556 erst1:S000001206Member rr:AfterTaxesOnDistributionsAndSalesMember erst1:C000003292Member 2011-10-30 2012-10-29 0001054556 erst1:S000001206Member erst1:FtseEpraNareitDevelopedExUsIndexMember 2011-10-30 2012-10-29 0001054556 erst1:S000015770Member rr:AfterTaxesOnDistributionsMember erst1:C000043278Member 2011-10-30 2012-10-29 0001054556 erst1:S000015770Member rr:AfterTaxesOnDistributionsAndSalesMember erst1:C000043278Member 2011-10-30 2012-10-29 0001054556 erst1:S000015770Member erst1:FtseEpraNareitDevelopedIndexMember 2011-10-30 2012-10-29 0001054556 erst1:S000001205Member rr:AfterTaxesOnDistributionsMember erst1:C000003289Member 2011-10-30 2012-10-29 0001054556 erst1:S000001205Member rr:AfterTaxesOnDistributionsAndSalesMember erst1:C000003289Member 2011-10-30 2012-10-29 0001054556 erst1:S000001205Member erst1:NareitEquityIndexMember 2011-10-30 2012-10-29 0001054556 erst1:S000001205Member erst1:WilshireRealEstateSecuritiesIndexMember 2011-10-30 2012-10-29 pure iso4217:USD 2012-09-30 2012-09-30 <div style="display:none">~ http://www.euroinv.com/role/ScheduleShareholderFeesE.I.I.INTERNATIONALPROPERTYFUND column period compact * ~</div> <div style="display:none">~ http://www.euroinv.com/role/ScheduleShareholderFeesE.I.I.REALTYSECURITIESFUND column period compact * ~</div> 2012-09-30 <div style="display:none">~ http://www.euroinv.com/role/ScheduleShareholderFeesE.I.I.GlobalPropertyFund column period compact * ~</div> Example Example The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Funds performance. During the most recent fiscal year, the Funds portfolio turnover rate was 81% of the average value of its portfolio. 57011 66493 0.3184 Example 56129 <a name="toc426429_3"></a>E.I.I. REALTY SECURITIES FUND SUMMARY SECTION <a name="toc426429_1"></a>E.I.I. GLOBAL PROPERTY FUND SUMMARY SECTION <a name="toc426429_2"></a>E.I.I. INTERNATIONAL PROPERTY FUND SUMMARY SECTION <center>Shareholder Fees (fees paid directly from your investment) </center> 0 <center>Shareholder Fees (fees paid directly from your investment) </center> <center>Shareholder Fees (fees paid directly from your investment) </center> 0 0.1436 <div style="display:none">~ http://www.euroinv.com/role/ScheduleAnnualFundOperatingExpensesE.I.I.INTERNATIONALPROPERTYFUND column period compact * ~</div> <div style="display:none">~ http://www.euroinv.com/role/ScheduleAnnualFundOperatingExpensesE.I.I.REALTYSECURITIESFUND column period compact * ~</div> 0.2856 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Funds performance. During the most recent fiscal year, the Funds portfolio turnover rate was 14% of the average value of its portfolio. 0.2034 <div style="display:none">~ http://www.euroinv.com/role/ScheduleAnnualFundOperatingExpensesE.I.I.GlobalPropertyFund column period compact * ~</div> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Funds performance. During the most recent fiscal year, the Funds portfolio turnover rate was 13% of the average value of its portfolio. EII REALTY SECURITIES TRUST The following tables describe the fees and expenses you may pay if you buy and hold shares of the International Fund: The following tables describe the fees and expenses you may pay if you buy and hold shares of the Domestic Fund: The following tables describe the fees and expenses you may pay if you buy and hold shares of the Global Fund: <center>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </center> <center>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </center> This Example is intended to help you compare the cost of investing in the Domestic Fund with the cost of investing in other mutual funds. The Example assumes that you invest $1,000,000 in the Domestic Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Domestic Funds operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: This Example is intended to help you compare the cost of investing in the International Fund with the cost of investing in other mutual funds. The Example assumes that you invest $1,000,000 in the International Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Funds operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 10200 8168 The bar chart and the table below show how the International Fund has performed in the past and provide an indication of the risks of investing in the Fund by showing changes in the Funds performance compared with an index which serves as a broad measure of market performance. Both the bar chart and the table assume that all dividends and distributions are reinvested in the Fund. The best calendar quarter return during the period shown above was 47.79% in the second quarter of 2009; the worst calendar quarter was -20.52% in the third quarter of 2008. The International Fund’s total return for 2012 is 28.56% as of September 30, 2012. <center>Average Annual Total Returns (for the Periods Ended December 31, 2011) </center> 2004-07-01 2004-07-01 2004-07-01 2004-07-01 The bar chart and the table below show how the Domestic Fund has performed in the past and provide an indication of the risks of investing in the Fund by showing changes in the Funds performance compared with two indices that are broad measures of market performance. Both the bar chart and the table assume that all dividends and distributions are reinvested in the Fund. The best calendar quarter return during the period shown above was 31.45% in the third quarter of 2009; the worst calendar quarter was -35.66% in the fourth quarter of 2008. The Domestic Funds total return for 2012 is 14.36% as of September 30, 2012. <div style="display:none">~ http://www.euroinv.com/role/ScheduleAnnualTotalReturnsE.I.I.INTERNATIONALPROPERTYFUNDBarChart column period compact * ~</div> <div style="display:none">~ http://www.euroinv.com/role/ScheduleAnnualTotalReturnsE.I.I.REALTYSECURITIESFUNDBarChart column period compact * ~</div> <center>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </center> This Example is intended to help you compare the cost of investing in the Global Fund with the cost of investing in other mutual funds. The Example assumes that you invest $1,000,000 in the Global Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Funds operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: The bar chart and the table below show how the Global Fund has performed in the past and provide an indication of the risks of investing in the Fund by showing changes in the Funds performance compared with an index which serves as a broad measure of market performance. Both the bar chart and the table assume that all dividends and distributions are reinvested in the Fund. The best calendar quarter return during the period shown above was 39.58% in the second quarter of 2009; the worst calendar quarter was -24.63% in the fourth quarter of 2008. The Global Funds total return for 2012 is 20.34% as of September 30, 2012. 0 10200 2007-02-01 2007-02-01 2007-02-01 2007-02-01 <div style="display:none">~ http://www.euroinv.com/role/ScheduleAnnualTotalReturnsE.I.I.GlobalPropertyFundBarChart column period compact * ~</div> 485BPOS 0001054556 2012-06-30 Investment Objective Investment Objective Fund Expenses Investment Objective Fund Expenses Fund Expenses 0 0 0.0104 -0.0004 32269 Principal Strategies 0 0 0.013 -0.005 36272 Principal Strategies Risks associated with investing in the securities of companies in the real estate industry include the following: declines in the value of real estate, risks related to general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses, changes in zoning laws, casualty or condemnation losses, variations in rental income, changes in neighborhood values, the appeal of properties to tenants and increases in interest rates. As with any mutual fund, there is no guarantee that the International Fund will earn income or show a positive total return over time. The Funds price, yield and total return will fluctuate. You may lose money if the Funds investments do not perform well. Investment Risk.    An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest. Stock Market Risk.    Your investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Fund shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions. Real Estate Securities Risk.    The Funds investments in real estate securities, including REITs, are subject to the same risks as direct investments in real estate and mortgages, and their value will depend on the value of the underlying real estate interests. These risks include default, prepayments, changes in value resulting from changes in interest rates and demand for real and rental property and the management skill and creditworthiness of REIT issuers. In this Prospectus, REITs are defined as companies that are permitted by local regulations to avoid payment of taxes at the corporate level by paying out a substantial portion of income to shareholders as dividends. The failure of a company to qualify as a REIT could have adverse consequences for the Fund, including significantly reducing return to the Fund on its investment in such company. Foreign (Non-U.S.) Securities Risk.    Risks of investing in foreign securities include currency risks, future political and economic developments and possible imposition of foreign withholding taxes on income payable on the securities. In addition, there may be less publicly available information about a foreign issuer than about a domestic issuer, and foreign issuers may not be subject to the same accounting, auditing and financial recordkeeping standards and requirements as domestic issuers. Foreign Currency Risk.    The Funds NAV could decline as a result of changes in the exchange rates between foreign currencies and the U.S. dollar. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest to investors located outside the country, due to blockage of foreign currency exchanges or otherwise. Emerging Markets Risk.    Securities of companies in emerging markets may be more volatile than those of companies in more developed markets. Emerging market countries generally have less developed markets and economies and, in some countries, less mature governments and governmental institutions. Investing in securities of companies in emerging markets may entail special risks relating to potential economic, political or social instability and the risks of expropriation, nationalization, confiscation or the imposition of restrictions on foreign investment, the lack of hedging instruments, and on repatriation of capital invested. Interest Rate Risk.    Interest rate risk is the risk that preferred securities, and to a lesser extent dividend paying common stocks, will decline in value because of changes in market interest rates. When market interest rates rise, the market value of such securities generally will fall. Investor Profile The International Fund may be appropriate for investors who: <ul><li style="margin-left:40px">seek to grow capital over the long term; </li><li style="margin-left:40px">are willing to take on the increased risks of an investment concentrated in securities of companies that operate within the same industry; </li><li style="margin-left:40px">can withstand volatility in the value of their shares of the Fund; and</li><li style="margin-left:40px">wish to add to their personal investment portfolio a fund that invests primarily in companies operating in the international real estate industry.</li></ul>An investment in the International Fund may not be appropriate for all investors. The Fund is not intended to be a complete investment program, nor is it intended to be used as a short-term trading vehicle. You may lose money if the Funds investments do not perform well. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The International Funds shares, when redeemed, may be worth more or less than original cost. The Funds performance takes into account all applicable fees and expenses. The Domestic Fund is subject to the risks common to all mutual funds that invest in equity securities, foreign securities, real estate securities and fixed-income securities. You may lose money by investing in this Fund if any of the following occur: <ul><li style="margin-left:40px">domestic and foreign stock markets or real estate markets go down; </li><li style="margin-left:40px">there are changes in the markets for REITs, which are subject to more abrupt or erratic price movements than equity securities markets;</li><li style="margin-left:40px">one or more stocks in the Funds portfolio do not perform as well as expected;</li><li style="margin-left:40px">there are changes in interest rates; </li><li style="margin-left:40px">there are increases in operating costs generally of real estate properties or increases in competition, property taxes or capital expenditures regarding real estate properties; </li><li style="margin-left:40px">there are increases in defaults relating to real estate properties, including defaults by borrowers or tenants; or </li><li style="margin-left:40px">the real estate industry is affected by certain economic, political or regulatory occurrences. </li></ul>In this Prospectus, REITs are defined as companies that are permitted by local regulations to avoid payment of taxes at the corporate level by paying out a substantial portion of income to shareholders as dividends. The failure of a company to qualify as a REIT could have adverse consequences for the Fund, including significantly reducing return to the Fund on its investment in such company. As a non-diversified fund, the Domestic Fund may devote a larger portion of its assets to the securities of a single issuer than if it were diversified. As such, each investment may have a greater effect on the Funds performance, making the Fund more susceptible to a single economic, political or regulatory occurrence than a diversified fund. As with any mutual fund, there is no guarantee that the Domestic Fund will earn income or show a positive total return over time. The Funds price, yield and total return will fluctuate. You may lose money if the Funds investments do not perform well. Investor Profile The Domestic Fund may be appropriate for investors who: <ul><li style="margin-left:40px">seek to grow capital over the long term; </li><li style="margin-left:40px">are willing to take on the increased risks of an investment concentrated in securities of companies that operate within the same industry;</li><li style="margin-left:40px">can withstand volatility in the value of their shares of the Fund; and </li><li style="margin-left:40px">wish to add to their personal investment portfolio a fund that invests primarily in companies operating in the real estate industry.</li></ul>An investment in the Domestic Fund may not be appropriate for all investors. The Fund is not intended to be a complete investment program, nor is it intended to be used as a short-term trading vehicle. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. You may lose money if the Fund's investments do not perform well. As a non-diversified fund, the Domestic Fund may devote a larger portion of its assets to the securities of a single issuer than if it were diversified. As such, each investment may have a greater effect on the Funds performance, making the Fund more susceptible to a single economic, political or regulatory occurrence than a diversified fund. -0.2013 -0.0054 0.1192 2009-09-30 0.3145 worst calendar quarter 2008-12-31 <center>Average Annual Return (for the Periods Ended December 31, 2011) </center> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The Domestic Funds shares, when redeemed, may be worth more or less than original cost. The Funds performance takes into account all applicable fees and expenses. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 0.1007 0.0668 0.0781 0.102 0.1016 0.4779 2009-06-30 worst calendar quarter 2008-09-30 Principal Strategies Risks associated with investing in the securities of companies in the real estate industry include the following: declines in the value of real estate, risks related to general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses, changes in zoning laws, casualty or condemnation losses, variations in rental income, changes in neighborhood values, the appeal of properties to tenants and increases in interest rates. As with any mutual fund, there is no guarantee that the Global Fund will earn income or show a positive total return over time. The Funds price, yield and total return will fluctuate. You may lose money if the Funds investments do not perform well. Investment Risk.    An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest. Stock Market Risk.    Your investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Fund shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions. Real Estate Securities Risk.    The Funds investments in real estate securities, including REITs, are subject to the same risks as direct investments in real estate and mortgages, and their value will depend on the value of the underlying real estate interests. These risks include default, prepayments, changes in value resulting from changes in interest rates and demand for real and rental property and the management skill and creditworthiness of REIT issuers. In this Prospectus, REITs are defined as companies that are permitted by local regulations to avoid payment of taxes at the corporate level by paying out a substantial portion of income to shareholders as dividends. The failure of a company to qualify as a REIT could have adverse consequences for the Fund, including significantly reducing return to the Fund on its investment in such company. Foreign (Non-U.S.) Securities Risk.    Risks of investing in foreign securities include currency risks, future political and economic developments and possible imposition of foreign withholding taxes on income payable on the securities. In addition, there may be less publicly available information about a foreign issuer than about a domestic issuer, and foreign issuers may not be subject to the same accounting, auditing and financial recordkeeping standards and requirements as domestic issuers. Foreign Currency Risk.    The Funds net asset value (NAV) could decline as a result of changes in the exchange rates between foreign currencies and the U.S. dollar. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest to investors located outside the country, due to blockage of foreign currency exchanges or otherwise. Emerging Markets Risk.    Securities of companies in emerging markets may be more volatile than those of companies in more developed markets. Emerging market countries generally have less developed markets and economies and, in some countries, less mature governments and governmental institutions. Investing in securities of companies in emerging markets may entail special risks relating to potential economic, political or social instability and the risks of expropriation, nationalization, confiscation or the imposition of restrictions on foreign investment, the lack of hedging instruments, and on repatriation of capital invested. Interest Rate Risk.    Interest rate risk is the risk that preferred securities, and to a lesser extent dividend paying common stocks, will decline in value because of changes in market interest rates. When market interest rates rise, the market value of such securities generally will fall. Investor Profile The Global Fund may be appropriate for investors who: <ul><li style="margin-left:40px">seek to grow capital over the long term; </li><li style="margin-left:40px">are willing to take on the increased risks of an investment concentrated in securities of companies that operate within the same industry;</li><li style="margin-left:40px">seek a fund that may perform differently than other types of equity or bond funds;</li><li style="margin-left:40px">can withstand volatility in the value of their shares of the Fund; and </li><li style="margin-left:40px">wish to add to their investment portfolio a fund that invests primarily in companies operating in the global real estate industry.</li></ul>An investment in the Global Fund may not be appropriate for all investors. The Fund is not intended to be a complete investment program, nor is it intended to be used as a short-term trading vehicle. You may lose money if the Funds investments do not perform well. <center>Average Annual Total Returns (for the Periods Ended December 31, 2011) </center> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The Global Funds shares, when redeemed, may be worth more or less than original cost. The Funds performance takes into account all applicable fees and expenses. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 0 0 0.0102 -0.0002 32269 -0.059 worst calendar quarter 0.3958 2009-06-30 2008-12-31 2012-10-26 false The International Funds investment objective is to provide current income and long-term capital gains. The investment objective of the Global Fund is total return through investing in real estate securities globally. The Domestic Funds investment objective is to provide the diversification and total return potential of investments in real estate. The Fund also seeks to achieve a total return that includes a significant component of current income, which may provide portfolio stability during periods of market fluctuation. -0.015 0 0.0075 0 0.0014 0.01 Portfolio Turnover 126739 0.81 Portfolio Turnover 0.13 -0.015 0 The International Fund seeks to achieve its investment objective by investing primarily in international property companies whose business is to own, operate, develop and manage international real estate. Under normal market circumstances, the Fund will invest at least 80% of its net assets (which, for purposes of this policy, may include borrowings for investment purposes) in the equity securities of non-U.S. companies (with a primary emphasis on real estate investment trusts (REITs) or REIT-like structures) that are principally engaged in the ownership, construction, management, financing, or sale of residential, commercial, or industrial real estate. For purposes of this policy, principally engaged means that at least 50% of a companys revenues are derived from such real estate activities or at least 50% of the fair market value of a companys assets are invested in real estate. The Fund will not change this policy unless it notifies shareholders at least 60 days in advance. International property companies may include hotel and gaming companies, retailers, theatre companies, supermarket chains, developers and mortgage companies. The securities in which the International Fund may invest include but are not limited to common stock, preferred stock, convertible securities, depositary receipts and rights and warrants. E.I.I.s investment process employs a combination of a top-down, macro level analysis, together with rigorous bottom-up, fundamental securities and real estate research and analysis on individual companies by its analyst team. The investment process results from the Advisers experience in the real estate markets and financial markets globally and involves a highly disciplined, value-oriented approach. The Adviser will focus principally on those countries that have established property markets and that have the appropriate level of country risk and growth prospects. Once a country has been identified as worthy of further consideration, the Adviser reviews local economic factors to determine the stage of the property cycle and which companies are well positioned to benefit from future trends. After isolating those companies that are most likely to provide investment opportunities, the Adviser will use company models to further refine the analysis. By investing in the major international property markets outside the U.S. (including those in emerging market countries), the International Fund seeks to benefit from the cyclical nature of the real estate industry, the expanding role of securitization in the global property markets, and broad exposure to investing in different markets worldwide. In the opinion of the Adviser, property securities provide a higher level of local market exposure and income returns than other types of equity securities. Property company returns do not tend to be highly correlated with either local or foreign broad-based securities markets. The Adviser also will seek to maximize risk-adjusted returns and will evaluate the relative risks of each investment in the context of overall portfolio risk. This is especially important given the international orientation of the International Fund. The Adviser will closely monitor the Funds exposure to markets and countries with the highest levels of risk (as measured by standard deviation of returns). In order to attempt to meet the International Funds investment objective, the Adviser will seek to invest in securities that will provide sufficient current income and liquidity. Since the Fund will have an overall value orientation, portfolio turnover is anticipated to be modest, thereby minimizing the Funds expenses. The Adviser will monitor the Funds exposure to a wide variety of property markets to ensure that portfolio risk levels are within the Advisers internal guidelines. 0.0075 0 0.004 0.008 Principal Investment Risks 152392 The Domestic Fund seeks to achieve its investment objective by investing primarily in companies whose business is to own, operate, develop and manage real estate. Under normal market circumstances, the Fund will invest at least 80% of its net assets (which, for purposes of this policy, may include borrowings for investment purposes) in the securities of companies in the United States that are in the real estate industry, (with a primary emphasis on real estate investment trusts (REITs) or REIT-like structures) that are principally engaged in the ownership, construction, management, financing, or sale of residential, commercial, or industrial real estate. 20% of the Funds total net assets may be invested in securities of foreign real estate companies. For purposes of this policy, principally engaged means that at least 50% of a companys revenues are derived from such real estate activities or at least 50% of the fair market value of a companys assets are invested in real estate. The Fund will not change this policy unless it notifies shareholders at least 60 days in advance. The securities in which the Domestic Fund may invest include but are not limited to common stock, preferred stock, convertible securities, depositary receipts and rights and warrants. The analyst team at E.I.I. analyzes companies on a qualitative and quantitative basis to determine whether they are appropriate for investment. Qualitative analysis includes management strength, business strategy, financial strength and competitive advantages within the marketplace. Quantitative analysis entails review of cash flow and dividend growth prospects, risk-adjusted total return expectations, real estate analysis using criteria such as capitalization rates and values on a square footage basis and balance sheet strength and relative cost of capital. Portfolio managers and analysts comprise an investment team that selects companies for investment. Principal Investment Risks Fund Performance The bar chart and the table below show how the International Fund has performed in the past and provide an indication of the risks of investing in the Fund by showing changes in the Funds performance compared with an index which serves as a broad measure of market performance. Both the bar chart and the table assume that all dividends and distributions are reinvested in the Fund. The Funds past performance does not show how the Fund will perform in the future. The Funds past performance does not show how the Fund will perform in the future. E.I.I. International Property Fund Returns for Each Full Calendar Year Since the Fund’s Inception on July 1, 2004 -0.2013 -0.2185 -0.1291 -0.1535 -0.074 -0.0802 -0.0629 -0.0755 0.0709 0.0639 0.0597 0.0553 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Fund Performance The bar chart and the table below show how the Domestic Fund has performed in the past and provide an indication of the risks of investing in the Fund by showing changes in the Funds performance compared with two indices that are broad measures of market performance. Both the bar chart and the table assume that all dividends and distributions are reinvested in the Fund. The Funds past performance does not show how the Fund will perform in the future. The Funds past performance does not show how the Fund will perform in the future. 0.2136 0.5978 -0.0712 -0.4847 0.514 0.1765 E.I.I. Realty Securities Fund Returns for Each Full Calendar Year For The Last Ten Years 0.0852 0.3451 0.1386 0.3399 -0.1488 -0.3484 0.2265 0.2746 best calendar quarter -0.3566 Domestic Funds total return <div style="display:none">~ http://www.euroinv.com/role/ScheduleExpenseExampleTransposedE.I.I.INTERNATIONALPROPERTYFUND column period compact * ~</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. 0.1192 0.1155 0.0774 0.0829 0.0856 -0.006 -0.0221 -0.0114 0.0142 -0.0219 <div style="display:none">~ http://www.euroinv.com/role/ScheduleAverageAnnualTotalReturnsTransposedE.I.I.INTERNATIONALPROPERTYFUND column period compact * ~</div> <div style="display:none">~ http://www.euroinv.com/role/ScheduleExpenseExampleTransposedE.I.I.REALTYSECURITIESFUND column period compact * ~</div> <div style="display:none">~ http://www.euroinv.com/role/ScheduleAverageAnnualTotalReturnsTransposedE.I.I.REALTYSECURITIESFUND column period compact * ~</div> best calendar quarter -0.2052 International Fund’s total return Portfolio Turnover 0.14 The Global Fund seeks to achieve its investment objective by primarily investing in U.S. and non-U.S. companies whose business is to own, operate, develop and manage real estate. Under normal market circumstances, the Fund will invest at least 80% of its net assets (which, for purposes of this policy, may include borrowings for investment purposes) in the equity securities of U.S. and non-U.S. companies (with a primary emphasis on real estate investment trusts (REITs) or REIT-like structures) that are principally engaged in the ownership, construction, management, financing, or sale of residential, commercial, or industrial real estate. For purposes of this policy, principally engaged means that at least 50% of a companys revenues are derived from such real estate activities or at least 50% of the fair market value of a companys assets are invested in real estate. The Fund will not change this policy unless it notifies shareholders at least 60 days in advance. The securities in which the Global Fund may invest include but are not limited to common stock, preferred stock, convertible securities, depositary receipts and rights and warrants. Under normal market conditions, the Global Fund will invest at least 40% of its total assets in securities of companies domiciled outside the U.S. and will invest from 20% to 60% of its total assets in U.S.-domiciled companies. These guidelines may be waived for short-term defensive purposes. E.I.I.s investment process employs a combination of a top-down, macro level analysis, together with rigorous bottom-up, fundamental securities and real estate research and analysis on individual companies by its analyst team. The investment process results from the Advisers experience in the real estate markets and financial markets globally and involves a highly disciplined, value-oriented approach. The Adviser will focus principally on those countries that have established property markets and that have the appropriate level of country risk and growth prospects. Once a country has been identified as worthy of further consideration, the Adviser reviews local economic factors to determine the stage of the property cycle and which companies are well positioned to benefit from future trends. After isolating those companies that are most likely to provide investment opportunities, the Adviser will use company models to further refine the analysis. By investing in the major global property markets (including those in emerging market countries), the Global Fund seeks to benefit from the cyclical nature of the real estate industry, the expanding role of securitization in the global property markets, and broad exposure to investing in different markets worldwide. In the opinion of the Adviser, property securities provide a higher level of local market exposure and income returns than other types of equity securities. Property company returns do not tend to be highly correlated with either local or foreign broad-based securities markets. The Adviser also will seek to maximize risk-adjusted returns and will evaluate the relative risks of each investment in the context of overall portfolio risk. This is especially important given the global orientation of the Global Fund. The Adviser will closely monitor the Funds exposure to markets and countries with the highest levels of risk. In order to attempt to meet the Global Funds investment objective, the Adviser will seek to invest in securities that will provide sufficient current income and liquidity. Since the Global Fund will have an overall value orientation, portfolio turnover is anticipated to be modest, thereby minimizing the Funds expenses. The Adviser will monitor the Funds exposure to a wide variety of property markets to ensure that portfolio risk levels are within the Advisers internal guidelines. Principal Investment Risks Fund Performance The bar chart and the table below show how the Global Fund has performed in the past and provide an indication of the risks of investing in the Fund by showing changes in the Funds performance compared with an index which serves as a broad measure of market performance. Both the bar chart and the table assume that all dividends and distributions are reinvested in the Fund. The Funds past performance does not show how the Fund will perform in the future. The Funds past performance does not show how the Fund will perform in the future. E.I.I. Global Property Fund Returns for Each Full Calendar Year Since the Funds Inception on February 1, 2007 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. -0.015 0 0.0075 0 0.0012 0.01 0.0015 124603 -0.4531 0.4341 0.1765 best calendar quarter Global Funds total return -0.2463 -0.059 -0.0689 -0.0376 -0.0582 -0.0597 -0.0641 -0.0515 -0.0648 <div style="display:none">~ http://www.euroinv.com/role/ScheduleExpenseExampleTransposedE.I.I.GlobalPropertyFund column period compact * ~</div> <div style="display:none">~ http://www.euroinv.com/role/ScheduleAverageAnnualTotalReturnsTransposedE.I.I.GlobalPropertyFund column period compact * ~</div> 2012-10-29 2012-10-29 0.0015 0.0015 Until further notice to shareholders, the Adviser has voluntarily agreed to waive a portion of its investment advisory fees and/or absorb the expenses of the Domestic Fund to the extent necessary to limit the total annual expenses to not more than 0.80% of the average daily net assets of the Institutional Class shares of the Domestic Fund. This expense limitation may not be amended or withdrawn until one year from the date of this Prospectus. To the extent that the Adviser waives investment advisory fees and/or absorbs expenses, it may seek payment of a portion or all of such amounts at any time within three fiscal years after the fiscal year in which such amounts were waived or absorbed, subject to the expense limitation stated above for the Domestic Fund. The best calendar quarter return during the period shown above was 31.45% in the third quarter of 2009; the worst calendar quarter was -35.66% in the fourth quarter of 2008. The Domestic Fund's total return for 2012 is 14.36% as of September 30, 2012. An index is a hypothetical measure of performance based on the fluctuations in the value of securities that make up a particular market. An index does not show actual investment returns. Payment of management or brokerage fees or taxes would lower an index's performance. An index is unmanaged and should not be considered an investment. Until further notice to shareholders, the Adviser has voluntarily agreed to waive a portion of its investment advisory fees and/or absorb the expenses of the International Fund to the extent necessary to limit the total annual expenses to not more than 1.00% of the average daily net assets of the Institutional Class shares of the International Fund. This expense limitation may not be amended or withdrawn until one year from the date of this Prospectus. To the extent that the Adviser waives investment advisory fees and/or absorbs expenses, it may seek payment of a portion or all of such amounts at any time within three fiscal years after the fiscal year in which such amounts were waived or absorbed, subject to the expense limitation stated above for the International Fund. The best calendar quarter return during the period shown above was 47.79% in the second quarter of 2009; the worst calendar quarter was -20.52% in the third quarter of 2008. The International Fund's total return for 2012 is 28.56% as of September 30, 2012. An index is a hypothetical measure of performance based on the fluctuations in the value of securities that make up a particular market. An index does not show actual investment returns. Payment of management or brokerage fees or taxes would lower an index's performance. An index is unmanaged and should not be considered an investment. The best calendar quarter return during the period shown above was 39.58% in the second quarter of 2009; the worst calendar quarter was -24.63% in the fourth quarter of 2008. The Global Fund's total return for 2012 is 20.34% as of September 30, 2012. Until further notice to shareholders, the Adviser has voluntarily agreed to waive a portion of its investment advisory fees and/or absorb the expenses of the Global Fund to the extent necessary to limit the total annual expenses to not more than 1.00% of the average daily net assets of the Institutional Class shares of the Global Fund. This expense limitation may not be amended or withdrawn until one year from the date of this Prospectus. To the extent that the Adviser waives investment advisory fees and/or absorbs expenses, it may seek payment of a portion or all of such amounts at any time within three fiscal years after the fiscal year in which such amounts were waived or absorbed, subject to the expense limitation stated above for the Global Fund. 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