Russian shares in ETF’s, closed-end funds, and ADR’s are taking a little beating this morning after Russian forces have rolled in with tanks, troops, and air raids into Georgia’s breakaway South Ossetia region.  Deciding who is responsible is up to you, particularly as Russia and its former Soviet Union states are known for information not coming out at all or not coming out in a timely and accurate manner.  Here is a list of the reactions we are seeing in these stocks, funds, and ETF’s.

INDIVIDUAL RUSSIAN STOCK ADR’s:

• Mobile Telesystems OJSC (NYSE: MBT)   -6.8% at $66.29 on 1.88M shares
• Mechel OAO Company (NYSE: MTL)  -4.2% at $23.05 on 3.6M shares
• Rostelecom OAO (NYSE: ROS)   -3.75% at $68.35 on 64,000 shares
• Vimpel-Communications (NYSE: VIP)   -3.3% at $23.50 on 2.4M shares
• Wimm-Bill-Dann Foods (NYSE: WBD)   -6% at $76.10 on 164,000 shares

EXCHANGE TRADED FUND:

• Market Vectors Russia ETF (NYSE: RSX)   -5% at $40.15 on 946,000 shares

CLOSED-END FUNDS:

• Templeton Russia and East European Fund Inc. (NYSE: TRF)  -2.9% at $45.19 on 35,000 shares
• Central Europe & Russia Fund Inc. (NYSE: CEE)   -4% at $43.33 on 45,000 shares

The open ended mutual funds won’t really see any pricing changes untilthe net asset values update at the end of the day, so where thosereally trade at an end of day hypothetical net asset value might beguesswork.  OPEN ENDED FUNDS:

• ING Russia A Fund (LETRX) 
• JPMorgan Russia C Fund (JRUCX)
• JPMorgan Russia Select Fund (JRUSX) 
• JPMorgan Russia R5 Fund (JRURX) 
• Third Millennium Russia    Fund (TMRFX)
• TEMPLETON RUSSIA AND EAST EUROPE Fund (XTRFX)
• JPMorgan Russia A Fund  (JRUAX)

Jon C. Ogg
August 8, 2008

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