December 19, 2008

Class RFFMF NAV MSCI Russia Index MSCI World Index Class A $20.87 408.4 225.27 Class A Euro €6.7 Class B $12.71 Class C $40.21

RFFMF MSCI Russia Index MSCI World Index Last Week -5.22% -4.89% 2.73% Last Month 13.05% 13.82% 15.04% Last 3 Months -53.44% -53.96% -29.67% Last 6 Months -73.73% -73.44% -37.88% Last 12 Months -74.62% -73.50% -43.73% Last 18 Months -70.38% -65.79% -43.54% Last 24 Months -69.16% -66.59% -38.23% Last 36 Months -52.55% -49.76% -27.67% Last 60 Months -2.48% -11.43% -10.30%	RFFMF MSCI Russia Index MSCI World Index 2008(YTD) -74.59% -73.45% -44.33% 2007 19.43% 23.01% 10.03% 2006 51.12% 53.71% 18.78% 2005 77.32% 69.50% 8.83% 2004 19.91% 4.07% 13.30% 2003 42.86% 70.31% 31.62% 2002 23.39% 13.87% -20.51% 2001 143.69% 53.17% -17.26% 2000 7.48% -30.38% -15.08% 1999 124.78% 246.19% 25.00% Since Inception 1043.68% 386.71% 32.04%
RFFMF MSCI Russia Index MSCI World Index Compounded Annual Return 20.09% 12.62% 2.11% Average Monthly Return 2.81% 2.44% 0.28% Cumulative Return 1043.33% 386.62% 32.06% Largest Montly Gain 52.40% 61.14% 8.98% Largest Monthly Loss -61.54% -60.57% -24.18% % of Positive Months 61.88% 55.63% 60.00%	RFFMF MSCI Russia Index MSCI World Index Annualized Standard Deviation 53.94% 57.96% 15.81% Annualized Sharpe Ratio (1.3%) 0.60 0.48 0.13 Downside Deviation (0%) 39.49% 38.08% 13.73% Max Drawdown -94.18% -91.78% -48.44% Months In Maximum Drawdown 16 12 30 Months To Recover 62 64 49

	MSCI Russia Index	MSCI World Index
Alpha	1.07	2.39
Beta	0.71	1.50
Correlation	0.77	0.44
R-Squared	0.59	0.19

Sector Allocation   Oil & Gas 69.59% Metals 5.82% Banking 12.43% TMT 2.81% Real Estate Dev. 1.10% Shipping 3.35% Chemicals 1.22% Cash 3.68%

Asset Allocation   ADR 55.56% Equity Local 29.68% GDR 11.08% Cash 3.68%

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