UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~July~~January 31, ~~2010~~2011

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 001-34163

CurrencyShares^® Russian Ruble Trust

Sponsored by Rydex Specialized Products LLC,

d/b/a Rydex Investments

(Exact name of registrant as specified in its charter)

New York

No. 30-6164137

(State or other jurisdiction of

incorporation or organization)

(IRS Employer

Identification No.)

~~9601~~805 ~~Blackwell~~King ~~Road~~Farm Boulevard, Suite ~~500~~ 600

Rockville, Maryland 20850

(Address of principal executive offices) (Zip Code)

(301) 296-5100

(Registrant’s telephone number, including area code)

~~N/A~~9601 Blackwell Road, Suite 500

Rockville, Maryland 20850

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ¨ No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See ~~definition~~definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer ¨ Accelerated filer ¨ Non-accelerated filer ¨ Smaller reporting company x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x.

CURRENCYSHARES^® RUSSIAN RUBLE TRUST

INDEX

Caption	Page
PART I FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
Statements of Financial Condition at July 31, 2010 and October 31, 2009	2
Statements of Financial Condition at January 31, 2011 and October 31, 2010		2
Statements of Income and Comprehensive Income for the three months ended July 31, 2010, the three months ended July 31, 2009, the nine months ended July 31, 2010 and the nine months ended July 31, 2009	3
Statements of Income and Comprehensive Income for the three months ended January 31, 2011 and the three months ended January 31, 2010		3
Statements of Changes in Shareholders’ Equity for the nine months ended July 31, 2010 and the year ended October 31, 2009	4
Statements of Changes in Shareholders’ Equity for the three months ended January 31, 2011 and the year ended October 31, 2010		4
Statement of Cash Flows for the nine months ended July 31, 2010 and the nine months ended July 31, 2009	5
Statements of Cash Flows for the three months ended January 31, 2011 and the three months ended January 31, 2010		5
Notes to Financial Statements	6	6
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	11	10
Item 3. Quantitative and Qualitative Disclosures about Market Risk	15	13
Item 4. Controls and Procedures	15	13
Part II OTHER INFORMATION
Item 1. Legal Proceedings	16	14
Item 1A. Risk Factors	16	14
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	16	14
Item 3. Defaults Upon Senior Securities	16	14
Item 4. (Removed and Reserved)	16
Item 4. Submission of Matters to a Vote of Security Holders		14
Item 5. Other Information	16	14
Item 6. Exhibits	16	15
SIGNATURES	17	16

PART I - FINANCIAL INFORMATION

Item 1. ~~FINANCIAL~~Financial ~~STATEMENTS~~Statements

CurrencyShares^® Russian Ruble Trust

Statements of Financial Condition

	July 31, 2010(Unaudited)		October 31, 2009
	January 31, 2011(Unaudited)			October 31, 2010
Assets
Current Assets:
Russian Ruble deposits, interest bearing	$	6,~~599~~712,~~128~~385	$	~~5,150,904~~$	6,477,626
Russian Ruble deposits, non-interest bearing		—		—	—
Receivable from accrued interest		13,~~663~~807		~~8,333~~	3,035
Total Assets	$	6,600,791	$	5,159,237
Total Current Assets	$	6,716,192		$	6,480,661
Liabilities and Shareholders’ Equity
Liabilities, Redeemable Capital Shares and Shareholders’ Equity
Current Liabilities:
Accrued Sponsor’s fee	$	2,~~241~~280	$	~~1,751~~$	2,200
Total Current Liabilities		2,~~241~~280		~~1,751~~	2,200
Commitments and Contingent Liabilities (note 8)		—		—	—
Redeemable Capital Shares, at redemption value, no par value, 25,750,000 authorized – 200,000 and 150,000 issued and outstanding, respectively		6,598,550		5,157,486
Redeemable Capital Shares, at redemption value, no par value,25,750,000 authorized, – 200,000 issued and outstanding		6,713,912			6,478,461
Shareholders’ Equity:
Retained Earnings		—		—	—
Cumulative Translation Adjustment		—		—	—
Total Liabilities and Shareholders’ Equity	$	6,600,791	$	5,159,237
Total Liabilities, Redeemable Capital Shares and Shareholders’ Equity	$	6,716,192		$	6,480,661

See Notes to Financial Statements.

CurrencyShares^® Russian Ruble Trust

Statements of Income and Comprehensive Income

(Unaudited)

	Three months endedJuly 31, 2010			Three months endedJuly 31, 2009			Nine months endedJuly 31, 2010			Nine months endedJuly 31, 2009
	Three months endedJanuary 31, 2011			Three months endedJanuary 31, 2010
Income
Interest income	$	5,545		$	26,950		$	62,198		$	123,621
Interest Income	$	18,750		$	39,193
Total Income		518,~~545~~750			2639,~~950~~193			~~62,198~~			~~123,621~~
Expenses
Sponsor’s fee		(6,~~550~~573	)		(38,~~168~~841	)		~~(22,183~~	)		~~(7,191~~	)
Total Expenses		(6,~~550~~573	)		(38,~~168~~841	)		~~(22,183~~	)		~~(7,191~~	)
Net (Loss)/Income	$	(1,005	)	$	23,782		$	40,015		$	116,430
Net Income	$	12,177		$	30,352
Other Comprehensive Loss:
Other Comprehensive Income/(Loss):
Currency translation adjustment		~~(16~~364	)		(27685	)		~~(559~~	)		~~(13,035~~	)
Total Comprehensive (Loss)/Income	$	(1,021	)	$	23,755		$	39,456		$	103,395
Total Comprehensive Income	$	12,541		$	29,667
Basic and Diluted Earnings per Share	$	(0.0106	)	$	0.2212		$	~~0.18~~		$	~~1.49~~
Weighted-average Shares Outstanding		200,000			~~107~~261,~~609~~957			~~222,344~~			~~78,205~~
Cash Dividends per Share	$	0.0106		$	0.2313		$	~~0.23~~		$	~~1.25~~

See Notes to Financial Statements.

CurrencyShares^® Russian Ruble Trust

Statements of Changes in Shareholders’ Equity

	Nine months endedJuly 31, 2010(Unaudited)			Year endedOctober 31, 2009
	Three months endedJanuary 31, 2011(Unaudited)			Year endedOctober 31, 2010
Retained Earnings, Beginning of Period	$	—		$	—
Net Income		4012,~~015~~177			~~150~~37,~~363~~986
Distributions Paid		(4911,~~674~~534	)		(~~134~~49,~~177~~472	)
Adjustment of redeemable capital shares to redemption value		~~9,659~~(643	)		~~(16~~11,~~186~~486	)
Retained Earnings, End of Period	$	—		$	—
Cumulative Translation Adjustment, Beginning of Period	$	—		$	—
Currency translation adjustment		~~(559~~364	)		(~~11,299~~536	)
Adjustment of redeemable capital shares to redemption value		~~559~~(364	)		~~11,299~~536
Cumulative Translation Adjustment, End of Period	$	—		$	—

See Notes to Financial Statements.

CurrencyShares^® Russian Ruble Trust

~~Statement~~Statements of Cash Flows

(Unaudited)

	Nine months endedJuly 31, 2010			Nine months endedJuly 31, 2009
	Three months endedJanuary 31, 2011			Three months endedJanuary 31, 2010
Cash flows from operating activities
Cash received for accrued income	$	6818,~~022~~107		$	~~106~~39,~~372~~350
Cash paid for expenses		(216,~~585~~573	)		(57,~~466~~695	)
Net cash provided by operating activities		4611,~~437~~534			~~100~~31,~~906~~655
Cash flows from financing activities
Cash received to purchase redeemable shares		~~6,667,535~~—			6,~~261~~751,~~382~~406
Cash paid to redeem redeemable shares		~~(4,999,056~~—	)		(13,~~568~~374,~~793~~804	)
Cash paid for distributions		(4911,~~674~~534	)		(9534,~~794~~972	)
Net cash provided by financing activities		1,618,805			4,596,795
Net cash (used in)/provided by financing activities		(11,534	)		3,341,630
Adjustment to period cash flows due to currency movement		~~(217~~234,~~018~~759	)		55(281,~~114~~185	)
Increase in cash		1234,~~448,224~~759			43,~~752~~092,~~815~~100
Cash at beginning of period		56,~~150~~477,~~904~~626			375,150,904
Cash at end of period	$	6,~~599~~712,~~128~~385		$	48,~~752~~243,~~852~~004
Reconciliation of net income to net cash provided by operating activities
Net income	$	40,015		$	116,430
Net Income	$	12,177		$	30,352
Adjustments to reconcile net income to net cash provided by operating activities:
Receivable from accrued interest		(13,~~663~~807	)		(127,~~149~~848	)
Prior period receivable from accrued interest		83,~~333~~035			—8,333
Currency translation adjustment		~~(738~~49	)		(~~4,992~~232	)
Accrued sponsor fee		2,~~241~~280			12,~~617~~801
Prior period accrued sponsor fee		(12,~~751~~200	)		—(1,751	)
Net cash provided by operating activities	$	4611,~~437~~534		$	~~100~~31,~~906~~655

See Notes to Financial Statements.

CurrencyShares^® Russian Ruble Trust

Notes to Financial Statements

(Unaudited)

1.	Organization and Description of the Trust

The CurrencyShares^® Russian Ruble Trust (the “Trust”) was formed under the laws of the State of New York on August 7, 2008. On August 8, 2008, Rydex Specialized Products LLC d/b/a “Rydex Investments” (the “Sponsor”) deposited 1,000 Russian Rubles in the Trust’s primary deposit account held by JPMorgan Chase Bank, N.A., London Branch (the “Depository”). The Sponsor is a Delaware limited liability company whose sole member is Rydex Advisors II, LLC (also d/b/a “Rydex Investments”). The Sponsor is responsible for, among other things, overseeing the performance of The Bank of New York Mellon (the “Trustee”) and the Trust’s principal service providers, including the preparation of financial statements. The Trustee is responsible for the day-to-day administration of the Trust.

The investment objective of the Trust is for the Trust’s shares (the “Shares”) to reflect the price of the Russian Ruble plus accrued interest less the Trust’s expenses and liabilities. The Shares are intended to provide investors with a simple, cost-effective means of gaining investment benefits similar to those of holding Russian Rubles. The Trust’s assets primarily consist of Russian Rubles on demand deposit in two deposit accounts maintained by the Depository: a primary deposit account which may earn interest and a secondary deposit account which does not earn interest. The secondary deposit account is used to account for any interest that may be received and paid out on creations and redemptions of 50,000 Shares (“Baskets”). The secondary account is also used to account for interest earned, if any, on the primary deposit account, pay Trust expenses and distribute any excess interest to holders of Shares (“Shareholders”) on a monthly basis.

The accompanying unaudited financial statements were prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions for Form 10-Q. In the opinion of management, all material adjustments, consisting only of normal recurring adjustments, considered necessary for a fair statement of the interim period financial statements have been made. Interim period results are not necessarily indicative of results for a full-year period. These financial statements and the notes thereto should be read in conjunction with the Trust’s ~~audited~~ financial statements included in the Form 10-K/A as filed on ~~January~~ March 1410, ~~2010~~2011.

2.	Significant Accounting Policies

A.	Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of the assets, liabilities and disclosures of contingent liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period and the evaluation of subsequent events through the issuance date of the financial statements. Actual results could differ from those estimates.

B.	Foreign Currency Translation

The Trustee calculates the Trust’s net asset value (“NAV”) each business day, as described in Note 4. For NAV calculation purposes, Russian Ruble deposits (cash) are translated at the Closing Spot Rate, which is the U.S. Dollar (“USD”)/Russian Ruble exchange rate as determined by WM/Reuters at 4:00 PM (London time) on each day that NYSE Arca is open for regular trading.

The functional currency of the Trust is the Russian Ruble in accordance with generally accepted accounting standards. For financial statement reporting purposes, the U.S. Dollar is the reporting currency. As a result, the financial records of the Trust are translated from Russian Rubles to USD. The Closing Spot Rate on the last day of the period is used for translation in the statements of financial condition. The average Closing Spot Rate for the period is used for translation in the statement of income and comprehensive income and the statement of cash flows. Any currency translation adjustment is included in comprehensive income.

C.	Federal Income Taxes

The Trust is treated as a “grantor trust” for federal income tax purposes and, therefore, no provision for federal income taxes is required. Interest, gains and losses are passed through to the Shareholders.

Shareholders generally will be treated, for U.S. federal income tax purposes, as if they directly owned a pro-rata share of the assets held in the Trust. Shareholders also will be treated as if they directly received their respective pro-rata portion of the Trust’s income, if any, and as if they directly incurred their respective pro-rata portion of the Trust’s expenses. The acquisition of Shares by a U.S. Shareholder as part of a creation of a Basket will not be a taxable event to the Shareholder.

The Sponsor’s fee accrues daily and is payable monthly. For U.S. federal income tax purposes, an accrual-basis U.S. Shareholder generally will be required to take into account as an expense its allocable portion of the USD-equivalent of the amount of the Sponsor’s fee that is accrued on each day, with such USD-equivalent being determined by the currency exchange rate that is in effect on the respective day. To the extent that the currency exchange rate on the date of payment of the accrued amount of the Sponsor’s fee differs from the currency exchange rate in effect on the day of accrual, the U.S. Shareholder will recognize a currency gain or loss for U.S. federal income tax purposes.

The Trust does not expect to generate taxable income except for interest income (if any) and gain (if any) upon the sale of Russian Rubles. A non-U.S. Shareholder generally will not be subject to U.S. federal income tax with respect to gain recognized upon the sale or other disposition of Shares, or upon the sale of Russian Rubles by the Trust, unless: (1) the non-U.S. Shareholder is an individual and is present in the United States for 183 days or more during the taxable year of the sale or other disposition, and the gain is treated as being from United States sources; or (2) the gain is effectively connected with the conduct by the non-U.S. Shareholder of a trade or business in the United States.

A non-U.S. Shareholder’s portion of any interest income earned by the Trust generally will not be subject to U.S. federal income tax unless the Shares owned by such non-U.S. Shareholder are effectively connected with the conduct by the non-U.S. Shareholder of a trade or business in the United States.

D.	Revenue Recognition

Interest on the primary deposit account, if any, accrues daily as earned and is received on a monthly basis.

E.	Dividends

To the extent that the interest earned by the Trust, if any, exceeds the sum of the Sponsor’s fee for the prior month plus other Trust expenses, if any, the Trust will distribute, as a dividend (herein referred to as dividends or distributions), the excess interest earned in Russian Rubles effective on the first business day of the subsequent month. The Trustee will direct that the excess Russian Rubles be converted into USD at a prevailing market rate and the Trustee will distribute the USD as promptly as practicable to Shareholders on a pro-rata basis (in accordance with the number of Shares that they own). An income distribution of $0.00762 per share with an ex-dividend date of February 1, 2011 was paid on February 8, 2011.

3.	Russian Ruble Deposits

Russian ~~Ruble~~ Ruble principal deposits are held in a Russian Ruble-denominated, interest-bearing demand account. For the ~~nine~~three months ended ~~July~~January 31, ~~2010~~2011, there were no Russian Ruble principal deposits ofand ~~200,000,000,~~there were no Russian Ruble principal ~~redemptions of~~ ~~150~~redemptions,~~000,000,~~ ~~and Russian Ruble withdrawals (to pay expenses) of 13,424,~~ resulting in an ending Russian Ruble principal balance of 199,~~986~~881,~~576~~413. This equates to 6,~~599~~712,~~128~~385 USD. For the year ended October 31, ~~2009~~2010, there were Russian Ruble principal deposits of 200,000,000, ~~and~~ Russian Ruble principal redemptions of 50150,~~001~~000,000, and Russian Ruble withdrawals (to pay expenses) of 118,587, resulting in an ending Russian Ruble principal balance of ~~150~~199,~~000~~881,~~000~~413. This equates to 56,~~150~~477,~~904~~626 USD.

Net interest, if any, associated with creation and redemption activity is held in a Russian Ruble-denominated non-interest-bearing account, and any balance is distributed in full as part of the monthly income distributions, if any.

4.	Redeemable Capital Shares

Shares are classified as “redeemable” for financial statement purposes, since they are subject to redemption. Shares are issued and redeemed continuously in Baskets in exchange for Russian Rubles. Individual investors cannot ~~purchase or redeem Shares~~ in direct transactions with the Trust. Only Authorized Participants (as defined below) may place orders to create and redeem Baskets. An Authorized Participant is a participant of the Depository Trust Company (“DTC”) that is a registered broker-dealer or other institution eligible to settle securities transactions through the book-entry facilities of DTC and which has entered into a contractual arrangement with the Trust and the Sponsor governing, among other matters, the creation and redemption process. Authorized Participants may redeem their Shares at any time in Baskets.

purchase or redeem Shares in direct transactions with the Trust. Only Authorized Participants (as defined below) may place orders to create and redeem Baskets. An Authorized Participant is a participant of the Depository Trust Company (“DTC”) that is a registered broker-dealer or other institution eligible to settle securities transactions through the book-entry facilities of DTC and which has entered into a contractual arrangement with the Trust and the Sponsor governing, among other matters, the creation and redemption process. Authorized Participants may redeem their Shares at any time in Baskets.

Due to expected continuing creations and redemptions of Baskets and the three-day period for settlement of each creation or redemption, the Trust reflects Shares created as a receivable. Shares redeemed are reflected as a liability on the trade date. Outstanding Shares are reflected at a redemption value, which is the NAV per Share at the period end date. Adjustments to redeemable capital shares at redemption value are recorded against retained earnings, or, in the absence of retained earnings, by charges against the cumulative translation adjustment.

Activity in redeemable capital Shares is as follows:

	Nine months endedJuly 31, 2010 (Unaudited)					Year endedOctober 31, 2009
	Three months endedJanuary 31, 2011(Unaudited)						Year endedOctober 31, 2010
	Shares		~~U.S. DollarAmount~~	U.S. DollarAmount		~~Shares~~	Shares		~~U.S. DollarAmount~~		U.S. DollarAmount
Opening balance	~~150,000~~	200,000	$	~~5,157,486~~$	6,478,461	1		150,000	$	37	$	5,157,486
Shares issued	~~200,000~~	—		~~6,667,535~~	—	~~200,000~~		200,000		~~6,337,258~~		6,640,392
Shares redeemed	~~(150,000~~	)—		~~(4,999,056~~	)—	~~(50,001~~	)	(150,000	)	~~(1,593,563~~	)	(4,978,705	)
Adjustment to period Shares due to currency movement and other	—	—		~~(227,415~~	)235,451	—		—		~~413,754~~		(340,712	)
Ending balance	~~200,000~~	200,000	$	~~6,598,550~~$	6,713,912	~~150,000~~		200,000	$	~~5,157,486~~	$	6,478,461

The Trustee calculates the Trust’s NAV each business day. To calculate the NAV, the Trustee subtracts the Sponsor’s accrued fee through the previous day from the Russian Rubles held by the Trust (including all unpaid interest accrued through the preceding day) and calculates the value of the Russian Rubles in USD based upon the Closing Spot Rate. If, on a particular evaluation day, the Closing Spot Rate has not been determined and announced by 6:00 PM (London time), then the most recent Closing Spot Rate will be used to determine the NAV of the Trust unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate to use as the basis for the valuation. If the Trustee and the Sponsor determine that the most recent Closing Spot Rate is not an appropriate basis for valuation of the Trust’s Russian Rubles, they will determine an alternative basis for the valuation. The Trustee also determines the NAV per Share, which equals the NAV of the Trust divided by the number of outstanding Shares. Shares deliverable under a purchase order are considered outstanding for purposes of determining NAV per Share; Shares deliverable under a redemption order are not considered outstanding for this purpose.

USD based upon the Closing Spot Rate. If, on a particular evaluation day, the Closing Spot Rate has not been determined and announced by 6:00 PM (London time), then the most recent Closing Spot Rate will be used to determine the NAV of the Trust unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate to use as the basis for the valuation. If the Trustee and the Sponsor determine that the most recent Closing Spot Rate is not an appropriate basis for valuation of the Trust’s Russian Rubles, they will determine an alternative basis for the valuation. The Trustee also determines the NAV per Share, which equals the NAV of the Trust divided by the number of outstanding Shares. Shares deliverable under a purchase order are considered outstanding for purposes of determining NAV per Share; Shares deliverable under a redemption order are not considered outstanding for this purpose.

5.	Sponsor’s Fee

The Sponsor’s fee accrues daily at an annual nominal rate of 0.40% of the Russian Rubles in the Trust (including all unpaid interest but excluding unpaid fees, each as accrued through the immediately preceding day) and is paid monthly.

The Sponsor assumes and pays the following administrative and marketing expenses incurred by the Trust: the Trustee’s monthly fee, NYSE Arca listing fees, SEC registration fees, typical maintenance and transaction fees of the Depository, printing and mailing costs, audit fees and expenses, up to $100,000 per year in legal fees and expenses, and applicable license fees.

In certain exceptional cases the Trust will pay for some expenses in addition to the Sponsor’s fee. These exceptions include expenses not assumed by the Sponsor (i.e., expenses other than those identified in the preceding paragraph), taxes and governmental charges, expenses and costs of any extraordinary services performed by the Trustee or the Sponsor on behalf of the Trust or action taken by the Trustee or the Sponsor to protect the Trust or the interests of Shareholders, indemnification of the Sponsor under the Depositary Trust Agreement, and legal expenses in excess of $100,000 per year.

6.	Related Parties

The Sponsor is a related party of the Trust. The Sponsor oversees the performance of the Trustee and the Trust’s principal service providers, including the preparation of financial statements, but does not exercise day-to-day oversight over the Trustee or the Trust’s service providers.

7.	Concentration Risk

All of the Trust’s assets are Russian Rubles, which creates a concentration risk associated with fluctuations in the price of the Russian Ruble. Accordingly, a decline in the Russian Ruble to USD exchange rate will have an adverse effect on the value of the Shares. Factors that may have the effect of causing a decline in the price of the Russian Ruble include national debt levels and trade deficits, domestic and foreign inflation rates, domestic and foreign interest rates, investment and trading activities of institutions and global or regional political, economic or financial events and situations. Substantial sales of Russian Rubles by the official sector (central banks, other governmental agencies and related institutions that buy, sell and hold Russian Rubles as part of their reserve assets) could adversely affect an investment in the Shares.

All of the Trust’s Russian Rubles are held by the Depository. Accordingly, a risk associated with the concentration of the Trust’s assets in accounts held by a single financial institution exists and increases the potential for loss by the Trust and the Trust’s beneficiaries in the event that the Depository becomes insolvent.

8.	Commitments and Contingencies

Under the Trust’s organizational documents, the Sponsor is indemnified against any liability or expense it incurs without negligence, bad faith or willful misconduct on its part. The Trust’s maximum exposure under this arrangement is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

109

Item 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Cautionary Statement Regarding Forward-Looking Information ~~and Risk Factors~~

This report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. ~~In some cases, such forward~~Forward-looking statements can be identified by ~~terminology~~words such as “anticipate,” “expect,” “intend,” “plan,” “believe,” “seek,” “outlook” and “estimate” asand ~~well~~other as similar words. ~~and phrases that signify forward~~Forward-looking statements. ~~These~~are ~~statements~~based ~~are~~upon ~~predictions~~our ~~and~~current ~~actual~~expectations ~~events~~and orbeliefs ~~results~~concerning ~~may~~future ~~differ~~developments ~~materially~~and ~~from~~their ~~those~~potential ~~expressed~~effects inon us. ~~our~~Such forward-looking statements. ~~Risks~~are ~~and~~not ~~uncertainties~~guarantees of future performance. Various factors may cause our actual results to differ materially from those expressed in our forward-looking statements. These ~~risks~~factors ~~and uncertainties~~ include fluctuations in the price of the Russian Ruble, as the value of the Shares relates directly to the value of the Russian Rubles held by the Trust and price fluctuations could materially adversely affect an investment in the Shares. Readers are urged to review the “Risk Factors” section ~~contained~~ in ~~the~~this ~~Trust’s~~report ~~most recent Annual Report on Form 10-K~~ for a description of other risks and uncertainties that may affect an investment in the Shares.

Neither Rydex Specialized Products LLC d/b/a Rydex Investments (the “Sponsor”) nor any other person assumes responsibility for the accuracy or completeness of forward-looking statements contained in this report. ~~Further,~~The ~~these~~ forward-looking statements are made as of the date of this report, and will not be revised or updated to reflect actual results or changes in the Sponsor’s expectations or predictions.

Trust Overview

The CurrencyShares® Russian Ruble Trust (the “Trust”) is a grantor trust that was formed on August 7, 2008. The Shares began trading on NYSE Arca under the ticker symbol “XRU” on November 13, 2008. The Trust issues shares (the “Shares”) in blocks of 50,000 ~~each~~ (a “Basket”) in exchange for deposits of Russian ~~Rubles~~ Ruble and distributes Russian ~~Rubles~~Ruble in connection with the redemption of Baskets.

The Trust is a passive investment vehicle. The Trust does not have any officers, directors or employees. The investment objective of the Trust is for the Shares to reflect the price of the Russian Ruble plus accrued interest, if any, less the expenses of the Trust’s operations. The Trust does not engage in any activities designed to obtain profit from, or ameliorate losses caused by, changes in the price of the Russian Ruble. ~~Investing in the Shares does not insulate the investor from certain risks, including price volatility.~~

~~The~~Definition ~~Shares~~of ~~began~~Net ~~trading~~Asset ~~on NYSE Arca under the ticker symbol “XRU” on November 13, 2008.~~ Value

~~Definition~~The ofTrustee calculates, and the Sponsor publishes, the Trust’s Net Asset Value; ~~Valuation~~(“NAV”) each business day. To calculate the NAV, the Trustee adds to the amount of Russian Ruble in the Trust at the end of the preceding day accrued but unpaid interest, if any, Russian Rubles receivable under pending purchase orders and the value of other Trust assets, and subtracts the accrued but unpaid Sponsor’s fee, Russian Rubles payable under pending redemption orders and other Trust expenses and liabilities, if any. The NAV is expressed in U.S. Dollars (“USD”) based on the “Closing Spot Rate,” which is the USD/ Russian Ruble exchange rate as determined by WM/Reuters as of 4:00 PM (London time) on each day that NYSE Arca is open for regular trading. If, on a particular evaluation day, the Closing Spot Rate has not been determined and announced by 6:00 PM (London time), then the most recent Closing Spot Rate is used to determine the NAV of the Trust unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate to use as the basis for the valuation.

The ~~net~~Trustee ~~asset~~also ~~value~~determines ~~(“NAV”) of~~ the ~~Trust~~NAV isper ~~the aggregate value~~Share, ~~expressed~~which inequals ~~U.S.~~the ~~Dollars~~NAV ~~(“USD”),~~ of the Trust’s ~~assets.~~divided ~~To calculate~~by the ~~NAV,~~number ~~The Bank~~ of ~~New~~outstanding ~~York~~Shares. ~~Mellon~~The ~~(the~~NAV ~~“Trustee”) adds to the amount~~ of the Trust ~~Russian~~and ~~Rubles~~NAV inper ~~the~~Share ~~Trust~~is atpublished ~~the~~by ~~end of~~ the ~~preceding~~Sponsor ~~business~~on each day ~~accrued~~that ~~but~~NYSE ~~unpaid~~Arca ~~interest,~~is ifopen ~~any,~~for ~~Russian~~regular ~~Rubles~~trading ~~receivable under pending purchase orders~~ and ~~the~~is ~~value~~posted ofon ~~other Trust assets, and subtracts~~ the ~~accrued but unpaid Sponsor~~Trust’s ~~fee~~website, ~~Russian Rubles payable under pending redemption orders and other Trust expenses and liabilities, if any~~www.currencyshares.com.

~~The~~Movements ~~NAV is expressed~~ in ~~USD~~the ~~based~~Price onof ~~the USD/~~Russian Ruble exchange rate as determined by WM/Reuters at 4:00 PM (London time) (the “Closing Spot Rate”) on each day that NYSE Arca is open for regular trading. If, on a particular evaluation day, the Closing Spot Rate has not been determined and announced by 6:00 PM (London time), then the most recent Closing Spot Rate will be used to determine the NAV of the Trust unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate to use as the basis for the valuation. The Trustee also determines the NAV per Share, which equals the NAV of the Trust divided by the number of outstanding Shares.

The investment objective of the Trust is for the Shares to reflect the price in USD of the Russian Ruble plus accrued interest, less the expenses of the Trust’s operations. The Shares are intended to provide institutional and retail investors with a simple, cost-effective means of gaining investment benefits similar to those of holding Russian Rubles. Each outstanding Share represents a proportional interest in the Russian Rubles held by the Trust. The following chart illustrates recent movements in the price of Russian Ruble in USD based on the Closing Spot Rate.

LOGO

NAV per Share; Valuation of the Russian Ruble

The following chart illustrates the movement in the price of the Shares based on (1) NAV per Share, (2) the “bid” and “ask” midpoint offered on NYSE Arca and (3) the Closing Spot Rate, expressed as a multiple of 1,000 Russian Rubles.

LOGO

The Sponsor publishes the NAV and NAV per Share on each day that NYSE Arca is open for regular trading on the Trust’s website, www.currencyshares.com.

Liquidity

The Sponsor is not aware of any trends, demands, conditions or events that are reasonably likely to result in material changes to the Trust’s liquidity needs. The Trust’s ~~depository~~Depository, JPMorgan Chase Bank, N.A., London Branch ~~(the “Depository”)~~, maintains two deposit accounts for the Trust, a primary deposit account that ~~may~~is expected to earn interest and a secondary deposit account that does not earn interest. Interest on the primary ~~deposit~~ account, if any, accrues daily and is paid monthly. The interest rate in effect as of ~~July~~January 31, ~~2010~~2011 was an annual nominal rate of 0.6085%. The following chart provides the daily rate paid by the Depository since the Shares began trading:

LOGO

In exchange for a fee, the Trust’s Sponsor bears most of the ~~expenses~~expense incurred by the Trust. As a result, the only ordinary expense of the Trust during the ~~period~~periods covered by this report was the Sponsor’s fee. Each month the Depository deposits into the secondary deposit account accrued but unpaid interest, if any, and the Trustee withdraws Russian Rubles from the secondary deposit account to pay the accrued Sponsor’s fee for the previous month plus other Trust expenses, if any. InWhen the ~~event that any~~ interest deposited, if any, exceeds the sum of the Sponsor’s fee for the prior month plus other Trust expenses, if any, the Trustee converts the excess into USD at a prevailing market rate and distributes the USD as promptly as practicable to Shareholders on a pro- rata basis (in accordance with the number of Shares that they own). Distributions paid during the current reporting period ~~are~~follow ~~set~~(annualized ~~forth below. Annualized~~ yield reflects the estimated annual yield an investor would receive if a monthly distribution stayed the same for the entire year going forward, and is calculated by annualizing the monthly distribution and dividing by the Trust ~~NAVs~~NAV for the dates listed below.):

XRU Distribution History ~~– Current Period~~

Date	Value		~~NAV~~	NAV		~~Yield~~		Yield	~~Annualized Yield~~		Annualized Yield
5/3/2010	$	0.00703	$	34.23		0.02	%		0.25	%
1/3/2011	$	0.02478		$	32.76				0.08	%		0.89	%
12/1/2010	$	0.02799		$	31.75				0.09	%		1.07	%
11/1/2010	$	0.00417		$	32.39				0.01	%		0.15	%

Critical Accounting Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of ~~America~~ America requires the Sponsor’s management to make estimates and assumptions that affect the reported amounts of the assets and liabilities and disclosures of contingent liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the ~~periods~~period covered by ~~the~~this report.

In12 ~~addition to the description below, please refer to Note 2 to the financial statements for further discussion of the Trust’s accounting policies.~~

~~The~~In ~~Trustee~~addition ~~calculates~~to the ~~Trust’s~~description ~~NAV each business day. For NAV calculation purposes~~below, ~~Russian~~please ~~Ruble deposits~~refer ~~(cash)~~to ~~are~~Note ~~translated~~2 atto the ~~Closing~~financial ~~Spot~~statements ~~Rate~~for asfurther discussion ~~determined by WM/Reuters as~~ of ~~4:00~~our PMaccounting ~~(London time) on each day that NYSE Arca is open for regular trading~~policies.

The functional currency of the Trust is the Russian Ruble in accordance with ~~generally~~ASC ~~accepted~~830, ~~accounting~~Foreign ~~standards~~Currency Translation.

Results of Operations

As of October 31, ~~2009~~2010, the number of Russian Rubles owned by the Trust was ~~150~~199,~~000~~881,~~000~~413, resulting in a redeemable capital share value of $56,~~157~~478,~~486~~461. During the ~~nine~~three months ended ~~July~~January 31, ~~2010~~ 2011, anno additional ~~200,000~~ Shares were created ~~in exchange for 200,000,000 Russian Rubles~~ and ~~150,000~~no Shares were redeemed ~~in exchange for 150,000,000 Russian Rubles~~. InAs ~~addition, 13,424 Russian Rubles were withdrawn to pay the portion~~ of ~~the Sponsor’s fee that exceeded the interest earned. As of July~~January 31, ~~2010~~2011, the number of Russian Rubles owned by the Trust was 199,~~986~~881,~~576~~413, resulting in a redeemable capital share value of $6,~~598~~713,~~550~~912.

~~Growth~~The increase in the Trust’s redeemable capital share value from $56,~~157~~478,~~486~~461 at October 31, ~~2009~~2010 to $6,~~598~~713,~~550~~912 at ~~July~~January 31, ~~2010~~2011 was primarily the result of an increase in the ~~number of Shares outstanding from 150,000 at October 31, 2009 to 200,000 at July 31, 2010. This increase in redeemable capital share value was partially offset by a decrease in the~~ Closing Spot Rate, from 0.~~03434~~03241at at October 31, ~~2009~~2010 to 0.~~033~~03358 at ~~July~~January 31, ~~2010~~2011.

Interest income decreased from $2639,~~950~~193 for the three months ended ~~July~~ January 31, ~~2009~~2010 to $518,~~545~~750 for the three months ended ~~July~~January 31, ~~2010~~2011, attributable ~~and~~primarily ~~decreased~~to ~~from~~a ~~$123,621~~decrease ~~for~~in the ~~nine~~weighted-average ~~months~~Russian ~~ended~~Rubles ~~July 31,~~in ~~2009 to $62,198 for~~ the ~~nine~~Trust ~~months~~coupled ~~ended~~with ~~July 31, 2010, attributable primarily to~~ a ~~reduction~~decrease in the annual nominal interest rate paid by the Depository, as set forth in the chart above~~, but partially offset by an increase in the weighted-average Russian Rubles in the Trust~~.

The ~~only expense of the Trust during the three months and nine months ended July 31, 2010 was the~~ Sponsor’s fee. ~~The Sponsor’s fee~~ accrues daily at an annual nominal rate of 0.40% of the Russian Rubles in the Trust. Due primarily to ana ~~increase~~decrease in the weighted-average Russian Rubles in the Trust, the Sponsor’s fee ~~increased~~decreased from $38,~~168~~841 for the three months ended ~~July~~January 31, ~~2009~~ 2010 to $6,~~550~~573 for the three months ended ~~July~~January 31, ~~2010,~~2011. ~~and~~The ~~increased~~only ~~from~~expense ~~$7,191~~of ~~for~~ the ~~nine~~Trust during the three months ended ~~July~~January 31, ~~2009~~2011 towas ~~$22,183 for~~ the ~~nine~~Sponsor’s ~~months ended July 31, 2010~~fee.

The Trust’s net ~~loss~~income for the three months ended ~~July~~January 31, ~~2010~~ 2011 was $112,~~005,~~177 ~~due~~as toa ~~interest~~result ~~income~~ of ~~$5,545 exceeding~~ the ~~Sponsor’s fee of $6,550. The Trust’s net income for the nine months ended July 31, 2010 was $40,015, due to~~ interest income of $6218,~~198~~750 exceeding the Sponsor’s fee of $226,~~183~~573.

Cash dividends per Share decreased from $0.2312 for the three months ended ~~July~~January 31, ~~2009~~2010 to $0.0106 per Share for the three months ended ~~July~~January 31, ~~2010,~~ ~~and decreased from $1~~2011.25 ~~for~~This ~~the nine months ended July 31, 2009 to $0.23 for the nine months ended July 31, 2010. The~~ decrease in cash dividends per ~~share~~Share was primarily the result of a ~~reduction~~decrease in the annual nominal interest rate paid by the Depository.

~~Movements~~Item in3. ~~the~~Quantitative ~~Price~~and ofQualitative ~~the~~Disclosures ~~Russian~~about ~~Ruble~~Market Risk

~~The~~Except ~~investment~~as ~~objective~~described ofabove ~~the~~with ~~Trust~~respect ~~is for the Shares~~ to ~~reflect~~ the ~~price of the~~ USD/Russian Ruble ~~plus~~exchange ~~accrued~~rate ~~interest,~~and ~~if any, less~~ the ~~expenses~~nominal ofannual ~~the Trust’s~~interest ~~operations.~~rate ~~The~~paid ~~Shares~~by ~~are intended to provide institutional and retail investors with a simple, cost-effective means of gaining investment benefits similar to those of holding~~ the ~~Russian~~Depository ~~Ruble.~~on ~~Each outstanding Share represents a proportional interest in the~~ Russian ~~Ruble~~Rubles held by the Trust., ~~The following chart provides historical trends in~~ the ~~price~~Trust ofis ~~the~~not ~~Russian~~subject ~~Ruble.~~to market risk. The ~~chart~~Trust ~~illustrates~~does ~~movements~~not inhold ~~the~~securities ~~price~~and ofdoes ~~the~~not ~~Russian~~invest ~~Rubles~~ in ~~USD~~derivative ~~based on the Closing Spot Rate~~instruments.

14Item 4. Controls and Procedures

~~Table~~The Trust maintains disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of ~~Contents~~1934) designed to ensure that material information relating to the Trust is recorded, processed and disclosed on a timely basis. The Trust’s disclosure controls and procedures are designed by or under the supervision of the Sponsor’s chief executive officer and chief financial officer, who exercise oversight over the Trust as the Trust has no officers. The chief executive officer and chief financial officer of the Sponsor have evaluated the effectiveness of the Trust’s disclosure controls and procedures as of January 31, 2011. Based on that evaluation, the chief executive officer and chief financial officer of the Sponsor have concluded that the disclosure controls and procedures of the Trust were effective as of the end of the period covered by this report.

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Except as described above with respect to fluctuations in the USD/Russian Ruble exchange rate and changes in the nominal annual interest rate paid by the Depository on Russian Rubles held by the Trust, the Trust is not subject to market risk. The Trust does not hold securities and does not invest in derivative products.

Item 4. CONTROLS AND PROCEDURES

The Trust maintains disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) designed to ensure that material information relating to the Trust is recorded, processed and disclosed on a timely basis. The Trust’s disclosure controls and procedures are designed by or under the supervision of the Sponsor’s chief executive officer and chief financial officer, who exercise oversight over the Trust as the Trust has no officers. The chief executive officer and chief financial officer of the Sponsor have evaluated the effectiveness of the Trust’s disclosure controls and procedures as of July 31, 2010. Based on that evaluation, the chief executive officer and chief financial officer of the Sponsor have concluded that the disclosure controls and procedures of the Trust were effective as of the end of the period covered by this report.

There were no changes in the Trust’s internal control over financial reporting that occurred during the Trust’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Trust’s internal control over financial reporting.

1513

PART II - OTHER INFORMATION

Item 1.

Legal Proceedings

None.

Item 1A.

Risk Factors

There have been no material changes from the risk factors disclosed in the “Risk Factors” section of the Trust’s Annual Report on Form 10-K/A filed with the Securities and Exchange Commission on ~~January~~March 1310, ~~2010~~2011.

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

(a)

None.

(b)	Not applicable.

(c)

None.

Item 3.

Defaults Upon Senior Securities

None.

Item 4. ~~(Removed~~Submission ~~and~~of ~~Reserved)~~Matters to a Vote of Security Holders

None.

Item 5.

Other Information

None.

Item 6.

Exhibits

Number		Description of Exhibit
Exhibit No.		Description
31.1		Certification ofby Principal Executive Officer ~~Pursuant~~pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002.
31.2		Certification ofby Principal Financial Officer ~~Pursuant~~pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002.
32.1		Certification ofby Principal Executive Officer ~~Pursuant~~pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2		Certification ofby Principal Financial Officer ~~Pursuant~~pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

1615

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	CURRENCYSHARES® RUSSIAN RUBLE TRUST
	By:	Rydex Specialized Products LLC
	By	Rydex Specialized Products LLC,
		Sponsor of the CurrencyShares® Russian Ruble Trust
Date: September 9, 2010	By:	/s/ Joseph Arruda
Date: March 11, 2011	By:	/s/ JOSEPH ARRUDA
		Joseph Arruda
		Chief Financial Officer
		(principal financial officer)

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Filing Compare · CurrencyShares Russian Ruble Trust