~~Table~~UNITED ofSTATES ~~Contents~~

~~UNITED~~SECURITIES ~~STATES~~AND EXCHANGE COMMISSION

~~SECURITIES~~Washington ~~AND~~D.C. ~~EXCHANGE~~20549 ~~COMMISSION~~

~~Washington~~FORM ~~D.C. 20549~~ 10-K

~~FORM~~x ~~10-K~~ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)

xOF ~~ANNUAL~~THE ~~REPORT~~SECURITIES ~~PURSUANT~~EXCHANGE TOACT ~~SECTION 13~~OF OR1934 ~~15(d)~~

OFFor ~~THE~~the ~~SECURITIES~~fiscal ~~EXCHANGE~~year ~~ACT~~ended OFOctober 31, ~~1934~~2011

~~For~~or ~~the fiscal year ended October 31, 2010~~

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

¨OF ~~TRANSITION~~THE ~~REPORT~~SECURITIES ~~PURSUANT~~EXCHANGE TOACT ~~SECTION 13~~OF OR1934 ~~15(d)~~

OFFor ~~THE~~the ~~SECURITIES~~transition ~~EXCHANGE~~period ~~ACT OF 1934~~ from to

~~For~~Commission ~~the~~File ~~transition~~Number ~~period~~001-34163 ~~from to~~

~~Commission~~CurrencyShares® ~~File~~Russian ~~Number~~Ruble ~~001-34163~~Trust

~~CurrencyShares®~~ Sponsored ~~Russian~~by ~~Ruble~~Rydex ~~Trust~~Specialized Products LLC,

~~Sponsored~~d/b/a by Rydex ~~Specialized Products LLC,~~ Investments

~~d/b/a~~(Exact ~~Rydex~~name ~~Investments~~of registrant as specified in its charter)

(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.)

New York	No. 30-6164137
	805 King Farm Boulevard, Suite 600 Rockville, Maryland	20850
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)
	(Address of principal executive offices)	(Zip Code)

		9601 Blackwell Road, Suite 500 Rockville, Maryland		20850
		(Address of principal executive offices)		(Zip Code)

(301) 296-5100

(~~301~~Registrant’s telephone number, including area code) ~~296-5100~~

~~(Registrant’s~~Indicate ~~telephone~~by check ~~number~~mark if the registrant is a well-known seasoned issuer, ~~including~~as ~~area~~defined ~~code)~~in Rule 405 of the Securities Act. Yes ¨ No x

Indicate by check mark if the registrant is anot ~~well-known~~required ~~seasoned~~to ~~issuer,~~file asreports ~~defined~~pursuant to inSection 13 ~~Rule~~or ~~405~~Section 15(d) of the ~~Securities~~ Act. Yes ¨ No x

Indicate by check mark ifwhether the registrant is(1) has ~~not~~filed all reports required to ~~file~~be ~~reports~~filed ~~pursuant~~by to Section 13 or ~~Section~~ 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 x.¨

Indicate by check mark whether the registrant ~~(1)~~ has ~~filed~~submitted ~~all~~electronically ~~reports~~and posted on its corporate Web site, if any, every Interactive Data File required to be ~~filed~~submitted byand ~~Section 13~~posted orpursuant ~~15(d)~~to ofRule ~~the Securities~~405 ~~Exchange Act~~ of ~~1934~~Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to ~~file~~submit ~~such reports),~~ and ~~(2) has~~post ~~been subject to~~ such ~~filing requirements for the past 90~~ ~~days~~files). Yes x No ¨.

Indicate by check mark ~~whether~~if ~~the~~disclosure ~~registrant~~of ~~has~~delinquent ~~submitted~~filers pursuant ~~electronically~~to ~~and~~Item 405 ~~posted~~of onRegulation ~~its~~S-K ~~corporate~~is ~~Web~~not ~~site,~~contained ~~if any~~herein, ~~every Interactive~~and ~~Data~~will ~~File~~not ~~required to~~ be ~~submitted~~contained, ~~and~~to ~~posted~~the ~~pursuant~~best toof ~~Rule~~registrant’s ~~405~~knowledge, ofin ~~Regulation~~definitive ~~S-T~~proxy ~~during~~or ~~the~~information ~~preceding~~statements 12incorporated ~~months~~by ~~(or~~reference ~~for~~in ~~such~~Part ~~shorter~~III ~~period~~of ~~that~~this ~~the~~Form ~~registrant~~10-K ~~was~~or ~~required~~any amendment to ~~submit~~this ~~and~~Form ~~post such files)~~10-K. ~~Yes ¨ No ¨.~~x

Indicate by check mark whether ifthe ~~disclosure~~registrant ofis ~~delinquent~~a ~~filers~~large ~~pursuant~~accelerated tofiler, ~~Item 405~~an ofaccelerated ~~Regulation~~filer, Sa non-Kaccelerated isfiler ~~not~~or ~~contained~~a ~~herein,~~smaller ~~and~~reporting ~~will not~~company. beSee ~~contained,~~definitions toof ~~the~~“large ~~best~~accelerated offiler,” ~~registrant’s~~“accelerated ~~knowledge~~filer,” in“non-accelerated filer” ~~definitive~~and ~~proxy~~“smaller orreporting ~~information~~company” ~~statements incorporated by reference~~ in ~~Part~~Rule ~~III~~12b-2 of ~~this~~the ~~Form~~Exchange ~~10-K~~Act. or(Check ~~any~~one): Large ~~amendment~~accelerated tofiler ¨ Accelerated filer ¨ Non-accelerated ~~this~~filer ¨ Smaller ~~Form~~reporting ~~10-K.~~ company x

Indicate by check mark whether the registrant is a ~~large~~shell ~~accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting~~ company. ~~See~~(as ~~definitions~~defined ~~of “large accelerated filer,” “accelerated filer,” “non-accelerated filer” and “smaller reporting company”~~ in ~~Rule~~ Rule 12b-2 of the Exchange Act~~. (Check one~~):. ~~Large accelerated filer~~Yes ¨ ~~Accelerated filer~~No ~~¨ Non-accelerated filer ¨ Smaller reporting company~~ x.

~~Indicate~~Aggregate bymarket ~~check~~value ~~mark~~of ~~whether~~250,000 shares of registrant’s common stock held by non-affiliates of the registrant, isbased aon ~~shell~~the ~~company~~closing ~~(as~~price ~~defined~~of ina ~~Rule~~share ~~12b-2~~ of the ~~Exchange~~registrant’s ~~Act)~~common stock on April 30, 2011 as reported by NYSE Arca on that date: $9,182,500. ~~Yes ¨ No x.~~

~~Aggregate~~CURRENCYSHARES® ~~market~~RUSSIAN ~~value~~RUBLE ofTRUST 200,000 shares of registrant’s common stock held by non-affiliates of the registrant, based on the closing price of a share of the registrant’s common stock on April 30, 2010 as reported by NYSE Arca on that date: $6,846,000.

~~Table of Contents~~INDEX

CURRENCYSHARES® RUSSIAN RUBLE TRUST


Caption		Page
PART I

Item 1.	Business.		1

Item 1A.	Risk Factors.		3

Item 1B.	Unresolved Staff Comments.		7

Item 2.	Properties.		7

Item 3.	Legal Proceedings.		7

Item 4.	(Removed and Reserved.)		7

Part II

Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.		8

Item 6.	Selected Financial Data.		9

Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.		9

Item 7A.	Quantitative and Qualitative Disclosures about Market Risk.		12

Item 8.	Financial Statements and Supplementary Data.		12

Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosures.		13

Item 9A.	Controls and Procedures.		13

Item 9B.	Other Information.		13

PART III

Item 10.	Directors, Executive Officers and Corporate Governance.		14

Item 11.	Executive Compensation.		14

Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.		14

Item 13.	Certain Relationships, Related Transactions, and Director Independence.		14

Item 14.	Principal Accountant Fees and Services.		14

PART IV

Item 15.	Exhibits and Financial Statement Schedules.		15

SIGNATURES			—

~~INDEX~~i

Caption		Page
PART I
Item 1.	Business		1
Item 1A.	Risk Factors		3
Item 1B.	Unresolved Staff Comments		7
Item 2.	Properties		7
Item 3.	Legal Proceedings		7
Item 4.	(Removed and Reserved.)		7
Part II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities		8
Item 6.	Selected Financial Data		8
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		9
Item 7A.	Quantitative and Qualitative Disclosures about Market Risk		12
Item 8.	Financial Statements and Supplementary Data		12
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosures		12
Item 9A.	Controls and Procedures		12
Item 9B.	Other Information		13
PART III
Item 10.	Directors, Executive Officers and Corporate Governance		14
Item 11.	Executive Compensation		14
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters		14
Item 13.	Certain Relationships, Related Transactions, and Director Independence		14
Item 14.	Principal Accountant Fees and Services		14
PART IV
Item 15.	Exhibits and Financial Statement Schedules		15
SIGNATURES			—

PART I

iItem 1. Business

~~Table~~Overview ~~of Contents~~

~~PART~~The ICurrencyShares® Russian Ruble Trust (the “Trust”) is a grantor trust that was formed on August 7, 2008. The Shares are listed on NYSE Arca under the ticker symbol “FXRU.” The Trust issues shares (the “Shares”) in blocks of 50,000 (a “Basket”) in exchange for deposits of Russian Ruble and distributes Russian Ruble in connection with the redemption of Baskets.

~~Item~~The 1investment objective of the Trust is for the Shares to reflect the price in USD of the Russian Ruble plus accrued interest, if any, less the expenses of the Trust’s operations. ~~Business~~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 the Russian Ruble. The Shares are bought and sold on NYSE Arca like any other exchange-listed security. The Shares are backed by the assets of the Trust, which does not hold or use derivative products. Investing in the Shares does not insulate the investor from certain risks, including price volatility. The value of the holdings of the Trust is reported on the Trust’s website, www.currencyshares.com, each business day.

~~Overview~~The Trust

~~The~~General 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 (a “Basket”) in exchange for deposits of Russian Ruble and distributes Russian Ruble in connection with the redemption of Baskets.

The ~~investment objective of the~~ Trust isholds ~~for the Shares to reflect the price in USD of the~~ Russian ~~Ruble~~Rubles ~~plus accrued interest~~and, ~~if any,~~from ~~less~~time ~~the expenses of the Trust’s operations. The Shares are intended~~ to ~~provide institutional and retail investors with a simple~~time, ~~cost-effective~~issues ~~means~~Baskets ofin ~~gaining~~exchange ~~investment~~for ~~benefits~~deposits ~~similar to those~~ of ~~holding the~~ Russian ~~Ruble.~~Rubles ~~The Shares are bought~~ and ~~sold~~distributes onRussian ~~NYSE~~Rubles ~~Arca~~in ~~like~~connection ~~any~~with ~~other~~redemptions ~~exchange-listed~~of ~~security~~Baskets. The ~~Shares~~Russian Rubles ~~are~~held ~~backed~~ by the ~~assets of the~~ Trust, ~~which~~will ~~does~~be ~~not~~sold ~~hold~~only orif ~~use~~needed ~~derivative~~to ~~products.~~pay ~~Investing~~Trust expenses, in the ~~Shares~~event ~~does not insulate~~ the ~~investor~~Trust ~~from~~terminates ~~certain~~and ~~risks, including~~liquidates ~~price~~its ~~volatility.~~assets ~~The~~or ~~value~~as ofotherwise ~~the~~required ~~holdings~~by oflaw ~~the~~or ~~Trust is reported on the Trust’s website, www~~regulation.~~currencyshares.com,~~ ~~each business day.~~

The ~~Trust~~Sponsor

~~General~~The Sponsor of the Trust generally oversees the performance of the Trustee and the Trust’s principal service providers, but does not exercise day-to-day oversight over the Trustee or the Trust’s service providers. The Sponsor is Rydex Specialized Products LLC, a Delaware limited liability company.

The Trust’s ~~holds~~only ~~Russian~~ordinary ~~Rubles~~recurring expense is the Sponsor’s fee. The Sponsor is responsible for payment of the following administrative and marketing expenses of the Trust: the Trustee’s monthly fee, ~~from~~typical ~~time~~maintenance toand ~~time~~transaction fees of the Depository, ~~issues~~NYSE ~~Baskets~~Arca inlisting ~~exchange~~fees, ~~for~~printing ~~deposits~~and ofmailing ~~Russian~~costs, ~~Rubles~~audit fees and ~~distributes~~expenses, ~~Russian~~up ~~Rubles~~to $100,000 per annum in ~~connection~~ ~~with~~legal ~~redemptions~~fees ofand ~~Baskets~~expenses, and applicable license fees. The ~~Russian~~Sponsor ~~Rubles~~also ~~held~~paid bythe costs of the Trust’s ~~will~~organization beand ~~sold~~the ~~only~~costs ifof ~~needed~~the toinitial ~~pay~~sale ~~Trust~~of ~~expenses~~the Shares, inincluding the ~~event~~applicable SEC registration fees. The Sponsor’s fee accrues daily at an annual nominal rate of 0.40% of the Russian Ruble in the Trust ~~terminates~~(including ~~and~~all ~~liquidates~~unpaid ~~its~~interest ~~assets~~but orexcluding unpaid fees, each as ~~otherwise~~accrued ~~required~~through bythe ~~law~~immediately orpreceding ~~regulation~~day). The Sponsor was paid $25,550 for the fiscal year ended October 31, 2011.

The ~~Sponsor~~Trustee

The ~~Sponsor~~ Bank of ~~the~~New ~~Trust~~York ~~generally~~Mellon, ~~oversees~~a ~~the~~banking ~~performance~~corporation ofwith trust powers organized under the ~~Trustee~~laws ~~and~~of the ~~Trust’s~~State ~~principal~~of ~~service~~New ~~providers~~York, ~~but~~serves ~~does~~as ~~not~~the ~~exercise~~Trustee. The Trustee is responsible for the day-to-day ~~oversight~~administration ~~over~~of the ~~Trustee~~Trust, orincluding keeping the Trust’s ~~service~~operational ~~providers~~records. ~~The Sponsor is Rydex Specialized Products LLC, a Delaware limited liability company.~~

~~The Trust’s only ordinary recurring expense is the Sponsor’s fee. The Sponsor~~Net isAsset ~~responsible~~Value for payment of the following administrative and marketing expenses of the Trust: the Trustee’s monthly fee, typical maintenance and transaction fees of the Depository, NYSE Arca listing fees, printing and mailing costs, audit fees and expenses, up to $100,000 per annum in legal fees and expenses, and applicable license fees. The Sponsor also paid the costs of the Trust’s organization and the costs of the initial sale of the Shares, including the applicable SEC registration fees. The Sponsor’s fee accrues daily at an annual nominal rate of 0.40% of the Russian Ruble in the Trust (including all unpaid interest but excluding unpaid fees, each as accrued through the immediately preceding day). The Sponsor was paid $28,791 for the fiscal year ended October 31, 2010.

The Trustee calculates, and the Sponsor publishes, the Trust’s Net Asset Value (“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, 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 The World Markets Company PLC, a State Street business, as of 4:00 PM (London fixing) 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~~1 Bank of New York Mellon, a banking corporation with trust powers organized under the laws of the State of New York, serves as the Trustee. The Trustee is responsible for the day-to-day administration of the Trust, including keeping the Trust’s operational records.

~~Net~~The Trustee also determines the NAV per Share, which equals the NAV of the Trust divided by the number of ~~Asset~~outstanding ~~Value~~Shares. The NAV of the Trust and NAV per Share are published by the Sponsor on each day that NYSE Arca is open for regular trading and is posted on the Trust’s website, www.currencyshares.com.

~~The~~Depository ~~Trustee calculates,~~ and ~~the~~Deposit ~~Sponsor~~Accounts publishes, the Trust’s Net Asset Value (“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

1JPMorgan Chase Bank, N.A., London Branch, is the Depository. The Depository maintains two deposit accounts for the Trust, a primary deposit account which is expected to earn interest and a secondary deposit account which does not earn interest (collectively, the “Deposit Accounts”). Interest on the primary deposit account, if any, accrues daily and is paid monthly. If the Sponsor believes that the interest rate paid by the Depository is not competitive, the Sponsor’s recourse is to remove the Depository by terminating the Deposit Account Agreement and closing the accounts. The Depository is not paid a fee for its services to the Trust. The Depository may earn a “spread” or “margin” over the rate of interest it pays to the Trust on the Russian Ruble deposit balances.

~~Table~~The secondary deposit account is used to account for any interest that may be received and paid on creations and redemptions of ~~Contents~~Baskets. The secondary deposit account is also used to account for interest earned on the primary deposit account, if any, pay Trust expenses and distribute any excess interest to Shareholders on a monthly basis. In the event that the interest deposited, if any, exceeds the sum of the Sponsor’s fee for the prior month plus other Trust expenses, if any, then the Trustee will direct that the excess 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).

~~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~~Expenses ~~the Trustee, in consultation with the Sponsor, determines that such price is inappropriate to use as the basis for the valuation.~~

~~The~~In certain ~~Trustee~~exceptional ~~also~~cases ~~determines~~ the ~~NAV~~Trust ~~per~~may ~~Share,~~pay ~~which~~expenses ~~equals~~in addition to the ~~NAV~~Sponsor’s offee. ~~the~~These ~~Trust~~exceptions ~~divided~~include expenses not assumed by the ~~number~~Sponsor, taxes and governmental charges, expenses and costs of ~~outstanding~~any ~~Shares.~~extraordinary ~~The~~services ~~NAV~~performed by the Trustee or the Sponsor on behalf of the Trust ~~and~~or ~~NAV~~action ~~per~~taken ~~Share~~by isthe ~~published~~Trustee byor the Sponsor onto ~~each~~protect ~~day~~the ~~that~~Trust ~~NYSE~~or ~~Arca~~the isinterests ~~open~~of ~~for~~Shareholders, ~~regular~~indemnification ~~trading~~of the Sponsor under the Depositary Trust Agreement, and islegal ~~posted~~expenses onin ~~the~~excess ~~Trust’s~~of ~~website~~$100,000 ~~www~~per year.~~currencyshares.com.~~

~~Depository~~Termination ~~and Deposit Accounts~~

~~JPMorgan Chase Bank, N.A., London Branch is the Depository.~~ The ~~Depository maintains two deposit accounts for the~~ Trust, awill ~~primary~~terminate ~~deposit~~upon ~~account which is expected to earn interest and a secondary deposit account which does not earn interest (collectively,~~ the ~~“Deposit~~occurrence ~~Accounts”).~~of ~~Interest on the primary deposit account, if~~ any, ~~accrues~~of ~~daily and is paid monthly. If~~ the ~~Sponsor~~termination ~~believes that~~events ~~the~~listed ~~interest~~in ~~rate paid by~~ the ~~Depository~~Depositary isTrust ~~not competitive, the Sponsor’s recourse is to remove the Depository by terminating the Deposit Account~~ Agreement and ~~closing~~will ~~the~~otherwise ~~accounts.~~terminate ~~The Depository is not paid a fee for its services to the Trust. The Depository may earn a “spread” or “margin” over the rate of interest it pays to the Trust~~ on ~~the~~August 7, ~~Russian Ruble deposit balances~~2048.

The secondary deposit account is used to account for interest received, if any, and paid out on creations and redemptions of Baskets. The secondary deposit 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 Shareholders on a monthly basis. In the event that the interest deposited, if any, exceeds the sum of the Sponsor’s fee for the prior month plus other Trust expenses, if any, then the Trustee will direct that the excess 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).~~

~~Trust Expenses~~ General

InEach ~~certain~~Share ~~exceptional~~represents ~~cases~~a ~~the~~proportional ~~Trust~~interest, ~~may~~based ~~pay~~on ~~expenses~~the intotal ~~addition~~number toof ~~the~~Shares ~~Sponsor’s~~outstanding, ~~fee.~~in ~~These~~the ~~exceptions~~Russian ~~include~~Rubles ~~expenses~~owned ~~not assumed~~ by the ~~Sponsor~~Trust, plus ~~taxes~~accrued and ~~governmental~~unpaid ~~charges~~interest, ~~expenses~~if ~~and costs of~~ any, ~~extraordinary~~less ~~services~~accrued ~~performed~~but byunpaid ~~the~~expenses ~~Trustee~~(both orasset-based ~~the~~and ~~Sponsor~~non-asset onbased) ~~behalf~~ of the Trust. orAll ~~action~~Shares ~~taken~~are byof the ~~Trustee~~same orclass ~~the~~with ~~Sponsor~~equal torights ~~protect~~and ~~the~~privileges. ~~Trust~~Each orShare ~~the~~is ~~interests~~transferable, ofis ~~Shareholders,~~fully ~~indemnification~~paid ofand non-assessable and entitles the ~~Sponsor~~holder ~~under~~to vote on the ~~Depositary~~ ~~Trust~~limited ~~Agreement,~~matters ~~and~~upon ~~legal~~which ~~expenses~~Shareholders inmay ~~excess~~vote ofunder ~~$100,000~~the ~~per~~Depositary ~~year~~Trust Agreement.

~~Termination~~Limited Rights

The ~~Trust~~Shares ~~will~~are ~~terminate~~not ~~upon~~a traditional investment. They are dissimilar from the shares ~~occurrence~~of a corporation operating a business enterprise, with management and a board of ~~any~~directors. Trust Shareholders do not have rights normally associated with owning shares of a business corporation, including, for example, the ~~termination~~right ~~events~~to ~~listed~~bring “oppression” or “derivative” actions. Shareholders’ have only those rights explicitly set forth in the Depositary Trust Agreement. ~~and~~The ~~will~~Shares ~~otherwise~~do ~~terminate~~not onentitle their holders to any conversion or pre-emptive rights or, except as ~~August 7~~described herein, ~~2048~~any redemption or distribution rights.

~~The~~Voting ~~Shares~~and Approvals

~~General~~Shareholders have no voting rights under the Depositary Trust Agreement, except in limited circumstances. If the holders of at least 25% of the Shares outstanding determine that the Trustee is in material breach of its obligations under the Depositary Trust Agreement, they may provide written notice to the Trustee (or require the Sponsor to do

~~Each~~2 Share represents a proportional interest, based on the total number of Shares outstanding, in the Russian Rubles owned by the Trust, plus accrued and unpaid interest, if any, less accrued but unpaid expenses (both asset-based and non-asset based) of the Trust. All Shares are of the same class with equal rights and privileges. Each Share is transferable, fully paid and non-assessable.

~~Limited~~ so) ~~Rights~~specifying the default and requiring the Trustee to cure such default. If the Trustee fails to cure such breach within 30 days after receipt of the notice, the Sponsor, acting on behalf of the Shareholders, may remove the Trustee. The holders of at least 66 2/3% of the Shares outstanding may vote to remove the Trustee. The Trustee must terminate the Trust at the request of the holders of at least 75% of the outstanding Shares.

~~The~~Creation ~~Shares are not a traditional investment. They are dissimilar from the shares of a corporation operating a business enterprise, with management~~ and ~~a board~~Redemption of directors. Trust Shareholders do not have rights normally associated with owning shares of a business corporation, including, for example, the right to bring “oppression” or “derivative” actions. Shareholders’ have only those rights explicitly set forth in the Depositary Trust Agreement. The Shares ~~do not entitle their holders to any conversion or pre-emptive rights or, except as described herein, any redemption or distribution rights.~~

2The creation and redemption of Baskets requires the delivery to the Trust or the distribution by the Trust of the amount of Russian Rubles represented by the Baskets being created or redeemed. This amount is based on the combined NAV per Share of the number of Shares included in the Baskets being created or redeemed, determined on the day the order to create or redeem Baskets is accepted by the Trustee.

~~Table~~Only ofAuthorized ~~Contents~~Participants may place orders to create and redeem Baskets. An Authorized Participant is a Depository Trust Company participant that is a registered broker-dealer or other securities market participant, such as a bank or other financial institution that is not required to register as a broker-dealer to engage in securities transactions and has entered into a Participant Agreement with the Trustee.

~~Voting~~Before initiating a creation or redemption order, an Authorized Participant must have entered into a Participant Agreement with the Sponsor and ~~Approvals~~the Trustee. The Participant Agreement provides the procedures for the creation and redemption of Baskets and for the delivery of Russian Rubles required for creations and redemptions. The Participant Agreements may be amended by the Trustee and the Sponsor. Authorized Participants pay a transaction fee of $500 to the Trustee for each order that they place to create or redeem one or more Baskets. In addition to the $500 transaction fee paid to the Trustee, Authorized Participants pay a variable fee to the Sponsor for creation orders and redemption orders of two or more Baskets to compensate the Sponsor for costs associated with the registration of Shares. The variable fee paid to the Sponsor by an Authorized Participant will not exceed $2,000 for each creation or redemption order, as set forth in the Participant Agreement. Authorized Participants who make deposits with the Trust in exchange for Baskets receive no fees, commissions or other form of compensation or inducement of any kind from either the Sponsor or the Trust. No Authorized Participant has any obligation or responsibility to the Sponsor or the Trust to effect any sale or resale of Shares.

~~Shareholders~~Availability ~~have no voting rights under the Depositary Trust Agreement, except in limited circumstances. If the holders~~ of atSEC ~~least~~Reports 25% of the Shares outstanding determine that the Trustee is in material breach of its obligations under the Depositary Trust Agreement, they may provide written notice to the Trustee (or require the Sponsor to do so) specifying the default and ~~requiring~~Other ~~the~~Information Trustee to cure such default. If the Trustee fails to cure such breach within 30 days after receipt of the notice, the Sponsor may remove the Trustee. The holders of at least 66 2/3% of the Shares outstanding may vote to remove the Trustee. The Trustee must terminate the Trust at the request of the holders of at least 75% of the outstanding Shares.

~~Creation~~The ~~and~~Sponsor, ~~Redemption~~on behalf of ~~Shares~~the Trust, files quarterly and annual reports and other information with the SEC. The reports and other information can be accessed through the Trust’s website at www.currencyshares.com.

~~The~~Item ~~creation and redemption of Baskets requires the delivery to the Trust or the distribution by the Trust of the amount of Russian Rubles represented by the Baskets being created or redeemed~~1A. ~~This~~Risk amount is based on the combined NAV per Share of the number of Shares included in the Baskets being created or redeemed, determined on the day the order to create or redeem Baskets is accepted by the Trustee. Factors

~~Only~~You ~~Authorized~~should ~~Participants~~consider carefully ~~may~~the ~~place~~risks ~~orders~~described tobelow ~~create~~before ~~and~~making ~~redeem~~an ~~Baskets~~investment decision. AnYou ~~Authorized~~should ~~Participant~~also isrefer ato ~~Depository~~the ~~Trust~~other ~~Company participant~~information ~~that~~included isin athis ~~registered broker-dealer or other securities market participant~~report, ~~such~~including asthe aTrust’s ~~bank or other~~ financial ~~institution~~statements ~~that is not required to register as a broker-dealer to engage in securities transactions~~ and ~~has entered into a Participant Agreement with~~ the ~~Trustee~~related notes.

~~Before~~The ~~initiating~~value aof ~~creation or redemption order, an Authorized Participant must have entered into a Participant Agreement with~~ the ~~Sponsor~~Shares ~~and~~relates ~~the~~directly ~~Trustee.~~to ~~The Participant Agreement provides~~ the ~~procedures~~value ~~for the creation and redemption~~ of ~~Baskets and for~~ the ~~delivery of~~ Russian Rubles ~~required~~held ~~for creations and redemptions. The Participant Agreements may be amended~~ by the ~~Trustee and the Sponsor~~Trust. ~~Authorized~~Fluctuations ~~Participants~~in ~~pay~~the aprice ~~transaction fee~~ of ~~$500 to~~ the ~~Trustee~~Russian ~~for~~Ruble ~~each~~could materially ~~order~~and ~~that~~adversely ~~they~~affect ~~place to create or redeem one or more Baskets. Authorized Participants who make deposits with~~ the ~~Trust~~ invalue ~~exchange for Baskets receive no fees, commissions or other form~~ of ~~compensation or inducement of any kind from either~~ the ~~Sponsor or the Trust. No Authorized Participant has any obligation or responsibility to the Sponsor or the Trust to effect any sale or resale of~~ Shares.

~~Availability~~The Shares are designed to reflect the price of ~~SEC~~the ~~Reports~~Russian ~~and~~Ruble, ~~Other~~plus accumulated ~~Information~~interest, if any, less the Trust’s expenses. Several factors may affect the price of the Russian Ruble, including:

~~The~~• ~~Sponsor,~~Sovereign ondebt ~~behalf~~levels ~~of the Trust, files quarterly~~ and ~~annual~~trade ~~reports and other information with the SEC. The reports and other information can be accessed through the Trust’s website at www.currencyshares.com.~~ deficits;

~~Item~~• ~~1A.~~Domestic ~~Risk~~and ~~Factors~~foreign inflation and interest rates and investors’ expectations concerning those rates;

~~You~~• ~~should~~Currency ~~consider carefully~~exchange the risks described below before making an investment decision. You should also refer to the other information included in this report, including the Trust’s financial statements and the related notes. rates;

~~The~~• ~~value~~Investment ofand ~~the~~trading ~~Shares~~activities ~~relates directly to the value~~ of ~~the~~mutual ~~Russian~~funds, ~~Rubles~~hedge ~~held~~funds ~~by the Trust. Fluctuations in the price of the Russian Ruble could materially~~ and ~~adversely~~currency ~~affect~~funds; ~~the value of the Shares.~~ and

~~The~~• ~~Shares~~Global ~~are~~or ~~designed~~regional ~~to reflect the price of the Russian Ruble~~political, ~~plus accumulated~~economic ~~interest,~~or iffinancial ~~any,~~events ~~less~~and ~~the Trust’s expenses~~situations. ~~Several factors may affect the price of the Russian Ruble, including:~~

•In ~~Debt~~addition, ~~level~~the ~~and~~Russian ~~trade~~Ruble ~~deficit~~may not maintain its long-term value in terms of ~~Russia;~~purchasing power in the future. When the price of the Russian Ruble declines, the Sponsor expects the price of a Share to decline as well.

•3 ~~Inflation rates of the United States and Russian and investors’ expectations concerning inflation rates;~~

•The ~~Interest~~USD/Russian Ruble exchange rate, like foreign exchange rates ofin ~~the~~general, ~~United~~can ~~States~~be volatile and difficult ~~Russian~~to predict. This volatility could materially and ~~investors’~~adversely ~~expectations~~affect ~~concerning~~the ~~interest~~performance ~~rates;~~of the Shares.

•Foreign ~~Investment~~exchange rates are influenced by the factors identified immediately above and ~~trading~~may ~~activities~~also be influenced by: changing supply and demand for a particular currency; monetary policies of ~~mutual~~governments ~~funds~~(including exchange control programs, ~~hedge~~restrictions ~~funds~~on local exchanges or markets and ~~currency~~limitations ~~funds~~on foreign investment in a country or on investment by residents of a country in other countries); changes in balances of payments and trade; trade restrictions; and currency devaluations and revaluations. Also, governments from time to time intervene in the currency markets, directly and by regulation, in order to influence prices directly. These events and actions are unpredictable. The resulting volatility in the USD/Russian Ruble exchange rate could materially and adversely affect the performance of the Shares.

•In ~~Global~~the orpast, ~~regional~~the ~~political~~Trustee has withdrawn Russian Rubles from the Trust to pay expenses, reducing ~~economic~~the oramount ~~financial~~of ~~events~~Russian Rubles represented by each Share and ~~situations~~potentially resulting in adverse tax consequences for Shareholders.

InEach ~~addition~~outstanding Share represents a fractional, undivided interest in the Russian Ruble ~~may~~held by the Trust. In the past, the amount of interest earned by the Trust did not ~~maintain~~exceed ~~its~~the ~~long-term~~Trust’s ~~value~~expenses; inaccordingly, ~~terms~~the Trustee was required to withdraw Russian Rubles from the Trust to pay these excess expenses. In recent months, the amount of ~~purchasing~~interest ~~power~~earned inhas exceeded expenses. If and when the amount ~~future~~of interest earned does not exceed expenses, the amount of Russian Rubles represented by each Share will gradually decline. ~~When~~This is true even if additional Shares are issued in exchange for additional deposits of Russian Rubles into the Trust, ~~price~~as the amount of Russian Rubles required to create Shares will proportionately reflect the amount of Russian ~~Ruble~~Rubles ~~declines~~represented by the Shares outstanding at the time of creation. If and when the amount of interest earned does not exceed expenses, the ~~Sponsor~~Shares ~~expects~~will only maintain their original price if the price of athe ~~Share~~Russian ~~to decline~~Ruble asincreases. ~~well~~There is no guarantee that interest earned by the Trust in the future will exceed the Trust’s expenses.

3Investors should be aware that a gradual decline in the amount of Russian Rubles represented by the Shares may occur regardless of whether the trading price of the Shares rises or falls in response to changes in the price of Russian Rubles. The estimated ordinary operating expenses of the Trust, which accrue daily, are described in “Business – The Trust – Trust Expenses.”

~~Table~~The payment of ~~Contents~~expenses by the Trust will result in a taxable event to Shareholders. To the extent Trust expenses exceed interest paid to the Trust, a gain or loss may be recognized by Shareholders depending on the tax basis of the tendered Russian Rubles.

The ~~Russian~~interest ~~Ruble/USD exchange~~ rate, ~~like~~paid by ~~foreign~~the ~~exchange~~Depository, ~~rates~~if ~~in general~~any, ~~can~~may not be ~~volatile~~the ~~and difficult~~best torate ~~predict~~available. ~~This~~If ~~volatility~~the ~~could~~Sponsor ~~materially~~determines ~~and~~that ~~adversely~~the ~~affect~~interest rate is inadequate, then its sole recourse is to remove the ~~performance~~Depository ofand terminate the ~~Shares~~Deposit Accounts.

~~Foreign~~The ~~exchange~~Depository ~~rates~~is ~~are influenced~~committed byto ~~the~~endeavor ~~factors~~to ~~identified~~pay ~~immediately~~a ~~above~~competitive ~~and~~interest ~~may~~rate ~~also~~on bethe ~~influenced~~balance ~~by:~~of ~~changing~~Russian ~~supply~~Rubles ~~and~~in ~~demand~~the ~~for~~primary adeposit ~~particular~~account ~~currency;~~of ~~monetary~~the ~~policies~~Trust, but there is no guarantee of ~~governments~~the ~~(including~~amount ~~exchange~~of ~~control~~interest ~~programs~~that will be paid, ~~restrictions~~if any, on ~~local~~this ~~exchanges~~account. ~~or markets~~Interest on the primary deposit account, if any, accrues daily and ~~limitations~~is onpaid ~~foreign~~monthly. ~~investment~~The Depository may change the rate at which interest accrues, including reducing the interest rate to zero, based upon changes in athe ~~country~~British Bank Association LIBOR Overnight rate for the Russian Ruble (BBA rate), other market conditions or onthe ~~investment~~Depository’s byliquidity ~~residents~~needs. The Depository notifies the Sponsor of athe ~~country~~interest inrate ~~other~~applied ~~countries);~~each ~~changes~~business inday ~~balances~~after the close of ~~payments~~such ~~and~~business ~~trade;~~day. ~~trade~~The ~~restrictions;~~Sponsor ~~and~~discloses ~~currency~~the ~~devaluations~~current ~~and~~interest ~~revaluations~~rate on the Trust’s website. ~~Also,~~If ~~governments~~the Sponsor believes that the interest rate paid by the Depository is not ~~from~~adequate, ~~time~~the Sponsor’s sole recourse is to ~~time~~remove ~~intervene~~the inDepository and terminate the ~~currency~~Deposit ~~markets~~Accounts. The Depository is not paid a fee for its services to the Trust; rather, ~~directly~~it ~~and~~generates income or loss based on its ability to earn a “spread” or “margin” over the interest it pays to the Trust by ~~regulation,~~using inthe ~~order~~Trust’s Russian Rubles to ~~influence~~make ~~prices~~loans ~~directly.~~or ~~These~~in ~~events~~other ~~and~~banking ~~actions~~operations. ~~are~~For ~~unpredictable~~these ~~and~~reasons, ~~could~~you ~~materially~~should ~~and~~not ~~adversely~~expect ~~affect~~that the ~~performance~~Trust ofwill be paid the ~~Shares~~best available interest rate at any time or over time.

If the ~~Trustee~~Trust isincurs ~~required~~expenses toin ~~withdraw~~USD, ~~Russian~~the ~~Rubles~~Trust ~~from~~would ~~the~~be ~~Trust~~required to sell Russian Rubles to pay these expenses,. ~~this~~The ~~will~~sale ~~reduce~~of the ~~amount~~Trust’s of Russian Rubles ~~represented~~to ~~by each~~pay ~~Share~~expenses onin anUSD ~~ongoing~~at ~~basis~~a ~~and~~time ~~may~~of ~~result~~low inRussian ~~adverse~~Ruble ~~tax~~prices ~~consequences~~could ~~for~~adversely ~~Shareholders~~affect the value of the Shares.

~~Each~~The ~~outstanding~~Trustee ~~Share~~will ~~represents~~sell ~~a fractional, undivided interest in the~~ Russian Rubles held by the Trust. ~~Although the Trust is expected~~ to ~~generate~~pay ~~interest,~~any ~~it is possible that the amount of interest earned may not exceed expenses, in which case the Trustee will withdraw Russian Rubles from the~~ Trust ~~to pay these excess~~ expenses. Asincurred ain ~~result~~USD, ~~the~~irrespective ~~amount~~ of then-current Russian ~~Rubles~~Ruble ~~represented by each Share may gradually decline over time~~prices. ~~This~~The Trust is ~~true~~not ~~even~~actively ifmanaged ~~additional~~and ~~Shares~~no ~~are~~attempt ~~issued in exchange for additional deposits of Russian~~will ~~Rubles~~be ~~into~~made ~~the~~to ~~Trust,~~buy asor ~~the~~sell ~~amount of~~ Russian Rubles ~~required~~ to ~~create~~protect ~~Shares~~against ~~will~~or ~~proportionately~~to ~~reflect~~take ~~the~~advantage ~~amount~~ of ~~Russian~~fluctuations ~~Rubles~~in ~~represented by~~ the ~~Shares~~price ~~outstanding~~of at the ~~time of creation. Assuming a constant~~ Russian Ruble. ~~price~~Consequently, if ~~expenses~~ ~~exceed interest earned,~~ the ~~trading~~Trust ~~price~~incurs ofexpenses ~~the~~in ~~Shares~~USD ~~will gradually decline relative to~~ the ~~price~~Trust’s ~~of the~~ Russian ~~Ruble~~Rubles asmay ~~the~~be ~~amount~~sold ofat ~~Russian~~a ~~Rubles~~time ~~represented~~when by the ~~Shares~~Russian Ruble ~~gradually~~price ~~declines.~~is ~~In this event~~low, ~~the~~resulting ~~Shares~~in ~~will~~a ~~only maintain~~negative ~~their~~effect ~~original~~on ~~price if~~ the ~~price~~value of the ~~Russian Ruble increases~~Shares.

~~Investors~~4 should be aware that a gradual decline in the amount of Russian Rubles represented by the Shares may occur regardless of whether the trading price of the Shares rises or falls in response to changes in the price of the Russian Ruble. The estimated ordinary operating expenses of the Trust, which accrue daily, are described in “Business – The Trust – Trust Expenses.”

The ~~payment~~Deposit ofAccounts ~~expenses~~are bynot ~~the~~entitled ~~Trust will result in a taxable event~~ to ~~Shareholders.~~payment Toat ~~the~~any ~~extent~~office ~~Trust~~of ~~expenses~~JPMorgan ~~exceed~~Chase ~~interest paid to the Trust~~Bank, aN.A. ~~gain~~located ~~or loss may be recognized by Shareholders depending on~~ in the ~~tax~~United ~~basis of the tendered Russian Ruble~~States.

The federal laws of the United States prohibit banks located in the United States from paying interest ~~rate~~on ~~earned~~unrestricted demand bydeposit accounts. Therefore, payments out of the ~~Trust~~Deposit ~~may~~Accounts ~~not~~will be payable only at the ~~best~~London ~~rate~~branch ~~available~~of JPMorgan Chase Bank, N.A., Iflocated ~~the~~in ~~Sponsor~~England. ~~determines~~The Trustee will not be entitled to demand payment of these accounts at any office of JPMorgan Chase Bank, N.A. that is located in the ~~interest~~United ~~rate~~States. isJPMorgan ~~inadequate~~Chase Bank, ~~then~~N.A. ~~its sole~~will ~~recourse~~not isbe required to ~~remove~~repay the ~~Depository~~deposit ~~and~~if ~~terminate~~its London branch cannot repay the ~~Deposit~~deposit ~~Accounts~~due to an act of war, insurrection or civil strife or an action by a foreign government or instrumentality (whether de jure or de facto) in England.

~~The~~Shareholders ~~Depository~~do isnot ~~committed~~have tothe ~~endeavor to pay a~~protections ~~competitive~~associated ~~interest~~with ~~rate~~ownership ~~on the balance~~ of ~~Russian~~a ~~Rubles~~demand ~~in the primary~~ deposit account ofinsured ~~the Trust. Interest on the primary deposit account, if any, accrues daily and is paid monthly. The Depository may change the rate at which interest accrues based upon changes~~ in ~~market conditions or~~ the ~~Depository’s~~United ~~liquidity~~States needs. The Depository notifies the Sponsor of the interest rate applied each business day after the close of such business day. The Sponsor discloses the current interest rate on the Trust’s website. If the Sponsor believes that the interest rate paid by the ~~Depository~~Federal isDeposit ~~not~~Insurance ~~adequate,~~Corporation ~~the~~nor ~~Sponsor’s sole recourse will be to remove~~ the ~~Depository~~protection ~~and~~provided ~~terminate the Deposit Accounts. The Depository is not paid a fee~~ for ~~its~~bank ~~services~~deposits tounder ~~the~~English Trust; rather, it generates income or loss based on its ability to earn a “spread” or “margin” over the interest it pays to the Trust by using the Trust’s Russian Rubles to make loans or in other banking operationslaw. ~~For these reasons, you should not expect that the Trust will be paid the best available interest rate at any time or over time.~~

IfNeither the ~~Trust~~Shares ~~incurs~~nor ~~expenses in USD,~~ the ~~Trust~~Deposit isAccounts ~~required~~and tothe ~~sell~~ Russian Rubles todeposited ~~pay~~in ~~these~~them ~~expenses.~~are ~~The~~a ~~sale~~deposits ofinsured ~~the~~against ~~Trust’s~~loss ~~Russian~~by ~~Rubles~~the toFDIC ~~pay~~or ~~expenses~~any inother ~~USD~~federal agency. atDeposits amay ~~time~~have ofonly ~~low~~limited ~~Russian Ruble~~protection ~~prices~~under ~~could~~the ~~adversely~~Financial ~~affect~~Services ~~the~~Compensation ~~value~~Scheme of ~~the Shares~~England.

~~The~~If ~~Trustee will sell Russian Rubles held by~~ the ~~Trust~~Depository ~~to pay any Trust~~becomes ~~expenses incurred in USD~~insolvent, ~~irrespective~~its ofassets ~~then-current~~may ~~Russian Ruble prices. The Trust is~~ not ~~actively managed and no attempt will~~ be ~~made~~adequate to ~~buy~~satisfy ora ~~sell~~claim ~~Russian~~by ~~Rubles~~the toTrust ~~protect against~~ or toany ~~take~~Authorized ~~advantage~~Participant. ofIn ~~fluctuations~~addition, in the ~~price~~event of the ~~Russian~~ ~~Ruble.~~insolvency ~~Consequently,~~of if the ~~Trust~~Depository ~~incurs~~or ~~expenses in USD~~ the ~~Trust’s~~U.S. ~~Russian~~bank ~~Rubles~~of ~~may~~which beit ~~sold~~is at a ~~time~~branch, ~~when~~there ~~the~~may ~~Russian~~be ~~Ruble~~a ~~price~~delay isand ~~low,~~costs ~~resulting~~ incurred in arecovering ~~negative~~the ~~effect~~Russian onRubles ~~the~~held ~~value~~in of the ~~Shares~~Deposit Accounts.

4Russian Rubles deposited in the Deposit Accounts by an Authorized Participant are commingled with Russian Rubles deposited by other Authorized Participants and are held by the Depository in either the primary deposit account or the secondary deposit account of the Trust. Russian Rubles held in the Deposit Accounts are not segregated from the Depository’s other assets. The Trust has no proprietary rights in or to any specific Russian Rubles held by the Depository and will be an unsecured creditor of the Depository with respect to the Russian Rubles held in the Deposit Accounts in the event of the insolvency of the Depository or the U.S. bank of which it is a branch. In the event the Depository or the U.S. bank of which it is a branch becomes insolvent, the Depository’s assets might not be adequate to satisfy a claim by the Trust or any Authorized Participant for the amount of Russian Rubles deposited by the Trust or the Authorized Participant and, in such event, the Trust and any Authorized Participant will generally have no right in or to assets other than those of the Depository.

~~Table~~In the case of ~~Contents~~insolvency of the Depository or JPMorgan Chase Bank, N.A., the U.S. bank of which the Depository is a branch, a liquidator may seek to freeze access to the Russian Rubles held in all accounts by the Depository, including the Deposit Accounts. The Trust and the Authorized Participants could incur expenses and delays in connection with asserting their claims. These problems would be exacerbated by the reality that the Deposit Accounts are not held in the U.S. but instead are held at the London branch of a U.S. national bank, where they are subject to English insolvency law. Further, under U.S. law, in the case of the insolvency of JPMorgan Chase Bank, N.A., the claims of creditors in respect of accounts (such as the Trust’s Deposit Accounts) that are maintained with an overseas branch of JPMorgan Chase Bank, N.A. will be subordinate to claims of creditors in respect of accounts maintained with JPMorgan Chase Bank, N.A. in the U.S., greatly increasing the risk that the Trust and the Trust’s beneficiaries would suffer a loss.

~~The~~Shareholders ~~Deposit~~do ~~Accounts are~~ not ~~entitled~~have tothe ~~payment~~protections atassociated ~~any~~with ~~office~~ownership of ~~JPMorgan~~shares ~~Chase~~in ~~Bank,~~an ~~N.A.~~investment ~~located~~company in registered under the ~~United~~Investment ~~States.~~Company Act.

The ~~federal~~Investment ~~laws~~Company ofAct ~~the~~is ~~United~~designed ~~States~~to ~~prohibit~~protect ~~banks~~investors ~~located~~by inpreventing: ~~the~~insiders ~~United~~from ~~States~~managing ~~from~~investment ~~paying~~companies ~~interest~~to ontheir ~~unrestricted~~benefit ~~demand~~and ~~deposit~~to ~~accounts.~~the ~~Therefore,~~detriment ~~payments~~of ~~out~~public ofinvestors; the ~~Deposit~~issuance ~~Accounts~~of ~~will~~securities behaving ~~payable~~inequitable ~~only~~or atdiscriminatory provisions; the ~~London~~management ~~branch~~ of ~~JPMorgan~~investment ~~Chase~~companies ~~Bank,~~by ~~N.A.,~~irresponsible ~~located~~persons; inthe ~~England.~~use ~~The~~of ~~Trustee~~unsound ~~will~~or ~~not~~misleading bemethods ~~entitled~~of tocomputing ~~demand~~earnings ~~payment~~and asset ofvalue; ~~these~~changes ~~accounts~~in atthe ~~any~~character ~~office~~ of ~~JPMorgan~~investment ~~Chase~~companies ~~Bank,~~without ~~N.A.~~the ~~that~~consent isof ~~located~~investors; inand ~~the~~investment ~~United~~companies ~~States.~~from ~~JPMorgan~~engaging ~~Chase~~in ~~Bank,~~excessive Nleveraging.A. ~~will~~To ~~not~~accomplish bethese ~~required~~ends, ~~to repay~~ the ~~deposit~~Investment ifCompany ~~its~~Act ~~London~~requires ~~branch cannot repay~~ the ~~deposit~~safekeeping ~~due~~and toproper valuation ~~an act~~ of ~~war~~fund assets, ~~insurrection~~restricts orgreatly ~~civil~~transactions ~~strife~~with oraffiliates, anlimits ~~action~~leveraging, byand ~~a foreign~~imposes ~~government~~governance orrequirements ~~instrumentality~~as ~~(whether~~a decheck ~~jure~~on orfund ~~de facto) in England~~management.

~~Shareholders~~The doTrust is not ~~have~~registered ~~the~~as ~~protections associated~~an ~~with~~investment ~~ownership~~company ofunder athe ~~demand~~Investment ~~deposit~~Company ~~account~~Act ~~insured~~and inis ~~the~~not ~~United~~required ~~States~~to byregister ~~the~~under ~~Federal~~that ~~Deposit~~act. ~~Insurance~~Consequently, ~~Corporation~~Shareholders ~~nor~~do not have the ~~protection~~regulatory ~~provided~~protections afforded ~~for~~to ~~bank~~investors ~~deposits~~in ~~under~~registered ~~English~~investment ~~law~~companies.

~~Neither~~5 the Shares nor the Deposit Accounts and the Russian Rubles deposited in them are a deposit insured against loss by the FDIC, any other federal agency of the United States or the Financial Services Compensation Scheme of England.

IfShareholders ~~the~~do ~~Depository becomes insolvent, its assets may~~ not behave ~~adequate~~the torights ~~satisfy~~enjoyed ~~a claim~~ by ~~the~~investors ~~Trust or any Authorized Participant. In addition,~~ in ~~the~~certain ~~event~~other offinancial ~~the insolvency of the Depository or the U~~instruments.~~S. bank of which it is a branch, there may be a delay and costs incurred in recovering the Russian~~ ~~Rubles held in the Deposit Accounts.~~

~~Russian~~As ~~Rubles~~interests ~~deposited~~ in ~~the~~a ~~Deposit~~grantor ~~Accounts~~trust, bythe anShares ~~Authorized~~have ~~Participant~~none ~~are~~of ~~commingled~~the ~~with Russian~~statutory ~~Rubles~~rights ~~deposited~~normally byassociated ~~other~~with ~~Authorized~~the ~~Participants.~~ownership ~~The~~of ~~Trust~~shares ~~has~~of noa business ~~proprietary~~corporation, ~~rights~~including, infor orexample, the right to ~~any~~bring ~~specific~~“oppression” ~~Russian~~or ~~Rubles~~“derivative” ~~held~~actions. byApart from the ~~Depository~~rights ~~and~~afforded ~~will~~to bethem anby ~~unsecured~~federal ~~creditor~~and ofstate ~~the~~securities ~~Depository~~laws, ~~with~~Shareholders ~~respect~~have toonly ~~the~~those ~~Russian~~rights ~~Rubles~~relative ~~held in~~to the ~~Deposit~~Trust, ~~Accounts in~~ the ~~event~~Trust ofproperty ~~the~~and ~~insolvency of~~ the ~~Depository~~Shares orthat ~~the~~are ~~U.S.~~set ~~bank~~forth ofin ~~which~~the itDepositary isTrust ~~a branch~~Agreement. In ~~the~~this ~~event~~connection, the ~~Depository~~Shareholders orhave ~~the~~limited ~~U.S.~~voting ~~bank~~and ofdistribution ~~which~~rights. itThey isdo anot ~~branch~~have ~~becomes insolvent,~~ the ~~Depository’s~~right ~~assets might not be adequate~~ to ~~satisfy~~elect adirectors. ~~claim~~See by“Business – ~~the~~The ~~Trust~~Shares or– ~~any~~Limited ~~Authorized~~Rights” ~~Participant~~ for ~~the~~a ~~amount~~description of ~~Russian Rubles deposited by~~ the ~~Trust~~limited orrights ~~the Authorized Participant. In such event, the Trust and any Authorized Participant will generally have no right in or to assets other than those~~ of the ~~Depository~~Shareholders.

InThe ~~the~~Shares ~~case~~may oftrade ~~insolvency~~at ofa ~~the Depository or JPMorgan Chase Bank, N.A., the U.S. bank of~~price which ~~the Depository~~ is a branch, a liquidator may seek to freeze access to the Russian Rubles held in all accounts by the Depository, including the Deposit Accounts. The Trust and the Authorized Participants could incur expenses and delays in connection with asserting their claims. These problems would be exacerbated by the fact that the Deposit Accounts are not held in the U.S. but instead are held at ~~the London branch of a U.S. national bank~~, ~~where they are subject to English insolvency law. Further~~above, ~~under~~or ~~U.S.~~below ~~law, in~~ the ~~case~~NAV ofper ~~the insolvency of JPMorgan Chase Bank, N~~Share.~~A.,~~ the claims of creditors in respect of accounts (such as the Trust’s Deposit Accounts) that are maintained with an overseas branch of JPMorgan Chase Bank, N.A. will be subordinate to claims of creditors in respect of accounts maintained with JPMorgan Chase Bank, N.A. in the U.S., greatly increasing the risk that the Trust and the Trust’s beneficiaries would suffer a loss.

~~Shareholders~~The doNAV ~~not~~per ~~have~~Share fluctuates with changes in the ~~protections~~market ~~associated~~value ~~with~~of ~~ownership~~the Trust’s assets. The market price of ~~shares~~Shares can be expected to fluctuate in anaccordance ~~investment~~with ~~company~~changes ~~registered~~in ~~under~~the NAV per Share, but also in response to market supply and demand. As a result, the ~~Investment~~Shares ~~Company~~might ~~Act~~trade at prices at, above or below the NAV per Share.

The ~~Investment~~Depository ~~Company~~owes ~~Act~~no isfiduciary ~~designed~~duties to ~~protect investors by preventing: insiders from managing investment companies to their benefit and to~~ the ~~detriment~~Trust ~~of public investors; the issuance of securities having inequitable~~ or ~~discriminatory provisions;~~ the ~~management~~Shareholders, ofis ~~investment~~not ~~companies~~required byto ~~irresponsible~~act ~~persons;~~in ~~the~~their ~~use~~best ofinterest ~~unsound~~and orcould ~~misleading methods of computing earnings and~~resign ~~asset~~or ~~value;~~be ~~changes~~removed inby the ~~character~~Sponsor, ofwhich ~~investment~~would ~~companies~~trigger ~~without~~early ~~the~~termination ~~consent~~ of ~~investors; and investment companies from engaging in excessive leveraging. To accomplish these ends,~~ the Investment Company Act requires the safekeeping and proper valuation of fund assets, restricts greatly transactions with affiliates, limits leveraging, and imposes governance requirements as a check on fund managementTrust.

The ~~Trust~~Depository is not ~~registered~~a astrustee anfor ~~investment~~the ~~company~~Trust ~~under~~or the Shareholders. ~~Investment~~As ~~Company~~stated ~~Act~~above, ~~and~~the Depository is not ~~required~~obligated to ~~register~~maximize ~~under~~the ~~that~~interest ~~act~~rate paid to the Trust. ~~Consequently~~In addition, ~~Shareholders~~the doDepository ~~not~~has ~~have~~no duty to continue to act as the ~~regulatory~~depository ~~protections~~of the Trust. The Depository can terminate its role as ~~afforded~~depository for any reason whatsoever upon 90 days’ notice to ~~investors~~the inTrust. ~~registered~~Such ~~investment~~a ~~companies~~termination might result, for example, if the Sponsor determines that the interest rate paid by the Depository is inadequate. In the event that the Depository was to resign or be removed, the Trust will be terminated.

5Shareholders may incur significant fees upon the termination of the Trust.

~~Table~~The occurrence of ~~Contents~~any one of several events would either require the Trust to terminate or permit the Sponsor to terminate the Trust. For example, if the Depository were to resign or be removed, then the Sponsor would be required to terminate the Trust. Shareholders tendering their Shares within 90 days of the Trust’s termination will receive the amount of Russian Rubles represented by their Shares. Shareholders may incur significant fees if they choose to convert the Russian Rubles they receive to USD.

~~Shareholders~~Redemption doorders ~~not~~are ~~have~~subject ~~the~~to ~~rights~~rejection ~~enjoyed~~ by ~~investors~~the inTrustee under certain ~~other financial instruments~~circumstances.

AsThe ~~interests~~Trustee inwill reject a ~~grantor~~redemption ~~trust,~~order if the ~~Shares~~order ~~have~~is ~~none~~not ofin ~~the~~proper ~~statutory~~form ~~rights~~as ~~normally~~described ~~associated~~in ~~with~~ the ~~ownership~~Participant ofAgreement ~~shares~~or ofif ~~a business~~the ~~corporation,~~fulfillment ~~including,~~of ~~for~~the ~~example~~order, in the ~~right~~opinion toof ~~bring~~its ~~“oppression”~~counsel, ormight ~~“derivative” actions~~be unlawful. ~~Apart~~Any ~~from~~such ~~the~~rejection ~~rights~~could ~~afforded~~adversely toaffect ~~them~~a byredeeming ~~federal~~Shareholder. ~~and~~For ~~state securities laws~~example, ~~Shareholders~~the ~~have~~resulting ~~only~~delay ~~those~~would ~~rights~~adversely ~~relative~~affect to the ~~Trust,~~value of the ~~Trust~~Shareholder’s ~~property~~redemption ~~and~~distribution if the ~~Shares~~NAV ~~that~~were ~~are~~to ~~set~~decline ~~forth~~during in the ~~Depositary Trust Agreement~~delay. In ~~this~~the Depositary ~~connection~~Trust Agreement, the ~~Shareholders~~Sponsor ~~have limited voting~~ and ~~distribution rights. They do not have~~ the ~~right~~Trustee todisclaim ~~elect~~any ~~directors.~~liability ~~See~~for ~~“Business –~~any ~~The~~loss ~~Shares~~or –damage ~~Limited~~that ~~Rights”~~may ~~for~~result afrom ~~description~~any ofsuch ~~the limited rights of the Shareholders~~rejection.

~~The~~Substantial ~~Shares~~sales ~~may~~of ~~trade~~Russian atRubles aby ~~price which~~the isofficial ~~at,~~sector ~~above,~~could oradversely ~~below~~affect ~~the~~an ~~NAV~~investment ~~per~~in ~~Share~~the Shares.

The ~~NAV~~official ~~per~~sector ~~Share~~consists ~~fluctuates~~of ~~with~~central ~~changes~~banks, inother ~~the~~governmental ~~market~~agencies ~~value~~and multi-lateral institutions that buy, sell and hold Russian Rubles as part of ~~the~~their ~~Trust’s~~reserve assets. The ~~market~~official ~~price~~sector holds a significant amount of ~~Shares~~Russian Rubles that can be ~~expected~~mobilized in the open market. In the event that future economic, political or social conditions or pressures require members of the official sector to ~~fluctuate~~sell intheir ~~accordance~~Russian ~~with~~Rubles ~~changes~~simultaneously or in an uncoordinated manner, the ~~NAV~~demand ~~per~~for ~~Share,~~Russian ~~but~~Rubles ~~also~~might innot ~~response~~be sufficient to ~~market~~accommodate the sudden increase in the supply ~~and~~of ~~demand.~~Russian AsRubles ato ~~result~~the market. Consequently, the ~~Shares~~price ~~might~~of ~~trade~~the atRussian Ruble ~~prices~~could atdecline, ~~above~~which orwould ~~below~~adversely ~~the~~affect ~~NAV~~an ~~per~~investment ~~Share~~in the Shares.

~~The~~Shareholders ~~Depository~~that ~~owes~~are nonot ~~fiduciary~~Authorized ~~duties~~Participants tomay ~~the~~only purchase ~~Trust~~ or ~~the~~sell ~~Shareholders,~~their isShares ~~not required to act~~ in ~~their~~secondary ~~best~~trading ~~interest and could resign or be removed by the Sponsor, which would trigger early termination of the Trust~~markets.

~~The~~Only ~~Depository~~Authorized isParticipants ~~not~~may acreate ~~trustee for the Trust~~ or ~~the Shareholders.~~redeem AsBaskets ~~stated~~through ~~above,~~ the ~~Depository is not obligated to maximize the interest rate paid to the~~ Trust. All Inother ~~addition,~~investors ~~the~~that ~~Depository~~desire ~~has no duty~~ to ~~continue~~purchase toor ~~act~~sell asShares ~~the~~must ~~depository~~do ofso ~~the~~through ~~Trust.~~NYSE ~~The~~Arca ~~Depository~~or ~~could~~in ~~terminate~~other ~~its~~markets, ~~role~~if ~~as depository for~~ any ~~reason whatsoever upon 90 days’ notice to the Trust. Such a termination might result~~, ~~for~~in ~~example,~~which if the ~~Sponsor~~Shares ~~determines~~are ~~that the interest rate paid by the Depository is inadequate~~traded. ~~In the event that the Depository was to resign or be removed, the Trust will be terminated.~~

~~Shareholders~~The ~~may~~liability ~~incur~~of ~~significant~~the ~~fees~~Sponsor ~~upon~~and the ~~termination~~Trustee ofunder the Depositary Trust. Agreement is limited and, except as set forth in the Depositary Trust Agreement, they are not obligated to prosecute any action, suit or other proceeding in respect of any Trust property.

The ~~occurrence~~Depositary ~~of any one of several events would either require the~~ Trust toAgreement ~~terminate~~provides orthat ~~permit~~neither the Sponsor tonor ~~terminate~~ the ~~Trust. For~~ ~~example,~~Trustee ifassumes ~~the~~any ~~Depository~~obligation ~~were to resign~~ or beis ~~removed,~~subject ~~then the Sponsor would be required~~ to ~~terminate~~any ~~the~~liability ~~Trust.~~under ~~Shareholders tendering their Shares within 90 days of~~ the Trust’s ~~termination~~Agreement ~~will receive the amount of Russian Rubles represented by their Shares. Shareholders may incur significant fees if they choose~~ to ~~convert~~any ~~the~~Shareholder, ~~Russian~~except ~~Rubles~~that they ~~receive~~each agree to ~~USD.~~perform their

~~Redemption~~6 ~~orders are subject to rejection by the Trustee under certain circumstances.~~

~~The~~ respective ~~Trustee~~obligations ~~will~~specifically ~~reject~~set aforth ~~redemption~~in ~~order if~~ the ~~order~~Depositary isTrust ~~not~~Agreement inwithout ~~proper~~negligence ~~form as described in the Participant Agreement~~ or ifbad ~~the~~faith. ~~fulfillment~~Additionally, ofneither the ~~order,~~Sponsor innor the ~~opinion~~Trustee ofis ~~its~~obligated ~~counsel~~to, ~~might~~although beeach ~~unlawful.~~may ~~Any~~in ~~such~~its ~~rejection~~respective ~~could~~discretion, ~~adversely~~prosecute ~~affect~~any ~~a redeeming Shareholder. For example~~action, ~~the~~suit ~~resulting~~or ~~delay~~other ~~would~~proceeding ~~adversely~~in ~~affect~~respect ~~the value~~ of ~~the~~any ~~Shareholder’s~~Trust ~~redemption distribution if the NAV were to decline during the delay~~property. ~~In accordance~~The ~~with the~~ Depositary Trust Agreement, ~~the~~does ~~Sponsor~~not ~~and~~confer ~~the~~upon ~~Trustee~~Shareholders ~~disclaim~~the ~~any~~right ~~liability~~to ~~for~~prosecute any ~~loss~~such oraction, ~~damage~~suit ~~that~~or ~~may~~other ~~result from any such rejection~~proceeding.

~~Substantial~~The ~~sales~~Depositary ofTrust ~~Russian~~Agreement ~~Rubles~~may bybe ~~the~~amended ~~official~~to ~~sector~~the ~~could~~detriment ~~adversely~~of ~~affect~~Shareholders anwithout ~~investment~~their ~~in the Shares~~consent.

The ~~official~~Sponsor ~~sector~~and ~~consists~~the ofTrustee ~~central~~may ~~banks,~~amend ~~other~~most ~~governmental~~provisions ~~agencies~~(other ~~and~~than ~~multi-lateral~~those ~~institutions~~addressing ~~that~~core ~~buy,~~economic ~~sell~~rights) ~~and hold Russian Rubles as part~~ of ~~their~~the ~~reserve~~Depositary ~~assets.~~Trust ~~The~~Agreement ~~official~~without ~~sector holds~~the aconsent ~~significant amount~~ of ~~Russian~~any ~~Rubles that can be mobilized in the open market~~Shareholder. InSuch ~~the~~an ~~event~~amendment ~~that~~could ~~future~~impose ~~economic, political~~ or ~~social~~increase ~~conditions~~fees or ~~pressures~~charges ~~require~~borne ~~members~~by of the ~~official~~Shareholders. ~~sector~~Any toamendment ~~sell~~that ~~their~~increases ~~Russian~~fees ~~Rubles simultaneously~~ or ~~in an~~charges ~~uncoordinated~~(other ~~manner,~~than ~~the~~taxes ~~demand~~and ~~for~~other ~~Russian~~governmental ~~Rubles~~charges, ~~might~~registration ~~not~~fees beor ~~sufficient~~other toexpenses), ~~accommodate~~or that ~~the~~otherwise ~~sudden~~prejudices ~~increase~~any insubstantial ~~the~~existing ~~supply~~rights of ~~Russian Rubles to the market. Consequently~~Shareholders, ~~the~~will ~~price~~not ofbecome ~~the~~effective ~~Russian~~until ~~Ruble~~30 ~~could~~days ~~decline,~~after ~~which~~written ~~would~~notice ~~adversely~~is ~~affect an~~given ~~investment~~to ~~in the Shares~~Shareholders.

~~Shareholders~~The ~~that~~License ~~are~~Agreement ~~not~~with ~~Authorized~~The ~~Participants~~Bank of New York Mellon may ~~only~~be ~~purchase~~terminated orby ~~sell~~The ~~their~~Bank ~~Shares~~of New York Mellon in ~~secondary~~the ~~trading~~event of a material breach. Termination of the License Agreement might lead to early ~~markets~~termination and liquidation of the Trust.

~~Only~~The ~~Authorized~~Bank ~~Participants~~of ~~may~~New ~~create~~York orMellon ~~redeem~~and ~~Baskets~~an ~~through~~affiliate of the ~~Trust~~Sponsor have entered into a License Agreement granting the Sponsor’s affiliate a license to certain patent applications made by The Bank of New York Mellon covering systems and methods for securitizing a commodity. ~~All~~The ~~other~~Sponsor’s ~~investors~~affiliate has sublicensed the license to the Sponsor. The license is limited to a non-exclusive grant for the life of The Bank of New York Mellon’s patents and patent applications. The License Agreement provides that ~~desire~~each of the parties may provide notice of intent to ~~purchase~~terminate the License Agreement in the event the other party commits a material breach. If the License Agreement is terminated and one or ~~sell~~more of The Bank of New York Mellon’s patent applications issue as patents, then The Bank of New York Mellon may claim ~~Shares~~that ~~must~~the dooperation soof ~~through~~the ~~NYSE~~Trust ~~Arca~~violates its patent or inpatents ~~other~~and ~~markets,~~seek ifan ~~any,~~injunction inforcing ~~which~~the Trust to cease operation and the Shares ~~may~~to cease trading. In that case, the Trust might be ~~traded~~forced to terminate and liquidate, which would adversely affect Shareholders.

6Item 1B. Unresolved Staff Comments

~~Table of Contents~~None.

~~The~~Item liability of the Sponsor and the Trustee under the Depositary Trust Agreement is limited and, except as set forth in the Depositary Trust Agreement, they are not obligated to prosecute any action, suit or other proceeding in respect of any Trust property2. Properties

The ~~Depositary~~principal ~~Trust~~offices ~~Agreement~~of ~~provides that neither~~ the Sponsor ~~nor~~and the ~~Trustee~~Trust ~~assumes~~are ~~any~~at ~~obligation~~805 orKing isFarm ~~subject~~Boulevard, toSuite ~~any~~600, ~~liability~~Rockville, ~~under~~Maryland ~~the Trust Agreement to any Shareholder~~20850, ~~except~~which ~~that~~is ~~they~~leased ~~each agree~~by toan ~~perform~~affiliate ~~their~~of ~~respective obligations specifically set forth in~~ the ~~Depositary Trust Agreement without negligence or bad faith~~Sponsor. ~~Additionally,~~Neither ~~neither~~ the Sponsor nor the ~~Trustee~~Trust isowns ~~obligated~~or ~~to,~~leases ~~although each may in its respective discretion, prosecute~~ any ~~action, suit or~~ other ~~proceeding in respect of any Trust~~ property. ~~The Depositary Trust Agreement does not confer upon Shareholders the right to prosecute any such action, suit or other proceeding.~~

~~The~~Item ~~Depositary Trust Agreement may be amended to the detriment of Shareholders without their consent~~3. Legal Proceedings

~~The Sponsor and the Trustee may amend most provisions (other than those addressing core economic rights) of the Depositary Trust Agreement without the consent of any Shareholder~~None. Such an amendment could impose or increase fees or charges borne by the Shareholders. Any amendment that increases fees or charges (other than taxes and other governmental charges, registration fees or other expenses), or that otherwise prejudices any substantial existing rights of Shareholders, will not become effective until 30 days after written notice is given to Shareholders.

~~The~~Item ~~License Agreement with The Bank of New York Mellon may be terminated by The Bank of New York Mellon in the event of a material breach~~4. ~~Termination~~(Removed ~~of the License Agreement might lead to early termination~~ and ~~liquidation of the Trust.~~ Reserved)

The Bank of New York Mellon (“BNY Mellon”) and an affiliate of the Sponsor have entered into a License Agreement granting the Sponsor’s affiliate a license to certain patent applications made by BNY Mellon covering systems and methods for securitizing a commodityNone. The Sponsor’s affiliate has sublicensed the license to the Sponsor. The license is limited to a non-exclusive grant for the life of BNY Mellon’s patents and patent applications. The License Agreement provides that each of the parties may provide notice of intent to terminate the License Agreement in the event the other party commits a material breach. If the License Agreement is terminated and one or more of BNY Mellon’s patent applications issue as patents, then BNY Mellon may claim that the operation of the Trust violates its patent or patents and seek an injunction forcing the Trust to cease operation and the Shares to cease trading. In that case, the Trust might be forced to terminate and liquidate, which would adversely affect Shareholders.

~~Item~~7 ~~1B. Unresolved Staff Comments~~

~~None.~~ PART II

Item 25. ~~Properties~~Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

~~The~~Following ~~principal~~are ~~offices of~~ the ~~Sponsor~~ high and ~~the~~low ~~Trust~~sale ~~are~~prices atof ~~9601~~the ~~Blackwell~~Shares ~~Road,~~as ~~Suite~~reported ~~500,~~by ~~Rockville,~~the ~~Maryland~~NYSE ~~20850,~~Arca ~~which~~for iseach ~~leased by an affiliate~~ of the ~~Sponsor.~~quarters ~~Neither~~during the ~~Sponsor~~fiscal ~~nor~~years ~~the~~ended October 31, ~~Trust~~2011 ~~owns~~and orOctober 31, ~~leases~~2010: ~~any other property.~~

Item 3. Legal Proceedings


Fiscal Year Ended October 31, 2011:	High		Low
Quarter Ended
January 31, 2011	$	33.68	$	31.55
April 30, 2011	$	36.73	$	33.50
July 31, 2011	$	36.72	$	34.77
October 31, 2011	$	36.26	$	29.21

Fiscal Year Ended October 31, 2010:	High		Low
Quarter Ended
January 31, 2010	$	36.61	$	31.39
April 30, 2010	$	34.65	$	32.35
July 31, 2010	$	34.00	$	30.90
October 31, 2010	$	33.69	$	31.46

~~None~~The number of record holders of Shares of the registrant as of November 30, 2011 was approximately 43.

~~Item~~Although 4.the ~~(Removed~~Trust ~~and~~does ~~Reserved)~~not purchase Shares directly from its Shareholders, the Trust redeemed Baskets from Authorized Participants in the fourth quarter of the fiscal year covered by this report as follows:

None.


Month	Shares	Average Price
August	—	$—
September	—	$—
October	50,000	$32.61

7The Trust’s cash dividends per Share declared during the two fiscal years ended October 31 are as follows:


Fiscal Year Ended October 31, 2011			Fiscal Year Ended October 31, 2010
November 1, 2010	$	0.00417	November 2, 2009	$	0.04381
December 1, 2010	$	0.02799	December 1, 2009	$	0.04170
January 3, 2011	$	0.02478	January 4, 2010	$	0.05521
February 1, 2011	$	0.00762	February 1, 2010	$	0.02016
March 1, 2011	$	0.01686	March 1, 2010	$	0.02328
April 1, 2011	$	0.02570	April 1, 2010	$	0.02051
May 2, 2011	$	0.02672	May 3, 2010	$	0.00703
June 1, 2011	$	0.05437	June 1, 2010	$	—
July 1, 2011	$	0.04053	July 1, 2010	$	—
August 1, 2011	$	0.04734	August 2, 2010	$	—
September 1, 2011	$	0.05200	September 1, 2010	$	—
October 3, 2011	$	0.05779	October 1, 2010	$	—

~~PART~~In IIthe future, to the extent that the interest earned by the Trust 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, 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).

~~Item~~8 ~~5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.~~

~~Following~~Item ~~are~~6. ~~the~~Selected ~~high~~Financial ~~and low sale prices of the Shares as reported by the NYSE Arca for each of the quarters during the fiscal years ended October 31, 2010 and October 31, 2009:~~ Data

Fiscal Year Ended October 31, 2010:	High		Low
Quarter Ended
January 31, 2010	$	36.61	$	31.39
April 30, 2010	$	34.65	$	32.35
July 31, 2010	$	34.00	$	30.90
October 31, 2010	$	33.69	$	31.46

Following are financial highlights for the fiscal years ended October 31, 2011, October 31, 2010, October 31, 2009 and the period from August 8, 2008 (date of inception) to October 31, 2008.

Fiscal Year Ended October 31, 2009:	High			Low
	Fiscal Year EndedOctober 31, 2011			Fiscal Year EndedOctober 31, 2010			Fiscal Year EndedOctober 31, 2009			August 8, 2008[Date of Inception]to October 31, 2008
Quarter Ended
Income
January 31, 2009	$	36.70		$	27.87
Interest income	$	114,917		$	66,777		$	162,501		$	—
April 30, 2009	$	30.52		$	27.00
Total Income		114,917			66,777			162,501			—
July 31, 2009	$	33.77		$	30.42
Expenses
October 31, 2009	$	34.82		$	30.95
Sponsor’s fee		(25,550	)		(28,791	)		(12,138	)		—
Total Expenses		(25,550	)		(28,791	)		(12,138	)		—
Net (Loss)/Income	$	89,367		$	37,986		$	150,363		$	—
Other Comprehensive Income/(Loss):
Currency translation adjustment		1,166			(536	)		(11,299	)		(4	)
Total Comprehensive (Loss)/Income	$	90,533		$	37,450		$	139,064		$	(4	)
Basic and Diluted Earnings per Share	$	0.48		$	0.18		$	1.58		$	—
Weighted-average Shares Outstanding		186,575			216,712			94,932			1
Cash Dividends per Share	$	0.40		$	0.23		$	1.43		$	—

~~The~~As ~~number~~ of ~~record~~October 31, ~~holders~~2011, ~~of Shares~~total ofassets were $6,624,950, and for the ~~registrant~~fiscal asyear ofended ~~November~~October 3031, ~~2010~~2011, ~~was~~net ~~approximately~~cash flows 41were $128,059.

~~The~~Item ~~Trust~~7. ~~did~~Management’s ~~not~~Discussion ~~redeem~~and ~~Baskets~~Analysis ~~from~~of ~~Authorized~~Financial ~~Participants~~Condition ~~in the~~and ~~fourth~~Results ~~quarter~~ of ~~the fiscal year covered by this report.~~ Operations

~~Item~~Cautionary 6.Statement ~~Selected~~Regarding ~~Financial~~Forward-Looking ~~Data~~Information

~~Following~~This ~~are~~report contains ~~financial~~forward-looking ~~highlights~~statements ~~for~~within the ~~fiscal~~meaning ~~years~~of ~~ended~~the ~~October 31~~Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipate,” ~~2010~~“expect, ~~October 31~~” “intend,” ~~2009~~“plan,” “believe,” “seek,” “outlook” and ~~the~~“estimate” ~~period~~and other similar words. Forward-looking statements are based upon our current expectations and beliefs concerning future developments and their potential effects on us. Such forward-looking statements are not guarantees of future performance. Various factors may cause our actual results to differ materially from ~~August 8~~those expressed in our forward-looking statements. These factors include fluctuations in the price of the Russian Ruble, ~~2008~~as ~~(date~~the value of ~~inception)~~the Shares relates directly to ~~October 31,~~the ~~2008~~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 in this report for a description of other risks and uncertainties that may affect an investment in the Shares.

	Fiscal Year EndedOctober 31, 2010			Fiscal Year EndedOctober 31, 2009			August 8, 2008[Date of Inception]to October 31, 2008
Income
Interest income	$	66,777		$	162,501		$	—
Total Income		66,777			162,501			—
Expenses
Sponsor’s fee		(28,791	)		(12,138	)		—
Total Expenses		(28,791	)		(12,138	)		—
Net (Loss)/Income	$	37,986		$	150,363		$	—
Other Comprehensive Income/(Loss):
Currency translation adjustment		(536	)		(11,299	)		(4	)
Total Comprehensive (Loss)/Income	$	37,450		$	139,064		$	(4	)
Basic and Diluted Earnings per Share	$	0.18		$	1.58		$	—
Weighted-average Shares Outstanding		216,712			94,932			1
Cash Dividends per Share	$	0.23		$	1.43		$	—

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. The 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.

8Movements in the Price of Russian Ruble

~~Table~~The investment objective of ~~Contents~~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.

As9 ~~of October 31, 2010, total assets were $6,480,661, and for the fiscal year ended October 31, 2010, net cash flows were $1,326,722.~~

LOGO

~~Item~~NAV 7.per ~~Management’s~~Share; ~~Discussion~~Valuation ~~and Analysis~~ of ~~Financial~~the ~~Condition~~Russian ~~and~~Ruble ~~Results of Operations~~

~~Cautionary~~The ~~Statement~~following ~~Regarding~~chart ~~Forward-Looking~~illustrates ~~Information~~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

~~This~~10 report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipate,” “expect,” “intend,” “plan,” “believe,” “seek,” “outlook” and “estimate” and other similar words. Forward-looking statements are based upon our current expectations and beliefs concerning future developments and their potential effects on us. Such forward-looking statements are not guarantees of future performance. Various factors may cause our actual results to differ materially from those expressed in our forward-looking statements. These factors 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 in this report for a description of other risks and uncertainties that may affect an investment in the Shares.

~~Neither Rydex~~Liquidity 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. The 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.

~~Movements~~The Sponsor is not aware of any trends, demands, conditions or events that are reasonably likely to result in material changes to the ~~Price~~Trust’s liquidity needs. The Trust’s Depository, JPMorgan Chase Bank, N.A., London Branch, maintains two deposit accounts for the Trust, a primary deposit account which is expected to earn interest and a secondary deposit account which does not earn interest. Interest on the primary account, if any, accrues daily and is paid monthly. The interest rate in effect as of ~~Russian~~October 31, ~~Ruble~~2011 was an annual nominal rate of 4.35%. The following chart provides the daily rate paid by the Depository since the Shares began trading:

LOGO

~~The~~In ~~investment~~exchange ~~objective~~for a fee, the Trust’s Sponsor bears most of the expense incurred by the Trust. isAs ~~for~~a result, the only ~~Shares~~ordinary toexpense ~~reflect~~of the ~~price~~Trust induring ~~USD~~the ofperiods covered by this report was the ~~Russian~~Sponsor’s ~~Ruble~~fee. ~~plus~~Each month the Depository deposits into the secondary deposit account accrued but unpaid interest, ~~less~~if any, and the ~~expenses~~Trustee ofwithdraws Russian Rubles from the ~~Trust~~secondary deposit account to pay the accrued Sponsor’s ~~operations.~~fee ~~The~~for ~~Shares~~the ~~are~~previous ~~intended~~month toplus ~~provide~~other ~~institutional~~Trust ~~and~~expenses, ~~retail~~if ~~investors~~any. ~~with~~When athe ~~simple~~interest deposited, ~~cost-effective~~if ~~means~~any, exceeds the sum of ~~gaining~~the Sponsor’s fee for the prior month plus other Trust ~~investment~~expenses, ~~benefits~~if ~~similar~~any, tothe ~~those~~Trustee ofconverts ~~holding~~the ~~Russian~~excess ~~Rubles.~~into ~~Each~~USD ~~outstanding~~at ~~Share~~a ~~represents~~prevailing market rate and distributes the USD as promptly as practicable to Shareholders on a ~~proportional~~pro-rata ~~interest~~basis (in accordance with the ~~Russian~~number ~~Rubles~~of ~~held~~Shares bythat ~~the~~they ~~Trust~~own). ~~The~~Distributions ~~following~~paid during ~~chart~~the ~~illustrates~~current ~~recent~~reporting ~~movements~~period infollow (annualized yield reflects the ~~price~~estimated ofannual ~~Russian~~yield ~~Ruble~~an ininvestor ~~USD~~would receive if a monthly distribution stayed the same for the entire year going forward, and is calculated by annualizing the monthly ~~based~~distribution onand dividing by the ~~Closing~~Trust ~~Spot~~NAV ~~Rate.~~for the dates listed below):

9FXRU Distribution History


Date	Value		NAV		Yield			Annualized Yield
10/3/2011	$	0.05779	$	31.06		0.19	%		2.26	%
9/1/2011	$	0.05200	$	34.69		0.15	%		1.76	%
8/1/2011	$	0.04734	$	36.21		0.13	%		1.54	%

~~Nav~~Critical ~~per~~Accounting ~~Share;~~Estimates ~~Valuation of the Russian Ruble~~

The ~~following~~preparation ~~chart~~of ~~illustrates~~financial ~~the~~statements ~~movement~~in conformity with accounting principles generally accepted in the ~~price~~United States of America requires the ~~Shares~~Sponsor’s ~~based~~management onto ~~(1) NAV~~make ~~per~~estimates ~~Share,~~and ~~(2)~~ assumptions that affect the ~~“bid”~~reported ~~and~~amounts ~~“ask” midpoint~~of ~~offered~~the onassets ~~NYSE~~and ~~Arca~~liabilities and ~~(3)~~ disclosures of contingent liabilities at the ~~Closing~~date ~~Spot~~of ~~Rate,~~the ~~expressed~~financial asstatements aand ~~multiple~~the reported amounts of ~~1,000~~revenue ~~Russian~~and ~~Rubles~~expenses during the period covered by this report.

~~Liquidity~~In addition to the description below, please refer to Note 2 to the consolidated financial statements for further discussion of our accounting policies.

~~The~~11 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, JPMorgan Chase Bank, N.A., London Branch, maintains two deposit accounts for the Trust, a primary deposit account that is expected to earn interest and a secondary deposit account that does not earn interest. Interest on the primary account, if any, accrues daily and is paid monthly. The interest rate in effect as of October 31, 2010 was an annual nominal rate of 1.85%. The following chart provides the daily rate paid by the Depository since the Shares began trading:

10The functional currency of the Trust is the Russian Ruble in accordance with ASC 830, Foreign Currency Translation.

~~Table~~Results of ~~Contents~~Operations

InAs ~~exchange~~of ~~for a fee~~October 31, 2009 the ~~Trust’s~~number ~~Sponsor bears most~~ of ~~the~~Russian ~~expense~~Rubles ~~incurred~~owned by the Trust. Aswas ~~a result~~150,000,000, ~~the~~resulting ~~only~~in ~~ordinary~~a ~~expense~~redeemable ofcapital ~~the~~share ~~Trust~~value ~~during~~of $5,157,486. During the ~~periods~~fiscal ~~covered~~year byended ~~this~~October 31, 2010, ~~report~~an ~~was~~additional ~~the~~200,000 ~~Sponsor’s~~Shares ~~fee.~~were ~~Each~~created ~~month~~in ~~the~~exchange ~~Depository~~for ~~deposits~~200,000,000 ~~into~~Russian ~~the~~Rubles ~~secondary~~and ~~deposit~~150,000 ~~account~~Shares ~~accrued~~were ~~but~~redeemed ~~unpaid~~in ~~interest,~~exchange iffor ~~any~~150,000,000 ~~and the Trustee withdraws~~ Russian Rubles. ~~from~~In ~~the~~addition, ~~secondary~~118,587 ~~deposit~~Russian ~~account~~Ruble towere ~~pay~~withdrawn to the ~~accrued~~portion of Sponsor’s fee ~~for~~that exceeded the ~~previous~~interest ~~month~~earned. ~~plus~~As ~~other~~of ~~Trust~~October 31, ~~expenses~~2010, ~~if any. When~~ the ~~interest~~number ~~deposited,~~of ifRussian ~~any,~~Rubles ~~exceeds~~owned by the ~~sum~~Trust ofwas ~~the~~199,881,413, ~~Sponsor’s~~resulting ~~fee~~in ~~for~~a ~~the~~redeemable ~~prior~~capital ~~month~~share ~~plus other~~value ~~Trust~~of ~~expenses~~$6, ~~if any~~478,461. During the ~~Trustee~~year ~~converts~~ended ~~the~~October 31, 2011, ~~excess~~an ~~into~~additional ~~USD~~150,000 atshares awere ~~prevailing~~created ~~market~~in ~~rate~~exchange ~~and~~for ~~distributes~~149,911,060 ~~the~~Russian ~~USD~~Rubles asand ~~promptly~~200,000 asshares ~~practicable~~were toredeemed ~~Shareholders~~in onexchange afor ~~pro~~199,881,413 ~~rata~~Russian ~~basis~~Rubles. ~~(in~~As ~~accordance~~of ~~with~~October 31, 2011, the number of ~~Shares~~Russian ~~that~~Rubles ~~they~~owned ~~own).~~by ~~The~~ the Trust ~~did~~was 149,911,060, ~~not~~resulting ~~make~~in ~~any~~a ~~distributions~~redeemable ~~during~~capital ~~the~~share ~~quarter~~value ~~ended~~of ~~October 31~~$4, ~~2010~~967,027.

~~Critical~~The ~~Accounting~~decrease ~~Estimates~~in the Trust’s redeemable capital share value from $6,478,461 at October 31, 2010 to $4,967,027 at October 31, 2011, was primarily the result of a decrease in the number of shares outstanding from 200,000 at October 31, 2010 to 150,000 at October 31, 2011. This decrease in redeemable capital share value was partially offset by an increase in the Closing Spot Rate from 0.03241 at October 31, 2010 to 0.03305 at October 31, 2011. The increase in the Trust’s redeemable capital share value from $5,157,486 at October 31, 2009 to $6,478,461 at October 31, 2010, was primarily the result of an increase in the number of shares outstanding from 150,000 at October 31, 2009 to 200,000 at October 31, 2010. This increase in redeemable capital share value was partially offset by a decrease in the Closing Spot Rate from 0.03434 at October 31, 2009 to 0.03241 at October 31, 2010.

~~The~~Interest ~~preparation~~income ofincreased ~~financial~~from ~~statements~~$66,777 infor ~~conformity~~the ~~with~~year ~~accounting~~ended ~~principles~~October 31, ~~generally~~2010 ~~accepted~~to in$114,917 for the ~~United~~year ~~States~~ended ofOctober 31, ~~America~~2011, ~~requires~~attributable primarily to an increase in the annual nominal interest ~~Sponsor’s~~rate ~~management~~paid toby ~~make~~the ~~estimates~~Depository ~~and~~as ~~assumptions~~set ~~that~~forth ~~affect~~in the ~~reported~~chart ~~amounts~~above. ofInterest ~~the~~income ~~assets~~decreased ~~and~~from ~~liabilities~~$162,501 ~~and~~for ~~disclosures~~the ofyear ~~contingent~~ended ~~liabilities~~October 31, at2009 ~~the~~to ~~date~~$66,777 offor the ~~financial~~year ~~statements~~ended ~~and~~October 31, ~~the~~2010, ~~reported~~attributable ~~amounts~~primarily ofto ~~revenue~~a ~~and expenses~~decrease ~~during~~in the ~~period~~annual nominal ~~covered~~interest rate paid by ~~this~~the ~~report~~Depository as set forth in the chart above.

InThe ~~addition~~Sponsor’s fee accrues daily at an annual nominal rate of 0.40% of the Russian Rubles in the Trust. Due primarily to a decrease in the ~~description~~weighted-average ~~below~~Russian Rubles in the Trust, ~~please~~the ~~refer~~Sponsor’s fee decreased from $28,791 for the period ended October 31, 2010 to ~~Note~~$25,550 2for the year ended October 31, 2011. The only expense of the Trust during the year ended October 31, 2011 was the Sponsor’s fee. Due primarily to an increase in the ~~consolidated~~weighted-average ~~financial~~Russian Rubles in the Trust, the Sponsor’s fee increased from ~~statements~~$12,138 for ~~further~~the ~~discussion~~period ended October 31, 2009 to $28,791 for the year ended October 31, 2010. The only expense of ~~our~~the ~~accounting~~Trust ~~policies~~during the year ended October 31, 2010 was the Sponsor’s fee.

The ~~functional~~Trust’s ~~currency~~net income for the year ended October 31, 2011 was $89,367, due to interest income of $114,917 exceeding the Sponsor’s fee of $25,550. The Trust’s isnet income for the ~~Russian~~year ~~Ruble~~ended inOctober 31, ~~accordance~~2010 ~~with~~was $37,986 due to interest income of $66,777 exceeding the Sponsor’s fee of $28,791. The Trust’s net income for the year ended October 31, 2009 was ~~ASC~~$150,363 ~~830~~due to interest income of $162,501 ~~Foreign~~exceeding ~~Currency~~the ~~Translation~~Sponsor’s fee of $12,138.

~~Results~~Cash dividends per share increased from $0.23 per Share for the year ended October 31, 2010 to $0.40 per Share for the year ended October 31, 2011. This decrease in cash dividends per Share was primarily the result of ~~Operations~~an increase in the annual nominal interest rate paid by the Depository Cash dividends per share decreased from $1.43 per Share for the period ended October 31, 2009 to $0.23 per Share for the year ended October 31, 2010. This decrease in cash dividends per Share was primarily the result of a decrease in the annual nominal interest rate paid by the Depository

AsItem ~~of October 31, 2009 the number of Russian Rubles owned by the Trust was 150,000,000, resulting in a redeemable capital share value of $5,157,486~~7A. ~~During~~Quantitative ~~the fiscal year ended October 31, 2010, an additional 200,000 Shares were created in exchange for 200,000,000 Russian Rubles~~ and ~~150,000~~Qualitative ~~Shares~~Disclosures ~~were~~about ~~redeemed~~Market in exchange for 150,000,000 Russian Rubles. In addition, 118,587 Russian Ruble were withdrawn to the portion of Sponsor’s fee that exceeded the interest earned. As of October 31, 2010, the number of Russian Rubles owned by the Trust was 199,881,413, resulting in a redeemable capital share value of $6,478,461. Risk

~~The~~Except ~~increase~~as indescribed ~~the~~above ~~Trust’s~~with ~~redeemable~~respect ~~capital~~to ~~share~~the ~~value~~USD/Russian ~~from~~Ruble ~~$5,157,486~~exchange atrate ~~October 31,~~and ~~2009~~the tonominal ~~$6,478,461~~annual atinterest ~~October 31,~~rate ~~2010,~~paid ~~was primarily~~by the ~~result~~Depository ofon anRussian ~~increase~~Rubles inheld by the ~~number~~Trust, ofthe ~~shares~~Trust ~~outstanding~~is ~~from~~not ~~150,000~~subject ~~at October 31, 2009~~ to market ~~200,000 at October~~risk. ~~31,~~The ~~2010.~~Trust ~~This~~does ~~increase~~not inhold ~~redeemable~~securities ~~capital~~and ~~share~~does ~~value~~not ~~was~~invest ~~partially offset by a decrease~~ in ~~the~~derivative ~~Closing Spot Rate from 0~~instruments.~~03434~~ ~~at October 31, 2009 to 0.03241 at October 31, 2010.~~

11Item 8. Financial Statements and Supplementary Data

~~Table~~See Index to Financial Statements on page F-1 for a list of ~~Contents~~the financial statements being filed with this report.

~~Interest~~12 income decreased from $162,501 for the year ended October 31, 2009 to $66,777 for the year ended October 31, 2010, attributable primarily to a decrease in the annual nominal interest rate paid by the Depository as set forth in the chart above.

~~The~~Item ~~Sponsor’s fee accrues daily at an annual nominal rate of 0~~9.~~40%~~ ofChanges ~~the~~In ~~Russian~~and ~~Rubles~~Disagreements inwith ~~the~~Accountants ~~Trust.~~on ~~Due~~Accounting ~~primarily~~and toFinancial an increase in the weighted-average Russian Rubles in the Trust, the Sponsor’s fee increased from $12,138 for the period ended October 31, 2009 to $28,791 for the year ended October 31, 2010. The only expense of the Trust during the year ended October 31, 2010 was the Sponsor’s fee. Disclosure

~~The Trust’s net income for the year ended October 31, 2010 was $37,986 as a result of the interest income of $66,777 exceeding the Sponsor’s fee of $28,791~~None.

~~Cash~~Item ~~dividends per share increased from $1~~9A.43 ~~per~~Controls ~~Share~~and for the period ended October 31, 2009 to $0.23 per Share for the year ended October 31, 2010. This decrease in cash dividends per Share was primarily the result of a decrease in the annual nominal interest rate paid by the Depository Procedures

~~Item~~Evaluation ~~7A.~~of Disclosure ~~Quantitative~~Controls and ~~Qualitative~~Procedures ~~Disclosures about Market Risk~~

~~Except~~The aschief ~~described~~executive ~~above~~officer ~~with~~and ~~respect~~chief tofinancial officer of the ~~USD/Russian~~Sponsor ~~Ruble~~have ~~exchange~~evaluated ~~rate~~the effectiveness of the Trust’s disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) under the ~~nominal~~Securities ~~annual~~Exchange ~~interest~~Act ~~rate~~of ~~paid~~1934, byas amended (the ~~Depository~~“Exchange Act”)) as of October 31, 2011. Based on ~~Russian~~that ~~Rubles~~evaluation, ~~held~~the chief byexecutive officer and chief financial officer of the ~~Trust,~~Sponsor have concluded that the ~~Trust~~disclosure iscontrols ~~not~~and ~~subject~~procedures ~~to market~~of ~~risk. The~~the Trust ~~does~~were ~~not~~effective ~~hold~~as ~~securities~~of ~~and~~the ~~does~~end ~~not~~of ~~invest~~the inperiod ~~derivative~~covered ~~instruments~~by this annual report.

~~Item~~Management’s 8.Report ~~Financial~~on ~~Statements~~Internal ~~and~~Control ~~Supplementary~~over ~~Data~~Financial Reporting

~~See~~The ~~Index~~Sponsor’s tomanagement ~~Financial~~is ~~Statements~~responsible onfor ~~page~~establishing Fand maintaining adequate internal control over financial reporting, as defined under Rules 13a-115(f) and 15d-15(f) of the Exchange Act. The Trust’s internal control over financial reporting is based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), and is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for aexternal ~~list~~purposes in accordance with accounting principles generally accepted in the United States. Internal control over financial reporting includes those policies and procedures that: (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the Trust’s assets; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that the Trust’s receipts and expenditures are being ~~filed~~made only in accordance with ~~this~~appropriate ~~report~~authorizations; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the trust’s assets that could have a material effect on the financial statements.

~~Item~~Because 9of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, ~~Changes~~projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become ineffective because of changes in ~~and~~conditions, ~~Disagreements~~or ~~with~~that ~~Accountants~~the ondegree ~~Accounting~~of ~~and~~compliance ~~Financial~~with ~~Disclosure~~policies or procedures may deteriorate.

~~None~~The chief executive officer and chief financial officer of the Sponsor have assessed the effectiveness of the Trust’s internal control over financial reporting as of October 31, 2011. Their assessment included an evaluation of the design of the Trust’s internal control over financial reporting and testing of the operation effectiveness of its internal controls over financial reporting. Based on their assessment and those criteria, the chief executive officer and chief financial officer of the Sponsor believe that the Trust maintained effective internal control over financial reporting as of October 31, 2011.

~~Item~~Changes ~~9A.~~in ~~Controls~~Internal ~~and~~Control ~~Procedures~~over Financial Reporting

~~Evaluation~~There ofwere 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 ~~Disclosure~~materially ~~Controls~~affect, ~~and~~the ~~Procedures~~Trust’s internal control over financial reporting.

~~The~~Item chief executive officer and chief financial officer of the Sponsor have evaluated the effectiveness of the Trust’s disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of October 31, 20109B. ~~Based~~Other 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 annual report. Information

~~Management’s~~Not ~~Report on Internal Control over Financial Reporting~~ applicable.

~~The~~13 Sponsor’s management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined under Rules 13a-15(f) and 15d-15(f) of the Exchange Act. The Trust’s internal control over financial reporting is based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), and is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States. Internal control over financial reporting includes those policies and procedures that: (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the Trust’s assets; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that the Trust’s receipts and expenditures are being made only in accordance with appropriate authorizations; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the trust’s assets that could have a material effect on the financial statements.

12PART III

~~Table~~Item of10. ~~Contents~~Directors and Executive Officers and Corporate Governance

~~Because~~Nikolaos ofBonos ~~its~~and ~~inherent~~Joseph ~~limitations,~~Arruda ~~internal~~serve ~~control~~as ~~over~~the ~~financial~~Chief ~~reporting~~Executive ~~may~~Officer ~~not~~and ~~prevent~~Chief orFinancial ~~detect misstatements.~~Officer ~~Also, projections~~ of ~~any evaluation of effectiveness to future periods are subject to~~ the ~~risk~~Sponsor, ~~that~~respectively. ~~controls~~The ~~may~~Sponsor’s ~~become~~Board ~~ineffective because~~ of ~~changes~~Managers inis ~~conditions,~~composed ~~or that the degree~~ of ~~compliance~~Mr. Arruda, Mr. Bonos ~~with~~and ~~policies~~Michael ~~or procedures may deteriorate~~Byrum.

~~The~~Nikolaos ~~chief~~Bonos, ~~executive~~47, ~~officer~~has ~~and~~been ~~chief~~the ~~financial~~Chief ~~officer~~Executive Officer of the Sponsor ~~have~~since ~~assessed~~May ~~the~~2009. ~~effectiveness~~Mr. Bonos has been a Manager of the ~~Trust’s internal~~Sponsor ~~control~~since ~~over~~September ~~financial~~2005. ~~reporting~~Prior to his appointment as ofChief ~~October 31~~Executive Officer, ~~2010~~Mr. Bonos ~~Their~~served ~~assessment~~as ~~included~~the anChief ~~evaluation~~Financial Officer of the ~~design~~Sponsor ofbeginning ~~the~~in ~~Trust’s~~September ~~internal~~2005. ~~control~~Mr. Bonos ~~over~~has ~~financial~~served ~~reporting~~as ~~and~~Executive ~~testing~~Officer of Rydex Fund Services LLC, an affiliate of the ~~operation~~Sponsor, ~~effectiveness~~from ofJanuary ~~its~~2009 ~~internal controls~~to ~~over~~the ~~financial~~present ~~reporting.~~and ~~Based~~as onSenior ~~their~~Vice ~~assessment~~President ~~and~~of ~~those~~Rydex ~~criteria~~Fund Services LLC, ~~the~~from ~~chief~~December ~~executive~~2003 ~~officer~~to ~~and~~August ~~chief~~2006 ~~financial~~and ~~officer~~Vice President of ~~the~~Accounting ~~Sponsor~~of ~~believe~~Rydex ~~that~~Fund ~~the~~Services ~~Trust~~LLC, ~~maintained~~from 2001 ~~effective~~to ~~internal~~December ~~control~~2003. ~~over~~Mr. Bonos ~~financial~~holds ~~reporting~~a asBachelor of ~~October 31,~~ ~~2010~~Science in Business Administration with a major in Finance from Suffolk University.

~~Changes~~Joseph inArruda, ~~Internal~~44, ~~Control~~has ~~over~~been the Chief Financial ~~Reporting~~Officer of the Sponsor since May 2009. Mr. Arruda has been a Manager of the Sponsor since July 2009. Prior to his appointment as Chief Financial Officer, Mr. Arruda served as Vice President, Fund Accounting, and Administration, of the Sponsor beginning in 2003. From 1997 to 2003, Mr. Arruda served as Vice President, Fund Accounting at State Street Corporation. He holds a Bachelor of Science with a Finance and Accounting concentration from Bridgewater State College.

~~There~~Michael Byrum, ~~were~~40, nohas ~~changes~~served inas a Manager of the ~~Trust’s~~Sponsor ~~internal~~since ~~control~~September ~~over~~2005. ~~financial~~Since ~~reporting~~August ~~that~~2006, ~~occurred~~he ~~during~~has served as the ~~Trust’s~~Chief ~~last~~Investment ~~fiscal~~Officer, ~~quarter~~of ~~that~~Rydex ~~have~~Advisors ~~materially~~II, ~~affected~~LLC (RAII), orand ~~are~~Rydex ~~reasonably~~Advisors, ~~likely~~LLC to(RA), affiliates of the Sponsor, and each of which ~~materially~~were ~~affect~~merged into Security Investors, LLC, also an affiliate of the ~~Trust’s~~Sponsor, ~~internal~~as ~~control~~of ~~over~~January 3, ~~financial~~2011. ~~reporting~~Mr. Byrum served as the Executive Vice President of RAII from December 2002 to May 2004, and as President of RA from May 2004 until January 2011. He has served as Senior Vice President of Security Investors, LLC, since December 1, 2010. Mr. Byrum is a Chartered Financial Analyst and has a Bachelor of Science in Business Administration with a major in Finance from Miami University of Ohio.

Item 9B11. ~~Other~~Executive ~~Information~~Compensation

Not applicable.

13Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

~~Table~~None. ~~of Contents~~

~~PART~~Item ~~III~~13. Certain Relationships and Related Transactions, and Director Independence.

~~Item~~Not 10applicable. ~~Directors and Executive Officers and Corporate Governance~~

~~Not~~Item ~~applicable~~14. Principal Accountant Fees and Services

~~Item~~The ~~11.~~following ~~Executive~~fees ~~Compensation~~were paid by the Sponsor and were for services performed by Ernst & Young LLP for the fiscal years ended October 31, 2011 and October 31, 2010:

Not applicable.


	2011		2010
Audit Fees	$	28,000	$	25,778
Audit-related fees		0		0
Tax fees		0		0
All other Fees		0		0

	$	28,000	$	25,778

~~Item~~14 ~~12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters~~

~~None.~~PART IV

Item 1315. ~~Certain~~Exhibits ~~Relationships~~ and ~~Related~~Financial ~~Transactions,~~Statement ~~and Director Independence.~~Schedules

~~Not~~Financial ~~applicable.~~Statements

~~Item~~See 14Index to Financial Statements on Page F-1 for a list of the financial statements being filed as a part of this report. ~~Principal~~Schedules ~~Accountant~~have ~~Fees~~been ~~and~~omitted ~~Services~~since they are either not required, not applicable or the information has otherwise been included.

~~The~~Exhibits following fees were paid by the Sponsor and were for services performed by Ernst & Young LLP for the fiscal year ended October 31, 2010 and PricewaterhouseCoopers LLP for the fiscal year ended October 31, 2009:

	2010		2009
Exhibit No.	Description
Audit Fees	$	25,778	$	35,889
3.1	Certificate of Formation of Rydex Specialized Products LLC, incorporated herein by reference to Exhibit 3.1 to the Registration Statement on Form S-1 (File No. 333-150687) filed by the Trust on May 7, 2008.
Audit-related fees		0		0
3.2	Limited Liability Company Agreement of Rydex Specialized Products, LLC, incorporated herein by reference to Exhibit 3.2 filed with the Registration Statement on Form S-1 (File No. 333-150687) filed by the Trust on May 7, 2008.
Tax fees		0		0
4.1	Depositary Trust Agreement dated as of August 7, 2008 among Rydex Specialized Products LLC, The Bank of New York Mellon, all registered owners and beneficial owners of Russian Ruble Shares issued thereunder and all depositors, incorporated herein by reference to Exhibit 4.1 to the Annual Report on Form 10-K/A filed by the Trust on March 10, 2011.
All other Fees		0		0
4.2	Participant Agreement dated as of March 25, 2010 among Knight Clearing Services, LLC, The Bank of New York Mellon, and Rydex Specialized Products LLC (together with Schedule pursuant to Instruction 2 to Item 601 of Regulation S-K).
	$	25,778	$	35,889
4.3	Amendment to Participant Agreements dated as of December 9, 2010 between The Bank of New York Mellon, the trusts set forth on Schedule A thereto and Rydex Specialized Products LLC., incorporated herein by reference to Exhibit 4.3 to the Annual Report on Form 10-K/A filed by the Trust on March 10, 2011.
4.4	Amendment to Participant Agreements dated as of January 15, 2011 between The Bank of New York Mellon, the trusts set forth on Schedule A thereto and Rydex Specialized Products LLC, incorporated herein by reference to Exhibit 4.4 to the Annual Report on Form 10-K/A filed by the Trust on March 10, 2011.
10.1	Deposit Account Agreement dated as of August 7, 2008 between The Bank of New York Mellon and the London Branch of JPMorgan Chase Bank, N.A. incorporated herein by reference to Exhibit 10.1 to the Annual Report on Form 10-K/A filed by the Trust on March 10, 2011.
10.2	Sublicense Agreement dated as of August 28, 2008 between PADCO Advisors II, Inc. and Rydex Specialized Products LLC, incorporated herein by reference to Exhibit 10.2 to the Annual Report on Form 10-K/A filed by the Trust on March 10, 2011.
31.1	Certification by Principal Executive Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002.
31.2	Certification by Principal Financial Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002.
32.1	Certification by Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

1415


Exhibit No.		Description

32.2		Certification by Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS		XBRL Instance Document.

101.SCH		XBRL Taxonomy Extension Schema Document.

101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document.

101.DEF		XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB		XBRL Taxonomy Extension Label Linkbase Document.

101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document.

~~PART~~16 IV

~~Item~~CURRENCYSHARES® ~~15.~~RUSSIAN ~~Exhibits~~RUBLE ~~And~~TRUST ~~Financial Statement Schedules~~

~~Financial~~FINANCIAL STATEMENTS ~~Statements~~AS OF OCTOBER 31, 2011

~~See~~INDEX Index to Financial Statements on Page F-1 for a list of the financial statements being filed as a part of this report. Schedules have been omitted since they are either not required, not applicable or the information has otherwise been included.

Exhibits


	Page
Independent Registered Public Accounting Firm Reports		F-2

Statements of Financial Condition at October 31, 2011 and October 31, 2010		F-4

Statements of Income and Comprehensive Income for the year ended October 31, 2011, the year ended October 31, 2010 and the year ended October 31, 2009		F-5

Statements of Changes in Shareholders’ Equity for the year ended October 31, 2011, the year ended October 31, 2010 and the year ended October 31, 2009		F-6

Statements of Cash Flows for the year ended October 31, 2011, the year ended October 31, 2010 and the year ended October 31, 2009		F-7

Notes to the Financial Statements		F-8

Exhibit No.		Description
3.1		Certificate of Formation of Rydex Specialized Products LLC, incorporated herein by reference to Exhibit 3.1 filed with Form S-1 Registration Statement (File number 333-150687) filed on May 7, 2008.
3.2		Limited Liability Company Agreement of Rydex Specialized Products, LLC, incorporated herein by reference to Exhibit 3.2 filed with Form S-1 Registration Statement (File number 333-150687) filed on May 7, 2008.
4.1		Form of Depositary Trust Agreement, incorporated herein by reference to Exhibit 4.1 filed with Amendment No. 2 to Form S-1 Registration Statement (File number 333-150687) filed on August 21, 2008.
4.2		Form of Participant Agreement, incorporated herein by reference to Exhibit 4.2 filed with Form S-1 Registration Statement (File number 333-150687) filed on May 7, 2008.
10.1		Form of Sublicense Agreement, incorporated herein by reference to Exhibit 10.1 filed with Form S-1 Registration Statement (File number 333-150687) filed on May 7, 2008.
10.2		Form of Deposit Account Agreement, incorporated herein by reference to Exhibit 10.2 filed with Amendment No. 2 to Form S-1 Registration Statement (File number 333-150687) filed on August 21, 2008.
31.1		Certification by Principal Executive Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002.
31.2		Certification by Principal Financial Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002.
32.1		Certification by Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2		Certification by Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

F-1

15Report of Independent Registered Public Accounting Firm

~~Table~~To the Shareholders of ~~Contents~~CurrencyShares® Russian Ruble Trust:

In our opinion, the statements of income and comprehensive income, of changes in shareholders’ equity and of cash flows for the year ended October 31, 2009 present fairly, in all material respects, the results of operations and cash flows of CurrencyShares® Russian Ruble Trust (the “Trust”) for the year ended October 31, 2009, in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

~~Financial~~/s/ ~~Statements~~PricewaterhouseCoopers asLLP ~~of October 31, 2010~~

~~Index~~Baltimore, Maryland

	Page
Independent Registered Public Accounting Firm Reports		F-2
Statements of Financial Condition at October 31, 2010 and October 31, 2009		F-3
Statements of Income and Comprehensive Income for the year ended October 31, 2010, the year ended October 31, 2009 and the period from August 8, 2008 (date of inception) to October 31, 2008		F-4
Statements of Changes in Shareholders’ Equity for the year ended October 31, 2010, the year ended October 31, 2009 and the period from August 8, 2008 (date of inception) to October 31, 2008		F-5
Statements of Cash Flows for the year ended October 31, 2010, the year ended October 31, 2009 and the period from August 8, 2008 (date of inception) to October 31, 2008		F-6
Notes to the Financial Statements		F-7

January 14, 2010

F-12

~~Table~~Report of ~~Contents~~Independent Registered Public Accounting Firm

~~Report~~To the Shareholders of ~~Independent~~CurrencyShares® ~~Registered~~Russian ~~Public~~Ruble ~~Accounting~~Trust: ~~Firm~~

ToWe have audited the ~~Shareholders~~accompanying statements of financial condition of CurrencyShares® Russian Ruble Trust: (the “Trust”) as of October 31, 2011 and October 31, 2010, and the related statements of income and comprehensive income, changes in shareholders’ equity, and cash flows for the years ended October 31, 2011 and October 31, 2010. These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We ~~have~~conducted ~~audited the~~our ~~accompanying~~audits ~~statement~~in ofaccordance ~~financial~~with ~~condition~~the standards of ~~CurrencyShares®~~the ~~Russian~~Public ~~Ruble~~Company ~~Trust~~Accounting Oversight Board (~~the~~United ~~“Trust”~~States) at. ~~October~~Those ~~31,~~standards ~~2010~~require ~~and~~that we ~~the~~plan ~~related~~and ~~statements~~perform ofthe ~~income~~audit ~~and~~to ~~comprehensive~~obtain ~~income,~~reasonable ~~changes~~assurance inabout ~~shareholders’~~whether ~~equity,~~the ~~and~~financial ~~cash~~statements ~~flows~~are ~~for~~free ~~the~~of ~~year~~material ~~then ended~~misstatement. ~~These~~We ~~financial~~were ~~statements~~not ~~are~~engaged ~~the~~to ~~responsibility~~perform an audit of the Trust’s ~~management~~internal control over financial reporting. Our audits ~~responsibility~~included isconsideration toof ~~express~~internal ancontrol ~~opinion~~over onfinancial ~~these~~reporting ~~financial~~as ~~statements~~a ~~based~~basis onfor ~~our~~designing audit. ~~The~~procedures that ~~statement~~are ofappropriate ~~financial~~in ~~condition~~the atcircumstances, ~~October~~but ~~31,~~not ~~2009,~~for the ~~statement~~purpose of ~~changes~~expressing inan ~~shareholders’~~opinion ~~equity~~on ~~for~~the effectiveness of the ~~year~~Trust’s internal ~~ended~~control ~~October~~over ~~31,~~financial ~~2009~~reporting. Accordingly, ~~the statements~~we ofexpress ~~income~~no ~~and~~such ~~comprehensive~~opinion. ~~income,~~An ~~changes~~audit inalso ~~shareholders’~~includes ~~equity~~examining, ~~and~~on ~~cash~~a ~~flows~~test ~~for~~basis, ~~each~~evidence ofsupporting the ~~years~~amounts ~~ended~~and ~~October~~disclosures 31in the financial statements, ~~2009~~assessing the accounting principles used and ~~2008~~significant ~~were~~estimates ~~audited~~made by ~~other~~management, ~~auditors~~and ~~whose~~evaluating ~~report,~~the ~~dated~~overall ~~January~~financial ~~14,~~statement ~~2010,~~presentation. ~~expressed~~We anbelieve ~~unqualified opinion~~that onour ~~those~~audits ~~financial~~provide ~~statements~~a reasonable basis for our opinion.

WeIn ~~conducted~~ our ~~audit~~opinion, ~~in accordance with~~ the ~~standards~~financial ofstatements ~~the~~referred to ~~Public~~above ~~Company~~present ~~Accounting~~fairly, ~~Oversight Board~~in ~~(United~~all ~~States).~~material ~~Those~~respects, ~~standards require that we plan and perform~~ the ~~audit to obtain reasonable assurance about whether the~~ financial ~~statements~~position ~~are free~~ of CurrencyShares® ~~material~~Russian ~~misstatement.~~Ruble AnTrust ~~audit~~at ~~includes examining~~October 31, on2011 aand ~~test~~October 31, ~~basis~~2010, ~~evidence supporting the amounts~~ and ~~disclosures in~~ the ~~financial~~results ~~statements.~~of Anits operations ~~audit~~and ~~also~~its ~~includes~~cash ~~assessing~~flows for the ~~accounting~~years ~~principles~~ended ~~used~~October 31, 2011 and ~~significant~~October 31, ~~estimates made by management~~2010, asin ~~well~~conformity aswith ~~evaluating the overall financial statement presentation~~U.S. ~~We believe~~generally ~~that~~accepted ~~our~~accounting ~~audit provides a reasonable basis for our opinion~~principles.

In/s/ ~~our~~Ernst & ~~opinion,~~Young ~~the~~LLP financial statements referred to above present fairly, in all material respects, the financial position of CurrencyShares® Russian Ruble Trust at October 31, 2010 and the and the results of its operations and its cash flows for the year then ended, in conformity with U.S. generally accepted accounting principles.

~~We also have audited~~McLean, inVirginia accordance with the standards of the Public Company Accounting Oversight Board (United States), the effectiveness of CurrencyShares® Russian Ruble Trust’s internal control over financial reporting as of October 31, 2010, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), and our report dated January 14, 2011 expressed an unqualified opinion thereon.

~~/s/~~January ~~Ernst &~~13, ~~Young~~2012 ~~LLP~~

~~McLean,~~F-3 ~~Virginia~~

~~January 14,~~CurrencyShares® ~~2011~~Russian Ruble Trust

~~F-2~~ Statements of Financial Condition


	October 31, 2011		October 31, 2010
Assets
Current Assets:
Russian Ruble deposits, interest bearing	$	6,605,685	$	6,477,626
Russian Ruble deposits, non-interest bearing		—		—
Receivable from accrued interest		19,265		3,035

Total Current Assets	$	6,624,950	$	6,480,661


Liabilities, Redeemable Capital Shares and Shareholders’ Equity
Current Liabilities:
Redemptions Payable	$	1,655,676	$	—
Accrued Sponsor’s fee		2,247		2,200

Total Current Liabilities		1,657,923		2,200

Commitments and Contingent Liabilities (note 9)		—		—

Redeemable Capital Shares, at redemption value, no par value, 25,750,000 authorized – 150,000 and 200,000 issued and outstanding		4,967,027		6,478,461
Shareholders’ Equity:
Retained Earnings		—		—
Cumulative Translation Adjustment		—		—

Total Liabilities, Redeemable Capital Shares and Shareholders’ Equity	$	6,624,950	$	6,480,661

~~CurrencyShares®~~See ~~Russian~~Notes ~~Ruble~~to ~~Trust~~Financial Statements.

~~Statements of Financial Condition~~ F-4

	October 31, 2010		October 31, 2009
Assets
Current Assets:
Russian Ruble deposits, interest bearing	$	6,477,626	$	5,150,904
Russian Ruble deposits, non-interest bearing		—		—
Receivable from accrued interest		3,035		8,333
Total Current Assets	$	6,480,661	$	5,159,237
Liabilities, Redeemable Capital Shares and Shareholders’ Equity
Current Liabilities:
Accrued Sponsor’s fee	$	2,200	$	1,751
Total Current Liabilities		2,200		1,751
Commitments and Contingent Liabilities (note 9)		—		—
Redeemable Capital Shares, at redemption value, no par value, 25,750,000 authorized, – 200,000 and 150,000 issued and outstanding, respectively		6,478,461		5,157,486
Shareholders’ Equity:
Retained Earnings		—		—
Cumulative Translation Adjustment		—		—
Total Liabilities, Redeemable Capital Shares and Shareholders’ Equity	$	6,480,661	$	5,159,237

CurrencyShares^® Russian Ruble Trust

~~See~~Statements ~~Notes~~of toIncome ~~Financial~~and ~~Statements.~~Comprehensive Income

F-3


	Year ended October 31, 2011			Year ended October 31, 2010			Year ended October 31, 2009
Income
Interest Income	$	114,917		$	66,777		$	162,501

Total Income		114,917			66,777			162,501

Expenses
Sponsor’s fee		(25,550	)		(28,791	)		(12,138	)

Total Expenses		(25,550	)		(28,791	)		(12,138	)
Net Income	$	89,367		$	37,986		$	150,363


Other Comprehensive Income/(Loss):
Currency translation adjustment		1,166			(536	)		(11,299	)

Total Comprehensive Income	$	90,533		$	37,450		$	139,064


Basic and Diluted Earnings per Share	$	0.48		$	0.18		$	1.58
Weighted-average Shares Outstanding		186,575			216,712			94,932
Cash Dividends per Share	$	0.40		$	0.23		$	1.43

~~Table~~See ofNotes ~~Contents~~to Financial Statements.

~~CurrencyShares® Russian Ruble Trust~~ F-5

~~Statements~~CurrencyShares® ofRussian ~~Income~~Ruble ~~and~~Trust ~~Comprehensive Income~~

	Year endedOctober 31, 2010			Year endedOctober 31, 2009			August 8, 2008[Date of Inception]to October 31, 2008
Income
Interest Income	$	66,777		$	162,501		$	—
Total Income		66,777			162,501			—
Expenses
Sponsor’s fee		(28,791	)		(12,138	)		—
Total Expenses		(28,791	)		(12,138	)		—
Net Income	$	37,986		$	150,363		$	—
Other Comprehensive Loss:
Currency translation adjustment		(536	)		(11,299	)		(4	)
Total Comprehensive Income/(Loss)	$	37,450		$	139,064		$	(4	)
Basic and Diluted Earnings per share	$	0.18		$	1.58		$	—
Weighted-average Shares Outstanding		216,712			94,932			1
Cash Dividends per Share	$	0.23		$	1.43		$	—

Statements of Changes in Shareholders’ Equity

See Notes to Financial Statements.


	Year ended October 31, 2011			Year ended October 31, 2010			Year ended October 31, 2009
Retained Earnings, Beginning of Year	$	—		$	—		$	—
Net Income		89,367			37,986			150,363
Distributions Paid		(74,412	)		(49,472	)		(134,177	)
Adjustment of redeemable capital shares to redemption value		(14,955	)		11,486			(16,186	)

Retained Earnings, End of Year	$	—		$	—		$	—

Cumulative Translation Adjustment, Beginning of Year	$	—		$	—		$	—
Currency translation adjustment		1,166			(536	)		(11,299	)
Adjustment of redeemable capital shares to redemption value		(1,166	)		536			11,299

Cumulative Translation Adjustment, End of Year	$	—		$	—		$	—

~~F-4~~ See Notes to Financial Statements.

~~Table of Contents~~F-6

CurrencyShares^® Russian Ruble Trust

Statements of ~~Changes~~Cash inFlows ~~Shareholders’ Equity~~

	Year endedOctober 31, 2010			Year endedOctober 31, 2009			August 8, 2008[Date of Inception]to October 31, 2008
	Year endedOctober 31, 2011			Year endedOctober 31, 2010			Year endedOctober 31, 2009
Retained Earnings, Beginning of Year/Period	$	—		$	—		$	—
Cash flows from operating activities
Net Income		37,986			150,363			—
Cash received for accrued income	$	98,240		$	70,944		$	149,666
Distributions Paid		(49,472	)		(134,177	)		—
Cash paid for expenses		(25,534	)		(28,185	)		(10,321	)
Adjustment of redeemable capital shares to redemption value		11,486			(16,186	)		—
Net cash provided by operating activities		72,706			42,759			139,345
Retained Earnings, End of Year/Period	$	—		$	—		$	—
Cash flows from financing activities
Cumulative Translation Adjustment, Beginning of Year/Period	$	—		$	—		$	—
Cash received to purchase redeemable shares		5,110,275			6,640,392			6,337,258
Currency translation adjustment		(536	)		(11,299	)		(4	)
Cash paid to redeem redeemable shares		(5,108,568	)		(4,978,705	)		(1,593,563	)
Adjustment of redeemable capital shares to redemption value		536			11,299			4
Cash paid for distributions		(74,412	)		(49,472	)		(134,177	)
Cumulative Translation Adjustment, End of Year/Period	$	—		$	—		$	—
Net cash (used in)/provided by financing activities		(72,705	)		1,612,215			4,609,518
Adjustment to period cash flows due to currency movement		128,058			(328,252	)		402,004
Increase in cash		128,059			1,326,722			5,150,867
Cash at beginning of year		6,477,626			5,150,904			37
Cash at end of year	$	6,605,685		$	6,477,626		$	5,150,904
Reconciliation of net income to net cash provided by operating activities
Net Income	$	89,367		$	37,986		$	150,363
Adjustments to reconcile net income to net cash Receivable from accrued interest		(19,265	)		(3,035	)		(8,333	)
Prior period receivable from accrued interest		3,035			8,333			—
Currency translation adjustment		(478	)		(974	)		(4,436	)
Accrued sponsor fee		2,247			2,200			1,751
Prior period accrued sponsor fee		(2,200	)		(1,751	)		—
Net cash provided by operating activities	$	72,706		$	42,759		$	139,345

See Notes to Financial Statements.

F-57

~~Table~~CurrencyShares® ofRussian ~~Contents~~Ruble Trust

~~CurrencyShares®~~Notes ~~Russian~~to ~~Ruble~~Financial ~~Trust~~Statements

~~Statements~~1. ofOrganization ~~Cash~~and ~~Flows~~Description of the Trust

	Year endedOctober 31, 2010			Year endedOctober 31, 2009			August 8, 2008[Date of Inception]to October 31, 2008
Cash flows from operating activities
Cash received for accrued income	$	70,944		$	149,666		$	—
Cash paid for expenses		(28,185	)		(10,321	)		—
Net cash provided by operating activities		42,759			139,345			—
Cash flows from financing activities
Cash received to purchase redeemable shares		6,640,392			6,337,258			41
Cash paid to redeem redeemable shares		(4,978,705	)		(1,593,563	)		—
Cash paid for distributions		(49,472	)		(134,177	)		—
Net cash provided by financing activities		1,612,215			4,609,518			41
Adjustment to period cash flows due to currency movement		(328,252	)		402,004			(4	)
Increase/(Decrease) in cash		1,326,722			5,150,867			(4	)
Cash at beginning of year/period		5,150,904			37			—
Cash at end of year/period	$	6,477,626		$	5,150,904		$	37
Reconciliation of net income to net cash provided by operating activities
Net income	$	37,986		$	150,363		$	—
Adjustments to reconcile net income to net cash provided by operating activities:
Receivable from accrued interest		(3,035	)		(8,333	)		—
Prior period receivable from accrued interest		8,333			—			—
Currency translation adjustment		(974	)		(4,436	)		—
Accrued sponsor fee		2,200			1,751			—
Prior period accrued sponsor fee		(1,751	)		—			—
Net cash provided by operating activities	$	42,759		$	139,345		$	—

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 Security Investors, 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.

~~See~~The ~~Notes~~investment objective of the Trust is for the Trust’s shares (the “Shares”) to ~~Financial~~reflect ~~Statements~~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.

~~F-6~~The accompanying audited financial statements were prepared in accordance with accounting principles generally accepted in the United States of America.

~~Table~~2. ofSignificant ~~Contents~~Accounting Policies

~~CurrencyShares®~~A. ~~Russian~~Use ~~Ruble~~of ~~Trust~~ Estimates

~~Notes~~The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to ~~Financial~~make ~~Statements~~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.

1B. ~~Organization~~Foreign ~~and~~Currency ~~Description of the Trust~~Translation

The ~~CurrencyShares®~~Trustee calculates ~~Russian~~the ~~Ruble~~ Trust’s ~~(the~~net asset value (“~~Trust~~NAV”) ~~was formed~~each ~~under~~business ~~the~~day, ~~laws~~as ofdescribed ~~the~~in ~~State~~Note of4. ~~New~~For ~~York~~NAV oncalculation ~~August 7~~purposes, ~~2008.~~Russian OnRuble ~~August 8,~~deposits ~~2008,~~(cash) ~~Rydex~~are ~~Specialized~~translated ~~Products~~at ~~LLC d/b/a “Rydex Investments” (~~the ~~“Sponsor”)~~Closing ~~deposited~~Spot 1Rate,~~000~~ ~~Russian~~which ~~Rubles~~is in the ~~Trust’s primary deposit account held by JPMorgan Chase Bank, N~~U.AS.~~, London Branch~~ Dollar (~~the~~ “~~Depository~~USD”)./Russian ~~The~~Ruble ~~Sponsor~~exchange israte aas ~~Delaware~~determined ~~limited~~by ~~liability~~The ~~company~~World ~~whose~~Markets ~~sole~~Company ~~member is Rydex Advisors II~~PLC, ~~LLC (also d/b/~~a ~~“Rydex~~State ~~Investments”).~~Street ~~The Sponsor is responsible for~~business, ~~among~~at ~~other~~4:00 ~~things,~~PM ~~overseeing the performance of The Bank of New York Mellon~~ (~~the~~London ~~“Trustee”~~fixing) ~~and~~on ~~the~~each ~~Trust’s~~day ~~principal~~that ~~service~~NYSE ~~providers,~~Arca ~~including the preparation of financial statements. The Trustee~~ is ~~responsible~~ open for ~~the~~regular ~~day-to-day administration of the Trust~~trading.

The ~~investment~~functional ~~objective~~currency of the Trust is ~~for~~ the ~~Trust’s~~Russian ~~shares~~Ruble ~~(the~~in ~~“Shares”) to~~accordance ~~reflect~~with ~~the~~generally ~~price~~accepted ofaccounting ~~the~~standards. ~~Russian~~For ~~Ruble~~financial ~~plus~~statement ~~accrued~~reporting purposes, ~~interest less~~ the ~~Trust’s expenses and liabilities~~U.S. Dollar ~~The~~is ~~Shares~~the ~~are~~reporting ~~intended~~currency. toAs ~~provide investors with~~ a ~~simple~~result, ~~cost-effective~~the ~~means~~financial ofrecords ~~gaining investment benefits similar to those~~ of ~~holding~~ ~~Russian~~the ~~Rubles. The~~ Trust’s ~~assets~~are ~~primarily~~translated ~~consist~~from of Russian Rubles onto ~~demand~~USD. ~~deposit~~The inClosing ~~two~~Spot ~~deposit~~Rate ~~accounts~~on ~~maintained by~~ the ~~Depository:~~last aday ~~primary~~of ~~deposit~~the ~~account~~period ~~which~~is ~~may~~used ~~earn~~for ~~interest~~translation ~~and~~in athe ~~secondary~~statements ~~deposit account which does~~of ~~not~~financial ~~earn interest~~condition. The ~~secondary~~average ~~deposit~~Closing ~~account~~Spot isRate ~~used to account~~ for ~~any~~the ~~interest~~period ~~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,~~translation ifin ~~any, on~~ the ~~primary~~statements ~~deposit~~of ~~account,~~income ~~pay~~and ~~Trust~~comprehensive ~~expenses~~income and ~~distribute~~the ~~any~~statements ~~excess~~of ~~interest~~cash toflows. ~~holders~~Any ofcurrency ~~Shares~~translation ~~(“Shareholders”)~~adjustment onis aincluded ~~monthly~~in ~~basis.~~comprehensive income.

~~The~~C. ~~accompanying~~Federal ~~audited~~Income ~~financial statements were prepared in accordance with accounting principles generally accepted in the United States of America.~~ Taxes

2The Trust is treated as a “grantor trust” for federal income tax purposes and, therefore, no provision for federal income taxes is required. ~~Significant~~Interest, ~~Accounting~~gains ~~Policies~~and losses are passed through to the Shareholders.

~~A. Use of Estimates~~F-8

~~The~~Shareholders ~~preparation~~generally ~~of financial~~will ~~statements~~be intreated, ~~conformity~~for ~~with~~U.S. ~~accounting~~federal ~~principles~~income ~~generally~~tax ~~accepted~~purposes, inas ~~the~~if ~~United~~they ~~States~~directly ofowned ~~America~~a pro-rata ~~requires~~share ~~management~~of tothe ~~make~~assets ~~estimates~~held ~~and~~in ~~assumptions~~the ~~that~~Trust. ~~affect~~Shareholders ~~the~~also ~~reported~~will ~~amounts~~be oftreated ~~the~~as ~~assets,~~if ~~liabilities~~they ~~and~~directly ~~disclosures~~received ~~of contingent~~their ~~liabilities~~respective atpro-rata ~~the~~portion ~~date~~ of the ~~financial~~Trust’s ~~statements~~income, if any, and ~~the~~as ~~reported~~if ~~amounts~~they ofdirectly ~~revenue~~incurred ~~and~~their ~~expenses~~respective ~~during~~pro-rata portion of the ~~period~~Trust’s ~~and~~expenses. ~~the~~The ~~evaluation~~acquisition of ~~subsequent~~Shares ~~events~~by ~~through~~a ~~the~~U.S. ~~issuance~~Shareholder ~~date~~as part of ~~the~~a ~~financial~~creation ~~statements.~~of ~~Actual~~a ~~results~~Basket ~~could differ~~will ~~from~~not ~~those~~be ~~estimates~~a taxable event to the Shareholder.

BThe Sponsor’s fee accrues daily and is payable monthly. ~~Foreign~~For ~~Currency~~U.S. ~~Translation~~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 ~~Trustee calculates~~Trust ~~the~~does ~~Trust’s~~not ~~net~~expect ~~asset~~to ~~value~~generate taxable income except for interest income (~~“NAV”~~if any) ~~each~~and ~~business~~gain ~~day,~~(if asany) ~~described~~upon inthe ~~Note~~sale of 4Russian Rubles. ~~For~~A ~~NAV~~non-U.S. ~~calculation~~Shareholder ~~purposes,~~generally ~~Russian~~will ~~Ruble~~not ~~deposits~~be ~~(cash)~~subject ~~are~~to ~~translated~~U.S. atfederal income tax with respect to gain recognized upon the ~~Closing~~sale ~~Spot~~or ~~Rate~~other disposition of Shares, ~~which~~or isupon the sale of Russian Rubles by the Trust, unless: (1) the non-U.S. ~~Dollar (“USD”)/Russian~~ ~~Ruble~~Shareholder ~~exchange~~is ~~rate~~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 ~~determined~~being byfrom ~~WM/Reuters~~United atStates ~~4:00~~sources; PMor (~~London time~~2) the ongain ~~each~~is ~~day~~effectively connected ~~that~~with ~~NYSE~~the ~~Arca~~conduct isby ~~open~~the ~~for~~non-U.S. ~~regular~~Shareholder ~~trading~~of a trade or business in the United States.

~~The~~A ~~functional~~non-U.S. ~~currency~~Shareholder’s portion of any ~~the~~interest ~~Trust~~income isearned by the ~~Russian~~Trust ~~Ruble~~generally inwill ~~accordance~~not ~~with~~be ~~generally~~subject ~~accepted~~to ~~accounting standards~~U.S. ~~For~~federal ~~financial~~income ~~statement~~tax ~~reporting~~unless ~~purposes,~~ the Shares owned by such non-U.S. ~~Dollar~~ isShareholder ~~the~~are ~~reporting currency.~~effectively Asconnected awith ~~result,~~ the ~~financial~~conduct ~~records~~by of the ~~Trust~~non-U.S. ~~are~~Shareholder ~~translated~~of ~~from~~a ~~Russian~~trade ~~Rubles~~or tobusiness ~~USD.~~in the ~~The~~United States.

~~F-7~~ D. Revenue Recognition

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

~~Closing Spot Rate on the last day of the period is used for translation in the statements of financial condition~~E. 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. Dividends

CTo 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. ~~Federal~~The ~~Income~~Trustee ~~Taxes~~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 $0.08516 per share with an ex-dividend date of November 1, 2011 was paid on November 8, 2011.

~~The Trust is treated as a “grantor trust” for federal income tax purposes and, therefore, no provision for federal income taxes is required~~3. ~~Interest,~~Russian ~~gains~~Ruble ~~and losses are passed through to the Shareholders.~~ Deposits

~~Shareholders~~Russian ~~generally~~Ruble ~~will~~principal bedeposits ~~treated~~are held in a Russian Ruble-denominated, ~~for~~interest-bearing Udemand account.S. ~~federal~~For ~~income~~the ~~tax~~year ~~purposes~~ended October 31, as2011, ifthere ~~they~~were ~~directly~~Russian ~~owned~~Ruble aprincipal ~~pro-rata~~deposits ~~share~~ of ~~the~~149,911,060 ~~assets~~and ~~held~~Russian Ruble principal redemptions of 199,881,413, resulting in ~~the~~an ~~Trust~~ending Russian Ruble principal balance of 149,911,060. This equates to 4,954,264 USD (which ~~Shareholders~~includes ~~also~~USD ~~will~~redemptions bepayable). ~~treated~~For asthe ifyear ~~they~~ended ~~directly~~October 31, ~~received~~2010, ~~their~~there ~~respective~~were ~~pro-rata~~Russian ~~portion~~Ruble ofprincipal ~~the~~deposits ~~Trust’s~~of ~~income~~200,000,000, ifRussian ~~any~~Ruble principal redemptions of 150,000,000, and asRussian ifRuble ~~they~~withdrawals ~~directly~~(to ~~incurred~~pay ~~their~~expenses) ~~respective~~of ~~pro-rata~~118,587, resulting ~~portion~~in ofan ~~the~~ending ~~Trust’s~~Russian ~~expenses.~~Ruble ~~The~~principal ~~acquisition~~balance of ~~Shares~~ by199,881,413. aThis Uequates to 6,477,626 USD.S. ~~Shareholder~~For asthe ~~part~~year ended October 31, 2009, there were Russian Ruble principal deposits of a200,000,000 ~~creation~~and Russian Ruble principal redemptions of 50,001,000, aresulting ~~Basket~~in ~~will~~an ~~not~~ending beRussian aRuble ~~taxable~~principal ~~event~~balance of 150,000,000. This equates to ~~the~~5,150,904 ~~Shareholder~~USD.

~~The~~Net ~~Sponsor’s~~interest, ~~fee~~if ~~accrues~~any, ~~daily~~associated ~~and~~with iscreation ~~payable~~and ~~monthly.~~redemption ~~For~~activity ~~U.S.~~is ~~federal~~held ~~income~~in ~~tax~~a ~~purposes,~~Russian ~~an accrual~~Ruble-~~basis~~denominated ~~U.S. Shareholder generally will be required to take into account as an expense its allocable portion of the USD~~non-~~equivalent~~interest-bearing ~~of the amount of the Sponsor’s fee that is accrued on each day~~account, ~~with~~and ~~such~~any ~~USD-equivalent~~balance ~~being determined by the currency exchange rate that~~ is distributed in ~~effect~~full onas ~~the~~part ~~respective day. To the extent that the currency exchange rate on the date~~ of ~~payment of~~ the ~~accrued~~monthly ~~amount~~income ~~of the Sponsor’s fee differs from the currency exchange rate in effect on the day of accrual~~distributions, ~~the~~if Uany.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~~F-~~U.S. Shareholder generally will not be subject to U.S.~~9 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~~4.S. ~~Shareholder’s~~Redeemable ~~portion~~Capital ~~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.~~

DShares are classified as “redeemable” for financial statement purposes, since they are subject to redemption. ~~Revenue~~Shares ~~Recognition~~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.

~~Interest~~Due onto expected continuing creations and redemptions of Baskets and the ~~primary~~ ~~deposit~~three-day ~~account,~~period iffor ~~any~~settlement of each creation or redemption, ~~accrues~~the ~~daily~~Trust reflects Shares created as ~~earned~~a ~~and~~receivable. isShares ~~received~~redeemed are reflected as a liability on the trade date. Outstanding Shares are reflected at a ~~monthly~~redemption ~~basis~~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.

E.Activity ~~Dividends~~in redeemable capital Shares is as follows:

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 $0.00417 per share with an ex-dividend date of November 1, 2010 was paid on November 8, 2010.


	Year ended October 31, 2011						Year ended October 31, 2010						Year ended October 31, 2009
	Shares			U.S. Dollar Amount			Shares			U.S. Dollar Amount			Shares			U.S. Dollar Amount
Opening balance		200,000		$	6,478,461			150,000		$	5,157,486			1		$	37
Shares issued		150,000			5,110,275			200,000			6,640,392			200,000			6,337,258
Shares redeemed		(200,000	)		(6,815,382	)		(150,000	)		(4,978,705	)		(50,001	)		(1,593,563	)
Adjustment to period Shares due to currency movement and other		—			193,673			—			(340,712	)		—			413,754

Ending balance		150,000		$	4,967,027			200,000		$	6,478,461			150,000		$	5,157,486

~~F-8~~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.

~~Table of Contents~~F-10

35. ~~Russian~~Selected ~~Ruble~~Quarterly ~~Deposits~~Information (Unaudited)

~~Russian~~Fiscal ~~Ruble principal~~Period ~~deposits~~Ended ~~are held in a Russian Ruble-denominated, interest-bearing demand account. For the year ended~~ October 31, ~~2010,~~2011: there were Russian Ruble principal deposits of 200,000,000, Russian Ruble principal redemptions of 150,000,000, and Russian Ruble withdrawals (to pay expenses) of 118,587, resulting in an ending Russian Ruble principal balance of 199,881,413. This equates to 6,477,626 USD. For the year ended October 31, 2009, there were Russian Ruble principal deposits of 200,000,000 and Russian Ruble principal redemptions of 50,001,000, resulting in an ending Russian Ruble principal balance of 150,000,000. This equates to 5,150,904 USD. For the period from August 8, 2008 (date of inception) to October 31, 2008, there were Russian Ruble principal deposits of 1,000 and no Russian Ruble principal redemptions resulting in an ending Russian Ruble principal balance of 1,000. This equates to 37 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.


	Three months ended October 31, 2011			Three months ended July 31, 2011			Three months ended April 30, 2011			Three months ended January 31, 2011
Income
Interest Income	$	43,557		$	34,061		$	18,549		$	18,750

Total Income		43,557			34,061			18,549			18,750

Expenses
Sponsor’s fee		(6,220	)		(6,905	)		(5,852	)		(6,573	)

Total Expenses		(6,220	)		(6,905	)		(5,852	)		(6,573	)
Net Income	$	37,337		$	27,156		$	12,697		$	12,177
Other Comprehensive (Loss)/Income:
Currency translation adjustment		(36	)		294			544			364

Total Comprehensive Income	$	37,301		$	27,450		$	13,241		$	12,541

Basic and Diluted Earnings per Share	$	0.20		$	0.15		$	0.07		$	0.06
Weighted-average Shares Outstanding		184,783			183,696			177,528			200,000
Cash Dividends per Share	$	0.16		$	0.14		$	0.05		$	0.06

Fiscal Period Ended October 31, 2010:

	Three months ended October 31, 2010			Three months ended July 31, 2010			Three months ended April 30, 2010			Three months ended January 31, 2010
Income
Interest Income	$	4,578		$	5,545		$	17,461		$	39,193

Total Income		4,578			5,545			17,461			39,193

Expenses
Sponsor’s fee		(6,607	)		(6,550	)		(6,793	)		(8,841	)

Total Expenses		(6,607	)		(6,550	)		(6,793	)		(8,841	)
Net (Loss)/Income	$	(2,029	)	$	(1,005	)	$	10,668		$	30,352
Other Comprehensive Income/(Loss):
Currency translation adjustment		23			(16	)		142			(685	)

Total Comprehensive (Loss)/Income	$	(2,006	)	$	(1,021	)	$	10,810		$	29,667

Basic and Diluted Earnings per Share	$	(0.01	)	$	(0.01	)	$	0.05		$	0.12
Weighted-average Shares Outstanding		200,000			200,000			204,494			261,957
Cash Dividends per Share	$	—		$	0.01		$	0.07		$	0.13

~~4. Redeemable Capital Shares~~F-11

~~Shares are classified as “redeemable” for financial statement purposes, since they are subject to redemption~~6. 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’s ~~governing, among other matters, the creation and redemption process. Authorized Participants may redeem their Shares at any time in Baskets.~~ Fee

~~Due~~The toSponsor’s ~~expected~~fee ~~continuing~~accrues ~~creations~~daily ~~and redemptions~~at ofan ~~Baskets~~annual ~~and~~nominal ~~the~~rate ~~three-day~~of ~~period~~0.40% ~~for settlement~~ of ~~each~~the ~~creation~~Russian orRubles ~~redemption,~~in the Trust ~~reflects~~(including ~~Shares~~all ~~created~~unpaid interest asbut aexcluding ~~receivable.~~unpaid ~~Shares~~fees, ~~redeemed~~each ~~are reflected~~ as aaccrued ~~liability~~through on the ~~trade~~immediately ~~date.~~preceding ~~Outstanding~~day) ~~Shares~~and ~~are reflected at a redemption value, which~~ is ~~the~~paid ~~NAV per Share at the period end date~~monthly. ~~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.~~

~~F-9~~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.

~~Table~~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 ~~Contents~~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.

~~Activity~~7. inRelated ~~redeemable capital Shares is as follows:~~ Parties

	Year endedOctober 31, 2010						Year endedOctober 31, 2009						August 8, 2008[Date of Inception]to October 31, 2008
	Shares			U.S. DollarAmount			Shares			U.S. DollarAmount			Shares		U.S. DollarAmount
Opening balance		150,000		$	5,157,486			1		$	37			—	$	—
Shares issued		200,000			6,640,392			200,000			6,337,258			1		41
Shares redeemed		(150,000	)		(4,978,705	)		(50,001	)		(1,593,563	)		—		—
Adjustment to period Shares due to currency movement and other		—			(340,712	)		—			413,754			—		(4	)
Ending balance		200,000		$	6,478,461			150,000		$	5,157,486			1	$	37

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.

~~The Trustee calculates the Trust’s NAV each business day~~8. ToConcentration 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. Risk

~~F-10~~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.

~~Table~~All of ~~Contents~~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.

59. ~~Selected~~Commitments ~~Quarterly~~and ~~Information (Unaudited)~~Contingencies

~~Fiscal~~Under ~~Period~~the ~~Ended~~Trust’s ~~October 31~~organizational documents, ~~2010:~~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.

	Three monthsendedOctober 31, 2010			Three monthsendedJuly 31, 2010			Three monthsendedApril 30, 2010			Three monthsendedJanuary 31, 2010
Income
Interest income	$	4,578		$	5,545		$	17,461		$	39,193
Total Income		4,578			5,545			17,461			39,193
Expenses
Sponsor’s fee		(6,607	)		(6,550	)		(6,793	)		(8,841	)
Total Expenses		(6,607	)		(6,550	)		(6,793	)		(8,841	)
Net (Loss)/Income	$	(2,029	)	$	(1,005	)	$	10,668		$	30,352
Other Comprehensive Income/(Loss):
Currency translation adjustment		23			(16	)		142			(685	)
Total Comprehensive (Loss)/Income	$	(2,006	)	$	(1,021	)	$	10,810		$	29,667
Basic and Diluted Earnings per Share	$	(0.01	)	$	(0.01	)	$	0.05		$	0.12
Weighted-average Shares Outstanding		200,000			200,000			204,494			261,957
Cash Dividends per Share	$	—		$	0.01		$	0.07		$	0.13

F-12

~~Fiscal~~SIGNATURES ~~Period Ended October 31, 2009:~~

	Three monthsendedOctober 31, 2009			Three monthsendedJuly 31, 2009			Three monthsendedApril 30, 2009			Three monthsendedJanuary 31, 2009
Income
Interest income	$	38,880		$	26,950		$	16,448		$	80,223
Total Income		38,880			26,950			16,448			80,223
Expenses
Sponsor’s fee		(4,947	)		(3,168	)		(1,412	)		(2,611	)
Total Expenses		(4,947	)		(3,168	)		(1,412	)		(2,611	)
Net Income	$	33,933		$	23,782		$	15,036		$	77,612
Other Comprehensive Income/(Loss):
Currency translation adjustment		1,736			(27	)		685			(13,693	)
Total Comprehensive Income	$	35,669		$	23,755		$	15,721		$	63,919
Basic and Diluted Earnings per Share	$	0.23		$	0.22		$	0.30		$	1.02
Weighted-average Shares Outstanding		150,000			107,609			50,000			76,087
Cash Dividends per Share	$	0.26		$	0.23		$	0.51		$	0.63

Pursuant to the requirements of Section 13 or 15(d) 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 in the City of Rockville, State of Maryland, on January 13, 2012.

~~F-11~~ CURRENCYSHARES® RUSSIAN RUBLE TRUST By Rydex Specialized Products LLC Sponsor of the CurrencyShares® Russian Ruble Trust By: /s/ NIKOLAOS BONOS Nikolaos Bonos Chief Executive Officer

~~Table~~Pursuant to the requirements of ~~Contents~~the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities* and on the dates indicated.

6. Sponsor’s Fee


Signature	Capacity	Date

/S/ NIKOLAOS BONOS	Director and Chief Executive Officer	January 13, 2012
Nikolaos Bonos	(principal executive officer)

/S/ JOSEPH ARRUDA	Director and Chief Financial Officer	January 13, 2012
Joseph Arruda	(principal financial officer and principal accounting officer)

/s/ MICHAEL BYRUM	Director	January 13, 2012
Michael Byrum

* The ~~Sponsor’s fee~~registrant ~~accrues~~is ~~daily~~a attrust anand ~~annual nominal rate of 0.40% of~~ the ~~Russian~~persons ~~Rubles~~are signing in ~~the~~their ~~Trust~~capacities ~~(including~~as ~~all~~officers ~~unpaid~~or ~~interest~~directors ~~but~~of ~~excluding~~Rydex ~~unpaid~~Specialized ~~fees~~Products LLC, ~~each~~the asSponsor ~~accrued~~of ~~through~~ the ~~immediately preceding day) and is paid monthly~~registrant.

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.

7. Related Parties

8. 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.

9. 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.

F-12

SIGNATURES

CURRENCYSHARES® RUSSIAN RUBLE TRUST By Rydex Specialized Products LLC Sponsor of the CurrencyShares® Russian Ruble Trust By: /s/ NICK BONOS Nick Bonos Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities* and on the dates indicated.

Signature	Capacity	Date
/s/ NICK BONOS Nick Bonos	Director and Chief Executive Officer(principal executive officer)	January 14, 2011
/s/ JOSEPH ARRUDA Joseph Arruda	Director and Chief Financial Officer (principal financial officer and principal accounting officer)	January 14, 2011
/s/ MICHAEL BYRUM Michael Byrum	Director	January 14, 2011

* The registrant is a trust and the persons are signing in their capacities as officers or directors of Rydex Specialized Products LLC, the Sponsor of the registrant.

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