UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) ~~OF THE SECURITIES EXCHANGE ACT OF 1934~~

~~For~~OF ~~the~~THE ~~quarterly~~SECURITIES ~~period~~EXCHANGE ~~ended~~ACT ~~July 31,~~OF ~~2011~~1934

For the quarterly period ended January 31, 2012

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) ~~OF THE SECURITIES EXCHANGE ACT OF 1934~~

OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 001-34163

CurrencyShares^® Russian Ruble Trust

Sponsored by Rydex Specialized Products LLC,

d/b/a Rydex Investments

(Exact name of registrant as specified in its charter)

New York		No. 30-6164137
(State or other jurisdiction ofincorporation or organization)		(IRS EmployerIdentification No.)
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)

805 King Farm Boulevard, Suite 600Rockville, Maryland	20850
		805 King Farm Boulevard, Suite 600 Rockville, Maryland	20850
~~(Address of principal executive offices)~~	~~(Zip Code)~~	(Address of principal executive offices)	(Zip Code)

(301) 296-5100

(Registrant’s telephone number, including area code)

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

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (~~232~~d232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨

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

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

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

CURRENCYSHARES^® RUSSIAN RUBLE TRUST

INDEX

Caption	Page
PART I FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
Statements of Financial Condition at July 31, 2011 and October 31, 2010		2
Statements of Financial Condition at January 31, 2012 and October 31, 2011		2
Statements of Income and Comprehensive Income for the three months ended July 31, 2011, the three months ended July 31, 2010, the nine months ended July 31, 2011 and the nine months ended July 31, 2010		3
Statements of Income and Comprehensive Income for the three months ended January 31, 2012 and the three months ended January 31, 2011		3
Statements of Changes in Shareholders’ Equity for the nine months ended July 31, 2011 and the year ended October 31, 2010		4
Statements of Changes in Shareholders’ Equity for the three months ended January 31, 2012 and the year ended October 31, 2011		4
Statements of Cash Flows for the nine months ended July 31, 2011 and the nine months ended July 31, 2010		5
Statements of Cash Flows for the three months ended January 31, 2012 and the three months ended January 31, 2011		5
Notes to Financial Statements		6
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		10
Item 3. Quantitative and Qualitative Disclosures about Market Risk		1314
Item 4. Controls and Procedures		1314
Part II OTHER INFORMATION
Item 1. Legal Proceedings		1415
Item 1A. Risk Factors		1415
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		1415
Item 3. Defaults Upon Senior Securities		1415
Item 4. (Removed and Reserved)		1415
Item 5. Other Information		1415
Item 6. Exhibits		1516
SIGNATURES		1617

PART I – FINANCIAL INFORMATION

Item 1.

Financial Statements

CurrencyShares^® Russian Ruble Trust

Statements of Financial Condition

	July 31, 2011(Unaudited)		October 31, 2010
	January 31, 2012(Unaudited)		October 31, 2011
Assets
Current Assets:
Russian Ruble deposits, interest bearing	$	54,~~424~~953,~~014~~077	$	6,~~477~~605,~~626~~685
Russian Ruble deposits, non-interest bearing		—		—
Receivable from accrued interest		819,~~946~~962		319,~~035~~265
Total Current Assets	$	54,~~432~~973,~~960~~039	$	6,~~480~~624,~~661~~950
Liabilities, Redeemable Capital Shares and Shareholders’ Equity
Current Liabilities:
Accrued Sponsor’s fee	$	1,844	$	2,200
Redemptions Payable	$	—	$	1,655,676
Total Current Liabilities		1,844		2,200
Accrued Sponsor’s fee		1,682		2,247
Total Current Liabilities		1,682		1,657,923
Commitments and Contingent Liabilities (note 8)		—		—
Redeemable Capital Shares, at redemption value, no par value, 25,750,000 authorized – 150,000 and 200,000 issued and outstanding		5,431,116		6,478,461
Redeemable Capital Shares, at redemption value, no par value, 25,750,000 authorized – 150,000 issued and outstanding		4,971,357		4,967,027
Shareholders’ Equity:
Retained Earnings		—		—
Cumulative Translation Adjustment		—		—
Total Liabilities, Redeemable Capital Shares and Shareholders’ Equity	$	54,~~432~~973,~~960~~039	$	6,~~480~~624,~~661~~950

See Notes to Financial Statements.

CurrencyShares^® Russian Ruble Trust

Statements of Income and Comprehensive Income

(Unaudited)

	Three months endedJuly 31, 2011			Three months endedJuly 31, 2010			Nine months endedJuly 31, 2011			Nine months endedJuly 31, 2010
	Three monthsendedJanuary 31, 2012			Three monthsendedJanuary 31, 2011
Income
Interest Income	$	3454,~~061~~348		$	518,~~545~~750		$	~~71,359~~		$	~~62,198~~
Total Income		3454,~~061~~348			518,~~545~~750			~~71,359~~			~~62,198~~
Expenses
Sponsor’s fee		(64,~~905~~848	)		(6,~~550~~573	)		~~(19,330~~	)		~~(22,183~~	)
Total Expenses		(64,~~905~~848	)		(6,~~550~~573	)		~~(19,330~~	)		~~(22,183~~	)
Net Income/(Loss)	$	27,156		$	(1,005	)	$	52,029		$	40,015
Net Income	$	49,500		$	12,177
Other Comprehensive Income/(Loss):
Other Comprehensive Income:
Currency translation adjustment		~~294~~1,621			~~(16~~364	)		~~1,202~~			~~(559~~	)
Total Comprehensive Income/(Loss)	$	27,450		$	(1,021	)	$	53,231		$	39,456
Total Comprehensive Income	$	51,121		$	12,541
Basic and Diluted Earnings per Share	$	0.1533		$	(0.0106	)	$	~~0.28~~		$	~~0.18~~
Weighted-average Shares Outstanding		~~183~~150,~~696~~000			200,000			~~187,179~~			~~222,344~~
Cash Dividends per Share	$	0.1429		$	0.0106		$	~~0.24~~		$	~~0.23~~

See Notes to Financial Statements.

CurrencyShares^® Russian Ruble Trust

Statements of Changes in Shareholders’ Equity

	Nine months endedJuly 31, 2011(Unaudited)			Year endedOctober 31, 2010
	Three months endedJanuary 31, 2012(Unaudited)			Year endedOctober 31, 2011
Retained Earnings, Beginning of Period	$	—		$	—
Net Income		5249,~~029~~500			3789,~~986~~367
Distributions Paid		(4544,~~265~~033	)		(4974,~~472~~412	)
Adjustment of redeemable capital shares to redemption value		(65,~~764~~467	)		11(14,~~486~~955	)
Retained Earnings, End of Period	$	—		$	—
Cumulative Translation Adjustment, Beginning of Period	$	—		$	—
Currency translation adjustment		1,~~202~~621			~~(536~~1,166	)
Adjustment of redeemable capital shares to redemption value		(1,~~202~~621	)		~~536~~(1,166	)
Cumulative Translation Adjustment, End of Period	$	—		$	—

See Notes to Financial Statements.

CurrencyShares^® Russian Ruble Trust

Statements of Cash Flows

(Unaudited)

	Nine months endedJuly 31, 2011			Nine months endedJuly 31, 2010
	Three months endedJanuary 31, 2012			Three months endedJanuary 31, 2011
Cash flows from operating activities
Cash received for accrued income	$	6553,~~476~~669		$	6818,~~022~~107
Cash paid for expenses		(195,~~909~~395	)		(216,~~585~~573	)
Net cash provided by operating activities		4548,~~567~~274			4611,~~437~~534
Cash flows from financing activities
Cash received to purchase redeemable shares		3,440,489			6,667,535
Cash paid to redeem redeemable shares		(1,602,914	)		—
Cash paid to redeem redeemable shares		(5,160,538	)		(4,999,056	)
Cash paid for distributions		(44,033	)		(11,534	)
Cash paid for distributions		(45,265	)		(49,674	)
Net cash used in financing activities		(1,646,947	)		(11,534	)
Net cash (used in)/provided by financing activities		(1,765,314	)		1,618,805
Adjustment to period cash flows due to currency movement		(53,935	)		234,759
Adjustment to period cash flows due to currency movement		666,135			(217,018	)
(Decrease)/Increase in cash		(1,652,608	)		234,759
(Decrease)/Increase in cash		(1,053,612	)		1,448,224
Cash at beginning of period		6,605,685			6,477,626
Cash at beginning of period		6,477,626			5,150,904
Cash at end of period	$	4,953,077		$	6,712,385
Cash at end of period	$	5,424,014		$	6,599,128
Reconciliation of net income to net cash provided by operating activities
Net Income	$	5249,~~029~~500		$	4012,~~015~~177
Adjustments to reconcile net income to net cash provided by operating activities:
Receivable from accrued interest		(819,~~946~~962	)		(13,~~663~~807	)
Prior period receivable from accrued interest		319,~~035~~265			83,~~333~~035
Currency translation adjustment		~~(195~~36	)		~~(738~~49	)
Accrued sponsor fee		1,~~844~~682			2,~~241~~280
Prior period accrued sponsor fee		(2,~~200~~247	)		(12,~~751~~200	)
Net cash provided by operating activities	$	4548,~~567~~274		$	4611,~~437~~534

See Notes to Financial Statements.

CurrencyShares^® Russian Ruble Trust

Notes to Financial Statements

(Unaudited)

1.	Organization and Description of the Trust

The CurrencyShares® Russian Ruble Trust (the “"Trust”") was formed under the laws of the State of New York on August 7, 2008. On August 8, 2008, Rydex Specialized Products LLC d/b/a “"Rydex Investments”" (the “"Sponsor”") deposited 1,000 Russian Rubles in the Trust’s primary deposit account held by JPMorgan Chase Bank, N.A., London Branch (the “"Depository”"). The Sponsor is a Delaware limited liability company whose sole member is 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.

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

The accompanying unaudited financial statements were prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions for Form 10-Q. In the opinion of management, all material adjustments, consisting only of normal recurring adjustments, considered necessary for a fair statement of the interim period financial statements have been made. Interim period results are not necessarily indicative of results for a full-year period. These financial statements and the notes thereto should be read in conjunction with the Trust’s financial statements included in the Form 10-K/A as filed on ~~March~~January 1013, ~~2011~~2012.

2.	Significant Accounting Policies

Use of Estimates

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

Foreign Currency Translation

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

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

Federal Income Taxes

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

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

The Sponsor’s fee accrues daily and is payable monthly. For U.S. federal income tax purposes, an accrual-basis U.S. Shareholder generally will be required to take into account as an expense its allocable portion of the USD-equivalent of the amount of the Sponsor’s fee that is accrued on each day, with such USD-equivalent being determined by the currency exchange rate that is in effect on the respective day. To the extent that the currency exchange rate on the date of payment of the accrued amount of the Sponsor’s fee differs from the currency exchange rate in effect on the day of accrual, the U.S. Shareholder will recognize a currency gain or loss for U.S. federal income tax purposes. The Trust does not expect to generate taxable income except for interest income (if any) and gain (if any) upon the sale of Russian Rubles. A non-U.S. Shareholder generally will not be subject to U.S. federal income tax with respect to gain recognized upon the sale or other disposition of Shares, or upon the sale of Russian Rubles by the Trust, unless: (1) the non-U.S. Shareholder is an individual and is present in the United States for 183 days or more during the taxable year of the sale or other disposition, and the gain is treated as being from United States sources; or (2) the gain is effectively connected with the conduct by the non-U.S. Shareholder of a trade or business in the United States.

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

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

Revenue Recognition

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

Dividends

To the extent that the interest earned by the Trust, if any, exceeds the sum of the Sponsor’s fee for the prior month plus other Trust expenses, if any, the Trust will distribute, as a dividend (herein referred to as dividends or distributions), the excess interest earned in Russian Rubles effective on the first business day of the subsequent month. The Trustee will direct that the excess Russian Rubles be converted into USD at a prevailing market rate and the Trustee will distribute the USD as promptly as practicable to Shareholders on a pro-rata basis (in accordance with the number of Shares that they own). An income distribution of $0.~~04734~~12149 per share with an ex-dividend date of ~~August~~February 1, ~~2011~~2012 was paid on ~~August~~February 8, ~~2011~~2012.

3.	Russian Ruble Deposits

Russian Ruble principal deposits are held in a Russian Ruble-denominated, interest-bearing demand account. For the ~~nine~~three months ended ~~July~~January 31, ~~2011~~2012, there were no Russian Ruble principal deposits ~~of 99,940,706~~ and no Russian Ruble principal redemptions ~~of 149~~,~~911,060,~~ resulting in an ending Russian Ruble principal balance of 149,911,~~059~~060. This equates to 54,~~424~~953,~~014~~077 USD. For the year ~~ended~~ ended October 31, ~~2010~~2011, there were Russian Ruble principal deposits of ~~200~~149,~~000~~911,~~000,~~060 and Russian Ruble principal redemptions of ~~150~~199,~~000~~881,~~000~~413, ~~and Russian Ruble withdrawals (to pay expenses) of 118,587,~~ resulting in an ending Russian Ruble principal balance of ~~199~~149,~~881~~911,~~413~~060. This equates to 64,~~477~~954,~~626~~264 USD (which includes USD redemptions payable).

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

4.	Redeemable Capital Shares

Shares are classified as “"redeemable”" for financial statement purposes, since they are subject to redemption. Shares are issued and redeemed continuously in Baskets in exchange for Russian Rubles. Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. Only Authorized Participants (as defined below)

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

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

Activity in redeemable capital Shares is as follows:

Nine months endedJuly 31, 2011(Unaudited)

Year endedOctober 31, 2010

Three months endedJanuary 31, 2012(Unaudited)

Year endedOctober 31, 2011

U.S. DollarAmount

Opening balance

~~200~~150,000

64,~~478~~967,~~461~~027

~~150~~200,000

56,~~157~~478,~~486~~461

Shares issued

~~100,000~~—

~~3,440,489~~—

~~200~~150,000

65,~~640~~110,~~392~~275

Shares redeemed

~~(150,000~~—

)

~~(5,160,538~~—

)

(~~150~~200,000

)

(46,~~978~~815,~~705~~382

)

Adjustment to period Shares due to currency movement and other

—

~~672~~4,~~704~~330

—

~~(340~~193,~~712~~673

)

Ending balance

150,000

54,~~431~~971,~~116~~357

~~200~~150,000

64,~~478~~967,~~461~~027

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.

5.	Sponsor’s Fee

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

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

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

6.	Related Parties

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

7.	Concentration Risk

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

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

8.	Commitments and Contingencies

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

9.	Subsequent Event

On February 22, 2012, the Sponsor announced that it will terminate the Trust and withdraw the Trust’s listing with NYSE Arca. The last day of trading for the Shares on NYSE Arca, and the last day on which baskets of Shares may be created or redeemed, will be March 23, 2012.

Item 2. ~~MANAGEMENT~~Management’Ss ~~DISCUSSION~~Discussion ~~AND~~and ~~ANALYSIS~~Analysis OFof ~~FINANCIAL~~Financial ~~CONDITION AND~~Condition ~~RESULTS~~and OFResults ~~OPERATIONS~~of Operations

Cautionary Statement Regarding Forward-Looking Information

This 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 contained in ~~this~~the Trust’s most recent annual report on Form 10-K for a description of other risks and uncertainties that may affect an investment in the Shares.

Neither Rydex Specialized Products LLC d/b/a Rydex Investments (the “"Sponsor”") nor any other person assumes responsibility for the accuracy or completeness of forward-looking statements contained in this report. 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.

Trust Overview

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

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

Definition of Net Asset Value

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, 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 WMThe World Markets Company PLC, a State Street business, as of 4:00 PM (London ~~time~~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 Trustee also determines the NAV per Share, which equals the NAV of the Trust, divided by the number of outstanding Shares. The NAV of the Trust and the NAV per Share are published by the Sponsor on each day that NYSE Arca is open for regular trading and are posted on the Trust’s website, www.currencyshares.com.

Movements in the Price of Russian Ruble

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

LOGO

1011

NAV per Share; Valuation of the Russian Ruble

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

LOGO

1112

Liquidity

The Sponsor is not aware of any trends, demands, conditions or events that are reasonably likely to result in material changes to the Trust’s liquidity needs. The Trust’s Depository, 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~~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 ~~July~~January 31, ~~2011~~2012 was an annual nominal rate of 24.85%. The following chart provides the daily rate paid by the Depository since the Shares began trading:

LOGO

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

~~XRU~~FXRU Distribution History

Date	Value		NAV		Yield			~~AnnualizedYield~~Annualized Yield
7/1/2011	$	0.04053	$	35.84		0.11	%		1.38	%
1/3/2012	$	0.11518	$	31.23		0.37	%	4.35%
6/1/2011	$	0.05437	$	35.76		0.15	%		1.79	%
12/1/2011	$	0.09412	$	32.63		0.29	%	3.52%
5/2/2011	$	0.02672	$	36.54		0.07	%		0.89	%
11/1/2011	$	0.08516	$	33.11		0.26	%	3.04%

Critical Accounting Estimates

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

1213

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

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

Results of Operations

As of October 31, ~~2010~~2011, the number of Russian Rubles owned by the Trust was ~~199~~149,~~881~~911,~~413~~060, resulting in a redeemable capital ~~Share~~share value of $64,~~478~~967,~~461~~027. During the ~~nine~~three months ended ~~July~~January 31, ~~2011,~~ ~~100~~2012,~~000~~ no Shares were created ~~in exchange for 99,940,706 Russian Rubles~~ and ~~150,000~~no Shares were redeemed ~~in exchange for 149,911,060 Russian Rubles~~. As of ~~July~~January 31, ~~2011~~2012, the number of Russian Rubles owned by the Trust was 149,911,~~059~~060, resulting in a redeemable capital Share value of $54,~~431~~971,~~116~~357.

~~The~~Growth ~~decrease~~ in the Trust’s redeemable capital Share value from $64,~~478~~967,~~461~~027 at October 31, ~~2010~~2011 to $54,~~431~~971,~~116~~357 at ~~July~~January 31, ~~2011~~2012 was primarily due ~~the~~to ~~result~~an ofincrease ~~a decrease~~ in ~~the~~interest ~~Shares~~income ~~outstanding~~resulting from ~~200,000~~an atincrease ~~October 31, 2010 to 150,000 at July 31, 2011. This decrease~~ in ~~redeemable~~the ~~capital~~annual ~~Share~~nominal ~~value~~interest ~~was partially~~rate ~~offset~~paid by ~~an increase in~~ the ~~Closing~~Depository, ~~Spot~~as ~~Rate~~set ~~from~~forth ~~0.03241at~~in ~~October 31,~~the ~~2010~~chart ~~to 0~~above.~~03618~~ ~~at July 31, 2011.~~

Interest income increased from $518,~~545~~750 for the three months ended ~~July~~January 31, ~~2010~~2011 to $3454,~~061~~348 for the three months ended ~~July~~January 31, ~~2011~~2012, ~~and increased from $62,198 for the nine months ended July 31, 2010 to $71,359 for the nine months ended July 31, 2011,~~ attributable primarily to an increase in the annual nominal interest rate paid by the Depository, as set forth in the chart above, but partially offset by a decrease in the weighted-average Russian Rubles in the Trust.

The Sponsor’s fee accrues daily at an annual nominal rate of 0.40% of the Russian Rubles in the Trust. Due primarily to ~~an increase in the Closing Spot Rate, as set forth in the chart above, but partially offset by~~ a decrease in the weighted-average Russian Rubles in the Trust, the Sponsor’s fee ~~increased~~decreased from $6,~~550~~573 for the three months ended ~~July~~January 31, ~~2010 to $6,905 for the three months ended July 31,~~ 2011. ~~Due primarily~~ to ~~a decrease in the weighted-average Russian Rubles in the Trust, the Sponsor’s fee decreased from~~ $224,~~183~~848 for the ~~nine~~three months ended ~~July~~January 31, ~~2010 to $19,330 for the nine months ended July 31, 2011~~2012. The only expense of the Trust during the three months ~~and nine months~~ ended ~~July~~January 31, ~~2011~~2012 was the Sponsor’s fee.

The Trust’s net income for the three months ended ~~July~~January 31, ~~2011~~2012 was $2749,~~156~~500 due to ~~the~~ interest income of ~~$34,061 exceeding the Sponsor’s fee of $6,905. The Trust’s net income for the~~ ~~nine months ended July 31, 2011 was~~ $5254,~~029~~348 ~~due to the interest income of $71,359~~ exceeding the Sponsor’s fee of $194,~~330~~848.

Cash dividends per Share increased from $0.0106 for the three months ended ~~July~~January 31, 2011 ~~2010~~ to $0.1429 per Share for the three months ended ~~July~~January 31, ~~2011, and increased from $0~~2012.23 ~~for the nine months ended July 31, 2010 to $0.24 per Share for the nine months ended July 31, 2011.~~ The increase in cash dividends per Share was primarily the result of a rise in the annual nominal interest rate paid by the Depository.

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

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

Item 4.

Controls and Procedures

The Trust maintains disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) designed to ensure that material information relating to the Trust is recorded, processed and disclosed on a timely basis. The Trust’s disclosure controls and procedures are designed by or under the supervision of the Sponsor’s chief executive officer and chief financial officer, who exercise oversight over the Trust as the Trust has no officers. The chief executive officer and chief financial officer of the Sponsor have evaluated the effectiveness of the Trust’s disclosure controls and procedures as of ~~July~~January 31, ~~2011~~2012. Based on that evaluation, the chief executive officer and chief financial officer of the Sponsor have concluded that the disclosure controls and procedures of the Trust were effective as of the end of the period covered by this report.

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

PART II – OTHER INFORMATION

Item 1.

Legal Proceedings

None.

Item 1A.

Risk Factors

There have been no material changes from the risk factors disclosed in the “"Risk Factors” section of the Trust’s Annual Report on Form 10-K/A filed with the Securities and Exchange Commission on ~~March~~January 1013, ~~2011~~2012.

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

(a) None.

(b) Not applicable.

(c) ~~During~~None. ~~the quarter ended July 31, 2011, 2 Baskets (100,000 Shares registered pursuant to Section 12 of the Securities Exchange Act of 1934) was redeemed by the Trust, as follows:~~

Period	Total Number ofRegistered Shares Redeemed		Average PricePer Share
05/01/2011 – 05/31/2011		—	$	—
06/01/2011 – 06/30/2011		100,000	$	35.81
07/01/2011 – 07/31/2011		—	$	—

Item 3.

Defaults Upon Senior Securities

None.

Item 4. [(Removed and Reserved] )

None.

Item 5.

Other Information

None.

1415

Item 6.

Exhibits


Exhibit No.		Description

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.

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.

1516

SIGNATURES

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

	CURRENCYSHARES®RUSSIAN RUBLE TRUST
	CURRENCYSHARES® RUSSIAN RUBLE TRUST
	By	Rydex Specialized Products LLC, Sponsor of the CurrencyShares®Russian Ruble Trust
	By:	Rydex Specialized Products LLC
Date: September 9, 2011	By:	/s/ JOSEPH ARRUDA
		Sponsor of the CurrencyShares® Russian Ruble Trust
		Joseph Arruda
Date: March 12, 20112		By:	/S/ JOSEPH ARRUDA
		Chief Financial Officer
			Joseph Arruda
		(principal financial officer)
			Chief Financial Officer
			(principal financial officer)

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Filing Compare · CurrencyShares Russian Ruble Trust