3.Closed end funds for Central & Eastern Europe and Russia - RNE

Morgan Stanley Eastern Europe Fund Inc. (RNE) - Sponsor is Morgan Stanley. Major holdings are Sberbank, Unified Energy, Oao Gazprom, Mmc Norilsk Nickel, Lukoil, Wimm-Bill-Dann Foods Ojsc, Novatek Oao, Bank Millennium.

25% coming from banking, 13% oil and gas, 11% electric utilities, 10% media, 8% metals and mining, 7% food products

Country diversification is following: 67% Russia, 17% Poland, 7% Czech Republic