Investment in Russia and Eastern Europe Message Board

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Strategies & Market Trends : Investment in Russia and Eastern Europe

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To: Real Man who wrote (226)	6/16/1998 2:54:00 PM
From: peter michaelson	of 1301

Vi: You are correct about TRF collapsing more than RNE, probably due to RNE's geographical diversification. Looking at my CEF records which are daily from July 1, 1997: RNE's NAV on 7/1/97 was $31.09. 1/1/98 $26.05. 6/15/98 $18.21. TRF's NAV on 7/1/97 was $37.22. 1/1/98 $30.01. 6/15/98 $15.23. RNE's price on 7/1/97 was $30.50 1/1/98 $23.88. 6/15/98 $15.75. TRF's price on 7/1/97 was $$43.50. 1/1/98 $39.25. 6/15/98 $19.50. Currently RNE is priced at $$15.75 and TRF at $21.31. During this time period RNE distributed $3.68 to shareholders while TRF distributed $4.06. Source = icefi.com I have an Excel spreadsheet which I'll send along to anyone requesting it via email. Per Edgar, RNE was fully invested on March 31, with a 50%, 23%, 19% and 4% invested in Russia, Hungary and Poland and Czech Rep., respectively. Per Edgar, TRF had 25% in short term US govt. debt securities on March 31. Otherwise fully invested in Russian common and preferred equities with a notable 25% of total portfolio in "Unified Energy Systems". Peter

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