1 MINING AND METALLURGICAL CO NORILSK NICKEL5

The Fund'sportfolio is actively managed and investment allocations can be expected tochange TEMPLETON RUSSIA AND EAST EUROPEAN FUND, INC. AS OF DECEMBER 31, 2008TOTAL NET ASSETS: $40,341,129NET ASSET VALUE PER SHARE: $7.34ASSET ALLOCATIONPERCENT OFTEN LARGEST POSITIONS PERCENT OF TOTAL NETTOTAL NET ASSETS ASSETSCASH & OTHER7.1MOBILE TELESYSTEMS OJSC 10.6EQUITY 92.9 LUKOIL HOLDINGS 8.2 100.0CHEREPOVETS MK SEVERSTAL7.4 GAZPROM OAO 7.4 SBERBANK RF 7.1 VOLGATELECOM6.1 MINING AND METALLURGICAL CO NORILSK NICKEL5.8 VIMPEL COMMUNICATIONS 5.5 EGIS NYRT 5.3 SIBIRTELECOM4.0 67.4INTERNATIONAL ALLOCATIONPERCENT OFINDUSTRY ALLOCATION PERCENT OF TOTAL NETTOTAL NET ASSETS ASSETSEUROPE96.2 CONSUMER DISCRETIONARY3.8 HUNGARY 5.7MEDIA 3.8 LUXEMBOURG4.0CONSUMER STAPLES5.2 NETHERLANDS 0.2FOOD BEVERAGE & TOBACCO 5.2 RUSSIA85.1 ENERGY20.7UKRAINE 1.2FINANCIALS7.8 NORTH AMERICA 3.8BANKS 7.6 UNITED STATES 3.8REAL ESTATE 0.2 TOTAL EQUITY 100.0HEALTH CARE 8.8 PHARMACEUTICALS BIOTECHNOLOGY & 8.8 LIFE SCIENCESMATERIALS 19.8TELECOMMUNICATION SERVICES33.6UTILITIES 0.2 TOTAL EQUITY 100.0You may request a copy of the Fund's current Report to Shareholders bycontacting Fund Information at 1-800-DIAL BEN (1-800-342-5236). Since marketscan go down as well as up, investment return and principal value will fluctuatewith market conditions, currency volatility, and the economic, social andpolitical climates of countries where the Fund invests. Emerging markets involveheightened risks related to the same factors, in addition to those associatedwith their relatively small size and lesser liquidity You may have a gain orloss when you sell your shares. The industry allocation uses MSCI's industrydefinitions for the convenience of comparison.

The information provided is as ofthe date shown and comes from sources considered reliable, but the Fund makes norepresentation or warranty as to its completeness or accuracy. The Fund'sportfolio is actively managed and investment allocations can be expected tochange. From MetsPersonally, I’m rooting for the Yankees to lose. Some say that the cracks in Yankee Stadium will open up and swallow both teams into Hell.Some compare it to 1999 although despite how much it sucked losing the Braves, the Braves fans were never in the equation as hated rivals. I get no joy out of watching either team, and if you factor in all the game-delay tactics, the 50 million pitching changes, and the pop-fly home runs, I’m just not sure it’s going to be fun to watch anyway.I’ll be watching the Islanders at the Rangers Wednesday night. This article is also featured on Optimistic Mets Fan. Wolf Popper LLP Announces Filing of Class Action Lawsuit Against Bank ofAmerica - (BAC)NEW YORK, Jan. ("Bank of America") (NYSE: BAC), KennethLewis and John Thain, among others, in the United States District Court forthe Southern District of New York, on behalf of all persons who owned sharesof Bank of America on October 10, 2008, who were entitled to vote to approvethe adoption of a merger agreement between Bank of America and Merrill Lynch &Co., Inc.

("Merrill Lynch") pursuant to a Proxy Statement dated October 31,2008 (the "Proxy Statement") (the "Class").This action alleges claims forviolations of Section 14(a) of the Securities Exchange Act of 1934.The casehas been assigned Civil Action No 09 Civ 580. The facts underlying this action concern the Merger of Bank of America andMerrill Lynch, which closed on January 1, 2009.The complaint alleges that onJanuary 16, 2009, Bank of America disclosed Merrill Lynch's preliminary 2008fourth quarter loss of $15.3 billion.Merrill Lynch's fourth quarter 2008"principal transactions" revenue was negative $13.1 billion, reflecting a netloss owing to write-downs, mark-to-market valuation declines and other losseson assets held in its trading portfolio.It is alleged that as a result ofthis massive loss Bank of America was compelled to seek additional funding andasset guarantees from the United States Treasury Department.Following thesedisclosures, Bank of America shares declined by 31 between January 14, 2009and January 16, 2009.The complaint charges that the Proxy Statement contained materialmisrepresentations and failed to disclose facts necessary to make thedisclosures true.Specifically, defendants' misrepresentations and omissionsinclude the failure to update, amend or correct the Proxy Statement toreflect, among other things, the risk or existence of Merrill Lynch's fourthquarter losses, prior to the December 5, 2008 vote by Bank of Americashareholders to approve the Merger.If you are a member of the Class, you may move the court no later than March23, 2009, and request that the Court appoint you as lead plaintiff.A leadplaintiff is a representative party acting on behalf of other class members indirecting the litigation.To be appointed lead plaintiff, the Court mustdecide that your claim is typical of the claims of other class members, andthat you will adequately represent the class.Wolf Popper LLP has extensive experience representing shareholders in classactions and has successfully recovered billions of dollars for defraudedinvestors and shareholders.The reputation and expertise of the firm inshareholder and other class action litigation has been repeatedly recognizedby the courts, which have appointed the firm to major positions in complexmulti-district and consolidated litigations.The firm's experience includes its representation of Mattel shareholders insimilar claims under Section 14(a), where it was co-lead counsel with primaryresponsibility for the prosecution of those proxy statement claims.Thataction against Mattel resulted in what was believed to be the then largestsettlement of a Section 14(a) case.For more information or to pursue your right to be appointed lead plaintiff,please contact:Wolf Popper LLPJames Harrod, Esq.845 Third AvenueNew York, NY 10022Tel.: 212.759.4600 or 877.370.7703 (toll free)Fax: 212.486.2093 or 877.370.7704 (toll free)Email: website: Advertising - Prior results do not guarantee a similar outcomeSOURCEWolf Popper LLPJames Harrod, Esq. of Wolf Popper LLP, 1-212-759-4600, or 877-370-7703, tollfree, or Fax, 1-212-486-2093, or Fax, 877-370-7704, toll free, . (Adds recent layoffs disclosed by union) Stocks SAO PAULO, Jan 21 (Reuters) - Italian automaker Fiat(FIA.MI) has placed 800 workers at its main plant in Brazil onleave for 10 days to cut output in a bid to reduce a build-upin inventory, the company said on Wednesday.