Monday, February 28, 2005

Russian Portfolio Manager Travels to Ukraine

NEW YORK, USA -- Third Millennium Russia Fund (the "Fund") (OTC: TMRFX), named 'America's third best performing equity fund' in the February 21st issue of BusinessWeek for the four weeks prior, today reported that it has amended its charter to be able to include a limited number of stocks from Ukraine and the Caspian region.

John Connor, the Fund's Portfolio Manager, visited companies at Kiev and Dnipropetrovsk, Ukraine, last week and attended the country's first Securities Conference, at which recently elected Ukraine President Viktor Yushchenko spoke. "A personally courageous leader, President Yushchenko presented a clear picture of where he wants to take his country, becoming an integral part of Europe economically and politically," said Mr. Connor.

The Fund has now added to its existing 34-stock portfolio, the following four Ukraine companies: Donbasenergo (Symbol: DOES), an electric utility in eastern Ukraine; Zaporozh Stal (GDR: UWP), a steel company in that same region; Slavutich (SLAV), a brewery majority-owned by Baltic Beverages Holding (BBH); and Stirol (GDR: SVX), a world leader in fertilizer production and exports.

"Ukraine shows great potential, although the stock market at present is not developed and many companies are in need of requisite transparency, tax-paying and dividend-declaring skills, but the cash flows are there, " stated Connor.

In addition, the Fund purchased shares of two Caspian-oil-focused companies: an oil services company, based in Utah (EMPS Corp.: EPSU) and Nelson Resources (NLG).

Third Millennium Russia Fund focuses on the Russian oil & gas sectors, wireless and wire line telecom, steel companies, natural resources and commodities and a broad selection of other audited, market leading public companies. The Fund has gained over 16% year-to-date for 2005 and is ranked as one of the best performing mutual funds in America for the Five Year Period with returns totaling over 450%. Third Millennium Russia Fund is available no-load through Waterhouse and Charles Schwab & Company with a commission, through other brokers.

No comments: