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FXSG > SEC Filings for FXSG > Form 10-K on 14-Jan-2014All Recent SEC Filings

Show all filings for CURRENCYSHARES SINGAPORE DOLLAR TRUST

Form 10-K for CURRENCYSHARES SINGAPORE DOLLAR TRUST


14-Jan-2014

Annual Report


Item 7. Management's Discussion and Analysis of Financial Condition and Results 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 Singapore Dollar, as the value of the Shares relates directly to the value of the Singapore Dollars 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 in this report for a description of other risks and uncertainties that may affect an investment in the Shares.

Neither Guggenheim Specialized Products, LLC d/b/a Guggenheim 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.


Table of Contents

Movements in the Price of Singapore Dollar

The investment objective of the Trust is for the Shares to reflect the price in USD of the Singapore Dollar 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 Singapore Dollars. Each outstanding Share represents a proportional interest in the Singapore Dollars held by the Trust. The following chart illustrates recent movements in the price of Singapore Dollars in USD and is based on the Closing Spot Rate.

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Table of Contents

NAV per Share; Valuation of the Singapore Dollar

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 100 Singapore Dollars:

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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, the London Branch of JPMorgan Chase Bank, N.A., maintains two deposit accounts for the Trust; a primary deposit account that may earn interest and a secondary deposit account that does not earn interest. Interest on the primary deposit account, if any, accrues daily and is paid monthly. The interest rate in effect as of October 31, 2013 was an annual nominal rate of 0.00%. The following chart provides the daily rate paid by the Depository since the Shares began trading:

[[Image Removed: LOGO]]

In exchange for a fee, the Sponsor bears most of the expenses incurred by the Trust. As a result, the only ordinary expense of the Trust during the period 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 Singapore Dollars 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). To date, the Trust has not made any distributions.

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.

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

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


Table of Contents

Results of Operations

No shares were created or redeemed during the years ended October 31, 2011 or October 31, 2012. As of October 31, 2011, the number of Singapore Dollars owned by the Trust was 100 resulting in a redeemable capital share value of $80. As of October 31, 2012, the number of Singapore Dollars owned by the Trust was 100 resulting in a redeemable capital share value of $82. Trading in the Shares of the Trust on NYSE Arca commenced on February 13, 2013. During the year ended October 31, 2013, an additional 150,000 shares were created in exchange for 14,999,617 Singapore Dollars and 50,001 shares were redeemed in exchange for 4,996,978 Singapore Dollars. As of October 31, 2013, the number of Singapore Dollars owned by the Trust was 9,974,826, resulting in a redeemable capital share value of $8,039,213.

An increase in the Trust's redeemable capital Share value from $82 at October 31, 2012 to $8,039,213 at October 31, 2013, was primarily the result of an increase in the number of Shares outstanding from 1 at October 31, 2012 to 100,000 at October 31, 2013.

No interest income was earned during the year ended October 31, 2013 due to an annual nominal interest rate of 0.00% through that period as set forth in the chart above. Interest income did not accrue prior to the commencement of the Trust's Shares trading on NYSE Arca on February 13, 2013.

The Sponsor's fee accrues daily at an annual nominal rate of 0.40% of Singapore Dollars in the Trust. The Sponsor's fee was $24,987 for the year ended October 31, 2013. The Sponsor's fee did not accrue prior to the commencement of the Trust's Shares trading on NYSE Arca on February 13, 2013. As a result, no Sponsor's fee was charged during the year ended October 31, 2012. The only expense of the Trust during the year ended October 31, 2013 was the Sponsor's fee.

The Trust's net loss for the year ended October 31, 2013 was $24,987, due to the Sponsor's fee of $24,987 exceeding the interest income of $0.

Cash dividends were not paid by the Trust in the year ended October 31, 2013 as the Trust's interest income did not exceed the Trust's expenses during that period.

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