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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549





FORM 10-Q





x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended January 31, 2010

or

 ̈ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from  to

Commission File Number 001-34164





CurrencyShares Singapore Dollar Trust

Sponsored by
Rydex Specialized Products LLC,

d/b/a Rydex Investments

(Exact name of registrant as specified in its charter)







|                                                               |  |                                  
|-------------------------------------------------------------- |  | ---------------------------------
|New York                                                       |  | No. 30-6164139                   
|(State or other jurisdiction of incorporation or organization) |  | (IRS Employer Identification No.)

9601 Blackwell Road, Suite 500

Rockville, Maryland 20850

(Address of principal executive offices) (Zip Code)

(301) 296-5100

(Registrants telephone number, including area code)

N/A

(Former name, former address and former fiscal
year, if changed since last report)





Indicate by check
mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No   ̈.

Indicate by check mark whether the registrant has submitted electronically and
posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such a shorter period that the
registrant was required to submit and post such files).    Yes   ̈    No   ̈.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller
reporting company. See definition of accelerated filer, large accelerated filer, non-accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer   ̈    Accelerated
filer   ̈    Non-accelerated filer   ̈    Smaller reporting company  x.

Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act).    Yes   ̈    No  x.









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##### Table of Contents

CURRENCYSHARESSMSINGAPORE DOLLAR TRUST

INDEX



|                                                                                                                                       |  |     
|-------------------------------------------------------------------------------------------------------------------------------------- |  | ----
|Caption                                                                                                                                |  | Page
|PART I FINANCIAL INFORMATION                                                                                                           |  |     
|                                                                                                                                       | 
|Item 1. Financial Statements (Unaudited)                                                                                               |  |     
|                                                                                                                                       | 
|Statements of Financial Condition at January 31, 2010 and October 31, 2009                                                             |  | 2   
|                                                                                                                                       | 
|Statements of Income and Comprehensive Income for the three months ended January 
31, 2010 and the three months ended January 31, 2009 |  | 3   
|                                                                                                                                       | 
|Statements of Changes in Shareholders Equity for the three months ended January 
31, 2010 and the year ended October 31, 2009         |  | 4   
|                                                                                                                                       | 
|Statement of Cash Flows for the three months ended January 
31, 2010 and the three months ended January 31, 2009                       |  | 5   
|                                                                                                                                       | 
|Notes to Financial Statements                                                                                                          |  | 6   
|                                                                                                                                       | 
|Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations                                          |  | 11  
|                                                                                                                                       | 
|Item 3. Quantitative and Qualitative Disclosures about Market Risk                                                                     |  | 13  
|                                                                                                                                       | 
|Item 4T. Controls and Procedures                                                                                                       |  | 13  
|                                                                                                                                       | 
|Part II OTHER INFORMATION                                                                                                              |  |     
|                                                                                                                                       | 
|Item 1. Legal Proceedings                                                                                                              |  | 14  
|                                                                                                                                       | 
|Item 1A. Risk Factors                                                                                                                  |  | 14  
|                                                                                                                                       | 
|Item 2. Unregistered Sales of Equity Securities and Use of Proceeds                                                                    |  | 14  
|                                                                                                                                       | 
|Item 3. Defaults Upon Senior Securities                                                                                                |  | 14  
|                                                                                                                                       | 
|Item 4. Submission of Matters to a Vote of Security Holders                                                                            |  | 14  
|                                                                                                                                       | 
|Item 5. Other Information                                                                                                              |  | 14  
|                                                                                                                                       | 
|Item 6. Exhibits                                                                                                                       |  | 14  
|                                                                                                                                       | 
|SIGNATURES                                                                                                                             |  | 15  



1



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##### Table of Contents

PART I - FINANCIAL INFORMATION



|Item 1. | FINANCIAL STATEMENTS
|------- | --------------------

CurrencySharesSMSingapore Dollar Trust

Statements of Financial Condition



|                                                                                                               |  |                             |    |                  |   |   
|-------------------------------------------------------------------------------------------------------------- |  | --------------------------- | -- | ---------------- | - | --
|                                                                                                               |  | January 31, 2010(Unaudited) |    | October 31, 2009
|Assets                                                                                                         |  |                             |    |                  |   |   
|Current Assets                                                                                                 |  |                             |    |                  |   |   
|Singapore Dollar deposits, interest bearing                                                                    |  | $                           |   |                  | $ |  
|Singapore Dollar deposits, non-interest bearing                                                                |  |                             | 71 |                  |   | 72
|                                                                                                               |  |                             |    |                  |   |   
|                                                                                                               |  |                            
|Total Assets                                                                                                   |  | $                           | 71 |                  | $ | 72
|                                                                                                               |  |                             |    |                  |   |   
|                                                                                                               |  |                            
|Liabilities and Shareholders Equity                                                                           |  |                             |    |                  |   |   
|Current Liabilities                                                                                            |  | $                           |   |                  | $ |  
|                                                                                                               |  |                            
|Commitments and Contingent Liabilities (note 8)                                                                |  |                             |   |                  |   |  
|Shareholders Equity                                                                                           |  |                             |    |                  |   |   
|Redeemable Capital Shares, at redemption value, no par value, 15,150,000 authorized  1 issued and
outstanding |  |                             | 71 |                  |   | 72
|Retained Earnings                                                                                              |  |                             |   |                  |   |  
|Cumulative Translation Adjustment                                                                              |  |                             |   |                  |   |  
|                                                                                                               |  |                             |    |                  |   |   
|                                                                                                               |  |                            
|Total Liabilities and Shareholders Equity                                                                     |  | $                           | 71 |                  | $ | 72
|                                                                                                               |  |                             |    |                  |   |   

See Notes to Financial Statements.



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CurrencySharesSMSingapore Dollar Trust

Statements of Income and Comprehensive Income

(Unaudited)



|                                     |  |                                    |    |   |                                    |   |    |  
|------------------------------------ |  | ---------------------------------- | -- | - | ---------------------------------- | - | -- | -
|                                     |  | Three months endedJanuary 31, 2010 |    |   | Three months endedJanuary 31, 2009 |  
|Income                               |  |                                    |    |   |                                    |   |    |  
|Total Income                         |  | $                                  |   |   |                                    | $ |   |  
|                                     |  |                                   
|Expenses                             |  |                                    |    |   |                                    |   |    |  
|                                     |  |                                    |    |   |                                    |   |    |  
|Total Expenses                       |  |                                    |   |   |                                    |   |   |  
|                                     |  |                                   
|Net Income                           |  | $                                  |   |   |                                    | $ |   |  
|                                     |  |                                    |    |   |                                    |   |    |  
|                                     |  |                                   
|Other Comprehensive Loss             |  |                                    |    |   |                                    |   |    |  
|Currency translation adjustment      |  |                                    | (1 | ) |                                    |   | (1 | )
|                                     |  |                                    |    |   |                                    |   |    |  
|                                     |  |                                   
|Total Comprehensive Loss             |  | $                                  | (1 | ) |                                    | $ | (1 | )
|                                     |  |                                    |    |   |                                    |   |    |  
|                                     |  |                                   
|Basic and Diluted Earnings per share |  | $                                  | 0  |   |                                    | $ | 0  |  
|Weighted-average Shares Outstanding  |  |                                    | 1  |   |                                    |   | 1  |  
|Cash Dividends per Share             |  | $                                  | 0  |   |                                    | $ | 0  |  

See Notes to
Financial Statements.



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CurrencySharesSMSingapore Dollar Trust

Statements of Changes in Shareholders Equity



|                                                            |  |                                               |    |   |                               |   |    |  
|----------------------------------------------------------- |  | --------------------------------------------- | -- | - | ----------------------------- | - | -- | -
|                                                            |  | Three months endedJanuary 31, 2010(Unaudited) |    |   | Year ended toOctober 31, 2009 |  
|Retained Earnings Balance, Beginning of Period              |  | $                                             |   |   |                               | $ |   |  
|Net Income                                                  |  |                                               |   |   |                               |   |   |  
|                                                            |  |                                               |    |   |                               |   |    |  
|                                                            |  |                                              
|Retained Earnings Balance, End of Period                    |  | $                                             |   |   |                               | $ |   |  
|                                                            |  |                                               |    |   |                               |   |    |  
|                                                            |  |                                              
|Cumulative Translation Adjustment, Beginning of Period      |  | $                                             |   |   |                               | $ |   |  
|Currency translation adjustment                             |  |                                               | (1 | ) |                               |   | 5  |  
|Adjustment of redeemable capital shares to redemption value |  |                                               | 1  |   |                               |   | (5 | )
|                                                            |  |                                               |    |   |                               |   |    |  
|                                                            |  |                                              
|Cumulative Translation Adjustment, End of Period            |  | $                                             |   |   |                               | $ |   |  
|                                                            |  |                                               |    |   |                               |   |    |  

See Notes to Financial Statements.



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CurrencySharesSMSingapore Dollar Trust

Statement of Cash Flows

(Unaudited)



|                                                         |  |                                    |    |   |                                    |   |    |  
|-------------------------------------------------------- |  | ---------------------------------- | -- | - | ---------------------------------- | - | -- | -
|                                                         |  | Three months endedJanuary 31, 2010 |    |   | Three months endedJanuary 31, 2009 |  
|Cash flows from operating activities                     |  |                                    |    |   |                                    |   |    |  
|Net cash provided by operating activities                |  | $                                  |   |   |                                    | $ |   |  
|                                                         |  |                                   
|Cash flows from financing activities                     |  |                                    |    |   |                                    |   |    |  
|                                                         |  |                                    |    |   |                                    |   |    |  
|Net cash provided by financing activities                |  | $                                  |   |   |                                    | $ |   |  
|Adjustment to period cash flows due to currency movement |  |                                    | (1 | ) |                                    |   | (1 | )
|                                                         |  |                                    |    |   |                                    |   |    |  
|Decrease in cash                                         |  |                                    | (1 | ) |                                    |   | (1 | )
|Cash at beginning of period                              |  |                                    | 72 |   |                                    |   | 67 |  
|                                                         |  |                                    |    |   |                                    |   |    |  
|Cash at end of period                                    |  | $                                  | 71 |   |                                    | $ | 66 |  
|                                                         |  |                                    |    |   |                                    |   |    |  

See Notes to Financial Statements.



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CurrencySharesSMSingapore Dollar Trust

Notes to Financial Statements

(Unaudited)



|1. | Organization and Description of the Trust
|-- | -----------------------------------------

The CurrencySharesSMSingapore Dollar Trust (the Trust) was formed under the laws of the State of New York on August 7, 2008. On August 8, 2008, Rydex Specialized Products LLC d/b/a Rydex Investments (the Sponsor)
deposited 100 Singapore Dollars in the Trusts primary deposit account held by JPMorgan Chase Bank, N.A., London Branch (the Depository). The Sponsor is a Delaware limited liability company whose sole member is PADCO Advisors II,
Inc. (also d/b/a Rydex Investments). The Sponsor is responsible for, among other things, overseeing the performance of The Bank of New York Mellon (the Trustee) and the Trusts principal service providers, including the
preparation of financial statements. The Trustee is responsible for the day-to-day administration of the Trust.

The investment objective of
the Trust is for the Trusts shares (the Shares) to reflect the price of the Singapore Dollar plus accrued interest less the Trusts expenses and liabilities. The Shares are intended to provide investors with a simple,
cost-effective means of gaining investment benefits similar to those of holding Singapore Dollar. The Trusts assets primarily consist of Singapore Dollars on demand deposit in two deposit accounts maintained by the Depository: a primary
deposit account which is expected to earn interest and a secondary deposit account which does not earn interest. The secondary deposit account is used to account for interest received and paid out on creations and redemptions of 50,000 Shares
(Baskets). The secondary account is also used to account for interest earned, if any, on the primary deposit account, pay Trust expenses and distribute any excess interest to holders of Shares (Shareholders) on a monthly
basis.

The accompanying unaudited financial statements were prepared in accordance with accounting principles generally accepted in the
United States of America for interim financial information and with the instructions for Form 10-Q. In the opinion of management, all material adjustments, consisting only of normal recurring adjustments, considered necessary for a fair statement of
the interim period financial statements have been made. Interim period results are not necessarily indicative of results for a full-year period. These financial statements and the notes thereto should be read in conjunction with the Trusts
financial statements included in the Form 10-K as filed on January 14, 2010.



|2. | Significant Accounting Policies
|-- | -------------------------------



|A. | Use of Estimates
|-- | ----------------

The preparation of
financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of the assets, liabilities and disclosures of
contingent liabilities at the date of the financial statements, the reported amounts of revenue and expenses during the period and the evaluation of subsequent events through the issuance date of the financial statements. Actual results could differ
from those estimates.



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|B. | Foreign Currency Translation
|-- | ----------------------------

The Trustee
will calculate the Trusts net asset value (NAV) each business day, as described in Note 4. For NAV calculation purposes, Singapore Dollar Deposits (cash) are translated at the Closing Spot Rate, which is the Singapore Dollar/U.S.
dollar (USD) exchange rate as determined by WM/Reuters at 4:00 PM (London time) on each day that NYSE Arca is open for regular trading.

The functional currency of the Trust is the Singapore Dollar in accordance with generally accepted accounting standards. For financial statement reporting purposes, USD is the reporting currency. As a result, the financial records of the
Trust are translated from Singapore Dollars to USD. The Closing Spot Rate on the last day of the period is used for translation in the statements of financial condition. The average Closing Spot Rate for the period is used for translation in the
statements of income and comprehensive income and the statement of cash flows. Any currency translation adjustment is included in comprehensive income.



|C. | Federal Income Taxes
|-- | --------------------

The Trust is
treated as a grantor trust for federal income tax purposes and, therefore, no provision for federal income taxes is required. Interest, gains and losses are passed through to the Shareholders.

Shareholders generally will be treated, for U.S. federal income tax purposes, as if they directly owned a pro-rata share of the assets held in the Trust.
Shareholders also will be treated as if they directly received their respective pro-rata shares of the Trusts income, if any, and as if they directly incurred their respective pro-rata shares of the Trusts expenses. The acquisition of
Shares by a U.S. Shareholder as part of a creation of a Basket will not be a taxable event to the Shareholder.

The Sponsors fee accrues
daily and is payable monthly. For U.S. federal income tax purposes, an accrual-basis U.S. Shareholder generally will be required to take into account as an expense its allocable share of the USD-equivalent of the amount of the Sponsors fee
that is accrued on each day, with such USD-equivalent being determined by the currency exchange rate that is in effect on the respective day. To the extent that the currency exchange rate on the date of payment of the accrued amount of the
Sponsors fee differs from the currency exchange rate in effect on the day of accrual, the U.S. Shareholder will recognize a currency gain or loss for U.S. federal income tax purposes.

The Trust does not expect to generate taxable income except for gain (if any) upon the sale of Singapore Dollars and interest income. A non-U.S. Shareholder
generally will not be subject to U.S. federal income tax with respect to gain recognized upon the sale or other disposition of Shares, or upon the sale of Singapore Dollars by the Trust, unless: (1) the non-U.S. Shareholder is an individual and
is present in the United States for 183 days or more during the taxable year of the sale or other disposition, and the gain is treated as being from United States sources; or (2) the gain is effectively connected with the conduct by the
non-U.S. Shareholder of a trade or business in the United States.

A non-U.S. Shareholders share of any interest income earned by the
Trust generally will not be subject to U.S. federal income tax unless the Shares owned by such non-U.S. Shareholder are effectively connected with the conduct by the non-U.S. Shareholder of a trade or business in the United States.



|D. | Revenue Recognition
|-- | -------------------

Interest on the
primary deposit account accrues daily as earned and is received on a monthly basis.



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|E. | Dividends
|-- | ---------

To the extent that the
interest earned by the Trust, if any, exceeds the sum of the Sponsors fee for the prior month plus other Trust expenses, if any, the Trust will distribute, as a dividend, the excess interest earned in Singapore Dollars effective on the first
business day of the subsequent month. The Trustee will direct that the excess Singapore Dollars be converted into USD at the prevailing market rate and the Trustee will distribute the USD as promptly as practicable to Shareholders on a pro rata
basis (in accordance with the number of Shares that they own).



|3. | Singapore Dollar Deposits
|-- | -------------------------

Singapore
Dollar principal deposits are held in a Singapore Dollar-denominated, interest-bearing demand account. For the three months ended January 31, 2010, there were no principal deposits and no principal redemptions resulting in an ending Singapore
Dollar balance of 100. This equates to 71 USD. For the year ended October 31, 2009, there were no principal deposits and no principal redemptions resulting in an ending Singapore Dollar principal balance of 100. This equates to 72 USD.



|4. | Redeemable Capital Shares
|-- | -------------------------

Shares are
classified as redeemable for financial statement purposes, since they are subject to redemption. Shares are issued and redeemed continuously in Baskets in exchange for Singapore Dollars. Individual investors cannot purchase or redeem
Shares in direct transactions with the Trust. Only Authorized Participants (as defined below) may place orders to create and redeem Baskets. An Authorized Participant is a participant in the Depository Trust Company (DTC) that is a
registered broker-dealer or other institution eligible to settle securities transactions through the book-entry facilities of DTC and which has entered into a contractual arrangement with the Trust and the Sponsor governing, among other matters, the
creation and redemption process. Authorized Participants may redeem their Shares at any time in Baskets.

Due to expected continuing creations
and redemptions of Baskets and the three-day period for settlement of each creation or redemption, the Trust reflects Shares created as a receivable. Shares redeemed are reflected as a liability on the trade date. Outstanding Shares are reflected at
a redemption value, which is the NAV per Share at the period end date. Adjustments to redeemable capital shares at redemption value are recorded against retained earnings, or, in the absence of retained earnings, by charges against the cumulative
translation adjustment.



|                                                               |  |                                               |  |                   |                            |   |        |   |                   |   |   
|-------------------------------------------------------------- |  | --------------------------------------------- |  | ----------------- | -------------------------- | - | ------ | - | ----------------- | - | --
|                                                               |  | Three months endedJanuary 31, 2010(Unaudited) |  |                   | Year endedOctober 31, 2009
|                                                               |  | Shares                                        |  | U.S. DollarAmount |                            |   | Shares |   | U.S. DollarAmount
|Opening balance                                                |  | 1                                             |  | $                 | 72                         |   |        | 1 |                   | $ | 67
|Shares issued                                                  |  |                                              |  |                   |                           |   |        |  |                   |   |  
|Shared redeemed                                                |  |                                              |  |                   |                           |   |        |  |                   |   |  
|Adjustment to period Shares due to currency movement and other |  |                                              |  |                   | (1                         | ) |        |  |                   |   | 5 
|                                                               |  |                                               |  |                   |                            |   |        |   |                   |   |   
|Ending balance                                                 |  | 1                                             |  | $                 | 71                         |   |        | 1 |                   | $ | 72
|                                                               |  |                                               |  |                   |                            |   |        |   |                   |   |   



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The Trustee will calculate the Trusts NAV each business day. To calculate the NAV, the Trustee will
subtract the Sponsors accrued fee through the previous day from the Singapore Dollars held by the Trust (including all unpaid interest accrued through the preceding day) and calculate the value of the Singapore Dollars in USD based upon the
Closing Spot Rate. If, on a particular evaluation day, the Closing Spot Rate has not been determined and announced by 6:00 PM (London time), then the most recent Closing Spot Rate shall be used to determine the NAV of the Trust unless the Trustee,
in consultation with the Sponsor, determines that such price is inappropriate to use as the basis for such valuation. In the event that the Trustee and the Sponsor determine that the most recent Closing Spot Rate is not an appropriate basis for
valuation of the Trusts Singapore Dollar, they shall determine an alternative basis for such evaluation to be employed by the Trustee. The Trustee also determines the NAV per Share, which equals the NAV of the Trust divided by the number of
outstanding Shares. Shares deliverable under a purchase order are considered outstanding for purposes of determining NAV per Share; Shares deliverable under a redemption order are not considered outstanding for this purpose.



|5. | Sponsors Fee
|-- | -------------

The Sponsors
fee accrues daily at an annual nominal rate of 0.40% of the Singapore Dollars in the Trust (including all unpaid interest but excluding unpaid fees, each as accrued through the immediately preceding day) and is paid monthly.

The Sponsor assumes and pays the following administrative and marketing expenses incurred by the Trust: the Trustees monthly fee, NYSE Arca listing
fees, SEC registration fees, typical maintenance and transaction fees of the Depository, printing and mailing costs, audit fees and expenses, up to $100,000 per year in legal fees and expenses, and applicable license fees. The Sponsor has also paid
the costs of the Trusts organization and the initial sales of the Shares, which were approximately $115,000 when the Trust was formed.

In certain exceptional cases the Trust will pay for some expenses in addition to the Sponsors fee. These exceptions include expenses not assumed by the Sponsor (i.e., expenses other than those identified in the preceding paragraph),
taxes and governmental charges, expenses and costs of any extraordinary services performed by the Trustee or the Sponsor on behalf of the Trust or action taken by the Trustee or the Sponsor to protect the Trust or the interests of Shareholders,
indemnification of the Sponsor under the Depositary Trust Agreement, and legal expenses in excess of $100,000 per year.



|6. | Related Parties
|-- | ---------------

The Sponsor is a related
party of the Trust. The Sponsor oversees the performance of the Trustee and the Trusts principal service providers, including the preparation of financial statements, but does not exercise day-to-day oversight over the Trustee or the
Trusts service providers.



|7. | Concentration Risk
|-- | ------------------

All of the
Trusts assets are Singapore Dollars, which creates a concentration risk associated with fluctuations in the price of the Singapore Dollar. Accordingly, a decline in the price of the Singapore Dollar to USD exchange rate will have an adverse
effect on the value of the Shares. Factors that may have the effect of causing a decline in the price of the Singapore Dollar include national debt levels and trade deficits, domestic and foreign inflation rates, domestic and foreign interest rates,
investment and trading activities of institutions and global or regional political, economic or financial events and situations. Substantial sales of Singapore Dollars by the official sector (central banks, other governmental agencies and related
institutions that buy, sell and hold Singapore Dollars as part of their reserve assets) could adversely affect an investment in the Shares.

All of the Trusts Singapore Dollars are held by the Depository. Accordingly, a risk associated with the concentration of the Trusts assets in accounts held by a single financial institution exists and increases the
potential for loss by the Trust and the Shareholders in the event that the Depository becomes insolvent.



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|8. | Commitments and Contingencies
|-- | -----------------------------

Under the
Trusts organizational documents, the Sponsor is indemnified against any liability or expense it incurs without negligence, bad faith or willful misconduct on its part. The Trusts maximum exposure under this arrangement is unknown, as
this would involve future claims that may be made against the Trust that have not yet occurred.



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|Item 2. | MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|------- | -------------------------------------------------------------------------------------

Cautionary Statement Regarding Forward-Looking Information and Risk Factors

This report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, such forward-looking statements can be identified by terminology
such as anticipate, expect, intend, plan, believe, seek, outlook and estimate as well as similar words and phrases that signify forward-looking
statements. These statements are predictions and actual events or results may differ materially from those expressed in our forward-looking statements. Risks and uncertainties may cause our actual results to differ materially from those expressed in
our forward-looking statements. These risks and uncertainties 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 contained in the Trusts most recent Annual Report on Form 10-K for a description of other risks and uncertainties that
may affect an investment in the Shares.

Neither Rydex Specialized Products LLC d/b/a Rydex Investments (the Sponsor) nor any
other person assumes responsibility for the accuracy or completeness of forward-looking statements contained in this report. Further, these 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.

Trust Overview

The CurrencySharesSMSingapore Dollar Trust (the Trust) is a grantor trust that was formed on August 7, 2008. The Trust
issues shares (the Shares) in blocks of 50,000 (a Basket) in exchange for deposits of Singapore Dollars and distributes Singapore Dollars in connection with the redemption of Baskets.

The Trust is a passive investment vehicle. The Trust does not have any officers, directors or employees. The investment objective of the Trust is for the
Shares to reflect the price in USD of the Singapore Dollar plus accrued interest, if any, 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 the Singapore Dollar. Each outstanding Share represents a proportional interest in the Singapore Dollars held by the Trust. The Trust does not engage in any activities designed to obtain profit
from, or ameliorate losses caused by, changes in the price of the Singapore Dollar.

Definition of Net Asset Value; Valuation of the
Singapore Dollar

The net asset value (NAV) of the Trust is the aggregate value, expressed in U.S. Dollars (USD),
of the Trusts assets. To calculate the NAV, The Bank of New York Mellon (the Trustee) will add to the amount of Singapore Dollars in the Trust at the end of the preceding business day accrued but unpaid interest, if any, Singapore
Dollars receivable under pending purchase orders and the value of other Trust assets, and subtracts the accrued but unpaid Sponsors fee, Singapore Dollars payable under pending redemption orders and other Trust expenses and liabilities, if
any.

The NAV will be expressed in USD based on the USD/Singapore Dollar exchange rate as determined by WM/Reuters at 4:00 PM (London time)
(the Closing Spot Rate) on each day that NYSE Arca is open for regular trading. If, on a particular evaluation day, the Closing Spot Rate has not been determined and announced by 6:00 PM (London time), then the most recent WM/Reuters
determination of the Closing Spot Rate shall be used to determine the NAV of the Trust unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate to use as the basis for such valuation. The Trustee will also
determine the NAV per Share, which equals the NAV of the Trust divided by the number of outstanding Shares.



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Investing in the Shares will not insulate the investor from certain risks, including price volatility.

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 did not have any Authorized Participant creation activity during the fiscal quarter ended
January 31, 2010. The balance reflected in the financial statements is seed capital from the Sponsor.

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
consolidated financial statements for further discussion of our accounting policies.

The functional currency of the Trust is the Singapore
Dollar in accordance with generally accepted accounting standards.

Results of Operations

The Sponsor deposited 100 Singapore Dollars with the Depository in exchange for one Share on August 8, 2008. No additional Shares were created or
redeemed during the fiscal period ended October 31, 2008 or the fiscal year ended October 31, 2009. As of October 31, 2009, the number of Singapore Dollars owned by the Trust was 100, resulting in a redeemable capital share value of
$72.

No additional Shares were created or redeemed during the three months ended January 31, 2010. As of January 31, 2010, the
number of Singapore Dollars owned by the Trust was 100, resulting in a redeemable capital share value of $71.

Movements in the Price of
the Singapore Dollar

The following chart illustrates recent movements in the price of the Singapore Dollar in USD as reported by the
Bloomberg Professional service.

LOGO



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##### Table of Contents

|Item 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|------- | ----------------------------------------------------------

Except as described above with respect to fluctuations in the USD/Singapore Dollar exchange rate and changes in the nominal annual interest rate paid by the Depository on Singapore Dollars held by the
Trust, the Trust is not subject to market risk. The Trust does not hold securities and does not invest in derivative products.



|Item 4T. | CONTROLS AND PROCEDURES
|-------- | -----------------------

The Trust
maintains disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) designed to ensure that material information relating to the Trust is recorded, processed and disclosed on a timely
basis. The Trusts disclosure controls and procedures are designed by or under the supervision of the Sponsors chief executive officer and chief financial officer, who exercise oversight over the Trust as the Trust has no officers. The
chief executive officer and chief financial officer of the Sponsor have evaluated the effectiveness of the Trusts disclosure controls and procedures as of January 31, 2010. Based on that evaluation, the chief executive officer and chief
financial officer of the Sponsor have concluded that the disclosure controls and procedures of the Trust were effective as of the end of the period covered by this report.

There were no changes in the Trusts internal control over financial reporting that occurred during the Trusts last fiscal quarter that have materially affected, or are reasonably likely to
materially affect, the Trusts internal control over financial reporting.



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##### Table of Contents

PART II - OTHER INFORMATION



|Item 1. | Legal Proceedings
|------- | -----------------

None.



|Item 1A. | Risk Factors
|-------- | ------------

There have been no material
changes from the risk factors disclosed in the Risk Factors section of the Trusts Annual Report on Form 10-K filed with the Securities and Exchange Commission on January 14, 2010



|Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds
|------- | -----------------------------------------------------------



|(a) | None.
|--- | -----



|(b) | Not applicable.
|--- | ---------------



|(c) | None.
|--- | -----



|Item 3. | Defaults Upon Senior Securities
|------- | -------------------------------

None.



|Item 4. | Submission of Matters to a Vote of Security Holders
|------- | ---------------------------------------------------

None.



|Item 5. | Other Information
|------- | -----------------

None.



|Item 6. | Exhibits
|------- | --------



|       |  |                                                                                                          
|------ |  | ---------------------------------------------------------------------------------------------------------
|Number |  | Description of Exhibit                                                                                   
|31.1   |  | Certification of Principal Executive Officer Pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002
|       | 
|31.2   |  | Certification of Principal Financial Officer Pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002
|       | 
|32.1   |  | Certification of Principal Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002   
|       | 
|32.2   |  | Certification of Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002   



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##### Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.



|                     |  |     |  |                                        |  |                                                       
|-------------------- |  | --- |  | -------------------------------------- |  | ------------------------------------------------------
|                     |  |     |  | CURRENCYSHARESSMSINGAPORE DOLLAR TRUST
|                     |  |     | 
|                     |  |     |  | By:                                    |  | Rydex Specialized Products LLC                        
|                     |  |     |  |                                        |  | Sponsor of the CurrencySharesSM Singapore
Dollar Trust
|                     |  |    
|Date: March 12, 2010 |  | By: |  | /s/ Joseph Arruda                     
|                     |  |     |  |                                        |  | Joseph Arruda                                         
|                     |  |     |  |                                        |  | Chief Financial Officer                               
|                     |  |     |  |                                        |  | (principal financial officer)                         



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