Table of Contents

Table of Contents

~~Table~~UNITED ofSTATES ~~Contents~~

~~UNITED~~SECURITIES ~~STATES~~AND EXCHANGE COMMISSION

~~SECURITIES~~Washington ~~AND~~D.C. ~~EXCHANGE~~20549 ~~COMMISSION~~

~~Washington~~FORM ~~D.C. 20549~~ 10-Q

~~FORM~~x ~~10-Q~~ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

xFor ~~QUARTERLY~~the ~~REPORT~~quarterly ~~PURSUANT~~period TOended ~~SECTION~~January 31, 132014 ~~OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934~~

~~For~~or ~~the quarterly period ended July 31, 2013~~

or¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

¨For ~~TRANSITION~~the ~~REPORT~~transition ~~PURSUANT~~period ~~TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934~~from to

~~For~~Commission ~~the~~File ~~transition~~Number ~~period~~001-34162 ~~from to~~

~~Commission~~CurrencyShares® ~~File~~South ~~Number~~African ~~001-34162~~Rand Trust

~~CurrencyShares®~~ Sponsored ~~South~~by ~~African~~Guggenheim ~~Rand~~Specialized ~~Trust~~

~~Sponsored by Guggenheim Specialized~~ Products, LLC,

d/b/a Guggenheim Investments

(Exact name of registrant as specified in its charter)

New York		No. 30-6164140
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)
805 King Farm Boulevard, Suite 600 Rockville, Maryland		20850
(Address of principal executive offices)		(Zip Code)

(301) 296-5100

(Registrant’s telephone number, including area code)

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 (~~d232~~§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x 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 definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

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

~~Table~~CURRENCYSHARES® ofSOUTH ~~Contents~~AFRICAN RAND TRUST

~~CURRENCYSHARES®~~INDEX ~~SOUTH AFRICAN RAND TRUST~~

INDEX


Caption	Page

PART I FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

Statements of Financial Condition at January 31, 2014 and October 31, 2013		2
Statements of Comprehensive Income for the three months ended January 31, 2014 and the three months ended January 31, 2013		3
Statements of Changes in Shareholders’ Equity for the three months ended January 31, 2014 and the year ended October 31, 2013		4
Statements of Cash Flows for the three months ended January 31, 2014 and the three months ended January 31, 2013		5

Notes to Financial Statements		6

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		10

Item 3. Quantitative and Qualitative Disclosures about Market Risk		12

Item 4. Controls and Procedures		12

Part II OTHER INFORMATION

Item 1. Legal Proceedings		13

Item 1A. Risk Factors		13

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		13

Item 3. Defaults Upon Senior Securities		13

Item 4. Mine Safety Disclosures		13

Item 5. Other Information		13

Item 6. Exhibits		14

SIGNATURES		15

Caption	Page
PART I FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
Statements of Financial Condition at July 31, 2013 and October 31, 2012		2
Statements of Comprehensive Income for the three months ended July 31, 2013, the three months ended July 31, 2012, the nine months ended July 31, 2013 and the nine months ended July 31, 2012		3
Statements of Changes in Shareholders’ Equity for the nine months ended July 31, 2013 and the year ended October 31, 2012		4
Statements of Cash Flows for the nine months ended July 31, 2013 and the nine months ended July 31, 2012		5
Notes to Financial Statements		6
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		10
Item 3. Quantitative and Qualitative Disclosures about Market Risk		12
Item 4. Controls and Procedures		12
Part II OTHER INFORMATION
Item 1. Legal Proceedings		13
Item 1A. Risk Factors		13
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		13
Item 3. Defaults Upon Senior Securities		13
Item 4. Mine Safety Disclosure		13
Item 5. Other Information		13
Item 6. Exhibits		14
SIGNATURES		15

1PART I – FINANCIAL INFORMATION

~~Table~~Item of1. ~~Contents~~Financial Statements

~~PART~~CurrencyShares® ISouth –African ~~FINANCIAL~~Rand ~~INFORMATION~~Trust

~~Item 1.~~Statements of Financial ~~Statements~~Condition

CurrencyShares® South African Rand Trust


	January 31, 2014 (Unaudited)		October 31, 2013
Assets
Current Assets:
South African Rand deposits, interest bearing	$	—	$	—
South African Rand deposits, non-interest bearing		90		100

Total Assets	$	90	$	100


Liabilities, Redeemable Capital Shares and Shareholders’ Equity
Current Liabilities	$	—	$	—

Commitments and Contingent Liabilities (note 8)		—		—
Redeemable Capital Shares, at redemption value, no par value, 10,150,000 authorized – 1 issued and outstanding		90		100
Shareholders’ Equity:
Retained Earnings		—		—
Cumulative Translation Adjustment		—		—

Total Liabilities, Redeemable Capital Shares and Shareholders’ Equity	$	90	$	100

~~Statements~~See ofNotes to Financial ~~Condition~~Statements.

	July 31, 2013 (Unaudited)		October 31,2012
Assets
Current Assets:
South African Rand deposits, interest bearing	$	—	$	—
South African Rand deposits, non-interest bearing		101		115
Total Assets	$	101	$	115
Liabilities, Redeemable Capital Shares and Shareholders’ Equity
Current Liabilities	$	—	$	—
Commitments and Contingent Liabilities (note 8)		—		—
Redeemable Capital Shares, at redemption value, no par value, 10,150,000 authorized—1 issued and outstanding		101		115
Shareholders’ Equity:
Retained Earnings		—		—
Cumulative Translation Adjustment		—		—
Total Liabilities, Redeemable Capital Shares and Shareholders’ Equity	$	101	$	115

~~See~~CurrencyShares® ~~Notes~~South toAfrican ~~Financial~~Rand Trust ~~Statements.~~

2Statements of Comprehensive Income

~~Table~~(Unaudited) ~~of Contents~~

CurrencyShares® South African Rand Trust


	Three months ended January 31, 2014			Three months ended January 31, 2013
Income
Total Income	$	—		$	—

Expenses
Total Expenses		—			—

Net Income	$	—		$	—


Basic and Diluted Earnings per Share	$	0		$	0
Weighted-average Shares Outstanding		1			1
Cash Dividends per Share	$	0		$	0

Other Comprehensive Loss:
Currency translation adjustment		(10	)		(3	)


Total Comprehensive Loss	$	(10	)	$	(3	)

~~Statements~~See ofNotes ~~Comprehensive~~to ~~Income~~Financial Statements.

~~(Unaudited)~~3

	Three months ended July 31, 2013			Three months ended July 31, 2012			Nine months ended July 31, 2013			Nine months ended July 31, 2012
Income
Total Income	$	—		$	—		$	—		$	—
Expenses
Total Expenses		—			—			—			—
Net Income	$	—		$	—		$	—		$	—
Basic and Diluted Earnings per share	$	—		$	—		$	—		$	—
Weighted-average Shares Outstanding		1			1			1			1
Cash Dividends per Share	$	—		$	—		$	—		$	—
Other Comprehensive Loss:
Currency translation adjustment		(10	)		(7	)		(14	)		(5	)
Total Comprehensive Loss	$	(10	)	$	(7	)	$	(14	)	$	(5	)

CurrencyShares^® South African Rand Trust

~~See~~Statements ~~Notes~~of toChanges ~~Financial~~in ~~Statements.~~Shareholders’ Equity


	Three months ended January 31, 2014 (Unaudited)			Year ended October 31, 2013
Retained Earnings, Beginning of Period	$	—		$	—
Net Income		—			—

Retained Earnings, End of Period	$	—		$	—

Cumulative Translation Adjustment, Beginning of Period	$	—		$	—
Currency translation adjustment		(10	)		(15	)
Adjustment of redeemable capital shares to redemption value		10			15

Cumulative Translation Adjustment, End of Period	$	—		$	—

~~Table~~See ofNotes ~~Contents~~to Financial Statements.

~~CurrencyShares®~~4 ~~South African Rand Trust~~

~~Statements~~CurrencyShares® ofSouth ~~Changes~~African inRand Trust ~~Shareholders’ Equity~~

	Nine months ended July 31, 2013 (Unaudited)			Year ended October 31, 2012
Retained Earnings, Beginning of Period	$	—		$	—
Net Income		—			—
Retained Earnings, End of Period	$	—		$	—
Cumulative Translation Adjustment, Beginning of Period	$	—		$	—
Currency translation adjustment		(14	)		(12	)
Adjustment of redeemable capital shares to redemption value		14			12
Cumulative Translation Adjustment, End of Period	$	—		$	—

Statements of Cash Flows

~~See~~(Unaudited) ~~Notes to Financial Statements.~~


	Three months ended January 31, 2014			Three months ended January 31, 2013
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		(10	)		(3	)

Decrease in cash		(10	)		(3	)
Cash at beginning of period		100			115

Cash at end of period	$	90		$	112

~~Table~~See ofNotes ~~Contents~~to Financial Statements.

~~CurrencyShares®~~5 ~~South African Rand Trust~~

~~Statements~~CurrencyShares® ofSouth ~~Cash~~African ~~Flows~~Rand Trust

~~(Unaudited)~~Notes to Financial Statements

	Nine months ended July 31, 2013			Nine months ended July 31, 2012
Cash flows from operating activities
Net cash provided by operating activities	$	—		$	—
Cash flows from financing activities
Cash received to purchase redeemable shares		—			—
Net cash provided by financing activities		—			—
Adjustment to period cash flows due to currency movement		(14	)		(5	)
Decrease in cash		(14	)		(5	)
Cash at beginning of period		115			127
Cash at end of period	$	101		$	122

(Unaudited)

~~See~~1. ~~Notes~~Organization toand ~~Financial~~Description ~~Statements.~~of the Trust

5The CurrencyShares® South African Rand Trust (the “Trust”) was formed under the laws of the State of New York on August 7, 2008. On August 8, 2008, Guggenheim Specialized Products, LLC d/b/a “Guggenheim Investments” (the “Sponsor”) deposited 1,000 South African Rand 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 Security Investors, LLC (also d/b/a “Guggenheim 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.

~~Table~~The investment objective of ~~Contents~~the Trust is for the Trust’s shares (the “Shares”) to reflect the price of the South African Rand 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 the South African Rand. The Trust’s assets primarily consist of South African Rand on demand deposit in two deposit accounts maintained by the Depository: a primary deposit account which may earn interest and a secondary deposit account which does not earn interest. The secondary deposit account is used to account for any interest that may be 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.

~~CurrencyShares®~~The ~~South~~accompanying ~~African~~unaudited ~~Rand~~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, 2014.

~~Notes~~2. toSignificant ~~Financial~~Accounting ~~Statements~~Policies

~~(Unaudited)~~A. Use of Estimates

1.The ~~Organization~~preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and ~~Description~~assumptions that affect the reported amounts of the ~~Trust~~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.

~~The CurrencyShares® South African Rand Trust (the “Trust”) was formed under the laws of the State of New York on August 7, 2008~~B. OnForeign ~~August 8,~~Currency ~~2008,~~Translation Guggenheim Specialized Products, LLC d/b/a “Guggenheim Investments” (the “Sponsor”) deposited 1,000 South African Rand 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 Security Investors, LLC (also d/b/a “Guggenheim 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 Trustee ~~investment~~will ~~objective~~calculate of the Trust ~~is for the Trust~~’s ~~shares~~net ~~(the~~asset value (“~~Shares~~NAV”) toeach ~~reflect~~business ~~the~~day, ~~price~~as ofdescribed ~~the~~in ~~South~~Note ~~African Rand plus accrued interest less the Trust’s expenses and liabilities~~4. ~~The~~For ~~Shares~~NAV ~~are~~calculation ~~intended to provide investors with a simple~~purposes, ~~cost-effective means of gaining investment benefits similar to those of holding the~~ South African Rand. ~~The~~deposits ~~Trust’s~~(cash) ~~assets primarily~~are ~~consist~~translated ofat ~~South African Rand on demand deposit in two deposit accounts maintained by~~ the ~~Depository:~~Closing aSpot ~~primary~~Rate, ~~deposit account~~ which ~~may~~is ~~earn interest and a secondary deposit account which does not earn interest~~the U.S. Dollar ~~The secondary deposit account is used to account for any interest that may be received and paid out on creations and redemptions of 50,000 Shares~~ (“~~Baskets~~USD”)./South ~~The~~African ~~secondary~~Rand ~~account~~exchange israte ~~also~~as ~~used~~determined toby ~~account~~The ~~for~~WM ~~interest earned~~Company, ifat ~~any,~~4:00 onPM ~~the~~(London ~~primary~~time/London ~~deposit account,~~fixing) ~~pay~~on ~~Trust~~each ~~expenses~~day ~~and~~that ~~distribute~~NYSE ~~any~~Arca ~~excess~~is ~~interest~~open tofor ~~holders~~regular ~~of Shares (“Shareholders”) on a monthly basis~~trading.

The ~~accompanying~~ ~~unaudited~~functional ~~financial~~currency ~~statements~~of ~~were~~the ~~prepared~~Trust is the South African Rand in accordance with ~~accounting principles~~ generally accepted inaccounting ~~the~~standards. ~~United~~For ~~States~~financial ofstatement ~~America~~reporting purposes, ~~for~~the ~~interim~~U.S. Dollar ~~financial~~is ~~information~~the ~~and~~reporting ~~with~~currency. ~~the~~As ~~instructions~~a ~~for~~result, ~~Form~~the ~~10-Q.~~financial Inrecords of the ~~opinion~~Trust ~~of management,~~are ~~all~~translated ~~material~~from ~~adjustments,~~South ~~consisting~~African ~~only~~Rand ofto ~~normal~~USD. ~~recurring~~The ~~adjustments,~~Closing ~~considered~~Spot ~~necessary~~Rate ~~for~~on athe ~~fair~~last ~~statement~~day of the ~~interim~~ period ~~financial~~is ~~statements~~used ~~have~~for ~~been~~translation ~~made.~~in ~~Interim~~the ~~period~~statements ~~results~~of financial ~~are~~condition. ~~not~~The ~~necessarily~~average ~~indicative~~Closing ~~of results~~Spot Rate for athe ~~full-year~~ period. ~~These~~is ~~financial~~used ~~statements~~for ~~and~~translation in the ~~notes~~statements ~~thereto~~of ~~should~~income beand ~~read~~comprehensive inincome ~~conjunction~~and ~~with~~ the ~~Trust’s~~statements ~~financial~~of ~~statements~~cash ~~included~~flows. inAny ~~the~~currency ~~Form~~translation ~~10-K~~adjustment asis ~~filed~~included onin ~~January 14,~~comprehensive ~~2013~~income.

2.6 ~~Significant Accounting Policies~~

AC. ~~Use~~Federal ofIncome ~~Estimates~~Taxes

The ~~preparation~~Trust ofis ~~financial~~treated ~~statements~~as ina ~~conformity~~“grantor ~~with~~trust” ~~accounting~~for ~~principles~~federal ~~generally~~income ~~accepted~~tax inpurposes ~~the United States of America requires management to make estimates~~ and, ~~assumptions that affect the reported amounts of the assets~~therefore, ~~liabilities~~no ~~and~~provision ~~disclosures~~for offederal ~~contingent~~income ~~liabilities~~taxes atis ~~the date of the financial statements~~required. Interest, ~~the~~gains ~~reported amounts of revenue~~ and ~~expenses~~losses ~~during~~are ~~the~~passed ~~period and the evaluation of subsequent events~~ through ~~the issuance~~to ~~date of~~ the ~~financial statements~~Shareholders. ~~Actual results could differ from those estimates.~~

BShareholders generally will be treated, for U.S. ~~Foreign~~federal ~~Currency~~income tax purposes, as if ~~Translation~~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 portion of the Trust’s income, if any, and as if they directly incurred their respective pro-rata portion 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 ~~Trustee~~Sponsor’s fee accrues daily and is payable monthly. For U.S. federal income tax purposes, an accrual-basis U.S. Shareholder generally will ~~calculate~~be required to take into account as an expense its allocable portion of the ~~Trust~~USD-equivalent of the amount of the Sponsor’s ~~net~~fee ~~asset~~that ~~value~~is ~~(“NAV”)~~accrued on each ~~business~~ day, aswith ~~described~~such inUSD-equivalent ~~Note~~being 4.determined ~~For~~by the currency exchange rate that is in effect on ~~NAV~~the ~~calculation~~respective ~~purposes,~~day. ~~South~~To ~~African~~the ~~Rand~~extent ~~deposits~~that ~~(cash)~~the ~~are~~currency ~~translated~~exchange atrate on the ~~Closing~~date ~~Spot~~of ~~Rate,~~payment ~~which~~of isthe accrued amount of the ~~U.S. Dollar~~Sponsor’s ~~(“USD”)/South~~fee ~~African~~differs ~~Rand~~from the currency exchange rate asin ~~determined~~effect byon ~~The~~the WMday ~~Company~~of accrual, atthe ~~4:00~~U.S. PMShareholder ~~(London~~will ~~fixing)~~recognize ona ~~each~~currency ~~day~~gain ~~that~~or ~~NYSE~~loss ~~Arca~~for isU.S. ~~open~~federal ~~for~~income ~~regular~~tax ~~trading~~purposes.

The ~~functional~~Trust ~~currency~~does ofnot ~~the~~expect ~~Trust~~to isgenerate ~~the~~taxable ~~South~~income ~~African~~except ~~Rand~~for ininterest ~~accordance~~income ~~with~~(if any) and ~~generally~~gain ~~accepted~~(if ~~accounting~~any) ~~standards.~~upon ~~For~~the ~~financial~~sale ~~statement~~of ~~reporting~~South ~~purposes,~~African ~~the~~Rand. A non-U.S. ~~Dollar~~ isShareholder ~~the~~generally ~~reporting~~will ~~currency~~not be subject to U.S. Asfederal aincome ~~result,~~tax with respect to gain recognized upon the ~~financial~~sale ~~records~~or other disposition of ~~the~~Shares, ~~Trust~~or ~~are~~upon ~~translated~~the ~~from~~sale of South African Rand by tothe ~~USD~~Trust, unless: (1) the non-U.S. ~~The~~Shareholder ~~Closing~~is ~~Spot~~an ~~Rate on~~individual ~~the~~and ~~last~~is ~~day~~present ofin the ~~period~~United isStates ~~used~~ for ~~translation~~183 indays ~~the~~or ~~statements~~more ofduring ~~financial~~the ~~condition.~~taxable ~~The~~year ~~average~~of ~~Closing~~the ~~Spot~~sale ~~Rate~~or ~~for~~other disposition, and the ~~period~~gain is ~~used~~treated ~~for~~as ~~translation~~being infrom United States sources; or (2) the ~~statements~~gain ofis ~~comprehensive~~effectively ~~income~~connected ~~and~~with the ~~statements~~conduct ofby ~~cash~~the ~~flows~~non-U.S. ~~Any currency~~Shareholder ~~translation~~of ~~adjustment~~a istrade ~~included~~or business in ~~comprehensive~~the ~~income~~United States.

6A non-U.S. Shareholder’s portion 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.

~~Table~~D. ofRevenue ~~Contents~~Recognition

C.Interest ~~Federal~~on ~~Income~~the ~~Taxes~~primary deposit account, if any, accrues daily as earned and is received on a monthly basis.

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

~~Shareholders~~To ~~generally~~the ~~will~~extent bethat ~~treated,~~the interest ~~for~~earned ~~U.S.~~by ~~federal~~the ~~income tax purposes~~Trust, as if ~~they~~any, ~~directly~~exceeds ~~owned~~the asum ~~pro-rata share~~ of the ~~assets~~ ~~held~~Sponsor’s infee for the ~~Trust.~~prior ~~Shareholders~~month ~~also~~plus ~~will~~other beTrust ~~treated~~expenses, as if ~~they~~any, ~~directly~~the ~~received~~Trust ~~their~~will ~~respective~~distribute, ~~pro-rata~~as ~~portion~~a ofdividend, the ~~Trust’s~~excess ~~income,~~interest ifearned ~~any,~~in ~~and~~South asAfrican ifRand ~~they~~effective ~~directly~~on ~~incurred~~the ~~their~~first business ~~respective~~day ~~pro-rata portion~~ of the ~~Trust’s expenses~~subsequent month. The ~~acquisition~~Trustee ofwill ~~Shares~~direct bythat athe ~~U.S.~~excess ~~Shareholder~~South asAfrican ~~part~~Rand ofbe aconverted ~~creation~~into ofUSD at a ~~Basket~~prevailing market rate and the Trustee will ~~not~~distribute bethe aUSD ~~taxable~~as ~~event~~promptly as practicable to Shareholders on a pro-rata basis (in accordance with the ~~Shareholder~~number of Shares that they own).

~~The Sponsor’s fee accrues daily and is payable monthly~~3. ~~For~~South ~~U.S.~~African ~~federal~~Rand ~~income~~Deposits tax purposes, an accrual-basis U.S. Shareholder generally will be required to take into account as an expense its allocable portion 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~~South ~~Trust~~African ~~does~~Rand ~~not~~principal ~~expect~~deposits toare ~~generate~~held ~~taxable~~in ~~income~~a ~~except for interest income (if any) and gain (if any) upon the sale of~~ South African Rand.-denominated, ~~A non~~interest-~~U.S.~~bearing ~~Shareholder~~demand ~~generally~~account. ~~will~~For ~~not~~the bethree ~~subject~~months ended toJanuary 31, ~~U.S.~~2014, ~~federal~~there ~~income~~were ~~tax~~no ~~with~~South ~~respect~~African toRand ~~gain~~principal ~~recognized~~deposits ~~upon~~and ~~the~~no ~~sale~~South orAfrican ~~other~~Rand ~~disposition~~principal ofredemptions ~~Shares,~~resulting orin ~~upon~~an ~~the~~ending ~~sale of~~ South African Rand bybalance ~~the~~of ~~Trust, unless: (~~1~~) the non-U~~,000.S. ~~Shareholder~~This isequates anto ~~individual~~90 ~~and~~USD. isFor ~~present in~~ the ~~United States for 183 days or more during the taxable~~ year ofended ~~the sale or other disposition~~October 31, 2013, ~~and~~there ~~the~~were ~~gain~~no isSouth ~~treated~~African asRand ~~being~~principal ~~from~~deposits ~~United States~~and ~~sources;~~no orSouth ~~(2) the~~African ~~gain~~Rand isprincipal ~~effectively~~redemptions ~~connected~~resulting ~~with~~in ~~the~~an ~~conduct~~ending bySouth ~~the~~African ~~non-U.S.~~Rand ~~Shareholder~~balance of a1,000. ~~trade~~This orequates ~~business~~to in100 ~~the United States~~USD.

~~A non-U~~4.S. ~~Shareholder’s~~Redeemable ~~portion~~Capital ~~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.~~

DShares are classified as “redeemable” for financial statement purposes, since they are subject to redemption. ~~Revenue~~Shares are issued ~~Recognition~~and redeemed continuously in Baskets in exchange for South African Rand. 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 of 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.

~~Interest~~7 ~~on the primary deposit account, if any, accrues daily as earned and is received on a monthly basis.~~

EDue 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. ~~Dividends~~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.

ToActivity 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 ~~South~~redeemable ~~African~~capital ~~Rand effective~~Shares onis ~~the first business day of the subsequent month. The Trustee will direct that the excess South African Rand be converted into USD at a prevailing market rate and the Trustee will distribute the USD~~ as ~~promptly~~follows: ~~as practicable to Shareholders on a pro-rata basis (in accordance with the number of Shares that they own).~~

3. South African Rand Deposits


	Three months ended January 31, 2014 (Unaudited)					Year ended October 31, 2013
	Shares		U.S. Dollar Amount			Shares		U.S. Dollar Amount
Opening balance		1		100			1	$	115
Shares issued		—		—			—		—
Shares redeemed		—		—			—		—
Adjustment to period Shares due to currency movement and other		—		(10	)		—		(15	)

Ending balance		1		90			1	$	100

~~South~~The ~~African~~Trustee ~~Rand~~will ~~principal~~calculate ~~deposits~~the ~~are~~Trust’s ~~held~~NAV ineach abusiness ~~South~~day. ~~African~~To ~~Rand-denominated~~calculate the NAV, ~~interest-bearing~~the ~~demand~~Trustee ~~account.~~will ~~For~~subtract the ~~nine~~ ~~months~~Sponsor’s ~~ended~~accrued ~~July 31,~~fee ~~2013,~~through ~~there~~the ~~were~~previous noday from the South African Rand ~~principal~~held ~~deposits~~by the Trust (including all unpaid interest accrued through the preceding day) and nocalculate the value of the South African Rand ~~principal~~in ~~redemptions~~USD ~~resulting~~based inupon anthe ~~ending~~Closing ~~South~~Spot Rate. ~~African~~If, ~~Rand~~on ~~balance~~a ofparticular 1evaluation day,~~000.~~ ~~This~~the ~~equates~~Closing Spot Rate has not been determined and announced by 6:00 PM (London time), then the most recent Closing Spot Rate will be used to ~~101~~determine ~~USD.~~the ~~For~~NAV of the ~~year~~Trust ~~ended October 31~~unless the Trustee, ~~2012~~in consultation with the Sponsor, ~~there~~determines ~~were~~that nosuch ~~South~~price ~~African~~is ~~Rand~~inappropriate ~~principal~~to ~~deposits~~use as the basis for the valuation. If the Trustee and nothe ~~South~~Sponsor ~~African~~determine ~~Rand~~that ~~principal~~the ~~redemptions~~most ~~resulting~~recent inClosing Spot Rate is not an ~~ending~~appropriate ~~South~~basis for valuation of the Trust’s South African Rand, ~~balance~~they will determine an alternative basis for the valuation. The Trustee also determines the NAV per Share, which equals the NAV of 1the Trust,~~000~~ divided by the number of outstanding Shares. ~~This~~Shares ~~equates~~deliverable tounder ~~115~~a ~~USD~~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.

75. Sponsor’s Fee

~~Table~~The Sponsor’s fee will accrue daily at an annual nominal rate of ~~Contents~~0.40% of the South African Rand in the Trust (including all unpaid interest but excluding unpaid fees, each as accrued through the immediately preceding day) and will be paid monthly.

4.The ~~Redeemable~~Sponsor ~~Capital~~assumes ~~Shares~~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.

~~Shares~~In ~~are~~certain ~~classified~~exceptional ascases ~~“redeemable”~~the ~~for~~Trust ~~financial~~will ~~statement~~pay ~~purposes,~~for ~~since~~some ~~they~~expenses ~~are~~in ~~subject~~addition to ~~redemption.~~the ~~Shares~~Sponsor’s ~~are issued~~fee. ~~and~~These ~~redeemed~~exceptions ~~continuously~~include inexpenses ~~Baskets~~not inassumed ~~exchange~~by ~~for~~the Sponsor ~~South African Rand~~(i.e., ~~Individual~~expenses ~~investors~~other ~~cannot~~than ~~purchase~~those oridentified ~~redeem Shares~~ in ~~direct~~the ~~transactions~~preceding ~~with~~paragraph), ~~the~~taxes ~~Trust.~~and ~~Only~~governmental ~~Authorized~~charges, ~~Participants~~expenses ~~(as~~and ~~defined~~costs ~~below)~~of ~~may~~any ~~place~~extraordinary ~~orders~~services toperformed ~~create and~~by ~~redeem~~the ~~Baskets.~~Trustee Anor ~~Authorized~~the ~~Participant~~Sponsor ison abehalf ~~participant~~ of the ~~Depository~~ Trust ~~Company~~or ~~(“DTC”)~~action ~~that~~taken isby athe Trustee ~~registered broker-dealer~~ or ~~other~~the ~~institution~~Sponsor ~~eligible~~ to ~~settle~~protect ~~securities~~the ~~transactions~~Trust ~~through~~or the ~~book-entry~~interests ~~facilities~~ of ~~DTC~~ ~~and~~Shareholders, ~~which~~indemnification ~~has~~of ~~entered into a contractual arrangement with~~ the ~~Trust~~Sponsor ~~and~~under the ~~Sponsor~~Depositary ~~governing,~~Trust ~~among other matters~~Agreement, ~~the creation~~ and ~~redemption~~legal ~~process.~~expenses ~~Authorized~~in ~~Participants~~excess ~~may~~of ~~redeem~~$100,000 ~~their~~per ~~Shares at any time in Baskets~~year.

~~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~~6. ~~Shares~~Related ~~redeemed~~Parties 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.

~~Activity~~The inSponsor ~~redeemable~~is ~~capital~~a related ~~Shares~~party isof asthe ~~follows:~~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.

	Nine months endedJuly 31, 2013(Unaudited)					Year endedOctober 31, 2012
	Shares		U.S. DollarAmount			Shares		U.S. DollarAmount
Opening balance		1	$	115			1	$	127
Shares issued		—		—			—		—
Shares redeemed		—		—			—		—
Adjustment to period Shares due to currency movement and other		—		(14	)		—		(12	)
Ending balance		1	$	101			1	$	115

~~The Trustee will calculate the Trust’s NAV each business day~~7. ToConcentration ~~calculate~~Risk the NAV, the Trustee will subtract the Sponsor’s accrued fee through the previous day from the South African Rand held by the Trust (including all unpaid interest accrued through the preceding day) and calculate the value of the South African Rand 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 will 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 the valuation. If the Trustee and the Sponsor determine that the most recent Closing Spot Rate is not an appropriate basis for valuation of the Trust’s South African Rand, they will determine an alternative basis for the valuation. 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.All ~~Sponsor~~of the Trust’s ~~Fee~~assets are South African Rand, which creates a concentration risk associated with fluctuations in the price of the South African Rand. Accordingly, a decline in the South African Rand 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 South African Rand 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 South African Rand by the official sector (central banks, other governmental agencies and related institutions that buy, sell and hold South African Rand as part of their reserve assets) could adversely affect an investment in the Shares.

~~The~~All ~~Sponsor~~of the Trust’s ~~fee~~South ~~will~~African ~~accrue~~Rand ~~daily~~are atheld anby ~~annual~~the ~~nominal~~Depository. Accordingly, ~~rate~~a ofrisk ~~0.40%~~associated ofwith the ~~South~~concentration ~~African~~of ~~Rand in~~ the Trust’s ~~(including all~~assets ~~unpaid~~in ~~interest~~accounts ~~but~~held ~~excluding~~by ~~unpaid~~a ~~fees,~~single ~~each~~financial asinstitution ~~accrued~~exists ~~through~~and increases the ~~immediately~~potential ~~preceding~~for ~~day)~~loss by the Trust and ~~will~~the beTrust’s ~~paid~~beneficiaries ~~monthly~~in the event that the Depository becomes insolvent.

~~The~~8. ~~Sponsor assumes~~Commitments and ~~pays~~Contingencies 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.

8Under 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.

~~Table~~9 ~~of Contents~~

InItem ~~certain~~2. ~~exceptional cases the Trust will pay for some expenses in addition to the Sponsor~~Management’s ~~fee. These~~Discussion ~~exceptions include expenses not assumed by the Sponsor (i.e., expenses other than those identified in the preceding paragraph), taxes~~ and ~~governmental~~Analysis ~~charges, expenses and costs~~ of ~~any~~Financial ~~extraordinary~~Condition 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~~Results ~~expenses in excess~~ of ~~$100,000 per year.~~ Operations

6.Cautionary ~~Related~~Statement ~~Parties~~Regarding Forward-Looking Information

~~The~~This ~~Sponsor~~report iscontains aforward-looking ~~related~~statements ~~party~~within the meaning of the ~~Trust~~Private Securities Litigation Reform Act of 1995. ~~The~~Forward-looking ~~Sponsor~~statements ~~oversees~~can ~~the~~be identified ~~performance~~by ofwords ~~the~~such ~~Trustee~~as “anticipate,” “expect,” “intend,” “plan,” “believe,” “seek,” “outlook” and ~~the~~“estimate” ~~Trust’s~~and ~~principal~~other ~~service~~similar words. Forward-looking statements are ~~providers,~~based ~~including~~upon ~~the~~our ~~preparation~~current expectations and beliefs concerning future developments and their potential effects on us. Such forward-looking statements are not guarantees of ~~financial~~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 South African Rand, ~~but~~as ~~does~~the ~~not~~value ~~exercise~~of ~~day-~~the Shares relates directly to~~-day~~ ~~oversight~~the ~~over~~value of the ~~Trustee~~South orAfrican Rand 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 ~~service~~most ~~providers~~recent annual report on Form 10-K for a description of other risks and uncertainties that may affect an investment in the Shares.

7Neither 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. ~~Concentration~~The ~~Risk~~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.

~~All of the~~ Trust’s ~~assets~~Overview are South African Rand, which creates a concentration risk associated with fluctuations in the price of the South African Rand. Accordingly, a decline in the South African Rand 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 South African Rand 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 South African Rand by the official sector (central banks, other governmental agencies and related institutions that buy, sell and hold South African Rand as part of their reserve assets) could adversely affect an investment in the Shares.

~~All~~The ofCurrencyShares® ~~the Trust’s~~ South African Rand ~~are~~Trust ~~held by~~ (the ~~Depository. Accordingly,~~“Trust”) is a ~~risk~~grantor ~~associated~~trust ~~with~~that ~~the~~was ~~concentration~~formed ofon ~~the~~August 7, ~~Trust’s~~2008. ~~assets~~The inTrust ~~accounts~~issues ~~held~~shares by(the a“Shares”) ~~single~~in ~~financial~~blocks ~~institution~~of ~~exists~~50,000 ~~and~~(a ~~increases~~“Basket”) ~~the~~in ~~potential~~exchange for ~~loss~~deposits byof ~~the~~South ~~Trust~~African Rand and ~~the~~distributes ~~Trust’s~~South ~~beneficiaries~~African Rand in ~~the~~connection ~~event~~with ~~that~~ the ~~Depository~~redemption ~~becomes insolvent~~of Baskets.

8The Trust is a passive investment vehicle. ~~Commitments~~The ~~and~~Trust ~~Contingencies~~does not have any officers, directors or employees. The investment objective of the Trust is for the Shares to reflect the price of the South African Rand plus accrued interest, if any, less the expenses of the Trust’s operations. The Trust does not engage in any activities designed to obtain profit from, or ameliorate losses caused by, changes in the price of the South African Rand.

~~Under~~Definition ~~the~~of ~~Trust’s~~Net ~~organizational~~Asset ~~documents,~~Value 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.

9The Trustee will calculate, and the Sponsor will publish, the Trust’s Net Asset Value (“NAV”) each business day. ~~Adoption~~To calculate the NAV, the Trustee will add to the amount of ~~New~~South ~~Accounting~~African ~~Standard~~Rand in the Trust at the end of the preceding day accrued but unpaid interest, if any, South African Rand receivable under pending purchase orders and the value of other Trust assets, and subtract the accrued but unpaid Sponsor’s fee, South African Rand payable under pending redemption orders and other Trust expenses and liabilities, if any. The NAV will be expressed in U.S. Dollars (“USD”) based on the “Closing Spot Rate,” which is the South African Rand/USD exchange rate as determined by The WM Company, as of 4:00 PM (London time/London fixing) 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 Closing Spot Rate will 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 the valuation.

The ~~Trust~~Trustee ~~adopted~~will ~~“Comprehensive~~also ~~Income~~determine ~~(Topic 220): Presentation of Comprehensive Income” (“ASU No. 2011-05”) in~~ the ~~2013~~NAV ~~first~~per ~~quarter~~Share, which ~~amends~~equals ~~existing guidance by allowing only two options for presenting~~ the ~~components~~NAV of ~~net~~the ~~income~~Trust, ~~and~~divided ~~other~~by ~~comprehensive income: (1) in a single continuous financial statement, a~~the ~~statement~~number of ~~comprehensive~~outstanding ~~income~~Shares. orThe ~~(2) in~~NAV ~~two separate but consecutive financial statements, an income statement followed by a separate statement~~ of ~~other~~the ~~comprehensive~~Trust ~~income.~~and ~~ASU~~the ~~No. 2011-05~~NAV ~~required~~per ~~retrospective~~Share ~~application.~~will ~~The adoption~~be ofpublished ~~these~~by ~~updates changed~~ the ~~order~~Sponsor inon ~~which~~each ~~certain~~day ~~financial~~that ~~information~~NYSE ~~was~~Arca ~~presented,~~is ~~but~~open ~~did~~for ~~not~~regular ~~have~~trading ~~any~~and ~~other~~will ~~impact~~be posted on the ~~financial~~Trust’s ~~statements~~website, www.currencyshares.com.

9Movements in the Price of South African Rand

~~Table~~The investment objective of ~~Contents~~the Trust is for the Shares to reflect the price in USD of the South African Rand 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 South African Rand. Each outstanding Share represents a proportional interest in the South African Rand held by the Trust. The following chart illustrates recent movements in the price of South African Rand in USD as reported by the Bloomberg Professional service.

~~Item 2.~~10 ~~Management’s Discussion and Analysis of Financial Condition and Results of Operations~~

LOGO

~~Cautionary~~Liquidity ~~Statement Regarding Forward-Looking Information~~

~~This~~The ~~report~~Sponsor is ~~contains~~not ~~forward-looking~~aware ~~statements within the meaning~~ of ~~the~~any ~~Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipate~~trends,” ~~“expect~~demands,” ~~“intend,”~~conditions ~~“plan,”~~or ~~“believe,”~~events ~~“seek,”~~that ~~“outlook” and “estimate” and other similar words. Forward-looking statements~~ are ~~based~~reasonably ~~upon~~likely 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~~result ~~from those expressed~~ in ~~our~~material ~~forward-looking~~changes ~~statements.~~to ~~These factors include fluctuations in~~ the ~~price~~Trust’s ofliquidity ~~the~~needs. ~~South~~The ~~African~~Trust ~~Rand,~~did asnot ~~the~~have ~~value~~any ofAuthorized ~~the~~Participant ~~Shares~~creation ~~relates~~activity ~~directly~~during to the ~~value~~fiscal ~~of the South African Rand held by the Trust and~~quarter ~~price~~ended ~~fluctuations~~January 31, ~~could materially adversely affect an investment in the Shares~~2014. ~~Readers~~The ~~are~~balance ~~urged~~reflected ~~to review the “Risk Factors” section contained~~ in the ~~Trust’s~~financial ~~most~~statements ~~recent~~is ~~annual~~seed ~~report~~capital onfrom ~~Form 10-K for a description of other risks and uncertainties that may affect an investment in~~ the ~~Shares~~Sponsor.

~~Neither~~Critical ~~Guggenheim~~Accounting ~~Specialized Products, LLC d/b/a Guggenheim Investments (the~~Estimates “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.

~~Trust~~The ~~Overview~~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.

~~The~~In ~~CurrencyShares®~~addition ~~South~~to ~~African Rand Trust (~~the ~~“Trust”)~~description ~~is a grantor trust that was formed on August 7~~below, ~~2008.~~please ~~The~~refer ~~Trust~~to ~~issues~~Note ~~shares~~2 (to the ~~“Shares”)~~financial instatements ~~blocks of 50,000 (a “Basket”) in exchange~~ for ~~deposits~~further discussion of ~~South~~our ~~African~~accounting ~~Rand and distributes South African Rand in connection with the redemption of Baskets~~policies.

The ~~Trust~~functional iscurrency ~~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 of the~~ South African Rand ~~plus accrued interest, if any, less the expenses of the Trust’s operations. The Trust does not engage~~ in ~~any~~accordance ~~activities~~with ~~designed~~ASC ~~to obtain profit from~~830, orForeign ~~ameliorate losses caused by, changes in the price of the South African Rand.~~Currency Translation.

~~Definition~~Results of ~~Net~~Operations ~~Asset Value~~

~~The~~No ~~Trustee~~additional Shares ~~will~~were ~~calculate,~~created ~~and~~or ~~the~~redeemed ~~Sponsor~~during ~~will publish,~~ the ~~Trust’s~~year ~~Net~~ended ~~Asset Value (“NAV”) each business day. To calculate the NAV~~October 31, ~~the Trustee~~2013 ~~will~~or ~~add to~~ the ~~amount~~three ofmonths ~~South~~ended ~~African~~January 31, ~~Rand~~2014. inAs ~~the Trust at the end~~ of ~~the preceding day accrued but unpaid interest~~October 31, ~~if any~~2013, ~~South African Rand receivable under pending purchase orders and~~ the ~~value~~number of ~~other Trust assets, and subtract the accrued but unpaid Sponsor’s fee,~~ South African Rand ~~payable~~owned ~~under~~by ~~pending~~the ~~redemption orders and other~~ Trust ~~expenses~~was ~~and liabilities~~1,000 ifresulting ~~any. The NAV will be expressed~~ in ~~U.S.~~a ~~Dollars~~redeemable ~~(“USD”) based on the “Closing Spot~~capital ~~Rate,”~~share ~~which~~value isof ~~the~~$100. ~~South~~As ~~African Rand/USD exchange rate as determined by The WM Company, as~~ of ~~4:00 PM (London fixing) on each day that NYSE Arca is open for regular trading. If~~January 31, ~~on a particular evaluation day~~2014, the ~~Closing~~number ~~Spot~~of ~~Rate~~South ~~has~~African ~~not been~~Rand ~~determined~~owned ~~and announced~~ by ~~6:00 PM (London time), then~~ the ~~most recent Closing Spot Rate will be used to determine the NAV of the~~ Trust ~~unless~~was ~~the Trustee~~1,000 resulting in ~~consultation~~a ~~with~~redeemable ~~the~~capital ~~Sponsor,~~Share ~~determines~~value ~~that~~of ~~such price is inappropriate to use as the basis for the valuation~~$90.

~~The~~11 Trustee will also determine the NAV per Share, which equals the NAV of the Trust, divided by the number of outstanding Shares. The NAV of the Trust and the NAV per Share will be published by the Sponsor on each day that NYSE Arca is open for regular trading and will be posted on the Trust’s website, www.currencyshares.com.

10Item 3. Quantitative and Qualitative Disclosures about Market Risk

~~Table~~Except ofas ~~Contents~~described above with respect to the USD/South African Rand exchange rate and the nominal annual interest rate to be paid by the Depository on South African Rand held by the Trust, the Trust is not subject to market risk. The Trust does not hold securities and does not invest in derivative instruments.

~~Movements~~Item in4. ~~the~~Controls ~~Price~~and ~~of South African Rand~~ Procedures

The ~~investment~~Trust ~~objective~~maintains disclosure ofcontrols ~~the~~and ~~Trust~~procedures is(as ~~for~~defined ~~the~~in ~~Shares~~Rules to13a-15(e) ~~reflect~~and 15d-15(e) under the ~~price~~Securities inExchange ~~USD~~Act of ~~the~~1934) ~~South~~designed ~~African~~to ~~Rand~~ensure ~~plus~~that ~~accrued~~material ~~interest,~~information ~~less~~relating to the ~~expenses~~Trust ofis ~~the~~recorded, processed and disclosed on a timely basis. The Trust’s ~~operations.~~disclosure ~~The~~controls ~~Shares~~and procedures are ~~intended~~ todesigned ~~provide~~by ~~institutional~~or ~~and~~under ~~retail~~the ~~investors~~supervision ~~with~~of athe ~~simple,~~Sponsor’s ~~cost-effective~~chief ~~means~~executive ofofficer ~~gaining~~and ~~investment~~chief ~~benefits~~financial ~~similar~~officer, towho ~~those~~exercise ofoversight ~~holding~~over ~~South~~the ~~African~~Trust ~~Rand~~as the Trust has no officers. ~~Each~~The ~~outstanding~~chief executive ~~Share~~officer ~~represents~~and achief ~~proportional~~financial ~~interest~~officer inof the ~~South~~Sponsor ~~African Rand~~have ~~held~~evaluated bythe effectiveness of the Trust.’s ~~The~~disclosure ~~following~~controls ~~chart~~and ~~illustrates~~procedures ~~recent~~as ~~movements~~of inJanuary 31, 2014. Based on that evaluation, the ~~price~~chief executive officer and chief financial officer of ~~South~~the ~~African~~Sponsor ~~Rand~~have inconcluded ~~USD~~that the disclosure controls and procedures of the Trust were effective as ~~reported~~of bythe end of the ~~Bloomberg~~period ~~Professional~~covered ~~service~~by this report.

~~Liquidity~~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.

~~The~~12 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 July 31, 2013. The balance reflected in the financial statements is seed capital from the Sponsor.

~~Critical~~PART ~~Accounting~~II ~~Estimates~~– OTHER INFORMATION

~~The~~Item 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 report1. Legal Proceedings

~~In addition to the description below, please refer to Note 2 to the financial statements for further discussion of our accounting policies~~None.

~~The~~Item ~~functional currency of the Trust is the South African Rand in accordance with ASC 830, Foreign Currency Translation~~1A. Risk Factors

~~Results~~There have been no material changes from the risk factors disclosed in the “Risk Factors” section of ~~Operations~~the Trust’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on January 14, 2014.

NoItem ~~additional Shares were created or redeemed during the year ended October 31, 2012 or the nine months ended July 31, 2013~~2. AsUnregistered ofSales ~~October 31, 2012, the number~~ of ~~South~~Equity ~~African~~Securities ~~Rand~~and ~~owned~~Use ~~by the Trust was 1,000 resulting in a redeemable capital Share value~~ of ~~$115. As of July 31, 2013, the number of South African Rand owned by the Trust was 1,000 resulting in a redeemable capital Share value of $101.~~ Proceeds

11(a) None.

~~Table~~(b) ofNot ~~Contents~~applicable.

~~Item 3.~~(c) ~~Quantitative and Qualitative Disclosures about Market Risk~~ None.

~~Except~~Item as described above with respect to the USD/South African Rand exchange rate and the nominal annual interest rate to be paid by the Depository on South African Rand held by the Trust, the Trust is not subject to market risk3. ~~The~~ ~~Trust~~Defaults ~~does~~Upon ~~not~~Senior ~~hold securities and does not invest in derivative instruments.~~ Securities

~~Item 4~~None. ~~Controls and Procedures~~

~~The~~Item 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 basis4. ~~The Trust’s~~Mine ~~disclosure~~Safety 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 July 31, 2013. 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. Disclosures

~~There~~Not 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 reportingapplicable.

12Item 5. Other Information

~~Table~~None. ~~of Contents~~

~~PART~~13 ~~II – OTHER INFORMATION~~

Item 1 6. ~~Legal Proceedings~~ Exhibits

None.


Exhibit No.		Description

3.1		Certificate of Formation of Guggenheim Specialized Products, LLC dated September 14, 2005, incorporated herein by reference to 3.1 to the Registration Statement on Form S-1 (File No. 333-150685) filed by the Trust on May 7, 2008.

3.2		Amendment to Certificate of Formation of Guggenheim Specialized Products, LLC dated March 27, 2012, incorporated herein by reference to Exhibit 3.2 to the Annual Report on Form 10-K filed by the Trust on January 14, 2013.

3.3		Limited Liability Company Agreement of Guggenheim Specialized Products, LLC, incorporated herein by reference to 3.2 to the Registration Statement on Form S-1 (File No. 333-150685) filed by the Trust on May 7, 2008.

4.1		Depositary Trust Agreement dated as of August 7, 2008 among Guggenheim Specialized Products, LLC, The Bank of New York Mellon, all registered owners and beneficial owners of South African Rand Shares issued thereunder and all depositors, incorporated herein by reference to Exhibit 4.1 to the Annual Report on Form 10-K/A filed by the Trust on March 10, 2011.

4.2		Global Amendment to Depositary Trust Agreement dated as of March 6, 2012 between Guggenheim Specialized Products, LLC and The Bank of New York Mellon, incorporated herein by reference to Exhibit 4.1 to the Quarterly Report on Form 10-Q filed by the Trust on March 12, 2012.

4.3		Form of Participant Agreement, incorporated herein by reference to Exhibit 4.2 to the Annual Report on Form 10-K filed by the Trust on January 13, 2012.

10.1		Deposit Account Agreement dated as of August 7, 2008 between The Bank of New York Mellon and the London Branch of JPMorgan Chase Bank, N.A. incorporated herein by reference to Exhibit 10.1 to the Annual Report on Form 10-K/A filed by the Trust on March 10, 2011.

10.2		Sublicense Agreement dated as of August 28, 2008 between PADCO Advisors II, Inc. and Guggenheim Specialized Products, LLC, incorporated herein by reference to Exhibit 10.2 to the Annual Report on Form 10-K/A filed by the Trust on March 10, 2011.

31.1		Certification by Principal Executive Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002.

31.2		Certification by Principal Financial Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002.

32.1		Certification by Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2		Certification by Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS		XBRL Instance Document.

101.SCH		XBRL Taxonomy Extension Schema Document.

101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document.

101.DEF		XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB		XBRL Taxonomy Extension Label Linkbase Document.

101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document.

~~Item 1A.~~14 ~~Risk Factors~~

~~There~~SIGNATURES 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, 2013.

~~Item 2.~~Pursuant ~~Unregistered~~to ~~Sales~~the requirements of ~~Equity~~ the Securities ~~and~~Exchange ~~Use~~Act of ~~Proceeds~~1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

~~(a)~~CURRENCYSHARES®SOUTH ~~None.~~AFRICAN RAND TRUST By Guggenheim Specialized Products, LLC Sponsor of the CurrencyShares® South African Rand Trust

(b) Not applicable.

~~(c)~~15 ~~None.~~

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosure

None.

Item 5. Other Information

None.

Item 6. Exhibits

Exhibit No.		Description
3.1		Certificate of Formation of Guggenheim Specialized Products, LLC dated September 14, 2005, incorporated herein by reference to 3.1 to the Registration Statement on Form S-1 (File No. 333-150685) filed by the Trust on May 7, 2008.
3.2		Amendment to Certificate of Formation of Guggenheim Specialized Products, LLC dated March 27, 2012, incorporated herein by reference to Exhibit 3.2 to the Annual Report on Form 10-K filed by the Trust on January 14, 2013.
3.3		Limited Liability Company Agreement of Guggenheim Specialized Products, LLC, incorporated herein by reference to 3.2 to the Registration Statement on Form S-1 (File No. 333-150685) filed by the Trust on May 7, 2008.
4.1		Depositary Trust Agreement dated as of August 7, 2008 among Guggenheim Specialized Products, LLC, The Bank of New York Mellon, all registered owners and beneficial owners of South African Rand Shares issued thereunder and all depositors, incorporated herein by reference to Exhibit 4.1 to the Annual Report on Form 10-K/A filed by the Trust on March 10, 2011.
4.2		Global Amendment to Depositary Trust Agreement dated as of March 6, 2012 between Guggenheim Specialized Products, LLC and The Bank of New York Mellon, incorporated herein by reference to Exhibit 4.1 to the Quarterly Report on Form 10-Q filed by the Trust on March 12, 2012.
4.3		Form of Participant Agreement, incorporated herein by reference to Exhibit 4.2 to the Annual Report on Form 10-K filed by the Trust on January 13, 2012.
10.1		Deposit Account Agreement dated as of August 7, 2008 between The Bank of New York Mellon and the London Branch of JPMorgan Chase Bank, N.A. incorporated herein by reference to Exhibit 10.1 to the Annual Report on Form 10-K/A filed by the Trust on March 10, 2011.
10.2		Sublicense Agreement dated as of August 28, 2008 between PADCO Advisors II, Inc. and Guggenheim Specialized Products, LLC, incorporated herein by reference to Exhibit 10.2 to the Annual Report on Form 10-K/A filed by the Trust on March 10, 2011.
31.1		Certification by Principal Executive Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002.
31.2		Certification by Principal Financial Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002.
32.1		Certification by Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2		Certification by Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS		XBRL Instance Document.
101.SCH		XBRL Taxonomy Extension Schema Document.
101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF		XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB		XBRL Taxonomy Extension Label Linkbase Document.
101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document.

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.

	CURRENCYSHARES®
	SOUTH AFRICAN RAND TRUST
	By	Guggenheim Specialized Products, LLC
		Sponsor of the CurrencyShares®
		South African Rand Trust
Date: September 6, 2013			By:	/s/ JOSEPH ARRUDA
				Joseph Arruda
				Chief Financial Officer
				(principal financial officer)

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